Wilmington Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05514    

                                     Wilmington Funds                                    

(Exact name of registrant as specified in charter)

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

(Address of principal executive offices) (Zip code)

John McDonnell

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

(Name and address of agent for service)

Registrant’s telephone number, including area code:302-651-8409

Date of fiscal year end:  April 30

Date of reporting period: October 31, 2019

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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.

The Report to Shareholders is attached herewith.

                                                     WilmingtonLarge-Cap Strategy Fund(“Large-Cap Strategy Fund”)

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolio of Investments	2
Statement of Assets and Liabilities	17
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	21
Discussion of Renewal of Advisory andSub-Advisory Agreements and Approval of NewSub-Advisory Agreements	27

[This Page Intentionally Left Blank]

i

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s semi-annual fiscal year period of May 1, 2019, through October 31, 2019. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The economy and financial markets in review

Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (the Trust’s investment advisor and subadvisor, respectively), have provided the following review of the economy, bond markets, and stock markets for the Trust’s semi-annual fiscal year period.

The economy

The U.S. economy continued to expand, albeit at a more modest pace than in 2018, as robust consumer spending and a strong labor market offset weakness in the manufacturing sector and business investment. After an upbeat start to the year, growth in U.S. Gross Domestic Product (“GDP”) maintained a positive trajectory, but decelerated, posting quarter-over-quarter annualized growth rates of 2.0% and 1.9% in the second and third quarters, respectively. An escalating trade war with China and fears that a global slowdown might spread contagion to the United States, led the Federal Reserve (“the Fed”) to cut interest rates three times this year to a range of1.50%-1.75%. The U.S. labor market tightened further, dropping to a 3.6% unemployment rate, a near five-decade low. Although wage growth began to show signs of life, inflation drifted below the Fed’s 2% target with the Core Personal Consumption Expenditure Price Index¹(excludes the volatile components of food and energy) dropping to 1.7%. The Fed has signaled that they are on hold for now, and the market is not expecting cuts or hikes in the near term.

Economic activity outside of the U.S. was less encouraging, but downside risks appear to be receding. Growth in Europe was sluggish, while China expanded at its slowest pace in three decades. Heightened uncertainty and a decline in business investment—both byproducts of the U.S.-China trade war and Brexit—hit international economies the hardest, particularly in export-dependent countries such as Germany. Over the past month, the balance of risks has improved markedly with the U.S. and China moving toward a trade pact and ano-deal Brexit looking less likely. Synchronized easing across global central banks strengthens the case for a future recovery in economic activity, in our view.

Bond markets

Fixed income markets generated strong returns between May and October, as interest rates plummeted. The30-year U.S. Treasury yield fell to anall-time low and the benchmark10-year yield dropped by nearly a third alongside a flurry of dovish central bank activity. Global economic weakness, escalating trade tensions, and the inversion of the yield curve triggered a flight to quality that benefited taxable investment-grade credit over high yield.Tax-exempt bonds performed well as strong inflows outpaced new supply, which was below historical levels.

For thesix-month period May 1, 2019 to October 31, 2019, certain Bloomberg Barclays indices performed as follows:²

Bloomberg	Bloomberg	Bloomberg	Bloomberg	Bloomberg
Barclays U.S.	Barclays U.S.	Barclays U.S.	Barclays	Barclays U.S.
Treasury Bond	Aggregate Bond	Credit Bond	Municipal Bond	Corporate High Yield
Index3	Index4	Index5	Index6	Bond Index7
5.85%	5.71%	7.46%	3.54%	2.69%

Past performance is no guarantee of future results.

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

PRESIDENT’S MESSAGE / October 31, 2019 (unaudited)

ii

Equity markets

After a solid start to the year, U.S.large-cap equities retained leadership during this period as better-than-feared corporate earnings, supportive monetary policy, and trade optimism contributed to strong returns. Equity markets were particularly volatile. The CBOE Volatility Index⁸(VIX) hit its highest level of the year in early August, while three major pullbacks impacted the key regions. International equity markets, which are more leveraged to global trade, struggled to keep pace with the U.S. emerging markets, as a strong U.S. dollar and investors’ preference for safe-haven assets served as critical headwinds. A retrenchment in economic activity throughout the period hurt U.S.small-cap stocks, which are more cyclical thanlarge-cap peers. The strongest leg of performance for all segments came with a recent easing of geopolitical tensions as renewed risk appetite supported outperformance of international and U.S.small-cap equities later in the period.

For thesix-month period May 1, 2019 to October 31, 2019, certain stock market indices performed as follows:

	Russell		MSCI Emerging
S&P 500®	2000®	MSCI EAFE	Markets (Net)
Index9	Index10	(Net) Index11	Index12
4.16%	-1.09%	3.35%	-1.67%

Past performance is no guarantee of future results.

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

Sincerely,

Dominick J. D’Eramo, CFA

President

November 19, 2019

October 31, 2019 (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- andmid-cap stocks involve greater risks and volatility thanlarge-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. The Core Personal Consumption Expenditures Price Index, also known as the core PCE price index, is released as part of the monthly Personal Income and Outlays report. The core index makes it easier to see the underlying inflation trend by excluding two categories – food and energy – where prices tend to swing up and down more dramatically and more often than other prices. The core PCE price index is closely watched by the Federal Reserve as it conducts monetary policy.

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

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

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

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

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

7. Bloomberg Barclays U.S. Corporate High Yield Bond Index measures theUSD-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 Barclays 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 CBOE Volatility Index, or VIX, is a real-time market index that represents the market’s expectation of30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of U.S. stock market risk and investors’ sentiments.

9. The S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index.

10. The Russell 2000^® 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 $128 million to $1.3 billion. The index is unmanaged and investments cannot be made directly in an index.

11. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

12. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, 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, 2019 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Fund, you 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 Fund 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, 2019 to October 31, 2019.

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 Fund’s actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund’s 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 Fund 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	Ending
	Account Value	Account Value	Expenses Paid	Annualized Net
	5/01/19	10/31/19	During Period1	Expense Ratio2
WILMINGTONLARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,035.20	$1.28	0.25%
Hypothetical (assuming a 5% return before expense)
Class I	$1,000.00	$1,023.88	$1.27	0.25%

(1) Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recentone-half year period).

(2) Expense ratio does not reflect the indirect expenses of the underlying funds in which it invests.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

WilmingtonLarge-Cap Strategy Fund

At October 31, 2019, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Information Technology		22.3	%
Health Care		13.7	%
Financials		13.2	%
Consumer Discretionary		10.2	%
Communication Services		9.9	%
Industrials		9.6	%
Consumer Staples		6.8	%
Energy		4.0	%
Real Estate		3.9	%
Utilities		3.3	%
Materials		2.8	%
Investment Companies		0.2	%
Rights		0.0	%3
Warrant		0.0	%3
Cash Equivalents1		1.1	%
Other Assets and Liabilities – Net2		(1.0	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund and repurchase agreements.

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

(3) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 99.7%
COMMUNICATION SERVICES – 9.9%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.0%
AT&T, Inc.		134,802	$	5,188,529
CenturyLink, Inc.		19,585		253,430
GCI Liberty, Inc., Class A*		2,461		172,221
Verizon Communications, Inc.		77,600		4,692,472
Zayo Group Holdings, Inc.*		3,400		116,076
			$	10,422,728
ENTERTAINMENT – 1.8%
Activision Blizzard, Inc.		14,670		821,960
Cinemark Holdings, Inc.		800		29,280
Electronic Arts, Inc.*		5,810		560,084

Description	Number of Shares		Value
Liberty Media Corp. - Liberty Formula One, Class A*		1,710	$	69,135
Liberty Media Corp. - Liberty Formula One, Class C*		4,000		170,000
Live Nation Entertainment, Inc.*		3,570		251,685
Madison Square Garden Co., Class A (The)*		529		141,201
Netflix, Inc.*		7,700		2,213,057
Spotify Technology SA*		1,900		274,170
Take-Two Interactive Software, Inc.*		1,800		216,630
Viacom, Inc., Class B		6,400		137,984
Walt Disney Co. (The)		32,633		4,239,679
World Wrestling Entertainment, Inc., Class A#		700		39,228
Zynga, Inc., Class A*		17,600		108,592
			$	9,272,685
INTERACTIVE MEDIA & SERVICES – 4.5%
Alphabet, Inc., Class A*		5,595		7,042,986

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

3 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Alphabet, Inc., Class C*		5,729	$	7,219,170
Facebook, Inc., Class A*		44,980		8,620,417
IAC*		1,300		295,425
Match Group, Inc.#		1,500		109,485
TripAdvisor, Inc.*		2,200		88,880
Twitter, Inc.*		13,510		404,895
Zillow Group, Inc., Class A#,*		1,200		38,868
Zillow Group, Inc., Class C#,*		2,200		71,654
			$	23,891,780
MEDIA – 1.5%
Altice USA, Inc., Class A*		3,700		114,515
AMC Networks, Inc., Class A*		1,685		73,382
Cable One, Inc.		140		185,552
CBS Corp., Class B		7,330		264,173
Charter Communications, Inc., Class A*		3,302		1,544,874
Comcast Corp., Class A		85,700		3,841,074
Discovery, Inc., Class C*		8,700		219,588
DISH Network Corp., Class A*		5,396		185,514
Fox Corp., Class A		2,876		92,147
Interpublic Group of Cos., Inc. (The)		6,020		130,935
John Wiley & Sons, Inc., Class A		200		9,214
Liberty Broadband Corp., Class A*		1,735		204,713
Liberty Broadband Corp., Class C*		571		67,418
Liberty Media Corp. - Liberty SiriusXM, Class A*		843		37,859
Liberty Media Corp. - Liberty SiriusXM, Class C*		3,786		171,089
New York Times Co., Class A (The)		1,700		52,530
News Corp., Class A		11,057		151,591
News Corp., Class B		300		4,236
Nexstar Media Group, Inc., Class A		400		38,916
Omnicom Group, Inc.		5,490		423,773
Sinclair Broadcast Group, Inc., Class A		1,100		43,824
Sirius XM Holdings, Inc.#		34,040		228,749
			$	8,085,666
WIRELESS TELECOMMUNICATION SERVICES – 0.1%
Sprint Corp.*		9,350		58,063
T-Mobile US, Inc.*		6,100		504,226
			$	562,289
TOTAL COMMUNICATION SERVICES			$	52,235,148
CONSUMER DISCRETIONARY – 10.2%
AUTO COMPONENTS – 0.2%
Adient PLC*		2,100		44,499
Aptiv PLC		4,450		398,497
BorgWarner, Inc.		4,380		182,558
Garrett Motion, Inc.*		1,577		14,982
Gentex Corp.		4,680		131,274

