# EDGAR Filing Document

**Accession Number:** 0000830744
**File Stem:** 0001193125-23-000400
**Filing Date:** 2023-1
**Character Count:** 942571
**Document Hash:** f40af387a482595619606e292fb00d25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000400.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000400

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILMINGTON FUNDS
- **CENTRAL INDEX KEY:** 0000830744
- **IRS NUMBER:** 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:** 23500751

**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           |

### 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           |

### 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           |

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 <u>811-05514</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Wilmington Funds</u> 

(Exact name of registrant as specified in charter)

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

<u>Wilmington, DE 19890</u> 

(Address of principal executive offices) (Zip code)

John McDonnell

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

<u>Wilmington, DE 19890-0001</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>302-651-8409</u>

Date of fiscal year end: <u>April</u> <u>30</u>

Date of reporting period: <u>October</u> <u>31, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1. Reports to Stockholders.** 

(a) The Report to Shareholders is attached herewith.

------

![LOGO](g438423dsp001.jpg)

------

![LOGO](g438423dsp002.jpg)

Wilmington U.S. Government Money Market Fund ("U.S. Government Money Market Fund")

Wilmington U.S. Treasury Money Market Fund ("U.S. Treasury Money Market Fund")

------

![LOGO](g438423dsp003.jpg)

---

| | |
|:---|:---|
|  [President's Message](#tx438423_1) | i |
|  [Shareholder Expense Example](#tx438423_2) | 1 |
|  [Portfolios of Investments](#tx438423_3) | 2 |
|  [Statements of Assets and Liabilities](#tx438423_4) | 6 |
|  [Statements of Operations](#tx438423_5) | 7 |
|  [Statements of Changes in Net Assets](#tx438423_6) | 8 |
|  [Financial Highlights](#tx438423_7) | 9 |
|  [Notes to Financial Statements](#tx438423_8) | 13 |
|  [Discussion of Renewal of Advisory and Sub-Advisory Agreements](#tx438423_9) | 18 |
|  [Other Information](#tx438423_10) | 20 |

---

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[This Page Intentionally Left Blank]

------

i

PRESIDENT'S MESSAGE (unaudited)

**Esteemed Shareholder:** 

I am pleased to present the Semi-Annual Report of the U.S. Government Money Market Fund and U.S. Treasury Money Market Fund (the "Funds"), covering the semi-annual fiscal period of May 1, 2022, through October 31, 2022. Inside you will find a comprehensive review of the Funds' holdings and financial statements.

**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 semi-annual fiscal period between May and October was turbulent. At the onset of the period, inflation concerns rattled investors as U.S. Consumer Price Index ("CPI") accelerated in May to 8.6% and again in June, making a new cycle high of 9.1% and reaching its highest level in 40-years. U.S. consumers felt pain at the gas pump as the national average for a gallon of gasoline topped $5 in mid-June and consumer sentiment reached its lowest level on record. However, job growth in the U.S. remained strong with nearly 400,000 net new jobs added per month for the first three months of the period (May-July). The strong job reports stoked investor fears that the Federal Reserve (the "Fed") would hike rates more aggressively due to the underlying strength of the labor market. Fears were warranted as the Fed hiked interest rates by 150 basis points<sup>1</sup> in just a six-week period, the most since 1982. At the same time, the U.S. posted a second consecutive quarter of negative Gross Domestic Product "GDP" (-0.9% quarter-on-quarter, for Q2) marking a "technical recession".

Over the summer, economic data and some commentary from the Fed led investors to suspect that the Fed would pause or pivot from its hawkish stance. Equity markets bottomed in mid-June and decisively rallied throughout the summer on the back of the 'Fed Put' narrative and in lockstep with stronger-than-expected corporate earnings. Chair Powell ended rumors of a pivot in a 10-minute speech delivered at the Fed's annual Jackson Hole symposium in August. In the speech, Powell noted that pain for households and businesses was "the unfortunate cost of reducing inflation." U.S. equity indices sold off following the Jackson Hole speech and remained under pressure through mid-October. The economy finished the period on a high note with Q3 GDP rebounding and beating consensus estimates (+2.6% quarter-on-quarter, for Q3).

Abroad, the economic picture was far more dismal. The war in Ukraine escalated as Russian gas providers shut down natural gas pipelines to Europe. Russia's weaponization of energy exacerbated inflation and weighed on consumer confidence. In July, the European Central Bank hiked interest rates by 50 basis points, taking rates out of negative territory for the first time since 2014. During the period, the U.K. saw three different Prime Ministers in office. Boris Johnson resigned in July after a three-year run following a vote of no confidence. Liz Truss took over and released a 'mini-budget' featuring nearly 50 billion in unfunded tax cuts. Markets reacted sharply with the pound notching its third worst day since 1992. The Bank of England was forced to intervene at the eleventh hour and buy long dated bonds to bail out several of the nation's largest pension funds. Truss resigned after 45 days on the job amid the market turmoil and was replaced by Rishi Sunak.

In China, the political scene was less noisy after President Xi Jinping secured an unprecedented but expected third term in power. Xi was also able to strengthen his grip on power by stacking the Chinese Communist Party leadership with loyalists. The Chinese economy continued to be hurt by the government's enforcement of Zero-Covid restrictions and regulation in the property market. China's central bank was active, providing monetary and fiscal support to the economy in the form of prime rate cuts and infrastructure spending.

**Bond markets** 

Fixed income markets declined significantly during the period. Credit and Treasury indices underperformed Corporate High Yield and Municipal bond indices. The Fed Funds target rate increased 2.75% during the period driving Treasury yields higher across the curve. The 10-year Treasury yield ended the period up 107 basis points to 4.05%. The two-year Treasury yield pushed up 175 basis points to end the period at 4.48%. As for yield curve slopes, the 10y-2y ended the quarter deeply inverted at -43 basis points and the 10y-3m ducked into inversion territory at -1 basis points by the end of the period (down from +221 basis points at the start of the period). Volatility in the bond market, as measured by the ICE BofA MOVE Index, remained extremely heightened, ending the period at 147.9 compared to its five-year average of 69.5.

*PRESIDENT'S MESSAGE / October 31, 2022 (unaudited)* 

------

ii

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows:<sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Treasury**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bond Index<sup>3</sup>**  | **Bloomberg**<br> **U.S. Aggregate**<br> **Bond Index<sup>4</sup>**  | <br> **Bloomberg**<br> **U.S. Credit**<br> **Bond Index<sup>5</sup>**  | **Bloomberg**<br> **Municipal Bond**<br> **Index<sup>6</sup>**  | <br> **Bloomberg** <br> **U.S. Corporate** <br> **High Yield Bond** <br> **Index<sup>7</sup>**  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*-6.34%* | *-6.86%* | *-7.57%* | *-4.43%* | *-4.69%* |

---

*Past performance is no guarantee of future results.* 

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

**Equity markets** 

Equity markets were down across the board during the period with U.S. small cap stocks the outperformer of the group. Overall, it was a tumultuous period for all indices. The S&P 500 made sharp moves in both directions rallying 17.4% through the summer followed by a subsequent drop of 16.7% around Powell's Jackson Hole speech. The two corporate earnings seasons during the period were both better than expected with the energy sector masking much of the weakness in equities. Mega cap tech stocks were hit hard by higher interest rates and lower ad spending revenue. Firms like Meta, Google and Amazon made headlines by announcing plans to reduce headcount. The Russell 1000 Value Index<sup>8</sup> outperformed its counterpart the Russell 1000 Growth Index<sup>9</sup>, declining 3.2% versus a -8.2% return for Growth. Economic weakness in Europe and China led the MSCI EAFE and MSCI Emerging Markets lower with both indices underperforming significantly.

For the six-month period May 1, 2022 to October 31, 2022, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S&P 500<sup>®</sup>** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Index<sup>10</sup>**  | <br> **Russell**<br> **2000<sup>®</sup>** <br> **Index<sup>11</sup>**  | **MSCI EAFE**<br> **(Net) Index<sup>12</sup>** | **MSCI Emerging** <br> **Markets (Net)** <br> **Index<sup>13</sup>**  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *-5.50%* | *-0.20%* | *-12.70%* | *-19.66%* |

---

*Past performance is no guarantee of future results.* 

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

Sincerely,

![LOGO](g438423dsp006.jpg)

Eric W. Taylor

President

November 18, 2022

*October 31, 2022 (unaudited) / PRESIDENT'S MESSAGE* 

------

iii

**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, it cannot guarantee it 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.* 

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.

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

3. Bloomberg U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly
issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an
index.

4. Bloomberg U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond
market composed of securities from the Bloomberg Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term
average maturities. The index is unmanaged and investments cannot be made directly in an index.

5. Bloomberg U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is
composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index.

6. Bloomberg Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least
$75 million. The index is unmanaged and investments cannot be made directly in an index.

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

8. The Russell 1000<sup>®</sup> Value Index is a
market-capitalization-weighted index that measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

9. The Russell 1000<sup>®</sup> Growth Index is a market
capitalization-weighted index that measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

10. 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.

11. 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 $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

12. 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.

13. 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 27 Emerging Markets countries: Argentina, Brazil, Chile, China,
Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, 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.

*PRESIDENT'S MESSAGE / October 31, 2022 (unaudited)* 

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SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 to October 31, 2022.

Actual Expenses

This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds' actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>5/01/22** | **Beginning<br>Account Value<br>5/01/22** | **Ending<br>Account Value<br>10/31/22** | **Ending<br>Account Value<br>10/31/22** | **Expenses Paid<br>During Period<sup>(1)</sup>** | **Expenses Paid<br>During Period<sup>(1)</sup>** | **Annualized**<br> **Net<br> Expense Ratio**  | **Annualized**<br> **Net<br> Expense Ratio**  |  |
| WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | | *$1000.00* | | *$1007.00* | | *$2.53* | | *0.50%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | | *$1000.00* | | *$1008.30* | | *$1.27* | | *0.25%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | | *$1000.00* | | *$1008.00* | | *$1.67* | | *0.33%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | | *$1000.00* | | *$1006.10* | | *$3.49* | | *0.69%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | | *$1000.00* | | *$1022.68* | | *$2.55* | | *0.50%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | | *$1000.00* | | *$1023.95* | | *$1.28* | | *0.25%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | | *$1000.00* | | *$1023.54* | | *$1.68* | | *0.33%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | | *$1000.00* | | *$1021.73* | | *$3.52* | | *0.69%* | |
| WILMINGTON U.S. TREASURY MONEY MARKET FUND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | | *$1000.00* | | *$1007.00* | | *$2.48* | | *0.49%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | | *$1000.00* | | *$1008.30* | | *$1.27* | | *0.25%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | | *$1000.00* | | *$1007.90* | | *$1.67* | | *0.33%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | | *$1000.00* | | *$1006.10* | | *$3.44* | | *0.68%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | | *$1000.00* | | *$1022.74* | | *$2.50* | | *0.49%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | | *$1000.00* | | *$1023.95* | | *$1.28* | | *0.25%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | | *$1000.00* | | *$1023.54* | | *$1.68* | | *0.33%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | | *$1000.00* | | *$1021.78* | | *$3.47* | | *0.68%* | |

---

<sup>(1)</sup> Expenses are equal to the Funds' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At October 31, 2022, the Fund's portfolio composition was as follows (unaudited):

---

| | |
|:---|:---|
|  | **Percentage of<br>Total Net Assets** |
| Repurchase Agreements | 69.9% |
| U.S. Government Agency Obligations | 15.9% |
| U.S. Treasury Obligations | 12.2% |
| Money Market Funds | 3.7% |
| Other Assets and Liabilities - Net<sup>(1)</sup> | (1.7)% |
| TOTAL | **100.0%** |

---

<sup>(1)</sup> Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Description**<br>| **Par Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS – 15.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS – 15.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS – 15.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL FARM CREDIT BANK (FFCB) – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL FARM CREDIT BANK (FFCB) – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL FARM CREDIT BANK (FFCB) – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.06%), 3.11%, 01/20/23<sup>Δ</sup> | $9000000 | $9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.05%), 3.10%, 03/01/24<sup>Δ</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.05%), 3.10%, 04/12/24<sup>Δ</sup> | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Prime - 3.130%), 3.12%, 05/24/24<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.13%), 3.17%, 11/01/24<sup>Δ</sup> | 80000000 | 80000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL FARM CREDIT BANK (FFCB) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL FARM CREDIT BANK (FFCB) | $162000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL FARM CREDIT DISCOUNT NOTES – 3.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL FARM CREDIT DISCOUNT NOTES – 3.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL FARM CREDIT DISCOUNT NOTES – 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 12/29/22<sup>‡</sup>  | 50000000 | 49801834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 01/06/23<sup>‡</sup>  | 40000000 | 39809333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%, 02/01/23<sup>‡</sup>  | 100000000 | 99540000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/23<sup>‡</sup>  | 100000000 | 99464112 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL FARM CREDIT DISCOUNT NOTES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL FARM CREDIT DISCOUNT NOTES | $288615279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 9.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 9.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 9.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 11/25/22<sup>‡</sup>  | 25000000 | 24952500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 12/12/22<sup>‡</sup>  | 50000000 | 49844542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 12/15/22<sup>‡</sup>  | 50000000 | 49831944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 01/03/23<sup>‡</sup>  | 100000000 | 99700750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/06/23<sup>‡</sup>  | 25000000 | 24832846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 01/25/23<sup>‡</sup>  | 100000000 | 99044458 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.06%), 3.11%, 11/18/22<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.06%), 3.11%, 12/08/22<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.06%), 3.11%, 12/16/22<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 01/05/23 | 150000000 | 150000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.87%, 01/09/23 | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.04%), 3.09%, 01/30/23<sup>Δ</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 02/13/23 | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 03/09/23 | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN BANK (FHLB) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL HOME LOAN BANK (FHLB) | $&nbsp;&nbsp;&nbsp;&nbsp;823207040 |

---

---

| | | |
|:---|:---|:---|
| **Description**<br>| **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/20/23 | $75085000 | $74483708 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> **(COST $1,348,306,027)** | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> **(COST $1,348,306,027)** | $**1348306027** |
|  **U.S. TREASURY OBLIGATIONS – 12.2%** | **U.S. TREASURY OBLIGATIONS – 12.2%** | **U.S. TREASURY OBLIGATIONS – 12.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.16%, 11/03/22<sup>‡</sup>  | 50000000 | 49999556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 12/13/22<sup>‡</sup>  | 60000000 | 59805400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.32%, 12/15/22<sup>‡</sup>  | 75000000 | 74789808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/27/22<sup>‡</sup>  | 75000000 | 74653500 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | $&nbsp;&nbsp;&nbsp;&nbsp;259248264 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 9.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 9.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 4.09%, 01/31/23<sup>Δ</sup> | 85000000 | 85000859 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 04/30/23<sup>Δ</sup> | 296140500 | 296143395 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 4.03%, 01/31/24<sup>Δ</sup> | 120000000 | 120000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 3.97%, 04/30/24<sup>Δ</sup> | 75000000 | 74954945 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 07/31/24<sup>Δ</sup> | 150000000 | 149931016 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 4.19%, 10/31/24<sup>Δ</sup> | 49950000 | 49950000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES | $775980215 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $1,035,228,479)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $1,035,228,479)** | $**1035228479** |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

3 *PORTFOLIOS OF INVESTMENTS*

*Wilmington U.S. Government Money Market Fund (concluded)* 

---

| | | |
|:---|:---|:---|
| **Description**<br>| **Number of<br>Shares** | **Value**  |
| **MONEY MARKET FUNDS – 3.7%** | **MONEY MARKET FUNDS – 3.7%** | **MONEY MARKET FUNDS – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Liquidity Funds T-Fund, Institutional Shares, 2.92%^ | 72632382 | $72632382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07%^ | 244497007 | &nbsp;&nbsp;&nbsp;&nbsp;244497007 |
| **TOTAL MONEY MARKET FUNDS**<br> **(COST $317,129,389)** | **TOTAL MONEY MARKET FUNDS**<br> **(COST $317,129,389)** | $**317129389** |
|  | **Par Value** |  |
| **REPURCHASE AGREEMENTS – 69.9%** | **REPURCHASE AGREEMENTS – 69.9%** | **REPURCHASE AGREEMENTS – 69.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Reserve Bank of New York, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $5,825,493,506, collateralized by U.S. Treasury Securities, 0.25% to 1.63%, maturing 5/15/24 to 8/15/29; total market value $5,825,493,581. | $5825000000 | 5825000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description**<br>| **Par Value** | **Par Value** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Securities USA, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $100,008,472, collateralized by U.S. Treasury Securities, 0.63% to 2.75%, maturing 12/31/23 to 6/30/28; total market value $102,000,037. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | $100000000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> **(COST $5,925,000,000)** | **TOTAL REPURCHASE AGREEMENTS**<br> **(COST $5,925,000,000)** | **TOTAL REPURCHASE AGREEMENTS**<br> **(COST $5,925,000,000)** | $**5925000000** |
| **TOTAL INVESTMENTS – 101.7%**<br> **(COST $8,625,663,895)** | **TOTAL INVESTMENTS – 101.7%**<br> **(COST $8,625,663,895)** | **TOTAL INVESTMENTS – 101.7%**<br> **(COST $8,625,663,895)** | $**8625663895** |
| **OTHER ASSETS LESS LIABILITIES – (1.7)%** | **OTHER ASSETS LESS LIABILITIES – (1.7)%** | **OTHER ASSETS LESS LIABILITIES – (1.7)%** | **(147691360)** |
| **TOTAL NET ASSETS – 100.0%** |  |  | $**8477972535** |

---

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, 2022 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 | $— | $1348306027 | $— | $1348306027 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 1035228479 |  | 1035228479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 317129389 |  |  | 317129389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 5925000000 |  | 5925000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $317129389 | $8308534506 | $— | $8625663895 |

---

------

---

| | |
|:---|:---|
| <sup>Δ</sup> | Variable rate security. The rate disclosed is the rate in effect on the report date, and the date shown is the final maturity date, not the next reset or put date. Information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps.  |

---

<sup>‡</sup> 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, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At October 31, 2022, the Fund's portfolio composition was as follows (unaudited):

---

| | |
|:---|:---|
|  | **Percentage of<br>Total Net Assets** |
| Repurchase Agreements | 76.9% |
| U.S. Treasury Obligations | 19.8% |
| Money Market Fund | 3.4% |
| Other Assets and Liabilities - Net<sup>(1)</sup> | (0.1)% |
| TOTAL | **100.0%** |

---

<sup>(1)</sup> Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Description**<br>| **Par Value** | **Value** |
|  **U.S. TREASURY OBLIGATIONS – 19.8%** | **U.S. TREASURY OBLIGATIONS – 19.8%** | **U.S. TREASURY OBLIGATIONS – 19.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 5.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 5.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BILLS – 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.16%, 11/03/22<sup>‡</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;10945000 | $10944903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 12/13/22<sup>‡</sup>  | 40000000 | 39870267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.32%, 12/15/22<sup>‡</sup>  | 25000000 | 24929936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/27/22<sup>‡</sup>  | 25000000 | 24884500 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS | $&nbsp;&nbsp;&nbsp;&nbsp;100629606 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 14.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 14.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 14.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 4.09%, 01/31/23<sup>Δ</sup> | 15000000 | 15000151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/23 | 25000000 | 25007623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/28/23 | 15000000 | 14977791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/31/23 | 20000000 | 19829252 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 04/30/23<sup>Δ</sup> | 55000000 | 55000500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 4.03%, 01/31/24<sup>Δ</sup> | 22975000 | 22975000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 3.97%, 04/30/24<sup>Δ</sup> | 25000000 | 24984982 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 07/31/24<sup>Δ</sup> | 50000000 | 49977006 |
| &nbsp;&nbsp;&nbsp;&nbsp; (U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 4.19%, 10/31/24<sup>Δ</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES |  | $&nbsp;&nbsp;&nbsp;&nbsp;247752305 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $348,381,911)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $348,381,911)** | $**348381911** |
|  | **Number of<br>Shares** |  |
| **MONEY MARKET FUND – 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Funds Treasury Obligations Fund, Institutional Shares, 3.02%^ | 59987830 | 59987830 |
| **TOTAL MONEY MARKET FUND**<br> **(COST $59,987,830)** |  | $**59987830** |

---

---

| | | |
|:---|:---|:---|
| **Description**<br>| **Par Value** | **Value** |
| **REPURCHASE AGREEMENTS – 76.9%** | **REPURCHASE AGREEMENTS – 76.9%** | **REPURCHASE AGREEMENTS – 76.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CIBC World Market Corp., 3.05%, dated 10/31/2022, due 11/1/2022, repurchase price $75,006,354, collateralized by U.S. Treasury Securities, 0.13% to 3.38%, maturing 8/15/2023 to 11/15/2050; total market value $75,000,044. | $&nbsp;&nbsp;&nbsp;&nbsp;75000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities Inc., 3.00%, dated 10/31/2022, due 11/1/2022, repurchase price $85,007,083, collateralized by U.S. Treasury Securities, 1.13% to 6.13%, maturing 11/15/27 to 5/15/52; total market value $86,700,046. | 85000000 | 85000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FICC Bank of New York 3.05%, dated 10/31/2022, due 11/1/2022, repurchase price $300,025,417, collateralized by U.S. Treasury Securities, 0.38% to 1.38%, maturing 7/15/25 to 10/31/28; total market value $306,000,001. | 300000000 | 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets, 3.00%, dated 10/31/2022, due 11/1/2022, repurchase price $450,037,500, collateralized by U.S. Treasury Securities, 0.00% to 7.50%, maturing 11/3/22 to 5/15/2052; total market value $459,000,049. | 450000000 | 450000000 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

5 *PORTFOLIOS OF INVESTMENTS*

*Wilmington U.S. Treasury Money Market Fund (concluded)* 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Par Value** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities, Inc. 3.02%, dated 10/31/2022, due 11/1/2022, repurchase price $440,036,911, collateralized by U.S. Treasury Securities, 1.25% to 4.38%, maturing 5/15/23 to 10/31/27; total market value $448,800,051. | $| 440000000 | $440000000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> **(COST $1,350,000,000)** | **TOTAL REPURCHASE AGREEMENTS**<br> **(COST $1,350,000,000)** | **TOTAL REPURCHASE AGREEMENTS**<br> **(COST $1,350,000,000)** | $**1350000000** |
| **TOTAL INVESTMENTS – 100.1%**<br> **(COST $1,758,369,741)** | **TOTAL INVESTMENTS – 100.1%**<br> **(COST $1,758,369,741)** | **TOTAL INVESTMENTS – 100.1%**<br> **(COST $1,758,369,741)** | $**1758369741** |
| **OTHER ASSETS LESS LIABILITIES – (0.1)%** | **OTHER ASSETS LESS LIABILITIES – (0.1)%** | **OTHER ASSETS LESS LIABILITIES – (0.1)%** | **(2224350)** |
| **TOTAL NET ASSETS – 100.0%** |  |  | $**1756145391** |

---

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, 2022 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. Treasury Obligations | $— | $348381911 | $— | $348381911 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 59987830 |  |  | 59987830 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1350000000 |  | 1350000000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $59987830 | $1698381911 | $— | $1758369741 |

---

------

<sup>‡</sup> The rate shown reflects the effective yield at purchase date.

---

| | |
|:---|:---|
| <sup>Δ</sup> | Variable rate security. The rate disclosed is the rate in effect on the report date, and the date shown is the final maturity date, not the next reset or put date. Information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps.  |

---

^ 7-Day net yield.

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

------

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*STATEMENTS OF ASSETS AND LIABILITIES* 6

---

| | | |
|:---|:---|:---|
| **October 31, 2022 (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* | $*8625663895* | $*1758369741* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value (including repurchase agreements of $5,925,000,000 and $1,350,000,000, respectively)* | $*8625663895* | $*1758369741* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash* | *—* | *2000000* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | *3787953* | *386919* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | *100087* | *11856* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid assets* | *76337* | *41792* |
| **TOTAL ASSETS** | ***8629628272*** | ***1760810308*** |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investments purchased* | *130000000* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income distribution payable* | *18311605* | *3869222* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | *40252* | *42712* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | *3978* | *3978* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | *213143* | *45386* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | *319057* | *71658* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shareholder services fees* | *562657* | *111974* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | *1331635* | *261904* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | *873410* | *258083* |
| **TOTAL LIABILITIES** | ***151655737*** | ***4664917*** |
| **NET ASSETS** | $***8477972535*** | $***1756145391*** |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $*8478070878* | $*1756144237* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | *(98343)* | *1154* |
| **TOTAL NET ASSETS** | $***8477972535*** | $***1756145391*** |
| 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* | $*1085040941* | $*355934807* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *1085301651* | *355973864* |
| &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* | $*2335964296* | $*447335357* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *2336056548* | *447335903* |
| &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* | $*4535634550* | $*952561130* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *4536144775* | *952575259* |
| &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* | $*521332748* | $*314097* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *521300298* | *314093* |
| &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* 

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

7 *STATEMENTS OF OPERATIONS*

---

| | | |
|:---|:---|:---|
| **Six Months Ended October 31, 2022 (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* | $*12134* | $*85438* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest* | *76774115* | *16424399* |
| **TOTAL INVESTMENT INCOME** | ***76786249*** | ***16509837*** |
| EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | *9953518* | *2083874* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | *1222539* | *254791* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | *702220* | *150002* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | *63015* | *18847* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | *88767* | *17847* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | *33571* | *33571* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | *89433* | *58974* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Administrative Class* | *1351239* | *437674* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Service Class* | *620148* | *368* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Administrative Class* | *1351239* | *437674* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Select Class* | *5290431* | *1154083* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Service Class* | *620148* | *368* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | *27954* | *24744* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | *11616* | *3990* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | *179281* | *56281* |
| **TOTAL EXPENSES** | ***21605119*** | ***4733088*** |
|  WAIVERS AND REIMBURSEMENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | *(2455525)* | *(634885)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of distribution services fee—Administrative Class* | *(384197)* | *(134933)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of distribution services fee—Service Class* | *(144844)* | *(97)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Administrative Class* | *(956138)* | *(309407)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Select Class* | *(3671532)* | *(774760)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Service Class* | *(7046)* | *(5)* |
| **TOTAL WAIVERS AND REIMBURSEMENTS** | ***(7619282*** ***)*** | ***(1854087*** ***)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | ***13985837*** | ***2879001*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | ***62800412*** | ***13630836*** |
| REALIZED GAIN (LOSS): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on investments* | *(79941)* | *4135* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | ***(79941*** ***)*** | ***4135*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $***62720471*** | $***13634971*** |

---

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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*STATEMENTS OF CHANGES IN NET ASSETS* 8

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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> **2022**<br> **(Unaudited)** | **Year Ended**<br> **April 30,**<br> **2022** | **Six Months Ended<br>October 31,**<br> **2022**<br> **(Unaudited)** | **Year Ended**<br> **April 30,**<br> **2022** |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*62800412* | $*1698067* | $*13630836* | $*304729* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(79941* | *6318* | *4135* | *1160* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | ***62720471*** | ***1704385*** | ***13634971*** | ***305889*** |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *(7338734* | *(260816* | *(2369032* | *(87374* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *(18344036* | *(448986* | *(3391978* | *(78651* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *(34082577* | *(915013* | *(7867975* | *(141228* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *(3034480* | *(80375* | *(1796* | *(35* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | ***(62799827*** | ***(1705190*** | ***(13630781*** | ***(307288*** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *2087022969* | *4528852127* | *501994426* | *1105741959* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *2292988410* | *5251394571* | *759004135* | *1425405047* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *5157361125* | *7706547039* | *1752752214* | *1411785381* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *947857042* | *2593425038* | *22000* | *179000* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *650* | *18* | *4387* | *82* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *130605* | *2789* | *2* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *347565* | *12445* | *333345* | *9674* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *132448* | *6611* | *1796* | *35* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *(2165708153* | *(5093195914* | *(482198468* | *(1131047677* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *(1713900475* | *(5230085518* | *(654496990* | *(1283734679* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *(4619212201* | *(7878033178* | *(1416385000* | *(1612913711* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *(927649799* | *(3283142270* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | ***1059370186*** | ***(1404216242*** | ***461031847*** | ***(84574889*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *1059290830* | *(1404217047* | *461036037* | *(84576288* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | ***7418681705*** | ***8822898752*** | ***1295109354*** | ***1379685642*** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $***8477972535*** | $***7418681705*** | $***1756145391*** | $***1295109354*** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *2087022969* | *4528852127* | *501994426* | *1105741959* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *2292988410* | *5251394571* | *759004135* | *1425405047* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *5157361125* | *7706547039* | *1752752214* | *1411785381* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *947857042* | *2593425038* | *22000* | *179000* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *650* | *18* | *4387* | *82* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *130605* | *2789* | *2* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *347565* | *12445* | *333345* | *9674* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *132448* | *6611* | *1796* | *35* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Class* | *(2165708153* | *(5093195914* | *(482198468* | *(1131047677* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Institutional Class* | *(1713900475* | *(5230085518* | *(654496990* | *(1283734679* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Select Class* | *(4619212201* | *(7878033178* | *(1416385000* | *(1612913711* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service Class* | *(927649799* | *(3283142270* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | ***1059370186*** | ***(1404216242*** | ***461031847*** | ***(84574889*** |

---

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

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

9 *FINANCIAL HIGHLIGHTS*

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended** <br> **April 30, 2018**  |
| **ADMINISTRATIVE CLASS** | **(Unaudited)** |  |  |  |  |  |
|  **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;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.007 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.013 | 0.016 | 0.006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 0.007 | 0.000 | 0.000 | 0.013 | 0.016 | 0.006 |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.007) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.013) | (0.016) | (0.006) |
| **Net Asset Value, End of Period** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| **Total Return** | 0.70 %<sup>(b)</sup> | 0.02% | 0.01% | 1.21% | 1.57% | 0.56% |
| **Net Assets, End of Period (000's)** | $1085041 | $1163736 | $1728081 | $1509322 | $1297285 | $1196676 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.81 %<sup>(d)</sup> | 0.81% | 0.81% | 0.81% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.50 %<sup>(d)</sup> | 0.08% | 0.15% | 0.61% | 0.62% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.36 %<sup>(d)</sup> | 0.02% | 0.01% | 1.18% | 1.57% | 0.54% |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended** <br> **April 30, 2018**  |
| **INSTITUTIONAL CLASS** | **(Unaudited)** |  |  |  |  |  |
|  **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;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.008 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.016 | 0.019 | 0.009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 0.008 | 0.000 | 0.000 | 0.016 | 0.019 | 0.009 |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.008) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.016) | (0.019) | (0.009) |
| **Net Asset Value, End of Period** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| **Total Return** | 0.83 %<sup>(b)</sup> | 0.02% | 0.02% | 1.56% | 1.92% | 0.91% |
| **Net Assets, End of Period (000's)** | $2335964 | $1756769 | $1735456 | $1745742 | $427114 | $704435 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.31 %<sup>(d)</sup> | 0.31% | 0.31% | 0.31% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.25 %<sup>(d)</sup> | 0.08% | 0.14% | 0.27% | 0.27% | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.70 %<sup>(d)</sup> | 0.02% | 0.01% | 1.39% | 1.92% | 0.97% |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended** <br> **April 30, 2018**  |
| **SELECT CLASS** | **(Unaudited)** |  |  |  |  |  |
|  **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;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.008 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.015 | 0.018 | 0.008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 0.008 | 0.000 | 0.000 | 0.015 | 0.018 | 0.008 |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.008) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.015) | (0.018) | (0.008) |
| **Net Asset Value, End of Period** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| **Total Return** | 0.80 %<sup>(b)</sup> | 0.02% | 0.02% | 1.46% | 1.82% | 0.81% |
| **Net Assets, End of Period (000's)** | $4535635 | $3997179 | $4168651 | $4912640 | $4410116 | $3273958 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.56 %<sup>(d)</sup> | 0.56% | 0.56% | 0.56% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.33 %<sup>(d)</sup> | 0.08% | 0.15% | 0.37% | 0.37% | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.61 %<sup>(d)</sup> | 0.02% | 0.01% | 1.42% | 1.82% | 0.80% |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*FINANCIAL HIGHLIGHTS (continued)* 10

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended** <br> **April 30, 2018**  |
| **SERVICE CLASS** | **(Unaudited)** | | | | | |
|  **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;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.006 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.011 | 0.014 | 0.004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 0.006 | 0.000 | 0.000 | 0.011 | 0.014 | 0.004 |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.006) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.011) | (0.014) | (0.004) |
| **Net Asset Value, End of Period** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| **Total Return** | 0.61 %<sup>(b)</sup> | 0.01% | 0.01% | 1.08% | 1.42% | 0.41% |
|  **Net Assets, End of Period (000's)** | $521333 | $500998 | $1190711 | $1168185 | $1191211 | $1250181 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.81 %<sup>(d)</sup> | 0.81% | 0.81% | 0.81% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.69 %<sup>(d)</sup> | 0.08% | 0.15% | 0.74% | 0.77% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.22 %<sup>(d)</sup> | 0.01% | 0.01% | 1.07% | 1.41% | 0.41% |

---

------

(a) Represents less than $0.001.

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

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

(d) Annualized for periods less than one year.

(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* 

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

11 *FINANCIAL HIGHLIGHTS (continued)*

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  WILMINGTON U.S. TREASURY MONEY MARKET FUND | WILMINGTON U.S. TREASURY MONEY MARKET FUND | WILMINGTON U.S. TREASURY MONEY MARKET FUND | WILMINGTON U.S. TREASURY MONEY MARKET FUND | WILMINGTON U.S. TREASURY MONEY MARKET FUND | WILMINGTON U.S. TREASURY MONEY MARKET FUND | WILMINGTON U.S. TREASURY MONEY MARKET FUND |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended** <br> **April 30, 2018**  |
| **ADMINISTRATIVE CLASS** | **(Unaudited)** |  |  |  |  |  |
| **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;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.007 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.013 | 0.016 | 0.006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 0.007 | 0.000 | 0.000 | 0.013 | 0.016 | 0.006 |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.007) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.013) | (0.016) | (0.006) |
| **Net Asset Value, End of Period** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| **Total Return** | 0.70 %<sup>(b)</sup> | 0.02% | 0.01% | 1.20% | 1.58% | 0.57% |
| **Net Assets, End of Period (000's)** | $355935 | $336133 | $361438 | $360463 | $283323 | $340788 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.82 %<sup>(d)</sup> | 0.82% | 0.82% | 0.83% | 0.83% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.49 %<sup>(d)</sup> | 0.07% | 0.14% | 0.59% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.35 %<sup>(d)</sup> | 0.02% | 0.01% | 1.15% | 1.54% | 0.53% |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **For the<br>Period**<br> **October 16,**<br> **2019\***<br> **through**<br> **April 30, 2020** |  |  |
| **INSTITUTIONAL CLASS** | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $1.000 | $1.000 | $1.000 | $1.000 |  |  |
| **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.008 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&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> |  |  |
| Total Income (Loss) From Operations | 0.008 | 0.000 | 0.000 | 0.007 |  |  |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.008) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.007) |  |  |
| **Net Asset Value, End of Period** | $1.000 | $1.000 | $1.000 | $1.000 |  |  |
| **Total Return** | 0.83 %<sup>(b)</sup> | 0.02% | 0.02% | 0.61 %<sup>(b)</sup> |  |  |
| **Net Assets, End of Period (000's)** | $447335 | $342827 | $201157 | $50788 |  |  |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.32 %<sup>(d)</sup> | 0.32% | 0.32% | 0.32 %<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.25 %<sup>(d)</sup> | 0.09% | 0.12% | 0.25 %<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.72 %<sup>(d)</sup> | 0.02% | 0.01% | 1.18 %<sup>(d)</sup> |  |  |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended** <br> **April 30, 2018**  |
| **SELECT CLASS** | **(Unaudited)** |  |  |  |  |  |
| **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;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.008 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.015 | 0.018 | 0.008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 0.008 | 0.000 | 0.000 | 0.015 | 0.018 | 0.008 |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.008) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.015) | (0.018) | (0.008) |
| **Net Asset Value, End of Period** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| **Total Return** | 0.79 %<sup>(b)</sup> | 0.02% | 0.02% | 1.44% | 1.83% | 0.82% |
| **Net Assets, End of Period (000's)** | $952561 | $615858 | $816980 | $992205 | $1203639 | $790207 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.57 %<sup>(d)</sup> | 0.57% | 0.57% | 0.58% | 0.58% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.33 %<sup>(d)</sup> | 0.08% | 0.15% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.70 %<sup>(d)</sup> | 0.02% | 0.02% | 1.45% | 1.85% | 0.89% |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*FINANCIAL HIGHLIGHTS (concluded)* 12

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended** <br> **April 30, 2018**  |
| **SERVICE CLASS** | **(Unaudited)** | | | | | |
| **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;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.006 | 0.000 <sup>(a)</sup> | 0.000 <sup>(a)</sup> | 0.011 | 0.014 | 0.004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 0.006 | 0.000 | 0.000 | 0.011 | 0.014 | 0.004 |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.006) | (0.000)<sup>(a)</sup> | (0.000)<sup>(a)</sup> | (0.011) | (0.014) | (0.004) |
| **Net Asset Value, End of Period** | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 | $1.000 |
| **Total Return** | 0.61 %<sup>(b)</sup> | 0.01% | 0.01% | 1.07% | 1.43% | 0.42% |
| **Net Assets, End of Period (000's)** | $314 | $290 | $111 | $188 | $85 | $44 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup>  | 0.82 %<sup>(d)</sup> | 0.82% | 0.83% | 0.84% | 0.83% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup>  | 0.68 %<sup>(d)</sup> | 0.09% | 0.17% | 0.70% | 0.75% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.22 %<sup>(d)</sup> | 0.01% | 0.01% | 0.97% | 1.40% | 0.44% |

---

------

(a) Represents less than $0.001.

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

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

(d) Annualized for periods less than one year.

(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* 

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

13 *NOTES TO FINANCIAL STATEMENTS* 

Wilmington Funds

October 31, 2022 (unaudited)

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.

---

| | |
|:---|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | <br> **Investment Goal** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wilmington U.S. Government Money Market Fund ("U.S. Government Money Market Fund")<sup>(d)</sup>*  | *The Fund seeks to provide current income while maintaining liquidity and stability of principal.* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Wilmington U.S. Treasury Money Market Fund ("U.S. Treasury Money Market Fund")<sup>(d)</sup>*  | *The Fund seeks to provide current income while maintaining liquidity and stability of principal.* |

---

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

The Funds offers Service Class, Select Class, Administrative Class and Institutional Class shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The 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, 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 each Fund's return on the transaction. It is each Fund's policy to require the counterparty to a repurchase agreement to transfer to the Funds' custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a "securities entitlement" and exercise "control" as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities, if necessary, to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 14

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, 2022, 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>**  | **Fair Value of<br> Non-Cash Collateral <br>Received<sup>(1)</sup>**  | **Cash Collateral<br>Received<sup>(1)</sup>**  | **Cash Collateral<br>Received<sup>(1)</sup>**  | **Net Exposure<sup>(2)</sup>** | **Net Exposure<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Money Market Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Federal Reserve Bank of New York* | $*5825000000* | | $*5825000000* | | $*—* | | $*—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Mizuho Securities USA* | *100000000* | | *100000000* | | *—* | | *—* | |
|  | $***5925000000*** | **** | $***5925000000*** | **** | $***—*** | **** | $***—*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Money Market Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CIBC World Market Corp.* | $*75000000* | | $*75000000* | | $*—* | | $*—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Deutsche Bank Securities, Inc.* | *85000000* | | *85000000* | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *FICC Bank of New York* | *300000000* | | *300000000* | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *RBC Capital Markets* | *450000000* | | *450000000* | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *TD Securities, Inc.* | *440000000* | | *440000000* | | *—* | | *—* | |
|  | $***1350000000*** | **** | $***1350000000*** | **** | $***—*** | **** | $***—*** | **** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1) The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2) 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.

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, 2022.

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.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

15 *NOTES TO FINANCIAL STATEMENTS (continued)*

&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.

---

| | |
|:---|:---|
| **Fund** | <br> **Advisory Fee<br> Annual Rate**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Money Market Fund* | *0.25%* |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Treasury Money Market Fund* | *0.25%* |

---

WFMC and the Funds' distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2023, 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 Fund's distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> **Current Contractual** | <br> **Current Contractual** | <br> **Current Contractual** | <br> **Current Contractual** |
|  | **Expense Limitations** | **Expense Limitations** | **Expense Limitations** | **Expense Limitations** |
| **Fund** | **Administrative Class** | **Institutional Class** | **Select Class** | **Service Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Money Market Fund\** | *0.60%* | *0.25%* | *0.35%* | *0.75%* |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Treasury Money Market Fund* | *0.60%* | *0.25%* | *0.35%* | *0.75%* |

---

*\** *Prior to August 31, 2022, the U.S. Government Money Market Fund's contractual expense limitation was 0.62%, 0.27%, 0.37%, and 0.77% for Administrative, Institutional, Select, and Service Class, respectively.* 

In addition, WFMC has voluntarily agreed to waive and/or reimburse sufficient expenses of any class of the Funds to the extent necessary to maintain a yield of not less than zero. There is no guarantee that any class of the Funds will maintain such a yield. WFMC may amend or terminate this voluntary waiver and/or reimbursement at any time without prior notice to shareholders.

**Administrative Fees** – The Bank of New York Mellon ("BNYM") provides the Trust with fund administration services. BNYM 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."

---

| | | |
|:---|:---|:---|
|  | **Maximum** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Aggregate Daily Net**  |
| **Administrator** | **Fee** | **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; *BNYM* | *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 BNYM 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 BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2022, neither WFMC nor BNYM 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.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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*NOTES TO FINANCIAL STATEMENTS (continued)* 16

For the six months ended October 31, 2022, 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:

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| | |
|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution**  |
| &nbsp;&nbsp;&nbsp;**Fund** | **Fees** |
| &nbsp;&nbsp;&nbsp;*U.S. Government Money Market Fund* | *$1417641* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Money Market Fund* | *299973* |

---

**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 to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund's shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may voluntarily waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2022, M&T received shareholder services fees, net of waivers, paid by the Funds as follows:

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| | |
|:---|:---|
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder**  |
|  | **Services** |
| &nbsp;&nbsp;&nbsp;**Fund** | **Fees** |
| &nbsp;&nbsp;&nbsp;*U.S. Government Money Market Fund* | *$2538020* |
| &nbsp;&nbsp;&nbsp;*U.S. Treasury Money Market Fund* | *490124* |

---

**Other Service Providers** – Foreside Management Services, LLC ("FMS") provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its funds.

BNYM provides custody services to the Trust.

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

**General** – Certain 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.

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.

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.

7. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit ("LOC") agreement with BNYM. 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. The LOC expires on March 31, 2023.

The Funds did not utilize the LOC during the six months ended October 31, 2022.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

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17 *NOTES TO FINANCIAL STATEMENTS (concluded)*

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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

**Renewal of Advisory and Sub-Advisory Agreements Generally** 

At a meeting held on September 14-15, 2022 (the "September Meeting"), the Board of Trustees of the Trust 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 Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 25, 2022, the Board held a special meeting (the "August Meeting") with personnel of the Adviser and 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 three multi-manager Funds (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 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:

• 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;

• 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;

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

• 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;

• 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;

• 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;

• 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; potential fall-out benefits to the Sub-Adviser; and the financial stability of the Sub-Adviser and its parent companies, as relevant; and

• 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, 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 and concluded that, for each Fund, the level of profitability did not appear unreasonably high.

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:

• 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;

• The prospects for satisfactory investment performance were reasonable; and

• 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 and net total expense ratio were above the Fund's expense group median and considered the fee waivers in place for the Fund. The Board also considered that the Fund achieved total return performance equal to the peer group average for the one-year period, and slightly below the peer group average for the three- and five-year periods, ended June 30, 2022.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

19 *Semi-Annual Report*

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 and net total expense ratio were above the Fund's expense group median and considered the fee waivers in place for the Fund. 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, 2022.

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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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**Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.** 

**VOTING PROXIES ON FUND PORTFOLIO SECURITIES** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds' portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds' website. Go to www.wilmingtonfunds.com select "Proxy Voting Record" to access the link. This information is also available from the Edgar database on the SEC's website at <u>www.sec.gov</u>.

**PORTFOLIO SCHEDULE** 

The Funds file a complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Funds' Form N-MFPs are available on the SEC's website at <u>www.sec.gov</u>.

**Important information about the access and delivery of shareholder reports** 

Beginning on June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund's shareholder reports will no longer be sent to you by mail, unless you specifically request them. You will be notified by mail each time a report is posted on the Funds' website and you will be provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive other communications electronically from the Fund by contacting your financial intermediary or, if you hold shares directly with the Fund, by calling 1-800-836-2211.

You may elect to receive paper copies of all future shareholder reports free of charge. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to receive paper copies of your shareholder reports. If you are a direct investor you can inform the Wilmington Funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at 1-800-836-2211. Your election to receive paper reports will apply to all funds held directly with Wilmington Funds and may apply to all funds held with your financial intermediary.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

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**PRIVACY POLICY AND NOTICE** 

**OF THE FUNDS AND THEIR DISTRIBUTOR** 

**December 9, 2021** 

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; insure 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:

• 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.

• We may receive information from you, or from your financial representative, through transactions with us or
others, correspondence, and other communications. Examples of this information include specific investments and your account balances.

• We may obtain other personal information from you in connection with providing you a financial product or
service. Examples of this information include depository, debit or credit account numbers.

**Information Sharing Policy** 

The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:

• We may share information when it is necessary and required to process a transaction or to service a customer
relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders.

• We may share information when it is required or permitted by law. For example, information may be shared in
response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney.

• We may disclose some or all 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, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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**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.

• 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.

• We may also collect non-personally identifiable Internet Protocol
("IP") addresses for all other visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party.

**E-mail** 

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer's request, send you e-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, username, or password 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 Statement** 

The effective date of this policy is December 9, 2021. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

Notice will be provided to you in advance of any changes that would affect your rights under this policy statement.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

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![LOGO](g438423dsp032.jpg)

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| | |
|:---|:---|
| Investment Advisor | Distributor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Distributors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 Broadway, Suite 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver, CO 80203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19890 | <br> Fund Accountant, Co-Administrator, Transfer Agent<br> and Dividend Disbursing Agent |
| <br> Sub-Advisor | <br> Fund Accountant, Co-Administrator, Transfer Agent<br> and Dividend Disbursing Agent |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington Trust Investment Advisors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Investment Servicing (U.S.) Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 Bellevue Parkway<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Investment Servicing (U.S.) Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 Bellevue Parkway<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Investment Servicing (U.S.) Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 Bellevue Parkway<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19890 | <br> Independent Registered Public Accounting Firm |
| Co-Administrator | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Commerce Square<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 Market Street, Suite 1800<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Commerce Square<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 Market Street, Suite 1800<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Commerce Square<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 Market Street, Suite 1800<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Commerce Square<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 Market Street, Suite 1800<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19890 |  |
| <br> Custodian |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York Mellon |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 Greenwich Street |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10286 |  |
| WT-SAR-MM-1022 | WT-SAR-MM-1022 |
| **Wilmington Funds \| 1-800-836-2211 \| <u>www.wilmingtonfunds.com</u>** | **Wilmington Funds \| 1-800-836-2211 \| <u>www.wilmingtonfunds.com</u>** |
| *We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.* | *We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.* |

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![LOGO](g160718dsp001.jpg)

FUNDS October 31, 2022 (unaudited) PRESIDENT'S MESSAGE AND Semi-Annual Report WILMINGTON FUNDS Equity Funds Wilmington Enhanced Dividend Income Strategy Fund Wilmington Large-Cap Strategy Fund

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![LOGO](g160718dsp002.jpg)

Wilmington Enhanced Dividend Income Strategy Fund ("Enhanced Dividend Income Strategy Fund")

Wilmington Large-Cap Strategy Fund ("Large-Cap Strategy Fund")

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![LOGO](g160718dsp003.jpg)

CONTENTS

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| | |
|:---|:---|
|  [President's Message](#tx160718_1) | i |
|  [Shareholder Expense Example](#tx160718_2) | 1 |
|  [Portfolios of Investments](#tx160718_3) | 2 |
|  [Statements of Assets and Liabilities](#tx160718_4) | 19 |
|  [Statements of Operations](#tx160718_5) | 20 |
|  [Statements of Changes in Net Assets](#tx160718_6) | 21 |
|  [Financial Highlights](#tx160718_7) | 22 |
|  [Notes to Financial Statements](#tx160718_8) | 24 |
|  [Discussion of Renewal of Advisory and Sub-Advisory Agreements](#tx160718_9) | 30 |
|  [Other Information.](#tx160718_10) | 32 |

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i

PRESIDENT'S MESSAGE (unaudited)

**Esteemed Shareholder:**

I am pleased to present the Semi-Annual Report of the Enhanced Dividend Income Strategy Fund and Large-Cap Strategy Fund (the "Funds"), covering the semi-annual fiscal period of May 1, 2022, through October 31, 2022. Inside you will find a comprehensive review of the Funds' holdings and financial statements.

