# EDGAR Filing Document

**Accession Number:** 0000830744
**File Stem:** 0001193125-25-154146
**Filing Date:** 2025-7
**Character Count:** 972494
**Document Hash:** 1686fb3fbbaf27db1f25edbeb788027b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154146.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154146

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILMINGTON FUNDS
- **CENTRAL INDEX KEY:** 0000830744

**ORGANIZATION NAME:**
- **EIN:** 232515567
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05514
- **FILM NUMBER:** 251097704

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 NORTH MARKET STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19890
- **BUSINESS PHONE:** 716-842-4487

**MAIL ADDRESS:**
- **STREET 1:** 1100 NORTH MARKET STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19890

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MTB GROUP OF FUNDS
- **DATE OF NAME CHANGE:** 20090729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MTB FUNDS
- **DATE OF NAME CHANGE:** 20071228

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MTB GROUP OF FUNDS
- **DATE OF NAME CHANGE:** 20030822

## Series and Classes Contracts Data

### Wilmington Enhanced Dividend Income Strategy Fund (Series ID: S000005530)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015042 | Class A Shares | WDIAX           |
| C000015044 | Class I Shares | WDIIX           |

### Wilmington Broad Market Bond Fund (Series ID: S000005533)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015051 | Class A Shares | WABMX           |
| C000015053 | Class I Shares | WIBMX           |

### Wilmington International Fund (Series ID: S000005535)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015057 | Class A Shares | WINAX           |
| C000015059 | Class I Shares | WINIX           |

### Wilmington New York Municipal Bond Fund (Series ID: S000005599)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015273 | Class A Shares | WNYAX           |
| C000015275 | Class I Shares | WNYIX           |

### Wilmington U.S. Treasury Money Market Fund (Series ID: S000005649)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000015424 | Select Class Shares           | WTEXX           |
| C000015425 | Service Class Shares          | WTSXX           |
| C000015427 | Administrative Class Shares   | WTAXX           |
| C000215930 | Institutional Class           | WTIXX           |
| C000247853 | Preferred Institutional Class | WTQXX           |

### Wilmington U.S. Government Money Market Fund (Series ID: S000005650)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000015428 | Service Class Shares          | WGSXX           |
| C000015429 | Select Class Shares           | WGEXX           |
| C000015430 | Administrative Class Shares   | WAGXX           |
| C000109084 | Institutional Class           | WGOXX           |
| C000247854 | Preferred Institutional Class | WGQXX           |

### Wilmington Municipal Bond Fund (Series ID: S000034846)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000107164 | Class A Shares | WTABX           |
| C000107165 | Class I Shares | WTAIX           |

### Wilmington Real Asset Fund (Series ID: S000034848)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000107168 | Class A Shares | WMMRX           |
| C000107169 | Class I Shares | WMRIX           |

### Wilmington Global Alpha Equities Fund (Series ID: S000034849)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000107170 | Class A Shares | WRAAX           |
| C000107171 | Class I Shares | WRAIX           |

### Wilmington Large-Cap Strategy Fund (Series ID: S000034850)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000107172 | Class I Shares | WMLIX           |

?xml version='1.0' encoding='ASCII'? N-CSR

#### 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 Funds Management Corporation

Rodney Square North

1100 North Market Street, Wilmington, DE 19890

(Address of principal executive offices) (Zip code)

#### Registrant's telephone number, including area code:

#### 302-651-8409

#### Date of fiscal year end:

#### April 30

#### Date of reporting period:

#### April 30, 2025
 **Item 1. Reports to Shareholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Government Money Market Fund**

 **Administrative Class \| WAGXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Government Money Market Fund<br> (Administrative Class) | $61 | 0.60% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10074034649 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10262715 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 48.5% |
| U.S. Treasury Obligations | 30.4% |
| U.S. Government Agency Obligations | 20.7% |
| Money Market Fund | 0.4% |

---

Where can I find more information?

For more information about Wilmington U.S. Government Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WAGXX-0425

Wilmington U.S. Government Money Market Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Government Money Market Fund**

 **Institutional Class \| WGOXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Government Money Market Fund<br> (Institutional Class) | $26 | 0.25% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10074034649 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10262715 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 48.5% |
| U.S. Treasury Obligations | 30.4% |
| U.S. Government Agency Obligations | 20.7% |
| Money Market Fund | 0.4% |

---

Where can I find more information?

For more information about Wilmington U.S. Government Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WGOXX-0425

Wilmington U.S. Government Money Market Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Government Money Market Fund**

 **Select Class \| WGEXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Government Money Market Fund<br> (Select Class) | $33 | 0.32% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10074034649 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10262715 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 48.5% |
| U.S. Treasury Obligations | 30.4% |
| U.S. Government Agency Obligations | 20.7% |
| Money Market Fund | 0.4% |

---

Where can I find more information?

For more information about Wilmington U.S. Government Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WGEXX-0425

Wilmington U.S. Government Money Market Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Government Money Market Fund**

 **Service Class \| WGSXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Government Money Market Fund<br> (Service Class) | $67 | 0.66% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10074034649 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10262715 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 48.5% |
| U.S. Treasury Obligations | 30.4% |
| U.S. Government Agency Obligations | 20.7% |
| Money Market Fund | 0.4% |

---

Where can I find more information?

For more information about Wilmington U.S. Government Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WGSXX-0425

Wilmington U.S. Government Money Market Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Government Money Market Fund**

 **Preferred Institutional Class \| WGQXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Government Money Market Fund<br> (Preferred Institutional Class) | $16 | 0.16% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10074034649 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10262715 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 48.5% |
| U.S. Treasury Obligations | 30.4% |
| U.S. Government Agency Obligations | 20.7% |
| Money Market Fund | 0.4% |

---

Where can I find more information?

For more information about Wilmington U.S. Government Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WGQXX-0425

Wilmington U.S. Government Money Market Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Treasury Money Market Fund**

 **Administrative Class \| WTAXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Treasury Money Market Fund<br> (Administrative Class) | $61 | 0.60% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2318000484 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1896774 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.6% |
| U.S. Treasury Obligations | 44.3% |
| Money Market Fund | 1.1% |

---

Where can I find more information?

For more information about Wilmington U.S. Treasury Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTAXX-0425

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Treasury Money Market Fund**

 **Institutional Class \| WTIXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Treasury Money Market Fund<br> (Institutional Class) | $26 | 0.25% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2318000484 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1896774 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.6% |
| U.S. Treasury Obligations | 44.3% |
| Money Market Fund | 1.1% |

---

Where can I find more information?

For more information about Wilmington U.S. Treasury Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTIXX-0425

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Treasury Money Market Fund**

 **Select Class \| WTEXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Treasury Money Market Fund<br> (Select Class) | $33 | 0.32% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2318000484 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1896774 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.6% |
| U.S. Treasury Obligations | 44.3% |
| Money Market Fund | 1.1% |

---

Where can I find more information?

For more information about Wilmington U.S. Treasury Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTEXX-0425

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Treasury Money Market Fund**

 **Service Class \| WTSXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Treasury Money Market Fund<br> (Service Class) | $46 | 0.45% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2318000484 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1896774 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.6% |
| U.S. Treasury Obligations | 44.3% |
| Money Market Fund | 1.1% |

---

Where can I find more information?

For more information about Wilmington U.S. Treasury Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTSXX-0425

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington U.S. Treasury Money Market Fund**

 **Preferred Institutional Class \| WTQXX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington U.S. Treasury Money Market Fund<br> (Preferred Institutional Class) | $16 | 0.16% |

---

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2318000484 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1896774 |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Repurchase Agreements | 54.6% |
| U.S. Treasury Obligations | 44.3% |
| Money Market Fund | 1.1% |

---

Where can I find more information?

For more information about Wilmington U.S. Treasury Money Market Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTQXX-0425

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g936620images_27787.jpg)

**Wilmington Broad Market Bond Fund**

**Class A \| WABMX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Broad Market Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br>$10,000<br>Investment | Costs paid as a<br>percentage<br>of a $10,000 investment |
| Wilmington Broad Market Bond Fund<br>(Class A) | $73 | 0.70% |

---

**How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class A shares (excluding sales load) returned 7.40%. 

* For the same period, the Bloomberg U.S. Aggregate Bond Index (the "Index") returned 8.02%. 

#### What contributed to performance?
The Fund's allocation to corporate securities as well as an increased allocation to agency mortgage-backed securities contributed positively towards our relative performance for the annual period.

#### What detracted from performance?
The Fund's slightly lower overall duration versus the Index detracted from relative performance over the annual period.

*The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Broad Market Bond Fund, assuming the maximum sales load of 4.5%, from April 30, 2015 to April 30, 2025, compared to the Bloomberg U.S. Aggregate Bond Index (broad-based securities market index).

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g936620chartimages_9988684.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Broad Market Bond Fund — Class A (including 4.5% maximum sales load) | 2.62% | (1.56)% | 0.69% |
| Wilmington Broad Market Bond Fund — Class A (excluding sales load) | 7.40% | (0.65)% | 1.15% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | (0.67)% | 1.54% |

---

**Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$656980383 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1969139 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

**PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 40.2% |
| Mortgage-Backed Securities | 27.4% |
| Corporate Bonds | 27.0% |
| Cash Collateral Invested for Securities on Loan | 2.9% |
| Money Market Fund | 1.3% |
| Government Agencies | 1.2% |

---

**CREDIT QUALITY DIVERSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| U.S. Government Agency Securities | 28.6% |
| U.S. Treasury Obligations | 40.2% |
| AA / Aa | 0.2% |
| A / A | 6.8% |
| BBB / Baa | 18.6% |
| BB / Ba | 1.4% |
| Not Rated | 4.2% |

---

The Credit Quality Diversification table reflects the lowest rating assigned by either Moody's Investors Service or Standard and Poor's if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as "Not Rated" are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.<br>

Where can I find more information?

For more information about Wilmington Broad Market Bond Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WABMX-0425

Wilmington Broad Market Bond Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington Broad Market Bond Fund**

 **Class I \| WIBMX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Broad Market Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington Broad Market Bond Fund<br> (Class I) | $45 | 0.43% |

---

 **How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class I shares returned 7.66%. 

* For the same period, the Bloomberg U.S. Aggregate Bond Index (the "Index") returned 8.02%. 

#### What contributed to performance?
The Fund's allocation to corporate securities as well as an increased allocation to agency mortgage-backed securities contributed positively towards our relative performance for the annual period.

#### What detracted from performance?
The Fund's slightly lower overall duration versus the Index detracted from relative performance over the annual period.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Broad Market Bond Fund from April 30, 2015 to April 30, 2025, compared to the Bloomberg U.S. Aggregate Bond Index (broad-based securities market index).

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g936620chartimages_9988721.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Broad Market Bond Fund — Class I | 7.66% | (0.33)% | 1.48% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | (0.67)% | 1.54% |

---

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$656980383 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1969139 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 40.2% |
| Mortgage-Backed Securities | 27.4% |
| Corporate Bonds | 27.0% |
| Cash Collateral Invested for Securities on Loan | 2.9% |
| Money Market Fund | 1.3% |
| Government Agencies | 1.2% |

---

 **CREDIT QUALITY DIVERSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| U.S. Government Agency Securities | 28.6% |
| U.S. Treasury Obligations | 40.2% |
| AA / Aa | 0.2% |
| A / A | 6.8% |
| BBB / Baa | 18.6% |
| BB / Ba | 1.4% |
| Not Rated | 4.2% |

---

The Credit Quality Diversification table reflects the lowest rating assigned by either Moody's Investors Service or Standard and Poor's if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as "Not Rated" are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.<br>

Where can I find more information?

For more information about Wilmington Broad Market Bond Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WIBMX-0425

Wilmington Broad Market Bond Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington Municipal Bond Fund**

 **Class A \| WTABX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Municipal Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington Municipal Bond Fund<br> (Class A) | $73 | 0.72% |

---

#### How did the Fund perform last year?
* For the reporting period ended April 30, 2025, the Fund's Class A shares (excluding sales load) returned 1.93%. 

* The Fund performed in line with its benchmark Indexes and finished in the 2nd quartile of the Morningstar Municipal National Intermediate Funds peer group. 

* Income return outperformed the negative impact of market return during the reporting period. 

* Municipal fund inflows finished 2024 with the fifth best year on record and the flows have remained positive in 2025. The supply of municipal bonds was the highest supply on record in 2024. As of April 2025, supply was 15% higher compared to the same period in the previous year. 

* The municipal market experienced volatility in April 2025 with municipal yields rising over 100 basis points in a three-day period in response to Liberation Day tariff announcements. Calmness settled in towards the end of the month. 

#### What contributed to performance?
At the sector level, the Fund's exposure to Higher Education, Industrial Development and Pollution Control Revenue (primarily prepaid gas), and Pre-refunded bonds provided the largest outperformance during the reporting period. At the credit rating level, exposure to 'A' and 'BBB' rated securities provided the largest outperformance.

#### What detracted from performance?
Longer-duration holdings (those with above-average interest rate sensitivity) underperformed during the reporting period due to the negative market return component of total return. The Fund's underweight to the Local General Obligation (GO) sector was the largest component of underperformance for the reporting period. This was due to a mix of being underweight the sector and having an overweight to longer-duration holdings compared to the Local GO sector of the index.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Municipal Bond Fund, assuming the maximum sales load of 4.5%, from April 30, 2015 to April 30, 2025, compared to the Standard & Poor's Municipal Bond Index (broad-based securities market index), Standard & Poor's Intermediate Municipal Bond Index and Standard & Poor's Investment Grade Intermediate Municipal Bond Index.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g936620chartimages_9988166.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Municipal Bond Fund — Class A (including 4.5% maximum sales load) | (2.63)% | (0.00)% | 0.86% |
| Wilmington Municipal Bond Fund — Class A (excluding sales load) | 1.93% | 0.92% | 1.32% |
| Standard & Poor's Municipal Bond Index | 1.64% | 1.20% | 2.06% |
| Standard & Poor's Intermediate Municipal Bond Index | 2.22% | 1.32% | 2.11% |
| Standard & Poor's Investment Grade Intermediate Municipal Bond Index | 2.15% | 1.21% | 2.04% |

---

Effective August 31, 2024, the Fund selected the Standard & Poor's Municipal Bond Index as its broad-based securities market benchmark which is believed to be broadly representative of the overall applicable securities market in which the Fund invests. The Fund will continue to measure its performance against the Standard & Poor's Intermediate Municipal Bond Index and the Standard & Poor's Investment Grade Intermediate Municipal Bond Index as they are believed to be representative of the investment strategy of the Fund.

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$335921667 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$990626 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| General | 20.1% |
| Medical | 14.9% |
| General Obligations | 13.0% |
| Airport | 11.4% |
| Transportation | 8.4% |
| Higher Education | 8.0% |
| Power | 5.9% |
| School District | 4.7% |
| Development | 3.5% |
| Education | 2.7% |
| Water | 1.8% |
| Student Loan | 1.8% |
| Utilities | 1.8% |
| Tobacco Settlement | 0.3% |
| Multifamily Housing | 0.3% |
| Housing | 0.1% |
| Exchange-Traded Funds | 0.4% |
| Money Market Fund | 0.9% |

---

 **CREDIT QUALITY DIVERSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| AAA / Aaa | 8.9% |
| AA / Aa | 25.1% |
| A / A | 47.4% |
| BBB / Baa | 14.6% |
| Not Rated | 4.0% |

---

The Credit Quality Diversification table reflects the lowest rating assigned by either Moody's Investors Service or Standard and Poor's if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as "Not Rated" are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.<br>

Where can I find more information?

For more information about Wilmington Municipal Bond Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTABX-0425

Wilmington Municipal Bond Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington Municipal Bond Fund**

 **Class I \| WTAIX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Municipal Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington Municipal Bond Fund<br> (Class I) | $48 | 0.47% |

---

#### How did the Fund perform last year?
* For the reporting period ended April 30, 2025, the Fund's Class I shares returned 2.20%. 

* The Fund performed in line with its benchmark Indexes and finished in the 2nd quartile of the Morningstar Municipal National Intermediate Funds peer group. 

* Income return outperformed the negative impact of market return during the reporting period. 

* Municipal fund inflows finished 2024 with the fifth best year on record and the flows have remained positive in 2025. The supply of municipal bonds was the highest supply on record in 2024. As of April 2025, supply was 15% higher compared to the same period in the previous year. 

* The municipal market experienced volatility in April 2025 with municipal yields rising over 100 basis points in a three-day period in response to Liberation Day tariff announcements. Calmness settled in towards the end of the month. 

#### What contributed to performance?
At the sector level, the Fund's exposure to Higher Education, Industrial Development and Pollution Control Revenue (primarily prepaid gas), and Pre-refunded bonds provided the largest outperformance during the reporting period. At the credit rating level, exposure to 'A' and 'BBB' rated securities provided the largest outperformance.

#### What detracted from performance?
Longer-duration holdings (those with above-average interest rate sensitivity) underperformed during the reporting period due to the negative market return component of total return. The Fund's underweight to the Local General Obligation (GO) sector was the largest component of underperformance for the reporting period. This was due to a mix of being underweight the sector and having an overweight to longer-duration holdings compared to the Local GO sector of the index.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Municipal Bond Fund from April 30, 2015 to April 30, 2025, compared to the Standard & Poor's Municipal Bond Index (broad-based securities market index), Standard & Poor's Intermediate Municipal Bond Index and Standard & Poor's Investment Grade Intermediate Municipal Bond Index.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g936620chartimages_9988203.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Municipal Bond Fund — Class I | 2.20% | 1.17% | 1.57% |
| Standard & Poor's Municipal Bond Index | 1.64% | 1.20% | 2.06% |
| Standard & Poor's Intermediate Municipal Bond Index | 2.22% | 1.32% | 2.11% |
| Standard & Poor's Investment Grade Intermediate Municipal Bond Index | 2.15% | 1.21% | 2.04% |

---

Effective August 31, 2024, the Fund selected the Standard & Poor's Municipal Bond Index as its broad-based securities market benchmark which is believed to be broadly representative of the overall applicable securities market in which the Fund invests. The Fund will continue to measure its performance against the Standard & Poor's Intermediate Municipal Bond Index and the Standard & Poor's Investment Grade Intermediate Municipal Bond Index as they are believed to be representative of the investment strategy of the Fund.

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$335921667 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$990626 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| General | 20.1% |
| Medical | 14.9% |
| General Obligations | 13.0% |
| Airport | 11.4% |
| Transportation | 8.4% |
| Higher Education | 8.0% |
| Power | 5.9% |
| School District | 4.7% |
| Development | 3.5% |
| Education | 2.7% |
| Water | 1.8% |
| Student Loan | 1.8% |
| Utilities | 1.8% |
| Tobacco Settlement | 0.3% |
| Multifamily Housing | 0.3% |
| Housing | 0.1% |
| Exchange-Traded Funds | 0.4% |
| Money Market Fund | 0.9% |

---

 **CREDIT QUALITY DIVERSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| AAA / Aaa | 8.9% |
| AA / Aa | 25.1% |
| A / A | 47.4% |
| BBB / Baa | 14.6% |
| Not Rated | 4.0% |

---

The Credit Quality Diversification table reflects the lowest rating assigned by either Moody's Investors Service or Standard and Poor's if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as "Not Rated" are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.<br>

Where can I find more information?

For more information about Wilmington Municipal Bond Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTAIX-0425

Wilmington Municipal Bond Fund

![FundLogo](g936620images_27787.jpg)

**Wilmington New York Municipal Bond Fund**

**Class A \| WNYAX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington New York Municipal Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br>$10,000<br>Investment | Costs paid as a<br>percentage<br>of a $10,000 investment |
| Wilmington New York Municipal Bond Fund<br>(Class A) | $82 | 0.81% |

---

#### How did the Fund perform last year?
* For the reporting period ended April 30, 2025, the Fund's Class A shares (excluding sales load) returned 1.43%. 

* The Fund underperformed two of its three benchmark Indexes, however, it performed in line with the Morningstar Municipal New York Intermediate Funds peer group. 

* Income return outperformed the impact of negative market return during the reporting period. 

* Municipal fund inflows finished 2024 with the fifth best year on record and flows have remained positive in 2025. The supply of municipal bonds was the highest supply on record in 2024. As of April 2025, supply was 15% higher compared to the same period in the previous year. 

* The municipal market experienced volatility in April 2025 with municipal yields rising over 100 basis points in a three-day period in response to Liberation Day tariff announcements. Calmness settled in towards the end of the month. 

#### What contributed to performance?
At the sector level, the Fund's exposure to Higher Education, Toll Road and Healthcare bonds provided the largest outperformance during the reporting period. At the credit rating level, exposure to 'A' and 'BBB' rated securities provided the largest outperformance.

#### What detracted from performance?
Longer-duration holdings underperformed during the reporting period due to the impact of negative market return component of total return. The Fund's underweight to Local General Obligation (GO) sector was the largest component of underperformance for the reporting period. This was due to a mix of being underweight the sector and having an overweight to longer-duration holdings compared to the Local GO sector of the Index.

*The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington New York Municipal Bond Fund, assuming the maximum sales load of 4.5%, from April 30, 2015 to April 30, 2025, compared to the Standard & Poor's Municipal Bond Index (broad-based securities market index), Standard & Poor's Intermediate Municipal Bond Index and Standard & Poor's Intermediate Term New York AMT-Free Municipal Bond Index.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g936620chartimages_9988980.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington New York Municipal Bond Fund — Class A (including 4.5% maximum sales load) | (3.14)% | (0.28)% | 0.62% |
| Wilmington New York Municipal Bond Fund — Class A (excluding sales load) | 1.43% | 0.64% | 1.08% |
| Standard & Poor's Municipal Bond Index | 1.64% | 1.20% | 2.06% |
| Standard & Poor's Intermediate Municipal Bond Index | 2.22% | 1.32% | 2.11% |
| Standard & Poor's Intermediate Term New York AMT-Free Municipal Bond Index | 1.89% | 1.44% | 1.90% |

---

Effective August 31, 2024, the Fund selected the Standard & Poor's Municipal Bond Index as its broad-based securities market benchmark which is believed to be broadly representative of the overall applicable securities market in which the Fund invests. The Fund will continue to measure its performance against the Standard & Poor's Intermediate Municipal Bond Index and the Standard & Poor's Intermediate Term New York AMT-Free Municipal Bond Index as they are believed to be representative of the investment strategy of the Fund.

**Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$38813557 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

**PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| General | 24.2% |
| Higher Education | 13.7% |
| General Obligations | 12.1% |
| Education | 10.1% |
| Airport | 8.2% |
| Medical | 7.2% |
| Transportation | 4.8% |
| Development | 4.6% |
| Water | 4.2% |
| School District | 4.0% |
| Utilities | 3.1% |
| Power | 2.7% |
| Money Market Fund | 1.1% |

---

**CREDIT QUALITY DIVERSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| AAA / Aaa | 5.8% |
| AA / Aa | 49.6% |
| A / A | 24.3% |
| BBB / Baa | 19.2% |
| Not Rated | 1.1% |

---

The Credit Quality Diversification table reflects the lowest rating assigned by either Moody's Investors Service or Standard and Poor's if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as "Not Rated" are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.<br>

Where can I find more information?

For more information about Wilmington New York Municipal Bond Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WNYAX-0425

Wilmington New York Municipal Bond Fund

![FundLogo](g936620images_27787.jpg)

**Wilmington New York Municipal Bond Fund**

**Class I \| WNYIX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington New York Municipal Bond Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br>$10,000<br>Investment | Costs paid as a<br>percentage<br>of a $10,000 investment |
| Wilmington New York Municipal Bond Fund<br>(Class I) | $56 | 0.56% |

---

#### How did the Fund perform last year?
* For the reporting period ended April 30, 2025, the Fund's Class I shares returned 1.68%. 

* The Fund underperformed two of its three benchmark Indexes, however, it performed in line with the Morningstar Municipal New York Intermediate Funds peer group. 

* Income return outperformed the impact of negative market return during the reporting period. 

* Municipal fund inflows finished 2024 with the fifth best year on record and flows have remained positive in 2025. The supply of municipal bonds was the highest supply on record in 2024. As of April 2025, supply was 15% higher compared to the same period in the previous year. 

* The municipal market experienced volatility in April 2025 with municipal yields rising over 100 basis points in a three-day period in response to Liberation Day tariff announcements. Calmness settled in towards the end of the month. 

#### What contributed to performance?
At the sector level, the Fund's exposure to Higher Education, Toll Road and Healthcare bonds provided the largest outperformance during the reporting period. At the credit rating level, exposure to 'A' and 'BBB' rated securities provided the largest outperformance.

#### What detracted from performance?
Longer-duration holdings underperformed during the reporting period due to the impact of negative market return component of total return. The Fund's underweight to Local General Obligation (GO) sector was the largest component of underperformance for the reporting period. This was due to a mix of being underweight the sector and having an overweight to longer-duration holdings compared to the Local GO sector of the Index.

*The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington New York Municipal Bond Fund from April 30, 2015 to April 30, 2025, compared to the Standard & Poor's Municipal Bond Index (broad-based securities market index), Standard & Poor's Intermediate Municipal Bond Index and Standard & Poor's Intermediate Term New York AMT-Free Municipal Bond Index.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g936620chartimages_9988943.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington New York Municipal Bond Fund — Class I | 1.68% | 0.91% | 1.34% |
| Standard & Poor's Municipal Bond Index | 1.64% | 1.20% | 2.06% |
| Standard & Poor's Intermediate Municipal Bond Index | 2.22% | 1.32% | 2.11% |
| Standard & Poor's Intermediate Term New York AMT-Free Municipal Bond Index | 1.89% | 1.44% | 1.90% |

---

Effective August 31, 2024, the Fund selected the Standard & Poor's Municipal Bond Index as its broad-based securities market benchmark which is believed to be broadly representative of the overall applicable securities market in which the Fund invests. The Fund will continue to measure its performance against the Standard & Poor's Intermediate Municipal Bond Index and the Standard & Poor's Intermediate Term New York AMT-Free Municipal Bond Index as they are believed to be representative of the investment strategy of the Fund.

**Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$38813557 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

**PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| General | 24.2% |
| Higher Education | 13.7% |
| General Obligations | 12.1% |
| Education | 10.1% |
| Airport | 8.2% |
| Medical | 7.2% |
| Transportation | 4.8% |
| Development | 4.6% |
| Water | 4.2% |
| School District | 4.0% |
| Utilities | 3.1% |
| Power | 2.7% |
| Money Market Fund | 1.1% |

---

**CREDIT QUALITY DIVERSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| AAA / Aaa | 5.8% |
| AA / Aa | 49.6% |
| A / A | 24.3% |
| BBB / Baa | 19.2% |
| Not Rated | 1.1% |

---

The Credit Quality Diversification table reflects the lowest rating assigned by either Moody's Investors Service or Standard and Poor's if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as "Not Rated" are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.<br>

Where can I find more information?

For more information about Wilmington New York Municipal Bond Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WNYIX-0425

Wilmington New York Municipal Bond Fund

![FundLogo](g936620images_27787.jpg)

**Wilmington Enhanced Dividend Income Strategy Fund**

**Class A \| WDIAX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Enhanced Dividend Income Strategy Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br>$10,000<br>Investment | Costs paid as a<br>percentage<br>of a $10,000 investment |
| Wilmington Enhanced Dividend Income Strategy Fund<br>(Class A) | $78 | 0.75% |

---

**How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class A shares (excluding sales load) returned 7.88%. 

* U.S. Equities posted strong returns as underlying economic growth remained robust and inflation concerns eased. 

* The U.S. Federal Reserve (the "Fed") lowered its target fed-funds rate, albeit modestly, as it balanced the potential for a slowing economy against the possibility of lingering inflation. 

* Higher dividend yielding stocks lagged with investors favoring pro-cyclical areas of the market. 

#### What contributed to performance?
Stock selection was the biggest positive contributor to relative performance. Individual stock selection within the technology sector accounted for the majority of the positive impact. Broadcom (AVGO) and IBM (IBM) both appreciated during the period as Artificial Intelligence (AI) semiconductors and associated software experienced strong increases in demand.

#### What detracted from performance?
The biggest individual factor detractor was dividend yield. Dividend yield is the Fund's largest active factor exposure. Given the income focus of the Fund, we would expect to maintain an overweight allocation to the dividend yield factor. Holdings within the Industrials sector also negatively impacted relative performance.

*The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Enhanced Dividend Income Strategy Fund, assuming the maximum sales load of 5.5%, from April 30, 2015 to April 30, 2025, compared to the Russell 1000<sup>®</sup> Index (broad-based securities market index) and Russell 1000<sup>®</sup> Value Index.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g936620chartimages_9988758.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Enhanced Dividend Income Strategy Fund — Class A (including 5.5% maximum sales load) | 1.95% | 8.26% | 5.11% |
| Wilmington Enhanced Dividend Income Strategy Fund — Class A (excluding sales load) | 7.88% | 9.50% | 5.71% |
| Russell 1000<sup>®</sup> Index | 11.94% | 15.42% | 12.03% |
| Russell 1000<sup>®</sup> Value Index | 8.55% | 13.00% | 8.36% |

---

Effective August 31, 2024, the Fund selected the Russell 1000<sup>®</sup> Index as its broad-based securities market benchmark which is believed to be broadly representative of the overall applicable securities market in which the Fund invests. The Fund will continue to measure its performance against the Russell 1000<sup>®</sup> Value Index as it is considered to be representative of the investment strategy of the Fund.

**Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$75936141 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$32518 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

**PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 96.9% |
| Money Market Fund | 3.1% |

---

**SECTOR CLASSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Financials | 22.3% |
| Information Technology | 13.6% |
| Health Care | 13.5% |
| Consumer Staples | 10.4% |
| Industrials | 8.0% |
| Energy | 6.7% |
| Utilities | 6.0% |
| Real Estate | 5.5% |
| Consumer Discretionary | 4.8% |
| Communication Services | 4.4% |
| Materials | 1.7% |

---

Where can I find more information?

For more information about Wilmington Enhanced Dividend Income Strategy Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WDIAX-0425

Wilmington Enhanced Dividend Income Strategy Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington Enhanced Dividend Income Strategy Fund**

 **Class I \| WDIIX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Enhanced Dividend Income Strategy Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington Enhanced Dividend Income Strategy Fund<br> (Class I) | $52 | 0.50% |

---

 **How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class I shares returned 8.19%. 

* U.S. Equities posted strong returns as underlying economic growth remained robust and inflation concerns eased. 

* The U.S. Federal Reserve (the "Fed") lowered its target fed-funds rate, albeit modestly, as it balanced the potential for a slowing economy against the possibility of lingering inflation. 

* Higher dividend yielding stocks lagged with investors favoring pro-cyclical areas of the market. 

#### What contributed to performance?
Stock selection was the biggest positive contributor to relative performance. Individual stock selection within the technology sector accounted for the majority of the positive impact. Broadcom (AVGO) and IBM (IBM) both appreciated during the period as Artificial Intelligence (AI) semiconductors and associated software experienced strong increases in demand.

#### What detracted from performance?
The biggest individual factor detractor was dividend yield. Dividend yield is the Fund's largest active factor exposure. Given the income focus of the Fund, we would expect to maintain an overweight allocation to the dividend yield factor. Holdings within the Industrials sector also negatively impacted relative performance.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Enhanced Dividend Income Strategy Fund from April 30, 2015 to April 30, 2025, compared to the Russell 1000<sup>®</sup> Index (broad-based securities market index) and Russell 1000<sup>®</sup> Value Index.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g936620chartimages_9988795.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Enhanced Dividend Income Strategy Fund — Class I | 8.19% | 9.76% | 5.97% |
| Russell 1000<sup>®</sup> Index | 11.94% | 15.42% | 12.03% |
| Russell 1000<sup>®</sup> Value Index | 8.55% | 13.00% | 8.36% |

---

Effective August 31, 2024, the Fund selected the Russell 1000<sup>®</sup> Index as its broad-based securities market benchmark which is believed to be broadly representative of the overall applicable securities market in which the Fund invests. The Fund will continue to measure its performance against the Russell 1000<sup>®</sup> Value Index as it is considered to be representative of the investment strategy of the Fund.

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$75936141 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$32518 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 96.9% |
| Money Market Fund | 3.1% |

---

 **SECTOR CLASSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Financials | 22.3% |
| Information Technology | 13.6% |
| Health Care | 13.5% |
| Consumer Staples | 10.4% |
| Industrials | 8.0% |
| Energy | 6.7% |
| Utilities | 6.0% |
| Real Estate | 5.5% |
| Consumer Discretionary | 4.8% |
| Communication Services | 4.4% |
| Materials | 1.7% |

---

Where can I find more information?

For more information about Wilmington Enhanced Dividend Income Strategy Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WDIIX-0425

Wilmington Enhanced Dividend Income Strategy Fund

![FundLogo](g936620images_27787.jpg)

**Wilmington Large-Cap Strategy Fund**

**Class I \| WMLIX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Large-Cap Strategy Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br>$10,000<br>Investment | Costs paid as a<br>percentage<br>of a $10,000 investment |
| Wilmington Large-Cap Strategy Fund<br>(Class I) | $26 | 0.25% |

---

**How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class I shares returned 11.63%. 

* For the same period, the Russell 1000 Index (the "Index") returned 11.94%. 

* During the same period the Fund maintained sector weightings in line with the benchmark Index resulting in similar performance. 

The Fund ended the annual fiscal year up, led by the following sectors: financials, utilities, communication services and real estate. Energy was the worst performing sector as oil prices declined over 25% amid signs of slowing economic growth and cooling tensions in the Middle East. Elsewhere, the Artificial Intelligence (AI) theme continued to play out as technology was the best performing sector for the first seven months of the period. The technology sector momentum buoyed U.S. equity markets for most of the period before falling drastically after the Chinese AI startup – known as DeepSeek – took the investing world largely by surprise. DeepSeek claimed to be able to train its AI models at a fraction of the cost that major U.S. tech firms spent putting into question the future of AI capex (capital expenditure). In addition to DeepSeek, volatile trading conditions persisted following Liberation Day as investors continued to digest potential tariff headwinds. Overall, uncertainty in the equity market cooled in recent weeks but remains at elevated levels as the financial impact of tariffs continues to filter through into earnings. Management teams have been reluctant to provide forward guidance as they work to re-order supply chains and control costs.

*The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Large-Cap Strategy Fund from April 30, 2015 to April 30, 2025, compared to the Russell 1000<sup>®</sup> Index (broad-based securities market index).

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g936620chartimages_9988906.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Large-Cap Strategy Fund — Class I | 11.63% | 15.20% | 11.83% |
| Russell 1000<sup>®</sup> Index | 11.94% | 15.42% | 12.03% |

---

**Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$528891788 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$818959 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

**PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 99.3% |
| Cash Collateral Invested for Securities on Loan | 0.5% |
| Investment Companies | 0.2% |

---

**SECTOR CLASSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Information Technology | 28.7% |
| Financials | 14.8% |
| Health Care | 10.7% |
| Consumer Discretionary | 10.4% |
| Industrials | 9.3% |
| Communication Services | 9.1% |
| Consumer Staples | 5.9% |
| Energy | 3.2% |
| Real Estate | 2.5% |
| Utilities | 2.4% |
| Materials | 2.3% |

---

Where can I find more information?

For more information about Wilmington Large-Cap Strategy Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WMLIX-0425

Wilmington Large-Cap Strategy Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington International Fund**

 **Class A \| WINAX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington International Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington International Fund<br> (Class A) | $115 | 1.08% |

---

 **How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class A shares (excluding sales load) returned 13.69%. 

* The Wilmington International Fund had positive performance and outperformed the benchmark, the MSCI All Country World ex-US Index, during the year. 

* The portfolio's two active European managers outperformed their respective regional benchmarks, while the emerging markets manager underperformed its regional benchmark. 

* The market environment was volatile during the year, marked by US presidential transition, US dollar volatility (weakening in the latter portion aided non-US equity performance), landmark defense and infrastructure spending reform in Germany, and implementation of tariffs by the new US administration. 

#### What contributed to performance?
Relative to the benchmark, the Fund had strong selection across several sectors, most notably industrials (Rheinmetall, Babcock International), consumer discretionary (Alibaba), and consumer staples (Philip Morris International). Modest underweighting to materials and energy also contributed to performance. From a region/country perspective, the Fund had its strongest selection in Europe, particularly Germany and France, as well as Japan and emerging Asia.

#### What detracted from performance?
Relative to the benchmark, selection in technology (Samsung Electronics, Unimicron) and communication services (Kanzhun Ltd) detracted from performance. Modest underweighting to financials also detracted from performance. From a region/country perspective, selection in the Middle East, particularly UAE, and Latin America, particularly Brazil, detracted from performance.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington International Fund, assuming the maximum sales load of 5.5%, from April 30, 2015 to April 30, 2025, compared to the MSCI ACWI ex-US Net Index (broad-based securities market index).

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g936620chartimages_9988832.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington International Fund — Class A (including 5.5% maximum sales load) | 7.48% | 7.63% | 3.63% |
| Wilmington International Fund — Class A (excluding sales load) | 13.69% | 8.86% | 4.22% |
| MSCI ACWI ex-US Net Index | 11.93% | 10.09% | 4.83% |

---

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$499285591 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3537469 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 88.7% |
| Cash Collateral Invested for Securities on Loan | 4.6% |
| Exchange-Traded Funds | 3.6% |
| Money Market Fund | 3.1% |
| Long Equity Index Futures (Notional Value) | 2.4% |

---

 **SECTOR CLASSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Financials | 21.3% |
| Industrials | 14.3% |
| Information Technology | 10.6% |
| Health Care | 8.8% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 7.6% |
| Materials | 5.0% |
| Communication Services | 4.8% |
| Energy | 3.6% |
| Utilities | 2.4% |
| Real Estate | 1.6% |

---

 **COUNTRY ALLOCATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Japan | 13.6% |
| United States | 10.2% |
| United Kingdom | 9.9% |
| China | 6.8% |
| France | 6.4% |
| Canada | 5.8% |
| Germany | 5.4% |
| Taiwan | 4.6% |
| Australia | 2.7% |
| South Korea | 2.3% |
| Netherlands | 2.1% |
| Hong Kong | 2.0% |
| Switzerland | 1.6% |
| Denmark | 1.6% |
| India | 1.5% |
| Austria | 1.4% |
| South Africa | 1.4% |
| Mexico | 1.3% |
| Spain | 1.2% |
| Brazil | 1.1% |
| Norway | 1.0% |
| Sweden | 1.0% |
| Other Countries | 7.4% |

---

Where can I find more information?

For more information about Wilmington International Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WINAX-0425

Wilmington International Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington International Fund**

 **Class I \| WINIX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington International Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington International Fund<br> (Class I) | $89 | 0.83% |

---

 **How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class I shares returned 14.00%. 

* The Wilmington International Fund had positive performance and outperformed the benchmark, the MSCI All Country World ex-US Index, during the year. 

* The portfolio's two active European managers outperformed their respective regional benchmarks, while the emerging markets manager underperformed its regional benchmark. 

* The market environment was volatile during the year, marked by US presidential transition, US dollar volatility (weakening in the latter portion aided non-US equity performance), landmark defense and infrastructure spending reform in Germany, and implementation of tariffs by the new US administration. 

#### What contributed to performance?
Relative to the benchmark, the Fund had strong selection across several sectors, most notably industrials (Rheinmetall, Babcock International), consumer discretionary (Alibaba), and consumer staples (Philip Morris International). Modest underweighting to materials and energy also contributed to performance. From a region/country perspective, the Fund had its strongest selection in Europe, particularly Germany and France, as well as Japan and emerging Asia.

#### What detracted from performance?
Relative to the benchmark, selection in technology (Samsung Electronics, Unimicron) and communication services (Kanzhun Ltd) detracted from performance. Modest underweighting to financials also detracted from performance. From a region/country perspective, selection in the Middle East, particularly UAE, and Latin America, particularly Brazil, detracted from performance.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington International Fund from April 30, 2015 to April 30, 2025, compared to the MSCI ACWI ex-US Net Index (broad-based securities market index).

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g936620chartimages_9988869.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington International Fund — Class I | 14.00% | 9.11% | 4.40% |
| MSCI ACWI ex-US Net Index | 11.93% | 10.09% | 4.83% |

---

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$499285591 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3537469 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 88.7% |
| Cash Collateral Invested for Securities on Loan | 4.6% |
| Exchange-Traded Funds | 3.6% |
| Money Market Fund | 3.1% |
| Long Equity Index Futures (Notional Value) | 2.4% |

---

 **SECTOR CLASSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Financials | 21.3% |
| Industrials | 14.3% |
| Information Technology | 10.6% |
| Health Care | 8.8% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 7.6% |
| Materials | 5.0% |
| Communication Services | 4.8% |
| Energy | 3.6% |
| Utilities | 2.4% |
| Real Estate | 1.6% |

---

 **COUNTRY ALLOCATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Japan | 13.6% |
| United States | 10.2% |
| United Kingdom | 9.9% |
| China | 6.8% |
| France | 6.4% |
| Canada | 5.8% |
| Germany | 5.4% |
| Taiwan | 4.6% |
| Australia | 2.7% |
| South Korea | 2.3% |
| Netherlands | 2.1% |
| Hong Kong | 2.0% |
| Switzerland | 1.6% |
| Denmark | 1.6% |
| India | 1.5% |
| Austria | 1.4% |
| South Africa | 1.4% |
| Mexico | 1.3% |
| Spain | 1.2% |
| Brazil | 1.1% |
| Norway | 1.0% |
| Sweden | 1.0% |
| Other Countries | 7.4% |

---

Where can I find more information?

For more information about Wilmington International Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WINIX-0425

Wilmington International Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington Global Alpha Equities Fund**

 **Class A \| WRAAX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Global Alpha Equities Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington Global Alpha Equities Fund<br> (Class A) | $155 | 1.49% |

---

 **How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class A shares (excluding sales load) returned 8.59%. 

* The Wilmington Global Alpha Equities Fund had positive performance and outperformed the benchmark, the HFRX Equity Hedge Index, during the last fiscal year but underperformed the broad-based market index, the MSCI ACWI Index. 

* Seven of the nine active strategies within the Fund outperformed the global equities, as measured by the MSCI ACWI Index. 

* Six of nine active managers outperformed their specific strategy benchmarks. 

#### What contributed to performance?
The long portfolio gained nearly 15%, outperforming the MSCI ACWI Index by over 300 bps. Top performing exposures were the China strategy, the international value strategy, and the global high dividend strategy.

#### What detracted from performance?
The hedging portfolio, which consists of short positions in equity index futures contracts detracted from absolute performance as equities rose for the period. However, the hedge portfolio of the Fund generated outperformance versus an equivalent short position in the MSCI ACWI Index by almost 500 basis points (bps) leading to a long/short spread of 800 bps. This spread allowed the Fund to capture 75% of the total return of the MSCI ACWI Index with a market sensitivity exposure of a beta of 0.4.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Global Alpha Equities Fund, assuming the maximum sales load of 5.5%, from April 30, 2015 to April 30, 2025, compared to the MSCI ACWI Index (Net) (broad-based securities market index) and HFRX Equity Hedge Index.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g936620chartimages_9988610.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Global Alpha Equities Fund — Class A (including 5.5% maximum sales load) | 2.61% | 4.48% | 2.83% |
| Wilmington Global Alpha Equities Fund — Class A (excluding sales load) | 8.59% | 5.67% | 3.41% |
| MSCI ACWI Index (Net) | 11.84% | 13.07% | 8.63% |
| HFRX Equity Hedge Index | 5.35% | 7.69% | 3.18% |

---

Effective August 31, 2024, the Fund selected the MSCI ACWI Index (Net) as its broad-based securities market benchmark which is believed to be broadly representative of the overall applicable securities market in which the Fund invests. The Fund will continue to measure its performance against the HFRX Equity Hedge Index as it is considered to be representative of the investment strategy of the Fund.

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$240384366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;713 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1836559 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 97.1% |
| Money Market Fund | 2.3% |
| Exchange-Traded Funds | 0.4% |
| Preferred Stocks | 0.2% |
| Long Equity Index Futures (Notional Value) | 1.2% |
| Short Equity Index Futures (Notional Value) | (49.6)% |

---

 **SECTOR CLASSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Financials | 20.8% |
| Information Technology | 14.5% |
| Industrials | 14.3% |
| Consumer Discretionary | 9.5% |
| Health Care | 9.3% |
| Consumer Staples | 8.2% |
| Communication Services | 7.4% |
| Materials | 4.3% |
| Utilities | 3.2% |
| Energy | 3.2% |
| Real Estate | 2.4% |

---

 **COUNTRY ALLOCATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| United States | 48.7% |
| Japan | 13.1% |
| United Kingdom | 7.0% |
| France | 4.5% |
| Canada | 3.5% |
| China | 3.4% |
| Germany | 2.8% |
| Netherlands | 1.7% |
| Hong Kong | 1.5% |
| Italy | 1.4% |
| Switzerland | 1.4% |
| Other Countries | 8.7% |

---

Where can I find more information?

For more information about Wilmington Global Alpha Equities Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WRAAX-0425

Wilmington Global Alpha Equities Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington Global Alpha Equities Fund**

 **Class I \| WRAIX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Global Alpha Equities Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington Global Alpha Equities Fund<br> (Class I) | $129 | 1.24% |

---

 **How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class I shares returned 8.85%. 

* The Wilmington Global Alpha Equities Fund had positive performance and outperformed the benchmark, the HFRX Equity Hedge Index, during the last fiscal year but underperformed the broad-based market index, the MSCI ACWI Index. 

* Seven of the nine active strategies within the Fund outperformed the global equities, as measured by the MSCI ACWI Index. 

* Six of nine active managers outperformed their specific strategy benchmarks. 

#### What contributed to performance?
The long portfolio gained nearly 15%, outperforming the MSCI ACWI Index by over 300 bps. Top performing exposures were the China strategy, the international value strategy, and the global high dividend strategy.

#### What detracted from performance?
The hedging portfolio, which consists of short positions in equity index futures contracts detracted from absolute performance as equities rose for the period. However, the hedge portfolio of the Fund generated outperformance versus an equivalent short position in the MSCI ACWI Index by almost 500 basis points (bps) leading to a long/short spread of 800 bps. This spread allowed the Fund to capture 75% of the total return of the MSCI ACWI Index with a market sensitivity exposure of a beta of 0.4.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Global Alpha Equities Fund from April 30, 2015 to April 30, 2025, compared to the MSCI ACWI Index (Net) (broad-based securities market index) and HFRX Equity Hedge Index.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g936620chartimages_9988647.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Global Alpha Equities Fund — Class I | 8.85% | 5.92% | 3.68% |
| MSCI ACWI Index (Net) | 11.84% | 13.07% | 8.63% |
| HFRX Equity Hedge Index | 5.35% | 7.69% | 3.18% |

---

Effective August 31, 2024, the Fund selected the MSCI ACWI Index (Net) as its broad-based securities market benchmark which is believed to be broadly representative of the overall applicable securities market in which the Fund invests. The Fund will continue to measure its performance against the HFRX Equity Hedge Index as it is considered to be representative of the investment strategy of the Fund.

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$240384366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;713 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1836559 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Common Stocks | 97.1% |
| Money Market Fund | 2.3% |
| Exchange-Traded Funds | 0.4% |
| Preferred Stocks | 0.2% |
| Long Equity Index Futures (Notional Value) | 1.2% |
| Short Equity Index Futures (Notional Value) | (49.6)% |

---

 **SECTOR CLASSIFICATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Financials | 20.8% |
| Information Technology | 14.5% |
| Industrials | 14.3% |
| Consumer Discretionary | 9.5% |
| Health Care | 9.3% |
| Consumer Staples | 8.2% |
| Communication Services | 7.4% |
| Materials | 4.3% |
| Utilities | 3.2% |
| Energy | 3.2% |
| Real Estate | 2.4% |

---

 **COUNTRY ALLOCATION** (as a % of Total Investments)

---

| | |
|:---|:---|
| United States | 48.7% |
| Japan | 13.1% |
| United Kingdom | 7.0% |
| France | 4.5% |
| Canada | 3.5% |
| China | 3.4% |
| Germany | 2.8% |
| Netherlands | 1.7% |
| Hong Kong | 1.5% |
| Italy | 1.4% |
| Switzerland | 1.4% |
| Other Countries | 8.7% |

---

Where can I find more information?

For more information about Wilmington Global Alpha Equities Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WRAIX-0425

Wilmington Global Alpha Equities Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington Real Asset Fund**

 **Class A \| WMMRX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Real Asset Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington Real Asset Fund<br> (Class A) | $85 | 0.82% |

---

 **How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class A shares (excluding sales load) returned 8.41%. 

* The Fund had positive performance and outperformed the Blended Index, which consisted of a 50% weighting to the Bloomberg Commodity Index and 50% to the S&P Developed Property Index. 

* The Fund's performance against the broad-based market indexes was mixed with it underperforming the MSCI All Country World Index but outperforming the Bloomberg U.S. Aggregate Bond Index. 

* Both the Fund's Commodity/Other Real Assets exposure and Real Estate exposure were positive and outperformed their respective benchmarks. 

#### What contributed to performance?
Within Real Estate, the Fund's US exposure led performance and the Fund's global exposure also outperformed. Within commodities, the Fund's MLP and Pipeline exposure was up over 40%. While a small allocation, the magnitude of outperformance provided a material contribution at the Fund level. Additionally, the Fund's commodity futures managers, the largest exposure also outperformed.

#### What detracted from performance?
Within Real Estate, the Fund's international exposure detracted due to emerging market positions. Within Commodities/Other Real Assets, the sole detractor was the Fund's small position in natural resource equities.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Real Asset Fund, assuming the maximum sales load of 5.5%, from April 30, 2015 to April 30, 2025, compared to the MSCI ACWI Index (Net) (broad-based securities market index), Bloomberg U.S. Aggregate Bond Index (broad-based securities market index), Real Asset Blended Index and Bloomberg Commodity Index.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g936620chartimages_9988536.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Real Asset Fund — Class A (including 5.5% maximum sales load) | 2.44% | 5.94% | 2.46% |
| Wilmington Real Asset Fund — Class A (excluding sales load) | 8.41% | 7.15% | 3.04% |
| MSCI ACWI Index (Net) | 11.84% | 13.07% | 8.63% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | (0.67)% | 1.54% |
| Real Asset Blended Index | 8.20% | 7.84% | 3.60% |
| Bloomberg Commodity Index | 4.08% | 13.74% | 1.70% |

---

Effective August 31, 2024, the Fund selected the MSCI ACWI Index (Net) and the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market benchmarks which are believed to be broadly representative of the overall applicable securities markets in which the Fund invests. The Fund will continue to measure its performance against the Real Asset Blended Index that is constructed by the Advisor and the Bloomberg Commodity Index as they are believed to be representative of the investment strategy of the Fund.

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$386524203 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;422 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1542958 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Real Estate Related Real Estate Investment Trusts | 32.6% |
| Real Estate Related Exchange-Traded Funds | 9.2% |
| Real Estate Related Common Stocks | 7.1% |
| Real Estate Related Investment Company | 3.2% |
| Commodity Related Investment Companies | 44.9% |
| Commodity Related Exchange-Traded Funds | 1.6% |
| Money Market Fund | 0.7% |
| Cash Collateral Invested for Securities on Loan | 0.7% |

---

#### Where can I find more information?
For more information about Wilmington Real Asset Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WMMRX-0425

Wilmington Real Asset Fund

![FundLogo](g936620images_27787.jpg)

 **Wilmington Real Asset Fund**

 **Class I \| WMRIX**

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about the Wilmington Real Asset Fund ("Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of<br> $10,000<br> Investment | Costs paid as a<br> percentage<br> of a $10,000 investment |
| Wilmington Real Asset Fund<br> (Class I) | $59 | 0.57% |

---

 **How did the Fund perform last year?**

* For the reporting period ended April 30, 2025, the Fund's Class I shares returned 8.70%. 

* The Fund had positive performance and outperformed the Blended Index, which consisted of a 50% weighting to the Bloomberg Commodity Index and 50% to the S&P Developed Property Index. 

* The Fund's performance against the broad-based market indexes was mixed with it underperforming the MSCI All Country World Index but outperforming the Bloomberg U.S. Aggregate Bond Index. 

* Both the Fund's Commodity/Other Real Assets exposure and Real Estate exposure were positive and outperformed their respective benchmarks. 

#### What contributed to performance?
Within Real Estate, the Fund's US exposure led performance and the Fund's global exposure also outperformed. Within commodities, the Fund's MLP and Pipeline exposure was up over 40%. While a small allocation, the magnitude of outperformance provided a material contribution at the Fund level. Additionally, the Fund's commodity futures managers, the largest exposure also outperformed.