Description	Number of Shares		Value
Goodyear Tire & Rubber Co. (The)		2,750	$	43,643
Lear Corp.		1,700		200,209
Visteon Corp.*		1,500		139,530
			$	1,155,192
AUTOMOBILES – 0.5%
Ford Motor Co.		63,200		542,888
General Motors Co.		26,900		999,604
Harley-Davidson, Inc.		3,970		154,473
Tesla, Inc.#,*		2,518		792,969
			$	2,489,934
DISTRIBUTORS – 0.1%
Genuine Parts Co.		3,520		361,082
LKQ Corp.*		3,480		118,285
Pool Corp.		200		41,480
			$	520,847
DIVERSIFIED CONSUMER SERVICES – 0.1%
Bright Horizons Family Solutions, Inc.*		400		59,408
frontdoor, Inc.*		1,100		53,053
Graham Holdings Co., Class B		140		88,152
Grand Canyon Education, Inc.*		700		64,372
H&R Block, Inc.		2,900		72,471
Service Corp. International		4,170		189,652
ServiceMaster Global Holdings, Inc.*		2,280		92,066
			$	619,174
HOTELS, RESTAURANTS & LEISURE – 2.0%
Aramark		2,600		113,776
Caesars Entertainment Corp.*		11,600		142,448
Carnival Corp.		6,200		265,918
Chipotle Mexican Grill, Inc.*		500		389,080
Choice Hotels International, Inc.		910		80,517
Darden Restaurants, Inc.		1,440		161,669
Domino’s Pizza, Inc.		900		244,458
Dunkin’ Brands Group, Inc.		2,100		165,102
Extended Stay America, Inc.		3,900		55,419
Hilton Grand Vacations, Inc.*		336		11,669
Hilton Worldwide Holdings, Inc.		4,353		422,067
Hyatt Hotels Corp., Class A		1,500		112,110
International Game Technology#		1,173		15,531
Las Vegas Sands Corp.		7,420		458,853
Marriott International, Inc., Class A		5,536		700,581
McDonald’s Corp.		14,749		2,901,128
MGM Resorts International		10,310		293,835
Norwegian Cruise Line Holdings Ltd.*		3,360		170,554
Restaurant Brands International LP		47		3,067
Royal Caribbean Cruises Ltd.		3,380		367,845
Six Flags Entertainment Corp.		1,700		71,723

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 4

WilmingtonLarge-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Starbucks Corp.		22,690	$	1,918,666
Vail Resorts, Inc.		800		185,896
Wendy’s Co. (The)		200		4,236
Wyndham Destinations, Inc.		2,160		100,246
Wyndham Hotels & Resorts, Inc.		2,160		116,575
Wynn Resorts Ltd.		2,200		266,948
Yum China Holdings, Inc.		7,150		303,875
Yum! Brands, Inc.		6,550		666,200
			$	10,709,992
HOUSEHOLD DURABLES – 0.4%
DR Horton, Inc.		5,070		265,516
Garmin Ltd.		1,690		158,437
Leggett & Platt, Inc.		3,670		188,271
Lennar Corp., Class A		2,610		155,556
Lennar Corp., Class B		1,276		59,998
Mohawk Industries, Inc.*		1,100		157,718
Newell Brands, Inc.		9,169		173,936
NVR, Inc.*		30		109,098
PulteGroup, Inc.		6,190		242,896
Roku, Inc.*		900		132,480
Tempur Sealy International, Inc.*		1,000		90,950
Toll Brothers, Inc.		3,250		129,252
Whirlpool Corp.		950		144,514
			$	2,008,622
INTERNET & CATALOG RETAIL – 3.2%
Amazon.com, Inc.*		7,760		13,786,882
Booking Holdings, Inc.*		830		1,700,479
eBay, Inc.		17,490		616,523
Etsy, Inc.*		2,200		97,878
Expedia Group, Inc.		2,352		321,424
GrubHub, Inc.#,*		1,900		64,714
Qurate Retail, Inc., Class A*		6,850		65,349
Wayfair, Inc., Class A#,*		1,100		90,453
			$	16,743,702
LEISURE EQUIPMENT & PRODUCTS – 0.1%
Brunswick Corp.		1,100		64,064
Hasbro, Inc.		2,390		232,571
Mattel, Inc.#,*		5,050		60,297
Polaris, Inc.		1,500		147,975
			$	504,907
MULTILINE RETAIL – 0.5%
Dollar General Corp.		5,200		833,768
Dollar Tree, Inc.*		4,662		514,685
Kohl’s Corp.		2,910		149,167
Macy’s, Inc.		6,380		96,721
Nordstrom, Inc.#		2,080		74,672

Description	Number of Shares		Value
Ollie’s Bargain Outlet Holdings, Inc.#,*		800	$	51,104
Target Corp.		9,060		968,605
			$	2,688,722
SPECIALTY RETAIL – 2.4%
Advance Auto Parts, Inc.		1,450		235,596
AutoNation, Inc.*		480		24,408
AutoZone, Inc.*		460		526,415
Best Buy Co., Inc.		4,780		343,347
Burlington Stores, Inc.*		1,300		249,821
CarMax, Inc.*		3,100		288,827
Carvana Co.#,*		1,000		81,080
Five Below, Inc.*		600		75,066
Floor & Decor Holdings, Inc., Class A*		700		32,081
Foot Locker, Inc.		2,410		104,859
Gap, Inc. (The)		3,500		56,910
Home Depot, Inc. (The)		21,250		4,984,825
L Brands, Inc.		4,110		70,034
Lowe’s Cos., Inc.		15,500		1,729,955
O’Reilly Automotive, Inc.*		1,400		609,714
Ross Stores, Inc.		7,640		837,879
Tiffany & Co.#		2,450		305,049
TJX Cos., Inc. (The)		24,580		1,417,037
Tractor Supply Co.		1,400		133,028
Ulta Beauty, Inc.*		1,100		256,465
Urban Outfitters, Inc.*		2,800		80,360
Williams-Sonoma, Inc.#		1,040		69,462
			$	12,512,218
TEXTILES, APPAREL & LUXURY GOODS – 0.7%
Capri Holdings Ltd*		2,900		90,103
Carter’s, Inc.		1,400		140,336
Hanesbrands, Inc.		6,100		92,781
Kontoor Brands, Inc.		864		32,832
Lululemon Athletica, Inc.*		1,600		326,832
NIKE, Inc., Class B		23,740		2,125,917
PVH Corp.		1,080		94,133
Ralph Lauren Corp.		700		67,242
Skechers U.S.A., Inc., Class A*		1,700		63,529
Tapestry, Inc.		5,110		132,145
Under Armour, Inc., Class A#,*		4,600		94,990
Under Armour, Inc., Class C*		3,522		65,157
VF Corp.		6,050		497,854
			$	3,823,851
TOTAL CONSUMER DISCRETIONARY			$	53,777,161
CONSUMER STAPLES – 6.8%
BEVERAGES – 1.8%
Brown-Forman Corp., Class A		1,100		68,365

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

5 PORTFOLIO OF INVESTMENTS

WilmingtonLarge-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Brown-Forman Corp., Class B		4,525	$	296,478
Coca-Cola Co. (The)		74,700		4,065,921
Constellation Brands, Inc., Class A		2,700		513,891
Keurig Dr. Pepper, Inc.		2,200		61,952
Molson Coors Brewing Co., Class B		2,700		142,344
Monster Beverage Corp.*		7,900		443,427
PepsiCo., Inc.		27,100		3,717,307
			$	9,309,685
FOOD & STAPLES RETAILING – 1.4%
Casey’s General Stores, Inc.		300		51,243
Costco Wholesale Corp.		8,200		2,436,302
Kroger Co. (The)		12,600		310,464
Sprouts Farmers Market, Inc.*		600		11,646
Sysco Corp.		8,500		678,895
U.S. Foods Holding Corp.*		2,800		111,076
Walgreens Boots Alliance, Inc.		12,200		668,316
Walmart, Inc.		26,600		3,119,116
			$	7,387,058
FOOD PRODUCTS – 1.1%
Archer-Daniels-Midland Co.		11,900		500,276
Beyond Meat, Inc.#,*		200		16,890
Bunge Ltd.		3,300		178,200
Campbell Soup Co.		4,400		203,764
Conagra Brands, Inc.		9,800		265,090
Flowers Foods, Inc.		4,200		91,224
General Mills, Inc.		9,800		498,428
Hain Celestial Group, Inc. (The)*		2,200		52,008
Hershey Co. (The)		2,900		425,923
Hormel Foods Corp.		5,900		241,251
Ingredion, Inc.		1,200		94,800
JM Smucker Co. (The)		2,000		211,360
Kellogg Co.		3,800		241,414
Kraft Heinz Co. (The)		8,900		287,737
Lamb Weston Holdings, Inc.		2,900		226,316
McCormick & Co., Inc.		2,100		337,449
Mondelez International, Inc., Class A		24,900		1,306,005
Pilgrim’s Pride Corp.*		1,000		30,360
Post Holdings, Inc.*		1,000		102,900
TreeHouse Foods, Inc.*		1,500		81,030
Tyson Foods, Inc., Class A		5,800		480,182
			$	5,872,607
HOUSEHOLD PRODUCTS – 1.6%
Church & Dwight Co., Inc.		4,400		307,736
Clorox Co. (The)		2,500		369,225
Colgate-Palmolive Co.		15,000		1,029,000
Energizer Holdings, Inc.#		1,400		59,486
Kimberly-Clark Corp.		6,500		863,720

Description	Number of Shares		Value
Procter & Gamble Co. (The)		47,500	$	5,914,225
Spectrum Brands Holdings, Inc.		775		38,913
			$	8,582,305
PERSONAL PRODUCTS – 0.2%
Coty, Inc., Class A		7,400		86,506
Estee Lauder Cos., Inc., Class A (The)		3,900		726,453
Herbalife Nutrition Ltd.*		1,700		75,939
Nu Skin Enterprises, Inc., Class A		1,100		49,038
			$	937,936
TOBACCO – 0.7%
Altria Group, Inc.		32,000		1,433,280
Philip Morris International, Inc.		27,600		2,247,744
			$	3,681,024
TOTAL CONSUMER STAPLES			$	35,770,615
ENERGY – 4.0%
ENERGY EQUIPMENT & SERVICES – 0.3%
Apergy Corp.*		2,080		52,354
Baker Hughes Co.		8,700		186,180
Halliburton Co.		15,990		307,808
Helmerich & Payne, Inc.		2,260		84,750
National Oilwell Varco, Inc.		6,205		140,357
Patterson-UTI Energy, Inc.		4,200		34,944
Schlumberger Ltd.		22,346		730,491
Transocean Ltd.*		12,600		59,850
			$	1,596,734
OIL, GAS & CONSUMABLE FUELS – 3.7%
Antero Resources Corp.*		6,500		16,250
Apache Corp.		6,940		150,320
Cabot Oil & Gas Corp.		8,700		162,168
Centennial Resource Development, Inc.,
Class A*		5,900		20,060
Cheniere Energy, Inc.*		4,830		297,287
Chesapeake Energy Corp.#,*		20,500		27,470
Chevron Corp.		35,420		4,113,679
Cimarex Energy Co.		1,600		67,552
CNX Resources Corp.*		4,800		40,464
Concho Resources, Inc.		3,400		229,568
ConocoPhillips		21,460		1,184,592
Continental Resources, Inc.*		2,220		65,423
Devon Energy Corp.		8,180		165,890
Diamondback Energy, Inc.		2,997		257,023
EOG Resources, Inc.		11,480		795,679
EQT Corp.		5,126		55,053
Equitrans Midstream Corp.		1,860		25,891
Extraction Oil & Gas, Inc.#,*		5,100		8,670
Exxon Mobil Corp.		77,093		5,209,174