**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 semi-annual fiscal period between May and October was turbulent. At the onset of the period, inflation concerns rattled investors as U.S. Consumer Price Index ("CPI") accelerated in May to 8.6% and again in June, making a new cycle high of 9.1% and reaching its highest level in 40-years. U.S. consumers felt pain at the gas pump as the national average for a gallon of gasoline topped $5 in mid-June and consumer sentiment reached its lowest level on record. However, job growth in the U.S. remained strong with nearly 400,000 net new jobs added per month for the first three months of the period (May-July). The strong job reports stoked investor fears that the Federal Reserve (the "Fed") would hike rates more aggressively due to the underlying strength of the labor market. Fears were warranted as the Fed hiked interest rates by 150 basis points<sup>1</sup> in just a six-week period, the most since 1982. At the same time, the U.S. posted a second consecutive quarter of negative Gross Domestic Product "GDP" (-0.9% quarter-on-quarter, for Q2) marking a "technical recession".

Over the summer, economic data and some commentary from the Fed led investors to suspect that the Fed would pause or pivot from its hawkish stance. Equity markets bottomed in mid-June and decisively rallied throughout the summer on the back of the 'Fed Put' narrative and in lockstep with stronger-than-expected corporate earnings. Chair Powell ended rumors of a pivot in a 10-minute speech delivered at the Fed's annual Jackson Hole symposium in August. In the speech, Powell noted that pain for households and businesses was "the unfortunate cost of reducing inflation." U.S. equity indices sold off following the Jackson Hole speech and remained under pressure through mid-October. The economy finished the period on a high note with Q3 GDP rebounding and beating consensus estimates (+2.6% quarter-on-quarter, for Q3).

Abroad, the economic picture was far more dismal. The war in Ukraine escalated as Russian gas providers shut down natural gas pipelines to Europe. Russia's weaponization of energy exacerbated inflation and weighed on consumer confidence. In July, the European Central Bank hiked interest rates by 50 basis points, taking rates out of negative territory for the first time since 2014. During the period, the U.K. saw three different Prime Ministers in office. Boris Johnson resigned in July after a three-year run following a vote of no confidence. Liz Truss took over and released a 'mini-budget' featuring nearly 50 billion in unfunded tax cuts. Markets reacted sharply with the pound notching its third worst day since 1992. The Bank of England was forced to intervene at the eleventh hour and buy long dated bonds to bail out several of the nation's largest pension funds. Truss resigned after 45 days on the job amid the market turmoil and was replaced by Rishi Sunak.

In China, the political scene was less noisy after President Xi Jinping secured an unprecedented but expected third term in power. Xi was also able to strengthen his grip on power by stacking the Chinese Communist Party leadership with loyalists. The Chinese economy continued to be hurt by the government's enforcement of Zero-Covid restrictions and regulation in the property market. China's central bank was active, providing monetary and fiscal support to the economy in the form of prime rate cuts and infrastructure spending.

**Bond markets** 

Fixed income markets declined significantly during the period. Credit and Treasury indices underperformed Corporate High Yield and Municipal bond indices. The Fed Funds target rate increased 2.75% during the period driving Treasury yields higher across the curve. The 10-year Treasury yield ended the period up 107 basis points to 4.05%. The two-year Treasury yield pushed up 175 basis points to end the period at 4.48%. As for yield curve slopes, the 10y-2y ended the quarter deeply inverted at -43 basis points and the 10y-3m ducked into inversion territory at -1 basis points by the end of the period (down from +221 basis points at the start of the period). Volatility in the bond market, as measured by the ICE BofA MOVE Index, remained extremely heightened, ending the period at 147.9 compared to its five-year average of 69.5.

*PRESIDENT'S MESSAGE / October 31, 2022 (unaudited)* 

------

ii

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows:<sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bloomberg**<br> **U.S. Treasury**<br> **Bond Index<sup>3</sup>** | **Bloomberg**<br> **U.S. Aggregate**<br> **Bond Index<sup>4</sup>** | **Bloomberg**<br> **U.S. Credit**<br> **Bond Index<sup>5</sup>** | **Bloomberg**<br> **Municipal Bond**<br> **Index<sup>6</sup>** | **Bloomberg**<br> **U.S. Corporate**<br> **High Yield Bond**<br> **Index<sup>7</sup>** |
|  *-6.34%* | *-6.86%* | *-7.57%* | *-4.43%* | *-4.69%* |

---

*Past performance is no guarantee of future results.* 

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

**Equity markets** 

Equity markets were down across the board during the period with U.S. small cap stocks the outperformer of the group. Overall, it was a tumultuous period for all indices. The S&P 500 made sharp moves in both directions rallying 17.4% through the summer followed by a subsequent drop of 16.7% around Powell's Jackson Hole speech. The two corporate earnings seasons during the period were both better than expected with the energy sector masking much of the weakness in equities. Mega cap tech stocks were hit hard by higher interest rates and lower ad spending revenue. Firms like Meta, Google and Amazon made headlines by announcing plans to reduce headcount. The Russell 1000 Value Index<sup>8</sup> outperformed its counterpart the Russell 1000 Growth Index<sup>9</sup>, declining 3.2% versus a -8.2% return for Growth. Economic weakness in Europe and China led the MSCI EAFE and MSCI Emerging Markets lower with both indices underperforming significantly.

For the six-month period May 1, 2022 to October 31, 2022, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| **S&P 500<sup>®</sup>**<br> **Index<sup>10</sup>** | **Russell**<br> **2000<sup>®</sup>**<br> **Index<sup>11</sup>** | **MSCI EAFE**<br> **(Net) Index<sup>12</sup>** | **MSCI Emerging**<br> **Markets (Net)**<br> **Index<sup>13</sup>** |
|  *-5.50%* | *-0.20%* | *-12.70%* | *-19.66%* |

---

*Past performance is no guarantee of future results.* 

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

Sincerely,

![LOGO](g160718dsp006.jpg)

Eric W. Taylor

President

November 18, 2022

*October 31, 2022 (unaudited) / PRESIDENT'S MESSAGE* 

------

iii

**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.** 

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.

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

3. Bloomberg U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly
issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index.

4. Bloomberg U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond
market composed of securities from the Bloomberg Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term
average maturities. The index is unmanaged and investments cannot be made directly in an index.

5. Bloomberg U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is
composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index.

6. Bloomberg Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market.
To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

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

8. The Russell 1000<sup>®</sup> Value Index is a
market-capitalization-weighted index that measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

9. The Russell 1000<sup>®</sup> Growth Index is a market
capitalization-weighted index that measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

10. 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.

11. 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 $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

12. 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.

13. 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 27 Emerging Markets countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece,
Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, 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.

*PRESIDENT'S MESSAGE / October 31, 2022 (unaudited)* 

------

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 to October 31, 2022.

Actual Expenses

This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds' actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **5/01/22** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **10/31/22** | **Expenses**<br> **Paid**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**During Period<sup>(1)</sup>**  | **Annualized**<br> **Net**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expense Ratio**  |
|  WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *$1000.00* | *$993.90* | *$3.77* | *0.75%* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *$1000.00* | *$995.60* | *$2.52* | *0.50%* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *$1000.00* | *$1021.42* | *$3.82* | *0.75%* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *$1000.00* | *$1022.68* | *$2.55* | *0.50%* |
|  WILMINGTON LARGE-CAP STRATEGY FUND |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *$1000.00* | *$943.10* | *$1.22* | *0.25%* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *$1000.00* | *$1023.95* | *$1.28* | *0.25%* |

---

<sup>(1)</sup> Expenses are equal to the Funds' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

2.0 PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Enhanced Dividend Income Strategy Fund

At October 31, 2022, the Fund's sector classifications were as follows (unaudited):

---

| | |
|:---|:---|
|  | **Percentage of<br>Total Net Assets** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 17.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 11.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 4.1% |
|  Repurchase Agreements | 0.0%<sup>(1)</sup> |
|  Cash Equivalents<sup>(2)</sup> | 3.1% |
|  Other Assets and Liabilities - Net<sup>(3)</sup> | (0.0)%<sup>(1)</sup> |
|  TOTAL | **100.0%** |

---

<sup>(1)</sup> Represents less than 0.05%. 

<sup>(2)</sup> Cash Equivalents include investments in a money market fund.

<sup>(3)</sup> Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
|  **COMMON STOCKS – 96.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 4.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 4.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 3.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 31350 | $571511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 13125 | 490481 |  |
|  |  | $1061992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 0.0%\*\** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 1 | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 1.6%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 8125 | 591094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 4.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 3.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 3.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 1730 | 471702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 1 | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 6850 | 593142 |  |
|  |  | $1064903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 1.6%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 1985 | 587818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY |  | $1652721 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
|  **CONSUMER STAPLES – 8.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES – 2.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 4015 | $729043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS – 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS – 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD PRODUCTS – 2.4%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 6270 | 844381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL PRODUCTS – 1.9%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 14900 | 678099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO – 1.9%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 7315 | 671883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES |  | $2923406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY – 11.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 11.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 11.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 11.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 7175 | 1297957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 10675 | 1346011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 7325 | 811683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 5850 | 734468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 17.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 5.9%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 22090 | 394748 |  |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

3 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Enhanced Dividend Income Strategy Fund (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 9990 | $639260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 14350 | 609158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 10775 | 456321 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 4.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 4.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 4.2%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Inc. | 1010 | 652369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 10370 | 852103 |  |
|  |  | $1504472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED FINANCIAL SERVICES – 2.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED FINANCIAL SERVICES – 2.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED FINANCIAL SERVICES – 2.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 7925 | 997599 |  |
| &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. | 12450 | 911465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 26240 | 609030 |  |
|  |  | $1520495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS | $6122053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 14.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 14.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 14.4%** |  |
| &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; Amgen, Inc. | 2345 | 633971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 1.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 1.3%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 5150 | 449801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES – 2.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES – 2.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES – 2.5%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 9510 | 900597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 8.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 8.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 8.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 9210 | 713499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 6095 | 1060347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 7150 | 723580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 13990 | 651234 |  |
|  |  | $3148660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE | $5133029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS – 10.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS – 10.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS – 10.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 3.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 3.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 3.5%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 2585 | 1258068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 2.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. | 4155 | 697084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS – 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS – 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *BUILDING PRODUCTS – 2.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 12580 | 727627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 1.7%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 16555 | 604258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *MACHINERY – 1.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *MACHINERY – 1.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *MACHINERY – 1.5%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 2490 | 538985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS | $3826022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY – 10.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY – 10.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY – 10.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 2.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 2.4%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 18910 | 859081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES – 1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES – 1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES – 1.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 4560 | 630603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2545 | 1196456 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 7990 | $940103 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | $3626243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 4.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 4.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 4.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS – 4.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS – 4.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS – 4.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 14505 | 677964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 9425 | 796412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MATERIALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MATERIALS | $1474376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 5.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 5.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 5.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE INVESTMENT TRUSTS – 5.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE INVESTMENT TRUSTS – 5.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE INVESTMENT TRUSTS – 5.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 3455 | 605040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 4215 | 561691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 19356 | 619779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE | $1786510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 6.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 6.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES – 6.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES – 6.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES – 6.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 7520 | 661158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 4610 | 429560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 13675 | 515684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 7310 | 566525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES | $2172927 |  |
| **TOTAL COMMON STOCKS<br>(COST $30,503,462)** | **TOTAL COMMON STOCKS<br>(COST $30,503,462)** | $**34560505** |  |
|  **MONEY MARKET FUND – 3.1%** | **MONEY MARKET FUND – 3.1%** | **MONEY MARKET FUND – 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^ | 1096389 | 1096389 |  |
| **TOTAL MONEY MARKET FUND<br>(COST $1,096,389)** | **TOTAL MONEY MARKET FUND<br>(COST $1,096,389)** | $**1096389** |  |
|  | <br> **Par Value** |  |  |
|  <br> **REPURCHASE AGREEMENTS – 0.0%\*\*** | <br> **REPURCHASE AGREEMENTS – 0.0%\*\*** | <br> **REPURCHASE AGREEMENTS – 0.0%\*\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 1/01/61; total market value of $52. | $51 | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $46, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.63%, maturing 11/01/22 to 11/01/52; total market value of $47. | 46 | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $52. | 51 | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, 3.09%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Treasury Securities, 0.00% to 4.08%, maturing 11/01/22 to 9/09/49; total market value of $52. | 51 | 51 |  |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 4

*Wilmington Enhanced Dividend Income Strategy Fund (concluded)* 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $52. | $| 51 | $51 |
|  **TOTAL REPURCHASE AGREEMENTS**<br>**(COST $250)** | **TOTAL REPURCHASE AGREEMENTS**<br>**(COST $250)** | **TOTAL REPURCHASE AGREEMENTS**<br>**(COST $250)** | $**250** |
|  **TOTAL INVESTMENTS – 100.0%**<br> **(COST $31,600,101)** |  |  | $**35657144** |
|  **OTHER ASSETS LESS LIABILITIES – 0.0%\*\*** | **OTHER ASSETS LESS LIABILITIES – 0.0%\*\*** | **OTHER ASSETS LESS LIABILITIES – 0.0%\*\*** | **(5608)** |
|  **TOTAL NET ASSETS – 100.0%** |  |  | $**35651536** |

---

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, 2022 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 | $34560505 | $— | $— | $34560505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 1096389 |  |  | 1096389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 250 |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $35656894 | $250 | $— | $35657144 |

---

------

\*\* Represents less than 0.05%. 

\* Non-income producing security.

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

---

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

---

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

------

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

5.0 PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At October 31, 2022, the Fund's sector classifications were as follows (unaudited):

---

| | |
|:---|:---|
|  | **Percentage of<br>Total Net Assets** |
|  Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 25.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 11.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 2.7% |
|  Investment Companies | 0.5% |
|  Warrants | 0.0%<sup>(1)</sup> |
|  Preferred Stocks | 0.0%<sup>(1)</sup> |
|  Rights | 0.0%<sup>(1)</sup> |
|  Cash Equivalents<sup>(2)</sup> | 0.1% |
|  Cash Collateral Invested for Securities on Loan<sup>(3)</sup> | 0.5% |
|  Other Assets and Liabilities - Net<sup>(4)</sup> | (0.4)% |
|  TOTAL | **100.0%** |

---

<sup>(1)</sup> Represents less than 0.05%. 

<sup>(2)</sup> Cash Equivalents include investments in a money market fund.

<sup>(3)</sup> Cash Collateral Invested for Securities on Loan include investments in repurchase agreements.

<sup>(4)</sup> Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** |  |
|  **COMMON STOCKS – 99.3%** | **COMMON STOCKS – 99.3%** | **COMMON STOCKS – 99.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 7.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 76962 | $&nbsp;&nbsp;&nbsp;&nbsp;1403017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 3350 | 78457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.<sup>#</sup> | 15035 | 110658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 45120 | 1686134 |  |
|  |  | $3278266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 1.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 1.4%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. | 10420 | 758576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., Class A\*<sup>,</sup><sup>#</sup> | 6550 | 43623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 3810 | 479907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, Class A\* | 105 | 5462 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, Class C\* | 2835 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 1970 |  | 156832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp. | 229 |  | 35864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 5900 |  | 1722092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp.\* | 1400 |  | 13230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A\* | 5950 |  | 266203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 1600 |  | 88864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 1520 |  | 122482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 2118 |  | 250941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The)\* | 24433 |  | 2603092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 25474 |  | 331162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; World Wrestling Entertainment, Inc., Class A | 550 |  | 43389 |  |
|  |  | $| 7085383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 3.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 3.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 3.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *INTERACTIVE MEDIA & SERVICES – 3.7%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A\* | 81400 |  | 7693114 |  |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 6

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C\* | 73430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IAC, Inc.\* | 950 | 46246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc.\* | 3792 | 163814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A\* | 30830 | 2872123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A\* | 7693 | 189248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 1600 | 37792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 3500 | 155855 |  |
|  |  | $18109076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice USA, Inc., Class A\* | 2700 | 17847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 90 | 77349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A\* | 1552 | 570546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 59350 | 1883769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., Class A\* | 6246 | 93128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 4376 | 126335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 1500 | 40800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 5168 | 153955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class A\* | 185 | 15784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class C\* | 1918 | 161937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty SiriusXM, Class A\* | 1243 | 52753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty SiriusXM, Class C\* | 2036 | 85899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loyalty Ventures, Inc.\* | 316 | 373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co. (The), Class A | 2100 | 60816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 5007 | 84468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class B | 1448 | 24804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc., Class A | 450 | 77085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 2690 | 195697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc.<sup>#</sup> | 7540 | 45541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, Class B | 8446 | 154731 |  |
|  |  | $3923617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *WIRELESS TELECOMMUNICATION SERVICES – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *WIRELESS TELECOMMUNICATION SERVICES – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *WIRELESS TELECOMMUNICATION SERVICES – 0.4%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc.\* | 12919 | 1958004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES | $34354346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 10.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 10.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER DISCRETIONARY – 10.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AUTO COMPONENTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTO COMPONENTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTO COMPONENTS – 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 3600 | 327852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 3080 | 115592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 3180 | 84238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 800 | 110968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp.\*<sup>,#</sup> | 3450 | 28739 |  |
|  |  | $667389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILES – 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILES – 2.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *AUTOMOBILES – 2.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 54900 | 734013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 19650 | 771262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 1620 | 69660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc.\*<sup>,#</sup> | 6900 | 98601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A\* | 6650 | 232550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 34170 | 7775042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc.<sup>#</sup> | 750 | 61103 |  |
|  |  | $9742231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *DISTRIBUTORS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *DISTRIBUTORS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *DISTRIBUTORS – 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 1870 | 332598 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 3468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 500 | 152115 |  |
|  |  | $677673 |  |
| &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.<sup>#</sup> | 2560 | 21658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 783 | 51145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 400 | 40252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 2200 | 90530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\*<sup>,</sup><sup>#</sup> | 750 | 6622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International | 2170 | 131524 |  |
|  |  | $341731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOTELS, RESTAURANTS & LEISURE – 2.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A\* | 5150 | 550587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 2983 | 108880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc.\* | 530 | 990824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 1000 | 57760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 2160 | 94457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\*<sup>,#</sup> | 9950 | 90147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 400 | 599332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 460 | 59726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 500 | 103955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 1650 | 236181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 500 | 166120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A\*<sup>,#</sup> | 4270 | 67466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc.\* | 2052 | 191800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 3703 | 500868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A\* | 650 | 61237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp.\* | 4420 | 168004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 3686 | 590165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 500 | 73880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 9799 | 2671795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 4710 | 167535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\*<sup>,#</sup> | 5750 | 97118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 2050 | 67855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A\* | 1178 | 77135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International LP | 47 | 2827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.\* | 3030 | 161741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\* | 1100 | 24530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 15440 | 1336950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 1160 | 44057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 528 | 115701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 2515 | 52262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 1310 | 99468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd.\* | 1368 | 87415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 3900 | 461175 |  |
|  |  | $10178953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD DURABLES – 0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD DURABLES – 0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *HOUSEHOLD DURABLES – 0.3%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 4120 | 316746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 2090 | 184004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 1770 | 59738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 3260 | 263082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class B | 176 | 11479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 655 | 62061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 5269 | 72765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 50 | 211887 |  |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

7 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Large-Cap Strategy Fund (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 2890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempur Sealy International, Inc. | 2100 | 56469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 1350 | 58158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 450 | 76563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 735 | 101606 |  |
|  |  | $1590129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *INTERNET & DIRECT MARKETING RETAIL – 2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *INTERNET & DIRECT MARKETING RETAIL – 2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *INTERNET & DIRECT MARKETING RETAIL – 2.6%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 119550 | 12246702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A\* | 2670 | 116225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 7440 | 296410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 1650 | 154951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A\* | 1498 | 56804 |  |
|  |  | $12871092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *LEISURE PRODUCTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *LEISURE PRODUCTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *LEISURE PRODUCTS – 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 950 | 67137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 1690 | 110272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 4600 | 87216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Class A\*<sup>,#</sup> | 3200 | 26880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 800 | 81280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 1050 | 33684 |  |
|  |  | $406469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *MULTILINE RETAIL – 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *MULTILINE RETAIL – 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *MULTILINE RETAIL – 0.5%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 3050 | 777903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 2812 | 445702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 2660 | 79667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 4000 | 83400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordstrom, Inc.<sup>#</sup> | 1330 | 27052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 873 | 48888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 6210 | 1019992 |  |
|  |  | $2482604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *SPECIALTY RETAIL – 2.3%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 850 | 161432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 480 | 51029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 260 | 658549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 3210 | 107150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 2680 | 183339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 850 | 121516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 2200 | 138622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\*<sup>,#</sup> | 1200 | 16236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 800 | 91008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 678 | 99225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A\* | 1460 | 107120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GameStop Corp., Class A\*<sup>,#</sup> | 3500 | 99085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 3500 | 39445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 13750 | 4071787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leslie's, Inc.\* | 2150 | 30186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 400 | 79260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 8750 | 1705812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 900 | 753453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 400 | 44648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc.\*<sup>,#</sup> | 1150 | 12110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RH\* | 190 | 48247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 4590 | 439217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 15580 | 1123318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 1500 | 329655 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 1253 | 47113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 910 | 112685 |  |
|  |  | $10964806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *TEXTILES, APPAREL & LUXURY GOODS – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *TEXTILES, APPAREL & LUXURY GOODS – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *TEXTILES, APPAREL & LUXURY GOODS – 0.6%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 1900 | 86792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 550 | 37329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 468 | 34866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 350 | 122476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc.<sup>#</sup> | 9500 | 64790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 1500 | 493560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 16490 | 1528293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 970 | 49780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 635 | 58858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Skechers USA, Inc., Class A\* | 1843 | 63454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 3530 | 111830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class A\* | 3628 | 27029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class C\* | 3350 | 21976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 4750 | 134188 |  |
|  |  | $2835221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER DISCRETIONARY | $52758298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 6.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 6.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 6.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *BEVERAGES – 1.7%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The), Class A\*<sup>,#</sup> | 100 | 37329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class A | 550 | 37824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 2575 | 175100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 52650 | 3151102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 2050 | 506514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 11500 | 446660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 2300 | 115989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 4950 | 463914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 18650 | 3386467 |  |
|  |  | $8320899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *FOOD & STAPLES RETAILING – 1.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *FOOD & STAPLES RETAILING – 1.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *FOOD & STAPLES RETAILING – 1.6%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 2300 | 47173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 1700 | 131580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 535 | 124500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 6000 | 3009000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 1050 | 36299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 8750 | 413787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 2100 | 109284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 6800 | 588608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp.\* | 2800 | 83328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 7600 | 277400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 19450 | 2768318 |  |
|  |  | $7589277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 1.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *FOOD PRODUCTS – 1.2%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 7500 | 727350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. | 1895 | 187037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup Co. | 2550 | 134921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 6200 | 227540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 2050 | 160884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 2300 | 66033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 550 | 32423 |  |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 8

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 8000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 1950 | 465601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 3600 | 167220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 850 | 75752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 1350 | 203391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg Co. | 3300 | 253506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 9250 | 355847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 1900 | 163818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 3250 | 255580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 18500 | 1137380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp.\* | 550 | 12678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 638 | 57688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaboard Corp. | 50 | 187319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 3750 | 256312 |  |
|  |  | $5780920 |  |
| &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; Church & Dwight Co., Inc. | 3150 | 233510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 1650 | 240966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 11100 | 819624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 4450 | 553847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 32400 | 4363308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc.<sup>#</sup> | 500 | 15270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 600 | 27684 |  |
|  |  | $6254209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL PRODUCTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL PRODUCTS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *PERSONAL PRODUCTS – 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc., Class A\* | 4890 | 32812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 3050 | 611494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc.\* | 1700 | 7480 |  |
|  |  | $651786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *TOBACCO – 0.6%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 24250 | 1122048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 20850 | 1915072 |  |
|  |  | $3037120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER STAPLES | $31634211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY – 5.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY – 5.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY – 5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ENERGY EQUIPMENT & SERVICES – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENERGY EQUIPMENT & SERVICES – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *ENERGY EQUIPMENT & SERVICES – 0.4%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 13650 | 377559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 12513 | 455724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 5698 | 127635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 20646 | 1074211 |  |
|  |  | $2035129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 5.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 5.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *OIL, GAS & CONSUMABLE FUELS – 5.2%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 4100 | 43665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 4150 | 152139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 4790 | 217753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 3580 | 631548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Energy Corp. | 1800 | 184086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 27914 | 5049643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 18728 | 2361414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources, Inc. | 565 | 41793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 10274 | 319830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 9436 | 729875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 2397 | 376593 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 1275 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviva, Inc.<sup>#</sup> | 450 |  | 26928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 8480 |  | 1157690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 5250 |  | 219660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 59243 |  | 6564717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 3940 |  | 555855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 2190 |  | 133962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 28005 |  | 507451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 10050 |  | 306022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 7450 |  | 846469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc. | 650 |  | 35795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 11760 |  | 853776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 6260 |  | 371343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 3600 |  | 182340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PDC Energy, Inc. | 1400 |  | 100996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 6940 |  | 723773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 3476 |  | 891281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 3600 |  | 102528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy Co.\* | 16650 |  | 115384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 3150 |  | 215365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 100 |  | 230387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 5620 |  | 705591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 17370 |  | 568520 |  |
|  |  | $| 25600289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY | $| 27635418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 11.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 3.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 3.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 3.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *BANKS – 3.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 95100 |  | 3427404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 520 |  | 39494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 1450 |  | 62321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial Corp. | 470 |  | 51789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 26032 |  | 1193828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 6650 |  | 271985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 1730 |  | 121965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 1437 |  | 101797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 790 |  | 122489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 1873 |  | 134051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 9200 |  | 328348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A<sup>#</sup> | 200 |  | 164424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 1750 |  | 44765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 7134 |  | 174854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank | 2400 |  | 288240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 4950 |  | 71527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 19146 |  | 290636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 39520 |  | 4974778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 12294 |  | 219694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp.<sup>§</sup> | 2323 |  | 391123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PacWest Bancorp | 1539 |  | 38260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 1000 |  | 82990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 5560 |  | 899775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. | 1038 |  | 73407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 1323 |  | 94687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 12406 |  | 272312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank | 850 |  | 134750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group\* | 800 |  | 184768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 1994 |  | 79461 |  |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

9 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Large-Cap Strategy Fund (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 17907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 18120 | 769194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Umpqua Holdings Corp. | 2850 | 56658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 2312 | 125449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 51275 | 2358137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 1495 | 100419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 800 | 74896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 1990 | 103361 |  |
|  |  | $18726091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 3.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 3.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CAPITAL MARKETS – 3.2%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 470 | 58355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 1440 | 445133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 2000 | 151660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 9970 | 419837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Inc. | 2060 | 1330574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 7520 | 685373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc.<sup>#</sup> | 5150 | 51603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 2750 | 77770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 1350 | 168075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 20505 | 1633633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 4800 | 831840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A\*<sup>,#</sup> | 2000 | 132500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 550 | 57805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 490 | 208490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 4120 | 96614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 4490 | 1546850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 1198 | 96020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 7440 | 711041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 5220 | 79970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 1800 | 40986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 2548 | 87677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 7584 | 368810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard Ltd., Class A<sup>#</sup> | 1300 | 49023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 1050 | 268432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 500 | 122020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 2140 | 566822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 17026 | 1399026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 350 | 81263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 1070 | 501680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 4740 | 295018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 2680 | 226058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 2565 | 303029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A\*<sup>,#</sup> | 7800 | 91104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 4539 | 1458154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 1340 | 72762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 4870 | 360380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 1500 | 92805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 2980 | 316357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 1450 | 79866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc., Class A | 1350 | 30213 |  |
|  |  | $15594628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER FINANCE – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER FINANCE – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSUMER FINANCE – 0.6%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 4313 | 118866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 8140 | 1208383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 5300 | 561906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\*<sup>,#</sup> | 100 | 46562 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 3780 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 1550 | 59768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 3510 | 58231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\*<sup>,#</sup> | 11100 | 60384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 6650 | 236474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.\*<sup>,#</sup> | 800 | 18544 |  |
|  |  | $2763977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED FINANCIAL SERVICES – 1.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED FINANCIAL SERVICES – 1.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *DIVERSIFIED FINANCIAL SERVICES – 1.6%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc.<sup>#</sup> | 6126 | 339135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 24496 | 7228524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 5243 | 160541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 1330 | 90919 |  |
|  |  | $7819119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE – 2.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE – 2.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *INSURANCE – 2.5%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 8750 | 569713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 3580 | 451975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 950 | 137855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 10130 | 577410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A | 2850 | 802247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 4920 | 282900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 2780 | 520082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 730 | 99178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 600 | 35514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 830 | 45376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 800 | 45656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 3190 | 187540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 5597 | 1202739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 2156 | 222758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 150 | 6255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 320 | 82243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group Ltd. | 520 | 167783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 3491 | 137476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 1278 | 64411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 1293 | 149367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 450 | 65921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | 4340 | 314259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 778 | 37087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 2458 | 132412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 2700 | 153954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Corp.\* | 180 | 217098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 6740 | 1088443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 9201 | 673605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 3468 | 80492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 523 | 75678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 3440 | 303167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 7830 | 1005372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 5030 | 529106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 840 | 123623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 578 | 89405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc.\* | 1050 | 47093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 3180 | 586583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 2760 | 125828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 2880 | 214214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group Ltd. | 60 | 84969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 1450 | 316405 |  |
|  |  | $12053192 |  |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 10

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &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. | 6385 | $52485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 5232 | 97054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 5650 | 47629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 3368 | 69583 |  |
|  |  | $266751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *THRIFTS & MORTGAGE FINANCE – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *THRIFTS & MORTGAGE FINANCE – 0.0%\*\** | &nbsp;&nbsp;&nbsp;&nbsp; *THRIFTS & MORTGAGE FINANCE – 0.0%\*\** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 4300 | 58695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc.<sup>#</sup> | 5983 | 55702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A<sup>#</sup> | 1400 | 9660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp.<sup>#</sup> | 1900 | 6232 |  |
|  |  | $130289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINANCIALS |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57354047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 14.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *BIOTECHNOLOGY – 2.5%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2seventy bio, Inc.\* | 16 | 254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 24061 | 3522531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 1600 | 331616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 7264 | 1963822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1950 | 552708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 2500 | 216575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 2300 | 79994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 4200 | 69636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 16944 | 1329426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics PLC\* | 3000 | 186960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 2410 | 179159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 2050 | 90610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirati Therapeutics, Inc.\* | 550 | 37026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 4550 | 684002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 1150 | 54004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 1300 | 149656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novavax, Inc.\*<sup>,#</sup> | 880 | 19598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.\* | 1400 | 1048250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 1115 | 127132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagen, Inc.\* | 1850 | 235246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 950 | 38437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 590 | 136013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 3493 | 1089816 |  |
|  |  | $12142471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 2.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE EQUIPMENT & SUPPLIES – 2.6%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 23245 | 2299860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABIOMED, Inc.\* | 600 | 151248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 1060 | 205958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 6780 | 368493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 3834 | 904709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 19150 | 825556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) | 650 | 177703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 2729 | 84108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc.\* | 5300 | 640134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 8316 | 602328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 650 | 32143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 2250 | 74273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A\* | 1050 | 70350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 3190 | 216282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 200 | 29682 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 1130 | $406438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 900 | 232929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 848 | 42612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 4850 | 1195379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp.\* | 650 | 85540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 18076 | 1578758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novocure Ltd.\* | 1350 | 95391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 500 | 85735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 668 | 60000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 1920 | 429485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 1300 | 224354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 4750 | 1088890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 900 | 50535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 610 | 130882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 2760 | 312846 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12702601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES – 3.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES – 3.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE PROVIDERS & SERVICES – 3.5%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 1250 | 101625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; agilon health, Inc.\* | 2400 | 47640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amedisys, Inc.\* | 400 | 39036 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | 1970 | 309723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 3570 | 270963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 7580 | 645285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 200 | 93374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Corp. | 4042 | 1305809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 17771 | 1682914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 838 | 61182 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 3310 | 1809809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 1230 | 66961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 740 | 9191 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc.\*<sup>,#</sup> | 1385 | 68558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 2950 | 641537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 1720 | 117751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1730 | 965478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings | 1207 | 267785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 1950 | 759271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 800 | 287088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oak Street Health, Inc.\* | 1500 | 30345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier, Inc., Class A | 1300 | 45344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 1550 | 222658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Signify Health, Inc., Class A\* | 900 | 26307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 1450 | 64322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 12720 | 7061508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 930 | 107759 |  |
|  |  | $17109223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE TECHNOLOGY – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE TECHNOLOGY – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *HEALTH CARE TECHNOLOGY – 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 1450 | 17733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare Corp.\* | 450 | 7101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A\* | 1300 | 34411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 1737 | 51485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A\* | 1870 | 314048 |  |
|  |  | $424778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *LIFE SCIENCES TOOLS & SERVICES – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *LIFE SCIENCES TOOLS & SERVICES – 1.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *LIFE SCIENCES TOOLS & SERVICES – 1.7%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A\* | 990 | 26908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 4040 | 558934 |  |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

11 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Large-Cap Strategy Fund (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 8445 | $170336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc. | 850 | 37740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A\* | 290 | 101996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 500 | 148130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 1400 | 86576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 720 | 152820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 8780 | 2209662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 2090 | 478234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 2480 | 519981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., Class A\* | 1500 | 24900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 320 | 404778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer, Inc. | 1670 | 223079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV\* | 3000 | 130680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 700 | 127743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 1100 | 7568 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Inc.\* | 1350 | 68013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 5320 | 2734320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 810 | 242328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 1000 | 230100 |  |
|  |  | $8684826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 4.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 4.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *PHARMACEUTICALS – 4.4%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | 1 | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 28876 | 2237024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent, Inc.\* | 2200 | 144606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 5800 | 76502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 11480 | 4156793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 860 | 123659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 35800 | 6228126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 34366 | 3477839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 3016 | 78959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 1808 | 72826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 76753 | 3572852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 4750 | 201020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 16005 | 162131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 6381 | 962127 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21494523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE |  | $72558422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIALS – 8.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 1.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *AEROSPACE & DEFENSE – 1.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 900 | 130896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 7390 | 1053149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 1255 | 71510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 465 | 78041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 3280 | 819344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 550 | 89452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 1052 | 133920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 1150 | 64055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 5016 | 178319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 495 | 127250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 2582 | 636386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 3240 | 1576843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 650 | 31460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 1970 | 1081550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 20104 | 1906261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc., Class A | 1240 | 28718 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 2903 | $198681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 690 | 397274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 775 | 71067 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8674176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIR FREIGHT & LOGISTICS – 0.5%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 1584 | 154788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 2230 | 218206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 3260 | 522513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 1450 | 52983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 9930 | 1665956 |  |
|  |  | $2614446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *AIRLINES – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIRLINES – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *AIRLINES – 0.2%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 1625 | 72247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 8993 | 127521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA, Class A\* | 400 | 30092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.\* | 8640 | 293155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 3750 | 30150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co.\* | 7980 | 290073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 4283 | 184512 |  |
|  |  | $1027750 |  |
| &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. | 1700 | 93126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 850 | 98498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 1133 | 118704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 628 | 47458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AZEK Co., Inc. (The)\* | 1500 | 26265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 2300 | 141818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 690 | 164772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 11300 | 449288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Home & Security, Inc. | 1710 | 103147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 650 | 6013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 9231 | 533921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 450 | 105107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 3030 | 140198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 1248 | 106841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 3100 | 494853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 1594 | 76655 |  |
|  |  | $2706664 |  |
| &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. | 1170 | 500234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 600 | 73476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 2850 | 327807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 450 | 14391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IAA, Inc.\* | 1668 | 63267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 450 | 60408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | 2485 | 76886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 2740 | 363379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 3050 | 128344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stericycle, Inc.\* | 1235 | 55056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 700 | 98896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 5590 | 885288 |  |
|  |  | $2647432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION & ENGINEERING – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION & ENGINEERING – 0.2%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION & ENGINEERING – 0.2%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 1825 | 137386 |  |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 12

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 750 | $57810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 2800 | 79744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 1888 | 268172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 260 | 82997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Mobile Mini Holdings Corp.\* | 3000 | 127590 |  |
|  |  | $753699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 0.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRICAL EQUIPMENT – 0.7%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity Brands, Inc. | 400 | 73428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 3160 | 409726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ChargePoint Holdings, Inc.\*<sup>,#</sup> | 2700 | 37746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 5428 | 814580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 7940 | 687604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 847 | 98176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 740 | 175735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 2216 | 80884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc.\*,# | 6950 | 111061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 900 | 113886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 1570 | 400821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 2148 | 86371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 2600 | 58526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. | 4200 | 60102 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL CONGLOMERATES – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL CONGLOMERATES – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDUSTRIAL CONGLOMERATES – 0.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 7730 | 972357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 11865 | 923215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 9100 | 1856582 |  |
|  |  | $3752154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *MACHINERY – 1.8%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 845 | 104924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 1200 | 50700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 7150 | 1547689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Holdings Co. | 700 | 70238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 1880 | 459679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 3790 | 1500158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 1460 | 83877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 2010 | 262687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 649 | 24208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 1798 | 51567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 4890 | 312471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 1200 | 13380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 2320 | 161426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 1020 | 226756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 4250 | 907502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 5444 | 274922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 1035 | 79064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 750 | 106500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\* | 750 | 104895 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 800 | 180000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 790 | 69520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 5625 | 397350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 4540 | 439608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 1710 | 496960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 1964 | 84354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 680 | 150994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 1970 | 154625 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. (The) | 800 | $57032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 1380 | 145493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 2365 | 220607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 2310 | 236613 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *MARINE – 0.0%\*\** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 800 | 55800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *PROFESSIONAL SERVICES – 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *PROFESSIONAL SERVICES – 0.5%* | &nbsp;&nbsp;&nbsp;&nbsp; *PROFESSIONAL SERVICES – 0.5%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 1750 | 190488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A\* | 353 | 107323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\* | 6400 | 66112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 5200 | 430144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 3100 | 39835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 1610 | 272959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 400 | 62252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 1650 | 190113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 1900 | 94563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 1900 | 193021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 660 | 51704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International, Inc. | 1548 | 118360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 800 | 86672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 2600 | 154102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 2050 | 374802 |  |
|  |  | $2432450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ROAD & RAIL – 1.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERCO | 113 | 64996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 350 | 82761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 29350 | 852911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc.\*<sup>,#</sup> | 3250 | 59800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 1130 | 193309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 2085 | 100143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 490 | 76548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc., Class A\* | 4300 | 62952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 3210 | 732105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 1350 | 370710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 640 | 51526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B | 323 | 7183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 25300 | 672221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 8470 | 1669776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Logistics, Inc.\* | 1450 | 75023 |  |
|  |  | $5071964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *TRADING COMPANIES & DISTRIBUTORS – 0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *TRADING COMPANIES & DISTRIBUTORS – 0.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *TRADING COMPANIES & DISTRIBUTORS – 0.3%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp. | 1450 | 51171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A\* | 550 | 12969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 7790 | 376491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 590 | 48958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.\* | 550 | 63728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc.\* | 970 | 306239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Univar Solutions, Inc.\* | 2300 | 58604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 450 | 121932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc.\* | 600 | 82662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 640 | 373984 |  |
|  |  | $1496738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIALS |  | $43417718 |  |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

13 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Large-Cap Strategy Fund (continued)*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description**<br>| <br> **Number of<br>Shares** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY – 25.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFORMATION TECHNOLOGY – 25.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 0.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *COMMUNICATIONS EQUIPMENT – 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 3400 |  | $410924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 1973 |  | 94507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 55750 |  | 2532722 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 763 |  | 109040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 4240 |  | 129744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 900 |  | 67005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 2230 |  | 556853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 50 |  | 17338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 950 |  | 38912 |
|  |  |  | $3957045 |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 7850 |  | 595265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 785 |  | 79489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 1150 |  | 46219 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 1790 |  | 309330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 2250 |  | 104018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 1718 |  | 57742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 10320 |  | 331994 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 500 |  | 42830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 1758 |  | 112952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 2450 |  | 426667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 293 |  | 64533 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Instruments Corp. | 1720 |  | 65670 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 493 |  | 45114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 643 |  | 255901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 3330 |  | 200333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 1956 |  | 37360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A\* | 700 |  | 198254 |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973671 |
| &nbsp;&nbsp;&nbsp;&nbsp; *IT SERVICES – 4.6%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 8500 |  | 2413150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc.\*<sup>,#</sup> | 2500 |  | 50175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 2150 |  | 189910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 1620 |  | 139822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 5580 |  | 1348686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Class A\* | 6950 |  | 417486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 1530 |  | 229592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A\* | 3650 |  | 205568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 6960 |  | 433260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 593 |  | 72482 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 3226 |  | 92748 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 750 |  | 262500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 665 |  | 55867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 8150 |  | 676368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 7960 |  | 817810 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc.\* | 1000 |  | 186120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 1050 |  | 317016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 2545 |  | 123433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 3763 |  | 429960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA\* | 550 |  | 103774 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A\* | 2150 |  | 172860 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 12160 |  | 1681606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 1000 |  | 199060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 2412 |  | 23324 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description**<br>| <br> **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 11620 | $3813452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 815 | 149169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc.\* | 1850 | 103822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 4420 | 522930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 15465 | 1292565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A\* | 700 | 32179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A\* | 3280 | 525784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 3000 | 154260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switch, Inc., Class A | 2000 | 68100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thoughtworks Holding, Inc.\* | 1150 | 11052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A\* | 3150 | 69584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A\* | 2300 | 171051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc.\* | 1250 | 250575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 22270 | 4613453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The) | 5190 | 70117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\* | 615 | 100946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd.\* | 640 | 53824 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;22645440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *MEDIA – 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The)\* | 5750 | 306130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.3%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 21568 | 1295374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 450 | 11435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 6992 | 997199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 11880 | 1048885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 5333 | 2507150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 700 | 46984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 1750 | 537250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 1950 | 154713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 1450 | 211076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\*<sup>,#</sup> | 900 | 51030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 54770 | 1557111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2000 | 632900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 1830 | 740747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 1850 | 89744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 11361 | 450804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 7228 | 446257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 15000 | 811500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | 783 | 64323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 580 | 196881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 32645 | 4406096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 5828 | 358014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 1400 | 120512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 15030 | 1768430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 2150 | 184922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 2050 | 166768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 12350 | 1983780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 600 | 57132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc.\* | 1575 | 124031 |  |
|  |  | $21021048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *SOFTWARE – 8.5%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 6360 | 2025660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alteryx, Inc., Class A\* | 850 | 41421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 1180 | 260969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A\*<sup>,#</sup> | 2850 | 48336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Technology, Inc.\* | 367 | 88612 |  |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 14

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A\* | 1800 | $364914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 2880 | 617184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 2100 | 74088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings, Inc.\* | 1300 | 173368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Knight, Inc.\* | 2087 | 126201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 3610 | 546518 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\* | 2300 | 21459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc.\* | 1875 | 124106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Confluent, Inc., Class A\* | 1750 | 47040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupa Software, Inc.\* | 1050 | 55892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A\* | 2769 | 446363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A\* | 3498 | 281624 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Inc.\* | 2500 | 120750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc., Class A | 990 | 66172 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 650 | 19000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A\* | 3700 | 80475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 2773 | 97721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 1050 | 67147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 350 | 167594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 893 | 53812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 8850 | 505866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 1150 | 68321 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 603 | 178826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informatica, Inc., Class A\*<sup>,#</sup> | 500 | 9680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 3700 | 1581750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 700 | 16569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 773 | 94051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 101299 | &nbsp;&nbsp;&nbsp;&nbsp;23514537 |
| &nbsp;&nbsp;&nbsp;&nbsp; N-Able, Inc.\* | 436 | 4722 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\* | 800 | 25184 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Corp.\* | 1620 | 34441 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Relic, Inc.\* | 750 | 44430 |
| &nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock, Inc. | 7520 | 169426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A\* | 2950 | 80830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 20310 | 1585602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A\* | 19520 | 171581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 3920 | 672633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc.\* | 700 | 242200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycor HCM, Inc.\*<sup>,#</sup> | 400 | 12188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 525 | 121690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 620 | 23070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.\* | 1000 | 54660 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 1450 | 170853 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc., Class A\* | 1150 | 40848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 1450 | 601083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc.\* | 12916 | 2100012 |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A\* | 2350 | 53674 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 2700 | 1135998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartsheet, Inc., Class A\* | 1705 | 59539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Splunk, Inc.\* | 2150 | 178686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 2050 | 599727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 1370 | 43278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 550 | 177831 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc., Class A\* | 4700 | 59455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc.\* | 2110 | 62245 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Inc., Class A | 2819 | 317222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A\* | 2650 | 412923 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zendesk, Inc.\* | 1665 | $127689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Video Communications, Inc., Class A\* | 2628 | 219280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 1150 | 177215 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;41766241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.8%* | &nbsp;&nbsp;&nbsp;&nbsp; *TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.8%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 207140 | 31762847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 3669 | 140890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 17640 | 251723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 14140 | 390547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 3053 | 211481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A\* | 3845 | 118657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.\* | 4233 | 145488 |  |
|  |  | $33021633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INFORMATION TECHNOLOGY | $&nbsp;&nbsp;&nbsp;&nbsp;125691208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CHEMICALS – 1.7%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 4900 | 1226960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 1500 | 419805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 550 | 57706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 2710 | 63197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 1400 | 134568 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 2750 | 292215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The) | 1850 | 52966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 9362 | 611713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 9479 | 443048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 6562 | 375346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 1600 | 122896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 3200 | 502624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 3100 | 53320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 1600 | 190240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc.\*<sup>,#</sup> | 11000 | 30030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 2600 | 69576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 2590 | 252810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 5230 | 1555140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 3350 | 256108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 4765 | 256119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 100 | 30434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 1700 | 90015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 3100 | 353958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 1700 | 160769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 545 | 25021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 3100 | 697593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc. | 2250 | 66060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 450 | 43493 |  |
|  |  | $8433730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION MATERIALS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION MATERIALS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONSTRUCTION MATERIALS – 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 500 | 61155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 800 | 268784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 1700 | 278290 |  |
|  |  | $608229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *CONTAINERS & PACKAGING – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONTAINERS & PACKAGING – 0.4%* | &nbsp;&nbsp;&nbsp;&nbsp; *CONTAINERS & PACKAGING – 0.4%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 20201 | 233928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 865 | 85765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging SA | 1750 | 7770 |  |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

15 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Large-Cap Strategy Fund (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 1000 | $169550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 4050 | 200029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global Group, Inc.\* | 1693 | 80113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 1618 | 110979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 4055 | 93103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 4750 | 159647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 1200 | 144252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 2000 | 95240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 1155 | 54701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | 1430 | 88774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock Co. | 3200 | 108992 |  |
|  |  | $1632843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *METALS & MINING – 0.5%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 2250 | 87817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 6700 | 87033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 18800 | 595772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.\* | 1150 | 34546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 10350 | 438012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 3450 | 453261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Steel & Aluminum Co. | 800 | 161184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 858 | 81476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 1150 | 54015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SSR Mining, Inc. | 2450 | 33810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 2400 | 225720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp. | 3250 | 66170 |  |
|  |  | $2318816 |  |
| &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. | 1100 | 62315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MATERIALS |  | $&nbsp;&nbsp;&nbsp;&nbsp;13055933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE INVESTMENT TRUSTS – 2.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE INVESTMENT TRUSTS – 2.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE INVESTMENT TRUSTS – 2.7%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 2015 | 292779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 3590 | 114665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 5760 | 1193414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 3440 | 83420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Income REIT Corp. | 1904 | 73171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & Management Co., Class A | 2854 | 22661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 1772 | 310313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties, Inc. | 1950 | 141765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 3750 | 79913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 1320 | 152526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 1833 | 43552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 5340 | 711608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 2733 | 114431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 3510 | 351877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 2210 | 38874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 500 | 78345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 800 | 30880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 1131 | 640644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 2350 | 150306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 4550 | 286741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 823 | 182904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 1650 | 292776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 998 | 98782 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 1600 | $76208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 2959 | 148305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 4030 | 81930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 6480 | 153770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 1290 | 36417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 9080 | 171430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. | 1303 | 14385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 7700 | 244013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 3556 | 178049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties | 1071 | 21077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 1525 | 65179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 7606 | 162616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | 1050 | 96841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Storage, Inc. | 1025 | 113375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc. | 7350 | 84158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 1421 | 223736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Retail Properties, Inc. | 2065 | 86792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 1100 | 46926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 2900 | 92162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 3150 | 41202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 11378 | 1260113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 1910 | 591622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 1915 | 64536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 7440 | 463289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 2033 | 123017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 2150 | 118852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 1300 | 350870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 3993 | 435157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 610 | 24205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Realty Capital, Inc. | 1500 | 58245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; STORE Capital Corp. | 2955 | 93969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 1450 | 195532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 3930 | 156257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 4886 | 191189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 11788 | 377452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 1976 | 46614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 5620 | 343045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 9242 | 285855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 2350 | 179305 |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;12984042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A\* | 4110 | 291563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The)\* | 408 | 25031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 578 | 91954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc.\*<sup>,#</sup> | 5850 | 15151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WeWork, Inc., Class A\*<sup>,#</sup> | 1650 | 4241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class A\* | 500 | 15465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C\*<sup>,#</sup> | 2595 | 80082 |  |
|  |  | $523487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE |  | $13507529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *ELECTRIC UTILITIES – 1.7%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 3200 | 166944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 6750 | 593460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avangrid, Inc. | 850 | 34578 |  |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 16

*Wilmington Large-Cap Strategy Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description**<br>| <br> **Number of<br>Shares** | **Value**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 4433 | $419096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 10150 | 945777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 4950 | 297198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 2600 | 278564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 2800 | 171164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 4450 | 339446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 12950 | 499740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 7250 | 273398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. | 1200 | 45648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 600 | 62820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 26050 | 2018875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 3250 | 144300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 2713 | 99377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp.\* | 20700 | 309051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 1550 | 104176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 9700 | 256953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 14000 | 916720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 7100 | 462281 |  |
|  |  | $8439566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *GAS UTILITIES – 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 1750 | 186462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 1200 | 80988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 2900 | 102457 |  |
|  |  | $369907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 8950 | 234132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp., Class A | 1350 | 41891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 6050 | 138968 |  |
|  |  | $414991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *MULTI-UTILITIES – 0.8%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 3500 | 285320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 8750 | 250337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 4000 | 228200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 4600 | 404616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 10943 | 765682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 2700 | 302697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 5450 | 140011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 6600 | 370062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 4200 | 633948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 4150 | 379019 |  |
|  |  | $3759892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *WATER UTILITIES – 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 2450 | 356083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 3200 | 141504 |  |
|  |  | $497587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTILITIES |  | $13481943 |  |
|  **TOTAL COMMON STOCKS**<br> **(COST $170,176,745)** |  | $**485449073** |  |
|  **PREFERRED STOCKS – 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% | 400 | 6248 |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description**<br>| <br> **Number of<br>Shares**<br>| **Value** <br>|

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE |  | $6248 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATION SERVICES – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; *ENTERTAINMENT – 0.0%\*\** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc. Preferred Equity Units 0.00%\*<sup>,#</sup> | 950 | $1948 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATION SERVICES |  | $1948 |
|  **TOTAL PREFERRED STOCKS** |  |  |
|  **(COST $15,283)** |  | $**8196** |
|  **RIGHTS – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. CVR, Expire 12/31/30 | 89 | 12 |
|  **TOTAL RIGHTS**<br> **(COST $0)** |  | $**12** |
|  **WARRANTS – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. CW27, Expire 08/03/27\* | 1645 | 83237 |
|  **TOTAL WARRANTS**<br> **(COST $0)** |  | $**83237** |
|  **INVESTMENT COMPANIES – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 ETF | 6170 | 1313717 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 2895 | 644369 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 4465 | 668589 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EQUITY FUNDS |  | $2626675 |
|  **TOTAL INVESTMENT COMPANIES**<br> **(COST $2,583,066)** |  | $**2626675** |
| &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUND – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^ | 330814 | 330814 |
|  **TOTAL MONEY MARKET FUND**<br> **(COST $330,814)** |  | $**330814** |
|  | <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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%,maturing 2/25/32 to 1/01/61; total market value of $458,530. | $449539 | 449539 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577,collateralized by U.S. Government Agency & Treasury Securities, 0.38% to 6.50%, maturing 6/01/23 to 10/01/52; total market value of $458,530. | 449539 | 449539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $458,530. | 449539 | 449539 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

17 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Large-Cap Strategy Fund (continued)*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description**<br>| <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., 3.01%, dated 10/31/22, due 11/01/22, repurchase price $178,366, collateralized by U.S. Treasury Securities, 0.00% to 7.63%, maturing 1/15/23 to 8/15/52; total market value of $181,918. | $| 178351 | $178351 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $458,530. |  | 449539 | 449539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Securities, Inc., 3.07%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Government Agency Securities, 2.50% to 5.00%, maturing 1/01/30 to 10/01/52; total market value of $458,530. |  | 449539 | 449539 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $2,426,046)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $2,426,046)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $2,426,046)** | $**2426046** |
| **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $2,426,046)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $2,426,046)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $2,426,046)** | $**2426046** |
| **TOTAL INVESTMENTS – 100.4%**<br> **(COST $175,531,954)** | **TOTAL INVESTMENTS – 100.4%**<br> **(COST $175,531,954)** | **TOTAL INVESTMENTS – 100.4%**<br> **(COST $175,531,954)** | $**490924053** |
| **COLLATERAL FOR SECURITIES ON**<br> **LOAN – (0.5%)** | **COLLATERAL FOR SECURITIES ON**<br> **LOAN – (0.5%)** | **COLLATERAL FOR SECURITIES ON**<br> **LOAN – (0.5%)** | **(2426046)** |
| **OTHER ASSETS LESS LIABILITIES – 0.1%** | **OTHER ASSETS LESS LIABILITIES – 0.1%** | **OTHER ASSETS LESS LIABILITIES – 0.1%** | **368070** |
|  **TOTAL NET ASSETS – 100.0%** |  |  | $**488866077** |

---

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, 2022 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 | $485449073 | $— | $— | $485449073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 8196 |  |  | 8196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights | 12 |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 83237 |  |  | 83237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 2626675 |  |  | 2626675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 330814 |  |  | 330814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2426046 |  | 2426046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $488498007 | $2426046 | $— | $490924053 |

---

------

\* 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 4 in Notes to Financial Statements.

