# EDGAR Filing Document

**Accession Number:** 0000830744
**File Stem:** 0001193125-26-000865
**Filing Date:** 2026-1
**Character Count:** 932017
**Document Hash:** 23e4bd3b8a2c3f2e6e2dc81bb1dcff99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-000865.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001193125-26-000865

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05514
- **FILM NUMBER:** 26502182

**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-CSRS

#### 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:

#### October 31, 2025
 **Item 1. Reports to Shareholders.**

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

![FundLogo](g86645images_29914.jpg)

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

 **Administrative Class \| WAGXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $31 | 0.60%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10239795871 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 42.0% |
| Repurchase Agreements | 40.6% |
| U.S. Government Agency Obligations | 15.2% |
| Money Market Fund | 2.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WAGXX-1025

Wilmington U.S. Government Money Market Fund

![FundLogo](g86645images_29914.jpg)

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

 **Institutional Class \| WGOXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $13 | 0.25%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10239795871 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 42.0% |
| Repurchase Agreements | 40.6% |
| U.S. Government Agency Obligations | 15.2% |
| Money Market Fund | 2.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WGOXX-1025

Wilmington U.S. Government Money Market Fund

![FundLogo](g86645images_29914.jpg)

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

 **Select Class \| WGEXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $16 | 0.32%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10239795871 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 42.0% |
| Repurchase Agreements | 40.6% |
| U.S. Government Agency Obligations | 15.2% |
| Money Market Fund | 2.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WGEXX-1025

Wilmington U.S. Government Money Market Fund

![FundLogo](g86645images_29914.jpg)

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

 **Service Class \| WGSXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $33 | 0.64%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10239795871 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 42.0% |
| Repurchase Agreements | 40.6% |
| U.S. Government Agency Obligations | 15.2% |
| Money Market Fund | 2.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WGSXX-1025

Wilmington U.S. Government Money Market Fund

![FundLogo](g86645images_29914.jpg)

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

 **Preferred Institutional Class \| WGQXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $8 | 0.16%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$10239795871 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 42.0% |
| Repurchase Agreements | 40.6% |
| U.S. Government Agency Obligations | 15.2% |
| Money Market Fund | 2.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WGQXX-1025

Wilmington U.S. Government Money Market Fund

![FundLogo](g86645images_29914.jpg)

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

 **Administrative Class \| WTAXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $31 | 0.60%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2426285731 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.4% |
| Repurchase Agreements | 36.4% |
| Money Market Fund | 1.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WTAXX-1025

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g86645images_29914.jpg)

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

 **Institutional Class \| WTIXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $13 | 0.25%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2426285731 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.4% |
| Repurchase Agreements | 36.4% |
| Money Market Fund | 1.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WTIXX-1025

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g86645images_29914.jpg)

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

 **Select Class \| WTEXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $16 | 0.32%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2426285731 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.4% |
| Repurchase Agreements | 36.4% |
| Money Market Fund | 1.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WTEXX-1025

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g86645images_29914.jpg)

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

 **Service Class \| WTSXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $24 | 0.48%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2426285731 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.4% |
| Repurchase Agreements | 36.4% |
| Money Market Fund | 1.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WTSXX-1025

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g86645images_29914.jpg)

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

 **Preferred Institutional Class \| WTQXX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $8 | 0.16%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2426285731 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 62.4% |
| Repurchase Agreements | 36.4% |
| Money Market Fund | 1.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WTQXX-1025

Wilmington U.S. Treasury Money Market Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Broad Market Bond Fund**

 **Class A \| WABMX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Broad Market Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $36 | 0.70%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$698858403 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;422 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 36.2% |
| Corporate Bonds | 34.2% |
| Mortgage-Backed Securities | 25.0% |
| Cash Collateral Invested for Securities on Loan | 2.4% |
| Government Agencies | 1.2% |
| Money Market Fund | 1.0% |

---

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

---

| | |
|:---|:---|
| U.S. Government Agency Securities | 26.2% |
| U.S. Treasury Obligations | 36.2% |
| AA / Aa | 0.6% |
| A / A | 9.9% |
| BBB / Baa | 22.1% |
| BB / Ba | 1.6% |
| Not Rated | 3.4% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WABMX-1025

Wilmington Broad Market Bond Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Broad Market Bond Fund**

 **Class I \| WIBMX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Broad Market Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $22 | 0.43%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$698858403 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;422 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 36.2% |
| Corporate Bonds | 34.2% |
| Mortgage-Backed Securities | 25.0% |
| Cash Collateral Invested for Securities on Loan | 2.4% |
| Government Agencies | 1.2% |
| Money Market Fund | 1.0% |

---

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

---

| | |
|:---|:---|
| U.S. Government Agency Securities | 26.2% |
| U.S. Treasury Obligations | 36.2% |
| AA / Aa | 0.6% |
| A / A | 9.9% |
| BBB / Baa | 22.1% |
| BB / Ba | 1.6% |
| Not Rated | 3.4% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WIBMX-1025

Wilmington Broad Market Bond Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Municipal Bond Fund**

 **Class A \| WTABX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Municipal Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $37 | 0.72%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$367452784 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;211 |
| &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 October 31, 2025)

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

---

| | |
|:---|:---|
| General | 21.9% |
| Medical | 14.0% |
| General Obligations | 13.8% |
| Airport | 11.5% |
| Higher Education | 9.5% |
| Transportation | 8.5% |
| Power | 6.8% |
| School District | 5.1% |
| Education | 2.4% |
| Water | 2.2% |
| Utilities | 1.7% |
| Student Loan | 1.4% |
| Development | 0.8% |
| Tobacco Settlement | 0.3% |
| Housing | 0.1% |

---

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

---

| | |
|:---|:---|
| AAA / Aaa | 9.8% |
| AA / Aa | 27.6% |
| A / A | 47.9% |
| BBB / Baa | 12.2% |
| Not Rated | 2.5% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WTABX-1025

Wilmington Municipal Bond Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Municipal Bond Fund**

 **Class I \| WTAIX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Municipal Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $24 | 0.47%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$367452784 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;211 |
| &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 October 31, 2025)

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

---

| | |
|:---|:---|
| General | 21.9% |
| Medical | 14.0% |
| General Obligations | 13.8% |
| Airport | 11.5% |
| Higher Education | 9.5% |
| Transportation | 8.5% |
| Power | 6.8% |
| School District | 5.1% |
| Education | 2.4% |
| Water | 2.2% |
| Utilities | 1.7% |
| Student Loan | 1.4% |
| Development | 0.8% |
| Tobacco Settlement | 0.3% |
| Housing | 0.1% |

---

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

---

| | |
|:---|:---|
| AAA / Aaa | 9.8% |
| AA / Aa | 27.6% |
| A / A | 47.9% |
| BBB / Baa | 12.2% |
| Not Rated | 2.5% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WTAIX-1025

Wilmington Municipal Bond Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington New York Municipal Bond Fund**

 **Class A \| WNYAX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington New York Municipal Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $42 | 0.81%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$40230609 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| General | 21.5% |
| General Obligations | 14.1% |
| Higher Education | 12.8% |
| Education | 11.4% |
| Airport | 8.2% |
| Medical | 7.1% |
| School District | 5.2% |
| Transportation | 4.7% |
| Development | 4.6% |
| Water | 4.2% |
| Utilities | 3.1% |
| Power | 2.7% |
| Money Market Fund | 0.4% |

---

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

---

| | |
|:---|:---|
| AAA / Aaa | 7.0% |
| AA / Aa | 47.5% |
| A / A | 26.2% |
| BBB / Baa | 18.9% |
| Not Rated | 0.4% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WNYAX-1025

Wilmington New York Municipal Bond Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington New York Municipal Bond Fund**

 **Class I \| WNYIX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington New York Municipal Bond Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $29 | 0.56%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$40230609 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| General | 21.5% |
| General Obligations | 14.1% |
| Higher Education | 12.8% |
| Education | 11.4% |
| Airport | 8.2% |
| Medical | 7.1% |
| School District | 5.2% |
| Transportation | 4.7% |
| Development | 4.6% |
| Water | 4.2% |
| Utilities | 3.1% |
| Power | 2.7% |
| Money Market Fund | 0.4% |

---

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

---

| | |
|:---|:---|
| AAA / Aaa | 7.0% |
| AA / Aa | 47.5% |
| A / A | 26.2% |
| BBB / Baa | 18.9% |
| Not Rated | 0.4% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WNYIX-1025

Wilmington New York Municipal Bond Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Enhanced Dividend Income Strategy Fund**

 **Class A \| WDIAX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Enhanced Dividend Income Strategy Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $41 | 0.75%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$86798848 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &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 October 31, 2025)

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

---

| | |
|:---|:---|
| Common Stocks | 95.9% |
| Money Market Fund | 2.5% |
| Cash Collateral Invested for Securities on Loan | 1.6% |

---

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

---

| | |
|:---|:---|
| Financials | 23.4% |
| Information Technology | 15.5% |
| Health Care | 13.0% |
| Industrials | 10.8% |
| Energy | 7.4% |
| Consumer Staples | 7.3% |
| Utilities | 5.8% |
| Consumer Discretionary | 4.2% |
| Real Estate | 3.6% |
| Communication Services | 3.5% |
| Materials | 1.4% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WDIAX-1025

Wilmington Enhanced Dividend Income Strategy Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Enhanced Dividend Income Strategy Fund**

 **Class I \| WDIIX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Enhanced Dividend Income Strategy Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $27 | 0.50%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$86798848 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &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 October 31, 2025)

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

---

| | |
|:---|:---|
| Common Stocks | 95.9% |
| Money Market Fund | 2.5% |
| Cash Collateral Invested for Securities on Loan | 1.6% |

---

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

---

| | |
|:---|:---|
| Financials | 23.4% |
| Information Technology | 15.5% |
| Health Care | 13.0% |
| Industrials | 10.8% |
| Energy | 7.4% |
| Consumer Staples | 7.3% |
| Utilities | 5.8% |
| Consumer Discretionary | 4.2% |
| Real Estate | 3.6% |
| Communication Services | 3.5% |
| Materials | 1.4% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WDIIX-1025

Wilmington Enhanced Dividend Income Strategy Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Large-Cap Strategy Fund**

 **Class I \| WMLIX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Large-Cap Strategy Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $14 | 0.25%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$622196002 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

#### What Did the Fund Invest In?
(as of October 31, 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 | 34.1% |
| Financials | 13.0% |
| Consumer Discretionary | 10.6% |
| Communication Services | 9.8% |
| Industrials | 9.1% |
| Health Care | 9.0% |
| Consumer Staples | 4.5% |
| Energy | 2.8% |
| Utilities | 2.3% |
| Real Estate | 2.1% |
| Materials | 2.0% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WMLIX-1025

Wilmington Large-Cap Strategy Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington International Fund**

 **Class A \| WINAX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington International Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $59 | 1.08%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$537957192 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;357 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| Common Stocks | 92.5% |
| Exchange-Traded Funds | 3.5% |
| Cash Collateral Invested for Securities on Loan | 3.2% |
| Money Market Fund | 0.8% |
| Long Equity Index Futures (Notional Value) | 0.8% |

---

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

---

| | |
|:---|:---|
| Financials | 21.9% |
| Information Technology | 14.6% |
| Industrials | 13.6% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.5% |
| Consumer Staples | 7.1% |
| Communication Services | 5.3% |
| Materials | 5.1% |
| Energy | 3.0% |
| Utilities | 2.4% |
| Real Estate | 1.6% |

---

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

---

| | |
|:---|:---|
| Japan | 13.8% |
| United Kingdom | 10.5% |
| United States | 9.2% |
| China | 7.8% |
| Taiwan | 6.4% |
| Canada | 6.2% |
| Germany | 5.5% |
| France | 4.9% |
| South Korea | 3.8% |
| Netherlands | 2.8% |
| Hong Kong | 2.3% |
| Australia | 2.0% |
| South Africa | 1.7% |
| India | 1.5% |
| Sweden | 1.5% |
| Austria | 1.4% |
| Spain | 1.4% |
| Mexico | 1.3% |
| Brazil | 1.3% |
| Denmark | 1.1% |
| Indonesia | 1.0% |
| Norway | 1.0% |
| Switzerland | 1.0% |
| Other Countries | 6.6% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WINAX-1025

Wilmington International Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington International Fund**

 **Class I \| WINIX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington International Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $45 | 0.83%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$537957192 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;357 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| Common Stocks | 92.5% |
| Exchange-Traded Funds | 3.5% |
| Cash Collateral Invested for Securities on Loan | 3.2% |
| Money Market Fund | 0.8% |
| Long Equity Index Futures (Notional Value) | 0.8% |

---

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

---

| | |
|:---|:---|
| Financials | 21.9% |
| Information Technology | 14.6% |
| Industrials | 13.6% |
| Consumer Discretionary | 9.4% |
| Health Care | 8.5% |
| Consumer Staples | 7.1% |
| Communication Services | 5.3% |
| Materials | 5.1% |
| Energy | 3.0% |
| Utilities | 2.4% |
| Real Estate | 1.6% |

---

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

---

| | |
|:---|:---|
| Japan | 13.8% |
| United Kingdom | 10.5% |
| United States | 9.2% |
| China | 7.8% |
| Taiwan | 6.4% |
| Canada | 6.2% |
| Germany | 5.5% |
| France | 4.9% |
| South Korea | 3.8% |
| Netherlands | 2.8% |
| Hong Kong | 2.3% |
| Australia | 2.0% |
| South Africa | 1.7% |
| India | 1.5% |
| Sweden | 1.5% |
| Austria | 1.4% |
| Spain | 1.4% |
| Mexico | 1.3% |
| Brazil | 1.3% |
| Denmark | 1.1% |
| Indonesia | 1.0% |
| Norway | 1.0% |
| Switzerland | 1.0% |
| Other Countries | 6.6% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WINIX-1025

Wilmington International Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Global Alpha Equities Fund**

 **Class A \| WRAAX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Global Alpha Equities Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $77 | 1.49%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$232590778 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;727 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| Common Stocks | 96.7% |
| Money Market Fund | 2.9% |
| Exchange-Traded Funds | 0.2% |
| Preferred Stocks | 0.2% |
| Long Equity Index Futures (Notional Value) | 1.4% |
| Short Equity Index Futures (Notional Value) | (49.6)% |

---

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

---

| | |
|:---|:---|
| Financials | 19.5% |
| Information Technology | 17.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 10.1% |
| Health Care | 9.1% |
| Communication Services | 8.0% |
| Consumer Staples | 6.5% |
| Materials | 4.0% |
| Utilities | 3.2% |
| Energy | 2.9% |
| Real Estate | 1.8% |

---

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

---

| | |
|:---|:---|
| United States | 49.0% |
| Japan | 13.3% |
| United Kingdom | 6.4% |
| China | 4.3% |
| France | 4.0% |
| Canada | 2.3% |
| Netherlands | 2.1% |
| Germany | 2.0% |
| Hong Kong | 1.9% |
| Italy | 1.4% |
| Switzerland | 1.1% |
| Brazil | 1.1% |
| Other Countries | 8.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WRAAX-1025

Wilmington Global Alpha Equities Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Global Alpha Equities Fund**

 **Class I \| WRAIX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Global Alpha Equities Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $64 | 1.24%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$232590778 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;727 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| Common Stocks | 96.7% |
| Money Market Fund | 2.9% |
| Exchange-Traded Funds | 0.2% |
| Preferred Stocks | 0.2% |
| Long Equity Index Futures (Notional Value) | 1.4% |
| Short Equity Index Futures (Notional Value) | (49.6)% |

---

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

---

| | |
|:---|:---|
| Financials | 19.5% |
| Information Technology | 17.5% |
| Industrials | 14.1% |
| Consumer Discretionary | 10.1% |
| Health Care | 9.1% |
| Communication Services | 8.0% |
| Consumer Staples | 6.5% |
| Materials | 4.0% |
| Utilities | 3.2% |
| Energy | 2.9% |
| Real Estate | 1.8% |

---

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

---

| | |
|:---|:---|
| United States | 49.0% |
| Japan | 13.3% |
| United Kingdom | 6.4% |
| China | 4.3% |
| France | 4.0% |
| Canada | 2.3% |
| Netherlands | 2.1% |
| Germany | 2.0% |
| Hong Kong | 1.9% |
| Italy | 1.4% |
| Switzerland | 1.1% |
| Brazil | 1.1% |
| Other Countries | 8.2% |

---

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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WRAIX-1025

Wilmington Global Alpha Equities Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Real Asset Fund**

 **Class A \| WMMRX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Real Asset Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $43 | 0.82%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$414240631 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;425 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| Real Estate Related Real Estate Investment Trusts | 31.3% |
| Real Estate Related Exchange-Traded Funds | 8.6% |
| Real Estate Related Common Stocks | 7.0% |
| Real Estate Related Investment Company | 2.9% |
| Commodity Related Investment Companies | 44.3% |
| Commodity Related Exchange-Traded Funds | 1.6% |
| Money Market Fund | 0.3% |
| Cash Collateral Invested for Securities on Loan | 4.0% |

---

#### 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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WMMRX-1025

Wilmington Real Asset Fund

![FundLogo](g86645images_29914.jpg)

 **Wilmington Real Asset Fund**

 **Class I \| WMRIX**

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about the Wilmington Real Asset Fund ("Fund") for the period of May 1, 2025 to October 31, 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 six months?
(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) | $30 | 0.57%\* |

---

*\** **Annualized*

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$414240631 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;425 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### What Did the Fund Invest In?
(as of October 31, 2025)

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

---

| | |
|:---|:---|
| Real Estate Related Real Estate Investment Trusts | 31.3% |
| Real Estate Related Exchange-Traded Funds | 8.6% |
| Real Estate Related Common Stocks | 7.0% |
| Real Estate Related Investment Company | 2.9% |
| Commodity Related Investment Companies | 44.3% |
| Commodity Related Exchange-Traded Funds | 1.6% |
| Money Market Fund | 0.3% |
| Cash Collateral Invested for Securities on Loan | 4.0% |

---

#### 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 Distributors, Inc. is the distributor of the Wilmington Funds.

WT-SAR-WMRIX-1025

Wilmington Real Asset Fund

------

(b) Not applicable

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
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 semi-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 semi-annual financial statements and other information are attached herewith.

------

![LOGO](g86645dsp001.jpg)

October 31, 2025 (unaudited) PRESIDENT'S MESSAGE AND SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION WILMINGTON FUNDS Equity Funds Wilmington Enhanced Dividend Income Strategy Fund Wilmington Large-Cap Strategy Fund

------

![LOGO](g86645g02j02.jpg)

CONTENTS

---

| | |
|:---|:---|
| [President's Message](#fin186645_1) | i |
| [Portfolios of Investments](#fin186645_2) | 1 |
| [Statements of Assets and Liabilities](#fin186645_3) | 17 |
| [Statements of Operations](#fin186645_4) | 18 |
| [Statements of Changes in Net Assets](#fin186645_5) | 19 |
| [Financial Highlights](#fin186645_6) | 20 |
| [Notes to Financial Statements](#fin186645_7) | 22 |
| [Other Information](#fin186645_8) | 28 |

---

------

[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 Semi-Annual Financial Statements of the Enhanced Dividend Income Strategy Fund and Large-Cap Strategy Fund (the "Funds"), covering the Funds' semi-annual fiscal period of May 1, 2025, through October 31, 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' semi-annual fiscal period.

#### The economy
The semiannual fiscal period unfolded against a backdrop of sweeping policy changes and heightened economic uncertainty in the wake of the landmark "Liberation Day" tariff announcement. This period was further defined by pivotal political developments, including the passage of President Trump's "One Big Beautiful Bill" in July. This legislation extended most of the 2017 tax cuts that were set to expire in December and introduced transformative new tax and spending measures. An ongoing government shutdown late in the period obfuscated the economic picture by halting the flow of economic data and leaving policymakers and investors to navigate critical decisions without timely information.

Tariffs continued to dominate headlines early in the period as trade war tensions escalated. President Trump issued a series of rapid-fire announcements, raising tariff rates on several of the United States' largest trading partners. As the period progressed, the tariff threat appeared to soften as major trade agreements were reached, though sporadic sector-specific adjustments persisted. Looking ahead, a major legal test looms as the Supreme Court prepares to rule—likely in 2026—on the legality of President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose sweeping global tariffs.

On the economic front, prior to the shutdown, the labor market showed signs of softening, with job growth slowing and major revisions pulling employment figures toward contractionary territory. The unemployment rate ticked up to 4.3%, though layoffs remained subdued. Wage growth decelerated, and the bulk of job gains were concentrated in healthcare, while cyclical sectors shed jobs.

Gross Domestic Product ("GDP") growth for Q2 (reported in August) rebounded into positive territory, but underlying drivers, including private spending by consumers and firms, slowed to the weakest pace in the post-pandemic period. Despite recessionary concerns, retail sales showed improvement and upside surprise throughout the summer, though much of the nominal growth reflected higher prices due to tariffs. Inflation pressures nudged up slightly, with both headline and core Consumer Price Index ("CPI") running at 3% year-over-year and tariff-driven price increases in core goods largely offset by easing shelter costs.

As for monetary policy, the Federal Reserve (the "Fed") restarted its rate-cutting cycle, reducing the federal funds rate by a cumulative 50 basis points<sup>1</sup>, bringing the target range to 3.75%–4.00%. The Fed also ended quantitative tightening. Chair Powell's cautious tone and signs of division amongst committee members highlighted growing uncertainty about the path forward.

#### Bond markets
Fixed income markets were largely positive during the period, propelled by two successive and well-telegraphed rate cuts from the Federal Reserve, leading to modestly lower yields across the curve. The 10-year Treasury yield fell 8 basis points to 4.08%, while the 2-year yield dropped 3 basis points to 3.57%, approaching its lowest level since mid-2022. Against this backdrop of easing monetary policy, the Bloomberg U.S. Aggregate Bond Index advanced 3.5%, reflecting broad-based gains across investment-grade sectors. Market volatility remained notably subdued, as measured by the MOVE Index<sup>2</sup>, and credit spreads persisted at historically tight levels, underscoring stability in the fixed income landscape.

For the six-month period May 1, 2025 to October 31, 2025, certain Bloomberg indices performed as follows:<sup>3</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bloomberg<br> U.S. Treasury<br> Bond Index<sup>4</sup>  | Bloomberg<br> U.S. Aggregate<br> Bond Index<sup>5</sup>  | Bloomberg<br> U.S. Credit<br> Bond Index<sup>6</sup>  | Bloomberg<br> Municipal Bond<br> Index<sup>7</sup>  | Bloomberg<br> U.S. Corporate<br> High Yield Bond<br> Index<sup>8</sup>  |
|  *2.36%* | 3.50% | 4.83% | 4.99% | 6.34% |

---

*Past performance is no guarantee of future results.* 

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

*October 31, 2025 / PRESIDENT'S MESSAGE* 

------

ii

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

#### Equity markets
U.S. equity markets were among the strongest of any 6-month period on record, with large-cap and small-cap stocks both returning more than +20% and delivering gains in every monthly period. The S&P 500 advanced +23.60%, driven by tech and AI-related enthusiasm. Technology (+46.4%), Communication Services (+34.2%), and Consumer Discretionary (+25.5%) led the market, while AI-levered sectors such as Utilities (+14.4%) also posted strong gains. Consumer Staples (-4.7%) was the only sector to decline, pressured by tariff-related headwinds and weakness among lower-end consumers.

International equities were similarly robust. Emerging markets surged (+27.41%) on signs of easing U.S.-China tensions, while developed markets, measured by the MSCI EAFE (Net) Index, gained a solid +13.29%, marking a strong period for global equities.

For the six-month period May 1, 2025 to October 31, 2025, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| S&P 500<sup>®</sup> <br> Index<sup>9</sup>  | Russell<br> 2000<sup>®</sup> <br> Index<sup>10</sup>  | MSCI EAFE<br> (Net) Index11 | MSCI Emerging<br> Markets (Net)<br> Index<sup>12</sup>  |
|  *23.60%* | 27.09% | 13.29% | 27.41% |

---

*Past performance is no guarantee of future results.* 

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

Sincerely,

![LOGO](g86645g45j45.jpg)

Randy Vogel

President

November 18, 2025

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

*PRESIDENT'S MESSAGE / October 31, 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 1/100<sup>th</sup>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. MOVE Index is a market-implied measure of bond market volatility that calculates the implied volatility of U.S. Treasury options using a weighted average of option prices on Treasury futures across multiple maturities (2, 5, 10, and 30 years).

&nbsp;&nbsp;&nbsp;&nbsp;3. 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;4. 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;5. 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;6. 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;7. Bloomberg Municipal Bond Index tracks the performance of the 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;8. 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. The index is unmanaged and investments cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;9. The S&P 500<sup>®</sup><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;10. The Russell 2000<sup>®</sup><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 approximately $9.7 million to $11.4 billion. The index is unmanaged and investments cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;11. 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;12. 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.

*October 31, 2025 / PRESIDENT'S MESSAGE* 

------

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

Wilmington Enhanced Dividend Income Strategy Fund

PORTFOLIO OF INVESTMENTS

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| Description | Number of<br> Shares | Value |
|  **COMMON STOCKS** – **97.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 3.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 3.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 2.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 50500 | $&nbsp;&nbsp;&nbsp;&nbsp;2006870 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 1.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 14950 | 1121549 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | $3128419 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY** – **4.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY** – **4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE* – *2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE* – *2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE* – *2.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 3200 | 954976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 1 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 16500 | 1334355 |
|  |  | $2289397 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL* – *1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 3685 | 1398789 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY |  | $3688186 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES** – **7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES* – *1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 7500 | 1095675 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL* – *1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL* – *1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL* – *1.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 12600 | 1168272 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS* – *1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS* – *1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS* – *1.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 7400 | 1112738 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL CARE PRODUCTS* – *1.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL CARE PRODUCTS* – *1.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL CARE PRODUCTS* – *1.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, ADR<sup>#</sup>  | 26900 | 1619111 |
| &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO* – *1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO* – *1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO* – *1.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 10200 | 1472166 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES |  | $6467962 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY** – **7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS* – *7.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS* – *7.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS* – *7.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 13250 | 2089790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 23600 | 1100232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 13550 | 1549578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 10750 | 1822770 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY |  | $6562370 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS** – **23.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BANKS* – *11.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *BANKS* – *11.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *BANKS* – *11.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 77000 | 4115650 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 16250 | 5055700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 48800 | 1180960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 1 | 82 |
|  |  | $10352392 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS* – *7.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS* – *7.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS* – *7.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 1875 | 2030269 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 5250 | $&nbsp;&nbsp;&nbsp;&nbsp;1393822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 19100 | 3132400 |
|  |  | $6556491 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE* – *4.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE* – *4.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE* – *4.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 22925 | 1829874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 48200 | 1901972 |
|  |  | $3731846 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | $20640729 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE** – **13.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE** – **13.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE** – **13.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY* – *2.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY* – *2.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY* – *2.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10625 | 2316675 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES* – *2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES* – *2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES* – *2.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 20000 | 1814000 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES* – *2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES* – *2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES* – *2.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 5020 | 1714631 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS* – *6.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS* – *6.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS* – *6.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 13300 | 2511971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 66000 | 1626900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR | 28650 | 1449117 |
|  |  | $5587988 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | $11433294 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS** – **11.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS** – **11.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS** – **11.0%** |
| &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; Lockheed Martin Corp. | 2600 | 1278888 |
| &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 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS* – *3.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS* – *3.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS* – *3.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 27900 | 3191481 |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT* – *0.0%\*\** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 1 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; *GROUND TRANSPORTATION* – *1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 5375 | 1184489 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MACHINERY* – *4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 4525 | 2612102 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 13050 | 1284120 |
|  |  | $3896222 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS | $9551290 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY** – **15.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY** – **15.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY** – **15.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT* – *2.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT* – *2.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT* – *2.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 34900 | 2551539 |
| &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES* – *3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES* – *3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES* – *3.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 8400 | 2582244 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT* – *9.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT* – *9.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT* – *9.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 11425 | 4223022 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

2 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Enhanced Dividend Income Strategy Fund (continued)*

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

---

| | | |
|:---|:---|:---|
| Description | Number of<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 14600 | $2641140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 10150 | 1638819 |
|  |  | $8502981 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | $13636764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS** – **1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS** – **1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS** – **1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS* – *1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 4900 | 1188691 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MATERIALS |  | $1188691 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE** – **3.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE** – **3.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE** – **3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS* – *1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS* – *1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS* – *1.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 57500 | 1032125 |
| &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS* – *1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS* – *1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS* – *1.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 6400 | 1113088 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS* – *1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS* – *1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS* – *1.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 35600 | 1067644 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE |  | $3212857 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES** – **5.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES** – **5.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES** – **5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES* – *5.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES* – *5.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES* – *5.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 17200 | 2068472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 15600 | 1939080 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 13300 | 1082620 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES | $5090172 |
| **TOTAL COMMON STOCKS<br>(COST $58,792,240)** | **TOTAL COMMON STOCKS<br>(COST $58,792,240)** | $**84600734** |
|  **MONEY MARKET FUND** – **2.5%** | **MONEY MARKET FUND** – **2.5%** | **MONEY MARKET FUND** – **2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>^</sup>  | 2197383 | 2197383 |
| **TOTAL MONEY MARKET FUND<br>(COST $2,197,383)** | **TOTAL MONEY MARKET FUND<br>(COST $2,197,383)** | $**2197383** |
|  | Par Value |  |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN** – **1.7%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN** – **1.7%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN** – **1.7%** |
|  **REPURCHASE AGREEMENTS** – **1.7%** | **REPURCHASE AGREEMENTS** – **1.7%** | **REPURCHASE AGREEMENTS** – **1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 4.16%, dated 10/31/25, due 11/03/25, repurchase price $56,450, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 11/01/27 to 8/01/55; total market value of $57,559. | $56430 | 56430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, 4.26%, dated 10/31/25, due 11/03/25, repurchase price $271,010, collateralized by U.S. Treasury Securities, 0.00% to 4.88%, maturing 11/04/25 to 8/15/55; total market value of $276,430. | 270914 | 270914 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $254,747, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.50%, maturing 6/30/27 to 10/20/55; total market value of $259,752. | $| &nbsp;&nbsp;&nbsp;&nbsp;254659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 3.95%, dated 10/31/25, due 11/03/25, repurchase price $71,177, collateralized by U.S. Treasury Securities, 1.13% to 6.75%, maturing 2/15/26 to 8/15/55; total market value of $72,577. |  | 71154 | 71154 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $254,747, collateralized by U.S. Government Agency Securities, 1.55% to 7.00%, maturing 1/01/32 to 6/01/55; total market value of $259,752. |  | 254659 | 254659 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $16,261, collateralized by U.S. Treasury Securities, 0.13% to 3.63%, maturing 7/15/30 to 2/15/51; total market value of $16,580. |  | 16255 | 16255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $254,747, collateralized by U.S. Government Agency Securities, 1.50% to 7.00%, maturing 4/01/31 to 11/01/55; total market value of $259,752. |  | 254659 | 254659 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $254,747, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/06/25 to 8/15/55; total market value of $259,752. |  | 254659 | 254659 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $1,433,389)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $1,433,389)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $1,433,389)** | $1433389 |
| TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN<br>(COST $1,433,389) | TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN<br>(COST $1,433,389) | TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN<br>(COST $1,433,389) | $1433389 |
| **TOTAL INVESTMENTS** – **101.7%<br>(COST $62,423,012)** | **TOTAL INVESTMENTS** – **101.7%<br>(COST $62,423,012)** | **TOTAL INVESTMENTS** – **101.7%<br>(COST $62,423,012)** | $88231506 |
| **COLLATERAL FOR SECURITIES ON LOAN** – **(1.7%)** | **COLLATERAL FOR SECURITIES ON LOAN** – **(1.7%)** | **COLLATERAL FOR SECURITIES ON LOAN** – **(1.7%)** | (1433389) |
| **OTHER ASSETS LESS LIABILITIES** – **0.0%\*\*** | **OTHER ASSETS LESS LIABILITIES** – **0.0%\*\*** | **OTHER ASSETS LESS LIABILITIES** – **0.0%\*\*** | 731 |
| **TOTAL NET ASSETS** – **100.0%** | **TOTAL NET ASSETS** – **100.0%** | **TOTAL NET ASSETS** – **100.0%** | $86798848 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 3

*Wilmington Enhanced Dividend Income Strategy 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 October 31, 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 | $84600734 | $— | $— | $84600734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 2197383 |  |  | 2197383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1433389 |  | 1433389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $86798117 | $1433389 | $— | $88231506 |

---

<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 |
| LLC | Limited Liability Corporation |
| PLC | Public Limited Company |

---

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

4.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Large-Cap Strategy Fund

PORTFOLIO OF INVESTMENTS

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **COMMON STOCKS – 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 9.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 9.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc.\*<sup>,#</sup>  | 1900 | $152475 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 70122 | 1735519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 2500 | 94400 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc., Class C\* | 253 | 9266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 750 | 14363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd., Class A\* | 1150 | 12650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 42200 | 1677028 |
|  |  | $3695701 |
| &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 1.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 2510 | 502151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, Class C\* | 2085 | 208187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, Class A\* | 105 | 9553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Live, Class C\* | 535 | 48369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Live, Class A\* | 174 | 15267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 1470 | 219809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp.\* | 129 | 27656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 4200 | 4699212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 100 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A\* | 6050 | 688006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 1150 | 122049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 1500 | 982980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 1768 | 453262 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 700 | 131880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 17898 | 2015673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 22639 | 508246 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;10632667 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 7.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 7.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 7.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A\* | 57320 | 16117811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 46840 | 13200449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc.\* | 498 | 6609 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAC, Inc.\* | 600 | 19332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 2242 | 72506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 21525 | 13955734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A\* | 5443 | 180163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc., Class A\* | 1100 | 229845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trump Media & Technology Group Corp.\* | 1050 | 16091 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 5700 | 63954 |
|  |  | $43862494 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A\* | 932 | 217939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 37100 | 1032678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 2526 | 163306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 1090 | 63667 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. Escrow Shares\*<sup>,(1)</sup>  | 1461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 3818 | 97970 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class C\* | 1268 | $68244 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co. (The), Class A | 1500 | 85485 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 4007 | 106185 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class B<sup>#</sup>  | 898 | 27362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 300 | 58719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 1940 | 145539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Skydance Corp., Class B | 96 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 1927 | 41797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A\* | 4150 | 208662 |
|  |  | $2319030 |
| &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; Millicom International Cellular SA | 850 | 40044 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 4509 | 947115 |
|  |  | $987159 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | $&nbsp;&nbsp;&nbsp;&nbsp;61497051 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 10.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 10.6%** |  |
| &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 | 182475 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 2280 | 97949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 2280 | 53466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 400 | 41860 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp.\* | 3450 | 63618 |
|  |  | $439368 |
| &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILES – 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILES – 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILES – 2.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 38800 | 509444 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 9445 | 652555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 1450 | 39121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc.\*<sup>,#</sup>  | 1434 | 25454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A\*<sup>,#</sup>  | 7600 | 103132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 27725 | 12658126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 495 | 51653 |
|  |  | $14039485 |
| &nbsp;&nbsp;&nbsp;&nbsp; *BROADLINE RETAIL – 3.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *BROADLINE RETAIL – 3.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *BROADLINE RETAIL – 3.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 94435 | 23062916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 12500 | 399625 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 4660 | 378904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 1100 | 68200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp.<sup>#</sup>  | 10 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 1900 | 37031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 573 | 69224 |
|  |  | $24016063 |
| &nbsp;&nbsp;&nbsp;&nbsp; *DISTRIBUTORS – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *DISTRIBUTORS – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *DISTRIBUTORS – 0.0%\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 1320 | 168049 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 2668 | 85269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 360 | 96142 |
|  |  | $349460 |
| &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 | 36332 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 5

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 533 | $58220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 370 | 100137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 300 | 56490 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 1300 | 64662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International | 1270 | 106058 |
|  |  | $421899 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 1.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 1.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 1.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A\* | 4150 | 525141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 2733 | 103526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 335 | 1701043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 600 | 46722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 2010 | 40401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 10880 | 313670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 1000 | 53730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 13280 | 420843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.<sup>#</sup>  | 260 | 24170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 700 | 69440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 1150 | 207172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 300 | 119538 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A\* | 3520 | 895382 |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A\* | 4870 | 148973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc., Class A\* | 1200 | 66648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 1202 | 264440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC\* | 1700 | 395403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 2353 | 604627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A<sup>#</sup>  | 400 | 54964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 3270 | 194074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder, Inc.\* | 800 | 58160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 2276 | 593080 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 7109 | 2121539 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 2100 | 67263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 4700 | 105374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 1450 | 23867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A\* | 878 | 79626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International LP | 47 | 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 2950 | 193786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 2530 | 725680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 11220 | 907361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 700 | 114506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 510 | 32018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 378 | 56069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 1950 | 118658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 2060 | 17592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 250 | 54158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 760 | 55807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 918 | 109233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 2820 | 389752 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;12076588 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD DURABLES – 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 2570 | 383135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 1590 | 340165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 1065 | 9947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 2310 | 285909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class B | 76 | 8972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 555 | 63070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 5214 | 17728 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 30 | $216325 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 1890 | 226554 |
| &nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc.\* | 650 | 55575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 1950 | 154713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 1050 | 141697 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 300 | 126744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp.<sup>#</sup>  | 535 | 38322 |
|  |  | $2068856 |
| &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 | 49582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 1290 | 98440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 3400 | 62492 |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 1050 | 35690 |
|  |  | $246204 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 1.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 250 | 49968 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 170 | 624653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 2305 | 56426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 1880 | 154423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 645 | 176466 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 1450 | 60769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 1250 | 383175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc., Class A\* | 2100 | 70812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 550 | 121797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 528 | 83039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A\* | 1060 | 66229 |
| &nbsp;&nbsp;&nbsp;&nbsp; GameStop Corp., Class A\* | 4250 | 94732 |
| &nbsp;&nbsp;&nbsp;&nbsp; GameStop Corp., Class A\* | 424 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 2290 | 52327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 9780 | 3712390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 245 | 76950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 5510 | 1312096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 150 | 53730 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 8400 | 793296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 150 | 24011 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH\* | 135 | 23286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 3110 | 494241 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 11020 | 1544343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 5200 | 281372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 450 | 233946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 1500 | 49515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A\* | 798 | 82601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 1210 | 235151 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;10913016 |
| &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; Amer Sports, Inc.\* | 1500 | 46845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birkenstock Holding PLC\* | 400 | 15964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 218 | 10819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 500 | 40845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 1470 | 119805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 1005 | 171393 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 11605 | 749567 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG, Class A\* | 2100 | 78015 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 620 | 48565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 385 | 123069 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

6 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Large-Cap Strategy Fund (continued)*

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

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 2080 | $228425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class A\*<sup>,#</sup>  | 928 | 4278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class C\*<sup>,#</sup>  | 2150 | 9546 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 3800 | 53352 |
|  |  | $1700488 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY |  | $&nbsp;&nbsp;&nbsp;&nbsp;66271427 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES – 1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES – 1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES – 1.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The), Class A\* | 50 | 10349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class A | 50 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 1825 | 49695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 1600 | 96368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 38690 | 2665741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 500 | 65190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 1290 | 169480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 12650 | 343574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 1685 | 73668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 6930 | 463132 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 13540 | 1978059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp. | 2400 | 52728 |
|  |  | $5969340 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 3100 | 54839 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 1300 | 114738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 385 | 197578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 4370 | 3983037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 2150 | 212119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 2012 | 199429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 95 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 6150 | 391325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 1800 | 66348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 1450 | 140273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 950 | 75012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 4900 | 363972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 4510 | 418167 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.\* | 2300 | 167026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 43030 | 4353775 |
|  |  | $10738931 |
| &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 0.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 4800 | 290544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 1395 | 131967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Co. (The) | 2000 | 60260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 4350 | 74777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 1685 | 54004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 1100 | 13123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 450 | 22145 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 5350 | 249363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 1500 | 254445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 2850 | 61532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 600 | 69246 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 1050 | 108728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellanova | 2610 | 216787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 7750 | 191657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 1250 | 77163 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 2550 | 163608 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 12690 | $729167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 250 | 9525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 438 | 45521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 2650 | 136236 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959798 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS* – *0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS* – *0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS* – *0.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 2400 | 210456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 1210 | 136077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 8170 | 629498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 3150 | 377086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 23270 | 3499110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 350 | 8554 |
|  |  | $4860781 |
| &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 | 37663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc., Class A\* | 3940 | 15642 |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 550 | 67177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 2350 | 227221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 18800 | 270156 |
|  |  | $617859 |
| &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO* – *0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO* – *0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO* – *0.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 16670 | 939855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 15540 | 2242888 |
|  |  | $3182743 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES | $28329452 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY** – **2.8%** |  |  |
| &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. | 9640 | 466672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 8433 | 226342 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 3448 | 50341 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 14586 | 525971 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC | 4200 | 173670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 650 | 47898 |
|  |  | $1490894 |
| &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS* – *2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS* – *2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS* – *2.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 3300 | 56925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 2750 | 85003 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 3890 | 88109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 2200 | 466400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 19109 | 3013871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 500 | 45360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc.<sup>#</sup>  | 1100 | 31713 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 12597 | 1119369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 7274 | 172103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 6186 | 200983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 1897 | 271631 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 1075 | 117702 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 5380 | 569419 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 5900 | 316122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 2194 | 226662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 43036 | 4921597 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 1340 | 69144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 19275 | 504812 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 7