#### What detracted from performance?
Within Real Estate, the Fund's international exposure detracted due to emerging market positions. Within Commodities/Other Real Assets, the sole detractor was the Fund's small position in natural resource equities.

 *The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.*

#### How has the Fund historically performed?
The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Real Asset Fund from April 30, 2015 to April 30, 2025, compared to the MSCI ACWI Index (Net) (broad-based securities market index), Bloomberg U.S. Aggregate Bond Index (broad-based securities market index), Real Asset Blended Index and Bloomberg Commodity Index.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g936620chartimages_9988573.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Years |
| Wilmington Real Asset Fund — Class I | 8.70% | 7.43% | 3.30% |
| MSCI ACWI Index (Net) | 11.84% | 13.07% | 8.63% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | (0.67)% | 1.54% |
| Real Asset Blended Index | 8.20% | 7.84% | 3.60% |
| Bloomberg Commodity Index | 4.08% | 13.74% | 1.70% |

---

Effective August 31, 2024, the Fund selected the MSCI ACWI Index (Net) and the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market benchmarks which are believed to be broadly representative of the overall applicable securities markets in which the Fund invests. The Fund will continue to measure its performance against the Real Asset Blended Index that is constructed by the Advisor and the Bloomberg Commodity Index as they are believed to be representative of the investment strategy of the Fund.

 **Performance data quoted represents past performance, which is no guarantee of 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 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 **.**

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$386524203 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;422 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1542958 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### What Did the Fund Invest In?
(as of April 30, 2025)

 **PORTFOLIO COMPOSITION** (as a % of Total Investments)

---

| | |
|:---|:---|
| Real Estate Related Real Estate Investment Trusts | 32.6% |
| Real Estate Related Exchange-Traded Funds | 9.2% |
| Real Estate Related Common Stocks | 7.1% |
| Real Estate Related Investment Company | 3.2% |
| Commodity Related Investment Companies | 44.9% |
| Commodity Related Exchange-Traded Funds | 1.6% |
| Money Market Fund | 0.7% |
| Cash Collateral Invested for Securities on Loan | 0.7% |

---

#### Where can I find more information?
For more information about Wilmington Real Asset Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributions, Inc. is the distributor of the Wilmington Funds.

WT-AR-WMRIX-0425

Wilmington Real Asset Fund

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

#### Item 2. Code of Ethics.
&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(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.<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments to the registrant's code of ethics that apply to its Principal Executive Officer or Principal Financial Officer.<br>&nbsp;&nbsp;&nbsp;&nbsp;(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.<br>&nbsp;&nbsp;&nbsp;&nbsp;(e) Not Applicable<br>(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-836-2211, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.<br>

#### 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: Gregory P. Chandler, Donald E. Foley, H. Thomas McMeekin and Valerie J. Sill.

------

#### Item 4. Principal Accountant Fees and Services.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(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:<br>Fiscal year ended 2025 - $435,894<br>Fiscal year ended 2024 - $433,285<br>&nbsp;&nbsp;&nbsp;&nbsp;(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:<br>Fiscal year ended 2025 - $0<br>Fiscal year ended 2024 - $0<br>&nbsp;&nbsp;&nbsp;&nbsp; Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were $0 and $0, respectively.<br>&nbsp;&nbsp;&nbsp;&nbsp;(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:<br>Fiscal year ended 2025 - $146,382<br>Fiscal year ended 2024 - $208,485<br>&nbsp;&nbsp;&nbsp;&nbsp; Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were $0 and $0, respectively.<br>&nbsp;&nbsp;&nbsp;&nbsp;(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:<br>Fiscal year ended 2025 - $0<br>Fiscal year ended 2024 - $0<br>&nbsp;&nbsp;&nbsp;&nbsp; Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were $0 and $0, respectively.<br>(e)(1) Audit Committee Policies regarding Pre-approval of Services.<br>

------

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:<br>Fiscal year ended 2025 – 0%<br>Fiscal year ended 2024 – 0%<br>

(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 2025 – $146,382

Fiscal year ended 2024 – $208,485

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### 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 annual financial statements and other information filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
The financial statements and financial highlights are included in the annual financial statements and other information attached herewith.

------

![LOGO](g936620g11j69.jpg)

Wilmington FUNDS April 30, 2025 PRESIDENT'S MESSAGE AND ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION WILMINGTON FUNDS Equity Funds Wilmington Enhanced Dividend Income Strategy Fund Wilmington Large-Cap Strategy Fund

------

![LOGO](g936620g02j02.jpg)

CONTENTS

---

| | |
|:---|:---|
| [President's Message](#fin1936620_1) | i |
| [Portfolios of Investments](#fin1936620_2) | 1 |
| [Statements of Assets and Liabilities](#fin1936620_3) | 16 |
| [Statements of Operations](#fin1936620_4) | 17 |
| [Statements of Changes in Net Assets](#fin1936620_5) | 18 |
| [Financial Highlights](#fin1936620_6) | 19 |
| [Notes to Financial Statements](#fin1936620_7) | 21 |
| [Report of Independent Registered Public Accounting Firm](#fin1936620_8) | 28 |
| [Federal Tax Information (unaudited)](#fin1936620_9) | 29 |
| [Other Information](#fin1936620_10) | 30 |

---

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[This Page Intentionally Left Blank]

------

i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

PRESIDENT'S MESSAGE (unaudited)

#### Esteemed Shareholder:
I am pleased to present the Annual Financial Statements of the Enhanced Dividend Income Strategy Fund and Large-Cap Strategy Fund (the "Funds"), covering the Funds' annual fiscal year of May 1, 2024, through April 30, 2025.

#### The economy and financial markets in review
Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (the Funds' investment advisor and subadvisor, respectively), have provided the following review of the economy, bond markets, and stock markets for the Funds' annual fiscal year.

#### The economy
It was an eventful period as economic conditions changed rapidly over the annual fiscal year. The most notable event came towards the end of the period (on April 2nd or "Liberation Day") as newly elected President Donald Trump began his second term by working to re-order global trade via major tariff announcements. The Liberation Day tariffs shocked investors – in both scale and breadth – sending the U.S. tariff rate to its highest level in 119 years. Stagflation (low growth and high inflation) became a major concern among economists and strategists across Wall Street as they rushed to quantify the economic impact of the tariffs and any potential retaliations from U.S. trading partners. The remainder of April was turbulent as whipsawing tariff policies made it difficult for the market to price risk. U.S. assets (including Treasuries and the dollar) saw substantial outflows as Treasury yields spiked in April and investors dismissed the typical safe-haven status of U.S. assets. Volatility in financial markets cooled towards the end of April as tariff threats de-escalated and hard economic data continued to show an economy on decent footing. Soft data (such as sentiment and survey readings), however, deteriorated to near historic levels as business leaders, consumers, and investors dealt with unprecedented levels of uncertainty. Overall, inflation data in the U.S. largely decelerated, moving closer to the Federal Reserve's (the Fed's) 2% target. The Fed also cut interest rates by 100 bps during the annual fiscal year which included a 50 basis point<sup>1</sup> rate cut at the September meeting. The Fed funds rate target range ended the period between 4.25%-4.5% (its lowest level in two years) though expectations of future rate cuts diminished significantly.

#### Bond markets
As with the economic backdrop, it was a choppy period across the global bond market. Overall, Treasury yields pushed lower across the curve as the Fed lowered interest rates and inflation concerns continued to fade. Combined with lower growth expectations, the benchmark 10-year Treasury yield declined 52 basis points. At the short end of the curve (more sensitive to monetary policy), the two-year yield slid over 140 basis points during the period as the Fed eased monetary policy. Overall, fixed income performed well over the annual fiscal year with the Bloomberg U.S. Aggregate Bond Index advancing 8.02% (its best fiscal year since 2020). Within corporate credit, spreads widened moderately as the heightened tariff rate led to increased risk for high yield assets. U.S. Treasuries also felt pressure towards the end of the period as concerns over the ballooning U.S. deficit took the spotlight – driven by U.S. asset outflows and the looming tax bill.

For the 12-month period May 1, 2024, to April 30, 2025, certain Bloomberg indices performed as follows:<sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bloomberg<br> U.S. Treasury<br> Bond Index<sup>3</sup> | Bloomberg<br> U.S. Aggregate<br> Bond Index<sup>4</sup> | Bloomberg<br> U.S. Credit<br> Bond Index<sup>5</sup> | Bloomberg<br> Municipal Bond<br> Index<sup>6</sup> | Bloomberg<br> U.S. Corporate<br> High Yield Bond<br> Index<sup>7</sup> |
|  *7.68%* | 8.02% | 7.61% | 1.66% | 8.69% |

---

*Past performance is no guarantee of future results.* 

*Source: Lipper. You cannot invest directly in an index.* 

#### Equity markets
During the period, momentum led U.S. large cap stocks to numerous new all-time highs. Overall, the S&P 500 ended the annual fiscal year up 12.10%, led by financials (+22.82%), utilities (+21.98%), and real estate (+18.41%). Energy (-10.77%) was the worst performing sector as oil prices declined over 25% amid signs of slowing economic growth and cooling tensions in the Middle East. Elsewhere, the AI theme continued to play out as tech was the best performing sector for the first seven months of the period. The tech momentum buoyed U.S. equity markets for most of the period before falling drastically after the Chinese AI startup – known as DeepSeek – took the investing world largely by surprise. DeepSeek claimed to be able to train its AI models at a fraction of the cost that major U.S. tech firms spent putting into question the future of AI capex (capital expenditure). In addition to DeepSeek, volatile trading conditions persisted following Liberation Day as investors

*April 30, 2025 / PRESIDENT'S MESSAGE* 

------

ii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

continued to digest potential tariff headwinds (S&P 500 troughed down 18.90% following Liberation Day). Overall, uncertainty in the equity market cooled in recent weeks but remains at elevated levels as the financial impact of tariffs continues to filter through into earnings. Management teams have been reluctant to provide forward guidance as they work to re-order supply chains and control costs.

Turmoil in U.S. markets led to opportunities for international stocks as the MSCI EAFE Index and MSCI Emerging Markets Index both outperformed the S&P 500 post-Liberation Day. For the full period, returns were similar with the MSCI EAFE and MSCI Emerging Markets up 12.57% and 9.02%, respectively. International developed equities benefitted as the Trump administration focused heavily on China (a major component in the Emerging Markets index), by raising the U.S. tariff rate on Chinese imports to 145%. Trade tensions escalated as Chinese officials retaliated with a 125% tariff on U.S. goods, pushing both sides to the brink of what some described as a de facto embargo.

For the 12-month period May 1, 2024, to April 30, 2025, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| S&P 500<sup>®</sup><br> Index<sup>8</sup> | Russell<br> 2000<sup>®</sup><br> Index<sup>9</sup> | MSCI EAFE<br> (Net) Index<sup>10</sup> | MSCI Emerging<br> Markets (Net)<br> Index<sup>11</sup> |
|  *12.10%* | 0.87% | 12.57% | 9.02% |

---

*Past performance is no guarantee of future results.* 

*Source: Lipper. You cannot invest directly in an index.* 

Sincerely,

![LOGO](g936620g45j45.jpg)

Randy Vogel

President

May 15, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*PRESIDENT'S MESSAGE / April 30, 2025* 

------

iii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Must be preceded or accompanied by a prospectus.
**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;1. 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause decline in their prices.

&nbsp;&nbsp;&nbsp;&nbsp;3. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;4. Bloomberg U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond market composed of securities from the Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;5. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;6. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;7. Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices. An investment cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;8. The S&P 500<sup>®</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Russell 2000<sup>®</sup> Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $2.1 million to $16.8 billion.

&nbsp;&nbsp;&nbsp;&nbsp;10. 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 MSCI EAFE (Net) Index is an equity index which captures large and mid-cap representation across 21 Developed Markets countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

&nbsp;&nbsp;&nbsp;&nbsp;11. 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 (Net) Index captures large and mid-cap representation across 24 Emerging Markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

*April 30, 2025 / PRESIDENT'S MESSAGE* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Enhanced Dividend Income Strategy Fund

PORTFOLIO OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| Description | Number of<br> Shares | Value |
|  **COMMON STOCKS – 96.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 4.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 4.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 2.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 2.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 2.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 50150 | $2209609 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 1.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 1.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 1.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 14735 | 1122218 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | $3331827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 4.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 4.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 3.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 3.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 3.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 3180 | 1016487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 1 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 16500 | 1320825 |
|  |  | $2337376 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 3685 | 1328406 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY |  | $3665782 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES – 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 7260 | 984311 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 9175 | 887223 |
| &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 1.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 36250 | 895737 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS – 1.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS – 1.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS – 1.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 6925 | 1125797 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL CARE PRODUCTS – 2.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL CARE PRODUCTS – 2.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL CARE PRODUCTS – 2.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 26750 | 1699962 |
| &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO – 3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO – 3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO – 3.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 13450 | 2304792 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES |  | $7897822 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY – 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 6.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 6.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 6.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 13075 | 1778984 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 7350 | 655032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 13475 | 1423364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 10650 | 1236359 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY |  | $5093739 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 22.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 10.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 10.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 10.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 76900 | 3066772 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 16250 | 3975075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 48400 | 987844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 1 | 64 |
|  |  | $8029755 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 7.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 7.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 7.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 1870 | $1709666 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 5160 | 1429733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 19025 | 2195865 |
|  |  | $5335264 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE – 4.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE – 4.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE – 4.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 22925 | 1727857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 47925 | 1801980 |
|  |  | $3529837 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | $16894856 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 13.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 13.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 13.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY – 4.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY – 4.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY – 4.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10625 | 2072938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 4295 | 1249501 |
|  |  | $3322439 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 2.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 2.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 2.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 19950 | 1690962 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 6.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 6.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 6.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 13050 | 2039845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 65575 | 1600686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR | 28650 | 1574318 |
|  |  | $5214849 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | $10228250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS – 8.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS – 8.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS – 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 1.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 1.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 1.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 2550 | 1218263 |
| &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 0.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 1 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS – 3.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS – 3.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS – 3.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 27750 | 2328225 |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 0.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 1 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MACHINERY – 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 4350 | 1345324 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 12850 | 1159199 |
|  |  | $2504523 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS | $6051161 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY – 13.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY – 13.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY – 13.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 2.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 34725 | 2004674 |
| &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES – 2.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES – 2.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES – 2.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 8335 | 2015570 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 8.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 8.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 8.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 14950 | 2877426 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

2 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Enhanced Dividend Income Strategy Fund (concluded)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 14525 | $2156381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 7850 | 1256393 |
|  |  | $6290200 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | $10310444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS – 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 4840 | 1312076 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MATERIALS |  | $1312076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 5.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 5.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS – 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS – 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS – 1.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 57050 | 1017772 |
| &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS – 1.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 6275 | 1317625 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS – 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS – 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS – 2.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 3175 | 715677 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 35475 | 1135909 |
|  |  | $1851586 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE |  | $4186983 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 6.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 6.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES – 6.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES – 6.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES – 6.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 16785 | $1818487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 15350 | 1873007 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 13200 | 882816 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES | $4574310 |
| **TOTAL COMMON STOCKS<br>(COST $57,201,888)** | **TOTAL COMMON STOCKS<br>(COST $57,201,888)** | $**73547250** |
|  **MONEY MARKET FUND – 3.1%** | **MONEY MARKET FUND – 3.1%** | **MONEY MARKET FUND – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>^</sup> | 2346655 | 2346655 |
| **TOTAL MONEY MARKET FUND<br>(COST $2,346,655)** | **TOTAL MONEY MARKET FUND<br>(COST $2,346,655)** | $**2346655** |
| **TOTAL INVESTMENTS – 99.9%<br>(COST $59,548,543)** | **TOTAL INVESTMENTS – 99.9%<br>(COST $59,548,543)** | $**75893905** |
| **OTHER ASSETS LESS LIABILITIES – 0.1%** | **OTHER ASSETS LESS LIABILITIES – 0.1%** | **42236** |
| **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**75936141** |

---

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, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $73547250 | $— | $— | $73547250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 2346655 |  |  | 2346655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $75893905 | $— | $— | $75893905 |

---

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| PLC | Public Limited Company |

---

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

3.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Large-Cap Strategy Fund

PORTFOLIO OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **COMMON STOCKS – 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 9.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 9.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 0.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 74322 | $2058719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 2500 | 90625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 1150 | 27750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 43550 | 1918813 |
|  |  | $4095907 |
| &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 1.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 2660 | 385939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, Class C\* | 2085 | 184877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, Class A\* | 105 | 8458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Live, Class C\* | 535 | 38258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Live, Class A\* | 314 | 21974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 1670 | 221191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp.\* | 129 | 24842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 4440 | 5024837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 100 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A\* | 5500 | 368775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 1350 | 92043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 1500 | 920970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 1768 | 412510 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 850 | 138473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 18698 | 1700583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 25239 | 218822 |
|  |  | $9763079 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 5.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 5.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 5.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 60630 | 9628044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 49970 | 8039673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 498 | 5707 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAC, Inc.\* | 950 | 33193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 2642 | 78362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 22575 | 12393675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A\* | 5843 | 147945 |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 1100 | 13695 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 3500 | 29960 |
|  |  | $30370254 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A\* | 982 | 384806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 38750 | 1325250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 2726 | 135728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 1300 | 60112 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. Escrow Shares\*<sup>,(1)</sup> | 1461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 3818 | 95908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class C\* | 1268 | 114615 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co. (The), Class A | 1500 | 78090 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 4007 | 108670 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class B<sup>#</sup> | 898 | 28215 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 300 | $44898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 1940 | 147750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc.<sup>#</sup> | 2677 | 57341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A\* | 4400 | 235972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, Class B<sup>#</sup> | 6096 | 71567 |
|  |  | $2888922 |
| &nbsp;&nbsp;&nbsp;&nbsp; *WIRELESS TELECOMMUNICATION SERVICES – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *WIRELESS TELECOMMUNICATION SERVICES – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *WIRELESS TELECOMMUNICATION SERVICES – 0.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 4859 | 1199930 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | $48318092 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 10.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 10.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILE COMPONENTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILE COMPONENTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILE COMPONENTS – 0.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 2250 | 128385 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 2280 | 64706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 2280 | 49658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 550 | 47163 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp.\*<sup>,#</sup> | 3450 | 13490 |
|  |  | $303402 |
| &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILES – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILES – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILES – 1.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 41200 | 412412 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 10195 | 461222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 1450 | 32509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc.\*<sup>,#</sup> | 8845 | 22201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A\*<sup>,#</sup> | 8450 | 115427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 28665 | 8088116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 395 | 28606 |
|  |  | $9160493 |
| &nbsp;&nbsp;&nbsp;&nbsp; *BROADLINE RETAIL – 3.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *BROADLINE RETAIL – 3.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *BROADLINE RETAIL – 3.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 96865 | 17863843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 11800 | 275766 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 4910 | 334666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 1100 | 47828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp.<sup>#</sup> | 1210 | 8107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 2900 | 33118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordstrom, Inc. | 930 | 22450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 673 | 71412 |
|  |  | $18657190 |
| &nbsp;&nbsp;&nbsp;&nbsp; *DISTRIBUTORS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *DISTRIBUTORS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *DISTRIBUTORS – 0.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 1370 | 161044 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 2668 | 101944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 360 | 105530 |
|  |  | $368518 |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED CONSUMER SERVICES – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED CONSUMER SERVICES – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED CONSUMER SERVICES – 0.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 4110 | 32962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 633 | 79391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 400 | 155792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 300 | 53511 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 1550 | 93574 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

4 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International | 1520 | $121448 |
|  |  | $536678 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 2.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 2.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 2.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A\* | 4350 | 530352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 2733 | 91364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 345 | 1759252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 600 | 41484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 2010 | 54391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 10700 | 196238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 800 | 73944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 14130 | 713848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.<sup>#</sup> | 360 | 45400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 700 | 63287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 1150 | 230736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 350 | 171629 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A\* | 3670 | 707906 |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A\* | 4820 | 160458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc., Class A\* | 900 | 53766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 1302 | 204323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 2453 | 553102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A | 400 | 45072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 3670 | 134579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder, Inc.\* | 900 | 76842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 2376 | 566866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 340 | 18635 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 7479 | 2390662 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 2400 | 75504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 4700 | 75341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 1450 | 22069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A\* | 878 | 83050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International LP | 47 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 2480 | 532977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 11770 | 942188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 700 | 116172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 510 | 22404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 378 | 52618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 2060 | 25750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 300 | 79167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 760 | 64828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 918 | 73725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 3000 | 451320 |
|  |  | $11504336 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD DURABLES – 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 2870 | 362596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 1590 | 297123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 1065 | 10245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 2510 | 272611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class B | 76 | 7856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 555 | 59024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 5214 | 24923 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 30 | 213773 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 2090 | 214392 |
| &nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc.\* | 650 | 52325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc.<sup>#</sup> | 1800 | 109908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 1050 | 105914 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 300 | 88728 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp.<sup>#</sup> | 535 | $40810 |
|  |  | $1860228 |
| &nbsp;&nbsp;&nbsp;&nbsp; *LEISURE PRODUCTS – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *LEISURE PRODUCTS – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *LEISURE PRODUCTS – 0.0%\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 750 | 34537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 1490 | 92231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 3400 | 54026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc.<sup>#</sup> | 700 | 23772 |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 1050 | 29978 |
|  |  | $234544 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 2.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.<sup>#</sup> | 800 | 26176 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 250 | 43537 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 170 | 639642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 2305 | 70326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 2230 | 148719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 645 | 145151 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 1450 | 93771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 1100 | 268785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 600 | 112644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 628 | 47659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A\* | 1060 | 75726 |
| &nbsp;&nbsp;&nbsp;&nbsp; GameStop Corp., Class A\* | 4150 | 115619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 2290 | 50151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 10280 | 3705837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 245 | 71726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 5860 | 1310062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 200 | 99714 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 590 | 834968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 100 | 15567 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH\* | 135 | 24844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 3310 | 460090 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 11670 | 1501696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 5450 | 275879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 500 | 197820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 1500 | 51390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A\*<sup>,#</sup> | 1048 | 31608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 1210 | 186909 |
|  |  | $10606016 |
| &nbsp;&nbsp;&nbsp;&nbsp; *TEXTILES, APPAREL & LUXURY GOODS – 0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *TEXTILES, APPAREL & LUXURY GOODS – 0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *TEXTILES, APPAREL & LUXURY GOODS – 0.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 1400 | 21056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 450 | 14872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co.<sup>#</sup> | 218 | 13553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 650 | 62673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 1620 | 179545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 1205 | 326278 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 12105 | 682722 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 620 | 42768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 435 | 97853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skechers USA, Inc., Class A\* | 1293 | 62090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 2430 | 171679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class A\* | 928 | 5308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class C\*<sup>,#</sup> | 2150 | 11696 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 3800 | 45144 |
|  |  | $1737237 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY | $54968642 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES – 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The), Class A\* | 100 | $24580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class A | 450 | 15574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 1825 | 63583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 1800 | 62928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 40150 | 2912882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 60 | 81349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 1640 | 307566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 11800 | 408162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 1685 | 96938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 7130 | 428656 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 14170 | 1921168 |
|  |  | $6323386 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 4300 | 94514 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 1300 | 152828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 385 | 178097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 4590 | 4564755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 2150 | 201434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 2162 | 176787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 1345 | 22583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 7050 | 509080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 1800 | 71802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 1450 | 116957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 5100 | 364140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 4860 | 469962 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.\* | 2300 | 151018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 8455 | 92751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 44800 | 4356800 |
|  |  | $11523508 |
| &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 4800 | 229200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 1445 | 113750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 5000 | 123550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 1685 | 54240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 1850 | 32542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 450 | 33093 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 5650 | 320581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 1500 | 250785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 2900 | 86710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 700 | 92974 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 1050 | 122084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellanova | 2750 | 227618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 9300 | 270630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 1500 | 79215 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 2550 | 195483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 13750 | 936787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 250 | 13645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 438 | 49568 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Co. | 2000 | 72920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 3000 | 183720 |
|  |  | $3489095 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS – 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 2500 | 248350 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 1300 | $184990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 8490 | 782693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 3450 | 454641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 24380 | 3963457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 350 | 8050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 350 | 22085 |
|  |  | $5664266 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL CARE PRODUCTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL CARE PRODUCTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL CARE PRODUCTS – 0.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 1250 | 96425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc., Class A\* | 3940 | 19897 |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 550 | 34028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 2450 | 146902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 19850 | 468460 |
|  |  | $765712 |
| &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO – 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 17500 | 1035125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 16050 | 2750328 |
|  |  | $3785453 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES | $31551420 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY – 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ENERGY EQUIPMENT & SERVICES – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENERGY EQUIPMENT & SERVICES – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENERGY EQUIPMENT & SERVICES – 0.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 10340 | 366036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 9033 | 179034 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 4398 | 51061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 14586 | 484985 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC | 4600 | 129582 |
|  |  | $1210698 |
| &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 3.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 3300 | 54615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 2750 | 95782 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 3890 | 60451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 2300 | 531553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 16750 | 2279005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 1100 | 29975 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 13197 | 1176117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 7774 | 190929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 6586 | 200280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 1997 | 263624 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 1075 | 104490 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 5830 | 643224 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 5900 | 291696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 2594 | 269517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 45436 | 4799405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 2790 | 360049 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 1740 | 52322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 20775 | 546382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 3250 | 446582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 1050 | 41517 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.<sup>#</sup> | 690 | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 7010 | 276264 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 6160 | 506106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 2550 | 85629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 7150 | 84370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 4240 | 441214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

6 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 2600 | $88218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 2200 | 375980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 200 | 257774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 3220 | 373810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 12540 | 734468 |
|  |  | $15665095 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY | $16875793 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 3.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 3.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 3.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 69100 | 2755708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 1300 | 55380 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial Corp. | 270 | 25156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 19627 | 1342094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 4750 | 175228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 2498 | 56005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 1480 | 79550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 1386 | 84186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 590 | 68717 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 1473 | 126015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 7200 | 258768 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 130 | 231288 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 1750 | 40005 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 5780 | 104502 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 4235 | 55436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 15696 | 228063 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 29020 | 7098872 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 9944 | 147569 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A\* | 33300 | 413919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 830 | 83199 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 4110 | 660436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. | 788 | 75191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 1173 | 79647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 9956 | 203202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 1494 | 64720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 14157 | 542779 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 16325 | 658551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 1762 | 83343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 34175 | 2426767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 1150 | 80167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 700 | 77819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 1490 | 67005 |
|  |  | $18449287 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 3.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 3.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 3.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 270 | 44720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 990 | 466310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 1850 | 282180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 7720 | 620765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 1560 | 1426246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 7465 | 983215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 5320 | 98580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 2400 | 92736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 1050 | 232890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 17105 | 1392347 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 3700 | 1025196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A\* | 2045 | 414910 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 350 | $71852 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 390 | 168566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 2720 | 51027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 3090 | 1691929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 500 | 81040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 1098 | 188691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 5940 | 997742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 3845 | 53561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 1450 | 48155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 1948 | 91030 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 6934 | 792348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 1250 | 48625 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 800 | 255832 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 350 | 77556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 1640 | 743117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 11831 | 1365534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 300 | 85416 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 770 | 419735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 4390 | 334562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 2175 | 204406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 1910 | 261746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A\* | 7000 | 343770 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 3239 | 1619662 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 1040 | 81422 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 3070 | 270467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 1050 | 89974 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 2180 | 193039 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG, Inc.<sup>#</sup> | 850 | 39483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 1250 | 172875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc., Class A | 950 | 37193 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc., Class A | 4705 | 75750 |
|  |  | $18036200 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER FINANCE – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER FINANCE – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER FINANCE – 0.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 2493 | 81421 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 5690 | 1515873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 3850 | 694001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\* | 50 | 24371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 2630 | 480422 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 1145 | 53895 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 2360 | 68228 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\* | 11450 | 143240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 4170 | 216631 |
|  |  | $3278082 |
| &nbsp;&nbsp;&nbsp;&nbsp; *FINANCIAL SERVICES – 4.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *FINANCIAL SERVICES – 4.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *FINANCIAL SERVICES – 4.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc.\* | 2800 | 139328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 5376 | 733716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 18916 | 10086957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 5630 | 329186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 2950 | 87408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 700 | 227759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 3493 | 172729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 415 | 41127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 5600 | 441728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 5810 | 1072352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 2663 | 203214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 700 | 121401 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 8420 | $4614665 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 2550 | 63520 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 10165 | 669264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A<sup>#</sup> | 1500 | 19365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A\*<sup>,#</sup> | 700 | 57260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A\* | 4800 | 170784 |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 1900 | 8930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 17815 | 6155082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 1130 | 66896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The) | 3990 | 39541 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\* | 465 | 60622 |
|  |  | $25582834 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE – 2.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE – 2.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE – 2.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 5750 | 624910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 2730 | 541605 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 650 | 82329 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 6380 | 520097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A | 2050 | 727319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 3770 | 341864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 2530 | 811346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 580 | 111789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 500 | 43865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 780 | 75130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 700 | 40754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 2490 | 275394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 4197 | 1200678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 1556 | 216611 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 150 | 7224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 420 | 150709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 2691 | 172358 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 978 | 59472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 943 | 116310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 350 | 58135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 3040 | 372917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 523 | 30920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 200 | 87052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 1758 | 56027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 1800 | 156294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 145 | 263697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 5140 | 1158916 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 5951 | 448527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 2468 | 92797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 373 | 97752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 2240 | 166096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 6030 | 1698892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 3630 | 372837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 690 | 129244 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 528 | 127739 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 800 | 59208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 950 | 62234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 2330 | 615423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 1910 | 148331 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 3145 | 225465 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group Ltd. | 30 | 53023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 1050 | 323190 |
|  |  | $12924480 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; *MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment Corp.<sup>#</sup> | 8335 | $73598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 5532 | 108427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 4500 | 50310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 3068 | 58875 |
|  |  | $291210 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | $78562093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY – 1.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY – 1.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY – 1.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 18261 | 3562721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 1315 | 346161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 5514 | 1604133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 1250 | 24013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1550 | 187674 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 1950 | 124195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 1950 | 88998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 2670 | 104530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 12794 | 1363073 |
| &nbsp;&nbsp;&nbsp;&nbsp; GRAIL, Inc.\* | 315 | 10866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 1710 | 107149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 1780 | 54664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 3250 | 92755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 1200 | 181116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 1000 | 107690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 1100 | 658636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 4400 | 51128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 965 | 60216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 950 | 37031 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 435 | 131844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 2693 | 1372083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc.\* | 1000 | 28870 |
|  |  | $10299546 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 17795 | 2326696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 770 | 133441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 5230 | 163019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 2984 | 617957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 15170 | 1560538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The)\* | 2000 | 163340 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 2079 | 28898 |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc.\* | 4045 | 288732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 6056 | 457167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 650 | 22484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 2240 | 36019 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 4600 | 323518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A\* | 1200 | 86124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 2390 | 139098 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 830 | 359099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 300 | 47514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 710 | 179126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 3670 | 1892986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp.\* | 450 | 72432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 13276 | 1125274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 350 | 102494 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 668 | 18564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

8 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 1520 | $359617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 1415 | 93560 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 1000 | 224740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 3730 | 1394722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 460 | 63043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 2090 | 215374 |
|  |  | $12495576 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES – 2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES – 2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES – 2.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 900 | 21060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amedisys, Inc.\* | 300 | 28470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 2520 | 356051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 1710 | 500466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 5130 | 307030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 150 | 87226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 2767 | 940891 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 13121 | 875302 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 488 | 69076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 2420 | 1017804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 1130 | 132199 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 1900 | 655652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 1320 | 85760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1280 | 335667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 857 | 206546 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 1310 | 933755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 555 | 181490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier, Inc., Class A<sup>#</sup> | 500 | 10175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 1200 | 213864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 995 | 142235 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 9495 | 3906623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 610 | 108013 |
|  |  | $11115355 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE TECHNOLOGY – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE TECHNOLOGY – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE TECHNOLOGY – 0.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\*<sup>,#</sup> | 1450 | 20097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 1350 | 76788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A\* | 1550 | 362219 |
|  |  | $459104 |
| &nbsp;&nbsp;&nbsp;&nbsp; *LIFE SCIENCES TOOLS & SERVICES – 1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *LIFE SCIENCES TOOLS & SERVICES – 1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *LIFE SCIENCES TOOLS & SERVICES – 1.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A\* | 1240 | 10255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 2890 | 310964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 7345 | 95412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 450 | 11853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A\* | 190 | 46375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 1550 | 78042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 1250 | 50075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 570 | 67613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 6740 | 1343484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 702 | 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 1690 | 131144 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 1880 | 291532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 250 | 77098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 220 | 235525 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV\* | 2204 | 94221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 550 | 75895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 1320 | 123328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 1940 | 22310 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 3950 | $1694550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 620 | 215593 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 750 | 158467 |
|  |  | $5138109 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 3.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 3.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 3.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 21026 | 1055505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 4750 | 45030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 8270 | 7434317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 610 | 71346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 25010 | 3909313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 26206 | 2232751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 2616 | 33825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 1458 | 37500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 58203 | 1420735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 4050 | 132921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 11305 | 95188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 4681 | 732108 |
|  |  | $17200539 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | $56708229 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS – 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 2.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 750 | 459975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 7590 | 1390792 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 875 | 95480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 355 | 122436 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 2830 | 770100 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 11125 | 2242132 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp.<sup>#</sup> | 450 | 112842 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 802 | 161146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 800 | 38776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 4166 | 577324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 445 | 102501 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 1982 | 436080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 2190 | 1046272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 1420 | 690830 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 13704 | 1728486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc., Class A\* | 1240 | 44640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 2003 | 140951 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 590 | 833711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 625 | 117231 |
|  |  | $11111705 |
| &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 0.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 1234 | 110098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 1430 | 157171 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 2255 | 474294 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 1195 | 43307 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 7660 | 729998 |
|  |  | $1514868 |
| &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS – 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS – 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS – 0.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 1300 | 88218 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc. | 750 | 68453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 750 | 85117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 933 | 129874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 428 | 62069 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; AZEK Co., Inc. (The)\* | 1500 | $74340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 1220 | 145949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 490 | 185945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 8800 | 550352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 1310 | 70504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 1350 | 17996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 6831 | 573121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 350 | 191362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 2080 | 126069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 898 | 130578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 2350 | 900778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 1044 | 60364 |
|  |  | $3461089 |
| &nbsp;&nbsp;&nbsp;&nbsp; *COMMERCIAL SERVICES & SUPPLIES – 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMERCIAL SERVICES & SUPPLIES – 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMERCIAL SERVICES & SUPPLIES – 0.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 3550 | 751464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 510 | 109109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 9100 | 555373 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 350 | 55097 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 1926 | 193948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 2150 | 539112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 3050 | 174247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 3000 | 93570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 2573 | 246751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. | 1491 | 13061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 4210 | 982446 |
|  |  | $3714178 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION & ENGINEERING – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION & ENGINEERING – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION & ENGINEERING – 0.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 1455 | 143536 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.\* | 2500 | 94575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 350 | 139143 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 450 | 180315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.\* | 520 | 20925 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 550 | 70026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 1523 | 445767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 210 | 61576 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 1995 | 50114 |
|  |  | $1205977 |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 0.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 350 | 85264 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 2390 | 405296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 4088 | 1203385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 5940 | 624353 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 2811 | 1042375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 597 | 68285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 590 | 214276 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 1766 | 96971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 700 | 74088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 1220 | 302170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 1748 | 37407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 3780 | 322736 |
|  |  | $4476606 |
| &nbsp;&nbsp;&nbsp;&nbsp; *GROUND TRANSPORTATION – 1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *GROUND TRANSPORTATION – 1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *GROUND TRANSPORTATION – 1.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\*<sup>,#</sup> | 245 | 22694 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 19920 | 559154 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 820 | 107076 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 1755 | $68743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 390 | 52319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc., Class A\* | 3250 | 40300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 2360 | 528758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 1950 | 298896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 440 | 60575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 290 | 70760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B | 618 | 13281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 21000 | 1701210 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co.\*<sup>,#</sup> | 213 | 13076 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. | 717 | 39292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 6340 | 1367284 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\* | 1200 | 127344 |
|  |  | $5070762 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL CONGLOMERATES – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL CONGLOMERATES – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL CONGLOMERATES – 0.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 5600 | 777896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 6750 | 1420875 |
|  |  | $2198771 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MACHINERY – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *MACHINERY – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *MACHINERY – 1.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 745 | 63198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 950 | 87628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 5000 | 1546350 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 8900 | 102973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 500 | 80490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 1430 | 420191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 2600 | 1205256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 1410 | 92679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 1470 | 250855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 649 | 77958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 1448 | 65493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 3640 | 253672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 2575 | 48719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 1870 | 152611 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 870 | 151354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 3000 | 719730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 4244 | 320125 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 835 | 114412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 650 | 114530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\* | 600 | 80010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 650 | 123221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 640 | 53606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 4175 | 401927 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 5410 | 488036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 1310 | 792629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 1714 | 155511 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 300 | 98571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 580 | 182010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 1470 | 88229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. (The) | 650 | 41763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 1080 | 73742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 1745 | 322371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 2610 | 314688 |
|  |  | $9084538 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MARINE TRANSPORTATION – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *MARINE TRANSPORTATION – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *MARINE TRANSPORTATION – 0.0%\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 600 | 57822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

10 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; *PASSENGER AIRLINES – 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 1425 | $63085 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\*<sup>,#</sup> | 6468 | 64357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 6815 | 283708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 6430 | 179783 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 3303 | 227312 |
|  |  | $818245 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PROFESSIONAL SERVICES – 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 150 | 3273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 4300 | 1292580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 1350 | 162027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 1220 | 295728 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A\* | 253 | 115841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*<sup>,#</sup> | 5000 | 21550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp.<sup>#</sup> | 543 | 27726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 1675 | 96932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 3080 | 27628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 1230 | 319960 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 400 | 66512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 1845 | 92730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 1250 | 154750 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 1450 | 76574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 1400 | 206052 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 505 | 21750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 3370 | 495794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 550 | 124514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 385 | 73959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 1048 | 46426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 550 | 66567 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 2250 | 170100 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 2050 | 170068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 1440 | 426859 |
|  |  | $4555900 |
| &nbsp;&nbsp;&nbsp;&nbsp; *TRADING COMPANIES & DISTRIBUTORS – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *TRADING COMPANIES & DISTRIBUTORS – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *TRADING COMPANIES & DISTRIBUTORS – 0.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp. | 1095 | 51202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A\* | 2095 | 110365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 5780 | 468007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 2020 | 342713 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 590 | 45123 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.\*<sup>,#</sup> | 400 | 45924 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 670 | 423072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.<sup>#</sup> | 350 | 160944 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 440 | 71702 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 465 | 476304 |
|  |  | $2195356 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS |  | $49465817 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY<sup>(2)</sup> – 28.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY<sup>(2)</sup> – 28.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY<sup>(2)</sup> – 28.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 0.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 10660 | 876998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 1523 | 102285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 41460 | 2393486 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 613 | 162286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 3490 | 126757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 740 | 43690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 1740 | 766278 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 50 | $16322 |
|  |  | $4488102 |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 12480 | 960336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 535 | 59578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 850 | 39942 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 1340 | 215150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 1950 | 53235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 1268 | 81558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 7920 | 351490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co. | 600 | 28152 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 400 | 23956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 1158 | 169716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 1800 | 261720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 243 | 44301 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 793 | 87864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 493 | 229753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 2430 | 151000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 1636 | 52041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A\* | 500 | 125160 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;2934952 |
| &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES – 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 6460 | 1932509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 1600 | 128928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 1070 | 94781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A\* | 3150 | 380457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 5210 | 383300 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 1756 | 27253 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 550 | 86300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 800 | 336864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA\* | 400 | 47028 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A\* | 1460 | 274962 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 9480 | 2292454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\*<sup>,#</sup> | 2412 | 78197 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 765 | 131710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc.\* | 1600 | 179456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A\* | 3180 | 507178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A\* | 1600 | 154736 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc.\* | 800 | 225696 |
|  |  | $7261809 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 16518 | 1608027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 1250 | 23838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 1400 | 24430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 5182 | 1010075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 8450 | 1273499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc.\* | 1150 | 75106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 47480 | 9138476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 550 | 52822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 1350 | 60197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 1650 | 130548 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 1100 | 138402 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 950 | 33317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 44080 | 886008 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 1360 | 955658 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 13190 | $| 945327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 1400 |  | 68502 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 550 |  | 57063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 8711 |  | 508461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 5678 |  | 261642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 11430 |  | 879538 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | 733 |  | 51413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 480 |  | 284688 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 241640 |  | 26319429 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 4528 |  | 179762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 500 |  | 60985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 1100 |  | 78837 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 11470 |  | 1702836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 1800 |  | 115704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 1650 |  | 122446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 9440 |  | 1510872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 500 |  | 62815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc.\*<sup>,#</sup> | 1400 |  | 4970 |
|  |  | $| 48625693 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SOFTWARE – 10.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *SOFTWARE – 10.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *SOFTWARE – 10.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *SOFTWARE – 10.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 4470 |  | 1676161 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 910 |  | 292911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc., Class A\* | 200 |  | 41304 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A\* | 2700 |  | 727137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A\* | 1650 |  | 376711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 2180 |  | 597865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 1300 |  | 55887 |
| &nbsp;&nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\* | 1000 |  | 45570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 2850 |  | 848559 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\* | 4200 |  | 38892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Confluent, Inc., Class A\* | 2650 |  | 63097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A\* | 2369 |  | 1015993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A\* | 3048 |  | 311384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 1920 |  | 156960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc., Class A | 490 |  | 37627 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 1350 |  | 17901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A\* | 2750 |  | 78513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 3123 |  | 146687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 800 |  | 68960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 260 |  | 517317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 893 |  | 22450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 6480 |  | 672365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 5920 |  | 153150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gitlab, Inc., Class A\* | 1300 |  | 60671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 850 |  | 174055 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 533 |  | 325929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informatica, Inc., Class A\* | 950 |  | 17889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 2810 |  | 1763191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 623 |  | 110514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 76819 |  | 30363478 |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., Class A\*<sup>,#</sup> | 2350 |  | 893258 |
| &nbsp;&nbsp;&nbsp;&nbsp; N-Able, Inc.\* | 436 |  | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\*<sup>,#</sup> | 795 |  | 18444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A\* | 2600 |  | 178620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 16430 |  | 2312030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 21010 |  | 2488424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 6710 |  | 1254300 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 420 | $38674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.\* | 1150 | 73704 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 1250 | 193712 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc., Class A\* | 1050 | 26775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 1100 | 616088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 9526 | 2559731 |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A\* | 2900 | 53650 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 2130 | 2034171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 1600 | 734416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 1070 | 23005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 460 | 249918 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc., Class A\* | 4700 | 56118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc.\* | 3010 | 63421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A\* | 2200 | 539000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., Class A\* | 2778 | 215406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 950 | 214861 |
|  |  | $55619932 |
| &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 152150 | 32331875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 2900 | 266104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 13690 | 222052 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 10040 | 256723 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 2203 | 197719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A\* | 3245 | 147193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 527 | 16922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 5150 | 164079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.\* | 3683 | 161536 |
|  |  | $33764203 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY |  | $152694691 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS – 1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS – 1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS – 1.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 2300 | 623507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 1295 | 75822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 600 | 32634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 2090 | 67925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 1200 | 53412 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 1750 | 137147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The) | 1850 | 22903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 7202 | 446452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 7529 | 230312 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 4362 | 287848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 1150 | 88550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 2590 | 651204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 2550 | 52046 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 1450 | 60784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 2150 | 28617 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 2640 | 207134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 4920 | 2229892 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 2750 | 160077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 3265 | 99256 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 50 | 30765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 1450 | 31349 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 2350 | 255821 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 1300 | 138775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 495 | 24938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

12 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 2440 | $| 861125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 400 |  | 36972 |
|  |  | $| 6935267 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION MATERIALS – 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 7180 |  | 685116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 350 |  | 79236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 650 |  | 340587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 1340 |  | 351522 |
|  |  | $| 1456461 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONTAINERS & PACKAGING – 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 24563 |  | 225977 |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 765 |  | 114712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 800 |  | 136888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 3040 |  | 157898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 1218 |  | 117330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 2705 |  | 68464 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 5450 |  | 248956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 950 |  | 176329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 1400 |  | 38584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 805 |  | 41578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 5400 |  | 226908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | 1030 |  | 42230 |
|  |  | $| 1595854 |
| &nbsp;&nbsp;&nbsp;&nbsp; *METALS & MINING – 0.4%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 2600 |  | 63778 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 1200 |  | 65256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\*<sup>,#</sup> | 5450 |  | 44908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 14800 |  | 533244 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.\* | 1095 |  | 26784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 11690 |  | 615829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 2450 |  | 292456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 550 |  | 158527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 608 |  | 111088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp.<sup>#</sup> | 935 |  | 83701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 1500 |  | 194565 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp. | 2390 |  | 104467 |
|  |  | $| 2294603 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PAPER & FOREST PRODUCTS – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *PAPER & FOREST PRODUCTS – 0.0%\*\** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 650 |  | 56102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp.\* | 384 |  | 5633 |
|  |  | $| 61735 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MATERIALS |  | $| 12343920 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED REITS – 0.0%\*\** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 2200 |  | 137368 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS – 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 1665 |  | 120979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 4330 |  | 67245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 7730 |  | 137903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.<sup>#</sup> | 6750 |  | 37260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 2850 |  | 111292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 4386 |  | 307371 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 6420 | $979628 |
|  |  | $1761678 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOTEL & RESORT REITS – 0.0%\*\** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 6680 | 94322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 1400 | 13916 |
|  |  | $108238 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL REITS – 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 2940 | 56860 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 495 | 80893 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 1400 | 66612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 9528 | 973761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 2265 | 74971 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 1725 | 56977 |
|  |  | $1310074 |
| &nbsp;&nbsp;&nbsp;&nbsp; *OFFICE REITS – 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 1500 | 95595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 1833 | 50481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 1290 | 36687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp.<sup>#</sup> | 1060 | 33401 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET Lease Office Properties\* | 182 | 5502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 1876 | 66185 |
|  |  | $287851 |
| &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 3210 | 392198 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 4300 | 318931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 258 | 17165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 478 | 108702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaport Entertainment Group, Inc.\*<sup>,#</sup> | 28 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class A\* | 500 | 32990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C\*<sup>,#</sup> | 1645 | 110758 |
|  |  | $981280 |
| &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS – 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 3450 | 128996 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 1472 | 309091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 1020 | 116076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 1950 | 126321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 3850 | 270501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 673 | 187868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 6285 | 214884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 1171 | 186950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 1300 | 161759 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 3580 | 149930 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;1852376 |
| &nbsp;&nbsp;&nbsp;&nbsp; *RETAIL REITS – 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 1050 | 81490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 3150 | 78467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 848 | 79729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 6956 | 138981 |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 1965 | 80781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 8899 | 514896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 1783 | 128697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 3343 | 526121 |
|  |  | $1629162 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS – 1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS – 1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS – 1.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 4860 | $1095493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 4440 | 469574 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 2383 | 96917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 3510 | 563495 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 700 | 34643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 1011 | 870218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 2162 | 316776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 2709 | 129653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 3006 | 269548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 900 | 102429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc., Class A\* | 1393 | 34881 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 750 | 27900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 1610 | 483692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 1512 | 36984 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 1100 | 267740 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 10938 | 350235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 7442 | 192822 |
|  |  | $5343000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE |  | $13411027 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES – 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 2600 | 158704 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 5450 | 590453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 3273 | 731319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 7935 | 968229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 4000 | 214040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 4350 | 361789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 2300 | 158930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 3600 | 214128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 10250 | 480725 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 5950 | 255136 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 450 | 53141 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 21250 | 1421200 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 1975 | 216421 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 2113 | 95888 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 22000 | 363440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 1150 | 109457 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 7400 | 270100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 11250 | 1033762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 5800 | 410060 |
|  |  | $8106922 |
| &nbsp;&nbsp;&nbsp;&nbsp; *GAS UTILITIES – 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 1700 | 273071 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 2480 | 42507 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 1150 | 88297 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 2250 | 73778 |
|  |  | $477653 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 7450 | 74500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 1565 | 44540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 3425 | 443983 |
|  |  | $563023 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; *MULTI-UTILITIES – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *MULTI-UTILITIES – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *MULTI-UTILITIES – 0.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 2700 | $267948 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 6800 | 263704 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 3100 | 228315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 3500 | 394625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 8623 | 468919 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 2150 | 294550 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 4800 | 187728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 5040 | 402847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 6450 | 479041 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 3250 | 355940 |
|  |  | $3343617 |
| &nbsp;&nbsp;&nbsp;&nbsp; *WATER UTILITIES – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *WATER UTILITIES – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *WATER UTILITIES – 0.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 2100 | 308721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 2900 | 119277 |
|  |  | $427998 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES |  | $12919213 |
| **TOTAL COMMON STOCKS<br>(COST $125,878,067)** | **TOTAL COMMON STOCKS<br>(COST $125,878,067)** | $**527818937** |
|  **PREFERRED STOCK – 0.0%\*\*** | **PREFERRED STOCK – 0.0%\*\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property Preferred LP 6.25%<sup>#</sup> | 400 | 5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE |  | $5900 |
|  **TOTAL PREFERRED STOCK**<br> **(COST $9,880)** | **TOTAL PREFERRED STOCK**<br> **(COST $9,880)** | $**5900** |
|  **RIGHTS – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABIOMED, Inc. CVR, Expire 12/31/49\*<sup>,(1)</sup> | 150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. CVR, Expire 12/31/30 | 89 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirati Therapeutics, Inc. CVR, Expire 01/23/31\*<sup>,(1)</sup> | 550 |  |
|  **TOTAL RIGHTS**<br> **(COST $0)** | **TOTAL RIGHTS**<br> **(COST $0)** | $**3** |
|  **WARRANTS – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. CW27, Expire 08/03/27\* | 1645 | 30860 |
| **TOTAL WARRANTS**<br> **(COST $0)** | **TOTAL WARRANTS**<br> **(COST $0)** | $**30860** |
|  **INVESTMENT COMPANIES – 0.2%** | **INVESTMENT COMPANIES – 0.2%** | **INVESTMENT COMPANIES – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 ETF<sup>#</sup> | 1220 | 371697 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 510 | 187063 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 980 | 178625 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EQUITY FUNDS |  | $737385 |
| **TOTAL INVESTMENT COMPANIES**<br> **(COST $672,649)** | **TOTAL INVESTMENT COMPANIES**<br> **(COST $672,649)** | $**737385** |
|  **MONEY MARKET FUND – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>^</sup> | 115613 | 115613 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $115,613)** | **TOTAL MONEY MARKET FUND**<br> **(COST $115,613)** | $**115613** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

14 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description<br>| <br> Par Value | Value |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.5%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.5%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.5%** |
|  **REPURCHASE AGREEMENTS – 0.5%** | **REPURCHASE AGREEMENTS – 0.5%** | **REPURCHASE AGREEMENTS – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 4.37%, dated 4/30/25, due 5/01/25, repurchase price $521,026, collateralized by U.S. Treasury Securities, 0.00%, maturing 8/15/31 to 11/15/36; total market value of $531,382. | $520963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.37%, dated 4/30/25,due 5/01/25, repurchase price $521,026,collateralized by a U.S. Treasury Security, 4.00%, maturing 2/15/34; total market value of $531,382. | 520963 | 520963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 4.35%, dated 4/30/25, due 5/01/25, repurchase price $151,622, collateralized by U.S. Treasury Securities, 3.88% to 4.00%, maturing 7/31/29 to 8/15/34; total market value of $154,636. | 151604 | 151604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Securities USA, 4.36%, dated 4/30/25,due 5/01/25, repurchase price $521,026,collateralized by U.S. Treasury Securities, 0.75% to 3.50%, maturing 11/15/25 to 2/15/33; total market value of $531,382. | 520963 | 520963 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.36%, dated 4/30/25, due 5/01/25, repurchase price $521,026, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 4/15/26 to 8/15/46; total market value of $531,382. | 520963 | 520963 |

---

---

| | | |
|:---|:---|:---|
| Description<br>| <br> Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities, Inc., 4.38%, dated 4/30/25, due 5/01/25, repurchase price $521,026,collateralized by U.S. Treasury Securities, 4.13% to 4.63%, maturing 6/15/26 to 11/15/34; total market value of $531,382. | $520963 | $520963 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $2,756,419)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $2,756,419)** | $**2756419** |
| **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $2,756,419)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $2,756,419)** | $**2756419** |
| **TOTAL INVESTMENTS – 100.5%**<br> **(COST $129,432,628)** | **TOTAL INVESTMENTS – 100.5%**<br> **(COST $129,432,628)** | $**531465117** |
| **COLLATERAL FOR SECURITIES ON LOAN – (0.5%)** | **COLLATERAL FOR SECURITIES ON LOAN – (0.5%)** | **(2756419)** |
| **OTHER ASSETS LESS LIABILITIES – 0.0%\*\*** | **OTHER ASSETS LESS LIABILITIES – 0.0%\*\*** | **183090** |
| **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**528891788** |

---

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, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $527818937 | $— | $—<sup>(a)</sup> | $527818937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 5900 |  |  | 5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights | 3 |  | —<sup>(a)</sup> | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 30860 |  |  | 30860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 737385 |  |  | 737385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 115613 |  |  | 115613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2756419 |  | 2756419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $528708698 | $2756419 | $— | $531465117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes internally fair valued securities currently priced at zero ($0).