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 6

WilmingtonLarge-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Hess Corp.		4,290	$	282,067
HollyFrontier Corp.		3,440		188,994
Kinder Morgan, Inc.		35,355		706,393
Kosmos Energy Ltd.		700		4,340
Marathon Oil Corp.		16,430		189,438
Marathon Petroleum Corp.		12,500		799,375
Murphy Oil Corp.#		3,500		72,205
Noble Energy, Inc.		6,520		125,575
Occidental Petroleum Corp.		16,660		674,730
ONEOK, Inc.		6,760		472,051
Parsley Energy, Inc., Class A		4,700		74,307
PBF Energy, Inc., Class A		3,000		96,840
Phillips 66		8,890		1,038,530
Pioneer Natural Resources Co.		3,450		424,419
QEP Resources, Inc.		2,000		6,660
Range Resources Corp.#		5,500		22,165
SM Energy Co.		1,350		10,584
Targa Resources Corp.		4,300		167,184
Valero Energy Corp.		8,520		826,270
Williams Cos., Inc. (The)		22,070		492,382
WPX Energy, Inc.*		7,217		72,026
			$	19,638,748
TOTAL ENERGY			$	21,235,482
FINANCIALS – 13.2%
CAPITAL MARKETS – 2.7%
Affiliated Managers Group, Inc.		1,270		101,448
Ameriprise Financial, Inc.		2,940		443,617
Bank of New York Mellon Corp. (The)		14,520		678,810
BlackRock, Inc.		2,460		1,135,782
Cboe Global Markets, Inc.		2,500		287,875
Charles Schwab Corp. (The)		22,650		922,081
CME Group, Inc.		6,900		1,419,675
E*TRADE Financial Corp.		6,000		250,740
Eaton Vance Corp.		270		12,312
Evercore, Inc., Class A		800		58,912
FactSet Research Systems, Inc.		840		212,957
Franklin Resources, Inc.		1,720		47,386
Goldman Sachs Group, Inc. (The)		6,440		1,374,167
Interactive Brokers Group, Inc., Class A		1,300		61,841
Intercontinental Exchange, Inc.		11,790		1,112,033
Invesco Ltd.		5,220		87,800
Lazard Ltd., Class A		1,600		59,728
Legg Mason, Inc.		210		7,825
LPL Financial Holdings, Inc.		1,500		121,260
MarketAxess Holdings, Inc.		600		221,154
Moody’s Corp.		3,440		759,174

Description	Number of Shares		Value
Morgan Stanley		24,146	$	1,111,923
Morningstar, Inc.		700		113,288
MSCI, Inc.		1,920		450,355
Nasdaq, Inc.		2,930		292,326
Northern Trust Corp.		3,280		326,950
Raymond James Financial, Inc.		2,710		226,258
S&P Global, Inc.		4,990		1,287,370
SEI Investments Co.		2,840		170,173
State Street Corp.		4,470		295,333
T. Rowe Price Group, Inc.		3,680		426,144
TD Ameritrade Holding Corp.		2,150		82,517
			$	14,159,214
COMMERCIAL BANKS – 1.6%
Associated Banc-Corp.		6,885		138,457
Bank of Hawaii Corp.		670		58,498
BB&T Corp.		16,690		885,405
BOK Financial Corp.		820		63,263
Citizens Financial Group, Inc.		11,650		409,614
Commerce Bancshares, Inc.#		955		61,464
Cullen/Frost Bankers, Inc.		1,440		129,715
East West Bancorp, Inc.		2,500		107,300
Fifth Third Bancorp		17,850		519,078
First Citizens BancShares, Inc., Class A		200		98,384
First Horizon National Corp.		6,334		101,154
First Republic Bank		4,500		478,620
Huntington Bancshares, Inc.		16,541		233,724
KeyCorp		19,044		342,221
M&T Bank Corp.§		1,610		252,013
PacWest Bancorp		1,239		45,831
PNC Financial Services Group, Inc. (The)		9,360		1,373,112
Popular, Inc.		600		32,676
Prosperity Bancshares, Inc.#		200		13,804
Regions Financial Corp.		23,356		376,032
Signature Bank		1,000		118,320
SunTrust Banks, Inc.		10,180		695,701
SVB Financial Group*		1,200		265,776
Synovus Financial Corp.		1,694		57,376
TCF Financial Corp.		360		14,252
U.S. Bancorp		27,270		1,554,935
Zions Bancorp NA		3,590		174,007
			$	8,600,732
CONSUMER FINANCE – 0.7%
Ally Financial, Inc.		5,400		165,402
American Express Co.		13,440		1,576,243
Capital One Financial Corp.		7,100		662,075
Credit Acceptance Corp.*		250		109,453
Discover Financial Services		6,480		520,085

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

7 PORTFOLIO OF INVESTMENTS

WilmingtonLarge-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Navient Corp.		5,160	$	71,053
OneMain Holdings, Inc.		500		20,000
SLM Corp.		5,760		48,614
Synchrony Financial		9,600		339,552
			$	3,512,477
DIVERSIFIED FINANCIAL SERVICES – 5.3%
AXA Equitable Holdings, Inc.		2,600		56,160
Bank of America Corp.		163,550		5,114,209
Berkshire Hathaway, Inc., Class B*		36,096		7,673,288
Citigroup, Inc.		44,582		3,203,663
Comerica, Inc.		4,130		270,185
Jefferies Financial Group, Inc.		3,010		56,197
JPMorgan Chase & Co.		61,020		7,622,618
Voya Financial, Inc.		1,800		97,128
Wells Fargo & Co.		71,675		3,700,580
			$	27,794,028
INSURANCE – 2.8%
Aflac, Inc.		16,600		882,456
Alleghany Corp.*		156		121,413
Allstate Corp. (The)		6,980		742,812
American Financial Group, Inc.		1,600		166,464
American International Group, Inc.		15,680		830,413
Aon PLC		5,100		985,116
Arch Capital Group Ltd.*		7,170		299,419
Arthur J Gallagher & Co.		4,480		408,666
Assurant, Inc.		1,130		142,459
Assured Guaranty Ltd.		3,550		166,566
Athene Holding Ltd., Class A*		1,100		47,685
Axis Capital Holdings Ltd.		3,280		194,930
Brighthouse Financial, Inc.*		2,600		98,176
Brown & Brown, Inc.		6,840		257,731
Chubb Ltd.		9,447		1,439,912
Cincinnati Financial Corp.		3,806		430,877
CNA Financial Corp.		1,050		47,082
Erie Indemnity Co., Class A		670		123,461
Everest Re Group Ltd.		870		223,668
Fidelity National Financial, Inc.		5,341		244,831
Globe Life, Inc.		1,695		164,974
Hanover Insurance Group, Inc. (The)		1,100		144,881
Hartford Financial Services Group, Inc. (The)		4,390		250,581
Lincoln National Corp.		4,770		269,410
Loews Corp.		5,050		247,450
Markel Corp.*		180		210,780
Marsh & McLennan Cos., Inc.		10,390		1,076,612
MetLife, Inc.		12,351		577,903
Old Republic International Corp.		1,900		42,446

Description	Number of Shares		Value
Principal Financial Group, Inc.		3,790	$	202,310
Progressive Corp. (The)		12,030		838,491
Prudential Financial, Inc.		9,130		832,108
Reinsurance Group of America, Inc.		1,690		274,574
RenaissanceRe Holdings Ltd.		20		3,744
Travelers Cos., Inc. (The)		5,880		770,633
Unum Group		2,110		58,109
White Mountains Insurance Group Ltd.		160		171,360
Willis Towers Watson PLC		2,600		485,940
WR Berkley Corp.		4,770		333,423
			$	14,809,866
MORTGAGE REAL ESTATE INVESTMENT TRUSTS – 0.1%
AGNC Investment Corp.		4,930		84,057
Annaly Capital Management, Inc.		11,380		102,192
Chimera Investment Corp.		6,840		138,578
MFA Financial, Inc.		13,800		104,742
Starwood Property Trust, Inc.		5,200		127,920
			$	557,489
THRIFTS & MORTGAGE FINANCE – 0.0%**
TFS Financial Corp.		150		2,889
TOTAL FINANCIALS			$	69,436,695
HEALTH CARE – 13.7%
BIOTECHNOLOGY – 2.4%
AbbVie, Inc.		28,778		2,289,290
Agios Pharmaceuticals, Inc.#,*		900		27,072
Alexion Pharmaceuticals, Inc.*		3,690		388,926
Alkermes PLC*		3,100		60,543
Alnylam Pharmaceuticals, Inc.*		1,700		147,458
Amgen, Inc.		11,864		2,529,998
Biogen, Inc.*		3,700		1,105,227
BioMarin Pharmaceutical, Inc.*		2,800		204,988
Bluebird Bio, Inc.#,*		700		56,700
Celgene Corp.*		13,166		1,422,323
Exact Sciences Corp.*		2,400		208,800
Exelixis, Inc.*		6,300		97,335
Gilead Sciences, Inc.		23,944		1,525,472
Incyte Corp.*		3,260		273,579
Ionis Pharmaceuticals, Inc.*		2,800		156,016
Neurocrine Biosciences, Inc.*		1,900		189,031
Regeneron Pharmaceuticals, Inc.*		1,300		398,164
Sage Therapeutics, Inc.*		900		122,085
Sarepta Therapeutics, Inc.#,*		100		8,306
Seattle Genetics, Inc.*		1,100		118,140
United Therapeutics Corp.*		1,140		102,418
Vertex Pharmaceuticals, Inc.*		4,743		927,162
			$	12,359,033

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 8

WilmingtonLarge-Cap Strategy Fund (continued)

Description	Number of Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – 3.5%
Abbott Laboratories		32,345	$	2,704,365
ABIOMED, Inc.*		800		166,064
Align Technology, Inc.*		1,360		343,114
Baxter International, Inc.		10,630		815,321
Becton Dickinson & Co.		5,334		1,365,504
Boston Scientific Corp.*		26,700		1,113,390
Cantel Medical Corp.#		100		7,289
Cooper Cos., Inc. (The)		1,050		305,550
Danaher Corp.		12,080		1,664,866
DENTSPLY SIRONA, Inc.		5,179		283,706
DexCom, Inc.*		1,900		293,056
Edwards Lifesciences Corp.*		3,972		946,845
Hill-Rom Holdings, Inc.		1,560		163,316
Hologic, Inc.*		6,740		325,609
ICU Medical, Inc.*		200		32,322
IDEXX Laboratories, Inc.*		1,580		450,316
Insulet Corp.*		1,000		145,320
Integra LifeSciences Holdings Corp.*		1,100		63,866
Intuitive Surgical, Inc.*		2,200		1,216,490
Masimo Corp.*		300		43,737
Medtronic PLC		24,826		2,703,551
Penumbra, Inc.*		700		109,179
ResMed, Inc.		2,820		417,134
STERIS PLC		700		99,099
Stryker Corp.		6,800		1,470,636
Teleflex, Inc.		960		333,514
Varian Medical Systems, Inc.*		2,250		271,822
West Pharmaceutical Services, Inc.		1,600		230,144
Zimmer Biomet Holdings, Inc.		2,810		388,426
			$	18,473,551
HEALTH CARE PROVIDERS & SERVICES – 2.5%
Acadia Healthcare Co., Inc.*		1,800		53,982
AmerisourceBergen Corp.		3,270		279,193
Anthem, Inc.		5,210		1,401,907
Cardinal Health, Inc.		4,120		203,734
Centene Corp.*		8,264		438,653
Chemed Corp.		400		157,564
Cigna Corp.		6,592		1,176,408
Covetrus, Inc.#,*		1,808		17,926
CVS Health Corp.		22,071		1,465,294
DaVita, Inc.*		2,788		163,377
Encompass Health Corp.		1,200		76,824
HCA Healthcare, Inc.		5,400		721,116
Henry Schein, Inc.*		3,320		207,782
Humana, Inc.		2,630		773,746
Laboratory Corp. of America Holdings*		1,857		305,978