\*\* Represents less than 0.05%. 

^ 7-Day net yield.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 18

*Wilmington Large-Cap Strategy Fund (concluded)* 

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| 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* 

------

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

19 *STATEMENTS OF ASSETS AND LIABILITIES*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **October 31, 2022 (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** | **Wilmington<br>Large-Cap Strategy<br>Fund** |
| ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments, at identified cost* | $*31600101* |  | $*175531954* | *<sup>(a)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value* | $*35657144* |  | $*490924053* | *<sup>(b),(c)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash* | *—* |  | *545183* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash denominated in foreign currencies* | *5547* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | *49841* |  | *357774* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due from advisor* | *12315* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | *450* |  | *111280* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid assets* | *19144* |  | *21767* |  |
| **TOTAL ASSETS** | ***35744441*** |  | ***491960057*** |  |
| LIABILITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateral for securities on loan* | *—* |  | *2426046* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investments purchased* | *—* |  | *343056* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | *5140* |  | *115189* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | *3793* |  | *3792* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | *871* |  | *12069* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | *6826* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | *—* |  | *47650* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | *76275* |  | *146178* |  |
| **TOTAL LIABILITIES** | ***92905*** |  | ***3093980*** |  |
| **NET ASSETS** | $***35651536*** |  | $***488866077*** |  |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $*31553429* |  | $*134106551* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | *4098107* |  | *354759526* |  |
| **TOTAL NET ASSETS** | $***35651536*** |  | **$*488866077*** |  |
| 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* | $*34007819* |  | $*—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *2971806* |  | *—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value per share* | $*11.44* |  | $*—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Offering Price per share\** | $*12.11* | *\*\** | $*—* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*1643717* |  | $*488866077* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *143283* |  | *18746275* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*11.47* |  | $*26.08* |  |

---

<sup>(a)</sup> Includes $197,846 of investments in affiliated issuers. 

<sup>(b)</sup> Includes $391,123 of investments in affiliated issuers. 

<sup>(c)</sup> Including $2,346,353 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* 

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*STATEMENTS OF OPERATIONS* 20

---

| | | |
|:---|:---|:---|
| **Six Months Ended October 31, 2022 (unaudited)** | **Wilmington<br>Enhanced Dividend<br>Income Strategy<br>Fund** | **Wilmington<br>Large-Cap Strategy<br>Fund** |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Dividends* | $*597503* *<sup>(a)</sup>* | $*4237532* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Securities lending income, net* | *225* | *25853* |
| **TOTAL INVESTMENT INCOME** | ***597728*** | ***4263385*** |
|  *EXPENSES:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | *71089* | *642345* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | *5458* | *78932* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | *11999* | *63856* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | *1144* | *12305* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | *18348* | *14534* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | *33571* | *33571* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | *54201* | *51213* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Class A* | *42679* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Class A* | *42679* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | *11964* | *12022* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | *7107* | *8887* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | *15535* | *32178* |
| **TOTAL EXPENSES** | ***315774*** | ***949843*** |
|  WAIVERS AND REIMBURSEMENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | *(141554* *)* | *(307498* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Class A* | *(42679* *)* | *—* |
|  **TOTAL WAIVERS AND REIMBURSEMENTS** | ***(184233*** ***)*** | ***(307498*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | ***131541*** | ***642345*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | ***466187*** | ***3621040*** |
| REALIZED AND UNREALIZED GAIN (LOSS): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on unaffiliated investments* | *(304324* *)* | *21451061* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on foreign currency transactions* | *(80* *)* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(304404* *)* | *21451061* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on unaffiliated investments* | *(375040* *)* | *(54542940* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) of affiliated investments* | *—* | *4018* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on foreign currency transactions* | *141* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *(374899* *)* | *(54538922* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized and unrealized gain (loss)* | ***(679303*** ***)*** | ***(33087861*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $***(213116*** ***)*** | $***(29466821*** |

---

<sup>(a)</sup> Net of foreign withholding taxes withheld of $3,360 and $824, respectively. 

<sup>(b)</sup> Includes $5,575 received from affiliated issuers. 

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

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

21 *STATEMENTS OF CHANGES IN NET ASSETS*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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> **2022**<br> **(Unaudited)** | **Year Ended<br>April 30,**<br> **2022** | **Six Months Ended<br>October 31,**<br> **2022**<br> **(Unaudited)** | **Year Ended**<br> **April 30,**<br> **2022** |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*466187* | $*980587* | $*3621040* | $*6753988* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(304404* | *951778* | *21451061* | *40473302* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *(374899* | *(401458* | *(54538922* | *(56305199* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | ***(213116*** | ***1530907*** | ***(29466821*** | ***(9077909*** |
|  *DISTRIBUTIONS TO SHAREHOLDERS:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(450371* | *(1062214* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(20537* | *(17047* | *(3292233* | *(35623835* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | ***(470908*** | ***(1079261*** | ***(3292233*** | ***(35623835*** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *93693* | *340978* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *1027852* | *102687* | *22287557* | *33603420* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *444971* | *1019563* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *7956* | *15888* | *1006830* | *25436502* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(992336* | *(4070108* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(3247* | *(121455* | *(55318338* | *(84227517* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | ***578889*** | ***(2712447*** | ***(32023951*** | ***(25187595*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *(105135* | *(2260801* | *(64783005* | *(69889339* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | ***35756671*** | ***38017472*** | ***553649082*** | ***623538421*** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $***35651536*** | $***35756671*** | $***488866077*** | $***553649082*** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *8308* | *28643* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *88687* | *8620* | *853181* | *1083160* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *40662* | *86229* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *726* | *1341* | *39574* | *797216* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(87566* | *(342889* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(283* | *(10257* | *(2034013* | *(2723466* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | ***50534*** | ***(228313*** | ***(1141258*** | ***(843090*** |

---

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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*FINANCIAL HIGHLIGHTS* 22

For a share outstanding throughout each period:

 <br> WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS A** | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)**  | **Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;**April 30, 2022**  | **Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;**April 30, 2021**  | **Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;**April 30, 2020**  | **Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;**April 30, 2019**  | **Year Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;**April 30, 2018**  |
| **Net Asset Value, Beginning of Period** | $11.67 | $11.55 | $9.54 | $10.54 | $10.47 | $11.24 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.15 | 0.31 | 0.29 | 0.40 | 0.36 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.23) | 0.15 | 2.04 | (1.02) | 0.11 | 0.52 |
| Total Income (Loss) From Operations | (0.08) | 0.46 | 2.33 | (0.62) | 0.47 | 0.78 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.15) | (0.34) | (0.32) | (0.38) | (0.36) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.04) | (1.32) |
| Total Distributions | (0.15) | (0.34) | (0.32) | (0.38) | (0.40) | (1.55) |
|  **Net Asset Value, End of Period** | $11.44 | $11.67 | $11.55 | $9.54 | $10.54 | $10.47 |
|  **Total Return<sup>(b)</sup>** | (0.61)% | 3.99% | 24.86% | (6.17)% | 4.66% | 6.99% |
|  **Net Assets, End of Period (000's)** | $34008 | $35124 | $37388 | $32708 | $38943 | $40993 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.80 %<sup>(d)</sup> | 1.85% | 1.69% | 1.68% | 1.67% | 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 0.75 %<sup>(d)</sup> | 0.67% | 0.60% | 0.60% | 0.60% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.61 %<sup>(d)</sup> | 2.61% | 2.81% | 3.86% | 3.45% | 2.30% |
|  **Portfolio Turnover Rate** | 5% | 66 %<sup>(f)</sup> | 12% | 14% | 14% | 85% |
| **CLASS I** | **Six Months<br>Ended<br>October 31,<br>2022<br>(Unaudited)** | **Year Ended<br>April 30, 2022** | **Year Ended<br>April 30, 2021** | **Year Ended<br>April 30, 2020** | **Year Ended<br>April 30, 2019** | **Year Ended<br>April 30, 2018** |
| **Net Asset Value, Beginning of Period** | $11.69 | $11.56 | $9.55 | $10.54 | $10.48 | $11.25 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.16 | 0.34 | 0.32 | 0.44 | 0.39 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.22) | 0.15 | 2.03 | (1.02) | 0.10 | 0.52 |
| Total Income (Loss) From Operations | (0.06) | 0.49 | 2.35 | (0.58) | 0.49 | 0.81 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.16) | (0.36) | (0.34) | (0.41) | (0.39) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  |  |  | (0.04) | (1.32) |
| Total Distributions | (0.16) | (0.36) | (0.34) | (0.41) | (0.43) | (1.58) |
|  **Net Asset Value, End of Period** | $11.47 | $11.69 | $11.56 | $9.55 | $10.54 | $10.48 |
|  **Total Return<sup>(b)</sup>** | (0.44)% | 4.25% | 25.09% | (5.83)% | 4.82% | 7.24% |
|  **Net Assets, End of Period (000's)** | $1644 | $633 | $629 | $498 | $637 | $1109 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.29 %<sup>(d)</sup> | 1.37% | 1.38% | 1.44% | 1.40% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 0.50 %<sup>(d)</sup> | 0.42% | 0.35% | 0.35% | 0.35% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.89 %<sup>(d)</sup> | 2.82% | 3.06% | 4.20% | 3.72% | 2.62% |
|  **Portfolio Turnover Rate** | 5% | 66 %<sup>(f)</sup> | 12% | 14% | 14% | 85% |

---

------

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

<sup>(b)</sup> 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. 

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

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

<sup>(e)</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>(f)</sup> 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* 

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

23 *FINANCIAL HIGHLIGHTS (concluded)*

For a share outstanding throughout each period:

 <br> WILMINGTON LARGE-CAP STRATEGY FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS I** | **Six Months<br>Ended<br>October 31,<br>2022**<br> **(Unaudited)**  | **Year Ended<br> April 30, 2022**  | **Year Ended<br> April 30, 2021**  | **Year Ended<br> April 30, 2020**  | **Year Ended<br> April 30, 2019**  | **Year Ended<br> April 30, 2018**  |
| **Net Asset Value, Beginning of Period** | $27.84 | $30.08 | $22.08 | $23.36 | $21.98 | $19.65 |
|  **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.19 | 0.33 | 0.35 | 0.39 | 0.37 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (1.78) | (0.80) | 10.11 | (0.32) | 2.32 | 2.34 |
| Total Income (Loss) From Operations | (1.59) | (0.47) | 10.46 | 0.07 | 2.69 | 2.68 |
|  **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.17) | (0.33) | (0.37) | (0.41) | (0.38) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  | (1.44) | (2.09) | (0.94) | (0.93) |  |
| Total Distributions | (0.17) | (1.77) | (2.46) | (1.35) | (1.31) | (0.35) |
|  **Net Asset Value, End of Period** | $26.08 | $27.84 | $30.08 | $22.08 | $23.36 | $21.98 |
|  **Total Return** | (5.69)%<sup>(b)</sup> | (2.24)% | 49.12% | 0.09% | 12.93% | 13.71% |
|  **Net Assets, End of Period (000's)** | $488866 | $553649 | $623538 | $467392 | $527818 | $504014 |
|  **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 0.37 %<sup>(d)</sup> | 0.53% | 0.80% | 0.86% | 0.89% | 0.90% |
| &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 | 1.41 %<sup>(d)</sup> | 1.07% | 1.34% | 1.69% | 1.65% | 1.62% |
|  **Portfolio Turnover Rate** | 7% | 9% | 14% | 26% | 13% | 15% |

---

------

<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* 

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*NOTES TO FINANCIAL STATEMENTS* 24

Wilmington Funds

October 31, 2022 (unaudited)

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**<br>| **Investment Goal**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; *Wilmington Enhanced Dividend Income Strategy Fund ("Enhanced Dividend Income Strategy Fund")<sup>(d)</sup>* | *The Fund seeks a high level of total return consistent with a moderate level of risk.* |
| &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 on class-specific matters.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The 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 Funds utilize a fair value approach. The fair value of the Funds' portfolio securities are determined as follows:

• for equity securities, according to the last sale price or official closing price reported in the market in
which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;

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

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

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

• 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

• for all other securities, at fair value as determined in accordance with procedures established by and under
the general supervision of the Board of Trustees (''Trustees'').

Trading in foreign securities may be completed at times which vary from the closing of the 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 Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. 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 4:00pm 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,

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

25 *NOTES TO FINANCIAL STATEMENTS (continued)*

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 procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

**Repurchase Agreements –** Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting each Fund's return on the transaction. It is each Fund's policy to require the counterparty to a repurchase agreement to transfer to the Funds' custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a "securities entitlement" and exercise "control" as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities, if necessary, to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements ("MRA") which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund.

At October 31, 2022, 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;**Enhanced Dividend Income Strategy Fund** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of America Securities, Inc.* | $*51* | | $*51* | | $— |  | $— |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Daiwa Capital Markets America* | *46* | | *46* | |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Deutsche Bank Securities, Inc.* | *51* | | *51* | |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*National Bank Financial* | *51* | | *51* | |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*RBC Dominion Securities, Inc.* | *51* | | *51* | |  |  |  |  |
|  | $***250*** | **** | $***250*** | **** | $***—*** | **** | $***—*** | **** |
|  &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.* | $*449539* | | $*449539* | | $— |  | $— |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*BNP Paribas SA* | *449539* | | *449539* | |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Deutsche Bank Securities, Inc.* | *449539* | | *449539* | |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*HSBC Securities USA, Inc.* | *178351* | | *178351* | |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*RBC Dominion Securities, Inc.* | *449539* | | *449539* | |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Truist Securities, Inc.* | *449539* | | *449539* | |  |  |  |  |
|  | **$*2426046*** | **** | **$*2426046*** | **** | **$*—*** | **** | **$*—*** | **** |

---

*<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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 26

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.

**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, 2022, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | <br> **Value of<br>Securities on<br>Loan** | <br> **Value of<br>Securities on<br>Loan** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | **Cash<br>Collateral<br>Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Exposure<sup>(2)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;**Net Exposure<sup>(2)</sup>**  |  |
| *Large-Cap Strategy Fund* | | *$2346353* | | *$2346353* | | *$—* | |

---

*<sup>(1)</sup>* *Collateral with a value of $2,426,046 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 amount represents the net amount receivable due from the counterparty in the event of default.* 

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, 2022.

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.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

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27 *NOTES TO FINANCIAL STATEMENTS (continued)*

As of October 31, 2022, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Unrealized** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Appreciation**  | **Tax Unrealized <br>Depreciation** | **Net Tax <br>Unrealized <br>Appreciation/ <br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Enhanced Dividend Income Strategy Fund* | *$31612488* | *$5236029* | *$(1191373)* | *$4044656* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Large-Cap Strategy Fund* | *185808737* | *323545326* | *(18430010)* | *305115316* |

---

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.

---

| | |
|:---|:---|
| **Fund** | **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, 2023 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** | **Current Contractual <br>Expense Limitations** | **Current Contractual <br>Expense Limitations** |
| **Fund** | **Class A** | **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 Mellon ("BNYM") provides the Trust with fund administration services. BNYM 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."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Administrator** | **Maximum<br>Fee** | **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; *BNYM* | | *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 BNYM 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 BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2022, neither WFMC nor BNYM 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.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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*NOTES TO FINANCIAL STATEMENTS (continued)* 28

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, 2022, 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** <br> &nbsp;&nbsp;&nbsp;&nbsp;**from Class A**  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Enhanced Dividend Income Strategy Fund* | *$372* |

---

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

For the six months ended October 31, 2022, M&T did not receive any 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, 2022, 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.

BNYM provides custody services to the Trust.

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

**General –** Certain Trustees and Officers of the Trust are also Officers or employees of the above companies that provide services to the Funds, and during their terms of office, receive no compensation from the Funds. The Trust's Statement of Additional Information includes additional information about the Trustees.

**Other Affiliated Parties and Transactions –** Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Fund's distributor. Transactions with affiliated companies during the six months ended October 31, 2022 are as follows:

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Investment**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Name** | **Value**<br> **4/30/22** | **Value**<br> **4/30/22** | **Purchases** | **Purchases** | **Sales** | **Sales** | **Net**<br> **Realized**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Gain/(Loss)**  | **Net**<br> **Realized**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Gain/(Loss)**  |  | **Net Change**<br> **in Unrealized<br>Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Depreciation**  | **Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;**10/31/22**  | **Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;**10/31/22**  | &nbsp;&nbsp;&nbsp;&nbsp;**Number of <br>Shares**<br> **10/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of <br>Shares**<br> **10/31/22** | **Dividend <br>Income** | **Dividend <br>Income** | **Capital**<br> **Gain<br> Distributions**  | **Capital**<br> **Gain<br> Distributions**  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Large-Cap Strategy Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Common Stock - 0.0%\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *M&T Bank Corp.* | | *$387105* | | *$—* | | *$—* | | *$—* | | *$4018* | | *$391123* | | *2323* | | *$5575* | | *$—* | |

---

*\** *As a percentage of Net Assets as of October 31, 2022.* 

The Funds may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the six months ended October 31, 2022 were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund** | **Commissions** |
| &nbsp;&nbsp;&nbsp; *Large-Cap Strategy Fund* | *$7351* |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

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29 *NOTES TO FINANCIAL STATEMENTS (concluded)*

&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, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Purchases** | **Sales** | **Sales** |  |
| *Enhanced Dividend Income Strategy Fund* | | *$1583440* | | *$1557209* | |
| *Large-Cap Strategy Fund* | | *37398671* | | *69534108* | |

---

6. 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.

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.

8. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit ("LOC") agreement with BNYM. 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. The LOC expires on March 31, 2023.

The Funds did not utilize the LOC during the six months ended October 31, 2022.

9. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require recognition or disclosure in the Funds' financial statements through this date.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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30.0 DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

**Renewal of Advisory and Sub-Advisory Agreements Generally** 

At a meeting held on September 14-15, 2022 (the "September Meeting"), the Board of Trustees of the Trust 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 Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 25, 2022, the Board held a special meeting (the "August Meeting") with personnel of the Adviser and 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 three multi-manager Funds (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 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:

• 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;

• 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;

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

• 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;

• 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;

• 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;

• 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; potential fall-out benefits to the Sub-Adviser; and the financial stability of the Sub-Adviser and its parent companies, as relevant; and

• 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, 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 and concluded that, for each Fund, the level of profitability did not appear unreasonably high.

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:

• 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;

• The prospects for satisfactory investment performance were reasonable; and

• Renewal of the Advisory Agreements was in the best interest of each Fund and its shareholders.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

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31 *Semi-Annual Report*

**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 above the peer group average for the one-year period, and below the peer group average for the three- and five-year periods, ended June 30, 2022, and that the Fund's performance since transitioning to its current strategy in November 2021 is strong.

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 three- and five-year periods, and below the peer group average for the one-year period, ended June 30, 2022.

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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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32.0 **Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.** 

**VOTING PROXIES ON FUND PORTFOLIO SECURITIES** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds' portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds' website. Go to www.wilmingtonfunds.com select "Proxy Voting Record" to access the link. This information is also available from the Edgar database on the SEC's website at <u>www.sec.gov.</u>

**QUARTERLY PORTFOLIO SCHEDULE** 

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Form N-PORT is available on the SEC's website at <u>www.sec.gov.</u>

**Important information about the access and delivery of shareholder reports** 

Beginning on June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund's shareholder reports will no longer be sent to you by mail, unless you specifically request them. You will be notified by mail each time a report is posted on the Funds' website and you will be provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive other communications electronically from the Fund by contacting your financial intermediary or, if you hold shares directly with the Fund, by calling 1-800-836-2211.

You may elect to receive paper copies of all future shareholder reports free of charge. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to receive paper copies of your shareholder reports. If you are a direct investor you can inform the Wilmington Funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at 1-800-836-2211. Your election to receive paper reports will apply to all funds held directly with Wilmington Funds and may apply to all funds held with your financial intermediary.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

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33.0 **PRIVACY POLICY AND NOTICE** 

**OF THE FUNDS AND THEIR DISTRIBUTOR** 

**December 9, 2021** 

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; insure 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:

● 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.

● We may receive information from you, or from your financial representative, through transactions with us or
others, correspondence, and other communications. Examples of this information include specific investments and your account balances.

● We may obtain other personal information from you in connection with providing you a financial product or
service. Examples of this information include depository, debit or credit account numbers.

**Information Sharing Policy** 

The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:

● We may share information when it is necessary and required to process a transaction or to service a customer
relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders.

● We may share information when it is required or permitted by law. For example, information may be shared in
response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney.

● We may disclose some or all 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, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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34.0 **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.

● 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.

● We may also collect non-personally identifiable Internet Protocol ("IP") addresses for all other
visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party.

**E-mail** 

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer's request, send you e-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, username, or password 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 Statement** 

The effective date of this policy is December 9, 2021. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

Notice will be provided to you in advance of any changes that would affect your rights under this policy statement.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

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![LOGO](g160718dsp044.jpg)

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| | |
|:---|:---|
| Investment Advisor | Distributor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALPS Distributors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290 Broadway, Suite 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver, CO 80203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19890<br>| <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<br> Wilmington, DE 19890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington, DE 19809<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor<br> Wilmington, DE 19890 | Independent Registered Public Accounting Firm |
| Co-Administrator | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PricewaterhouseCoopers LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Funds Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Commerce Square |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 North Market Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001 Market Street, Suite 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<sup>th</sup> Floor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, PA 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 |  |

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| |
|:---|
| WT-SAR-EQ-1022 |
| **Wilmington Funds \| 1-800-836-2211 \| <u>www.wilmingtonfunds.com</u>** |

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*We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.* 

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![LOGO](g282710dsp001.jpg)

WILMINGTON FUNDS October 31, 2022 (unaudited) PRESIDENT'S MESSAGE AND Semi-Annual Report WILMINGTON FUNDS Fixed Income Funds Wilmington Broad Market Bond Fund Wilmington Municipal Bond Fund Wilmington New York Municipal Bond Fund

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![LOGO](g282710dsp2_.jpg)

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Wilmington Broad Market Bond Fund ("Broad Market Bond Fund")

Wilmington Municipal Bond Fund ("Municipal Bond Fund")

Wilmington New York Municipal Bond Fund ("New York Municipal Bond Fund")

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![LOGO](g282710dsp2_.jpg)

CONTENTS

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---

| | |
|:---|:---|
|  [President's Message](#tx282710_1) | i |
|  [Shareholder Expense Example](#tx282710_2) | 1 |
|  [Portfolios of Investments](#tx282710_3) | 2 |
|  [Statements of Assets and Liabilities](#tx282710_4) | 23 |
|  [Statements of Operations](#tx282710_5) | 24 |
|  [Statements of Changes in Net Assets](#tx282710_6) | 25 |
|  [Financial Highlights](#tx282710_7) | 27 |
|  [Notes to Financial Statements](#tx282710_8) | 30 |
|  [Discussion of Renewal of Advisory and Sub-Advisory Agreements](#tx282710_9) | 37 |
|  [Other Information.](#tx282710_10) | 39 |

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[This Page Intentionally Left Blank]

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i

PRESIDENT'S MESSAGE (unaudited)

**Esteemed Shareholder:** 

I am pleased to present the Semi-Annual Report of the Broad Market Bond Fund, Municipal Bond Fund and New York Municipal Bond Fund (the "Funds"), covering the semi-annual fiscal period of May 1, 2022, through October 31, 2022. Inside you will find a comprehensive review of the Funds' holdings and financial statements.

**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 semi-annual fiscal period between May and October was turbulent. At the onset of the period, inflation concerns rattled investors as U.S. Consumer Price Index ("CPI") accelerated in May to 8.6% and again in June, making a new cycle high of 9.1% and reaching its highest level in 40-years. U.S. consumers felt pain at the gas pump as the national average for a gallon of gasoline topped $5 in mid-June and consumer sentiment reached its lowest level on record. However, job growth in the U.S. remained strong with nearly 400,000 net new jobs added per month for the first three months of the period (May-July). The strong job reports stoked investor fears that the Federal Reserve (the "Fed") would hike rates more aggressively due to the underlying strength of the labor market. Fears were warranted as the Fed hiked interest rates by 150 basis points<sup>1</sup> in just a six-week period, the most since 1982. At the same time, the U.S. posted a second consecutive quarter of negative Gross Domestic Product "GDP" (-0.9% quarter-on-quarter, for Q2) marking a "technical recession".

Over the summer, economic data and some commentary from the Fed led investors to suspect that the Fed would pause or pivot from its hawkish stance. Equity markets bottomed in mid-June and decisively rallied throughout the summer on the back of the 'Fed Put' narrative and in lockstep with stronger-than-expected corporate earnings. Chair Powell ended rumors of a pivot in a 10-minute speech delivered at the Fed's annual Jackson Hole symposium in August. In the speech, Powell noted that pain for households and businesses was "the unfortunate cost of reducing inflation." U.S. equity indices sold off following the Jackson Hole speech and remained under pressure through mid-October. The economy finished the period on a high note with Q3 GDP rebounding and beating consensus estimates (+2.6% quarter-on-quarter, for Q3).

Abroad, the economic picture was far more dismal. The war in Ukraine escalated as Russian gas providers shut down natural gas pipelines to Europe. Russia's weaponization of energy exacerbated inflation and weighed on consumer confidence. In July, the European Central Bank hiked interest rates by 50 basis points, taking rates out of negative territory for the first time since 2014. During the period, the U.K. saw three different Prime Ministers in office. Boris Johnson resigned in July after a three-year run following a vote of no confidence. Liz Truss took over and released a 'mini-budget' featuring nearly 50 billion in unfunded tax cuts. Markets reacted sharply with the pound notching its third worst day since 1992. The Bank of England was forced to intervene at the eleventh hour and buy long dated bonds to bail out several of the nation's largest pension funds. Truss resigned after 45 days on the job amid the market turmoil and was replaced by Rishi Sunak.

In China, the political scene was less noisy after President Xi Jinping secured an unprecedented but expected third term in power. Xi was also able to strengthen his grip on power by stacking the Chinese Communist Party leadership with loyalists. The Chinese economy continued to be hurt by the government's enforcement of Zero-Covid restrictions and regulation in the property market. China's central bank was active, providing monetary and fiscal support to the economy in the form of prime rate cuts and infrastructure spending.

**Bond markets** 

Fixed income markets declined significantly during the period. Credit and Treasury indices underperformed Corporate High Yield and Municipal bond indices. The Fed Funds target rate increased 2.75% during the period driving Treasury yields higher across the curve. The 10-year Treasury yield ended the period up 107 basis points to 4.05%. The two-year Treasury yield pushed up 175 basis points to end the period at 4.48%. As for yield curve slopes, the 10y-2y ended the quarter deeply inverted at -43 basis points and the 10y-3m ducked into inversion territory at -1 basis points by the end of the period (down from +221 basis points at the start of the period). Volatility in the bond market, as measured by the ICE BofA MOVE Index, remained extremely heightened, ending the period at 147.9 compared to its five-year average of 69.5.

*PRESIDENT'S MESSAGE* / *October 31, 2022 (unaudited)* 

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ii

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows:<sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bloomberg<br> U.S. Treasury <br>Bond Index<sup>3</sup>** | **Bloomberg<br>U.S. Aggregate<br>Bond Index<sup>4</sup>** | **Bloomberg<br>U.S. Credit<br>Bond Index<sup>5</sup>** | **Bloomberg<br>Municipal Bond<br>Index<sup>6</sup>** | **Bloomberg <br>U.S. Corporate <br>High Yield Bond** <br> **Index<sup>7</sup>**  |
| *-6.34%* | *-6.86%* | *-7.57%* | *-4.43%* | *-4.69%* |

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*Past performance is no guarantee of future results.* 

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

**Equity markets** 

Equity markets were down across the board during the period with U.S. small cap stocks the outperformer of the group. Overall, it was a tumultuous period for all indices. The S&P 500 made sharp moves in both directions rallying 17.4% through the summer followed by a subsequent drop of 16.7% around Powell's Jackson Hole speech. The two corporate earnings seasons during the period were both better than expected with the energy sector masking much of the weakness in equities. Mega cap tech stocks were hit hard by higher interest rates and lower ad spending revenue. Firms like Meta, Google and Amazon made headlines by announcing plans to reduce headcount. The Russell 1000 Value Index<sup>8</sup> outperformed its counterpart the Russell 1000 Growth Index<sup>9</sup>, declining 3.2% versus a -8.2% return for Growth. Economic weakness in Europe and China led the MSCI EAFE and MSCI Emerging Markets lower with both indices underperforming significantly.

For the six-month period May 1, 2022 to October 31, 2022, certain stock market indices performed as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**S&P 500<sup>®</sup>** <br> **Index<sup>10</sup>** | **Russell<br>2000<sup>®</sup><br>Index<sup>11</sup>** | **MSCI EAFE<br>(Net) Index<sup>12</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MSCI Emerging <br>Markets (Net)**<br> **Index<sup>13</sup>** |
| *-5.50%* | *-0.20%* | *-12.70%* | *-19.66%* |

---

*Past performance is no guarantee of future results.* 

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

Sincerely,

![LOGO](g282710dsp6.jpg)

Eric W. Taylor

President

November 18, 2022

*October 31, 2022 (unaudited)* / *PRESIDENT'S MESSAGE* 

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iii

**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.** 

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.

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

3. Bloomberg U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly
issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index.

4. Bloomberg U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond
market composed of securities from the Bloomberg Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term
average maturities. The index is unmanaged and investments cannot be made directly in an index.

5. Bloomberg U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is
composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index.

6. Bloomberg Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market.
To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

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

8. The Russell 1000<sup>®</sup> Value Index is a
market-capitalization-weighted index that measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

9. The Russell 1000<sup>®</sup> Growth Index is a market
capitalization-weighted index that measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

10. 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.

11. 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 $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

12. 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.

13. 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 27 Emerging Markets countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece,
Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, 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.

*PRESIDENT'S MESSAGE* / *October 31, 2022 (unaudited)* 

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SHAREHOLDER EXPENSE EXAMPLE (unaudited)

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| | |
|:---|:---|
| As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 to October 31, 2022.<br>Actual Expenses<br>This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period. | Hypothetical Example for<br> Comparison Purposes<br>This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds' actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.<br>Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>5/01/22** | **Beginning<br>Account Value<br>5/01/22** | **Ending<br>Account Value<br>10/31/22** | **Ending<br>Account Value<br>10/31/22** | **Expenses**<br> **Paid<br>During Period<sup>(1)</sup>** | **Expenses**<br> **Paid<br>During Period<sup>(1)</sup>** | **Annualized<br>Net<br>Expense Ratio** | **Annualized<br>Net<br>Expense Ratio** |  |
| WILMINGTON BROAD MARKET BOND FUND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$933.00* | | *$3.75* | | *0.77%<sup>(2)</sup>* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$934.40* | | *$2.10* | | *0.43%<sup>(2)</sup>* | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$1021.32* | | *$3.92* | | *0.77%<sup>(2)</sup>* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$1023.04* | | *$2.19* | | *0.43%<sup>(2)</sup>* | |
| WILMINGTON MUNICIPAL BOND FUND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$969.40* | | *$3.67* | | *0.74%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$969.90* | | *$2.43* | | *0.49%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$1021.48* | | *$3.77* | | *0.74%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$1022.74* | | *$2.50* | | *0.49%* | |
| WILMINGTON NEW YORK MUNICIPAL BOND FUND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$969.10* | | *$4.07* | | *0.82%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$970.40* | | *$2.83* | | *0.57%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$1021.07* | | *$4.18* | | *0.82%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$1022.33* | | *$2.91* | | *0.57%* | |

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<sup>(1)</sup> Expenses are equal to the Funds' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

<sup>(2)</sup> Expense ratio does not reflect the indirect expenses of the underlying funds in which the Fund invests.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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2.0 PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At October 31, 2022, the Fund's portfolio composition was as follows (unaudited):

---

| | |
|:---|:---|
|  | **Percentage of**<br> **Total Net Assets** |
| Corporate Bonds | 46.0% |
| U.S. Treasury Obligations | 24.1% |
| Mortgage-Backed Securities | 22.8% |
| Government Agencies | 3.2% |
| Municipal Bond | 0.4% |
| Collateralized Mortgage Obligations | 0.0%<sup>(1)</sup> |
| Adjustable Rate Mortgage | 0.0%<sup>(1)</sup> |
| Cash Equivalents<sup>(2)</sup> | 2.9% |
| Cash Collateral Invested for Securities on Loan<sup>(3)</sup> | 5.1% |
| Other Assets and Liabilities - Net<sup>(4)</sup> | <u>(4.5</u>)% |
| TOTAL | **<u>100.0</u>%** |

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| | |
|:---|:---|
| **Credit Quality Diversification<sup>(5)</sup>** | **Percentage of<br>Total Net Assets** |
| U.S. Government Agency Securities | 26.0% |
| U.S. Treasury | 24.1% |
| AA / Aa | 0.1% |
| A / A | 8.4% |
| BBB / Baa | 35.8% |
| BB / Ba | 1.2% |
| B / B | 0.9% |
| Not Rated | 8.0% |
| Other Assets and Liabilities - Net<sup>(4)</sup> | <u>(4.5</u>)% |
| TOTAL | **<u>100.0</u>%** |

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<sup>(1)</sup> Represents less than 0.05%. 

<sup>(2)</sup> Cash Equivalents include investments in a money market fund.

<sup>(3)</sup> Cash Collateral Invested for Securities on Loan include investments in money market funds and repurchase agreements.

<sup>(4)</sup> Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

<sup>(5)</sup> For financial reporting purposes, 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. 

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | <br> **Par Value** | **Value** |
|  **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, (12 Month USD LIBOR + 1.72%, Cap 9.04%, Floor 1.72%), 3.47%, 05/01/33<sup>Δ</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731 | $5826 |
|  **TOTAL ADJUSTABLE RATE MORTGAGE**<br> **(COST $5,724)** | **TOTAL ADJUSTABLE RATE MORTGAGE**<br> **(COST $5,724)** | $**5826** |
|  **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 | 7196 | 7136 |
| &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; Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.63%, 02/25/34<sup>Δ</sup> | 26469 | 26877 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 06/01/23 | 4638 | 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.70%, 11/25/35<sup>Δ</sup> | 15398 | 14732 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WHOLE LOAN |  | $46265 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(COST $53,346)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> **(COST $53,346)** | $**53401** |

---

---

| | | |
|:---|:---|:---|
| **Description** | <br> **Par Value** | **Value** |
|  **CORPORATE BONDS – 46.0%** | **CORPORATE BONDS – 46.0%** |  |
| &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; Boeing Co. (The), Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 02/04/23 | $250000 | $246797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/24 | 3050000 | 2913625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/24 | 2500000 | 2370121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 | 2000000 | 1804710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/29 | 150000 | 125180 |
| &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 | 695386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 01/15/25 | 1000000 | 953505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 | 1765000 | 1387915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies Corp., Sr. Unsecured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 | 1600000 | 1501609 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AEROSPACE & DEFENSE |  | $&nbsp;&nbsp;&nbsp;&nbsp;11998848 |
|  **AUTOMOTIVE – 2.3%** | **AUTOMOTIVE – 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/23 | 1000000 | 967746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 | 1250000 | 1234777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 | 1500000 | 1450958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28 | 250000 | 203472 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

3 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Broad Market Bond Fund (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/02/23 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43 |  | 1000000 | 878580 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/08/24 |  | 100000 | 93668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/25 |  | 230000 | 214228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 |  | 1000000 | 856001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 |  | 3000000 | 2522679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/01/24<sup>W</sup> |  | 3000000 | 2824959 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOTIVE |  |  | $11580684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC, Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 |  | 1125000 | 971863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc., Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/24 |  | 1490000 | 1404341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/01/30 |  | 775000 | 654069 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES |  |  | $3030273 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/19/23 |  | 225000 | 220125 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 02/15/25 |  | 418000 | 388579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 02/15/27 |  | 56000 | 49370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC, Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/02/24<sup>ÿ</sup> |  | 373000 | 362599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/02/44 |  | 100000 | 80434 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BUILDING PRODUCTS |  |  | $880982 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS – 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS – 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), Subordinated, MTN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/28 |  | 775000 | 667703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/24 |  | 3000000 | 2743759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 Month USD LIBOR + 1.20%), 3.27%, 09/29/25<sup>Δ</sup> |  | 1010000 | 959037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 Month USD LIBOR + 1.51%), 3.69%, 06/05/28<sup>Δ</sup> |  | 2080000 | 1869850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.38%, 07/21/32<sup>Δ</sup> |  | 1115000 | 832432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%), 0.73%, 04/05/24<sup>Δ</sup> |  | 2250000 | 2190989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 0.99%, 12/10/26<sup>Δ</sup> |  | 175000 | 149650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, Sr. Unsecured, MTN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.46%), 0.53%, 01/25/24<sup>Δ</sup> |  | 3000000 | 2956245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 |  | 340000 | 310065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.12%), 3.62%, 04/01/31<sup>Δ</sup> |  | 890000 | 761656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated, GMTN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26 |  | 505000 | 479853 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), Sr. Unsecured, GMTN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/11/24 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267361 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp, Sr. Unsecured, (SOFRRATE + 2.09%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/33<sup>Δ</sup> |  | 2400000 | 2409427 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS |  |  | $16598027 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 05/13/23 |  | 2000000 | 1965366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/15/32<sup>#</sup> |  | 1480000 | 1124273 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHEMICALS |  |  | $3089639 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/23 |  | 2570000 | 2544479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/25 |  | 275000 | 254950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/30 |  | 1000000 | 796789 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL SERVICES & SUPPLIES |  |  | $3596218 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMPUTERS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMPUTERS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMPUTERS – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 |  | 110000 | 96500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/23 |  | 3000000 | 2965134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/24 |  | 150000 | 142047 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMPUTERS |  |  | $3203681 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COSMETICS/PERSONAL CARE – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **COSMETICS/PERSONAL CARE – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **COSMETICS/PERSONAL CARE – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK Consumer Healthcare Capital U.S. LLC, Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 03/24/24<sup>W</sup> |  | 1000000 | 965451 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 6.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 6.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 6.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 |  | 150000 | 138626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., Sr. Unsecured, MTN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 1.32%, 06/19/26<sup>Δ</sup> |  | 250000 | 220848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 |  | 1095000 | 976762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 2.83%, 10/24/51<sup>Δ</sup> |  | 250000 | 147219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated, MTN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 |  | 1000000 | 946895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/11/23 |  | 1470000 | 1450389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/29/24 |  | 250000 | 244593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., Sr. Unsecured, (SOFR + 0.77%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27<sup>Δ</sup> |  | 2750000 | 2337184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., Subordinated, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/25/28 |  | 1900000 | 1713429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/27 |  | 780000 | 682869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Subordinated, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/16/24 |  | 780000 | 768898 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMR LLC, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/15/39<sup>W</sup> |  | 1000000 | 995116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/06/24 |  | 4325000 | 4125767 |

---

*October 31, 2022 (unaudited)* / *SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 4

*Wilmington Broad Market Bond Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., Subordinated, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/04/23 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149485 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month USD LIBOR + 1.00%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 05/15/47<sup>Δ</sup> |  | 1000000 | 777325 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.92%), 2.60%, 02/24/26<sup>Δ</sup> |  | 6000000 | 5570745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 2.01%, 03/13/26<sup>Δ</sup> |  | 150000 | 136797 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyBank NA, Sr. Unsecured, BKNT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/10/23<sup>#</sup> |  | 2000000 | 1973272 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp., Sr. Unsecured, MTN, (SOFR + 1.25%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/23/25<sup>Δ</sup> |  | 1980000 | 1923068 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Bank NA, Subordinated, BKNT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/30/23 |  | 350000 | 348742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/22/29 |  | 1125000 | 909993 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 |  | 100000 | 87695 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), Subordinated, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/29/24 |  | 1700000 | 1664544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Bank, Sr. Unsecured, BKNT, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 |  | 175000 | 169904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Bank, Subordinated, BKNT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 |  | 250000 | 236729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 |  | 1000000 | 930861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/11/30 |  | 1850000 | 1441291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., Sr. Unsecured, (SOFR + 2.00%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/30/26<sup>Δ</sup> |  | 1170000 | 1064206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.75%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/11/26<sup>Δ</sup> |  | 140000 | 128768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated, MTN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/14/46 |  | 1000000 | 741142 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED FINANCIAL SERVICES |  |  | $33003162 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC – 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC – 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC – 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., Series M, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/01/23 |  | 1870000 | 1785245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., Series A, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/15/26 |  | 1950000 | 1704152 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., Series H, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 11/01/22 |  | 1500000 | 1499733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, 1st Mortgage, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/44 |  | 1000000 | 860545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 |  | 1000000 | 876076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 |  | 2000000 | 1615963 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., Series A, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/15/26 |  | 1250000 | 1089675 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., Series B, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/15/27 |  | 800000 | 755000 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 03/01/23 |  | 2305000 | 2265200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), Series 21-B, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/28 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32533 |
| &nbsp;&nbsp;&nbsp;&nbsp; System Energy Resources, Inc., 1st Mortgage, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/23 |  | 500000 | 497119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Electric Co., 1st Mortgage, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 |  | 220000 | 197875 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/27 |  | 750000 | 614703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/30 |  | 1150000 | 871022 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC |  |  | $14664841 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENTERTAINMENT – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **ENTERTAINMENT – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **ENTERTAINMENT – 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Magallanes, Inc., Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52<sup>W</sup> |  | 5000000 | 3500685 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup Co., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/23 |  | 3000000 | 2982730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/19/25 |  | 2050000 | 1954666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/01/27 |  | 200000 | 161959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48<sup>#</sup> |  | 665000 | 575210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The), Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/50 |  | 1000000 | 732096 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/26 |  | 3050000 | 2631726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International Holdings Netherlands BV, Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/24/24<sup>W</sup> |  | 860000 | 786326 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD & STAPLES RETAILING |  |  | $9824713 |
| &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, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/46 |  | 1425000 | 1010505 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-PRODUCTS – 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DH Europe Finance II Sarl, Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/15/24 |  | 2330000 | 2200876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/18/23 |  | 1775000 | 1703811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/22/24 |  | 1480000 | 1365090 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-PRODUCTS |  |  | $5269777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-SERVICES – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-SERVICES – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTHCARE-SERVICES – 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health, Sr. Secured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 10/01/24 |  | 3140000 | 2981971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/01/29 |  | 150000 | 125967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/27 |  | 1650000 | 1525544 |
| &nbsp;&nbsp;&nbsp;&nbsp; NYU Langone Hospitals, Series 2020, Secured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/01/55 |  | 1000000 | 634650 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27 |  | 1350000 | 1224893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/42 |  | 290000 | 227951 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTHCARE-SERVICES |  |  | $6720976 |