\* Non-income producing security.

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

\*\* Represents less than 0.05%. 

^ 7-Day net yield.

<sup>(1)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Portfolio of Investments.

<sup>(2)</sup> As of April 30, 2025, the Fund had a significant portion of its assets invested in this sector. Any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Large-Cap Strategy Fund (concluded)* 

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
| CVR | Contingent Value Rights |
| ETF | Exchange-Traded Fund |
| LP | Limited Partnership |
| NA | National Association |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

16 *STATEMENTS OF ASSETS AND LIABILITIES*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| April 30, 2025 | Wilmington<br> Enhanced Dividend <br> Income Strategy<br>Fund | Wilmington<br> Enhanced Dividend <br> Income Strategy<br>Fund | Wilmington<br>Large-Cap Strategy<br>Fund |
|  ASSETS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments, at identified cost* | $*59548543* |  | $*129432628* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value* | $75893905 |  | $531465117 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash* | 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | 120842 |  | 286407 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | 18951 |  | 116259 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid assets* | 23988 |  | 34802 |
| TOTAL ASSETS | 76057689 |  | 531902585 |
|  LIABILITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateral for securities on loan* |  |  | 2756419 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due to custodian* |  |  | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | 7642 |  | 43779 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | 6253 |  | 6253 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | 1706 |  | 11805 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | 6551 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | 464 |  | 50653 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | 98932 |  | 140586 |
| TOTAL LIABILITIES | 121548 |  | 3010797 |
| NET ASSETS | $75936141 |  | $528891788 |
| NET ASSETS CONSIST OF: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $59754661 |  | $90804375 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | 16181480 |  | 438087413 |
| TOTAL NET ASSETS | $75936141 |  | $528891788 |
| COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*32435423* |  | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *2514279* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value per share* | $*12.90* |  | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Offering Price per share\** | $*13.65* | *\*\** | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*43500718* |  | $*528891788* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *3356501* |  | *17562782* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*12.96* |  | $*30.11* |

---

<sup>(a)</sup> Including $2,668,932 of securities on loan (Note 2). 

\* 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, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF OPERATIONS* 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year Ended April 30, 2025 | Wilmington<br>Enhanced Dividend<br>Income Strategy<br>Fund | Wilmington<br> Large-Cap Strategy <br>Fund |
|  INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Dividends* | $2584260 <sup>(a)</sup> | $7632589 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Securities lending income, net* | 640 | 15286 |
| TOTAL INVESTMENT INCOME | 2584900 | 7647875 |
|  EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | 316444 | 1451496 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | 22550 | 165342 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | 36260 | 143277 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | 3530 | 15149 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | 25129 | 14368 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | 78027 | 78027 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | 132126 | 136314 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Class A* | 86719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Class A* | 86719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | 26668 | 18585 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | 14631 | 17661 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | 24113 | 43814 |
| TOTAL EXPENSES | 852916 | 2084033 |
|  WAIVERS AND REIMBURSEMENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | (283926) | (632537) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Class A* | (86719) |  |
| TOTAL WAIVERS AND REIMBURSEMENTS | (370645) | (632537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | 482271 | 1451496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | **2102629** | **6196379** |
|  REALIZED AND UNREALIZED GAIN (LOSS): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on unaffiliated investments* | 592355 | 55675370 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on affiliated investments* |  | 292911 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on foreign currency transactions* | (454) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | 591901 | 55968281 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on unaffiliated investments* | 3599647 | 4234821 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on affiliated investments* |  | (137572) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on foreign currency transactions* | 93 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | 3599740 | 4097249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized and unrealized gain (loss)* | 4191641 | 60065530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $6294270 | $66261909 |

---

<sup>(a)</sup> Net of foreign withholding taxes withheld of $569 and $1,015, respectively. 

<sup>(b)</sup> Includes $9,408 received from affiliated issuers. 

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

18 *STATEMENTS OF CHANGES IN NET ASSETS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Wilmington<br>Enhanced Dividend<br>Income Strategy<br>Fund | Wilmington<br>Enhanced Dividend<br>Income Strategy<br>Fund | Wilmington<br>Large-Cap Strategy<br>Fund | Wilmington<br>Large-Cap Strategy<br>Fund |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 |
| <br> OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*2102629* | $*1434608* | $*6196379* | $*6824777* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *591901* | *(295778)* | *55968281* | *42994124* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *3599740* | *8707508* | *4097249* | *58368656* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **6294270** | **9846338** | **66261909** | **108187557** |
|  *DISTRIBUTIONS TO SHAREHOLDERS:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(1205212)* | *(826350)* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(1607122)* | *(548863)* | *(43476733)* | *(33703643)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | **(2812334)** | **(1375213)** | **(43476733)** | **(33703643)** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *349109* | *308957* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *6751538* | *36819880* | *33986376* | *33146398* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *1193181* | *819199* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *779557* | *214970* | *32373715* | *24031367* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(3627383)* | *(3592717)* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(7475797)* | *(4653086)* | *(98767605)* | *(104114168)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **(2029795)** | **29917203** | **(32407514)** | **(46936403)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *1452141* | *38388328* | *(9622338)* | *27547511* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of year* | **74484000** | **36095672** | **538514126** | **510966615** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of year* | $**75936141** | $**74484000** | $**528891788** | $**538514126** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *26001* | *26911* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *514642* | *3448167* | *1073568* | *1217755* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *89300* | *70098* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *57856* | *18081* | *980469* | *898130* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(271965)* | *(310180)* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(551451)* | *(386265)* | *(3079631)* | *(3786753)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **(135617)** | **2866812** | **(1025594)** | **(1670868)** |

---

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS* 19

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND |
| CLASS A | Year Ended<br> April 30, 2025  | Year Ended<br> April 30, 2024  | Year Ended<br> April 30, 2023  | Year Ended<br> April 30, 2022  | Year Ended<br> April 30, 2021  |
| **Net Asset Value, Beginning of Year** | $12.38 | $11.49 | $11.67 | $11.55 | $9.54 |
| **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.34 | 0.30 | 0.30 | 0.31 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.64 | 0.89 | (0.12) | 0.15 | 2.04 |
| Total Income (Loss) From Operations | 0.98 | 1.19 | 0.18 | 0.46 | 2.33 |
| **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.34) | (0.29) | (0.29) | (0.34) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.12) | (0.01) | (0.07) |  |  |
| Total Distributions | (0.46) | (0.30) | (0.36) | (0.34) | (0.32) |
| **Net Asset Value, End of Year** | $12.90 | $12.38 | $11.49 | $11.67 | $11.55 |
| **Total Return<sup>(b)</sup>** | 7.88% | 10.52% | 1.69% | 3.99% | 24.86% |
| **Net Assets, End of Year (000's)** | $32435 | $33055 | $33151 | $35124 | $37388 |
| **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.36% | 1.56% | 1.76% | 1.85% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 0.75% | 0.75% | 0.75% | 0.67% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.52% | 2.59% | 2.58% | 2.61% | 2.81% |
| **Portfolio Turnover Rate**<br>| 16% | 20% | 10% | 66 <br> %<sup>(e)</sup>  | 12% |
| CLASS I | Year Ended<br> April 30, 2025 | Year Ended<br> April 30, 2024 | Year Ended<br> April 30, 2023 | Year Ended<br> April 30, 2022 | Year Ended<br> April 30, 2021 |
| **Net Asset Value, Beginning of Year** | $12.42 | $11.53 | $11.69 | $11.56 | $9.55 |
| **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.37 | 0.32 | 0.32 | 0.34 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.65 | 0.89 | (0.10) | 0.15 | 2.03 |
| Total Income (Loss) From Operations | 1.02 | 1.21 | 0.22 | 0.49 | 2.35 |
| **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.36) | (0.31) | (0.31) | (0.36) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.12) | (0.01) | (0.07) |  |  |
| Total Distributions | (0.48) | (0.32) | (0.38) | (0.36) | (0.34) |
| **Net Asset Value, End of Year** | $12.96 | $12.42 | $11.53 | $11.69 | $11.56 |
| **Total Return<sup>(b)</sup>** | 8.19% | 10.67% | 2.03% | 4.25% | 25.09% |
| **Net Assets, End of Year (000's)** | $43501 | $41429 | $2945 | $633 | $629 |
| **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 0.86% | 0.88% | 1.25% | 1.37% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 0.50% | 0.50% | 0.50% | 0.42% | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.77% | 2.74% | 2.78% | 2.82% | 3.06% |
| **Portfolio Turnover Rate** | 16% | 20% | 10% | 66 %<sup>(e)</sup> | 12% |

---

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

(b) Based on net asset value, which does not reflect the sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

(c) The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

(d) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

(e) In November 2021, the Fund transitioned to the equity focused Wilmington Enhanced Dividend Income Strategy Fund from the Wilmington Diversified Income Fund. As a result, the portfolio turnover rate for the year ended April 30, 2022 was significantly higher than that of previous fiscal years.

*See Notes which are an integral part of the Financial Statements* 

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* / *April 30, 2025* 

------

20 *FINANCIAL HIGHLIGHTS (concluded)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

 <br> WILMINGTON LARGE-CAP STRATEGY FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS I | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2024  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2023  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2022  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2021  |
| <br> **Net Asset Value, Beginning of Year** | $28.97 | $25.22 | $27.84 | $30.08 | $22.08 |
| Income (Loss) From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.34 | 0.35 | 0.36 | 0.33 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 3.21 | 5.18 | (0.04) | (0.80) | 10.11 |
| Total Income (Loss) From Operations | 3.55 | 5.53 | 0.32 | (0.47) | 10.46 |
| Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.35) | (0.35) | (0.34) | (0.33) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (2.06) | (1.43) | (2.60) | (1.44) | (2.09) |
| Total Distributions | (2.41) | (1.78) | (2.94) | (1.77) | (2.46) |
| Net Asset Value, End of Year | $30.11 | $28.97 | $25.22 | $27.84 | $30.08 |
| Total Return | 11.63% | 22.55% | 1.72% | (2.24)% | 49.12% |
| Net Assets, End of Year (000's) | $528892 | $538514 | $510967 | $553649 | $623538 |
| Ratios to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.36% | 0.37% | 0.37% | 0.53% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.07% | 1.28% | 1.42% | 1.07% | 1.34% |
| Portfolio Turnover Rate | 7% | 7% | 13% | 9% | 14% |

---

<sup>(a)</sup> Per share amounts have been calculated using the average shares method. 

<sup>(b)</sup> The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

<sup>(c)</sup> Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS* 21

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Funds

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;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 10 funds, 2 of which are presented herein (individually referred to as a "Fund" or collectively as the "Funds"). The remaining 8 funds are presented in separate reports.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Investment Goal |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wilmington Enhanced Dividend Income Strategy Fund ("Enhanced*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Dividend Income Strategy Fund")<sup>(d)</sup>* | <br> *The Fund seeks a high level of total return consistent with a moderate level of risk.* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington Large-Cap Strategy Fund ("Large-Cap Strategy Fund")<sup>(d)</sup> | The Fund seeks to achieve long-term capital appreciation. |

---

*<sup>(d)</sup> Diversified* 

The Enhanced Dividend Income Strategy Fund offers Class A and Class I shares, and the Large-Cap Strategy Fund offers Class I shares. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

The assets of each fund are segregated and a shareholder's interest is limited to the fund in which shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services - Investment Companies." The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated and the differences could be material.

**Computation of Net Asset Value –**The net asset value (''NAV'') per share for each class of a Fund is computed by dividing the total current value of the assets of the Fund, less its liabilities, attributable to the class by the total number of shares outstanding of the class at the time of such computation. The NAV per share for each class of a Fund is computed as of 4:00 p.m. (Eastern Time) on days when the New York Stock Exchange ("NYSE") is open for regular trading.

**Investment Valuation** – The Board of Trustees ("Trustees") has adopted Valuation Policies and Procedures ("Valuation Procedures") and has delegated responsibilities to Wilmington Funds Management Corporation ("WFMC" or the "Advisor"), in its role as the Trust's investment advisor, with respect to the valuation of the Funds' investments. The Advisor, acting through its Pricing Committee, carries out all of the functions set forth below to determine fair value in good faith with respect to a Fund's investments. The fair value of the Funds' portfolio securities are determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;• investments in open-end regulated investment companies are valued at NAV;

&nbsp;&nbsp;&nbsp;&nbsp;• for fixed income securities, according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost provided such amount approximates fair value;

&nbsp;&nbsp;&nbsp;&nbsp;• price information on listed securities, including Exchange Traded Funds ("ETFs") and Exchange Traded Notes ("ETNs"), is taken from the exchange where the security is primarily traded; and

&nbsp;&nbsp;&nbsp;&nbsp;• for all other securities, at fair value as determined by the Advisor in accordance with the Valuation Procedures.

Trading in foreign securities may be completed at times which vary from the closing of the NYSE. In computing their NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Advisor, 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. In determining whether market quotations are readily available or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

22 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00 pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing ("SIFVP")).

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund's Portfolio of Investments. The inputs or techniques used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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. The Funds may utilize SIFVP which could result in certain equity securities being categorized as Level 2. 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 the Valuation Procedures. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

**Repurchase Agreements** – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund's return on the transaction. It is the Funds' 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 each Fund.

At April 30, 2025, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund/Counterparty | Repurchase<br>Agreements | Fair Value of<br>Non-Cash Collateral<br>Received<sup>(1)</sup> | Cash Collateral<br>Received<sup>(1)</sup> | Net Exposure<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Large-Cap Strategy Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Bank of America Securities, Inc.* | $*520963* | $*520963* | $*—* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Barclays Capital, Inc.* | *520963* | *520963* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deutsche Bank Securities, Inc.* | *151604* | *151604* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Mizuho Securities USA* | *520963* | *520963* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *RBC Dominion Securities, Inc.* | *520963* | *520963* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TD Securities, Inc.* | *520963* | *520963* | *—* | *—* |
|  | $**2756419** | $**2756419** | $**—** | $**—** |

---

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

*<sup>(2)</sup>* *Net exposure represents the 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 reporting purposes. 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. Distributions received from real estate investment trusts ("REITS") are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management's estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the amounts are determined. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

transactions are recorded on an identified cost basis and includes proceeds from litigation, if any. 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.

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.

The Enhanced Dividend Income Strategy Fund offers 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 quarterly for the Funds.

**Segment Reporting** – In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations.

Each Fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its investment objective as outlined in the Funds' prospectus. The Investment Committee - General Matters, comprising senior management of the Advisor and the President of the Funds, acts as the chief operating decision maker (CODM) and regularly reviews the Funds' total returns, expense ratios, and changes in net assets as presented within the Funds' financial statements to assess performance and to make decisions about resources to be allocated to the Funds.

**Lending of Portfolio Securities** – The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Funds. 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 loaned. 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 Funds and any additional required collateral is delivered to the Funds on the next business day.

Under the terms of the agreement, cash collateral received is invested in one or more approved investments. 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 Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds.

At April 30, 2025, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | <br> Value of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities <br> on Loan | <br> Cash Collateral<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Exposure<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large-Cap Strategy Fund | $2668932 | $2668932 | $— |

---

*<sup>(1)</sup>* *Collateral with a value of $2,756,419 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.* 

*<sup>(2)</sup>* *Net exposure represents the receivable due from the counterparty in the event of default.* 

&nbsp;&nbsp;&nbsp;&nbsp;3. FEDERAL TAX INFORMATION

No provision for federal income taxes has been made, as it is each Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, and to distribute to shareholders each year all of its taxable income and realized gains.

Each Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

24 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 primarily due to losses deferred due to wash sales and dividend redesignation. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2025, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Paid-in <br> Capital  | Distributable <br> Earnings <br> (Loss)  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Enhanced Dividend Income Strategy Fund* | $(459) | $459 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large-Cap Strategy Fund* | (242) | 242 |

---

The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Ordinary<br>Income\* | Long-Term<br>Capital Gains | Ordinary<br>Income\* | Long-Term<br>Capital Gains |
| &nbsp;&nbsp;&nbsp;&nbsp; *Enhanced Dividend Income Strategy Fund* | $2812334 | $— | $1326045 | $49168 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Large-Cap Strategy Fund* | 7009534 | 36467199 | 8079682 | 25623961 |

---

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

As of April 30, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Tax Cost | Tax Unrealized<br> Appreciation | Tax Unrealized<br> Depreciation | Net Tax<br> Unrealized<br>Appreciation/<br>(Depreciation) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Enhanced Dividend Income Strategy Fund* | $59584080 | $17273282 | $(963457) | $16309825 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Large-Cap Strategy Fund* | 136871850 | 407968116 | (13374849) | 394593267 |

---

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed <br> Ordinary<br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed <br> Long-Term<br> Capital<br> Gains | Other<br> Timing<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Differences  | Unrealized<br> Appreciation/<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)  | Capital<br> Loss<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carryforwards  | Late Year<br> Loss<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferrals  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable <br> Earnings |
| &nbsp;&nbsp;&nbsp;&nbsp; *Enhanced Dividend Income Strategy Fund* | $— | $— | $– | $16309825 | $– | $(128345) | $16181480 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Large-Cap Strategy Fund* | 399706 | 43094440 | – | 394593267 | – |  | 438087413 |

---

For the year ended April 30, 2025, capital loss carryforwards utilized were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund | Capital Loss<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carryforwards <br> Utilized |
| &nbsp;&nbsp;&nbsp;Enhanced Dividend Income Strategy Fund | $261470 |

---

Late year loss deferrals represent (1) net specified losses realized between November 1 and April 30 of each year and (2) ordinary losses realized between January 1 and April 30 of each year that the Fund has elected for U.S. federal income tax purposes to treat as occurring on the first day of the following tax year. As of April 30, 2025, late year loss deferrals were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Ordinary<br>Losses | Short-Term<br>Capital<br>Losses | Long-Term<br>Capital<br>Losses |
| &nbsp;&nbsp;&nbsp;&nbsp; *Enhanced Dividend Income Strategy Fund* | $41 | $128304 | $— |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

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*NOTES TO FINANCIAL STATEMENTS (continued)* 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;4. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

**Investment Advisor** – WFMC 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 daily and paid monthly, based on a percentage of each Fund's average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund | Advisory Fee<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Rate  |
| &nbsp;&nbsp;&nbsp;Enhanced Dividend Income Strategy Fund | 0.40% |
| &nbsp;&nbsp;&nbsp;Large-Cap Strategy Fund | 0.25% |

---

WFMC and the Funds' distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2025 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, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds' distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

---

| | | |
|:---|:---|:---|
|  | Current Contractual<br>Expense Limitations | Current Contractual<br>Expense Limitations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Enhanced Dividend Income Strategy Fund* | 0.75% | 0.50% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Large-Cap Strategy Fund* |  | 0.25% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator | Maximum<br>Fee | Average Aggregate Daily Net<br> Assets of the Trust |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*WFMC* | 0.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the first $5 billion |
|  | 0.030% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the next $2 billion |
|  | 0.025% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the next $3 billion |
|  | 0.018% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on assets in excess of $10 billion |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*BNY* | 0.0175% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the first $15 billion |
|  | 0.0150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the next $10 billion |
|  | 0.0125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on assets in excess of $25 billion |

---

WFMC and BNY may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNY will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2025, neither WFMC nor BNY waived any administrative fees.

**Distribution Services Fee** – The Trust has adopted a Distribution Services Plan (the "Plan") pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. ("ALPS"), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds' Class A shares, as applicable, 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, 2025, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together "M&T"), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution <br> Fees |
| &nbsp;&nbsp;&nbsp;Enhanced Dividend Income Strategy Fund | $885 |

---

**Sales Charges** – The Funds' Class A shares, as applicable, bear front-end sales charges. For the year ended April 30, 2025, M&T did not receive sales charges on the sale of Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

26 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 the Funds' Class A shares, as applicable, to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.

M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds' Class A shares, as applicable. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their 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, 2025, M&T did not receive any shareholder service fees from the Funds.

**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.

BNY provides custody services to the Trust.

BNY Investment Servicing (U.S.) Inc. provides fund accounting and transfer agency services to the Trust.

**General** – Certain Trustees and 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 Fund's distributor. Transactions with affiliated companies during the year ended April 30, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund/<br> Affiliated Investment<br> Name | Value<br>4/30/24 | Purchases | Sales | Net<br> Realized<br>Gain/(Loss) | Net Change<br>in Unrealized<br>Appreciation/<br>Depreciation | Value<br>4/30/25 | Number of<br>Shares<br>4/30/25 | Dividend<br>Income | Capital<br> Gain<br>Distributions |
| **Large-Cap Strategy Fund**<br>**Common Stock** |  |  |  |  |  |  |  |  |  |
| *M&T Bank Corp.* | $335418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $(490757) | $292911 | $(137572) | $— |  | $9408 | $— |

---

The Funds may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions |
| &nbsp;&nbsp;&nbsp;Large-Cap Strategy Fund | $2354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhanced Dividend Income Strategy Fund | $12833190 | $16893346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large-Cap Strategy Fund | 41407111 | 110655171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;6. MARKET RISK IN GENERAL

There is a risk that the value of a Fund's investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by a Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally.

The principal risks of investing in the Funds are described more fully in the Funds' prospectus.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 27

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;7. CONTRACTUAL OBLIGATIONS

In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;8. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit ("LOC") agreement with BNY, which was renewed and became effective March 26, 2025. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the Statement of Operations. The LOC expires on March 25, 2026.

The Funds did not utilize the LOC during the year ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;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 subsequent events that would require recognition or disclosure in the Funds' financial statements through this date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington Enhanced Dividend Income Strategy Fund and Wilmington Large-Cap Strategy Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Enhanced Dividend Income Strategy Fund and Wilmington Large-Cap Strategy Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025 and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2025

We have served as the auditor of one or more investment companies in Wilmington Funds since 2019.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

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29.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2025, 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund |  |
| &nbsp;&nbsp;&nbsp;Enhanced Dividend Income Strategy Fund | 86.17% |
| &nbsp;&nbsp;&nbsp;Large-Cap Strategy Fund | 97.49% |

---

For the fiscal year ended April 30, 2025, 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 20%:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund |  |
| &nbsp;&nbsp;&nbsp;Enhanced Dividend Income Strategy Fund | 92.57% |
| &nbsp;&nbsp;&nbsp;Large-Cap Strategy Fund | 98.12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

OTHER INFORMATION

### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

### Renewal of Advisory and Sub-Advisory Agreements
Not applicable.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

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31.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### PRIVACY POLICY AND NOTICE

#### OF THE FUNDS AND THEIR DISTRIBUTOR

#### March 11, 2025
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. In accordance with current regulations, the Funds will: collect from customers only the non-public personal information needed to conduct the Funds' business; ensure the security and confidentiality of customer records and information; protect against unauthorized access to or use of customer records and information; protect against any anticipated threats or hazards to the security or integrity of customer records and information; and require companies that service the Funds to have an information security program in place that is reasonably designed to safeguard customer records and information.

#### Information Collected by the Funds
The Funds collect nonpublic personal information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;● 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 or taxpayer identification number, date of birth, assets, income, account balances, and investment activity.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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 Practices
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:

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● We may disclose some or all 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. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and direct such third parties to only use your information for the purpose it was provided. We require these third parties to treat your personal information with the same high degree of confidentiality that we do.

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, and to have an information security program in place that is reasonably designed to safeguard customer records and information. We do not permit third parties 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

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32.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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 to service a customer's account or comply with legal requirements.

#### Visiting the Funds' Website
The Funds' website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.

● Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

● 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 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 the Funds' website, so you don't have to resubmit personal information. Cookies provide faster access into the website. You can manage your cookie preferences here and find additional information in the Wilmington Trust Cookie Notice .

● 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.

● You can find additional information in the Wilmington Trust Digital Privacy Notice .

#### E-mail
If you have opted to receive information from the Funds by e-mail, it is our policy to include instructions in all e-mail 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-mails 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 the Funds or its agents. 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.

#### What You Can Do
The safety and security of your Personal Information also depends on you. You are responsible for keeping your account information, such as your account number and login information for our website, confidential. For your protection, we recommend that you do not provide your account information to anyone except a representative of the Funds as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

#### Surveys/Aggregate Data
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information 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 Notice
The effective date of this Notice is March 11, 2025. We reserve the right to modify this Notice at any time. When it is revised, reviewed 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 Notice.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

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![LOGO](g936620g40j40.jpg)

---

| | |
|:---|:---|
| Investment Advisor | Distributor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALPS Distributors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290 Broadway, Suite 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver, CO 80203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890 | <br> Fund Accountant, Co-Administrator, Transfer Agent |
| Sub-Advisor | and Dividend Disbursing Agent |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Trust Investment Advisors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Investment Servicing (U.S.) Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 Bellevue Parkway |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890 | <br> Independent Registered Public Accounting Firm |
| Co-Administrator | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PricewaterhouseCoopers LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Commerce Square |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001 Market Street, Suite 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890<br>|  |
| Custodian |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 Greenwich Street |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York, NY 10286 |  |

---

WT-AR-EQ-0425 <br>  

#### Wilmington Funds \| 1-800-836-2211 \| www.wilmingtonfunds.com
*We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.* 

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![LOGO](g936620g41j41.jpg)

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![LOGO](g936620g42j42.jpg)

CONTENTS

---

| | |
|:---|:---|
|  [President's Message](#fin2936620_1) | i |
|  [Portfolios of Investments](#fin2936620_2) | 1 |
|  [Statements of Assets and Liabilities](#fin2936620_3) | 26 |
|  [Statements of Operations](#fin2936620_4) | 27 |
|  [Statements of Changes in Net Assets](#fin2936620_5) | 28 |
|  [Financial Highlights](#fin2936620_6) | 30 |
|  [Notes to Financial Statements](#fin2936620_7) | 33 |
|  [Report of Independent Registered Public Accounting Firm](#fin2936620_8) | 44 |
|  [Federal Tax Information (unaudited)](#fin2936620_9) | 45 |
|  [Other Information.](#fin2936620_10) | 46 |

---

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i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

PRESIDENT'S MESSAGE (unaudited)

#### Esteemed Shareholder:
I am pleased to present the Annual Financial Statements of the International Fund, Global Alpha Equities Fund, and Real Asset Fund (the "Funds"), covering the Funds' annual fiscal year of May 1, 2024, through April 30, 2025.

#### The economy and financial markets in review
Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (the Funds' investment advisor and subadvisor, respectively), have provided the following review of the economy, bond markets, and stock markets for the Funds' annual fiscal year.

#### The economy
It was an eventful period as economic conditions changed rapidly over the annual fiscal year. The most notable event came towards the end of the period (on April 2nd or "Liberation Day") as newly elected President Donald Trump began his second term by working to re-order global trade via major tariff announcements. The Liberation Day tariffs shocked investors – in both scale and breadth – sending the U.S. tariff rate to its highest level in 119 years. Stagflation (low growth and high inflation) became a major concern among economists and strategists across Wall Street as they rushed to quantify the economic impact of the tariffs and any potential retaliations from U.S. trading partners. The remainder of April was turbulent as whipsawing tariff policies made it difficult for the market to price risk. U.S. assets (including Treasuries and the dollar) saw substantial outflows as Treasury yields spiked in April and investors dismissed the typical safe-haven status of U.S. assets. Volatility in financial markets cooled towards the end of April as tariff threats de-escalated and hard economic data continued to show an economy on decent footing. Soft data (such as sentiment and survey readings), however, deteriorated to near historic levels as business leaders, consumers, and investors dealt with unprecedented levels of uncertainty. Overall, inflation data in the U.S. largely decelerated, moving closer to the Federal Reserve's (the Fed's) 2% target. The Fed also cut interest rates by 100 bps during the annual fiscal year which included a 50 basis point1 rate cut at the September meeting. The Fed funds rate target range ended the period between 4.25%-4.5% (its lowest level in two years) though expectations of future rate cuts diminished significantly.

#### Bond markets
As with the economic backdrop, it was a choppy period across the global bond market. Overall, Treasury yields pushed lower across the curve as the Fed lowered interest rates and inflation concerns continued to fade. Combined with lower growth expectations, the benchmark 10-year Treasury yield declined 52 basis points. At the short end of the curve (more sensitive to monetary policy), the two-year yield slid over 140 basis points during the period as the Fed eased monetary policy. Overall, fixed income performed well over the annual fiscal year with the Bloomberg U.S. Aggregate Bond Index advancing 8.02% (its best fiscal year since 2020). Within corporate credit, spreads widened moderately as the heightened tariff rate led to increased risk for high yield assets. U.S. Treasuries also felt pressure towards the end of the period as concerns over the ballooning U.S. deficit took the spotlight – driven by U.S. asset outflows and the looming tax bill.

For the 12-month period May 1, 2024, to April 30, 2025, certain Bloomberg indices performed as follows:<sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bloomberg<br> U.S. Treasury<br> Bond Index<sup>3</sup> | Bloomberg<br> U.S. Aggregate<br> Bond Index<sup>4</sup> | Bloomberg<br> U.S. Credit<br> Bond Index<sup>5</sup> | Bloomberg<br> Municipal Bond<br>Index<sup>6</sup> | Bloomberg<br> U.S. Corporate<br> High Yield Bond<br>Index<sup>7</sup> |
|  *7.68%* | *8.02%* | *7.61%* | *1.66%* | *8.69%* |

---

*Past performance is no guarantee of future results.* 

*Source: Lipper. You cannot invest directly in an index.* 

#### Equity markets
During the period, momentum led U.S. large cap stocks to numerous new all-time highs. Overall, the S&P 500 ended the annual fiscal year up 12.10%, led by financials (+22.82%), utilities (+21.98%), and real estate (+18.41%). Energy (-10.77%) was the worst performing sector as oil prices declined over 25% amid signs of slowing economic growth and cooling tensions in the Middle East. Elsewhere, the AI theme continued to play out as tech was the best performing sector for the first seven months of the period. The tech momentum buoyed U.S. equity markets for most of the period before falling drastically after the Chinese AI startup – known as DeepSeek – took the investing world largely by surprise. DeepSeek claimed to be able to train its AI models at a fraction of the cost that major U.S. tech firms spent putting into question the future of AI capex (capital expenditure). In addition to DeepSeek, volatile trading conditions persisted following Liberation Day as investors

*April 30, 2025 / PRESIDENT'S MESSAGE* 

------

ii

continued to digest potential tariff headwinds (S&P 500 troughed down 18.90% following Liberation Day). Overall, uncertainty in the equity market cooled in recent weeks but remains at elevated levels as the financial impact of tariffs continues to filter through into earnings. Management teams have been reluctant to provide forward guidance as they work to re-order supply chains and control costs.

Turmoil in U.S. markets led to opportunities for international stocks as the MSCI EAFE Index and MSCI Emerging Markets Index both outperformed the S&P 500 post-Liberation Day. For the full period, returns were similar with the MSCI EAFE and MSCI Emerging Markets up 12.57% and 9.02%, respectively. International developed equities benefitted as the Trump administration focused heavily on China (a major component in the Emerging Markets index), by raising the U.S. tariff rate on Chinese imports to 145%. Trade tensions escalated as Chinese officials retaliated with a 125% tariff on U.S. goods, pushing both sides to the brink of what some described as a de facto embargo.

For the 12-month period May 1, 2024, to April 30, 2025, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| S&P 500<sup>®</sup><br> Index<sup>8</sup> | Russell<br> 2000<sup>®</sup><br> Index<sup>9</sup> | MSCI EAFE<br> (Net) Index<sup>10</sup> | MSCI Emerging<br> Markets (Net)<br> Index<sup>11</sup> |
|  *12.10%* | *0.87%* | *12.57%* | *9.02%* |

---

*Past performance is no guarantee of future results.* 

*Source: Lipper. You cannot invest directly in an index.* 

Sincerely,

![LOGO](g936620g45j45.jpg)

Randy Vogel

President

May 15, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*PRESIDENT'S MESSAGE / April 30, 2025* 

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iii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Must be preceded or accompanied by a prospectus.
**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;1. 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause decline in their prices.

&nbsp;&nbsp;&nbsp;&nbsp;3. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;4. Bloomberg U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond market composed of securities from the Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;5. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;6. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;7. Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices. An investment cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;8. The S&P 500<sup>®</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Russell 2000<sup>®</sup> Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $2.1 million to $16.8 billion.

&nbsp;&nbsp;&nbsp;&nbsp;10. 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 MSCI EAFE (Net) Index is an equity index which captures large and mid-cap representation across 21 Developed Markets countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

&nbsp;&nbsp;&nbsp;&nbsp;11. 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 (Net) Index captures large and mid-cap representation across 24 Emerging Markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

*April 30, 2025 / PRESIDENT'S MESSAGE* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington International Fund

PORTFOLIO OF INVESTMENTS<sup>¢</sup>

April 30, 2025

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **COMMON STOCKS – 91.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRALIA – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRALIA – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRALIA – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 33082 | $632603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 8244 | 352093 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 55257 | 1316976 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | 10990 | 168328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 21999 | 289103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 17381 | 236031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 17306 | 1844632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 22352 | 230844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 23167 | 443505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | 40528 | 212872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 4840 | 598103 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 33180 | 766149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 23245 | 285534 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 9384 | 129686 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. | 1206 | 191609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 5164 | 386356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 50201 | 2991448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland | 62964 | 221271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 19718 | 256415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 58344 | 168387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 39533 | 356247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | 11907 | 596496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. | 39145 | 821465 |
| &nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 1782 | 101330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | 14035 | 283263 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUSTRALIA |  | $&nbsp;&nbsp;&nbsp;&nbsp;13880746 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRIA – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAWAG Group AG\* | 35759 | 3919472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 27049 | 1831803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wienerberger AG | 45307 | 1590815 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUSTRIA |  | $7342090 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BELGIUM – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 20337 | 1875249 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 9946 | 1823492 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BELGIUM |  | $3698741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BRAZIL – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual SA | 141129 | 951694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Localiza Rent a Car SA | 130467 | 989454 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRIO SA\* | 336500 | 1998787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz SA | 178900 | 1009379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 8442 | 704888 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BRAZIL |  | $5654202 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CANADA – 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 5495 | 645840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. | 9983 | 521091 |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd. | 7553 | 223533 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. | 11543 | 213595 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 7664 | $| 734323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 66909 |  | 3347877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A | 5651 |  | 301529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 13222 |  | 710301 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc.\* | 5430 |  | 135848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 10921 |  | 688801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 6329 |  | 612930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 26345 |  | 755990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 9762 |  | 709030 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 2900 |  | 307502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 172 |  | 619872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 3905 |  | 481823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc.<sup>#</sup> | 78736 |  | 3682076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 170 |  | 265408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 10125 |  | 501403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 2229 |  | 383050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 3056 |  | 140830 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 2358 |  | 229061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 3143 |  | 212003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 1092 |  | 242520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 6600 |  | 204856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 2517 |  | 408606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 5146 |  | 178800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 23186 |  | 710582 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 3079 |  | 270423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 6111 |  | 348858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | 10104 |  | 386248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada | 4930 |  | 186600 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 1589 |  | 160133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 3737 |  | 240793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | 5367 |  | 139917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 43295 |  | 5196593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc. | 4756 |  | 92802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A\* | 11057 |  | 1051642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc.<sup>#</sup> | 7295 |  | 434705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 10735 |  | 379143 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 11663 |  | 589241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 1893 |  | 352250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 18586 |  | 1187611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | 5978 |  | 264080 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. | 1352 |  | 239645 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CANADA |  | $| &nbsp;&nbsp;&nbsp;&nbsp;29689764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHILE – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHILE – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHILE – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHILE – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp.<sup>#</sup> | 135527 |  | 1108911 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHINA – 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHINA – 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHINA – 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHINA – 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 71728 |  | 1070901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | 23208 |  | 2771732 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | 304000 |  | 757158 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Tower Corp. Ltd., Class H | 401900 |  | 582143 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiDi Global, Inc., ADR\* | 446369 |  | 1812258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class H | 40672 |  | 287633 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

2 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington International Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class A | 84270 | $673641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hesai Group, ADR\*<sup>,#</sup> | 6500 | 122265 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., ADR | 40483 | 821805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kunlun Energy Co. Ltd. | 300000 | 285953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd., Class A | 4600 | 979203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxshare Precision Industry Co. Ltd., Class A | 191600 | 814867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 151689 | 2511581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midea Group Co. Ltd., Class A | 58200 | 589567 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAURA Technology Group Co. Ltd., Class A | 15900 | 987935 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc., ADR | 24585 | 2632070 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. | 11400 | 245059 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR\* | 24469 | 2583192 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., Class H | 2651606 | 4882773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 13700 | 413991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd.\* | 22500 | 962517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 89140 | 5459910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Will Semiconductor Co. Ltd. Shanghai, Class A | 81340 | 1476216 |
| &nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class H<sup>#</sup> | 70328 | 543537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd., ADR\*<sup>,#</sup> | 18849 | 597325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd.\*<sup>,#</sup> | 68900 | 219474 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHINA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHINA | $&nbsp;&nbsp;&nbsp;&nbsp;35084706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONGO (DEMOCRATIC REPUBLIC) – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., Class A\*<sup>,#</sup> | 17050 | 151380 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DENMARK – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 77669 | 5193071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 10609 | 1579288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Unibrew A/S | 15983 | 1270936 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DENMARK | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DENMARK | $8043295 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINLAND – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 82469 | 1523724 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FRANCE – 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA<sup>#</sup> | 56057 | 2651266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 11383 | 1817322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | 21587 | 2346896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 50842 | 1859075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA | 4265 | 1537817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elis SA<sup>#</sup> | 76731 | 1969614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 172050 | 3555985 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 3183 | 1763157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 19023 | 2062007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 16549 | 1683811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA | 50568 | 1404962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technip Energies NV | 57517 | 1962717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 6565 | 1839003 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 77494 | 4413685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 16137 | 2266720 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FRANCE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FRANCE | $33134037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GERMANY – 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 4455 | 1842484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 25316 | 1690700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carl Zeiss Meditec AG | 11159 | 766930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | 38255 | 1536952 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 213554 | $3734971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hensoldt AG | 14300 | 1107804 |
| &nbsp;&nbsp;&nbsp;&nbsp; RENK Group AG | 17555 | 1057586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 1148 | 1955104 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 11999 | 3510771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 15953 | 3673359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 48463 | 5562006 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Internet AG | 62591 | 1419364 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GERMANY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GERMANY | $&nbsp;&nbsp;&nbsp;&nbsp;27858031 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GREECE – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **GREECE – 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Services & Holdings SA | 491667 | 1198798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA | 88321 | 1676068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA | 234632 | 1317701 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GREECE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GREECE | $4192567 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HONG KONG – 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **HONG KONG – 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 569560 | 4267666 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 50851 | 207745 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 25286 | 215605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR | 933 | 86125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 270529 | 243415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 60399 | 2638814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 41282 | 193276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 173718 | 1847105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 25472 | 241638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 21720 | 218590 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HONG KONG | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HONG KONG | $10159979 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HUNGARY – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **HUNGARY – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt | 31735 | 2344203 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDIA – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDIA – 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd., ADR | 38973 | 2832947 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd., ADR | 90340 | 3031811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd., ADR<sup>#</sup> | 79728 | 1403213 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.\* | 6904 | 723677 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDIA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDIA | $7991648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDONESIA – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDONESIA – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT | 2854000 | 1517445 |
| &nbsp;&nbsp;&nbsp;&nbsp; **IRELAND – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **IRELAND – 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 251967 | 1693485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 14912 | 1578611 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IRELAND | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IRELAND | $3272096 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ISRAEL – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **ISRAEL – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM | 24693 | 362212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM | 25773 | 366003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.\* | 1123 | 246566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 829 | 129509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd.\* | 411 | 79353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd.\* | 605 | 102602 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ISRAEL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ISRAEL | $1286245 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ITALY – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **ITALY – 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 207522 | 4152706 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington International Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Wizz Air Holdings PLC\* | 17516 | $| 382105 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ITALY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ITALY | $| &nbsp;&nbsp;&nbsp;&nbsp;4534811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **JAPAN – 14.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **JAPAN – 14.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **JAPAN – 14.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **JAPAN – 14.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 77 Bank Ltd. (The) | 13717 |  | 429902 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABC-Mart, Inc. | 22600 |  | 420315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adastria Co. Ltd. | 10511 |  | 214760 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADEKA Corp. | 33613 |  | 605939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aica Kogyo Co. Ltd. | 15100 |  | 350083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 26129 |  | 331873 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARE Holdings, Inc. | 42424 |  | 527079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 68545 |  | 947449 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASKUL Corp. | 37123 |  | 395118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 84758 |  | 848779 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIPROGY Inc | 17635 |  | 575927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon Marketing Japan, Inc. | 9227 |  | 326635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 127664 |  | 921791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 52363 |  | 1339479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 5933 |  | 660563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 25980 |  | 335452 |
| &nbsp;&nbsp;&nbsp;&nbsp; dip Corp.<sup>#</sup> | 35104 |  | 510079 |
| &nbsp;&nbsp;&nbsp;&nbsp; en Japan, Inc. | 22287 |  | 255909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 2532 |  | 832888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Corp. | 34403 |  | 511608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuso Chemical Co. Ltd. | 31675 |  | 768602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Corp. | 44533 |  | 561523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 1048 |  | 290692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 61478 |  | 1519460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 47150 |  | 479739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 264565 |  | 3557986 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 25625 |  | 1310538 |
| &nbsp;&nbsp;&nbsp;&nbsp; JGC Holdings Corp. | 26289 |  | 210257 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 218882 |  | 3879382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 2580 |  | 1078676 |
| &nbsp;&nbsp;&nbsp;&nbsp; KH Neochem Co. Ltd. | 29832 |  | 528703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koa Corp. | 20111 |  | 116346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 17224 |  | 268946 |
| &nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 780 |  | 744079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lintec Corp. | 24760 |  | 473628 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3, Inc.\* | 22624 |  | 283537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 35774 |  | 634225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marui Group Co. Ltd. | 17296 |  | 344286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruwa Co. Ltd. | 1734 |  | 356556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mebuki Financial Group, Inc. | 102135 |  | 499045 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group, Inc. | 58569 |  | 820509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 45335 |  | 860757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 58030 |  | 1019354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co., Inc. | 29739 |  | 453117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 360502 |  | 4542011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 56521 |  | 1413174 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 27454 |  | 624024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nichicon Corp.<sup>#</sup> | 31262 |  | 255732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 14637 |  | 1215164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Soda Co. Ltd. | 18980 |  | 356105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone Corp. | 585120 |  | 611613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | 15232 |  | 445515 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOF Corp. | 45918 |  | 691197 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Up Group, Inc. | 40239 | $518334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optorun Co. Ltd. | 18334 | 182243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Soda Co. Ltd. | 12506 | 130375 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSG Corp.<sup>#</sup> | 20594 | 244799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 9595 | 467764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | 414200 | 750229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 18595 | 1030447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 36400 | 291993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | 45278 | 412256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roland Corp. | 14724 | 326862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sega Sammy Holdings, Inc. | 24773 | 519948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 24383 | 560570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. | 4682 | 311536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 40971 | 1246809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 56393 | 947431 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIGMAXYZ Holdings, Inc. | 47100 | 345219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 119168 | 3143985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 49435 | 1179381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 40052 | 990836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 42694 | 511631 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 32667 | 695109 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnoPro Holdings, Inc. | 31550 | 703553 |
| &nbsp;&nbsp;&nbsp;&nbsp; THK Co. Ltd. | 8488 | 209102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 73215 | 2934631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 21161 | 3150839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. | 4921 | 274607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyo Tanso Co. Ltd. | 18096 | 508537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 1720 | 201713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 125660 | 2400033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 35401 | 703514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulvac, Inc. | 9384 | 318255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ushio, Inc. | 26715 | 321325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valqua Ltd. | 16717 | 351687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 30812 | 241989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Kogyo Co. Ltd. | 7435 | 442744 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL JAPAN | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL JAPAN | $&nbsp;&nbsp;&nbsp;&nbsp;70126392 |
| &nbsp;&nbsp;&nbsp;&nbsp; **KAZAKHSTAN – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **KAZAKHSTAN – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **KAZAKHSTAN – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC, ADR | 9498 | 834779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MACAO – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MACAO – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MACAO – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 42450 | 153312 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEXICO – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEXICO – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEXICO – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp Inmobiliaria Vesta SAB de CV, ADR | 72860 | 1997821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion SA de CV | 439344 | 568601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, Class O | 227920 | 1954297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV | 718300 | 2275719 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEXICO | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEXICO | $6796438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NETHERLANDS – 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **NETHERLANDS – 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **NETHERLANDS – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aalberts NV | 38063 | 1263944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcadis NV | 17740 | 860232 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 4508 | 3017844 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 100955 | 1960477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 525888 | 2446355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV\* | 51599 | 1309574 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NETHERLANDS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NETHERLANDS | $10858426 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

4 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington International Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW ZEALAND – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **NEW ZEALAND – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **NEW ZEALAND – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 10846 | $218797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd.\* | 2247 | 236638 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW ZEALAND |  | $455435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NORWAY – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **NORWAY – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **NORWAY – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 85317 | 2132764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 142786 | 3232052 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NORWAY |  | $&nbsp;&nbsp;&nbsp;&nbsp;5364816 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PERU – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **PERU – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **PERU – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 4358 | 881144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POLAND – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **POLAND – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **POLAND – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Diagnostyka SA\* | 8529 | 342640 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PORTUGAL – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **PORTUGAL – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **PORTUGAL – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 52520 | 1271108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SINGAPORE – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **SINGAPORE – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **SINGAPORE – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 150499 | 306666 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 24715 | 802971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A\* | 154058 | 751803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. | 39864 | 200424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 47336 | 585819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 3540 | 474537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 139408 | 403335 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SINGAPORE |  | $3525555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH AFRICA – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH AFRICA – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH AFRICA – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 142799 | 3898180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd., Class N | 12508 | 3288882 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH AFRICA |  | $7187062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH KOREA – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH KOREA – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH KOREA – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BGF retail Co. Ltd. | 4249 | 321078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 66367 | 1550997 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co. Ltd. | 4774 | 515625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. | 11746 | 1573959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 109397 | 4268401 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 22442 | 2800158 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | 21600 | 825267 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH KOREA |  | $11855485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SPAIN – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **SPAIN – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **SPAIN – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA | 158263 | 1843596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA<sup>#</sup> | 84261 | 4531132 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPAIN |  | $6374728 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SWEDEN – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **SWEDEN – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **SWEDEN – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AAK AB | 40804 | 1067101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 111940 | 1732686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trelleborg AB, Class B | 32324 | 1114585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B<sup>#</sup> | 49220 | 1337973 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SWEDEN |  | $5252345 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SWITZERLAND – 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **SWITZERLAND – 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **SWITZERLAND – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. | 28379 | 1498716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG<sup>#</sup> | 17916 | 2080866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sulzer AG | 7628 | 1291118 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 113105 | $3433344 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SWITZERLAND |  | $8304044 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TAIWAN – 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. | 13044 | 1227133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. | 170363 | 1785098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Largan Precision Co. Ltd. | 8556 | 609972 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 45694 | 1941680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | 161000 | 2646691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 539000 | 15272325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unimicron Technology Corp. | 146000 | 430710 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TAIWAN |  | $&nbsp;&nbsp;&nbsp;&nbsp;23913609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **THAILAND – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **THAILAND – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **THAILAND – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; True Corp. PCL, NVDR\* | 2124724 | 769224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TURKEY – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **TURKEY – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **TURKEY – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; KOC Holding AS | 138981 | 500393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi AS\* | 1317133 | 783345 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TURKEY |  | $1283738 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UNITED ARAB EMIRATES – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **UNITED ARAB EMIRATES – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **UNITED ARAB EMIRATES – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC | 225611 | 1123265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 250447 | 563996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burjeel Holdings PLC | 697531 | 286905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lulu Retail Holdings PLC\* | 1146544 | 395313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talabat Holding PLC\* | 2026746 | 780885 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED ARAB EMIRATES |  | $3150364 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UNITED KINGDOM – 10.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **UNITED KINGDOM – 10.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **UNITED KINGDOM – 10.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 21431 | 3070349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock International Group PLC | 179640 | 1935223 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 147155 | 3411441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazley PLC | 139564 | 1653647 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 47744 | 2079649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 39315 | 1235454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuit Group PLC | 322295 | 1641222 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 232991 | 2597238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Capital Group PLC | 88257 | 2220014 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 245282 | 3540426 |
| &nbsp;&nbsp;&nbsp;&nbsp; QinetiQ Group PLC | 307509 | 1618600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 74360 | 4799680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rotork PLC | 461306 | 1878331 |
| &nbsp;&nbsp;&nbsp;&nbsp; RS Group PLC | 447920 | 3088410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serco Group PLC | 562808 | 1291626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 108168 | 1522202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 105163 | 2620620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 101002 | 1454757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tate & Lyle PLC | 327423 | 2440289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 424227 | 2099501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 80373 | 5117340 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED KINGDOM |  | $51316019 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UNITED STATES – 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **UNITED STATES – 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **UNITED STATES – 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 13594 | 1297139 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 4811 | 772228 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 486 | 171150 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 157439 | 3114567 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington International Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 325129 | $1636006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 13012 | 1454065 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC, CDI\*<sup>,#</sup> | 7334 | 172145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 449 | 126164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 30158 | 3209939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 70167 | 8003059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 29285 | 5018278 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV\*<sup>,#</sup> | 67184 | 2883246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 13543 | 4428378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG<sup>#</sup> | 368 | 128019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 6252 | 1460753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 29190 | 1225567 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED STATES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED STATES | $35100703 |
| **TOTAL COMMON STOCKS**<br> **(Cost $347,560,643)** | **TOTAL COMMON STOCKS**<br> **(Cost $347,560,643)** | $457585987 |
|  **EXCHANGE-TRADED FUNDS – 3.8%** | **EXCHANGE-TRADED FUNDS – 3.8%** | **EXCHANGE-TRADED FUNDS – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI India ETF<sup>#</sup> | 323769 | 17344305 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Saudi Arabia ETF<sup>#</sup> | 33958 | 1372922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next Funds TOPIX ETF | 7340 | 146019 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $15,996,729)** | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $15,996,729)** | $18863246 |
|  **MONEY MARKET FUND – 3.2%** | **MONEY MARKET FUND – 3.2%** | **MONEY MARKET FUND – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>^</sup> | 15796484 | 15796484 |
| **TOTAL MONEY MARKET FUND**<br> **(Cost $15,796,484)** | **TOTAL MONEY MARKET FUND**<br> **(Cost $15,796,484)** | $15796484 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value |  |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.7%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.7%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 4.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 4.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 4. 38%, dated 4/30/25, due 5/01/25, repurchase price $1,415,073, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 5/01/36 to 4/01/55; total market value of $1,443,199. | $1414901 | 1414901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, 4.37%, dated 4/30/25, due 5/01/25, repurchase price $4,385,238, collateralized by U.S. Government Agency Securities, 2.04% to 7.16%, maturing 6/01/25 to 12/01/52; total market value of $4,472,400. | 4384706 | 4384706 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Par Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 4.36%, dated 4/30/25, due 5/01/25, repurchase price $4,385,237, collateralized by U.S. Treasury Securities, 0.00% to 4.00%, maturing 9/30/26 to 2/15/39; total market value of $4,472,400. | $| 4384706 | $4384706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets Ltd., 4.36%, dated 4/30/25, due 5/01/25, repurchase price $4,023,061, collateralized by U.S. Treasury Securities, 4.00% to 4.25%, maturing 1/31/29 to 11/15/34; total market value of $4,103,026. |  | 4022574 | 4022574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, Inc., 4. 37%, dated 4/30/25, due 5/01/25, repurchase price $4,385,238, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.50%, maturing 4/30/27 to 5/01/55; total market value of $4,472,400. |  | 4384706 | 4384706 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.38%, dated 4/30/25, due 5/01/25, repurchase price $2,534,741, collateralized by U.S. Government Agency Securities, 1.17% to 6.50%, maturing 5/01/28 to 4/01/55; total market value of $2,585,122. |  | 2534433 | 2534433 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.37%, dated 4/30/25, due 5/01/25, repurchase price $1,536,777, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 1/01/34 to 9/15/59; total market value of $1,567,322. |  | 1536590 | 1536590 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities, Inc., 4.39%, dated 4/30/25, due 5/01/25, repurchase price $1,038,625, collateralized by U.S. Government Agency Securities, 1.50% to 6.00%, maturing 3/01/49 to 11/01/53; total market value of $1,059,268. |  | 1038498 | 1038498 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(Cost $23,701,114)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(Cost $23,701,114)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(Cost $23,701,114)** | $**23701114** |
| **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(Cost $23,701,114)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(Cost $23,701,114)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(Cost $23,701,114)** | $23701114 |
| **TOTAL INVESTMENTS – 103.3%**<br> **(Cost $403,054,970)** | **TOTAL INVESTMENTS – 103.3%**<br> **(Cost $403,054,970)** | **TOTAL INVESTMENTS – 103.3%**<br> **(Cost $403,054,970)** | $515946831 |
| COLLATERAL FOR SECURITIES ON LOAN – (4.7%) | COLLATERAL FOR SECURITIES ON LOAN – (4.7%) | COLLATERAL FOR SECURITIES ON LOAN – (4.7%) | (23701114) |
| OTHER ASSETS LESS LIABILITIES – 1.4% | OTHER ASSETS LESS LIABILITIES – 1.4% | OTHER ASSETS LESS LIABILITIES – 1.4% | 7039874 |
| TOTAL NET ASSETS – 100.0% | TOTAL NET ASSETS – 100.0% | TOTAL NET ASSETS – 100.0% | $499285591 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Level 1 – quoted prices in active markets for identical securities

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

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

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

6 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington International Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Assets</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $13880746 | $— | $13880746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 7342090 |  | 7342090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 3698741 |  | 3698741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 5654202 |  |  | 5654202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 29689764 |  |  | 29689764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 1108911 |  |  | 1108911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 11340647 | 23744059 |  | 35084706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Congo (Democratic Republic) | 151380 |  |  | 151380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 8043295 |  | 8043295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 1523724 |  | 1523724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 33134037 |  | 33134037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 27858031 |  | 27858031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 4192567 |  | 4192567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 86125 | 10073854 |  | 10159979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 2344203 |  | 2344203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 7991648 |  |  | 7991648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1517445 |  | 1517445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 3272096 |  | 3272096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 349168 | 937077 |  | 1286245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 4534811 |  | 4534811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 70126392 |  | 70126392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 834779 |  |  | 834779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macao |  | 153312 |  | 153312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 6796438 |  |  | 6796438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 10858426 |  | 10858426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 455435 |  | 455435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 5364816 |  | 5364816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 881144 |  |  | 881144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 342640 |  |  | 342640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1271108 |  | 1271108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1226340 | 2299215 |  | 3525555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 7187062 |  | 7187062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 1550997 | 10304488 |  | 11855485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 6374728 |  | 6374728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 5252345 |  | 5252345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 8304044 |  | 8304044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 23913609 |  | 23913609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 769224 |  | 769224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 1283738 |  | 1283738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 3150364 |  | 3150364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 51316019 |  | 51316019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 6612731 | 28487972 |  | 35100703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 18717227 | 146019 |  | 18863246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 15796484 |  |  | 15796484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 23701114 |  | 23701114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $109130625 | $406816206 | $— | $515946831 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington International Fund (concluded)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments<sup>!</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Futures Contracts | $383506 | $— | $— | $383506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets - Other Financial Instruments | $383506 | $— | $— | $383506 |

---

<sup>!</sup> Other financial instruments are derivative instruments, such as financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

<sup>¢</sup> Country classifications are based on primary country of risk.