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 3100 | $604221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 1050 | 41433 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.\*<sup>,#</sup>  | 690 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 6710 | 276452 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 6160 | 412720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 2550 | 95651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 6250 | 78500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 3940 | 536392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 2250 | 79988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 2100 | 323484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 180 | 169808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 3120 | 529027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc., Class A | 1260 | 47326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 12290 | 711222 |
|  |  | $16184039 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY | $&nbsp;&nbsp;&nbsp;&nbsp;17674933 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS** – **13.0%** |  |  |
| &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. | 66800 | 3570460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 1150 | 51739 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial Corp. | 270 | 28237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 18227 | 1845119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 4300 | 218741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 2498 | 66946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 1280 | 97920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 1386 | 72945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 590 | 72653 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 1323 | 134417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 6350 | 264287 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 120 | 218978 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 1100 | 26983 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 5230 | 111713 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 4235 | 66574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 14796 | 228450 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 27345 | 8507576 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 9944 | 174915 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A\* | 33250 | 535658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 830 | 70724 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 3810 | 695515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. | 788 | 87838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 1173 | 77207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 9106 | 220365 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOUTHSTATE BANK CORP | 950 | 84218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 1494 | 66692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 12657 | 564882 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 15025 | 701367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 1762 | 100504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 32075 | 2789563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 950 | 73483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 700 | 91014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 1490 | 77644 |
|  |  | $21995327 |
| &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 | 64249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 940 | 425604 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 1850 | $275114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 7270 | 784651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 1540 | 1667527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 7215 | 1058008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc.<sup>#</sup>  | 5970 | 94147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A | 3800 | 205428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 2600 | 138632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 1050 | 257922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 16855 | 1593135 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 3550 | 942489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A\* | 2045 | 703030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 350 | 103096 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 390 | 104052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 2720 | 61499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freedom Holding Corp.\*<sup>,#</sup>  | 100 | 15366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 2960 | 2336535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc., Class A | 400 | 45584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 500 | 89540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 4042 | 284395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 5740 | 839705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 3245 | 76907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 1150 | 50094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 1498 | 79139 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 6634 | 785001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 1000 | 48800 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 800 | 301848 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 350 | 56021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 1540 | 739662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 11381 | 1866484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 250 | 53075 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 770 | 453183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 4090 | 349654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 1925 | 247690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 1810 | 287193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A\* | 7250 | 1064155 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 3089 | 1504992 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 1040 | 83834 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 2870 | 331944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 1050 | 124352 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 2180 | 223515 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG, Inc. | 1200 | 66048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 1100 | 115929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc., Class A | 650 | 22646 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc., Class A | 4005 | 72971 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;21094845 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER FINANCE* – *0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER FINANCE* – *0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER FINANCE* – *0.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 2743 | 106895 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 5440 | 1962371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 6228 | 1370098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\*<sup>,#</sup>  | 50 | 22367 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 945 | 55934 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 2360 | 63366 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\* | 10600 | 314608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 3770 | 280413 |
|  |  | $4176052 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; *FINANCIAL SERVICES* – *3.6%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc.\* | 2500 | $| 179700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 4076 |  | 506688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 18066 |  | 8627238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 5230 |  | 397166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 2450 |  | 79772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 650 |  | 169227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 3043 |  | 150324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 415 |  | 31482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 5150 |  | 321978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 5360 |  | 357458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 2513 |  | 195411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 700 |  | 104258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 8020 |  | 4426960 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 1750 |  | 47985 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 9415 |  | 652177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A | 8700 |  | 144942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A\*<sup>,#</sup>  | 700 |  | 48370 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFS Financial Corp. | 850 |  | 11305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A\* | 4500 |  | 162630 |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 1900 |  | 10697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 16835 |  | 5736358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 930 |  | 69248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The) | 2690 |  | 25098 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\* | 315 |  | 45952 |
|  |  | $| &nbsp;&nbsp;&nbsp;&nbsp;22502424 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE* – *1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE* – *1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE* – *1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE* – *1.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 4800 |  | 514512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 2530 |  | 484546 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 550 |  | 72424 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 5580 |  | 440597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A | 2100 |  | 715428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 3420 |  | 295180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 2530 |  | 631210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 430 |  | 91040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 300 |  | 24174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 580 |  | 54323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 250 |  | 14267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 2650 |  | 211311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 3597 |  | 996153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 1406 |  | 217354 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 150 |  | 6682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 370 |  | 116372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 2391 |  | 132079 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 728 |  | 45507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 793 |  | 104287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 300 |  | 51264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 2640 |  | 327835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 523 |  | 23530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 200 |  | 79894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 1458 |  | 61236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 1800 |  | 179208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 135 |  | 266562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 4790 |  | 853338 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 5451 |  | 435099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 2018 |  | 79630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 323 |  | 83938 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc.  | 2040 | $171442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 5680 | 1170080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 3380 | 351520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 590 | 107651 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 428 | 108751 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 800 | 47168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 950 | 52060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 2180 | 585592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 1760 | 129219 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 2945 | 210096 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group Ltd. | 30 | 57137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 1000 | 313100 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;10912796 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)* – *0.0%\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment Corp.<sup>#</sup>  | 9585 | 95850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 5532 | 117113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 4500 | 49365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.<sup>#</sup>  | 3068 | 55776 |
|  |  | $318104 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | $80999548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE** – **9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY* – *1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY* – *1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY* – *1.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 17361 | 3785392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 1215 | 554089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 5264 | 1570936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 1250 | 26838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1400 | 215978 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 1950 | 104461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 1950 | 126145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 2670 | 103249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 12344 | 1478688 |
| &nbsp;&nbsp;&nbsp;&nbsp; GRAIL, Inc.\*<sup>,#</sup>  | 65 | 5975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 1250 | 81487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 1550 | 144894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 1800 | 341280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 1480 | 109964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 3700 | 100492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 1300 | 258609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 1000 | 143210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 1050 | 684390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.\* | 1700 | 100028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 3350 | 66966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 965 | 23170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Therapeutics, Inc.\*<sup>,#</sup>  | 1150 | 21747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 950 | 32870 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 435 | 193762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 2523 | 1073713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc.\*<sup>,#</sup>  | 1000 | 38080 |
|  |  | $11386413 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES* – *1.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES* – *1.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES* – *1.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 16905 | 2089796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 620 | 85486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc.<sup>#</sup>  | 5230 | 96598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 2834 | 506464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 14770 | 1487634 |

---

*October 31, 2025 (unaudited) / SEMI-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; Cooper Cos., Inc. (The)\* | 2000 | $139820 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 2079 | 26216 |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc.\* | 3895 | 226767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 5656 | 466337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 1690 | 34392 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 4600 | 344770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A\* | 1200 | 72468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 2240 | 165558 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 780 | 491018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 300 | 21624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 710 | 222237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 3520 | 1880666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp.\* | 450 | 63293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 12626 | 1145178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 350 | 79579 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 1470 | 362914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 1415 | 97692 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 950 | 223915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 3430 | 1221903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 460 | 57256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 1890 | 190058 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;11799639 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES* – *1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 900 | 19350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 2360 | 450217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 1810 | 611436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 4930 | 174374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 150 | 64695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 2617 | 639621 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 12421 | 970701 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 388 | 46180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 2220 | 704184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 1080 | 122958 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 1700 | 781456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 1070 | 67624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1180 | 328264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 857 | 217644 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 1230 | 997948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 555 | 84949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier, Inc., Class A | 500 | 14060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 1100 | 193545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 895 | 184809 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 8995 | 3072332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 510 | 110675 |
|  |  | $9857022 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE TECHNOLOGY* – *0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 1450 | 16864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 1350 | 89100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A\* | 1500 | 436800 |
|  |  | $542764 |
| &nbsp;&nbsp;&nbsp;&nbsp; *LIFE SCIENCES TOOLS & SERVICES* – *1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 2890 | 422980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 6495 | 76771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A\*<sup>,#</sup>  | 190 | 60715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp.  | 1550 | 96983 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 1000 | $| 38940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 520 |  | 93636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 6340 |  | 1365509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 702 |  | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 1590 |  | 196429 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 1730 |  | 374476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 200 |  | 116982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 210 |  | 297421 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 2204 |  | 103257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 550 |  | 81983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 1210 |  | 113244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 990 |  | 16434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempus AI, Inc.\*<sup>,#</sup>  | 650 |  | 58403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 3750 |  | 2127712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 570 |  | 199272 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 700 |  | 197449 |
|  |  | $| 6045939 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS* – *2.7%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 19676 |  | 906473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 950 |  | 69797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\*<sup>,#</sup>  | 4750 |  | 105213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 7850 |  | 6773451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 610 |  | 83960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 23810 |  | 4496995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 24556 |  | 2111325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 2616 |  | 17658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 1058 |  | 21943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 55153 |  | 1359521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 4050 |  | 152037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 11305 |  | 117120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 4461 |  | 642785 |
|  |  | $| &nbsp;&nbsp;&nbsp;&nbsp;16858278 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | $| 56490055 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS** – **9.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE* – *2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE* – *2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE* – *2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE* – *2.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 1400 |  | 138558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 730 |  | 534528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 7140 |  | 1435283 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 875 |  | 186909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 385 |  | 229356 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 2480 |  | 855352 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 10425 |  | 3220804 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp.<sup>#</sup>  | 450 |  | 142996 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 702 |  | 173906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 800 |  | 57120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 4046 |  | 833274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 405 |  | 130418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\* | 250 |  | 21060 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 1832 |  | 529631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo DRS, Inc. | 700 |  | 25592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\*<sup>,#</sup>  | 400 |  | 31652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 2040 |  | 1003435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 1320 |  | 770154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Lab Corp.\* | 4100 |  | 258218 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 13304 |  | 2374764 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

10 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Large-Cap Strategy Fund (continued)*

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

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc., Class A\* | 1240 | $45496 |
| &nbsp;&nbsp;&nbsp;&nbsp; StandardAero, Inc.\* | 1200 | 34668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 1803 | 145700 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 560 | 732766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 575 | 150713 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;14062353 |
| &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 | 190024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 1430 | 174317 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 2155 | 546982 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 1195 | 67171 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 7360 | 709651 |
|  |  | $1688145 |
| &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS* – *0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS* – *0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS* – *0.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 1300 | 85787 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc.<sup>#</sup>  | 750 | 73793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 650 | 91032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 833 | 138086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 428 | 81504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 1120 | 130110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 440 | 143022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 8100 | 481869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 1310 | 66548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 1350 | 22910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 6681 | 764240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 300 | 151500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 2080 | 134701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 898 | 114324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 350 | 61775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 2200 | 987030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 1044 | 50446 |
|  |  | $3578677 |
| &nbsp;&nbsp;&nbsp;&nbsp; *COMMERCIAL SERVICES & SUPPLIES* – *0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMERCIAL SERVICES & SUPPLIES* – *0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMERCIAL SERVICES & SUPPLIES* – *0.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 3390 | 621285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 510 | 107360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 8850 | 380638 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 350 | 54961 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 1726 | 171254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 2050 | 426892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 2800 | 161308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 2500 | 79950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 2373 | 234168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. | 1491 | 7828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 3660 | 731158 |
|  |  | $2976802 |
| &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; AECOM | 1255 | 168609 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.\* | 4000 | 147280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 350 | 337953 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 450 | 304101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.\* | 520 | 47263 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 600 | 122496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 1473 | 661569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 210 | 86820 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 1995 | $43391 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919482 |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT* – *1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT* – *1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT* – *1.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 310 | 113166 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 2240 | 452726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 3888 | 1483505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 5690 | 794153 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 2711 | 1586315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 597 | 100308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 540 | 253800 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 1566 | 179072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 700 | 98623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 1120 | 412563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 1348 | 42907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 3780 | 729011 |
|  |  | $6246149 |
| &nbsp;&nbsp;&nbsp;&nbsp; *GROUND TRANSPORTATION* – *0.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *GROUND TRANSPORTATION* – *0.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *GROUND TRANSPORTATION* – *0.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\*<sup>,#</sup>  | 95 | 12927 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 18870 | 679697 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 820 | 138465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 1755 | 79186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 390 | 50088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc., Class A\* | 4000 | 81840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 2210 | 626270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 1850 | 259777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 440 | 74461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 240 | 70200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B | 618 | 13207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 20010 | 1930965 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co.\*<sup>,#</sup>  | 213 | 11323 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. | 817 | 39616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 5890 | 1297979 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\* | 1100 | 158257 |
|  |  | $5524258 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL CONGLOMERATES* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL CONGLOMERATES* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL CONGLOMERATES* – *0.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 5400 | 899100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 6350 | 1278446 |
|  |  | $2177546 |
| &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. | 595 | 61380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 850 | 70168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 4600 | 2655396 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 8900 | 93361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 500 | 95000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 1380 | 603998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 2450 | 1130993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 1160 | 97730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 1320 | 239527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 499 | 58293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 1248 | 85176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 3640 | 183238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 2575 | 56856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 1670 | 136556 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 770 | 132024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 2900 | 707368 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 11

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 4144 | $316312 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 835 | 154533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 550 | 128948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\* | 500 | 62115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 1000 | 105870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 550 | 127573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 640 | 78906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 3975 | 368721 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 5060 | 497904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 1260 | 973766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 1714 | 182284 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 300 | 128559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 530 | 177841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 1470 | 99548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. (The) | 650 | 51032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 1080 | 80708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 1745 | 356748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 2410 | 363548 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;10661980 |
| &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 | 62088 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PASSENGER AIRLINES* – *0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *PASSENGER AIRLINES* – *0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *PASSENGER AIRLINES* – *0.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 1175 | 49033 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 6468 | 84925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 6565 | 376699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 4780 | 144834 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 3153 | 296508 |
|  |  | $951999 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PROFESSIONAL SERVICES* – *0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *PROFESSIONAL SERVICES* – *0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *PROFESSIONAL SERVICES* – *0.6%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 1526 | 34198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 4050 | 1054215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 1250 | 108950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 1170 | 257868 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A\* | 203 | 114137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\* | 2400 | 8160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 543 | 21888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 1425 | 97955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 1230 | 259653 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 1500 | 58650 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 350 | 57754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 1595 | 60849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 1150 | 179182 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 1250 | 53550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 1250 | 238087 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 255 | 7818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.\* | 450 | 37413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 3170 | 370985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 500 | 93545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 435 | 61452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 1048 | 27447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 400 | 37484 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 2050 | 174086 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 2050 | 166419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 1440 | 315014 |
|  |  | $3896759 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &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 | $69927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 400 | 102836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A\* | 1895 | 98881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 11260 | 463349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 1870 | 464695 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 950 | 164255 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 340 | 28869 |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO, Inc.\*<sup>,#</sup>  | 5250 | 92768 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.\* | 400 | 51908 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 620 | 540132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.<sup>#</sup>  | 350 | 128803 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 440 | 114193 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 445 | 435655 |
|  |  | $2756271 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS | $&nbsp;&nbsp;&nbsp;&nbsp;56502509 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY<sup>(2)</sup> – 34.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT* – *0.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT* – *0.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT* – *0.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 10210 | 1610015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 1373 | 260760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 39560 | 2892232 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 613 | 155120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 740 | 149154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 1640 | 667004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 50 | 39359 |
|  |  | $5773644 |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS* – *0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS* – *0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS* – *0.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 12080 | 1683227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 515 | 57448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 600 | 29070 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 1340 | 213556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 1600 | 66224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 1568 | 206913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 7720 | 687698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co.<sup>#</sup>  | 600 | 37950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 3750 | 234450 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 230 | 19578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 1058 | 233702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 1650 | 301884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 243 | 59124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp. | 1213 | 53275 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 783 | 122532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 443 | 233381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 2230 | 177842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 1286 | 49511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A\* | 500 | 134625 |
|  |  | $4601990 |
| &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES* – *1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES* – *1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES* – *1.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 6210 | 1553121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 1500 | 112650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 1020 | 85945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A\* | 3000 | 759900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 5000 | 364400 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 1746 | 24793 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 550 | 89947 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

12 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Large-Cap Strategy Fund (continued)*

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

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 750 | $186255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA\* | 400 | 24632 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A\* | 1360 | 181057 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 9180 | 2822024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 2412 | 69755 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 765 | 275262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc.\* | 1600 | 146448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A\* | 3080 | 846631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A\* | 1400 | 188832 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 800 | 191840 |
|  |  | $7923492 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA* – *0.0%\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 1350 | 15363 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT* – *13.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT* – *13.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT* – *13.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 15868 | 4064112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 1250 | 37400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 900 | 29052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 4932 | 1154729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 7900 | 1841490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc.\* | 1200 | 224016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 45530 | 16829254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 550 | 72958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 1350 | 41189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 1500 | 137355 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 1050 | 280287 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 950 | 33820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 43180 | 1726768 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 1310 | 1583449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 12590 | 1982421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 1400 | 102144 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 600 | 88878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 8511 | 797821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 5228 | 326332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 10980 | 2456995 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc | 733 | 105339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 480 | 482400 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 232440 | 47066776 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 4028 | 201722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 500 | 67480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 900 | 85428 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 10770 | 1948293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 1590 | 123575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 1650 | 299904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 8940 | 1443452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 400 | 58912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc.\* | 11 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc.\*<sup>,#,(1)</sup>  | 1400 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;85694041 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SOFTWARE* – *10.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *SOFTWARE* – *10.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *SOFTWARE* – *10.9%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 4220 | 1436108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc., Class A\* | 200 | 50886 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A\* | 2350 | 1497725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A\* | 1650 | 279543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Innovation, Inc.\* | 9950 | 52138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 2130 | 641854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 1500 | 76245 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\*  | 1000 | $| 49660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 2700 |  | 914463 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\* | 4200 |  | 36624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Confluent, Inc., Class A\* | 2650 |  | 61931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A\* | 2419 |  | 1313541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A\* | 2998 |  | 488104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 2070 |  | 151400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc., Class A | 490 |  | 32497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A\* | 2300 |  | 66700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 2923 |  | 147816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 950 |  | 84759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 240 |  | 398287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 93 |  | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 6330 |  | 547102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 5220 |  | 137599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gitlab, Inc., Class A\* | 1300 |  | 63375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 850 |  | 198594 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 483 |  | 237597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informatica, Inc., Class A\* | 950 |  | 23627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 2710 |  | 1809060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 623 |  | 113430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 73544 |  | 38081819 |
| &nbsp;&nbsp;&nbsp;&nbsp; N-Able, Inc.\* | 436 |  | 3414 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\*<sup>,#</sup>  | 795 |  | 21211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A\* | 2600 |  | 185224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 16330 |  | 4288421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 21560 |  | 4322133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 6460 |  | 1422750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 840 |  | 53466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.\* | 1150 |  | 84893 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 1150 |  | 228321 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc., Class A\* | 600 |  | 18072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 1050 |  | 468458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rubrik, Inc., Class A\* | 950 |  | 71507 |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc.\*<sup>,#</sup>  | 500 |  | 10840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 9276 |  | 2415563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc., Class A\* | 2700 |  | 108459 |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A\* | 2900 |  | 51765 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 2030 |  | 1866138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc., Class A\*<sup>,#</sup>  | 2550 |  | 687251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 1859 |  | 843651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 1070 |  | 22310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 410 |  | 195267 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc., Class A\* | 4700 |  | 74542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc.\* | 3010 |  | 114079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A\* | 2150 |  | 515828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., Class A\* | 2628 |  | 229240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 950 |  | 314583 |
|  |  | $| &nbsp;&nbsp;&nbsp;&nbsp;67612128 |
| &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS* – *6.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS* – *6.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS* – *6.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS* – *6.7%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 144650 |  | 39109021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 3000 |  | 486030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 13090 |  | 319658 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 9190 |  | 254287 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 2053 |  | 241802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A\* | 2995 |  | 295607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 1277 |  | 254544 |

---

*October 31, 2025 (unaudited) / SEMI-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; Super Micro Computer, Inc.\* | 5150 | $267594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 3483 | 523181 |
|  |  | $41751724 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | $&nbsp;&nbsp;&nbsp;&nbsp;213372382 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS** – **2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS* – *1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS* – *1.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS* – *1.0%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 2170 | 526420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 1145 | 112473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 390 | 19071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 2090 | 59502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 990 | 38056 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 1600 | 133264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 6852 | 420987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 7109 | 169550 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 3962 | 323497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 1010 | 60115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 2450 | 628180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 2040 | 54509 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 1190 | 18052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 1100 | 9108 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc.\* | 2440 | 153647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 4540 | 1899082 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 2450 | 113729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 3265 | 89624 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 50 | 38395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 900 | 18630 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 2200 | 215050 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 1300 | 142064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 495 | 26492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 2290 | 789913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc.\* | 1587 | 71526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 250 | 17203 |
|  |  | $6148139 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION MATERIALS* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION MATERIALS* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION MATERIALS* – *0.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 6730 | 801543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 350 | 74312 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC\* | 1451 | 30370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 600 | 367860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 1290 | 373455 |
|  |  | $1647540 |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONTAINERS & PACKAGING* – *0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONTAINERS & PACKAGING* – *0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONTAINERS & PACKAGING* – *0.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 23212 | 183375 |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 695 | 80627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 800 | 139912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 2740 | 128780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 1068 | 103788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co.<sup>#</sup>  | 2705 | 43253 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 5250 | 202860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 900 | 176184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 1400 | 46914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 805 | 31089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 5200 | 191984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | 1030 | 41787 |
|  |  | $1370553 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; *METALS & MINING – 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *METALS & MINING – 0.5%*  | &nbsp;&nbsp;&nbsp;&nbsp; *METALS & MINING – 0.5%*  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 2600 | $95654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | 4950 | 336600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 450 | 142155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 5450 | 67743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 14050 | 585885 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.\*<sup>,#</sup>  | 1095 | 69084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 10910 | 883383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 2150 | 322607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 500 | 141215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 608 | 106272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 842 | 116870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 1350 | 211680 |
|  |  | $3079148 |
| &nbsp;&nbsp;&nbsp;&nbsp; *PAPER & FOREST PRODUCTS* – *0.0%\*\** | &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 | 56621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp.\* | 384 | 3491 |
|  |  | $60112 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MATERIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MATERIALS | $&nbsp;&nbsp;&nbsp;&nbsp;12305492 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE** – **2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED REITS* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED REITS* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED REITS* – *0.0%\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 2200 | 145200 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE REITS* – *0.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 1665 | 96936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 3380 | 59894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 7280 | 130676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.<sup>#</sup>  | 4000 | 20680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 2350 | 98770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 4186 | 308885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 6620 | 1198485 |
|  |  | $1914326 |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOTEL & RESORT REITS* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *HOTEL & RESORT REITS* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *HOTEL & RESORT REITS* – *0.0%\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 6680 | 107014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc.<sup>#</sup>  | 1400 | 14406 |
|  |  | $121420 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL REITS* – *0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL REITS* – *0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL REITS* – *0.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 2940 | 37897 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 495 | 86392 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 1400 | 77392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc. | 700 | 27580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 9028 | 1120284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 2265 | 93590 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 1725 | 66016 |
|  |  | $1509151 |
| &nbsp;&nbsp;&nbsp;&nbsp; *OFFICE REITS* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *OFFICE REITS* – *0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *OFFICE REITS* – *0.0%\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 1500 | 106785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 1833 | 47529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 1290 | 36933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 1060 | 44785 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET Lease Office Properties | 182 | 5342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 1876 | 71175 |
|  |  | $312549 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 | Number of<br>Shares | Value |
| &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\* | 2860 | $435950 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 4100 | 282121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 258 | 20454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 478 | 145833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaport Entertainment Group, Inc.\*<sup>,#</sup>  | 28 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class A\* | 650 | 46495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C\* | 1495 | 112095 |
|  |  | $1043622 |
| &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *RESIDENTIAL REITS* – *0.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 3450 | 109020 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 1472 | 256010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 1020 | 101470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 1950 | 119047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 3850 | 228844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 623 | 156853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 6285 | 176923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 1171 | 150157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 1300 | 164580 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 3130 | 105450 |
|  |  | $1568354 |
| &nbsp;&nbsp;&nbsp;&nbsp; *RETAIL REITS* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *RETAIL REITS* – *0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *RETAIL REITS* – *0.3%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 1050 | 76660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 3150 | 82404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 848 | 81569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 6956 | 143711 |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 1415 | 57251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 8889 | 515384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 1783 | 122938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 3143 | 552414 |
|  |  | $1632331 |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS* – *0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS* – *0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALIZED REITS* – *0.8%* |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 4410 | 789302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 4290 | 387044 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 2383 | 89768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 3360 | 572578 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 700 | 34314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 981 | 829936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 2062 | 275359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 2309 | 103120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 3006 | 309468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 850 | 100801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc., Class A | 1393 | 44868 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 750 | 21817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 1560 | 434554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 1512 | 33370 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 1050 | 201054 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 9588 | 287544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 6882 | 158286 |
|  |  | $4673183 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE | $&nbsp;&nbsp;&nbsp;&nbsp;12920136 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES** – **2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES* – *1.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES* – *1.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES* – *1.4%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 2600 | 173732 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.  | 5350 | $643391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 3073 | 1158521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 7685 | 955245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 3600 | 199368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 4350 | 417991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 2300 | 176663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 3600 | 265716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 10000 | 461200 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 5150 | 236025 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 450 | 58059 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 20360 | 1657304 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 1925 | 330831 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 1763 | 77819 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 22000 | 351120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 1050 | 92946 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 7400 | 270248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 10800 | 1015632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 5800 | 470786 |
|  |  | $9012597 |
| &nbsp;&nbsp;&nbsp;&nbsp; *GAS UTILITIES* – *0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *GAS UTILITIES* – *0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *GAS UTILITIES* – *0.1%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 1540 | 264449 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 1780 | 34140 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 870 | 68652 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 2250 | 75217 |
|  |  | $442458 |
| &nbsp;&nbsp;&nbsp;&nbsp; *INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS* – *0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS* – *0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS* – *0.2%* |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 6550 | 90848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp.<sup>#</sup>  | 1565 | 67702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 850 | 27141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.\* | 450 | 179901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 3375 | 635512 |
|  |  | $1001104 |
| &nbsp;&nbsp;&nbsp;&nbsp; *MULTI-UTILITIES* – *0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *MULTI-UTILITIES* – *0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *MULTI-UTILITIES* – *0.5%* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 2700 | 275454 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 6500 | 248560 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 2900 | 213295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 3500 | 340935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 8523 | 500215 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 2050 | 277857 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 4800 | 202128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 4890 | 393938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 6450 | 593013 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 3250 | 363123 |
|  |  | $3408518 |
| &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. | 1950 | 250439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 2900 | 113187 |
|  |  | $363626 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES |  | $14228303 |
| **TOTAL COMMON STOCKS<br>(COST $121,857,090)** | **TOTAL COMMON STOCKS<br>(COST $121,857,090)** | $**620591288** |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 15

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

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **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 | $6104 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE |  | $6104 |
| TOTAL PREFERRED STOCK<br>(COST $9,880) | TOTAL PREFERRED STOCK<br>(COST $9,880) | $6104 |
|  **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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. CVR\*<sup>,(1)</sup>  | 7455 |  |
| 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 | 31946 |
| TOTAL WARRANTS<br>(COST $0) | TOTAL WARRANTS<br>(COST $0) | $31946 |
|  **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>  | 1670 | 624096 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 670 | 325338 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 1480 | 302764 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EQUITY FUNDS |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252198 |
| TOTAL INVESTMENT COMPANIES<br>(COST $1,121,649) | TOTAL INVESTMENT COMPANIES<br>(COST $1,121,649) | $1252198 |
|  **MONEY MARKET FUND** – **0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>^</sup>  | 109855 | 109855 |
| TOTAL MONEY MARKET FUND<br>(COST $109,855) | TOTAL MONEY MARKET FUND<br>(COST $109,855) | $109855 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par 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., 4.16%, dated 10/31/25, due 11/03/25, repurchase price $543,598, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 11/01/27 to 8/01/55; total market value of $554,278. | $543410 | 543410 |

---

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald Securities, 4.20%, dated 10/31/25, due 11/03/25, repurchase price $157,005, collateralized by U.S. Government Agency & Treasury Securities, 1.00% to 6.50%, maturing 2/28/27 to 2/01/57; total market value of $160,089. | $156950 | $156950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $543,598, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.50%, maturing 6/30/27 to 10/20/55; total market value of $554,278. | 543410 | 543410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 3.95%, dated 10/31/25, due 11/03/25, repurchase price $150,073, collateralized by U.S. Treasury Securities, 1.13% to 6.75%, maturing 2/15/26 to 8/15/55; total market value of $153,024. | 150024 | 150024 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $543,598, collateralized by U.S. Government Agency Securities, 1.55% to 7.00%, maturing 1/01/32 to 6/01/55; total market value of $554,278. | 543410 | 543410 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $34,698, collateralized by U.S. Treasury Securities, 0.13% to 3.63%, maturing 7/15/30 to 2/15/51; total market value of $35,380. | 34686 | 34686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $543,597, collateralized by U.S. Government Agency Securities, 1.50% to 7.00%, maturing 4/01/31 to 11/01/55; total market value of $554,278. | 543410 | 543410 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $543,598, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/06/25 to 8/15/55; total market value of $554,279. | 543410 | 543410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $3,058,710)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $3,058,710)** | $**3058710** |
| **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $3,058,710)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $3,058,710)** | $**3058710** |
| **TOTAL INVESTMENTS** – **100.5%<br>(COST $126,157,184)** | **TOTAL INVESTMENTS** – **100.5%<br>(COST $126,157,184)** | $**625050104** |
| **COLLATERAL FOR SECURITIES ON LOAN** – **(0.5%)** | **COLLATERAL FOR SECURITIES ON LOAN** – **(0.5%)** | **(3058710)** |
| **OTHER ASSETS LESS LIABILITIES** – **0.0%\*\*** | **OTHER ASSETS LESS LIABILITIES** – **0.0%\*\*** | **204608** |
| **TOTAL NET ASSETS** – **100.0%** | **TOTAL NET ASSETS** – **100.0%** | $**622196002** |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

16 *PORTFOLIOS OF INVESTMENTS*

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

*Wilmington Large-Cap Strategy 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 October 31, 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 | $620591288 | $— | $—<sup>(a)</sup> | $620591288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 6104 |  |  | 6104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights | 3 |  | —<sup>(a)</sup> | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 31946 |  |  | 31946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 1252198 |  |  | 1252198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 109855 |  |  | 109855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 3058710 |  | 3058710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $621991394 | $3058710 | $— | $625050104 |

---

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

\* 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.

<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 October 31, 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. 

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* 

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF ASSETS AND LIABILITIES* 17

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

---

| | | | |
|:---|:---|:---|:---|
| October 31, 2025 (unaudited) | 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* | $*62423012* |  | $*126157184* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value* | $88231506 | <sup>(a)</sup> | $625050104 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | 115740 |  | 278959 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign tax reclaim receivable* | 6290 |  | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | 69531 |  | 237638 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid assets* | 22271 |  | 24990 |
| TOTAL ASSETS | 88445338 |  | 625592095 |
|  LIABILITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateral for securities on loan* | 1433389 |  | 3058710 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | 129128 |  | 115090 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | 4784 |  | 4784 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | 2040 |  | 14621 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | 7542 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | 5425 |  | 74050 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | 64182 |  | 128838 |
| TOTAL LIABILITIES | 1646490 |  | 3396093 |
| NET ASSETS | $86798848 |  | $622196002 |
| NET ASSETS CONSIST OF: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $59532846 |  | $67041251 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | 27266002 |  | 555154751 |
| TOTAL NET ASSETS | $86798848 |  | $622196002 |
| 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* | $*35199828* |  | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *2378464* |  | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value per share* | $*14.80* |  | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Offering Price per share\** | $*15.66* | *\*\** | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*51599020* |  | $*622196002* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *3469634* |  | *16857000* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*14.87* |  | $*36.91* |

---

<sup>(a)</sup> Including $1,383,467 of securities on loan (Note 2). 

<sup>(b)</sup> Including $3,040,893 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* 

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

18 *STATEMENTS OF OPERATIONS*

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

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

---

| | | |
|:---|:---|:---|
| Six Months Ended October 31, 2025 (unaudited) | Wilmington<br> Enhanced Dividend<br> Income Strategy<br> Fund | Wilmington<br> Large-Cap Strategy <br> Fund |
|  INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Dividends* | $1234879 <sup>(a)</sup> | $3649802 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; *Securities lending income, net* | 1909 | 7377 |
| TOTAL INVESTMENT INCOME | 1236788 | 3657179 |
|  EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | 164755 | 736894 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | 11647 | 83344 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | 17538 | 72034 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | 2522 | 10961 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | 12044 | 7065 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | 40069 | 40069 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | 62149 | 63480 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Class A* | 43569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Class A* | 43569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | 13443 | 9369 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | 6918 | 9741 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | 16214 | 30214 |
| TOTAL EXPENSES | 434437 | 1063171 |
|  WAIVERS AND REIMBURSEMENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | (141356) | (326276) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Class A* | (43569) |  |
| TOTAL WAIVERS AND REIMBURSEMENTS | (184925) | (326276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | 249512 | 736895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | **987276** | **2920284** |
|  REALIZED AND UNREALIZED GAIN (LOSS): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on investments* | 1318931 | 20011031 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on investments* | 9463132 | 96860431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized and unrealized gain (loss)* | 10782063 | 116871462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $11769339 | $119791746 |

---

<sup>(a)</sup> Net of foreign withholding taxes withheld of $17,618 and $1,121, respectively. 

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

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF CHANGES IN NET ASSETS* 19

&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 |
|  | Six Months Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br>April 30,<br> 2025 | Six Months Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br> April 30,<br> 2025 |
| <br> OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*987276* | $*2102629* | $*2920284* | $*6196379* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *1318931* | *591901* | *20011031* | *55968281* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *9463132* | *3599740* | *96860431* | *4097249* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **11769339** | **6294270** | **119791746** | **66261909** |
|  DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(269942)* | *(1205212)* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(414875)* | *(1607122)* | *(2724408)* | *(43476733)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | **(684817)** | **(2812334)** | **(2724408)** | **(43476733)** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *62168* | *349109* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *3671874* | *6751538* | *12794881* | *33986376* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *266946* | *1193181* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *137197* | *779557* | *851241* | *32373715* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(2265639)* | *(3627383)* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(2094361)* | *(7475797)* | *(37409246)* | *(98767605)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **(221815)** | **(2029795)** | **(23763124)** | **(32407514)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *10862707* | *1452141* | *93304214* | *(9622338)* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | **75936141** | **74484000** | **528891788** | **538514126** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $**86798848** | $**75936141** | $**622196002** | $**528891788** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *4352* | *26001* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *252932* | *514642* | *375682* | *1073568* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *19050* | *89300* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *9740* | *57856* | *24967* | *980469* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(159217)* | *(271965)* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(149539)* | *(551451)* | *(1106431)* | *(3079631)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **(22682)** | **(135617)** | **(705782)** | **(1025594)** |

---

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

20 *FINANCIAL HIGHLIGHTS*

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

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

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND |
| CLASS A | Six Months<br> Ended<br> October 31,<br> 2025<br>(Unaudited) | 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 Period | $12.90 | $12.38 | $11.49 | $11.67 | $11.55 | $9.54 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.16 | 0.34 | 0.30 | 0.30 | 0.31 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 1.85 | 0.64 | 0.89 | (0.12) | 0.15 | 2.04 |
| Total Income (Loss) From Operations | 2.01 | 0.98 | 1.19 | 0.18 | 0.46 | 2.33 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.11) | (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 | (0.11) | (0.46) | (0.30) | (0.36) | (0.34) | (0.32) |
| Net Asset Value, End of Period | $14.80 | $12.90 | $12.38 | $11.49 | $11.67 | $11.55 |
| Total Return<sup>(b)</sup> | 15.63% | 7.88% | 10.52% | 1.69% | 3.99% | 24.86% |
| Net Assets, End of Period (000's) | $35200 | $32435 | $33055 | $33151 | $35124 | $37388 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 1.34 %<sup>(d)</sup> | 1.36% | 1.56% | 1.76% | 1.85% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.75 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.67% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.26 %<sup>(d)</sup> | 2.52% | 2.59% | 2.58% | 2.61% | 2.81% |
| **Portfolio Turnover Rate**<br>| 6 % | 16% | 20% | 10% | 66 <br> %<sup>(f)</sup>  | 12% |
| CLASS I | Six Months<br> Ended<br>October 31,<br>2025<br>(Unaudited) | 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 Period | $12.96 | $12.42 | $11.53 | $11.69 | $11.56 | $9.55 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.18 | 0.37 | 0.32 | 0.32 | 0.34 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 1.85 | 0.65 | 0.89 | (0.10) | 0.15 | 2.03 |
| Total Income (Loss) From Operations | 2.03 | 1.02 | 1.21 | 0.22 | 0.49 | 2.35 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.12) | (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 | (0.12) | (0.48) | (0.32) | (0.38) | (0.36) | (0.34) |
| Net Asset Value, End of Period | $14.87 | $12.96 | $12.42 | $11.53 | $11.69 | $11.56 |
| Total Return<sup>(b)</sup> | 15.75% | 8.19% | 10.67% | 2.03% | 4.25% | 25.09% |
| Net Assets, End of Period (000's) | $51599 | $43501 | $41429 | $2945 | $633 | $629 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.84 %<sup>(d)</sup> | 0.86% | 0.88% | 1.25% | 1.37% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.50 %<sup>(d)</sup> | 0.50% | 0.50% | 0.50% | 0.42% | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.50 %<sup>(d)</sup> | 2.77% | 2.74% | 2.78% | 2.82% | 3.06% |
| Portfolio Turnover Rate | 6% | 16% | 20% | 10% | 66 %<sup>(f)</sup> | 12% |

---

&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) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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* 

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS (concluded)* 21

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

For a share outstanding throughout each period:

 <br> WILMINGTON LARGE-CAP STRATEGY FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS I | Six Months<br> Ended<br>October 31,<br>2025<br>(Unaudited) | 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  |
| <br> **Net Asset Value, Beginning of Period** | $30.11 | $28.97 | $25.22 | $27.84 | $30.08 | $22.08 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.17 | 0.34 | 0.35 | 0.36 | 0.33 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 6.79 | 3.21 | 5.18 | (0.04) | (0.80) | 10.11 |
| Total Income (Loss) From Operations | 6.96 | 3.55 | 5.53 | 0.32 | (0.47) | 10.46 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.16) | (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 | (0.16) | (2.41) | (1.78) | (2.94) | (1.77) | (2.46) |
| Net Asset Value, End of Period | $36.91 | $30.11 | $28.97 | $25.22 | $27.84 | $30.08 |
| Total Return<sup>(b)</sup> | 23.16% | 11.63% | 22.55% | 1.72% | (2.24)% | 49.12% |
| Net Assets, End of Period (000's) | $622196 | $528892 | $538514 | $510967 | $553649 | $623538 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.36 %<sup>(d)</sup> | 0.36% | 0.37% | 0.37% | 0.53% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.25 %<sup>(d)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.99 %<sup>(d)</sup> | 1.07% | 1.28% | 1.42% | 1.07% | 1.34% |
| Portfolio Turnover Rate | 4% | 7% | 7% | 13% | 9% | 14% |

---

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

<sup>(b)</sup> Total returns for periods of less than one year are not annualized. 

<sup>(c)</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>(d)</sup> Annualized for periods less than one year.

<sup>(e)</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* 

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

22 *NOTES TO FINANCIAL STATEMENTS*

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

Wilmington Funds

October 31, 2025 (unaudited)

&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

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 23

&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 October 31, 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; 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; **Enhanced Dividend Income Strategy Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Bank of America Securities, Inc.* | $*56430* | $*56430* | $*—* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Citadel Securities LLC* | *270914* | *270914* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Daiwa Capital Markets America, Inc.* | *254659* | *254659* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deutsche Bank Securities, Inc.* | *71154* | *71154* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *HSBC Securities USA, Inc.* | *254659* | *254659* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *HSBC Securities USA, Inc.* | *16255* | *16255* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Nomura Securities International, Inc.* | *254659* | *254659* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *RBC Dominion Securities, Inc.* | *254659* | *254659* | *—* | *—* |
|  | $**1433389** | $**1433389** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Large-Cap Strategy Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Bank of America Securities, Inc.* | $*543410* | $*543410* | $*—* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Cantor Fitzgerald Securities* | *156950* | *156950* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Daiwa Capital Markets America, Inc.* | *543410* | *543410* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deutsche Bank Securities, Inc.* | *150024* | *150024* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *HSBC Securities USA, Inc.* | *543410* | *543410* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *HSBC Securities USA, Inc.* | *34686* | *34686* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Nomura Securities International, Inc.* | *543410* | *543410* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *RBC Dominion Securities, Inc.* | *543410* | *543410* | *—* | *—* |
|  | $**3058710** | $**3058710** | $**—** | $**—** |

---

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

24 *NOTES TO FINANCIAL STATEMENTS (continued)*

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

*<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 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** – 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 October 31, 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 <br> Collateral <br> Received<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Exposure<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhanced Dividend Income Strategy Fund | $1383467 | $1383467 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large-Cap Strategy Fund | 3040893 | 3040893 |  |

---

---

| | |
|:---|:---|
| *<sup>(</sup><sup>1)</sup>* | *Collateral with a value of $1,433,389 and $3,058,710, 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. 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.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 25

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

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 six months ended October 31, 2025.

The amount and character of tax-basis distributions and composition of distributable earnings are finalized at fiscal year-end. Accordingly, tax-basis balances have not been determined as of the date of this report.

As of October 31, 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* | $62458550 | $26715102 | $(942146) | $25772956 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Large-Cap Strategy Fund* | 133685242 | 503424075 | (12059213) | 491364862 |

---

&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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory Fee <br> Annual Rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhanced Dividend Income Strategy Fund | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2026, 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 | Class A | 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% | 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 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

26 *NOTES TO FINANCIAL STATEMENTS (continued)*

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

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

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 six months ended October 31, 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 six months ended October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution <br> Fees  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhanced Dividend Income Strategy Fund | $452 |

---

**Sales Charges** – The Funds' Class A shares, as applicable, bear front-end sales charges.

For the six months ended October 31, 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, 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 six months ended October 31, 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.

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

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the six months ended October 31, 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 | $5367723 | $5089756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large-Cap Strategy Fund | 20559497 | 44131195 |

---

&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

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (concluded)* 27

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

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;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 six months ended October 31, 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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

28.0 &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
At a meeting held on September 25-26, 2025 (the "September Meeting"), the Board of Trustees (the "Board") of the Wilmington Funds (the "Trust," and each series, a "Fund") agreed to approve the renewal of the Trust's investment advisory agreement and sub-advisory agreement (collectively, the "Advisory Agreements"). The agreement renewal process was divided into two Board meetings of the Trustees who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Independent Trustees"), of the Trust, to consider information relating to each Fund of the Trust, as generally described below.

At a meeting held on August 18, 2025 (the "August Meeting"), the Board met with personnel of Wilmington Funds Management Corporation ("WFMC"), Wilmington Trust Investment Advisors, Inc. ("WTIA," and together with WFMC, the "Adviser"), and independent counsel to the Independent Trustees ("Counsel") to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with WFMC and with WTIA. At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel that was sent on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

At the August Meeting, the Adviser provided the Board with an initial basis for the approval of the Advisory Agreements and discussed with the Board the information about the Adviser, including information provided in response to a written request from Counsel on behalf of the Independent Trustees concerning its investment advisory services, operations, compliance program and other matters.

In agreeing to renew the Advisory Agreements, the Board considered, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;● Information about the nature and quality of the services provided by the Adviser, including management style, particular investment strategies and prevailing market conditions experienced in the prior year; the fees and expenses of each Fund, including any applicable fee waiver or expense cap; the costs of the services and potential economies of scale; and fallout or ancillary benefits to the Adviser from managing each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;● Reports from a leading, independent source of mutual fund industry data describing, on a Fund-by-Fund basis, peer comparisons of fee and expense data;

&nbsp;&nbsp;&nbsp;&nbsp;● Reports from a leading, independent source of mutual fund industry data describing, on a Fund-by-Fund basis, peer comparative performance data;

&nbsp;&nbsp;&nbsp;&nbsp;● Information from the Adviser describing, on a Fund-by-Fund basis, each Fund's performance (over multiple periods) compared with the Fund's benchmark(s) and peer groups, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;● Information about fees paid by other clients of the Adviser that have substantially similar investment objectives to the corresponding Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;● The financial stability of the Adviser and its parent company.

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment performance, compliance and operational matters; brokerage and portfolio transactions; allocation of soft dollars for research products and services; portfolio turnover rates; and other benefits from the allocation of transactions to certain brokers. The Board took into account information provided by the Adviser with respect to the effect on performance of asset allocations required by a Fund's investment strategy or implemented by the Adviser at its discretion. The Board also considered the Adviser's profitability in providing services under the Advisory Agreements. The Board generally concluded that, for each Fund, the consideration of each factor above supported the renewal of each Advisory Agreement.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*Semi-Annual Financial Statements and Other Information* 29

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

At the September Meeting, the Board approved the renewal of each of the Advisory Agreements, based on all of the relevant information and factors, none of which was individually determinative of the outcome, and concluded the following:

&nbsp;&nbsp;&nbsp;&nbsp;● The nature and extent of the investment advisory services to be provided to each Fund by the Adviser, as applicable, were consistent with the terms of the relevant Advisory Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;● The prospects for satisfactory investment performance were reasonable; and

&nbsp;&nbsp;&nbsp;&nbsp;● Renewal of the Advisory Agreements was in the best interest of each Fund and its shareholders.