---

*SEMI-ANNUAL REPORT* / *October 31, 2022 (unaudited)* 

------

5 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Broad Market Bond Fund (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOME FURNISHINGS – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/50<sup>#</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1405000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015417 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE – 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/28 |  | 1000000 | 927497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon Corp., Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/15/22 |  | 3500000 | 3496682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon Global Ltd., Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/27/23 |  | 1700000 | 1679729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43 |  | 425000 | 351379 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/23 |  | 200000 | 203796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/24 |  | 950000 | 925188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/12/26 |  | 1380000 | 1284666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Life Global Funding II, Secured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/19/30<sup>W</sup> |  | 250000 | 184089 |
| &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 | 1415303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/12/50 |  | 1425000 | 1023881 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE |  |  | $11492210 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INTERNET – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27<sup>#</sup> |  | 100000 | 85134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/61 |  | 1000000 | 641408 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INTERNET |  |  | $726542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MACHINERY – 0.0%\*\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/07/23 |  | 50000 | 48580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>W</sup> |  | 3000000 | 2388750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC, Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 |  | 1000000 | 868479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30<sup>#</sup> |  | 1000000 | 807336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 |  | 1100000 | 736258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/50 |  | 1185000 | 828423 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDIA |  |  | $5629246 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MINING – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold Corp., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/42 |  | 1000000 | 886277 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MISCELLANEOUS MANUFACTURING – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MISCELLANEOUS MANUFACTURING – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MISCELLANEOUS MANUFACTURING – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MISCELLANEOUS MANUFACTURING – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/25 |  | 750000 | 725675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/31 |  | 2000000 | 1542260 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MISCELLANEOUS MANUFACTURING |  |  | $2267935 |

---

---

| | | |
|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **OIL & GAS – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., Sr. Unsecured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/23 | $&nbsp;&nbsp;&nbsp;&nbsp;3000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., Sr. Unsecured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/24 | 745000 | 720156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66, Company Guaranteed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/24 | 1065000 | 1007592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/09/25 | 575000 | 556216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 05/15/23 | 1035000 | 1010042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/26 | 1000000 | 871853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/30 | 1940000 | 1495724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/31 | 1000000 | 775945 |
| &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 | 1549639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/45<sup>#</sup> | 563000 | 468181 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL & GAS |  | $11442932 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS – 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/14/23 | 150000 | 148133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 | 1875000 | 1710755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/14/28 | 1235000 | 1163723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/42 | 460000 | 377674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/48 | 1000000 | 859746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 | 1000000 | 783051 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca Finance LLC, Company Guaranteed, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/28 | 500000 | 418720 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC, Sr. Unsecured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 | 100000 | 86248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson and Co., Sr. Unsecured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 02/11/31 | 100000 | 76808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/23 | 1565000 | 1558428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 | 310000 | 282138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/23 | 350000 | 347417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/44 | 650000 | 485497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Corp., Company Guaranteed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/23 | 272000 | 269202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/46 | 1000000 | 832683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Corp., Sr. Unsecured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 | 250000 | 198240 |
| &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 | 120500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/31<sup>#</sup> | 2000000 | 1515735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., Sr. Unsecured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 08/28/28 | 2000000 | 1822696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc., Sr. Unsecured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 | 650000 | 554688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Sr. Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 | 125000 | 112126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/12/47 | 1005000 | 765335 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS |  | $14489543 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 6

*Wilmington Broad Market Bond Fund (continued)* 

 

---

| | | | |
|:---|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **PIPELINES – 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.40%), 3.13%, 02/17/23<sup>Δ</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/04/23 |  | 1540000 | 1468327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.63%), 3.34%, 02/16/24<sup>Δ</sup> |  | 3000000 | 2968885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/23 |  | 870000 | 866356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 |  | 715000 | 609224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 |  | 1250000 | 978340 |
| &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 | 828436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/54 |  | 500000 | 392329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/01/44 |  | 1000000 | 838152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/48 |  | 2040000 | 1675403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/51 |  | 1315000 | 855440 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX LP, Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 |  | 1000000 | 744408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/52 |  | 1000000 | 772882 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK Partners LP, Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 09/15/43 |  | 1000000 | 854786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline LP, Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/15/23 |  | 866000 | 850774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectra Energy Partners LP, Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25 |  | 670000 | 650616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/51 |  | 1485000 | 958684 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PIPELINES |  |  | $17311403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 |  | 665000 | 662274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/27 |  | 1000000 | 892290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32<sup>#</sup> |  | 1000000 | 857863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 |  | 1500000 | 883273 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., Sr. Unsecured, MTN, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/27 |  | 1420000 | 1291432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Holdings LP, Company Guaranteed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/25 |  | 1215000 | 1159748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/28 |  | 1100000 | 954272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/26 |  | 110000 | 101473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/31<sup>#</sup> |  | 2350000 | 1883726 |
| &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 | 224964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/24 |  | 250000 | 242870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 |  | 3000000 | 2867004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/48 |  | 1000000 | 796825 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE INVESTMENT TRUSTS |  |  | $12818014 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/29 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordstrom, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/44 |  | 1000000 | 635000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 11/17/23 |  | 4880000 | 4664106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/30<sup>#</sup> |  | 150000 | 125710 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL |  |  | $5604537 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/32 |  | 1500000 | 1098314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE – 0.5%** |  |  |  |
| &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 | 1021302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Sr. Unsecured, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 |  | 1385000 | 1280055 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE |  |  | $2301357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **TELECOMMUNICATIONS – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/25/24 |  | 2125000 | 2007918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 |  | 845000 | 727387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 |  | 1423000 | 907667 |
| &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 | 42033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 |  | 2310000 | 1712156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 |  | 305000 | 230976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/41 |  | 1515000 | 1074833 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TELECOMMUNICATIONS |  |  | $6702970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp., Company Guaranteed, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/31<sup>#</sup> |  | 2500000 | 1941189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc., Sr. Unsecured, MTN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/18/24 |  | 1670000 | 1628793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/01/27 |  | 2645000 | 2346091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/24 |  | 2565000 | 2502905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/49 |  | 675000 | 542155 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  |  | $8961133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRUCKING & LEASING – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX Corp., Sr. Unsecured |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/26 |  | 1570000 | 1420705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/30/27 |  | 1500000 | 1360180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/30 |  | 1000000 | 863001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 |  | 640000 | 523069 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRUCKING & LEASING |  |  | $4166955 |
|  **TOTAL CORPORATE BONDS**<br> **(COST $267,230,237)** |  |  | $**236121952** |
|  **GOVERNMENT AGENCIES – 3.2%** | **GOVERNMENT AGENCIES – 3.2%** | **GOVERNMENT AGENCIES – 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 1.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN BANK (FHLB) – 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/28<sup>#</sup> |  | 6960000 | 6560242 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

7 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Broad Market Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(FHLMC) – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(FHLMC) – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(FHLMC) – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/21/25<sup>#</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;9250000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8275415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(FNMA) – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(FNMA) – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(FNMA) – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/22/23 | 200000 | 195254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/29 | 750000 | 829734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/30 | 400000 | 470350 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) | $1495338 |
|  **TOTAL GOVERNMENT AGENCIES**<br> **(COST $18,382,558)** | **TOTAL GOVERNMENT AGENCIES**<br> **(COST $18,382,558)** | $**16330995** |
|  **MORTGAGE-BACKED SECURITIES – 22.8%** | **MORTGAGE-BACKED SECURITIES – 22.8%** | **MORTGAGE-BACKED SECURITIES – 22.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(FHLMC) – 5.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(FHLMC) – 5.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL HOME LOAN MORTGAGE CORPORATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(FHLMC) – 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C00478, 8.50%, 09/01/26 | 3648 | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool E09010, 2.50%, 09/01/27 | 217178 | 198045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G18497, 3.00%, 01/01/29 | 31401 | 29344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C01272, 6.00%, 12/01/31 | 7930 | 8357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A13990, 4.50%, 10/01/33 | 8313 | 7962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G01625, 5.00%, 11/01/33 | 23085 | 22794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A18401, 6.00%, 02/01/34 | 17626 | 17501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool QN1900, 3.00%, 04/01/35 | 815321 | 759075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08097, 6.50%, 11/01/35 | 14001 | 15398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G02296, 5.00%, 06/01/36 | 56751 | 56213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G02390, 6.00%, 09/01/36 | 5404 | 5658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G05317, 5.00%, 04/01/37 | 233108 | 230466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08193, 6.00%, 04/01/37 | 10638 | 11392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G03703, 5.50%, 12/01/37 | 6203 | 6185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G04776, 5.50%, 07/01/38 | 20272 | 20396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G05500, 5.00%, 05/01/39 | 214237 | 214513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A93415, 4.00%, 08/01/40 | 257939 | 242651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A93505, 4.50%, 08/01/40 | 346360 | 336922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A93996, 4.50%, 09/01/40 | 254957 | 248022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G06222, 4.00%, 01/01/41 | 413397 | 388792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool A97047, 4.50%, 02/01/41 | 259722 | 251995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G06956, 4.50%, 08/01/41 | 260523 | 252762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C03750, 3.50%, 02/01/42 | 110901 | 100648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C03849, 3.50%, 04/01/42 | 60364 | 53495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q08305, 3.50%, 05/01/42 | 454945 | 412833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C04305, 3.00%, 11/01/42 | 1238254 | 1091468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C09020, 3.50%, 11/01/42 | 886189 | 804272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07266, 4.00%, 12/01/42 | 753218 | 695531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C04444, 3.00%, 01/01/43 | 39463 | 34402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C09029, 3.00%, 03/01/43 | 164710 | 142569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08534, 3.00%, 06/01/43 | 203544 | 176192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q19476, 3.50%, 06/01/43 | 338369 | 303495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool C09044, 3.50%, 07/01/43 | 390594 | 350402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07889, 3.50%, 08/01/43 | 357823 | 330111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07624, 4.00%, 12/01/43 | 346905 | 332609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G60038, 3.50%, 01/01/44 | 1906797 | 1731989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07680, 4.00%, 04/01/44 | 628941 | 577384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G07943, 4.50%, 08/01/44 | 35742 | 34240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08607, 4.50%, 09/01/44 | 232824 | 222945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q33547, 3.50%, 05/01/45 | 300487 | 266198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q36970, 4.00%, 10/01/45 | 142690 | 133552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G60384, 4.50%, 12/01/45 | 22755 | 21905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q39644, 3.50%, 03/01/46 | 906323 | 815494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q39438, 4.00%, 03/01/46 | 909464 | 849199 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | <br> **Par Value** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08705, 3.00%, 05/01/46 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82749 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool G08708, 4.50%, 05/01/46 |  | 153563 |  | 146211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4671, 3.00%, 08/01/46 |  | 535626 |  | 469059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Q44452, 3.00%, 11/01/46 |  | 773957 |  | 678411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4693, 3.00%, 12/01/46 |  | 1476638 |  | 1293073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8037, 2.50%, 01/01/50 |  | 2925636 |  | 2420081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA2341, 2.50%, 04/01/50 |  | 2555959 |  | 2101209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8104, 1.50%, 11/01/50 |  | 2533672 |  | 1879565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool RA4349, 2.50%, 01/01/51 |  | 1289843 |  | 1062991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8141, 2.50%, 04/01/51 |  | 1187986 |  | 975825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool SD8190, 3.00%, 01/01/52 |  | 2325955 |  | 1976998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool QE2363, 3.50%, 05/01/52 |  | 3965901 |  | 3491460 |
| &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) | $| 29376599 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 975207, 5.00%, 03/01/23 |  | 685 |  | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AE2520, 3.00%, 01/01/26 |  | 152615 |  | 141243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 329794, 7.00%, 02/01/26 |  | 1843 |  | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 256639, 5.00%, 02/01/27 |  | 11207 |  | 11149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 256752, 6.00%, 06/01/27 |  | 13522 |  | 13744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 257007, 6.00%, 12/01/27 |  | 12512 |  | 12718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 402255, 6.50%, 12/01/27 |  | 396 |  | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AB8997, 2.50%, 04/01/28 |  | 60760 |  | 56062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS4480, 2.50%, 02/01/30 |  | 323042 |  | 296061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS7462, 2.50%, 06/01/31 |  | 152358 |  | 140807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 254007, 6.50%, 10/01/31 |  | 4460 |  | 4532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 254240, 7.00%, 03/01/32 |  | 12962 |  | 13091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 638023, 6.50%, 04/01/32 |  | 35999 |  | 38076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 642345, 6.50%, 05/01/32 |  | 20704 |  | 21900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 651292, 6.50%, 07/01/32 |  | 46506 |  | 49195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 686398, 6.00%, 03/01/33 |  | 83998 |  | 89280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BP6496, 2.00%, 07/01/35 |  | 863052 |  | 755994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4095, 2.00%, 08/01/35 |  | 1070670 |  | 937830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 745412, 5.50%, 12/01/35 |  | 16719 |  | 17144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 888789, 5.00%, 07/01/36 |  | 87657 |  | 90631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 256515, 6.50%, 12/01/36 |  | 6321 |  | 6917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AE0217, 4.50%, 08/01/40 |  | 41634 |  | 39724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AB1796, 3.50%, 11/01/40 |  | 254419 |  | 228959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AH5583, 4.50%, 02/01/41 |  | 112109 |  | 108661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 890551, 4.50%, 08/01/41 |  | 26964 |  | 26113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL0658, 4.50%, 08/01/41 |  | 156694 |  | 151844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL1319, 4.50%, 10/01/41 |  | 187257 |  | 178073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL6302, 4.50%, 10/01/41 |  | 270032 |  | 261725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AX5302, 4.00%, 01/01/42 |  | 474466 |  | 445824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AK4523, 4.00%, 03/01/42 |  | 525799 |  | 494130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL2034, 4.50%, 04/01/42 |  | 74054 |  | 70411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AB7936, 3.00%, 02/01/43 |  | 744822 |  | 655026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL3761, 4.50%, 02/01/43 |  | 76377 |  | 72625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA1458, 3.00%, 06/01/43 |  | 164072 |  | 141877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AT7899, 3.50%, 07/01/43 |  | 1122453 |  | 991112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS0302, 3.00%, 08/01/43 |  | 1750518 |  | 1513593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AU4279, 3.00%, 09/01/43 |  | 358646 |  | 310130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL5537, 4.50%, 04/01/44 |  | 126053 |  | 122381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS3155, 4.00%, 08/01/44 |  | 17301 |  | 16186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AX0833, 3.50%, 09/01/44 |  | 313530 |  | 278108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AL6325, 3.00%, 10/01/44 |  | 1126891 |  | 975826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS5136, 4.00%, 06/01/45 |  | 109258 |  | 100207 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 8

*Wilmington Broad Market Bond Fund (continued)* 

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | <br> **Par Value** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AZ7362, 4.00%, 11/01/45 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302145 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AZ9565, 3.50%, 12/01/45 |  | 431529 |  | 392309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC0326, 3.50%, 12/01/45 |  | 359296 |  | 326659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC0245, 3.00%, 02/01/46 |  | 229026 |  | 198514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC0830, 3.00%, 04/01/46 |  | 339177 |  | 293988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS7568, 4.50%, 07/01/46 |  | 49076 |  | 47036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC4764, 3.00%, 10/01/46 |  | 457071 |  | 396178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA2771, 3.00%, 10/01/46 |  | 136466 |  | 118293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool AS8276, 3.00%, 11/01/46 |  | 462648 |  | 401027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BC9003, 3.00%, 11/01/46 |  | 478153 |  | 414453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BE1899, 3.00%, 11/01/46 |  | 1894355 |  | 1641584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BE3767, 3.50%, 07/01/47 |  | 427850 |  | 383297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BH2618, 3.50%, 08/01/47 |  | 119996 |  | 107496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA3088, 4.00%, 08/01/47 |  | 371485 |  | 344914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BH4010, 4.50%, 09/01/47 |  | 397786 |  | 375598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BH9215, 3.50%, 01/01/48 |  | 598176 |  | 535859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BJ0650, 3.50%, 03/01/48 |  | 2483069 |  | 2221004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BJ0639, 4.00%, 03/01/48 |  | 144112 |  | 133729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BJ9169, 4.00%, 05/01/48 |  | 682214 |  | 632965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BK4764, 4.00%, 08/01/48 |  | 633461 |  | 587785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BN1628, 4.50%, 11/01/48 |  | 321737 |  | 309348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BM5334, 3.50%, 01/01/49 |  | 581553 |  | 523660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA3871, 3.00%, 12/01/49 |  | 1514097 |  | 1300313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA5306, 3.00%, 03/01/50 |  | 1294120 |  | 1108996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA5353, 3.50%, 03/01/50 |  | 1138559 |  | 1009087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4100, 2.00%, 08/01/50 |  | 1372642 |  | 1086498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM3989, 2.50%, 08/01/50 |  | 903541 |  | 745110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA6983, 2.00%, 09/01/50 |  | 2462790 |  | 1960543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA7106, 2.00%, 09/01/50 |  | 1541216 |  | 1226930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4119, 2.00%, 09/01/50 |  | 1029244 |  | 814668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BQ2999, 2.50%, 10/01/50 |  | 2114101 |  | 1739248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA7383, 3.00%, 10/01/50 |  | 1522943 |  | 1314896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA7734, 2.50%, 11/01/50 |  | 1492194 |  | 1226382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM5297, 3.00%, 11/01/50 |  | 1900486 |  | 1628109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, 2.00%, 12/01/50 |  | 1061852 |  | 840425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA8021, 2.50%, 12/01/50 |  | 4199573 |  | 3458274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM5166, 3.00%, 12/01/50 |  | 983009 |  | 841594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BQ4495, 2.00%, 02/01/51 |  | 5746497 |  | 4538019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CA8929, 2.00%, 02/01/51 |  | 2764112 |  | 2186392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM6426, 2.00%, 03/01/51 |  | 2469534 |  | 1971756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BR7857, 2.50%, 05/01/51 |  | 3754810 |  | 3083568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM7188, 2.50%, 05/01/51 |  | 2760424 |  | 2289949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB0727, 2.50%, 06/01/51 |  | 6606079 |  | 5433323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM8440, 2.50%, 08/01/51 |  | 1491958 |  | 1226960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM9949, 2.00%, 12/01/51 |  | 984590 |  | 776386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FM9871, 2.50%, 12/01/51 |  | 6564217 |  | 5396156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BU1416, 3.00%, 01/01/52 |  | 2401595 |  | 2066842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS0982, 3.00%, 03/01/52 |  | 1945759 |  | 1657605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool FS1571, 2.00%, 04/01/52 |  | 3978480 |  | 3133027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool CB3334, 3.50%, 04/01/52 |  | 6033758 |  | 5378514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool BV7245, 4.00%, 05/01/52 |  | 6888124 |  | 6274844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool MA4644, 4.00%, 05/01/52 |  | 1398921 |  | 1283288 |
| &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) | $| 87547675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION<br>(GNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION<br>(GNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION<br>(GNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION<br>(GNMA) – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION<br>(GNMA) – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 354677, 7.50%, 10/15/23 |  | 649 |  | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 354713, 7.50%, 12/15/23 |  | 535 |  | 535 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 354765, 7.00%, 02/15/24 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 354827, 7.00%, 05/15/24 |  | 1196 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 385623, 7.00%, 05/15/24 |  | 3428 | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 2077, 7.00%, 09/20/25 |  | 1447 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 780825, 6.50%, 07/15/28 |  | 19730 | 20125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 2616, 7.00%, 07/20/28 |  | 11687 | 12101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 2701, 6.50%, 01/20/29 |  | 24704 | 25536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 426727, 7.00%, 02/15/29 |  | 3039 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 503405, 6.50%, 04/15/29 |  | 7907 | 7926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool 781231, 7.00%, 12/15/30 |  | 11987 | 12376 |
| &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) | $91107 |
|  **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(COST $140,238,590)** | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(COST $140,238,590)** | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(COST $140,238,590)** | $**117015381** |
|  **MUNICIPAL BOND – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Current Refunding Revenue Bonds, (Series B), 4.13%, 06/15/42 |  | 2500000 | 1906407 |
|  **TOTAL MUNICIPAL BOND**<br> **(COST $2,500,000)** |  |  | $**1906407** |
|  **U.S. TREASURY OBLIGATIONS – 24.1%** | **U.S. TREASURY OBLIGATIONS – 24.1%** | **U.S. TREASURY OBLIGATIONS – 24.1%** | **U.S. TREASURY OBLIGATIONS – 24.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 6.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 6.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY BONDS – 6.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/27 |  | 450000 | 488331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/29 |  | 500000 | 524949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/30 |  | 500000 | 565520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/31 |  | 600000 | 650977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/41 |  | 985000 | 672207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 |  | 2000000 | 1462166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 |  | 500000 | 405419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 |  | 881000 | 781609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 |  | 365000 | 329703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/44 |  | 2106000 | 1860202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 |  | 6637000 | 5375743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 |  | 2000000 | 1582104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/45 |  | 2135000 | 1537350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/45 |  | 2000000 | 1578062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/45 |  | 300000 | 231176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/45 |  | 765000 | 602780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46 |  | 280000 | 200269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 |  | 1098000 | 863827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/47 |  | 1695000 | 1333779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 |  | 2235000 | 1677018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/50 |  | 3300000 | 1700398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/50 |  | 3000000 | 1598814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 |  | 2500000 | 1430832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 |  | 13255000 | 8355085 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BONDS |  |  | $35808320 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 17.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 17.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 17.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. TREASURY NOTES – 17.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/15/23 |  | 1100000 | 1083499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/23<sup>#</sup> |  | 200000 | 198002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/23 |  | 250000 | 243443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/23<sup>#</sup> |  | 450000 | 442508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/23 |  | 290000 | 281477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/30/24 |  | 7195000 | 6918821 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

9 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Broad Market Bond Fund (continued)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | <br> **Par Value** | <br> **Par Value** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/31/24 | $| 1900000 | $| 1809615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 |  | 6100000 |  | 5867046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/25 |  | 4655000 |  | 4403944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/30/25 |  | 250000 |  | 226441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/25 |  | 2800000 |  | 2642026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/25 |  | 945000 |  | 884608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/25 |  | 730000 |  | 684865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26 |  | 8000000 |  | 7319225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/26 |  | 5470000 |  | 4978960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 |  | 4180000 |  | 3816138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27 |  | 30000 |  | 27567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/27<sup>#</sup> |  | 250000 |  | 218903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/27 |  | 450000 |  | 378772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/27 |  | 15000000 |  | 14278304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 |  | 300000 |  | 272674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/28 |  | 6750000 |  | 6265008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/28 |  | 500000 |  | 425014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 |  | 350000 |  | 328903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 |  | 2900000 |  | 2596531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/29 |  | 5000000 |  | 4262724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 |  | 5000000 |  | 4189342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/30 |  | 550000 |  | 427397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 |  | 1880000 |  | 1500724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/32 |  | 6000000 |  | 4991142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/32<sup>#</sup> |  | 7000000 |  | 6266052 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY NOTES |  |  | $| 88229675 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $144,131,986)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $144,131,986)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(COST $144,131,986)** | **$** | **124037995** |
|  | **Number of**<br> **Shares** | **Number of**<br> **Shares** |  |  |
|  **MONEY MARKET FUND – 2.9%** | **MONEY MARKET FUND – 2.9%** | **MONEY MARKET FUND – 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%<sup>^</sup> |  | 14992810 |  | 14992810 |
|  **TOTAL MONEY MARKET FUND**<br> **(COST $14,992,810)** | **TOTAL MONEY MARKET FUND**<br> **(COST $14,992,810)** | **TOTAL MONEY MARKET FUND**<br> **(COST $14,992,810)** | **$** | **14992810** |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.1%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.1%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.1%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.1%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUNDS – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUNDS – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUNDS – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Liquidity Fed Fund, Institutional Shares, 2.87%<sup>^</sup> |  | 1500000 |  | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07%<sup>^</sup> |  | 1730000 |  | 1730000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>^</sup> |  | 1800000 |  | 1800000 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund, Capital Class, 2.80%<sup>^</sup> | 810000 | $810000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 2.88%<sup>^</sup> | 1470000 | 1470000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS<br> (COST $7,310,000)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS<br> (COST $7,310,000)** | $**7310000** |
|  | <br> **Par Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 3.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $4,974,487, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/2032 to 1/01/61; total market value of $5,073,547. | $4974066 | 4974066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,908,239, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.63%, maturing 11/1/2022 to 11/01/52; total market value of $3,986,066. | 3907908 | 3907908 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, 3.09%, dated 10/31/22, due 11/01/22, repurchase price $4,974,493, collateralized by U.S. Treasury Securities, 0.00% to 4.08%, maturing 11/01/22 to 9/09/49; total market value of $5,073,547. | 4974066 | 4974066 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $4,974,487, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $5,073,547. | 4974066 | 4974066 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(COST $18,830,106)** | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(COST $18,830,106)** | $**18830106** |
|  **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $26,140,106)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(COST $26,140,106)** | $**26140106** |
|  **TOTAL INVESTMENTS – 104.5%**<br> **(COST $613,675,357)** | **TOTAL INVESTMENTS – 104.5%**<br> **(COST $613,675,357)** | $**536604873** |
|  **COLLATERAL FOR SECURITIES ON LOAN – (5.1%)** | **COLLATERAL FOR SECURITIES ON LOAN – (5.1%)** | **(26140106)** |
|  **OTHER ASSETS LESS LIABILITIES – 0.6%** | **OTHER ASSETS LESS LIABILITIES – 0.6%** | **2893952** |
|  **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**513358719** |

---

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, 2022 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5826 | $— | $5826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 53401 |  | 53401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 236121952 |  | 236121952 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 10

*Wilmington Broad Market Bond Fund (concluded)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Government Agencies | $— | $16330995 | $– | $16330995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 117015381 | – | 117015381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 1906407 | – | 1906407 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 124037995 | – | 124037995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 22302810 |  | – | 22302810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 18830106 | – | 18830106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $22302810 | $514302063 | $– | $536604873 |

---

------

\*\* 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>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, 2022, these liquid restricted securities amounted to $11,645,376, representing 2.27% of total net assets. 

<sup>ÿ</sup> Step coupon security. The rate disclosed is the rate in effect on the report date.

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

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

---

| | |
|:---|:---|
| The following acronyms are used throughout this Portfolio of Investments: | The following acronyms are used throughout this Portfolio of Investments: |
| BKNT | Bank Notes |
| GMTN | Global Medium Term Note |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Corporation |
| LP | Limited Partnership |
| MTN | Medium Term Note |
| NA | National Association |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

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

------

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

11.0 PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At October 31, 2022, the Fund's portfolio composition was as follows (unaudited):

---

| | |
|:---|:---|
|  | **Percentage of** |
|  | **Total Net Assets** |
| General | 18.4% |
| General Obligations | 14.5% |
| Medical | 11.9% |
| Higher Education | 8.9% |
| Transportation | 7.1% |
| Airport | 6.9% |
| Water | 5.0% |
| Power | 4.3% |
| Housing | 3.1% |
| Development | 3.0% |
| Education | 2.9% |
| School District | 2.7% |
| Utilities | 2.6% |
| Tobacco Settlement | 1.7% |
| Student Loan | 1.1% |
| Exchange-Traded Funds | 0.9% |
| Cash Equivalents<sup>(1)</sup> | 4.4% |
| Other Assets and Liabilities - Net<sup>(2)</sup> | 0.6% |
| TOTAL | **100.0%** |

---

---

| | |
|:---|:---|
|  | **Percentage of** |
| **Credit Quality Diversification<sup>(3)</sup>** | **Total Net Assets** |
| AAA / Aaa | 10.0% |
| AA / Aa | 28.8% |
| A / A | 36.9% |
| BBB / Baa | 14.2% |
| Not Rated | 9.5% |
| Other Assets and Liabilities - Net<sup>(2)</sup> | 0.6% |
| TOTAL | **100.0%** |

---

<sup>(1)</sup> Cash Equivalents include investments in a money market fund.

<sup>(2)</sup> Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

<sup>(3)</sup> For financial reporting purposes, 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. 

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
|  **EXCHANGE-TRADED FUNDS – 0.9%** | **EXCHANGE-TRADED FUNDS – 0.9%** | **EXCHANGE-TRADED FUNDS – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | 57750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707320 |
|  **TOTAL EXCHANGE–TRADED FUNDS**<br> **(Cost $2,992,729)** | **TOTAL EXCHANGE–TRADED FUNDS**<br> **(Cost $2,992,729)** | $**2707320** |
|  | <br> **Par Value** |  |
|  **MUNICIPAL BONDS – 94.1%** | **MUNICIPAL BONDS – 94.1%** | **MUNICIPAL BONDS – 94.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **ALABAMA – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **ALABAMA – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **ALABAMA – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; University of South Alabama, AL, Advance Refunding Revenue Bonds, (AGM), 5.00%, 11/01/31 | $1000000 | 1035112 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ALABAMA |  | $1035112 |

---

---

| | | |
|:---|:---|:---|
| **Description** | <br> **Par Value** | **Value** |
|  **ALASKA – 0.6%** | **ALASKA – 0.6%** | **ALASKA – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29 | $1810000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862112 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ALASKA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ALASKA | $1862112 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ARIZONA – 3.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **ARIZONA – 3.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **ARIZONA – 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix, AZ, IDA, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), Prerefunded/ETM, 6.85%, 12/01/25 | 120000 | 123288 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A) 5.00%, 11/01/26 | 1000000 | 1043363 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 12

*Wilmington Municipal Bond Fund (continued)* 

 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> **Par Value** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/30 | $| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 |  | 865000 | 892229 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 02/15/28 |  | 1500000 | 1514857 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION | $4493598 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/34 |  | 1000000 | 1015202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/35 |  | 725000 | 734930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/36 |  | 500000 | 503177 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL | $2253309 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36 |  | 3000000 | 3250480 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ARIZONA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ARIZONA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ARIZONA | $10120675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CALIFORNIA – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **CALIFORNIA – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **CALIFORNIA – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **CALIFORNIA – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds, (Series B), 5.00%, 05/15/32 |  | 800000 | 821705 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, CA, Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/35 |  | 600000 | 554683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/36 |  | 800000 | 734028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/37 |  | 500000 | 454257 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT | $2564673 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sulphur Springs Union School District, CA, Refunding Bonds, Certificates of Participation, Prerefunded/ETM, (AGM), 6.50%, 12/01/37 |  | 5000 | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Salinas Public Facilities, Inc., CA, Revenue Bonds, (City of Salinas Public Safety Building Project), 4.00%, 12/01/29 |  | 1000000 | 1008923 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, CA, GO Unlimited, Current Refunding, (AGM), 5.25%, 08/01/32 |  | 1000000 | 1127126 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CALIFORNIA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CALIFORNIA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CALIFORNIA | $4705852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COLORADO – 4.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **COLORADO – 4.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **COLORADO – 4.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **COLORADO – 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31 |  | 2500000 | 2551633 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, CO, Refunding Revenue Bonds, (University of Denver Project), (NATL), 5.00%, 03/01/35 |  | 2000000 | 2149139 |

---

---

| | | |
|:---|:---|:---|
| **Description** | <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62 | $&nbsp;&nbsp;&nbsp;&nbsp;3000000 | $3189659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49 | 2000000 | 2043282 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL | $5232941 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, CO, Current Refunding Revenue Bonds, (Series A), 5.00%, 09/01/34 | 1300000 | 1375325 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33 | 1750000 | 1764303 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLORADO | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLORADO | $13073341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONNECTICUT – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONNECTICUT – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONNECTICUT – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, CT, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series 2021 A), 3.00%, 01/15/35 | 2900000 | 2436281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.8%** |
| &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 | 1447683 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33 | 1000000 | 1044116 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION | $2491799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.6%** |
| &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 | 685000 | 658499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 | 500000 | 476659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/30 | 600000 | 565267 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL | $1700425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Special Tax Revenue, CT, Highways Improvement Revenue Bonds, (Series A), 5.00%, 05/01/25 | 625000 | 649897 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONNECTICUT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONNECTICUT | $7278402 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DISTRICT OF COLUMBIA – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DISTRICT OF COLUMBIA – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DISTRICT OF COLUMBIA – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.7%** |
| &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 | 665033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/31 | 875000 | 947692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 500000 | 539511 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152236 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

13 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| **Description** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, DC, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 06/01/31 | $2080000 | $2213536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30 | 1500000 | 1595030 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRICT OF COLUMBIA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRICT OF COLUMBIA | $5960802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FLORIDA – 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26 | 1000000 | 1033357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34 | 1975000 | 1978462 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.6%** |
| &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;&nbsp; 5.00%, 04/01/28 | 750000 | 782260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/30 | 750000 | 779747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/31 | 750000 | 777685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/33 | 750000 | 773040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28 | 1600000 | 1617042 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION | $4729774 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., FL, Current Refunding Revenue Bonds, (Housing Project), (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/25 | 500000 | 512232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/26 | 500000 | 516333 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSING |  | $1028565 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Current Refunding Revenue Bonds, 5.00%, 04/01/27 | 1455000 | 1546747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Water & Sewer System, Advance Refunding Revenue Bonds, (Series B), 5.00%, 10/01/30 | 2645000 | 2746396 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER |  | $4293143 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FLORIDA |  | $13063301 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GEORGIA – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899450 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Par Value** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Bulloch County, GA, Advance Refunding Revenue Bonds, (Georgia Southern University Housing Foundation Four, LLC Project), Unrefunded, 5.00%, 07/01/31 | $| 1260000 | $1330219 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GEORGIA |  |  | $4229669 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ILLINOIS – 12.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/29 |  | 2250000 | 2258690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 3.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26 |  | 6295000 | 6772877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31 |  | 1450000 | 1631721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/26 |  | 2000000 | 2064455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28 |  | 1000000 | 1038609 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  |  | $11507662 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 7.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 7.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 7.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Park District, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series D) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/26 |  | 1250000 | 1260954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/27 |  | 3455000 | 3484600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/25 |  | 3000000 | 3011221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/32 |  | 3000000 | 2899482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, IL, GO Limited, (Water Utility & Sewer Improvements), AD Valorem Property Tax, (Series C-Green Bond), 5.00%, 12/01/28 |  | 5040000 | 5194623 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, IL, GO Unlimited, Current Refunding, (Series A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 |  | 2000000 | 2002042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/33 |  | 1000000 | 985576 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28 |  | 3000000 | 3005249 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS | $21843747 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;1450000 | 1539884 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ILLINOIS |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;37149983 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 14

*Wilmington Municipal Bond Fund (continued)* 

 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Par Value** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDIANA – 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44 | $| 6500000 | $6602103 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (Series C-2), 4.00%, 01/01/37 |  | 500000 | 497611 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDIANA |  |  | $7099714 |
| &nbsp;&nbsp;&nbsp;&nbsp; **KENTUCKY – 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 08/01/52 |  | 3000000 | 2748514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50 |  | 2000000 | 1891239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, KY, Revenue Bonds, Public Improvements, (Project No. 119), 5.00%, 05/01/25 |  | 2000000 | 2065604 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  |  | $6705357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Murray State University, KY, Refunding Revenue Bonds, (Series C), (ST INTERCEPT), 4.00%, 09/01/23 |  | 880000 | 880511 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL KENTUCKY |  |  | $7585868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MARYLAND – 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/28 |  | 730000 | 753040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/29 |  | 500000 | 515840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/30 |  | 515000 | 529684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/31 |  | 650000 | 668350 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  |  | $2466914 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, MD, GO Unlimited, School Improvements, AD Valorem Property Tax, (Series A), 5.00%, 06/01/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | 3353770 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland State Department of Transportation, MD, Highways Improvement Revenue Bonds, 4.00%, 05/01/30 |  | 500000 | 511979 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MARYLAND |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6332663 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MASSACHUSETTS – 2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **MASSACHUSETTS – 2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **MASSACHUSETTS – 2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **MASSACHUSETTS – 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Simmons University), (Series L) |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;1180000 | $1212428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/31 | 1000000 | 1021228 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION | $2233656 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33 | 1000000 | 1027415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Partners Healthcare System), 5.00%, 07/01/33 | 2455000 | 2571481 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $3598896 |
| &nbsp;&nbsp;&nbsp;&nbsp; **STUDENT LOAN – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Issue K), (Series A), 5.00%, 07/01/25 | 2200000 | 2247853 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MASSACHUSETTS |  | $8080405 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MICHIGAN – 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, MI, Revenue Bonds, (Series H-1), 5.00%, 10/01/25 | 5215000 | 5356244 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalamazoo Hospital Finance Authority, MI, Advance Refunding Revenue Bonds, (Unrefunded - Bronson Health), Prerefunded/ETM, 5.00%, 05/15/30 | 2045000 | 2088189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, MI, Advance Refunding Revenue Bonds, (Beaumont Health Credit Group), (Series A), 5.00%, 08/01/31 | 1655000 | 1701596 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $3789785 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 | 1330000 | 1336981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/34 | 1000000 | 1000345 |
| &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 | 957262 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SCHOOL DISTRICT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SCHOOL DISTRICT | $3294588 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC , 5.50%, 07/01/29 | 150000 | 161111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34 | 1450000 | 1472392 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER |  | $1633503 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MICHIGAN |  | $&nbsp;&nbsp;&nbsp;&nbsp;14074120 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

15 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| **Description** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **MINNESOTA – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coon Rapids, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 08/01/35 | $2622957 | $2181900 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MINNESOTA |  | $2181900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEBRASKA – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 09/01/49 | 1920000 | 1875763 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEBRASKA |  | $1875763 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW JERSEY – 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, NJ, Revenue Bonds, School Improvements, (Series DDD), 5.00%, 06/15/33 | 1100000 | 1115300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28 | 950000 | 1014054 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, NJ, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23 | 1305000 | 1321449 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24 | 225000 | 229444 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Sports & Exposition Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 09/01/24 | 1685000 | 1722480 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/28 | 2135000 | 2224028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/34 | 3000000 | 3023910 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32 | 500000 | 511216 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  | $10046581 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Rowan University Project), (Series B), 5.00%, 07/01/27 | 2000000 | 2063168 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Montclair State University), (Series B), 5.00%, 07/01/30 | 1000000 | 1031159 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 1014575 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108902 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Par Value** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33 | $| 400000 | $362975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark Board of Education, NJ, GO Unlimited, AD Valorem Property Tax, (Sustainability Bonds), (BAM) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 |  | 250000 | 267077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/29 |  | 250000 | 269442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/30 |  | 250000 | 271317 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SCHOOL DISTRICT |  |  | $807836 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW JERSEY |  |  | $16441594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK – 6.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, NY, Advance Refunding Revenue Bonds, Ad Valorem Property Tax (Series S), (State Aid Withholding), 5.00%, 07/15/33 |  | 3000000 | 3175228 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 03/15/33 |  | 4000000 | 4425426 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  |  | $7600654 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, GO Unlimited, (Series A), 4.00%, 08/01/37 |  | 1500000 | 1388621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Series C), (NATL), 5.25%, 07/01/30 |  | 1040000 | 1104128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30 |  | 990000 | 1039461 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  |  | $2143589 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32 |  | 1660000 | 1758207 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.0%\*\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, (Memorial Sloan-Kettering Cancer Center), (NATL), 5.50%, 07/01/23 |  | 15000 | 15222 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K), 5.00%, 01/01/30 |  | 3000000 | 3087866 |
| &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;&nbsp; 4.00%, 03/15/30 |  | 1000000 | 992322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543119 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 16

*Wilmington Municipal Bond Fund (continued)* 

 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Par Value** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, NY, Revenue Bonds, (85th Series), 5.38%, 03/01/28 | $| 830000 | $875678 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  |  | $7498985 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW YORK |  |  | $20405278 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NORTH CAROLINA – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **NORTH CAROLINA – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **NORTH CAROLINA – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **NORTH CAROLINA – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32 |  | 4250000 | 4514793 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32 |  | 1250000 | 1316184 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NORTH CAROLINA |  |  | $5830977 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OHIO – 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 0.3%** |
| &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 | 1039752 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28 |  | 3035000 | 3121269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded - Catholic Health Initiatives), Prerefunded/ETM, 5.25%, 05/01/29 |  | 10000 | 10141 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34 |  | 1250000 | 1197634 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  |  | $4329044 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 1.1%** |  |  |  |
| &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 | 3211768 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, OH, Refunding Revenue Bonds, (Series A), (NATL), 5.50%, 02/15/24 |  | 1355000 | 1378553 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OHIO |  |  | $9959117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OREGON – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lane Community College, OR, GO Unlimited, AD Valorem Property Tax, (Series A), (SCH BD GTY), 5.00%, 06/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 1101463 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OREGON |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PENNSYLVANIA – 7.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **PENNSYLVANIA – 7.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **PENNSYLVANIA – 7.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **PENNSYLVANIA – 7.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, PA, Revenue Bonds, (Series A), 5.00%, 01/01/28 |  | 1500000 | 1536196 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Par Value** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30 | $| 1500000 | $1520169 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  |  | $3056365 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, PA, Resource Recovery Improvement Revenue Bonds, (Waste Management Inc., Project), (Series A), 1.75%, 08/01/38 |  | 3000000 | 2858911 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 1.6%** | &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 | 1038961 |
| &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 | 1075697 |
| &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 | 709856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/26 |  | 350000 | 355443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/27 |  | 600000 | 609618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/28 |  | 1100000 | 1116693 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION | $4906268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35 |  | 2500000 | 2557019 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO SETTLEMENT – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO SETTLEMENT – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO SETTLEMENT – 0.3%** | &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 | 1027425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32 |  | 2000000 | 2100173 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., PA, Revenue Bonds, Natural Gas Utility Improvements, (1998 General Ordinance), (15th Series), 5.00%, 08/01/26 |  | 1100000 | 1148154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31 |  | 5655000 | 5968777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | 371035 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER |  |  | $6339812 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PENNSYLVANIA |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;23994127 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

17 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Municipal Bond Fund (continued)* 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Par Value** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **RHODE ISLAND – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **STUDENT LOAN – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Student Loan Authority, RI, Revenue Bonds, (Series A), 5.00%, 12/01/23 | $| 1200000 | $1214119 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RHODE ISLAND |  |  | $1214119 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH CAROLINA – 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (Series B-2), 4.00%, 07/01/43 |  | 705000 | 695868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO SETTLEMENT – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO SETTLEMENT – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO SETTLEMENT – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO SETTLEMENT – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30 |  | 3600000 | 4169371 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH CAROLINA |  |  | $4865239 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TENNESSEE – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32 |  | 1100000 | 1120959 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TENNESSEE |  |  | $1120959 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TEXAS – 8.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35 |  | 1000000 | 921252 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 |  | 1000000 | 1054992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/29 |  | 1000000 | 1064377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/31 |  | 835000 | 863236 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION |  |  | $2982605 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/31 |  | 1000000 | 955105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/32 |  | 1000000 | 944634 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL |  |  | $1899739 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/23 |  | 100000 | 100203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 |  | 100000 | 100394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25 |  | 100000 | 100958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/26 |  | 100000 | 100694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/27 |  | 100000 | 100660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/28 |  | 535000 | 538106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/29 |  | 100000 | 100266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/30 |  | 100000 | 99822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/32 |  | 100000 | 98135 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/33 | $100000 | $96146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/34 | 100000 | 94707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/35 | 100000 | 93562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/36 | 380000 | 352624 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29 | 2125000 | 2192233 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29 | 3735000 | 3994724 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS | $8508714 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, School Health Care System (Series B), 6.25%, 07/01/27 | 1150000 | 1229604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32 | 1465000 | 1521656 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $2751260 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 0.3%** |  |  |
| &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 | 977437 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33 | 1470000 | 1515828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Series F), 5.00%, 01/01/25 | 1000000 | 1015583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32 | 1225000 | 1238559 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $3769970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTILITIES – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Austin, TX, Refunding Revenue Bonds, (BHAC-CR NATL-RE), 5.25%, 05/15/25 | 3205000 | 3291695 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TEXAS |  | $25102672 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UTAH – 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City, UT, Revenue Bonds, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/32 | 3000000 | 3029476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | 2500000 | 2505517 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRPORT |  | $5534993 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/15/28 | 2500000 | 2592272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;4990000 | 5145868 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $7738140 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UTAH |  | $&nbsp;&nbsp;&nbsp;&nbsp;13273133 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 18

*Wilmington Municipal Bond Fund (continued)* 

 

---

| | | |
|:---|:---|:---|
| **Description** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WASHINGTON – 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28 | $6815000 | $6924417 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, (Overlake Hospital Medical Center), 5.00%, 07/01/33 | 1750000 | 1786300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33 | 3000000 | 3298061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SCHOOL DISTRICT – 1.0%** |  |  |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | 3030125 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; King County, Sewer, WA, Advance Refunding Revenue Bonds, 5.00%, 07/01/32 | 1100000 | 1158701 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WASHINGTON |  | $16197604 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WISCONSIN – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 0.3%** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Par Value** | **Par Value** | **Value** |
| &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 | $463552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/33 |  | 500000 | 456816 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  |  | $920368 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46 |  | 1750000 | 1710419 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WISCONSIN |  |  | $2630787 |
|  **TOTAL MUNICIPAL BONDS**<br> **(Cost $316,689,310)** |  |  | $**287846751** |
|  | **Number of<br>Shares** | **Number of<br>Shares** |  |
|  **MONEY MARKET FUND – 4.4%** | **MONEY MARKET FUND – 4.4%** | **MONEY MARKET FUND – 4.4%** | **MONEY MARKET FUND – 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%<sup>^</sup> |  | 13363765 | 13363765 |
|  **TOTAL MONEY MARKET FUND**<br> **(Cost $13,363,765)** | **TOTAL MONEY MARKET FUND**<br> **(Cost $13,363,765)** | **TOTAL MONEY MARKET FUND**<br> **(Cost $13,363,765)** | $**13363765** |
|  **TOTAL INVESTMENTS – 99.4%**<br> **(Cost $333,045,804)** | **TOTAL INVESTMENTS – 99.4%**<br> **(Cost $333,045,804)** | **TOTAL INVESTMENTS – 99.4%**<br> **(Cost $333,045,804)** | $**303917836** |
|  **OTHER ASSETS LESS LIABILITIES – 0.6%** | **OTHER ASSETS LESS LIABILITIES – 0.6%** | **OTHER ASSETS LESS LIABILITIES – 0.6%** | **1868866** |
|  **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | **TOTAL NET ASSETS – 100.0%** | $**305786702** |

---

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;The following is a summary of the inputs used as of October 31, 2022 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $2707320 | $— | $— | $2707320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  | 287846751 | &nbsp;&nbsp;&nbsp;&nbsp;— | 287846751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 13363765 |  | &nbsp;&nbsp;&nbsp;&nbsp;— | 13363765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $16071085 | $287846751 | $— | $303917836 |

---

------

\*\* Represents less than 0.05%. 

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corporation |
| AGM | Assured Guaranty Municipal |
| AMBAC  | American Municipal Bond Assurance Corporation |
| BAM | Build America Mutual Assurance Company |
| BHAC | Berkshire Hathaway Assurance Corporation |
| CR | Custodial Receipts |
| ETF | Exchange-Traded Fund |
| FGIC | Financial Guaranty Insurance Corporation |
| GO | General Obligation |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

19 *PORTFOLIOS OF INVESTMENTS*

*Wilmington Municipal Bond Fund (concluded)* 

---

| | |
|:---|:---|
| ICC | Insured Custody Certificates |
| IDA | Industrial Development Authority/Agency |
| LLC | Limited Liability Corporation |
| NATL | National Public Finance Guarantee Corporation |
| RE | Reinsurance |
| SCH BD GTY | School Bond Guaranty |
| SPDR | Standard & Poor's Depositary Receipt |

---

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

------

*October 31, 2022 (unaudited)* / *SEMI-ANNUAL REPORT* 

------

20.0 PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At October 31, 2022, the Fund's portfolio composition was as follows (unaudited):

---

| | |
|:---|:---|
|  | **Percentage of**<br> **Total Net Assets** |
| Higher Education | 18.7% |
| Housing | 14.7% |
| Dedicated Tax | 14.0% |
| General Obligations | 11.3% |
| Medical | 8.9% |
| Power | 5.5% |
| Education | 4.9% |
| Transportation | 4.4% |
| Water | 3.5% |
| Lease | 3.2% |
| General | 3.2% |
| Development | 2.4% |
| Airport | 2.2% |
| Facilities | 0.1% |
| Cash Equivalents<sup>(1)</sup> | 2.0% |
| Other Assets and Liabilities - Net<sup>(2)</sup> | 1.0% |
| TOTAL | **100.0%** |

---

---

| | |
|:---|:---|
| **Credit Quality Diversification<sup>(3)</sup>** | **Percentage of<br>Total Net Assets** |
| AAA / Aaa | 0.1% |
| AA / Aa | 47.4% |
| A / A | 31.9% |
| BBB / Baa | 17.6% |
| Not Rated | 2.0% |
| Other Assets and Liabilities - Net<sup>(2)</sup> | 1.0% |
| TOTAL | **100.0%** |

---

<sup>(1)</sup> Cash Equivalents include investments in a money market fund.

<sup>(2)</sup> Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

<sup>(3)</sup> For financial reporting purposes, 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. 