<sup>\*</sup> Non-income producing security.

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

\*\* Represents less than 0.05%. 

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CDI | CREST Depository Interest |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| OYJ | Public Limited Company |
| PCL | Public Company Limited |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SCA | Limited Partnership With Share Capital |
| SpA | Societa per Azioni |
| SPI | Share Price Index |
| TOPIX | Tokyo Stock Price Index |

---

At April 30, 2025, the International Fund had open financial futures contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Contracts to Buy/Sell | Expiration<br>Date | Number of<br>Contracts | Notional<br>Amount | Notional<br> Value | Unrealized<br>Appreciation<sup>(a)</sup> | Unrealized<br>(Depreciation)<sup>(a)</sup> |
| &nbsp;&nbsp; **LONG POSITIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp; **EXCHANGE-TRADED:** |  |  |  |  |  |  |
| &nbsp;&nbsp; SPI 200 Index | June 2025 | 97 | $12263738 | $12647244 | $383506 | $— |
| &nbsp;&nbsp; UNREALIZED APPRECIATION (DEPRECIATION)<br>ON FINANCIAL FUTURES CONTRACTS |  |  |  |  | $383506 | $— |

---

<sup>(a)</sup> The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2025. Only current day variation margin is reported on the Fund's Statement of Assets and Liabilities.

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

8.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Global Alpha Equities Fund

PORTFOLIO OF INVESTMENTS<sup>W</sup>

April 30, 2025

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **COMMON STOCKS – 93.7%** | **COMMON STOCKS – 93.7%** | **COMMON STOCKS – 93.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock International Group PLC | 7084 | $76314 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 52418 | 1215187 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 1033 | 281100 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 195 | 48898 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 62 | 12458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 1914 | 914414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 299 | 509213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 1974 | 525320 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AEROSPACE & DEFENSE |  | $3582904 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIR FREIGHT & LOGISTICS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIR FREIGHT & LOGISTICS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIR FREIGHT & LOGISTICS – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 522 | 46573 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 3276 | 694381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 4631 | 508993 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 5876 | 61872 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 950 | 90535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | 8065 | 114505 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIR FREIGHT & LOGISTICS |  | $&nbsp;&nbsp;&nbsp;&nbsp;1516859 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOBILE COMPONENTS – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOBILE COMPONENTS – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOBILE COMPONENTS – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 6683 | 84883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 4435 | 185450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 1591 | 124376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 6622 | 85503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class H | 47496 | 335892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | 2002 | 58150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hesai Group, ADR\* | 3634 | 68355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 851 | 159740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing Co. Ltd. | 9870 | 119551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokian Renkaat OYJ | 8324 | 66216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Electric Co. Ltd. | 5837 | 109379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Rubber Industries Ltd. | 7539 | 94941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tachi-S Co. Ltd. | 4051 | 44690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokai Rika Co. Ltd. | 5580 | 83106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyoda Gosei Co. Ltd. | 4630 | 88904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Boshoku Corp. | 7730 | 110916 |
| &nbsp;&nbsp;&nbsp;&nbsp; TS Tech Co. Ltd. | 6286 | 71049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valeo SE | 7041 | 69925 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOBILE COMPONENTS |  | $1961026 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOBILES – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H | 9976 | 473822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 40997 | 417134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 59342 | 798057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 5854 | 350003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd.\* | 36708 | 87388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA | 2855 | 151632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 7419 | 134343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 10898 | 130598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 1988 | 560934 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 15415 | $294418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yadea Group Holdings Ltd. | 33659 | 60750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 7838 | 61558 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOBILES |  | $&nbsp;&nbsp;&nbsp;&nbsp;3520637 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BANKS – 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 77 Bank Ltd. (The) | 3477 | 108972 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 11600 | 240385 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 24744 | 166306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA, ADR | 93440 | 229862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT | 426396 | 107452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 13938 | 555847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | 15747 | 184893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 10353 | 518026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 8774 | 438525 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 4226 | 358067 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA | 26165 | 212514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) | 13720 | 121991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dah Sing Financial Holdings Ltd. | 11085 | 40474 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 21088 | 527160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 10751 | 728075 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 103086 | 2062846 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 210 | 373619 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd., ADR | 21878 | 1590312 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 48306 | 538485 |
| &nbsp;&nbsp;&nbsp;&nbsp; iM Financial Group Co. Ltd. | 10488 | 75832 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 14203 | 275813 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 3499 | 855925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL | 30589 | 145703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL, NVDR | 15014 | 71699 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc., ADR | 2787 | 175525 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 8298 | 765148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mebuki Financial Group, Inc. | 26053 | 127298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 41913 | 528067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 34118 | 853040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 30886 | 247761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 5127 | 615381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC, ADR\*<sup>,(1)</sup> | 3982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Security Bank Corp. | 25364 | 30180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiga Bank Ltd. (The) | 1370 | 55088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd., ADR | 6689 | 240670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 9793 | 510597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 27807 | 400511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 19951 | 493562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tochigi Bank Ltd. (The) | 14740 | 33387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicaja Banco SA | 45307 | 86357 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 9513 | 553475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 17144 | 1217396 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BANKS |  | $17462226 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA | 70458 | 181386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 21075 | 291305 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 8850 | $308334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas SA | 12542 | 96294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 9434 | 684437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 9 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek AS | 15900 | 21576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 10841 | 304420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embotelladora Andina SA, Class B, ADR | 4085 | 105801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV | 1013 | 79206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 3910 | 350004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 11815 | 178722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 3417 | 370387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 2551 | 89134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class H | 11878 | 83936 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES |  | $3145759 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE, ADR\* | 596 | 384504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 4555 | 485290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keymed Biosciences, Inc.\* | 8991 | 51700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legend Biotech Corp., ADR\* | 1306 | 45645 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 860 | 260657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd., ADR\* | 3281 | 103975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd.\* | 7165 | 22823 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BIOTECHNOLOGY |  | $&nbsp;&nbsp;&nbsp;&nbsp;1354594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BROADLINE RETAIL – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 41663 | 622030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | 5626 | 671913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 15455 | 2850211 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASKUL Corp. | 15092 | 160632 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR\* | 2617 | 276277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seria Co. Ltd. | 3850 | 78163 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BROADLINE RETAIL |  | $4659226 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 3591 | 112118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 10926 | 331648 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZEK Co., Inc. (The)\* | 6880 | 340973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | 2193 | 238418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG | 227 | 157247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 701 | 383272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 899 | 344596 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BUILDING PRODUCTS |  | $1908272 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS – 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 420 | 197828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 4931 | 752125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 507 | 463530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 2 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 1276 | 353554 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd., Class H | 186830 | 211392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 3343 | 21983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 1014 | 326603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 11204 | 489499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 2861 | 463711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 2363 | 396913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Capital Group PLC | 25256 | 635289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 11631 | 129404 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 2921 | $333783 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 1836 | 285886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 650 | 294528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 4390 | 506694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 9633 | &nbsp;&nbsp;&nbsp;&nbsp;734131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 21 | 27516 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 1895 | 947595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | 7308 | 32200 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 994 | 88019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 2550 | 352665 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 23077 | 700511 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS |  | $8745803 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS – 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADEKA Corp. | 8557 | 154257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aica Kogyo Co. Ltd. | 6663 | 154477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 1108 | 227670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 12560 | 87527 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 4235 | 216279 |
| &nbsp;&nbsp;&nbsp;&nbsp; China BlueChemical Ltd., Class H | 113811 | 27710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 182 | 5567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 731 | 183795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 10422 | 212713 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG | 65 | 47925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG | 8701 | 195536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuso Chemical Co. Ltd. | 8117 | 196961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA | 32 | 154380 |
| &nbsp;&nbsp;&nbsp;&nbsp; KH Neochem Co. Ltd. | 12245 | 217014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 1784 | 808562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lintec Corp. | 6375 | 121946 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 349 | 20315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co., Inc. | 13801 | 210279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Shokubai Co. Ltd. | 8510 | 99730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Soda Co. Ltd. | 4855 | 91090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | 3874 | 113309 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOF Corp. | 11734 | 176630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Soda Co. Ltd. | 3187 | 33225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 1070 | 377624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 14309 | 435444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG | 1466 | 366365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG | 4489 | 517723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valqua Ltd. | 4262 | 89663 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHEMICALS |  | $5543716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 3342 | 707434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 3632 | 777030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 24192 | 1476438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elis SA | 24865 | 638262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosegur Cia de Seguridad SA | 19225 | 53762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 4752 | 174733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 4125 | 815224 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL SERVICES & SUPPLIES |  | $4642883 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATIONS EQUIPMENT – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATIONS EQUIPMENT – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATIONS EQUIPMENT – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 4703 | 386916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 16124 | 930839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 39497 | 197452 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

10 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Class B | 22572 | $190674 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATIONS EQUIPMENT |  | $&nbsp;&nbsp;&nbsp;&nbsp;1705881 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 1719 | 75559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiyoda Corp.\* | 8131 | 19450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 578 | 28196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fugro NV | 1998 | 23432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Implenia AG | 519 | 29353 |
| &nbsp;&nbsp;&nbsp;&nbsp; JGC Holdings Corp. | 16985 | 135845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 8057 | 125006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 2228 | 312961 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSTRUCTION & ENGINEERING |  | $749802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION MATERIALS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION MATERIALS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION MATERIALS – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG | 692 | 138340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 4102 | 458390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imerys SA | 1713 | 57221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semen Indonesia Persero Tbk PT | 356203 | 56144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiheiyo Cement Corp. | 2466 | 66398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicat SACA | 1145 | 64113 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSTRUCTION MATERIALS |  | $840606 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER FINANCE – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 2570 | 684674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\* | 959 | 467436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marui Group Co. Ltd. | 4365 | 86887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanquis Banking Group PLC\* | 12178 | 10425 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER FINANCE |  | $1249422 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Atacadao SA | 56239 | 84629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 11219 | 173039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 621 | 287268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 675 | 671288 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 30301 | 107693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 6402 | 262860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 6984 | 504315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 13697 | 1104800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 129 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 1982 | 159430 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.\* | 7140 | 468812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 5011 | 487320 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | $4312092 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONTAINERS & PACKAGING – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONTAINERS & PACKAGING – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONTAINERS & PACKAGING – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 43990 | 404708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 3927 | 203968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 297 | 55126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 11241 | 580598 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONTAINERS & PACKAGING |  | $1244400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTORS – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 618 | 72646 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 6535 | 249702 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTORS |  | $322348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REITS – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. PLC (The) | 18396 | 96779 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 15681 | $124261 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIVERSIFIED REITS |  | $221040 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED TELECOMMUNICATION SERVICES – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED TELECOMMUNICATION SERVICES – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED TELECOMMUNICATION SERVICES – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 93773 | 217643 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Tower Corp. Ltd., Class H | 80922 | 117214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 1367 | 49099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 1254 | 66898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 114763 | 533861 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp., ADR | 10478 | 203902 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Uplus Corp. | 14355 | 121208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone Corp. | 316689 | 331028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange Polska SA | 33132 | 85131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 35422 | 513904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP | 7541 | 57919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 173200 | 501101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG | 226 | 150716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil SA | 36998 | 180324 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | $&nbsp;&nbsp;&nbsp;&nbsp;3129948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC UTILITIES – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC UTILITIES – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC UTILITIES – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 4409 | 537986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 3742 | 200234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Americas SA | 998254 | 98024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 36841 | 664091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. SA | 3567 | 74801 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC UTILITIES |  | $1575136 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRICAL EQUIPMENT – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRICAL EQUIPMENT – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRICAL EQUIPMENT – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 1023 | 173480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosel Co. Ltd. | 3894 | 29340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 1649 | 181225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 2302 | 537853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyo Tanso Co. Ltd. | 4728 | 132867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ushio, Inc. | 12230 | 147101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumtobel Group AG | 1696 | 8895 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRICAL EQUIPMENT |  | $1210761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alps Alpine Co. Ltd. | 4865 | 49420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 10600 | 815670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon Marketing Japan, Inc. | 2378 | 84181 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 2311 | 371054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 14881 | 511013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 3310 | 122177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horiba Ltd. | 1290 | 88174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 3873 | 567627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 1454 | 607905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koa Corp. | 5124 | 29643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruwa Co. Ltd. | 442 | 90887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxell Ltd. | 5611 | 68773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nichicon Corp. | 16081 | 131547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Chemi-Con Corp.\* | 3201 | 21879 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAX Global Technology Ltd. | 29133 | 17544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 4347 | 111272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 1999 | 43259 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS |  | $3732025 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY EQUIPMENT & SERVICES – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY EQUIPMENT & SERVICES – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY EQUIPMENT & SERVICES – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Trican Well Service Ltd. | 6478 | $19031 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENTERTAINMENT – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avex, Inc. | 3830 | 35339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 4371 | 578939 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. | 20893 | 449123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 676 | 765043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 2678 | 222327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 609 | 373914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV | 3038 | 89334 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENTERTAINMENT |  | $&nbsp;&nbsp;&nbsp;&nbsp;2514019 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIAL SERVICES – 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 1751 | 933721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 1249 | 406387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 6517 | 322266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 2247 | 414729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | 753 | 62118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 850 | 25184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 1855 | 1016651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 16153 | 114268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 2148 | 742134 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIAL SERVICES |  | $4037458 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FOOD PRODUCTS – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astral Foods Ltd. | 4440 | 41289 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | 58302 | 145210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 32 | 466368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 912 | 78474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 484 | 80920 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV | 781 | 18907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellanova | 463 | 38322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 732 | 77491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 3690 | 107379 |
| &nbsp;&nbsp;&nbsp;&nbsp; M Dias Branco SA | 23877 | 106655 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 1095 | 26923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 3382 | 230416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 4301 | 457787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | 1738 | 38321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 318417 | 22441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tate & Lyle PLC | 18352 | 136778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Union Group PCL, Class F | 167923 | 54250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulker Biskuvi Sanayi AS\* | 24332 | 67671 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. | 133273 | 119174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yakult Honsha Co. Ltd. | 1071 | 22000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD PRODUCTS |  | $2336776 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GAS UTILITIES – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 12805 | 2056867 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 7627 | 60211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kunlun Energy Co. Ltd. | 198193 | 188913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 987 | 25028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 629 | 3610 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GAS UTILITIES |  | $2334629 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GROUND TRANSPORTATION – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **GROUND TRANSPORTATION – 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayvens SA | 11511 | 116684 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 3612 | $349803 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiDi Global, Inc., ADR\* | 42307 | 171766 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 3077 | 66700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 4746 | 727467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 1778 | 21564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 14099 | 1142160 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. | 2628 | 144014 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 3458 | 72742 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GROUND TRANSPORTATION |  | $2812900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE EQUIPMENT & SUPPLIES – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE EQUIPMENT & SUPPLIES – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE EQUIPMENT & SUPPLIES – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 321 | 41971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 6195 | 637280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 1094 | 123800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 4137 | 486785 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 298 | 128930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV\* | 9368 | 237758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 1035 | 87727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Bed Holdings Co. Ltd. | 2511 | 40448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 157431 | 115879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG | 1043 | 56225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 8851 | 124556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 265 | 99089 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE EQUIPMENT & SUPPLIES |  | $&nbsp;&nbsp;&nbsp;&nbsp;2180448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE PROVIDERS & SERVICES – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE PROVIDERS & SERVICES – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE PROVIDERS & SERVICES – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfresa Holdings Corp. | 6065 | 91558 |
| &nbsp;&nbsp;&nbsp;&nbsp; BML, Inc. | 2290 | 47766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 254 | 74338 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 781 | 52100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 1154 | 485349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA\* | 5477 | 260141 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 1825 | 629771 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 866 | 617276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 2606 | 852188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netcare Ltd. | 99673 | 73238 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 3407 | 1401776 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE PROVIDERS & SERVICES |  | $4585501 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE REITS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE REITS – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 3537 | 539711 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE TECHNOLOGY – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE TECHNOLOGY – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE TECHNOLOGY – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; M3, Inc.\* | 5817 | 72902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOTELS, RESTAURANTS & LEISURE – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOTELS, RESTAURANTS & LEISURE – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOTELS, RESTAURANTS & LEISURE – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 2351 | 296485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 19541 | 658821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 2656 | 532900 |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A\* | 5771 | 192117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 210 | 14548 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED | 923 | 32900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC\* | 1548 | 375725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 15332 | 55373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A | 2093 | 235839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 802 | 191341 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 1872 | 598385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 33617 | 556611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

12 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 3440 | $275372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd., ADR | 1494 | 88131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 1235 | 185793 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOTELS, RESTAURANTS & LEISURE |  | $4290341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD DURABLES – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. | 1778 | 109472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crest Nicholson Holdings PLC | 21402 | 51548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 674 | 125950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nikon Corp. | 5185 | 49856 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 113 | 805210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rinnai Corp. | 4770 | 106841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 12431 | 285791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 51710 | 1364255 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD DURABLES |  | $2898923 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD PRODUCTS – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 942 | 66486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, Class A | 53720 | 94508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 915 | 148752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 30685 | 1980610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 12995 | 120660 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD PRODUCTS |  | $2411016 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL CONGLOMERATES – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL CONGLOMERATES – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL CONGLOMERATES – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 1738 | 241426 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 22962 | 129485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 263 | 72950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 3023 | 636342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 6934 | 121164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 3130 | 77998 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIAL CONGLOMERATES |  | $&nbsp;&nbsp;&nbsp;&nbsp;1279365 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL REITS – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 198 | 188882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE – 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC | 1644 | 71502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 4447 | 278899 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 194175 | 1454937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 2310 | 955362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A | 1218 | 432134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 3421 | 1097080 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 21972 | 1039186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding AG | 57 | 12681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazley PLC | 38687 | 458389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 1072 | 118563 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., Class H | 100874 | 274455 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Reinsurance Group Corp., Class H | 649921 | 75370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 40928 | 295518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 74 | 26538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 1045 | 24452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 7957 | 981416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 10478 | 2327034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 7590 | 152583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 387 | 703798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 1422 | 320618 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 11813 | 268507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs AG | 430 | 294382 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 4106 | $251782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd. | 166204 | 101412 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., Class H | 239802 | 441581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 2753 | 775630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 83498 | 887816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 13385 | 134099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG | 46 | 45929 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 22462 | 477960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 9021 | 1035323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 15862 | 635787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tongyang Life Insurance Co. Ltd.\* | 4061 | 17460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 116 | 30639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 3063 | 73054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 438 | 310661 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE |  | $16882537 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INTERACTIVE MEDIA & SERVICES – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **INTERACTIVE MEDIA & SERVICES – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **INTERACTIVE MEDIA & SERVICES – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 17281 | 2744223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 3973 | 639216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., Class A\* | 10456 | 115299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 2851 | 1565199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE | 239 | 28483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 28675 | &nbsp;&nbsp;&nbsp;&nbsp;1756371 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INTERACTIVE MEDIA & SERVICES |  | $6848791 |
| &nbsp;&nbsp;&nbsp;&nbsp; **IT SERVICES – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 1440 | 430776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alten SA | 1081 | 91629 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIPROGY Inc | 4334 | 141541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 2220 | 354428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 8919 | 656171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Corp. | 12039 | 151802 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A\* | 2901 | 546345 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 2201 | 532246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 2287 | 86603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 5254 | 183950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 4184 | 92797 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. | 2870 | 75066 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IT SERVICES |  | $3343354 |
| &nbsp;&nbsp;&nbsp;&nbsp; **LEISURE PRODUCTS – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 3515 | 122155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roland Corp. | 3717 | 82515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sega Sammy Holdings, Inc. | 10473 | 219812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 451 | 63539 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LEISURE PRODUCTS |  | $488021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **LIFE SCIENCES TOOLS & SERVICES – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **LIFE SCIENCES TOOLS & SERVICES – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **LIFE SCIENCES TOOLS & SERVICES – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 1031 | 110935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 881 | 175610 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC\* | 3651 | 552907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 93 | 99563 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV\* | 6693 | 287235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 230 | 98670 |
| &nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd., Class H | 14038 | 108494 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIFE SCIENCES TOOLS & SERVICES |  | $1433414 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **MACHINERY – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **MACHINERY – 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 202 | $| 8378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amada Co. Ltd. | 6790 |  | 67988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 864 |  | 13374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 2497 |  | 34673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | 5042 |  | 202570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 1381 |  | 640176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 607 |  | 103585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duerr AG | 2587 |  | 61244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Corp. | 8741 |  | 129988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 3161 |  | 257969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hino Motors Ltd.\* | 14632 |  | 46528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hisaka Works Ltd. | 2040 |  | 14570 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 1636 |  | 284615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 8747 |  | 541718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 16220 |  | 188483 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group, Inc. | 14938 |  | 209270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nachi-Fujikoshi Corp. | 2303 |  | 49302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 242 |  | 45876 |
| &nbsp;&nbsp;&nbsp;&nbsp; OKUMA Corp. | 4680 |  | 105143 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSG Corp. | 13435 |  | 159700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 1274 |  | 122648 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 7595 |  | 685145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 785 |  | 474972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational AG | 46 |  | 39470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 212 |  | 75163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 368 |  | 134594 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 8724 |  | 171003 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 488 |  | 157937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 230 |  | 72176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax Group PLC | 667 |  | 52570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 502 |  | 30130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Heavy Industries Ltd. | 4190 |  | 87243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tadano Ltd. | 8840 |  | 61244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 26300 |  | 264683 |
| &nbsp;&nbsp;&nbsp;&nbsp; THK Co. Ltd. | 5341 |  | 131575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 440 |  | 51601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsubakimoto Chain Co. | 4115 |  | 49990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 14814 |  | 402697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 2740 |  | 506188 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MACHINERY |  | $| &nbsp;&nbsp;&nbsp;&nbsp;6736179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MARINE TRANSPORTATION – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MARINE TRANSPORTATION – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MARINE TRANSPORTATION – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MARINE TRANSPORTATION – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG | 82 |  | 18884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 6610 |  | 138586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings, Inc. | 12330 |  | 92702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Havas NV\* | 59675 |  | 99273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Megacable Holdings SAB de CV | 27326 |  | 66467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropole Television SA | 3539 |  | 55608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Television Holdings, Inc. | 5629 |  | 130356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 6356 |  | 484073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 3879 |  | 394677 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTL Group SA | 1731 |  | 70989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Television Francaise 1 SA | 8160 |  | 77972 |
| &nbsp;&nbsp;&nbsp;&nbsp; TV Asahi Holdings Corp. | 5419 |  | 98565 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 24201 | $187620 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDIA |  | $&nbsp;&nbsp;&nbsp;&nbsp;1896888 |
| &nbsp;&nbsp;&nbsp;&nbsp; **METALS & MINING – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 4174 | 113943 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARE Holdings, Inc. | 11130 | 138280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold Corp. | 8128 | 155002 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd., ADR | 5604 | 266470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dowa Holdings Co. Ltd. | 3500 | 112296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC | 3918 | 106149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrexpo PLC\* | 38702 | 30513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC | 8330 | 111643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruichi Steel Tube Ltd. | 2617 | 61824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neturen Co. Ltd. | 3925 | 25499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 3545 | 18804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outokumpu OYJ | 11898 | 45797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 12536 | 747013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Kogyo Co. Ltd. | 1868 | 111237 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL METALS & MINING |  | $2044470 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-UTILITIES – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 91416 | 1889416 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 40820 | 589200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 14938 | 1109445 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MULTI-UTILITIES |  | $3588061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OFFICE REITS – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA | 400 | 41064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 140 | 129949 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OFFICE REITS |  | $171013 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OIL, GAS & CONSUMABLE FUELS – 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **OIL, GAS & CONSUMABLE FUELS – 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **OIL, GAS & CONSUMABLE FUELS – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 66578 | 307417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 388 | 52791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 45102 | 1107705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 10622 | 496736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 33964 | 486417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 25963 | 587689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 4061 | 428963 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG | 1335 | 69024 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 4884 | 401269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 32691 | 1054996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 2542 | 434428 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 22678 | 1291630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA | 26924 | 84447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 11128 | 651767 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL, GAS & CONSUMABLE FUELS |  | $7455279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PAPER & FOREST PRODUCTS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PAPER & FOREST PRODUCTS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PAPER & FOREST PRODUCTS – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi PLC | 9752 | 148027 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 3182 | 84279 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PAPER & FOREST PRODUCTS |  | $232306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PASSENGER AIRLINES – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PASSENGER AIRLINES – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PASSENGER AIRLINES – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; easyJet PLC | 24780 | 164292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 4357 | 78938 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PASSENGER AIRLINES |  | $243230 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

14 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **PERSONAL CARE PRODUCTS – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **PERSONAL CARE PRODUCTS – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf AG | 880 | $| 123990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. | 9662 |  | 413742 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 166 |  | 73350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natura & Co. Holding SA | 50484 |  | 84775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 8550 |  | 543353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 19450 |  | 1238379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 5969 |  | 380644 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PERSONAL CARE PRODUCTS |  | $| 2858233 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS – 4.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Almirall SA | 6270 |  | 69570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 28014 |  | 280536 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 10803 |  | 1547711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 5170 |  | 297842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 13292 |  | 340018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 1899 |  | 54889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 1742 |  | 1565971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genomma Lab Internacional SAB de CV, Class B | 60897 |  | 71174 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 29631 |  | 586181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 117018 |  | 588819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 3301 |  | 515979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kissei Pharmaceutical Co. Ltd. | 623 |  | 16350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 4379 |  | 68377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 14516 |  | 1236763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 2601 |  | 362111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG, ADR | 3742 |  | 424680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 13629 |  | 1554487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 1702 |  | 113798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 8031 |  | 92444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 4244 |  | 206898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 18837 |  | 459811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 1402 |  | 458435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 36 |  | 12524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 3008 |  | 329051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 14391 |  | 241776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 11826 |  | 357720 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS |  | $| 11853915 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PROFESSIONAL SERVICES – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **PROFESSIONAL SERVICES – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **PROFESSIONAL SERVICES – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **PROFESSIONAL SERVICES – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adecco Group AG | 3684 |  | 95881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 532 |  | 159919 |
| &nbsp;&nbsp;&nbsp;&nbsp; dip Corp. | 13068 |  | 189885 |
| &nbsp;&nbsp;&nbsp;&nbsp; en Japan, Inc. | 5716 |  | 65634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 8835 |  | 439550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hays PLC | 63112 |  | 60291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group PLC | 1224 |  | 75172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Up Group, Inc. | 10366 |  | 133529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagegroup PLC | 9887 |  | 35659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 1434 |  | 210970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | 176297 |  | 319322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad NV | 3217 |  | 129129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 1559 |  | 86392 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 5829 |  | 318119 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA | 1071 |  | 104595 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIGMAXYZ Holdings, Inc. | 12068 |  | 88452 |
| &nbsp;&nbsp;&nbsp;&nbsp; SThree PLC | 5779 |  | 18788 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnoPro Holdings, Inc. | 8045 | $179400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcosmos, Inc. | 2320 | 50695 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 8584 | 712129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 1396 | 246476 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PROFESSIONAL SERVICES |  | $&nbsp;&nbsp;&nbsp;&nbsp;3719987 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 27603 | 112769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 2609 | 290478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 3907 | 141367 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., ADR | 8071 | 163841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 27091 | 475880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG | 670 | 94474 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  | $1278809 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RESIDENTIAL REITS – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 25 | 5250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 468 | 53258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 177 | 12436 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 1368 | 57292 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RESIDENTIAL REITS |  | $128236 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL REITS – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 4692 | 738427 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ams-OSRAM AG\* | 3807 | 33797 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM Pacific Technology Ltd. | 11936 | 80299 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 445 | 297902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 4908 | 944643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 818 | 158266 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 10810 | 459350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miraial Co. Ltd. | 1460 | 13132 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 30641 | 3337418 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 1729 | 318672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optorun Co. Ltd. | 10875 | 108099 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 2128 | 315923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | 24167 | 220040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 16094 | 456016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3909 | 651591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 2451 | 392283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 1600 | 238237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. | 1200 | 66964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulvac, Inc. | 2420 | 82074 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | $8174706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE – 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 386 | 124246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A\* | 800 | 182648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 1178 | 350738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 892 | 3214687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 4225 | 158337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 804 | 504486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumine Group, Inc.\* | 1090 | 35239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 266 | 47186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 11317 | 4473157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE | 268 | 35613 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 4675 | 724485 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 318 | $178105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) | 3542 | 58721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 1494 | 401453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 670 | 307537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topicus.com, Inc.\* | 486 | 58161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 787 | 56468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 185 | 100510 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE |  | $11011777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SPECIALIZED REITS – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 3767 | 849120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 656 | 564652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 5951 | 677283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 752 | 225923 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPECIALIZED REITS |  | $&nbsp;&nbsp;&nbsp;&nbsp;2316978 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SPECIALTY RETAIL – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABC-Mart, Inc. | 5730 | 106566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adastria Co. Ltd. | 2383 | 48689 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 1025 | 66287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 1102 | 397260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 13779 | 740965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 35754 | 137420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lojas Renner SA | 51634 | 132198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 993 | 221995 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 696 | 984979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. | 1200 | 79847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xebio Holdings Co. Ltd. | 4788 | 43680 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 7444 | 75598 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPECIALTY RETAIL |  | $3035484 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 25447 | 5407487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 3461 | 106806 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 830 | 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 4343 | 111051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quadient SA | 2630 | 49783 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | $5692127 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TEXTILES, APPAREL & LUXURY GOODS – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **TEXTILES, APPAREL & LUXURY GOODS – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **TEXTILES, APPAREL & LUXURY GOODS – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group PLC | 7829 | 76245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 686 | 76029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 75 | 206264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 513 | 138905 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 179 | 99153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG – BR (The) | 811 | 140743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yue Yuen Industrial Holdings Ltd. | 32052 | 46017 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TEXTILES, APPAREL & LUXURY GOODS |  | $783356 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 33547 | 1461251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 7076 | 217998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 13230 | 2267093 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TOBACCO |  | $3946342 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRADING COMPANIES & DISTRIBUTORS – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRADING COMPANIES & DISTRIBUTORS – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRADING COMPANIES & DISTRIBUTORS – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 10201 | 1081306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 2369 | 74445 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 5375 | $435214 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 25105 | 1283943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 11181 | 198224 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 2349 | 45178 |
| &nbsp;&nbsp;&nbsp;&nbsp; RS Group PLC | 136209 | 939161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 4596 | 112218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 8980 | 178457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travis Perkins PLC | 14045 | 104840 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 192 | 196668 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRADING COMPANIES & DISTRIBUTORS |  | $4649654 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WIRELESS TELECOMMUNICATION SERVICES – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WIRELESS TELECOMMUNICATION SERVICES – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WIRELESS TELECOMMUNICATION SERVICES – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV, Series B | 204314 | 176804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresa Nacional de Telecomunicaciones SA | 15559 | 45023 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 68854 | 1220342 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 21939 | 145199 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 148794 | 225162 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 3841 | 948535 |
| &nbsp;&nbsp;&nbsp;&nbsp; VEON Ltd., ADR\* | 1178 | 53434 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WIRELESS TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WIRELESS TELECOMMUNICATION SERVICES | $2814499 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $173,814,744)** |  | $**225224225** |
|  **EXCHANGE-TRADED FUNDS – 0.4%** | **EXCHANGE-TRADED FUNDS – 0.4%** | **EXCHANGE-TRADED FUNDS – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 2446 | 192525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next Funds TOPIX ETF | 3010 | 59879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Russell 1000 Value ETF | 7863 | 628254 |
|  **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $835,855)** | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $835,855)** | $**880658** |
|  **PREFERRED STOCKS – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG 6.88% | 534 | 43092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raizen SA 0.58% | 212700 | 68587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG 9.41% | 2300 | 250264 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY |  | $361943 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA 2.93% | 1075 | 83491 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco do Estado do Rio Grande do Sul SA 8.59% | 21400 | 43289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuchs SE 2.49% | 1545 | 77470 |
|  **TOTAL PREFERRED STOCKS**<br> **(Cost $585,563)** |  | $**566193** |
|  **WARRANTS – 0.0%\*\*** | **WARRANTS – 0.0%\*\*** | **WARRANTS – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc., Expire 03/31/40\*<sup>,(1)</sup> | 905 |  |
|  **TOTAL WARRANTS**<br> **(Cost $—)** |  | $**—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

16 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUND—2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares 4.21%<sup>^</sup> | 5333267 | $5333267 |
|  **TOTAL MONEY MARKET FUND**<br> **(Cost $5,333,267)** |  | $**5333267** |
|  **TOTAL INVESTMENTS – 96.5%**<br> **(COST $180,569,429)** |  | $**232004343** |
|  **OTHER ASSETS LESS LIABILITIES – 3.5%** | **OTHER ASSETS LESS LIABILITIES – 3.5%** | **8380023** |
|  **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**240384366** |

---

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, 2025 in valuing the Fund's assets and liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $1256870 | $2326034 | $— | $3582904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 646101 | 870758 |  | 1516859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 68355 | 1892671 |  | 1961026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 560934 | 2959703 |  | 3520637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 6811088 | 10651138 | — <sup>(a)</sup> | 17462226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 1377069 | 1768690 |  | 3145759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 1280071 | 74523 |  | 1354594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 3798401 | 860825 |  | 4659226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1068841 | 839431 |  | 1908272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 5885520 | 2860283 |  | 8745803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 1608576 | 3935140 |  | 5543716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 3776126 | 866757 |  | 4642883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 1317755 | 388126 |  | 1705881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering |  | 749802 |  | 749802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials |  | 840606 |  | 840606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 1152110 | 97312 |  | 1249422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 3608432 | 703660 |  | 4312092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 1244400 |  |  | 1244400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 322348 |  |  | 322348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs |  | 221040 |  | 221040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 384226 | 2745722 |  | 3129948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 836244 | 738892 |  | 1575136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 173480 | 1037281 |  | 1210761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 2265364 | 1466661 |  | 3732025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 19031 |  |  | 19031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 1717896 | 796123 |  | 2514019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 3835888 | 201570 |  | 4037458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 563692 | 1773084 |  | 2336776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 2056867 | 277762 |  | 2334629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 2535210 | 277690 |  | 2812900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 994997 | 1185451 |  | 2180448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 4112798 | 472703 |  | 4585501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 539711 |  |  | 539711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology |  | 72902 |  | 72902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 2596363 | 1693978 |  | 4290341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 931160 | 1967763 |  | 2898923 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | $243260 | $2167756 | $— | $2411016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 877768 | 401597 |  | 1279365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs |  | 188882 |  | 188882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 6813450 | 10069087 |  | 16882537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 4948638 | 1900153 |  | 6848791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 2165538 | 1177816 |  | 3343354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products |  | 488021 |  | 488021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 1037685 | 395729 |  | 1433414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 3223480 | 3512699 |  | 6736179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation |  | 18884 |  | 18884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 550540 | 1346348 |  | 1896888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 527621 | 1516849 |  | 2044470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 1109445 | 2478616 |  | 3588061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs |  | 171013 |  | 171013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 3658106 | 3797173 |  | 7455279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products |  | 232306 |  | 232306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines |  | 243230 |  | 243230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 628128 | 2230105 |  | 2858233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 4274378 | 7579537 |  | 11853915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 1083018 | 2636969 |  | 3719987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 163841 | 1114968 |  | 1278809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 128236 |  |  | 128236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 738427 |  |  | 738427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 5960530 | 2214176 |  | 8174706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 10702638 | 309139 |  | 11011777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 2316978 |  |  | 2316978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 1802719 | 1232765 |  | 3035484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 5518538 | 173589 |  | 5692127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 214934 | 568422 |  | 783356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 2267093 | 1679249 |  | 3946342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 1713188 | 2936466 |  | 4649654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 1223796 | 1590703 |  | 2814499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 820779 | 59879 |  | 880658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 111876 | 454317 |  | 566193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | —<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 5333267 |  |  | 5333267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $129503819 | $102500524 | $— | $232004343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments<sup>!</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $25534 | $— | $25534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Futures Contracts | 1103698 |  |  | 1103698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets - Other Financial Instruments | $1103698 | $25534 | $— | $1129232 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments<sup>!</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(1422448) | $— | $(1422448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Futures Contracts | (382326) |  |  | (382326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Other Financial Instruments | $(382326) | $(1422448) | $— | $(1804774) |
| <br> (a) Includes internally fair valued securities currently priced at zero ($0). |  |  |  |  |

---

! Other financial instruments are derivative instruments, such as forward foreign currency contracts and financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

<sup>W</sup> As of April 30, 2025, the Fund had 47.3% of net assets invested securities of non-U.S. companies. 

\* Non-income producing security.

\*\* Represents less than 0.05%. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

18 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

^ 7-Day net yield.

<sup>(1)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Portfolio of Investments.

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EAFE | Europe, Australasia and Far East |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| FTSE | Financial Times Stock Exchange |
| GBP | British Pound Sterling |
| HKD | Hong Kong Dollar |
| HSCE | Hang Seng China Enterprises |
| JPY | Japanese Yen |
| LLC | Limited Liability Corporation |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| OYJ | Public Limited Company |
| PCL | Public Company Limited |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S&P | Standards & Poor's |
| SCA | Limited Partnership With Share Capital |
| SpA | Societa per Azioni |
| SPI | Share Price Index |
| STOXX | Stock Index of the Eurozone |
| TOPIX | Tokyo Stock Price Index |
| TSX | Toronto Stock Exchange |

---

At April 30, 2025, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Settlement Date | Counterparty | Contracts to<br>Deliver/Receive | Contract<br>Amount | Contract<br>at Value | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) |
|  **CONTRACTS PURCHASED** |  |  |  |  |  |  |
| 6/18/2025 | Standard Chartered PLC | 680,000 CAD | $*474437* | $*494496* | $*20059* | $*—* |
|  **CONTRACTS SOLD** |  |  |  |  |  |  |
| 6/18/2025 | State Street Bank & Trust | 362,900,000 JPY | 2487705 | 2552131 |  | (64426) |
| 6/18/2025 | Standard Chartered PLC | 832,000 EUR | 950925 | 945450 | 5475 |  |
| 6/18/2025 | Credit Agricole Securities (USA) Inc. | 954,000 EUR | 1051315 | 1084086 |  | (32771) |
| 6/18/2025 | JP Morgan Securities LLC | 1,967,000,000 JPY | 13470717 | 13833125 |  | (362408) |
| 6/18/2025 | Deutsche Bank AG | 7,902,000 EUR | 8654120 | 8979503 |  | (325383) |
| 6/18/2025 | UBS Securities LLC | 8,919,000 GBP | 11527647 | 11888572 |  | (360925) |
| 6/18/2025 | Citibank N.A. | 7,650,000 CAD | 5333789 | 5563079 |  | (229290) |
| 6/18/2025 | BNP Paribas | 390,000 CHF | 447032 | 475405 |  | (28373) |
| 6/18/2025 | BNP Paribas | 42,695,000 HKD | 5504233 | 5508810 |  | (4577) |
| 6/18/2025 | Standard Chartered PLC | 367,000 GBP | 474897 | 489192 |  | (14295) |
| UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD<br> FOREIGN CURRENCY CONTRACTS | UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD<br> FOREIGN CURRENCY CONTRACTS |  |  |  | $25534 | $(1422448) |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

PORTFOLIOS OF INVESTMENTS 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Global Alpha Equities Fund (concluded)* 

At April 30, 2025, the Global Alpha Equities Fund had open financial futures contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Contracts to Buy/Sell | Expiration<br>Date | Number of<br>Contracts | Notional<br>Amount | Notional<br>Value | Unrealized<br>Appreciation<sup>(a)</sup> | Unrealized<br>(Depreciation)<sup>(a)</sup> |
|  **LONG POSITIONS:** |  |  |  |  |  |  |
|  **EXCHANGE-TRADED:** |  |  |  |  |  |  |
|  SPI 200 Index | June 2025 | 22 | $2781466 | $2868447 | $86981 | $— |
|  **SHORT POSITIONS:** |  |  |  |  |  |  |
|  **EXCHANGE-TRADED:** |  |  |  |  |  |  |
|  E-mini Russell 2000 Index | June 2025 | 49 | 4931320 | 4826010 | 105310 |  |
|  E-mini S&P 500 Index | June 2025 | 94 | 26217983 | 26258900 |  | (40917) |
|  E-Mini S&P Mid 400 Index | June 2025 | 17 | 5015910 | 4858260 | 157650 |  |
|  Euro STOXX 50 Index | June 2025 | 182 | 10981525 | 10529546 | 451979 |  |
|  FTSE 100 Index | June 2025 | 89 | 10313599 | 10039176 | 274423 |  |
|  HSCE Index | May 2025 | 102 | 5343965 | 5316610 | 27355 |  |
|  MSCI EAFE Index | June 2025 | 251 | 31242205 | 31308485 |  | (66280) |
|  S&P TSX 60 Index | June 2025 | 24 | 5137488 | 5205281 |  | (67793) |
|  TOPIX Index | June 2025 | 87 | 16005526 | 16212862 |  | (207336) |
|  UNREALIZED APPRECIATION (DEPRECIATION)<br> ON FINANCIAL FUTURES CONTRACTS | UNREALIZED APPRECIATION (DEPRECIATION)<br> ON FINANCIAL FUTURES CONTRACTS |  |  |  | $1103698 | $(382326) |

---

<sup>(a)</sup> The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2025. Only current day variation margin is reported on the Fund's Statement of Assets and Liabilities.