Description	Number of Shares		Value
McKesson Corp.		4,100	$	545,300
MEDNAX, Inc.*		1,940		42,602
Molina Healthcare, Inc.*		900		105,876
Quest Diagnostics, Inc.		3,150		318,937
UnitedHealth Group, Inc.		17,320		4,376,764
Universal Health Services, Inc., Class B		1,980		272,171
WellCare Health Plans, Inc.*		700		207,620
			$	13,312,754
HEALTH CARE TECHNOLOGY – 0.2%
Cerner Corp.		7,040		472,525
Veeva Systems, Inc., Class A*		2,320		329,046
			$	801,571
LIFE SCIENCES TOOLS & SERVICES – 1.1%
Agilent Technologies, Inc.		7,490		567,368
Bio-Rad Laboratories, Inc., Class A*		490		162,494
Bio-Techne Corp.		100		20,817
Bruker Corp.		1,800		80,100
Charles River Laboratories
International, Inc.*		1,420		184,572
Illumina, Inc.*		2,640		780,173
IQVIA Holdings, Inc.*		3,180		459,256
Mettler-Toledo International, Inc.*		520		366,569
PerkinElmer, Inc.		2,870		246,705
PRA Health Sciences, Inc.*		1,000		97,710
Thermo Fisher Scientific, Inc.		7,620		2,301,088
Waters Corp.*		1,710		361,870
			$	5,628,722
PHARMACEUTICALS – 4.0%
Allergan PLC		6,385		1,124,462
Bristol-Myers Squibb Co.		27,860		1,598,328
Catalent, Inc.*		2,900		141,085
Elanco Animal Health, Inc.*		4,700		126,994
Eli Lilly & Co.		16,530		1,883,593
Jazz Pharmaceuticals PLC*		700		87,941
Johnson & Johnson		48,800		6,443,552
Merck & Co., Inc.		49,366		4,278,058
Mylan NV*		7,930		151,859
Perrigo Co. PLC		2,200		116,644
Pfizer, Inc.		106,603		4,090,357
Zoetis, Inc.		9,481		1,212,810
			$	21,255,683
TOTAL HEALTH CARE			$	71,831,314
INDUSTRIALS – 9.6%
AEROSPACE & DEFENSE – 2.5%
Arconic, Inc.		6,766		185,862

SEMI-ANNUALREPORT / October 31, 2019 (unaudited)

9 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Boeing Co. (The)		9,940	$	3,378,705
BWX Technologies, Inc.		1,640		95,284
General Dynamics Corp.		4,030		712,504
HEICO Corp., Class A		1,952		185,967
Hexcel Corp.		2,400		179,088
Huntington Ingalls Industries, Inc.		1,145		258,381
L3Harris Technologies, Inc.		4,782		986,574
Lockheed Martin Corp.		4,750		1,789,230
Northrop Grumman Corp.		3,070		1,082,114
Raytheon Co.		5,720		1,213,841
Spirit AeroSystems Holdings, Inc., Class A		1,940		158,731
Teledyne Technologies, Inc.*		200		65,920
Textron, Inc.		3,270		150,714
TransDigm Group, Inc.		890		468,389
United Technologies Corp.		14,550		2,089,089
			$	13,000,393
AIR FREIGHT & LOGISTICS – 0.5%
C.H. Robinson Worldwide, Inc.		1,784		134,942
Expeditors International of Washington, Inc.		1,280		93,363
FedEx Corp.		3,860		589,268
United Parcel Service, Inc., Class B		13,330		1,535,216
XPO Logistics, Inc.*		1,400		106,960
			$	2,459,749
AIRLINES – 0.4%
Alaska Air Group, Inc.		1,800		124,974
American Airlines Group, Inc.#		6,700		201,402
Copa Holdings SA, Class A		300		30,522
Delta Air Lines, Inc.		12,290		676,933
JetBlue Airways Corp.*		4,300		82,990
Southwest Airlines Co.		9,630		540,532
United Airlines Holdings, Inc.*		4,883		443,572
			$	2,100,925
BUILDING PRODUCTS – 0.4%
A.O. Smith Corp.		3,900		193,752
Allegion PLC		2,233		259,117
Armstrong World Industries, Inc.		100		9,353
Fortune Brands Home & Security, Inc.		3,560		213,778
Johnson Controls International PLC		14,331		620,962
Lennox International, Inc.		590		145,942
Masco Corp.		7,630		352,887
Owens Corning		790		48,411
Resideo Technologies, Inc.*		2,628		25,045
			$	1,869,247
COMMERCIAL SERVICES & SUPPLIES – 0.5%
Cintas Corp.		1,920		515,846

Description	Number of Shares		Value
Clean Harbors, Inc.*		700	$	57,722
Copart, Inc.*		3,800		314,032
IAA, Inc.*		900		34,335
KAR Auction Services, Inc.		900		22,374
Republic Services, Inc.		5,240		458,552
Rollins, Inc.		500		19,055
Stericycle, Inc.#,*		1,752		100,915
Waste Management, Inc.		9,040		1,014,378
			$	2,537,209
CONSTRUCTION & ENGINEERING – 0.1%
AECOM*		2,200		88,022
Arcosa, Inc.		800		30,728
Fluor Corp.		600		9,666
Jacobs Engineering Group, Inc.		2,950		276,061
Quanta Services, Inc.		1,460		61,393
Valmont Industries, Inc.		1,060		145,421
			$	611,291
ELECTRICAL EQUIPMENT – 0.5%
Acuity Brands, Inc.		800		99,832
AMETEK, Inc.		3,160		289,614
Eaton Corp. PLC		7,478		651,409
Emerson Electric Co.		10,540		739,381
Hubbell, Inc.		1,290		182,793
nVent Electric PLC		3,816		87,997
Rockwell Automation, Inc.		2,320		399,017
Sensata Technologies Holding PLC*		1,600		81,904
			$	2,531,947
INDUSTRIAL CONGLOMERATES – 1.2%
3M Co.		10,860		1,791,791
Carlisle Cos., Inc.		1,290		196,428
General Electric Co.		145,320		1,450,294
Honeywell International, Inc.		13,470		2,326,673
Roper Technologies, Inc.		2,200		741,312
			$	6,506,498
MACHINERY – 1.9%
AGCO Corp.		1,060		81,291
Allison Transmission Holdings, Inc.		2,000		87,220
Caterpillar, Inc.		10,100		1,391,780
Colfax Corp.#,*		2,800		94,080
Crane Co.		1,200		91,824
Cummins, Inc.		2,980		513,990
Deere & Co.		6,290		1,095,341
Donaldson Co., Inc.		4,010		211,487
Dover Corp.		3,660		380,237
Flowserve Corp.		1,000		48,840
Fortive Corp.		5,940		409,860

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 10

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Gardner Denver Holdings, Inc.*		1,200	$	38,196
Graco, Inc.		6,120		276,624
IDEX Corp.		2,120		329,724
Illinois Tool Works, Inc.		7,000		1,180,060
Ingersoll-Rand PLC		5,150		653,483
ITT, Inc.		2,535		150,706
Lincoln Electric Holdings, Inc.		1,900		170,183
Middleby Corp. (The)*		500		60,475
Nordson Corp.		900		141,129
Oshkosh Corp.		1,790		152,830
PACCAR, Inc.		4,490		341,509
Parker-Hannifin Corp.		2,960		543,130
Pentair PLC		1,416		58,722
Snap-on, Inc.		1,280		208,218
Stanley Black & Decker, Inc.		3,620		547,815
Terex Corp.		2,630		72,456
Timken Co. (The)		600		29,400
Toro Co. (The)		2,180		168,143
Trinity Industries, Inc.		2,400		47,472
WABCO Holdings, Inc.*		950		127,889
Wabtec Corp.		2,465		170,997
Welbilt, Inc.*		3,910		74,134
Xylem, Inc.		3,210		246,175
			$	10,195,420
MARINE – 0.0%**
Kirby Corp.*		800		63,328
MATERIALS – 0.0%**
Amcor PLC		7,100		67,592
PROFESSIONAL SERVICES – 0.4%
CoStar Group, Inc.*		800		439,616
Equifax, Inc.		2,660		363,649
IHS Markit Ltd.*		6,087		426,212
ManpowerGroup, Inc.		1,860		169,111
Nielsen Holdings PLC		5,550		111,888
Robert Half International, Inc.		1,500		85,905
TransUnion		3,300		272,646
Verisk Analytics, Inc.		2,400		347,280
			$	2,216,307
ROAD & RAIL – 1.0%
CSX Corp.		14,900		1,047,023
Genesee & Wyoming, Inc., Class A*		900		99,927
JB Hunt Transport Services, Inc.		2,280		268,037
Kansas City Southern		2,180		306,900
Knight-Swift Transportation Holdings, Inc.		1,600		58,336
Landstar System, Inc.		990		112,018
Lyft, Inc., Class A#,*		100		4,144

Description	Number of Shares		Value
Norfolk Southern Corp.		5,160	$	939,120
Old Dominion Freight Line, Inc.		1,400		254,912
Ryder System, Inc.		340		16,534
Schneider National, Inc., Class B		500		11,435
Union Pacific Corp.		13,770		2,278,384
			$	5,396,770
TRADING COMPANIES & DISTRIBUTORS – 0.2%
Air Lease Corp.		1,300		57,174
Fastenal Co.		7,540		270,988
HD Supply Holdings, Inc.*		600		23,724
MSC Industrial Direct Co., Inc., Class A		1,390		101,762
United Rentals, Inc.*		1,620		216,383
Univar Solutions, Inc.*		2,400		51,504
WW Grainger, Inc.		1,040		321,194
			$	1,042,729
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Macquarie Infrastructure Corp.		1,600		69,024
TOTAL INDUSTRIALS			$	50,668,429
INFORMATION TECHNOLOGY – 22.3%
COMMUNICATIONS EQUIPMENT – 1.0%
Arista Networks, Inc.*		900		220,113
Ciena Corp.*		1,200		44,544
Cisco Systems, Inc.		83,550		3,969,461
CommScope Holding Co., Inc.*		1,700		19,040
EchoStar Corp., Class A*		70		2,730
F5 Networks, Inc.*		990		142,639
Juniper Networks, Inc.		4,090		101,514
Motorola Solutions, Inc.		3,430		570,478
			$	5,070,519
COMPUTERS & PERIPHERALS – 4.2%
Apple, Inc.		85,460		21,259,030
Dell Technologies, Inc., Class C*		3,069		162,319
Hewlett Packard Enterprise Co.		28,990		475,726
NCR Corp.*		1,620		47,320
NetApp, Inc.		4,153		232,070
Pure Storage, Inc., Class A*		3,000		58,380
Xerox Holdings Corp.		3,500		118,755
			$	22,353,600
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Amphenol Corp., Class A		7,000		702,310
Arrow Electronics, Inc.*		1,240		98,307
CDW Corp.		3,190		408,033
Cognex Corp.		3,800		195,662
Coherent, Inc.*		700		104,244

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

11 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Corning, Inc.		17,270	$	511,710
Dolby Laboratories, Inc., Class A		150		9,650
FLIR Systems, Inc.		1,600		82,496
IPG Photonics Corp.*		700		93,996
Jabil, Inc.		1,700		62,594
Keysight Technologies, Inc.*		2,000		201,820
National Instruments Corp.		1,930		79,883
Trimble, Inc.*		5,380		214,339
Zebra Technologies Corp., Class A*		800		190,296
			$	2,955,340
IT SERVICES – 5.4%
Accenture PLC, Class A		12,700		2,354,834
Akamai Technologies, Inc.*		3,150		272,475
Alliance Data Systems Corp.		1,290		129,000
Amdocs Ltd.		2,620		170,824
Automatic Data Processing, Inc.		8,530		1,383,822
Black Knight, Inc.*		2,037		130,775
Booz Allen Hamilton Holding Corp.		1,900		133,703
Broadridge Financial Solutions, Inc.		2,430		304,285
Cognizant Technology Solutions Corp.,
Class A		11,910		725,795
Conduent, Inc.*		6,200		38,316
DXC Technology Co.		5,476		151,521
EPAM Systems, Inc.*		900		158,364
Euronet Worldwide, Inc.*		500		70,035
Fidelity National Information Services, Inc.		11,550		1,521,828
Fiserv, Inc.*		12,010		1,274,741
FleetCor Technologies, Inc.*		1,800		529,596
Gartner, Inc.*		1,600		246,528
Genpact Ltd.		1,500		58,755
Global Payments, Inc.		6,313		1,068,033
GoDaddy, Inc., Class A*		1,250		81,288
International Business Machines Corp.		16,360		2,187,823
Jack Henry & Associates, Inc.		1,900		268,964
Leidos Holdings, Inc.		2,200		189,706
Mastercard, Inc., Class A		17,220		4,766,668
MongoDB, Inc.*		300		38,331
Okta, Inc.*		1,300		141,791
Paychex, Inc.		6,570		549,515
PayPal Holdings, Inc.*		22,665		2,359,426
Sabre Corp.		3,000		70,440
Square, Inc., Class A#,*		6,100		374,723
Switch, Inc., Class A		500		7,385
Teradata Corp.*		870		26,039
Twilio, Inc., Class A#,*		2,000		193,120
VeriSign, Inc.*		2,350		446,547
Visa, Inc., Class A		33,220		5,941,729