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | **Value** |
|  **MUNICIPAL BONDS – 97.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **NEW YORK – 97.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRPORT – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, Port, Airport & Marina Improvements, (205th Series), 5.00%, 11/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEDICATED TAX – 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33 | 1175000 | 1224665 |
| &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 | 1300000 | 1336853 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32 | 2000000 | 2090080 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37 | 1000000 | 933745 |

---

---

| | | |
|:---|:---|:---|
| **Description**<br>| <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (Series D), 5.00%, 02/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001500 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DEDICATED TAX |  | $6586843 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DEVELOPMENT – 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35 | 1095000 | 1133421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION – 4.9%** |  |  |
| &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 | 1215967 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29 | 5000 | 5424 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

21 *PORTFOLIOS OF INVESTMENTS*

*Wilmington New York Municipal Bond Fund (continued)* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description**<br>| <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Unrefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;995000 | $1072253 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EDUCATION |  | $2293644 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FACILITIES – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Nations Development Corp., NY, Revenue Bonds, Public Improvements, Prerefunded/ETM, 5.90%, 05/01/23 | 40000 | 40544 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL – 3.2%** |  |  |
| &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 | 1492408 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GENERAL OBLIGATIONS – 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series B), (BAM-TCRS), 5.00%, 04/01/32 | 415000 | 436520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nassau County, NY, GO, General Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 10/01/31 | 545000 | 575915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 04/01/26 | 1000000 | 1049164 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, GO Unlimited, Current Refunding, (Series A-1), 5.00%, 08/01/31 | 1000000 | 1096464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/26 | 1000000 | 1049603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | 1000000 | 1080980 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GENERAL OBLIGATIONS |  | $5288646 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HIGHER EDUCATION – 18.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/25 | 865000 | 858555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/26 | 800000 | 789398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | 1195000 | 1226963 |
| &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 | 1048679 |
| &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 | 757956 |
| &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 | 1099619 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27 | 2050000 | 2174366 |
| &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 | 800000 | 833195 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HIGHER EDUCATION |  | $&nbsp;&nbsp;&nbsp;&nbsp;8788731 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description**<br>| <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSING – 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (UBF Facility Student Housing Corp.), (AGM), (Series A), 5.00%, 10/01/31 | $1000000 | $1061336 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33 | 1890000 | 1691425 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City, NY, Housing Development Corp., Revenue Bonds, (Sustainable Neighborhood Bonds), (Series B-1A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 05/01/31 | 500000 | 424293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/01/34 | 890000 | 746455 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32 | 1480000 | 1422084 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency, NY, Single Family Revenue Bonds, (223th Series), 3.50%, 04/01/49 | 770000 | 750854 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Mortgage Agency, NY, Single Family Revenue Bonds, (226th Series), 3.50%, 10/01/50 | 820000 | 786928 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSING |  | $&nbsp;&nbsp;&nbsp;&nbsp;6883375 |
| &nbsp;&nbsp;&nbsp;&nbsp; **LEASE – 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Syracuse, NY, IDA, Revenue Bonds, Syracuse City School District Project, School Improvements, (Series B), (State Aid Withholding), 5.00%, 05/01/32 | 1435000 | 1504251 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDICAL – 8.9%** |  |  |
| &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 | 979487 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (North Shore-Long Island Jewish Obligated Group), (Series A), 5.00%, 05/01/24 | 1160000 | 1182386 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (NYU Hospitals Center), 5.00%, 07/01/27 | 2000000 | 2032384 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDICAL |  | $4194257 |
| &nbsp;&nbsp;&nbsp;&nbsp; **POWER – 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/33 | 700000 | 744444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/34 | 750000 | 795002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series B), 5.00%, 09/01/25 | 1000000 | 1044990 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL POWER |  | $2584436 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION – 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/24 | 1000000 | 1021366 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/29 | 105000 | 108141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/30 | 700000 | 720502 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*PORTFOLIOS OF INVESTMENTS* 22

*Wilmington New York Municipal Bond Fund (concluded)* 

 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description**<br>| <br> **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Current Refunding Revenue Bonds, Highway Revenue Tools, (Series B), 5.00%, 11/15/29 | $200000 | $200292 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRANSPORTATION |  | $2050301 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WATER – 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buffalo Sewer Authority, NY, Sewer Improvements, Revenue Green Bonds, (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/30 | 150000 | 162957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/31 | 165000 | 178797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/32 | 150000 | 162128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/33 | 150000 | 161536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/34 | 155000 | 153438 |
| &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 | 833986 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER |  | $1652842 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NEW YORK |  | $45547279 |
|  **TOTAL MUNICIPAL BONDS**<br> **(Cost $50,165,431)** |  | $**45547279** |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
|  **MONEY MARKET FUND – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%<sup>^</sup> | 924505 | $924505 |
|  **TOTAL MONEY MARKET FUND**<br> **(Cost $924,505)** | **TOTAL MONEY MARKET FUND**<br> **(Cost $924,505)** | $**924505** |
|  **TOTAL INVESTMENTS – 99.0%**<br> **(Cost $51,089,936)** | **TOTAL INVESTMENTS – 99.0%**<br> **(Cost $51,089,936)** | $**46471784** |
|  **OTHER ASSETS LESS LIABILITIES – 1.0%** | **OTHER ASSETS LESS LIABILITIES – 1.0%** | **453579** |
|  **TOTAL NET ASSETS – 100.0%** |  | $**46925363** |

---

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, 2022 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $45547279 | $— | $45547279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 924505 |  |  | 924505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $924505 | $45547279 | $— | $46471784 |

---

------

^ 7-Day net yield.

---

| | |
|:---|:---|
| The following acronyms are used throughout this Portfolio of Investments: | The following acronyms are used throughout this Portfolio of Investments: |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual Assurance Company |
| ETM | Escrowed to Maturity |
| GO | General Obligation |
| IDA | Industrial Development Authority/Agency |
| NATL | National Public Finance Guarantee Corporation |
| TCRS | Tax Credit Reporting Service |

---

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

------

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

23 *STATEMENTS OF ASSETS AND LIABILITIES*

---

| | | | |
|:---|:---|:---|:---|
| **October 31, 2022 (unaudited)** | **Wilmington**<br> **Broad Market**<br> **Bond Fund** | **Wilmington**<br> **Municipal Bond**<br> **Fund** | **Wilmington<br>New York<br>Municipal Bond<br>Fund** |
| ASSETS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments, at identified cost* | $*613675357* | $*333045804* | $*51089936* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value* | $*536604873* | $*303917836* | $*46471784* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | *3285630* | *4213748* | *631226* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign tax reclaim receivable* | *2485* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due from advisor* | *—* | *—* | *1884* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | *698264* | *221259* | *1474* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid assets* | *32747* | *27548* | *14631* |
|  **TOTAL ASSETS** | ***540623999*** | ***308380391*** | ***47120999*** |
| LIABILITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateral for securities on loan* | *26140106* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due to custodian* | *—* | *31406* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income distribution payable* | *584196* | *417942* | *20290* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | *234944* | *1934789* | *102237* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | *4168* | *3792* | *3793* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | *13285* | *8073* | *1221* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | *475* | *3488* | *1100* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shareholder services fees* | *190* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | *132012* | *86909* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | *155904* | *107290* | *66995* |
|  **TOTAL LIABILITIES** | ***27265280*** | ***2593689*** | ***195636*** |
|  **NET ASSETS** | $***513358719*** | $***305786702*** | $***46925363*** |
|  **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $*593414541* | $*339224406* | $*51680760* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | *(80055822* | *(33437704* | *(4755397* |
|  **TOTAL NET ASSETS** | $***513358719*** | $***305786702*** | $***46925363*** |
| 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* | $*2208691* | $*16233356* | $*5088405* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *259161* | *1393932* | *544724* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value per share* | $*8.52* | $*11.65* | $*9.34* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Offering Price per share\** | $*8.92* | $*12.20* | $*9.78* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*511150028* | $*289553346* | $*41836958* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *61005978* | *24853153* | *4475775* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*8.38* | $*11.65* | $*9.35* |

---

<sup>(a)</sup> Including $25,261,917 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* 

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*STATEMENTS OF OPERATIONS* 24

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended October 31, 2022 (unaudited)** | **Wilmington<br>Broad Market<br>Bond Fund** | **Wilmington<br>Municipal Bond<br>Fund** | **Wilmington<br>New York<br>Municipal Bond<br>Fund** |
| INVESTMENT INCOME: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Dividends* | $*132394* | $*135778* | $*7244* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest* | *7288700* | *3740401* | *575024* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Securities lending income, net* | *39963* | *—* | *—* |
|  **TOTAL INVESTMENT INCOME** | ***7461057*** | ***3876179*** | ***582268*** |
| EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | *1215608* | *720009* | *114007* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | *82978* | *49133* | *7783* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | *68807* | *48960* | *16674* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | *6865* | *2469* | *471* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | *13527* | *14083* | *2299* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | *34048* | *33571* | *33571* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | *54307* | *53897* | *52560* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Class A* | *3121* | *21839* | *6828* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Class A* | *3121* | *21839* | *6828* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | *24216* | *18469* | *8282* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | *7667* | *4122* | *3043* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | *32542* | *25000* | *16125* |
|  **TOTAL EXPENSES** | ***1546807*** | ***1013391*** | ***268471*** |
| WAIVERS AND REIMBURSEMENTS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | *(379885* | *(185702* | *(110405* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Class A* | *(2055* | *(21839* | *(6828* |
|  **TOTAL WAIVERS AND REIMBURSEMENTS** | ***(381940*** | ***(207541*** | ***(117233*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | ***1164867*** | ***805850*** | ***151238*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | ***6296190*** | ***3070329*** | ***431030*** |
| REALIZED AND UNREALIZED GAIN (LOSS): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on investments* | *(670439* | *(2486298* | *(128418* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on investments* | *(41077965* | *(10267993* | *(1716913* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized and unrealized gain (loss)* | ***(41748404*** | ***(12754291*** | ***(1845331*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $***(35452214*** | $***(9683962*** | $***(1414301*** |

---

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

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

25 *STATEMENTS OF CHANGES IN NET ASSETS*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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> **2022**<br> **(Unaudited)** | **Year Ended**<br> **April 30,**<br> **2022** | **Six Months Ended<br>October 31,**<br> **2022**<br> **(Unaudited)** | **Year Ended**<br> **April 30,**<br> **2022** |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*6296190* | $*10937052* | $*3070329* | $*5878184* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(670439)* | *1094694* | *(2486298)* | *(1044058)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *(41077965)* | *(61777845)* | *(10267993)* | *(33214530)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | ***(35452214*** ***)*** | ***(49746099*** ***)*** | ***(9683962*** ***)*** | ***(28380404*** ***)*** |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(26177)* | *(48194)* | *(146696)* | *(372407)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(6556302)* | *(12665533)* | *(2923653)* | *(6463700)* |
| Total distributions to shareholders | ***(6582479*** ***)*** | ***(12713727*** ***)*** | ***(3070349*** ***)*** | ***(6836107*** ***)*** |
| SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *389* | *43283* | *36997* | *335534* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *64900207* | *91298568* | *60040545* | *73900909* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net assets from reorganization (Note 6)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *—* | *1020482* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *—* | *25685831* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *24998* | *43603* | *124263* | *298591* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *3223315* | *6280797* | *618289* | *1935631* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(317145)* | *(339962)* | *(1209606)* | *(4351607)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(85954618)* | *(113846417)* | *(62718579)* | *(77921229)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | ***(18122854*** ***)*** | ***10186185*** | ***(3108091*** ***)*** | ***(5802171*** ***)*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *(60157547)* | *(52273641)* | *(15862402)* | *(41018682)* |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | ***573516266*** | ***625789907*** | ***321649104*** | ***362667786*** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $***513358719*** | $***573516266*** | $***305786702*** | $***321649104*** |
| SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *44* | *4460* | *3065* | *25879* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *7350867* | *9280136* | *4961214* | *5658585* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares issued from reorganization (Note 6)* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *—* | *98320* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *—* | *2517137* | *—* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *2788* | *4344* | *10340* | *22739* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *365901* | *634376* | *51434* | *146902* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(35104)* | *(33543)* | *(99829)* | *(336504)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(9586460)* | *(11408912)* | *(5206767)* | *(6019751)* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | ***(1901964*** ***)*** | ***1096318*** | ***(280543*** ***)*** | ***(502150*** ***)*** |

---

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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*STATEMENTS OF CHANGES IN NET ASSETS (concluded)* 26

---

| | | |
|:---|:---|:---|
|  | **Wilmington**<br>**New York**<br>**Municipal Bond Fund** | **Wilmington**<br>**New York**<br>**Municipal Bond Fund** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br> **(Unaudited)** | **Year Ended<br>April 30,**<br> **2022** |
| OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*431030* | $*916989* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(128418* | *81896* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *(1716913* | *(5530467* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | ***(1414301*** | ***(4531582*** |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(40403* | *(99720* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(390628* | *(1015512* |
| Total distributions to shareholders | ***(431031*** | ***(1115232*** |
| SHARE TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *5587* | *11200* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *947814* | *7521728* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *34979* | *78300* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *273879* | *736158* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(287311* | *(766220* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(5690408* | *(15124450* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | ***(4715460*** | ***(7543284*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *(6560792* | *(13190098* |
| NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | ***53486155*** | ***66676253*** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $***46925363*** | $***53486155*** |
| SHARES OF BENEFICIAL INTEREST: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *580* | *1065* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *98391* | *716412* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *3630* | *7479* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *28402* | *70145* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(29619* | *(73456* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(586370* | *(1449178* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | ***(484986*** | ***(727533*** |

---

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

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

27 *FINANCIAL HIGHLIGHTS*

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  WILMINGTON BROAD MARKET BOND FUND | WILMINGTON BROAD MARKET BOND FUND | WILMINGTON BROAD MARKET BOND FUND | WILMINGTON BROAD MARKET BOND FUND | WILMINGTON BROAD MARKET BOND FUND | WILMINGTON BROAD MARKET BOND FUND | WILMINGTON BROAD MARKET BOND FUND |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended**<br> **April 30, 2018**  |
| **CLASS A** | **(Unaudited)** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $9.23 | $10.25 | $10.39 | $9.71 | $9.51 | $9.78 |
| **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.09 | 0.15 | 0.15 | 0.21 | 0.21 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.70) | (0.99) | (0.10) | 0.69 | 0.21 | (0.26) |
|  Total Income (Loss) From Operations | (0.61) | (0.84) | 0.05 | 0.90 | 0.42 | (0.08) |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.10) | (0.18) | (0.18) | (0.22) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  | (0.01) |  |  |  |
|  Total Distributions | (0.10) | (0.18) | (0.19) | (0.22) | (0.22) | (0.19) |
| **Net Asset Value, End of Period** | $8.52 | $9.23 | $10.25 | $10.39 | $9.71 | $9.51 |
| **Total Return<sup>(b)</sup>** | (6.70)% | (8.37)% | 0.51% | 9.35% | 4.45% | (0.81)% |
| **Net Assets, End of Period (000's)** | $2209 | $2691 | $2234 | $3242 | $3501 | $4074 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.07 %<sup>(d)</sup> | 1.06% | 1.06% | 1.07% | 1.08% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 0.77 %<sup>(d)</sup> | 0.77% | 0.81% | 0.83% | 0.83% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.99 %<sup>(d)</sup> | 1.45% | 1.46% | 2.06% | 2.18% | 1.82% |
| **Portfolio Turnover Rate** | 13% | 26% | 34% | 46% | 36% | 34% |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended**<br> **April 30, 2018**  |
| **CLASS I** | **(Unaudited)** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $9.08 | $10.08 | $10.22 | $9.55 | $9.35 | $9.62 |
| **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.10 | 0.18 | 0.18 | 0.24 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.69) | (0.97) | (0.09) | 0.68 | 0.21 | (0.26) |
|  Total Income (Loss) From Operations | (0.59) | (0.79) | 0.09 | 0.92 | 0.45 | (0.05) |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.11) | (0.21) | (0.22) | (0.25) | (0.25) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  | (0.01) |  |  |  |
|  Total Distributions | (0.11) | (0.21) | (0.23) | (0.25) | (0.25) | (0.22) |
| **Net Asset Value, End of Period** | $8.38 | $9.08 | $10.08 | $10.22 | $9.55 | $9.35 |
| **Total Return<sup>(b)</sup>** | (6.56)% | (8.02)% | 0.83% | 9.74% | 4.84% | (0.52)% |
| **Net Assets, End of Period (000's)** | $511150 | $570825 | $623556 | $535825 | $544092 | $506940 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 0.57 %<sup>(d)</sup> | 0.56% | 0.75% | 0.82% | 0.83% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 0.43 %<sup>(d)</sup> | 0.43% | 0.47% | 0.49% | 0.49% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.33 %<sup>(d)</sup> | 1.79% | 1.79% | 2.40% | 2.52% | 2.18% |
| **Portfolio Turnover Rate** | 13% | 26% | 34% | 46% | 36% | 34% |

---

------

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

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

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

(d) Annualized for periods less than one year.

(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, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*FINANCIAL HIGHLIGHTS (continued)* 28

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  WILMINGTON MUNICIPAL BOND FUND | WILMINGTON MUNICIPAL BOND FUND | WILMINGTON MUNICIPAL BOND FUND | WILMINGTON MUNICIPAL BOND FUND | WILMINGTON MUNICIPAL BOND FUND | WILMINGTON MUNICIPAL BOND FUND | WILMINGTON MUNICIPAL BOND FUND |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended**<br> **April 30, 2018**  |
| **CLASS A** | **(Unaudited)** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $12.12 | $13.41 | $12.72 | $13.22 | $12.78 | $13.14 |
| **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.10 | 0.19 | 0.20 | 0.25 | 0.26 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.47) | (1.25) | 0.70 | (0.28) | 0.44 | (0.26) |
|  Total Income (Loss) From Operations | (0.37) | (1.06) | 0.90 | (0.03) | 0.70 | (0.04) |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.10) | (0.19) | (0.21) | (0.25) | (0.26) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  | (0.04) |  | (0.22) |  | (0.10) |
|  Total Distributions | (0.10) | (0.23) | (0.21) | (0.47) | (0.26) | (0.32) |
| **Net Asset Value, End of Period** | $11.65 | $12.12 | $13.41 | $12.72 | $13.22 | $12.78 |
| **Total Return<sup>(b)</sup>** | (3.06)% | (8.08)% | 7.05% | (0.36)% | 5.52% | (0.29)% |
| **Net Assets, End of Period (000's)** | $16233 | $17942 | $23716 | $24052 | $29050 | $29109 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.11 %<sup>(d)</sup> | 1.08% | 1.10% | 1.09% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 0.74 %<sup>(d)</sup> | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.68 %<sup>(d)</sup> | 1.42% | 1.53% | 1.90% | 1.99% | 1.70% |
| **Portfolio Turnover Rate** | 11% | 23% | 24% | 81% | 83% | 79% |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended**<br> **April 30, 2018**  |
| **CLASS I** | **(Unaudited)** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $12.13 | $13.42 | $12.73 | $13.23 | $12.79 | $13.15 |
| **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.12 | 0.22 | 0.24 | 0.29 | 0.29 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.48) | (1.25) | 0.69 | (0.28) | 0.44 | (0.26) |
|  Total Income (Loss) From Operations | (0.36) | (1.03) | 0.93 | 0.01 | 0.73 | 0.00 <sup>(f)</sup> |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.12) | (0.22) | (0.24) | (0.29) | (0.29) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  | (0.04) |  | (0.22) |  | (0.10) |
|  Total Distributions | (0.12) | (0.26) | (0.24) | (0.51) | (0.29) | (0.36) |
| **Net Asset Value, End of Period** | $11.65 | $12.13 | $13.42 | $12.73 | $13.23 | $12.79 |
| **Total Return<sup>(b)</sup>** | (3.01)% | (7.83)% | 7.32% | (0.10)% | 5.78% | (0.03)% |
| **Net Assets, End of Period (000's)** | $289554 | $303707 | $338952 | $316617 | $260800 | $259934 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 0.61 %<sup>(d)</sup> | 0.59% | 0.79% | 0.84% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 0.49 %<sup>(d)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.93 %<sup>(d)</sup> | 1.67% | 1.78% | 2.14% | 2.24% | 1.95% |
| **Portfolio Turnover Rate** | 11% | 23% | 24% | 81% | 83% | 79% |

---

------

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

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

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

(d) Annualized for periods less than one year.

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

(f) Represents less than $0.005.

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

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

29 *FINANCIAL HIGHLIGHTS (concluded)*

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  WILMINGTON NEW YORK MUNICIPAL BOND FUND | WILMINGTON NEW YORK MUNICIPAL BOND FUND | WILMINGTON NEW YORK MUNICIPAL BOND FUND | WILMINGTON NEW YORK MUNICIPAL BOND FUND | WILMINGTON NEW YORK MUNICIPAL BOND FUND | WILMINGTON NEW YORK MUNICIPAL BOND FUND | WILMINGTON NEW YORK MUNICIPAL BOND FUND |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended**<br> **April 30, 2018**  |
| **CLASS A** | **(Unaudited)** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $9.71 | $10.69 | $10.20 | $10.43 | $10.18 | $10.56 |
| **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.07 | 0.13 | 0.14 | 0.15 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.37) | (0.95) | 0.51 | (0.16) | 0.36 | (0.22) |
|  Total Income (Loss) From Operations | (0.30) | (0.82) | 0.65 | (0.01) | 0.51 | (0.07) |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.07) | (0.13) | (0.14) | (0.15) | (0.15) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  | (0.03) | (0.02) | (0.07) | (0.11) | (0.16) |
|  Total Distributions | (0.07) | (0.16) | (0.16) | (0.22) | (0.26) | (0.31) |
| **Net Asset Value, End of Period** | $9.34 | $9.71 | $10.69 | $10.20 | $10.43 | $10.18 |
| **Total Return<sup>(b)</sup>** | (3.09)% | (7.74)% | 6.38% | (0.12)% | 5.16% | (0.75)% |
| **Net Assets, End of Period (000's)** | $5088 | $5536 | $6789 | $7251 | $8630 | $14863 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.51 %<sup>(d)</sup> | 1.37% | 1.34% | 1.34% | 1.33% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 0.82 %<sup>(d)</sup> | 0.82% | 0.82% | 0.82% | 0.83% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.48 %<sup>(d)</sup> | 1.24% | 1.31% | 1.43% | 1.50% | 1.43% |
| **Portfolio Turnover Rate** | 0% | 7% | 14% | 60% | 45% | 64% |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended**<br> **April 30, 2018**  |
| **CLASS I** | **(Unaudited)** |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $9.72 | $10.70 | $10.20 | $10.43 | $10.19 | $10.57 |
| **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.08 | 0.16 | 0.16 | 0.18 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.37) | (0.95) | 0.53 | (0.16) | 0.35 | (0.22) |
|  Total Income (Loss) From Operations | (0.29) | (0.79) | 0.69 | 0.02 | 0.53 | (0.04) |
| **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.08) | (0.16) | (0.17) | (0.18) | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  | (0.03) | (0.02) | (0.07) | (0.11) | (0.16) |
|  Total Distributions | (0.08) | (0.19) | (0.19) | (0.25) | (0.29) | (0.34) |
| **Net Asset Value, End of Period** | $9.35 | $9.72 | $10.70 | $10.20 | $10.43 | $10.19 |
| **Total Return<sup>(b)</sup>** | (2.96)% | (7.50)% | 6.74% | 0.13% | 5.32% | (0.50)% |
| **Net Assets, End of Period (000's)** | $41837 | $47950 | $59887 | $54979 | $53379 | $56626 |
| **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.01 %<sup>(d)</sup> | 0.87% | 1.03% | 1.09% | 1.09% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 0.57 %<sup>(d)</sup> | 0.57% | 0.57% | 0.57% | 0.58% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 1.73 %<sup>(d)</sup> | 1.49% | 1.55% | 1.68% | 1.76% | 1.68% |
| **Portfolio Turnover Rate** | 0% | 7% | 14% | 60% | 45% | 64% |

---

------

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

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

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

(d) Annualized for periods less than one year.

(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, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*NOTES TO FINANCIAL STATEMENTS* 30

Wilmington Funds

October 31, 2022 (unaudited)

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.

---

| | |
|:---|:---|
| **Fund** | **Investment Goal** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Wilmington Broad Market Bond Fund ("Broad Market Bond Fund")(d)* | *The Fund seeks to provide current income and secondarily, capital growth.* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Wilmington Municipal Bond Fund ("Municipal Bond Fund")(d)* | *The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital.* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Wilmington New York Municipal Bond Fund ("New York Municipal Bond Fund")(n)* | *The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.* |

---

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

*<sup>(n)</sup> Non-diversified* 

The Funds offer Class A and Class I shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The 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 Funds utilize a fair value approach. The fair value of the Funds' portfolio securities are determined as follows:

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

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

• for all other securities, at fair value as determined in accordance with procedures established by and under
the general supervision of the Board of Trustees ("Trustees").

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs 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 procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

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

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

31 *NOTES TO FINANCIAL STATEMENTS (continued)*

transaction. It is each Fund's policy to require the counterparty to a repurchase agreement to transfer to the Funds' custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a "securities entitlement" and exercise "control" as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities, if necessary, to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements ("MRA") which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund.

At October 31, 2022, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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; **Broad Market Bond Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; *Bank of America Securities, Inc.* | $*4974066* | | $*4974066* | | $*—* | | $*—* | |
| &nbsp;&nbsp; *Daiwa Capital Markets America* | *3907908* | | *3907908* | | *—* | | *—* | |
| &nbsp;&nbsp; *National Bank Financial* | *4974066* | | *4974066* | | *—* | | *—* | |
| &nbsp;&nbsp; *RBC Dominion Securities, Inc.* | *4974066* | | *4974066* | | *—* | | *—* | |
|  | **$*18830106*** | **** | **$*18830106*** | **** | **$*—*** | **** | **$*—*** | **** |

---

*<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.

**When-Issued and Delayed Delivery Transactions** – The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Funds' restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

**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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 32

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, 2022, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Value of<br> Securities <br>on Loan** | **Cash**<br> **Collateral<br> Received<sup>(1)</sup>**  | **Net Exposure<sup>(2)</sup>** |
| *Broad Market Bond Fund* | $*25261917* | $*25261917* | $*—* |

---

*<sup>(1)</sup>* *Collateral with a value of $26,140,106 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.* 

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 for the six months ended October 31, 2022.

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, 2022, 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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Tax Cost** | **Tax Unrealized <br>Appreciation** | **Tax Unrealized <br>Appreciation** | **Tax Unrealized <br>Depreciation** | **Tax Unrealized <br>Depreciation** | **Net Tax <br>Unrealized <br>Appreciation/ <br>(Depreciation)** | **Net Tax <br>Unrealized <br>Appreciation/ <br>(Depreciation)** |
| &nbsp;&nbsp; *Broad Market Bond Fund* | | *$613675362* | | *$115412* | | *$(77185901)* | | *$(77070489)* |
| &nbsp;&nbsp; *Municipal Bond Fund* | | *333062134* | | *3194* | | *(29147492)* | | *(29144298)* |
| &nbsp;&nbsp; *New York Municipal Bond Fund* | | *51089936* | | *571* | | *(4618723)* | | *(4618152)* |

---

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, 2022, character of capital loss carryforwards were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Short-Term <br>No Expiration** | **Short-Term <br>No Expiration** | **Long-Term <br>No Expiration** | **Long-Term <br>No Expiration** | **Total Capital <br>Loss <br>Carryforwards** | **Total Capital <br>Loss <br>Carryforwards** |
| *Broad Market Bond Fund* | | *$(2034959)* | | *$(75777)* | | *$(2110736)* |

---

Late year loss deferrals represent (1) net specified losses realized between November 1 and April 30 of each year and (2) ordinary losses realized between January 1 and April 30 of each year that the Fund has elected for U.S. federal income tax purposes to treat as occurring on the first day of the following tax year. As of April 30, 2022, late year loss deferrals were as follows:

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

33 *NOTES TO FINANCIAL STATEMENTS (continued)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary <br>Losses** | **Ordinary <br>Losses** | **Short-Term <br>Capital<br>Losses** | **Short-Term <br>Capital<br>Losses** | **Long-Term <br>Capital<br>Losses** | **Long-Term <br>Capital<br>Losses** |
| *Municipal Bond Fund* | | *$—* | | *$(809230)* | | *$(986980)* |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Municipal Bond Fund |  |  |  |  |  | (8630) |

---

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.

---

| | | |
|:---|:---|:---|
| **Fund** | **Advisory Fee <br>Annual Rate** | **Advisory Fee <br>Annual Rate** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Broad Market Bond Fund* | | *0.45 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Municipal Bond Fund* | | *0.45 %* |
| &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, 2023 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** | **Current Contractual <br> Expense Limitations** | **Current Contractual <br> Expense Limitations** | **Current Contractual <br> Expense Limitations** | **Current Contractual <br> Expense Limitations** |
| **Fund** | **Class A** | **Class A** | **Class A** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Broad Market Bond Fund* | | *0.78%* | | | *0.43%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *Municipal Bond Fund* | | *0.74%* | | | *0.49%* | |
| &nbsp;&nbsp;&nbsp;&nbsp; *New York Municipal Bond Fund* | | *0.82%* | | | *0.57%* | |

---

**Administrative Fees** – The Bank of New York Mellon ("BNYM") provides the Trust with fund administration services. BNYM 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."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Administrator** | **Maximum <br>Fee** | **Maximum <br>Fee** |  | **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; *BNYM* | | *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 BNYM 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 BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2022, neither WFMC nor BNYM 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.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 34

For the six months ended October 31, 2022, 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** <br> **from Class A**  | **Distribution <br>Fees** <br> **from Class A**  |
| *Broad Market Bond Fund* | | *$59* |
| *Municipal Bond Fund* | | *1991* |
| *New York Municipal Bond Fund* | | *35* |

---

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

For the six months ended October 31, 2022, M&T did not receive any 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, 2022, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

---

| | |
|:---|:---|
| **Fund** | **Shareholder** <br> **Services <br>Fees**  |
| *Broad Market Bond Fund* | *$24* |

---

**Other Service Providers** – Foreside Management Services, LLC ("FMS") provides a Principal Executive Officer and Principal Financial Officer to the Trust. FMS has no role in determining the investment policies or which securities are to be sold or purchased by the Trust or its funds.

BNYM provides custody services to the Trust.

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

**General** – Certain 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.

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the six months ended October 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Purchases** | **Sales** | **Sales** |  |
| *Broad Market Bond Fund* | | *$26075350* | | *$43134968* | |
| *Municipal Bond Fund* | | *33503929* | | *40433123* | |
| *New York Municipal Bond Fund* | | *—* | | *3745500* | |

---

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Purchases** | **Sales** | **Sales** |  |
| *Broad Market Bond Fund* | | *$39456209* | | *$43037967* | |

---

6. REORGANIZATION

At a meeting held on June 3, 2021, the Board of Trustees approved a Plan of Reorganization (the "Reorganization") providing for: (i) the acquisition by the Wilmington Broad Market Bond Fund (the "Acquiring Fund") of substantially all of the Assets of the Wilmington Intermediate-Term Bond Fund (the "Acquired Fund"), a series of the Trust, in exchange solely for Class A and Class I shares of the Acquiring Fund ("Acquiring Fund Shares"); (ii) the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund; (iii) the distribution of the Acquiring Fund Shares to shareholders of the Acquired Fund holding the corresponding class of shares of the Acquired Fund; and (iv) the

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

35 *NOTES TO FINANCIAL STATEMENTS (continued)*

liquidation and dissolution of the Acquired Fund. The purpose of the transaction was to combine two funds managed by the Investment Advisor with comparable investment objectives and strategies.

The Reorganization was consummated through a tax-free exchange of shares as of the close of business on August 20, 2021. For financial reporting purposes, the Acquiring Fund was deemed to be the accounting survivor and assets received and shares issued by the Acquiring Fund were recorded at net asset value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The cost, market value and unrealized appreciation of the investments of the Acquired Fund as of the close of business on August 20, 2021 were $25,615,221, $26,646,484 and $1,031,263, respectively.

The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Fund prior to the Reorganization, as shown in the following table:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Acquired Fund<br>Net Assets** | **Acquired Fund<br>Shares<br>Outstanding** | **Acquired Fund<br>Shares<br>Outstanding** | **Shares<br>Converted to<br>Acquiring Fund** | **Shares<br>Converted to<br>Acquiring Fund** | **Conversion Ratio** | **Conversion Ratio** |  |
| &nbsp;&nbsp;&nbsp; *Class A* | $*1020482* | | *105144* | | *98320* | | *0.93509* | |
| &nbsp;&nbsp;&nbsp; *Class I* | *25685831* | | *2645223* | | *2517137* | | *0.95158* | |

---

The net assets of the Acquiring Fund before the Reorganization were $613,179,107. The net assets of the Acquiring Fund immediately following the Reorganization were $639,885,420.

Assuming the Reorganization had been completed on May 1, 2021, the Acquiring Fund's pro forma results of operations for the fiscal year ended April 30, 2022, would have been as follows:

---

| | |
|:---|:---|
| *Net investment income (loss)* | $*175203* |
| *Net realized gain (loss) on investments* | *526653* |
| *Net change in unrealized appreciation (depreciation)* | *(426249* |
| *Net increase (decrease) in net assets resulting from operations* | $*275607* |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund's Statement of Operations since the Reorganization was consummated on August 20, 2021.

7. 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.

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.

9. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit ("LOC") agreement with BNYM. 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. The LOC expires on March 31, 2023.

The Funds did not utilize the LOC during the six months ended October 31, 2022.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*NOTES TO FINANCIAL STATEMENTS (concluded)* 36

10. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued ASU No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. Management has evaluated the impact of applying ASU 2020-04 and concluded that it does not have a material impact on the Funds' financial statements.

11. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require recognition or disclosure in the Funds' financial statements through this date.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

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DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

**Renewal of Advisory and Sub-Advisory Agreements Generally** 

At a meeting held on September 14-15, 2022 (the "September Meeting"), the Board of Trustees of the Trust 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 Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 25, 2022, the Board held a special meeting (the "August Meeting") with personnel of the Adviser and 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 three multi-manager Funds (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 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:

• 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;

• 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;

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

• 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;

• 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;

• 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;

• 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; potential fall-out benefits to the Sub-Adviser; and the financial stability of the Sub-Adviser and its parent companies, as relevant; and

• 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, 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 and concluded that, for each Fund, the level of profitability did not appear unreasonably high.

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:

• 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;

• The prospects for satisfactory investment performance were reasonable; and

• 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 ratios 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- and three-year periods, and below the peer group average for the five-year period, ended June 30, 2022.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

*Semi-Annual Report* 38

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 above the Fund's expense group median and net total expense ratio was 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, 2022. The Board considered management's explanation of the Fund's underperformance and its view that underperformance could be attributed to the effects of the pandemic in 2020, during which the Fund's portfolio was constructed to reduce risk and preserve capital, and the municipal market rally in 2021, during which the Fund's peers invested in fixed income securities and derivatives that outperformed relative to the Fund's holdings, such as high yield municipal bonds, taxable bonds, and inflation swaps.

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 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 below the peer group average for the one-, three- and five-year periods ended June 30, 2022. The Board considered management's explanation of the Fund's underperformance and its view that underperformance could be attributed to the effects of the pandemic in 2020, during which the Fund's portfolio was constructed to reduce risk and preserve capital, and the municipal market rally in 2021, during which the Fund's peers invested in fixed income securities and derivatives that outperformed relative to the Fund's holdings, such as high yield municipal bonds, taxable bonds, and inflation swaps.

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

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

39.0 **Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.** 

**VOTING PROXIES ON FUND PORTFOLIO SECURITIES** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds' portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds' website. Go to www.wilmingtonfunds.com select "Proxy Voting Record" to access the link. This information is also available from the Edgar database on the SEC's website at <u>www.sec.gov.</u>

**QUARTERLY PORTFOLIO SCHEDULE** 

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Form N-PORT is available on the SEC's website at <u>www.sec.gov.</u>

**Important information about the access and delivery of shareholder reports** 

Beginning on June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund's shareholder reports will no longer be sent to you by mail, unless you specifically request them. You will be notified by mail each time a report is posted on the Funds' website and you will be provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive other communications electronically from the Fund by contacting your financial intermediary or, if you hold shares directly with the Fund, by calling 1-800-836-2211.

You may elect to receive paper copies of all future shareholder reports free of charge. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to receive paper copies of your shareholder reports. If you are a direct investor you can inform the Wilmington Funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at 1-800-836-2211. Your election to receive paper reports will apply to all funds held directly with Wilmington Funds and may apply to all funds held with your financial intermediary.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

------

**PRIVACY POLICY AND NOTICE** 

**OF THE FUNDS AND THEIR DISTRIBUTOR** 

**December 9, 2021** 

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; insure 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:

• 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.

• We may receive information from you, or from your financial representative, through transactions with us or
others, correspondence, and other communications. Examples of this information include specific investments and your account balances.

• We may obtain other personal information from you in connection with providing you a financial product or
service. Examples of this information include depository, debit or credit account numbers.

**Information Sharing Policy** 

The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:

• We may share information when it is necessary and required to process a transaction or to service a customer
relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders.

• We may share information when it is required or permitted by law. For example, information may be shared in
response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney.

• We may disclose some or all 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.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)* 

------

**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.

• 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.

• We may also collect non-personally identifiable Internet Protocol ("IP") addresses for all other
visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party.

**E-mail** 

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer's request, send you e-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, username, or password 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 Statement** 

The effective date of this policy is December 9, 2021. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

Notice will be provided to you in advance of any changes that would affect your rights under this policy statement.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT* 

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![LOGO](g282710dsp52a.jpg)

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

---

  <u> WT-SAR-FI-1022</u>

**Wilmington Funds \| 1-800-836-2211 \| <u>www.wilmingtonfunds.com</u>** 

*We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.* 

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![LOGO](g385266g70a01.jpg)

FUNDS <br>October 31, 2022 (unaudited) <br>PRESIDENT'S MESSAGE AND <br>Semi-Annual Report <br>WILMINGTON FUNDS <br>Equity Fund <br>Wilmington International Fund <br>Alternatives Fund <br>Wilmington Global Alpha Equities Fund <br>Asset Allocation Fund <br>Wilmington Real Asset Fund

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![LOGO](g385266g70a02.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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington International Fund ("International Fund")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Global Alpha Equities Fund ("Global Alpha Equities Fund")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilmington Real Asset Fund ("Real Asset Fund")

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![LOGO](g385266g70a03.jpg)

---

| | |
|:---|:---|
|  [President's Message](#tx385266_1) | i |
|  [Shareholder Expense Example](#tx385266_2) | 1 |
|  [Portfolios of Investments](#tx385266_3) | 2 |
|  [Statements of Assets and Liabilities](#tx385266_4) | 32 |
|  [Statements of Operations](#tx385266_5) | 33 |
|  [Statements of Changes in Net Assets](#tx385266_6) | 34 |
|  [Financial Highlights](#tx385266_7) | 36 |
|  [Notes to Financial Statements](#tx385266_8) | 39 |
|  [Discussion of Renewal of Advisory and Sub-Advisory Agreements](#tx385266_9) | 50 |
|  [Other Information](#tx385266_10) | 52 |

---

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i

PRESIDENT'S MESSAGE (unaudited)

**Esteemed Shareholder:** 

I am pleased to present the Semi-Annual Report of the International Fund, Global Alpha Equities Fund, and Real Asset Fund (the "Funds"), covering the semi-annual fiscal period of May 1, 2022, through October 31, 2022. Inside you will find a comprehensive review of the Funds' holdings and financial statements.

**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 semi-annual fiscal period between May and October was turbulent. At the onset of the period, inflation concerns rattled investors as U.S. Consumer Price Index ("CPI") accelerated in May to 8.6% and again in June, making a new cycle high of 9.1% and reaching its highest level in 40-years. U.S. consumers felt pain at the gas pump as the national average for a gallon of gasoline topped $5 in mid-June and consumer sentiment reached its lowest level on record. However, job growth in the U.S. remained strong with nearly 400,000 net new jobs added per month for the first three months of the period (May-July). The strong job reports stoked investor fears that the Federal Reserve (the "Fed") would hike rates more aggressively due to the underlying strength of the labor market. Fears were warranted as the Fed hiked interest rates by 150 basis points<sup>1</sup> in just a six-week period, the most since 1982. At the same time, the U.S. posted a second consecutive quarter of negative Gross Domestic Product "GDP" (-0.9% quarter-on-quarter, for Q2) marking a "technical recession".

Over the summer, economic data and some commentary from the Fed led investors to suspect that the Fed would pause or pivot from its hawkish stance. Equity markets bottomed in mid-June and decisively rallied throughout the summer on the back of the 'Fed Put' narrative and in lockstep with stronger-than-expected corporate earnings. Chair Powell ended rumors of a pivot in a 10-minute speech delivered at the Fed's annual Jackson Hole symposium in August. In the speech, Powell noted that pain for households and businesses was "the unfortunate cost of reducing inflation." U.S. equity indices sold off following the Jackson Hole speech and remained under pressure through mid-October. The economy finished the period on a high note with Q3 GDP rebounding and beating consensus estimates (+2.6% quarter-on-quarter, for Q3).

Abroad, the economic picture was far more dismal. The war in Ukraine escalated as Russian gas providers shut down natural gas pipelines to Europe. Russia's weaponization of energy exacerbated inflation and weighed on consumer confidence. In July, the European Central Bank hiked interest rates by 50 basis points, taking rates out of negative territory for the first time since 2014. During the period, the U.K. saw three different Prime Ministers in office. Boris Johnson resigned in July after a three-year run following a vote of no confidence. Liz Truss took over and released a 'mini-budget' featuring nearly 50 billion in unfunded tax cuts. Markets reacted sharply with the pound notching its third worst day since 1992. The Bank of England was forced to intervene at the eleventh hour and buy long dated bonds to bail out several of the nation's largest pension funds. Truss resigned after 45 days on the job amid the market turmoil and was replaced by Rishi Sunak.

In China, the political scene was less noisy after President Xi Jinping secured an unprecedented but expected third term in power. Xi was also able to strengthen his grip on power by stacking the Chinese Communist Party leadership with loyalists. The Chinese economy continued to be hurt by the government's enforcement of Zero-Covid restrictions and regulation in the property market. China's central bank was active, providing monetary and fiscal support to the economy in the form of prime rate cuts and infrastructure spending.

**Bond markets** 

Fixed income markets declined significantly during the period. Credit and Treasury indices underperformed Corporate High Yield and Municipal bond indices. The Fed Funds target rate increased 2.75% during the period driving Treasury yields higher across the curve. The 10-year Treasury yield ended the period up 107 basis points to 4.05%. The two-year Treasury yield pushed up 175 basis points to end the period at 4.48%. As for yield curve slopes, the 10y-2y ended the quarter deeply inverted at -43 basis points and the 10y-3m ducked into inversion territory at -1 basis points by the end of the period (down from +221 basis points at the start of the period). Volatility in the bond market, as measured by the ICE BofA MOVE Index, remained extremely heightened, ending the period at 147.9 compared to its five-year average of 69.5.

*PRESIDENT'S MESSAGE / October 31, 2022 (unaudited)*

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ii

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows:<sup>2</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bloomberg**<br> **U.S. Treasury**<br> **Bond Index<sup>3</sup>** | **Bloomberg**<br> **U.S. Aggregate**<br> **Bond Index<sup>4</sup>** | **Bloomberg**<br> **U.S. Credit**<br> **Bond Index<sup>5</sup>** | **Bloomberg**<br> **Municipal Bond**<br> **Index<sup>6</sup>**  | **Bloomberg**<br> **U.S. Corporate**<br> **High Yield Bond**<br> **Index<sup>7</sup>**  |
| *-6.34%* | *-6.86%* | *-7.57%* | *-4.43%* | *-4.69%* |

---

*Past performance is no guarantee of future results.* 

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

**Equity markets** 

Equity markets were down across the board during the period with U.S. small cap stocks the outperformer of the group. Overall, it was a tumultuous period for all indices. The S&P 500 made sharp moves in both directions rallying 17.4% through the summer followed by a subsequent drop of 16.7% around Powell's Jackson Hole speech. The two corporate earnings seasons during the period were both better than expected with the energy sector masking much of the weakness in equities. Mega cap tech stocks were hit hard by higher interest rates and lower ad spending revenue. Firms like Meta, Google and Amazon made headlines by announcing plans to reduce headcount. The Russell 1000 Value Index<sup>8</sup> outperformed its counterpart the Russell 1000 Growth Index<sup>9</sup>, declining 3.2% versus a -8.2% return for Growth. Economic weakness in Europe and China led the MSCI EAFE and MSCI Emerging Markets lower with both indices underperforming significantly.

For the six-month period May 1, 2022 to October 31, 2022, certain stock market indices performed as follows:

---

| | | | |
|:---|:---|:---|:---|
| **S&P 500<sup>®</sup>**<br> **Index<sup>10</sup>** | **Russell**<br> **2000<sup>®</sup>** <br> **Index<sup>11</sup>** | **MSCI EAFE**<br> **(Net) Index<sup>12</sup>** | **MSCI Emerging**<br> **Markets (Net)**<br> **Index<sup>13</sup>**  |
| *-5.50%* | *-0.20%* | *-12.70%* | *-19.66%* |

---

*Past performance is no guarantee of future results.* 

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

Sincerely,

![LOGO](g385266g70a04.jpg)

Eric W. Taylor

President

November 18, 2022

*October 31, 2022 (unaudited) / PRESIDENT'S MESSAGE*

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iii

**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.** 

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.

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

3. Bloomberg U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly
issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index.

4. Bloomberg U.S. Aggregate Bond Index is a widely used benchmark index for the domestic investment-grade bond
market composed of securities from the Bloomberg Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term
average maturities. The index is unmanaged and investments cannot be made directly in an index.

5. Bloomberg U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is
composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index.

6. Bloomberg Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market.
To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

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

8. The Russell 1000<sup>®</sup> Value Index is a
market-capitalization-weighted index that measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

9. The Russell 1000<sup>®</sup> Growth Index is a market
capitalization-weighted index that measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

10. 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.

11. 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 $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

12. 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.

13. 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 27 Emerging Markets countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece,
Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, 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.

*PRESIDENT'S MESSAGE / October 31, 2022 (unaudited)*

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SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 to October 31, 2022.

Actual Expenses

This section of the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds' actual returns. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the Annualized Net Expense Ratio section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account Value**<br> **5/01/22** | **Beginning**<br> **Account Value**<br> **5/01/22** | **Ending**<br> **Account Value**<br> **10/31/22** | **Ending**<br> **Account Value**<br> **10/31/22** | **Expenses**<br> **Paid**<br> **During Period<sup>(1)</sup>** | **Expenses**<br> **Paid**<br> **During Period<sup>(1)</sup>** | **Annualized**<br> **Net**<br> **Expense Ratio<sup>(2)</sup>** | **Annualized**<br> **Net**<br> **Expense Ratio<sup>(2)</sup>** |
|  WILMINGTON INTERNATIONAL FUND |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$850.80* | | *$5.08* | | *1.09 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$851.80* | | *$3.92* | | *0.84 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$1019.71* | | *$5.55* | | *1.09 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$1020.97* | | *$4.28* | | *0.84 %* |
|  WILMINGTON GLOBAL ALPHA EQUITIES FUND |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$979.40* | | *$7.43* | | *1.49 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$979.80* | | *$6.19* | | *1.24 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$1017.69* | | *$7.58* | | *1.49 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$1018.95* | | *$6.31* | | *1.24 %* |
|  WILMINGTON REAL ASSET FUND |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Actual** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$850.70* | | *$4.06* | | *0.87 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$851.80* | | *$2.89* | | *0.62 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hypothetical (assuming a 5% return before expenses)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class A* | | *$1000.00* | | *$1020.82* | | *$4.43* | | *0.87 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* | | *$1000.00* | | *$1022.08* | | *$3.16* | | *0.62 %* |

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<sup>(1)</sup> Expenses are equal to the Funds' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

<sup>(2)</sup> Expense ratio does not reflect the indirect expenses of the underlying funds in which the Funds invest.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

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2.0 PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At October 31, 2022, the Fund's sector classifications and country allocations were as follows (unaudited):

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| | |
|:---|:---|
|  | **Percentage of**<br> **Total Net Assets** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 14.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 2.6% |
|  Equity-Linked Warrants | 1.5% |
|  Investment Company | 1.0% |
|  Preferred Stocks | 0.5% |
|  Cash Equivalents<sup>(1)</sup> | 5.6% |
|  Cash Collateral Invested for Securities on Loan<sup>(2)</sup> | 2.7% |
|  Other Assets and Liabilities - Net<sup>(3)</sup> | (1.1)% |
|  TOTAL | **100.0%** |

---

---

| | |
|:---|:---|
| **Country Allocation** | **Percentage of**<br> **Total Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 20.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other countries less than 1.0% | 5.0% |
|  Equity-Linked Warrants | 1.5% |
|  Investment Company | 1.0% |
|  Preferred Stocks | 0.5% |
|  Cash Equivalents<sup>(1)</sup> | 5.6% |
|  Cash Collateral Invested for Securities on Loan<sup>(2)</sup> | 2.7% |
|  Other Assets and Liabilities - Net<sup>(3)</sup> | (1.1)% |
|  TOTAL | **100.0%** |

---

<sup>(1)</sup> Cash Equivalents include investments in a money market fund.