#### Wilmington Enhanced Dividend Income Strategy Fund
The Board considered that the Fund's net management fee rate and net total expense ratio were below the Fund's expense group median. The Board also considered that the Fund achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2025. The Board considered management's explanation of the Fund's underperformance and its view that underperformance could be explained by the Fund's allocation, consistent with its investment objective, to higher-paying dividend stocks, which lagged lower-and non-dividend paying stocks during the periods. The Board considered that the Fund's strategy tends to underperform when lower-yielding and lower quality stocks are favored.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreement.

#### Wilmington Large-Cap Strategy Fund
The Board considered that the Fund's net management fee rate and net total expense ratio were below the Fund's expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2025.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreements.

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

30.0 &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.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

31.0 &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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

[This Page Intentionally Left Blank]

------

[This Page Intentionally Left Blank]

------

![LOGO](g86645g40j40.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 | 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 | 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 |  |
| 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-SAR-EQ-1025 <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](g86645dsp041.jpg)

October 31, 2025 (unaudited) PRESIDENT'S MESSAGE AND SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION WILMINGTON FUNDS Equity Fund Wilmington International Fund Alternatives Fund Wilmington Global Alpha Equities Fund Asset Allocation Fund Wilmington Real Asset Fund

------

![LOGO](g86645g02j02.jpg)

CONTENTS

---

| | |
|:---|:---|
|  [President's Message](#fin286645_1) | i |
|  [Portfolios of Investments](#fin286645_2) | 1 |
|  [Statements of Assets and Liabilities](#fin286645_3) | 26 |
|  [Statements of Operations](#fin286645_4) | 27 |
|  [Statements of Changes in Net Assets](#fin286645_5) | 28 |
|  [Financial Highlights](#fin286645_6) | 30 |
|  [Notes to Financial Statements](#fin286645_7) | 33 |
|  [Other Information](#fin286645_8) | 43 |

---

------

[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 Semi-Annual Financial Statements of the International Fund, Global Alpha Equities Fund, and Real Asset Fund (the "Funds"), covering the Funds' semi-annual fiscal period of May 1, 2025, through October 31, 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' semi-annual fiscal period.

#### The economy
The semiannual fiscal period unfolded against a backdrop of sweeping policy changes and heightened economic uncertainty in the wake of the landmark "Liberation Day" tariff announcement. This period was further defined by pivotal political developments, including the passage of President Trump's "One Big Beautiful Bill" in July. This legislation extended most of the 2017 tax cuts that were set to expire in December and introduced transformative new tax and spending measures. An ongoing government shutdown late in the period obfuscated the economic picture by halting the flow of economic data and leaving policymakers and investors to navigate critical decisions without timely information.

Tariffs continued to dominate headlines early in the period as trade war tensions escalated. President Trump issued a series of rapid-fire announcements, raising tariff rates on several of the United States' largest trading partners. As the period progressed, the tariff threat appeared to soften as major trade agreements were reached, though sporadic sector-specific adjustments persisted. Looking ahead, a major legal test looms as the Supreme Court prepares to rule—likely in 2026—on the legality of President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose sweeping global tariffs.

On the economic front, prior to the shutdown, the labor market showed signs of softening, with job growth slowing and major revisions pulling employment figures toward contractionary territory. The unemployment rate ticked up to 4.3%, though layoffs remained subdued. Wage growth decelerated, and the bulk of job gains were concentrated in healthcare, while cyclical sectors shed jobs.

Gross Domestic Product ("GDP") growth for Q2 (reported in August) rebounded into positive territory, but underlying drivers, including private spending by consumers and firms, slowed to the weakest pace in the post-pandemic period. Despite recessionary concerns, retail sales showed improvement and upside surprise throughout the summer, though much of the nominal growth reflected higher prices due to tariffs. Inflation pressures nudged up slightly, with both headline and core Consumer Price Index ("CPI") running at 3% year-over-year and tariff-driven price increases in core goods largely offset by easing shelter costs.

As for monetary policy, the Federal Reserve (the "Fed") restarted its rate-cutting cycle, reducing the federal funds rate by a cumulative 50 basis points<sup>1</sup>, bringing the target range to 3.75%–4.00%. The Fed also ended quantitative tightening. Chair Powell's cautious tone and signs of division amongst committee members highlighted growing uncertainty about the path forward.

#### Bond markets
Fixed income markets were largely positive during the period, propelled by two successive and well-telegraphed rate cuts from the Federal Reserve, leading to modestly lower yields across the curve. The 10-year Treasury yield fell 8 basis points to 4.08%, while the 2-year yield dropped 3 basis points to 3.57%, approaching its lowest level since mid-2022. Against this backdrop of easing monetary policy, the Bloomberg U.S. Aggregate Bond Index advanced 3.5%, reflecting broad-based gains across investment-grade sectors. Market volatility remained notably subdued, as measured by the MOVE Index<sup>2</sup>, and credit spreads persisted at historically tight levels, underscoring stability in the fixed income landscape.

For the six-month period May 1, 2025 to October 31, 2025, certain Bloomberg indices performed as follows:<sup>3</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bloomberg<br> U.S. Treasury<br> Bond Index<sup>4</sup> | Bloomberg<br> U.S. Aggregate<br> Bond Index<sup>5</sup> | Bloomberg<br> U.S. Credit<br> Bond Index<sup>6</sup> | Bloomberg<br> Municipal Bond<br>Index<sup>7</sup> | Bloomberg<br> U.S. Corporate<br> High Yield Bond<br>Index<sup>8</sup> |
|  *2.36%* | *3.50%* | *4.83%* | *4.99%* | *6.34%* |

---

*Past performance is no guarantee of future results.* 

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

*October 31, 2025 / PRESIDENT'S MESSAGE* 

------

ii

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

#### Equity markets
U.S. equity markets were among the strongest of any 6-month period on record, with large-cap and small-cap stocks both returning more than +20% and delivering gains in every monthly period. The S&P 500 advanced +23.60%, driven by tech and AI-related enthusiasm. Technology (+46.4%), Communication Services (+34.2%), and Consumer Discretionary (+25.5%) led the market, while AI-levered sectors such as Utilities (+14.4%) also posted strong gains. Consumer Staples (-4.7%) was the only sector to decline, pressured by tariff-related headwinds and weakness among lower-end consumers.

International equities were similarly robust. Emerging markets surged (+27.41%) on signs of easing U.S.-China tensions, while developed markets, measured by the MSCI EAFE (Net) Index, gained a solid +13.29%, marking a strong period for global equities.

For the six-month period May 1, 2025 to October 31, 2025, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| S&P 500<sup>®</sup><br> Index<sup>9</sup> | Russell<br> 2000<sup>®</sup><br> Index<sup>10</sup> | MSCI EAFE<br> (Net) Index<sup>11</sup> | MSCI Emerging<br> Markets (Net)<br> Index<sup>12</sup> |
|  *23.60%* | *27.09%* | *13.29%* | *27.41%* |

---

*Past performance is no guarantee of future results.* 

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

Sincerely,

![LOGO](g86645g45j45.jpg)

Randy Vogel

President

November 18, 2025

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

*PRESIDENT'S MESSAGE / October 31, 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. MOVE Index is a market-implied measure of bond market volatility that calculates the implied volatility of U.S. Treasury options using a weighted average of option prices on Treasury futures across multiple maturities (2, 5, 10, and 30 years).

&nbsp;&nbsp;&nbsp;&nbsp;3. 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;4. 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;5. 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;6. 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;7. Bloomberg Municipal Bond Index tracks the performance of the 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;8. 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. The index is unmanaged and investments cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;9. 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;10. 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 approximately $9.7 million to $11.4 billion. The index is unmanaged and investments cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;11. 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;12. 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.

*October 31, 2025 / PRESIDENT'S MESSAGE* 

------

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

Wilmington International Fund

PORTFOLIO OF INVESTMENTS<sup>¢</sup>

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **COMMON STOCKS – 94.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRALIA – 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRALIA – 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRALIA – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 31288 | $750289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 7311 | 303040 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 54532 | 1550309 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | 10394 | 155738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 19031 | 309556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 11440 | 165048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 16070 | 1804726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 3632 | 86906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 20930 | 291556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 21900 | 473293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | 38276 | 196846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 4627 | 661679 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 30922 | 882531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 18206 | 293159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | 648 | 111767 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 8814 | 114417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 4950 | 430337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland | 58799 | 242759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 15644 | 200828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 37135 | 351827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | 11119 | 611114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. | 35875 | 909345 |
| &nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 1706 | 77154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | 12396 | 230425 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUSTRALIA |  | $11204649 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRIA – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAWAG Group AG | 34917 | 4503648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 20531 | 2123939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wienerberger AG | 41793 | 1239965 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUSTRIA |  | $7867552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BELGIUM – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 18631 | 2238771 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 8542 | 2190721 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BELGIUM |  | $4429492 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BRAZIL – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual SA | 147029 | 1337758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 37700 | 926602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Localiza Rent a Car SA | 120167 | 877361 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRIO SA\* | 309800 | 2066120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz SA | 164700 | 1321898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 7281 | 703156 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BRAZIL |  | $7232895 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CANADA – 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 5107 | 821388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. | 8550 | 434526 |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd. | 7147 | 209791 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. | 30645 | $565246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal<sup>#</sup>  | 7125 | 885094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 71030 | 4658693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 14359 | 471347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A | 5179 | 280155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 22405 | 1031791 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc.\* | 5061 | 142100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 9554 | 791608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 5841 | 560091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 9203 | 662264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc.\* | 1190 | 409693 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 2735 | 238019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 164 | 431598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 3322 | 431809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 76208 | 3553530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 162 | 263013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 8146 | 409464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 2051 | 383118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 2839 | 165557 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 2215 | 261463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 6407 | 566674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 973 | 181502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 7057 | 208357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 12263 | 285208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 7813 | 310503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 5733 | 270841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 19459 | 629742 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 2845 | 317858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 5764 | 313937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | 9930 | 375663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada | 4930 | 230937 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 1443 | 143173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 3469 | 227845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | 5136 | 201002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 41691 | &nbsp;&nbsp;&nbsp;&nbsp;6107625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc. | 4423 | 106874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A\* | 11530 | 2004710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stantec, Inc. | 960 | 106312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 6824 | 415069 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 11084 | 556195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp.<sup>#</sup>  | 1773 | 271585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 16656 | 1367584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | 12835 | 564537 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. | 1277 | 244137 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CANADA |  | $34069228 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHILE – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp. | 110286 | 1773949 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHINA – 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 155860 | 3311540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | 15244 | 2598035 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiDi Global, Inc., ADR\* | 410966 | 2646621 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

2 *PORTFOLIOS OF INVESTMENTS*

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

&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; Duality Biotherapeutics, Inc.\*<sup>,#</sup>  | 17581 | $710430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class H | 69472 | 620018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class A | 77570 | 735018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hesai Group, ADR\*<sup>,#</sup>  | 36012 | 854565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H\*<sup>,#</sup>  | 180167 | 1743578 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., ADR | 57265 | 976368 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., Class A | 141088 | 799624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd., Class A | 4300 | 863193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxshare Precision Industry Co. Ltd., Class A | 226200 | 2000477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 111490 | 1463472 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAURA Technology Group Co. Ltd., Class A | 23460 | 1340529 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. | 46520 | 1299115 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniVision Integrated Circuits Group, Inc., Class A | 89040 | 1633783 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR\* | 17129 | 2310188 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., Class H | 2455606 | 5802025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H\* | 13005 | 749785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 87440 | 7077975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd., ADR | 26115 | 1845025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | 43782 | 118403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd.\*<sup>,#</sup>  | 223650 | 578513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhongsheng Group Holdings Ltd. | 547441 | 865135 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHINA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHINA | $42943415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DENMARK – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 37520 | 1829686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 9719 | 1301477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Unibrew A/S | 35759 | 2702229 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DENMARK | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DENMARK | $5833392 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINLAND – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 49680 | 1624570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FRANCE – 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 11826 | 1819770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | 18343 | 1777286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 46618 | 1487901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA | 3821 | 1227912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elis SA | 70188 | 1954597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 167960 | 3930062 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 3177 | 2241491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 18539 | 1815508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 19434 | 1944372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA | 51841 | 1792636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technip Energies NV | 44226 | 1795414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 6103 | 1736848 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 51420 | 3197577 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FRANCE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FRANCE | $26721374 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GERMANY – 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 4439 | 1781605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 30873 | 1713455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carl Zeiss Meditec AG | 16595 | 839729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | 37052 | 1482394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 90336 | 2799942 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 208014 | 3869845 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG | 8609 | $2015395 |
| &nbsp;&nbsp;&nbsp;&nbsp; IONOS Group SE\* | 41580 | 1473761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 813 | 1594483 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 12136 | 3139732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 15494 | 4385317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 25858 | 3144451 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Internet AG | 57011 | 1757185 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GERMANY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GERMANY | $29997294 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GREECE – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Bank SA | 473801 | 1856831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA | 81625 | 1534527 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GREECE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GREECE | $3391358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HONG KONG – 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 597322 | 5799840 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 47710 | 236016 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 23692 | 202145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR | 681 | 135546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 252848 | 235259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 55889 | 3046706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 39197 | 204193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 142000 | 1968054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 23827 | 289614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 23394 | 273362 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HONG KONG | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HONG KONG | $12390735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HUNGARY – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt | 13277 | 1266366 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDIA – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd., ADR | 75989 | 2752322 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd., ADR | 87839 | 2661522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd., ADR<sup>#</sup>  | 98546 | 1632907 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.\* | 14571 | 1165680 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDIA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDIA | $8212431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDONESIA – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT | 10769474 | 5520732 |
| &nbsp;&nbsp;&nbsp;&nbsp; **IRELAND – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 230834 | 2124575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 15409 | 1404910 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IRELAND | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IRELAND | $3529485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ISRAEL – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM | 22722 | 462327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM | 23319 | 474688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.\* | 1112 | 217596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 806 | 109233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd.\* | 644 | 93728 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ISRAEL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ISRAEL | $1357572 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ITALY – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 202555 | 4625140 |
| &nbsp;&nbsp;&nbsp;&nbsp; **JAPAN – 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 77 Bank Ltd. (The) | 9836 | 422199 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABC-Mart, Inc. | 26000 | 445987 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADEKA Corp. | 26125 | 592987 |

---

*October 31, 2025 (unaudited) / SEMI-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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 8329 | $1250350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aica Kogyo Co. Ltd. | 17856 | 420591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 10957 | 197263 |
| &nbsp;&nbsp;&nbsp;&nbsp; and ST HD Co. Ltd. | 12211 | 206409 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARE Holdings, Inc. | 50724 | 807055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 80575 | 868439 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASKUL Corp. | 34523 | 314518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 70544 | 738581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 16034 | 733396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 142223 | 1001310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 50465 | 1201454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiseki Co. Ltd. | 8700 | 183191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 23535 | 439286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 29969 | 420336 |
| &nbsp;&nbsp;&nbsp;&nbsp; dip Corp. | 35922 | 493458 |
| &nbsp;&nbsp;&nbsp;&nbsp; en, Inc. | 17051 | 172269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Corp. | 30319 | 589716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujimi, Inc. | 9200 | 144468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuso Chemical Co. Ltd. | 24392 | 810376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Corp. | 41700 | 588795 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMO Payment Gateway, Inc. | 7298 | 399067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 1774 | 469659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 49809 | &nbsp;&nbsp;&nbsp;&nbsp;1718800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 27850 | 281916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 373347 | 4590828 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 18918 | 1096338 |
| &nbsp;&nbsp;&nbsp;&nbsp; JGC Holdings Corp. | 23189 | 235110 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 237152 | 3787877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 2115 | 787344 |
| &nbsp;&nbsp;&nbsp;&nbsp; KH Neochem Co. Ltd. | 27732 | 496480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 15924 | 246129 |
| &nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 717 | 693691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lintec Corp. | 23460 | 597499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 18080 | 445811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruwa Co. Ltd. | 1336 | 380315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mebuki Financial Group, Inc. | 64332 | 401538 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group, Inc. | 64269 | 1005884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 34983 | 842625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 24437 | 517568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co., Inc. | 28839 | 534638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 34843 | 1052005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 324440 | 4905231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 53116 | 1774669 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 30955 | 639950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nichicon Corp. | 28961 | 291283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 12000 | 1015768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Soda Co. Ltd. | 21680 | 481121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | 15784 | 534327 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOF Corp. | 16441 | 293060 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT, Inc. | 490520 | 504175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Up Group, Inc. | 40639 | 453830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optorun Co. Ltd. | 17934 | 198064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Soda Co. Ltd. | 31506 | 336914 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSG Corp. | 19194 | 278675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 18386 | 999055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | 360626 | 598820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 19832 | 991922 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Relo Group, Inc.<sup>#</sup>  | 25921 | $278872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 33800 | 327560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roland Corp. | 17713 | 375845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sega Sammy Holdings, Inc. | 32477 | 601660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 22683 | 487336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. | 2760 | 178108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 47512 | 1435133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 55290 | 925626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ship Healthcare Holdings, Inc. | 24500 | 366204 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIGMAXYZ Holdings, Inc. | 86500 | 491688 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 828 | 282447 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 10388 | 1824354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 113882 | 3201199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 40119 | 1083742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 41436 | 1137601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 48378 | 724524 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 25761 | 555138 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechMatrix Corp. | 39982 | 566872 |
| &nbsp;&nbsp;&nbsp;&nbsp; THK Co. Ltd. | 12565 | 335752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 68343 | 2564138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 20618 | 4572859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. | 4033 | 278968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyo Suisan Kaisha Ltd. | 4665 | 338879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyo Tanso Co. Ltd.<sup>#</sup>  | 17201 | 516220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 103029 | &nbsp;&nbsp;&nbsp;&nbsp;2097885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 17230 | 527376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Chemical Laboratories, Inc. | 2600 | 50495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulvac, Inc. | 11484 | 523416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ushio, Inc. | 21915 | 364112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valqua Ltd. | 17594 | 443532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 18812 | 136107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Kogyo Co. Ltd. | 6335 | 400053 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL JAPAN | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL JAPAN | $75914121 |
| &nbsp;&nbsp;&nbsp;&nbsp; **KAZAKHSTAN – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **KAZAKHSTAN – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC, ADR | 23346 | 1746047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MACAO – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MACAO – 0.0%\*\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 40865 | 203627 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEXICO – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEXICO – 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Controladora Vuela Cia de Aviacion SAB de CV, ADR\* | 138680 | 919448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp Inmobiliaria Vesta SAB de CV, ADR | 70266 | 2133979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, Class O | 209820 | 1969734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV | 697300 | 2308257 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEXICO | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEXICO | $7331418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NETHERLANDS – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **NETHERLANDS – 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel NV | 18946 | 1254381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcadis NV | 30719 | 1466610 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 4470 | 4730368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 18023 | 1392703 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 78549 | 1966518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 513385 | 2377665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 74306 | 2033303 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NETHERLANDS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NETHERLANDS | $15221548 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

4 *PORTFOLIOS OF INVESTMENTS*

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

&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; Fisher & Paykel Healthcare Corp. Ltd. | 10302 | $218716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd.\* | 2086 | 197906 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW ZEALAND | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW ZEALAND | $416622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NORWAY – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 83831 | 2137725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 139396 | 3330338 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NORWAY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NORWAY | $5468063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PERU – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 5437 | 1419057 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PORTUGAL – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 48115 | 1238971 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SINGAPORE – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT<sup>#</sup>  | 117065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253629 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 23022 | 953885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A\* | 153189 | 920666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. | 36805 | 288140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 40854 | 534529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 3796 | 593125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 101392 | 331066 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SINGAPORE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SINGAPORE | $3875040 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH AFRICA – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 156447 | 5908827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd., Class N | 49910 | 3512138 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH AFRICA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH AFRICA | $9420965 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH KOREA – 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 65781 | 2103018 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co. Ltd. | 7746 | 1307537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. | 12028 | 2448233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 108270 | 8169170 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. | 14380 | 5641986 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | 31981 | 1173965 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH KOREA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH KOREA | $20843909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SPAIN – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA | 144989 | 2184279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA<sup>#</sup>  | 102191 | 5642163 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPAIN | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPAIN | $7826442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SWEDEN – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAK AB | 45715 | 1277099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A<sup>#</sup>  | 129345 | 2180427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 57390 | 1742798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trelleborg AB, Class B | 29613 | 1239038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B<sup>#</sup>  | 59094 | 1629707 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SWEDEN | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SWEDEN | $8069069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SWITZERLAND – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 11596 | 2139802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sulzer AG | 6988 | 1165318 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 51964 | 1984286 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SWITZERLAND | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SWITZERLAND | $5289406 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **TAIWAN – 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. | 12424 | $2210705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. | 13429 | 434659 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 56194 | 2394657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Computer, Inc. | 198709 | 1942424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | 167000 | 2797729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 515616 | 25159364 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TAIWAN | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TAIWAN | $34939538 |
| &nbsp;&nbsp;&nbsp;&nbsp; **THAILAND – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; True Corp. PCL, NVDR\* | 4291626 | 1499780 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TURKEY – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MLP Saglik Hizmetleri AS\* | 112333 | 897510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi AS\* | 1907978 | 1524423 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TURKEY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TURKEY | $2421933 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UNITED ARAB EMIRATES – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC | 207717 | 1194403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 488044 | 1195877 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED ARAB EMIRATES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED ARAB EMIRATES | $2390280 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UNITED KINGDOM – 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 20920 | 3427081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock International Group PLC | 113276 | 1805073 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 143664 | 3531164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazley PLC | 127858 | 1562933 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 43740 | 2243287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 61110 | 1856078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuit Group PLC | 409628 | 1991075 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 227446 | 3177395 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICG PLC | 108970 | 2764302 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 14070 | 1753369 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 239408 | 3585417 |
| &nbsp;&nbsp;&nbsp;&nbsp; QinetiQ Group PLC | 207363 | 1305947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 85236 | 6512439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rotork PLC | 428801 | 1927667 |
| &nbsp;&nbsp;&nbsp;&nbsp; RS Group PLC | 426296 | 3116539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serco Group PLC | 515604 | 1719112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 96970 | 1789822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 105726 | 3497307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 93888 | 1923498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tate & Lyle PLC | 348777 | 1769523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 305566 | 1844133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 78741 | 4746956 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED KINGDOM | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED KINGDOM | $57850117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UNITED STATES – 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 4538 | 530005 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 474 | 246850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 420249 | 1954919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG | 20567 | 1823237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 515 | 105699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 30029 | 2868754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 58053 | 7161132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 25908 | 3739302 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 65703 | 3086859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 25624 | 8243620 |

---

*October 31, 2025 (unaudited) / SEMI-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; Roche Holding AG | 367 | $123952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 6279 | 1781146 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED STATES |  | $31665475 |
| **TOTAL COMMON STOCKS**<br> **(Cost $347,361,341)** | **TOTAL COMMON STOCKS**<br> **(Cost $347,361,341)** | $509043057 |
|  **EXCHANGE-TRADED FUNDS – 3.5%** | **EXCHANGE-TRADED FUNDS – 3.5%** | **EXCHANGE-TRADED FUNDS – 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI India ETF | 311569 | 16815379 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Saudi Arabia ETF<sup>#</sup>  | 50116 | 2018673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next Funds TOPIX ETF | 5300 | 120093 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $16,101,349)** | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $16,101,349)** | $18954145 |
|  **MONEY MARKET FUND – 0.8%** | **MONEY MARKET FUND – 0.8%** | **MONEY MARKET FUND – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>^</sup>  | 4295401 | 4295401 |
| **TOTAL MONEY MARKET FUND**<br> **(Cost $4,295,401)** | **TOTAL MONEY MARKET FUND**<br> **(Cost $4,295,401)** | $4295401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value |  |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.3%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.3%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 3.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 3.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 4.16%, dated 10/31/25, due 11/03/25, repurchase price $1,057,342, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 11/01/27 to 8/01/55; total market value of $1,078,116. | $1056976 | 1056976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, 4.26%, dated 10/31/25, due 11/03/25, repurchase price $3,296,974, collateralized by U.S. Treasury Securities, 0.00% to 4.88%, maturing 11/04/25 to 8/15/55; total market value of $3,362,913. | 3295804 | 3295804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $3,099,126, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.50%, maturing 6/30/27 to 10/20/55; total market value of $3,160,016. | 3098055 | 3098055 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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; Deutsche Bank Securities, Inc., 3.95%, dated 10/31/25, due 11/03/25, repurchase price $872,695, collateralized by U.S. Treasury Securities, 1.13% to 6.75%, maturing 2/15/26 to 8/15/55; total market value of $889,856. | $| 872408 | $872408 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $3,099,126, collateralized by U.S. Government Agency Securities, 1.55% to 7.00%, maturing 1/01/32 to 6/01/55; total market value of $3,160,016. |  | 3098055 | 3098055 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $197,817, collateralized by U.S. Treasury Securities, 0.13% to 3.63%, maturing 7/15/30 to 2/15/51; total market value of $201,704. |  | 197749 | 197749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $3,099,124, collateralized by U.S. Government Agency Securities, 1.50% to 7.00%, maturing 4/01/31 to 11/01/55; total market value of $3,160,016. |  | 3098055 | 3098055 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $3,099,126, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/06/25 to 8/15/55; total market value of $3,160,018. |  | 3098055 | 3098055 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(Cost $17,815,157)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(Cost $17,815,157)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(Cost $17,815,157)** | $**17815157** |
| **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(Cost $17,815,157)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(Cost $17,815,157)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(Cost $17,815,157)** | $**17815157** |
| **TOTAL INVESTMENTS – 102.3%**<br> **(Cost $385,573,248)** | **TOTAL INVESTMENTS – 102.3%**<br> **(Cost $385,573,248)** | **TOTAL INVESTMENTS – 102.3%**<br> **(Cost $385,573,248)** | $**550107760** |
| **COLLATERAL FOR SECURITIES ON LOAN – (3.3%)** | **COLLATERAL FOR SECURITIES ON LOAN – (3.3%)** | **COLLATERAL FOR SECURITIES ON LOAN – (3.3%)** | **(17815157)** |
| **OTHER ASSETS LESS LIABILITIES – 1.0%** | **OTHER ASSETS LESS LIABILITIES – 1.0%** | **OTHER ASSETS LESS LIABILITIES – 1.0%** | **5664589** |
| **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**537957192** |

---

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)

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

6 *PORTFOLIOS OF INVESTMENTS*

*Wilmington International Fund (continued)*

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

The following is a summary of the inputs used as of October 31, 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 | $11204649 | $— | $— | $11204649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 7867552 |  |  | 7867552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 4429492 |  |  | 4429492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 7232895 |  |  | 7232895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 34069228 |  |  | 34069228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 1773949 |  |  | 1773949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 42943415 |  |  | 42943415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 5833392 |  |  | 5833392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 1624570 |  |  | 1624570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 26721374 |  |  | 26721374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 29997294 |  |  | 29997294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 3391358 |  |  | 3391358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 12390735 |  |  | 12390735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary | 1266366 |  |  | 1266366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 8212431 |  |  | 8212431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 5520732 |  |  | 5520732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3529485 |  |  | 3529485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 1357572 |  |  | 1357572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 4625140 |  |  | 4625140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 75914121 |  |  | 75914121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 1746047 |  |  | 1746047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macao | 203627 |  |  | 203627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 7331418 |  |  | 7331418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 15221548 |  |  | 15221548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 416622 |  |  | 416622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 5468063 |  |  | 5468063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 1419057 |  |  | 1419057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 1238971 |  |  | 1238971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3875040 |  |  | 3875040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 9420965 |  |  | 9420965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 20843909 |  |  | 20843909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 7826442 |  |  | 7826442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 8069069 |  |  | 8069069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 5289406 |  |  | 5289406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 34939538 |  |  | 34939538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 1499780 |  |  | 1499780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 2421933 |  |  | 2421933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 2390280 |  |  | 2390280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 57850117 |  |  | 57850117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 31665475 |  |  | 31665475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 18954145 |  |  | 18954145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 4295401 |  |  | 4295401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 17815157 |  | 17815157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $532292603 | $17815157 | $— | $550107760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments<sup>!</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Futures Contracts | $(11211) | $— | $— | $(11211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Other Financial Instruments | $(11211) | $— | $— | $(11211) |

---

<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.

\* Non-income producing security.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 7

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

*Wilmington International Fund (concluded)* 

<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

ETF Exchange-Traded Fund

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

SCA Limited Partnership With Share Capital

SpA Societa per Azioni

SPI Share Price Index

TOPIX Tokyo Stock Price Index

At October 31, 2025, the sector classifications of the Fund's investments were as follows:

---

| | |
|:---|:---|
|  | % of Net Assets |
| Financials | 22.4% |
| Information Technology | 14.9% |
| Industrials | 13.9% |
| Consumer Discretionary | 9.6% |
| Health Care | 8.7% |
| Consumer Staples | 7.3% |
| Communication Services | 5.4% |
| Materials | 5.2% |
| Energy | 3.1% |
| Utilities | 2.5% |
| Real Estate | 1.6% |
| Other | 5.4% |
|  | **100.0%** |

---

At October 31, 2025, the International Fund had open financial futures contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Contracts to Buy/Sell | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | December 2025 | 31 | $4520188 | $4508977 | $— | $(11211) |
| UNREALIZED APPRECIATION<br> (DEPRECIATION) ON FINANCIAL<br> FUTURES CONTRACTS |  |  |  |  | $— | $(11211) |

---

<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 October 31, 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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **COMMON STOCKS** – **92.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE** – **1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE** – **1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE** – **1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 38365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942986 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 882 | 304202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. | 694 | 476874 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 165 | 52432 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 259 | 64162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 905 | 445151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 1652 | 586296 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AEROSPACE & DEFENSE |  | $2872103 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIR FREIGHT & LOGISTICS** – **0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 4058 | 624891 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 1190 | 252549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 3833 | 467243 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 2027 | 195443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | 6055 | 88481 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIR FREIGHT & LOGISTICS |  | $1628607 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOBILE COMPONENTS** – **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 2738 | 49293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aumovio SE\* | 1136 | 48841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brembo NV | 4956 | 53384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 3886 | 170559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 1194 | 90118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 9202 | 129064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., Class H | 43496 | 388190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | 1502 | 48863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hesai Group, ADR\* | 4245 | 100734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 638 | 141504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing Co. Ltd. | 9270 | 138560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minth Group Ltd. | 31000 | 137396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Electric Co. Ltd. | 3497 | 68869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Rubber Industries Ltd. | 5659 | 66427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tachi-S Co. Ltd. | 3041 | 38676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokai Rika Co. Ltd. | 4120 | 74267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyoda Gosei Co. Ltd. | 1020 | 23675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Boshoku Corp. | 5800 | 88406 |
| &nbsp;&nbsp;&nbsp;&nbsp; TS Tech Co. Ltd. | 4726 | 56150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valeo SE | 5284 | 72996 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOBILE COMPONENTS |  | $1985972 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOBILES** – **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 25794 | 261103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 60841 | 748126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 5255 | 340474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd.\* | 27548 | 63190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA | 2142 | 83205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 5569 | 118636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 12129 | 181648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 1554 | 709494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 14807 | 301501 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 4720 | $34150 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOBILES |  | $&nbsp;&nbsp;&nbsp;&nbsp;2841527 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BANKS** – **8.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **BANKS** – **8.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **BANKS** – **8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 77 Bank Ltd. (The) | 2458 | 105507 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 8234 | 245910 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 21312 | 196154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA, ADR | 70125 | 237023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM | 22650 | 461070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT | 394494 | 103902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 19200 | 1026240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | 11817 | 193212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 10116 | 663485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 4770 | 312912 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDO Unibank, Inc. | 29977 | 68002 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 3325 | 257012 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA | 16171 | 193012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) | 15210 | 148586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dah Sing Financial Holdings Ltd. | 8168 | 37778 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 18474 | 471095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 8650 | 894845 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 83075 | 1896934 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 174 | 317519 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd., ADR | 37581 | 1361184 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 44633 | 623518 |
| &nbsp;&nbsp;&nbsp;&nbsp; iM Financial Group Co. Ltd. | 6824 | 63367 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 10204 | 255463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA, ADR | 55534 | 408730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL | 22956 | 132404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL, NVDR | 11062 | 63803 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc., ADR | 1839 | 149731 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 6705 | 805698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mebuki Financial Group, Inc. | 16097 | 100472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 34933 | 528154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 31383 | 1048544 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt | 1791 | 170826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 28716 | 278290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 4699 | 688392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC, ADR\*<sup>,(1)</sup>  | 3982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Security Bank Corp. | 18687 | 22101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiga Bank Ltd. (The) | 1030 | 41638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd., ADR | 4788 | 247492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 14631 | 925182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 20868 | 427526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 23596 | 647814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tochigi Bank Ltd. (The) | 11060 | 39472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 8805 | 392967 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 5984 | 441644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 12860 | 1118434 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BANKS |  | $18813044 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES** – **0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES** – **0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES** – **0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA | 52878 | 125316 |

---

*October 31, 2025 (unaudited) / SEMI-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; Asahi Group Holdings Ltd. | 24917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 7298 | 198725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas SA | 11510 | 73269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 261 | 17983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 566 | 50278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek AS | 11934 | 14586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 4864 | 111822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embotelladora Andina SA, Class B, ADR | 3065 | 82939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV | 1083 | 73152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 3340 | 258094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 10067 | 141393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 1756 | 117353 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 1078 | 157485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 3202 | 313569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 2224 | 67278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd., Class H | 10878 | 73495 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES | $2145293 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY** – **1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 4482 | 977255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE, ADR\* | 738 | 604053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duality Biotherapeutics, Inc.\* | 2177 | 87971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 2389 | 286178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keymed Biosciences, Inc.\* | 8191 | 63510 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 996 | 443648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd., ADR\* | 883 | 23073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd.\* | 26975 | 69776 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BIOTECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BIOTECHNOLOGY | $2555464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BROADLINE RETAIL** – **2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **BROADLINE RETAIL** – **2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 55942 | 1188593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | 3081 | 525095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 14274 | 3485996 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASKUL Corp. | 13737 | 125149 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 202 | 470107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 27340 | 162823 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR\* | 1912 | 257872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seria Co. Ltd. | 3490 | 66489 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BROADLINE RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BROADLINE RETAIL | $6282124 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS** – **0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS** – **0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 3130 | 97895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 11801 | 445569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | 1647 | 159581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG | 211 | 153907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 578 | 291890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 2977 | 192791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 569 | 255282 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BUILDING PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BUILDING PRODUCTS | $1596915 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS** – **3.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS** – **3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 3170 | 471411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 381 | 412551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 399 | 98010 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 1211 | 321508 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd., Class H | 188820 | 320024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 5004 | 38624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 797 | 201646 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 1411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 655 | 517037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 9805 | 534505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 2383 | 426748 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICG PLC | 21676 | 549867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 3753 | 549026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 8494 | 95324 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 3871 | 458056 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 2115 | 263566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 327 | 157058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 9164 | 783430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 121 | 147711 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 850 | 414129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | 6706 | 33424 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 849 | 87048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 2360 | 248720 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 14191 | 541894 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS | $8086941 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS** – **2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS** – **2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADEKA Corp. | 6528 | 148173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aica Kogyo Co. Ltd. | 6668 | 157062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 1076 | 208263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA | 1362 | 80850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 12019 | 92223 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 3613 | 178200 |
| &nbsp;&nbsp;&nbsp;&nbsp; China BlueChemical Ltd., Class H | 85413 | 26380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 2674 | 63775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 623 | 159737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 8594 | 229632 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG | 58 | 39676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG | 8174 | 136898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujimi, Inc. | 2300 | 36117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuso Chemical Co. Ltd. | 6095 | 202494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA | 29 | 118847 |
| &nbsp;&nbsp;&nbsp;&nbsp; KH Neochem Co. Ltd. | 10429 | 186708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 1356 | 567215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lintec Corp. | 5861 | 149273 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 936 | 43449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co., Inc. | 12652 | 234552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Shokubai Co. Ltd. | 6390 | 74137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Soda Co. Ltd. | 5406 | 119970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | 3954 | 133853 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOF Corp. | 4115 | 73350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 1475 | 80314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Soda Co. Ltd. | 7907 | 84555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 883 | 304582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 15275 | 461392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG | 1347 | 263123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc.\* | 291 | 13115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG | 4132 | 341870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valqua Ltd. | 4397 | 110845 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHEMICALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHEMICALS | $5120630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES** – **1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES** – **1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 2778 | 509124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 3270 | 688368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 8991 | 386703 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

10 *PORTFOLIOS OF INVESTMENTS*

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

&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; Daiseki Co. Ltd. | 2187 | $46050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elis SA | 19511 | 543343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosegur Cia de Seguridad SA | 14164 | 46203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 4335 | 146638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 3436 | 576148 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL SERVICES & SUPPLIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL SERVICES & SUPPLIES | $&nbsp;&nbsp;&nbsp;&nbsp;2942577 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATIONS EQUIPMENT** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATIONS EQUIPMENT** – **1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 4014 | 632968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 17152 | 1253983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 32129 | 217164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Class B | 16940 | 170822 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATIONS EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATIONS EQUIPMENT | $2274937 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING** – **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING** – **0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 1583 | 71398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiyoda Corp.\* | 6111 | 16218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 182 | 11161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fugro NV | 1499 | 15309 |
| &nbsp;&nbsp;&nbsp;&nbsp; JGC Holdings Corp. | 13532 | 137199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 9457 | 160286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 1882 | 251420 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSTRUCTION & ENGINEERING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSTRUCTION & ENGINEERING | $662991 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION MATERIALS** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION MATERIALS** – **0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\* | 9002 | 463999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG | 3727 | 330394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imerys SA | 1284 | 31642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semen Indonesia Persero Tbk PT | 267322 | 44366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiheiyo Cement Corp. | 1846 | 50202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicat SACA | 843 | 63159 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSTRUCTION MATERIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSTRUCTION MATERIALS | $983762 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER FINANCE** – **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER FINANCE** – **0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 1043 | 376242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\* | 874 | 390975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanquis Banking Group PLC\* | 9140 | 13688 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER FINANCE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER FINANCE | $780905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES DISTRIBUTION & RETAIL** – **1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES DISTRIBUTION & RETAIL** – **1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 8419 | 126639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 472 | 430204 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 24598 | 110386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 5548 | 227083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 5058 | 321841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 9767 | 944860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 7460 | 129586 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.\* | 5112 | 371233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 4278 | 432848 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | $3094680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONTAINERS & PACKAGING** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONTAINERS & PACKAGING** – **0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 44280 | 349812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 3238 | 152186 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 524 | 20247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 252 | 49332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 11579 | 447181 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONTAINERS & PACKAGING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONTAINERS & PACKAGING | $1018758 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTORS** – **0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTORS** – **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 527 | $| 67092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 1364 |  | 364270 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTORS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTORS | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431362 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REITS** – **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REITS** – **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. PLC (The) | 16073 |  | 80153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 11768 |  | 96081 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIVERSIFIED REITS | &nbsp;&nbsp;&nbsp;&nbsp; DIVERSIFIED REITS | $| 176234 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED TELECOMMUNICATION SERVICES** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED TELECOMMUNICATION SERVICES** – **1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 70375 |  | 171729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 1402 |  | 43455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 1189 |  | 52408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA | 800 |  | 8783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 113869 |  | 527367 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp., ADR | 6432 |  | 119314 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT, Inc. | 275177 |  | 282837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange Polska SA | 24411 |  | 59478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 19301 |  | 307791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP | 5555 |  | 47734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 117642 |  | 384126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG | 167 |  | 122332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil SA | 23964 |  | 143696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica SA | 4522 |  | 22866 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | $| 2293916 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC UTILITIES** – **0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC UTILITIES** – **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 4092 |  | 508636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 4771 |  | 264218 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA | 11632 |  | 57787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Americas SA | 870686 |  | 82214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 27605 |  | 558899 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC UTILITIES | $| 1471754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRICAL EQUIPMENT** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRICAL EQUIPMENT** – **1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 873 |  | 176442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., Class H | 1766 |  | 126929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosel Co. Ltd. | 2874 |  | 22938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 1089 |  | 511830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 1530 |  | 263652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 2004 |  | 568469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG\* | 4019 |  | 497067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyo Tanso Co. Ltd. | 4317 |  | 129558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ushio, Inc. | 9864 |  | 163888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumtobel Group AG | 1250 |  | 5374 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRICAL EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRICAL EQUIPMENT | $| 2466147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** – **2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** – **2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** – **2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** – **2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alps Alpine Co. Ltd. | 3655 |  | 46153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 8894 |  | 1239290 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 1807 |  | 287982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 5770 |  | 513992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 7961 |  | 497722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 3144 |  | 146460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horiba Ltd. | 970 |  | 90416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 2302 |  | 508489 |

---

*October 31, 2025 (unaudited) / SEMI-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; Keyence Corp. | 1227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruwa Co. Ltd. | 323 | 91947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxell Ltd. | 4211 | 61180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nichicon Corp. | 13302 | 133788 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAX Global Technology Ltd. | 21464 | 14723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 3015 | 81190 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 1756 | 274796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tong Hsing Electronic Industries Ltd. | 13024 | 53170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 2675 | 80245 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | $4578314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENTERTAINMENT** – **0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **ENTERTAINMENT** – **0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avex, Inc. | 2820 | 22105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 2885 | 431394 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. | 25443 | 710520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 620 | 693693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 3351 | 283653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV | 2819 | 75612 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENTERTAINMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENTERTAINMENT | $2216977 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIAL SERVICES** – **1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIAL SERVICES** – **1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV\* | 215 | 368905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 1444 | 689568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 1595 | 106371 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMO Payment Gateway, Inc. | 1814 | 99193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | 694 | 60995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 277 | 41256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 1760 | 971502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 14079 | 110176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 1864 | 635139 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIAL SERVICES | $3083105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FOOD PRODUCTS** – **0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD PRODUCTS** – **0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astral Foods Ltd. | 3271 | 42254 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd. | 24356 | 44320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 17 | 261311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 1706 | 150785 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 1071 | 49919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 564 | 95671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indofood CBP Sukses Makmur Tbk PT | 106125 | 55519 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 177 | 18328 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV | 240 | 8736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 546 | 49781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 3150 | 77900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries NV | 2 | 17451 |
| &nbsp;&nbsp;&nbsp;&nbsp; M Dias Branco SA | 17592 | 96070 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 1209 | 23245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 3965 | 227829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 3742 | 357484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 2142 | 21718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 238965 | 20189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tate & Lyle PLC | 15068 | 76448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Union Group PCL, Class F | 126024 | 51057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyo Suisan Kaisha Ltd. | 1170 | 84992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulker Biskuvi Sanayi AS | 18260 | 46938 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. | 80179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76975 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD PRODUCTS | $1954920 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GAS UTILITIES** – **0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **GAS UTILITIES** – **0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 10938 | 1878273 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 7027 | 61177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 3243 | 102019 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GAS UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GAS UTILITIES | $2041469 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GROUND TRANSPORTATION** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **GROUND TRANSPORTATION** – **1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayvens SA | 8481 | 113104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 3319 | 318258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 1643 | 40150 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiDi Global, Inc., ADR\* | 38789 | 249801 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 4755 | 115890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 3936 | 552693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 2388 | 26590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 6906 | 666429 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. | 2168 | 105126 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 1950 | 39997 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GROUND TRANSPORTATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GROUND TRANSPORTATION | $2228038 |
| &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 | 1376 | 170101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 2282 | 229843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 1015 | 91741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 4035 | 656790 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 246 | 154859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 8251 | 225780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 1465 | 132875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 118148 | 82561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG | 968 | 54193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 5685 | 104931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG | 61 | 16570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding AG | 131 | 16441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 225 | 80154 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | $2016839 |
| &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. | 5185 | 73228 |
| &nbsp;&nbsp;&nbsp;&nbsp; BML, Inc. | 1690 | 40081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 584 | 197281 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 1009 | 78853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 1389 | 440591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 3813 | 219841 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 1460 | 671133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 985 | 250151 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 1130 | 916814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 2993 | 458109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netcare Ltd. | 74802 | 62948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ship Healthcare Holdings, Inc. | 9502 | 142027 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2273 | 776366 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE PROVIDERS & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE PROVIDERS & SERVICES | $4327423 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE REITS** – **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE REITS** – **0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 253 | 14730 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