Description	Number of Shares		Value
Western Union Co. (The)		1,840	$	46,110
WEX, Inc.*		500		94,590
			$	28,507,425
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.0%
Advanced Micro Devices, Inc.*		18,200		617,526
Analog Devices, Inc.		7,952		847,922
Applied Materials, Inc.		19,380		1,051,559
Broadcom, Inc.		7,733		2,264,609
Cree, Inc.*		1,200		57,276
Cypress Semiconductor Corp.		8,400		195,468
First Solar, Inc.*		2,200		113,938
Intel Corp.		85,670		4,842,925
KLA Corp.		3,050		515,572
Lam Research Corp.		2,880		780,595
Marvell Technology Group Ltd.		11,453		279,339
Maxim Integrated Products, Inc.		4,120		241,679
Microchip Technology, Inc.		4,639		437,411
Micron Technology, Inc.*		21,500		1,022,325
MKS Instruments, Inc.		600		64,932
Monolithic Power Systems, Inc.		300		44,976
NVIDIA Corp.		10,980		2,207,200
NXP Semiconductors NV		1,300		147,784
ON Semiconductor Corp.*		8,220		167,688
Qorvo, Inc.*		2,850		230,451
QUALCOMM, Inc.		22,980		1,848,511
Skyworks Solutions, Inc.		3,200		291,392
Teradyne, Inc.		4,050		247,941
Texas Instruments, Inc.		18,700		2,206,413
Universal Display Corp.		800		160,144
Xilinx, Inc.		4,800		435,552
			$	21,321,128
SOFTWARE – 6.9%
2U, Inc.#,*		1,400		25,095
Adobe, Inc.*		9,460		2,629,218
Alteryx, Inc., Class A*		1,000		91,500
Anaplan, Inc.*		1,300		61,360
ANSYS, Inc.*		1,380		303,807
Aspen Technology, Inc.*		1,200		138,132
Atlassian Corp. PLC, Class A*		1,900		229,501
Autodesk, Inc.*		4,330		638,069
Avalara, Inc.*		500		35,500
Cadence Design Systems, Inc.*		6,410		418,894
CDK Global, Inc.		3,676		185,785
Citrix Systems, Inc.		2,890		314,605
Coupa Software, Inc.*		1,000		137,490
DocuSign, Inc.*		2,100		138,999
Dropbox, Inc., Class A*		3,300		65,406

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 12

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Fair Isaac Corp.*		400	$	121,616
FireEye, Inc.*		3,400		53,856
Fortinet, Inc.*		1,600		130,496
Guidewire Software, Inc.*		700		78,918
HubSpot, Inc.*		200		31,020
Intuit, Inc.		4,800		1,236,000
LogMeIn, Inc.		757		49,720
Manhattan Associates, Inc.*		700		52,465
Microsoft Corp.		142,649		20,451,587
New Relic, Inc.*		300		19,218
Nutanix, Inc., Class A*		2,200		64,284
Oracle Corp.		44,710		2,436,248
Palo Alto Networks, Inc.*		1,690		384,289
Paycom Software, Inc.*		900		190,377
Paylocity Holding Corp.*		300		30,780
Pluralsight, Inc., Class A#,*		700		12,656
Proofpoint, Inc.*		700		80,759
PTC, Inc.*		2,100		140,511
RealPage, Inc.*		800		48,440
RingCentral, Inc., Class A*		1,200		193,824
salesforce.com, Inc.*		15,284		2,391,793
ServiceNow, Inc.*		3,400		840,684
Smartsheet, Inc., Class A*		1,500		59,100
Splunk, Inc.*		2,800		335,888
SS&C Technologies Holdings, Inc.		2,800		145,628
Symantec Corp.		6,820		156,042
Synopsys, Inc.*		2,600		352,950
Trade Desk, Inc., Class A (The)#,*		600		120,480
Tyler Technologies, Inc.*		500		134,260
VMware, Inc., Class A		1,510		238,988
Workday, Inc., Class A*		2,350		381,076
Zendesk, Inc.*		1,600		113,040
Zscaler, Inc.*		800		35,184
			$	36,525,538
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 0.2%
HP, Inc.		34,390		597,354
Western Digital Corp.		5,583		288,362
			$	885,716
TOTAL INFORMATION TECHNOLOGY			$	117,619,266
MATERIALS – 2.8%
CHEMICALS – 2.0%
Air Products & Chemicals, Inc.		4,800		1,023,648
Albemarle Corp.#		2,000		121,480
Ashland Global Holdings, Inc.		1,200		92,844
Axalta Coating Systems Ltd.*		600		17,694
Cabot Corp.		1,300		56,667

Description	Number of Shares		Value
Celanese Corp.		2,800	$	339,220
CF Industries Holdings, Inc.		4,800		217,680
Corteva, Inc.		8,912		235,099
Dow, Inc.		11,979		604,820
DuPont de Nemours, Inc.		13,112		864,212
Eastman Chemical Co.		4,000		304,160
Ecolab, Inc.		5,500		1,056,385
Element Solutions, Inc.*		800		8,688
FMC Corp.		3,200		292,800
Huntsman Corp.		5,200		115,076
International Flavors & Fragrances, Inc.#		1,500		183,015
Linde PLC		10,900		2,162,015
Livent Corp.*		3,647		25,018
LyondellBasell Industries NV, Class A		5,900		529,230
Mosaic Co. (The)		4,100		81,508
Olin Corp.		2,300		42,182
PPG Industries, Inc.		3,900		487,968
RPM International, Inc.		2,700		195,561
ScottsMiracle-Gro Co. (The)		500		50,195
Sherwin-Williams Co. (The)		1,800		1,030,176
Westlake Chemical Corp.		1,300		82,147
			$	10,219,488
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		1,000		91,340
Martin Marietta Materials, Inc.		1,400		366,674
Vulcan Materials Co.		1,700		242,879
			$	700,893
CONTAINERS & PACKAGING – 0.3%
AptarGroup, Inc.		300		35,445
Ardagh Group SA		2,100		39,207
Avery Dennison Corp.		900		115,074
Ball Corp.		5,700		398,829
Berry Global Group, Inc.*		1,500		62,265
Graphic Packaging Holding Co.		3,600		56,376
International Paper Co.		10,100		441,168
Owens-Illinois, Inc.		6,000		51,000
Packaging Corp. of America		2,200		240,812
Sealed Air Corp.		1,700		71,009
Westrock Co.		5,200		194,324
			$	1,705,509
METALS & MINING – 0.4%
Alcoa Corp.*		3,088		64,200
Freeport-McMoRan, Inc.		29,200		286,744
Newmont Goldcorp Corp.		15,800		627,734
Nucor Corp.		7,400		398,490
Reliance Steel & Aluminum Co.		1,800		208,872

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

13 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Royal Gold, Inc.		1,500	$	173,160
Southern Copper Corp.		600		21,348
Steel Dynamics, Inc.		5,000		151,800
United States Steel Corp.#		3,400		39,134
			$	1,971,482
PAPER & FOREST PRODUCTS – 0.0%**
Domtar Corp.		1,900		69,141
TOTAL MATERIALS			$	14,666,513
REAL ESTATE – 3.9%
REAL ESTATE INVESTMENT TRUSTS – 3.8%
Alexandria Real Estate Equities, Inc.		2,815		446,881
American Campus Communities, Inc.		4,700		234,906
American Homes 4 Rent, Class A		1,650		43,676
American Tower Corp.		8,060		1,757,725
Americold Realty Trust		2,500		100,225
Apartment Investment & Management Co., Class A		3,971		217,928
Apple Hospitality REIT, Inc.		8,900		146,672
AvalonBay Communities, Inc.		2,022		440,109
Boston Properties, Inc.		1,850		253,820
Brandywine Realty Trust		5,000		76,400
Brixmor Property Group, Inc.		4,400		96,888
Brookfield Property REIT, Inc., Class A		3,300		62,370
Camden Property Trust		2,670		305,368
Colony Capital, Inc.		13,200		73,920
CoreSite Realty Corp.		500		58,750
Corporate Office Properties Trust		4,700		139,308
Crown Castle International Corp.		7,940		1,101,993
CubeSmart		1,700		53,890
CyrusOne, Inc.		1,300		92,664
Digital Realty Trust, Inc.#		3,910		496,726
Douglas Emmett, Inc.		4,410		191,041
Duke Realty Corp.		10,010		351,751
EPR Properties		700		54,453
Equinix, Inc.		1,581		896,079
Equity Commonwealth		4,992		160,643
Equity LifeStyle Properties, Inc.		5,400		377,676
Equity Residential		5,150		456,599
Essex Property Trust, Inc.		1,073		351,010
Extra Space Storage, Inc.		2,500		280,675
Federal Realty Investment Trust		970		131,930
Gaming and Leisure Properties, Inc.		3,204		129,313
HCP, Inc.		7,530		283,279
Host Hotels & Resorts, Inc.		15,240		249,784
Invitation Homes, Inc.		4,500		138,555
Iron Mountain, Inc.		3,503		114,898

Description	Number of Shares		Value
JBG SMITH Properties		836	$	33,657
Kilroy Realty Corp.		2,525		211,923
Kimco Realty Corp.		9,980		215,169
Lamar Advertising Co., Class A		2,400		192,024
Liberty Property Trust		4,040		238,643
Life Storage, Inc.		1,000		108,920
Macerich Co. (The)#		5,900		162,250
Medical Properties Trust, Inc.		6,900		143,037
Mid-America Apartment Communities, Inc.		3,171		440,737
National Retail Properties, Inc.		2,500		147,275
Omega Healthcare Investors, Inc.#		4,800		211,392
Outfront Media, Inc.		1,400		36,834
Paramount Group, Inc.		9,200		123,924
Park Hotels & Resorts, Inc.		9,992		232,314
Prologis, Inc.		10,890		955,706
Public Storage		3,060		681,952
Rayonier, Inc.		3,715		100,231
Realty Income Corp.		6,710		548,811
Regency Centers Corp.		2,035		136,833
Retail Properties of America, Inc., Class A		4,000		55,040
Retail Value, Inc.		500		18,305
SBA Communications Corp.		2,250		541,462
Senior Housing Properties Trust		5,800		57,565
Service Properties Trust		3,600		91,080
Simon Property Group, Inc.		5,793		872,889
SITE Centers Corp.		3,100		48,143
SL Green Realty Corp.		1,990		166,364
Spirit Realty Capital, Inc.		1,800		89,712
STORE Capital Corp.		1,600		64,800
Taubman Centers, Inc.		2,200		78,716
UDR, Inc.		7,680		385,920
Uniti Group, Inc.#		2,600		17,992
Ventas, Inc.		5,786		376,669
VEREIT, Inc.		19,100		187,944
VICI Properties, Inc.		5,900		138,945
Vornado Realty Trust		2,973		195,118
Weingarten Realty Investors		3,560		112,959
Welltower, Inc.		6,670		604,902
Weyerhaeuser Co.		19,342		564,980
WP Carey, Inc.		1,800		165,708
			$	20,124,750
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CBRE Group, Inc., Class A*		5,510		295,061
Howard Hughes Corp. (The)*		658		73,578
Jones Lang LaSalle, Inc.		800		117,216
			$	485,855
TOTAL REAL ESTATE			$	20,610,605