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

20.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Real Asset Fund

PORTFOLIO OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **REAL ESTATE RELATED SECURITIES – 52.4%** | **REAL ESTATE RELATED SECURITIES – 52.4%** | **REAL ESTATE RELATED SECURITIES – 52.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCKS – 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centuria Capital Group | 73546 | $74106 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REAL ESTATE ACTIVITIES – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REAL ESTATE ACTIVITIES – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REAL ESTATE ACTIVITIES – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport City Ltd.\* | 5513 | 81944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allreal Holding AG | 1240 | 273222 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Developments Ltd. | 42000 | 159917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 5200 | 578953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 51800 | 1874276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heiwa Real Estate Co. Ltd. | 3800 | 125225 |
| &nbsp;&nbsp;&nbsp;&nbsp; JINUSHI Co. Ltd. | 1900 | 27394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Properties Ltd. | 50500 | 118596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease Corp. Ltd. | 53081 | 178857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 105600 | 1854967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 233800 | 2317109 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Development Co. Ltd.\* | 121000 | 74098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings, Inc. | 52000 | 309267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property & Building Corp. Ltd. | 345 | 24294 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Joe Co. (The) | 3145 | 133096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starts Corp., Inc. | 3400 | 92474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 40000 | 1489852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Frontier Fudousan Co. Ltd. | 3900 | 53371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 126000 | 1195288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 4571 | 77387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Tatemono Co. Ltd. | 18500 | 331674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Fudosan Holdings Corp. | 53600 | 375405 |
| &nbsp;&nbsp;&nbsp;&nbsp; UOL Group Ltd. | 38100 | 168542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Holdings Ltd. (The) | 83000 | 208488 |
| &nbsp;&nbsp;&nbsp;&nbsp; YH Dimri Construction & Development Ltd. | 637 | 53750 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES | $12177446 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE DEVELOPMENT – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE DEVELOPMENT – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE DEVELOPMENT – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedas Homes SA | 1862 | 60092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa Israel Residences Ltd. | 1020 | 67483 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 150500 | 614848 |
| &nbsp;&nbsp;&nbsp;&nbsp; DREAM Unlimited Corp., Class A | 3356 | 46277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 2103 | 40504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldcrest Co. Ltd. | 1500 | 34435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 109735 | 311202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 2454 | 163265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasumigaseki Capital Co. Ltd. | 900 | 77673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katitas Co. Ltd. | 4800 | 69547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifestyle Communities Ltd. | 11498 | 52521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirarth Holdings, Inc. | 11700 | 40495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexity SA\* | 5635 | 59086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 304000 | 312421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosei Corp. | 2300 | 38764 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE DEVELOPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE DEVELOPMENT | $1988613 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE OPERATING COMPANIES – 3.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE OPERATING COMPANIES – 3.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE OPERATING COMPANIES – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Mall Co. Ltd. | 8200 | 157338 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Alony Hetz Properties & Investments Ltd. | 11558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amot Investments Ltd. | 18530 | 98052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA\* | 69060 | 206324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atrium Ljungberg AB, Class B | 21965 | 77776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aura Investments Ltd. | 18173 | 95292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azrieli Group Ltd. | 3003 | 218632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big Shopping Centers Ltd.\* | 1135 | 165723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Square Real Estate Ltd. | 878 | 74771 |
| &nbsp;&nbsp;&nbsp;&nbsp; CA Immobilien Anlagen AG | 3798 | 102823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitaland India Trust | 86834 | 64784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitaland Investment Ltd. | 191300 | 403182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castellum AB\* | 35223 | 428672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catena AB | 3365 | 158412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cibus Nordic Real Estate AB publ | 5170 | 89478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corem Property Group AB, Class B | 71713 | 36264 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Europe AG\* | 3123 | 61781 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTP NV | 9505 | 178533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Wohnen SE | 4010 | 101906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dios Fastigheter AB | 11065 | 76838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electra Real Estate Ltd. | 5139 | 63773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entra ASA\* | 6908 | 79673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabege AB | 19923 | 170198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B\* | 59910 | 430659 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 1518 | 40356 |
| &nbsp;&nbsp;&nbsp;&nbsp; G City, Ltd. | 15860 | 54962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grainger PLC | 61925 | 177660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand City Properties SA\* | 5872 | 70084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Group Ltd. | 58000 | 83257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties Ltd. | 145000 | 118921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 86600 | 423821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hufvudstaden AB, Class A | 10212 | 124340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 52000 | 543759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hysan Development Co. Ltd. | 50001 | 81506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichigo, Inc. | 23500 | 63375 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Workplace Group PLC | 49764 | 123215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intershop Holding AG | 540 | 88601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Canada T.R Ltd. | 17609 | 57317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keihanshin Building Co. Ltd. | 4900 | 51617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 10537 | 67437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kojamo OYJ\* | 12598 | 146640 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 6229 | 528027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leopalace21 Corp. | 20500 | 83983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mega Or Holdings Ltd. | 2597 | 88303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melisron Ltd. | 2063 | 175515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mivne Real Estate KD Ltd. | 45379 | 132405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobimo Holding AG | 620 | 239470 |
| &nbsp;&nbsp;&nbsp;&nbsp; NP3 Fastigheter AB | 3361 | 87580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nyfosa AB\* | 13690 | 128507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandox AB | 8632 | 144533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platzer Fastigheter Holding AB, Class B | 7498 | 58925 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property AG | 3919 | 697859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 18596 | 422674 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 21

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Real Asset Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden AB | 131894 | $53544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius Real Estate Ltd. | 122953 | 151403 |
| &nbsp;&nbsp;&nbsp;&nbsp; StorageVault Canada, Inc. | 20835 | 56977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Real Estate Holdings Ltd. | 3339 | 49253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Properties Ltd. | 88400 | 195362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG | 6540 | 922180 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAG Immobilien AG\* | 14769 | 240453 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOC Co. Ltd. | 5500 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; VGP NV | 1170 | 108256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 67957 | 2254140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wallenstam AB, Class B | 37691 | 186358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 128000 | 306118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wihlborgs Fastigheter AB | 23134 | 239954 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE OPERATING COMPANIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE OPERATING COMPANIES | $13530401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS<br>(COST $26,869,853)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS<br>(COST $26,869,853)** | $27770566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 9.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 9.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 9.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 9.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab U.S. REIT ETF<sup>#</sup> | 1046400 | 22005792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Global ex-U.S. Real Estate ETF | 318500 | 13663650 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE | $35669442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $32,942,426)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $32,942,426)** | $35669442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANY – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANY – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANY – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tortoise Energy Infrastructure Total Return Fund, Institutional Class | 653360 | 12433444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANY<br>(COST $7,605,873)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANY<br>(COST $7,605,873)** | $12433444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 32.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 32.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 32.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **DATA CENTER – 3.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **DATA CENTER – 3.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **DATA CENTER – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Core REIT Management Pte Ltd. | 140100 | 70086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 26258 | 4215459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 8052 | 6930759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT | 150774 | 249448 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DATA CENTER | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DATA CENTER | $11465752 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED – 2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED – 2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Activia Properties, Inc. | 54 | 129484 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEW UK REIT PLC | 21753 | 29497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 7229 | 124194 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 3781 | 70818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 7345 | 49726 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. PLC (The) | 77285 | 406585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 14318 | 231665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group | 40481 | 437678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Long Wale REIT | 57114 | 140312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA | 4089 | 229290 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 2507 | 45811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Property Income REIT PLC | 42620 | 45005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp. | 177 | 296470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 11206 | 79787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 14892 | 479076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 4528 | 63981 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 17038 | $| 128637 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) | 162216 |  | 480866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growthpoint Properties Australia Ltd. | 26398 |  | 39160 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R REIT | 11299 |  | 80403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin REIT, Inc. | 67 |  | 67699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heiwa REIT, Inc. | 85 |  | 78284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic REIT, Inc. | 99 |  | 101336 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICADE | 2678 |  | 63615 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDX Realty Investment Corp. | 343 |  | 357189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 61918 |  | 490656 |
| &nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC | 167732 |  | 430352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust | 180823 |  | 169344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA | 30056 |  | 340843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirai Corp. | 207 |  | 60204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group | 325926 |  | 475413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mori Trust REIT, Inc. | 222 |  | 98539 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIPPON REIT Investment Corp. | 156 |  | 91053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund, Inc. | 360 |  | 358401 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT UD REIT Investment Corp. | 127 |  | 119294 |
| &nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 1556 |  | 37966 |
| &nbsp;&nbsp;&nbsp;&nbsp; OUE REIT | 366600 |  | 78638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Picton Property Income Ltd. | 63920 |  | 64929 |
| &nbsp;&nbsp;&nbsp;&nbsp; REIT 1 Ltd. | 18315 |  | 95173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroder REIT Ltd. | 45679 |  | 32253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House REIT, Inc. | 309 |  | 166699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sella Capital Real Estate Ltd. | 19590 |  | 47939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Asia Investment Corp. | 211 |  | 80857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland | 201014 |  | 706411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneweg European REIT | 48300 |  | 82054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntec REIT | 186000 |  | 163990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takara Leben Real Estate Investment Corp. | 82 |  | 48810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu REIT, Inc. | 79 |  | 98858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosei REIT Investment Corp. | 51 |  | 44693 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Urban Investment Corp. | 253 |  | 266234 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 18208 |  | 1136908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuexiu REIT | 340000 |  | 31938 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED |  | $| 10075017 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 4.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 4.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 4.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedifica SA | 3745 |  | 300222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 12832 |  | 932373 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 12784 |  | 412667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assura PLC | 254851 |  | 164806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Care REIT PLC | 38181 |  | 54899 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 15643 |  | 457871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cofinimmo SA | 3150 |  | 251872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 2215 |  | 37832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 21807 |  | 49284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 6614 |  | 51192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care & Medical Investment Corp. | 33 |  | 25366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 28390 |  | 440897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 58245 |  | 1039091 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 3930 |  | 140969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.<sup>#</sup> | 50953 |  | 281261 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 3834 |  | 290119 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthWest Healthcare Properties REIT | 12608 |  | 44996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 22763 |  | 888895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkway Life REIT | 36300 |  | 117592 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

22 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Real Asset Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Primary Health Properties PLC | 101031 | $138260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 19941 | 355947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 4357 | 112236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Healthcare REIT PLC | 77461 | 101794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | 1459 | 55748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 36165 | 2534443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 50285 | 7672988 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE |  | $16953620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOTEL & RESORT – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOTEL & RESORT – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOTEL & RESORT – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc.<sup>#</sup> | 18766 | 220876 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascott Trust | 215449 | 140970 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDL Hospitality Trusts | 59214 | 36056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust | 5931 | 40746 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 18163 | 133317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far East Hospitality Trust | 94900 | 39612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoshino Resorts REIT, Inc. | 53 | 81534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 58448 | 825286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. | 636 | 262864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Hotel REIT Investment Corp. | 412 | 203738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 17264 | 171604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust<sup>#</sup> | 10499 | 95016 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 12234 | 85760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 5265 | 463057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 17174 | 30913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 11188 | 45535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 17186 | 143331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 8888 | 94924 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOTEL & RESORT |  | $3115139 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL – 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL – 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL – 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AIMS APAC REIT | 43700 | 41203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 21811 | 421825 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 300400 | 612113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centuria Industrial REIT | 46315 | 87226 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRE Logistics REIT, Inc. | 87 | 87322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus Industria REIT | 20663 | 34393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Industrial REIT | 11389 | 87570 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 4173 | 681952 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESR-REIT | 52029 | 87678 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 10962 | 521572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frasers Logistics & Commercial Trust | 249620 | 171224 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-REIT | 411 | 354507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 168621 | 3228053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Property Trust | 90440 | 98586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite REIT | 2635 | 120874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Infrastructure Fund Investment Corp. | 217 | 177520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 2518 | 136753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Logistics Fund, Inc. | 216 | 141257 |
| &nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 137 | 130691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc.<sup>#</sup> | 4987 | 240523 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 25159 | 198504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Industrial Trust | 178070 | 275453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Logistics Trust | 279150 | 240218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Logistics REIT Investment Corp. | 126 | 102877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Logistics Park, Inc. | 258 | 184149 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Montea NV | 1634 | $118635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Prologis REIT, Inc. | 202 | 334073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 3225 | 47956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 76849 | 7853968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 18308 | 605995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 112072 | 1019480 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOSiLA Logistics REIT, Inc. | 76 | 58796 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 15121 | 499447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 8357 | 470750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC | 193435 | 370020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Logistics REIT PLC | 48614 | 94640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouse REIT PLC | 63449 | 91382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw | 14901 | 380602 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIAL |  | $20409787 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-FAMILY RESIDENTIAL – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-FAMILY RESIDENTIAL – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-FAMILY RESIDENTIAL – 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Residence Investment Corp. | 243 | 250389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altarea SCA | 428 | 49458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & Management Co., Class A | 15328 | 121244 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 11631 | 2442277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boardwalk REIT | 2080 | 98086 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRT Apartments Corp. | 1574 | 24350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 8690 | 988922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT | 6637 | 202682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Care Property Invest NV | 2766 | 42067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 1362 | 82210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comforia Residential REIT, Inc. | 60 | 116641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Living Investments Corp. | 199 | 125646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 7525 | 117164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empiric Student Property PLC | 51684 | 62843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 27962 | 1964610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 5263 | 1469166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home REIT PLC\*<sup>,(1)</sup> | 42087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 18879 | 366819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingenia Communities Group | 40228 | 142715 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterRent REIT | 6334 | 51872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Irish Residential Properties REIT PLC | 45362 | 52469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Killam Apartment REIT | 4993 | 63092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 9712 | 1550521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morguard North American Residential REIT | 1808 | 21915 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 2069 | 77134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Accommodations Fund, Inc. | 215 | 175391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samty Residential Investment Corp. | 82 | 53227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Social Housing REIT PLC | 12500 | 11931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starts Proceed Investment Corp. | 27 | 32033 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 24987 | 1046456 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNITE Group PLC (The) | 33973 | 390317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 6873 | 106669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xior Student Housing NV | 2488 | 80693 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MULTI-FAMILY RESIDENTIAL |  | $12381009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OFFICE – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **OFFICE – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **OFFICE – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Properties REIT | 5371 | 59764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 15743 | 62342 |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 12047 | 767755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion REIT | 160000 | 47364 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 9220 | 46838 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Real Asset Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 9418 | $245904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 12980 | 357469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Office Investment Corp. | 48 | 102840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derwent London PLC | 8184 | 212283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus | 90968 | 437886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 12207 | 168823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 3539 | 71378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA | 4073 | 418128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global One Real Estate Investment Corp. | 95 | 79325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Portland Estates PLC | 28987 | 119841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helical PLC | 17407 | 50145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 8747 | 248765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. | 14051 | 28804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichigo Office REIT Investment Corp. | 132 | 77073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmobiliaria Colonial Socimi SA | 24501 | 158793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Excellent, Inc. | 109 | 98483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Prime Realty Investment Corp. | 73 | 180286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | 592 | 469819 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties<sup>#</sup> | 9549 | 133495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel REIT | 194800 | 127615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp.<sup>#</sup> | 8970 | 282645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mori Hills REIT Investment Corp. | 119 | 109537 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET Lease Office Properties\* | 1277 | 38604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 681 | 632110 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSI NV | 1341 | 32843 |
| &nbsp;&nbsp;&nbsp;&nbsp; One REIT, Inc. | 30 | 50492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orix JREIT, Inc. | 231 | 290939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Group, Inc. | 17502 | 75084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peakstone Realty Trust | 4237 | 48768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Inc., Class A | 10974 | 64856 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 5897 | 310241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 13769 | 485770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workspace Group PLC | 12028 | 71273 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OFFICE |  | $7264380 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OTHER SPECIALIZED – 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **OTHER SPECIALIZED – 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **OTHER SPECIALIZED – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arena REIT | 35122 | 83640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Social Infrastructure REIT | 35768 | 66992 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 6503 | 321834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners, Inc.<sup>#</sup> | 3836 | 38590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 7695 | 215075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 23100 | 1105566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Land Corp. | 3854 | 38270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 24369 | 2185168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 7097 | 807710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc., Class A\* | 9693 | 242713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 11402 | 172512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rural Funds Trust | 46919 | 53161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 4022 | 63347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc. | 21726 | 106892 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 86401 | 2766560 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER SPECIALIZED |  | $8268030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 6.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 6.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 8873 | 169474 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEON REIT Investment Corp. | 123 | 107647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp.<sup>#</sup> | 8493 | 659142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 201 | 41486 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 25752 | $641482 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWP Trust | 49088 | 112550 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand China Trust | 120900 | 63831 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust | 447347 | 736199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmila SA | 6271 | 136316 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 2691 | 63158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Retail REIT | 46012 | 109905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Properties REIT | 13868 | 146868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crombie REIT | 4825 | 51064 |
| &nbsp;&nbsp;&nbsp;&nbsp; CT REIT | 6101 | 65719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 7710 | 176482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurocommercial Properties NV | 4984 | 144020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 6203 | 583206 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Capital REIT | 8769 | 108643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune REIT | 131000 | 73301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frasers Centrepoint Trust | 105323 | 182462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Real Estate Investment Corp. | 195 | 108255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fukuoka REIT Corp. | 64 | 70025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp.<sup>#</sup> | 4465 | 124975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamborner REIT AG | 9415 | 66913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hammerson PLC | 37201 | 125513 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeCo Daily Needs REIT | 138313 | 108435 |
| &nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 5758 | 160418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | 578 | 385110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 56189 | 1122656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 18275 | 395654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA | 18459 | 675658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease Global Commercial REIT | 145125 | 57255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 213900 | 1001449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The) | 20524 | 300882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercialys SA | 7688 | 102920 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 7102 | 115550 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewRiver REIT PLC | 44669 | 45263 |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 15258 | 627256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 10352 | 359214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primaris REIT | 4411 | 46011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 72506 | 4195197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 13590 | 980926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region RE Ltd. | 98776 | 146408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Estates NV | 1199 | 87909 |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan REIT | 11906 | 148717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasseur REIT | 61100 | 29766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 1263 | 41300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 439067 | 1017206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shaftesbury Capital PLC | 148332 | 269443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 25308 | 3982973 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 3855 | 45643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slate Grocery REIT, Class U | 2915 | 29391 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartCentres REIT | 7835 | 144867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starhill Global REIT | 158600 | 60163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supermarket Income REIT PLC | 95954 | 99559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 9484 | 298841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield | 8525 | 721684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 10642 | 192301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. | 321799 | 486674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waypoint REIT Ltd. | 58312 | 95497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wereldhave NV | 2996 | 56588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

24 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Real Asset Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 4055 | $52877 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL |  | $23556297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SELF-STORAGE – 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **SELF-STORAGE – 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **SELF-STORAGE – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abacus Storage King | 51339 | 48547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big Yellow Group PLC | 16013 | 215581 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 18732 | 761830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 17592 | 2577580 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 5958 | 221638 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage REIT | 117726 | 173106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 13041 | 3917908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safestore Holdings PLC | 18058 | 151986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shurgard Self Storage Ltd. | 2600 | 107877 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SELF-STORAGE |  | $8176053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SINGLE-FAMILY RESIDENTIAL – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **SINGLE-FAMILY RESIDENTIAL – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **SINGLE-FAMILY RESIDENTIAL – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 26182 | 978945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 15496 | 1003831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 46725 | 1597528 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRS REIT PLC (The) | 46884 | 72540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 9957 | 1238949 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 6072 | 107292 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SINGLE-FAMILY RESIDENTIAL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SINGLE-FAMILY RESIDENTIAL | $4999085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS<br>(COST $120,503,911)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS<br>(COST $120,503,911)** | $**126664169** |
|  **TOTAL REAL ESTATE RELATED SECURITIES**<br> **(COST $187,922,063)** | **TOTAL REAL ESTATE RELATED SECURITIES**<br> **(COST $187,922,063)** | $**202537621** |
|  **COMMODITY RELATED SECURITIES – 46.8%** | **COMMODITY RELATED SECURITIES – 46.8%** | **COMMODITY RELATED SECURITIES – 46.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Global Natural Resources ETF<sup>#</sup> | 119300 | 6116511 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $5,102,946)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $5,102,946)** | $**6116511** |
| &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANIES – 45.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANIES – 45.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANIES – 45.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY – 45.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY – 45.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY – 45.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Commodity Strategy Fund, Admiral Shares | 2617549 | 70438247 |
| &nbsp;&nbsp;&nbsp;&nbsp; DFA Commodity Strategy Portfolio, Institutional Class<sup>§</sup> | 21965878 | 100823380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parametric Commodity Strategy Fund, Institutional Class | 542858 | 3447149 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMODITY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMODITY | $174708776 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES<br>(COST $178,497,158)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES<br>(COST $178,497,158)** | $**174708776** |
|  **TOTAL COMMODITY RELATED SECURITIES**<br> **(COST $183,600,104)** | **TOTAL COMMODITY RELATED SECURITIES**<br> **(COST $183,600,104)** | $**180825287** |
|  **SHORT-TERM INVESTMENTS – 0.7%** | **SHORT-TERM INVESTMENTS – 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUND – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUND – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUND – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>^</sup> | 2582929 | 2582929 |
|  **TOTAL SHORT-TERM INVESTMENT**<br> **(COST $2,582,929)** | **TOTAL SHORT-TERM INVESTMENT**<br> **(COST $2,582,929)** | $**2582929** |

---

---

| | | |
|:---|:---|:---|
| Description | Par Value | Value |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.7%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.7%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 4.37%, dated 4/30/25, due 5/01/25, repurchase price $552,909, collateralized by U.S. Treasury Securities, 0.00%, maturing 8/15/31 to 11/15/36; total market value of $563,899. | $552842 | $552842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.37%, dated 4/30/25, due 5/01/25, repurchase price $552,909, collateralized by a U.S. Treasury Security, 4.00%, maturing 2/15/34; total market value of $563,899. | 552842 | 552842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 4.35%, dated 4/30/25, due 5/01/25, repurchase price $160,900, collateralized by U.S. Treasury Securities, 3.88% to 4.00%, maturing 7/31/29 to 8/15/34; total market value of $164,099. | 160881 | 160881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Securities USA, 4.36%, dated 4/30/25, due 5/01/25, repurchase price $552,909, collateralized by U.S. Treasury Securities, 0.75% to 3.50%, maturing 11/15/25 to 2/15/33; total market value of $563,899. | 552842 | 552842 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.36%, dated 4/30/25, due 5/01/25, repurchase price $552,909, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 4/15/26 to 8/15/46; total market value of $563,899. | 552842 | 552842 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities, Inc., 4.38%, dated 4/30/25, due 5/01/25, repurchase price $552,909, collateralized by U.S. Treasury Securities, 4.13% to 4.63%, maturing 6/15/26 to 11/15/34; total market value of $563,899. | 552842 | 552842 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $2,925,091)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $2,925,091)** | $**2925091** |
|  **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $2,925,091)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $2,925,091)** | $**2925091** |
|  **TOTAL INVESTMENTS – 100.6%**<br> **(Cost $377,030,187)** | **TOTAL INVESTMENTS – 100.6%**<br> **(Cost $377,030,187)** | $**388870928** |
|  **COLLATERAL FOR SECURITIES ON LOAN – (0.7%)** | **COLLATERAL FOR SECURITIES ON LOAN – (0.7%)** | **(2925091)** |
|  **OTHER ASSETS LESS LIABILITIES – 0.2%** | **OTHER ASSETS LESS LIABILITIES – 0.2%** | **578366** |
|  **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**386524203** |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Real Asset 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, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Assets</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Related Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified | $— | $74106 | $— | $74106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Real Estate Activities | 210483 | 11966963 |  | 12177446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Development | 250046 | 1738567 |  | 1988613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Operating Companies | 164770 | 13365631 |  | 13530401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 35669442 |  |  | 35669442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 12433444 |  |  | 12433444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data Center | 11146218 | 319534 |  | 11465752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified | 2528972 | 7546045 |  | 10075017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 15798809 | 1154811 |  | 16953620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort | 2350365 | 764774 |  | 3115139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 11887689 | 8522098 |  | 20409787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Family Residential | 10795189 | 1585820 | —<sup>(a)</sup> | 12381009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office | 3497305 | 3767075 |  | 7264380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Specialized | 8064237 | 203793 |  | 8268030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail | 16197886 | 7358411 |  | 23556297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Self-Storage | 7478956 | 697097 |  | 8176053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single-Family Residential | 4926545 | 72540 |  | 4999085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity Related Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 6116511 |  |  | 6116511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 174708776 |  |  | 174708776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 2582929 |  |  | 2582929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2925091 |  | 2925091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $326808572 | $62062356 | $— | $388870928 |

---

<sup>(a)</sup> Includes internally fair valued securities currently priced at zero ($0). 

\*\* Represents less than 0.05%. 

\* Non-income producing security.

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

<sup>§</sup> Affiliated company. See Note 5 in Notes to Financial Statements.

^ 7-Day net yield.

<sup>(1)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Portfolio of Investments.

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| J-REIT | Japanese Real Estate Investment Trust |
| OYJ | Public Limited Company |
| PLC | Public Limited Company |
| RE | Reinsurance |
| REIT | Real Estate Investment Trust |
| SCA | Limited Partnership With Share Capital |
| SPDR | Standard & Poor's Depositary Receipt |

---

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

26 *STATEMENTS OF ASSETS AND LIABILITIES*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| April 30, 2025 | Wilmington<br>International<br>Fund |  | Wilmington<br>Global Alpha<br>Equities<br> Fund |  | Wilmington<br> Real Asset<br> Fund |
| ASSETS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments, at identified cost* | *$403054970* |  | *$180569429* |  | *$377030187* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value* | *$515946831* | *<sup>(b)</sup>* | *$232004343* |  | *$388870928* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash* | *25996* |  | *—* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Deposits for financial futures contracts* | *1145000* |  | *8164341* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash denominated in foreign currencies* | *1355691* | *<sup>(e)</sup>* | *519913* | *<sup>(e)</sup>* | *91945* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Variation margin receivable for financial futures contracts* | *182710* |  | *65645* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | *2076905* |  | *645988* |  | *383032* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign tax reclaim receivable* | *2314643* |  | *414517* |  | *164576* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | *607868* |  | *310748* |  | *326371* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized appreciation on forward foreign currency contracts* | *—* |  | *25534* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for investments sold* | *1158477* |  | *452549* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid and other assets* | *27742* |  | *33197* |  | *30090* |
| **TOTAL ASSETS** | **524841863** |  | **242636775** |  | **389866942** |
| LIABILITIES: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateral for securities on loan* | *23701114* |  | *—* |  | *2925091* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due to custodian* | *—* |  | *71638* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Deferred foreign capital gains tax payable* | *34573* |  | *4462* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investments purchased* | *1172043* |  | *303304* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized depreciation on forward foreign currency contracts* | *—* |  | *1422448* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | *44203* |  | *84265* |  | *94417* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable to sub-advisors* | *128157* |  | *106010* |  | *20829* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | *6253* |  | *6253* |  | *6253* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | *10973* |  | *5453* |  | *8822* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | *639* |  | *45* |  | *176* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | *85422* |  | *18153* |  | *99505* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | *372895* |  | *230378* |  | *187646* |
| **TOTAL LIABILITIES** | **25556272** |  | **2252409** |  | **3342739** |
| **NET ASSETS** | **$499285591** |  | **$240384366** |  | **$386524203** |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | *$379996295* |  | *$201005818* |  | *$409614626* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | *119289296* |  | *39378548* |  | *(23090423* |
| **TOTAL NET ASSETS** | **$499285591** |  | **$240384366** |  | **$386524203** |
| COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | *$3266260* |  | *$224145* |  | *$869146* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *334596* |  | *16941* |  | *62213* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value per share* | *$9.76* |  | *$13.23* |  | *$13.97* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Offering Price per share\** | *$10.33* | *\*\** | *$14.00* | *\*\** | *$14.78* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | *$496019331* |  | *$240160221* |  | *$385655057* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *50080076* |  | *17719872* |  | *27085165* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | *$9.90* |  | *$13.55* |  | *$14.24* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes $106,355,718 of investments in affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Including $22,673,318 of securities on loan (Note 2).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes $100,823,380 of investments in affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Including $2,840,325 of securities on loan (Note 2).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Cost of cash denominated in foreign currencies was $1,362,983, $518,594 and $95,135, respectively.

\* 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, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF OPERATIONS* 27

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Year Ended April 30, 2025 | Wilmington<br>International<br>Fund | Wilmington<br>Global Alpha<br>Equities<br> Fund | Wilmington<br>Real Asset<br>Fund |
| INVESTMENT INCOME: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Dividends* | $*15068244* *<sup>(a)</sup>* | $*4652909* *<sup>(a)</sup>* | $*12257837* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest* | *514676* | *158316* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Securities lending income, net* | *49070* | *—* | *27612* |
| **TOTAL INVESTMENT INCOME** | **15631990** | **4811225** | **12285449** |
| EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | *4272078* | *2369016* | *2012602* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | *156345* | *58805* | *110884* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | *176330* | *96369* | *123271* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | *106533* | *164400* | *72719* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | *44580* | *11825* | *9853* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | *77937* | *77937* | *78444* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | *337764* | *219669* | *176560* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Class A* | *8036* | *549* | *2211* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Class A* | *8036* | *549* | *2211* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | *35422* | *36852* | *38466* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | *19650* | *18343* | *18050* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | *60249* | *40787* | *47155* |
| **TOTAL EXPENSES** | **5302960** | **3095101** | **2692426** |
|  WAIVERS AND REIMBURSEMENTS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | *(734609* *)* | *(532457* *)* | *(469644* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Class A* | *(8036* *)* | *(549* *)* | *(2211* |
|  **TOTAL WAIVERS AND REIMBURSEMENTS** | **(742645)** | **(533006)** | **(471855** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | **4560315** | **2562095** | **2220571** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | **11071675** | **2249130** | **10064878** |
| REALIZED AND UNREALIZED GAIN (LOSS): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on unaffiliated investments* | *33322797* *<sup>(c)</sup>* | *19278636* *<sup>(c)</sup>* | *(4581080* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on affiliated investments* | *—* | *—* | *(3340325* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on forward foreign currency contracts* | *—* | *759828* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on foreign currency transactions* | *(49603* *)* | *(58630* *)* | *(8625* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on financial futures contracts* | *370789* | *(4804582* *)* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *33643983* | *15175252* | *(7930030* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on unaffiliated investments* | *27230234* *<sup>(d)</sup>* | *3192287* *<sup>(d)</sup>* | *26216315* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on affiliated investments* | *—* | *—* | *3667559* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on forward foreign currency contracts* | *—* | *(2506149* *)* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on foreign currency transactions* | *284932* | *58779* | *34765* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on financial futures contracts* | *387986* | *(1049305* *)* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *27903152* | *(304388* *)* | *29918639* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized and unrealized gain (loss)* | **61547135** | **14870864** | **21988609** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $**72618810** | $**17119994** | $**32053487** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding taxes of $1,717,164, $414,712 and $237,066, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes $3,505,421 received from affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net of foreign capital gains tax paid of $5 and $503, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net of change in deferred foreign capital gains tax accrued of $34,573 and $2,589, respectively.

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

28 *STATEMENTS OF CHANGES IN NET ASSETS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Wilmington<br>International<br>Fund | Wilmington<br>International<br>Fund | Wilmington<br>Global Alpha<br>Equities Fund | Wilmington<br>Global Alpha<br>Equities Fund |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*11071675* | $*10426586* | $*2249130* | $*2489892* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *33643983* | *26784158* | *15175252* | *(6028446)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *27903152* | *3171944* | *(304388)* | *17782032* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **72618810** | **40382688** | **17119994** | **14243478** |
|  *DISTRIBUTIONS TO SHAREHOLDERS:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(90506)* | *(62614)* | *(3186)* | *(4052)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(15810220)* | *(11608172)* | *(3134540)* | *(2879727)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | *(15900726)* | *(11670786)* | *(3137726)* | *(2883779)* |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *14457* | *371848* | *5603* | *1273* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *45695196* | *48647028* | *70912988* | *33989909* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *75175* | *56356* | *2909* | *4052* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *2803020* | *2052008* | *1212468* | *1129722* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(309360)* | *(257268)* | *(3548)* | *(118812)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(142172520)* | *(60988455)* | *(61889430)* | *(43535142)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **(93894032)** | **(10118483)** | **10240990** | **(8528998)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *(37175948)* | *18593419* | *24223258* | *2830701* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of year* | **536461539** | **517868120** | **216161108** | **213330407** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of year* | $**499285591** | $**536461539** | $**240384366** | $**216161108** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *1578* | *44067* | *442* | *106* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *4864209* | *5784755* | *5255092* | *2758884* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *8368* | *6763* | *224* | *335* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *307596* | *243467* | *91163* | *91550* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(34066)* | *(30997)* | *(274)* | *(9647)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(14751822)* | *(7211404)* | *(4720821)* | *(3516851)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **(9604137)** | **(1163349)** | **625826** | **(675623)** |

---

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF CHANGES IN NET ASSETS (concluded)* 29

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Wilmington<br> Real Asset<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  | Wilmington<br> Real Asset<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  |
|  | Year Ended<br>April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br> April 30,<br> 2024 |
| <br> OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $10064878 | $10299875 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | (7930030) | (9921030) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | 29918639 | 6969955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | 32053487 | 7348800 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income and net realized gains* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | (22044) | (18373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | (10059547) | (8514528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | (10081591) | (8532901) |
| SHARE TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | 18406 | 25938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | 58161693 | 61225286 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | 21435 | 17999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | 4584899 | 3694740 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | (93904) | (109169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | (78221764) | (93865028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | (15529235) | (29010234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | 6442661 | (30194335) |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of year* | 380081542 | 410275877 |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of year* | $386524203 | $380081542 |
| SHARES OF BENEFICIAL INTEREST: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | 1308 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | 4074564 | 4587614 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | 1578 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | 331337 | 270986 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | (6711) | (8240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | (5507156) | (7040743) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | (1105080) | (2187078) |

---

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

30 *FINANCIAL HIGHLIGHTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

 <br> WILMINGTON INTERNATIONAL FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS A | Year Ended<br> April 30, 2025  | Year Ended<br> April 30, 2024  | Year Ended<br> April 30, 2023  | Year Ended<br> April 30, 2022  | Year Ended<br> April 30, 2021  |
| Net Asset Value, Beginning of Year | $8.83 | $8.37 | $8.44 | $10.47 | $7.35 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.17 | 0.15 | 0.15 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 1.02 | 0.49 | 0.08 | (1.75) | 3.16 |
| Total Income (Loss) From Operations | 1.19 | 0.64 | 0.23 | (1.65) | 3.26 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.26) | (0.18) | (0.13) | (0.16) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  | (0.17) | (0.22) |  |
| Total Distributions | (0.26) | (0.18) | (0.30) | (0.38) | (0.14) |
|  **Net Asset Value, End of Year** | $9.76 | $8.83 | $8.37 | $8.44 | $10.47 |
|  **Total Return<sup>(b)</sup>** | 13.69% | 7.81% | 3.01% | (16.31)% | 44.67% |
|  **Net Assets, End of Year (000's)** | $3266 | $3166 | $2836 | $2957 | $4015 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.46% | 1.45% | 1.48% | 1.48% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 1.08% | 1.08% | 1.09% | 1.10% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.82% | 1.77% | 1.87% | 1.00% | 1.10% |
|  **Portfolio Turnover Rate** | 34% | 108% | 76% | 71% | 74% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS I | Year Ended<br> April 30, 2025  | Year Ended<br> April 30, 2024  | Year Ended<br> April 30, 2023  | Year Ended<br> April 30, 2022  | Year Ended<br> April 30, 2021  |
| Net Asset Value, Beginning of Year | $8.94 | $8.46 | $8.52 | $10.56 | $7.41 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.19 | 0.17 | 0.17 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 1.04 | 0.50 | 0.08 | (1.77) | 3.18 |
| Total Income (Loss) From Operations | 1.23 | 0.67 | 0.25 | (1.64) | 3.30 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.27) | (0.19) | (0.14) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  | (0.17) | (0.22) |  |
| Total Distributions | (0.27) | (0.19) | (0.31) | (0.40) | (0.15) |
|  **Net Asset Value, End of Year** | $9.90 | $8.94 | $8.46 | $8.52 | $10.56 |
|  **Total Return<sup>(b)</sup>** | 14.00% | 8.10% | 3.23% | (16.10)% | 44.92% |
|  **Net Assets, End of Year (000's)** | $496020 | $533296 | $515032 | $614339 | $713463 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 0.96% | 0.95% | 0.98% | 0.99% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 0.83% | 0.83% | 0.84% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.02% | 2.05% | 2.12% | 1.27% | 1.32% |
|  **Portfolio Turnover Rate** | 34% | 108% | 76% | 71% | 74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based on net asset value, which does not reflect the sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS (continued)* 31

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

 <br> WILMINGTON GLOBAL ALPHA EQUITIES FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS A | Year Ended<br> April 30, 2025  | Year Ended<br> April 30, 2024  | Year Ended<br> April 30, 2023  | Year Ended<br> April 30, 2022  | Year Ended<br> April 30, 2021  |
| Net Asset Value, Beginning of Year | $12.36 | $11.76 | $11.68 | $11.97 | $10.87 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.10 | 0.10 | 0.10 | 0.01 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.96 | 0.66 | 0.30 | (0.24) | 1.31 |
| Total Income (Loss) From Operations | 1.06 | 0.76 | 0.40 | (0.23) | 1.33 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.19) | (0.16) | (0.32) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.17) |
| Total Distributions | (0.19) | (0.16) | (0.32) | (0.06) | (0.23) |
|  **Net Asset Value, End of Year** | $13.23 | $12.36 | $11.76 | $11.68 | $11.97 |
|  **Total Return<sup>(b)</sup>** | 8.59% | 6.47% | 3.51% | (1.97)% | 12.27% |
|  **Net Assets, End of Year (000's)** | $224 | $205 | $303 | $295 | $&nbsp;&nbsp;&nbsp;&nbsp;324 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 2.00% | 1.92% | 2.19% | 2.30% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.80% | 0.83% | 0.87% | 0.12% | 0.19% |
|  **Portfolio Turnover Rate** | 82% | 43% | 68% | 44% | 58% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS I | Year Ended<br> April 30, 2025  | Year Ended<br> April 30, 2024  | Year Ended<br> April 30, 2023  | Year Ended<br> April 30, 2022  | Year Ended<br> April 30, 2021  |
| Net Asset Value, Beginning of Year | $12.63 | $11.99 | $11.88 | $12.14 | $11.01 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.15 | 0.14 | 0.13 | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.96 | 0.66 | 0.30 | (0.25) | 1.31 |
| Total Income (Loss) From Operations | 1.11 | 0.80 | 0.43 | (0.20) | 1.36 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.19) | (0.16) | (0.32) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.17) |
| Total Distributions | (0.19) | (0.16) | (0.32) | (0.06) | (0.23) |
|  **Net Asset Value, End of Year** | $13.55 | $12.63 | $11.99 | $11.88 | $12.14 |
|  **Total Return<sup>(b)</sup>** | 8.85% | 6.73% | 3.75% | (1.63)% | 12.46% |
|  **Net Assets, End of Year (000's)** | $240160 | $215956 | $213027 | $211957 | $206232 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.50% | 1.41% | 1.69% | 1.80% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.09% | 1.13% | 1.12% | 0.38% | 0.44% |
|  **Portfolio Turnover Rate** | 82% | 43% | 68% | 44% | 58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based on net asset value, which does not reflect the sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

32 *FINANCIAL HIGHLIGHTS (concluded)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

 <br> WILMINGTON REAL ASSET FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS A | Year Ended<br> April 30, 2025  | Year Ended<br> April 30, 2024  | Year Ended<br> April 30, 2023  | Year Ended<br> April 30, 2022  | Year Ended<br> April 30, 2021  |
| Net Asset Value, Beginning of Year | $13.22 | $13.26 | $16.30 | $15.58 | $12.33 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.33 | 0.31 | 0.69 | 1.64 <sup>(b)</sup> | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.77 | (0.08) | (3.04) | 0.82 | 3.32 |
| Total Income (Loss) From Operations | 1.10 | 0.23 | (2.35) | 2.46 | 3.49 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.35) | (0.27) | (0.69)<sup>(c)</sup> | (1.74) | (0.24) |
| Total Distributions | (0.35) | (0.27) | (0.69) | (1.74) | (0.24) |
|  **Net Asset Value, End of Year** | $13.97 | $13.22 | $13.26 | $16.30 | $15.58 |
|  **Total Return<sup>(d)</sup>** | 8.41% | 1.73% | (14.44)% | 16.34% | 28.65% |
|  **Net Assets, End of Year (000's)** | $869 | $873 | $941 | $1169 | $995 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(e)</sup> | 1.19% | 1.16% | 1.17% | 1.17% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(e),(f)</sup> | 0.82% | 0.82% | 0.85% | 0.89% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.35% | 2.36% | 4.78% | 10.04 %<sup>(b)</sup> | 1.25% |
|  **Portfolio Turnover Rate** | 6% | 3% | 20% | 32% | 40% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS I | Year Ended<br> April 30, 2025  | Year Ended<br> April 30, 2024  | Year Ended<br> April 30, 2023  | Year Ended<br> April 30, 2022  | Year Ended<br> April 30, 2021  |
| Net Asset Value, Beginning of Year | $13.45 | $13.48 | $16.54 | $15.77 | $12.47 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.37 | 0.35 | 0.74 | 1.65 <sup>(b)</sup> | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.79 | (0.09) | (3.09) | 0.89 | 3.40 |
| Total Income (Loss) From Operations | 1.16 | 0.26 | (2.35) | 2.54 | 3.57 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.37) | (0.29) | (0.71)<sup>(c)</sup> | (1.77) | (0.27) |
| Total Distributions | (0.37) | (0.29) | (0.71) | (1.77) | (0.27) |
|  **Net Asset Value, End of Year** | $14.24 | $13.45 | $13.48 | $16.54 | $15.77 |
|  **Total Return<sup>(d)</sup>** | 8.70% | 1.94% | (14.21)% | 16.66% | 29.00% |
|  **Net Assets, End of Year (000's)** | $385655 | $379209 | $409335 | $486959 | $463203 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(e)</sup> | 0.69% | 0.66% | 0.67% | 0.67% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(e),(f)</sup> | 0.57% | 0.57% | 0.60% | 0.64% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.59% | 2.60% | 5.10% | 9.98 %<sup>(b)</sup> | 1.18% |
|  **Portfolio Turnover Rate** | 6% | 3% | 20% | 32% | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The net investment income earned by the Fund increased significantly during the fiscal year ended April 30, 2022 due to larger than usual net investment income distributions from the commodity-related investments in its portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(c) A portion of this distribution amounting to less than $0.005 per share was a tax return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Based on net asset value, which does not reflect the sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS* 33

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Funds

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;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 10 funds, 3 of which are presented herein (individually referred to as a "Fund" or collectively as the "Funds"). The remaining 7 funds are presented in separate reports.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund<br>| Investment Goal<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wilmington International Fund ("International Fund")<sup>(d)</sup>* | *The Fund seeks to provide long-term capital appreciation, primarily through a diversified portfolio of non-U.S. equity securities.* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wilmington Global Alpha Equities Fund ("Global Alpha Equities Fund")<sup>(d)</sup>* | *The Fund seeks to achieve long-term growth of capital with lower volatility than broader equity markets.* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wilmington Real Asset Fund ("Real Asset Fund")<sup>(d)</sup>* | *The Fund seeks to achieve long-term preservation of capital with current income.* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<sup>(d)</sup> Diversified* |  |

---

The Funds offer Class A and Class I shares. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

The assets of each fund are segregated and a shareholder's interest is limited to the fund in which shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services - Investment Companies." The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated and the differences could be material.

**Computation of Net Asset Value –** The net asset value (''NAV'') per share for each class of a Fund is computed by dividing the total current value of the assets of the Fund, less its liabilities, attributable to the class by the total number of shares outstanding of the class at the time of such computation. The NAV per share for each class of a Fund is computed as of 4:00 p.m. (Eastern Time) on days when the New York Stock Exchange ("NYSE") is open for regular trading.

**Investment Valuation** – The Board of Trustees ("Trustees") has adopted Valuation Policies and Procedures ("Valuation Procedures") and has delegated responsibilities to Wilmington Funds Management Corporation ("WFMC" or the "Advisor"), in its role as the Trust's investment advisor, with respect to the valuation of the Funds' investments. The Advisor, acting through its Pricing Committee, carries out all of the functions set forth below to determine fair value in good faith with respect to a Fund's investments. The fair value of the Funds' portfolio securities are determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;● financial 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 Advisor may determine in good faith that another method of valuing such investments is necessary to appraise their fair value;

&nbsp;&nbsp;&nbsp;&nbsp;● forward foreign currency contracts are valued at the mean between the last bid and asked prices;

&nbsp;&nbsp;&nbsp;&nbsp;● investments in open-end regulated investment companies are valued at NAV;

&nbsp;&nbsp;&nbsp;&nbsp;● for fixed income securities, according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost provided such amount approximates fair value;

&nbsp;&nbsp;&nbsp;&nbsp;● price information on listed securities, including Exchange Traded Funds ("ETFs") and Exchange Traded Notes ("ETNs"), is taken from the exchange where the security is primarily traded; and

&nbsp;&nbsp;&nbsp;&nbsp;● for all other securities, at fair value as determined by the Advisor in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

34 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Trading in foreign securities may be completed at times which vary from the closing of the NYSE. In computing their NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Advisor, 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. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00 pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing ("SIFVP")).

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund's Portfolio of Investments. The inputs or techniques used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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. The Funds may utilize SIFVP which could result in certain equity securities being categorized as Level 2. 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 the Valuation Procedures. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

**Repurchase Agreements** – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund's return on the transaction. It is the Funds' 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 each Fund.

At April 30, 2025, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund/Counterparty<br>| Repurchase<br>Agreements | Fair Value of<br>Non-Cash Collateral<br>Received<sup>(1)</sup> | Cash Collateral<br>Received<sup>(1)</sup> | Net Exposure<sup>(2)</sup> |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Fund** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of America Securities, Inc.* | $*1414901* | $*1414901* | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of Montreal* | *4384706* | *4384706* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*BNP Paribas SA* | *4384706* | *4384706* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Citigroup Global Markets Ltd.* | *4022574* | *4022574* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Daiwa Capital Markets America, Inc.* | *4384706* | *4384706* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*HSBC Securities USA, Inc.* | *2534433* | *2534433* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*RBC Dominion Securities, Inc.* | *1536590* | *1536590* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*TD Securities, Inc.* | *1038498* | *1038498* |  |  |
|  | $**23701114** | $**23701114** | $**—** | $**—** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Asset Fund** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of America Securities, Inc.* | $*552842* | $*552842* | $— | $— |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund/Counterparty<br>| Repurchase<br>Agreements | Fair Value of<br>Non-Cash Collateral<br>Received<sup>(1)</sup> | Cash Collateral<br>Received<sup>(1)</sup> | Net Exposure<sup>(2)</sup> |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Barclays Capital, Inc.* | $*552842* | $*552842* | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Deutsche Bank Securities, Inc.* | *160881* | *160881* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mizuho Securities USA* | *552842* | *552842* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*RBC Dominion Securities, Inc.* | *552842* | *552842* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*TD Securities, Inc.* | *552842* | *552842* |  |  |
|  | $**2925091** | $**2925091** | $**—** | $**—** |

---

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

*<sup>(2)</sup> Net exposure represents the 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 reporting 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. Distributions received from real estate investment trusts ("REITs") are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management's estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the amounts are determined. 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 and includes proceeds from litigation, if any. 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.

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.

Each Fund offers multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared and paid quarterly for the Funds, with the exception of the Global Alpha Equities Fund, which is paid annually.

**Segment Reporting –** In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations.

Each Fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its investment objective as outlined in the Funds' prospectus. The Investment Committee - General Matters, comprising senior management of the Advisor and the President of the Funds, acts as the chief operating decision maker (CODM) and regularly reviews the Funds' total returns, expense ratios, and changes in net assets as presented within the Funds' financial statements to assess performance and to make decisions about resources to be allocated to the Funds.

**Foreign Currency Translation** – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies 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 foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities at period end, resulting from changes in the exchange rates.

**Restricted Securities** – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The 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 the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

36 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Lending of Portfolio Securities** – The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Funds. 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 loaned. 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 Funds and any additional required collateral is delivered to the Funds on the next business day.

Under the terms of the agreement, cash collateral received is invested in one or more approved investments. 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 Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds.

At April 30, 2025, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  | <br> Value of<br>Securities<br>on Loan | Cash<br>Collateral<br>Received<sup>(1)</sup> | Net Exposure<sup>(2)</sup>  |
| *International Fund* | *$22673318* | *$22673318* | *$—* |
| *Real Asset Fund* | *2840325* | *2840325* | *—* |

---

*<sup>(1)</sup>* *Collateral with a value of $23,701,114 and $2,925,091, respectively, has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.* 

*<sup>(2)</sup>* *Net exposure represents the receivable due from the counterparty in the event of default.* 

&nbsp;&nbsp;&nbsp;&nbsp;3. DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position. Risk of loss on derivatives, including written options, forward foreign currency contracts, and financial futures contracts, may exceed amounts recognized on the Statements of Assets and Liabilities.

**Forward Foreign Currency Contracts** – Certain Funds may enter into foreign currency commitments or foreign currency exchange transactions. A Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge a Fund's securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

The International Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities. The Global Alpha Equities Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the portfolio's securities or as a means to express a view on the direction of a currency's value as a part of the broader investment strategy.

**Financial Futures Contracts** – The Funds may invest in financial futures contracts to hedge their existing portfolios, manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, and prior to computing its NAV, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities.

For the year ended April 30, 2025, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following is a summary of the location of derivatives on the Funds' Statements of Assets and Liabilities and the fair value of the Funds' derivative investments categorized by primary risk exposure as of April 30, 2025.

---

| | | |
|:---|:---|:---|
|  | Location on the Statements of Assets and Liabilities | Location on the Statements of Assets and Liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative Type | Asset Derivatives<br>| Liability Derivatives<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; *Equity contracts* | &nbsp;&nbsp;&nbsp;&nbsp; *Variation margin receivable for financial futures contracts\** | *Variation margin payable for financial futures contracts\** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign exchange contracts*  | &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized appreciation on forward foreign currency contracts\*\** | *Unrealized depreciation on forward foreign currency contracts\*\** |

---

*\** *The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The amount presented below is the cumulative unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2025.* 

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

---

| | | | |
|:---|:---|:---|:---|
|  | Asset Derivatives Fair Value | Asset Derivatives Fair Value | Asset Derivatives Fair Value |
| Fund | Total Value | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts |
| **International Fund** |  |  |  |
| *Financial Futures Contracts* | $*383506* | $*383506* | $*—* |
| *Totals* | $*383506* | $*383506* | $*—* |
| **Global Alpha Equities Fund** |  |  |  |
| *Financial Futures Contracts* | $*1103698* | $*1103698* | $*—* |
| *Forward Foreign Currency Contracts* | *25534* | *—* | *25534* |
| *Totals* | $*1129232* | $*1103698* | $*25534* |
|  | Liability Derivatives Fair Value | Liability Derivatives Fair Value | Liability Derivatives Fair Value |
| Fund | Total Value | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts |
| **Global Alpha Equities Fund** |  |  |  |
| *Financial Futures Contracts* | $*(382326)* | $*(382326)* | $*—* |
| *Forward Foreign Currency Contracts* | *(1422448)* | *—* | *(1422448)* |
| *Totals* | $*(1804774)* | $*(382326)* | $*(1422448)* |

---

The following is a summary of the location of realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds' Statements of Operations categorized by primary risk exposure for the year ended April 30, 2025.

---

| | |
|:---|:---|
| Derivative Type | Location on the Statements of Operations |
| *Equity contracts* | *Net realized gain (loss) on financial futures contracts* |
|  | *Net change in unrealized appreciation (depreciation) on financial futures contracts* |
| *Foreign exchange contracts* | *Net realized gain (loss) on forward foreign currency contracts* |
|  | *Net change in unrealized appreciation (depreciation) on forward foreign currency contracts* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Net Realized Gain (Loss) on Derivatives Recognized in Results<br> from Operations | Net Realized Gain (Loss) on Derivatives Recognized in Results<br> from Operations | Net Realized Gain (Loss) on Derivatives Recognized in Results<br> from Operations |
| Fund | Total | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts |
| **International Fund** |  |  |  |
| *Financial Futures Contracts* | $*370789* | $*370789* | $*—* |
| *Totals* | $*370789* | $*370789* | $*—* |
| **Global Alpha Equities Fund** |  |  |  |
| *Financial Futures Contracts* | $*(4804582)* | $*(4804582)* | $*—* |
| *Forward Foreign Currency Contracts* | *759828* | *—* | *759828* |
| *Totals* | $*(4044754)* | $*(4804582)* | $*759828* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

38 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Net Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Results from Operations | Net Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Results from Operations | Net Change in Unrealized Appreciation (Depreciation) on Derivatives<br> Recognized in Results from Operations |
| Fund | Total | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts |
| **International Fund** |  |  |  |
| *Financial Futures Contracts* | $*387986* | $*387986* | $*—* |
| *Totals* | $*387986* | $*387986* | $*—* |
| **Global Alpha Equities Fund** |  |  |  |
| *Financial Futures Contracts* | $*(1049305)* | $*(1049305)* | $*—* |
| *Forward Foreign Currency Contracts* | *(2506149)* | *—* | *(2506149)* |
| *Totals* | $*(3555454)* | $*(1049305)* | $*(2506149)* |

---

The average quarterly volume of derivative activities for the year ended April 30, 2025 are as follows.

---

| | | |
|:---|:---|:---|
|  | Asset Derivative Volume | Asset Derivative Volume |
| Fund | Financial<br> Futures<br>Contracts<sup>(1)</sup> | Forward<br>Foreign<br>Currency<br>Contracts<sup>(2)</sup> |
| *International Fund* | $*11869227* | $*—* |
| *Global Alpha Equities Fund* | *2418031* | *39568455* |
|  | Liability Derivative Volume | Liability Derivative Volume |
| Fund | Financial Futures<br>Contracts<sup>(1)</sup> | Forward<br>Foreign<br>Currency<br>Contracts<sup>(2)</sup> |
| *Global Alpha Equities Fund* | $*98954348* | $*287863* |

---

*<sup>(1)</sup>* *Notional Amount.* 

*<sup>(2)</sup>* *Contract Amount.* 

Certain Funds are parties to International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("MA") with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to each Fund is held in a segregated account by each Fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the Fund's Portfolio of Investments or Statements of Assets and Liabilities.

At April 30, 2025, derivative assets and liabilities by counterparty net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund/Counterparty | Derivative<br> Assets Subject to<br> a MA | Derivatives<br> Available for<br> Offset | Non-Cash<br> Collateral<br> Received<sup>(1)</sup> | Cash<br> Collateral<br> Received<sup>(1)</sup> | Net Exposure<br> of Derivative<br> Assets<sup>(2)</sup> |
| **Global Alpha Equities Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Standard Chartered PLC* | $*25534* | $*(14295)* | $*—* | $*—* | $*11239* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Derivative Assets* | $*25534* | $*(14295)* | $*—* | $*—* | $*11239* |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 39

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund/Counterparty | Derivative<br> Liabilities Subject to<br> a MA | Derivatives<br> Available for<br> Offset | Non-Cash<br> Collateral<br> Pledged<sup>(1)</sup> | Cash<br> Collateral<br> Pledged<sup>(1)</sup> | Net Exposure<br> of Derivative<br> Liabilities<sup>(2)</sup> |
| **Global Alpha Equities Fund (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *BNP Paribas* | $*32950* | $*—* | $*—* | $*—* | $*32950* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Citibank N.A.* | *229290* | *—* | *—* | *—* | *229290* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Credit Agricole Securities. (USA) Inc.* | *32771* | *—* | *—* | *—* | *32771* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deutsche Bank AG* | *325383* | *—* | *—* | *—* | *325383* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *JP Morgan Securities LLC* | *362408* | *—* | *—* | *—* | *362408* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Standard Chartered PLC* | *14295* | *(14295)* | *—* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *State Street Corp.* | *64426* | *—* | *—* | *—* | *64426* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *UBS Securities LLC* | *360925* | *—* | *—* | *—* | *360925* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Derivative Liabilities* | $*1422448* | $*(14295)* | $*—* | $*—* | $*1408153* |

---

*<sup>(1)</sup>* *Excess of collateral received or pledged is not shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Net exposure represents the receivable due from or payable due to the counterparty in the event of default.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. FEDERAL TAX INFORMATION

No provision for federal income taxes has been made, as it is each Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, and to distribute to shareholders each year all of its taxable income and realized gains.

Each Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2025.

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 primarily due to foreign currency transactions, mark-to-market of futures contracts, passive foreign investment companies, and losses deferred due to wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2025, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:

---

| | | |
|:---|:---|:---|
| Fund | Paid-in<br>Capital | Distributable<br>Earnings<br>(Loss) |
| *Real Asset Fund* | $*(1814)* | *$1814* |

---

The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
| Fund | Ordinary<br>Income\* | Long-Term<br> Capital Gains | Ordinary<br> Income\* | Long-Term<br> Capital Gains |
| *International Fund* | *$15900726* | *$—* | *$11670786* | *$—* |
| *Global Alpha Equities Fund* | *3137726* | *—* | *2883779* | *—* |
| *Real Asset Fund* | *10081591* | *—* | *8532901* | *—* |

---

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

As of April 30, 2025, the cost of investments and derivatives for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments and derivatives for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments and derivatives for which there was an excess of tax cost over value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Tax Unrealized<br>Appreciation | Tax Unrealized<br>Depreciation | Net Tax<br> Unrealized<br> Appreciation/<br> (Depreciation) |
| *International Fund* | $*409509504* | $*130402098* | $*(23964771)* | $*106437327* |
| *Global Alpha Equities Fund* | *186092922* | *57124278* | *(11373650)* | *45750628* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

40 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Tax Unrealized<br> Appreciation | Tax Unrealized<br> Depreciation | Net Tax<br> Unrealized<br> Appreciation/<br> (Depreciation) |
| *Real Asset Fund* | $*384815856* | $*36584810* | $*(32529737)* | $*4055073* |

---

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Other<br>Timing<br>Differences | Unrealized<br>Appreciation/<br>(Depreciation) | Capital Loss<br>Carryforwards | Late Year<br>Loss<br>Deferrals | Distributable<br>Earnings |
| *International Fund* | $*5091568* | $*7248187* | $*—* | $*106949541* | $— | $*—* | $*119289296* |
| *Global Alpha Equities Fund* | *—* | *—* | *2* | *45851984* | (5927505) | *(545933)* | *39378548* |
| *Real Asset Fund* | *1492985* | *—* | *4* | *4068737* | (28652149) | *—* | *(23090423)* |

---

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2025, character of capital loss carryforwards were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term<br>No Expiration | Long-Term<br>No Expiration | Total Capital<br>Loss<br>Carryforwards |
| *Global Alpha Equities Fund* | $*(5927505)* | $*—* | $*(5927505)* |
| *Real Asset Fund* | *(1250848)* | *(27401301)* | *(28652149)* |

---

For the year ended April 30, 2025, capital loss carryforwards utilized were as follows:

---

| | |
|:---|:---|
| Fund | Capital Loss<br>Carryforwards<br>Utilized |
| *International Fund* | *$25953203* |
| *Global Alpha Equities Fund* | *13351627* |

---

Late year loss deferrals represent (1) net specified losses realized between November 1 and April 30 of each year and (2) ordinary losses realized between January 1 and April 30 of each year that the Fund has elected for U.S. federal income tax purposes to treat as occurring on the first day of the following tax year. As of April 30, 2025, late year loss deferrals were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Ordinary<br>Losses | Short-Term<br>Capital<br>Losses | Long-Term<br>Capital<br>Losses |
| *Global Alpha Equities Fund* | $*545933* | $*—* | $*—* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

**Investment Advisor** – WFMC 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 daily and paid monthly, based on a percentage of each Fund's average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

Each of the Funds utilizes a sub-advisor strategy, whereby WFMC allocates all or a portion of the Funds' assets among one or more sub-advisors and strategies. For their services, the Funds pay each sub-advisor fees, accrued daily and paid monthly, as described below.