12 *PORTFOLIOS OF INVESTMENTS*

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

&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; Welltower, Inc. | 4101 | $742445 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE REITS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE REITS | $757175 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOTELS, RESTAURANTS & LEISURE** – **1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOTELS, RESTAURANTS & LEISURE** – **1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 2503 | 232679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 17130 | 567318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 2908 | 523876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 1136 | 75955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 793 | 174460 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED | 851 | 24797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 14332 | 71415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A | 1743 | 239506 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 1468 | 438095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 29317 | 384829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 1816 | 297061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd., ADR | 8876 | 627089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 1299 | 55935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 1055 | 145812 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOTELS, RESTAURANTS & LEISURE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOTELS, RESTAURANTS & LEISURE | $&nbsp;&nbsp;&nbsp;&nbsp;3858827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD DURABLES** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD DURABLES** – **1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. | 696 | 43575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crest Nicholson Holdings PLC | 15768 | 34282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 576 | 123230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nikon Corp. | 3895 | 45544 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 93 | 670606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rinnai Corp. | 3590 | 81509 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEB SA | 913 | 50493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 11023 | 236825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 45847 | 1288750 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD DURABLES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD DURABLES | $2574814 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD PRODUCTS** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD PRODUCTS** – **1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 868 | 64782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, Class A | 40315 | 78141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 781 | 117439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 27532 | 2103577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 1992 | 12325 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD PRODUCTS | $2376264 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL CONGLOMERATES** – **0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL CONGLOMERATES** – **0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 109 | 18149 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 17232 | 114207 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC PLC | 1504 | 98988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 444 | 117547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 18600 | 641845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 1166 | 234751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 5989 | 103955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 2863 | 94705 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIAL CONGLOMERATES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIAL CONGLOMERATES | $1424147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL REITS** – **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL REITS** – **0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 175 | 169311 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE** – **5.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE** – **5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC | 212 | 9124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 3533 | 233751 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 185643 | 1802545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 837 | 335932 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 5012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 2813 | 701815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC | 699 | 6140 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 8832 | 383081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding AG | 52 | 12885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 915 | 72962 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., Class H | 92474 | 374868 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Reinsurance Group Corp., Class H | 384188 | 78118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 41856 | 294684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 63 | 18436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 970 | 26105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 5773 | 759207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 5462 | 1018875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 5700 | 147650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 319 | 629875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 1332 | 237296 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 9215 | 190507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs AG | 258 | 159517 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 2809 | 192260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd. | 159935 | 124996 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd., Class H | 203763 | 481445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 2270 | 467620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 75617 | 1048017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 66635 | 742568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 1879 | 114290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG | 20 | 21681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 8 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 17064 | 367721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 3789 | 460760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 14615 | 548335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tongyang Life Insurance Co. Ltd.\* | 3047 | 14478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 2832 | 69806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 291 | 202136 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | $12746691 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INTERACTIVE MEDIA & SERVICES** – **4.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INTERACTIVE MEDIA & SERVICES** – **4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A\* | 18364 | 5163773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 3082 | 868569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., Class A\* | 10645 | 161102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 1935 | 1254558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE | 626 | 72300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 29014 | 2348586 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INTERACTIVE MEDIA & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INTERACTIVE MEDIA & SERVICES | $9868888 |
| &nbsp;&nbsp;&nbsp;&nbsp; **IT SERVICES** – **0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **IT SERVICES** – **0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 1485 | 371398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alten SA | 961 | 79145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 813 | 125103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 1853 | 135047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Corp. | 10449 | 147538 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1369 | 420844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 1767 | 69139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 4297 | 133474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 3647 | 72178 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. | 2502 | 92070 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechMatrix Corp. | 10005 | 141853 |

---

*October 31, 2025 (unaudited) / SEMI-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 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 3401 | $117295 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IT SERVICES |  | $&nbsp;&nbsp;&nbsp;&nbsp;1905084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **LEISURE PRODUCTS – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 2854 | 88929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roland Corp. | 4438 | 94168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sega Sammy Holdings, Inc. | 10364 | 192001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 350 | 36803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spin Master Corp. | 3119 | 46322 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LEISURE PRODUCTS |  | $458223 |
| &nbsp;&nbsp;&nbsp;&nbsp; **LIFE SCIENCES TOOLS & SERVICES – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 583 | 85328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 752 | 161966 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC\* | 3576 | 614428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 77 | 109054 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 10585 | 497305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 273 | 154897 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIFE SCIENCES TOOLS & SERVICES |  | $1622978 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MACHINERY – 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 904 | 43201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amada Co. Ltd. | 5100 | 60991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 13619 | 229582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 6632 | 99652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bodycote PLC | 3158 | 25597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | 3784 | 151392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 868 | 400695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 518 | 93996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duerr AG | 1906 | 44379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 23812 | 504300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Corp. | 7544 | 146734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 2607 | 213174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hino Motors Ltd.\* | 10992 | 25035 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 1349 | 231300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 8063 | 538298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 12170 | 157979 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group, Inc. | 16097 | 251937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nachi-Fujikoshi Corp. | 1703 | 43650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 205 | 47550 |
| &nbsp;&nbsp;&nbsp;&nbsp; OKUMA Corp. | 3520 | 78687 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSG Corp. | 10921 | 158560 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 11218 | 1103851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 477 | 368640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational AG | 42 | 30765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 196 | 66125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 341 | 121188 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 6547 | 168839 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 352 | 120074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 197 | 66103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax Group PLC | 615 | 57322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Heavy Industries Ltd. | 2550 | 68354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tadano Ltd. | 6520 | 45438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 30200 | 352891 |
| &nbsp;&nbsp;&nbsp;&nbsp; THK Co. Ltd. | 5516 | 147394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsubakimoto Chain Co. | 3095 | 43420 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group AG | 187 | 81399 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 2085 | $426257 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MACHINERY |  | $&nbsp;&nbsp;&nbsp;&nbsp;6814749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MARINE TRANSPORTATION** – **0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG | 403 | 77120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA** – **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 4970 | 98168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings, Inc. | 9250 | 66925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Havas NV | 44784 | 78282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Megacable Holdings SAB de CV | 20133 | 57619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropole Television SA | 2608 | 35953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Television Holdings, Inc. | 2849 | 69196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 3774 | 283125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 2056 | 205703 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTL Group SA | 1275 | 49159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Television Francaise 1 SA | 6012 | 54953 |
| &nbsp;&nbsp;&nbsp;&nbsp; TV Asahi Holdings Corp. | 3849 | 78299 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 18162 | 68596 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDIA |  | $1145978 |
| &nbsp;&nbsp;&nbsp;&nbsp; **METALS & MINING** – **0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **METALS & MINING** – **0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **METALS & MINING** – **0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 13189 | 498134 |
| &nbsp;&nbsp;&nbsp;&nbsp; APERAM SA | 782 | 27276 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARE Holdings, Inc. | 12708 | 202193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 5263 | 172763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dowa Holdings Co. Ltd. | 2630 | 95568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC | 995 | 39862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrexpo PLC\* | 49470 | 37174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruichi Steel Tube Ltd. | 8401 | 71112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neturen Co. Ltd. | 2905 | 22488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 2660 | 17999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outokumpu OYJ | 17599 | 75746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 3281 | 236460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | 320 | 19548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Kogyo Co. Ltd. | 1573 | 99335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zijin Gold International Co. Ltd.\* | 800 | 13528 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL METALS & MINING |  | $1629186 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-UTILITIES** – **1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-UTILITIES** – **1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-UTILITIES** – **1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 66118 | 1547082 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 34363 | 514626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 12805 | 1177292 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MULTI-UTILITIES |  | $3239000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OFFICE REITS** – **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **OFFICE REITS** – **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **OFFICE REITS** – **0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA | 385 | 35746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 125 | 115339 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OFFICE REITS |  | $151085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OIL, GAS & CONSUMABLE FUELS** – **2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **OIL, GAS & CONSUMABLE FUELS** – **2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **OIL, GAS & CONSUMABLE FUELS** – **2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 49966 | 290327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 744 | 117344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 38529 | 911596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 7671 | 357694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 24415 | 448695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 22185 | 530026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 4135 | 472879 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG | 1230 | 67287 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

14 *PORTFOLIOS OF INVESTMENTS*

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

&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; ONEOK, Inc. | 1572 | $105324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 17024 | 636827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 2689 | 414214 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 22576 | 1403899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 9588 | 554857 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL, GAS & CONSUMABLE FUELS |  | $&nbsp;&nbsp;&nbsp;&nbsp;6310969 |
| &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 | 7319 | 81746 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 4095 | 109884 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PAPER & FOREST PRODUCTS |  | $191630 |
| &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 | 20361 | 129595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 3267 | 58891 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PASSENGER AIRLINES |  | $188486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PERSONAL CARE PRODUCTS** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PERSONAL CARE PRODUCTS** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PERSONAL CARE PRODUCTS** – **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf AG | 817 | 86374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. | 9902 | 418928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 1360 | 19543 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 154 | 64373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natura Cosmeticos SA\* | 61753 | 103650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 7468 | 449499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 16875 | 1017321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 5484 | 331860 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PERSONAL CARE PRODUCTS |  | $2491548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS** – **4.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS** – **4.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS** – **4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Almirall SA | 4619 | 66444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 19762 | 206904 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 10389 | 1701909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 10794 | 493718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 12628 | 300643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 1909 | 56610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 1007 | 868900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genomma Lab Internacional SAB de CV, Class B | 68693 | 67072 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 24921 | 582913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H\* | 27482 | 265959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 4086 | 771723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kissei Pharmaceutical Co. Ltd. | 473 | 12354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 3994 | 61733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 12400 | 1066152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 2389 | 312405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 3403 | 419777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 1857 | 90558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 2692 | 32779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 5483 | 297934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 10626 | 261931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 2776 | 893080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 6094 | 615324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 13812 | 231231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 7450 | 200765 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS |  | $9878818 |
| &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 | 2765 | 77032 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 455 | $118437 |
| &nbsp;&nbsp;&nbsp;&nbsp; dip Corp. | 13227 | 181699 |
| &nbsp;&nbsp;&nbsp;&nbsp; en, Inc. | 4276 | 43201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 8779 | 409075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hays PLC | 47363 | 36741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group PLC | 1348 | 89694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Up Group, Inc. | 10167 | 113538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagegroup PLC | 13119 | 40673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 1226 | 143479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | 143294 | 237940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad NV | 2415 | 94616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 3018 | 150949 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 8598 | 379180 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA | 464 | 52249 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIGMAXYZ Holdings, Inc. | 23665 | 134518 |
| &nbsp;&nbsp;&nbsp;&nbsp; SThree PLC | 8251 | 17061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcosmos, Inc. | 1720 | 40737 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 13440 | 1091059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 542 | 66378 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PROFESSIONAL SERVICES |  | $&nbsp;&nbsp;&nbsp;&nbsp;3518256 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE MANAGEMENT & DEVELOPMENT** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE MANAGEMENT & DEVELOPMENT** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE MANAGEMENT & DEVELOPMENT** – **0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 20715 | 102475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 8398 | 156751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 3354 | 113889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 1372 | 14155 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., ADR | 6627 | 112990 |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., Class A | 17234 | 97675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 14772 | 312866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relo Group, Inc. | 6495 | 69877 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | $980678 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RESIDENTIAL REITS** – **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **RESIDENTIAL REITS** – **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **RESIDENTIAL REITS** – **0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 21 | 3652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 396 | 39394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 151 | 8975 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 1159 | 39047 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNITE Group PLC (The) | 6246 | 46525 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RESIDENTIAL REITS |  | $137593 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL REITS** – **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL REITS** – **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL REITS** – **0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 3367 | 591784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT** – **6.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT** – **6.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT** – **6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 1808 | 463065 |
| &nbsp;&nbsp;&nbsp;&nbsp; ams-OSRAM AG\* | 2858 | 39385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 2161 | 505955 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM Pacific Technology Ltd. | 11128 | 117430 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 389 | 411658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 5096 | 1883635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 451 | 151036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miraial Co. Ltd. | 1080 | 8403 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 29331 | 5939234 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 3935 | 822887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optorun Co. Ltd. | 9170 | 101274 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 2656 | 480470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | 9443 | 151777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 25552 | 1246804 |

---

*October 31, 2025 (unaudited) / SEMI-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; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2466 | $740860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 1879 | 303383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 2559 | 567560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. | 1008 | 69725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Chemical Laboratories, Inc. | 646 | 12546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulvac, Inc. | 2864 | 130535 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | $&nbsp;&nbsp;&nbsp;&nbsp;14147622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE** – **4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 730 | 247244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 509 | 1339531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 3493 | 99165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 642 | 428567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumine Group, Inc.\* | 899 | 21473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 11436 | 5921675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE | 483 | 55673 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 4123 | 818580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 410 | 182922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) | 5997 | 90561 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 713 | 184462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 684 | 310413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topicus.com, Inc.\* | 401 | 39455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 759 | 38824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 158 | 75249 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE |  | $9853794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SPECIALIZED REITS** – **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 6420 | 761348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 628 | 174936 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPECIALIZED REITS |  | $936284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SPECIALTY RETAIL** – **1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABC-Mart, Inc. | 6495 | 111411 |
| &nbsp;&nbsp;&nbsp;&nbsp; and ST HD Co. Ltd. | 3066 | 51826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc., Class A\* | 8938 | 301389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 833 | 316198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 14275 | 788150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 26833 | 108854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lojas Renner SA | 38751 | 106602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 3995 | 951329 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 4372 | 412892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. | 686 | 44269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA | 23349 | 93050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xebio Holdings Co. Ltd. | 3528 | 24976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhongsheng Group Holdings Ltd. | 83485 | 131934 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 7135 | 61739 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPECIALTY RETAIL |  | $3504619 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS** – **2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS** – **2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS** – **2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 21778 | 5888118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 419 | 12052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 1920 | 311059 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 2873 | 66740 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 2970 | 82180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quadient SA | 1937 | 33312 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | $6393461 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **TEXTILES, APPAREL & LUXURY GOODS** – **0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **TEXTILES, APPAREL & LUXURY GOODS** – **0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **TEXTILES, APPAREL & LUXURY GOODS** – **0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group PLC\* | 5875 | $95510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 415 | 33822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 58 | 143669 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 164 | 115708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG – BR (The) | 609 | 126984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yue Yuen Industrial Holdings Ltd. | 38447 | 70555 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TEXTILES, APPAREL & LUXURY GOODS |  | $586248 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO** – **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 21734 | 1114669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 6292 | 219042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 8007 | 1155650 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TOBACCO |  | $&nbsp;&nbsp;&nbsp;&nbsp;2489361 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRADING COMPANIES & DISTRIBUTORS** – **2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRADING COMPANIES & DISTRIBUTORS** – **2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRADING COMPANIES & DISTRIBUTORS** – **2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 5964 | 776751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 2198 | 66759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 9010 | 370762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 2205 | 547943 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 20423 | 1183556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 9576 | 236122 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 1049 | 14652 |
| &nbsp;&nbsp;&nbsp;&nbsp; RS Group PLC | 121318 | 886924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 5962 | 173548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 4317 | 132135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travis Perkins PLC | 10541 | 87102 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 1672 | 433934 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 164 | 160556 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRADING COMPANIES & DISTRIBUTORS |  | $5070744 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER UTILITIES** – **0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WATER UTILITIES** – **0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WATER UTILITIES** – **0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 19500 | 479277 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WIRELESS TELECOMMUNICATION SERVICES** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **WIRELESS TELECOMMUNICATION SERVICES** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **WIRELESS TELECOMMUNICATION SERVICES** – **1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV, Series B | 153333 | 174474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresa Nacional de Telecomunicaciones SA | 6513 | 31004 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 66372 | 1060117 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 16464 | 164217 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | 3582 | 131489 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 136713 | 194012 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 2687 | 564404 |
| &nbsp;&nbsp;&nbsp;&nbsp; VEON Ltd., ADR\* | 783 | 37701 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WIRELESS TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WIRELESS TELECOMMUNICATION SERVICES | $2357418 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $148,841,205)** |  | $**215901838** |
|  **EXCHANGE-TRADED FUNDS** – **0.2%** | **EXCHANGE-TRADED FUNDS** – **0.2%** | **EXCHANGE-TRADED FUNDS** – **0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS** – **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 1068 | 94080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next Funds TOPIX ETF | 415 | 9404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Russell 1000 Value ETF | 4303 | 386366 |
|  **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $471,454)** | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $471,454)** | $**489850** |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 |
|  **PREFERRED STOCKS – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG 5.33% | 468 | $40485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raizen SA 5.59%\* | 159700 | 28200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG 6.52% | 1727 | 179594 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA 2.86% | 1227 | 99369 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco do Estado do Rio Grande do Sul SA 8.82% | 20900 | 53299 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuchs SE 3.00% | 1160 | 51852 |
|  **TOTAL PREFERRED STOCKS**<br> **(Cost $465,343)** |  | $**452799** |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **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 $—)** |  | $**—** |
|  **MONEY MARKET FUND – 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares 4.00%<sup>^</sup>  | 6503757 | 6503757 |
|  **TOTAL MONEY MARKET FUND**<br> **(Cost $6,503,757)** |  | $**6503757** |
|  **TOTAL INVESTMENTS – 96.0%**<br> **(COST $156,281,759)** |  | $**223348244** |
|  **OTHER ASSETS LESS LIABILITIES – 4.0%** | **OTHER ASSETS LESS LIABILITIES – 4.0%** | **9242534** |
|  **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**232590778** |

---

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 October 31, 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; **<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; Aerospace & Defense | $2872103 | $— | $— | $2872103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 1628607 |  |  | 1628607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 1985972 |  |  | 1985972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 2841527 |  |  | 2841527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 18813044 |  | —<sup>(a)</sup> | 18813044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 2145293 |  |  | 2145293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 2555464 |  |  | 2555464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 6282124 |  |  | 6282124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1596915 |  |  | 1596915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 8086941 |  |  | 8086941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 5120630 |  |  | 5120630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 2942577 |  |  | 2942577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 2274937 |  |  | 2274937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 662991 |  |  | 662991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 983762 |  |  | 983762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 780905 |  |  | 780905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 3094680 |  |  | 3094680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 1018758 |  |  | 1018758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 431362 |  |  | 431362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 176234 |  |  | 176234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 2293916 |  |  | 2293916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 1471754 |  |  | 1471754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 2466147 |  |  | 2466147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 4578314 |  |  | 4578314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 2216977 |  |  | 2216977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 3083105 |  |  | 3083105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 1903863 | 51057 |  | 1954920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 2041469 |  |  | 2041469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 2228038 |  |  | 2228038 |

---

*October 31, 2025 (unaudited) / SEMI-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; Health Care Equipment & Supplies | $2016839 | $— | $— | $2016839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 4327423 |  |  | 4327423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 757175 |  |  | 757175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 3858827 |  |  | 3858827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 2574814 |  |  | 2574814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 2376264 |  |  | 2376264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 1424147 |  |  | 1424147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 169311 |  |  | 169311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 12746691 |  |  | 12746691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 9868888 |  |  | 9868888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 1905084 |  |  | 1905084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 458223 |  |  | 458223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 1622978 |  |  | 1622978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 6814749 |  |  | 6814749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 77120 |  |  | 77120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 1145978 |  |  | 1145978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 1629186 |  |  | 1629186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 3239000 |  |  | 3239000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 151085 |  |  | 151085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 6310969 |  |  | 6310969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 191630 |  |  | 191630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 188486 |  |  | 188486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 2491548 |  |  | 2491548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 9878818 |  |  | 9878818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 3518256 |  |  | 3518256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 980678 |  |  | 980678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 137593 |  |  | 137593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 591784 |  |  | 591784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 14147622 |  |  | 14147622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 9853794 |  |  | 9853794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 936284 |  |  | 936284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 3504619 |  |  | 3504619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 6393461 |  |  | 6393461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 586248 |  |  | 586248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 2489361 |  |  | 2489361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 5070744 |  |  | 5070744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 479277 |  |  | 479277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 2357418 |  |  | 2357418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 489850 |  |  | 489850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 452799 |  |  | 452799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | —<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 6503757 |  |  | 6503757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $223297187 | $51057 | $— | $223348244 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments<sup>!</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $1611745 | $— | $1611745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Futures Contracts | 218548 |  |  | 218548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets - Other Financial Instruments | $218548 | $1611745 | $— | $1830293 |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Liabilities</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments<sup>!</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | $(16943) | $— | $(16943) |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Futures Contracts | $(3261566) | $— | $— | $(3261566) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities - Other Financial Instruments | $(3261566) | $&nbsp;&nbsp;&nbsp;&nbsp;(16943) | $— | $(3278509) |

---

<sup>(a)</sup> Includes internally fair valued securities currently priced at zero ($0). 

<sup>!</sup> 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.

\* Non-income producing security.

\*\* 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.

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 |
| 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 October 31, 2025, the country allocations of the Fund's investments were as follows:

---

| | |
|:---|:---|
|  | % of Net Assets |
| United States | 47.0% |
| Japan | 12.7% |
| United Kingdom | 6.1% |
| China | 4.2% |
| France | 3.9% |
| Canada | 2.2% |
| Netherlands | 2.0% |
| Germany | 1.9% |
| Hong Kong | 1.8% |
| Italy | 1.3% |
| Switzerland | 1.1% |
| Brazil | 1.0% |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 19

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

*Wilmington Global Alpha Equities Fund (concluded)* 

---

| | |
|:---|:---|
|  | % of Net Assets |
| Other Countries | 8.0% |
| Other | 6.8% |
|  | **100.0%** |

---

At October 31, 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** |  |  |  |  |  |  |
| 12/17/2025 | Morgan Stanley | 516,000 GBP | $691770 | $677904 | $— | $(13866) |
| 12/17/2025 | TD Securities Ltd. | 1,940,000 CAD | 1386181 | 1386620 | 439 |  |
|  **CONTRACTS SOLD** |  |  |  |  |  |  |
| 12/17/2025 | Deutsche Bank AG | 10,555,000 EUR | 12432481 | 12199086 | 233395 |  |
| 12/17/2025 | BNP Paribas | 2,849,300,000 JPY | 19516194 | 18578145 | 938049 |  |
| 12/17/2025 | HSBC Securities, Inc. | 6,970,000 CAD | 5054779 | 4981826 | 72953 |  |
| 12/17/2025 | State Street Bank & Trust | 390,000 CHF | 494787 | 487351 | 7436 |  |
| 12/17/2025 | TD Securities Ltd. | 56,390,000 HKD | 7258781 | 7261858 |  | (3077) |
| 12/17/2025 | Goldman Sachs & Co. | 9,286,000 GBP | 12559111 | 12199638 | 359473 |  |
| UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD<br> FOREIGN CURRENCY CONTRACTS | UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD<br> FOREIGN CURRENCY CONTRACTS |  |  |  | $1611745 | $(16943) |

---

At October 31, 2025, the Global Alpha Equities Fund had open financial futures contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Contracts to Buy/Sell | Expiration<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br>Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br>Value | Unrealized<br> Appreciation<sup>(a)</sup> | Unrealized<br> (Depreciation)<sup>(a)</sup> |
|  **LONG POSITIONS:** |  |  |  |  |  |  |
|  **EXCHANGE-TRADED:** |  |  |  |  |  |  |
|  SPI 200 Index | December 2025 | 22 | $3207876 | $3199920 | $— | $(7956) |
|  **SHORT POSITIONS:** |  |  |  |  |  |  |
|  **EXCHANGE-TRADED:** |  |  |  |  |  |  |
|  E-mini Russell 2000 Index | December 2025 | 49 | 5919252 | 6100255 |  | (181003) |
|  E-mini S&P 500 Index | December 2025 | 78 | 26003891 | 26808600 |  | (804709) |
|  E-Mini S&P Mid 400 Index | December 2025 | 11 | 3639622 | 3583470 | 56152 |  |
|  Euro STOXX 50 Index | December 2025 | 171 | 10721120 | 11173777 |  | (452657) |
|  FTSE 100 Index | December 2025 | 83 | 10151752 | 10626756 |  | (475004) |
|  HSCE Index | November 2025 | 87 | 5300855 | 5138459 | 162396 |  |
|  MSCI EAFE Index | December 2025 | 185 | 25818070 | 25965675 |  | (147605) |
|  S&P TSX 60 Index | December 2025 | 14 | 3456341 | 3556722 |  | (100381) |
|  TOPIX Index | December 2025 | 83 | 16863884 | 17956135 |  | (1092251) |
|  UNREALIZED APPRECIATION (DEPRECIATION)<br> ON FINANCIAL FUTURES CONTRACTS | UNREALIZED APPRECIATION (DEPRECIATION)<br> ON FINANCIAL FUTURES CONTRACTS |  |  |  | $218548 | $(3261566) |

---

<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 October 31, 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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **REAL ESTATE RELATED SECURITIES** – **51.8%** | **REAL ESTATE RELATED SECURITIES** – **51.8%** | **REAL ESTATE RELATED SECURITIES** – **51.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCKS** – **7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED** – **0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centuria Capital Group | 73546 | $113566 |
| &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 | 109094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allreal Holding AG | 1240 | 296152 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Developments Ltd. | 42000 | 233297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 26000 | 485296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 51800 | 1758935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heiwa Real Estate Co. Ltd. | 6800 | 99368 |
| &nbsp;&nbsp;&nbsp;&nbsp; JINUSHI Co. Ltd. | 1900 | 35754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Properties Ltd. | 50500 | 127118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease Corp. Ltd. | 56171 | 203977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 105600 | 2236574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 233800 | 2429633 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Development Co. Ltd.\* | 111000 | 102707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings, Inc. | 52000 | 296593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property & Building Corp. Ltd. | 345 | 45560 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Joe Co. (The) | 3369 | 191292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starts Corp., Inc. | 3400 | 105567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 40000 | 1708131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Frontier Fudousan Co. Ltd. | 3900 | 57775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 128500 | 1561900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 4571 | 72313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Tatemono Co. Ltd. | 18500 | 345427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Fudosan Holdings Corp. | 53600 | 430929 |
| &nbsp;&nbsp;&nbsp;&nbsp; UOL Group Ltd. | 38100 | 232710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Holdings Ltd. (The) | 83000 | 218113 |
| &nbsp;&nbsp;&nbsp;&nbsp; YH Dimri Construction & Development Ltd. | 773 | 93231 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES | $&nbsp;&nbsp;&nbsp;&nbsp;13477446 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE DEVELOPMENT** – **0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE DEVELOPMENT** – **0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE DEVELOPMENT** – **0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedas Homes SA | 1862 | 45715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa Israel Residences Ltd. | 1020 | 89120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cham Swiss Properties AG | 2754 | 80079 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 163500 | 808815 |
| &nbsp;&nbsp;&nbsp;&nbsp; DREAM Unlimited Corp., Class A | 3356 | 44482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 2103 | 54699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldcrest Co. Ltd. | 1500 | 32509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 113735 | 399288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 2602 | 206287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasumigaseki Capital Co. Ltd. | 1300 | 70943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katitas Co. Ltd. | 4800 | 78147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifestyle Communities Ltd.\* | 11498 | 38970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirarth Holdings, Inc. | 11700 | 28850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexity SA\* | 5635 | 58976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 316000 | 392430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosei Corp. | 2300 | 48952 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE DEVELOPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE DEVELOPMENT | $2478262 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &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; Alony Hetz Properties & Investments Ltd. | 13748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amot Investments Ltd. | 18530 | 146718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argo Properties NV\* | 2361 | 86587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA\* | 60010 | 214152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atrium Ljungberg AB, Class B | 21965 | 79211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aura Investments Ltd. | 13183 | 95076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azrieli Group Ltd. | 3107 | 327725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big Shopping Centers Ltd. | 1184 | 264565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Square Real Estate Ltd. | 878 | 106165 |
| &nbsp;&nbsp;&nbsp;&nbsp; CA Immobilien Anlagen AG | 3798 | 105592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitaland India Trust | 86834 | 80723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castellum AB | 30615 | 347552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catena AB | 3569 | 173036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cibus Nordic Real Estate AB publ | 5170 | 89629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citycon OYJ\* | 18680 | 63432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corem Property Group AB, Class B | 71713 | 29213 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Europe AG\* | 3123 | 60871 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTP NV | 10274 | 214109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Wohnen SE | 4140 | 103075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dios Fastigheter AB | 11065 | 75589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electra Real Estate Ltd.\* | 5139 | 78856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entra ASA | 6908 | 76791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabege AB | 16810 | 148013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B\* | 58421 | 428122 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\*<sup>,#</sup>  | 1518 | 35977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gav-Yam Lands Corp. Ltd. | 6398 | 79699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grainger PLC | 61925 | 152451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand City Properties SA\* | 6646 | 84572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Group Ltd. | 72000 | 137226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties Ltd. | 157000 | 174769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hiag Immobilien Holding AG | 577 | 79299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 86600 | 529126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hufvudstaden AB, Class A | 10212 | 135655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 54000 | 557134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hysan Development Co. Ltd. | 57001 | 118102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichigo, Inc. | 23500 | 57183 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Workplace Group PLC | 63719 | 189514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intershop Holding AG | 540 | 105752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Canada T.R Ltd. | 17609 | 91870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keihanshin Building Co. Ltd. | 4900 | 55102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 10537 | 79660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kojamo OYJ\* | 15717 | 190401 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 6229 | 474229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leopalace21 Corp. | 20500 | 83804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logistea AB, Class B | 50906 | 81876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mega Or Holdings Ltd. | 2016 | 123740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melisron Ltd. | 2063 | 268571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mivne Real Estate KD Ltd. | 45379 | 200959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobimo Holding AG | 620 | 262715 |
| &nbsp;&nbsp;&nbsp;&nbsp; NP3 Fastigheter AB | 2963 | 80779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nyfosa AB | 13690 | 116650 |

---

*October 31, 2025 (unaudited) / SEMI-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; Pandox AB | 8632 | $172090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platzer Fastigheter Holding AB, Class B | 7498 | 57694 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property AG | 3919 | 677394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 18596 | 417322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden AB\* | 131894 | 72692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius Real Estate Ltd. | 122953 | 161281 |
| &nbsp;&nbsp;&nbsp;&nbsp; StorageVault Canada, Inc. | 20835 | 73533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Real Estate Holdings Ltd. | 3339 | 68390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Logistic Property AB, Class B\* | 18709 | 82416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Properties Ltd. | 88400 | 241177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG | 6540 | 928887 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAG Immobilien AG | 15993 | 265270 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOC Co. Ltd. | 5500 | 29086 |
| &nbsp;&nbsp;&nbsp;&nbsp; VGP NV | 1170 | 135130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 69002 | 2071891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wallenstam AB, Class B | 31506 | 146118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 143000 | 406702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wihlborgs Fastigheter AB | 23134 | 224759 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE OPERATING COMPANIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE OPERATING COMPANIES | $&nbsp;&nbsp;&nbsp;&nbsp;14342301 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS<br>(COST $26,557,902)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS<br>(COST $26,557,902)** | $30411575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS** – **9.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS** – **9.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS** – **9.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE** – **9.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE** – **9.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE** – **9.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab U.S. REIT ETF<sup>#</sup>  | 1046400 | 22068576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Global ex-U.S. Real Estate ETF | 318500 | 15014090 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE | $37082666 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $32,942,427)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $32,942,427)** | $37082666 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANY** – **3.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANY** – **3.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANY** – **3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS** – **3.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS** – **3.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS** – **3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tortoise Energy Infrastructure Total Return Fund, Institutional Class | 666916 | 12391297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANY<br>(COST $7,865,941)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANY<br>(COST $7,865,941)** | $12391297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS** – **32.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS** – **32.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS** – **32.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **DATA CENTER** – **2.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DATA CENTER** – **2.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DATA CENTER** – **2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DigiCo Infrastructure REIT | 37257 | 63625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Core REIT Management Pte Ltd. | 140100 | 72151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 26701 | 4550117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 8163 | 6905980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT | 162835 | 298998 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DATA CENTER | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DATA CENTER | $11890871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED** – **2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED** – **2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED** – **2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Activia Properties, Inc. | 162 | 148219 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEW UK REIT PLC | 21753 | 29720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 7229 | 115447 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 4266 | 81523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 7345 | 48036 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. PLC (The) | 84463 | 421201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 14318 | 256579 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust | 465792 | 848131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group | 39654 | 582220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Long Wale REIT | 57114 | 158821 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Number of<br>Shares | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA | 4089 | $| 262053 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 2533 |  | 42251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Property Income REIT PLC | 42620 |  | 45016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp. | 354 |  | 305050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 16678 |  | 498339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 4528 |  | 51755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 17038 |  | 129830 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) | 162216 |  | 568899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growthpoint Properties Australia Ltd. | 26398 |  | 44217 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R REIT | 11299 |  | 90147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin REIT, Inc. | 67 |  | 77125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heiwa REIT, Inc. | 85 |  | 85160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic REIT, Inc. | 99 |  | 110171 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICADE | 2678 |  | 65193 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDX Realty Investment Corp. | 343 |  | 379256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 61918 |  | 505539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust | 180823 |  | 200050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA | 31542 |  | 491182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirai Corp. | 207 |  | 64809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group | 325926 |  | 490483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mori Trust REIT, Inc. | 222 |  | 111929 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIPPON REIT Investment Corp. | 156 |  | 98493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund, Inc. | 360 |  | 384037 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT UD REIT Investment Corp. | 127 |  | 112405 |
| &nbsp;&nbsp;&nbsp;&nbsp; OUE REIT | 366600 |  | 97170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Picton Property Income Ltd. | 63920 |  | 65582 |
| &nbsp;&nbsp;&nbsp;&nbsp; REIT 1 Ltd. | 16616 |  | 135949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroder REIT Ltd. | 45679 |  | 32705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House REIT, Inc. | 309 |  | 159001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sella Capital Real Estate Ltd. | 19590 |  | 69740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shaftesbury Capital PLC | 165887 |  | 305968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Asia Investment Corp. | 211 |  | 83929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland | 201014 |  | 829913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneweg Europe Stapled Trust | 48300 |  | 84623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntec REIT | 186000 |  | 191487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takara Leben Real Estate Investment Corp. | 82 |  | 49484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu REIT, Inc. | 79 |  | 101396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosei REIT Investment Corp. | 51 |  | 48382 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Urban Investment Corp. | 253 |  | 306174 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 18208 |  | 1201728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuexiu REIT | 440000 |  | 51528 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED | $| &nbsp;&nbsp;&nbsp;&nbsp;11718045 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE** – **4.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE** – **4.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE** – **4.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE** – **4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedifica SA | 4037 |  | 294551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 13028 |  | 758490 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 14110 |  | 639465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Care Property Invest NV | 3452 |  | 45440 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 18526 |  | 641926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cofinimmo SA | 3247 |  | 277144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 19260 |  | 82048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 1322 |  | 40585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care & Medical Investment Corp. | 33 |  | 24668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 29499 |  | 522722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 57694 |  | 1035607 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 3930 |  | 137864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.<sup>#</sup>  | 42201 |  | 218179 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 3834 |  | 285671 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

22 *PORTFOLIOS OF INVESTMENTS*

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

&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; Northwest Healthcare Properties REIT | 12608 | $45576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 23894 | 1004265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkway Life REIT | 36300 | 114344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primary Health Properties PLC | 214643 | 264071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 19941 | 355349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 4793 | 113594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Healthcare REIT PLC | 77461 | 95960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | 1459 | 55763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 37433 | 2762181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Healthcare Property Trust | 65163 | 83156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 55573 | 10060936 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | $&nbsp;&nbsp;&nbsp;&nbsp;19959555 |
| &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. | 18766 | 209992 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascott Trust | 215449 | 156422 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDL Hospitality Trusts | 59214 | 37532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust | 5931 | 37958 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 18163 | 142035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far East Hospitality Trust | 94900 | 44111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoshino Resorts REIT, Inc. | 53 | 88523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 55990 | 896960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. | 636 | 284345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Hotel REIT Investment Corp. | 412 | 240073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc.<sup>#</sup>  | 17264 | 177647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 10551 | 110363 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust<sup>#</sup>  | 13241 | 90039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 5265 | 457581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 17174 | 36752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 11188 | 57506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 17186 | 152096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 8888 | 109322 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOTEL & RESORT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOTEL & RESORT | $3329257 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL** – **5.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL** – **5.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL** – **5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AIMS APAC REIT | 43700 | 46332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 23987 | 309192 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 321700 | 696984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centuria Industrial REIT | 46315 | 107276 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRE Logistics REIT, Inc. | 87 | 88631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus Industria REIT | 20663 | 38667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Industrial REIT | 11389 | 98173 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 4353 | 759729 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESR-REIT | 52029 | 114323 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 11165 | 617201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frasers Logistics & Commercial Trust | 249620 | 183149 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-REIT | 389 | 352627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 169709 | 3667671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Property Trust | 90440 | 109719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite REIT | 2635 | 148081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Infrastructure Fund Investment Corp. | 217 | 201638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc.<sup>#</sup>  | 2154 | 108023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Logistics Fund, Inc. | 216 | 140019 |
| &nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 149 | 144156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc. | 4895 | 192863 |
| &nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC | 185627 | 463818 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 25159 | 238759 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Industrial Trust | 178070 | $291402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Logistics Trust | 279150 | 287386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Logistics REIT Investment Corp. | 126 | 100892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Logistics Park, Inc. | 275 | 199322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montea NV | 1804 | 145557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Prologis REIT, Inc. | 551 | 320353 |
| &nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 1556 | 31260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 3964 | 87208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 77307 | 9593026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 19836 | 819624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 109406 | 1002350 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOSiLA Logistics REIT, Inc. | 76 | 60855 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 15121 | 578681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 8710 | 497602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC | 193435 | 381427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw | 15147 | 384451 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIAL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIAL | $&nbsp;&nbsp;&nbsp;&nbsp;23608427 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-FAMILY RESIDENTIAL** – **2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-FAMILY RESIDENTIAL** – **2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-FAMILY RESIDENTIAL** – **2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Residence Investment Corp. | 243 | 263010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altarea SCA | 428 | 48791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & Management Co., Class A | 15328 | 81545 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 11886 | 2067213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boardwalk REIT | 2080 | 95906 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRT Apartments Corp. | 1574 | 23154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 8943 | 889650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT | 6637 | 182517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 1362 | 80699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comforia Residential REIT, Inc. | 60 | 126533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Living Investments Corp. | 199 | 142558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 7525 | 123786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empiric Student Property PLC | 51684 | 52892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 28928 | 1719480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 5407 | 1361320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home REIT PLC\*<sup>,(1)</sup>  | 42087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 19770 | 314936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingenia Communities Group | 40228 | 147925 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterRent REIT | 6334 | 60425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Irish Residential Properties REIT PLC | 45362 | 48522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Killam Apartment REIT | 4993 | 61694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 9799 | 1256526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Accommodations Fund, Inc. | 215 | 181085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morguard North American Residential REIT | 1808 | 22443 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 2132 | 65388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samty Residential Investment Corp. | 82 | 60019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Social Housing REIT PLC | 33231 | 29686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starts Proceed Investment Corp. | 27 | 35443 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 25235 | 850167 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNITE Group PLC (The) | 35146 | 261791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 6873 | 98696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xior Student Housing NV | 3202 | 104449 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MULTI-FAMILY RESIDENTIAL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MULTI-FAMILY RESIDENTIAL | $10858249 |
| &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 | 56599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 15743 | 53999 |

---

*October 31, 2025 (unaudited) / SEMI-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; BXP, Inc. | 12358 | $879766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion REIT | 160000 | 43034 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 9220 | 63618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colonial SFL Socimi SA | 29033 | 183555 |
| &nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 9418 | 265305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 12980 | 336571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cromwell Property Group | 262936 | 79998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Office Investment Corp. | 52 | 127208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derwent London PLC | 8903 | 205847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus | 90968 | 433308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 14387 | 186168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 3538 | 76492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 12464 | 92109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA | 4380 | 406665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global One Real Estate Investment Corp. | 95 | 87350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Portland Estates PLC | 34798 | 152228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helical PLC | 17407 | 47679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 8747 | 250427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 33395 | 81484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichigo Office REIT Investment Corp. | 132 | 81285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Excellent, Inc. | 109 | 104042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Prime Realty Investment Corp. | 292 | 198570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | 592 | 488243 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties<sup>#</sup>  | 6049 | 117895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel REIT | 194800 | 157145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 8970 | 378983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mori Hills REIT Investment Corp. | 119 | 112892 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET Lease Office Properties | 1277 | 37480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 717 | 661588 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSI NV | 1341 | 31610 |
| &nbsp;&nbsp;&nbsp;&nbsp; One REIT, Inc. | 90 | 52151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orix JREIT, Inc. | 462 | 312677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Group, Inc.\* | 15933 | 104202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peakstone Realty Trust | 4237 | 57242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc, Class A | 10974 | 88450 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 6087 | 312567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 13500 | 512190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workspace Group PLC | 12028 | 66049 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OFFICE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OFFICE | $&nbsp;&nbsp;&nbsp;&nbsp;7984671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OTHER SPECIALIZED** – **2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **OTHER SPECIALIZED** – **2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **OTHER SPECIALIZED** – **2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arena REIT | 35122 | 83878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Social Infrastructure REIT | 35768 | 75592 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 6503 | 318777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners, Inc.<sup>#</sup>  | 3836 | 38475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 8918 | 210822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 23100 | 1031646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 24662 | 2538953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 7097 | 841633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc., Class A | 10236 | 329702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 12448 | 220205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rural Funds Trust | 46919 | 58635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 4022 | 58037 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 87991 | 2638850 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER SPECIALIZED | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER SPECIALIZED | $8445205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL** – **6.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL** – **6.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL** – **6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 10917 | 208187 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; AEON REIT Investment Corp. | 123 | $104076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 8819 | 643875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc.<sup>#</sup>  | 201 | 44407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 25752 | 673672 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWP Property Group Ltd. | 49088 | 123334 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand China Trust | 120900 | 74309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmila SA | 6271 | 114351 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 2691 | 79573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Retail REIT | 46012 | 124035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Properties REIT | 13868 | 146734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crombie REIT | 4825 | 51362 |
| &nbsp;&nbsp;&nbsp;&nbsp; CT REIT | 6101 | 70947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 8150 | 187939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurocommercial Properties NV | 4984 | 148791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 6531 | 628217 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Capital REIT | 8769 | 117604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune REIT | 131000 | 84630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frasers Centrepoint Trust | 119423 | 214697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Real Estate Investment Corp. | 195 | 114512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fukuoka REIT Corp. | 64 | 78489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 4465 | 122475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamborner REIT AG | 9415 | 56323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hammerson PLC | 37201 | 149154 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeCo Daily Needs REIT | 138313 | 123530 |
| &nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 5758 | 157769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | 578 | 446693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 56670 | &nbsp;&nbsp;&nbsp;&nbsp;1170802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 18275 | 404609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA | 18459 | 705112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease Global Commercial REIT | 145125 | 71358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 217900 | 1135131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The) | 21399 | 366993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercialys SA | 7688 | 93755 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp.<sup>#</sup>  | 7102 | 132239 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewRiver REIT PLC | 44669 | 41136 |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 15258 | 617339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 10352 | 350312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primaris REIT | 4411 | 48370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 75717 | 4390072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 13590 | 937030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region Group | 98776 | 157695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Estates NV | 1199 | 86930 |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan REIT | 11906 | 159335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasseur REIT | 61100 | 32390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 1263 | 37397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 439067 | 1169236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 27046 | 4753605 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 4728 | 34656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slate Grocery REIT, Class U | 2915 | 30365 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartCentres REIT | 7835 | 148594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starhill Global REIT | 158600 | 70673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supermarket Income REIT PLC | 95954 | 99709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 9484 | 308799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield | 9910 | 1023936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 10642 | 204646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. | 328112 | 541003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waypoint REIT Ltd. | 58312 | 101107 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