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 14

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
UTILITIES – 3.3%
ELECTRIC UTILITIES – 2.0%
Alliant Energy Corp.		3,800	$	202,692
American Electric Power Co., Inc.		10,100		953,339
Avangrid, Inc.		900		45,045
Duke Energy Corp.		13,400		1,263,084
Edison International		5,000		314,500
Entergy Corp.		3,700		449,476
Evergy, Inc.		4,900		313,159
Eversource Energy		5,800		485,692
Exelon Corp.		19,200		873,408
FirstEnergy Corp.		10,000		483,200
Hawaiian Electric Industries, Inc.		2,900		130,935
NextEra Energy, Inc.		9,600		2,288,064
OGE Energy Corp.		3,900		167,934
PG&E Corp.#,*		15,500		95,635
Pinnacle West Capital Corp.		2,500		235,300
PPL Corp.		13,800		462,162
Southern Co. (The)		19,800		1,240,668
Xcel Energy, Inc.		10,800		685,908
			$	10,690,201
GAS UTILITIES – 0.1%
Atmos Energy Corp.		900		101,232
National Fuel Gas Co.		1,200		54,372
UGI Corp.		1,400		66,738
			$	222,342
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS – 0.1%
AES Corp.		13,100		223,355
NRG Energy, Inc.		5,600		224,672
Vistra Energy Corp.		6,300		170,289
			$	618,316
MULTI-UTILITIES – 1.0%
Ameren Corp.		3,500		271,950
CenterPoint Energy, Inc.		9,300		270,351
CMS Energy Corp.		6,000		383,520
Consolidated Edison, Inc.		5,600		516,432
Dominion Energy, Inc.		14,943		1,233,545
DTE Energy Co.		2,900		369,228
NiSource, Inc.		6,600		185,064
Public Service Enterprise Group, Inc.		10,300		652,093
Sempra Energy		5,400		780,354
WEC Energy Group, Inc.		6,400		604,160
			$	5,266,697
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		2,800		345,156

Description	Number of Shares		Value
Aqua America, Inc.		3,600	$	163,188
			$	508,344
TOTAL UTILITIES			$	17,305,900
TOTAL COMMON STOCKS (COST $231,622,547)			$	525,157,128
INVESTMENT COMPANIES – 0.2%
EQUITY FUNDS – 0.2%
iShares Russell 1000 ETF#		3,100		520,769
iShares Russell 1000 Growth ETF		1,400		229,796
iShares Russell 1000 Value ETF		1,800		234,126
TOTAL EQUITY FUNDS			$	984,691
TOTAL INVESTMENT COMPANIES (COST $959,153)			$	984,691
MONEY MARKET FUND – 0.1%
Dreyfus Government Cash Management
Fund, Institutional Shares, 1.73%^		378,864		378,864
TOTAL MONEY MARKET FUND (COST $378,864)			$	378,864
RIGHT – 0.0%**
Celgene Corp.*		89		46
TOTAL RIGHT (COST $0)			$	46
WARRANT – 0.0%**
American International Group, Inc. CW21,
Expire 1/19/21*		2,055		24,455
TOTAL WARRANT (COST $34,935)			$	24,455
TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $232,995,499)			$	526,545,184
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.0%
REPURCHASE AGREEMENTS – 1.0%
Bank of America Securities, Inc., 1.75%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency Securities, 3.00% to 4.00%, maturing 11/01/39 to 10/01/49; total market value of $1,010,770.	$	990,951	$	990,951
Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $394,322, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $402,189.		394,303		394,303
BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $1,010,770.		990,951		990,951

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

15 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Par Value		Value
HSBC Securities USA, Inc., 1.73%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 12/20/32 to 6/20/69; total market value of $1,010,770.	$	990,951	$	990,951
Nomura Securities International, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/05/19 to 9/20/69; total market value of $1,010,771.		990,951		990,951
RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $1,010,770.		990,951		990,951
TOTAL REPURCHASE AGREEMENTS (COST $5,349,058)			$	5,349,058
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $5,349,058)			$	5,349,058
TOTAL INVESTMENTS – 101.0% (COST $238,344,557)			$	531,894,242
COLLATERAL FOR SECURITIES ON LOAN – (1.0%)				(5,349,058	)
OTHER LIABILITIES LESS ASSETS – 0.0%**				(160,420	)
TOTAL NET ASSETS – 100.0%			$	526,384,764

Cost of investments for Federal income tax purposes is $247,496,896. The net unrealized appreciation/(depreciation) of investments was $284,397,346. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $297,588,868 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(13,191,522).

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, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	525,157,128	$	—	$	—	$	525,157,128
Investment Companies		984,691		—		—		984,691
Right		—		46		—		46
Warrant		—		24,455		—		24,455
Money Market Fund		378,864		—		—		378,864
Repurchase Agreements		—		5,349,058		—		5,349,058
Total	$	526,520,683	$	5,373,559	$	—	$	531,894,242

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

* Non-income producing security.

** Represents less than 0.05%.

§ Affiliated company. See Note 4 in Notes to Financial Statements.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 16

Wilmington Large-Cap Strategy Fund (concluded)

The following acronyms are used throughout this Fund:

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, 2019 (unaudited)

17 STATEMENT OF ASSETS AND LIABILITIES

October 31, 2019 (unaudited)	Wilmington             Large-Cap              Strategy             Fund
ASSETS:
Investments, at identified cost		$	238,344,557	(a)
Investments in securities, at value (Including $5,151,538 of securities on loan) (Note 2)		$	531,894,242	(b)
Income receivable			449,878
Receivable for shares sold			62,965
Prepaid assets			19,760
TOTAL ASSETS			532,426,845
LIABILITIES:
Collateral for securities on loan			5,349,058
Payable for shares redeemed			372,934
Payable for Trustees’ fees			6,339
Payable for administrative personnel and services fees			13,395
Payable for investment advisory fees			56,717
Other accrued expenses			243,638
TOTAL LIABILITIES			6,042,081
NET ASSETS		$	526,384,764
NET ASSETS CONSIST OF:
Paid-in capital		$	221,834,774
Distributable earnings (loss)			304,549,990
TOTAL NET ASSETS		$	526,384,764
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class I
Net Assets		$	526,384,764
Shares outstanding (unlimited shares authorized)			21,971,743
Net Asset Value per share		$	23.96

(a) Includes $127,293 of investments in affiliated issuers.

(b) Includes $252,013 of investments in affiliated issuers.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENT OF OPERATIONS 18

Six Months Ended October 31, 2019 (unaudited)	Wilmington   Large-Cap Strategy   Fund
INVESTMENT INCOME:
Dividends		$	4,988,158	(a)(b)
Securities lending income			10,823
TOTAL INVESTMENT INCOME			4,998,981
EXPENSES:
Investment advisory fees			1,297,319
Administrative personnel and services fees			81,030
Portfolio accounting and administration fees			62,738
Custodian fees			15,473
Transfer and dividend disbursing agent fees and expenses			43,198
Trustees’ fees			27,165
Professional fees			45,146
Shareholder services fee— Class I			648,659
Share registration costs			10,256
Printing and postage			12,951
Miscellaneous			32,833
TOTAL EXPENSES			2,276,768
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(979,450	)
Waiver of shareholder services fee—Class I			(648,659	)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,628,109	)
Net expenses			648,659
Net investment income			4,350,322
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			16,023,821
Litigation proceeds			1,095	(c)
Net change in unrealized appreciation (depreciation) of unaffiliated investments			(2,644,948	)
Net change in unrealized appreciation (depreciation) of affiliated investments			(21,800	)
Net realized and unrealized gain (loss) on investments			13,358,168
Change in net assets resulting from operations		$	17,708,490

(a) Net of foreign withholding taxes withheld of $658.

(b) Includes $3,220 received from affiliated issuers.

(c) The Litigation proceeds represent a class action settlement received by the Fund.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

19 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Large-Cap Strategy Fund
	Six Months Ended     October  31, 2019 (unaudited)				Year Ended April 30, 2019
OPERATIONS:
Net investment income		$	4,350,322			$	8,345,207
Net realized gain (loss) on investments(a)			16,024,916				16,510,751
Net change in unrealized appreciation (depreciation) of investments			(2,666,748	)			37,629,472
Change in net assets resulting from operations			17,708,490				62,485,430
DISTRIBUTIONS TO SHAREHOLDERS:
Class I			(4,807,369	)			(28,934,670	)
Total distributions to shareholders:			(4,807,369	)			(28,934,670	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class I			13,984,673				51,608,401
Distributions reinvested
Class I			1,198,686				18,522,932
Cost of shares redeemed
Class I			(29,517,944	)			(79,877,605	)
Change in net assets resulting from share transactions			(14,334,585	)			(9,746,272	)
Change in net assets			(1,433,464	)			23,804,488
NET ASSETS:
Beginning of period			527,818,228				504,013,740
End of period		$	526,384,764			$	527,818,228
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class I			603,875				2,338,158
Distributions reinvested
Class I			51,009				882,373
Shares redeemed
Class I			(1,276,178	)			(3,560,522	)
Net change resulting from share transactions			(621,294	)			(339,991	)

^(a)Includes Litigation settlement.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS 20

For a share outstanding throughout each period:

WILMINGTONLARGE-CAP STRATEGY FUND
CLASS I	Six Months         Ended         October 31,         2019         (unaudited)			Year Ended         April 30, 2019			Year Ended         April 30, 2018			Year Ended         April 30, 2017			Year Ended         April 30, 2016			Year Ended         April 30, 2015
Net Asset Value, Beginning of Period		$23.36			$21.98			$19.65			$16.91			$18.46			$17.27
Income (Loss) From Operations:
Net Investment Income(a)		0.20			0.37			0.34			0.32			0.29			0.28
Net Realized and Unrealized Gain (Loss) on Investments		0.62	(b)		2.32	(b)		2.34	(c)		2.75			(0.42	)		2.19
Total Income (Loss) From Operations		0.82			2.69			2.68			3.07			(0.13	)		2.47
Less Distributions From:
Net Investment Income		(0.22	)		(0.38	)		(0.35	)		(0.33	)		(0.28	)		(0.27	)
Net Realized Gains		—			(0.93	)		—			—			(1.14	)		(1.01	)
Total Distributions		(0.22	)		(1.31	)		(0.35	)		(0.33	)		(1.42	)		(1.28	)
Net Asset Value, End of Period		$23.96			$23.36			$21.98			$19.65			$16.91			$18.46
Total Return		3.52	%		12.93	%		13.71	%(c)		18.32	%		(0.87	)%		14.52	%
Net Assets, End of Period (000’s)		$526,385			$527,818			$504,014			$554,810			$606,908			$468,978
Ratios to Average Net Assets
Gross Expense		0.88	%(d)		0.89	%		0.90	%		0.90	%		0.89	%		0.86	%
Net Expenses(e)		0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income		1.68	%(d)		1.65	%		1.62	%		1.75	%		1.68	%		1.52	%
Portfolio Turnover Rate		13	%		13	%		15	%		18	%		81	%		15	%

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

(b) Amount includes anon-recurring payment for Litigation proceeds which represents proceeds from securities litigation by the Fund. The litigation proceeds impacted the realized and unrealized gain (loss) per share by $0.00 for Class I.

(c) Amount includes anon-recurring settlement paid by the Fund related to the Fund’s prior investment in Tribune Company. The settlement payment impacted the realized (loss) per share by $0.00 for Class I. Total return was not impacted.

(d) Annualized for periods less than one year.

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

21 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

October 31, 2019 (unaudited)

1.     ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end management investment company. The Trust consists of 12 portfolios, 1 of which is presented herein (referred to as the “Fund”). The remaining 11 funds are presented in separate reports.

Fund	Investment Goal
WilmingtonLarge-Cap Strategy Fund(“Large-Cap Strategy Fund”)(d)	The Fund seeks to achieve long-term capital appreciation.