---

| | | | |
|:---|:---|:---|:---|
| Fund | Gross Fees | Fees Waived/<br> Reimbursed | Current Fee as a % of average net assets<br>of the Fund/Allocated Net Assets for Sub-advisors |
| **International Fund** |  |  |  |
| *WFMC* | $*2468103* | $*(734609)* | *0.45%* |
| *Sub-advisors:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wellington Management Company LP* | *1803975* | *—* | *0.33%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total<sup>(a)</sup>* | $*4272078* | $*(734609)* |  |
| **Global Alpha Equities Fund** |  |  |  |
| *WFMC* | $*1239458* | $*(532457)* | *0.60%* |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 41

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund | Gross Fees | Fees Waived/<br>Reimbursed | Current Fee as a % of average net assets<br> of the Fund/ Allocated Net Assets for Sub-advisors |
| *Sub-advisors:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wellington Management Company LP* | $*1129558* | $*—* | *0.55% on the first $250 million; and 0.50% on assets in excess of $250 million* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total<sup>(b)</sup>* | $*2369016* | $*(532457)* |  |
| **Real Asset Fund** |  |  |  |
| *WFMC* | $*1751332* | $*(469644)* | *0.45% on all assets except assets allocated to the inflation-protected and fixed-income securities ("TIPS") strategy or the Enhanced Cash Strategy. The fee for assets allocated to the TIPS strategy is: 0.52% of the first $25 million; 0.49% of the next $25 million; and 0.47% of Assets over $50 million. The fee for assets allocated to the Enhanced Cash Strategy is 0.53% on the assets.* |
| *Sub-advisors:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Parametric Portfolio Associates LLC* | *261270* | *—* | *0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; 0.15% of the next $110 million in assets; and 0.10% of assets in excess of $150 million* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total<sup>(c)</sup>* | $*2012602* | $*(469644)* |  |

---

*<sup>(a)</sup>* *The total gross advisory and sub-advisory fees during the period were 0.78% for the International Fund.* 

*<sup>(b)</sup>* *The total gross advisory and sub-advisory fees during the period were 1.15% for the Global Alpha Equities Fund.* 

*<sup>(c)</sup>* *The total gross advisory and sub-advisory fees during the period were 0.52% for the Real Asset Fund.* 

WFMC and the Funds' distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2025 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, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds' distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

---

| | | |
|:---|:---|:---|
|  | <br> Current Contractual <br>Expense Limitations  | <br> Current Contractual <br>Expense Limitations  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund<br>| Class A<br>| Class I <br>|
| *International Fund* | *1.08%* | *0.83%* |
| *Global Alpha Equities Fund* | *1.49%* | *1.24%* |
| *Real Asset Fund* | *0.82%* | *0.57%* |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator<br>| <br> Maximum<br>Fee<br>| <br> Average Aggregate Daily Net<br>Assets of the Trust<br>|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*BNY* | *0.0175%* | *on the first $15 billion* |
|  | *0.0150%* | *on the next $10 billion* |
|  | *0.0125%* | *on assets in excess of $25 billion* |

---

WFMC and BNY may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNY will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2025, neither WFMC nor BNY waived any administrative fees.

**Distribution Services Fee** – The Trust has adopted a Distribution Services Plan (the "Plan") pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. ("ALPS"), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds' Class A shares, for the sale, distribution, administration, customer servicing and record keeping of these shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

42 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, 2025, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together "M&T"), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

---

| | |
|:---|:---|
| Fund | Distribution<br> Fees |
| *International Fund* | *$918* |
| *Global Alpha Equities Fund* | *33* |
| *Real Asset Fund* | *2* |

---

**Sales Charges** – The Funds' Class A shares, as applicable, bear front-end sales charges. For the year ended April 30, 2025, M&T did not receive sales charges on the sale of Class A shares.

**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 the Funds' Class A shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.

M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds' Class A shares. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their 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, 2025, M&T did not receive any shareholder service fees from the Funds.

**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.

BNY provides custody services to the Trust.

BNY Investment Servicing (U.S.) Inc. provides fund accounting and transfer agency services to the Trust.

**General** – Certain Trustees and 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** – Certain of the Funds' investments are in companies that are considered to be affiliated companies of the Fund because the Fund owns more than 5% of the outstanding voting securities of the company. Transactions with affiliated companies during the year ended April 30, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund/<br> Affiliated Investment<br> Name | Value<br> 4/30/24 | Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | Net<br> Realized<br> Gain/(Loss)  | Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation | Value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/25  | Number of <br> Shares<br> 4/30/25 | Dividend<br> Income | Capital<br> Gain<br> Distributions |
|  **Real Asset Fund** |  |  |  |  |  |  |  |  |  |
|  **Investment Company - 26.1%\*** |  |  |  |  |  |  |  |  |  |
|  *DFA Commodity Strategy Portfolio, Institutional Class* | *$110990725* | *$3505421* | *$(14000000)* | *$(3340325)* | *$3667559* | *$100823380* | *21965878* | *$3505421* | *$—* |

---

*\** *As a percentage of Net Assets as of April 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund<br>| <br> Purchases | <br> Sales |
| *International Fund* | $*180436114* | $*280210292* |
| *Global Alpha Equities Fund* | *158843017* | *168801930* |
| *Real Asset Fund* | *23241122* | *35053179* |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (concluded)* 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. MARKET RISK IN GENERAL

There is a risk that the value of a Fund's investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by a Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally.

The principal risks of investing in the Funds are described more fully in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. CONTRACTUAL OBLIGATIONS

In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit ("LOC") agreement with BNY, which was renewed and became effective March 26, 2025. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the Statement of Operations. The LOC expires on March 25, 2026.

The Funds did not utilize the LOC during the year ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. NEW REGULATORY PRONOUNCEMENTS

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require greater disaggregation of disclosures related to income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material subsequent events that would require recognition or disclosure in the Funds' financial statements through this date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington International Fund, Wilmington Global Alpha Equities Fund and Wilmington Real Asset Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington International Fund, Wilmington Global Alpha Equities Fund and Wilmington Real Asset Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025 and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2025

We have served as the auditor of one or more investment companies in Wilmington Funds since 2019.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

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FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2025, 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Fund |  |
| &nbsp;&nbsp;&nbsp; International Fund | 1.04% |
| &nbsp;&nbsp;&nbsp; Global Alpha Equities Fund | 52.25% |
| &nbsp;&nbsp;&nbsp; Real Asset Fund | 0.07% |

---

For the fiscal year ended April 30, 2025, 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 20%:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Fund |  |
| &nbsp;&nbsp;&nbsp; International Fund | 84.70% |
| &nbsp;&nbsp;&nbsp; Global Alpha Equities Fund | 96.92% |
| &nbsp;&nbsp;&nbsp; Real Asset Fund | 13.27% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025 (unaudited)* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

OTHER INFORMATION

### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

### Renewal of Advisory and Sub-Advisory Agreements
Not applicable.

*April 30, 2025 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

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#### PRIVACY POLICY AND NOTICE

#### OF THE FUNDS AND THEIR DISTRIBUTOR

#### March 11, 2025
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. In accordance with current regulations, the Funds will: collect from customers only the non-public personal information needed to conduct the Funds' business; ensure the security and confidentiality of customer records and information; protect against unauthorized access to or use of customer records and information; protect against any anticipated threats or hazards to the security or integrity of customer records and information; and require companies that service the Funds to have an information security program in place that is reasonably designed to safeguard customer records and information.

#### Information Collected by the Funds
The Funds collect nonpublic personal information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;● 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 or taxpayer identification number, date of birth, assets, income, account balances, and investment activity.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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 Practices
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:

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● We may disclose some or all 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. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and direct such third parties to only use your information for the purpose it was provided. We require these third parties to treat your personal information with the same high degree of confidentiality that we do.

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, and to have an information security program in place that is reasonably designed to safeguard customer records and information. We do not permit third parties 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025 (unaudited)* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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 to service a customer's account or comply with legal requirements.

#### Visiting the Funds' Website
The Funds' website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.

● Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

● 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 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 the Funds' website, so you don't have to resubmit personal information. Cookies provide faster access into the website. You can manage your cookie preferences here and find additional information in the Wilmington Trust <u>Cookie Notice</u>.

● 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.

● You can find additional information in the Wilmington Trust <u>Digital Privacy Notice</u>.

#### E-mail
If you have opted to receive information from the Funds by e-mail, it is our policy to include instructions in all e-mail 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-mails 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 the Funds or its agents. 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.

#### What You Can Do
The safety and security of your Personal Information also depends on you. You are responsible for keeping your account information, such as your account number and login information for our website, confidential. For your protection, we recommend that you do not provide your account information to anyone except a representative of the Funds as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

#### Surveys/Aggregate Data
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information 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 Notice
The effective date of this Notice is March 11, 2025. We reserve the right to modify this Notice at any time. When it is revised, reviewed 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 Notice.

*April 30, 2025 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

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![LOGO](g936620dsp96a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Investment Advisor | Distributor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALPS Distributors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290 Broadway, Suite 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver, CO 80203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890 | <br> Fund Accountant, Co-Administrator, Transfer Agent |
| Sub-Advisor | and Dividend Disbursing Agent |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Trust Investment Advisors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Mellon Investment Servicing (U.S.) Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 Bellevue Parkway |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890 | <br> Independent Registered Public Accounting Firm |
| Additional Sub-Advisors to the | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PricewaterhouseCoopers LLP |
| Wilmington International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Commerce Square |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellington Management Company LLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001 Market Street, Suite 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 Congress Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston, Massachusetts 02210<br>|  |
| Additional Sub-Advisors to the |  |
| Wilmington Global Alpha Equities Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellington Management Company LLP<br> 280 Congress Street |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston, Massachusetts 02210<br>|  |
| Additional Sub-Advisors to the |  |
| Wilmington Real Asset Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parametric Portfolio Associates, LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 Fifth Avenue, Suite 2800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle, WA 98104<br>|  |
| Co-Administrator |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Funds Management Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9th Floor |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890<br>|  |
| Custodian |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 Greenwich Street |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York, NY 10286 |  |

---

---

| |
|:---|
| WT-AR-MMgr-0425 |
| <br> **Wilmington Funds \| 1-800-836-2211 \| www.wilmingtonfunds.com** |

---

*We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.* 

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![LOGO](g936620g97j97.jpg)

April 30, 2025 PRESIDENT'S MESSAGE AND ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION WILMINGTON FUNDS Money Market Funds Wilmington U.S. Government Money Market Fund Wilmington U.S. Treasury Money Market Fund

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![LOGO](g936620g98j98.jpg)

CONTENTS

---

| | |
|:---|:---|
| [President's Message](#fin3936620_1) | i |
| [Portfolios of Investments](#fin3936620_2) | 1 |
| [Statements of Assets and Liabilities](#fin3936620_3) | 5 |
| [Statements of Operations](#fin3936620_4) | 6 |
| [Statements of Changes in Net Assets](#fin3936620_5) | 7 |
| [Financial Highlights](#fin3936620_6) | 8 |
| [Notes to Financial Statements](#fin3936620_7) | 12 |
| [Report of Independent Registered Public Accounting Firm](#fin3936620_8) | 17 |
| [Other Information.](#fin3936620_9) | 18 |

---

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i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

PRESIDENT'S MESSAGE (unaudited)

#### Esteemed Shareholder:
I am pleased to present the Annual Financial Statements of the U.S. Government Money Market Fund and U.S. Treasury Money Market Fund (the "Funds"), covering the Funds' annual fiscal year of May 1, 2024, through April 30, 2025.

#### The economy and financial markets in review
Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (the Funds' investment advisor and subadvisor, respectively), have provided the following review of the economy, bond markets, and stock markets for the Funds' annual fiscal year.

#### The economy
It was an eventful period as economic conditions changed rapidly over the annual fiscal year. The most notable event came towards the end of the period (on April 2nd or "Liberation Day") as newly elected President Donald Trump began his second term by working to re-order global trade via major tariff announcements. The Liberation Day tariffs shocked investors – in both scale and breadth – sending the U.S. tariff rate to its highest level in 119 years. Stagflation (low growth and high inflation) became a major concern among economists and strategists across Wall Street as they rushed to quantify the economic impact of the tariffs and any potential retaliations from U.S. trading partners. The remainder of April was turbulent as whipsawing tariff policies made it difficult for the market to price risk. U.S. assets (including Treasuries and the dollar) saw substantial outflows as Treasury yields spiked in April and investors dismissed the typical safe-haven status of U.S. assets. Volatility in financial markets cooled towards the end of April as tariff threats de-escalated and hard economic data continued to show an economy on decent footing. Soft data (such as sentiment and survey readings), however, deteriorated to near historic levels as business leaders, consumers, and investors dealt with unprecedented levels of uncertainty. Overall, inflation data in the U.S. largely decelerated, moving closer to the Federal Reserve's (the Fed's) 2% target. The Fed also cut interest rates by 100 bps during the annual fiscal year which included a 50 basis point<sup>1</sup> rate cut at the September meeting. The Fed funds rate target range ended the period between 4.25%-4.5% (its lowest level in two years) though expectations of future rate cuts diminished significantly.

#### Bond markets
As with the economic backdrop, it was a choppy period across the global bond market. Overall, Treasury yields pushed lower across the curve as the Fed lowered interest rates and inflation concerns continued to fade. Combined with lower growth expectations, the benchmark 10-year Treasury yield declined 52 basis points. At the short end of the curve (more sensitive to monetary policy), the two-year yield slid over 140 basis points during the period as the Fed eased monetary policy. Overall, fixed income performed well over the annual fiscal year with the Bloomberg U.S. Aggregate Bond Index advancing 8.02% (its best fiscal year since 2020). Within corporate credit, spreads widened moderately as the heightened tariff rate led to increased risk for high yield assets. U.S. Treasuries also felt pressure towards the end of the period as concerns over the ballooning U.S. deficit took the spotlight – driven by U.S. asset outflows and the looming tax bill.

For the 12-month period May 1, 2024, to April 30, 2025, certain Bloomberg indices performed as follows:<sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bloomberg<br> U.S. Treasury<br> Bond Index<sup>3</sup> | Bloomberg<br> U.S. Aggregate<br> Bond Index<sup>4</sup> | Bloomberg<br> U.S. Credit<br> Bond Index<sup>5</sup> | Bloomberg<br> Municipal Bond<br> Index<sup>6</sup> | Bloomberg<br> U.S. Corporate<br> High Yield Bond<br> Index<sup>7</sup> |
|  *7.68%* | 8.02% | 7.61% | 1.66% | 8.69% |

---

*Past performance is no guarantee of future results.* 

*Source: Lipper. You cannot invest directly in an index.* 

#### Equity markets
During the period, momentum led U.S. large cap stocks to numerous new all-time highs. Overall, the S&P 500 ended the annual fiscal year up 12.10%, led by financials (+22.82%), utilities (+21.98%), and real estate (+18.41%). Energy (-10.77%) was the worst performing sector as oil prices declined over 25% amid signs of slowing economic growth and cooling tensions in the Middle East. Elsewhere, the AI theme continued to play out as tech was the best performing sector for the first seven months of the period. The tech momentum buoyed U.S. equity markets for most of the period before falling drastically after the Chinese AI startup – known as DeepSeek – took the investing world largely by surprise. DeepSeek claimed to be able to train its AI models at a fraction of the cost that major U.S. tech firms spent putting into question the future of AI capex (capital expenditure). In addition to DeepSeek, volatile trading conditions persisted following Liberation Day as investors

*April 30, 2025 / PRESIDENT'S MESSAGE* 

------

ii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

continued to digest potential tariff headwinds (S&P 500 troughed down 18.90% following Liberation Day). Overall, uncertainty in the equity market cooled in recent weeks but remains at elevated levels as the financial impact of tariffs continues to filter through into earnings. Management teams have been reluctant to provide forward guidance as they work to re-order supply chains and control costs.

Turmoil in U.S. markets led to opportunities for international stocks as the MSCI EAFE Index and MSCI Emerging Markets Index both outperformed the S&P 500 post-Liberation Day. For the full period, returns were similar with the MSCI EAFE and MSCI Emerging Markets up 12.57% and 9.02%, respectively. International developed equities benefitted as the Trump administration focused heavily on China (a major component in the Emerging Markets index), by raising the U.S. tariff rate on Chinese imports to 145%. Trade tensions escalated as Chinese officials retaliated with a 125% tariff on U.S. goods, pushing both sides to the brink of what some described as a de facto embargo.

For the 12-month period May 1, 2024, to April 30, 2025, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| S&P 500<sup>®</sup><br> Index<sup>8</sup> | Russell<br> 2000<sup>®</sup><br> Index<sup>9</sup> | MSCI EAFE<br> (Net) Index<sup>10</sup> | MSCI Emerging<br> Markets (Net)<br> Index<sup>11</sup> |
|  *12.10%* | 0.87% | 12.57% | 9.02% |

---

*Past performance is no guarantee of future results.* 

*Source: Lipper. You cannot invest directly in an index.* 

Sincerely,

![LOGO](g936620g10j11.jpg)

Randy Vogel

President

May 15, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*PRESIDENT'S MESSAGE / April 30, 2025* 

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iii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Must be preceded or accompanied by a prospectus.
**Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.** 

**All investments involve risk, including the possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1. 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause decline in their prices.

&nbsp;&nbsp;&nbsp;&nbsp;3. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;4. Bloomberg U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond market composed of securities from the Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;5. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;6. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;7. Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices. An investment cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;8. The S&P 500<sup>®</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Russell 2000<sup>®</sup> Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $2.1 million to $16.8 billion.

&nbsp;&nbsp;&nbsp;&nbsp;10. 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 MSCI EAFE (Net) Index is an equity index which captures large and mid-cap representation across 21 Developed Markets countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

&nbsp;&nbsp;&nbsp;&nbsp;11. 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 (Net) Index captures large and mid-cap representation across 24 Emerging Markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

*April 30, 2025 / PRESIDENT'S MESSAGE* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington U.S. Government Money Market Fund

PORTFOLIO OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS – 20.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS – 20.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 20.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 20.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 20.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 07/30/25<sup>‡</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000000 | $197900500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.02%), 4.38%, 05/12/25<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.04%), 4.40%, 06/18/25<sup>Δ</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 4.37%, 06/23/25<sup>Δ</sup> | 125000000 | 125000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 4.37%, 07/28/25<sup>Δ</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 4.37%, 07/30/25<sup>Δ</sup> | 250000000 | 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 4.37%, 08/04/25<sup>Δ</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.16%), 4.52%, 09/02/25<sup>Δ</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 4.37%, 09/03/25<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 4.37%, 09/04/25<sup>Δ</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 4.37%, 09/10/25<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.16%), 4.52%, 09/11/25<sup>Δ</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%), 4.36%, 09/22/25<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.02%), 4.38%, 10/07/25<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%), 4.36%, 10/14/25<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.16%), 4.52%, 10/16/25<sup>Δ</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 4.37%, 10/17/25<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 4.37%, 10/21/25<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%), 4.36%, 12/11/25<sup>Δ</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/23/26 | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/20/26 | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.14%), 4.50%, 07/16/26<sup>Δ</sup> | 100000000 | 100004704 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.14%), 4.50%, 07/21/26<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.17%), 4.53%, 08/20/26<sup>Δ</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.19%), 4.55%, 09/24/26<sup>Δ</sup> | 75000000 | 75000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.19%), 4.55%, 10/29/26<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.19%), 4.55%, 12/23/26<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.17%), 4.53%, 04/28/27<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN BANK (FHLB) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN BANK (FHLB) | $2022905204 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.10%), 4.46%, 06/18/26<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.12%), 4.48%, 07/29/26<sup>Δ</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $62000000 |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(COST $2,084,905,204) | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(COST $2,084,905,204) | $2084905204 |
|  **U.S. TREASURY OBLIGATIONS – 30.5%** | **U.S. TREASURY OBLIGATIONS – 30.5%** | **U.S. TREASURY OBLIGATIONS – 30.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 20.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 20.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 20.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/06/25<sup>‡</sup> | 140000000 | 139918431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/13/25<sup>‡</sup> | 325000000 | 324546083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 05/22/25<sup>‡</sup> | 125000000 | 124685729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 05/29/25<sup>‡</sup> | 80000000 | 79729955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 07/08/25<sup>‡</sup> | 160000000 | 158739280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/24/25<sup>‡</sup> | 160000000 | 158445067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 08/14/25<sup>‡</sup> | 140000000 | 138285029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 08/19/25<sup>‡</sup> | 250000000 | 246772570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 09/11/25<sup>‡</sup> | 480000000 | 472767608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/18/25<sup>‡</sup> | 160000000 | 157441889 |

---

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 10/23/25<sup>‡</sup> | $70000000 | $68621875 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | $2069953516 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 10.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 10.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 10.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/25 | 75000000 | 74738246 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.13%), 4.37%, 07/31/25<sup>Δ</sup> | 200000000 | 199981168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/25 | 70000000 | 69767224 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.17%), 4.42%, 10/31/25<sup>Δ</sup> | 80000000 | 79987722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/31/25 | 80000000 | 80302458 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.25%), 4.49%, 01/31/26<sup>Δ</sup> | 80000000 | 80024783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26 | 80000000 | 78424268 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.15%), 4.40%, 04/30/26<sup>Δ</sup> | 215000000 | 215042970 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.10%), 4.34%, 01/31/27<sup>Δ</sup> | 125000000 | 124973120 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES | $1003241959 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $3,073,195,475)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $3,073,195,475)** | $**3073195475** |
|  | Number of<br>Shares |  |
|  **MONEY MARKET FUND – 0.4%** | **MONEY MARKET FUND – 0.4%** | **MONEY MARKET FUND – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.21%^ | 43964735 | 43964735 |
| **TOTAL MONEY MARKET FUND<br>(COST $43,964,735)** | **TOTAL MONEY MARKET FUND<br>(COST $43,964,735)** | $**43964735** |
|  | Par Value |  |
| REPURCHASE AGREEMENTS – 48.7% | REPURCHASE AGREEMENTS – 48.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FICC Mizuho Securities USA, 4. 36%, dated 04/30/25, due 05/01/25, repurchase price $1,675,202,861, collateralized by U.S. Treasury Securities, 0.00% to 5. 50%, maturing 05/20/25 to 05/15/54; total market value $1,708,500,002. | $1675000000 | 1675000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIBC World Markets Corp. 4. 36%, dated 04/30/25, due 05/01/25, repurchase price $100,012,111, collateralized by U.S. Treasury Securities, 0.13% to 1. 63%, maturing 01/15/26 to 07/15/32; total market value $100,000,003. | 100000000 | 100000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

2 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington U.S. Government Money Market Fund (concluded)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 4.36%, dated 04/30/25, due 05/01/25, repurchase price $15,001,817, collateralized by U.S. Treasury Security, 2. 50%, maturing 05/15/46; total market value $15,300,013. | $15000000 | $15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Reserve Bank of New York, 4.25%, dated 04/30/25, due 05/01/25, repurchase price $225,026,563, collateralized by U.S. Treasury Security, 1. 13%, maturing 02/28/27; total market value $225,026,590. | 225000000 | 225000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FICC Bank of New York, 4.36%, dated 04/30/25, due 05/01/25, repurchase price $2,000,242,222, collateralized by U.S. Treasury Security, 4.13%, maturing 11/15/27; total market value $2,040,000,038. | 2000000000 | 2000000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 4.36%, dated 04/30/25, due 05/01/25, repurchase price $700,084,778, collateralized by U.S. Treasury Securities, 0.00% to 6.13%, maturing 05/06/25 to 02/15/55; total market value $714,000,024. | 700000000 | 700000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities, Inc., 4.38%, dated 04/30/25, due 05/01/25, repurchase price $185,022,508, collateralized by U.S. Treasury Securities, 0.75% to 4. 50%, maturing 03/31/26 to 05/31/29; total market value $188,700,074. | $| &nbsp;&nbsp;&nbsp;&nbsp;185000000 | $185000000 |
| **TOTAL REPURCHASE AGREEMENTS<br>(COST $4,900,000,000)** | **TOTAL REPURCHASE AGREEMENTS<br>(COST $4,900,000,000)** | **TOTAL REPURCHASE AGREEMENTS<br>(COST $4,900,000,000)** | $**4900000000** |
| **TOTAL INVESTMENTS – 100.3%<br>(COST $10,102,065,414)** | **TOTAL INVESTMENTS – 100.3%<br>(COST $10,102,065,414)** | **TOTAL INVESTMENTS – 100.3%<br>(COST $10,102,065,414)** | $**10102065414** |
| **OTHER ASSETS LESS LIABILITIES – (0.3)%** | **OTHER ASSETS LESS LIABILITIES – (0.3)%** | **OTHER ASSETS LESS LIABILITIES – (0.3)%** | **(28030765)** |
| **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**10074034649** |

---

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, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations | $— | $2084905204 | $— | $2084905204 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 3073195475 |  | 3073195475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 43964735 |  |  | 43964735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 4900000000 |  | 4900000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $43964735 | $10058100679 | $— | $10102065414 |

---

<sup>‡</sup> The rate shown reflects the effective yield at purchase date.

---

| | |
|:---|:---|
| <sup>Δ</sup> | Variable rate security. The rate disclosed is the rate in effect on the report date, and the date shown is the final maturity date, not the next reset or put date. Information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps.  |

---

<sup>^</sup> 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

SOFR Secured Overnight Financing Rate

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

3.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington U.S. Treasury Money Market Fund

PORTFOLIO OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| Description | Par Value | Value |
|  **U.S. TREASURY OBLIGATIONS – 44.4%** | **U.S. TREASURY OBLIGATIONS – 44.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 25.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 25.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 25.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/06/25<sup>‡</sup> | $135000000 | $134921344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/13/25<sup>‡</sup> | 75000000 | 74895250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 05/22/25<sup>‡</sup> | 26820000 | 26752570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 05/29/25<sup>‡</sup> | 20000000 | 19932489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 07/08/25<sup>‡</sup> | 40000000 | 39684820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/24/25<sup>‡</sup> | 40000000 | 39611267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 08/14/25<sup>‡</sup> | 35000000 | 34571257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 08/19/25<sup>‡</sup> | 50000000 | 49354514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 09/11/25<sup>‡</sup> | 120000000 | 118191902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/18/25<sup>‡</sup> | 40000000 | 39360472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 10/23/25<sup>‡</sup> | 21020000 | 20606169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | $597882054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 18.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 18.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 18.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/25 | 25000000 | 24912748 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.13%), 4.37%, 07/31/25<sup>Δ</sup> | 50000000 | 49995292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/25 | 42820000 | 42677607 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.17%), 4.42%, 10/31/25<sup>Δ</sup> | 20000000 | 19996931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/31/25 | 20000000 | 20075615 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.25%), 4.49%, 01/31/26<sup>Δ</sup> | 20000000 | 20006196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26 | 20000000 | 19606067 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.15%), 4.40%, 04/30/26<sup>Δ</sup> | 85000000 | 85036888 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.21%), 4.45%, 10/31/26<sup>Δ</sup> | 50000000 | 50087024 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.10%), 4.34%, 01/31/27<sup>Δ</sup> | 100000000 | 99991320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES | $432385688 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $1,030,267,742)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $1,030,267,742)** | $**1030267742** |
|  | Number of<br>Shares |  |
|  **MONEY MARKET FUND – 1.1%** | **MONEY MARKET FUND – 1.1%** | **MONEY MARKET FUND – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.21%^ | 25279862 | 25279862 |
| **TOTAL MONEY MARKET FUND<br>(COST $25,279,862)** | **TOTAL MONEY MARKET FUND<br>(COST $25,279,862)** | $**25279862** |

---

---

| | | |
|:---|:---|:---|
| Description | Par Value | Value |
|  **REPURCHASE AGREEMENTS – 54.8%** | **REPURCHASE AGREEMENTS – 54.8%** | **REPURCHASE AGREEMENTS – 54.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 4. 36%, dated 04/30/25, due 05/01/25, repurchase price $275,033,306, collateralized by U.S. Treasury Securities, 4.13% to 4.38%, maturing 08/31/28 to 03/31/32; total market value $280,500,011. | $275000000 | $275000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FICC Bank of New York, 4.36%, dated 04/30/25, due 05/01/25, repurchase price $400,048,444, collateralized by U.S. Treasury Security, 4. 13%, maturing 11/15/27; total market value $408,000,028. | 400000000 | 400000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FICC Mizuho Securities USA, 4. 36%, dated 04/30/25, due 05/01/25, repurchase price $325,039,361, collateralized by U.S. Treasury Securities, 1.25% to 4.50%, maturing 04/30/26 to 11/15/33; total market value $331,500,003. | 325000000 | 325000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 4. 36%, dated 04/30/25, due 05/01/25, repurchase price $125,015,139, collateralized by U.S. Treasury Securities, 0.25% to 4.50%, maturing 07/31/25 to 08/15/54; total market value $127,500,029. | 125000000 | 125000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities, Inc., 4.38%, dated 04/30/25, due 05/01/25, repurchase price $145,017,642, collateralized by U.S. Treasury Securities, 4.25% to 5.00%, maturing 09/30/25 to 02/15/35; total market value $147,900,041. | 145000000 | 145000000 |
| **TOTAL REPURCHASE AGREEMENTS<br>(COST $1,270,000,000)** | **TOTAL REPURCHASE AGREEMENTS<br>(COST $1,270,000,000)** | $**1270000000** |
| **TOTAL INVESTMENTS – 100.3%<br>(COST $2,325,547,604)** | **TOTAL INVESTMENTS – 100.3%<br>(COST $2,325,547,604)** | $**2325547604** |
| **OTHER ASSETS LESS LIABILITIES – (0.3)%** | **OTHER ASSETS LESS LIABILITIES – (0.3)%** | **(7547120)** |
| **TOTAL NET ASSETS – 100.0%** |  | $**2318000484** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

4 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington U.S. Treasury Money Market Fund (concluded)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  **Investments in Securities** |  |  |  |  |
| U.S. Treasury Obligations | $— | $1030267742 | $— | $1030267742 |
| Money Market Fund | 25279862 |  |  | 25279862 |
| Repurchase Agreements |  | 1270000000 |  | 1270000000 |
| Total | $25279862 | $2300267742 | $— | $2325547604 |

---

<sup>‡</sup> The rate shown reflects the effective yield at purchase date.

---

| | |
|:---|:---|
| <sup>Δ</sup> | Variable rate security. The rate disclosed is the rate in effect on the report date, and the date shown is the final maturity date, not the next reset or put date. Information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps.  |

---

<sup>^</sup> 7-Day net yield.

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF ASSETS AND LIABILITIES* 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| April 30, 2025 | Wilmington<br>U.S. Government<br> Money Market<br> Fund | Wilmington<br>U.S. Treasury<br> Money Market<br> Fund |
| ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments, at identified cost* | $*10102065414* | $*2325547604* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value (including repurchase agreements of $4,900,000,000 and $1,270,000,000, respectively)* | $*10102065414* | $*2325547604* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | *9312761* | *817520* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | *4329* | *10830* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid assets* | *94131* | *48621* |
|  **TOTAL ASSETS** | **10111476635** | **2326424575** |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income distribution payable* | *33965801* | *7648065* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | *139400* | *769* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | *6253* | *6253* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | *238605* | *54124* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | *223425* | *37279* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shareholder services fees* | *1164774* | *257202* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | *886046* | *189392* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | *817682* | *231007* |
|  **TOTAL LIABILITIES** | **37441986** | **8424091** |
|  **NET ASSETS** | $**10074034649** | $**2318000484** |
|  **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $*10074173383* | $*2318008669* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | *(138734)* | *(8185)* |
|  **TOTAL NET ASSETS** | $**10074034649** | $**2318000484** |
| COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*649315070* | $*116004818* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *649659476* | *116013830* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*1.000* | $*1.000* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*2810413646* | $*714117231* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *2810511781* | *714126319* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*1.000* | $*1.000* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Select Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*5911475583* | $*1420072668* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *5911950230* | *1420117071* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*1.000* | $*1.000* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Service Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*225429909* | $*293351* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *225418824* | *293322* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*1.000* | $*1.000* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*477400441* | $*67512416* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *477365468* | *67513009* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*1.000* | $*1.000* |

---

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

6 *STATEMENTS OF OPERATIONS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year Ended April 30, 2025 | Wilmington<br>U.S. Government<br>Money Market<br>Fund | Wilmington<br>U.S. Treasury<br>Money Market<br>Fund |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Dividends* | $*2978422* | $*1590425* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest* | *480769901* | *98290675* |
|  **TOTAL INVESTMENT INCOME** | **483748323** | **99881100** |
| EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | *14863669* | *3091845* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | *2826586* | *586518* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | *1738478* | *373768* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | *149082* | *46328* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | *160875* | *30054* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | *77842* | *77842* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | *240774* | *156762* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Administrative Class* | *2081027* | *665187* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Service Class* | *1352838* | *657* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Administrative Class* | *2081027* | *665187* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Institutional Class* | *2581783* | *557407* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Select Class* | *14077617* | *3041191* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Service Class* | *1352838* | *657* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | *64013* | *63957* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | *39696* | *22909* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | *308903* | *41149* |
|  **TOTAL EXPENSES** | **43997048** | **9421418** |
| WAIVERS AND REIMBURSEMENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | *(4600954)* | *(1195071)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Administrative Class* | *(503757)* | *(160481)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Institutional Class* | *(271102)* | *(56662)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Select Class* | *(5116573)* | *(1103284)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Service Class* | *(10928)* | *(539)* |
|  **TOTAL WAIVERS AND REIMBURSEMENTS** | **(10503314)** | **(2516037)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | **33493734** | **6905381** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | **450254589** | **92975719** |
| REALIZED GAIN (LOSS): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on investments* | *24162* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | **24162** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $**450278751** | $**92975719** |

---

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF CHANGES IN NET ASSETS* 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Wilmington<br> U.S. Government<br> Money Market Fund | Wilmington<br> U.S. Government<br> Money Market Fund | Wilmington<br> U.S. Treasury<br> Money Market Fund | Wilmington<br> U.S. Treasury<br> Money Market Fund |
|  | <br> Year Ended<br> April 30,<br> 2025 | <br> Year Ended<br> April 30,<br> 2024 | <br> Year Ended<br> April 30,<br> 2025 | <br> Year Ended<br> April 30,<br> 2024 |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*450254589* | $*497220981* | $*92975719* | $*104327438* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *24162* | *(3374)* | *—* | *(1)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **450278751** | **497217607** | **92975719** | **104327437** |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *(35669429)* | *(40012011)* | *(11295192)* | *(13792810)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *(120011036)* | *(129657330)* | *(25658668)* | *(31517876)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *(257012681)* | *(301841380)* | *(55064369)* | *(58880507)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *(22770760)* | *(24733045)* | *(11553)* | *(8916)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class\** | *(14791109)* | *(967899)* | *(945930)* | *(190561)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | **(450255015)** | **(497211665)** | **(92975712)** | **(104390670)** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *5286144940* | *5367402078* | *1202070886* | *1118921512* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *5210533252* | *5454324251* | *1406310698* | *2117234228* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *11862479366* | *12009125854* | *2496803199* | *2159483112* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *1625352630* | *1832598086* | *43088* | *72192* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class\** | *1720244555* | *483701302* | *399636792* | *40240631* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *4603* | *4856* | *17774* | *18746* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *535904* | *654629* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *2483684* | *2629165* | *1528634* | *1869739* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *431763* | *516218* | *11553* | *8916* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class\** | *4915* | *1787* | *4906* | *1787* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *(5456365572)* | *(5321131950)* | *(1329238178)* | *(1114178013)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *(5091970461)* | *(5233343840)* | *(1212937515)* | *(2108291905)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *(11469369390)* | *(12558672087)* | *(2164701218)* | *(2197529154)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *(1836872236)* | *(2042554035)* | *(8307)* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class\** | *(1518330748)* | *(208256344)* | *(349583399)* | *(22787708)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **335307205** | **(213000030)** | **449958913** | **(4935917)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *335330941* | *(212994088)* | *449958920* | *(4999150)* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of year* | **9738703708** | **9951697796** | **1868041564** | **1873040714** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of year* | $**10074034649** | $**9738703708** | $**2318000484** | $**1868041564** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *5286144940* | *5367402078* | *1202070886* | *1118921512* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *5210533252* | *5454324251* | *1406310698* | *2117234228* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *11862479366* | *12009125854* | *2496803199* | *2159483112* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *1625352630* | *1832598086* | *43088* | *72192* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class\** | *1720244555* | *483701302* | *399636792* | *40240631* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *4603* | *4856* | *17774* | *18746* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *535904* | *654629* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *2483684* | *2629165* | *1528634* | *1869739* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *431763* | *516218* | *11553* | *8916* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class\** | *4915* | *1787* | *4906* | *1787* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *(5456365572)* | *(5321131950)* | *(1329238178)* | *(1114178013)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *(5091970461)* | *(5233343840)* | *(1212937515)* | *(2108291905)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *(11469369390)* | *(12558672087)* | *(2164701218)* | *(2197529154)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *(1836872236)* | *(2042554035)* | *(8307)* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class\** | *(1518330748)* | *(208256344)* | *(349583399)* | *(22787708)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **335307205** | **(213000030)** | **449958913** | **(4935917)** |

---

\* The Preferred Institutional Class for each Fund commenced operations on December 29, 2023.

*See Notes which are an integral part of the Financial Statements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

8 *FINANCIAL HIGHLIGHTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

 <br> WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>April 30, 2025 | Year Ended<br>April 30, 2024 | Year Ended<br>April 30, 2023 | Year Ended<br>April 30, 2022 | Year Ended<br>April 30, 2021 |
| ADMINISTRATIVE CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.043 | 0.047 | 0.026 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 <sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.043 | 0.047 | 0.026 | 0.000 | 0.000 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.043) | (0.047) | (0.026) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
|  **Net Asset Value, End of Year** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Total Return** | 4.37% | 4.85% | 2.59% | 0.02% | 0.01% |
|  **Net Assets, End of Year (000's)** | $649315 | $819609 | $773332 | $1163736 | $1728081 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.71% | 0.81% | 0.81% | 0.81% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.60% | 0.60% | 0.54% | 0.08% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.28% | 4.77% | 2.42% | 0.02% | 0.01% |
|  | Year Ended<br> April 30, 2025 | Year Ended<br>April 30, 2024 | Year Ended<br>April 30, 2023 | Year Ended<br>April 30, 2022 | Year Ended<br>April 30, 2021 |
| INSTITUTIONAL CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.046 | 0.051 | 0.029 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 <sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.046 | 0.051 | 0.029 | 0.000 | 0.000 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.046) | (0.051) | (0.029) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
|  **Net Asset Value, End of Year** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Total Return** | 4.74% | 5.22% | 2.90% | 0.02% | 0.02% |
|  **Net Assets, End of Year (000's)** | $2810414 | $2691292 | $2469665 | $1756769 | $1735456 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.31% | 0.34% | 0.31% | 0.31% | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.25% | 0.25% | 0.25% | 0.08% | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.64% | 5.10% | 2.96% | 0.02% | 0.01% |
|  | Year Ended<br> April 30, 2025 | Year Ended<br>April 30, 2024 | Year Ended<br>April 30, 2023 | Year Ended<br>April 30, 2022 | Year Ended<br>April 30, 2021 |
| SELECT CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.046 | 0.050 | 0.028 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 <sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.046 | 0.050 | 0.028 | 0.000 | 0.000 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.046) | (0.050) | (0.028) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
|  **Net Asset Value, End of Year** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Total Return** | 4.66% | 5.11% | 2.81% | 0.02% | 0.02% |
|  **Net Assets, End of Year (000's)** | $5911476 | $5515811 | $6062727 | $3997179 | $4168651 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.46% | 0.56% | 0.56% | 0.56% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.32% | 0.35% | 0.34% | 0.08% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.56% | 5.00% | 2.91% | 0.02% | 0.01% |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS (continued)* 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br> April 30, 2025 | Year Ended<br> April 30, 2024 | Year Ended<br> April 30, 2023 | Year Ended<br> April 30, 2022 | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2021  |
| SERVICE CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.042 | 0.046 | 0.024 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 <sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.042 | 0.046 | 0.024 | 0.000 | 0.000 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.042) | (0.046) | (0.024) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 4.31% | 4.73% | 2.43% | 0.01% | 0.01% |
| Net Assets, End of Year (000's) | $225430 | $436534 | $645974 | $500998 | $1190711 |
| Ratios to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.71% | 0.81% | 0.81% | 0.81% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.66% | 0.72% | 0.72% | 0.08% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.21% | 4.62% | 2.49% | 0.01% | 0.01% |
|  | Year Ended<br> April 30, 2025 | For the Period<br> December 29,<br> 2023\*<br> through<br> April 30, 2024 |  |  |  |
| PREFERRED INSTITUTIONAL CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 |  |  |  |
| Income (Loss) From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.047 | 0.018 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 <sup>(a)</sup> | (0.000)<sup>(a)</sup> |  |  |  |
| Total Income (Loss) From Operations | 0.047 | 0.018 |  |  |  |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.047) | (0.018) |  |  |  |
|  **Net Asset Value, End of Year** | $1.000 | $1.000 |  |  |  |
|  **Total Return** | 4.83% | 1.79 %<sup>(d)</sup> |  |  |  |
|  **Net Assets, End of Year (000's)** | $477400 | $275458 |  |  |  |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.21% | 0.31 %<sup>(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.16% | 0.16 %<sup>(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.57% | 5.29 %<sup>(e)</sup> |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents less than $0.001.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total returns for periods of less than one year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less than one year.

\* Commencement of operations.

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

10 *FINANCIAL HIGHLIGHTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

 <br> WILMINGTON U.S. TREASURY MONEY MARKET FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br> April 30, 2025 | Year Ended<br> April 30, 2024 | Year Ended<br> April 30, 2023 | Year Ended<br> April 30, 2022 | Year Ended<br>April 30, 2021 |
| ADMINISTRATIVE CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.043 | 0.047 | 0.026 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.043 | 0.047 | 0.026 | 0.000 | 0.000 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.043) | (0.047) | (0.026) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 4.36% | 4.85% | 2.59% | 0.02% | 0.01% |
| Net Assets, End of Year (000's) | $116005 | $243127 | $238372 | $336133 | $361438 |
| Ratios to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.72% | 0.82% | 0.83% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.60% | 0.60% | 0.54% | 0.07% | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.25% | 4.74% | 2.40% | 0.02% | 0.01% |
|  | Year Ended<br> April 30, 2025 | Year Ended<br> April 30, 2024 | Year Ended<br> April 30, 2023 | Year Ended<br> April 30, 2022 | Year Ended<br> April 30, 2021 |
| INSTITUTIONAL CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.046 | 0.051 | 0.029 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.046 | 0.051 | 0.029 | 0.000 | 0.000 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.046) | (0.051) | (0.029) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 4.73% | 5.22% | 2.90% | 0.02% | 0.02% |
| Net Assets, End of Year (000's) | $714117 | $520749 | $511825 | $342827 | $201157 |
| Ratios to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.32% | 0.36% | 0.33% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.25% | 0.25% | 0.25% | 0.09% | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.60% | 5.10% | 3.04% | 0.02% | 0.01% |
|  | Year Ended<br> April 30, 2025 | Year Ended<br> April 30, 2024 | Year Ended<br> April 30, 2023 | Year Ended<br> April 30, 2022 | Year Ended<br> April 30, 2021 |
| SELECT CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.046 | 0.050 | 0.028 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.046 | 0.050 | 0.028 | 0.000 | 0.000 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.046) | (0.050) | (0.028) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 4.65% | 5.11% | 2.81% | 0.02% | 0.02% |
| Net Assets, End of Year (000's) | $1420073 | $1086464 | $1122678 | $615858 | $816980 |
| Ratios to Average Net Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.47% | 0.57% | 0.58% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.32% | 0.35% | 0.34% | 0.08% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.53% | 4.99% | 2.95% | 0.02% | 0.02% |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS (concluded)* 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>April 30, 2025 | Year Ended<br>April 30, 2024 | Year Ended<br>April 30, 2023 | Year Ended<br>April 30, 2022 | Year Ended<br>April 30, 2021 |
| SERVICE CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.044 | 0.046 | 0.024 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.044 | 0.046 | 0.024 | 0.000 | 0.000 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.044) | (0.046) | (0.024) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
|  **Net Asset Value, End of Year** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
|  **Total Return** | 4.50% | 4.73% | 2.43% | 0.01% | 0.01% |
|  **Net Assets, End of Year (000's)** | $293 | $247 | $166 | $290 | $111 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.72% | 0.82% | 0.83% | 0.82% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.45% | 0.72% | 0.71% | 0.09% | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.40% | 4.63% | 2.16% | 0.01% | 0.01% |
|  | Year Ended<br>April 30, 2025 | For the Period<br> December 29,<br> 2023\*<br> through<br> April 30, 2024 |  |  |  |
| PREFERRED INSTITUTIONAL CLASS |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $1.000 | $1.000 |  |  |  |
| Income (Loss) From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.047 | 0.018 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 | 0.000 <sup>(a)</sup> |  |  |  |
| Total Income (Loss) From Operations | 0.047 | 0.018 |  |  |  |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.047) | (0.018) |  |  |  |
|  **Net Asset Value, End of Year** | $1.000 | $1.000 |  |  |  |
|  **Total Return** | 4.82% | 1.79 %<sup>(d)</sup> |  |  |  |
|  **Net Assets, End of Year (000's)** | $67512 | $17455 |  |  |  |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(b)</sup> | 0.21% | 0.33 %<sup>(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(b),(c)</sup> | 0.16% | 0.16 %<sup>(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.47% | 5.22 %<sup>(e)</sup> |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents less than $0.001.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Total returns for periods of less than one year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less than one year.

\* Commencement of operations.

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

12 *NOTES TO FINANCIAL STATEMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Funds

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;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 10 funds, 2 of which are presented herein (individually referred to as a "Fund" or collectively as the "Funds"). The remaining 8 funds are presented in separate reports.

---

| | |
|:---|:---|
| Fund<br>| Investment Goal<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; *Wilmington U.S. Government Money Market Fund ("U.S. Government Money Market Fund")<sup>(d)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; *The Fund seeks to provide current income while maintaining liquidity and stability of principal.* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Wilmington U.S. Treasury Money Market Fund ("U.S. Treasury Money Market Fund")<sup>(d)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; *The Fund seeks to provide current income while maintaining liquidity and stability of principal.* |

---

*<sup>(d)</sup> Diversified* 

The Funds offer Service Class, Select Class, Administrative Class, Institutional Class and Preferred Institutional Class shares. The Preferred Institutional Class for each Fund commenced operations on December 29, 2023. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

The assets of each fund are segregated and a shareholder's interest is limited to the fund in which shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services - Investment Companies." The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated and the differences could be material.

**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 class of a Fund is computed by dividing the total current value of the assets of the Fund, less its liabilities, attributable to the class by the total number of shares of the class outstanding at the time of such computation. The NAV per share for each class of a Fund is computed as of 4:00 p.m. (Eastern Time) on days when the New York Stock Exchange ("NYSE") is open for regular trading and the Federal Reserve Bank of New York (the ''Fed'') is open. In addition, the Funds may elect, in their discretion if it is determined to be in shareholders' best interests, to be open on days when the NYSE is open but the Fed is closed or to be open on days when the Fed is open but the NYSE is closed, except for Good Friday.

**Investment Valuation** – The Funds use the amortized cost method to value their portfolio securities, when it represents the best estimate of fair value in accordance with Rule 2a-7 under the Act.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund's Portfolio of Investments. The inputs or techniques used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Pursuant to the Funds' fair value procedures noted previously, investments in open-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities 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 the Funds' 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

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 each Fund.

At April 30, 2025, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund/Counterparty | Repurchase<br>Agreements | Fair Value of<br>Non-Cash Collateral<br>Received<sup>(1)</sup> | Cash Collateral<br>Received<sup>(1)</sup> | Net Exposure<sup>(2)</sup> |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Money Market Fund** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*CIBC World Markets Corp.* | $*100000000* | $*100000000* | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Deutsche Bank Securities, Inc.* | *15000000* | *15000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Federal Reserve Bank of New York* | *225000000* | *225000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*FICC Bank of New York* | *2000000000* | *2000000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*FICC Mizuho Securities USA* | *1675000000* | *1675000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Sumitomo Mitsui Banking Corp.* | *700000000* | *700000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*TD Securities, Inc.* | *185000000* | *185000000* |  |  |
|  | $**4900000000** | $**4900000000** | $**—** | $**—** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Money Market Fund** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Deutsche Bank Securities, Inc.* | $*275000000* | $*275000000* | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*FICC Bank of New York* | *400000000* | *400000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*FICC Mizuho Securities USA* | *325000000* | *325000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Sumitomo Mitsui Banking Corp.* | *125000000* | *125000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*TD Securities, Inc.* | *145000000* | *145000000* |  |  |
|  | $**1270000000** | $**1270000000** | $**—** | $**—** |

---

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

*<sup>(2)</sup>* *Net exposure represents the 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 reporting purposes. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

Expenses of the Trust which are directly identifiable to a specific fund are applied to that fund. Expenses which are not identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.

Each Fund offers 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.

**Segment Reporting** – In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations.

Each Fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its investment objective as outlined in the Funds' prospectus. The Investment Committee - General Matters, comprising senior management of the Advisor and the President of the Funds, acts as the chief operating decision maker (CODM) and regularly reviews the Funds' total returns, expense ratios, and changes in net assets as presented within the Funds' financial statements to assess performance and to make decisions about resources to be allocated to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;3. FEDERAL TAX INFORMATION

No provision for federal income taxes has been made, as it is each Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, and to distribute to shareholders each year all of its taxable income and realized gains.

Each Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

14 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2025.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2025, there were no such reclassifications.

The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
| Fund | Ordinary<br>Income\* | Long-Term<br>Capital Gains | Ordinary<br>Income\* | Long-Term<br>Capital Gains |
| *U.S. Government Money Market Fund* | $*450255015* | *$—* | $*497211665* | *$—* |
| *U.S. Treasury Money Market Fund* | *92975712* | *—* | *104390670* | *—* |

---

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

Cost of investments for federal income tax purposes is the same as for financial statement purposes.

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Other Timing<br>Differences | Unrealized<br>Appreciation/<br>(Depreciation) | Capital Loss<br>Carryforwards | Late Year<br>Loss<br>Deferrals | Distributable<br>Earnings |
| *U.S. Government Money Market Fund*  | $*33950046* | $*—* | $*(33965801)* | $*—* | $*(122979)* | $*—* | $*(138734)* |
| *U.S. Treasury Money Market Fund* | *7639881* | *—* | *(7648065)* | *—* | *(1)* | *—* | *(8185)* |

---

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2025, character of capital loss carryforwards were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Short-Term<br>No Expiration | Total Capital<br>Loss<br>Carryforwards |
| *U.S. Government Money Market Fund* | *$(122979)* | $*(122979)* |
| *U.S. Treasury Money Market Fund* | *(1)* | *(1)* |

---

For the year ended April 30, 2025, capital loss carryforwards utilized were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Capital Loss<br> Carryforwards <br>Utilized |
| *U.S. Government Money Market Fund* | *$24162* |

---

&nbsp;&nbsp;&nbsp;&nbsp;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 daily and paid monthly, based on a percentage of each Fund's average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory Fee <br> Annual Rate\* |
| *U.S. Government Money Market Fund* | *0.15%* |
| *U.S. Treasury Money Market Fund* | *0.15%* |

---

\* Prior to May 1, 2024, the annual rate was 0.25% for each Fund.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WFMC and the Funds' distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2025, so that total annual fund operating expenses paid by the Funds (not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds' distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | <br> Current Contractual<br>Expense Limitations | <br> Current Contractual<br>Expense Limitations |  |
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional <br> Class | Select Class\* | Service Class | Preferred <br> Institutional <br> Class  |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Money Market Fund* | *0.60%* | *0.25%* | *0.32%* | *0.66%* | *0.16%* |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Treasury Money Market Fund* | *0.60%* | *0.25%* | *0.32%* | *0.66%* | *0.16%* |

---

\* Prior to May 1, 2024, the expense limitation for each Fund's Select Class was 0.35%. 