<sup>(2)</sup> Cash Collateral Invested for Securities on Loan include investments in money market funds and repurchase agreements.

<sup>(3)</sup> Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS<sup>¢</sup>

October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
|  **COMMON STOCKS – 89.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRALIA – 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. | 175587 | $2870752 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 136360 | 3258639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 13569 | 1733365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC | 173201 | 992141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incitec Pivot Ltd. | 952783 | 2285429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 31579 | 1781597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 19996 | 1040398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 37004 | 851632 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUSTRALIA |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14813953 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUSTRIA – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 13717 | $338353 |
| &nbsp;&nbsp;&nbsp;&nbsp; voestalpine AG | 9611 | 208768 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUSTRIA |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547121 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BELGIUM – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 4060 | 140551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA | 7249 | 362490 |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 478 | 79502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | 4425 | 326226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries NV | 199 | 1107206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montea NV | 11702 | 799107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA | 3446 | 310719 |

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*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

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---

| | |
|:---|:---|
| 3.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington International Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 18257 | $1377002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Umicore SA | 10011 | 329944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw | 2385 | 61234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xior Student Housing NV | 19275 | 541930 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BELGIUM |  | $5435911 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BERMUDA – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hiscox Ltd. | 25743 | 265462 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BULGARIA – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petrol AD\*<sup>,(1)</sup> | 2384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHINA – 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd.\* | 106028 | 830027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR\* | 20090 | 1277322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baozun, Inc., Class A\* | 463100 | 608841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Budweiser Brewing Co. APAC Ltd. | 702200 | 1477817 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Mengniu Dairy Co. Ltd.\* | 401000 | 1284790 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., Class H | 848200 | 1367986 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Petroleum & Chemical Corp., Class H | 4972000 | 1963552 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Land Ltd. | 352000 | 1103132 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Medical Holdings Co. Ltd. | 21000 | 10032 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Tourism Group Duty Free Corp. Ltd., Class H\* | 10900 | 215649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Wall Motor Co. Ltd., Class H | 927000 | 1012069 |
| &nbsp;&nbsp;&nbsp;&nbsp; H World Group Ltd., ADR | 59093 | 1600238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haitian International Holdings Ltd. | 695000 | 1391833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hollysys Automation Technologies Ltd. | 91280 | 1455003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hutchmed China Ltd., ADR\*<sup>,#</sup> | 90280 | 798075 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc., Class A | 107741 | 1991582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 76900 | 1222618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV\* | 7729 | 336386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenzhou International Group Holdings Ltd. | 153200 | 1061714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 129600 | 3394516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wuxi Biologics Cayman, Inc.\* | 230000 | 1040174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 24103 | 996659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 17800 | 719288 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHINA |  | $27159303 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DENMARK – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller – Maersk A/S, Class B | 144 | 301214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg AS, Class B | 629 | 74135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chr Hansen Holding A/S | 5704 | 316759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 3252 | 362566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant A/S\* | 22215 | 607099 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 5533 | 749062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S\* | 4512 | 1739093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netcompany Group A/S\*<sup>,#</sup> | 17693 | 607277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 41707 | 4534224 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 931 | 185352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Unibrew A/S | 13948 | 796600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 3060 | 66222 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DENMARK |  | $10339603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINLAND – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 6735 | 325538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 22505 | 316817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ, Class B | 10725 | 208800 |

---

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 782 | $32033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 9423 | 412907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 84522 | 376465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 78247 | 747801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 2637 | 121310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 5129 | 234581 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 44908 | 1504937 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FINLAND |  | $4281189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FRANCE – 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA\* | 8048 | 192791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adevinta ASA\* | 15666 | 107292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris\* | 1580 | 213995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 5930 | 775321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 9805 | 1061807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA | 16958 | 349587 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 42444 | 1048632 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 17010 | 798397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore SE | 10661 | 53363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 3155 | 518356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 1947 | 31334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain | 13595 | 556220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 20330 | 518552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 29054 | 1445393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 14902 | 499978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred | 28093 | 1442561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA | 22338 | 263803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 47289 | 614731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esker SA | 5538 | 727352 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 6135 | 972188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo SE | 14515 | 829109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Faurecia SE\* | 37052 | 553644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International | 687 | 889735 |
| &nbsp;&nbsp;&nbsp;&nbsp; ID Logistics Group\* | 5832 | 1567665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA | 1018 | 104628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA | 515 | 236000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 6377 | 486142 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 4482 | 1408972 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 7097 | 4481697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neoen SA<sup>#</sup> | 31730 | 1107535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 186536 | 1775419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 3930 | 690155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 3870 | 217004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remy Cointreau SA | 607 | 93039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA\* | 11485 | 353781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 6825 | 760275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi | 34465 | 2974463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 3368 | 1069090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 22929 | 526269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA | 1772 | 157151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somfy SA | 5833 | 621409 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPIE SA | 30684 | 718060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technip Energies NV | 123648 | 1596479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 11000 | 1398522 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 45377 | 2470894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA | 21025 | 469374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 19430 | 1789214 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 4.0 |
| *Wilmington International Fund (continued)* |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virbac SA | 3762 | $922013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivendi SA | 9487 | 77667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline SA\* | 4100 | 179577 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FRANCE |  | $42716635 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GERMANY – 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG | 223 | 21813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 6711 | 1208377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA | 107306 | 212939 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 20240 | 908799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG | 34086 | 1792742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 6268 | 492575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf AG | 1552 | 149051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bertrandt AG | 10721 | 319440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 1966 | 119372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carl Zeiss Meditec AG | 948 | 114812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG\* | 27413 | 219328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 4178 | 216685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro AG | 5498 | 187126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 2909 | 473339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG\* | 27931 | 191646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 8870 | 314779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 134079 | 2539298 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 62021 | 519513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evotec SE\* | 36688 | 700302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG & Co. KGaA | 9695 | 268079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 12326 | 283821 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG | 3347 | 117092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE | 1004 | 163515 |
| &nbsp;&nbsp;&nbsp;&nbsp; HeidelbergCement AG | 3986 | 183762 |
| &nbsp;&nbsp;&nbsp;&nbsp; HelloFresh SE\* | 6073 | 121593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 2366 | 139006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG | 27354 | 666083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 6956 | 402832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 3393 | 553267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs AG | 6653 | 1758109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE | 3306 | 158000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Work SE | 4278 | 536077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 1040 | 169070 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 15847 | 610615 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 19797 | 1910854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 14749 | 1612655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG | 654 | 30105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG | 1762 | 179963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Deutschland Holding AG | 76883 | 167611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniper SE | 52510 | 157340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 21429 | 474369 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GERMANY |  | $21365754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HONG KONG – 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 583600 | 4419945 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM Pacific Technology Ltd. | 150400 | 827716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 46000 | 1224768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Electric Holdings Ltd. | 822436 | 847618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 65335 | 607502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Properties Ltd. | 832000 | 1598359 |

---

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 295500 | $2798905 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HONG KONG |  | $12324813 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDIA – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd., ADR | 87312 | 5440411 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDONESIA – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT | 3371600 | 2280518 |
| &nbsp;&nbsp;&nbsp;&nbsp; **IRELAND – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV\* | 4905 | 261976 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 13409 | 483412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC\* | 2480 | 328170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A | 4156 | 361431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC | 4896 | 247246 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IRELAND |  | $1682235 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ITALY – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplifon SpA | 6445 | 160123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assicurazioni Generali SpA | 12425 | 186518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantia SpA | 12971 | 289444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG\* | 3316 | 72348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 56765 | 253507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 35670 | 467215 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERG SpA | 28108 | 881665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 3167 | 624393 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 116119 | 1565253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA | 149322 | 1318073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 330856 | 630722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | 35359 | 320502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 3636 | 156990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi SpA\* | 30183 | 261595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA | 17786 | 155029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA | 37967 | 1237814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salvatore Ferragamo SpA<sup>#</sup> | 62044 | 912367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technoprobe SpA\* | 92890 | 638918 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 50339 | 624232 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ITALY |  | $10756708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **JAPAN – 20.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AEON Financial Service Co. Ltd. | 125200 | 1225940 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 40300 | 1264330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Water, Inc. | 171700 | 1920287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amano Corp. | 93800 | 1606702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anritsu Corp.<sup>#</sup> | 42000 | 423404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ariake Japan Co. Ltd. | 7600 | 263223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 26600 | 744897 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIPROGY Inc | 72700 | 1571879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 79700 | 649092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 69500 | 1101895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 9100 | 1369942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiseki Co. Ltd. | 50820 | 1572158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 80100 | 1622524 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 23000 | 1243619 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 473000 | 1558058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 50400 | 1952345 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 27300 | 1251950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 72900 | 3314193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 132000 | 2994290 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 5.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington International Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichikoh Industries Ltd. | 236700 | $676536 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. | 47700 | 1065026 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 75800 | 1962098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iwatani Corp. | 14900 | 549124 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Front Retailing Co. Ltd. | 128500 | 1038750 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAC Recruitment Co. Ltd. | 75600 | 1286311 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAFCO Group Co. Ltd. | 61800 | 948851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd.\* | 61400 | 1145869 |
| &nbsp;&nbsp;&nbsp;&nbsp; JGC Holdings Corp. | 54300 | 654397 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSP Corp. | 29100 | 284356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kamigumi Co. Ltd. | 73400 | 1395980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaneka Corp. | 18200 | 451649 |
| &nbsp;&nbsp;&nbsp;&nbsp; KH Neochem Co. Ltd. | 109700 | 1873152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 35600 | 681857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kumagai Gumi Co. Ltd. | 63700 | 1076982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi, Inc.<sup>#</sup> | 39100 | 915081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kureha Corp. | 9200 | 591493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Corp. | 29400 | 438543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lion Corp. | 204400 | 2067437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mabuchi Motor Co. Ltd. | 73500 | 1996974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 75100 | 2035900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co., Inc. | 55400 | 704911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 546200 | 2569467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 80100 | 1534987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 20500 | 1006423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabtesco Corp. | 50300 | 1070645 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Networks & System Integration Corp. | 177900 | 1907076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 25900 | 434933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon Kohden Corp. | 13800 | 309513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Gas Co. Ltd. | 29000 | 421460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone Corp. | 82200 | 2263202 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOK Corp. | 81800 | 668945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. | 86400 | 1824513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 91100 | 2141872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organo Corp. | 22700 | 393103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Industrial Co. Ltd. | 91300 | 642867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 50100 | 822449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 17700 | 546373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relia, Inc. | 76800 | 515461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rengo Co. Ltd. | 375300 | 2082266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santen Pharmaceutical Co. Ltd. | 72400 | 495667 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 28800 | 520625 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 9000 | 495713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seino Holdings Co. Ltd. | 57400 | 441613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Septeni Holdings Co. Ltd. | 430400 | 1285165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shibaura Machine Co. Ltd. | 75000 | 1458691 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 41300 | 1777598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 20500 | 853805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 38700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599520 |
| &nbsp;&nbsp;&nbsp;&nbsp; SUMCO Corp. | 52500 | 666952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 73300 | 766053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 31100 | 874678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 66100 | 1855041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tadano Ltd. | 90200 | 552016 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 37900 | 1186486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 27300 | 830594 |
| &nbsp;&nbsp;&nbsp;&nbsp; THK Co. Ltd. | 45400 | 793229 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Century Corp. | 38800 | $1322950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Fudosan Holdings Corp. | 438800 | 2228010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tomy Co. Ltd. | 38600 | 339027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Torii Pharmaceutical Co. Ltd. | 24200 | 491503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyo Tanso Co. Ltd. | 27000 | 677292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 258400 | 3578969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsumura & Co. | 50500 | 1054524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welcia Holdings Co. Ltd. | 24600 | 514516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | 84500 | 1252483 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL JAPAN |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101560280 |
| &nbsp;&nbsp;&nbsp;&nbsp; **JORDAN – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | 11058 | 158390 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MACAO – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 289000 | 1319887 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NETHERLANDS – 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aalberts NV | 29188 | 1014769 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 18397 | 181008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV\* | 116 | 166522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon NV | 65543 | 303461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel NV | 2531 | 156179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcadis NV | 24701 | 839242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE\* | 729 | 284427 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 449 | 99749 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 7135 | 3370456 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV | 34474 | 1519134 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR NV\* | 4080 | 274180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV | 1960 | 133845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 19976 | 1670112 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD NV | 11699 | 1518030 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 63790 | 627505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 65193 | 1820062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke DSM NV | 225 | 26527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 27487 | 348188 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 9677 | 409787 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCI NV | 3055 | 116900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 135610 | 3738642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV | 11460 | 224831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 4417 | 469466 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NETHERLANDS |  | $19313022 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NORWAY – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 7896 | 251702 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 89177 | 1578331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 20365 | 745067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 15183 | 96360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 31060 | 209613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 32988 | 299858 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOMRA Systems ASA | 38255 | 618268 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NORWAY |  | $3799199 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PHILIPPINES – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayala Land, Inc. | 1800000 | 792062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Converge Information and Communications Technology Solutions, Inc.\* | 2982000 | 633965 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHILIPPINES |  | $1426027 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 6.0 |
| *Wilmington International Fund (continued)* |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **PORTUGAL – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP-Energias de Portugal SA | 367099 | $1605326 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SINGAPORE – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 444661 | 3810214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 10225 | 507978 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 9166 | 286242 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SINGAPORE |  | $4604434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH AFRICA – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 21860 | 653926 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOUTH KOREA – 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE\* | 3305 | 108927 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Chem Ltd. | 6505 | 2858738 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. | 11557 | 1375205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 184629 | 7699086 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 13151 | 763514 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOUTH KOREA |  | $12805470 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SPAIN – 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA | 1540 | 277139 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | 12621 | 323667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA\* | 593 | 30907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA<sup>#</sup> | 418863 | 2156221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 365024 | 945847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA<sup>#</sup> | 315503 | 1906943 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 496936 | 1646648 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis SA | 14160 | 298204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SA | 16649 | 406563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 196899 | 1999365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 27605 | 625818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA | 20679 | 280893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Gamesa Renewable Energy SA\* | 15431 | 273884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica SA | 8072 | 27801 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPAIN |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11199900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SWEDEN – 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 3564 | 87831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alleima AB\* | 3640 | 12402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 23431 | 473238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 82423 | 881173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanza Bank Holding AB<sup>#</sup> | 38525 | 769370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axfood AB | 39473 | 977423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB | 8878 | 258592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embracer Group AB\* | 24314 | 117086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 25577 | 391605 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 7675 | 151259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 3978 | 84091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 3138 | 293587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortnox AB | 191269 | 814277 |
| &nbsp;&nbsp;&nbsp;&nbsp; GARO AB<sup>#</sup> | 62585 | 631450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge AB, Class B | 5114 | 103890 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B | 15844 | 159571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 45972 | 454674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 4433 | 160839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB | 7754 | 174235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 23976 | 391652 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B | 5211 | $205869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 22525 | 179732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB, Class B | 15037 | 123034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A | 33465 | 353102 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 5282 | 76447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB | 50545 | 469917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 32048 | 477910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Match AB | 141232 | 1453099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thule Group AB | 31323 | 617314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 22499 | 368422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo Car AB, Class B\* | 59151 | 251204 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SWEDEN |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11964295 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SWITZERLAND – 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. | 26057 | 724449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelleron Industries AG\* | 1302 | 22078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon, Inc. | 2837 | 172654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bossard Holding AG, Class A<sup>#</sup> | 5037 | 1000006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 51 | 488940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Class A | 10715 | 1048012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clariant AG\*<sup>,#</sup> | 70402 | 1132647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emmi AG | 1582 | 1262314 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG | 156 | 98070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA | 46 | 137354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 39975 | 1815612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 3374 | 161633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG | 1638 | 843087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 47293 | 3820845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 534 | 479632 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA | 85 | 187512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siegfried Holding AG\* | 2286 | 1360619 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIG Group AG\* | 3952 | 75934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG | 3387 | 763753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG | 981 | 231890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding AG | 2456 | 233937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) | 902 | 203037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) | 2251 | 94055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG | 3520 | 1704547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG | 3463 | 1709453 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 71989 | 1142363 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group AG | 1042 | 238088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 5824 | 2485240 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SWITZERLAND |  | $23637761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TAIWAN – 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 115000 | 2105671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merida Industry Co. Ltd. | 308000 | 1682303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 759000 | 9186438 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TAIWAN |  | $12974412 |
| &nbsp;&nbsp;&nbsp;&nbsp; **THAILAND – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL | 553500 | 2123253 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UNITED KINGDOM – 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 14100 | 187651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allfunds Group PLC | 78471 | 495150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC | 11558 | 603090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods PLC | 20060 | 310450 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 7.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington International Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 33574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948063 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVEVA Group PLC | 6263 | 224091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC | 6772 | 32470 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 192742 | 1800121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 76720 | 130003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group Holdings PLC | 7157 | 284887 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 261794 | 1440481 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 64950 | 2557431 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. PLC (The) | 67490 | 283198 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 28410 | 42290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC | 3379 | 110090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group PLC | 12036 | 250522 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 26797 | 347048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 98898 | 2082889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International PLC | 18357 | 1423102 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Group PLC | 37822 | 820207 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC PLC | 3678 | 204148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 42967 | 1772898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 21920 | 697324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future PLC | 37592 | 525086 |
| &nbsp;&nbsp;&nbsp;&nbsp; GB Group PLC\* | 144666 | 630763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Portland Estates PLC | 166338 | 980488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC\* | 149434 | 459274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 12087 | 293168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hargreaves Lansdown PLC | 8587 | 75157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hill & Smith Holdings PLC | 85605 | 969938 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 272366 | 1397139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 76802 | 1870746 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | 4999 | 269215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group PLC | 31744 | 1330203 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 133731 | 298137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Just Eat Takeaway.com NV\* | 3600 | 61762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 113437 | 284766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 464118 | 223652 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 5001 | 433921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marshalls PLC | 185886 | 538051 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 28518 | 310169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC | 24629 | 271261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persimmon PLC | 4264 | 63814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 6905 | 457698 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 40059 | 1075447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | 42708 | 266634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) | 17967 | 149754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | 28853 | 129608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent PLC | 11772 | 337908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 139540 | 1648252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 7456 | 133431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax-Sarco Engineering PLC | 9579 | 1180909 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 88653 | 1581943 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSP Group PLC\* | 437787 | 1015655 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. James's Place PLC | 19374 | 236623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 426400 | 2550366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tate & Lyle PLC | 1 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 73934 | 3369880 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNITE Group PLC (The) | 97946 | 1000811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victrex PLC | 40089 | 759951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 154194 | 179730 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 40618 | $356808 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED KINGDOM |  | $47765730 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UNITED STATES – 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 20008 | 3589616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson PLC | 5382 | 586965 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 158025 | 2589315 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC, CDI | 129813 | 2823186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 48892 | 5323996 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV\* | 2804 | 121095 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc., CDI | 95304 | 2075729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 16036 | 5325582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 215 | 87215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsonite International SA\* | 1326286 | 2852064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 10728 | 1359806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 21208 | 286297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 8207 | 110959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 7259 | 539342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 9413 | 146094 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNITED STATES |  | $27817261 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $457,985,518)** |  | $**444138189** |
|  **INVESTMENT COMPANY – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Canada ETF<sup>#</sup> | 160000 | 5284800 |
|  **TOTAL INVESTMENT COMPANY**<br> **(Cost $5,747,528)** |  | $**5284800** |
|  **PREFERRED STOCKS – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **GERMANY – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA, 1.85% | 25498 | 1607154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG, 1.26% | 827 | 291852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sixt SE, 3.92% | 5034 | 293516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG, 7.56% | 1113 | 142264 |
|  **TOTAL PREFERRED STOCKS**<br> **(Cost $2,497,683)** |  | $**2334786** |
|  **EQUITY-LINKED WARRANTS – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHINA – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Issuer UBS AG) China Tourism Group Duty Free Corp. Ltd. Strike price $0, Expire 10/23/23\* | 42000 | 922796 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Issuer UBS AG) Gongniu Group Co. Ltd., Strike price $0, Expire 06/21/23\* | 70100 | 1151904 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Issuer UBS AG) LONGi Green Energy Technology Co. Ltd., Strike price $0, Expire 05/15/23\* | 224720 | 1480523 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Issuer UBS AG) Midea Group Co. Ltd., Strikeprice $0, Expire 06/21/23\* | 257100 | 1415378 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Issuer UBS AG) Shanghai Kelai Mechatronics Engineering Co. Ltd., Strike price $0, Expire 03/08/23\* | 435800 | 1245909 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Issuer UBS AG) Zhejiang Sanhua Intelligent Controls Co. Ltd. Strike price $0, Expire 10/23/23\* | 418800 | 1219343 |
|  **TOTAL EQUITY-LINKED WARRANTS**<br> **(Cost $9,534,002)** |  | $**7435853** |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*PORTFOLIOS OF INVESTMENTS* 8

*Wilmington International Fund (continued)* 

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
|  **MONEY MARKET FUND – 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%<sup>^</sup> | 27623134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27623134 |
|  **TOTAL MONEY MARKET FUND**<br> **(Cost $27,623,134)** |  | $**27623134** |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.7%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.7%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUNDS – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Liquidity Fed Fund, Institutional Shares, 2.87%<sup>^</sup> | 760000 | 760000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07%<sup>^</sup> | 1070000 | 1070000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>^</sup> | 1070000 | 1070000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 2.88%<sup>^</sup> | 780000 | 780000 |
|  **TOTAL MONEY MARKET FUNDS<br>(Cost $3,680,000)**<br>|  | $**3680000**  |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Par Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $2,568,104, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 1/01/61; total market value of $2,619,244. | $&nbsp;&nbsp;&nbsp;&nbsp;2567886 | 2567886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, 3.05%,dated 10/31/22, due 11/01/22, repurchase price $2,128,940, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.63%, maturing 11/01/22 to 11/01/52; totalmarket value of $2,171,335. | 2128760 | 2128760 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Par Value** | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $2,568,104, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $2,619,244. | $| 2567886 | $2567886 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchaseprice $2,568,104, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market valueof $2,619,244. |  | 2567886 | 2567886 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(Cost $9,832,418)** |  |  | $**9832418** |
|  **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(Cost $13,512,418)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(Cost $13,512,418)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN**<br> **(Cost $13,512,418)** | $**13512418** |
|  **TOTAL INVESTMENTS – 101.1%**<br> **(Cost $516,900,283)** |  |  | $**500329180** |
|  **COLLATERAL FOR SECURITIES ON LOAN – (2.7%)** | **COLLATERAL FOR SECURITIES ON LOAN – (2.7%)** | **COLLATERAL FOR SECURITIES ON LOAN – (2.7%)** | **(13512418)** |
|  **OTHER ASSETS LESS LIABILITIES – 1.6%** |  |  | **7931581** |
|  **TOTAL NET ASSETS – 100.0%** |  |  | $**494748343** |

---

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, 2022 in valuing the Fund's assets and liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|   **<u>Assets</u>** |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $14813953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $14813953 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | 547121 |  |  | 547121 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | 5435911 |  |  | 5435911 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 265462 |  |  | 265462 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulgaria |  |  | — <sup>(a)</sup> |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 27159303 |  |  | 27159303 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 10339603 |  |  | 10339603 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | 4281189 |  |  | 4281189 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 42716635 |  |  | 42716635 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 21365754 |  |  | 21365754 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 12324813 |  |  | 12324813 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 5440411 |  |  | 5440411 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

9 *PORTFOLIOS OF INVESTMENTS*

*Wilmington International Fund (continued)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | $2280518 | $— | $— | $2280518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1682235 |  |  | 1682235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 10756708 |  |  | 10756708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 101560280 |  |  | 101560280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jordan | 158390 |  |  | 158390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macao | 1319887 |  |  | 1319887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 19313022 |  |  | 19313022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 3799199 |  |  | 3799199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 1426027 |  |  | 1426027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 1605326 |  |  | 1605326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 4604434 |  |  | 4604434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 653926 |  |  | 653926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 12805470 |  |  | 12805470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 11199900 |  |  | 11199900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 11964295 |  |  | 11964295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 23637761 |  |  | 23637761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 12974412 |  |  | 12974412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 2123253 |  |  | 2123253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 47765730 |  |  | 47765730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 27817261 |  |  | 27817261 |
| &nbsp;&nbsp; Investment Company | 5284800 |  |  | 5284800 |
| &nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2334786 |  |  | 2334786 |
| &nbsp;&nbsp; Equity-Linked Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 7435853 |  | 7435853 |
| &nbsp;&nbsp; Money Market Funds | 31303134 |  |  | 31303134 |
| &nbsp;&nbsp; Repurchase Agreements |  | 9832418 |  | 9832418 |
| &nbsp;&nbsp; Total Investments in Securities | $483060909  | $17268271  | $—  | $500329180  |
| &nbsp;&nbsp; **<u>Liabilities</u>** |  |  |  |  |
| &nbsp;&nbsp; **Other Financial Instruments<sup>!</sup>** |  |  |  |  |
| &nbsp;&nbsp; Financial Futures Contracts | $(815809 ) | $—  | $—  | $(815809 ) |
| &nbsp;&nbsp; Total Liabilities - Other Financial Instruments | $(815809 ) | $—  | $—  | $(815809 ) |

---

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

<sup>!</sup> Other financial instruments are derivative instruments, such as financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

------

<sup>¢</sup> Country classifications are based on primary country of risk.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | Represents less than 0.05%.  |

---

<sup>\*</sup> Non-income producing security.

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

<sup>^</sup> 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

CDI CREST Depository Interest

ETF Exchange-Traded Fund

MSCI Morgan Stanley Capital International

OYJ Public Limited Company

PCL Public Company Limited

PLC Public Limited Company

SCA Limited Partnership With Share Capital

SpA Societa per Azioni

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*PORTFOLIOS OF INVESTMENTS* 10

*Wilmington International Fund (concluded)* 

&nbsp;&nbsp;&nbsp;&nbsp;At October 31, 2022, the International Fund had open financial futures contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Contracts to Buy/Sell**<br>&nbsp;&nbsp;&nbsp;&nbsp; **LONG POSITIONS:** | **Expiration**<br> **Date**<br> | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation<sup>(a)</sup>** | **Unrealized <br>(Depreciation)<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED:** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI India Index | December 2022 | 134 | $13403367 | $12587558 | $— | $(815809) |
| &nbsp;&nbsp;&nbsp;&nbsp; UNREALIZED APPRECIATION (DEPRECIATION)<br> ON FINANCIAL FUTURES CONTRACTS |  |  |  |  | $— | $(815809) |

---

<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, 2022. 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* 

------

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

11 <br>

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At October 31, 2022, the Fund's portfolio composition was as follows (unaudited):

---

| | |
|:---|:---|
| **Common Stocks** | **Percentage of**<br> **Total Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment  | 0.3% |

---

---

| | |
|:---|:---|
| **Common Stocks** | **Percentage of**<br> **Total Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airlines | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure | 0.0%<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine | 0.0%<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 0.0%<sup>(1)</sup> |
|  Exchange-Traded Funds | 0.4% |
|  Preferred Stock | 0.2% |
|  Cash Equivalents<sup>(2)</sup> | 4.3% |
|  Other Assets and Liabilities - Net<sup>(3)</sup> | 3.2% |
|  TOTAL | **100.0%** |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 12.0 |
| *Wilmington Global Alpha Equities Fund (continued)* |  |

---

---

| | |
|:---|:---|
| **Country Allocation** | **Percentage of**<br> **Total Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 50.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other countries less than 1.0% | 6.1% |
|  Exchange-Traded Funds | 0.4% |
|  Preferred Stocks | 0.2% |
|  Cash Equivalents<sup>(2)</sup> | 4.3% |
|  Other Assets and Liabilities - Net<sup>(3)</sup> | 3.2% |
|  TOTAL | **100.0%** |

---

<sup>(1)</sup> Represents less than 0.05%. 

<sup>(2)</sup> Cash Equivalents include investments in a money market fund.

<sup>(3)</sup> Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
|  **COMMON STOCKS – 91.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **AEROSPACE & DEFENSE – 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Austal Ltd. | 24883 | $39632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock International Group PLC\* | 24442 | 77251 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 158849 | 1483576 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 13980 | 796580 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc.\* | 17049 | 325375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA | 795 | 118163 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 86 | 21483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 2488 | 1210860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 6103 | 578686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 3568 | 453630 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AEROSPACE & DEFENSE |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105236 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIR FREIGHT & LOGISTICS – 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bpost SA | 6501 | 32123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 7128 | 697475 |
| &nbsp;&nbsp;&nbsp;&nbsp; PostNL NV | 17691 | 27746 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 2810 | 37266 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 2047 | 343425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | 13045 | 193357 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZTO Express Cayman, Inc., ADR | 12198 | 206024 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZTO Express Cayman, Inc. | 2039 | 34262 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIR FREIGHT & LOGISTICS |  | $1571678 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AIRLINES – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; easyJet PLC\* | 23902 | 95499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd.\* | 5027 | 93816 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co.\* | 10962 | $398469 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AIRLINES |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUTO COMPONENTS – 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 1509 | 78262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | 3160 | 81083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 694 | 106698 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOK Corp. | 9253 | 75669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Electric Co. Ltd. | 6777 | 115218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 12577 | 131441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Rubber Industries Ltd. | 7781 | 66771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tachi-S Co. Ltd. | 4641 | 34426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokai Rika Co. Ltd. | 6620 | 69096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyoda Gosei Co. Ltd. | 4178 | 66760 |
| &nbsp;&nbsp;&nbsp;&nbsp; TS Tech Co. Ltd. | 12060 | 126119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipres Corp. | 7131 | 41723 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTO COMPONENTS |  | $993266 |
| &nbsp;&nbsp;&nbsp;&nbsp; **AUTOMOBILES – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dongfeng Motor Group Co. Ltd., Class H | 162842 | 73645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 22838 | 518058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 65886 | 772758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Li Auto, Inc., ADR\* | 3069 | 41800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 2324 | 134586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. | 27788 | 88655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA\* | 3908 | 120381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 11209 | 174548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 2823 | 95306 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 13.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington Global Alpha Equities Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 3120 | $64416 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL AUTOMOBILES |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084153 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BANKS – 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 16299 | 160366 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 38357 | 111065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT | 162134 | 109666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | 13771 | 99293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 13967 | 675103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 13505 | 652562 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca | 55676 | 103028 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 31353 | 103891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dah Sing Financial Holdings Ltd. | 16850 | 33358 |
| &nbsp;&nbsp;&nbsp;&nbsp; DGB Financial Group, Inc. | 12156 | 57945 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 29310 | 518754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 5217 | 128686 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 67983 | 916392 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 281 | 231016 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank | 2111 | 253531 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 90607 | 464781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL | 14959 | 57580 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc., ADR | 5342 | 179171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mebuki Financial Group, Inc. | 22600 | 43925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 7780 | 84029 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 4353 | 704446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 74351 | 279863 |
| &nbsp;&nbsp;&nbsp;&nbsp; San-In Godo Bank Ltd. (The) | 13600 | 64755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC, ADR\*<sup>,(1)</sup> | 3982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Security Bank Corp. | 38556 | 57485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd., ADR | 6591 | 166686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 33720 | 201162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Holdings, Inc. | 4861 | 139820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tochigi Bank Ltd. (The) | 9980 | 20336 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 4624 | 196289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicaja Banco SA | 91701 | 81199 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 51360 | 636893 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BANKS |  | $7533076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BEVERAGES – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anadolu Efes Biracilik Ve Malt Sanayii AS | 12057 | 31065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 2458 | 68833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas SA | 7378 | 40468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 9460 | 566181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek AS | 7582 | 70059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 13340 | 550433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embotelladora Andina SA, Class B, ADR | 8782 | 90455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 6366 | 532235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 15061 | 221770 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 3426 | 622093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 1331 | 44577 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BEVERAGES |  | $2838169 |
| &nbsp;&nbsp;&nbsp;&nbsp; **BIOTECHNOLOGY – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S\* | 458 | 176530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 1972 | 615264 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BIOTECHNOLOGY |  | $791794 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **BUILDING PRODUCTS – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 13602 | $| 274721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 3824 |  | 235788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain | 4924 |  | 201458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 22997 |  | 1330147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 1460 |  | 341012 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BUILDING PRODUCTS |  | $| 2383126 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CAPITAL MARKETS – 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 13921 |  | 1055629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management, Inc., Class A | 3875 |  | 153489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 225 |  | 28012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 33419 |  | 2662492 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 487 |  | 84397 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Financial Co. Ltd., Class H | 140000 |  | 101482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 767 |  | 124803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hargreaves Lansdown PLC | 1970 |  | 17242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 5592 |  | 148889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichiyoshi Securities Co. Ltd. | 6062 |  | 24583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 1845 |  | 176327 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 3467 |  | 300821 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 25 |  | 6101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 535 |  | 141705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 3370 |  | 276913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 14309 |  | 46364 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 975 |  | 313219 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 235 |  | 12761 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 62433 |  | 990723 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CAPITAL MARKETS |  | $| 6665952 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CHEMICALS – 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADEKA Corp. | 5661 |  | 84747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 589 |  | 77009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 3198 |  | 307392 |
| &nbsp;&nbsp;&nbsp;&nbsp; China BlueChemical Ltd., Class H | 133990 |  | 25604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International PLC | 773 |  | 59926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 13949 |  | 239923 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG | 39 |  | 24517 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 2444 |  | 290592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA | 27 |  | 80621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke DSM NV | 588 |  | 69324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 2064 |  | 613730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lintec Corp. | 4000 |  | 60042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Gas Chemical Co., Inc. | 9340 |  | 118843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | 155 |  | 6984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 1435 |  | 322918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 1660 |  | 173485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Bakelite Co. Ltd. | 1990 |  | 53934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG | 736 |  | 75172 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CHEMICALS |  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684763 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMERCIAL SERVICES & SUPPLIES – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Delight Co. Ltd. | 3054 |  | 61082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 1091 |  | 466457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 7346 |  | 899591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 5877 |  | 675973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kokuyo Co. Ltd. | 4000 |  | 49659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosegur Cia de Seguridad SA | 28768 |  | 53647 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 14.0 |
| *Wilmington Global Alpha Equities Fund (continued)* |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 726 | $30550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 1047 | 59787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 7014 | 925217 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL SERVICES & SUPPLIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL SERVICES & SUPPLIES | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221963 |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATIONS EQUIPMENT – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATIONS EQUIPMENT – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **COMMUNICATIONS EQUIPMENT – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 24008 | 1090684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 3516 | 877980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 37724 | 168024 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATIONS EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMUNICATIONS EQUIPMENT | $2136688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 1271 | 36275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiyoda Corp.\* | 9401 | 23329 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXEO Group, Inc. | 3614 | 52960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fugro NV\* | 4322 | 56167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Implenia AG\* | 1382 | 51893 |
| &nbsp;&nbsp;&nbsp;&nbsp; JGC Holdings Corp. | 15318 | 184605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 630 | 4046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 13044 | 1201159 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSTRUCTION & ENGINEERING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSTRUCTION & ENGINEERING | $1610434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION MATERIALS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION MATERIALS – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION MATERIALS – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; HeidelbergCement AG | 3590 | 165506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 3652 | 165869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imerys SA | 1986 | 81372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiheiyo Cement Corp. | 5126 | 69670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicat SA | 1740 | 39894 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSTRUCTION MATERIALS |  | $522311 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER FINANCE – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER FINANCE – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER FINANCE – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 5040 | 748188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\* | 949 | 441873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marui Group Co. Ltd. | 3670 | 60568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial PLC | 18512 | 34668 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONSUMER FINANCE |  | $1285297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONTAINERS & PACKAGING – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONTAINERS & PACKAGING – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONTAINERS & PACKAGING – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 4463 | 220428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nampak Ltd.\* | 56917 | 5825 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONTAINERS & PACKAGING |  | $226253 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTORS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTORS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTORS – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 465 | 82705 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 11400 | 634296 |
| &nbsp;&nbsp;&nbsp;&nbsp; PALTAC Corp. | 1576 | 44833 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTORS |  | $761834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED CONSUMER SERVICES – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED CONSUMER SERVICES – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED CONSUMER SERVICES – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Benesse Holdings, Inc. | 612 | 9030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED FINANCIAL SERVICES – 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 26608 | 958952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 3220 | 950190 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 4157 | 195117 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-Resources Group Ltd. | 18893 | 4790 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 17538 | 172522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 5402 | 88243 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 3421 | 430635 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL, NVDR | 22822 | $87546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 6197 | 26589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 139620 | 656809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 6698 | 619725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 7229 | 165921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 11078 | 310895 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED FINANCIAL SERVICES | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4667934 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED TELECOMMUNICATION SERVICES – 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED TELECOMMUNICATION SERVICES – 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED TELECOMMUNICATION SERVICES – 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 7501 | 136743 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group PLC | 71659 | 106668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA | 30324 | 476486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 138774 | 388253 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp., ADR | 12142 | 154325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magyar Telekom Telecommunications PLC, ADR | 6004 | 20684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone Corp. | 11800 | 324888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 25065 | 238565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP | 3764 | 39467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG | 205 | 101195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil SA | 10879 | 87255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 3875 | 35223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 14721 | 38998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT | 1788800 | 503467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turk Telekomunikasyon AS | 87767 | 58419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 20761 | 775839 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | $3486475 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC UTILITIES – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC UTILITIES – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRIC UTILITIES – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 165 | 14507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 4011 | 32666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 6014 | 560385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 8029 | 482061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 3701 | 282312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 12952 | 499818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 51836 | 526357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) | 1221 | 9254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Electrica Corp. SA | 2248 | 36323 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRIC UTILITIES |  | $2443683 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRICAL EQUIPMENT – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRICAL EQUIPMENT – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRICAL EQUIPMENT – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosel Co. Ltd. | 5774 | 33123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Carbon Co. Ltd. | 2100 | 59528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 2726 | 345529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ushio, Inc. | 17487 | 181814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumtobel Group AG | 2522 | 15228 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRICAL EQUIPMENT |  | $635222 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ai Holdings Corp. | 3600 | 53360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alps Alpine Co. Ltd. | 8355 | 71922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amano Corp. | 6430 | 110140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 2048 | 155300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon Marketing Japan, Inc. | 3011 | 63583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizen Watch Co. Ltd. | 4288 | 18023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foxconn Technology Co. Ltd. | 38407 | 53875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 2102 | 50984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 29775 | 94715 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 15.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington Global Alpha Equities Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 134 | $50754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. | 2250 | 112595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruwa Co. Ltd. | 449 | 52873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxell Ltd. | 6481 | 53829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Chemi-Con Corp.\* | 4861 | 61263 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAX Global Technology Ltd. | 23846 | 18743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 1734 | 45771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunny Optical Technology Group Co. Ltd. | 18053 | 156505 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224235 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY EQUIPMENT & SERVICES – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY EQUIPMENT & SERVICES – 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **ENERGY EQUIPMENT & SERVICES – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; China Oilfield Services Ltd., Class H | 318000 | 358120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 11229 | 584245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trican Well Service Ltd.\* | 14039 | 37304 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY EQUIPMENT & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENERGY EQUIPMENT & SERVICES | $979669 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ENTERTAINMENT – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **ENTERTAINMENT – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **ENTERTAINMENT – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 714 | 19904 |
| &nbsp;&nbsp;&nbsp;&nbsp; DeNA Co. Ltd. | 6608 | 86258 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc., ADR | 5247 | 291838 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. | 9216 | 100500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 1733 | 29102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 1620 | 66131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Square Enix Holdings Co. Ltd. | 1304 | 58230 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENTERTAINMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ENTERTAINMENT | $651963 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD & STAPLES RETAILING – 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Atacadao SA | 10792 | 40699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 9109 | 146597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 572 | 286858 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC | 54030 | 120453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 2321 | 48122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 4473 | 124878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC\* | 12904 | 15612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 14658 | 762802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sundrug Co. Ltd. | 6479 | 150761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 37100 | 91517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 2751 | 160033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 3158 | 449478 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD & STAPLES RETAILING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD & STAPLES RETAILING | $2397810 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FOOD PRODUCTS – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD PRODUCTS – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **FOOD PRODUCTS – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astral Foods Ltd. | 4870 | 46678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut AG | 20 | 37829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup Co. | 694 | 36720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 8 | 76697 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 1986 | 162018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 1938 | 90020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg Co. | 11742 | 902020 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 767 | 31568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 9293 | 1011943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nisshin Seifun Group, Inc. | 1867 | 20190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | 608 | 39376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd.\* | 31881 | 490967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 149321 | 10818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulker Biskuvi Sanayi AS\* | 32173 | 45457 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. | 105166 | $53188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yihai International Holding Ltd.\* | 19276 | 31727 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOOD PRODUCTS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087216 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GAS UTILITIES – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **GAS UTILITIES – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **GAS UTILITIES – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; China Gas Holdings Ltd. | 39059 | 34632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enagas SA | 5579 | 90559 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. | 35918 | 357137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 1753 | 25960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 10479 | 46622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 1488 | 26589 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 6343 | 224098 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GAS UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GAS UTILITIES | $805597 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 1157 | 114474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Intecc Co. Ltd. | 1955 | 33316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 8069 | 438550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 11 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 12692 | 547152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 658 | 73361 |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc.\* | 2896 | 349779 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiaSorin SpA | 140 | 18304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 542 | 50575 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 3398 | 504297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 687 | 177803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 28153 | 356625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 15829 | 1382505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Bed Holdings Co. Ltd. | 1971 | 35100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG | 1562 | 71903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 3635 | 833287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 674 | 36389 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | $5026016 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE PROVIDERS & SERVICES – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE PROVIDERS & SERVICES – 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE PROVIDERS & SERVICES – 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfresa Holdings Corp. | 6525 | 75082 |
| &nbsp;&nbsp;&nbsp;&nbsp; BML, Inc. | 2840 | 64270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 1351 | 630741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 1642 | 897796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 6345 | 146101 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 4423 | 961870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1910 | 1065933 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 1422 | 553684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netcare Ltd. | 79577 | 67496 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2621 | 1455048 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE PROVIDERS & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE PROVIDERS & SERVICES | $5918021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOTELS, RESTAURANTS & LEISURE – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOTELS, RESTAURANTS & LEISURE – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOTELS, RESTAURANTS & LEISURE – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 3430 | 445351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 26361 | 555189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB | 644 | 60252 |
| &nbsp;&nbsp;&nbsp;&nbsp; H World Group Ltd., ADR | 7444 | 201584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 3097 | 418900 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Francaise des Jeux SAEM | 582 | 18980 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 4911 | 1339033 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Holdings Co. Japan Ltd. | 765 | 26547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd.\* | 165400 | 288673 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOTELS, RESTAURANTS & LEISURE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOTELS, RESTAURANTS & LEISURE | $3354509 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 16.0 |
| *Wilmington Global Alpha Equities Fund (continued)* |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD DURABLES – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD DURABLES – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD DURABLES – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Casio Computer Co. Ltd. | 9180 | $79888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. | 1902 | 73840 |
| &nbsp;&nbsp;&nbsp;&nbsp; De' Longhi SpA | 4303 | 74290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 1111 | 97812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nikon Corp. | 7225 | 69920 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 149 | 631425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persimmon PLC | 2420 | 36217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 3181 | 39791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 8502 | 141514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 2070 | 139044 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD DURABLES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD DURABLES | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD PRODUCTS – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD PRODUCTS – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **HOUSEHOLD PRODUCTS – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 226 | 33005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 14541 | 1073707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 1582 | 92945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 6940 | 934610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 11777 | 780639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 1387 | 42274 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOUSEHOLD PRODUCTS | $2957180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL CONGLOMERATES – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL CONGLOMERATES – 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL CONGLOMERATES – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 1819 | 228812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 514 | 104866 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIAL CONGLOMERATES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIAL CONGLOMERATES | $333678 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE – 8.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE – 8.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **INSURANCE – 8.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC | 996 | 23038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 2949 | 102090 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 285372 | 2161289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 9252 | 531990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 6256 | 1170372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assicurazioni Generali SpA | 8981 | 134818 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 60891 | 1504388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding AG | 213 | 29099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 783 | 46033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caixa Seguridade Participacoes S/A | 61224 | 104420 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., Class H | 51800 | 83544 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Reinsurance Group Corp., Class H | 987937 | 52231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 3829 | 822814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 17024 | 269909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enstar Group Ltd.\* | 2065 | 414074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 614 | 11216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 9156 | 1057701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 16915 | 2570246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Corp.\* | 518 | 624760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 4403 | 711040 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 8927 | 653546 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 11777 | 312137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd. | 133038 | 75613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | 362 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 6786 | 598050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 10357 | 1329839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 2437 | 111459 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCOR SE | 5326 | 80135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG | 32 | 15496 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 82898 | 817858 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 41866 | $757668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tongyang Life Insurance Co. Ltd. | 8020 | 28827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 601 | 110860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 367 | 80083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 290 | 123750 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INSURANCE | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17522645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INTERACTIVE MEDIA & SERVICES – 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INTERACTIVE MEDIA & SERVICES – 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **INTERACTIVE MEDIA & SERVICES – 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A\* | 18420 | 1740874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C\* | 7729 | 731627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., Class A\* | 6986 | 66837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A\* | 3884 | 361834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 38424 | 1006411 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 6075 | 270520 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INTERACTIVE MEDIA & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INTERACTIVE MEDIA & SERVICES | $4178103 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INTERNET & DIRECT MARKETING RETAIL – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **INTERNET & DIRECT MARKETING RETAIL – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **INTERNET & DIRECT MARKETING RETAIL – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd.\* | 13853 | 108447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR\* | 4950 | 314721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 20769 | 2127576 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASKUL Corp. | 17549 | 183521 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc., ADR | 9407 | 350787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B\* | 48439 | 770122 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INTERNET & DIRECT MARKETING RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INTERNET & DIRECT MARKETING RETAIL | $3855174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **IT SERVICES – 5.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **IT SERVICES – 5.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **IT SERVICES – 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 4297 | 1219918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 3260 | 787942 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIPROGY Inc | 2673 | 57794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 5400 | 887201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 6124 | 381219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred | 11951 | 613677 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 185 | 64750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 12931 | 1073144 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc.\* | 1707 | 317707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 2236 | 675093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 3561 | 406880 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A\* | 17518 | 1408447 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 717 | 99154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 242 | 48172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 3012 | 988478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 470 | 10447 |
| &nbsp;&nbsp;&nbsp;&nbsp; NS Solutions Corp. | 3884 | 89463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 369 | 55513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 1080 | 127775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sopra Steria Group SACA | 201 | 26618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 7187 | 1488859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The) | 1258 | 16996 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IT SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL IT SERVICES | $10845247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **LEISURE PRODUCTS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **LEISURE PRODUCTS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **LEISURE PRODUCTS – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 876 | 57982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sega Sammy Holdings, Inc. | 3050 | 39075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 411 | 63780 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LEISURE PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LEISURE PRODUCTS | $160837 |
| &nbsp;&nbsp;&nbsp;&nbsp; **LIFE SCIENCES TOOLS & SERVICES – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **LIFE SCIENCES TOOLS & SERVICES – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **LIFE SCIENCES TOOLS & SERVICES – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 983 | 135998 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 17.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington Global Alpha Equities Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; CMIC Holdings Co. Ltd. | 1630 | $18427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 2915 | 733618 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC\* | 1799 | 355914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 153 | 48566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 449 | 230773 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIFE SCIENCES TOOLS & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIFE SCIENCES TOOLS & SERVICES | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523296 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MACHINERY – 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **MACHINERY – 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **MACHINERY – 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amada Co. Ltd. | 9800 | 69004 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 36164 | 468360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG\* | 6618 | 176586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duerr AG | 2921 | 77305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 14568 | 930895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 2822 | 196355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hino Motors Ltd.\* | 16942 | 70414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hisaka Works Ltd. | 3030 | 17219 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 2325 | 516871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 9988 | 409138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makino Milling Machine Co. Ltd. | 2579 | 79697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 5771 | 105566 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group, Inc. | 2234 | 47776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 1827 | 62909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 100 | 22500 |
| &nbsp;&nbsp;&nbsp;&nbsp; OKUMA Corp. | 3480 | 116784 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSG Corp. | 5490 | 69892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 7387 | 521818 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 5849 | 566359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 353 | 57550 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 10655 | 154210 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 182 | 73586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax-Sarco Engineering PLC | 408 | 50299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Heavy Industries Ltd. | 5170 | 98153 |
| &nbsp;&nbsp;&nbsp;&nbsp; THK Co. Ltd. | 9431 | 164778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 1625 | 83712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 13784 | 93992 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MACHINERY | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MACHINERY | $5301728 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MARINE – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MARINE – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MARINE – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG | 151 | 32180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA – 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **MEDIA – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 366 | 314551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 20788 | 659811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Criteo SA, ADR\* | 561 | 14306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Media Holdings, Inc. | 4480 | 31183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings, Inc. | 6617 | 55893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Megacable Holdings SAB de CV | 26500 | 55199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropole Television SA | 5381 | 55677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Television Holdings, Inc. | 17424 | 130069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 5626 | 409291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 8058 | 451839 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTL Group SA | 2634 | 89389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Television Francaise 1 | 12404 | 78698 |
| &nbsp;&nbsp;&nbsp;&nbsp; TV Asahi Holdings Corp. | 6669 | 62521 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 53588 | 470743 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDIA | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEDIA | $2879170 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **METALS & MINING – 1.3%**  | &nbsp;&nbsp;&nbsp;&nbsp; **METALS & MINING – 1.3%**  | &nbsp;&nbsp;&nbsp;&nbsp; **METALS & MINING – 1.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 17191 | $514256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Holdings, Inc. | 4830 | 61685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold Corp. | 8564 | 128804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centamin PLC | 60359 | 61412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerra Gold, Inc. | 11825 | 54944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eldorado Gold Corp.\* | 9477 | 52976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC | 4840 | 86082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC | 5181 | 43314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC | 88762 | 508452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining Co. Ltd., ADR | 14723 | 41224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Metals Ltd.\* | 2053 | 29988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 6097 | 22132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyoei Steel Ltd. | 5891 | 52019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruichi Steel Tube Ltd. | 3657 | 69134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nakayama Steel Works Ltd. | 4017 | 17209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neturen Co. Ltd. | 5935 | 26702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 4106 | 26059 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanaGold Corp.\* | 30595 | 44466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resolute Mining Ltd.\* | 50624 | 6476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 12779 | 664895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Kogyo Co. Ltd. | 3703 | 107582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yodogawa Steel Works Ltd. | 2073 | 33752 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL METALS & MINING | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL METALS & MINING | $2653563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MULTILINE RETAIL – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTILINE RETAIL – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTILINE RETAIL – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 747 | 190522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryohin Keikaku Co. Ltd. | 8500 | 80087 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MULTILINE RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MULTILINE RETAIL | $270609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-UTILITIES – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-UTILITIES – 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **MULTI-UTILITIES – 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC | 21459 | 18855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 1180 | 103793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 5198 | 363704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 19575 | 254464 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 89576 | 974251 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 1048 | 95714 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MULTI-UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MULTI-UTILITIES | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810781 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OIL, GAS & CONSUMABLE FUELS – 3.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **OIL, GAS & CONSUMABLE FUELS – 3.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **OIL, GAS & CONSUMABLE FUELS – 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. | 5253 | 73955 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 83252 | 458081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 3950 | 93680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 2714 | 490962 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 3497 | 440937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 11903 | 370540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 2518 | 395603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 19732 | 768800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 29846 | 390931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 2559 | 283563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 11379 | 116166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Petroleum Exploration Co. Ltd. | 1430 | 37122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 22629 | 623860 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 15669 | 688247 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 38241 | 2082321 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE, ADR | 6862 | 375832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA | 35495 | 92491 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 18.0 |
| *Wilmington Global Alpha Equities Fund (continued)* |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; YPF SA, ADR\* | 3996 | $30529 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL, GAS & CONSUMABLE FUELS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OIL, GAS & CONSUMABLE FUELS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7813620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PERSONAL PRODUCTS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PERSONAL PRODUCTS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **PERSONAL PRODUCTS – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC\* | 571 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobayashi Pharmaceutical Co. Ltd. | 512 | 27202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC | 3739 | 170422 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PERSONAL PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PERSONAL PRODUCTS | $199379 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS – 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS – 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **PHARMACEUTICALS – 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 7838 | 107875 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 14010 | 1647476 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | 17314 | 1018236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 3411 | 264250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 6270 | 145476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 3325 | 106596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 1119 | 67534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 3404 | 1232554 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 456 | 7472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 10872 | 1891402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kissei Pharmaceutical Co. Ltd. | 2613 | 46199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 4040 | 95230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 12316 | 1246379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Shinyaku Co. Ltd. | 1917 | 106231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 35566 | 2873410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 1441 | 156660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 6552 | 154045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 1968 | 63079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 42629 | 1984380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 2197 | 729627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 178 | 72206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi | 1447 | 124882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 8351 | 220043 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 4366 | 329298 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PHARMACEUTICALS | $14690540 |
| &nbsp;&nbsp;&nbsp;&nbsp; **PROFESSIONAL SERVICES – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **PROFESSIONAL SERVICES – 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **PROFESSIONAL SERVICES – 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adecco Group AG\* | 4844 | 151606 |
| &nbsp;&nbsp;&nbsp;&nbsp; BeNext-Yumeshin Group Co. | 8159 | 98658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas SA | 47819 | 1184736 |
| &nbsp;&nbsp;&nbsp;&nbsp; en Japan, Inc. | 4000 | 69646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian PLC | 15332 | 487745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hays PLC | 73145 | 92187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon M&A Center Holdings, Inc. | 1666 | 18857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagegroup PLC | 14794 | 71629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 2983 | 92081 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 1141 | 30632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 7889 | 854694 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA | 35 | 77211 |
| &nbsp;&nbsp;&nbsp;&nbsp; SThree PLC | 8009 | 34167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 6269 | 666309 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PROFESSIONAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PROFESSIONAL SERVICES | $3930158 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 4783 | 990990 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. PLC (The) | 14543 | 61024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 22007 | 468969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp. | 21 | 42369 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | 12 | $50277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 9965 | 65185 |
| &nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 75 | 80046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc. | 16534 | 189314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 12 | 53344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund, Inc. | 38 | 43317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 2638 | 817121 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 10087 | 322986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 2836 | 173109 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE INVESTMENT TRUSTS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE INVESTMENT TRUSTS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358051 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 24922 | 137792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 152 | 15037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 893 | 18089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 23780 | 299539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG | 1151 | 92875 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | $563332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **ROAD & RAIL – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **ROAD & RAIL – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **ROAD & RAIL – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERCO | 645 | 370997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 16197 | 1918887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 12945 | 343949 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ROAD & RAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ROAD & RAIL | $2633833 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ams-OSRAM AG\* | 9655 | 54728 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM Pacific Technology Ltd. | 14680 | 80790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 276 | 66265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 7291 | 207283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mimasu Semiconductor Industry Co. Ltd. | 4000 | 61979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miraial Co. Ltd. | 2160 | 23024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optorun Co. Ltd. | 3970 | 56495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | 1370 | 96465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 31000 | 375204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 6146 | 987232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Seimitsu Co. Ltd. | 1229 | 37070 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | $2046535 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE – 3.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE – 3.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **SOFTWARE – 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 287 | 63473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 1560 | 334308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Knight, Inc.\* | 14638 | 885160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 944 | 1364977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 2750 | 92265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdee International Software Group Co. Ltd.\* | 115263 | 188540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 19185 | 4453414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 2247 | 385563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 347 | 143845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topicus.com, Inc.\* | 683 | 35445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 555 | 28031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 136 | 43973 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SOFTWARE | $8018994 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SPECIALTY RETAIL – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **SPECIALTY RETAIL – 1.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **SPECIALTY RETAIL – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adastria Co. Ltd. | 3032 | 41230 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 3302 | 208059 |
| &nbsp;&nbsp;&nbsp;&nbsp; CECONOMY AG | 14358 | 23398 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 19.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington Global Alpha Equities Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; China Meidong Auto Holdings Ltd. | 61861 | $81329 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Tourism Group Duty Free Corp. Ltd., Class H\* | 1182 | 23385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 886 | 107074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 2021 | 598479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 25710 | 582858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 22155 | 55617 |
| &nbsp;&nbsp;&nbsp;&nbsp; K's Holdings Corp. | 7420 | 58184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 363 | 33042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. | 387 | 31310 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 16941 | 1221446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 708 | 296914 |
| &nbsp;&nbsp;&nbsp;&nbsp; USS Co. Ltd. | 2101 | 31749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xebio Holdings Co. Ltd. | 7258 | 49251 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPECIALTY RETAIL | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPECIALTY RETAIL | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443325 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 22475 | 3446317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 3463 | 73454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catcher Technology Co. Ltd. | 15837 | 83307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elecom Co. Ltd. | 5840 | 54200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quadient SA | 4169 | 58669 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | $3715947 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TEXTILES, APPAREL & LUXURY GOODS – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TEXTILES, APPAREL & LUXURY GOODS – 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **TEXTILES, APPAREL & LUXURY GOODS – 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International | 100 | 129510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Li Ning Co. Ltd. | 16500 | 85341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 1003 | 330027 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 7924 | 734396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanyo Shokai Ltd.\* | 2000 | 15831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) | 619 | 139335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yue Yuen Industrial Holdings Ltd. | 37149 | 37766 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TEXTILES, APPAREL & LUXURY GOODS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TEXTILES, APPAREL & LUXURY GOODS | $1472206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO – 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **TOBACCO – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 14390 | 566612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 13041 | 1197816 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TOBACCO | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TOBACCO | $1764428 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRADING COMPANIES & DISTRIBUTORS – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRADING COMPANIES & DISTRIBUTORS – 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **TRADING COMPANIES & DISTRIBUTORS – 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV\* | 13818 | 738019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 15314 | 929837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 7063 | 341355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inaba Denki Sangyo Co. Ltd. | 2700 | 50443 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 7556 | 195589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 2096 | 18367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 6050 | 164010 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 364 | 5552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA\* | 3841 | 68724 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIG PLC\* | 31231 | 11121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 5067 | 64592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton International Ltd. | 8307 | 504152 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRADING COMPANIES & DISTRIBUTORS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TRADING COMPANIES & DISTRIBUTORS | $3091761 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of**<br> **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION INFRASTRUCTURE – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION INFRASTRUCTURE – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **TRANSPORTATION INFRASTRUCTURE – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kamigumi Co. Ltd. | 5638 | $107228 |
| &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; Cia de Saneamento Basico do Estado de Sao Paulo | 10354 | 120588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent PLC | 1386 | 39784 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER UTILITIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WATER UTILITIES | $160372 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WIRELESS TELECOMMUNICATION SERVICES – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WIRELESS TELECOMMUNICATION SERVICES – 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WIRELESS TELECOMMUNICATION SERVICES – 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresa Nacional de Telecomunicaciones SA | 18032 | 56292 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 54448 | 1609328 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 3017 | 21326 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 5730 | 56473 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc.\* | 5049 | 765226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri AS | 42989 | 59215 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WIRELESS TELECOMMUNICATION SERVICES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WIRELESS TELECOMMUNICATION SERVICES | $2567860 |
| **TOTAL COMMON STOCKS<br>(Cost $177,643,281)** |  | $**192976658** |
|  **EXCHANGE-TRADED FUNDS – 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 2198 | 122473 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI ACWI ETF | 7843 | 649165 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEXT FUNDS TOPIX ETF | 3340 | 45081 |
| **TOTAL EXCHANGE-TRADED FUNDS<br>(Cost $910,011)** |  | $**816719** |
|  **PREFERRED STOCKS – 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSUMER STAPLES – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA 1.85% | 1978 | 124675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FINANCIALS – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA 4.17% | 66900 | 256695 |
| &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **MATERIALS – 0.0%\*\*** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuchs Petrolub SE 1.02% | 3380 | 96868 |
| **TOTAL PREFERRED STOCKS<br>(Cost $497,989)** |  | $**478238** |
|  **MONEY MARKET FUND – 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares 2.91%<sup>^</sup> | 9044910 | 9044910 |
| **TOTAL MONEY MARKET FUND<br>(Cost $9,044,910)** |  | $**9044910** |
| **TOTAL INVESTMENTS – 96.8%<br>(COST $188,096,191)** |  | $**203316525** |
| **OTHER ASSETS LESS LIABILITIES – 3.2%** |  | **6713905** |
| **TOTAL NET ASSETS – 100.0%** |  | $**210030430** |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 20.0 |
| *Wilmington Global Alpha Equities Fund (continued)* |  |