24 *PORTFOLIOS OF INVESTMENTS*

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

&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; Wereldhave NV | 2996 | $63611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 4055 | 50850 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL | $&nbsp;&nbsp;&nbsp;&nbsp;24628480 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SELF-STORAGE** – **1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **SELF-STORAGE** – **1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **SELF-STORAGE** – **1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abacus Storage King | 51339 | 47196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big Yellow Group PLC | 16832 | 245888 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 19108 | 719798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 17734 | 2368198 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 5958 | 173318 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage REIT | 117726 | 177165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 13155 | 3664457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safestore Holdings PLC | 18058 | 169618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shurgard Self Storage Ltd. | 2600 | 95151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 2155 | 74024 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SELF-STORAGE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SELF-STORAGE | $7734813 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SINGLE-FAMILY RESIDENTIAL** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **SINGLE-FAMILY RESIDENTIAL** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **SINGLE-FAMILY RESIDENTIAL** – **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 27273 | 861827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 16207 | 989437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 47071 | 1325049 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRS REIT PLC (The) | 46884 | 68613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 9790 | 1239414 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 7096 | 103176 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SINGLE-FAMILY RESIDENTIAL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SINGLE-FAMILY RESIDENTIAL | $4587516 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS<br>(COST $123,026,662)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS<br>(COST $123,026,662)** | $**134745089** |
|  **TOTAL REAL ESTATE RELATED SECURITIES**<br> **(COST $190,392,932)** | **TOTAL REAL ESTATE RELATED SECURITIES**<br> **(COST $190,392,932)** | $**214630627** |
|  **COMMODITY RELATED SECURITIES** – **47.8%** | **COMMODITY RELATED SECURITIES** – **47.8%** | **COMMODITY RELATED SECURITIES** – **47.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS** – **1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS** – **1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS** – **1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY** – **1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY** – **1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY** – **1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Global Natural Resources ETF<sup>#</sup>  | 119300 | 7012454 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $5,102,945)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $5,102,945)** | $**7012454** |
| &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANIES** – **46.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANIES** – **46.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANIES** – **46.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY** – **46.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY** – **46.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY** – **46.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Commodity Strategy Fund, Admiral Shares | 2617549 | 76484786 |
| &nbsp;&nbsp;&nbsp;&nbsp; DFA Commodity Strategy Portfolio, Institutional Class<sup>§</sup>  | 22252384 | 110371825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parametric Commodity Strategy Fund, Institutional Class | 542859 | 3897726 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMODITY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMODITY | $190754337 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES<br>(COST $179,856,119)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES<br>(COST $179,856,119)** | $**190754337** |
|  **TOTAL COMMODITY RELATED SECURITIES**<br> **(COST $184,959,064)** | **TOTAL COMMODITY RELATED SECURITIES**<br> **(COST $184,959,064)** | $**197766791** |
|  **SHORT-TERM INVESTMENTS** – **0.3%** | **SHORT-TERM INVESTMENTS** – **0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUND** – **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUND** – **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUND** – **0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>^</sup>  | 1448020 | 1448020 |
|  **TOTAL SHORT-TERM INVESTMENT**<br> **(COST $1,448,020)** | **TOTAL SHORT-TERM INVESTMENT**<br> **(COST $1,448,020)** | $**1448020** |

---

---

| | | |
|:---|:---|:---|
| Description | Par Value | Value |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN** – **4.2%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN** – **4.2%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN** – **4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS** – **4.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS** – **4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 4.16%, dated 10/31/25, due 11/03/25, repurchase price $3,071,873, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 11/01/27 to 8/01/55; total market value of $3,132,224. | $3070808 | $3070808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald Securities, 4.20%, dated 10/31/25, due 11/03/25, repurchase price $893,273, collateralized by U.S. Government Agency & Treasury Securities, 1.00% to 6.50%, maturing 2/28/27 to 2/01/57; total market value of $910,819. | 892960 | 892960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $3,071,870, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.50%, maturing 6/30/27 to 10/20/55; total market value of $3,132,224. | 3070808 | 3070808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 3.95%, dated 10/31/25, due 11/03/25, repurchase price $842,018, collateralized by U.S. Treasury Securities, 1.13% to 6.75%, maturing 2/15/26 to 8/15/55; total market value of $858,576. | 841741 | 841741 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $3,071,870, collateralized by U.S. Government Agency Securities, 1.55% to 7.00%, maturing 1/01/32 to 6/01/55; total market value of $3,132,224. | 3070808 | 3070808 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $196,078, collateralized by U.S. Treasury Securities, 0.13% to 3.63%, maturing 7/15/30 to 2/15/51; total market value of $199,930. | 196010 | 196010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $3,071,867, collateralized by U.S. Government Agency Securities, 1.50% to 7.00%, maturing 4/01/31 to 11/01/55; total market value of $3,132,224. | 3070808 | 3070808 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $3,071,870, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/06/25 to 8/15/55; total market value of $3,132,226. | 3070808 | 3070808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $17,284,751)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $17,284,751)** | $**17284751** |
| **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $17,284,751)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $17,284,751)** | $**17284751** |
|  **TOTAL INVESTMENTS – 104.1%**<br> **(Cost $394,084,767)** | **TOTAL INVESTMENTS – 104.1%**<br> **(Cost $394,084,767)** | $**431130189** |
|  **COLLATERAL FOR SECURITIES ON LOAN** – **(4.2%)** | **COLLATERAL FOR SECURITIES ON LOAN** – **(4.2%)** | **(17284751)** |
|  **OTHER ASSETS LESS LIABILITIES** – **0.1%** | **OTHER ASSETS LESS LIABILITIES** – **0.1%** | **395193** |
|  **TOTAL NET ASSETS** – **100.0%** | **TOTAL NET ASSETS** – **100.0%** | $**414240631** |

---

*October 31, 2025 (unaudited) / SEMI-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 October 31, 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 | $113566 | $— | $— | $113566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Real Estate Activities | 13477446 |  |  | 13477446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Development | 2478262 |  |  | 2478262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Operating Companies | 14342301 |  |  | 14342301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 37082666 |  |  | 37082666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company | 12391297 |  |  | 12391297 |
| &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 | 11890871 |  |  | 11890871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified | 11718045 |  |  | 11718045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 19959555 |  |  | 19959555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort | 3329257 |  |  | 3329257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 23608427 |  |  | 23608427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Family Residential | 10858249 |  | —<sup>(a)</sup> | 10858249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office | 7984671 |  |  | 7984671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Specialized | 8445205 |  |  | 8445205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail | 24628480 |  |  | 24628480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Self-Storage | 7734813 |  |  | 7734813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single-Family Residential | 4587516 |  |  | 4587516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity Related Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 7012454 |  |  | 7012454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 190754337 |  |  | 190754337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 1448020 |  |  | 1448020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 17284751 |  | 17284751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $413845438 | $17284751 | $— | $431130189 |

---

<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 |
| 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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

26 *STATEMENTS OF ASSETS AND LIABILITIES*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| October 31, 2025 (unaudited) | Wilmington<br>International<br>Fund | Wilmington<br>International<br>Fund | Wilmington <br> Global Alpha <br> Equities <br> Fund  | Wilmington <br> Global Alpha <br> Equities <br> Fund  | Wilmington <br> Real Asset <br> Fund  | Wilmington <br> Real Asset <br> Fund  |
| ASSETS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments, at identified cost* | $*385573248* |  | $*156281759* |  | $*394084767* | *<sup>(a)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value* | $*550107760* | *<sup>(b)</sup>* | $*223348244* |  | $*431130189* | *<sup>(c),(d)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash* | *—* |  | *55592* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Deposits for financial futures contracts* | *610000* |  | *6217682* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash denominated in foreign currencies* | *2091992* | *<sup>(e)</sup>* | *433072* | *<sup>(e)</sup>* | *102661* | *<sup>(e)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Variation margin receivable for financial futures contracts* | *618* |  | *28227* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | *1215905* |  | *450773* |  | *302841* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign tax reclaim receivable* | *2629737* |  | *498000* |  | *196479* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | *300895* |  | *124660* |  | *172904* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized appreciation on forward foreign currency contracts* | *—* |  | *1611745* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for investments sold* | *767484* |  | *828039* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid and other assets* | *25734* |  | *21659* |  | *20593* |  |
| **TOTAL ASSETS** | **557750125** |  | **233617693** |  | **431925667** |  |
| LIABILITIES: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateral for securities on loan* | *17815157* |  | *—* |  | *17284751* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due to custodian* | *67898* |  | *—* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Deferred foreign capital gains tax payable* | *22789* |  | *10454* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investments purchased* | *1044389* |  | *526324* |  | *31940* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized depreciation on forward foreign currency contracts* | *—* |  | *16943* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | *119664* |  | *18649* |  | *26828* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable to sub-advisors* | *150295* |  | *112423* |  | *23130* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | *4784* |  | *4784* |  | *4784* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | *12824* |  | *5774* |  | *9884* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | *820* |  | *53* |  | *193* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | *150476* |  | *84687* |  | *121414* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | *403837* |  | *246824* |  | *182112* |  |
| **TOTAL LIABILITIES** | **19792933** |  | **1026915** |  | **17685036** |  |
| **NET ASSETS** | $**537957192** |  | $**232590778** |  | $**414240631** |  |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $*343424670* |  | $*183410090* |  | $*413285765* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | *194532522* |  | *49180688* |  | *954866* |  |
| **TOTAL NET ASSETS** | $**537957192** |  | $**232590778** |  | $**414240631** |  |
| 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* | $*3852180* |  | $*248081* |  | $*907688* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *342356* |  | *18039* |  | *61276* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value per share* | $*11.25* |  | $*13.75* |  | $*14.81* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Offering Price per share\** | $*11.90* | *\*\** | $*14.55* | *\*\** | $*15.67* | *\*\** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*534105012* |  | $*232342697* |  | $*413332943* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *46762728* |  | *16472716* |  | *27367276* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*11.42* |  | $*14.10* |  | $*15.10* |  |

---

<sup>(a)</sup> Includes $107,714,679 of investments in affiliated issuers. 

<sup>(b)</sup> Including $16,501,193 of securities on loan (Note 2). 

<sup>(c)</sup> Includes $110,371,825 of investments in affiliated issuers. 

<sup>(d)</sup> Including $16,914,212 of securities on loan (Note 2). 

<sup>(e)</sup> Cost of cash denominated in foreign currencies was $2,104,047, $436,270 and $108,035, 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* 

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF OPERATIONS* 27

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

---

| | | | |
|:---|:---|:---|:---|
| Six Months Ended October 31, 2025 (unaudited) | 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* | $7655257 <sup>(a)</sup> | $2867660 <sup>(a)</sup> | $5504453 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest* | 14507 | 102121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Securities lending income, net* | 73616 |  | 6843 |
| **TOTAL INVESTMENT INCOME** | **7743380** | **2969781** | **5511296** |
| EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | 2090597 | 1431963 | 1065473 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | 75971 | 35345 | 58491 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | 72424 | 48428 | 59525 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | 92267 | 74232 | 36929 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | 22110 | 5786 | 4639 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | 40069 | 40069 | 40069 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | 110075 | 95933 | 83574 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Class A* | 4619 | 306 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Class A* | 4619 | 306 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | 17857 | 18578 | 19392 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | 10019 | 7964 | 9080 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | 32575 | 26517 | 28429 |
| **TOTAL EXPENSES** | **2573202** | **1785427** | **1407837** |
|  WAIVERS AND REIMBURSEMENTS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | *(334297* *)* | *(235121* *)* | *(226660* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Class A* | *(4619* *)* | *(306* *)* | *(1118* |
|  **TOTAL WAIVERS AND REIMBURSEMENTS** | **(338916)** | **(235427)** | **(227778** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | **2234286** | **1550000** | **1180059** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | **5509094** | **1419781** | **4331237** |
| REALIZED AND UNREALIZED GAIN (LOSS): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on unaffiliated investments* | *26639503* | *8609491* *<sup>(c)</sup>* | *(1123799* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on forward foreign currency contracts* | *—* | *(915535* *)* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on foreign currency transactions* | *10402* | *(27372* *)* | *17975* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on financial futures contracts* | *1415632* | *(14108946* *)* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *28065537* | *(6442362* *)* | *(1105824* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on unaffiliated investments* | *51654435* *<sup>(d)</sup>* | *15625579* *<sup>(d)</sup>* | *17015197* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on affiliated investments* | *—* | *—* | *8189484* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on forward foreign currency contracts* | *—* | *2991716* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on foreign currency transactions* | *(63222* *)* | *(28184* *)* | *(19817* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on financial futures contracts* | *(394717* *)* | *(3764390* *)* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *51196496* | *14824721* | *25184864* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized and unrealized gain (loss)* | **79262033** | **8382359** | **24079040** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $**84771127** | $**9802140** | $**28410277** |

---

<sup>(a)</sup> Net of foreign withholding taxes of $863,524, $256,302 and $141,230, respectively. 

<sup>(b)</sup> Includes $1,358,961 received from affiliated issuers. 

<sup>(c)</sup> Net of foreign capital gains tax paid of $826 and $1,104, respectively. 

<sup>(d)</sup> Net of change in deferred foreign capital gains tax accrued of $(11784) and $5,992, respectively. 

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 |
|  | Six Months Ended<br>October 31,<br> 2025<br> (Unaudited) | Year Ended<br>April 30,<br> 2025 | Six Months Ended<br>October 31,<br> 2025<br> (Unaudited) | Year Ended<br>April 30,<br> 2025 |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*5509094* | $*11071675* | $*1419781* | $*2249130* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *28065537* | *33643983* | *(6442362)* | *15175252* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *51196496* | *27903152* | *14824721* | *(304388)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **84771127** | **72618810** | **9802140** | **17119994** |
|  *DISTRIBUTIONS TO SHAREHOLDERS:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(61459)* | *(90506)* | *—* | *(3186)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(9466442)* | *(15810220)* | *—* | *(3134540)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | **(9527901)** | **(15900726)** | **—** | **(3137726)** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *115234* | *14457* | *15838* | *5603* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *14847899* | *45695196* | *12036105* | *70912988* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *49515* | *75175* | *—* | *2909* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *1940347* | *2803020* | *—* | *1212468* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(86067)* | *(309360)* | *(1000)* | *(3548)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(53438553)* | *(142172520)* | *(29646671)* | *(61889430)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **(36571625)** | **(93894032)** | **(17595728)** | **10240990** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *38671601* | *(37175948)* | *(7793588)* | *24223258* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | **499285591** | **536461539** | **240384366** | **216161108** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $**537957192** | $**499285591** | $**232590778** | $**240384366** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *11001* | *1578* | *1173* | *442* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *1380713* | *4864209* | *860860* | *5255092* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *4786* | *8368* | *—* | *224* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *184432* | *307596* | *—* | *91163* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(8027)* | *(34066)* | *(75)* | *(274)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(4882493)* | *(14751822)* | *(2108016)* | *(4720821)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **(3309588)** | **(9604137)** | **(1246058)** | **625826** |

---

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

*October 31, 2025 (unaudited) / SEMI-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> Fund | Wilmington<br>Real Asset<br> Fund |
|  | Six Months Ended<br>October 31,<br> 2025<br> (Unaudited) | Year Ended<br>April 30,<br> 2025 |
| <br> OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $4331237 | $10064878 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | (1105824) | (7930030) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | 25184864 | 29918639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | 28410277 | 32053487 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | (8582) | (22044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | (4356406) | (10059547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | (4364988) | (10081591) |
| SHARE TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | 1294 | 18406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | 27469019 | 58161693 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | 8428 | 21435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | 1782036 | 4584899 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | (22872) | (93904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | (25566766) | (78221764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | 3671139 | (15529235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | 27716428 | 6442661 |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | 386524203 | 380081542 |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $414240631 | $386524203 |
| SHARES OF BENEFICIAL INTEREST: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | 90 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | 1880226 | 4074564 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | 576 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | 119524 | 331337 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | (1603) | (6711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | (1717639) | (5507156) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | 281174 | (1105080) |

---

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 period:

 <br> WILMINGTON INTERNATIONAL FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS A | Six Months<br> Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br> April 30, 2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2023 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2022 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $9.76 | $8.83 | $8.37 | $8.44 | $10.47 | $7.35 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.10 | 0.17 | 0.15 | 0.15 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 1.57 | 1.02 | 0.49 | 0.08 | (1.75) | 3.16 |
| Total Income (Loss) From Operations | 1.67 | 1.19 | 0.64 | 0.23 | (1.65) | 3.26 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.18) | (0.26) | (0.18) | (0.13) | (0.16) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  | (0.17) | (0.22) |  |
| Total Distributions | (0.18) | (0.26) | (0.18) | (0.30) | (0.38) | (0.14) |
|  **Net Asset Value, End of Period** | $11.25 | $9.76 | $8.83 | $8.37 | $8.44 | $10.47 |
|  **Total Return<sup>(b)</sup>**  | 17.26% | 13.69% | 7.81% | 3.01% | (16.31)% | 44.67% |
|  **Net Assets, End of Period (000's)** | $3852 | $3266 | $3166 | $2836 | $2957 | $4015 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 1.46 %<sup>(d)</sup> | 1.46% | 1.45% | 1.48% | 1.48% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 1.08 %<sup>(d)</sup> | 1.08% | 1.08% | 1.09% | 1.10% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.77 %<sup>(d)</sup> | 1.82% | 1.77% | 1.87% | 1.00% | 1.10% |
|  **Portfolio Turnover Rate** | 19% | 34% | 108% | 76% | 71% | 74% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS I | Six Months<br> Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br> April 30, 2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2023 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2022 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $9.90 | $8.94 | $8.46 | $8.52 | $10.56 | $7.41 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.11 | 0.19 | 0.17 | 0.17 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 1.60 | 1.04 | 0.50 | 0.08 | (1.77) | 3.18 |
| Total Income (Loss) From Operations | 1.71 | 1.23 | 0.67 | 0.25 | (1.64) | 3.30 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.19) | (0.27) | (0.19) | (0.14) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  | (0.17) | (0.22) |  |
| Total Distributions | (0.19) | (0.27) | (0.19) | (0.31) | (0.40) | (0.15) |
|  **Net Asset Value, End of Period** | $11.42 | $9.90 | $8.94 | $8.46 | $8.52 | $10.56 |
|  **Total Return<sup>(b)</sup>**  | 17.33% | 14.00% | 8.10% | 3.23% | (16.10)% | 44.92% |
|  **Net Assets, End of Period (000's)** | $534105 | $496020 | $533296 | $515032 | $614339 | $713463 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.95 %<sup>(d)</sup> | 0.96% | 0.95% | 0.98% | 0.99% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.83 %<sup>(d)</sup> | 0.83% | 0.83% | 0.84% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.05 %<sup>(d)</sup> | 2.02% | 2.05% | 2.12% | 1.27% | 1.32% |
|  **Portfolio Turnover Rate** | 19% | 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) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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* 

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS (continued)* 31

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

For a share outstanding throughout each period:

 <br> WILMINGTON GLOBAL ALPHA EQUITIES FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS A | Six Months<br> Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br> April 30, 2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2023 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2022 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $13.23 | $12.36 | $11.76 | $11.68 | $11.97 | $10.87 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.06 | 0.10 | 0.10 | 0.10 | 0.01 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.46 | 0.96 | 0.66 | 0.30 | (0.24) | 1.31 |
| Total Income (Loss) From Operations | 0.52 | 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 Period** | $13.75 | $13.23 | $12.36 | $11.76 | $11.68 | $11.97 |
|  **Total Return<sup>(b)</sup>**  | 3.93% | 8.59% | 6.47% | 3.51% | (1.97)% | 12.27% |
|  **Net Assets, End of Period (000's)** | $248 | $224 | $205 | $303 | $295 | $324 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 1.93 %<sup>(d)</sup> | 2.00% | 1.92% | 2.19% | 2.30% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 1.49 %<sup>(d)</sup> | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.85 %<sup>(d)</sup> | 0.80% | 0.83% | 0.87% | 0.12% | 0.19% |
|  **Portfolio Turnover Rate** | 26% | 82% | 43% | 68% | 44% | 58% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS I | Six Months<br> Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br> April 30, 2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2023 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2022 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $13.55 | $12.63 | $11.99 | $11.88 | $12.14 | $11.01 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.08 | 0.15 | 0.14 | 0.13 | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.47 | 0.96 | 0.66 | 0.30 | (0.25) | 1.31 |
| Total Income (Loss) From Operations | 0.55 | 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 Period** | $14.10 | $13.55 | $12.63 | $11.99 | $11.88 | $12.14 |
|  **Total Return<sup>(b)</sup>**  | 4.06% | 8.85% | 6.73% | 3.75% | (1.63)% | 12.46% |
|  **Net Assets, End of Period (000's)** | $232343 | $240160 | $215956 | $213027 | $211957 | $206232 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 1.43 %<sup>(d)</sup> | 1.50% | 1.41% | 1.69% | 1.80% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 1.24 %<sup>(d)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.14 %<sup>(d)</sup> | 1.09% | 1.13% | 1.12% | 0.38% | 0.44% |
|  **Portfolio Turnover Rate** | 26% | 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) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 period:

 <br> WILMINGTON REAL ASSET FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS A | Six Months<br>Ended<br>October 31,<br>2025<br>(Unaudited) | Year Ended<br> April 30, 2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2023 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2022 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $13.97 | $13.22 | $13.26 | $16.30 | $15.58 | $12.33 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.13 | 0.33 | 0.31 | 0.69 | 1.64 <sup>(b)</sup> | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.85 | 0.77 | (0.08) | (3.04) | 0.82 | 3.32 |
| Total Income (Loss) From Operations | 0.98 | 1.10 | 0.23 | (2.35) | 2.46 | 3.49 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.14) | (0.35) | (0.27) | (0.69)<sup>(c)</sup> | (1.74) | (0.24) |
| Total Distributions | (0.14) | (0.35) | (0.27) | (0.69) | (1.74) | (0.24) |
|  **Net Asset Value, End of Period** | $14.81 | $13.97 | $13.22 | $13.26 | $16.30 | $15.58 |
|  **Total Return<sup>(d)</sup>**  | 7.03% | 8.41% | 1.73% | (14.44)% | 16.34% | 28.65% |
|  **Net Assets, End of Period (000's)** | $908 | $869 | $873 | $941 | $1169 | $995 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(e)</sup>  | 1.18 %<sup>(f)</sup> | 1.19% | 1.16% | 1.17% | 1.17% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(e),(g)</sup>  | 0.82 %<sup>(f)</sup> | 0.82% | 0.82% | 0.85% | 0.89% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.84 %<sup>(f)</sup> | 2.35% | 2.36% | 4.78% | 10.04 %<sup>(b)</sup> | 1.25% |
|  **Portfolio Turnover Rate** | 1% | 6% | 3% | 20% | 32% | 40% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS I | Six Months<br>Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br> April 30, 2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2023 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2022 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $14.24 | $13.45 | $13.48 | $16.54 | $15.77 | $12.47 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.16 | 0.37 | 0.35 | 0.74 | 1.65 <sup>(b)</sup> | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.86 | 0.79 | (0.09) | (3.09) | 0.89 | 3.40 |
| Total Income (Loss) From Operations | 1.02 | 1.16 | 0.26 | (2.35) | 2.54 | 3.57 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.16) | (0.37) | (0.29) | (0.71)<sup>(c)</sup> | (1.77) | (0.27) |
| Total Distributions | (0.16) | (0.37) | (0.29) | (0.71) | (1.77) | (0.27) |
|  **Net Asset Value, End of Period** | $15.10 | $14.24 | $13.45 | $13.48 | $16.54 | $15.77 |
|  **Total Return<sup>(d)</sup>**  | 7.15% | 8.70% | 1.94% | (14.21)% | 16.66% | 29.00% |
|  **Net Assets, End of Period (000's)** | $413333 | $385655 | $379209 | $409335 | $486959 | $463203 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(e)</sup>  | 0.68 %<sup>(f)</sup> | 0.69% | 0.66% | 0.67% | 0.67% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(e),(g)</sup>  | 0.57 %<sup>(f)</sup> | 0.57% | 0.57% | 0.60% | 0.64% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.09 %<sup>(f)</sup> | 2.59% | 2.60% | 5.10% | 9.98 %<sup>(b)</sup> | 1.18% |
|  **Portfolio Turnover Rate** | 1% | 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) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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* 

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS* 33

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

Wilmington Funds

October 31, 2025 (unaudited)

&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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 October 31, 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.* | $*1056976* | $*1056976* | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Citadel Securities LLC* | *3295804* | *3295804* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Daiwa Capital Markets America, Inc.* | *3098055* | *3098055* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Deutsche Bank Securities, Inc.* | *872408* | *872408* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*HSBC Securities USA, Inc.* | *3098055* | *3098055* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*HSBC Securities USA, Inc.* | *197749* | *197749* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Nomura Securities International, Inc.* | *3098055* | *3098055* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*RBC Dominion Securities, Inc.* | *3098055* | *3098055* |  |  |
|  | $**17815157** | $**17815157** | $**—** | $**—** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Asset Fund** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of America Securities, Inc.* | $*3070808* | $*3070808* | $— | $— |

---

*October 31, 2025 (unaudited) / SEMI-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;*Cantor Fitzgerald Securities* | $*892960* | $*892960* | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Daiwa Capital Markets America, Inc.* | *3070808* | *3070808* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Deutsche Bank Securities, Inc.* | *841741* | *841741* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*HSBC Securities USA, Inc.* | *3070808* | *3070808* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*HSBC Securities USA, Inc.* | *196010* | *196010* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Nomura Securities International, Inc.* | *3070808* | *3070808* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*RBC Dominion Securities, Inc.* | *3070808* | *3070808* |  |  |
|  | $**17284751** | $**17284751** | $**—** | $**—** |

---

*<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 –** 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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 October 31, 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* | *$16501193* | *$16501193* | *$—* |
| *Real Asset Fund* | *16914212* | *16914212* | *—* |

---

*<sup>(1)</sup>* *Collateral with a value of $17,815,157 and $17,284,751, 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 six months ended October 31, 2025, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

*October 31, 2025 (unaudited) / SEMI-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 October 31, 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* | *Variation margin receivable for financial futures contracts\** | *Variation margin payable for financial futures contracts\** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign exchange contracts*  | *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 October 31, 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 |
| **Global Alpha Equities Fund** |  |  |  |
| *Financial Futures Contracts* | $*218548* | $*218548* | $*—* |
| *Forward Foreign Currency Contracts* | *1611745* | *—* | *1611745* |
| *Totals* | $*1830293* | $*218548* | $*1611745* |
|  | Liability Derivatives Fair Value | Liability Derivatives Fair Value | Liability Derivatives Fair Value |
| Fund | Total Value | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts |
| **International Fund** |  |  |  |
| *Financial Futures Contracts* | $*(11211)* | $*(11211)* | $*—* |
| *Totals* | $*(11211)* | $*(11211)* | $*—* |
| **Global Alpha Equities Fund** |  |  |  |
| *Financial Futures Contracts* | $*(3261566)* | $*(3261566)* | $*—* |
| *Forward Foreign Currency Contracts* | *(16943)* | *—* | *(16943)* |
| *Totals* | $*(3278509)* | $*(3261566)* | $*(16943)* |

---

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 six months ended October 31, 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* | $*1415632* | $*1415632* | $*—* |
| *Totals* | $*1415632* | $*1415632* | $*—* |
| **Global Alpha Equities Fund** |  |  |  |
| *Financial Futures Contracts* | $*(14108946)* | $*(14108946)* | $*—* |
| *Forward Foreign Currency Contracts* | *(915535)* | *—* | *(915535)* |
| *Totals* | $*(15024481)* | $*(14108946)* | $*(915535)* |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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* | $*(394717)* | $*(394717)* | $*—* |
| *Totals* | $*(394717)* | $*(394717)* | $*—* |
| **Global Alpha Equities Fund** |  |  |  |
| *Financial Futures Contracts* | $*(3764390)* | $*(3764390)* | $*—* |
| *Forward Foreign Currency Contracts* | *2991716* | *—* | *2991716* |
| *Totals* | $*(772674)* | $*(3764390)* | $*2991716* |

---

The average quarterly volume of derivative activities for the six months ended October 31, 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* | $*8557424* | $*—* |
| *Global Alpha Equities Fund* | *3000986* | *54898303* |
|  | 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* | $*112419652* | $*850796* |

---

*<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 October 31, 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; *BNP Paribas* | $*938049* | $*—* | $*—* | $*—* | $*938049* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deutsche Bank AG* | *233395* | *—* | *—* | *—* | *233395* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Goldman Sachs & Co.* | *359473* | *—* | *—* | *—* | *359473* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *HSBC Securities, Inc.* | *72953* | *—* | *—* | *—* | *72953* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *State Street Bank & Trust* | *7436* | *—* | *—* | *—* | *7436* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TD Securities Ltd.* | *439* | *(439)* | *—* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Derivative Assets* | $*1611745* | $*(439)* | $*—* | $*—* | $*1611306* |

---

*October 31, 2025 (unaudited) / SEMI-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; *Morgan Stanley* | $*13866* | $*—* | $*—* | $*—* | $*13866* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TD Securities Ltd.* | *3077* | *(439)* | *—* | *—* | *2638* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Derivative Liabilities* | $*16943* | $*(439)* | $*—* | $*—* | $*16504* |

---

*<sup>(1)</sup>* *Excess of collateral received is not shown for financial reporting purposes.* 

*<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;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 six months ended October 31, 2025.

The amount and character of tax-basis distributions and composition of distributable earnings are finalized at fiscal year-end. Accordingly, tax-basis balances have not been determined as of the date of this report.

As of October 31, 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* | $*392027782* | $*174225667* | $*(16156900)* | $*158068767* |
| *Global Alpha Equities Fund* | *161806138* | *72739931* | *(12646042)* | *60093889* |
| *Real Asset Fund* | *401918054* | *50807935* | *(21595800)* | *29212135* |

---

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)* |

---

&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* | *$1208856* | *$(334297)* | *0.45%* |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

40 *NOTES TO FINANCIAL STATEMENTS (continued)*

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

&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* | *$881741* | *$—* | *0.33%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total<sup>(a)</sup>*  | *$2090597* | *$(334297)* |  |
| **Global Alpha Equities Fund** |  |  |  |
| *WFMC* | *$749851* | *$(235121)* | *0.60%* |
| *Sub-advisors:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wellington Management Company LP* | *682112* | *—* | *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>*  | *$1431963* | *$(235121)* |  |
| **Real Asset Fund** |  |  |  |
| *WFMC* | *$930743* | *$(226660)* | *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* | *134730* | *—* | *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>*  | *$1065473* | *$(226660)* |  |

---

*<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, 2026, 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* |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 41

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

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 six months ended October 31, 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 six months ended October 31, 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* | *$517* |
| *Global Alpha Equities Fund* | *16* |
| *Real Asset Fund* | *1* |

---

**Sales Charges** – The Funds' Class A shares, as applicable, bear front-end sales charges.

For the six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund/<br> Affiliated Investment<br> Name | Value<br> 4/30/25 | 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;10/31/25  | Number of <br> Shares<br> 10/31/25 | Dividend<br> Income | Capital<br> Gain<br> Distributions |
|  **Real Asset Fund** |  |  |  |  |  |  |  |  |  |
|  **Investment Company - 26.6%\*** |  |  |  |  |  |  |  |  |  |
|  *DFA Commodity Strategy Portfolio, Institutional Class* | *$100823380* | *$1358961* | *$—* | *$—* | *$8189484* | *$110371825* | *22252384* | *$1358961* | *$—* |

---

*\** *As a percentage of Net Assets as of October 31, 2025.* 

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

42 *NOTES TO FINANCIAL STATEMENTS (concluded)*

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

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

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

&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 six months ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund<br>| <br> Purchases | <br> Sales |
| *International Fund* | $*96652929* | $*123378939* |
| *Global Alpha Equities Fund* | *60625776* | *94660187* |
| *Real Asset Fund* | *7782034* | *2733574* |

---

&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 six months ended October 31, 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.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

43.0 &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
At a meeting held on September 25-26, 2025 (the "September Meeting"), the Board of Trustees (the "Board") of the Wilmington Funds (the "Trust," and each series, a "Fund") agreed to approve the renewal of the Trust's investment advisory agreements and sub-advisory agreements (collectively, the "Advisory Agreements"). The agreement renewal process was divided into two Board meetings of the Trustees who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Independent Trustees"), of the Trust, to consider information relating to each Fund of the Trust, as generally described below.

At a meeting held on August 18, 2025 (the "August Meeting"), the Board met with personnel of Wilmington Funds Management Corporation ("WFMC"), Wilmington Trust Investment Advisors, Inc. ("WTIA," and together with WFMC, the "Adviser"), and independent counsel to the Independent Trustees ("Counsel") to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with WFMC and with WTIA and the Advisory Agreements between the Wilmington Global Alpha Equities Fund, Wilmington International Fund and Wilmington Real Asset Fund (the "Sub-Advised Funds") and their respective sub-advisers (the "Sub-Advisers"). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel that was sent on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

At the August Meeting, the Adviser also provided the Board with an initial basis for the approval of each Advisory Agreement between the Sub-Advised Funds and their respective Sub-Advisers and discussed with the Board a variety of information about the Sub-Advised Funds and their Sub-Advisers, including information that each Sub-Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees concerning its investment advisory services, operations, compliance program and other matters.

In agreeing to renew the Advisory Agreements, the Board considered, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;● Information about the nature and quality of the services provided by the Adviser, including management style, particular investment strategies and prevailing market conditions experienced in the prior year; the fees and expenses of each Fund, including any applicable fee waiver or expense cap; the costs of the services and potential economies of scale; and fallout or ancillary benefits to the Adviser from managing each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;● Reports from a leading, independent source of mutual fund industry data describing, on a Fund-by-Fund basis, peer comparisons of fee and expense data;

&nbsp;&nbsp;&nbsp;&nbsp;● Reports from a leading, independent source of mutual fund industry data describing, on a Fund-by-Fund basis, peer comparative performance data;

&nbsp;&nbsp;&nbsp;&nbsp;● Information from the Adviser describing, on a Fund-by-Fund basis, each Fund's performance (over multiple periods) compared with the Fund's benchmark(s) and peer groups, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;● Information about fees paid by other clients of the Adviser (and each Sub-Adviser, as relevant and available) that have substantially similar investment objectives to the corresponding Fund;

&nbsp;&nbsp;&nbsp;&nbsp;● The nature and quality of the services provided by the Adviser with respect to the Sub-Advisers and the Adviser's evaluation and recommendation of the approval of the renewal of the Advisory Agreements with each Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;● For each Sub-Adviser, the nature and quality of services provided; the costs to the Sub-Adviser of providing those services, as available; the potential for economies of scale; and potential fall-out benefits to the Sub-Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;● The financial stability of the Adviser and each Sub-Adviser and their parent companies, when relevant.

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment performance, compliance and operational matters; brokerage and portfolio transactions; allocation of soft dollars for research products and services; portfolio turnover rates; and other benefits

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

44 *Semi-Annual Financial Statements and Other Information*

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

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

from the allocation of transactions to certain brokers. The Board took into account information provided by the Adviser with respect to the effect on performance of asset allocations required by a Fund's investment strategy or implemented by the Adviser at its discretion. The Board also considered the Adviser's profitability in providing services under the Advisory Agreements. The Board generally concluded that, for each Fund, the consideration of each factor above supported the renewal of each Advisory Agreement.

At the September Meeting, the Board approved the renewal of each of the Advisory Agreements, based on all of the relevant information and factors, none of which was individually determinative of the outcome, and concluded the following:

&nbsp;&nbsp;&nbsp;&nbsp;● The nature and extent of the investment advisory services to be provided to each Fund by the Adviser and each Sub-Adviser, as applicable, were consistent with the terms of the relevant Advisory Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;● The prospects for satisfactory investment performance were reasonable; and

&nbsp;&nbsp;&nbsp;&nbsp;● Renewal of the Advisory Agreements was in the best interest of each Fund and its shareholders.

#### Wilmington International Fund
The Fund is sub-advised by Wellington Management Company LLP.

The Board considered that the Fund's net management fee rate (which included both the Adviser and the Sub-Adviser fees) and net total expense ratio were slightly above the Fund's expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-year period ended June 30, 2025, and below the peer group average for the three- and five-year periods ended June 30, 2025. The Board considered that it had previously considered and approved the Fund's structural change to transition away from a multi-subadviser approach to a single sub-adviser (Wellington Management Company, LLP) in September of 2023, and the Fund's outperformance of its peer group and benchmark since those changes were implemented.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreements.

#### Wilmington Global Alpha Equities Fund
The Fund is sub-advised by Wellington Management Company LLP.

The Board considered that the Fund's net management fee rate (which included both the Adviser and the Sub-Adviser fees) was equal to the Fund's expense group median and net total expense ratio was slightly above the Fund's expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2025.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreements.

#### Wilmington Real Asset Fund
The Fund is sub-advised by Parametric Portfolio Associates LLC.

The Board considered that the Fund's net management fee rate (which included both the Adviser and the Sub-Adviser fees) and net total expense ratio were below the Fund's expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-year period ended June 30, 2025 and below the peer group average for the three- and five-year periods ended June 30, 2025. The Board considered management's explanation of the Fund's performance and that the Fund outperformed over the last year. In addition, the Board considered management's view that peer group comparisons are difficult due to differences in asset allocations and exposures, particularly in equity positions, among the funds in the peer group, and that the Fund is performing in line with Management's expectations and with its objective to function as a vehicle for investment in real assets as a means of mitigating the long-term effects of inflation on an investment portfolio.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreements.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

45.0 &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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

46.0 &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.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

[This Page Intentionally Left Blank]

------

[This Page Intentionally Left Blank]

------

[This Page Intentionally Left Blank]

------

![LOGO](g86645g40j40.jpg)

---

| | |
|:---|:---|
| <br> Investment Advisor | <br> 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; 9<sup>th</sup> 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-SAR-MMgr-1025 |
| <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.* 

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

------

![LOGO](g86645dsp097.jpg)

October 31, 2025 (unaudited) PRESIDENT'S MESSAGE AND SEMI-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

------

![LOGO](g86645g02j02.jpg)

CONTENTS

---

| | |
|:---|:---|
| [President's Message](#fin386645_1) | i |
| [Portfolios of Investments](#fin386645_2) | 1 |
| [Statements of Assets and Liabilities](#fin386645_3) | 5 |
| [Statements of Operations](#fin386645_4) | 6 |
| [Statements of Changes in Net Assets](#fin386645_5) | 7 |
| [Financial Highlights](#fin386645_6) | 8 |
| [Notes to Financial Statements](#fin386645_7) | 12 |
| [Other Information](#fin386645_8) | 16 |

---

------

[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 Semi-Annual Financial Statements of the U.S. Government Money Market Fund and U.S. Treasury Money Market Fund (the "Funds"), covering the Funds' semi-annual fiscal period of May 1, 2025, through October 31, 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' semi-annual fiscal period.

#### The economy
The semiannual fiscal period unfolded against a backdrop of sweeping policy changes and heightened economic uncertainty in the wake of the landmark "Liberation Day" tariff announcement. This period was further defined by pivotal political developments, including the passage of President Trump's "One Big Beautiful Bill" in July. This legislation extended most of the 2017 tax cuts that were set to expire in December and introduced transformative new tax and spending measures. An ongoing government shutdown late in the period obfuscated the economic picture by halting the flow of economic data and leaving policymakers and investors to navigate critical decisions without timely information.

Tariffs continued to dominate headlines early in the period as trade war tensions escalated. President Trump issued a series of rapid-fire announcements, raising tariff rates on several of the United States' largest trading partners. As the period progressed, the tariff threat appeared to soften as major trade agreements were reached, though sporadic sector-specific adjustments persisted. Looking ahead, a major legal test looms as the Supreme Court prepares to rule—likely in 2026—on the legality of President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose sweeping global tariffs.

On the economic front, prior to the shutdown, the labor market showed signs of softening, with job growth slowing and major revisions pulling employment figures toward contractionary territory. The unemployment rate ticked up to 4.3%, though layoffs remained subdued. Wage growth decelerated, and the bulk of job gains were concentrated in healthcare, while cyclical sectors shed jobs.

Gross Domestic Product ("GDP") growth for Q2 (reported in August) rebounded into positive territory, but underlying drivers, including private spending by consumers and firms, slowed to the weakest pace in the post-pandemic period. Despite recessionary concerns, retail sales showed improvement and upside surprise throughout the summer, though much of the nominal growth reflected higher prices due to tariffs. Inflation pressures nudged up slightly, with both headline and core Consumer Price Index ("CPI") running at 3% year-over-year and tariff-driven price increases in core goods largely offset by easing shelter costs.

As for monetary policy, the Federal Reserve (the "Fed") restarted its rate-cutting cycle, reducing the federal funds rate by a cumulative 50 basis points<sup>1</sup>, bringing the target range to 3.75%–4.00%. The Fed also ended quantitative tightening. Chair Powell's cautious tone and signs of division amongst committee members highlighted growing uncertainty about the path forward.

#### Bond markets
Fixed income markets were largely positive during the period, propelled by two successive and well-telegraphed rate cuts from the Federal Reserve, leading to modestly lower yields across the curve. The 10-year Treasury yield fell 8 basis points to 4.08%, while the 2-year yield dropped 3 basis points to 3.57%, approaching its lowest level since mid-2022. Against this backdrop of easing monetary policy, the Bloomberg U.S. Aggregate Bond Index advanced 3.5%, reflecting broad-based gains across investment-grade sectors. Market volatility remained notably subdued, as measured by the MOVE Index<sup>2</sup>, and credit spreads persisted at historically tight levels, underscoring stability in the fixed income landscape.