(d) Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Class A, Service Class, Select Class, Administrative Class and Institutional Class are not available for the Fund. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its 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.

Investment Valuation– The Fund utilizes a fair value approach. The Fair Value of the Fund’s 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 theover-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 inopen-end regulated investment companies are valued at net asset value (“NAV”);

· for fixed income securities, according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost, 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 Trustees.

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing its NAV, the Fund values foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs 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 the 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 Fund’s fair value procedures noted previously, equity securities (including exchange traded securities and otheropen-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. The Fund may utilize International Fair Value Pricing (“IFVP”) which could result in certain equity securities being categorized as level 2.

October 31, 2019 / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (continued) 22

Fixed income securities,non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

Repurchase Agreements- Repurchase agreements are transactions in which a fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is the Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Fund’s custodian orsub-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 orsub-custodian in which the Fund holds a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Fund has 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 Fund to receive less than the full repurchase price.

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

At October 31, 2019, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase         Agreements		Fair Value  of Non-cash Collateral         Received(1)		Cash                  Collateral                  Received(1)		Net Amount(2)
Large-Cap Strategy Fund
Bank of America Securities, Inc.	$	990,951	$	990,951	$	—	$	—
Bank of Montreal		394,303		394,303		—		—
BNP Paribas SA		990,951		990,951		—		—
HSBC Securities USA, Inc.		990,951		990,951		—		—
Nomura Securities International, Inc.		990,951		990,951		—		—
RBC Dominion Securities, Inc.		990,951		990,951		—		—
	$	5,349,058	$	5,349,058	$	—	$	—

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

⁽²⁾  Net amount represents the net amount receivable due from the counterparty in the event of default.

Investment Income, Gains and Losses, Expenses and Distributions– Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on theex-dividend date.Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on theex-dividend date or when the Fund is informed of theex-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.

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.

Real Estate Investment Trusts –The Fund may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscalyear-end and may differ from the estimated amount. Estimates of income are adjusted to the actual amounts when the amounts are determined.

Federal Taxes– It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of its income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

SEMI-ANNUAL REPORT / October 31, 2019

23 NOTES TO FINANCIAL STATEMENTS    (continued)

Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended October 31, 2019, the Fund did not incur any interest or penalties.

Warrants and Rights– The Fund may hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Fund until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Fund is not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.

Lending of Portfolio Securities– The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Fund to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with its custodian, the Fund receives a lender’s fee. Fees earned by the Fund on securities lending are recorded as income. Loans of securities by the Fund are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.

Investments purchased with cash collateral are presented on the portfolio of investments under the caption “Cash Collateral Invested for Securities on Loan.”

The Fund maintains 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 Fund under Master Securities Lending Agreements (“MSLA”) which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At October 31, 2019, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of Securities on Loan		Cash Collateral Received(1)		Net Amount(2)
Large-Cap Strategy Fund		$5,151,538		$5,151,538		$—
(1) Collateral with a value of $5,349,058 has been received in connection with securities lending transactions. (2) Net amount represents the net amount receivable due from the counterparty in the event of default.

3.     FEDERAL TAX INFORMATION

As of April 30, 2019, there were no uncertain tax positions that would require financial statement recognition,de-recognition or disclosure. The Fund’s federal tax returns filed for the years ended 2018, 2017 and 2016, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to losses deferred due to wash sales.

The tax character of distributions for the corresponding fiscal year ends were as follows:

	2019				2018
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
Large-Cap Strategy Fund		$8,459,201		$20,475,469		$8,955,957		$—

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

October 31, 2019 / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (continued) 24

As of April 30, 2019, the components of distributable earnings on a tax basis were as follows:

		Undistributed	Other	Unrealized
	Undistributed	Long-Term	Timing	Appreciation/	Capital Loss	Late Year
Fund	Ordinary Income	Capital Gains	Differences	(Depreciation)	Carryforwards	Deferrals
Large-Cap Strategy Fund	$1,155,563	$3,429,212	$—	$287,064,094	$—	$—

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 the Fund. Wilmington Trust Investment Advisors, Inc. (“WTIA”) providessub-advisory services to the Fund. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Fund pays WFMC an annual investment advisory fee, accrued daily and paid monthly, based on a percentage of the Fund’s average daily net assets as described below. WFMC, not the Fund, pays WTIA for its services.

	Advisory Fee
Fund	Annual Rate
Large-Cap Strategy Fund	0.50%

WFMC and the Fund’s distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2020 so that total annual fund operating expenses paid by the Fund (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed 0.25% for the Fund’s Class I Shares. Neither WFMC nor the Fund’s distributor will recoup previously waived fees/expenses in subsequent years.

Administrative Fees– The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The fees as described in the table below are a component of “Portfolio accounting and administration fees” as disclosed in the Statement of Operations. WFMC, in its role asCo-Administrator, provides the Fund with certain administrative personnel and services necessary to operate the Fund. The fees as described in the table below are accrued daily and paid monthly, and are disclosed on the Statement of Operations as “Administrative personnel and services fees.”

	Maximum	Average Aggregate Daily  Net
Administrator	Fee	Assets of the Trust
WFMC	0.040%	on the first $5 billion
	0.030%	on the next $2 billion
	0.025%	on the next $3 billion
	0.018%	on assets in excess of $10 billion
BNYM	0.0175%	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, 2019, neither WFMC nor BNYM waived any administrative fees.

Shareholder Services Fee– Pursuant to a Shareholder Services Plan adopted by the Fund and administered by ALPS Distributors, Inc. (“ALPS”), the Fund may pay up to 0.25% of the average daily net assets of the Fund’s Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T Securities, Inc., Manufacturers and Traders Trust and Company, and Wilmington Trust, NA (together “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 the Fund’s shares for whom M&T provides shareholder services. The Fund may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled. For the six months ended October 31, 2019, no affiliates of the Advisor received these fees.

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.

SEMI-ANNUAL REPORT / October 31, 2019

25 NOTES TO FINANCIAL STATEMENTS    (continued)

General– Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the Fund, and during their terms of office, receive no compensation from the Fund. 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, 2019 are as follows:

Fund/      Affiliated Investment      Name	Value     4/30/19		Purchases		Sales		Net Realized     Gain/(Loss)		Net Change in Unrealized     Appreciation/     Depreciation		Value     10/31/19		Number of     Shares 10/31/19		Dividend     Income		Capital Gain   Distributions
Large-Cap Strategy Fund
Common Stock - 0.0%*
M&T Bank Corp.		$273,813		$—		$—		$—		$(21,800)		$252,013		1,610		$3,220		$—

* As a percentage of Net Assets as of October 31, 2019.

The Fund may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor orsub-advisors. Commissions paid on those trades for the six months ended October 31, 2019 were as follows:

Fund	Commissions
Large-Cap Strategy Fund	$33,863

5.    INVESTMENT TRANSACTIONS

Purchases and sales of securities for the Fund (excluding U.S. Government and agency securities, and short-term securities) during the six months ended October 31, 2019 were $67,284,318 and $82,062,585, respectively.

6.    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 greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 2, 2020.

The Trust did not utilize the LOC during the six months ended October 31, 2019.

7.    RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of the Fund’s financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the implications of certain provisions of ASUNo. 2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

8.    OTHER FUND INFORMATION

At a meeting held on June 5, 2019, the Trustees, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (“PwC”) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending April 30, 2020. During the fiscal years ended April 30, 2019 and 2018, Ernst & Young LLP (“E&Y”) audit reports on the financial statements of each Fund in the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the each Fund’s financial statements.

October 31, 2019 / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (continued) 26

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 additional material events that would require recognition or disclosure in the Fund’s financial statements through this date.

SEMI-ANNUAL REPORT / October 31, 2019

27

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND APPROVAL OF NEW SUB-ADVISORY AGREEMENTS

Renewal of Advisory andSub-Advisory Agreements Generally

At a meeting held on September 4–5, 2019 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements andsub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into three Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On July 19, 2019, the Board held a special telephonic meeting with personnel of Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (together, the “Adviser”) and independent counsel to the Independent Trustees (“Counsel”) concerning the Advisory Agreements between the three multi-manager Funds (the“Sub-Advised Funds”) and their respectivesub-advisers (the“Sub-Advisers”). The Adviser provided the Board with an initial basis for the approval of each such Advisory Agreement and discussed with the Board a variety of information about theSub-Advised Funds and theirSub-Advisers, including information that eachSub-Adviser provided in response to a written request from Counsel on behalf of the Trustees concerning its investment advisory services, operations, compliance program and other matters.

On August 21, 2019, the Board held a special telephonic meeting with personnel of the Adviser and Counsel, after which the Independent Trustees met in executive session with Counsel, to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the Adviser and to continue the evaluation of the Advisory Agreements with theSub-Advisers, as appropriate. The Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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 aFund-by-Fund basis, peer comparisons of fee and expense data;

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

· Information from the Adviser describing, on aFund-by-Fund basis, each Fund’s performance (over multiple periods) compared with the Fund’s benchmark(s) and custom peer groups, as applicable;

· Information about fees paid by other clients of the Adviser (and eachSub-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 theSub-Advisers and the Adviser’s evaluation and recommendation of the approval of the renewal of the Advisory Agreements with eachSub-Adviser;

· For eachSub-Adviser, the nature and quality of services provided; the costs of those services, as available; the potential for economies of scale; potentialfall-out benefits to theSub-Adviser; and the financial stability of theSub-Adviser and its parent companies, as relevant; and

· The financial stability of the Adviser and eachSub-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 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 eachSub-Adviser as applicable, were consistent with the terms of the relevant Advisory Agreements;

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND APPROVAL OF NEW SUB-ADVISORY AGREEMENTS 28

· 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.

WilmingtonLarge-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 theone-, three- and five-year periods ended June 30, 2019. 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, 2019 (unaudited)

29

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 calling1-800-836-2211. A report on how the Funds voted any such proxies during the most recent12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

For periods prior to the quarter ending July 31, 2019, the Funds have filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The Funds’ FormN-Qs are available on the SEC’s website at www.sec.gov.

Effective July 31, 2019, 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 FormN-PORT. FormN-PORT is available on the SEC’s website at www.sec.gov.

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) SelectE-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

30

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.

Information The Funds Collect:

The Funds collect nonpublic personal information about you from the following sources:

· We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income.

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

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

Information Sharing Policy

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

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

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

· We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes.

Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.

Information Security:

When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.

The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.

Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.

Employee Access to Information:

Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.

Visiting The Funds’ Website:

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

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

31

· Information or data entered into a website will be retained.

· Where registration to a website orre-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time youre-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

· We may also collectnon-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. Thesenon-personally identifiable IP addresses are never shared with any third party.

E-mail:

If you have opted to receive marketing information from the Funds bye-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequente-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 youe-mail on matters pertaining to the retirement plan.

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within youre-mail correspondence to us. We cannot usee-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, usee-mail to provide you with the necessary forms or you may contact customer service toll-free at1-800-836-2211.

Surveys/Aggregate Data:

Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

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	Investment Advisor Wilmington Funds Management Corp. 1100 North Market Street 9thFloor Wilmington, DE 19890 Sub-Advisor Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9thFloor Wilmington, DE 19890 Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street 9thFloor Wilmington, DE 19890 Custodian The Bank of New York Mellon 225 Liberty Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203 Fund Accountant,Co-Administrator, Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103
WT-SAR-EQ-1019 Wilmington Funds |1-800-836-2211 |www.wilmingtonfunds.com We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

Wilmington International Fund (“International Fund”)

Wilmington Global Alpha Equities Fund (“Global Alpha Equities Fund”)

Wilmington Real Asset Fund (“Real Asset Fund”)

Wilmington Diversified Income Fund (“Diversified Income Fund”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolios of Investments	3
Statements of Assets and Liabilities	55
Statements of Operations	57
Statements of Changes in Net Assets	59
Financial Highlights	61
Notes to Financial Statements	65
Discussion of Renewal of Advisory andSub-Advisory Agreements and Approval of NewSub-Advisory Agreements	81

[This Page Intentionally Left Blank]

i

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s semi-annual fiscal year period of May 1, 2019, through October 31, 2019. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The economy and financial markets in review

Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (the Trust’s investment advisor and subadvisor, respectively), have provided the following review of the economy, bond markets, and stock markets for the Trust’s semi-annual fiscal year period.