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator | Maximum<br>Fee | <br> Average Aggregate Daily Net<br> Assets of the Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; *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* |
| &nbsp;&nbsp;&nbsp;&nbsp; *BNY* | *0.0175%* | *on the first $15 billion* |
|  | *0.0150%* | *on the next $10 billion* |
|  | *0.0125%* | *on assets in excess of $25 billion* |

---

WFMC and BNY may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNY will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2025, neither WFMC nor BNY waived any administrative fees.

**Distribution Services Fee** – The Trust has adopted a Distribution Services Plan (the "Plan") pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. ("ALPS"), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds' Administrative Class and Service Class shares for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates) may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2025, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together "M&T"), affiliates of the Advisor, received distribution services fees, net of waivers, paid by the Funds as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution <br> Fees |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Government Money Market Fund* | *$3407598* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Treasury Money Market Fund* | *663630* |

---

**Shareholder Services Fee** – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund's Administrative Class, Select Class and Service Class shares and up to 0.10% of the average daily net assets of each Fund's Institutional Class to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive shareholder servicing fees for each Fund's shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their sole discretion. In addition, a financial intermediary (including M&T) may voluntarily waive or reduce any fees to which they are entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

16 *NOTES TO FINANCIAL STATEMENTS (concluded)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For the year ended April 30, 2025, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder <br> Services <br> Fees  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Government Money Market Fund* | *$14147456* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Treasury Money Market Fund* | *2898138* |

---

**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.

BNY provides custody services to the Trust.

BNY Investment Servicing (U.S.) Inc. provides fund accounting and transfer agency services to the Trust.

**General** – Certain Trustees and 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.

&nbsp;&nbsp;&nbsp;&nbsp;5. MARKET RISK IN GENERAL

Market risk is the risk that one or more markets in which a Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on a Fund and its investments.

The principal risks of investing in the Funds are described more fully in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;6. CONTRACTUAL OBLIGATIONS

In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;7. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit ("LOC") agreement with BNY, which was renewed and became effective March 26, 2025. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the Statement of Operations. The LOC expires on March 25, 2026.

The Funds did not utilize the LOC during the year ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;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 subsequent events that would require recognition or disclosure in the Funds' financial statements through this date.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2025

We have served as the auditor of one or more investment companies in Wilmington Funds since 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

18.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

OTHER INFORMATION

### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

### Renewal of Advisory and Sub-Advisory Agreements
Not applicable.

*April 30, 2025 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

19.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### PRIVACY POLICY AND NOTICE

#### OF THE FUNDS AND THEIR DISTRIBUTOR

#### March 11, 2025
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. In accordance with current regulations, the Funds will: collect from customers only the non-public personal information needed to conduct the Funds' business; ensure the security and confidentiality of customer records and information; protect against unauthorized access to or use of customer records and information; protect against any anticipated threats or hazards to the security or integrity of customer records and information; and require companies that service the Funds to have an information security program in place that is reasonably designed to safeguard customer records and information.

#### Information Collected by the Funds
The Funds collect nonpublic personal information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;● 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 or taxpayer identification number, date of birth, assets, income, account balances, and investment activity.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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 Practices
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:

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● We may disclose some or all 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. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and direct such third par-ties to only use your information for the purpose it was provided. We require these third parties to treat your personal information with the same high degree of confidentiality that we do.

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, and to have an information security program in place that is reasonably designed to safeguard customer records and information. We do not permit third parties 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* / *April 30, 2025 (unaudited)* 

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20.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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 to service a customer's account or comply with legal requirements.

#### Visiting the Funds' Website
The Funds' website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.

● Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

● 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 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 the Funds' website, so you don't have to resubmit personal information. Cookies provide faster access into the website. You can manage your cookie preferences <u>here</u> and find additional information in the Wilmington Trust <u>Cookie</u> <u>Notice</u>.

● 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.

● You can find additional information in the Wilmington Trust <u>Digital Privacy Notice .</u> 

#### E-mail
If you have opted to receive information from the Funds by e-mail, it is our policy to include instructions in all e-mail 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-mails 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 the Funds or its agents. 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.

#### What You Can Do
The safety and security of your Personal Information also depends on you. You are responsible for keeping your account information, such as your account number and login information for our website, confidential. For your protection, we recommend that you do not provide your account information to anyone except a representative of the Funds as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

#### Surveys/Aggregate Data
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information 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 Notice
The effective date of this Notice is March 11, 2025. We reserve the right to modify this Notice at any time. When it is revised, reviewed 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 Notice.

*April 30, 2025 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

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![LOGO](g936620dsp96a.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisor | Distributor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALPS Distributors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290 Broadway, Suite 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver, CO 80203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19890 | Fund Accountant, Co-Administrator, Transfer Agent |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Advisor | and Dividend Disbursing Agent |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington Trust Investment Advisors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Investment Servicing (U.S.) Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 Bellevue Parkway |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19890 | Independent Registered Public Accounting Firm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Co-Administrator | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PricewaterhouseCoopers LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Commerce Square |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001 Market Street, Suite 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 Greenwich Street |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10286 |  |

---

WT-AR-MM-0425 <br> Wilmington Funds \| 1-800-836-2211 \| www.wilmingtonfunds.com

*We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.* 

------

![LOGO](g936620g12j50.jpg)

April 30, 2025 PRESIDENT'S MESSAGE AND ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION WILMINGTON FUNDS Fixed Income Funds Wilmington Broad Market Bond Fund Wilmington Municipal Bond Fund Wilmington New York Municipal Bond Fund

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![LOGO](g936620g02j02.jpg)

CONTENTS

---

| | |
|:---|:---|
|  [President's Message](#fin4936620_1) | i |
|  [Portfolios of Investments](#fin4936620_2) | 1 |
|  [Statements of Assets and Liabilities](#fin4936620_3) | 20 |
|  [Statements of Operations](#fin4936620_4) | 21 |
|  [Statements of Changes in Net Assets](#fin4936620_5) | 22 |
|  [Financial Highlights](#fin4936620_6) | 24 |
|  [Notes to Financial Statements](#fin4936620_7) | 27 |
|  [Report of Independent Registered Public Accounting Firm](#fin4936620_8) | 34 |
|  [Other Information.](#fin4936620_9) | 35 |

---

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[This Page Intentionally Left Blank]

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i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

PRESIDENT'S MESSAGE (unaudited)

#### Esteemed Shareholder:
I am pleased to present the Annual Financial Statements of the Broad Market Bond Fund, Municipal Bond Fund and New York Municipal Bond Fund (the "Funds"), covering the Funds' annual fiscal year of May 1, 2024, through April 30, 2025.

#### The economy and financial markets in review
Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (the Funds' investment advisor and subadvisor, respectively), have provided the following review of the economy, bond markets, and stock markets for the Funds' annual fiscal year.

#### The economy
It was an eventful period as economic conditions changed rapidly over the annual fiscal year. The most notable event came towards the end of the period (on April 2nd or "Liberation Day") as newly elected President Donald Trump began his second term by working to re-order global trade via major tariff announcements. The Liberation Day tariffs shocked investors – in both scale and breadth – sending the U.S. tariff rate to its highest level in 119 years. Stagflation (low growth and high inflation) became a major concern among economists and strategists across Wall Street as they rushed to quantify the economic impact of the tariffs and any potential retaliations from U.S. trading partners. The remainder of April was turbulent as whipsawing tariff policies made it difficult for the market to price risk. U.S. assets (including Treasuries and the dollar) saw substantial outflows as Treasury yields spiked in April and investors dismissed the typical safe-haven status of U.S. assets. Volatility in financial markets cooled towards the end of April as tariff threats de-escalated and hard economic data continued to show an economy on decent footing. Soft data (such as sentiment and survey readings), however, deteriorated to near historic levels as business leaders, consumers, and investors dealt with unprecedented levels of uncertainty. Overall, inflation data in the U.S. largely decelerated, moving closer to the Federal Reserve's (the Fed's) 2% target. The Fed also cut interest rates by 100 bps during the annual fiscal year which included a 50 basis point<sup>1</sup> rate cut at the September meeting. The Fed funds rate target range ended the period between 4.25%-4.5% (its lowest level in two years) though expectations of future rate cuts diminished significantly.

#### Bond markets
As with the economic backdrop, it was a choppy period across the global bond market. Overall, Treasury yields pushed lower across the curve as the Fed lowered interest rates and inflation concerns continued to fade. Combined with lower growth expectations, the benchmark 10-year Treasury yield declined 52 basis points. At the short end of the curve (more sensitive to monetary policy), the two-year yield slid over 140 basis points during the period as the Fed eased monetary policy. Overall, fixed income performed well over the annual fiscal year with the Bloomberg U.S. Aggregate Bond Index advancing 8.02% (its best fiscal year since 2020). Within corporate credit, spreads widened moderately as the heightened tariff rate led to increased risk for high yield assets. U.S. Treasuries also felt pressure towards the end of the period as concerns over the ballooning U.S. deficit took the spotlight – driven by U.S. asset outflows and the looming tax bill.

For the 12-month period May 1, 2024, to April 30, 2025, certain Bloomberg indices performed as follows:<sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bloomberg<br> U.S. Treasury<br> Bond Index<sup>3</sup> | Bloomberg<br> U.S. Aggregate<br> Bond Index<sup>4</sup> | Bloomberg<br> U.S. Credit<br> Bond Index<sup>5</sup> | Bloomberg<br> Municipal Bond<br> Index<sup>6</sup> | Bloomberg<br> U.S. Corporate<br> High Yield Bond<br> Index<sup>7</sup> |
|  *7.68%* | *8.02%* | *7.61%* | *1.66%* | *8.69%* |

---

*Past performance is no guarantee of future results.* 

*Source: Lipper. You cannot invest directly in an index.* 

#### Equity markets
During the period, momentum led U.S. large cap stocks to numerous new all-time highs. Overall, the S&P 500 ended the annual fiscal year up 12.10%, led by financials (+22.82%), utilities (+21.98%), and real estate (+18.41%). Energy (-10.77%) was the worst performing sector as oil prices declined over 25% amid signs of slowing economic growth and cooling tensions in the Middle East. Elsewhere, the AI theme continued to play out as tech was the best performing sector for the first seven months of the period. The tech momentum buoyed U.S. equity markets for most of the period before falling drastically after the Chinese AI startup – known as DeepSeek – took the investing world largely by surprise. DeepSeek claimed to be able to train its AI models at a fraction of the cost that major U.S. tech firms spent putting into question the future of AI capex (capital expenditure). In addition to DeepSeek, volatile trading conditions persisted following Liberation Day as investors

*April 30, 2025 / PRESIDENT'S MESSAGE* 

------

ii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

continued to digest potential tariff headwinds (S&P 500 troughed down 18.90% following Liberation Day). Overall, uncertainty in the equity market cooled in recent weeks but remains at elevated levels as the financial impact of tariffs continues to filter through into earnings. Management teams have been reluctant to provide forward guidance as they work to re-order supply chains and control costs.

Turmoil in U.S. markets led to opportunities for international stocks as the MSCI EAFE Index and MSCI Emerging Markets Index both outperformed the S&P 500 post-Liberation Day. For the full period, returns were similar with the MSCI EAFE and MSCI Emerging Markets up 12.57% and 9.02%, respectively. International developed equities benefitted as the Trump administration focused heavily on China (a major component in the Emerging Markets index), by raising the U.S. tariff rate on Chinese imports to 145%. Trade tensions escalated as Chinese officials retaliated with a 125% tariff on U.S. goods, pushing both sides to the brink of what some described as a de facto embargo.

For the 12-month period May 1, 2024, to April 30, 2025, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| S&P 500<sup>®</sup><br> Index<sup>8</sup> | Russell<br> 2000<sup>®</sup><br> Index<sup>9</sup> | MSCI EAFE<br> (Net) Index<sup>10</sup> | MSCI Emerging<br> Markets (Net)<br> Index<sup>11</sup> |
|  *12.10%* | *0.87%* | *12.57%* | *9.02%* |

---

*Past performance is no guarantee of future results.* 

*Source: Lipper. You cannot invest directly in an index.* 

Sincerely,

![LOGO](g936620dsp129a.jpg)

Randy Vogel

President

May 15, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*PRESIDENT'S MESSAGE / April 30, 2025* 

------

iii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Must be preceded or accompanied by a prospectus.
**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;1. 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause decline in their prices.

&nbsp;&nbsp;&nbsp;&nbsp;3. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;4. Bloomberg U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond market composed of securities from the Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;5. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;6. Bloomberg 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.

&nbsp;&nbsp;&nbsp;&nbsp;7. Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices. An investment cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;8. The S&P 500<sup>®</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Russell 2000<sup>®</sup> Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $2.1 million to $16.8 billion.

&nbsp;&nbsp;&nbsp;&nbsp;10. 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 MSCI EAFE (Net) Index is an equity index which captures large and mid-cap representation across 21 Developed Markets countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

&nbsp;&nbsp;&nbsp;&nbsp;11. 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 (Net) Index captures large and mid-cap representation across 24 Emerging Markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

*April 30, 2025 / PRESIDENT'S MESSAGE* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Broad Market Bond Fund

PORTFOLIO OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| <br> Description | Par Value | Value |
|  **ADJUSTABLE RATE MORTGAGE – 0.0%\*\*** | **ADJUSTABLE RATE MORTGAGE – 0.0%\*\*** | **ADJUSTABLE RATE MORTGAGE – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 612514, (RFUCCT1Y + 1.72%, Cap 9.04%, Floor 1.72%), 7.47%, 05/01/33<sup>Δ</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762 |
| TOTAL ADJUSTABLE RATE MORTGAGE<br>(COST $4,690) | TOTAL ADJUSTABLE RATE MORTGAGE<br>(COST $4,690) | $4762 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%\*\*** | **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%\*\*** | **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29, Class WC, 4.75%, 04/25/35 | 3009 | 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WHOLE LOAN – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **WHOLE LOAN – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **WHOLE LOAN – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 5.91%, 02/25/34<sup>Δ</sup> | 19364 | 18996 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 5.38%, 11/25/35<sup>Δ</sup> | 13618 | 13929 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WHOLE LOAN | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WHOLE LOAN | $32925 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS<br>(COST $35,816) | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS<br>(COST $35,816) | $35932 |
|  **CORPORATE BONDS – 27.9%** | **CORPORATE BONDS – 27.9%** | **CORPORATE BONDS – 27.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 | 2000000 | 1968367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/29 | 150000 | 141856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 | 3000000 | 2800369 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp., Company Guaranteed, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/35 | 1000000 | 1003506 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/29<sup>#</sup> | 835000 | 775210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/34 | 2900000 | 2922952 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AEROSPACE & DEFENSE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AEROSPACE & DEFENSE | $9612260 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOTIVE – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOTIVE – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOTIVE – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/05/27 | 3000000 | 2991649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28 | 250000 | 229344 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., Sr. Unsecured,<br>6.25%, 10/02/43 | 1000000 | 945065 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 | 1000000 | 976019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 | 3000000 | 2889103 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOTIVE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOTIVE | $8031180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC, Company Guaranteed,<br>4.90%, 02/01/46 | 1042000 | 948338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc., Company Guaranteed,<br>3.20%, 05/01/30 | 775000 | 727255 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc., Sr. Unsecured,<br>4.60%, 05/15/30 | $| 1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999763 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES | $2675356 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., Sr. Unsecured,<br>5.65%, 03/02/53 |  | 1280000 | 1224208 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC, Sr. Unsecured,<br>4.63%, 07/02/44 |  | 100000 | 84678 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), Subordinated, MTN,<br>3.00%, 10/30/28 |  | 775000 | 740110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 Month Term SOFR + 1.77%), 3.69%, 06/05/28<sup>Δ</sup> |  | 2080000 | 2047245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.38%, 07/21/32<sup>Δ</sup> |  | 1115000 | 961602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), Sr. Unsecured, (SOFR + 0.72%), 4.87%, 04/12/28<sup>Δ</sup> |  | 3000000 | 3016465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, Sr. Unsecured, (SOFR + 0.72%),<br>0.99%, 12/10/26<sup>Δ</sup> |  | 175000 | 171141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, Sr. Unsecured, MTN, (SOFR + 3.12%),<br>3.62%, 04/01/31<sup>Δ</sup> |  | 890000 | 844302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated, GMTN,<br>4.35%, 09/08/26 |  | 505000 | 503538 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS | $8284403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., Sr. Unsecured,<br>4.50%, 03/12/27 |  | 775000 | 776869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., Sr. Unsecured,<br>2.90%, 05/15/30 |  | 1000000 | 899291 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 6.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 6.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 6.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 6.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., Sr. Unsecured, MTN<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 1.32%, 06/19/26<sup>Δ</sup> |  | 250000 | 248852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27<sup>#</sup> |  | 1095000 | 1071642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 2.83%, 10/24/51<sup>Δ</sup> |  | 250000 | 153840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated, MTN,<br>4.25%, 10/22/26 |  | 1000000 | 994246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, Sr. Unsecured, (SOFR + 0.67%),<br>5.00%, 01/27/29<sup>#,Δ</sup> |  | 2550000 | 2590754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), Sr. Unsecured, GMTN,<br>5.40%, 06/04/27 |  | 4675000 | 4787885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Sr. Unsecured, 5.24%, 06/28/27 |  | 2120000 | 2155622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

2 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Broad Market Bond Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., Subordinated, (SOFR + 2.04%),<br>6.18%, 01/30/36<sup>Δ</sup> | $| 3000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;2971414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), Sr. Unsecured,<br>3.20%, 03/02/27 |  | 2894000 |  | 2840587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., Sr. Unsecured, (SOFR + 0.77%),<br>1.12%, 01/28/27<sup>Δ</sup> |  | 2750000 |  | 2685854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., Subordinated,<br>4.13%, 07/25/28 |  | 1900000 |  | 1879489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc., Sr. Unsecured, (SOFR + 2.16%),<br>5.98%, 01/30/30<sup>Δ</sup> |  | 2515000 |  | 2546673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Sr. Unsecured |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/27 |  | 780000 |  | 751404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/14/28 |  | 3000000 |  | 2957917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%), 5.63%, 01/29/32<sup>Δ</sup> |  | 1250000 |  | 1279581 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMR LLC, Sr. Unsecured,<br>6.45%, 11/15/39<sup>W</sup> |  | 1000000 |  | 1105085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), Sr. Unsecured,<br>5.65%, 01/10/30 |  | 2300000 |  | 2372076 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month Term SOFR + 1.26%),<br>5.59%, 05/15/47<sup>Δ</sup> |  | 1000000 |  | 880146 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Bank NA, Subordinated, BKNT,<br>2.70%, 10/22/29 |  | 1125000 |  | 1035646 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), Sr. Unsecured |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 5.81%, 06/12/26<sup>Δ</sup> |  | 1125000 |  | 1127866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 |  | 100000 |  | 96549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.68%, 01/22/35<sup>Δ</sup> |  | 2000000 |  | 2042077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), Sr. Unsecured,<br>4.86%, 01/31/28<sup>#</sup> |  | 1510000 |  | 1531821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Bank, Subordinated, BKNT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 |  | 250000 |  | 248788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 |  | 1000000 |  | 988812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/11/30 |  | 1850000 |  | 1627381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., Sr. Unsecured, MTN,<br>(SOFR + 2.36%),<br>5.87%, 06/08/34<sup>Δ</sup> |  | 1500000 |  | 1535016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated, MTN,<br>4.40%, 06/14/46 |  | 1000000 |  | 790505 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED FINANCIAL SERVICES | $| 45297528 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC – 3.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC – 3.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC – 3.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC – 3.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp., Sr. Unsecured,<br>5.70%, 12/01/26 |  | 1450000 |  | 1476150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., Series A, Sr. Unsecured,<br>1.45%, 04/15/26<sup>#</sup> |  | 1950000 |  | 1895340 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., Sr. Unsecured |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/27 |  | 2000000 |  | 2028817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/30 |  | 4000000 |  | 4066198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, 1st Mortgage,<br>4.95%, 12/15/44 |  | 1000000 |  | 893376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., Sr. Unsecured |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/29 |  | 2015000 |  | 2067592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/31 |  | 2000000 |  | 2039239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 |  | 2000000 |  | 1668117 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., Series B, Sr. Unsecured,<br>3.90%, 07/15/27 | $| 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;4964988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), Series 21-B, Sr. Unsecured,<br>1.75%, 03/15/28 |  | 40000 | 37176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Public Service Co., 1st Mortgage,<br>6.00%, 06/01/54 |  | 1175000 | 1176368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Electric Co., 1st Mortgage,<br>3.50%, 03/15/29 |  | 220000 | 213409 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/27 |  | 750000 | 697788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/30 |  | 394000 | 341773 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC | $23566331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/01/27 |  | 200000 | 184622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48 |  | 665000 | 589157 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD & STAPLES RETAILING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD & STAPLES RETAILING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD & STAPLES RETAILING | $773779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GAS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **GAS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **GAS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **GAS – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., Company Guaranteed,<br>3.95%, 10/01/46 |  | 1425000 | 1090905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp., Company Guaranteed,<br>5.45%, 02/25/27 |  | 1750000 | 1777239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., Sr. Unsecured,<br>4.70%, 02/19/27 |  | 2000000 | 2013670 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-PRODUCTS | $3790909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-SERVICES – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-SERVICES – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-SERVICES – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-SERVICES – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., Sr. Unsecured,<br>4.50%, 11/15/44 |  | 650000 | 534948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), Company Guaranteed,<br>4.80%, 07/15/46 |  | 1000000 | 864137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), Sr. Unsecured,<br>2.38%, 03/15/31 |  | 250000 | 219563 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health, Sr. Secured,<br>3.35%, 10/01/29 |  | 150000 | 142422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., Sr. Unsecured,<br>3.65%, 12/01/27 |  | 1650000 | 1625065 |
| &nbsp;&nbsp;&nbsp;&nbsp; NYU Langone Hospitals, Series 2020, Secured,<br>3.38%, 07/01/55<sup>#</sup> |  | 1000000 | 668930 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27 |  | 1350000 | 1315761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/42 |  | 290000 | 232552 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-SERVICES | $5603378 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., Company Guaranteed,<br>4.30%, 05/15/43 |  | 425000 | 372492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, Secured,<br>5.30%, 01/13/30<sup>W</sup> |  | 3000000 | 3066885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Life Global Funding II, Secured,<br>1.63%, 11/19/30<sup>W</sup> |  | 250000 | 213417 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp., Sr. Unsecured<br>4.75%, 08/01/44 |  | 1715000 | 1492084 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Broad Market Bond Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/12/50 | $| 1425000 | $&nbsp;&nbsp;&nbsp;&nbsp;1095697 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | $6240575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, Sr. Secured,<br>2.80%, 04/01/31 |  | 3500000 | 3029679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC, Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 |  | 500000 | 478326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 |  | 1000000 | 886952 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDIA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDIA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDIA | $4394957 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MISCELLANEOUS MANUFACTURING – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **MISCELLANEOUS MANUFACTURING – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **MISCELLANEOUS MANUFACTURING – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **MISCELLANEOUS MANUFACTURING – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc., Sr. Unsecured,<br>2.45%, 03/15/31 |  | 2000000 | 1768878 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OIL & GAS – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **OIL & GAS – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **OIL & GAS – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **OIL & GAS – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., Company Guaranteed,<br>5.40%, 04/18/34 |  | 1245000 | 1223910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Sr. Unsecured,<br>5.00%, 08/01/27 |  | 2500000 | 2505456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Sr. Unsecured,<br>2.15%, 01/15/31 |  | 1000000 | 878112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/15/27 |  | 1800000 | 1710405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/45 |  | 563000 | 485334 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL & GAS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL & GAS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL & GAS | $6803217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., Sr. Unsecured,<br>4.40%, 11/06/42 |  | 460000 | 400941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co., Sr. Unsecured,<br>1.96%, 02/11/31 |  | 100000 | 85728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Sr. Unsecured,<br>3.40%, 07/26/29 |  | 310000 | 299794 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., Sr. Unsecured,<br>1.30%, 08/21/27 |  | 145000 | 134877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc., Sr. Unsecured,<br>2.63%, 04/01/30 |  | 650000 | 600088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27<sup>#</sup> |  | 125000 | 121815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/12/47 |  | 1005000 | 784695 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS | $2427938 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PIPELINES – 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **PIPELINES – 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **PIPELINES – 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **PIPELINES – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 |  | 3000000 | 2968594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 |  | 3000000 | 3032838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 |  | 715000 | 676306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 |  | 1250000 | 1059046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/50 |  | 1120000 | 874884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/54 |  | 500000 | 431364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, Company Guaranteed,<br>5.40%, 09/01/44 |  | 1000000 | 907767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., Company Guaranteed,<br>3.60%, 02/15/51 |  | 1315000 | 876511 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK Partners LP, Company Guaranteed,<br>6.20%, 09/15/43 | $| 1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966515 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., Company Guaranteed,<br>6.10%, 11/15/32 |  | 335000 | 348503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP, Company Guaranteed,<br>4.88%, 02/01/31 |  | 1245000 | 1210974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), Sr. Unsecured,<br>3.50%, 10/15/51 |  | 1485000 | 983466 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PIPELINES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PIPELINES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PIPELINES | $14336768 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/27 |  | 1000000 | 978147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32<sup>#</sup> |  | 1000000 | 947978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 |  | 1500000 | 959102 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., Sr. Unsecured, MTN,<br>3.35%, 05/15/27<sup>#</sup> |  | 1420000 | 1398783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Holdings LP, Company Guaranteed,<br>3.63%, 01/15/28 |  | 1100000 | 1063291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak OP LLC, Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/26 |  | 110000 | 108510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/31 |  | 2350000 | 2109227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty LP, Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/26 |  | 3208000 | 3150851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/28 |  | 250000 | 246604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower OP LLC, Company Guaranteed,<br>4.95%, 09/01/48 |  | 1000000 | 896690 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE INVESTMENT TRUSTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE INVESTMENT TRUSTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE INVESTMENT TRUSTS | $11859183 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., Sr. Unsecured,<br>3.65%, 04/05/29 |  | 200000 | 193967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordstrom, Inc., Sr. Unsecured,<br>5.00%, 01/15/44 |  | 1000000 | 705000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL | $898967 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., Sr. Unsecured,<br>4.35%, 02/15/30 |  | 3000000 | 2971862 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., Sr. Unsecured,<br>4.20%, 09/27/29 |  | 3000000 | 2960824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., Sr. Unsecured,<br>2.00%, 06/30/30 |  | 1345000 | 1174475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Sr. Unsecured,<br>3.50%, 04/01/27 |  | 1385000 | 1359811 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE | $5495110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 |  | 845000 | 796998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 |  | 1423000 | 947757 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 |  | 4000000 | 3546554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/34 |  | 1275000 | 1327694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., Sr. Unsecured<br>2.10%, 03/22/28 |  | 50000 | 47261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

4 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Broad Market Bond Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 | $| &nbsp;&nbsp;&nbsp;&nbsp;305000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260459 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TELECOMMUNICATIONS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TELECOMMUNICATIONS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TELECOMMUNICATIONS | $6926723 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc., Sr. Unsecured, MTN,<br>2.85%, 03/01/27 |  | 2645000 | 2565346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., Sr. Unsecured,<br>4.30%, 03/01/49 |  | 675000 | 554064 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION | $3119410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/26 |  | 1570000 | 1540150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/30/27 |  | 1500000 | 1478938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/30 |  | 1000000 | 962822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 |  | 640000 | 569248 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRUCKING & LEASING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRUCKING & LEASING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRUCKING & LEASING | $4551158 |
| **TOTAL CORPORATE BONDS<br>(COST $191,185,393)** | **TOTAL CORPORATE BONDS<br>(COST $191,185,393)** | **TOTAL CORPORATE BONDS<br>(COST $191,185,393)** | $**183505821** |
|  **GOVERNMENT AGENCIES – 1.3%** | **GOVERNMENT AGENCIES – 1.3%** | **GOVERNMENT AGENCIES – 1.3%** | **GOVERNMENT AGENCIES – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/28<sup>#</sup> |  | 6960000 | 6865389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/29<sup>#</sup> |  | 750000 | 821265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/30 |  | 400000 | 463476 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $1284741 |
| **TOTAL GOVERNMENT AGENCIES<br>(COST $8,619,129)** | **TOTAL GOVERNMENT AGENCIES<br>(COST $8,619,129)** | **TOTAL GOVERNMENT AGENCIES<br>(COST $8,619,129)** | $**8150130** |
|  **MORTGAGE-BACKED SECURITIES – 28.3%** | **MORTGAGE-BACKED SECURITIES – 28.3%** | **MORTGAGE-BACKED SECURITIES – 28.3%** | **MORTGAGE-BACKED SECURITIES – 28.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 9.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 9.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 9.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 9.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C00478, 8.50%, 09/01/26 |  | 1290 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool E09010, 2.50%, 09/01/27 |  | 76399 | 75200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G18497, 3.00%, 01/01/29 |  | 14082 | 13893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C01272, 6.00%, 12/01/31 |  | 4547 | 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A13990, 4.50%, 10/01/33 |  | 3811 | 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G01625, 5.00%, 11/01/33 |  | 14364 | 14545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A18401, 6.00%, 02/01/34 |  | 5771 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool QN1900, 3.00%, 04/01/35 |  | 458098 | 442443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08097, 6.50%, 11/01/35 |  | 8617 | 9171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G02296, 5.00%, 06/01/36 |  | 38750 | 39245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G02390, 6.00%, 09/01/36 |  | 3864 | 4049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G05317, 5.00%, 04/01/37 |  | 156955 | 159006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08193, 6.00%, 04/01/37 |  | 7012 | 7166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G03703, 5.50%, 12/01/37 |  | 4540 | 4657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G04776, 5.50%, 07/01/38 |  | 15961 | 16291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G05500, 5.00%, 05/01/39 |  | 140649 | 142311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A93415, 4.00%, 08/01/40 |  | 218133 | 209527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A93505, 4.50%, 08/01/40 |  | 260287 | 259248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A93996, 4.50%, 09/01/40 |  | 194041 | 193267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G06222, 4.00%, 01/01/41 |  | 315763 | 305114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A97047, 4.50%, 02/01/41 |  | 194391 | 192997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G06956, 4.50%, 08/01/41 |  | 198463 | 197042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C03750, 3.50%, 02/01/42 |  | 88862 | 82149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C03849, 3.50%, 04/01/42 |  | 48470 | 45352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q08305, 3.50%, 05/01/42 |  | 350848 | 329112 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C04305, 3.00%, 11/01/42 | $| &nbsp;&nbsp;&nbsp;&nbsp;945865 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C09020, 3.50%, 11/01/42 |  | 693104 |  | 640729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07266, 4.00%, 12/01/42 |  | 580639 |  | 563046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C04444, 3.00%, 01/01/43 |  | 30670 |  | 27614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C09029, 3.00%, 03/01/43 |  | 130998 |  | 119298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08534, 3.00%, 06/01/43 |  | 161527 |  | 147102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q19476, 3.50%, 06/01/43 |  | 259871 |  | 243287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C09044, 3.50%, 07/01/43 |  | 312312 |  | 292361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07889, 3.50%, 08/01/43 |  | 281448 |  | 260125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07624, 4.00%, 12/01/43 |  | 289065 |  | 281113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G60038, 3.50%, 01/01/44 |  | 1487993 |  | 1375712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07680, 4.00%, 04/01/44 |  | 496993 |  | 472871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07943, 4.50%, 08/01/44 |  | 25707 |  | 25307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08607, 4.50%, 09/01/44 |  | 175687 |  | 173345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q33547, 3.50%, 05/01/45 |  | 244762 |  | 226536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q36970, 4.00%, 10/01/45 |  | 111553 |  | 105969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G60384, 4.50%, 12/01/45 |  | 17612 |  | 17333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q39644, 3.50%, 03/01/46 |  | 723281 |  | 667415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q39438, 4.00%, 03/01/46 |  | 732808 |  | 697894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08705, 3.00%, 05/01/46 |  | 66623 |  | 59447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08708, 4.50%, 05/01/46 |  | 116938 |  | 113974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4671, 3.00%, 08/01/46 |  | 431624 |  | 384524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q44452, 3.00%, 11/01/46 |  | 626323 |  | 558845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4693, 3.00%, 12/01/46 |  | 1203726 |  | 1063316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8037, 2.50%, 01/01/50 |  | 2416896 |  | 2033836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA2341, 2.50%, 04/01/50 |  | 2080138 |  | 1737208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8104, 1.50%, 11/01/50 |  | 2190130 |  | 1658160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA4349, 2.50%, 01/01/51 |  | 1065158 |  | 899983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8141, 2.50%, 04/01/51 |  | 1009786 |  | 843223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8190, 3.00%, 01/01/52 |  | 1872184 |  | 1639976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool QE2363, 3.50%, 05/01/52 |  | 1079145 |  | 975194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD3139, 3.50%, 07/01/52 |  | 922516 |  | 833424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA7777, 4.50%, 08/01/52 |  | 2881500 |  | 2759623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8254, 3.00%, 10/01/52 |  | 3367735 |  | 2923579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD2066, 4.00%, 12/01/52 |  | 582014 |  | 542520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD3238, 5.50%, 12/01/52 |  | 1779466 |  | 1789535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD2617, 5.00%, 03/01/53 |  | 5533820 |  | 5445275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA8714, 4.50%, 04/01/53 |  | 6870605 |  | 6590970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA8647, 4.50%, 05/01/53 |  | 2156580 |  | 2069472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD3786, 5.00%, 05/01/53 |  | 1196233 |  | 1172616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA9431, 5.50%, 07/01/53 |  | 3082308 |  | 3105358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD3745, 6.00%, 09/01/53 |  | 3282285 |  | 3338406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD5763, 5.50%, 07/01/54 |  | 2116582 |  | 2123393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RJ2210, 6.00%, 08/01/54 |  | 5958427 |  | 6062949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SL0727, 5.50%, 02/01/55 |  | 2545257 |  | 2548730 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) | $| 63251995 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 18.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 18.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 18.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 18.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 18.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AE2520, 3.00%, 01/01/26 |  | 17284 |  | 17143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 329794, 7.00%, 02/01/26 |  | 256 |  | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 256639, 5.00%, 02/01/27 |  | 3598 |  | 3610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 256752, 6.00%, 06/01/27 |  | 4112 |  | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 257007, 6.00%, 12/01/27 |  | 4328 |  | 4365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AB8997, 2.50%, 04/01/28 |  | 23594 |  | 23144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS4480, 2.50%, 02/01/30 |  | 170658 |  | 165722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS7462, 2.50%, 06/01/31 |  | 92971 |  | 89560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 254007, 6.50%, 10/01/31 |  | 2336 |  | 2454 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Broad Market Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| <br> Description | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 254240, 7.00%, 03/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 638023, 6.50%, 04/01/32 | 20334 | 21251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 642345, 6.50%, 05/01/32 | 15598 | 16290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 651292, 6.50%, 07/01/32 | 32039 | 33231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 686398, 6.00%, 03/01/33 | 36730 | 38097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BP6496, 2.00%, 07/01/35 | 606815 | 557361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4095, 2.00%, 08/01/35 | 773973 | 710898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 745412, 5.50%, 12/01/35 | 11479 | 11718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 888789, 5.00%, 07/01/36 | 62424 | 63487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 256515, 6.50%, 12/01/36 | 4678 | 4924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AE0217, 4.50%, 08/01/40 | 31760 | 31836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AB1796, 3.50%, 11/01/40 | 191200 | 177780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AH5583, 4.50%, 02/01/41 | 82410 | 81652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 890551, 4.50%, 08/01/41 | 20521 | 20329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL0658, 4.50%, 08/01/41 | 119251 | 118132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL1319, 4.50%, 10/01/41 | 145573 | 144163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL6302, 4.50%, 10/01/41 | 215932 | 213945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AX5302, 4.00%, 01/01/42 | 361911 | 348735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AK4523, 4.00%, 03/01/42 | 410989 | 397293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL2034, 4.50%, 04/01/42 | 52362 | 51563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AB7936, 3.00%, 02/01/43 | 595899 | 526367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL3761, 4.50%, 02/01/43 | 61304 | 60895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA1458, 3.00%, 06/01/43 | 129830 | 117720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AT7899, 3.50%, 07/01/43 | 862865 | 798542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS0302, 3.00%, 08/01/43 | 1396676 | 1266332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AU4279, 3.00%, 09/01/43 | 284778 | 258201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL5537, 4.50%, 04/01/44 | 95344 | 94213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS3155, 4.00%, 08/01/44 | 14321 | 13758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AX0833, 3.50%, 09/01/44 | 235342 | 220811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL6325, 3.00%, 10/01/44 | 896505 | 812669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS5136, 4.00%, 06/01/45 | 83246 | 79607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AZ7362, 4.00%, 11/01/45 | 234004 | 222293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AZ9565, 3.50%, 12/01/45 | 320658 | 297076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC0326, 3.50%, 12/01/45 | 286328 | 264226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC0245, 3.00%, 02/01/46 | 175740 | 156560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC0830, 3.00%, 04/01/46 | 270972 | 241409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS7568, 4.50%, 07/01/46 | 36643 | 35669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC4764, 3.00%, 10/01/46 | 371225 | 328564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA2771, 3.00%, 10/01/46 | 109755 | 95480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS8276, 3.00%, 11/01/46 | 379023 | 337673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC9003, 3.00%, 11/01/46 | 385255 | 343207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BE1899, 3.00%, 11/01/46 | 1499412 | 1335715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BE3767, 3.50%, 07/01/47 | 337530 | 309235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BH2618, 3.50%, 08/01/47 | 101014 | 92898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA3088, 4.00%, 08/01/47 | 289163 | 273156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BH4010, 4.50%, 09/01/47 | 274376 | 267423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BH9215, 3.50%, 01/01/48 | 482007 | 443267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BJ0650, 3.50%, 03/01/48 | 2022393 | 1858640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BJ0639, 4.00%, 03/01/48 | 114555 | 108493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BJ9169, 4.00%, 05/01/48 | 532359 | 504149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BK4764, 4.00%, 08/01/48 | 493227 | 467109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BN1628, 4.50%, 11/01/48 | 235262 | 228210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BM5334, 3.50%, 01/01/49 | 459252 | 421192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA3871, 3.00%, 12/01/49 | 1233060 | 1082503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA5306, 3.00%, 03/01/50 | 1057107 | 927007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA5353, 3.50%, 03/01/50 | 916116 | 832639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4100, 2.00%, 08/01/50 | 1170852 | 940867 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM3989, 2.50%, 08/01/50 | $| &nbsp;&nbsp;&nbsp;&nbsp;750637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA6983, 2.00%, 09/01/50 |  | 2055150 | 1661577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA7106, 2.00%, 09/01/50 |  | 1337480 | 1081346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4119, 2.00%, 09/01/50 |  | 877125 | 702249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BQ2999, 2.50%, 10/01/50 |  | 1744624 | 1465557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA7383, 3.00%, 10/01/50 |  | 1160858 | 1026382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA7734, 2.50%, 11/01/50 |  | 1176477 | 982459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM5297, 3.00%, 11/01/50 |  | 1532374 | 1355398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, 2.00%, 12/01/50 |  | 906245 | 724779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA8021, 2.50%, 12/01/50 |  | 3526017 | 2973150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM5166, 3.00%, 12/01/50 |  | 796064 | 699860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BQ4495, 2.00%, 02/01/51 |  | 4964761 | 3955210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA8929, 2.00%, 02/01/51 |  | 2305116 | 1840479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM6426, 2.00%, 03/01/51 |  | 1976217 | 1596925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB0199, 3.00%, 04/01/51 |  | 626574 | 545290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BR7857, 2.50%, 05/01/51 |  | 3052394 | 2549401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM7188, 2.50%, 05/01/51 |  | 2133373 | 1821150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB0727, 2.50%, 06/01/51 |  | 5415268 | 4553895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM8440, 2.50%, 08/01/51 |  | 1227181 | 1032031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BT6823, 2.50%, 10/01/51 |  | 3180615 | 2654305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM9949, 2.00%, 12/01/51 |  | 789345 | 637015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM9871, 2.50%, 12/01/51 |  | 5540171 | 4658827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BU1416, 3.00%, 01/01/52 |  | 1917722 | 1671635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS6380, 2.50%, 02/01/52 |  | 3501644 | 2927621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS0982, 3.00%, 03/01/52 |  | 1630667 | 1425769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS1571, 2.00%, 04/01/52 |  | 3452201 | 2748029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB3334, 3.50%, 04/01/52 |  | 5038655 | 4582765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4598, 2.50%, 05/01/52 |  | 6480009 | 5404588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BV7245, 4.00%, 05/01/52 |  | 5797277 | 5412199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4644, 4.00%, 05/01/52 |  | 1143503 | 1070163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB4818, 4.00%, 10/01/52 |  | 991772 | 927988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB4800, 4.50%, 10/01/52 |  | 5859909 | 5628618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS5676, 5.00%, 12/01/52 |  | 6236855 | 6140868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS6931, 5.50%, 01/01/53 |  | 2839370 | 2836988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS5113, 5.50%, 07/01/53 |  | 612318 | 612381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA5108, 6.00%, 08/01/53 |  | 2651872 | 2691916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB8709, 6.00%, 06/01/54 |  | 3006537 | 3055378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS9945, 6.50%, 09/01/54 |  | 2864876 | 2954512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS9801, 5.50%, 11/01/54 |  | 8840742 | 8852767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB9610, 5.00%, 12/01/54 |  | 4518758 | 4436290 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122553020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 2077, 7.00%, 09/20/25 |  | 101 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 780825, 6.50%, 07/15/28 |  | 8264 | 8412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 2616, 7.00%, 07/20/28 |  | 4767 | 4894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 2701, 6.50%, 01/20/29 |  | 10805 | 11123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 426727, 7.00%, 02/15/29 |  | 1491 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 503405, 6.50%, 04/15/29 |  | 5124 | 5286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 781231, 7.00%, 12/15/30 |  | 5962 | 6133 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) | $37460 |
| **TOTAL MORTGAGE-BACKED SECURITIES<br>(COST $202,157,675)** | **TOTAL MORTGAGE-BACKED SECURITIES<br>(COST $202,157,675)** | **TOTAL MORTGAGE-BACKED SECURITIES<br>(COST $202,157,675)** | $**185842475** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

6 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Broad Market Bond Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br> Description | Par Value | Value |
|  **U.S. TREASURY OBLIGATIONS – 41.5%** | **U.S. TREASURY OBLIGATIONS – 41.5%** | **U.S. TREASURY OBLIGATIONS – 41.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 11.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 11.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 11.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/27 | $450000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/29<sup>#</sup> | 12500000 | 13221307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/30 | 500000 | 556323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/31 | 600000 | 646550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/41 | 985000 | 683072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 | 2000000 | 1466599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 | 500000 | 402800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 | 881000 | 765255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 | 365000 | 322126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/44 | 2106000 | 1821681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 | 6637000 | 5283300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 | 2000000 | 1554806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/44 | 6500000 | 6438925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/45 | 2135000 | 1517707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/45 | 3575000 | 3600358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/45 | 2000000 | 1547936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/45 | 300000 | 226623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/45 | 765000 | 588830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46 | 280000 | 196157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 | 1098000 | 832976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/47 | 1695000 | 1284228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 2235000 | 1606820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/50 | 3300000 | 1605570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/50 | 3000000 | 1496184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | 2500000 | 1332499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 | 13255000 | 7733662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/53 | 3035000 | 2513351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/53 | 3000000 | 2720557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/54 | 3000000 | 2958397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/54 | 7500000 | 7259171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/55 | 1000000 | 989260 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BONDS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BONDS | $73649571 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 30.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 30.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 30.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/26 | 700000 | 705647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 | 4180000 | 4073997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27 | 5030000 | 4909015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/27 | 250000 | 239036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/27 | 5000000 | 4918051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/30/27 | 3000000 | 3009076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/27 | 450000 | 421129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/27 | 15000000 | 14842278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 | 300000 | 290321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/27 | 500000 | 505414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/28 | 6750000 | 6600321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/29/28 | 10000000 | 10108375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/28 | 5000000 | 5042087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/28 | 500000 | 465119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/28 | 5000000 | 4886792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/31/28 | 5500000 | 5629883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28 | 8000000 | 7412652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/28 | 3000000 | 3121735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 | 350000 | 344158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 | 6900000 | 6569038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/29 | 7000000 | 7153736 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/29 | $5000000 | $| 4603548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/29 | 4000000 |  | 3911290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/30/30 | 10000000 |  | 9894317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/30 | 550000 |  | 471866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/31/30 | 5000000 |  | 5086273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/31 | 4000000 |  | 3450882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/31 | 5000000 |  | 4403747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/31/31 | 10000000 |  | 10411923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 | 1880000 |  | 1606545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/32 | 6000000 |  | 5267464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/32 | 8145000 |  | 8242953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/32 | 7000000 |  | 6464292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/32 | 4000000 |  | 4039400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/33 | 7000000 |  | 6685613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/33 | 5000000 |  | 4936999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/34 | 5000000 |  | 4898815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/34 | 12000000 |  | 12092817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/35 | 11000000 |  | 11411678 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES |  | $| 199128282 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $288,112,213)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $288,112,213)** | **$** | **272777853** |
|  | Number of<br>Shares |  |  |
|  **MONEY MARKET FUND – 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>^</sup> | 8624252 |  | 8624252 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $8,624,252)** | **TOTAL MONEY MARKET FUND**<br> **(COST $8,624,252)** | **$** | **8624252** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value |  |  |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.0%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.0%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.0%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.0%** |
|  **REPURCHASE AGREEMENTS – 3.0%** | **REPURCHASE AGREEMENTS – 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 4.38%,dated 4/30/25, due 5/01/25, repurchase price $1,187,527, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 5/01/36 to 4/01/55; total market value of $1,211,131. | $1187383 |  | 1187383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, 4.37%, dated 4/30/25,due 5/01/25, repurchase price $3,680,086, collateralized by U.S. Government Agency Securities, 2.04% to 7.16%, maturing 6/01/25 to 12/01/52; total market value of $3,753,232. | 3679639 |  | 3679639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.37%, dated 4/30/25, due 5/01/25, repurchase price $3,680,086, collateralized by a U.S. Treasury Security, 4.00%, maturing 2/15/34; total market value of $3,753,232. | 3679639 |  | 3679639 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Broad Market Bond Fund (continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br> Description | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, Inc., 4. 37%, dated 4/30/25, due 5/01/25, repurchase price $3,680,086, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.50%, maturing 4/30/27 to 5/01/55; total market value of $3,753,232. | $3679639 | $&nbsp;&nbsp;&nbsp;&nbsp;3679639 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.38%, dated 4/30/25, due 5/01/25, repurchase price $2,127,152, collateralized by U.S. Government Agency Securities, 1.17% to 6.50%, maturing 5/01/28 to 4/01/55; total market value of $2,169,431. | 2126893 | 2126893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Securities USA, 4.36%, dated 4/30/25, due 5/01/25, repurchase price $3,680,085, collateralized by U.S. Treasury Securities, 0.75% to 3. 50%, maturing 11/15/25 to 2/15/33; total market value of $3,753,232. | 3679639 | 3679639 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.36%, dated 4/30/25, due 5/01/25, repurchase price $567,675, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 4/15/26 to 8/15/46; total market value of $578,958. | 567606 | 567606 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.37%, dated 4/30/25, due 5/01/25, repurchase price $1,289,662, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 1/01/34 to 9/15/59; total market value of $1,315,295. | $| 1289505 | $1289505 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS (COST $19,889,943)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS (COST $19,889,943)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS (COST $19,889,943)** | $**19889943** |
| **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN<br>(COST $19,889,943)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN<br>(COST $19,889,943)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN<br>(COST $19,889,943)** | $**19889943** |
| **TOTAL INVESTMENTS – 103.3%**<br> **(COST $718,629,111)** |  |  | $**678831168** |
| **COLLATERAL FOR SECURITIES ON LOAN – (3.0%)** | **COLLATERAL FOR SECURITIES ON LOAN – (3.0%)** | **COLLATERAL FOR SECURITIES ON LOAN – (3.0%)** | **(19889943)** |
| **OTHER ASSETS LESS LIABILITIES – (0.3)%** |  |  | **(1960842)** |
| **TOTAL NET ASSETS – 100.0%** |  |  | $**656980383** |

---

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, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage | $— | $4762 | $— | $4762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 35932 |  | 35932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 183505821 |  | 183505821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government Agencies |  | 8150130 |  | 8150130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 185842475 |  | 185842475 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 272777853 |  | 272777853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 8624252 |  |  | 8624252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 19889943 |  | 19889943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $8624252 | $670206916 | $— | $678831168 |

---

\*\* Represents less than 0.05%. 