For the six-month period May 1, 2025 to October 31, 2025, certain Bloomberg indices performed as follows:<sup>3</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bloomberg<br> U.S. Treasury<br> Bond Index<sup>4</sup>  | Bloomberg<br> U.S. Aggregate<br> Bond Index<sup>5</sup>  | Bloomberg<br> U.S. Credit<br> Bond Index<sup>6</sup>  | Bloomberg<br> Municipal Bond<br> Index<sup>7</sup>  | Bloomberg<br> U.S. Corporate<br> High Yield Bond<br> Index<sup>8</sup>  |
|  *2.36%* | 3.50% | 4.83% | 4.99% | 6.34% |

---

*Past performance is no guarantee of future results.* 

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

*October 31, 2025 / PRESIDENT'S MESSAGE* 

------

ii

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

#### Equity markets
U.S. equity markets were among the strongest of any 6-month period on record, with large-cap and small-cap stocks both returning more than +20% and delivering gains in every monthly period. The S&P 500 advanced +23.60%, driven by tech and AI-related enthusiasm. Technology (+46.4%), Communication Services (+34.2%), and Consumer Discretionary (+25.5%) led the market, while AI-levered sectors such as Utilities (+14.4%) also posted strong gains. Consumer Staples (-4.7%) was the only sector to decline, pressured by tariff-related headwinds and weakness among lower-end consumers.

International equities were similarly robust. Emerging markets surged (+27.41%) on signs of easing U.S.-China tensions, while developed markets, measured by the MSCI EAFE (Net) Index, gained a solid +13.29%, marking a strong period for global equities.

For the six-month period May 1, 2025 to October 31, 2025, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| S&P 500<sup>®</sup> <br> Index<sup>9</sup>  | Russell<br> 2000<sup>®</sup> <br> Index<sup>10</sup>  | MSCI EAFE<br> (Net) Index<sup>11</sup>  | MSCI Emerging<br> Markets (Net)<br> Index<sup>12</sup>  |
|  *23.60%* | 27.09% | 13.29% | 27.41% |

---

*Past performance is no guarantee of future results.* 

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

Sincerely,

![LOGO](g86645g45j45.jpg)

Randy Vogel

President

November 18, 2025

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

*PRESIDENT'S MESSAGE / October 31, 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.** 

*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. MOVE Index is a market-implied measure of bond market volatility that calculates the implied volatility of U.S. Treasury options using a weighted average of option prices on Treasury futures across multiple maturities (2, 5, 10, and 30 years).

&nbsp;&nbsp;&nbsp;&nbsp;3. 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;4. 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;5. 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;6. 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;7. Bloomberg Municipal Bond Index tracks the performance of the 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;8. 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. The index is unmanaged and investments cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;9. 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;10. 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 approximately $9.7 million to $11.4 billion. The index is unmanaged and investments cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;11. 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;12. 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.

*October 31, 2025 / PRESIDENT'S MESSAGE* 

------

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

Wilmington U.S. Government Money Market Fund

PORTFOLIO OF INVESTMENTS

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS – 15.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS – 15.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL FARM CREDIT BANK (FFCB) – 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL FARM CREDIT BANK (FFCB) – 5.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL FARM CREDIT BANK (FFCB) – 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.06%), 4.10%, 08/13/26<sup>Δ</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;30000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 09/02/26 | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/26 | 140000000 | 139918087 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.12%), 4.16%, 06/07/27<sup>Δ</sup>  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.13%), 4.17%, 09/10/27<sup>Δ</sup>  | 75000000 | 75000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.13%), 4.17%, 09/22/27<sup>Δ</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL FARM CREDIT BANK (FFCB) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL FARM CREDIT BANK (FFCB) | $544918087 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 9.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 9.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 9.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 11/07/25<sup>‡</sup>  | 100000000 | 99931083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 11/21/25<sup>‡</sup>  | 100000000 | 99769389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/01/25<sup>‡</sup>  | 100000000 | 99657917 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%), 4.04%, 12/11/25<sup>Δ</sup>  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/20/26 | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.07%), 4.11%, 09/11/26<sup>Δ</sup>  | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.19%), 4.23%, 12/23/26<sup>Δ</sup>  | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.17%), 4.21%, 04/28/27<sup>Δ</sup>  | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.12%), 4.16%, 08/04/27<sup>Δ</sup>  | 175000000 | 175000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.18%), 4.22%, 10/20/27<sup>Δ</sup>  | 125000000 | 125000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.12%), 4.16%, 10/29/27<sup>Δ</sup>  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN BANK (FHLB) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN BANK (FHLB) | $974358389 |
| &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%), 4.14%, 06/18/26<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.12%), 4.16%, 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 $1,581,276,476) | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(COST $1,581,276,476) | $1581276476 |
|  **U.S. TREASURY OBLIGATIONS – 42.7%** | **U.S. TREASURY OBLIGATIONS – 42.7%** | **U.S. TREASURY OBLIGATIONS – 42.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 36.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 36.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 36.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 11/04/25<sup>‡</sup>  | 100000000 | 99965146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 11/12/25<sup>‡</sup>  | 100000000 | 99870750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/20/25<sup>‡</sup>  | 125000000 | 124726875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 11/25/25<sup>‡</sup>  | 125000000 | 124647917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/28/25<sup>‡</sup>  | 150000000 | 149530500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 12/02/25<sup>‡</sup>  | 150000000 | 149456208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 12/09/25<sup>‡</sup>  | 100000000 | 99566694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 12/11/25<sup>‡</sup>  | 160000000 | 159262667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 12/16/25<sup>‡</sup>  | 100000000 | 99493750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 12/23/25<sup>‡</sup>  | 125000000 | 124268750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/30/25<sup>‡</sup>  | 150000000 | 149011750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 01/06/26<sup>‡</sup>  | 150000000 | 148909625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/13/26<sup>‡</sup>  | 150000000 | 148828958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 01/20/26<sup>‡</sup>  | 100000000 | 99152222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/22/26<sup>‡</sup>  | 125000000 | 123828368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/27/26<sup>‡</sup>  | 100000000 | 99080458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 01/29/26<sup>‡</sup>  | 125000000 | 123726497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 02/05/26<sup>‡</sup>  | 147405000 | 145840542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/12/26<sup>‡</sup>  | 100000000 | 98864139 |

---

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 02/19/26<sup>‡</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;100000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98794583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 02/26/26<sup>‡</sup>  | 100000000 | 98728275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/05/26<sup>‡</sup>  | 150000000 | 147995333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/12/26<sup>‡</sup>  | 150000000 | 147964042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/26<sup>‡</sup>  | 100000000 | 98545729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/26/26<sup>‡</sup>  | 150000000 | 147760052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 04/09/26<sup>‡</sup>  | 150000000 | 147552063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 04/23/26<sup>‡</sup>  | 150000000 | 147361750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 05/07/26<sup>‡</sup>  | 150000000 | 147209334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/14/26<sup>‡</sup>  | 50000000 | 48981500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/11/26<sup>‡</sup>  | 50000000 | 48836042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 08/06/26<sup>‡</sup>  | 50000000 | 48548222 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | $3696308741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 6.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 6.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/25 | 100000000 | 99693812 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.25%), 4.01%, 01/31/26<sup>Δ</sup>  | 80000000 | 80008201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26 | 80000000 | 79424043 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.15%), 3.92%, 04/30/26<sup>Δ</sup>  | 215000000 | 215021249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/26 | 80000000 | 79776284 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.10%), 3.86%, 01/31/27<sup>Δ</sup>  | 125000000 | 124980848 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES | $678904437 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $4,375,213,178)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $4,375,213,178)** | $**4375213178** |
|  | Number of<br>Shares |  |
|  **MONEY MARKET FUND – 2.3%** | **MONEY MARKET FUND – 2.3%** | **MONEY MARKET FUND – 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.95%^ | 232419238 | 232419238 |
| **TOTAL MONEY MARKET FUND<br>(COST $232,419,238)** | **TOTAL MONEY MARKET FUND<br>(COST $232,419,238)** | $**232419238** |
|  | Par Value |  |
| REPURCHASE AGREEMENTS – 41.3% | REPURCHASE AGREEMENTS – 41.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CIBC World Markets Corp., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $300,103,500, collateralized by U.S. Treasury Securities, 0.13% to 4.88%, maturing 11/30/25 to 11/15/54; total market value $300,000,033. | $300000000 | 300000000 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $170,058,650, collateralized by U.S. Treasury Securities, 2.75% to 3.75%, maturing 11/15/42 to 11/15/43; total market value $173,400,024. | $170000000 | $&nbsp;&nbsp;&nbsp;&nbsp;170000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FICC Bank of New York, 4.14%, dated 10/31/25, due 11/03/25, repurchase price $1,300,448,500, collateralized by U.S. Treasury Securities, 0.13% to 4.50%, maturing 04/15/27 to 02/15/44; total market value $1,326,000,014. | 1300000000 | 1300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FICC Mizuho Securities USA, 4.16%, dated 10/31/25, due 11/03/25, repurchase price $1,130,391,733, collateralized by U.S. Treasury Securities, 1.38% to 6.75%, maturing 08/15/26 to 08/15/54; total market value $1,152,600,046. | 1130000000 | 1130000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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; Sumitomo Mitsui Banking Corp., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $1,100,380,417, collateralized by U.S. Treasury Securities, 0.00% to 5.00%, maturing 11/12/25 to 11/15/54; total market value $1,122,000,043. | $| 1100000000 | $1100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $225,077,813, collateralized by U.S. Treasury Securities, 0.38% to 4.63%, maturing 01/31/26 to 02/15/35; total market value $229,500,061. |  | 225000000 | 225000000 |
| **TOTAL REPURCHASE AGREEMENTS<br>(COST $4,225,000,000)** | **TOTAL REPURCHASE AGREEMENTS<br>(COST $4,225,000,000)** | **TOTAL REPURCHASE AGREEMENTS<br>(COST $4,225,000,000)** | $**4225000000** |
| **TOTAL INVESTMENTS – 101.7%<br>(COST $10,413,908,892)** | **TOTAL INVESTMENTS – 101.7%<br>(COST $10,413,908,892)** | **TOTAL INVESTMENTS – 101.7%<br>(COST $10,413,908,892)** | $**10413908892** |
| **OTHER ASSETS LESS LIABILITIES – (1.7)%** | **OTHER ASSETS LESS LIABILITIES – (1.7)%** | **OTHER ASSETS LESS LIABILITIES – (1.7)%** | **(174113021)** |
| **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**10239795871** |

---

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 October 31, 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 | $— | $1581276476 | $— | $1581276476 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 4375213178 |  | 4375213178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 232419238 |  |  | 232419238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 4225000000 |  | 4225000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $232419238 | $10181489654 | $— | $10413908892 |

---

---

| | |
|:---|:---|
| <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.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;‡ The rate shown reflects the effective yield at purchase date.

^ 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* 

*October 31, 2025 (unaudited) / SEMI-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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
|  **U.S. TREASURY OBLIGATIONS – 63.8%** | **U.S. TREASURY OBLIGATIONS – 63.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 49.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 49.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 49.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 11/04/25<sup>‡</sup>  | $50000000 | $49982573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 11/12/25<sup>‡</sup>  | 50000000 | 49935375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/20/25<sup>‡</sup>  | 100000000 | 99781038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 11/25/25<sup>‡</sup>  | 50000000 | 49859167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/28/25<sup>‡</sup>  | 50000000 | 49844000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 12/09/25<sup>‡</sup>  | 50000000 | 49783347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 12/11/25<sup>‡</sup>  | 40000000 | 39815667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 12/16/25<sup>‡</sup>  | 50000000 | 49746875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/30/25<sup>‡</sup>  | 50000000 | 49670583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 01/06/26<sup>‡</sup>  | 75000000 | 74454813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/13/26<sup>‡</sup>  | 75000000 | 74414479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 01/29/26<sup>‡</sup>  | 75000000 | 74235898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/12/26<sup>‡</sup>  | 50000000 | 49432069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 02/19/26<sup>‡</sup>  | 50000000 | 49397292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 02/26/26<sup>‡</sup>  | 50000000 | 49364137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/05/26<sup>‡</sup>  | 50000000 | 49331778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/12/26<sup>‡</sup>  | 75000000 | 73982021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/26<sup>‡</sup>  | 50000000 | 49287958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/26/26<sup>‡</sup>  | 75000000 | 73879120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 04/23/26<sup>‡</sup>  | 50000000 | 49120583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 05/07/26<sup>‡</sup>  | 50000000 | 49069778 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS |  | $1204388551 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 14.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 14.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 14.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/25 | 50000000 | 49845182 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.25%), 4.01%, 01/31/26<sup>Δ</sup>  | 20000000 | 20002050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26 | 20000000 | 19856011 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.15%), 3.92%, 04/30/26<sup>Δ</sup>  | 85000000 | 85018242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/26 | 20000000 | 19944071 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.21%), 3.97%, 10/31/26<sup>Δ</sup>  | 50000000 | 50057804 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.10%), 3.86%, 01/31/27<sup>Δ</sup>  | 100000000 | 99993816 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES |  | $344717176 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $1,549,105,727)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $1,549,105,727)** | $**1549105727** |

---

---

| | | |
|:---|:---|:---|
| Description | Number of<br>Shares | Value |
|  **MONEY MARKET FUND – 1.2%** | **MONEY MARKET FUND – 1.2%** | **MONEY MARKET FUND – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.95%^ | 29160302 | $29160302 |
| **TOTAL MONEY MARKET FUND<br>(COST $29,160,302)** | **TOTAL MONEY MARKET FUND<br>(COST $29,160,302)** | $**29160302** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value |  |
|  **REPURCHASE AGREEMENTS – 37.3%** | **REPURCHASE AGREEMENTS – 37.3%** | **REPURCHASE AGREEMENTS – 37.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $210,072,450, collateralized by U.S. Treasury Securities, 3.63% to 4.50%, maturing 02/15/44 to 11/15/54; total market value $214,200,044. | $210000000 | 210000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FICC Bank of New York, 4.14%, dated 10/31/25, due 11/03/25, repurchase price $90,031,050, collateralized by U.S. Treasury Security, 2.50%, maturing 03/31/27; total market value $91,800,072. | 90000000 | 90000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FICC Mizuho Securities USA, 4.16%, dated 10/31/25, due 11/03/25, repurchase price $380,131,733, collateralized by U.S. Treasury Securities, 1.75% to 3.88%, maturing 12/31/26 to 09/30/31; total market value $387,600,042. | 380000000 | 380000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $225,077,813, collateralized by U.S. Treasury Securities, 4.00% to 4.63%, maturing 03/15/27 to 02/15/35; total market value $229,500,050. | 225000000 | 225000000 |
| **TOTAL REPURCHASE AGREEMENTS<br>(COST $905,000,000)** | **TOTAL REPURCHASE AGREEMENTS<br>(COST $905,000,000)** | $**905000000** |
| **TOTAL INVESTMENTS – 102.3%<br>(COST $2,483,266,029)** | **TOTAL INVESTMENTS – 102.3%<br>(COST $2,483,266,029)** | $**2483266029** |
| **OTHER ASSETS LESS LIABILITIES – (2.3)%** | **OTHER ASSETS LESS LIABILITIES – (2.3)%** | **(56980298)** |
| **TOTAL NET ASSETS – 100.0%** |  | $**2426285731** |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 October 31, 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 | $— | $1549105727 | $— | $1549105727 |
| Money Market Fund | 29160302 |  |  | 29160302 |
| Repurchase Agreements |  | 905000000 |  | 905000000 |
| Total | $29160302 | $2454105727 | $— | $2483266029 |

---

&nbsp;&nbsp;&nbsp;&nbsp;‡ The rate shown reflects the effective yield at purchase date.

---

| | |
|:---|:---|
| Δ | 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.  |

---

^ 7-Day net yield.

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

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF ASSETS AND LIABILITIES* 5

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

---

| | | |
|:---|:---|:---|
| October 31, 2025 (unaudited) | 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* | $*10413908892* | $*2483266029* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value (including repurchase agreements of $4,225,000,000 and $905,000,000, respectively)* | $*10413908892* | $*2483266029* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | *9343419* | *710568* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | *571605* | *10998* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid assets* | *68849* | *38569* |
|  **TOTAL ASSETS** | **10423892765** | **2484026164** |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investments purchased* | *147209334* | *49069778* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income distribution payable* | *33121133* | *7876984* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | *603595* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | *4784* | *4784* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | *239607* | *57935* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | *7810* | *244* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shareholder services fees* | *1046138* | *247305* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | *887408* | *189662* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | *977085* | *293741* |
|  **TOTAL LIABILITIES** | **184096894** | **57740433** |
|  **NET ASSETS** | $**10239795871** | $**2426285731** |
|  **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $*10239942936* | $*2426293271* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | *(147065)* | *(7540)* |
|  **TOTAL NET ASSETS** | $**10239795871** | $**2426285731** |
| 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* | $*13331356* | $*865979* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *13339559* | *866135* |
| &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* | $*3908636738* | $*938646309* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *3908874205* | *938658482* |
| &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* | $*5501324526* | $*1366950768* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *5501977814* | *1367000545* |
| &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* | $*16347414* | $*320233* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *16347178* | *320205* |
| &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* | $*800155837* | $*119502442* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *800136576* | *119502785* |
| &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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

6 *STATEMENTS OF OPERATIONS*

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

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

---

| | | |
|:---|:---|:---|
| Six Months Ended October 31, 2025 (unaudited) | 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* | $*1061589* | $*559511* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest* | *211402107* | *50218735* |
|  **TOTAL INVESTMENT INCOME** | **212463696** | **50778246** |
| EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | *7402836* | *1777369* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | *1397104* | *336051* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | *869254* | *213496* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | *74423* | *29863* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | *78741* | *14866* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | *40069* | *40069* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | *117846* | *77834* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Administrative Class* | *64154* | *14258* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Service Class* | *46624* | *385* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Administrative Class* | *64154* | *14258* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Institutional Class* | *1710816* | *427665* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Select Class* | *7112681* | *1794721* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Service Class* | *46624* | *385* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | *32270* | *32241* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | *22849* | *9020* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | *181811* | *65646* |
|  **TOTAL EXPENSES** | **19262256** | **4848127** |
| WAIVERS AND REIMBURSEMENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | *(2320845)* | *(700595)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Administrative Class* | *(15397)* | *(3497)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Institutional Class* | *(175765)* | *(42845)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Select Class* | *(2576314)* | *(648204)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Service Class* | *(3528)* | *(282)* |
|  **TOTAL WAIVERS AND REIMBURSEMENTS** | **(5091849)** | **(1395423)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | **14170407** | **3452704** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | **198293289** | **47325542** |
| REALIZED GAIN (LOSS): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on investments* | *(8465)* | *628* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | **(8465)** | **628** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $**198284824** | $**47326170** |

---

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

*October 31, 2025 (unaudited) / SEMI-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 |
|  | Six Months Ended<br>October 31,<br> 2025<br> (Unaudited) | Year Ended<br>April 30,<br> 2025 | Six Months Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br>April 30,<br>2025 |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*198293289* | $*450254589* | $*47325542* | $*92975719* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(8465)* | *24162* | *628* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **198284824** | **450278751** | **47326170** | **92975719** |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *(961023)* | *(35669429)* | *(213520)* | *(11295192)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *(69336365)* | *(120011036)* | *(17236733)* | *(25658668)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *(113444941)* | *(257012681)* | *(28500860)* | *(55064369)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *(689197)* | *(22770760)* | *(5862)* | *(11553)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class* | *(13861629)* | *(14791109)* | *(1368550)* | *(945930)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | **(198293155)** | **(450255015)** | **(47325525)** | **(92975712)** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *63100617* | *5286144940* | *1774625* | *1202070886* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *5232549831* | *5210533252* | *1034740730* | *1406310698* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *5400668213* | *11862479366* | *1080885045* | *2496803199* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *26683065* | *1625352630* | *30000* | *43088* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class* | *1102336302* | *1720244555* | *477947199* | *399636792* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *2082* | *4603* | *8975* | *17774* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *246459* | *535904* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *754327* | *2483684* | *630636* | *1528634* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *190125* | *431763* | *5862* | *11553* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class* | *2250* | *4915* | *2239* | *4906* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *(699422616)* | *(5456365572)* | *(116931294)* | *(1329238178)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *(4134433866)* | *(5091970461)* | *(810208566)* | *(1212937515)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *(5811394956)* | *(11469369390)* | *(1134632208)* | *(2164701218)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *(235944836)* | *(1836872236)* | *(8979)* | *(8307)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class* | *(779567444)* | *(1518330748)* | *(425959662)* | *(349583399)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **165769553** | **335307205** | **108284602** | **449958913** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *165761222* | *335330941* | *108285247* | *449958920* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | **10074034649** | **9738703708** | **2318000484** | **1868041564** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $**10239795871** | $**10074034649** | $**2426285731** | $**2318000484** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *63100617* | *5286144940* | *1774624* | *1202070886* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *5232549831* | *5210533252* | *1034740730* | *1406310698* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *5400668213* | *11862479366* | *1080885045* | *2496803199* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *26683065* | *1625352630* | *30000* | *43088* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class* | *1102336302* | *1720244555* | *477947199* | *399636792* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *2082* | *4603* | *8975* | *17774* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *246459* | *535904* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *754327* | *2483684* | *630636* | *1528634* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *190125* | *431763* | *5862* | *11553* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class* | *2250* | *4915* | *2239* | *4906* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *(699422616)* | *(5456365572)* | *(116931294)* | *(1329238178)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *(4134433866)* | *(5091970461)* | *(810208566)* | *(1212937515)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *(5811394956)* | *(11469369390)* | *(1134632208)* | *(2164701218)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *(235944836)* | *(1836872236)* | *(8979)* | *(8307)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Preferred Institutional Class* | *(779567444)* | *(1518330748)* | *(425959662)* | *(349583399)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **165769553** | **335307205** | **108284601** | **449958913** |

---

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 period:

 <br> WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ADMINISTRATIVE CLASS | Six Months<br> Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br> April 30, 2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2023 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2022 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.019 | 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> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.019 | 0.043 | 0.047 | 0.026 | 0.000 | 0.000 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.019) | (0.043) | (0.047) | (0.026) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 1.88 %<sup>(b)</sup> | 4.37% | 4.85% | 2.59% | 0.02% | 0.01% |
| Net Assets, End of Period (000's) | $13331 | $649315 | $819609 | $773332 | $1163736 | $1728081 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.71 %<sup>(d)</sup> | 0.71% | 0.81% | 0.81% | 0.81% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.54% | 0.08% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.75 %<sup>(d)</sup> | 4.28% | 4.77% | 2.42% | 0.02% | 0.01% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| INSTITUTIONAL CLASS | Six Months<br>Ended<br>October 31,<br>2025<br>(Unaudited) | Year Ended<br>April 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2023<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2022<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.020 | 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> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.020 | 0.046 | 0.051 | 0.029 | 0.000 | 0.000 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.020) | (0.046) | (0.051) | (0.029) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 2.06 %<sup>(b)</sup> | 4.74% | 5.22% | 2.90% | 0.02% | 0.02% |
| Net Assets, End of Period (000's) | $3908637 | $2810414 | $2691292 | $2469665 | $1756769 | $1735456 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.31 %<sup>(d)</sup> | 0.31% | 0.34% | 0.31% | 0.31% | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.25 %<sup>(d)</sup> | 0.25% | 0.25% | 0.25% | 0.08% | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.05 %<sup>(d)</sup> | 4.64% | 5.10% | 2.96% | 0.02% | 0.01% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SELECT CLASS | Six Months<br> Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br>April 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2023<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2022<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.020 | 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> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.020 | 0.046 | 0.050 | 0.028 | 0.000 | 0.000 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.020) | (0.046) | (0.050) | (0.028) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 2.03 %<sup>(b)</sup> | 4.66% | 5.11% | 2.81% | 0.02% | 0.02% |
| Net Assets, End of Period (000's) | $5501325 | $5911476 | $5515811 | $6062727 | $3997179 | $4168651 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.46 %<sup>(d)</sup> | 0.46% | 0.56% | 0.56% | 0.56% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.32 %<sup>(d)</sup> | 0.32% | 0.35% | 0.34% | 0.08% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.99 %<sup>(d)</sup> | 4.56% | 5.00% | 2.91% | 0.02% | 0.01% |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS (continued)* 9

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SERVICE CLASS | Six Months<br> Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br>April 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2023<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2022<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2021<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| **Net Asset Value, Beginning of Period** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.019 | 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> | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.019 | 0.042 | 0.046 | 0.024 | 0.000 | 0.000 |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.019) | (0.042) | (0.046) | (0.024) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| **Net Asset Value, End of Period** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| **Total Return** | 1.87 %<sup>(b)</sup> | 4.31% | 4.73% | 2.43% | 0.01% | 0.01% |
| **Net Assets, End of Period (000's)** | $16347 | $225430 | $436534 | $645974 | $500998 | $1190711 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.71 %<sup>(d)</sup> | 0.71% | 0.81% | 0.81% | 0.81% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.64 %<sup>(d)</sup> | 0.66% | 0.72% | 0.72% | 0.08% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.70 %<sup>(d)</sup> | 4.21% | 4.62% | 2.49% | 0.01% | 0.01% |

---

---

| | | | |
|:---|:---|:---|:---|
| PREFERRED INSTITUTIONAL CLASS | Six Months<br>Ended<br>October 31,<br>2025<br>(Unaudited) | Year Ended<br>April 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | For the Period <br> December 29, <br>2023\* <br> through <br> April 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.021 | 0.047 | 0.018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (0.000)<sup>(a)</sup> | 0.000 <sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.021 | 0.047 | 0.018 |
| Less Distributions From: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.021) | (0.047) | (0.018) |
| Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 |
| Total Return | 2.11 %<sup>(b)</sup> | 4.83% | 1.79 %<sup>(b)</sup> |
| Net Assets, End of Period (000's) | $800156 | $477400 | $275458 |
| Ratios to Average Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.21 %<sup>(d)</sup> | 0.21% | 0.31 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.16 %<sup>(d)</sup> | 0.16% | 0.16 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.14 %<sup>(d)</sup> | 4.57% | 5.29 %<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents less than $0.001.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total returns for periods of less than one year 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) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

\* Commencement of operations.

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 period:

 <br> WILMINGTON U.S. TREASURY MONEY MARKET FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ADMINISTRATIVE CLASS | Six Months<br>Ended<br>October 31,<br>2025<br>(Unaudited) | Year Ended<br>April 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2023<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2022<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.019 | 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 | 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 | 0.019 | 0.043 | 0.047 | 0.026 | 0.000 | 0.000 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.019) | (0.043) | (0.047) | (0.026) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 1.88 %<sup>(b)</sup> | 4.36% | 4.85% | 2.59% | 0.02% | 0.01% |
| Net Assets, End of Period (000's) | $866 | $116005 | $243127 | $238372 | $336133 | $361438 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.72 %<sup>(d)</sup> | 0.72% | 0.82% | 0.83% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.54% | 0.07% | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.74 %<sup>(d)</sup> | 4.25% | 4.74% | 2.40% | 0.02% | 0.01% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  |  |  |
| INSTITUTIONAL CLASS | Six Months<br>Ended<br>October 31,<br>2025<br>(Unaudited) | Year Ended<br>April 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2023<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2022<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.020 | 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 | 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 | 0.020 | 0.046 | 0.051 | 0.029 | 0.000 | 0.000 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.020) | (0.046) | (0.051) | (0.029) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 2.05 %<sup>(b)</sup> | 4.73% | 5.22% | 2.90% | 0.02% | 0.02% |
| Net Assets, End of Period (000's) | $938646 | $714117 | $520749 | $511825 | $342827 | $201157 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.32 %<sup>(d)</sup> | 0.32% | 0.36% | 0.33% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.25 %<sup>(d)</sup> | 0.25% | 0.25% | 0.25% | 0.09% | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.03 %<sup>(d)</sup> | 4.60% | 5.10% | 3.04% | 0.02% | 0.01% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  |  |  |  |  |  |
| SELECT CLASS | Six Months<br>Ended<br>October 31,<br>2025<br>(Unaudited) | Year Ended<br>April 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2023<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2022<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br> April 30, 2021 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.020 | 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 | 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 | 0.020 | 0.046 | 0.050 | 0.028 | 0.000 | 0.000 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.020) | (0.046) | (0.050) | (0.028) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 2.02 %<sup>(b)</sup> | 4.65% | 5.11% | 2.81% | 0.02% | 0.02% |
| Net Assets, End of Period (000's) | $1366951 | $1420073 | $1086464 | $1122678 | $615858 | $816980 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.47 %<sup>(d)</sup> | 0.47% | 0.57% | 0.58% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.32 %<sup>(d)</sup> | 0.32% | 0.35% | 0.34% | 0.08% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.97 %<sup>(d)</sup> | 4.53% | 4.99% | 2.95% | 0.02% | 0.02% |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS (concluded)* 11

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SERVICE CLASS | Six Months<br>Ended<br>October 31,<br>2025<br>(Unaudited) | Year Ended<br>April 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2023<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2022<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Year Ended<br>April 30, 2021<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.019 | 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 <sup>(a)</sup> | 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 | 0.019 | 0.044 | 0.046 | 0.024 | 0.000 | 0.000 |
| Less Distributions From: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.019) | (0.044) | (0.046) | (0.024) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> |
| Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| Total Return | 1.94 %<sup>(b)</sup> | 4.50% | 4.73% | 2.43% | 0.01% | 0.01% |
| Net Assets, End of Period (000's) | $320 | $293 | $247 | $166 | $290 | $111 |
| Ratios to Average Net Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.72 %<sup>(d)</sup> | 0.72% | 0.82% | 0.83% | 0.82% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.48 %<sup>(d)</sup> | 0.45% | 0.72% | 0.71% | 0.09% | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.81 %<sup>(d)</sup> | 4.40% | 4.63% | 2.16% | 0.01% | 0.01% |

---

---

| | | | |
|:---|:---|:---|:---|
| PREFERRED INSTITUTIONAL CLASS | Six Months<br>Ended<br>October 31,<br>2025<br>(Unaudited) | Year Ended<br>April 30, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | For the Period <br>December 29, <br> 2023\* <br> through <br> April 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Net Asset Value, Beginning of Period | $1.000 | $1.000 | $1.000 |
| Income (Loss) From Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.021 | 0.047 | 0.018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | 0.000 <sup>(a)</sup> | 0.000 | 0.000 <sup>(a)</sup> |
| Total Income (Loss) From Operations | 0.021 | 0.047 | 0.018 |
| Less Distributions From: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.021) | (0.047) | (0.018) |
| Net Asset Value, End of Period | $1.000 | $1.000 | $1.000 |
| Total Return | 2.10 %<sup>(b)</sup> | 4.82% | 1.79 %<sup>(b)</sup> |
| Net Assets, End of Period (000's) | $119503 | $67512 | $17455 |
| Ratios to Average Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.22 %<sup>(d)</sup> | 0.21% | 0.33 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.16 %<sup>(d)</sup> | 0.16% | 0.16 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 4.09 %<sup>(d)</sup> | 4.47% | 5.22 %<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents less than $0.001.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Total returns for periods of less than one year 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) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

\* Commencement of operations.

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

12 *NOTES TO FINANCIAL STATEMENTS*

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

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

Wilmington Funds

October 31, 2025 (unaudited)

&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;&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;&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. 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

*October 31, 2025 (unaudited) / SEMI-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 October 31, 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.* | $*300000000* | $*300000000* | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Deutsche Bank Securities, Inc.* | *170000000* | *170000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*FICC Bank of New York* | *1300000000* | *1300000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*FICC Mizuho Securities USA* | *1130000000* | *1130000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Sumitomo Mitsui Banking Corp.* | *1100000000* | *1100000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*TD Securities, Inc.* | *225000000* | *225000000* |  |  |
|  | $**4225000000** | $**4225000000** | $**—** | $**—** |
|  **&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.* | $*210000000* | $*210000000* | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*FICC Bank of New York* | *90000000* | *90000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*FICC Mizuho Securities USA* | *380000000* | *380000000* |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*TD Securities, Inc.* | *225000000* | *225000000* |  |  |
|  | $**905000000** | $**905000000** | $**—** | $**—** |

---

*<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** – 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 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 six months ended October 31, 2025.

The amount and character of tax-basis distributions and composition of distributable earnings are finalized at fiscal year-end. Accordingly, tax-basis balances have not been determined as of the date of this report.

Cost of investments for federal income tax purposes is the same as for financial statement purposes.

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

14 *NOTES TO FINANCIAL STATEMENTS (continued)*

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

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

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

&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%* |

---

WFMC and the Funds' distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2026, 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> Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional <br> Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%* |

---

**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 six months ended October 31, 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 six months ended October 31, 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* | *$100097* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Treasury Money Market Fund* | *13965* |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (concluded)* 15

&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 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.

For the six months ended October 31, 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* | *$6154001* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*U.S. Treasury Money Market Fund* | *1520010* |

---

**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 six months ended October 31, 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.

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

16.0 &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
At a meeting held on September 25-26, 2025 (the "September Meeting"), the Board of Trustees (the "Board") of the Wilmington Funds (the "Trust," and each series, a "Fund") agreed to approve the renewal of the Trust's investment advisory agreement and sub-advisory agreement (collectively, the "Advisory Agreements"). The agreement renewal process was divided into two Board meetings of the Trustees who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Independent Trustees"), of the Trust, to consider information relating to each Fund of the Trust, as generally described below.

At a meeting held on August 18, 2025 (the "August Meeting"), the Board met with personnel of Wilmington Funds Management Corporation ("WFMC"), Wilmington Trust Investment Advisors, Inc. ("WTIA," and together with WFMC, the "Adviser"), and independent counsel to the Independent Trustees ("Counsel") to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with WFMC and with WTIA. At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel that was sent on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

At the August Meeting, the Adviser provided the Board with an initial basis for the approval of the Advisory Agreements and discussed with the Board the information about the Adviser, including information provided in response to a written request from Counsel on behalf of the Independent Trustees concerning its investment advisory services, operations, compliance program and other matters.

In agreeing to renew the Advisory Agreements, the Board considered, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;● Information about the nature and quality of the services provided by the Adviser, including management style, particular investment strategies and prevailing market conditions experienced in the prior year; the fees and expenses of each Fund, including any applicable fee waiver or expense cap; the costs of the services and potential economies of scale; and fallout or ancillary benefits to the Adviser from managing each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;● Reports from a leading, independent source of mutual fund industry data describing, on a Fund-by-Fund basis, peer comparisons of fee and expense data;

&nbsp;&nbsp;&nbsp;&nbsp;● Reports from a leading, independent source of mutual fund industry data describing, on a Fund-by-Fund basis, peer comparative performance data;

&nbsp;&nbsp;&nbsp;&nbsp;● Information from the Adviser describing, on a Fund-by-Fund basis, each Fund's performance (over multiple periods) compared with the Fund's benchmark(s) and peer groups, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;● Information about fees paid by other clients of the Adviser that have substantially similar investment objectives to the corresponding Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;● The financial stability of the Adviser and its parent company.

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment performance, compliance and operational matters; brokerage and portfolio transactions; allocation of soft dollars for research products and services; portfolio turnover rates; and other benefits from the allocation of transactions to certain brokers. The Board took into account information provided by the Adviser with respect to the effect on performance of asset allocations required by a Fund's investment strategy or implemented by the Adviser at its discretion. The Board also considered the Adviser's profitability in providing services under the Advisory Agreements. The Board generally concluded that, for each Fund, the consideration of each factor above supported the renewal of each Advisory Agreement.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*Semi-Annual Financial Statements and Other Information* 17

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

At the September Meeting, the Board approved the renewal of each of the Advisory Agreements, based on all of the relevant information and factors, none of which was individually determinative of the outcome, and concluded the following:

&nbsp;&nbsp;&nbsp;&nbsp;● The nature and extent of the investment advisory services to be provided to each Fund by the Adviser, as applicable, were consistent with the terms of the relevant Advisory Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;● The prospects for satisfactory investment performance were reasonable; and

&nbsp;&nbsp;&nbsp;&nbsp;● Renewal of the Advisory Agreements was in the best interest of each Fund and its shareholders.

#### Wilmington U.S. Government Money Market Fund
The Board considered that the Fund's net management fee rate was above the Fund's expense group median and net total expense ratio was below the Fund's expense group median. The Board considered the fee waivers in place for the Fund. The Board also considered that the Fund slightly outperformed the Lipper Institutional U.S. Government Money Market Funds peer group average for each of the one-, three-and five-year periods ended June 30, 2025. The Board also considered that the Fund slightly outperformed the iMoneyNet, Inc. Government and Agency Institutional Average for each of the one-, three- and five-year periods ended June 30, 2025.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreements.

#### Wilmington U.S. Treasury Money Market Fund
The Board considered that the Fund's net management fee rate was equal to the Fund's expense group median and net total expense ratio was above the Fund's expense group median. The Board considered the fee waivers in place for the Fund. The Board also considered that the Fund slightly outperformed the Lipper Institutional U.S. Treasury Money Market Funds peer group average for each of the one-, three- and five-year periods ended June 30, 2025. The Board also considered that the Fund slightly outperformed the iMoneyNet, Inc. Treasury and Repo Institutional Average for each of the one-, three- and five-year periods ended June 30, 2025.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreements.

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

18.0 &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.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

19.0 &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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

[This Page Intentionally Left Blank]

------

[This Page Intentionally Left Blank]

------

![LOGO](g86645dsp124.jpg)

&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

Wilmington Funds Management Corp.

1100 North Market Street

9<sup>th</sup> Floor

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;Sub-Advisor

Wilmington Trust Investment Advisors, Inc.

1100 North Market Street

9<sup>t</sup><sup>h</sup> Floor

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;Co-Administrator

Wilmington Funds Management Corp.

1100 North Market Street

9<sup>th</sup> Floor

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;Custodian

The Bank of New York

240 Greenwich Street

New York, NY 10286

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Accountant, Co-Administrator, Transfer Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Dividend Disbursing Agent

BNY Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square

2001 Market Street, Suite 1800

Philadelphia, PA 19103

WT-SAR-MM-1025 <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](g86645dsp125.jpg)

October 31, 2025 (unaudited) PRESIDENT'S MESSAGE AND SEMI-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

------

![LOGO](g86645g02j02.jpg)

CONTENTS

---

| | |
|:---|:---|
|  [President's Message](#fin486645_1) | i |
|  [Portfolios of Investments](#fin486645_2) | 1 |
|  [Statements of Assets and Liabilities](#fin486645_3) | 21 |
|  [Statements of Operations](#fin486645_4) | 22 |
|  [Statements of Changes in Net Assets](#fin486645_5) | 23 |
|  [Financial Highlights](#fin486645_6) | 25 |
|  [Notes to Financial Statements](#fin486645_7) | 28 |
|  [Other Information](#fin486645_8) | 34 |

---

------

[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 Semi-Annual Financial Statements of the Broad Market Bond Fund, Municipal Bond Fund and New York Municipal Bond Fund (the "Funds"), covering the Funds' semi-annual fiscal period of May 1, 2025, through October 31, 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' semi-annual fiscal period.

#### The economy
The semiannual fiscal period unfolded against a backdrop of sweeping policy changes and heightened economic uncertainty in the wake of the landmark "Liberation Day" tariff announcement. This period was further defined by pivotal political developments, including the passage of President Trump's "One Big Beautiful Bill" in July. This legislation extended most of the 2017 tax cuts that were set to expire in December and introduced transformative new tax and spending measures. An ongoing government shutdown late in the period obfuscated the economic picture by halting the flow of economic data and leaving policymakers and investors to navigate critical decisions without timely information.

Tariffs continued to dominate headlines early in the period as trade war tensions escalated. President Trump issued a series of rapid-fire announcements, raising tariff rates on several of the United States' largest trading partners. As the period progressed, the tariff threat appeared to soften as major trade agreements were reached, though sporadic sector-specific adjustments persisted. Looking ahead, a major legal test looms as the Supreme Court prepares to rule—likely in 2026—on the legality of President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose sweeping global tariffs.

On the economic front, prior to the shutdown, the labor market showed signs of softening, with job growth slowing and major revisions pulling employment figures toward contractionary territory. The unemployment rate ticked up to 4.3%, though layoffs remained subdued. Wage growth decelerated, and the bulk of job gains were concentrated in healthcare, while cyclical sectors shed jobs.

Gross Domestic Product ("GDP") growth for Q2 (reported in August) rebounded into positive territory, but underlying drivers, including private spending by consumers and firms, slowed to the weakest pace in the post-pandemic period. Despite recessionary concerns, retail sales showed improvement and upside surprise throughout the summer, though much of the nominal growth reflected higher prices due to tariffs. Inflation pressures nudged up slightly, with both headline and core Consumer Price Index ("CPI") running at 3% year-over-year and tariff-driven price increases in core goods largely offset by easing shelter costs.

As for monetary policy, the Federal Reserve (the "Fed") restarted its rate-cutting cycle, reducing the federal funds rate by a cumulative 50 basis points<sup>1</sup>, bringing the target range to 3.75%–4.00%. The Fed also ended quantitative tightening. Chair Powell's cautious tone and signs of division amongst committee members highlighted growing uncertainty about the path forward.

#### Bond markets
Fixed income markets were largely positive during the period, propelled by two successive and well-telegraphed rate cuts from the Federal Reserve, leading to modestly lower yields across the curve. The 10-year Treasury yield fell 8 basis points to 4.08%, while the 2-year yield dropped 3 basis points to 3.57%, approaching its lowest level since mid-2022. Against this backdrop of easing monetary policy, the Bloomberg U.S. Aggregate Bond Index advanced 3.5%, reflecting broad-based gains across investment-grade sectors. Market volatility remained notably subdued, as measured by the MOVE Index<sup>2</sup>, and credit spreads persisted at historically tight levels, underscoring stability in the fixed income landscape.

For the six-month period May 1, 2025 to October 31, 2025, certain Bloomberg indices performed as follows:<sup>3</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bloomberg<br> U.S. Treasury<br> Bond Index<sup>4</sup>  | Bloomberg<br>U.S. Aggregate<br> Bond Index<sup>5</sup>  | Bloomberg<br> U.S. Credit<br> Bond Index<sup>6</sup> | Bloomberg<br> Municipal Bond<br> Index<sup>7</sup>  | Bloomberg<br> U.S. Corporate<br> High Yield Bond<br> Index<sup>8</sup>  |
|  *2.36%* | *3.50%* | *4.83%* | *4.99%* | *6.34%* |

---

*Past performance is no guarantee of future results.* 

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

*October 31, 2025 / PRESIDENT'S MESSAGE* 

------

ii

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

#### Equity markets
U.S. equity markets were among the strongest of any 6-month period on record, with large-cap and small-cap stocks both returning more than +20% and delivering gains in every monthly period. The S&P 500 advanced +23.60%, driven by tech and AI-related enthusiasm. Technology (+46.4%), Communication Services (+34.2%), and Consumer Discretionary (+25.5%) led the market, while AI-levered sectors such as Utilities (+14.4%) also posted strong gains. Consumer Staples (-4.7%) was the only sector to decline, pressured by tariff-related headwinds and weakness among lower-end consumers.