---

&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.

&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of October 31, 2022 in valuing the Fund's assets and liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**<u>Assets</u>** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105236 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Freight & Logistics | 1571678 |  |  | 1571678 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airlines | 587784 |  |  | 587784 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto Components | 993266 |  |  | 993266 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 2084153 |  |  | 2084153 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | 7533076 |  | — <sup>(a)</sup> | 7533076 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages | 2838169 |  |  | 2838169 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology | 791794 |  |  | 791794 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products | 2383126 |  |  | 2383126 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Markets | 6665952 |  |  | 6665952 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 2684763 |  |  | 2684763 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies | 3221963 |  |  | 3221963 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications Equipment | 2136688 |  |  | 2136688 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering | 1610434 |  |  | 1610434 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Materials | 522311 |  |  | 522311 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance | 1285297 |  |  | 1285297 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging | 226253 |  |  | 226253 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributors | 761834 |  |  | 761834 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Consumer Services | 9030 |  |  | 9030 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Financial Services | 4667934 |  |  | 4667934 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services | 3486475 |  |  | 3486475 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 2443683 |  |  | 2443683 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment | 635222 |  |  | 635222 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Equipment, Instruments & Components | 1224235 |  |  | 1224235 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Equipment & Services | 979669 |  |  | 979669 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 651963 |  |  | 651963 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Staples Retailing | 2397810 |  |  | 2397810 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Products | 3087216 |  |  | 3087216 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities | 805597 |  |  | 805597 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies | 5026016 |  |  | 5026016 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services | 5918021 |  |  | 5918021 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure | 3354509 |  |  | 3354509 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Durables | 1383741 |  |  | 1383741 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Products | 2957180 |  |  | 2957180 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Conglomerates | 333678 |  |  | 333678 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 17522645 |  |  | 17522645 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services | 4178103 |  |  | 4178103 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet & Direct Marketing Retail | 3855174 |  |  | 3855174 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT Services | 10845247 |  |  | 10845247 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure Products | 160837 |  |  | 160837 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 1523296 |  |  | 1523296 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery | 5301728 |  |  | 5301728 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marine | 32180 |  |  | 32180 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 2879170 |  |  | 2879170 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 2653563 |  |  | 2653563 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiline Retail | 270609 |  |  | 270609 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Utilities | 1810781 |  |  | 1810781 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 7813620 |  |  | 7813620 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Products | 199379 |  |  | 199379 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | 14690540 |  |  | 14690540 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 21.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington Global Alpha Equities Fund (continued)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | $3930158 | $— | $— | $3930158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 3358051 |  |  | 3358051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 563332 |  |  | 563332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 2633833 |  |  | 2633833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 2046535 |  |  | 2046535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 8018994 |  |  | 8018994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 3443325 |  |  | 3443325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 3715947 |  |  | 3715947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 1472206 |  |  | 1472206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 1764428 |  |  | 1764428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 3091761 |  |  | 3091761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure | 107228 |  |  | 107228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 160372 |  |  | 160372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 2567860 |  |  | 2567860 |
|  Exchange-Traded Funds | 816719 |  |  | 816719 |
|  Preferred Stocks | 478238 |  |  | 478238 |
|  Money Market Fund | 9044910 |  |  | 9044910 |
|  Total Investments in Securities | $203316525 | $— | $— | $203316525 |
|  **Other Financial Instruments<sup>!</sup>** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $470552 | $— | $470552 |
|  Financial Futures Contracts | 3893335 |  |  | 3893335 |
|  Total Assets - Other Financial Instruments | $3893335 | $470552 | $— | $4363887 |
|  **<u>Liabilities</u>** |  |  |  |  |
|  **Other Financial Instruments<sup>!</sup>** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $(16366) | $— | $(16366) |
|  Financial Futures Contracts | (89703) |  |  | (89703) |
|  Total Liabilities - Other Financial Instruments | $(89703) | $(16366) | $— | $(106069) |

---

<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 |
|  ETF | Exchange-Traded Fund |
|  EUR | Euro |
|  GBP | British Pound Sterling |
|  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 |
|  SpA | Societa per Azioni |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 22.0 |
| *Wilmington Global Alpha Equities Fund (concluded)* |  |

---

At October 31, 2022, 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:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Counterparty** | **Counterparty** | **Contracts to<br>Deliver/Receive** | **Contracts to<br>Deliver/Receive** |  | |  | | **Unrealized<br>Appreciation** | **Unrealized<br>Appreciation** | **Unrealized <br>(Depreciation)** | **Unrealized <br>(Depreciation)** |  |
| **Settlement Date**<br>&nbsp;&nbsp;&nbsp;&nbsp; **CONTRACTS SOLD** | | | | | | **Contract<br>Amount** | | **Contract<br>at Value** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/21/2022 | | *Citibank N.A.* | | *1,704,000 EUR* | | $1685322 |  | $1691327 |  | $— |  | $(6005) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/21/2022 | | *BMO Capital Markets* | | *151,700,000 JPY* | | *1055066* | | *1027104* | | *27962* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/21/2022 | | *Deutsche Bank AG* | | *5,362,000 EUR* | | *5397979* | | *5322122* | | *75857* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/21/2022 | | *TD Securities Ltd.* | | *8,975,000 CAD* | | *6750836* | | *6591979* | | *158857* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/21/2022 | | *Morgan Stanley* | | *787,000,000 JPY* | | *5523242* | | *5328483* | | *194759* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/21/2022 | | *Hong Kong & Shanghai Bank* | | *373,000 GBP* | | *418180* | | *428541* | | *—* | | *(10361)* | |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/21/2022 | | *TD Securities Ltd.* | | *5,072,000 GBP* | | *5840357* | | *5827240* | | *13117* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp; UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS |  |  |  |  |  |  |  |  |  | $470552 |  | $(16366) |  |

---

At October 31, 2022, the Global Alpha Equities Fund had open financial futures contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Contracts to Buy/Sell**<br>&nbsp;&nbsp;&nbsp;&nbsp; **SHORT POSITIONS:** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation<sup>(a)</sup>** | **Unrealized <br>(Depreciation)<sup>(a)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED:** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Russell 2000 Index | December 2022 | 67 | $6331401 | $6207550 | $123851 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini S&P 500 Index | December 2022 | 131 | 26507992 | 25433650 | 1074342 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini S&P Mid 400 Index | December 2022 | 56 | 14030662 | 13661760 | 368902 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro STOXX 50 Index | December 2022 | 112 | 4037000 | 4004547 | 32453 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; FTSE 100 Index | December 2022 | 51 | 4379999 | 4156949 | 223050 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; HSCE Index | November 2022 | 146 | 4884020 | 4593160 | 290860 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index | December 2022 | 323 | 30137662 | 28357785 | 1779877 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P TSX 60 Index | December 2022 | 37 | 6358931 | 6396477 |  | &nbsp;&nbsp;&nbsp;&nbsp; (37546) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPIX Index | December 2022 | 36 | 4610811 | 4662968 |  | &nbsp;&nbsp;&nbsp;&nbsp; (52157) |
| &nbsp;&nbsp;&nbsp;&nbsp; UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS |  |  |  |  | $3893335 | &nbsp;&nbsp;&nbsp;&nbsp; $(89703) |

---

<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, 2022. 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* 

------

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 23.0 | |

---

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At October 31, 2022, the Fund's portfolio composition was as follows (unaudited):

---

| | |
|:---|:---|
|  | **Percentage of<br>Total Net Assets** |
|  **Real Estate Related Securities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0%<sup>(1)</sup> |
|  **Commodity Related Securities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6% |
|  **Inflation Related Securities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2% |
|  Cash Equivalents<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0% |
|  Cash Collateral Invested for Securities on Loan<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5% |
|  Other Assets and Liabilities - Net<sup>(4)</sup> | <u>(4.5)</u>% |
|  TOTAL |  **<u>100.0</u>%** |

---

(1) Represents less than 0.05%.

(2) Cash Equivalents include investments in a money market fund.

(3) Cash Collateral Invested for Securities on Loan include investments in money market funds and repurchase
agreements.

(4) Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
|  **INFLATION RELATED SECURITIES – 13.2%** | **INFLATION RELATED SECURITIES – 13.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 13.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 13.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **INFLATION-PROTECTED SECURITIES FUND – 13.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **INFLATION-PROTECTED SECURITIES FUND – 13.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab U.S. TIPS ETF<sup>#</sup> | 1057900 | $55317591 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $65,429,430)** |  | $**55317591** |
|  **TOTAL INFLATION RELATED SECURITIES<br>(COST $65,429,430)** |  | $**55317591** |
|  **REAL ESTATE RELATED SECURITIES – 42.8%** | **REAL ESTATE RELATED SECURITIES – 42.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMON STOCKS – 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **CONSTRUCTION & ENGINEERING – 0.0%\*\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtrom Group Ltd.<sup>0</sup> |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED – 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argosy Property Ltd. | 78356 | 53984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centuria Capital Group | 52289 | 56357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund, Inc. | 403 | 459387 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED |  | $569728 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REAL ESTATE ACTIVITIES—2.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REAL ESTATE ACTIVITIES—2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport City Ltd.\* | 6600 | 109360 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allreal Holding AG | 1304 | $186742 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Developments Ltd. | 43700 | 235540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 5900 | 583671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 57200 | 1158656 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIC Asset AG | 5757 | 39712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemdale Properties & Investment Corp. Ltd. | 358000 | 19611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heiwa Real Estate Co. Ltd. | 4300 | 119432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isras Investment Co. Ltd. | 124 | 23354 |
| &nbsp;&nbsp;&nbsp;&nbsp; JINUSHI Co. Ltd. | 1900 | 26195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Properties Ltd. | 65000 | 102845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease Corp. Ltd. | 58795 | 326816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 119600 | 1506512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 82900 | 1588645 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Development Co. Ltd. | 119000 | 243468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings, Inc. | 11500 | 260248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property & Building Corp. Ltd.\* | 345 | 25590 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAMTY Co. Ltd. | 3100 | 49014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shun Tak Holdings Ltd.\* | 224000 | 29107 |
| &nbsp;&nbsp;&nbsp;&nbsp; SRE Holdings Corp.\* | 300 | 7647 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Joe Co. (The) | 2746 | 97565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starts Corp., Inc. | 3100 | 54830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 41100 | 943922 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 24.0 |
| *Wilmington Real Asset Fund (continued)* |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Frontier Fudousan Co. Ltd. | 3900 | $30136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 132000 | 1420114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Tatemono Co. Ltd. | 17900 | 246660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Fudosan Holdings Corp. | 51600 | 261999 |
| &nbsp;&nbsp;&nbsp;&nbsp; UOL Group Ltd. | 40500 | 177095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Holdings Ltd. (The) | 122000 | 348920 |
| &nbsp;&nbsp;&nbsp;&nbsp; YH Dimri Construction & Development Ltd. | 637 | 38759 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES |  | $10262165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexus Industrial REIT | 3140 | 20421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OFFICE – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Precinct Properties New Zealand Ltd. | 110972 | 79681 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE DEVELOPMENT – 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedas Homes SA | 1862 | 24179 |
| &nbsp;&nbsp;&nbsp;&nbsp; BUWOG AG Escrow Shares<sup>(1)</sup> | 3077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cedar Woods Properties Ltd. | 7515 | 18988 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 170000 | 939914 |
| &nbsp;&nbsp;&nbsp;&nbsp; DREAM Unlimited Corp., Class A | 1602 | 29221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far East Consortium International Ltd. | 85800 | 19347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 1558 | 18042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldcrest Co. Ltd. | 1500 | 17654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenland Hong Kong Holdings Ltd. | 101000 | 5211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 111735 | 273585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The)\* | 3529 | 216504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Immobel SA | 315 | 12888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Instone Real Estate Group SE | 5505 | 40095 |
| &nbsp;&nbsp;&nbsp;&nbsp; K Wah International Holdings Ltd. | 135000 | 37836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katitas Co. Ltd. | 4100 | 91957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifestyle Communities Ltd. | 8810 | 98900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirarth Holdings, Inc. | 11700 | 31474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexity SA | 5723 | 114699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 274000 | 292861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosei Corp. | 2300 | 21995 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE DEVELOPMENT |  | $2305350 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE OPERATING COMPANIES –2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE OPERATING COMPANIES –2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADLER Group SA\* | 15042 | 22328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Mall Co. Ltd. | 10600 | 115271 |
| &nbsp;&nbsp;&nbsp;&nbsp; AFI Properties Ltd. | 503 | 15089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akelius Residential Property AB, Class D | 21145 | 36569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alony Hetz Properties & Investments Ltd. | 12795 | 150272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amot Investments Ltd. | 20799 | 125964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA | 93245 | 185036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atrium Ljungberg AB, Class B | 4173 | 55823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azrieli Group Ltd. | 3773 | 279861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big Shopping Centers Ltd. | 1156 | 129748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Square Real Estate Ltd. | 878 | 58367 |
| &nbsp;&nbsp;&nbsp;&nbsp; CA Immobilien Anlagen AG | 4455 | 140665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitaland India Trust | 77600 | 61396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitaland Investment Ltd. | 212900 | 452691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castellum AB | 24414 | 279271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catena AB | 3309 | 112506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cibus Nordic Real Estate AB | 6754 | 92276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citycon OYJ\* | 7281 | 45367 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; CTP NV | 5776 | $59935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Wohnen SE | 5914 | 119345 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 10460 | 133888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dios Fastigheter AB | 7746 | 50898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electra Real Estate Ltd. | 2021 | 24851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entra ASA | 15547 | 141395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabege AB | 23153 | 168135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B\* | 53856 | 202401 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 573 | 34741 |
| &nbsp;&nbsp;&nbsp;&nbsp; G City, Ltd. | 8975 | 29006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gav-Yam Lands Corp. Ltd. | 5012 | 42552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grainger PLC | 65116 | 169512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand City Properties SA | 10219 | 99474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Group Ltd. | 79000 | 102453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties Ltd. | 157000 | 197409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helical PLC | 12067 | 45667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 99700 | 383845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hufvudstaden AB, Class A | 11486 | 136902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 50500 | 366791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hysan Development Co. Ltd. | 56001 | 122138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichigo, Inc. | 19800 | 44608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intershop Holding AG | 171 | 103999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Canada T.R Ltd. | 9850 | 28433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keihanshin Building Co. Ltd. | 4900 | 43597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 10343 | 171797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kojamo OYJ | 12869 | 167493 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 6371 | 416301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leopalace21 Corp.\* | 25000 | 47581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mega Or Holdings Ltd. | 1802 | 52425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melisron Ltd. | 2063 | 153198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mivne Real Estate KD Ltd. | 49729 | 154807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobimo Holding AG | 620 | 144575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norstar Holdings, Inc. | 2349 | 12205 |
| &nbsp;&nbsp;&nbsp;&nbsp; NP3 Fastigheter AB | 3018 | 47998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nyfosa AB | 13690 | 81771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandox AB\* | 7020 | 85960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Spree Deutschland Ltd. | 8227 | 24908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platzer Fastigheter Holding AB, Class B | 4270 | 26491 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property AG | 3915 | 418340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class D | 19966 | 48101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 15337 | 282815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden AB, Class D | 21008 | 34553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden AB | 68059 | 93571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shurgard Self Storage SA | 2600 | 113184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius Real Estate Ltd. | 80598 | 65163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Real Estate Holdings Ltd. | 2479 | 34601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Properties Ltd. | 89800 | 172515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG | 6660 | 537403 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAG Immobilien AG | 10868 | 68147 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKP Corp.\* | 1700 | 34470 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOC Co. Ltd. | 5500 | 28629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tricon Residential, Inc. | 22054 | 185841 |
| &nbsp;&nbsp;&nbsp;&nbsp; VGP NV | 947 | 71875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 66878 | 1480465 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 25.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington Real Asset Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wallenstam AB, Class B | 35212 | $124313 |
| &nbsp;&nbsp;&nbsp;&nbsp; WeWork, Inc., Class A\*<sup>,#</sup> | 19874 | 51076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 132000 | 520456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wihlborgs Fastigheter AB | 22830 | 149702 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE OPERATING COMPANIES |  | $11313205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RESIDENTIAL – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bluerock Homes Trust, Inc.\* | 675 | 17077 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurocommercial Properties NV | 4984 | 109640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kiwi Property Group Ltd. | 181673 | 95591 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL |  | $205231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> **(COST $32,634,484)** |  | $**24772860** |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE – 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Balanced Commercial Property Trust Ltd. | 64435 | 61701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab U.S. REIT ETF<sup>#</sup> | 912200 | 17614582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Global ex-U.S. Real Estate ETF | 389200 | 14548296 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE |  | $32224579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS**<br> **(COST $33,954,655)** |  | $**32224579** |
| &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANY – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUNDS – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tortoise MLP & Pipeline Fund, Institutional Class | 573591 | 7760692 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANY<br>(COST $7,188,284)** |  | $**7760692** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 27.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS – 27.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abacus Property Group | 34498 | 61787 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABRDN PROPERTY INCOME TRUST, LTD. | 30168 | 19167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Activia Properties, Inc. | 64 | 189596 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEW UK REIT PLC | 21753 | 22202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 7229 | 140821 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 4901 | 134679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 5648 | 66025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artis REIT | 4368 | 30619 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. PLC (The) | 79967 | 335553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 15059 | 258111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group | 44505 | 368371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Long Wale REIT | 56185 | 156334 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc.<sup>#</sup> | 1579 | 31738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian REIT PLC | 42620 | 43256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp. | 181 | 365177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 16562 | 122062 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCON Japan REIT Investment Corp. | 25 | 19369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 11993 | 258089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 2455 | 43183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 11392 | 139552 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) | 163511 | 450782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growthpoint Properties Australia Ltd. | 26398 | 56060 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R REIT | 12857 | $105793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin REIT, Inc. | 53 | 54998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heiwa REIT, Inc. | 110 | 113998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic REIT, Inc. | 120 | 140502 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICADE | 3089 | 114965 |
| &nbsp;&nbsp;&nbsp;&nbsp; iStar, Inc. | 7596 | 79606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group PLC | 64131 | 419503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lar Espana Real Estate Socimi SA | 4971 | 19380 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXI REIT PLC | 162828 | 227439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA | 28879 | 244585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group | 336549 | 445616 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIPPON REIT Investment Corp. | 49 | 120939 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT UD REIT Investment Corp. | 130 | 127294 |
| &nbsp;&nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. | 890 | 20061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Picton Property Income Ltd. (The) | 63920 | 63041 |
| &nbsp;&nbsp;&nbsp;&nbsp; REIT 1 Ltd. | 15048 | 78997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroder REIT Ltd. | 45679 | 23730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House REIT, Inc. | 383 | 206317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Asia Investment Corp. | 162 | 61773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland | 203766 | 469220 |
| &nbsp;&nbsp;&nbsp;&nbsp; STORE Capital Corp. | 22924 | 728983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunlight REIT | 139000 | 44270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntec REIT | 186000 | 169497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takara Leben Real Estate Investment Corp. | 43 | 29323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu REIT, Inc. | 96 | 136677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosei REIT Investment Corp. | 34 | 31372 |
| &nbsp;&nbsp;&nbsp;&nbsp; UK Commercial Property REIT Ltd. | 66143 | 46270 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Urban Investment Corp. | 266 | 281215 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 17905 | 1366152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuexiu REIT | 325000 | 55894 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DIVERSIFIED |  | $9339943 |
| &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%\*\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sella Capital Real Estate Ltd. | 19590 | 50406 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HEALTH CARE – 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedifica SA | 3480 | 265499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assura PLC | 251668 | 161479 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 8198 | 153139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cofinimmo SA | 2516 | 208736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 1841 | 63699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 35676 | 48519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 5565 | 50864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care & Medical Investment Corp. | 33 | 45385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 32829 | 667414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 46412 | 1101357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact Healthcare REIT PLC | 38181 | 45888 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 3551 | 137317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc. | 51540 | 590133 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 3914 | 221924 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthWest Healthcare Properties REIT | 10602 | 83580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 20398 | 648248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkway Life REIT | 42700 | 120656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Physicians Realty Trust | 19384 | 291923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primary Health Properties PLC | 117554 | 149775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 19520 | 266643 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 26.0 |
| *Wilmington Real Asset Fund (continued)* |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | 1459 | $71009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 34641 | 1355502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Healthcare Property Trust | 65633 | 89292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 39974 | 2440013 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HEALTH CARE |  | $9277994 |
| &nbsp;&nbsp;&nbsp;&nbsp; **HOTEL & RESORT – 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 18128 | 310351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashford Hospitality Trust, Inc.\* | 5580 | 45310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 5100 | 25143 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascott Trust | 173500 | 117048 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDL Hospitality Trusts | 59214 | 48522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust\* | 5931 | 76925 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 18163 | 169643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far East Hospitality Trust | 94900 | 38547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hersha Hospitality Trust, Class A | 6231 | 57014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoshino Resorts REIT, Inc. | 27 | 128195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 60949 | 1150717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. | 520 | 163314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Hotel REIT Investment Corp. | 382 | 201154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mori Trust Hotel REIT, Inc. | 19 | 18030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 20186 | 264033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 10735 | 172190 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 14219 | 173045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 4700 | 417924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 15958 | 129419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 9200 | 79488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 18168 | 202573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 9642 | 164685 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL HOTEL & RESORT |  | $4153270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **INDUSTRIAL – 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Logistics Investment Corp. | 45 | 44003 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIMS APAC REIT | 43700 | 37970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 22771 | 552197 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 300800 | 556722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centuria Industrial REIT | 60763 | 117767 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRE Logistics REIT, Inc. | 77 | 105950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus Industria REIT | 20663 | 35025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Industrial REIT | 12380 | 99505 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 3759 | 588998 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESR-LOGOS REIT | 212393 | 51013 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 11323 | 539314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frasers Logistics & Commercial Trust | 286420 | 222564 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-REIT | 383 | 396922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 147340 | 1602183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Property Trust | 90440 | 108844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite REIT | 2802 | 143190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indus Realty Trust, Inc. | 409 | 21182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Infrastructure Fund Investment Corp. | 177 | 186886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust | 8189 | 38325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 2424 | 262034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intervest Offices & Warehouses NV | 2092 | 45380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Logistics Fund, Inc. | 78 | 167074 |
| &nbsp;&nbsp;&nbsp;&nbsp; LaSalle Logiport REIT | 152 | 162227 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC | 83533 | $179042 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 24141 | 233685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Industrial Trust | 188570 | 293059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Logistics Trust | 273250 | 293402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Logistics REIT Investment Corp. | 41 | 121322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Logistics Park, Inc. | 46 | 152514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montea NV | 1252 | 85497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Prologis REIT, Inc. | 228 | 477635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 2273 | 41914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 80013 | 8861440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 14758 | 815822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC | 104692 | 942477 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOSiLA Logistics REIT, Inc. | 61 | 58459 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 15373 | 485633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Industrial Income REIT | 9636 | 123142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 6445 | 368267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC | 159430 | 256517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw | 11987 | 307763 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INDUSTRIAL |  | $20182865 |
| &nbsp;&nbsp;&nbsp;&nbsp; **OFFICE – 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 12838 | 1865361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Properties REIT | 5736 | 111112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties, Inc. | 12246 | 890284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 15708 | 103044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centuria Office REIT | 38286 | 36857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion REIT | 160000 | 47900 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 2823 | 29980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties Trust | 9587 | 255494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 13130 | 311969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio | 4040 | 216395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cromwell Property Group | 136773 | 61241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Office Investment Corp. | 27 | 127469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derwent London PLC | 9577 | 237670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus | 91809 | 455711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 14979 | 263481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Office REIT | 3839 | 43424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 8265 | 143728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Commonwealth | 9699 | 253726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. | 9107 | 26228 |
| &nbsp;&nbsp;&nbsp;&nbsp; GDI Property Group Partnership | 37938 | 19171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA | 4641 | 413929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global One Real Estate Investment Corp. | 81 | 62536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Portland Estates PLC | 24043 | 141723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 8953 | 252743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. | 12391 | 136797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichigo Office REIT Investment Corp. | 138 | 77865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmobiliaria Colonial Socimi SA | 26612 | 140307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Excellent, Inc. | 143 | 132234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Prime Realty Investment Corp. | 85 | 230657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | 121 | 506964 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties | 9549 | 187924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenedix Office Investment Corp. | 74 | 168459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Pacific Oak U.S. REIT | 91600 | 49464 |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 27.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington Real Asset Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel REIT | 160800 | $101664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 8967 | 383250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife U.S. REIT | 149700 | 54641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirai Corp. | 131 | 42200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mori Hills REIT Investment Corp. | 139 | 152092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mori Trust Sogo REIT, Inc. | 100 | 99734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | 147 | 653465 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSI NV | 1341 | 32071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office Properties Income Trust | 3636 | 55631 |
| &nbsp;&nbsp;&nbsp;&nbsp; One REIT, Inc. | 24 | 40012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Office REIT, Inc. | 6503 | 60933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orix JREIT, Inc. | 236 | 316635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Group, Inc. | 17642 | 114144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Inc., Class A | 11198 | 117019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime U.S. REIT | 75100 | 35297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity REIT | 87000 | 18398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional REIT Ltd. | 34529 | 26451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sankei Real Estate, Inc. | 41 | 25726 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 4622 | 183401 |
| &nbsp;&nbsp;&nbsp;&nbsp; True North Commercial REIT | 3946 | 17871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc.\* | 9191 | 145494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 13572 | 320163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workspace Group PLC | 21828 | 102482 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OFFICE |  | $11100621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE OPERATING COMPANIES – 0.0%\*\*** | &nbsp;&nbsp;&nbsp;&nbsp; **REAL ESTATE OPERATING COMPANIES – 0.0%\*\*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CLS Holdings PLC | 25558 | 42030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seritage Growth Properties, Class A\*<sup>,#</sup> | 5575 | 59820 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE OPERATING COMPANIES | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REAL ESTATE OPERATING COMPANIES | $101850 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RESIDENTIAL – 4.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **RESIDENTIAL – 4.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Residence Investment Corp. | 118 | 274576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altarea SCA | 322 | 42896 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 25859 | 825936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Income REIT Corp. | 13631 | 523839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & Management Co., Class A | 12505 | 99290 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 11981 | 2098113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boardwalk REIT | 1785 | 63520 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRT Apartments Corp. | 1574 | 34880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 9154 | 1057745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT | 7253 | 224615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Care Property Invest NV | 2075 | 33712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 1616 | 111989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Social Housing PLC | 58386 | 39906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clipper Realty, Inc. | 9929 | 70397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comforia Residential REIT, Inc. | 60 | 127308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Living Investments Corp. | 192 | 149008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 7567 | 144454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empiric Student Property PLC | 51684 | 48602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 15090 | 965156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 29354 | 1849889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 5607 | 1246100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home REIT PLC | 42087 | 40591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 18837 | 315708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingenia Communities Group | 45700 | 114589 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; InterRent REIT | 6334 | $53328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 52446 | 1662014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Irish Residential Properties REIT PLC | 33709 | 36444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenedix Residential Next Investment Corp. | 94 | 137686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Killam Apartment REIT | 4993 | 57870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 9987 | 1572453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minto Apartment REIT | 1676 | 16399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morguard North American Residential REIT | 1808 | 21101 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 1717 | 78295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Accommodations Fund, Inc. | 43 | 183053 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRS REIT PLC (The) | 46884 | 47315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samty Residential Investment Corp. | 61 | 49269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starts Proceed Investment Corp. | 19 | 30296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 10639 | 1434669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triple Point Social Housing REIT PLC | 36682 | 27848 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 26349 | 1047636 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 3166 | 55532 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNITE Group PLC (The) | 34069 | 348117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xior Student Housing NV | 1779 | 50018 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RESIDENTIAL |  | $17412162 |
| &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 5.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **RETAIL – 5.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 8750 | 122238 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEON REIT Investment Corp. | 147 | 158176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 6887 | 473137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 134 | 31475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 25890 | 551716 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWP Trust | 42243 | 110245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital & Counties Properties PLC | 79998 | 98255 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand China Trust | 120900 | 82843 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust | 434347 | 576838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmila SA | 5913 | 82744 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. | 2691 | 77312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Retail REIT | 49743 | 127591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Properties REIT | 15157 | 145634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crombie REIT | 4825 | 52806 |
| &nbsp;&nbsp;&nbsp;&nbsp; CT REIT | 6101 | 69414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 6137 | 607440 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Capital REIT | 8708 | 101312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune REIT | 131000 | 83610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frasers Centrepoint Trust | 104623 | 153727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Real Estate Investment Corp. | 44 | 155352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fukuoka REIT Corp. | 64 | 74719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 3846 | 121111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamborner REIT AG | 9415 | 67178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hammerson PLC | 292015 | 64046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Consortium Ltd. | 25444 | 78121 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeCo Daily Needs REIT | 152785 | 125093 |
| &nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 5741 | 144673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | 596 | 438898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenedix Retail REIT Corp. | 64 | 115049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 53106 | 1135406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 18694 | 367150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA\* | 16650 | 334846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease Global Commercial REIT | 145125 | 71763 |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 28.0 |
| *Wilmington Real Asset Fund (continued)* |  |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 183000 | $1081730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The) | 18185 | 202399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust | 187123 | 210176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercialys SA | 4343 | 37619 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Retail Properties, Inc. | 15208 | 639192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Necessity Retail REIT, Inc. (The) | 15917 | 108872 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 2616 | 49233 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewRiver REIT PLC | 17295 | 13884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 10033 | 302395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primaris REIT | 2451 | 25241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 51999 | 3237978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 13330 | 806598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Estates NV | 1199 | 70621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Opportunity Investments Corp. | 10776 | 156037 |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan REIT | 12827 | 182752 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPT Realty | 7659 | 71229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasseur REIT | 61100 | 30645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 944 | 38657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 448640 | 832220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shaftesbury PLC | 28319 | 119383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopping Centres Australasia Property Group | 93331 | 162382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 28370 | 3091763 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 15510 | 192014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slate Grocery REIT, Class U | 2915 | 30298 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartCentres REIT | 7835 | 153554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Realty Capital, Inc. | 11802 | 458272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starhill Global REIT | 158600 | 57699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supermarket Income REIT PLC | 106288 | 124938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger Factory Outlet Centers, Inc. | 9051 | 163009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield\* | 9937 | 470193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 10097 | 142570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urstadt Biddle Properties, Inc., Class A | 3106 | 58206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vastned Retail NV | 2088 | 42404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. | 330292 | 410923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waypoint REIT Ltd. | 71780 | 125345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wereldhave NV | 2996 | 36714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT | 4055 | 38158 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RETAIL |  | $20975221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **SPECIALIZED – 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arena REIT | 35122 | 88291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automotive Properties REIT | 3080 | 26949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big Yellow Group PLC | 14761 | 190608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Social Infrastructure REIT | 35768 | 79390 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 19399 | 812236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 24794 | 2485599 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 6385 | 246461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 7893 | 4470911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 11607 | 2059546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners, Inc. | 2902 | 40657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 6869 | 175984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 22142 | 1109757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Land Corp. | 3132 | 63736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel Property Investments Ltd., REIT | 17262 | 34340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 24715 | 1237480 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number of<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel DC REIT | 117495 | $146080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Storage, Inc. | 7292 | 806568 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 7434 | 317134 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage REIT | 92338 | 154157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 13692 | 4241097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rural Funds Group | 32605 | 53182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 2099 | 61396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safestore Holdings PLC | 18091 | 187447 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 83237 | 2665249 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SPECIALIZED |  | $21754255 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS<br>(COST $125,826,731)** |  | $**114348587** |
| &nbsp;&nbsp;&nbsp;&nbsp; **RIGHTS – 0.0%\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S IMMO AG\*, Expire 12/30/22 | 5122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL RIGHTS<br>(COST $0)** |  | $**—** |
|  **TOTAL REAL ESTATE RELATED SECURITIES**<br> **(COST $199,604,154)** |  | $**179106718** |
| **COMMODITY RELATED SECURITIES – 41.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXCHANGE-TRADED FUNDS – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Global Natural Resources ETF<sup>#</sup> | 119300 | 6535254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS**<br> **(COST $5,102,945)** |  | $**6535254** |
| &nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENT COMPANIES – 39.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **COMMODITY – 39.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Commodity Strategy Fund, Admiral Shares | 1272380 | 39049348 |
| &nbsp;&nbsp;&nbsp;&nbsp; DFA Commodity Strategy Portfolio, Institutional Class | 22293035 | 116592574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parametric Commodity Strategy Fund, Institutional Class | 429841 | 3008886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Commodity Return Strategy Fund, Class I | 225985 | 6164871 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMODITY |  | $164815679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES**<br> **(COST $156,028,359)** |  | $**164815679** |
|  **TOTAL COMMODITY RELATED SECURITIES**<br> **(COST $161,131,304)** |  | $**171350933** |
|  **SHORT-TERM INVESTMENTS – 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUND – 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%<sup>^</sup> | 12417300 | 12417300 |
|  **TOTAL SHORT-TERM INVESTMENT**<br> **(COST $12,417,300)** |  | $**12417300** |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 29.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington Real Asset Fund (continued)* |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Number<br>of Shares** | **Value** |
|  **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.5%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.5%** | **CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **MONEY MARKET FUNDS – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock Liquidity Fed Fund, Institutional Shares, 2.87%<sup>^</sup> | 1070000 | $1070000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>^</sup> | 779000 | 779000 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund, Capital Class, 2.80%<sup>^</sup> | 580000 | 580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 2.88%<sup>^</sup> | 1130000 | 1130000 |
|  **TOTAL MONEY MARKET FUNDS<br>(COST $3,559,000)** |  | $**3559000** |
|  | **Par Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REPURCHASE AGREEMENTS – 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,490,125, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 1/01/61; total market value of $3,559,626. | $3489829 | 3489829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets Ltd., 3.00%, dated 10/31/22, due 11/01/22, repurchase price $1,316,579, collateralized by U.S. Treasury Securities, 0.13% to 4.38%, maturing 11/15/31 to 2/15/52; total market value of $1,343,586. | 1316469 | 1316469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,490,125, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $3,559,626. | 3489829 | 3489829 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Par Value** | **Par Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, 3.09%, dated 10/31/22, due 11/01/22, repurchase price $3,490,129, collateralized by U.S. Treasury Securities, 0.00% to 4.08%, maturing 11/01/22 to 9/09/49; total market value of $3,559,626. | $| 3489829 | $3489829 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,490,125, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $3,559,626. |  | 3489829 | 3489829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS<br>(COST $15,275,785)** |  |  | $**15275785** |
| **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN<br>(COST $18,834,785)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN<br>(COST $18,834,785)** | **TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN<br>(COST $18,834,785)** | $**18834785** |
| **TOTAL INVESTMENTS – 104.5%<br>(Cost $457,416,973)** |  |  | $**437027327** |
| **COLLATERAL FOR SECURITIES ON LOAN – (4.5%)** | **COLLATERAL FOR SECURITIES ON LOAN – (4.5%)** | **COLLATERAL FOR SECURITIES ON LOAN – (4.5%)** | **(18834785)** |
| **OTHER ASSETS LESS LIABILITIES – 0.0%\*\*** |  |  | **200261** |
| **TOTAL NET ASSETS – 100.0%** |  |  | $**418392803** |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

---

| | |
|:---|:---|
| *PORTFOLIOS OF INVESTMENTS* | 30.0 |
| *Wilmington Real Asset Fund (continued)* |  |

---

&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)

&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of October 31, 2022 in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|   **<u>Assets</u>** |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Inflation Related Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $55317591 | $— | $— | $55317591 |
|  &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;Construction & Engineering | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Diversified | 569728 |  |  | 569728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Diversified Real Estate Activities | 10262165 |  |  | 10262165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 20421 |  |  | 20421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Office | 79681 |  |  | 79681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Development | 2305350 |  | —<sup>(a)</sup> | 2305350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Operating Companies | 11313205 |  |  | 11313205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Residential | 17077 |  |  | 17077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Retail | 205231 |  |  | 205231 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 32224579 |  |  | 32224579 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investment Company | 7760692 |  |  | 7760692 |
| &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;Diversified | 9339943 |  |  | 9339943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Diversified Real Estate Activities | 50406 |  |  | 50406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 9277994 |  |  | 9277994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Hotel & Resort | 4153270 |  |  | 4153270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 20182865 |  |  | 20182865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Office | 11100621 |  |  | 11100621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Operating Companies | 101850 |  |  | 101850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Residential | 17412162 |  |  | 17412162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Retail | 20975221 |  |  | 20975221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Specialized | 21754255 |  |  | 21754255 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Rights |  | — <sup>(a)</sup> |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commodity Related Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 6535254 |  |  | 6535254 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 164815679 |  |  | 164815679 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 15976300 |  |  | 15976300 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 15275785 |  | 15275785 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities | $421751542 | $15275785 | $— | $437027327 |
|  <sup>(a) </sup>Includes internally fair valued securities currently priced at zero ($0). |  |  |  |  |

---

------

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

\*\* Represents less than 0.05%. 