---

| | |
|:---|:---|
| Δ | Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.  |

---

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

---

| | |
|:---|:---|
| W | Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At April 30, 2025, these liquid restricted securities amounted to $4,385,387, representing 0.67% of total net assets.  |

---

^ 7-Day net yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

8 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Broad Market Bond Fund (concluded)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
| BKNT | Bank Notes |
| GMTN | Global Medium Term Note |
| LLC | Limited Liability Corporation |
| LP | Limited Partnership |
| MTN | Medium Term Note |
| NA | National Association |
| PLC | Public Limited Company |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year |
| SOFR | Secured Overnight Financing Rate |

---

*See Notes which are an integral part of the Financial Statements*

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

9.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Municipal Bond Fund

PORTFOLIO OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **EXCHANGE-TRADED FUNDS – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VanEck High Yield Muni ETF | 29000 | $&nbsp;&nbsp;&nbsp;&nbsp;1461600 |
|  **TOTAL EXCHANGE-TRADED FUNDS<br>(Cost $1,498,053)** |  | $1461600 |
|  | <br>Par Value |  |
|  **MUNICIPAL BONDS – 98.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **ALABAMA – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Revenue Bonds, Natural Gas Utility Improvements, (Series B), 5.00%, 10/01/55 | $2000000 | 2081119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), AL, Current Refunding Revenue Bonds, (Series A), 5.00%, 08/01/54 | 3000000 | 3135906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, AL, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 5.00%, 10/01/55 | 1500000 | 1573847 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ALABAMA |  | $6790872 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ALASKA – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29 | 1810000 | 1816748 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ALASKA |  | $1816748 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ARIZONA – 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chandler Industrial Development Authority, AZ, Revenue Bonds, (Intel Corp. Project), 4.10%, 12/01/37 | 2000000 | 1999829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix Arizona, IDA, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), Prerefunded/ETM, 6.85%, 12/01/25 | 30000 | 30220 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DEVELOPMENT |  | $2030049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 1000000 | 1024037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/30 | 1000000 | 1043355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 | 865000 | 898227 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions – Harmony Public Schools Project), (Series A), 5.00%, 02/15/28 | 800000 | 809018 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION |  | $3774637 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | <br>Par Value | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/34 | $| 1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;1066272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/35 |  | 725000 | 769617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/36 |  | 500000 | 527895 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  |  | $2363784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36 |  | 3000000 | 3353579 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ARIZONA |  |  | $11522049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CALIFORNIA – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, CA, Revenue Bonds, (Series A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/36 |  | 800000 | 784596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/37 |  | 500000 | 485518 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CALIFORNIA |  |  | $1270114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COLORADO – 4.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31 |  | 2500000 | 2575439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, CO, Refunding Revenue Bonds, (University of Denver Project), (NATL), 5.00%, 03/01/35 |  | 2000000 | 2180612 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, (CommonSpirit Health), (Series A), 5.00%, 08/01/32 |  | 2270000 | 2374878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62 |  | 3000000 | 3142140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49 |  | 2000000 | 2016070 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  |  | $7533088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MULTIFAMILY HOUSING – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTIFAMILY HOUSING – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTIFAMILY HOUSING – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, CO, Revenue Bonds, (Wintergreen Ridge Apartments Project), 4.00%, 05/01/41 |  | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33 |  | 1750000 | 1795635 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLORADO |  |  | $15084774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

10 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Municipal Bond Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONNECTICUT – 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, CT, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series 2021 A), 3.00%, 01/15/35 | $2900000 | $&nbsp;&nbsp;&nbsp;&nbsp;2637866 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Fairfield University), (Series R), 5.00%, 07/01/31 | 1385000 | 1423703 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), 5.00%, 07/01/34 | 3000000 | 3171652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/28 | 785000 | 792701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 | 500000 | 504724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/30 | 600000 | 604427 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $5073504 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONNECTICUT |  | $9135073 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DISTRICT OF COLUMBIA – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 | 610000 | 672593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/31 | 875000 | 937195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 500000 | 533775 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $2143563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30 | 1500000 | 1550059 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRICT OF COLUMBIA |  | $3693622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FLORIDA – 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26 | 1000000 | 1021182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, FL, Revenue Bonds, (Series B), 5.00%, 10/01/33 | 2000000 | 2157263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee FL Airport Revenue County, FL, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/34 | 1000000 | 1057549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/35 | 2000000 | 2101017 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $6337011 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34 | 1975000 | 1999810 |

---

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/28 | $750000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/30 | 750000 | 777938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/31 | 750000 | 777042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/33 | 750000 | 772765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28 | 1600000 | 1631669 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $4742442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., FL, Current Refunding Revenue Bonds, (Housing Project), (Series A), 5.00%, 02/01/26 | 500000 | 504794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland, FL, Refunding Revenue Bonds, (Lakeland Regional Health Systems), (Series S), 5.00%, 11/15/42 | 2000000 | 2064000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., FL, Refunding Revenue Bonds, (Brightline Florida Passenger Rail Project), 5.00%, 07/01/37 | 3500000 | 3458004 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FLORIDA |  | $19106061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GEORGIA – 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28 | 4359000 | 4434462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., GA, Revenue Bonds, (Series B), 5.00%, 07/01/53 | 1000000 | 1042719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/52 | 3000000 | 2998713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/53 | 3000000 | 3104909 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $11580803 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, GA, Revenue Bonds, (Northeast Georgia Health System, Inc. Project), 5.00%, 10/15/34 | 3805000 | 4182263 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, GA, Project One Subordinated Current Refunding Revenue Bonds, (Series B), 5.00%, 01/01/31 | 2000000 | 2158984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, GA, Project One Subordinated Revenue Bonds, (Series B), (BAM), 5.25%, 01/01/44 | 1250000 | 1336088 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL POWER |  | $3495072 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Ports Authority, GA, Revenue Bonds |  |  |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/37 | $1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;1000876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/39 | 1000000 | 988031 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $1988907 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GEORGIA |  | $21247045 |
| &nbsp;&nbsp;&nbsp;&nbsp; **IDAHO – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, ID, Current Refunding Revenue Bonds, (The College of IDAHO Project) , 5.00%, 11/01/33 | 3000000 | 3009163 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IDAHO |  | $3009163 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ILLINOIS – 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, IL, Revenue Bonds, (Senior Lien), (Series D), 5.00%, 01/01/34 | 3000000 | 3036495 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31 | 1450000 | 1609454 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, IL, (Series C), 5.00%, 06/15/41 | 3000000 | 3133063 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $4742517 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, GO Unlimited, (Series A), 5.00%, 01/01/44 | 2000000 | 1964858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 01/01/32 | 3000000 | 3121795 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, IL, GO Unlimited, Refunding Bonds, 5.00%, 02/01/39 | 450000 | 471408 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, IL, GO Unlimited, Current Refunding, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 | 2000000 | 2083123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 | 1000000 | 1030097 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28 | 3000000 | 3097366 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  | $11768647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33 | 1450000 | 1510808 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ILLINOIS |  | $21058467 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDIANA – 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44 | 6500000 | 6559204 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westfield-Washington Multi-School Building Corp., IN, Revenue Bonds, (Series A), (BAM ST INTERCEPT) 5.00%, 01/15/31 | 1000000 | 1083700 |

---

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/31 | $1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;1089169 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $2172869 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDIANA |  | $8732073 |
| &nbsp;&nbsp;&nbsp;&nbsp; **IOWA – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterloo Community School District Infrastructure Sales Services & Use Tax, IA, Revenue Bonds, (AGM), 4.00%, 07/01/29 | 3000000 | 3046872 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IOWA |  | $3046872 |
| &nbsp;&nbsp;&nbsp;&nbsp; **KENTUCKY – 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/52 | 3000000 | 2986165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/55 | 1000000 | 1038968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50 | 4000000 | 3993616 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL KENTUCKY |  | $8018749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **LOUISIANA – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Parish of St John the Baptist, LA, Current Refunding Revenue Bonds, (Marathon Oil Corporation Project), 3.30%, 06/01/37 | 3000000 | 2951431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana Gasoline & Fuels Tax Revenue, LA, Refunding Revenue Bonds, (Second Lien), (Series A), 4.00%, 05/01/40 | 2500000 | 2433816 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LOUISIANA |  | $5385247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MARYLAND – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 | 730000 | 758987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/29 | 500000 | 525412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/30 | 515000 | 544575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 | 650000 | 692029 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MARYLAND |  | $2521003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MASSACHUSETTS – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33 | 1000000 | 1009523 |
| &nbsp;&nbsp;&nbsp;&nbsp; **STUDENT LOAN – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Series B) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | 1800000 | 1882497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/44 | 1000000 | 968806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

12 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Municipal Bond Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL STUDENT LOAN |  | $&nbsp;&nbsp;&nbsp;&nbsp;2851303 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MASSACHUSETTS |  | $3860826 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MICHIGAN – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerald R Ford International Airport Authority, MI, Revenue Bonds, (CNTY GTD), 5.00%, 01/01/41 | $500000 | $518459 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 | 1330000 | 1341416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/34 | 1000000 | 1004869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saginaw City School District, MI, GO Unlimited, School Improvements, AD Valorem Property Tax, (Qualified School Bond Loan Fund), 4.00%, 05/01/35 | 1000000 | 1002624 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SCHOOL DISTRICT |  | $3348909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC), 5.50%, 07/01/29 | 125000 | 128325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34 | 1450000 | 1452341 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER |  | $1580666 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MICHIGAN |  | $5448034 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MINNESOTA – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Minnesota, MN, GO Unlimited, AD Valorem Property Tax, (Series A), 4.00%, 09/01/38 | 2000000 | 2004580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39 | 3000000 | 2958801 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MINNESOTA |  | $4963381 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEVADA – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, NV, GO Limited, Current Refunding, AD Valorem Property Tax, (Series C), 4.00%, 06/01/37 | 3000000 | 3019267 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District, NV, GO Limited, AD Valorem Property Tax, (Series A), 5.00%, 06/15/39 | 3000000 | 3225391 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEVADA |  | $6244658 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW JERSEY – 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28 | 2470000 | 2588734 |

---

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System), 5.00%, 12/15/34 | $1720000 | $&nbsp;&nbsp;&nbsp;&nbsp;1778218 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32 | 500000 | 526666 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, NJ, Refunding Revenue Bonds, (Series A), 5.00%, 06/15/33 | 2000000 | 2192238 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $7085856 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31 | 1000000 | 1030122 |
| &nbsp;&nbsp;&nbsp;&nbsp; **STUDENT LOAN – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, NJ, Current Refunding Revenue Bonds, (Series B), 4.00%, 12/01/44 | 1000000 | 920423 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW JERSEY |  | $9036401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK – 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIRPORT – 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., NY, Revenue Bonds, (Terminal 4 John F. Kennedy International Airport Project), (Series P), 5.00%, 12/01/31 | 3000000 | 3158700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/30 | 1000000 | 1002561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/31 | 2500000 | 2551126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (222nd Series), (BAM-TCRS), 4.00%, 07/15/39 | 1840000 | 1790939 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $8503326 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series E-1), 4.00%, 02/01/38 | 2500000 | 2457639 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, Income Tax Revenue, 4.00%, 02/15/34 | 2000000 | 1994355 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38 | 2005000 | 1949225 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $6401219 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, GO Unlimited, AD Valorem Property Tax, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/36 | 1600000 | 1732832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/37 | 1500000 | 1474082 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  | $3206914 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (The New School), (Series A), 5.00%, 07/01/33 | 2500000 | 2736931 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30 | $990000 | $&nbsp;&nbsp;&nbsp;&nbsp;1026512 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $3763443 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW YORK |  | $21874902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NORTH CAROLINA – 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32 | 4250000 | 4540974 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32 | 1250000 | 1315701 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NORTH CAROLINA |  | $5856675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OHIO – 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, OH, Revenue Bonds, Public Improvements, (Administrative Headquarters Project), 5.00%, 07/01/37 | 3500000 | 3824875 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, OH, GO Unlimited, Public Improvements, (Series A), 5.00%, 03/01/35 | 1000000 | 1104850 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, OH, Current Refunding Revenue Bonds, University & College Improvements, (University of Dayton 2020), 5.00%, 02/01/34 | 1000000 | 1055039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), 4.00%, 12/01/43 | 2000000 | 1873187 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $2928226 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28 | 3035000 | 3152452 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34 | 1250000 | 1249692 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $4402144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power, Inc., OH, Current Refunding Revenue Bonds, (Prairie State Energy Campus Project), (Series A), 5.00%, 02/15/32 | 3000000 | 3185368 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OHIO |  | $15445463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OKLAHOMA – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian County Educational Facilities Authority, OK, Revenue Bonds, (Mustang Public Schools Project), (Series A), 5.25%, 09/01/34 | 3000000 | 3292056 |

---

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Finance Authority, OK, Revenue Bonds, (Midwest City-Del City Public Schools Project), (BAM), 5.00%, 10/01/40 | $1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;1078578 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $4370634 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand River Dam Authority, OK, Refunding Revenue Bonds, (Series A), 5.00%, 06/01/41 | 600000 | 634967 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OKLAHOMA |  | $5005601 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OREGON – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Lottery, OR, Revenue Bonds, (Series A), (MORAL OBLG), 5.00%, 04/01/39 | 1000000 | 1082054 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OREGON |  | $1082054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PENNSYLVANIA – 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, PA, Revenue Bonds, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/28 | 1500000 | 1547305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/38 | 1500000 | 1422322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30 | 1500000 | 1529808 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $4499435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A), 4.00%, 03/01/35 | 3000000 | 3069993 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30 | 1000000 | 1028990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program), 5.00%, 05/01/35 | 1130000 | 1147297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, PA, Revenue Bonds, (AICUP Financing Program – Gwynedd Mercy University Project), 5.25%, 05/01/38 | 1000000 | 1016743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/25 | 700000 | 701726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 350000 | 354722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | 600000 | 612846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 | 1100000 | 1130220 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $5992544 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35 | 2500000 | 2643970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

14 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Municipal Bond Fund (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **STUDENT LOAN – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, PA, Revenue Bonds, 4.13%, 06/01/45 | $&nbsp;&nbsp;&nbsp;&nbsp;485000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO SETTLEMENT – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34 | 1000000 | 1023643 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32 | 2000000 | 2062474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, PA, Refunding Revenue Bonds, Public Improvements, (Series B) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/35 | 500000 | 548497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/36 | 500000 | 544584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 500000 | 542016 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $3697571 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (First Lien), (Series B), (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/38 | 1250000 | 1351154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/39 | 1000000 | 1073328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33 | 340000 | 381038 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER |  | $2805520 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PENNSYLVANIA |  | $24191885 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH CAROLINA – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, SC, Revenue Bonds, (Novant Health Obligated Group), 5.00%, 11/01/34 | 1750000 | 1927229 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency, SC, Current Refunding Revenue Bonds, (Series D), 4.00%, 01/01/34 | 2830000 | 2825211 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, SC, Current Refunding Revenue Bonds, (Series B), 5.00%, 12/01/31 | 1000000 | 1090244 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, SC, Revenue Bonds, (Series A), 5.00%, 12/01/34 | 1335000 | 1460889 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES |  | $2551133 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH CAROLINA |  | $7303573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TENNESSEE – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32 | 1100000 | 1157575 |

---

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (Series A), 4.00%, 01/01/37 | $1515000 | $&nbsp;&nbsp;&nbsp;&nbsp;1508418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, TN, Revenue Bonds, (Vanderbilt University Medical Center), 5.00%, 07/01/31 | 3000000 | 3214289 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TENNESSEE |  | $5880282 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TEXAS – 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35 | 1000000 | 1002532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series B), 5.00%, 11/01/38 | 1000000 | 1078184 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $2080716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., TX, Revenue Bonds, (Trinity Basin Preparatory, Inc.), (PSF-GTD) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/39 | 500000 | 534820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/40 | 500000 | 531335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools), 5.00%, 08/15/29 | 1000000 | 1052753 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION |  | $2118908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/31 | 1000000 | 1000165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/32 | 1000000 | 996456 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $1996621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas, TX, GO Limited, AD Valorem Property Tax, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/40 | 1250000 | 1319932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/41 | 1000000 | 1047866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaufman County Municipal Utility District No 3, TX, GO Unlimited, AD Valorem Property Tax, (Series A), (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/38 | 1020000 | 994297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/39 | 1065000 | 1028136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/40 | 1110000 | 1061097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/26 | 100000 | 100484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/27 | 100000 | 100995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/28 | 535000 | 541747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/29 | 100000 | 101329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/30 | 100000 | 101413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31 | 350000 | 357140 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/32 | $&nbsp;&nbsp;&nbsp;&nbsp;100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/33 | 495000 | 499249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/34 | 100000 | 100490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/35 | 100000 | 100303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/36 | 380000 | 378134 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29 | 2125000 | 2194958 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29 | 3735000 | 3891982 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  | $14021054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32 | 1465000 | 1524897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37 | 1000000 | 1004152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosper Independent School District, TX, GO Unlimited, (PSF-GTD), 4.00%, 02/15/48 | 4000000 | 3678980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/48 | 1475000 | 1354264 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SCHOOL DISTRICT |  | $6037396 |
| &nbsp;&nbsp;&nbsp;&nbsp; **STUDENT LOAN – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazos Higher Education Authority, Inc., TX, Revenue Bonds, (Series 1A), 5.13%, 04/01/43 | 1735000 | 1785667 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33 | 1470000 | 1521821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System, TX, Current Refunding Revenue Bonds, (Series C) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/35 | 1700000 | 1857161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/38 | 3000000 | 3222269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., TX, Current Refunding Revenue Bonds, (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37 | 3500000 | 3364454 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $9965705 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TEXAS |  | $39530964 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTAH – 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City, UT, Revenue Bonds, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/32 | 3000000 | 3077296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | 2500000 | 2558810 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $5636106 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM 5.40%, 02/15/28 | 2850000 | 2891017 |

---

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/33 | $5145000 | $&nbsp;&nbsp;&nbsp;&nbsp;5204349 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $8095366 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTAH |  | $13731472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WASHINGTON – 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28 | 3990000 | 4002596 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, (Overlake Hospital Medical Center), 5.00%, 07/01/33 | 1750000 | 1776178 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33 | 3000000 | 3306830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District No. 114 Evergreen, WA, GO Unlimited, AD Valorem Property Tax, (SCH BD GTY), 4.00%, 12/01/33 | 3000000 | 3044852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, WA, Revenue Bonds, 5.00%, 04/01/29 | 2090000 | 2185651 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WASHINGTON |  | $14316107 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WISCONSIN – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin, WI, GO Unlimited, AD Valorem Property Tax, (Series 2), 5.00%, 05/01/35 | 1860000 | 2072371 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/32 | 500000 | 502015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/33 | 500000 | 499332 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $1001347 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46 | 1750000 | 1728447 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WISCONSIN |  | $4802165 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $343,649,383)** |  | $**330012375** |

---

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

16 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington Municipal Bond Fund (concluded)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **MONEY MARKET FUND – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>^</sup> | 2857299 | $2857299 |
| **TOTAL MONEY MARKET FUND (Cost $2,857,299)** |  | $**2857299** |
| **TOTAL INVESTMENTS – 99.5%** |  |  |
| **(Cost $348,004,735)** |  | $**334331274** |
| **OTHER ASSETS LESS LIABILITIES – 0.5%** |  | **1590393** |
| **TOTAL NET ASSETS – 100.0%** |  | $**335921667** |

---

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, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $1461600 | $— | $— | $1461600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 330012375 |  | 330012375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 2857299 |  |  | 2857299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4318899 | $330012375 | $— | $334331274 |

---

^ 7-Day net yield.

---

| | |
|:---|:---|
| The following acronyms are used throughout this Portfolio of Investments: | The following acronyms are used throughout this Portfolio of Investments: |
| AGC | Assured Guaranty Corporation |
| AGM | Assured Guaranty Municipal |
| AICUP | Association of Independent Colleges and Universities of Pennsylvania |
| AMBAC | American Municipal Bond Assurance Corporation |
| BAM | Build America Mutual Assurance Company |
| BHAC | Berkshire Hathaway Assurance Corporation |
| CNTY GTD | County Guarantee Program |
| CR | Custodial Receipts |
| ETF | Exchange-Traded Fund |
| ETM | Escrowed to Maturity |
| FGIC | Financial Guaranty Insurance Corporation |
| GO | General Obligation |
| ICC | Insured Custody Certificates |
| IDA | Industrial Development Authority/Agency |
| MORAL OBLG | Moral Obligation Bond |
| NATL | National Public Finance Guarantee Corporation |
| PSF-GTD | Permanent School Fund Guarantee Program |
| SCH BD GTY | School Bond Guaranty |
| TCRS | Tax Credit Reporting Service |

---

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*April 30, 2025* / *ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

17.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
|  **MUNICIPAL BONDS – 97.7%** | **MUNICIPAL BONDS – 97.7%** | **MUNICIPAL BONDS – 97.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK – 97.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK – 97.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK – 97.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 8.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 8.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., NY, Revenue Bonds, (Terminal 4 John F. Kennedy International Airport Project), (Series P), 5.00%, 12/01/30 | $1000000 | $1047988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (Series 231ST), 5.00%, 08/01/31 | 1000000 | 1065233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (Series 242), 5.00%, 12/01/39 | 1000000 | 1036590 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $3149811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Battery Park City Authority, NY, Revenue Bonds, 5.00%, 11/01/41 | 500000 | 535825 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35 | 1095000 | 1223464 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DEVELOPMENT |  | $1759289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 9.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 9.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., NY, Revenue Bonds, (Success Academy Charter School), 5.00%, 09/01/32 | 850000 | 919593 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, (AGM St. Aid Withhldg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 1000000 | 1117223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/38 | 545000 | 578414 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33 | 1200000 | 1235032 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29 | 5000 | 5313 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION |  | $3855575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 23.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 23.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 23.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33 | 1175000 | 1200334 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, 5.00%, 07/01/31 | 565000 | 623440 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, (Lincoln Center For Performing Arts), (Series A), 4.00%, 12/01/34 | 1600000 | 1630673 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Cash Flow Management, (Series A-1), 5.25%, 08/01/42 | 800000 | 852308 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | <br>Par Value | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series A-1), 5.00%, 05/01/34 | $| 800000 | $808244 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series E-1), 4.00%, 02/01/38 |  | 655000 | 643902 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32 |  | 2000000 | 2036169 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37 |  | 1000000 | 988286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Senior Lien), 5.00%, 11/15/39 |  | 450000 | 481834 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  |  | $9265190 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 11.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 11.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 11.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 11.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Binghamton, NY, GO, Public Facilities, AD Valorem Property Tax, (BAM), 4.00%, 04/15/32 |  | 500000 | 513469 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Series A), 5.00%, 08/01/31 |  | 250000 | 274614 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series A-1), 5.00%, 09/01/38 |  | 1000000 | 1072289 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Hempstead, NY, GO, Public Improvements, AD Valorem Property Tax, (Series A), (BAM), 4.00%, 03/15/42 |  | 650000 | 644177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saratoga County, NY, GO, Refunding Notes, AD Valorem Property Tax, 4.00%, 09/01/44 |  | 500000 | 491280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk County, NY, GO, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 06/15/33 |  | 500000 | 553322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM), 5.00%, 05/01/30 |  | 1000000 | 1075041 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  |  | $4624192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 13.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 13.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 13.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 13.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A), 5.00%, 07/01/29 |  | 1195000 | 1211272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32 |  | 1040000 | 1068662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33 |  | 725000 | 781396 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, (The Juilliard School), (Series A), 5.00%, 01/01/33 |  | 1025000 | 1084677 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

18 *PORTFOLIOS OF INVESTMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington New York Municipal Bond Fund (continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Description | <br>Par Value | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27 | $| 795000 | $820552 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John's University), (Series A) , 5.00%, 07/01/30 |  | 300000 | 307894 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  |  | $5274453 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 7.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 7.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 7.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., NY, Current Refunding Revenue Bonds, (Rochester Regional Health Project), 5.00%, 12/01/34 |  | 500000 | 521337 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Memorial Sloan Kettering Cancer Center), (Series C), 4.00%, 07/01/34 |  | 500000 | 500349 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29 |  | 1000000 | 1041442 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, (Northwell Health Obligated Group), (Series A), 4.00%, 05/01/38 |  | 500000 | 490355 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Refunding Revenue Bonds, (NYU Langone Hospitals Obligated Group), (Series A), 5.00%, 07/01/34 |  | 175000 | 194401 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  |  | $2747884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, NY, Refunding Revenue Bonds, (Series TE), 5.00%, 12/15/38 |  | 950000 | 1038002 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 4.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 4.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 4.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning City School District, NY, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (State Aid Withholding), 4.00%, 06/15/37 |  | 500000 | 507139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Springville-Griffith Institiute Central School District, NY, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (State Aid Withholding), 4.00%, 06/15/33 |  | 1000000 | 1043491 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SCHOOL DISTRICT |  |  | $1550630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 4.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 4.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 4.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/29 |  | 1530000 | 1587663 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | <br>Par Value | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/15/36 | $| 245000 | $249744 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  |  | $1837407 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/34 |  | 750000 | 804973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/39 |  | 400000 | 396637 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES |  |  | $1201610 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 4.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 4.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 4.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, (Series FF), 5.00%, 06/15/34 |  | 750000 | 790830 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), 5.00%, 06/15/31 |  | 750000 | 831586 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER |  |  | $1622416 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW YORK |  |  | $37926459 |
|  **TOTAL MUNICIPAL BONDS**<br> **(Cost $39,537,757)**<br>|  |  | $**37926459**  |
|  | Number of<br> Shares | Number of<br> Shares |  |
|  **MONEY MARKET FUND – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>^</sup> |  | 440555 | 440555 |
|  **TOTAL MONEY MARKET FUND**<br> **(Cost $440,555)** |  |  | $**440555** |
|  **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $39,978,312)** |  |  | $**38367014** |
|  **OTHER ASSETS LESS LIABILITIES – 1.2%** | **OTHER ASSETS LESS LIABILITIES – 1.2%** | **OTHER ASSETS LESS LIABILITIES – 1.2%** | **446543** |
|  **TOTAL NET ASSETS – 100.0%** |  |  | $**38813557** |

---

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, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $37926459 | $— | $37926459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 440555 |  |  | 440555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $440555 | $37926459 | $— | $38367014 |

---

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Wilmington New York Municipal Bond Fund (concluded)* 

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual Assurance Company |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corporation |

---

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

20 *STATEMENTS OF ASSETS AND LIABILITIES*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| April 30, 2025 | Wilmington<br>Broad Market<br>Bond Fund | Wilmington<br>Municipal Bond<br>Fund | Wilmington<br>New York<br>Municipal Bond<br>Fund |
| ASSETS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments, at identified cost* | $718629111 | $348004735 | $39978312 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value* | $678831168 | $334331274 | $38367014 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | 5256261 | 4451462 | 525951 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign tax reclaim receivable* | 667 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due from advisor* |  |  | 9622 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | 1354637 | 915911 | 11100 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid assets* | 30911 | 26264 | 18679 |
| TOTAL ASSETS | 685473644 | 339724911 | 38932366 |
| LIABILITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateral for securities on loan* | 19889943 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investments purchased* | 7092927 | 2402386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income distribution payable* | 1118519 | 542786 | 13918 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | 55135 | 640568 | 2711 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | 6253 | 6253 | 6253 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | 14681 | 7381 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | 346 | 2613 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shareholder services fees* | 138 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | 164300 | 75286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | 151019 | 125971 | 94252 |
| TOTAL LIABILITIES | 28493261 | 3803244 | 118809 |
| NET ASSETS | $656980383 | $335921667 | $38813557 |
| NET ASSETS CONSIST OF: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $711078584 | $358203544 | $41880108 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | (54098201) | (22281877) | (3066551) |
| TOTAL NET ASSETS | $656980383 | $335921667 | $38813557 |
|  COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $1698497 | $12652302 | $3926194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | 190356 | 1045094 | 405428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value per share* | $8.92 | $12.11 | $9.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Offering Price per share\** | $9.34 | $12.68 | $10.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $655281886 | $323269365 | $34887363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | 74721485 | 26695050 | 3600705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $8.77 | $12.11 | $9.69 |

---

<sup>(a)</sup> Including $19,199,327 of securities on loan (Note 2). 

\* 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, 2025* / *ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF OPERATIONS* 21

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Year Ended April 30, 2025 | Wilmington<br>Broad Market<br>Bond Fund | Wilmington<br>Municipal Bond<br>Fund | Wilmington<br>New York<br>Municipal Bond<br>Fund |
| INVESTMENT INCOME: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Dividends* | $297776 | $819599 | $851 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest* | 24310615 | 8994539 | 1099932 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Securities lending income, net* | 38784 |  |  |
| TOTAL INVESTMENT INCOME | 24647175 | 9814138 | 1100783 |
|  EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | 2794581 | 1441569 | 174035 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | 176986 | 91284 | 10981 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | 167617 | 100450 | 33665 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | 21837 | 5591 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | 14612 | 14986 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | 78129 | 78027 | 78028 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | 138246 | 137176 | 132021 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Class A* | 4410 | 35483 | 10666 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Class A* | 4410 | 35483 | 10666 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | 36645 | 36695 | 13562 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | 16394 | 11515 | 8749 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | 50772 | 39288 | 22332 |
| TOTAL EXPENSES | 3504639 | 2027547 | 497765 |
|  WAIVERS AND REIMBURSEMENTS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | (825442) | (450943) | (259856) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Class A* | (4116) | (35483) | (10666) |
|  **TOTAL WAIVERS AND REIMBURSEMENTS** | (829558) | (486426) | (270522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | 2675081 | 1541121 | 227243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | 21972094 | 8273017 | 873540 |
| REALIZED AND UNREALIZED GAIN (LOSS): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on investments* | (7560780) | (967191) | (347803) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on investments* | 31016312 | (482722) | 137662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized and unrealized gain (loss)* | 23455532 | (1449913) | (210141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $45427626 | $6823104 | $663399 |

---

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

22 *STATEMENTS OF CHANGES IN NET ASSETS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Wilmington<br>Broad Market<br>Bond Fund | Wilmington<br>Broad Market<br>Bond Fund | Wilmington<br>Municipal Bond<br>Fund | Wilmington<br>Municipal Bond<br>Fund |
|  | Year Ended<br> April 30,<br> 2025 | Year Ended<br>April 30,<br> 2024 | Year Ended<br> April 30,<br> 2025 | Year Ended<br>April 30,<br> 2024 |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*21972094* | $*17579282* | $*8273017* | $*7783615* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(7560780)* | *(2523943)* | *(967191)* | *(2310318)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *31016312* | *(21110292)* | *(482722)* | *(505555)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **45427626** | **(6054953)** | **6823104** | **4967742** |
|  *DISTRIBUTIONS TO SHAREHOLDERS:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(57461)* | *(54551)* | *(329859)* | *(333396)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(22011383)* | *(17796340)* | *(7942874)* | *(7450225)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | **(22068844)** | **(17850891)** | **(8272733)** | **(7783621)** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *26639* | *13466* | *478044* | *120565* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *134629175* | *130977839* | *73122608* | *81437324* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *55460* | *51931* | *280898* | *281011* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *9473351* | *8094941* | *1654256* | *1489172* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(254640)* | *(202286)* | *(2858486)* | *(2202749)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(91624611)* | *(85819233)* | *(50431576)* | *(102733901)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **52305374** | **53116658** | **22245744** | **(21608578)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *75664156* | *29210814* | *20796115* | *(24424457)* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of year* | **581316227** | **552105413** | **315125552** | **339550009** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of year* | $**656980383** | $**581316227** | $**335921667** | $**315125552** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *3023* | *1532* | *39046* | *9808* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *15484400* | *15306672* | *5982188* | *6706119* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *6237* | *5957* | *22898* | *23177* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *1084737* | *944555* | *134845* | *122751* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(28449)* | *(23135)* | *(233246)* | *(183516)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(10548497)* | *(9984221)* | *(4113572)* | *(8477952)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **6001451** | **6251360** | **1832159** | **(1799613)** |

---

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF CHANGES IN NET ASSETS (concluded)* 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Wilmington<br>New York<br>Municipal Bond Fund | Wilmington<br>New York<br>Municipal Bond Fund |
|  | Year Ended<br> April 30,<br> 2025 | Year Ended <br>April 30, <br>2024 |
| OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*873540* | $*865171* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(347803)* | *(817609)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *137662* | *365622* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **663399** | **413184** |
|  *DISTRIBUTIONS TO SHAREHOLDERS:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(86845)* | *(89825)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(786714)* | *(775417)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | **(873559)** | **(865242)** |
| SHARE TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *14986* | *3482* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *4288436* | *2743903* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *79933* | *81846* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *629310* | *603091* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(739686)* | *(664946)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(4403650)* | *(8792523)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **(130671)** | **(6025147)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *(340831)* | *(6477205)* |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of year* | **39154388** | **45631593** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of year* | $**38813557** | $**39154388** |
| SHARES OF BENEFICIAL INTEREST: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *1533* | *357* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *440094* | *280573* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *8149* | *8418* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *64104* | *61992* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(75285)* | *(67975)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(448825)* | *(906631)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **(10230)** | **(623266)** |

---

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

24 *FINANCIAL HIGHLIGHTS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

 <br> WILMINGTON BROAD MARKET BOND FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS A | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2024  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2023  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2022  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2021  |
| Net Asset Value, Beginning of Year | $8.58 | $8.96 | $9.23 | $10.25 | $10.39 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.29 | 0.25 | 0.19 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.34 | (0.38) | (0.26) | (0.99) | (0.10) |
| Total Income (Loss) From Operations | 0.63 | (0.13) | (0.07) | (0.84) | 0.05 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.29) | (0.25) | (0.20) | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.01) |
| Total Distributions | (0.29) | (0.25) | (0.20) | (0.18) | (0.19) |
|  **Net Asset Value, End of Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.92 | $8.58 | $8.96 | $9.23 | $10.25 |
|  **Total Return<sup>(b)</sup>** | 7.40% | (1.46)% | (0.71)% | (8.37)% | 0.51% |
|  **Net Assets, End of Year (000's)** | $1698 | $1798 | $2018 | $2691 | $2234 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.06% | 1.06% | 1.07% | 1.06% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 0.70% | 0.77% | 0.77% | 0.77% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.26% | 2.81% | 2.16% | 1.45% | 1.46% |
|  **Portfolio Turnover Rate** | 29% | 18% | 24% | 26% | 34% |
| CLASS I | Year Ended<br> April 30, 2025 | Year Ended<br> April 30, 2024 | Year Ended<br> April 30, 2023 | Year Ended<br> April 30, 2022 | Year Ended<br> April 30, 2021 |
| Net Asset Value, Beginning of Year | $8.44 | $8.81 | $9.08 | $10.08 | $10.22 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.31 | 0.27 | 0.22 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.33 | (0.37) | (0.26) | (0.97) | (0.09) |
| Total Income (Loss) From Operations | 0.64 | (0.10) | (0.04) | (0.79) | 0.09 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.31) | (0.27) | (0.23) | (0.21) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.01) |
| Total Distributions | (0.31) | (0.27) | (0.23) | (0.21) | (0.23) |
|  **Net Asset Value, End of Year** | $8.77 | $8.44 | $8.81 | $9.08 | $10.08 |
|  **Total Return<sup>(b)</sup>** | 7.66% | (1.09)% | (0.42)% | (8.02)% | 0.83% |
|  **Net Assets, End of Year (000's)** | $655282 | $579518 | $550087 | $570825 | $623556 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 0.56% | 0.56% | 0.57% | 0.56% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 0.43% | 0.43% | 0.43% | 0.43% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.54% | 3.15% | 2.51% | 1.79% | 1.79% |
|  **Portfolio Turnover Rate** | 29% | 18% | 24% | 26% | 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based on net asset value, which does not reflect the sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS (continued)* 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

 <br> WILMINGTON MUNICIPAL BOND FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS A | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2024  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2023  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2022  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2021  |
| Net Asset Value, Beginning of Year | $12.16 | $12.25 | $12.12 | $13.41 | $12.72 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.29 | 0.26 | 0.22 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.05) | (0.09) | 0.13 | (1.25) | 0.70 |
| Total Income (Loss) From Operations | 0.24 | 0.17 | 0.35 | (1.06) | 0.90 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.29) | (0.26) | (0.22) | (0.19) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  | (0.04) |  |
| Total Distributions | (0.29) | (0.26) | (0.22) | (0.23) | (0.21) |
|  **Net Asset Value, End of Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.11 | $12.16 | $12.25 | $12.12 | $13.41 |
|  **Total Return<sup>(b)</sup>** | 1.93% | 1.42% | 2.92% | (8.08)% | 7.05% |
|  **Net Assets, End of Year (000's)** | $12652 | $14790 | $16745 | $17942 | $23716 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.11% | 1.10% | 1.11% | 1.08% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 0.72% | 0.73% | 0.74% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.34% | 2.15% | 1.81% | 1.42% | 1.53% |
|  **Portfolio Turnover Rate** | 22% | 19% | 28% | 23% | 24% |
| CLASS I | Year Ended<br> April 30, 2025 | Year Ended<br> April 30, 2024 | Year Ended<br> April 30, 2023 | Year Ended<br> April 30, 2022 | Year Ended<br> April 30, 2021 |
| Net Asset Value, Beginning of Year | $12.16 | $12.26 | $12.13 | $13.42 | $12.73 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.32 | 0.29 | 0.25 | 0.22 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.05) | (0.10) | 0.13 | (1.25) | 0.69 |
| Total Income (Loss) From Operations | 0.27 | 0.19 | 0.38 | (1.03) | 0.93 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.32) | (0.29) | (0.25) | (0.22) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  | (0.04) |  |
| Total Distributions | (0.32) | (0.29) | (0.25) | (0.26) | (0.24) |
|  **Net Asset Value, End of Year** | $12.11 | $12.16 | $12.26 | $12.13 | $13.42 |
|  **Total Return<sup>(b)</sup>** | 2.20% | 1.60% | 3.18% | (7.83)% | 7.32% |
|  **Net Assets, End of Year (000's)** | $323270 | $300336 | $322805 | $303707 | $338952 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 0.61% | 0.60% | 0.61% | 0.59% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 0.47% | 0.48% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.59% | 2.40% | 2.06% | 1.67% | 1.78% |
|  **Portfolio Turnover Rate** | 22% | 19% | 28% | 23% | 24% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based on net asset value, which does not reflect the sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

*See Notes which are an integral part of the Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

26 *FINANCIAL HIGHLIGHTS (concluded)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> WILMINGTON NEW YORK MUNICIPAL BOND FUND

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CLASS A | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2024  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2023  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2022  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2021  |
| Net Asset Value, Beginning of Year | $9.74 | $9.83 | $9.71 | $10.69 | $10.20 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.20 | 0.18 | 0.15 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.06) | (0.09) | 0.12 | (0.95) | 0.51 |
| Total Income (Loss) From Operations | 0.14 | 0.09 | 0.27 | (0.82) | 0.65 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.20) | (0.18) | (0.15) | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  | (0.03) | (0.02) |
| Total Distributions | (0.20) | (0.18) | (0.15) | (0.16) | (0.16) |
|  **Net Asset Value, End of Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.68 | $9.74 | $9.83 | $9.71 | $10.69 |
|  **Total Return<sup>(b)</sup>** | 1.43% | 0.90% | 2.79% | (7.74)% | 6.38% |
|  **Net Assets, End of Year (000's)** | $3926 | $4589 | $5212 | $5536 | $6789 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.73% | 1.57% | 1.53% | 1.37% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 0.81% | 0.81% | 0.82% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.04% | 1.81% | 1.52% | 1.24% | 1.31% |
|  **Portfolio Turnover Rate** | 27% | 29% | 6% | 7% | 14% |
| CLASS I | Year Ended<br> April 30, 2025 | Year Ended<br> April 30, 2024 | Year Ended<br> April 30, 2023 | Year Ended<br> April 30, 2022 | Year Ended<br> April 30, 2021 |
| Net Asset Value, Beginning of Year | $9.75 | $9.84 | $9.72 | $10.70 | $10.20 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.22 | 0.20 | 0.17 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.06) | (0.09) | 0.12 | (0.95) | 0.53 |
| Total Income (Loss) From Operations | 0.16 | 0.11 | 0.29 | (0.79) | 0.69 |
|  **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.22) | (0.20) | (0.17) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  | (0.03) | (0.02) |
| Total Distributions | (0.22) | (0.20) | (0.17) | (0.19) | (0.19) |
|  **Net Asset Value, End of Year** | $9.69 | $9.75 | $9.84 | $9.72 | $10.70 |
|  **Total Return<sup>(b)</sup>** | 1.68% | 1.15% | 3.04% | (7.50)% | 6.74% |
|  **Net Assets, End of Year (000's)** | $34888 | $34565 | $40420 | $47950 | $59887 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.23% | 1.07% | 1.03% | 0.87% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(d)</sup> | 0.56% | 0.56% | 0.57% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.29% | 2.06% | 1.77% | 1.49% | 1.55% |
|  **Portfolio Turnover Rate** | 27% | 29% | 6% | 7% | 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per share amounts have been calculated using the average shares method.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based on net asset value, which does not reflect the sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

*See Notes which are an integral part of the Financial Statements* 

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS* 27

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Funds

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 10 funds, 3 of which are presented herein (individually referred to as a "Fund" or collectively as the "Funds"). The remaining 7 funds are presented in separate reports.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Fund<br>| Investment Goal<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wilmington Broad Market Bond Fund ("Broad Market Bond Fund")<sup>(d)</sup>* | The Fund seeks to provide current income and secondarily, capital growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wilmington Municipal Bond Fund ("Municipal Bond Fund")<sup>(d)</sup>* | The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wilmington New York Municipal Bond Fund ("New York Municipal Bond Fund")<sup>(n)</sup>* | The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(d) Diversified* 

&nbsp;&nbsp;&nbsp;&nbsp;*(n) Non-diversified* 

The Funds offer Class A and Class I shares. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

The assets of each fund are segregated and a shareholder's interest is limited to the fund in which shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services - Investment Companies." The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated and the differences could be material.

**Computation of Net Asset Value –** The net asset value (''NAV'') per share for each class of a Fund is computed by dividing the total current value of the assets of the Fund, less its liabilities, attributable to the class by the total number of shares outstanding of the class at the time of such computation. The NAV per share for each class of a Fund is computed as of 4:00 p.m. (Eastern Time) on days when the New York Stock Exchange ("NYSE") is open for regular trading.

**Investment Valuation** – The Board of Trustees ("Trustees") has adopted Valuation Policies and Procedures ("Valuation Procedures") and has delegated responsibilities to Wilmington Funds Management Corporation ("WFMC" or the "Advisor"), in its role as the Trust's investment advisor, with respect to the valuation of the Funds' investments. The Advisor, acting through its Pricing Committee, carries out all of the functions set forth below to determine fair value in good faith with respect to a Fund's investments. The fair value of the Funds' portfolio securities are determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● investments in open-end regulated investment companies are valued at NAV;

&nbsp;&nbsp;&nbsp;&nbsp;● for fixed income securities, according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost provided such amount approximates fair value; and

&nbsp;&nbsp;&nbsp;&nbsp;● for all other securities, at fair value as determined by the Advisor in accordance with the Valuation Procedures.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund's Portfolio of Investments. The inputs or techniques used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Pursuant to the Funds' fair value procedures noted previously, investments in open-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities 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 the Valuation Procedures. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

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28 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Repurchase Agreements** – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund's return on the transaction. It is the Funds' 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 each Fund.

At April 30, 2025, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund/Counterparty | Repurchase <br> Agreements  | Fair Value of<br> Non-Cash Collateral<br> Received<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Collateral <br>Received<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Net Exposure<sup>(2)</sup>  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broad Market Bond Fund** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of America Securities, Inc.* | $1187383 | $1187383 | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of Montreal* | 3679639 | 3679639 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Barclays Capital, Inc.* | 3679639 | 3679639 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Daiwa Capital Markets America, Inc.* | 3679639 | 3679639 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*HSBC Securities USA, Inc.* | 2126893 | 2126893 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mizuho Securities USA* | 3679639 | 3679639 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*RBC Dominion Securities, Inc.* | 567606 | 567606 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*RBC Dominion Securities, Inc.* | 1289505 | 1289505 |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19889943 | $19889943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

*<sup>(2)</sup>* *Net exposure represents the 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 reporting 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. 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.

Each Fund offers 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.

**Segment Reporting** – In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations.

Each Fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its investment objective as outlined in the Funds' prospectus. The Investment Committee – General Matters, comprising senior management of the Advisor and the President of the Funds, acts as the chief operating decision maker (CODM) and regularly reviews the Funds' total returns, expense ratios, and changes in net assets as presented within the Funds' financial statements to assess performance and to make decisions about resources to be allocated to 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 Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transac-

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 29

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

tions 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 the Valuation Procedures.

**Lending of Portfolio Securities** – The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Funds. 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 loaned. 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 Funds and any additional required collateral is delivered to the Funds on the next business day.

Under the terms of the agreement, cash collateral received is invested in one or more approved investments. 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 Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds.

At April 30, 2025, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | <br> Value of <br>Securities <br> on Loan  | <br> Cash <br>Collateral <br>Received<sup>(1)</sup>  | Net Exposure<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Broad Market Bond Fund | $19199327 | $19199327 | $— |

---

*<sup>(1)</sup>* *Collateral with a value of $19,889,943 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.* 

*<sup>(2)</sup>* *Net exposure represents the receivable due from the counterparty in the event of default.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FEDERAL TAX INFORMATION

No provision for federal income taxes has been made, as it is each Fund's policy to-comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, and to distribute to shareholders each year all of its taxable income and realized gains.

Each Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2025.

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 primarily due to paydown gains (losses) on mortgage-backed securities, premium amortization on callable debt securities and wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2025, there were no such reclassifications.

The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income\*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Exempt <br> Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term <br> Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary <br> Income\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 <br> Tax Exempt <br>Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term <br> Capital Gains |
| &nbsp;&nbsp;&nbsp;&nbsp;Broad Market Bond Fund | $22068844 | $— | &nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;$| 17850891 | $— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond Fund | 205545 | 8067188 | – | 204585 | 7579036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Municipal Bond Fund | 28304 | 845255 | – | 30275 | 834967 |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

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30 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

As of April 30, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Unrealized <br> Appreciation  | Tax Unrealized <br> Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Tax <br> Unrealized <br> Appreciation/ <br> (Depreciation) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broad Market Bond Fund | $718621940 | &nbsp;&nbsp;&nbsp;&nbsp;$4233010 | &nbsp;&nbsp;&nbsp;&nbsp;$(44023782) | $(39790772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond Fund | 348026626 | 401352 | (14096704) | (13695352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Municipal Bond Fund | 39978315 | 8773 | (1620074) | (1611301) |

---

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund | Undistributed <br> Ordinary<br> Income | Undistributed <br>Tax-Exempt<br> Income | Undistributed <br>Long-Term<br> Capital<br> Gains | Other<br> Timing<br>Differences\* | Unrealized<br>Appreciation/<br>(Depreciation) | Capital<br> Loss<br>Carryforwards | Late Year <br> Loss<br>Deferrals | Distributable <br>Earnings |
| &nbsp;&nbsp;&nbsp;&nbsp;Broad Market Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;$1547615 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;$(1118519) | $(39790772) | $(14736525) | $— | $(54098201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond Fund |  | 532257 |  | (542786) | (13695352) | (8575996) |  | (22281877) |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Municipal Bond Fund |  | 13627 |  | (13918) | (1611301) | (1454959) |  | (3066551) |

---

*\** *Other timing differences are comprised primarily of dividends payable to Fund shareholders, which for tax reporting purposes are not recognized until paid.* 

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2025, character of capital loss carryforwards were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund | Short-Term <br>No Expiration | Long-Term <br>No Expiration | Total Capital <br>Loss<br>Carryforwards |
| &nbsp;&nbsp;&nbsp;&nbsp;Broad Market Bond Fund | $(1713112) | $(13023413) | $(14736525) |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond Fund | (1319796) | (7256200) | (8575996) |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63903) | (1391056) | (1454959) |

---

For the year ended April 30, 2025, the Funds did not utilize any capital loss carryforwards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

**Investment Advisor** – WFMC 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 daily and paid monthly, based on a percentage of each Fund's average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Advisory Fee <br>Annual Rate |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Broad Market Bond Fund* | 0.45% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Municipal Bond Fund* | 0.45% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New York Municipal Bond Fund* | 0.45% |

---

WFMC and the Funds' distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2025 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, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds' distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 31

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The contractual expense limitations are as follows:

---

| | | |
|:---|:---|:---|
|  | Current Contractual <br>Expense Limitations | Current Contractual <br>Expense Limitations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Class A | Class I |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Broad Market Bond Fund* | 0.78% | 0.43% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Municipal Bond Fund* | 0.72% | 0.47% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New York Municipal Bond Fund* | 0.81% | 0.56% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator | Maximum<br> Fee | <br> Average Aggregate Daily Net<br>Assets of the Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; *WFMC* | 0.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the first $5 billion |
|  | 0.030% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the next $2 billion |
|  | 0.025% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the next $3 billion |
|  | 0.018% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on assets in excess of $10 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; *BNY* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0175% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the first $15 billion |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on the next $10 billion |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on assets in excess of $25 billion |

---

WFMC and BNY may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNY will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2025, neither WFMC nor BNY waived any administrative fees.

**Distribution Services Fee** – The Trust has adopted a Distribution Services Plan (the "Plan") pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. ("ALPS"), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds' Class A shares, for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates) may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2025, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together "M&T"), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Distribution <br>Fees |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Broad Market Bond Fund* | &nbsp;&nbsp;&nbsp;&nbsp;$73 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Municipal Bond Fund* | &nbsp;&nbsp;&nbsp;&nbsp;4860 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*New York Municipal Bond Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |

---

**Sales Charges** – The Funds' Class A shares bear front-end sales charges. For the year ended April 30, 2025, M&T did not receive sales charges on the sale of Class A shares.

**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 the Funds' Class A shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.

M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds' Class A shares. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their 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, 2025, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Shareholder <br>Services <br>Fees |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Broad Market Bond Fund* | $29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

32 *NOTES TO FINANCIAL STATEMENTS (continued)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.

BNY provides custody services to the Trust.

BNY Investment Servicing (U.S.) Inc. provides fund accounting and transfer agency services to the Trust.

**General** – Certain Trustees and 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broad Market Bond Fund | $85964810 | $134748126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond Fund | 98001938 | 68091445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Municipal Bond Fund | 10529374 | 10176543 |

---

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broad Market Bond Fund | $173885331 | $43765035 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. MARKET RISK IN GENERAL

There is a risk that the value of a Fund's investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by a Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets.

The principal risks of investing in the Funds are described more fully in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. CONTRACTUAL OBLIGATIONS

In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit ("LOC") agreement with BNY, which was renewed and became effective March 26, 2025. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the Statement of Operations. The LOC expires on March 25, 2026.

The Funds did not utilize the LOC during the year ended April 30, 2025.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (concluded)* 33

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 subsequent events that would require recognition or disclosure in the Funds' financial statements through this date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025* 

------

34.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025 and each of the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2025

We have served as the auditor of one or more investment companies in Wilmington Funds since 2019.

*April 30, 2025 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

35.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

OTHER INFORMATION

### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

### Renewal of Advisory and Sub-Advisory Agreements
Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2025 (unaudited)* 

------

36.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### PRIVACY POLICY AND NOTICE

#### OF THE FUNDS AND THEIR DISTRIBUTOR

#### March 11, 2025
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. In accordance with current regulations, the Funds will: collect from customers only the non-public personal information needed to conduct the Funds' business; ensure the security and confidentiality of customer records and information; protect against unauthorized access to or use of customer records and information; protect against any anticipated threats or hazards to the security or integrity of customer records and information; and require companies that service the Funds to have an information security program in place that is reasonably designed to safeguard customer records and information.

#### Information Collected by the Funds
The Funds collect nonpublic personal information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;● 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 or taxpayer identification number, date of birth, assets, income, account balances, and investment activity.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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 Practices
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:

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● We may disclose some or all 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. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and direct such third parties to only use your information for the purpose it was provided. We require these third parties to treat your personal information with the same high degree of confidentiality that we do.

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, and to have an information security program in place that is reasonably designed to safeguard customer records and information. We do not permit third parties 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.

*April 30, 2025 (unaudited)* / *ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

37.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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 to service a customer's account or comply with legal requirements.

#### Visiting the Funds' Website
The Funds' website gathers and maintains statistics about the number of visitors as well as what information is viewed most frequently. This information is used to improve the content and level of service we provide to our clients and shareholders.

● Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

● 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 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 the Funds' website, so you don't have to resubmit personal information. Cookies provide faster access into the website. You can manage your cookie preferences here and find additional information in the Wilmington Trust Cookie Notice.

● 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.

● You can find additional information in the Wilmington Trust Digital Privacy Notice.

#### E-mail
If you have opted to receive information from the Funds by e-mail, it is our policy to include instructions in all e-mail 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-mails 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 the Funds or its agents. 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.

#### What You Can Do
The safety and security of your Personal Information also depends on you. You are responsible for keeping your account information, such as your account number and login information for our website, confidential. For your protection, we recommend that you do not provide your account information to anyone except a representative of the Funds as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

#### Surveys/Aggregate Data
Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information 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 Notice
The effective date of this Notice is March 11, 2025. We reserve the right to modify this Notice at any time. When it is revised, reviewed 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 Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* / *April 30, 2025 (unaudited)* 

------

![LOGO](g936620g96j96.jpg)

---

| | |
|:---|:---|
| Investment Advisor | Distributor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALPS Distributors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290 Broadway, Suite 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver, CO 80203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890 | <br> Fund Accountant, Co-Administrator, Transfer Agent |
| <br> Sub-Advisor | and Dividend Disbursing Agent |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Trust Investment Advisors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY Investment Servicing (U.S.) Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 Bellevue Parkway |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890 | <br> Independent Registered Public Accounting Firm |
| <br> Co-Administrator | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PricewaterhouseCoopers LLP<br> Two Commerce Square<br> 2001 Market Street, Suite 1800<br> Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PricewaterhouseCoopers LLP<br> Two Commerce Square<br> 2001 Market Street, Suite 1800<br> Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PricewaterhouseCoopers LLP<br> Two Commerce Square<br> 2001 Market Street, Suite 1800<br> Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PricewaterhouseCoopers LLP<br> Two Commerce Square<br> 2001 Market Street, Suite 1800<br> Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890 |  |
|  <br> Custodian |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 Greenwich Street |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York, NY 10286 |  |

---

WT-AR-FI-0425 <br>  

#### Wilmington Funds \| 1-800-836-2211 \| www.wilmingtonfunds.com
*We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.* 

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is included as part of the annual financial statements and other information filed under Item 7 of this form.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act.

(b) There has been no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits.

------

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1) Not applicable<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) Not applicable<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d936620dex99cert.htm)<br>(a)(3)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.<br>(a)(3)(2) There was no change in the Registrant's independent public accountant during the period covered by the report.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d936620dex99906cert.htm)<br>

------

#### 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): <u>Wilmington Funds</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ Charles S. Todd</u>  |
|  | Charles S. Todd |
|  | (Principal Executive Officer) |

---

Date: <u>July 2, 2025</u> 

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)\* | <u>/s/ Charles S. Todd</u> |
|  | Charles S. Todd |
|  | (Principal Executive Officer) |

---

Date: <u>July 2, 2025</u> 

---

| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ Arthur W. Jasion</u> |
|  | Arthur W. Jasion |
|  | (Principal Financial Officer) |

---

Date: <u>July 2, 2025</u> 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Charles S. Todd, certify that:

1. I have reviewed this report on Form N-CSR of Wilmington Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during 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; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>July 2, 2025</u> | <u>/s/ Charles S. Todd</u> <u> </u> |
|  | Charles S. Todd |
|  | (Principal Executive Officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Arthur W. Jasion, certify that:

1. I have reviewed this report on Form N-CSR of Wilmington Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>July 2, 2025</u> | <u>/s/ Arthur W. Jasion</u> <u> </u> |
|  | Arthur W. Jasion |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, Charles S. Todd, Principal Executive Officer of Wilmington Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>July 2, 2025</u> | <u>/s/ Charles S. Todd</u>  |
|  | Charles S. Todd |
|  | (Principal Executive Officer) |

---

I, Arthur W. Jasion, Principal Financial Officer of Wilmington Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>July 2, 2025</u> | <u>/s/ Arthur W. Jasion</u>  |
|  | Arthur W. Jasion |
|  | (Principal Financial Officer) |

---