International equities were similarly robust. Emerging markets surged (+27.41%) on signs of easing U.S.-China tensions, while developed markets, measured by the MSCI EAFE (Net) Index, gained a solid +13.29%, marking a strong period for global equities.

For the six-month period May 1, 2025 to October 31, 2025, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| S&P 500<sup>®</sup><br> Index<sup>9</sup> | Russell<br> 2000<sup>®</sup><br> Index<sup>10</sup> | MSCI EAFE<br> (Net) Index<sup>11</sup> | MSCI Emerging<br> Markets (Net)<br> Index<sup>12</sup> |
|  *23.60%* | *27.09%* | *13.29%* | *27.41%* |

---

*Past performance is no guarantee of future results.* 

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

Sincerely,

![LOGO](g86645g45j45.jpg)

Randy Vogel

President

November 18, 2025

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

*PRESIDENT'S MESSAGE / October 31, 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. MOVE Index is a market-implied measure of bond market volatility that calculates the implied volatility of U.S. Treasury options using a weighted average of option prices on Treasury futures across multiple maturities (2, 5, 10, and 30 years).

&nbsp;&nbsp;&nbsp;&nbsp;3. 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;4. 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;5. 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;6. 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;7. Bloomberg Municipal Bond Index tracks the performance of the 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;8. 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. The index is unmanaged and investments cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;9. 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;10. 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 approximately $9.7 million to $11.4 billion. The index is unmanaged and investments cannot be made directly in an index.

&nbsp;&nbsp;&nbsp;&nbsp;11. 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;12. 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.

*October 31, 2025 / PRESIDENT'S MESSAGE* 

------

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

Wilmington Broad Market Bond Fund

PORTFOLIO OF INVESTMENTS

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| <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%), 6.47%, 05/01/33<sup>Δ</sup>  | $4438 | $4517 |
| TOTAL ADJUSTABLE RATE MORTGAGE<br>(COST $4,432) | TOTAL ADJUSTABLE RATE MORTGAGE<br>(COST $4,432) | $4517 |
|  **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 | 2440 | 2443 |
| &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, 5.74%, 02/25/34<sup>Δ</sup> | 16527 | 15984 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 5.06%, 11/25/35<sup>Δ</sup>  | 8250 | 8551 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WHOLE LOAN | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WHOLE LOAN | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24535 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS<br>(COST $27,107) | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS<br>(COST $27,107) | $26978 |
|  **CORPORATE BONDS** – **35.0%** | **CORPORATE BONDS** – **35.0%** | **CORPORATE BONDS** – **35.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE** – **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/29 | 150000 | 145176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 | 3000000 | 2968862 |
| &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 | 1020304 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/29 | 835000 | 792307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/34 | 2900000 | 3014615 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AEROSPACE & DEFENSE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AEROSPACE & DEFENSE | $7941264 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOTIVE** – **1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOTIVE** – **1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOTIVE** – **1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28 | 250000 | 239228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 09/05/30 | 3000000 | 3040047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 10/31/35 | 2000000 | 1975619 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., Sr. Unsecured,<br>6.25%, 10/02/43 | 1000000 | 1023395 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 | 3000000 | 2950104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/30<sup>#</sup>  | 2000000 | 2073638 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOTIVE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOTIVE | $&nbsp;&nbsp;&nbsp;&nbsp;11302031 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES** – **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES** – **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES** – **0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc., Company Guaranteed<br>3.20%, 05/01/30 | 775000 | 733008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/30 | 1000000 | 1004018 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES | $1737026 |

---

---

| | | |
|:---|:---|:---|
| <br> Description | Par Value | Value |
| &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 | $1282565 |
| &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 | 89482 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS** – **0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS** – **0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS** – **0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), Subordinated, MTN,<br>3.00%, 10/30/28 | 775000 | 752994 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.38%, 07/21/32<sup>Δ</sup> | 1115000 | 996162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, Sr. Unsecured, (SOFR + 0.72%),<br>0.99%, 12/10/26<sup>Δ</sup> | 175000 | 174401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, Sr. Unsecured, MTN, (SOFR + 3.12%),<br>3.62%, 04/01/31<sup>Δ</sup> | 890000 | 865536 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS | $4851593 |
| &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 | 779008 |
| &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 | 925115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES** – **9.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES** – **9.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES** – **9.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., Sr. Unsecured, (SOFR + 0.81%),<br>4.35%, 07/20/29<sup>Δ</sup> | 2770000 | 2787218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., Sr. Unsecured, MTN<br>3.25%, 10/21/27 | 1095000 | 1080254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 2.83%, 10/24/51<sup>Δ</sup> | 250000 | 163085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated, MTN,<br>4.25%, 10/22/26 | 1000000 | 1001428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, Sr. Unsecured, (SOFR + 0.67%),<br>5.00%, 01/27/29<sup>#,Δ</sup> | 2550000 | 2598825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), Sr. Unsecured, GMTN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/04/27 | 4675000 | 4776707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Sr. Unsecured,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 06/28/27 | 2120000 | 2161694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., Subordinated, (SOFR + 2.04%),<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18%, 01/30/36<sup>#,Δ</sup> | 3000000 | 3125542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), Sr. Unsecured,<br>3.20%, 03/02/27 | 2894000 | 2862748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 01/28/27<sup>Δ</sup> | 2750000 | 2730844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.17%, 09/11/36<sup>Δ</sup> | 3000000 | 3050769 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., Subordinated,<br>4.13%, 07/25/28 | $| 1900000 | $| 1897027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc., Sr. Unsecured, (SOFR + 2.16%),<br>5.98%, 01/30/30<sup>Δ</sup>  |  | 2985000 |  | 3108770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Sr. Unsecured<br>2.55%, 05/05/27 |  | 780000 |  | 762003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/14/28 |  | 3000000 |  | 2982252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.84%), 5.63%, 01/29/32<sup>Δ</sup>  |  | 1250000 |  | 1309311 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMR LLC, Sr. Unsecured,<br>6.45%, 11/15/39<sup>W</sup> |  | 1000000 |  | 1110501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), Sr. Unsecured |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 4.87%, 04/12/28<sup>Δ</sup>  |  | 3000000 |  | 3028363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/10/30 |  | 2300000 |  | 2400615 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month Term SOFR + 1.26%),<br>5.47%, 05/15/47<sup>Δ</sup>  |  | 1000000 |  | 886250 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Bank NA, Subordinated, BKNT,<br>2.70%, 10/22/29 |  | 1125000 |  | 1059450 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), Sr. Unsecured<br>3.45%, 04/23/29 |  | 100000 |  | 97991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 5.49%, 05/14/30<sup>Δ</sup>  |  | 2000000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.68%, 01/22/35<sup>Δ</sup>  |  | 2000000 |  | 2116676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, Sr. Unsecured,, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%),<br>4.50%, 08/06/29<sup>Δ</sup>  |  | 3430000 |  | 3449832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), Sr. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured,<br> 4.86%, 01/31/28 |  | 1510000 |  | 1537234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), Sr. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured, MTN,<br> 4.57%, 06/02/28 |  | 3095000 |  | 3131691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Bank, Subordinated, BKNT<br>3.80%, 10/30/26 |  | 1000000 |  | 996510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/11/30 |  | 1850000 |  | 1691431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., Sr. Unsecured, MTN, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%),<br> 5.87%, 06/08/34<sup>Δ</sup>  |  | 1500000 |  | 1590015 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp, Sr. Unsecured, (SOFR + 1.30%),<br>5.08%, 05/15/31<sup>Δ</sup>  |  | 1745000 |  | 1794990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated, MTN,<br>4.40%, 06/14/46 |  | 1000000 |  | 851233 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED FINANCIAL SERVICES | $| 64220967 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC** – **3.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC** – **3.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC** – **3.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC** – **3.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC** – **3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp., Sr. Unsecured,<br>5.70%, 12/01/26 |  | 1450000 |  | 1471270 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., Sr. Unsecured<br>4.95%, 07/01/27 |  | 2000000 |  | 2026241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/30 |  | 4000000 |  | 4131402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, 1st Mortgage,<br>5.90%, 05/15/55 |  | 5000000 |  | 5289915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, 1st Mortgage,<br>4.95%, 12/15/44 |  | 1000000 |  | 928721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., Sr. Unsecured<br>5.15%, 03/15/29 |  | 2015000 |  | 2071446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/31 |  | 2000000 |  | 2072607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 |  | 2000000 |  | 1752725 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., Series B, Sr. Unsecured,<br>3.90%, 07/15/27 | $| 5000000 | $4973985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), Series 21-B, Sr. Unsecured,<br>1.75%, 03/15/28 |  | 40000 | 37831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Public Service Co., 1st Mortgage,<br>6.00%, 06/01/54 |  | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Electric Co., 1st Mortgage,<br>3.50%, 03/15/29 |  | 220000 | 215904 |
| &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 | 712763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/30 |  | 394000 | 348503 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC | $27264677 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING** – **0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING** – **0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING** – **0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING** – **0.8%** |
| &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 | 189012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48 |  | 665000 | 608304 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc., Sr. Unsecured,<br>2.88%, 04/15/30 |  | 5000000 | 4707522 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD & STAPLES RETAILING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD & STAPLES RETAILING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD & STAPLES RETAILING | $5504838 |
| &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 | 1142053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS** – **0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp., Company Guaranteed,<br>5.45%, 02/25/27 |  | 537000 | 544365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., Sr. Unsecured,<br>4.70%, 02/19/27 |  | 2000000 | 2015000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-PRODUCTS | $2559365 |
| &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 | 560429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), Company Guaranteed,<br>4.80%, 07/15/46 |  | 1000000 | 895698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), Sr. Unsecured,<br>2.38%, 03/15/31 |  | 250000 | 226019 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health, Sr. Secured,<br>3.35%, 10/01/29 |  | 150000 | 144766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., Sr. Unsecured,<br>3.65%, 12/01/27 |  | 1650000 | 1636825 |
| &nbsp;&nbsp;&nbsp;&nbsp; NYU Langone Hospitals, Series 2020, Secured,<br>3.38%, 07/01/55<sup>#</sup>  |  | 1000000 | 700525 |
| &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 | 1325810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/42 |  | 290000 | 243075 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-SERVICES | $5733147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE** – **2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE** – **2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE** – **2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE** – **2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon North America, Inc., Company Guaranteed,<br>5.75%, 03/01/54 |  | 2000000 | 2028652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., Company Guaranteed,<br>4.30%, 05/15/43 |  | 425000 | 382871 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 3

&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; CNA Financial Corp., Sr. Unsecured,<br>5.20%, 08/15/35 | $| 3000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The), Sr. Unsecured,<br>5.95%, 10/15/36 |  | 2000000 | 2166798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, Secured,<br>5.30%, 01/13/30<sup>W</sup> |  | 3000000 | 3104311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Life Global Funding II, Secured,<br>1.63%, 11/19/30<sup>W</sup> |  | 250000 | 218381 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/44 |  | 1715000 | 1609606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/12/50 |  | 1425000 | 1132903 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | $13652401 |
| &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 |  | 5000000 | 4488047 |
| &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 | 1801234 |
| &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 | 1269034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Sr. Unsecured,<br>5.00%, 08/01/27 |  | 2500000 | 2538080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Sr. Unsecured,<br>2.15%, 01/15/31 |  | 1000000 | 902608 |
| &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 | 1735594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/45 |  | 563000 | 513469 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL & GAS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL & GAS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL & GAS | $6958785 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ONLINE RETAILER** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **ONLINE RETAILER** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **ONLINE RETAILER** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **ONLINE RETAILER** – **0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Sr. Unsecured,<br>5.50%, 11/15/45 |  | 3000000 | 2979531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS** – **1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS** – **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., Sr. Unsecured,<br>4.40%, 11/06/42 |  | 460000 | 415431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co., Sr. Unsecured,<br>1.96%, 02/11/31 |  | 100000 | 88284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Sr. Unsecured,<br>3.40%, 07/26/29 |  | 310000 | 302466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., Sr. Unsecured,<br>5.15%, 09/15/35 |  | 3000000 | 3037936 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 |  | 145000 | 137865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/35 |  | 2000000 | 2043360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc., Sr. Unsecured,<br>2.63%, 04/01/30 |  | 650000 | 611355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 |  | 125000 | 122732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/12/47 |  | 1005000 | 814151 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS | $7573580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PIPELINES** – **2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **PIPELINES** – **2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **PIPELINES** – **2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **PIPELINES** – **2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., Company Guaranteed,<br>4.90%, 06/20/30<sup>#</sup>  |  | 1000000 | 1023058 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 |  | 3000000 | 3049933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 |  | 715000 | 695833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 |  | 1250000 | 1128823 |
| &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 | 919974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/54 |  | 500000 | 455780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, Company Guaranteed,<br>5.40%, 09/01/44 |  | 1000000 | 955127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., Company Guaranteed,<br>3.60%, 02/15/51 |  | 1315000 | 930952 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK Partners LP, Company Guaranteed,<br>6.20%, 09/15/43 |  | 1000000 | 1012727 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., Company Guaranteed,<br>6.10%, 11/15/32 |  | 335000 | 359656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., Company Guaranteed,<br>5.65%, 02/15/36 |  | 3900000 | 4011082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP, Company Guaranteed,<br>4.88%, 02/01/31 |  | 1245000 | 1249959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), Sr. Unsecured,<br>3.50%, 10/15/51 |  | 1485000 | 1062296 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PIPELINES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PIPELINES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PIPELINES | $19844392 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS** – **3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS** – **3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS** – **3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS** – **3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., Sr. Unsecured 3.13%, 01/15/27 |  | 1000000 | 987831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 |  | 1000000 | 970467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 |  | 1500000 | 1017825 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., Sr. Unsecured, MTN,<br>3.35%, 05/15/27 |  | 1420000 | 1405489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties LP, Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/30/31 |  | 2000000 | 1865147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/35 |  | 3000000 | 3074911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Holdings LP, Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/28 |  | 1100000 | 1081386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/30 |  | 4000000 | 3790546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak OP LLC, Company Guaranteed,<br>2.88%, 01/15/31 |  | 2350000 | 2170268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty LP, Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/28 |  | 250000 | 249666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/32 |  | 4000000 | 4102100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower OP LLC, Company Guaranteed,<br>4.95%, 09/01/48 |  | 1000000 | 949630 |
| &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 | $21665266 |
| &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 | 196588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordstrom, Inc., Sr. Secured,<br>5.00%, 01/15/44 |  | 1000000 | 758750 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL | $955338 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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;

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

---

| | | |
|:---|:---|:---|
| <br> Description | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS** – **0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS** – **0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS** – **0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/30 | $3000000 | $3016689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/35 | 3000000 | 3093343 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SEMICONDUCTORS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SEMICONDUCTORS | $6110032 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE** – **1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE** – **1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE** – **1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., Sr. Unsecured,<br>6.00%, 08/03/55 | 4000000 | 3820080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/30 | 1345000 | 1212697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/35 | 2000000 | 2015944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Sr. Unsecured,<br>3.50%, 04/01/27 | 1385000 | 1374693 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE | $8423414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS** – **1.0%** |
| &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 | 812835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 | 1423000 | 976933 |
| &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 | 3646324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/34 | 1275000 | 1349544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/28 | 50000 | 47837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 | 305000 | 267735 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TELECOMMUNICATIONS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TELECOMMUNICATIONS | $7101208 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION** – **0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION** – **0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION** – **0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc., Sr. Unsecured,,<br>4.30%, 12/01/30 | 1300000 | 1291267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc., Sr. Unsecured, MTN,<br>2.85%, 03/01/27 | 2645000 | 2600459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., Sr. Unsecured,<br>4.30%, 03/01/49 | 675000 | 566494 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION | $4458220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING** – **0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING** – **0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX Corp., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/30/27 | 1500000 | 1491000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/30 | 1000000 | 981810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 | 640000 | 605992 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRUCKING & LEASING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRUCKING & LEASING | $3078802 |
| **TOTAL CORPORATE BONDS<br>(COST $247,213,650)** | **TOTAL CORPORATE BONDS<br>(COST $247,213,650)** | $**244423381** |
|  **GOVERNMENT AGENCIES** – **1.1%** | **GOVERNMENT AGENCIES** – **1.1%** | **GOVERNMENT AGENCIES** – **1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB)** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB)** – **1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB)** – **1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/28<sup>#</sup>  | 6960000 | 6884648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)** – **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)** – **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)** – **0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/29<sup>#</sup>  | 750000 | 813902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/30<sup>#</sup>  | 400000 | 459425 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $1273327 |
| **TOTAL GOVERNMENT AGENCIES<br>(COST $8,551,594)** | **TOTAL GOVERNMENT AGENCIES<br>(COST $8,551,594)** | $**8157975** |

---

---

| | | |
|:---|:---|:---|
| <br> Description | Par Value | Value |
|  **MORTGAGE-BACKED SECURITIES** – **25.6%** | **MORTGAGE-BACKED SECURITIES** – **25.6%** | **MORTGAGE-BACKED SECURITIES** – **25.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)** – **8.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)** – **8.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)** – **8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C00478, 8.50%, 09/01/26 | $819 | $829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool E09010, 2.50%, 09/01/27 | 54410 | 53690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G18497, 3.00%, 01/01/29 | 11346 | 11222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C01272, 6.00%, 12/01/31 | 4121 | 4258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A13990, 4.50%, 10/01/33 | 3627 | 3660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G01625, 5.00%, 11/01/33 | 13099 | 13280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A18401, 6.00%, 02/01/34 | 5065 | 5326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool QN1900, 3.00%, 04/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;401278 | &nbsp;&nbsp;&nbsp;&nbsp;390590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08097, 6.50%, 11/01/35 | 8189 | 8715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G02296, 5.00%, 06/01/36 | 35307 | 35844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G02390, 6.00%, 09/01/36 | 3522 | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G05317, 5.00%, 04/01/37 | 145238 | 147458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08193, 6.00%, 04/01/37 | 6721 | 6924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G03703, 5.50%, 12/01/37 | 4248 | 4405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G04776, 5.50%, 07/01/38 | 15422 | 15944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G05500, 5.00%, 05/01/39 | 132653 | 134750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A93415, 4.00%, 08/01/40 | 194676 | 191526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A93505, 4.50%, 08/01/40 | 246585 | 248872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A93996, 4.50%, 09/01/40 | 184431 | 186141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G06222, 4.00%, 01/01/41 | 296910 | 292471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A97047, 4.50%, 02/01/41 | 181631 | 183457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G06956, 4.50%, 08/01/41 | 188271 | 190164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C03750, 3.50%, 02/01/42 | 82966 | 79047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C03849, 3.50%, 04/01/42 | 44688 | 41856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q08305, 3.50%, 05/01/42 | 333479 | 322655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C04305, 3.00%, 11/01/42 | 882428 | 817798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C09020, 3.50%, 11/01/42 | 661357 | 630133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07266, 4.00%, 12/01/42 | 561175 | 550519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C04444, 3.00%, 01/01/43 | 28921 | 26597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C09029, 3.00%, 03/01/43 | 125136 | 116270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08534, 3.00%, 06/01/43 | 154057 | 143141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q19476, 3.50%, 06/01/43 | 246033 | 234871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C09044, 3.50%, 07/01/43 | 294328 | 280975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07889, 3.50%, 08/01/43 | 270573 | 257733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07624, 4.00%, 12/01/43 | 266433 | 263684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G60038, 3.50%, 01/01/44 | 1410264 | 1343298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07680, 4.00%, 04/01/44 | 473488 | 458647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07943, 4.50%, 08/01/44 | 23776 | 23909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08607, 4.50%, 09/01/44 | 165041 | 165771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q33547, 3.50%, 05/01/45 | 228492 | 217881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q36970, 4.00%, 10/01/45 | 107709 | 104955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G60384, 4.50%, 12/01/45 | 16927 | 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q39644, 3.50%, 03/01/46 | 691670 | 651413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q39438, 4.00%, 03/01/46 | 698664 | 678796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08705, 3.00%, 05/01/46 | 63666 | 58044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08708, 4.50%, 05/01/46 | 113220 | 113351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4671, 3.00%, 08/01/46 | 411800 | 374027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q44452, 3.00%, 11/01/46 | 598578 | 545723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4693, 3.00%, 12/01/46 | 1150401 | 1044865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8037, 2.50%, 01/01/50 | 2316621 | 1993827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA2341, 2.50%, 04/01/50 | 1976605 | 1684356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8104, 1.50%, 11/01/50 | 2114841 | 1639852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA4349, 2.50%, 01/01/51 | 1022422 | 880031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8141, 2.50%, 04/01/51 | 970954 | 827134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8190, 3.00%, 01/01/52 | 1776280 | 1597230 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 5

&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; Pool QE2363, 3.50%, 05/01/52 | $| 1034072 | $| 956955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD3139, 3.50%, 07/01/52 |  | 881515 |  | 815920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA7777, 4.50%, 08/01/52 |  | 2761491 |  | 2694712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8254, 3.00%, 10/01/52 |  | 3255886 |  | 2887174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD2066, 4.00%, 12/01/52 |  | 558440 |  | 530182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD3238, 5.50%, 12/01/52 |  | 1664749 |  | 1686201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD2617, 5.00%, 03/01/53 |  | 4750532 |  | 4747860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA8714, 4.50%, 04/01/53 |  | 6511700 |  | 6368791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA8647, 4.50%, 05/01/53 |  | 2043789 |  | 2003333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD3786, 5.00%, 05/01/53 |  | 1115856 |  | 1113989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA9431, 5.50%, 07/01/53 |  | 2931882 |  | 2995062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD3745, 6.00%, 09/01/53 |  | 3069126 |  | 3148893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD5763, 5.50%, 07/01/54 |  | 2012792 |  | 2044369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RJ2210, 6.00%, 08/01/54 |  | 5536860 |  | 5681500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SL0727, 5.50%, 02/01/55 |  | 2357613 |  | 2391657 |
| &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) | $| &nbsp;&nbsp;&nbsp;&nbsp;60385234 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AE2520, 3.00%, 01/01/26 |  | 1624 |  | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 256639, 5.00%, 02/01/27 |  | 2315 |  | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 256752, 6.00%, 06/01/27 |  | 2851 |  | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 257007, 6.00%, 12/01/27 |  | 3145 |  | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AB8997, 2.50%, 04/01/28 |  | 18152 |  | 17875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS4480, 2.50%, 02/01/30 |  | 147137 |  | 143471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS7462, 2.50%, 06/01/31 |  | 82243 |  | 78936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 254007, 6.50%, 10/01/31 |  | 2029 |  | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 254240, 7.00%, 03/01/32 |  | 7041 |  | 7455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 638023, 6.50%, 04/01/32 |  | 18675 |  | 19504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 642345, 6.50%, 05/01/32 |  | 11012 |  | 11499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 651292, 6.50%, 07/01/32 |  | 28783 |  | 29779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 686398, 6.00%, 03/01/33 |  | 32795 |  | 33992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BP6496, 2.00%, 07/01/35 |  | 559848 |  | 521040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4095, 2.00%, 08/01/35 |  | 715625 |  | 666009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 745412, 5.50%, 12/01/35 |  | 10508 |  | 10879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 888789, 5.00%, 07/01/36 |  | 58685 |  | 60546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 256515, 6.50%, 12/01/36 |  | 4490 |  | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AE0217, 4.50%, 08/01/40 |  | 29705 |  | 29788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AB1796, 3.50%, 11/01/40 |  | 178917 |  | 172092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AH5583, 4.50%, 02/01/41 |  | 75783 |  | 76017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 890551, 4.50%, 08/01/41 |  | 19103 |  | 19334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL0658, 4.50%, 08/01/41 |  | 111012 |  | 112353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL1319, 4.50%, 10/01/41 |  | 138557 |  | 138657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL6302, 4.50%, 10/01/41 |  | 201547 |  | 202170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AX5302, 4.00%, 01/01/42 |  | 339868 |  | 332543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AK4523, 4.00%, 03/01/42 |  | 391043 |  | 384737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL2034, 4.50%, 04/01/42 |  | 49250 |  | 49251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AB7936, 3.00%, 02/01/43 |  | 571506 |  | 532032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL3761, 4.50%, 02/01/43 |  | 58847 |  | 58930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA1458, 3.00%, 06/01/43 |  | 123183 |  | 114061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AT7899, 3.50%, 07/01/43 |  | 811844 |  | 776167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS0302, 3.00%, 08/01/43 |  | 1329937 |  | 1231421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AU4279, 3.00%, 09/01/43 |  | 270792 |  | 250733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL5537, 4.50%, 04/01/44 |  | 90518 |  | 91275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS3155, 4.00%, 08/01/44 |  | 13680 |  | 13399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AX0833, 3.50%, 09/01/44 |  | 219300 |  | 209843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL6325, 3.00%, 10/01/44 |  | 853791 |  | 790501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS5136, 4.00%, 06/01/45 |  | 80594 |  | 78378 |

---

---

| | | |
|:---|:---|:---|
| <br> Description | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AZ7362, 4.00%, 11/01/45 | $211811 | $206167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AZ9565, 3.50%, 12/01/45 | 302237 | 285052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC0326, 3.50%, 12/01/45 | 272040 | 256218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC0245, 3.00%, 02/01/46 | 169212 | 153689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC0830, 3.00%, 04/01/46 | 255387 | 231964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS7568, 4.50%, 07/01/46 | 35296 | 34996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC4764, 3.00%, 10/01/46 | 354083 | 321601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA2771, 3.00%, 10/01/46 | 104519 | 94932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS8276, 3.00%, 11/01/46 | 363433 | 330086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC9003, 3.00%, 11/01/46 | 369423 | 335530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BE1899, 3.00%, 11/01/46 | 1433993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BE3767, 3.50%, 07/01/47 | 320294 | 300889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BH2618, 3.50%, 08/01/47 | 95069 | 89308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA3088, 4.00%, 08/01/47 | 273532 | 264219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BH4010, 4.50%, 09/01/47 | 253893 | 251709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BH9215, 3.50%, 01/01/48 | 458586 | 430785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BJ0650, 3.50%, 03/01/48 | 1919345 | 1795645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BJ0639, 4.00%, 03/01/48 | 108328 | 104469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BJ9169, 4.00%, 05/01/48 | 507590 | 489503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BK4764, 4.00%, 08/01/48 | 476054 | 459096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BN1628, 4.50%, 11/01/48 | 221951 | 219869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BM5334, 3.50%, 01/01/49 | 438654 | 413229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA3871, 3.00%, 12/01/49 | 1175978 | 1054715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA5306, 3.00%, 03/01/50 | 983486 | 880630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA5353, 3.50%, 03/01/50 | 852609 | 791149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4100, 2.00%, 08/01/50 | 1125639 | 924688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM3989, 2.50%, 08/01/50 | 718422 | 618007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA6983, 2.00%, 09/01/50 | 1983630 | 1638593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA7106, 2.00%, 09/01/50 | 1270762 | 1049724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4119, 2.00%, 09/01/50 | 843866 | 693207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BQ2999, 2.50%, 10/01/50 | 1646975 | 1412171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA7383, 3.00%, 10/01/50 | 1118191 | 1004240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA7734, 2.50%, 11/01/50 | 1136735 | 969117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM5297, 3.00%, 11/01/50 | 1465121 | 1326626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, 2.00%, 12/01/50 | 873024 | 717156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA8021, 2.50%, 12/01/50 | 3368946 | 2904509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM5166, 3.00%, 12/01/50 | 759075 | 683493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BQ4495, 2.00%, 02/01/51 | 4757661 | 3896627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA8929, 2.00%, 02/01/51 | 2206539 | 1800511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM6426, 2.00%, 03/01/51 | 1895556 | 1565066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB0199, 3.00%, 04/01/51 | 602070 | 535156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BR7857, 2.50%, 05/01/51 | 2897561 | 2468725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM7188, 2.50%, 05/01/51 | 2016478 | 1739331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB0727, 2.50%, 06/01/51 | 5129506 | 4424471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM8440, 2.50%, 08/01/51 | 1169183 | 1008312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BT6823, 2.50%, 10/01/51 | 3016188 | 2569635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM9949, 2.00%, 12/01/51 | 746891 | 618044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM9871, 2.50%, 12/01/51 | 5378468 | 4639191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BU1416, 3.00%, 01/01/52 | 1830048 | 1647408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS6380, 2.50%, 02/01/52 | 3389575 | 2884645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS0982, 3.00%, 03/01/52 | 1551623 | 1391912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS1571, 2.00%, 04/01/52 | 3328239 | 2717147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB3334, 3.50%, 04/01/52 | 4799602 | 4461859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4598, 2.50%, 05/01/52 | 6239033 | 5304043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BV7245, 4.00%, 05/01/52 | 5460860 | 5212397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4644, 4.00%, 05/01/52 | 1082475 | 1032959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB4818, 4.00%, 10/01/52 | 952604 | 908985 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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;

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

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB4800, 4.50%, 10/01/52 | $| 5550791 | $5442409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS5676, 5.00%, 12/01/52 |  | 6010113 | 6038401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS6931, 5.50%, 01/01/53 |  | 2682580 | 2716262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS5113, 5.50%, 07/01/53 |  | 582742 | 590791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA5108, 6.00%, 08/01/53 |  | 2419625 | 2474371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB8709, 6.00%, 06/01/54 |  | 2823869 | 2897685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS9945, 6.50%, 09/01/54 |  | 2377751 | 2465525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS9801, 5.50%, 11/01/54 |  | 8335339 | 8450315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB9610, 5.00%, 12/01/54 |  | 4438221 | 4426458 |
| &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;118649608 |
| &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 780825, 6.50%, 07/15/28 |  | 6270 | 6368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 2616, 7.00%, 07/20/28 |  | 3587 | 3672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 2701, 6.50%, 01/20/29 |  | 8580 | 8807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 426727, 7.00%, 02/15/29 |  | 1297 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 503405, 6.50%, 04/15/29 |  | 4506 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 781231, 7.00%, 12/15/30 |  | 5008 | 5140 |
| &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) | $29981 |
| **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(COST $191,301,238)** | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(COST $191,301,238)** | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(COST $191,301,238)** | $179064823 |
|  **U.S. TREASURY OBLIGATIONS – 37.1%** | **U.S. TREASURY OBLIGATIONS – 37.1%** | **U.S. TREASURY OBLIGATIONS – 37.1%** | **U.S. TREASURY OBLIGATIONS – 37.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 10.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 10.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 10.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 10.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/27 |  | 450000 | 470472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/29<sup>#</sup>  |  | 12500000 | 13131860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/30 |  | 500000 | 552136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/31 |  | 600000 | 645699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/41 |  | 985000 | 698270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 |  | 2000000 | 1495661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 |  | 500000 | 408873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 |  | 881000 | 775095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 |  | 365000 | 326318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/44 |  | 2106000 | 1844712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 |  | 6637000 | 5371905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 |  | 2000000 | 1581627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/44 |  | 6500000 | 6495702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/45 |  | 2135000 | 1546892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/45 |  | 3575000 | 3627698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/45 |  | 2000000 | 1573280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/45 |  | 300000 | 230460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/45 |  | 765000 | 598714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46 |  | 280000 | 199877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 |  | 1098000 | 848370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/47 |  | 1695000 | 1305939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 |  | 2235000 | 1635001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/50 |  | 3300000 | 1641833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/50 |  | 3000000 | 1531040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 |  | 2500000 | 1360243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 |  | 13255000 | 7863147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/53 |  | 3035000 | 2532937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/53 |  | 3000000 | 2739139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/54 |  | 3000000 | 2976677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/54 |  | 1500000 | 1459331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/55 |  | 1000000 | 993012 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Description | Par Value | Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/55 | $| 2500000 | $2533623 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BONDS |  |  | $70995543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 26.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 26.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 26.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27 |  | 2030000 | 1994260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/27 |  | 250000 | 241908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/27 |  | 5000000 | 4936117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/30/27 |  | 3000000 | 3005150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/27 |  | 450000 | 427643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/27 |  | 15000000 | 14872596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 |  | 300000 | 292145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/27 |  | 500000 | 504217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/28 |  | 6750000 | 6625580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/29/28 |  | 10000000 | 10090340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/28 |  | 5000000 | 5033659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/28 |  | 500000 | 470501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/28 |  | 5000000 | 4905075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/31/28 |  | 5500000 | 5613046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28 |  | 8000000 | 7497958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/28 |  | 3000000 | 3107306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 |  | 350000 | 345210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 |  | 6900000 | 6614326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/29 |  | 7000000 | 7145579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/29 |  | 5000000 | 4652403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/29 |  | 4000000 | 3924762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/30/30 |  | 8500000 | 8435300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/30 |  | 550000 | 480239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/31/30 |  | 1500000 | 1519877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/31 |  | 4000000 | 3510531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/31 |  | 5000000 | 4471010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/31/31 |  | 10000000 | 10428877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 |  | 1880000 | 1634704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/32 |  | 6000000 | 5347965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/32 |  | 8145000 | 8273654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/31/32 |  | 4500000 | 4569339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/32 |  | 7000000 | 6532522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/32 |  | 4000000 | 4058115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/33 |  | 7000000 | 6749272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/33 |  | 5000000 | 4977000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/34 |  | 5000000 | 4943489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/34 |  | 9000000 | 9139153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/35 |  | 3000000 | 3130318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/35 |  | 3500000 | 3548271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/35 |  | 4000000 | 4049536 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES |  |  | $188098953 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $272,994,270)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $272,994,270)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $272,994,270)** | $259094496 |
|  | Number of<br>Shares | Number of<br>Shares |  |
| MONEY MARKET FUND – 1.1% | MONEY MARKET FUND – 1.1% | MONEY MARKET FUND – 1.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>^</sup>  |  | 7443640 | 7443640 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $7,443,640)** | **TOTAL MONEY MARKET FUND**<br> **(COST $7,443,640)** | **TOTAL MONEY MARKET FUND**<br> **(COST $7,443,640)** | $7443640 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 7

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

*Wilmington Broad Market Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.5%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.5%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.5%** |
|  **REPURCHASE AGREEMENTS – 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 4.16%, dated 10/31/25, due 11/03/25, repurchase price $1,020,205, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 11/01/27 to 8/01/55; total market value of $1,040,248. | $1019851 | $1019851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, 4.26%, dated 10/31/25, due 11/03/25, repurchase price $3,180,362, collateralized by U.S. Treasury Securities, 0.00% to 4.88%, maturing 11/04/25 to 8/15/55; total market value of $3,243,969. | 3179233 | 3179233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $2,989,513, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.50%, maturing 6/30/27 to 10/20/55; total market value of $3,048,249. | 2988479 | 2988479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 3.95%, dated 10/31/25, due 11/03/25, repurchase price $841,568, collateralized by U.S. Treasury Securities, 1.13% to 6.75%, maturing 2/15/26 to 8/15/55; total market value of $858,117. | 841291 | 841291 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $2,989,513, collateralized by U.S. Government Agency Securities, 1.55% to 7.00%, maturing 1/01/32 to 6/01/55; total market value of $3,048,249. | 2988479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988479 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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; HSBC Securities USA, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $190,820, collateralized by U.S. Treasury Securities, 0.13% to 3.63%, maturing 7/15/30 to 2/15/51; total market value of $194,569. | $| 190754 | $190754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc., 4.14%, dated 10/31/25, due 11/03/25, repurchase price $2,989,510, collateralized by U.S. Government Agency Securities, 1.50% to 7.00%, maturing 4/01/31 to 11/01/55; total market value of $3,048,249. |  | 2988479 | 2988479 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 4.15%, dated 10/31/25, due 11/03/25, repurchase price $2,989,513, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/06/25 to 8/15/55; total market value of $3,048,250. |  | 2988479 | 2988479 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $17,185,045)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $17,185,045)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $17,185,045)** | $**17185045** |
| **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $17,185,045)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $17,185,045)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $17,185,045)** | $**17185045** |
|  **TOTAL INVESTMENTS – 102.4%**<br> **(COST $744,720,976)** | **TOTAL INVESTMENTS – 102.4%**<br> **(COST $744,720,976)** | **TOTAL INVESTMENTS – 102.4%**<br> **(COST $744,720,976)** | $**715400855** |
|  **COLLATERAL FOR SECURITIES ON LOAN – (2.5%)** | **COLLATERAL FOR SECURITIES ON LOAN – (2.5%)** | **COLLATERAL FOR SECURITIES ON LOAN – (2.5%)** | **(17185045)** |
|  **OTHER ASSETS LESS LIABILITIES – 0.1%** | **OTHER ASSETS LESS LIABILITIES – 0.1%** | **OTHER ASSETS LESS LIABILITIES – 0.1%** | **642593** |
|  **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**698858403** |

---

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 October 31, 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 | $— | $4517 | $— | $4517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 26978 |  | 26978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 244423381 |  | 244423381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government Agencies |  | 8157975 |  | 8157975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 179064823 |  | 179064823 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 259094496 |  | 259094496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 7443640 |  |  | 7443640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 17185045 |  | 17185045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $7443640 | $707957215 | $— | $715400855 |

---

\*\* Represents less than 0.05%. 

---

| | |
|:---|:---|
| <sup>Δ</sup> | 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.  |

---

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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;

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

<sup>W</sup> 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 October 31, 2025, these liquid restricted securities amounted to $4,433,193, representing 0.63% of total net assets. 

<sup>^</sup> 7-Day net yield.