<sup>0</sup> Rounds to less than 1 share.

\* Non-income producing security.

^ 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.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 31.0 | *PORTFOLIOS OF INVESTMENTS* |
|  | *Wilmington Real Asset Fund (concluded)* |

---

The following acronyms are used throughout this Portfolio of Investments:

---

| | |
|:---|:---|
|  ETF | Exchange-Traded Fund<br>|
| J-REIT | Japanese Real Estate Investment Trust<br>|
| OYJ | Public Limited Company<br>|
| PLC | Public Limited Company<br>|
| REIT | Real Estate Investment Trust<br>|
| SCA | Limited Partnership With Share Capital<br>|
| SPDR | Standard & Poor's Depositary Receipt |

---

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

------

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*STATEMENTS OF ASSETS AND LIABILITIES* 32 <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**October 31, 2022 (unaudited)** | **Wilmington<br>International<br>Fund** | **Wilmington<br>Global Alpha<br>Equities Fund** |  | **Wilmington<br>Real Asset<br>Fund** |
| &nbsp;&nbsp;&nbsp; ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments, at identified cost* | $*516900283* | $*188096191* | | $*457416973* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investments in securities, at value* | $*500329180* | $*203316525* | | $*437027327* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash* | *679* | *—* | | *652* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Deposits for financial futures contracts* | *1071089* | *5806685* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cash denominated in foreign currencies* | *4463072* | *367155* | *<sup>(c)</sup>* | *42598* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Variation margin receivable for financial futures contracts* | *377014* | *417718* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Income receivable* | *1220353* | *371948* | | *293817* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign tax reclaim receivable* | *1626592* | *342880* | | *167330* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due from broker* | *208* | *—* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for shares sold* | *195274* | *170276* | | *574154* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized appreciation on forward foreign currency contracts* | *—* | *470552* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Receivable for investments sold* | *583511* | *665446* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Prepaid and other assets* | *30204* | *20917* | | *20579* |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSETS** | ***509897176*** | ***211950102*** | **** | ***438126457*** |
| &nbsp;&nbsp;&nbsp; LIABILITIES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateral for securities on loan* | *13512418* | *—* | | *18834785* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Due to custodian* | *—* | *8717* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Deferred foreign capital gains tax payable* | *24058* | *2976* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investments purchased* | *888663* | *1198253* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized depreciation on forward foreign currency contracts* | *—* | *16366* | | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for shares redeemed* | *111263* | *335160* | | *526101* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable to sub-advisors* | *130871* | *97035* | | *15916* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for Trustees' fees* | *3883* | *3883* | | *3376* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for administration fees* | *12686* | *5364* | | *10610* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for distribution services fees* | *509* | *60* | | *205* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Payable for investment advisory fees* | *150374* | *71042* | | *120506* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other accrued expenses* | *314108* | *180816* | | *222155* |
| &nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES** | ***15148833*** | ***1919672*** | **** | ***19733654*** |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $***494748343*** | $***210030430*** | **** | $***418392803*** |
| &nbsp;&nbsp;&nbsp; **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Paid-in capital* | $*547899490* | $*202303555* | | $*446421791* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributable earnings (loss)* | *(53151147* | *7726875* | | *(28028988* |
| &nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS** | $***494748343*** | $***210030430*** | **** | $***418392803*** |
| &nbsp;&nbsp;&nbsp; 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* | $*2418280* | $*287195* | | $*974120* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *342014* | *25112* | | *70570* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value per share* | $*7.07* | $*11.44* | | $*13.80* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Offering Price per share\** | $*7.48* | $*12.11* | *\*\** | $*14.60* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Class I* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Assets* | $*492330063* | $*209743235* | | $*417418683* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Shares outstanding (unlimited shares authorized)* | *68911480* | *18011740* | | *29789522* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Asset Value and Offering Price per share* | $*7.14* | $*11.64* | | $*14.01* |

---

<sup>(a)</sup> Including $11,685,937 of securities on loan (Note 2). 

<sup>(b)</sup> Including $18,389,799 of securities on loan (Note 2). 

<sup>(c)</sup> Cost of cash denominated in foreign currencies was $4,496,338, $372,047 and $48,436, 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* 

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

---

| | |
|:---|:---|
| 33.0 | *STATEMENTS OF OPERATIONS* |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Six Months Ended October 31, 2022 (unaudited)** | **Wilmington<br>International<br>Fund** | **Wilmington<br>Global Alpha<br>Equities**<br> **Fund** | **Wilmington<br>Real Asset<br>Fund** |
| &nbsp;&nbsp;&nbsp; INVESTMENT INCOME: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Dividends* | $*9140234* | $*2347031* | $*6480252* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest* | *17183* | *27562* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Securities lending income, net* | *68681* | *—* | *60575* |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT INCOME** | ***9226098*** | ***2374593*** | ***6540827*** |
| &nbsp;&nbsp;&nbsp; EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment advisory fees* | *2162900* | *1610387* | *1147650* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Administration fees* | *85455* | *32966* | *69509* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Portfolio accounting and administration fees* | *127504* | *44791* | *69356* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Custodian fees* | *103888* | *44207* | *39532* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transfer and dividend disbursing agent fees and expenses* | *32444* | *13700* | *13446* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trustees' fees* | *33571* | *33571* | *33571* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Professional fees* | *85928* | *85078* | *76434* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution services fee—Class A* | *3406* | *367* | *1338* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shareholder services fee—Class A* | *3406* | *367* | *1338* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Share registration costs* | *18730* | *17596* | *18890* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Printing and postage* | *10423* | *7956* | *9498* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous* | *34704* | *19462* | *27675* |
| &nbsp;&nbsp;&nbsp; **TOTAL EXPENSES** | ***2702359*** | ***1910448*** | ***1508237*** |
| &nbsp;&nbsp;&nbsp; WAIVERS AND REIMBURSEMENTS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver/reimbursement by investment advisor* | *(305100* | *(578461* | *(90702* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver by sub-advisor* | *(43367* | *—* | *(17092* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Waiver of shareholder services fee—Class A* | *(3406* | *(367* | *(1338* |
| &nbsp;&nbsp;&nbsp; **TOTAL WAIVERS AND REIMBURSEMENTS** | ***(351873*** | ***(578828*** | ***(109132*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net expenses* | ***2350486*** | ***1331620*** | ***1399105*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | ***6875612*** | ***1042973*** | ***5141722*** |
| &nbsp;&nbsp;&nbsp; REALIZED AND UNREALIZED GAIN (LOSS): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on investments* | *(40899192* | *(869704* | *3367980* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on forward foreign currency contracts* | *(9707* | *2962287* | *(181* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on foreign currency transactions* | *(789689* | *(152164* | *(60946* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss) on financial futures contracts* | *606023* | *4900196* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(41092565* | *6840615* | *3306853* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on investments* | *(52696365* | *(13766713* | *(80548126* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on forward foreign currency contracts* | *—* | *(740137* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on foreign currency transactions* | *(57551* | *(7811* | *(1833* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation) on financial futures contracts* | *(1255189* | *2296269* | *—* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *(54009105* | *(12218392* | *(80549959* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net realized and unrealized gain (loss)* | ***(95101670*** | ***(5377777*** | ***(77243106*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | $***(88226058*** | $***(4334804*** | $***(72101384*** |

---

<sup>(a)</sup> Net of foreign withholding taxes of $860,756, $186,149 and $136,420, respectively. 

<sup>(b)</sup> Net of change in deferred foreign capital gains tax accrued of $8,984 and $1,738, respectively. 

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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*STATEMENTS OF CHANGES IN NET ASSETS* 34 <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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> **2022**<br> **(Unaudited)** | **Year Ended<br>April 30,**<br> **2022** | **Six Months Ended<br>October 31,**<br> **2022**<br> **(Unaudited)** | **Year Ended<br>April 30,**<br> **2022** |
| &nbsp;&nbsp;&nbsp; OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*6875612* | $*8931202* | $*1042973* | $*813947* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *(41092565* | *34613517* | *6840615* | *9830329* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *(54009105* | *(160824359* | *(12218392* | *(14472171* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | ***(88226058*** | ***(117279640*** | ***(4334804*** | ***(3827895*** |
| &nbsp;&nbsp;&nbsp; DISTRIBUTIONS TO SHAREHOLDERS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(42001* | *(140818* | *—* | *(1534* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(8748396* | *(27489939* | *—* | *(1127043* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | ***(8790397*** | ***(27630757*** | ***—*** | ***(1128577*** |
| &nbsp;&nbsp;&nbsp; SHARE TRANSACTIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *6076* | *14806* | *284* | *979* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *77867717* | *97632573* | *32443160* | *44382799* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *38845* | *129098* | *—* | *1534* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *1705483* | *12890244* | *—* | *347409* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(111149* | *(475838* | *(2150* | *(24737* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(105038264* | *(65462154* | *(30327968* | *(34055348* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | ***(25531292*** | ***44728729*** | ***2113326*** | ***10652636*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *(122547747* | *(100181668* | *(2221478* | *5696164* |
| &nbsp;&nbsp;&nbsp; NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | ***617296090*** | ***717477758*** | ***212251908*** | ***206555744*** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | **$*494748343*** | $***617296090*** | $***210030430*** | $***212251908*** |
| &nbsp;&nbsp;&nbsp; SHARES OF BENEFICIAL INTEREST: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *765* | *1466* | *25* | *81* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *9773551* | *9786405* | *2737758* | *3621891* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *5067* | *12730* | *—* | *127* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *220588* | *1264315* | *—* | *28245* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(14169* | *(47287* | *(192* | *(2033* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(13151532* | *(6524942* | *(2572661* | *(2784677* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | ***(3165730*** | ***4492687*** | ***164930*** | ***863634*** |

---

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

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

35 *STATEMENTS OF CHANGES IN NET ASSETS (concluded)* <br>

---

| | | |
|:---|:---|:---|
|  | **Wilmington**<br> **Real Asset**<br> **Fund** | **Wilmington**<br> **Real Asset**<br> **Fund** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br> **(Unaudited)** | **Year Ended<br>April 30,**<br> **2022** |
|  OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net investment income* | $*5141722* | $*49165824* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net realized gain (loss)* | *3306853* | *21696018* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change in unrealized appreciation (depreciation)* | *(80549959* | *5619182* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from operations* | ***(72101384*** | ***76481024*** |
|  DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(5072* | *(110221* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(2467074* | *(50543503* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total distributions to shareholders* | ***(2472146*** | ***(50653724*** |
|  SHARE TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from sale of shares* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *108577* | *125187* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *37205342* | *93457658* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *4969* | *106501* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *1013779* | *19610932* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cost of shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(127122* | *(101368* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(33366976* | *(115096412* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets resulting from share transactions* | ***4838569*** | ***(1897502*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in net assets* | *(69734961* | *23929798* |
|  NET ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Beginning of period* | ***488127764*** | ***464197966*** |
| &nbsp;&nbsp;&nbsp;&nbsp; *End of period* | $***418392803*** | $***488127764*** |
|  SHARES OF BENEFICIAL INTEREST: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares sold* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *7025* | *7512* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *2473595* | *5648957* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distributions reinvested* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *340* | *6699* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *68186* | *1216232* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Shares redeemed* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A* | *(8516* | *(6323* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I* | *(2194170* | *(6788203* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Net change resulting from share transactions* | ***346460*** | ***84874*** |

---

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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*FINANCIAL HIGHLIGHTS* 36 <br>

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| WILMINGTON INTERNATIONAL FUND | WILMINGTON INTERNATIONAL FUND | WILMINGTON INTERNATIONAL FUND |  |  |  |  |
| **CLASS A** | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended<br>April 30, 2020** | **Year Ended<br>April 30, 2019** | **Year Ended<br>April 30, 2018** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $&nbsp;&nbsp;&nbsp;&nbsp;8.44 | $&nbsp;&nbsp;&nbsp;&nbsp;10.47 | $&nbsp;&nbsp;&nbsp;&nbsp;7.35 | $&nbsp;&nbsp;&nbsp;&nbsp;8.52 | $&nbsp;&nbsp;&nbsp;&nbsp;9.11 | $&nbsp;&nbsp;&nbsp;&nbsp;7.86 |
| &nbsp;&nbsp;&nbsp; **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.09 | 0.10 | 0.10 | 0.13 | 0.14 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (1.34) | (1.75) | 3.16 | (1.17) | (0.51) | 1.26 |
| &nbsp;&nbsp;&nbsp; Total Income (Loss) From Operations | (1.25) | (1.65) | 3.26 | (1.04) | (0.37) | 1.34 |
| &nbsp;&nbsp;&nbsp; **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.12) | (0.16) | (0.14) | (0.13) | (0.14) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  | (0.22) |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.12) | (0.38) | (0.14) | (0.13) | (0.22) | (0.09) |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, End of Period** | $&nbsp;&nbsp;&nbsp;&nbsp;7.07 | $&nbsp;&nbsp;&nbsp;&nbsp;8.44 | $&nbsp;&nbsp;&nbsp;&nbsp;10.47 | $&nbsp;&nbsp;&nbsp;&nbsp;7.35 | $&nbsp;&nbsp;&nbsp;&nbsp;8.52 | $&nbsp;&nbsp;&nbsp;&nbsp;9.11 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>** | (14.92)% | (16.31)% | 44.67% | (12.35)% | (4.07)% | 17.18% |
| &nbsp;&nbsp;&nbsp; **Net Assets, End of Period (000's)** | $&nbsp;&nbsp;&nbsp;&nbsp;2418 | $&nbsp;&nbsp;&nbsp;&nbsp;2957 | $&nbsp;&nbsp;&nbsp;&nbsp;4015 | $&nbsp;&nbsp;&nbsp;&nbsp;3036 | $&nbsp;&nbsp;&nbsp;&nbsp;4871 | $&nbsp;&nbsp;&nbsp;&nbsp;5473 |
| &nbsp;&nbsp;&nbsp; **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.47 %<sup>(d)</sup> | 1.48% | 1.48% | 1.50% | 1.50% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 1.09 %<sup>(d)</sup> | 1.10% | 1.06% | 0.98% | 1.00% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.22 %<sup>(d)</sup> | 1.00% | 1.10% | 1.57% | 1.69% | 0.93% |
| &nbsp;&nbsp;&nbsp; **Portfolio Turnover Rate** | 51% | 71% | 74% | 79% | 70% | 75% |
| **CLASS I** | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended**<br> **April 30, 2018** |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $&nbsp;&nbsp;&nbsp;&nbsp;8.52 | $&nbsp;&nbsp;&nbsp;&nbsp;10.56 | $&nbsp;&nbsp;&nbsp;&nbsp;7.41 | $&nbsp;&nbsp;&nbsp;&nbsp;8.59 | $&nbsp;&nbsp;&nbsp;&nbsp;9.18 | $&nbsp;&nbsp;&nbsp;&nbsp;7.92 |
| &nbsp;&nbsp;&nbsp; **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.10 | 0.13 | 0.12 | 0.13 | 0.17 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (1.35) | (1.77) | 3.18 | (1.17) | (0.53) | 1.27 |
| &nbsp;&nbsp;&nbsp; Total Income (Loss) From Operations | (1.25) | (1.64) | 3.30 | (1.04) | (0.36) | 1.36 |
| &nbsp;&nbsp;&nbsp; **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.13) | (0.18) | (0.15) | (0.14) | (0.15) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  | (0.22) |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.13) | (0.40) | (0.15) | (0.14) | (0.23) | (0.10) |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, End of Period** | $7.14 | $&nbsp;&nbsp;&nbsp;&nbsp;8.52 | $&nbsp;&nbsp;&nbsp;&nbsp;10.56 | $&nbsp;&nbsp;&nbsp;&nbsp;7.41 | $8.59 | $&nbsp;&nbsp;&nbsp;&nbsp;9.18 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>** | (14.82)% | (16.10)% | 44.92% | (12.28)% | (3.91)% | 17.29% |
| &nbsp;&nbsp;&nbsp; **Net Assets, End of Period (000's)** | $492330 | $614339 | $713463 | $513640 | $570749 | $655810 |
| &nbsp;&nbsp;&nbsp; **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 0.97 %<sup>(d)</sup> | 0.99% | 1.16% | 1.25% | 1.26% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 0.84 %<sup>(d)</sup> | 0.85% | 0.85% | 0.85% | 0.87% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.47 %<sup>(d)</sup> | 1.27% | 1.32% | 1.58% | 1.95% | 1.06% |
| &nbsp;&nbsp;&nbsp; **Portfolio Turnover Rate** | 51% | 71% | 74% | 79% | 70% | 75% |

---

------

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

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

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

(d) Annualized for periods less than one year.

(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* 

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

37 *FINANCIAL HIGHLIGHTS (continued)* <br>

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON GLOBAL ALPHA EQUITIES FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON GLOBAL ALPHA EQUITIES FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON GLOBAL ALPHA EQUITIES FUND |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **October 31,<br>2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended**<br> **April 30, 2018** |
| **CLASS A** | **(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.68 | $11.97 | $10.87 | $11.28 | $10.99 | $10.54 |
| &nbsp;&nbsp;&nbsp; **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.04 | 0.01 | 0.02 | 0.07 | 0.09 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.28) | (0.24) | 1.31 | (0.35) | 0.33 | 0.52 |
| &nbsp;&nbsp;&nbsp; Total Income (Loss) From Operations | (0.24) | (0.23) | 1.33 | (0.28) | 0.42 | 0.57 |
| &nbsp;&nbsp;&nbsp; **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income |  | (0.06) | (0.06) | (0.13) | (0.13) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  | (0.17) |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions |  | (0.06) | (0.23) | (0.13) | (0.13) | (0.12) |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, End of Period** | $11.44 | $11.68 | $11.97 | $10.87 | $11.28 | $10.99 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>** | (2.06)% | (1.97)% | 12.27% | (2.57)% | 3.87% | 5.41% |
| &nbsp;&nbsp;&nbsp; **Net Assets, End of Period (000's)** | $287 | $295 | $324 | $208 | $125 | $132 |
| &nbsp;&nbsp;&nbsp; **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 2.28 %<sup>(d)</sup> | 2.30% | 2.30% | 2.29% | 2.36% | 2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 1.49 %<sup>(d)</sup> | 1.49% | 1.49% | 1.49% | 1.49% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.73 %<sup>(d)</sup> | 0.12% | 0.19% | 0.63% | 0.78% | 0.42% |
| &nbsp;&nbsp;&nbsp; **Portfolio Turnover Rate** | 30% | 44% | 58% | 84% | 61% | 58% |
|  | **Six Months<br>Ended<br>October 31,<br>2022** | **Year Ended<br>April 30, 2022** | **Year Ended<br>April 30, 2021** | **Year Ended<br>April 30, 2020** | **Year Ended<br>April 30, 2019** | **Year Ended<br>April 30, 2018** |
| **CLASS I** | **(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.88 | $12.14 | $11.01 | $11.40 | $11.08 | $10.61 |
| &nbsp;&nbsp;&nbsp; **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.06 | 0.05 | 0.05 | 0.09 | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (0.30) | (0.25) | 1.31 | (0.34) | 0.34 | 0.49 |
| &nbsp;&nbsp;&nbsp; Total Income (Loss) From Operations | (0.24) | (0.20) | 1.36 | (0.25) | 0.45 | 0.60 |
| &nbsp;&nbsp;&nbsp; **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income |  | (0.06) | (0.06) | (0.14) | (0.13) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains |  |  | (0.17) |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions |  | (0.06) | (0.23) | (0.14) | (0.13) | (0.13) |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, End of Period** | $11.64 | $11.88 | $12.14 | $11.01 | $11.40 | $11.08 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>** | (2.02)% | (1.63)% | 12.46% | (2.31)% | 4.18% | 5.63% |
| &nbsp;&nbsp;&nbsp; **Net Assets, End of Period (000's)** | $209743 | $211957 | $206232 | $211911 | $168199 | $156369 |
| &nbsp;&nbsp;&nbsp; **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(c)</sup> | 1.78 %<sup>(d)</sup> | 1.80% | 1.99% | 2.04% | 2.11% | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(c),(e)</sup> | 1.24 %<sup>(d)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 0.97 %<sup>(d)</sup> | 0.38% | 0.44% | 0.82% | 1.02% | 1.03% |
| &nbsp;&nbsp;&nbsp; **Portfolio Turnover Rate** | 30% | 44% | 58% | 84% | 61% | 58% |

---

------

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

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

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

(d) Annualized for periods less than one year.

(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, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*FINANCIAL HIGHLIGHTS (concluded)* 38 <br>

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON REAL ASSET FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON REAL ASSET FUND | &nbsp;&nbsp;&nbsp;&nbsp;WILMINGTON REAL ASSET FUND |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** | **Year Ended**<br> **April 30, 2020** | **Year Ended**<br> **April 30, 2019** | **Year Ended**<br> **April 30, 2018** |
| **CLASS A** | **(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.30 | $15.58 | $12.33 | $14.40 | $14.48 | $13.87 |
| &nbsp;&nbsp;&nbsp; **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.15 | 1.64 <sup>(b)</sup> | 0.17 | 0.45 | 0.34 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (2.58) | 0.82 | 3.32 | (2.03) | (0.07) | 0.63 |
| &nbsp;&nbsp;&nbsp; Total Income (Loss) From Operations | (2.43) | 2.46 | 3.49 | (1.58) | 0.27 | 0.98 |
| &nbsp;&nbsp;&nbsp; **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.07) | (1.74) | (0.24) | (0.49) | (0.35) | (0.37) |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.07) | (1.74) | (0.24) | (0.49) | (0.35) | (0.37) |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, End of Period** | $13.80 | $16.30 | $15.58 | $12.33 | $14.40 | $14.48 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>** | (14.93)% | 16.34% | 28.65% | (11.35)% | 2.05% | 7.11% |
| &nbsp;&nbsp;&nbsp; **Net Assets, End of Period (000's)** | $974 | $1169 | $995 | $932 | $1173 | $1297 |
| &nbsp;&nbsp;&nbsp; **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(d)</sup> | 1.17 %<sup>(e)</sup> | 1.17% | 1.30% | 1.30% | 1.32% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(d),(f)</sup> | 0.87 %<sup>(e)</sup> | 0.89% | 0.96% | 0.96% | 0.96% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.02 %<sup>(e)</sup> | 10.04 %<sup>(b)</sup> | 1.25% | 3.16% | 2.44% | 2.46% |
| &nbsp;&nbsp;&nbsp; **Portfolio Turnover Rate** | 7% | 32% | 40 %<sup>(g)</sup> | 411% | 347% | 438% |
|  | **Six Months**<br> **Ended**<br> **October 31,**<br> **2022** | **Year Ended<br>April 30, 2022** | **Year Ended<br>April 30, 2021** | **Year Ended<br>April 30, 2020** | **Year Ended<br>April 30, 2019** | **Year Ended<br>April 30, 2018** |
| **CLASS I** | **(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.54 | $15.77 | $12.47 | $14.56 | $14.63 | $14.01 |
| &nbsp;&nbsp;&nbsp; **Income (Loss) From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>(a)</sup> | 0.17 | 1.65 <sup>(b)</sup> | 0.17 | 0.49 | 0.38 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (2.62) | 0.89 | 3.40 | (2.06) | (0.07) | 0.62 |
| &nbsp;&nbsp;&nbsp; Total Income (Loss) From Operations | (2.45) | 2.54 | 3.57 | (1.57) | 0.31 | 1.02 |
| &nbsp;&nbsp;&nbsp; **Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.08) | (1.77) | (0.27) | (0.52) | (0.38) | (0.40) |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.08) | (1.77) | (0.27) | (0.52) | (0.38) | (0.40) |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, End of Period** | $14.01 | $16.54 | $15.77 | $12.47 | $14.56 | $14.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>** | (14.82)% | 16.66% | 29.00% | (11.13)% | 2.29% | 7.31% |
| &nbsp;&nbsp;&nbsp; **Net Assets, End of Period (000's)** | $417419 | $486959 | $463203 | $199115 | $309654 | $307734 |
| &nbsp;&nbsp;&nbsp; **Ratios to Average Net Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Expense<sup>(d)</sup> | 0.67 %<sup>(e)</sup> | 0.67% | 0.93% | 1.05% | 1.07% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expense<sup>(d),(f)</sup> | 0.62 %<sup>(e)</sup> | 0.64% | 0.71% | 0.71% | 0.71% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 2.27 %<sup>(e)</sup> | 9.98 %<sup>(b)</sup> | 1.18% | 3.41% | 2.69% | 2.74% |
| &nbsp;&nbsp;&nbsp; **Portfolio Turnover Rate** | 7% | 32% | 40 %<sup>(g)</sup> | 411% | 347% | 438% |

---

------

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

(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.

(c) 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.

(d) 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.

(e) Annualized for periods less than one year.

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

(g) In 2020, the Fund transitioned to a single sub-advisor strategy. As a result, the portfolio turnover rate for the
year ended April 30, 2021 was significantly lower than that of previous fiscal years.

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

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

39 *NOTES TO FINANCIAL STATEMENTS* <br>

Wilmington Funds

October 31, 2022 (unaudited)

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.

---

| | |
|:---|:---|
| **Fund** | **Investment Goal** |
| *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.* |
| *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.* |
| *Wilmington Real Asset Fund ("Real Asset Fund")<sup>(d)</sup>* | *The Fund seeks to achieve long-term preservation of capital with current income.* |
| *<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 on class-specific matters.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The 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 Funds utilize a fair value approach. The fair value of the Funds' portfolio securities are determined as follows:

● for equity securities, according to the last sale price or official closing price reported in the market in
which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;

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

● 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 Board of Trustees ("Trustees") may determine in good faith that another method of valuing such investments is necessary to appraise their fair value;

● forward foreign currency contracts are valued at the mean between the last bid and asked prices;

● investments in open-end regulated investment companies are valued at NAV;

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

● 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

● for all other securities, at fair value as determined in accordance with procedures established by and under
the general supervision of the Board of Trustees (''Trustees'').

Trading in foreign securities may be completed at times which vary from the closing of the 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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 40 <br>

securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. 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 4:00pm 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 procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

**Repurchase Agreements** – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting each Fund's return on the transaction. It is each Fund's policy to require the counterparty to a repurchase agreement to transfer to the Funds' custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a "securities entitlement" and exercise "control" as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities, if necessary, to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the counterparty or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Funds to receive less than the full repurchase price.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements ("MRA") which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund.

At October 31, 2022, 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; **International Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Bank of America Securities, Inc.* | $*2567886* | | $*2567886* | | $*—* | | $*—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Daiwa Capital Markets America* | *2128760* | | *2128760* | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deutsche Bank Securities, Inc.* | *2567886* | | *2567886* | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *RBC Dominion Securities, Inc.* | *2567886* | | *2567886* | | *—* | | *—* | |
|  | $***9832418*** | **** | $***9832418*** | **** | $***—*** | **** | $***—*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Asset Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Bank of America Securities, Inc.* | $*3489829* | | $*3489829* | | $*—* | | $*—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Citigroup Global Markets Ltd.* | *1316469* | | *1316469* | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deutsche Bank Securities, Inc.* | *3489829* | | *3489829* | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *National Bank Financial* | *3489829* | | *3489829* | | *—* | | *—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc. | 3489829 |  | 3489829 |  |  |  |  |  |
|  | **$*15275785*** | **** | **$*15275785*** | **** | $***—*** | **** | $***—*** | **** |

---

*<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.* 

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

41 *NOTES TO FINANCIAL STATEMENTS (continued)* <br>

**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.

**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 procedures established by and under the general supervision of the Trustees.

**Securities Sold Short** – Certain Funds may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, the Fund must borrow the security. The Fund's obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund's custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. The Funds are required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividends expense on securities sold short on the Statements of Operations.

In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds are required to maintain margin cash balances at the prime broker sufficiently to satisfy their short sales positions on a daily basis. The Funds are charged interest expense at the Fed Funds open rate plus 50 basis points on the amount of any shortfall in the required cash margin. The Funds record these prime broker charges on a net basis as Prime Broker interest expense on securities sold short on the Statements of Operations. During the six months ended October 31, 2022, there were no short sales transactions.

**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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 42 <br>

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, 2022, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | | **Value of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities** <br> **on Loan** | **Cash**<br> **Collateral**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Received<sup>(1)</sup>**  | **Net Exposure<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *International Fund* | | *$11685937* | *$11685937* | *$—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Real Asset Fund* |  | *18389799* | *18389799* | *—* |

---

*<sup>(1)</sup>* *Collateral with a value of $13,512,418 and $18,834,785, 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.* 

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 Real Asset Fund and 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, 2022, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

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, 2022.

---

| | | |
|:---|:---|:---|
|  | **Location on the Statements of Assets and Liabilities** | **Location on the Statements of Assets and Liabilities** |
| **Derivative Type** | **Asset Derivatives** | **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity contracts* | *Variation margin receivable for financial futures contracts\** | *Variation margin payable for financial futures contracts\** |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

43 *NOTES TO FINANCIAL STATEMENTS (continued)* <br>

---

| | | |
|:---|:---|:---|
|  | **Location on the Statements of Assets and Liabilities** | **Location on the Statements of Assets and Liabilities** |
| **Derivative Type** | **Asset Derivatives** | **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&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, 2022.* 

*\*\** *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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global Alpha Equities Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Financial Futures Contracts* | $*3893335* | $*3893335* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Forward Foreign Currency Contracts* | *470552* | *—* | *470552* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Totals* | $*4363887* | $*3893335* | $*470552* |
|  | **Liability Derivatives Fair Value** | **Liability Derivatives Fair Value** | **Liability Derivatives Fair Value** |
| **Fund** | **Total Value** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Financial Futures Contracts* | $*(815809* | $*(815809* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Totals* | $*(815809* | $*(815809* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global Alpha Equities Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Financial Futures Contracts* | $*(89703* | $*(89703* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Forward Foreign Currency Contracts* | *(16366* | *—* | *(16366* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Totals* | $*(106069* | $*(89703* | $*(16366* |

---

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, 2022.

---

| | |
|:---|:---|
| **Derivative Type** | **Location on the Statements of Operations** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity contracts* | *Net realized gain (loss) on financial futures contracts.* |
|  | *Net change in unrealized appreciation (depreciation) on financial futures contracts.* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *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** | **Net Realized Gain (Loss) on Derivatives Recognized in Results**<br> **from Operations** |
| **Fund** | **Total** | **Equity<br>Contracts** |  | **Foreign<br>Exchange<br>Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Financial Futures Contracts* | $*606023* | $*606023* | | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Forward Foreign Currency Contracts* | *(9707* | *—* | | *(9707* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Totals* | $*596316* | $*606023* | | $*(9707* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global Alpha Equities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Financial Futures Contracts* | $*4900196* | $*4900196* | | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Forward Foreign Currency Contracts* | *2962287* | *—* | | *2962287* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Totals* | $*7862483* | $*4900196* | | $*2962287* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Asset Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Forward Foreign Currency Contracts* | $*(181* | $*—* | | $*(181* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Totals* | $*(181* | $*—* | | $*(181* |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 44 <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Financial Futures Contracts* | $*(1255189* | $*(1255189* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Totals* | $*(1255189* | $*(1255189* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global Alpha Equities Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Financial Futures Contracts* | $*2296269* | $*2296269* | $*—* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Forward Foreign Currency Contracts* | *(740137* | *—* | *(740137* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Totals* | $*1556132* | $*2296269* | $*(740137* |

---

The average quarterly volume of derivative activities for the six months ended October 31, 2022 are as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivative Volume** | **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>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *International Fund* | $*12578093* | | $*—* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Global Alpha Equities Fund* | *—* | | *24565368* | |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | | **Liability Derivative Volume**<br> **Financial**<br> **Futures**<br> **Contracts<sup>(1)</sup>**  | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Global Alpha Equities Fund* | | *$99308626* | |

---

*<sup>(1)</sup>* *Notional Amount.* 

*<sup>(2)</sup>* *Contract Amount.* 

The International and Real Asset Funds had forward foreign currency activity during the period but did not have open positions at any quarter-end.

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, 2022, 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>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Global Alpha Equities Fund*** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Bank of Montreal* | $*27962* | | $*—* | | $*—* | | $*—* | | $*27962* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TD Securities Ltd.* | *171974* | | *—* | | *—* | | *—* | | *171974* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Deutsche Bank AG* | *75857* | | *—* | | *—* | | *—* | | *75857* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Morgan Stanley* | *194759* | | *—* | | *—* | | *—* | | *194759* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Derivative Assets* | $*470552* | | $*—* | | $*—* | | $*—* | | $*470552* | |

---

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

45 *NOTES TO FINANCIAL STATEMENTS (continued)* <br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Counterparty** | **Derivative<br>Liabilities Subject to<br>a MA** | **Derivatives<br>Available for<br>Offset** |  | **Non-Cash<br>Collateral<br>Pledged<sup>(3)</sup>** |  | **Cash<br>Collateral<br>Pledged<sup>(3)</sup>** |  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Exposure <br> of Derivative <br> Liabilities<sup>(2)</sup>**  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Global Alpha Equities Fund (continued)*** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Citigroup Global Markets* | $*(6005)* | $*—* | | $*—* | | $*—* | | $*(6005)* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hong Kong Shanghai Bank* | *(10361)* | *—* | | *—* | | *—* | | *(10361)* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Total Derivative Liabilities* | $*(16366)* | $*—* | | $*—* | | $*—* | | $*(16366)* |

---

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

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

*<sup>(3)</sup> Excess of collateral pledged is not shown for financial reporting purposes.* 

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, 2022.

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, 2022, 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)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*International Fund* | | *$523789597* | *$48757968* | *$(73034194)* | *$(24276226)* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Global Alpha Equities Fund* |  | *192048430* | *34134885* | *(18608972)* | *15525913* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Asset Fund* |  | *465684020* | *18248168* | *(46904861)* | *(28656693)* |

---

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, 2022, character of capital loss carryforwards were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Short-Term<br>No Expiration** | **Short-Term<br>No Expiration** | **Long-Term<br>No Expiration** | **Long-Term<br>No Expiration** | <br> **Total Capital<br>Loss<br>Carryforwards** | <br> **Total Capital<br>Loss<br>Carryforwards** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Global Alpha Equities Fund* | | *$(6363234)* | | *$(8336481)* | | *$(14699715)* | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Asset Fund* | | *—* | | *(5637928)* | | *(5637928)* | |

---

Late year loss deferrals represent (1) net specified losses realized between November 1 and April 30 of each year and (2) ordinary losses realized between January 1 and April 30 of each year that the Fund has elected for U.S. federal income tax purposes to treat as occurring on the first day of the following tax year. As of April 30, 2022, late year loss deferrals were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Losses** | <br> **Short-Term<br>Capital<br>Losses** | <br> **Short-Term<br>Capital<br>Losses** | **Long-Term<br>Capital<br>Losses** | **Long-Term<br>Capital<br>Losses** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Asset Fund*<br>| $*(22497)*  |  | *$—*  |  | *$—*  |  |

---

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

------

*NOTES TO FINANCIAL STATEMENTS (continued)* 46 <br>

5. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

**Investment Advisor** – Wilmington Funds Management Corporation ("WFMC" or the "Advisor") serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. ("WTIA") provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued 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** | **Gross Fees** | **Fees Waived/<br>Reimbursed** | **Fees Waived/<br>Reimbursed** | **Current Fee as a % of average net assets<br>of the Fund/ Allocated Net Assets for Sub-advisors** |
|  ***International Fund*** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*WFMC* | | *$1251589* | | *$(305100* | *0.45%* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Sub-advisors:* |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Allianz Global investors U.S. LLC (terminated 6/20/22)* | | *26483* | | *(16368* | *0.38% on the first $100 million; 0.33% on the next $100 million; and 0.28% on assets in excess of $200 million allocated to the Europe Equity Growth Select Strategy.* |
|  | | *17289* | | *(10685* | *0.25% on assets allocated to the High Dividend Europe* |
|  |  |  |  |  | *Strategy.* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*AXA Investment Managers, Inc.* | | *127417* | | *—* | *0.43% on the first $150 million; and 0.41% on assets in excess* |
|  |  |  |  |  | *of $150 million* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Berenberg Asset Management LLC* | | *66493* | | *—* | *0.27%* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Nikko Asset Management Americas, Inc.* | | *179189* | | *—* | *0.32%* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Parametric Portfolio Associates LLC (effective 6/16/2022)* | | *109721* | | *(16314* | *0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; 0.15% on the next $110 million; and 0.10% of assets in excess of $150 million.* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Schroder Investment Management North America, Inc.* | | *384719* | | *—* | *0.50%* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total<sup>(a)</sup>* | | *$2162900* | | *$(348467* |  |
|  ***Global Alpha Equities Fund*** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*WFMC* | | *$1019912* | | *$(578461* | *0.95%* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Sub-advisors:* |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wellington Management Company LP* |  | *590475* | | *—* | *0.55% on the first $250 million; and 0.50% on assets in excess of $250 million* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total<sup>(b)</sup>* | | *$1610387* | | *$(578461* |  |
|  ***Real Asset Fund*** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*WFMC* | | *$1018192* | | *$(90702* | *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: 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.* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Sub-advisors:* |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Parametric Portfolio Associates LLC\*\** | | *129458* | | *(17092* | *0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; 0.15% on the next $110 million; and 0.10% of assets in excess of $150 million.* |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total<sup>(c)</sup>* | | *$1147650* | | *$(107794* |  |

---

*\*\** *Parametric Portfolio Associates LLC ("Parametric") fee changed effective July 1, 2022. Prior to July 1, 2022, the fee for assets in excess of $40 million was 0.15%.* 

*\*\*\** *Effective July 1, 2022, Parametric agreed to the aggregating of assets managed for the International Fund and the Real Asset Fund when calculating fees under the new fees schedule which results in a lower aggregate fee being paid to Parametric. The resulting fee reduction is allocated pro rata to each Fund and is shown as a fee waiver for each Fund.* 

*(a)* *The total gross advisory and sub-advisory fees during the period were 0.78% for the International Fund.* 

*(b)* *The total gross advisory and sub-advisory fees during the period were 1.50% for the Global Alpha Equities Fund.* 

*(c)* *The total gross advisory and sub-advisory fees during the period were 0.51% 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, 2023 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.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

------

47 *NOTES TO FINANCIAL STATEMENTS (continued)* <br>

The contractual expense limitations are as follows:

---

| | | |
|:---|:---|:---|
|  | **Current Contractual <br>Expense Limitations** | **Current Contractual <br>Expense Limitations** |
| &nbsp;&nbsp;&nbsp;**Fund** | **Class A** | **Class I** |
| &nbsp;&nbsp;&nbsp;*International Fund\** | *1.08%* | *0.83%* |
| &nbsp;&nbsp;&nbsp;*Global Alpha Equities Fund* | *1.49%* | *1.24%* |
| &nbsp;&nbsp;&nbsp;*Real Asset Fund\*\** | *0.82%* | *0.57%* |

---

*\** *Prior to August 31, 2022, the International Fund's contractual expense limitation was 1.10% and 0.85% for Class A and Class I, respectively.* 

*\*\** *Prior to August 31, 2022, the Real Asset Fund's contractual expense limitation was 0.89% and 0.64% for Class A and Class I, respectively.* 

**Administrative Fees** – The Bank of New York Mellon ("BNYM") provides the Trust with fund administration services. BNYM 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; **Administrator** | **Maximum** <br> **Fee**  | **Maximum** <br> **Fee**  | | **Average Aggregate Daily Net** <br> **Assets of the Trust**  |
| &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;*BNYM* | | *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 BNYM 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 BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2022, neither WFMC nor BNYM 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, 2022, 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:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Distribution <br>Fees** <br> **from Class A**  | **Distribution <br>Fees** <br> **from Class A**  |  |
| &nbsp;&nbsp;&nbsp;*International Fund* | | *$424* | |
| &nbsp;&nbsp;&nbsp;*Global Alpha Equities Fund* | | *—* | |
| &nbsp;&nbsp;&nbsp;*Real Asset Fund* | | *1* | |

---

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

For the six months ended October 31, 2022, M&T did not receive any 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.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

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*NOTES TO FINANCIAL STATEMENTS (continued)* 48 <br>

For the six months ended October 31, 2022, 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.

BNYM provides custody services to the Trust.

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

**General** – Certain 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.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the six months ended October 31, 2022 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Purchases** | **Purchases** |  | **Sales** |  |
| &nbsp;&nbsp;&nbsp;*International Fund* | | *$258899297* | | $*281968801* | |
| &nbsp;&nbsp;&nbsp;*Global Alpha Equities Fund* | | *77599877* | | *57937315* | |
| &nbsp;&nbsp;&nbsp;*Real Asset Fund* | | *35516190* | | *28847613* | |

---

7. 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.

Global financial markets continue to experience volatility partially related to the military action by Russia in Ukraine. As a result of this military action, the US and many other countries continue to have sanctions against Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have adverse effect on the region's economies and more globally, including negative impact on markets for certain securities and the rising cost of commodities, such as oil and natural gas. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict, but could be prolonged and impact the Funds' overall performance. In addition, the global outbreak of COVID-19 continues to have an impact on market volatility and global business, impacting the global economy and the financial health of individual companies in unforeseen ways.

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

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.

9. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit ("LOC") agreement with BNYM. 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. The LOC expires on March 31, 2023.

The Funds did not utilize the LOC during the six months ended October 31, 2022.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

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49 *NOTES TO FINANCIAL STATEMENTS (concluded)* <br>

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

10. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require recognition or disclosure in the Funds' financial statements through this date.

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

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50.0 DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

**Renewal of Advisory and Sub-Advisory Agreements Generally** 

At a meeting held on September 14-15, 2022 (the "September Meeting"), the Board of Trustees of the Trust 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 Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 25, 2022, the Board held a special meeting (the "August Meeting") with personnel of the Adviser and 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 three multi-manager Funds (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 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:

• 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;

• 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;

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

• 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;

• 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;

• 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;

• 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; potential fall-out benefits to the Sub-Adviser; and the financial stability of the Sub-Adviser and its parent companies, as relevant; and

• 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, 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 and concluded that, for each Fund, the level of profitability did not appear unreasonably high.

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:

• 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;

• The prospects for satisfactory investment performance were reasonable; and

• 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 AXA Investment Managers, Inc.; Berenberg Asset Management LLC; Nikko Asset Management Americas, Inc.; Parametric Portfolio Associates, LLC; and Schroder Investment Management North America, Inc.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

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51 *Semi-Annual Report*

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 the performance of each Sub-Adviser against an appropriate benchmark and that the Fund had achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2022. The Board considered management's explanation of the Fund's underperformance and its view that underperformance could be explained by sector allocation, with some additional underperformance attributed to style positioning. The Fund's underexposure to energy and more defensive stocks, combined with excess exposure to technology and cyclical stocks, drove performance down. This positioning was impacted by the outbreak of the war in Ukraine, which caused energy prices to rise dramatically, and has been exacerbated by the rising interest rate environment, which put pressure on the Fund's longer-duration growth holdings.

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 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- and five-year periods, and below the peer group average for the three-year period, ended June 30, 2022, and that the Fund has a defensive strategy that will under-perform in rising markets, and has strong risk-adjusted performance.

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 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- and five-year periods, and below the peer group average for the three-year period, ended June 30, 2022.

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

*October 31, 2022 (unaudited) / SEMI-ANNUAL REPORT*

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52.0 **Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.** 

**VOTING PROXIES ON FUND PORTFOLIO SECURITIES** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds' portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds' website. Go to www.wilmingtonfunds.com select "Proxy Voting Record" to access the link. This information is also available from the Edgar database on the SEC's website at <u>www.sec.gov.</u>

**QUARTERLY PORTFOLIO SCHEDULE** 

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Form N-PORT is available on the SEC's website at <u>www.sec.gov.</u> 

**Important information about the access and delivery of shareholder reports** 

Beginning on June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund's shareholder reports will no longer be sent to you by mail, unless you specifically request them. You will be notified by mail each time a report is posted on the Funds' website and you will be provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive other communications electronically from the Fund by contacting your financial intermediary or, if you hold shares directly with the Fund, by calling 1-800-836-2211.

You may elect to receive paper copies of all future shareholder reports free of charge. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to receive paper copies of your shareholder reports. If you are a direct investor you can inform the Wilmington Funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at 1-800-836-2211. Your election to receive paper reports will apply to all funds held directly with Wilmington Funds and may apply to all funds held with your financial intermediary.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

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53.0 **PRIVACY POLICY AND NOTICE** 

**OF THE FUNDS AND THEIR DISTRIBUTOR** 

**December 9, 2021** 

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; insure 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:

• 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.

• We may receive information from you, or from your financial representative, through transactions with us or
others, correspondence, and other communications. Examples of this information include specific investments and your account balances.

• We may obtain other personal information from you in connection with providing you a financial product or
service. Examples of this information include depository, debit or credit account numbers.

**Information Sharing Policy** 

The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:

• We may share information when it is necessary and required to process a transaction or to service a customer
relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders.

• We may share information when it is required or permitted by law. For example, information may be shared in
response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney.

• We may disclose some or all 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, 2022 (unaudited) / SEMI-ANNUAL REPORT*

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54.0 **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.

• 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.

• We may also collect non-personally identifiable Internet Protocol ("IP") addresses for all other
visitors to monitor the number of visitors to the site. These non-personally identifiable IP addresses are never shared with any third party.

**E-mail** 

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer's request, send you e-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, username, or password 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 Statement** 

The effective date of this policy is December 9, 2021. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

Notice will be provided to you in advance of any changes that would affect your rights under this policy statement.

*SEMI-ANNUAL REPORT / October 31, 2022 (unaudited)*

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![LOGO](g385266g70a05.jpg)

Investment Advisor <br>Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890 <br>Sub-Advisor <br>Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9th Floor Wilmington, DE 19890 <br>Additional Sub-Advisors to the Wilmington International Fund <br>AXA Investment Managers, Inc. 100 West Putnam Avenue Greenwich, Connecticut 06830 Berenberg <br>Asset Management LLC 1251 Avenue of the Americas, 53rd Floor New York, NY 10020 Nikko Asset Management Americas, Inc. 605 3rd Avenue, 38th Floor New York, New York 10158 Parametric Portfolio Associates, LLC 800 Fifth Avenue, Suite 2800 Seattle, WA 98104 <br>Schroder Investment Management North America, Inc. <br>7 Bryant Park <br>New York, New York 10018 <br>Additional Sub-Advisors to the <br>Wilmington Global Alpha Equities Fund <br>Wellington Management Company LLP 280 Congress Street Boston, Massachusetts 02210 <br>Additional Sub-Advisors to the Wilmington Real Asset Fund <br>Parametric Portfolio Associates, LLC 800 Fifth Avenue, Suite 2800 Seattle, WA 98104 <br>Co-Administrator <br>Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890 <br>Custodian <br>The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 <br>Distributor <br>ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203 <br>Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent <br>BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809 <br>Independent Registered Public Accounting Firm <br>PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103 <br>WT-SAR-MMgr-1022 <br>Wilmington Funds \| 1-800-836-2211 \| www.wilmingtonfunds.com <br>We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

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(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 report to shareholders filed under Item 1 of this form.

(b) No applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

**Item 10. 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

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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 11. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)) under the Investment Company Act of 1940, as amended (the "1940 Act") 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 13. Exhibits.** 

(a)(1) Not applicable.

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| | |
|:---|:---|
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d281520dex99cert.htm)  |

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There was no change in the Registrant's independent registered public accountant during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d281520dex99906cert.htm)

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant) <u>Wilmington Funds</u>  | (Registrant) <u>Wilmington Funds</u>  |
| By (Signature and Title)\* | <u>/s/ Charles S. Todd</u>  |
|  | Charles S. Todd |
|  | (Principal Executive Officer) |
| Date <u>January 3, 2023</u>  | Date <u>January 3, 2023</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.

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| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/ Charles S. Todd</u>  |
|  | Charles S. Todd |
|  | (Principal Executive Officer) |
| Date <u>January 3, 2023</u>  | Date <u>January 3, 2023</u>  |
| By (Signature and Title)\* | <u>/s/ Arthur W. Jasion</u>  |
|  | Arthur W. Jasion |
|  | (Principal Financial Officer) |
| Date <u>January 3, 2023</u>  | Date <u>January 3, 2023</u>  |

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<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

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&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 3, 2023</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 3, 2023</u>  | <u>/s/ Arthur W. Jasion</u>  |
|  | Arthur W. Jasion |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the** 

**Sarbanes-Oxley Act** 

I, Charles S. Todd, Principal Executive Officer of Wilmington Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date <u>January 3, 2023</u>  | <u>/s/ Charles S. Todd</u>  |
|  | Charles S. Todd |
|  | (Principal Executive Officer) |

---

I, Arthur W. Jasion, Principal Financial Officer of Wilmington Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date <u>January 3, 2023</u>  | <u>/s/ Arthur W. Jasion</u>  |
|  | Arthur W. Jasion |
|  | (Principal Financial Officer) |

---