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*

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

9.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Wilmington Municipal Bond Fund

PORTFOLIO OF INVESTMENTS

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
|  **MUNICIPAL BONDS – 98.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **ALABAMA – 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Revenue Bonds, Natural Gas Utility Improvements, (Series B),<br>5.00%, 10/01/55 | $2000000 | $2172862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Revenue Bonds, Natural Gas Utility Improvements, (Series E),<br>5.00%, 12/01/55 | 3500000 | 3793193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), AL, Current Refunding Revenue Bonds, (Series A), 5.00%, 08/01/54 | 3000000 | 3238519 |
| &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 | 1630132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, AL, Revenue Bonds, Natural Gas Utility Improvements, (Series F), 5.25%, 11/01/55 | 3000000 | 3332384 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ALABAMA |  | $&nbsp;&nbsp;&nbsp;&nbsp;14167090 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ARIZONA – 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.0%\*\*** |  |  |
| &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 | 30033 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A) 5.00%, 11/01/26 | 1000000 | 1021180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/30 | 1000000 | 1054673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 | 865000 | 908672 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A),<br>5.00%, 02/15/28 | 800000 | 813590 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION |  | $3798115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A) 5.00%, 09/01/34 | 1000000 | 1091836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/35 | 725000 | 787359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/36 | 500000 | 539017 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $2418212 |

---

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
| &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 | $3488832 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ARIZONA |  | $9735192 |
| &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 | 815191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/37 | 500000 | 506151 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CALIFORNIA |  | $1321342 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COLORADO – 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31 | 2500000 | 2642582 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, CO, Refunding Revenue Bonds, (University of Denver Project), (NATL), 5.00%, 03/01/35 | 2000000 | 2253618 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, (CommonSpirit Health), (Series A), 5.00%, 08/01/32 | 2270000 | 2422228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare,<br>5.00%, 05/15/62 | 3000000 | 3160625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49 | 2000000 | 2006646 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $7589499 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds,<br>(Series B), 4.00%, 09/15/33 | 1750000 | 1853138 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLORADO |  | $&nbsp;&nbsp;&nbsp;&nbsp;14338837 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONNECTICUT – 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, CT, GO Unlimited, Public Improvements, AD Valorem Property Tax,<br>(Series 2021 A), 3.00%, 01/15/35 | 2900000 | 2857890 |
| &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 | 1431592 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL** – **1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), 5.00%, 07/01/34 | $3000000 | $3273674 |
| &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 | 800802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 | 500000 | 513264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/30 | 600000 | 618899 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $5206639 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONNECTICUT |  | $&nbsp;&nbsp;&nbsp;&nbsp;9496121 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DISTRICT OF COLUMBIA** – **1.0%** |  |  |
| &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 | 681405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/31 | 875000 | 967872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 500000 | 550785 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $2200062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION** – **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30 | 1500000 | 1555740 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRICT OF COLUMBIA |  | $3755802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FLORIDA** – **5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT** – **1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26 | 1000000 | 1018171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, FL, Revenue Bonds, (Series B), 5.00%, 10/01/33 | 2000000 | 2262376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee FL Airport Revenue County, FL, Revenue Bonds 5.00%, 10/01/34 | 1000000 | 1123907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/35 | 2000000 | 2228330 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $6632784 |
| &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 | 2037541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION** – **1.3%** |  |  |
| &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 | 786379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/30 | 750000 | 786616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/31 | 750000 | 786771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/33 | 750000 | 786174 |

---

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financing Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28 | $1600000 | $1625296 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $4771236 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING** – **0.1%** |  |  |
| &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 | 501920 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL** – **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland, FL, Refunding Revenue Bonds, (Lakeland Regional Health Systems), (Series S),<br>5.00%, 11/15/42 | 2000000 | 2140879 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER** – **0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Electric System Revenue, FL, Current Refunding Revenue Bonds, (Series A), 4.00%, 10/01/37 | 2450000 | 2478828 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FLORIDA |  | $18563188 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GEORGIA** – **6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL** – **4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28 | 4359000 | 4471931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A)<br>4.00%, 07/01/52 | 3000000 | 3043087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/53 | 3000000 | 3181731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series B)<br>5.00%, 07/01/53 | 1000000 | 1072145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/55 | 3000000 | 3292578 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $15061472 |
| &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 | 4410831 |
| &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 | 2204211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, GA, Project One Subordinated Revenue Bonds, (Series B), (BAM), 5.25%, 01/01/44 | 1250000 | 1339566 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL POWER |  | $3543777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION** – **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Ports Authority, GA, Revenue Bonds<br>4.00%, 07/01/37 | 1000000 | 1038465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/39 | 1000000 | 1026917 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $2065382 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GEORGIA |  | $25081462 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 11

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

*Wilmington Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **IDAHO** – **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION** – **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, ID, Current Refunding Revenue Bonds, (The College of IDAHO Project) , 5.00%, 11/01/33 | $3000000 | $3087376 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IDAHO |  | $3087376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ILLINOIS** – **8.1%** |  |  |
| &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 | 3052082 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL** – **1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31 | 1450000 | 1629839 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, IL, (Series C), 5.00%, 06/15/41 | 3000000 | 3222679 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $4852518 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS** – **4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Park District, IL, GO, Current Refunding, AD Valorem Property Tax, (Series A), (BAM),<br>4.00%, 01/01/37 | 2115000 | 2123548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, GO Unlimited, (Series A),<br>5.00%, 01/01/44 | 2000000 | 1940672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 01/01/32 | 3000000 | 3142826 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, IL, GO Unlimited, Refunding Bonds, 5.00%, 02/01/39 | 450000 | 490646 |
| &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 | 2118289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 | 1000000 | 1051083 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, IL, GO Unlimited, (Series D)<br>5.00%, 11/01/28 | 3000000 | 3118266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/39 | 1000000 | 1086861 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  | $15072191 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION** – **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Illinois, IL, Current Refunding Revenue Bonds, (Series A), 4.00%, 04/01/34 | 3000000 | 3005660 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT** – **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Will County Community High School District No 210 Lincoln-Way, IL, GO Unlimited, AD Valorem Property Tax, (BAM), 5.00%, 01/01/36 | 2000000 | 2258962 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION** – **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33 | 1450000 | 1532067 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ILLINOIS |  | $29773480 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDIANA** – **0.6%** |  |  |
| &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) |  |  |

---

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/31 | $1000000 | $1108906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/31 | 1000000 | 1118172 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDIANA |  | $2227078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **KENTUCKY** – **2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL** – **2.2%** |  |  |
| &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 | 3084538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/55 | 1000000 | 1063064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C),<br>4.00%, 02/01/50 | 4000000 | 4068532 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL KENTUCKY |  | $8216134 |
| &nbsp;&nbsp;&nbsp;&nbsp; **LOUISIANA** – **2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT** – **0.8%** |  |  |
| &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 | 3037725 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION** – **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, LA, Refunding Revenue Bonds, (Tulane University of Louisiana Project), 4.00%, 04/01/39 | 1830000 | 1839643 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION** – **1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater New Orleans Expressway Commission, LA, Refunding Revenue Bonds, (AG), 5.00%, 11/01/38 | 1050000 | 1173970 |
| &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 | 2526443 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $3700413 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LOUISIANA |  | $8577781 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MARYLAND** – **0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT** – **0.7%** |  |  |
| &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 | 768338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/29 | 500000 | 535829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/30 | 515000 | 560089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 | 650000 | 716439 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MARYLAND |  | $&nbsp;&nbsp;&nbsp;&nbsp;2580695 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MASSACHUSETTS** – **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL** – **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group),<br>(Series I), 5.00%, 07/01/33 | 1000000 | 1013259 |
| &nbsp;&nbsp;&nbsp;&nbsp; **STUDENT LOAN** – **0.6%** |  |  |
| &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 | 1952624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/44 | 335000 | 337341 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL STUDENT LOAN |  | $2289965 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MASSACHUSETTS |  | $3303224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MICHIGAN** – **1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT** – **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerald R Ford International Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MI, Revenue Bonds, (CNTY GTD), 5.00%, 01/01/41 | $500000 | $534078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT** – **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalamazoo Public Schools, MI, GO Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AD Valorem Property Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 | 1330000 | 1358359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/34 | 1000000 | 1017257 |
| &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 | 1042234 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SCHOOL DISTRICT |  | $3417850 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER** – **0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AG-CR FGIC), 5.50%, 07/01/29 | 105000 | 109047 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MICHIGAN |  | $&nbsp;&nbsp;&nbsp;&nbsp;4060975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MINNESOTA** – **1.4%** |  |  |
| &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 | 2075069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL** – **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39 | 3000000 | 3080438 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MINNESOTA |  | $5155507 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEVADA – 1.8%** |  |  |
| &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 | 3121013 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT** – **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District, NV, GO Limited, AD Valorem Property Tax, (Series A), 5.00%, 06/15/39 | 3000000 | 3354242 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEVADA |  | $6475255 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW JERSEY** – **3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL** – **2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AG), 5.75%, 11/01/28 | 2470000 | 2579402 |
| &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 | 1825947 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32 | 500000 | 543626 |

---

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, NJ, Refunding Revenue Bonds, (Series A),<br>5.00%, 06/15/33 | $2000000 | $2302867 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $7251842 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION** – **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Princeton University), 5.00%, 07/01/64 | 2000000 | 2329409 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31 | 1000000 | 1031232 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $3360641 |
| &nbsp;&nbsp;&nbsp;&nbsp; **STUDENT LOAN** – **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, NJ, Current Refunding Revenue Bonds, (Series B), 4.00%, 12/01/44 | 885000 | 851394 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW JERSEY |  | $11463877 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK** – **7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT** – **2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., NY, Revenue Bonds, (Terminal 4 John F. Kennedy International Airport Project), (Series P),<br>5.00%, 12/01/31 | 3000000 | 3272859 |
| &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 | 1020254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/31 | 2500000 | 2602530 |
| &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 | 1874986 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $8770629 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL** – **1.8%** |  |  |
| &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 | 2540769 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, Income Tax Revenue, 4.00%, 02/15/34 | 2000000 | 2019018 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38 | 2005000 | 2030141 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $6589928 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS** – **0.9%** |  |  |
| &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 | 1774869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/37 | 1500000 | 1527740 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  | $3302609 |
| &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 | 2831224 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 13

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

*Wilmington Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 | $1039585 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $3870809 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION** – **0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, NY, Current Refunding Revenue Bonds, (Series A),<br>5.00%, 11/15/39 | 2500000 | 2725426 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER** – **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds,<br>(Series FF), 4.00%, 06/15/36 | 1990000 | 2019477 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW YORK |  | $27278878 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NORTH CAROLINA** – **1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER** – **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds,<br>(Series A), 5.00%, 01/01/32 | 4250000 | 4618544 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION** – **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AG), 5.00%, 01/01/32 | 1250000 | 1330727 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER** – **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte Water & Sewer System Revenue, NC, Current Refunding Revenue Bonds,<br>5.00%, 07/01/33 | 1000000 | 1103883 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NORTH CAROLINA |  | $7053154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OHIO** – **4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL** – **1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, OH, Revenue Bonds, Public Improvements, (Administrative Headquarters Project),<br>5.00%, 07/01/37 | 3500000 | 3997478 |
| &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 | 1146731 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION** – **1.3%** |  |  |
| &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 | 1078674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), 4.00%, 12/01/43 | 2000000 | 1975802 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Akron (The), OH, Advance Refunding Revenue Bonds, (Series A), (BAM),<br>5.00%, 01/01/33 | 1430000 | 1614966 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $4669442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL** – **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28 | 3035000 | 3189746 |

---

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34 | $1250000 | $1273448 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $4463194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER** – **0.9%** |  |  |
| &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 | 3266713 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OHIO |  | $17543558 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OKLAHOMA** – **1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL** – **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian County Educational Facilities Authority, OK, Revenue Bonds, (Mustang Public Schools Project), (Series A), 5.25%, 09/01/34 | 3000000 | 3459018 |
| &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 | 1103814 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $4562832 |
| &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 | 658639 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OKLAHOMA |  | $5221471 |
| &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 | 1110068 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OREGON |  | $1110068 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PENNSYLVANIA** – **6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT** – **1.2%** |  |  |
| &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 | 1560368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/38 | 1500000 | 1505794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30 | 1500000 | 1546838 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $4613000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL** – **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A),<br>4.00%, 03/01/35 | 3000000 | 3188037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION** – **1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30 | 1000000 | 1036569 |
| &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 | 1184413 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

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; Montgomery County Industrial Development Authority, PA, Revenue Bonds, (AICUP Financing Program - Gwynedd Mercy University Project), 5.25%, 05/01/38 | $1000000 | $1045781 |
| &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 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 | 350000 | 354248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 | 600000 | 612261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 | 1100000 | 1133168 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $6066440 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AG), 5.00%, 07/01/35 | 2500000 | 2788540 |
| &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 | 440000 | 433568 |
| &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 | 1046281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32 | 2000000 | 2094129 |
| &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 | 567207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/36 | 500000 | 563222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 500000 | 559041 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $3783599 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (First Lien), (Series B), (AG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/38 | 1250000 | 1385811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/39 | 1000000 | 1098235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AG), 5.00%, 09/01/33 | 340000 | 394064 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER |  | $2878110 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PENNSYLVANIA |  | $&nbsp;&nbsp;&nbsp;&nbsp;24797575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH CAROLINA – 2.7%** |  |  |
| &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 | 2000069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency, SC, Current Refunding Revenue Bonds, (Series B), 4.00%, 01/01/34 | 2155000 | 2206667 |

---

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency, SC, Current Refunding Revenue Bonds, (Series D), 4.00%, 01/01/34 | $2830000 | $&nbsp;&nbsp;&nbsp;&nbsp;2895162 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL POWER |  | $5101829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, SC, Current Refunding Revenue Bonds, (Series B), 5.00%, 12/01/31 | 1000000 | 1120729 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, SC, Revenue Bonds, (Series A), 5.00%, 12/01/34 | 1335000 | 1532531 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES |  | $2653260 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH CAROLINA |  | $9755158 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TENNESSEE – 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, TN, Revenue Bonds, 5.00%, 07/01/33 | 1035000 | 1070950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32 | 1100000 | 1199842 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $2270792 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter County, TN, GO Unlimited, AD Valorem Property Tax, 5.00%, 05/01/33 | 2500000 | 2633173 |
| &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 | 1578552 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  | $4211725 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.9%** |  |  |
| &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 | 3289575 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TENNESSEE |  | $9772092 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TEXAS – 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35 | 1000000 | 1023765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, TX, Revenue Bonds, (Series A), 5.00%, 11/01/35 | 1305000 | 1466983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series B), 5.00%, 11/01/38 | 1000000 | 1115326 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $&nbsp;&nbsp;&nbsp;&nbsp;3606074 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 1.3%** |  |  |
| &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 | 550122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/40 | 500000 | 545993 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 15

*Wilmington Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., TX, Refunding Revenue Bonds, (Idea Public Schools), (PSF-GTD), 5.00%, 08/15/34 | $2500000 | $2782040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools), (PSF-GTD), 5.00%, 08/15/29 | 1000000 | 1060414 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938569 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax<br>4.00%, 08/15/31 | 1000000 | 1005358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/32 | 1000000 | 1005041 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $2010399 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas, TX, GO Limited, AD Valorem Property Tax, (Series A)<br>5.00%, 02/15/40 | 1250000 | 1360830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/41 | 1000000 | 1080542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaufman County Municipal Utility District No 3, TX, GO Unlimited, AD Valorem Property Tax, (Series A), (BAM)<br>4.00%, 03/01/38 | 1020000 | 1012348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/39 | 1065000 | 1043676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/40 | 1110000 | 1073433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax<br>4.00%, 04/01/26 | 100000 | 100319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/27 | 100000 | 101235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/28 | 535000 | 546199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/29 | 100000 | 102819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/30 | 100000 | 103617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31 | 350000 | 364726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/32 | 100000 | 103654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/33 | 495000 | 510224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/34 | 100000 | 102587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/35 | 100000 | 102317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/36 | 380000 | 386603 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29 | 2125000 | 2236802 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29 | 3735000 | 4012247 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  | $14344178 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32 | 1465000 | 1563547 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 1.7%** |  |  |
| &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 | 1033137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosper Independent School District, TX, GO Unlimited, (PSF-GTD), 4.00%, 02/15/48 | 4000000 | 3815620 |

---

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &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 | $1413124 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SCHOOL DISTRICT |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261881 |
| &nbsp;&nbsp;&nbsp;&nbsp; **STUDENT LOAN – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazos Higher Education Authority, Inc., TX, Revenue Bonds, (Series 1A), 5.13%, 04/01/43 | 1395000 | 1467975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33 | 1470000 | 1533210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System, TX, Current Refunding Revenue Bonds, (Series C)<br>5.00%, 08/15/35 | 3045000 | 3468662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/38 | 3000000 | 3315665 |
| &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 | 3503081 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $11820618 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TEXAS |  | $46013241 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTAH – 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City, UT, Revenue Bonds, (Series A)<br>5.00%, 07/01/32 | 3000000 | 3144257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | 2500000 | 2615948 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $5760205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM<br>5.40%, 02/15/28 | 2850000 | 2879195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/33 | 5145000 | 5197717 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $8076912 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTAH |  | $13837117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WASHINGTON – 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28 | 3990000 | 3993698 |
| &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 | 1794287 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33 | 3000000 | 3427032 |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

16 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Municipal Bond Fund (continued)*

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

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &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 | $3150782 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, WA, Revenue Bonds, 5.00%, 04/01/29 | 2090000 | 2232804 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WASHINGTON |  | $&nbsp;&nbsp;&nbsp;&nbsp;14598603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WISCONSIN – 1.3%** |  |  |
| &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 | 2142839 |
| &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 | 513509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/33 | 500000 | 511132 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $1024641 |

---

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46 | $1750000 | $1751200 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WISCONSIN |  | $4918680 |
| **TOTAL MUNICIPAL BONDS<br>(Cost $364,686,807)** |  | $**363280011** |
|  | Number of<br>Shares |  |
|  **MONEY MARKET FUND – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>^</sup>  | 49487 | 49487 |
| **TOTAL MONEY MARKET FUND<br>(Cost $49,487)** |  | $**49487** |
| **TOTAL INVESTMENTS – 98.9%** |  |  |
| **(Cost $364,736,294)** |  | $**363329498** |
| **OTHER ASSETS LESS LIABILITIES – 1.1%** |  | **4123286** |
| **TOTAL NET ASSETS – 100.0%** |  | $**367452784** |

---

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 October 31, 2025 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Level 1 | <br> Level 2 | <br> Level 3 | <br> Total |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $363280011 | $— | $363280011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 49487 |  |  | 49487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $49487 | $363280011 | $— | $363329498 |

---

\*\* Represents less than 0.05%. 

^ 7-Day net yield.

---

| | |
|:---|:---|
| The following acronyms are used throughout this Portfolio of Investments: | The following acronyms are used throughout this Portfolio of Investments: |
| AG | Insured by Assured Guaranty Inc. |
| 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 |
| ETM | Escrowed to Maturity |
| FGIC | Financial Guaranty Insurance Corporation |
| GO | General Obligation |
| 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 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 17

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

*Wilmington Municipal Bond Fund (concluded)* 

 <br> TCRS Tax Credit Reporting Service

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

18.0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Wilmington New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| Description | <br>Par Value | Value |
|  **MUNICIPAL BONDS – 98.4%** | **MUNICIPAL BONDS – 98.4%** | **MUNICIPAL BONDS – 98.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK – 98.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK – 98.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK – 98.4%** |
| &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 | $&nbsp;&nbsp;&nbsp;&nbsp;1080990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (Series 231ST), 5.00%, 08/01/31 | 1000000 | 1103877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (Series 242), 5.00%, 12/01/39 | 1000000 | 1074859 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $3259726 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 4.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 4.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Battery Park City Authority, NY, Revenue Bonds, 5.00%, 11/01/41 | 500000 | 551100 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35 | 1095000 | 1280545 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DEVELOPMENT |  | $1831645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 11.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 11.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 11.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., NY, Revenue Bonds, (Success Academy Charter School), 5.00%, 09/01/32 | 850000 | 936430 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, (AG St. Aid Withhldg)<br>5.00%, 10/01/32 | 1000000 | 1151327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/38 | 545000 | 595744 |
| &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 | 1257204 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Financing Program Revenue Bonds, School District, School Improvements, (Series P), (BAM), 5.00%, 10/01/36 | 540000 | 585798 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AG), 5.00%, 10/01/29 | 5000 | 5338 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION |  | $4531841 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 21.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 21.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 21.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33 | 900000 | 926482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nassau County Interim Finance Authority, NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 11/15/33 | 455000 | 516563 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, NY, Current Refunding Revenue Bonds, (Series S), (State Aid Withholding), 5.00%, 07/15/35 | 300000 | 354542 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, 5.00%, 07/01/31 | 565000 | 638005 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | <br>Par Value | <br>Par Value | Value |
| &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 | $&nbsp;&nbsp;&nbsp;&nbsp;1650676 |
| &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 | 867320 |
| &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 | 807378 |
| &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 | 665681 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32 |  | 600000 | 611385 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37 |  | 1000000 | 1017500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Senior Lien), 5.00%, 11/15/39 |  | 450000 | 492784 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  |  | $8548316 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 14.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 14.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 14.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 14.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Binghamton, NY, GO, Public Facilities, AD Valorem Property Tax, (BAM), 4.00%, 04/15/32 |  | 500000 | 534415 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Series A), 5.00%, 08/01/31 |  | 250000 | 281019 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series A-1), 5.00%, 09/01/38 |  | 1000000 | 1096310 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Hempstead, NY, GO, Public Improvements, AD Valorem Property Tax, (Series A), (BAM), 4.00%, 03/15/42 |  | 650000 | 663465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saratoga County, NY, GO, Refunding Notes, AD Valorem Property Tax, 4.00%, 09/01/44 |  | 500000 | 501843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk County, NY, GO, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 06/15/33 |  | 500000 | 575768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syracuse, NY, GO, Public Improvements, AD Valorem Property Tax, 4.00%, 05/01/34 |  | 805000 | 869676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM), 5.00%, 05/01/30 |  | 1000000 | 1094258 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  |  | $5616754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 12.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 12.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 12.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 12.6%** |
| &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 | 1217717 |

---

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*PORTFOLIOS OF INVESTMENTS* 19

*Wilmington New York Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
| &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 | $1086757 |
| &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 | 804708 |
| &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 | 1101411 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL),<br>5.75%, 07/01/27 | 545000 | 563980 |
| &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 | 309597 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $&nbsp;&nbsp;&nbsp;&nbsp;5084170 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., NY, Current Refunding Revenue Bonds, (Rochester Regional Health Project), 5.00%, 12/01/34 | 500000 | 532069 |
| &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 | 507043 |
| &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 | 1056540 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, (Northwell Health Obligated Group), (Series A),<br>4.00%, 05/01/38 | 500000 | 507527 |
| &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 | 204945 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $2808124 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, NY, Refunding Revenue Bonds, (Series TE), 5.00%, 12/15/38 | 950000 | 1064554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 5.2%** |  |  |
| &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 | 519198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niagara Falls City School District, NY, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (BAM St. Aid Withholding), 5.00%, 06/15/34 | 400000 | 464647 |

---

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Par Value | Value |
| &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 | $1090980 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SCHOOL DISTRICT |  | $2074825 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/29 | 1530000 | 1612285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/15/36 | 245000 | 252220 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $1864505 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A)<br>5.00%, 09/01/34 | 750000 | 820921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/39 | 400000 | 404915 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES |  | $1225836 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, (Series FF), 5.00%, 06/15/34 | 750000 | 808319 |
| &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 | 850854 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER |  | $1659173 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW YORK |  | $39569469 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $39,963,753)** |  | $**39569469** |
|  | Number of<br>Shares |  |
| **MONEY MARKET FUND – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>^</sup>  | 165455 | 165455 |
| **TOTAL MONEY MARKET FUND**<br> **(Cost $165,455)** |  | $**165455** |
| **TOTAL INVESTMENTS – 98.8%**<br> **(Cost $40,129,208)** |  | $**39734924** |
| **OTHER ASSETS LESS LIABILITIES – 1.2%** |  | **495685** |
| **TOTAL NET ASSETS – 100.0%** |  | $**40230609** |

---

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

20 *PORTFOLIOS OF INVESTMENTS*

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

*Wilmington New York Municipal Bond 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 October 31, 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 | $— | $39569469 | $— | $39569469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 165455 |  |  | 165455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $165455 | $39569469 | $— | $39734924 |

---

---

| | | |
|:---|:---|:---|
|  ^ 7-Day net yield. | ^ 7-Day net yield. | ^ 7-Day net yield. |
| <br> The following acronyms are used throughout this Portfolio of Investments: | <br> The following acronyms are used throughout this Portfolio of Investments: | <br> The following acronyms are used throughout this Portfolio of Investments: |
| AG |  | Insured by Assured Guaranty Inc. |
| 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* 

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF ASSETS AND LIABILITIES* 21

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

---

| | | | |
|:---|:---|:---|:---|
| October 31, 2025 (unaudited) | Wilmington<br>Broad Market<br>Bond Fund | Wilmington<br>Municipal Bond<br>Fund | Wilmington New<br>York<br>Municipal Bond<br>Fund |
| ASSETS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments, at identified cost* | $744720976 | $364736294 | $40129208 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value* | $715400855 | $363329498 | $39734924 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | 5980064 | 4777720 | 533677 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign tax reclaim receivable* | 1129 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due from advisor* |  |  | 6820 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | 788476 | 185001 | 21222 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid assets* | 37168 | 29821 | 18592 |
| TOTAL ASSETS | 722207692 | 368322040 | 40315235 |
| LIABILITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateral for securities on loan* | 17185045 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investments purchased* | 4291468 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income distribution payable* | 1266977 | 626292 | 13446 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | 249367 | 21325 | 5161 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | 4784 | 4784 | 4784 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | 16648 | 8667 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | 348 | 2561 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shareholder services fees* | 139 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | 193091 | 100025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | 141422 | 105602 | 59507 |
| TOTAL LIABILITIES | 23349289 | 869256 | 84626 |
| NET ASSETS | $698858403 | $367452784 | $40230609 |
| NET ASSETS CONSIST OF: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $743018739 | $378495712 | $42093397 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | (44160336) | (11042928) | (1862788) |
| TOTAL NET ASSETS | $698858403 | $367452784 | $40230609 |
|  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* | $1616829 | $12022893 | $3560954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | 178707 | 962270 | 356867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value per share* | $9.05 | $12.49 | $9.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Offering Price per share\** | $9.48 | $13.08 | $10.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $697241574 | $355429891 | $36669655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | 78411840 | 28439538 | 3672940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $8.89 | $12.50 | $9.98 |

---

<sup>(a)</sup> Including $16,471,929 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* 

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

22 *STATEMENTS OF OPERATIONS*

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

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

---

| | | | |
|:---|:---|:---|:---|
| Six Months Ended October 31, 2025 (unaudited) | Wilmington<br>Broad<br>Market<br> Bond Fund | Wilmington<br>Municipal Bond<br>Fund | Wilmington New York<br>Municipal Bond<br>Fund |
| INVESTMENT INCOME: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Dividends* | $70932 | $70181 | $9220 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest* | 14066480 | 5551227 | 580097 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Securities lending income, net* | 17666 |  |  |
| TOTAL INVESTMENT INCOME | 14155078 | 5621408 | 589317 |
|  EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | 1539074 | 798120 | 90537 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | 96710 | 50152 | 5690 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | 87949 | 52543 | 16167 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | 8228 | 3381 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | 7547 | 7336 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | 40069 | 40069 | 40069 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | 66308 | 64466 | 62174 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Class A* | 2069 | 15262 | 4860 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Class A* | 2069 | 15262 | 4860 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | 18473 | 18498 | 6837 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | 8295 | 5744 | 4226 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | 33436 | 24330 | 14800 |
| TOTAL EXPENSES | 1910227 | 1095163 | 252890 |
|  WAIVERS AND REIMBURSEMENTS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | (435419) | (231047) | (130501) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Class A* | (1864) | (15262) | (4860) |
|  **TOTAL WAIVERS AND REIMBURSEMENTS** | (437283) | (246309) | (135361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | 1472944 | 848854 | 117529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | 12682134 | 4772554 | 471788 |
| REALIZED AND UNREALIZED GAIN (LOSS): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on investments* | (565495) | (1027414) | (13254) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on investments* | 10477822 | 12266665 | 1217014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized and unrealized gain (loss)* | 9912327 | 11239251 | 1203760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $22594461 | $16011805 | $1675548 |

---

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

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*STATEMENTS OF CHANGES IN NET ASSETS* 23

&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 |
|  | Six Months Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br> April 30,<br> 2025 | Six Months Ended<br> October 31,<br> 2025<br> (Unaudited) | Year Ended<br>April 30,<br> 2025 |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*12682134* | $*21972094* | *$4772554* | $*8273017* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(565495)* | *(7560780)* | *(1027414)* | *(967191)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *10477822* | *31016312* | *12266665* | *(482722)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **22594461** | **45427626** | **16011805** | **6823104** |
|  *DISTRIBUTIONS TO SHAREHOLDERS:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(28322)* | *(57461)* | *(149357)* | *(329859)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(12628274)* | *(22011383)* | *(4623499)* | *(7942874)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | **(12656596)** | **(22068844)** | **(4772856)** | **(8272733)** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *353* | *26639* | *19607* | *478044* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *67801491* | *134629175* | *48605671* | *73122608* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *27378* | *55460* | *127606* | *280898* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *5309517* | *9473351* | *1007627* | *1654256* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(131700)* | *(254640)* | *(1155685)* | *(2858486)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(41066884)* | *(91624611)* | *(28312658)* | *(50431576)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **31940155** | **52305374** | **20292168** | **22245744** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *41878020* | *75664156* | *31531117* | *20796115* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | **656980383** | **581316227** | **335921667** | **315125552** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $**698858403** | $**656980383** | **$367452784** | $**335921667** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *40* | *3023* | *1582* | *39046* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *7754453* | *15484400* | *3973825* | *5982188* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *3062* | *6237* | *10399* | *22898* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *604151* | *1084737* | *82054* | *134845* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(14751)* | *(28449)* | *(94805)* | *(233246)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(4668249)* | *(10548497)* | *(2311391)* | *(4113572)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **3678706** | **6001451** | **1661664** | **1832159** |

---

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

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

24 *STATEMENTS OF CHANGES IN NET ASSETS (concluded)*

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

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

---

| | | |
|:---|:---|:---|
|  | Wilmington<br> New York<br> Municipal Bond Fund | Wilmington<br> New York<br> Municipal Bond Fund |
|  | Six Months Ended <br>October 31,<br> 2025<br> (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended <br> April 30, <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  |
| OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*471788* | $*873540* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(13254)* | *(347803)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *1217014* | *137662* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | **1675548** | **663399** |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(41143)* | *(86845)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(430642)* | *(786714)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | **(471785)** | **(873559)** |
| SHARE TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *1833* | *14986* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *4058669* | *4288436* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *38020* | *79933* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *349939* | *629310* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(520982)* | *(739686)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(3714190)* | *(4403650)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | **213289** | **(130671)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *1417052* | *(340831)* |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | **38813557** | **39154388** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $**40230609** | $**38813557** |
| SHARES OF BENEFICIAL INTEREST: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *187* | *1533* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *415415* | *440094* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *3875* | *8149* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *35655* | *64104* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(52623)* | *(75285)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(378835)* | *(448825)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | **23674** | **(10230)** |

---

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

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS* 25

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

For a share outstanding throughout each period:

 <br> WILMINGTON BROAD MARKET BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | 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 Period | $8.92 | $8.58 | $8.96 | $9.23 | $10.25 | $10.39 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.15 | 0.29 | 0.25 | 0.19 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.13 | 0.34 | (0.38) | (0.26) | (0.99) | (0.10) |
| Total Income (Loss) From Operations | 0.28 | 0.63 | (0.13) | (0.07) | (0.84) | 0.05 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.15) | (0.29) | (0.25) | (0.20) | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  |  | (0.01) |
| Total Distributions | (0.15) | (0.29) | (0.25) | (0.20) | (0.18) | (0.19) |
|  **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.05 | $8.92 | $8.58 | $8.96 | $9.23 | $10.25 |
|  **Total Return<sup>(b)</sup>**  | 3.22% | 7.40% | (1.46)% | (0.71)% | (8.37)% | 0.51% |
|  **Net Assets, End of Period (000's)** | $1617 | $1698 | $1798 | $2018 | $2691 | $2234 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 1.06 %<sup>(d)</sup> | 1.06% | 1.06% | 1.07% | 1.06% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.70 %<sup>(d)</sup> | 0.70% | 0.77% | 0.77% | 0.77% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.43 %<sup>(d)</sup> | 3.26% | 2.81% | 2.16% | 1.45% | 1.46% |
|  **Portfolio Turnover Rate** | 13% | 29% | 18% | 24% | 26% | 34% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited) | 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 Period | $8.77 | $8.44 | $8.81 | $9.08 | $10.08 | $10.22 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.16 | 0.31 | 0.27 | 0.22 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.12 | 0.33 | (0.37) | (0.26) | (0.97) | (0.09) |
| Total Income (Loss) From Operations | 0.28 | 0.64 | (0.10) | (0.04) | (0.79) | 0.09 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.16) | (0.31) | (0.27) | (0.23) | (0.21) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  |  | (0.01) |
| Total Distributions | (0.16) | (0.31) | (0.27) | (0.23) | (0.21) | (0.23) |
|  **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.89 | $8.77 | $8.44 | $8.81 | $9.08 | $10.08 |
|  **Total Return<sup>(b)</sup>**  | 3.27% | 7.66% | (1.09)% | (0.42)% | (8.02)% | 0.83% |
|  **Net Assets, End of Period (000's)** | $697241 | $655282 | $579518 | $550087 | $570825 | $623556 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.56 %<sup>(d)</sup> | 0.56% | 0.56% | 0.57% | 0.56% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.43 %<sup>(d)</sup> | 0.43% | 0.43% | 0.43% | 0.43% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3.71 %<sup>(d)</sup> | 3.54% | 3.15% | 2.51% | 1.79% | 1.79% |
|  **Portfolio Turnover Rate** | 13% | 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) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

26 *FINANCIAL HIGHLIGHTS (continued)*

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

For a share outstanding throughout each period:

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

 <br> WILMINGTON MUNICIPAL BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS A | Six Months<br> Ended<br> October 31,<br> 2025<br>(Unaudited) | 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 Period | $12.11 | $12.16 | $12.25 | $12.12 | $13.41 | $12.72 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.15 | 0.29 | 0.26 | 0.22 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.38 | (0.05) | (0.09) | 0.13 | (1.25) | 0.70 |
| Total Income (Loss) From Operations | 0.53 | 0.24 | 0.17 | 0.35 | (1.06) | 0.90 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.15) | (0.29) | (0.26) | (0.22) | (0.19) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.04) |  |
| Total Distributions | (0.15) | (0.29) | (0.26) | (0.22) | (0.23) | (0.21) |
|  **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.49 | $12.11 | $12.16 | $12.25 | $12.12 | $13.41 |
|  **Total Return<sup>(b)</sup>**  | 4.41% | 1.93% | 1.42% | 2.92% | (8.08)% | 7.05% |
|  **Net Assets, End of Period (000's)** | $12023 | $12652 | $14790 | $16745 | $17942 | $23716 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 1.10 %<sup>(d)</sup> | 1.11% | 1.10% | 1.11% | 1.08% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.72 %<sup>(d)</sup> | 0.72% | 0.73% | 0.74% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.45 %<sup>(d)</sup> | 2.34% | 2.15% | 1.81% | 1.42% | 1.53% |
|  **Portfolio Turnover Rate** | 7% | 22% | 19% | 28% | 23% | 24% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS I | Six Months<br> Ended<br> October 31,<br> 2025<br> (Unaudited) | 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 Period | $12.11 | $12.16 | $12.26 | $12.13 | $13.42 | $12.73 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.17 | 0.32 | 0.29 | 0.25 | 0.22 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.39 | (0.05) | (0.10) | 0.13 | (1.25) | 0.69 |
| Total Income (Loss) From Operations | 0.56 | 0.27 | 0.19 | 0.38 | (1.03) | 0.93 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.17) | (0.32) | (0.29) | (0.25) | (0.22) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.04) |  |
| Total Distributions | (0.17) | (0.32) | (0.29) | (0.25) | (0.26) | (0.24) |
|  **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.50 | $12.11 | $12.16 | $12.26 | $12.13 | $13.42 |
|  **Total Return<sup>(b)</sup>**  | 4.63% | 2.20% | 1.60% | 3.18% | (7.83)% | 7.32% |
|  **Net Assets, End of Period (000's)** | $355430 | $323270 | $300336 | $322805 | $303707 | $338952 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.60 %<sup>(d)</sup> | 0.61% | 0.60% | 0.61% | 0.59% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.47 %<sup>(d)</sup> | 0.47% | 0.48% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.70 %<sup>(d)</sup> | 2.59% | 2.40% | 2.06% | 1.67% | 1.78% |
|  **Portfolio Turnover Rate** | 7% | 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) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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* 

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*FINANCIAL HIGHLIGHTS (concluded)* 27

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

For a share outstanding throughout each period:

 <br> WILMINGTON NEW YORK MUNICIPAL BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS A | Six Months<br> Ended<br> October 31,<br> 2025<br>(Unaudited) | 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 Period | $9.68 | $9.74 | $9.83 | $9.71 | $10.69 | $10.20 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.10 | 0.20 | 0.18 | 0.15 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.30 | (0.06) | (0.09) | 0.12 | (0.95) | 0.51 |
| Total Income (Loss) From Operations | 0.40 | 0.14 | 0.09 | 0.27 | (0.82) | 0.65 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.10) | (0.20) | (0.18) | (0.15) | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.03) | (0.02) |
| Total Distributions | (0.10) | (0.20) | (0.18) | (0.15) | (0.16) | (0.16) |
|  **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.98 | $9.68 | $9.74 | $9.83 | $9.71 | $10.69 |
|  **Total Return<sup>(b)</sup>**  | 4.20% | 1.43% | 0.90% | 2.79% | (7.74)% | 6.38% |
|  **Net Assets, End of Period (000's)** | $3561 | $3926 | $4589 | $5212 | $5536 | $6789 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 1.71 %<sup>(d)</sup> | 1.73% | 1.57% | 1.53% | 1.37% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.81 %<sup>(d)</sup> | 0.81% | 0.81% | 0.82% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.12 %<sup>(d)</sup> | 2.04% | 1.81% | 1.52% | 1.24% | 1.31% |
|  **Portfolio Turnover Rate** | 5% | 27% | 29% | 6% | 7% | 14% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CLASS I | Six Months<br> Ended<br> October 31,<br> 2025<br>(Unaudited) | 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 Period | $9.69 | $9.75 | $9.84 | $9.72 | $10.70 | $10.20 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup>  | 0.12 | 0.22 | 0.20 | 0.17 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.29 | (0.06) | (0.09) | 0.12 | (0.95) | 0.53 |
| Total Income (Loss) From Operations | 0.41 | 0.16 | 0.11 | 0.29 | (0.79) | 0.69 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.12) | (0.22) | (0.20) | (0.17) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.03) | (0.02) |
| Total Distributions | (0.12) | (0.22) | (0.20) | (0.17) | (0.19) | (0.19) |
|  **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.98 | $9.69 | $9.75 | $9.84 | $9.72 | $10.70 |
|  **Total Return<sup>(b)</sup>**  | 4.23% | 1.68% | 1.15% | 3.04% | (7.50)% | 6.74% |
|  **Net Assets, End of Period (000's)** | $36670 | $34888 | $34565 | $40420 | $47950 | $59887 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 1.21 %<sup>(d)</sup> | 1.23% | 1.07% | 1.03% | 0.87% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.56 %<sup>(d)</sup> | 0.56% | 0.56% | 0.57% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.37 %<sup>(d)</sup> | 2.29% | 2.06% | 1.77% | 1.49% | 1.55% |
|  **Portfolio Turnover Rate** | 5% | 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) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

28 *NOTES TO FINANCIAL STATEMENTS*

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

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

Wilmington Funds

October 31, 2025 (unaudited)

&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>(d)</sup>*  | The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes. |

---

*<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;&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.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 29

&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 October 31, 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;Broad Market Bond Fund** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of America Securities, Inc.* | $1019851 | $1019851 | $— | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Citadel Securities LLC* | 3179233 | 3179233 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Daiwa Capital Markets America, Inc.* | 2988479 | 2988479 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Deutsche Bank Securities, Inc.* | 841291 | 841291 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*HSBC Securities USA, Inc.* | 2988479 | 2988479 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*HSBC Securities USA, Inc.* | 190754 | 190754 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Nomura Securities International, Inc.* | 2988479 | 2988479 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*RBC Dominion Securities, Inc.* | 2988479 | 2988479 |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17185045 | $17185045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 –** 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 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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

30 *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 October 31, 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 | $16471929 | $16471929 | $— |

---

*<sup>(1)</sup>* *Collateral with a value of $17,185,045 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 six months ended October 31, 2025.

The amount and character of tax-basis distributions and composition of distributable earnings are finalized at fiscal year-end. Accordingly, tax-basis balances have not been determined as of the date of this report.

As of October 31, 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 | $744720981 | &nbsp;&nbsp;&nbsp;&nbsp;$8015865 | $(37335991) | $(29320126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond Fund | 364758185 | 4348294 | (5776981) | (1428687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Municipal Bond Fund | 40129208 | 373942 | (768226) | (394284) |

---

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:

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 31

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund | Short-Term <br>No Expiration | Long-Term <br>No Expiration | Total Capital <br>Loss<br>Carryforwards |
| *Broad Market Bond Fund* | *$(1713112)* | *$(13023413)* | *$(14736525)* |
| *Municipal Bond Fund* | *(1319796)* | *(7256200)* | *(8575996)* |
| *New York Municipal Bond Fund* | *(63903)* | *(1391056)* | *(1454959)* |

---

&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, 2026, 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 | 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 six months ended October 31, 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.

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

32 *NOTES TO FINANCIAL STATEMENTS (continued)*

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

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

For the six months ended October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Broad Market Bond Fund* | &nbsp;&nbsp;&nbsp;&nbsp;$39 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Municipal Bond Fund* | &nbsp;&nbsp;&nbsp;&nbsp;2356 |
|  &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;31 |

---

**Sales Charges** – The Funds' Class A shares bear front-end sales charges.

For the six months ended October 31, 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 six months ended October 31, 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* | $16 |

---

**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 six months ended October 31, 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 | $85318073 | $29540417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond Fund | 45999971 | 23148365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Municipal Bond Fund | 2718543 | 1966284 |

---

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29056619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54828004 |

---

&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

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*NOTES TO FINANCIAL STATEMENTS (concluded)* 33

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

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 six months ended October 31, 2025.

&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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

34.0 &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
At a meeting held on September 25-26, 2025 (the "September Meeting"), the Board of Trustees (the "Board") of the Wilmington Funds (the "Trust," and each series, a "Fund") agreed to approve the renewal of the Trust's investment advisory agreement and sub-advisory agreement (collectively, the "Advisory Agreements"). The agreement renewal process was divided into two Board meetings of the Trustees who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Independent Trustees"), of the Trust, to consider information relating to each Fund of the Trust, as generally described below.

At a meeting held on August 18, 2025 (the "August Meeting"), the Board met with personnel of Wilmington Funds Management Corporation ("WFMC"), Wilmington Trust Investment Advisors, Inc. ("WTIA," and together with WFMC, the "Adviser"), and independent counsel to the Independent Trustees ("Counsel") to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with WFMC and with WTIA. At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel that was sent on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

At the August Meeting, the Adviser provided the Board with an initial basis for the approval of the Advisory Agreements and discussed with the Board the information about the Adviser, including information provided in response to a written request from Counsel on behalf of the Independent Trustees concerning its investment advisory services, operations, compliance program and other matters.

In agreeing to renew the Advisory Agreements, the Board considered, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;● Information about the nature and quality of the services provided by the Adviser, including management style, particular investment strategies and prevailing market conditions experienced in the prior year; the fees and expenses of each Fund, including any applicable fee waiver or expense cap; the costs of the services and potential economies of scale; and fallout or ancillary benefits to the Adviser from managing each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;● Reports from a leading, independent source of mutual fund industry data describing, on a Fund-by-Fund basis, peer comparisons of fee and expense data;

&nbsp;&nbsp;&nbsp;&nbsp;● Reports from a leading, independent source of mutual fund industry data describing, on a Fund-by-Fund basis, peer comparative performance data;

&nbsp;&nbsp;&nbsp;&nbsp;● Information from the Adviser describing, on a Fund-by-Fund basis, each Fund's performance (over multiple periods) compared with the Fund's benchmark(s) and peer groups, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;● Information about fees paid by other clients of the Adviser that have substantially similar investment objectives to the corresponding Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;● The financial stability of the Adviser and its parent company.

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment performance, compliance and operational matters; brokerage and portfolio transactions; allocation of soft dollars for research products and services; portfolio turnover rates; and other benefits from the allocation of transactions to certain brokers. The Board took into account information provided by the Adviser with respect to the effect on performance of asset allocations required by a Fund's investment strategy or implemented by the Adviser at its discretion. The Board also considered the Adviser's profitability in providing services under the Advisory Agreements. The Board generally concluded that, for each Fund, the consideration of each factor above supported the renewal of each Advisory Agreement.

*October 31, 2025 (unaudited) / SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION* 

------

*Semi-Annual Financial Statements and Other Information* 35

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

At the September Meeting, the Board approved the renewal of each of the Advisory Agreements, based on all of the relevant information and factors, none of which was individually determinative of the outcome, and concluded the following:

&nbsp;&nbsp;&nbsp;&nbsp;● The nature and extent of the investment advisory services to be provided to each Fund by the Adviser, as applicable, were consistent with the terms of the relevant Advisory Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;● The prospects for satisfactory investment performance were reasonable; and

&nbsp;&nbsp;&nbsp;&nbsp;● Renewal of the Advisory Agreements was in the best interest of each Fund and its shareholders.

#### Wilmington Broad Market Bond Fund
The Board considered that the Fund's net management fee rate and net total expense ratio were below the Fund's expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the three- and five-year periods ended June 30, 2025 and below the peer group average for the one-year period ended June 30, 2025. The Board considered management's explanation of the Fund's underperformance and its views that underperformance could be attributed to the Fund's slightly lower duration versus the Fund's index as interest rates have fallen, as well as to the Fund's minimal exposure to the high yield market versus the Fund's peers as lower quality, high yield corporate bonds outperformed higher quality corporate bonds.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreements.

#### Wilmington Municipal Bond Fund
The Board considered that the Fund's net management fee rate was slightly above the Fund's expense group median and net total expense ratio was below the Fund's expense group median. The Board also considered the Fund's improved performance, as the Fund achieved total return performance above the peer group average for the one-year period ended June 30, 2025 and below the peer group average for the three- and five-year periods ended June 30, 2025.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreements.

#### Wilmington New York Municipal Bond Fund
The Board considered that the Fund's net management fee rate was below the Fund's expense group median and net total expense ratio was above the Fund's expense group median. The Board also considered the Fund's improved performance had achieved total return performance above the peer group average for the one-year period ended June 30, 2025 and below the peer group average for the three- and five-year periods ended June 30, 2025.

The Board determined that the Fund's level of performance and expense generally supported the renewal of the Fund's Advisory Agreements.

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

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 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.

*October 31, 2025 (unaudited) / SEMI-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;

*SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / October 31, 2025 (unaudited)* 

------

![LOGO](g86645g40j40.jpg)

&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

Wilmington Funds Management Corp.

1100 North Market Street

9<sup>th</sup> Floor

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;Sub-Advisor

Wilmington Trust Investment Advisors, Inc.

1100 North Market Street

9<sup>t</sup><sup>h</sup> Floor

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;Co-Administrator

Wilmington Funds Management Corp.

1100 North Market Street

9<sup>th</sup> Floor

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;Custodian

The Bank of New York

240 Greenwich Street

New York, NY 10286

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Accountant, Co-Administrator, Transfer Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Dividend Disbursing Agent

BNY Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square

2001 Market Street, Suite 1800

Philadelphia, PA 19103

WT-SAR-FI-1025 <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 semi-annual financial statements and other information filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
This information is included as part of the semi-annual financial statements and other information filed under Item 7 of this form.

#### 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 the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)) under the Investment Company Act of 1940, as amended (the "1940 Act") are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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.** [Applies to listed companies only]

Not Applicable.

#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](d86645dex99cert.htm) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d86645dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) There was no change in the Registrant's independent registered public accountant during the period covered by the report.

[(b)](d86645dex99906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d86645dex99906cert.htm) 

------

#### 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>January 2, 2026</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>January 2, 2026</u> |  |
| By (Signature and Title)\* | <u>/s/ Arthur W. Jasion</u>  |
|  | Arthur W. Jasion |
|  | (Principal Financial Officer) |
| Date <u>January 2, 2026</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

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>January 2, 2026</u>  | <u>/s/ Charles S. Todd</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>January 2, 2026</u>  | <u>/s/ Arthur W. Jasion</u>  |
|  | Arthur W. Jasion |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

**![LOGO](g86645g1231172052174.jpg) 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;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;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>January 2, 2026</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;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;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>January 2, 2026</u>  | <u>/s/ Arthur W. Jasion</u>  |
|  | Arthur W. Jasion |
|  | (Principal Financial Officer) |

---