The economy

The U.S. economy continued to expand, albeit at a more modest pace than in 2018, as robust consumer spending and a strong labor market offset weakness in the manufacturing sector and business investment. After an upbeat start to the year, growth in U.S. Gross Domestic Product (“GDP”) maintained a positive trajectory, but decelerated, posting quarter-over-quarter annualized growth rates of 2.0% and 1.9% in the second and third quarters, respectively. An escalating trade war with China and fears that a global slowdown might spread contagion to the United States, led the Federal Reserve (“the Fed”) to cut interest rates three times this year to a range of1.50%-1.75%. The U.S. labor market tightened further, dropping to a 3.6% unemployment rate, a near five-decade low. Although wage growth began to show signs of life, inflation drifted below the Fed’s 2% target with the Core Personal Consumption Expenditure Price Index¹ (excludes the volatile components of food and energy) dropping to 1.7%. The Fed has signaled that they are on hold for now, and the market is not expecting cuts or hikes in the near term.

Economic activity outside of the U.S. was less encouraging, but downside risks appear to be receding. Growth in Europe was sluggish, while China expanded at its slowest pace in three decades. Heightened uncertainty and a decline in business investment—both byproducts of the U.S.-China trade war and Brexit—hit international economies the hardest, particularly in export-dependent countries such as Germany. Over the past month, the balance of risks has improved markedly with the U.S. and China moving toward a trade pact and ano-deal Brexit looking less likely. Synchronized easing across global central banks strengthens the case for a future recovery in economic activity, in our view.

Bond markets

Fixed income markets generated strong returns between May and October, as interest rates plummeted. The30-year U.S. Treasury yield fell to anall-time low and the benchmark10-year yield dropped by nearly a third alongside a flurry of dovish central bank activity. Global economic weakness, escalating trade tensions, and the inversion of the yield curve triggered a flight to quality that benefited taxable investment-grade credit over high yield.Tax-exempt bonds performed well as strong inflows outpaced new supply, which was below historical levels.

For thesix-month period May 1, 2019 to October 31, 2019, certain Bloomberg Barclays indices performed as follows:²

Bloomberg Barclays U.S. Treasury Bond Index3	Bloomberg Barclays U.S. Aggregate Bond Index4	Bloomberg Barclays U.S. Credit Bond Index5	Bloomberg Barclays Municipal Bond Index6	Bloomberg Barclays U.S.         Corporate High Yield          Bond Index7
5.85%	5.71%	7.46%	3.54%	2.69%

Past performance is no guarantee of future results.

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

PRESIDENT’S MESSAGE / October 31, 2019 (unaudited)

ii

Equity markets

After a solid start to the year, U.S.large-cap equities retained leadership during this period as better-than-feared corporate earnings, supportive monetary policy, and trade optimism contributed to strong returns. Equity markets were particularly volatile. The CBOE Volatility Index⁸ (VIX) hit its highest level of the year in early August, while three major pullbacks impacted the key regions. International equity markets, which are more leveraged to global trade, struggled to keep pace with the U.S. emerging markets, as a strong U.S. dollar and investors’ preference for safe-haven assets served as critical headwinds. A retrenchment in economic activity throughout the period hurt U.S.small-cap stocks, which are more cyclical thanlarge-cap peers. The strongest leg of performance for all segments came with a recent easing of geopolitical tensions as renewed risk appetite supported outperformance of international and U.S.small-cap equities later in the period.

For thesix-month period May 1, 2019 to October 31, 2019, certain stock market indices performed as follows:

S&P 500® Index9	Russell 2000® Index10	MSCI EAFE (Net) Index11	MSCI Emerging            Markets (Net) Index12
4.16%	-1.09%	3.35%	-1.67%

Past performance is no guarantee of future results.

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

Sincerely,

Dominick J. D’Eramo, CFA

President

November 19, 2019

October 31, 2019 (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- andmid-cap stocks involve greater risks and volatility thanlarge-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.  The Core Personal Consumption Expenditures Price Index, also known as the core PCE price index, is released as part of the monthly Personal Income and Outlays report. The core index makes it easier to see the underlying inflation trend by excluding two categories – food and energy – where prices tend to swing up and down more dramatically and more often than other prices. The core PCE price index is closely watched by the Federal Reserve as it conducts monetary policy.

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

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

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

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

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

7.  Bloomberg Barclays U.S. Corporate High Yield Bond Index measures theUSD-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 Barclays 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 CBOE Volatility Index, or VIX, is a real-time market index that represents the market’s expectation of30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of U.S. stock market risk and investors’ sentiments.

9.  The S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index.

10.  The Russell 2000^® 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 $128 million to $1.3 billion. The index is unmanaged and investments cannot be made directly in an index.

11.  MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

12.  MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, 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, 2019 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you 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, 2019 to October 31, 2019.

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

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

	Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON INTERNATIONAL FUND
Actual
Class A		$1,000.00		$1,003.00		$4.93		0.98%
Class I		$1,000.00		$1,003.60		$4.28		0.85%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.21		$4.98		0.98%
Class I		$1,000.00		$1,020.86		$4.32		0.85%
WILMINGTON GLOBAL ALPHA EQUITIES FUND
Actual
Class A		$1,000.00		$1,029.30		$7.60		1.49%
Class I		$1,000.00		$1,030.70		$6.33		1.24%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,017.65		$7.56		1.49%
Class I		$1,000.00		$1,018.90		$6.29		1.24%
WILMINGTON REAL ASSET FUND
Actual
Class A		$1,000.00		$1,048.60		$4.94		0.96%
Class I		$1,000.00		$1,050.10		$3.66		0.71%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.31		$4.88		0.96%
Class I		$1,000.00		$1,021.57		$3.61		0.71%

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

2

	Beginning Account Value 5/01/19		Ending Account Value 10/31/19		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON DIVERSIFIED INCOME FUND
Actual
Class A		$1,000.00		$1,043.60		$3.03		0.59%
Class I		$1,000.00		$1,045.80		$1.75		0.34%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,022.17		$3.00		0.59%
Class I		$1,000.00		$1,023.43		$1.73		0.34%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recentone-half year period).

(2) Expense ratio does not reflect the indirect expenses of the underlying funds in which it invests.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

3

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At October 31, 2019, the Fund’s sector classifications and country allocations were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Industrials		16.0	%
Financials		15.7	%
Information Technology		12.4	%
Consumer Discretionary		11.5	%
Health Care		7.9	%
Communication Services		7.6	%
Materials		4.9	%
Consumer Staples		4.8	%
Real Estate		4.4	%
Utilities		4.1	%
Energy		3.5	%
Warrants		0.7	%
Preferred Stock		0.0	%3
Cash Equivalents1		8.9	%
Other Assets and Liabilities – Net2		(2.4	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund and repurchase agreements.

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

(3) Represents less than 0.05%.

	Percentage of
Country Allocation	Total Net Assets
Common Stocks
Japan		21.4	%
France		11.8	%
Germany		8.3	%
United Kingdom		6.9	%
Cayman Islands		6.2	%
Hong Kong		4.3	%
Netherlands		3.9	%
Switzerland		3.2	%
Italy		3.1	%
Sweden		3.0	%
Taiwan		2.6	%
Spain		2.4	%
South Korea		2.4	%
China		2.3	%
Ireland		1.9	%
India		1.6	%
Denmark		1.5	%
Belgium		1.4	%
All other countries less than 1.0%		4.6	%
Warrants		0.7	%
Preferred Stock		0.0	%3
Cash Equivalents1		8.9	%
Other Assets and Liabilities – Net2		(2.4	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 92.8%
AUSTRALIA – 0.5%
Rio Tinto Ltd.		46,052	$	2,885,075
AUSTRIA – 0.0%**
Erste Group Bank AG*		1,084		38,289
OMV AG		3,755		219,113
TOTAL AUSTRIA			$	257,402
BELGIUM – 1.4%
Ageas		9,680		557,511
bpost SA		10,893		124,527
Colruyt SA		3,270		181,768
KBC Group NV		4,949		347,074
Proximus SADP		8,870		272,346

Description	Number of Shares		Value
UCB SA		42,400	$	3,417,081
Xior Student Housing NV#		50,483		2,978,464
TOTAL BELGIUM			$	7,878,771
BERMUDA – 0.5%
Hongkong Land Holdings Ltd.		302,100		1,661,550
Johnson Electric Holdings Ltd.#		728,269		1,332,752
TOTAL BERMUDA			$	2,994,302
BULGARIA – 0.0%**
Petrol AD*		2,384		—
CAYMAN ISLANDS – 6.2%
Alibaba Group Holding Ltd. ADR*		47,502		8,392,178
ASM Pacific Technology Ltd.		159,500		2,232,933
Budweiser Brewing Co. APAC Ltd.*		312,200		1,141,474

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   4

     Wilmington International Fund (continued)

Description	Number of Shares		Value
China Resources Medical Holdings Co. Ltd.		21,000	$	12,087
Haitian International Holdings Ltd.		565,000		1,336,800
Huazhu Group Ltd. ADR		69,061		2,614,649
Hutchison China MediTech Ltd. ADR*		83,734		1,582,573
NetEase, Inc. ADR		4,984		1,424,726
New Oriental Education & Technology Group, Inc. ADR*		32,987		4,026,393
Sands China Ltd.		562,000		2,779,178
Shenzhou International Group Holdings Ltd.		135,400		1,876,536
Tencent Holdings Ltd.		202,800		8,302,534
TOTAL CAYMAN ISLANDS			$	35,722,061
CHINA – 2.3%
China Mobile Ltd.		254,500		2,072,129
China Pacific Insurance Group Co. Ltd., Class H		974,000		3,542,519
China Petroleum & Chemical Corp., Class H		3,056,000		1,754,988
Hollysys Automation Technologies Ltd.		91,280		1,287,961
Ping An Insurance Group Co. of China Ltd., Class H#		319,500		3,700,206
Sinopharm Group Co. Ltd., Class H		227,600		817,634
TOTAL CHINA			$	13,175,437
DENMARK – 1.5%
Ambu A/S, Class B#		64,264		1,009,222
Coloplast A/S, Class B		15,454		1,862,195
DSV Panalpina A/S		28,178		2,734,176
H Lundbeck A/S		1,250		42,638
Novo Nordisk A/S Class B		50,665		2,767,031
SimCorp A/S		620		55,393
Topdanmark A/S		1,100		49,263
TOTAL DENMARK			$	8,519,918
FINLAND – 0.4%
Kesko OYJ, Class B		4,039		268,840
Kone OYJ, Class B		4,410		280,550
Neste OYJ		7,280		262,743
Nokian Renkaat OYJ#		4,320		123,343
Nordea Bank Abp		825		6,032
Sampo OYJ, Class A		10,980		449,918
UPM-Kymmene OYJ		15,848		515,057
Valmet OYJ		13,954		311,880
TOTAL FINLAND			$	2,218,363
FRANCE – 11.8%
AXA SA		47,608		1,257,607
Beneteau SA#		115,171		1,073,844
BNP Paribas SA		30,204		1,576,866
Bouygues SA		87,734		3,718,288
Carrefour SA		183,200		3,116,946

Description	Number of Shares		Value
Casino Guichard Perrachon SA#		4,268	$	230,246
Cie de Saint-Gobain		8,400		341,670
Cie Generale des Etablissements Michelin SCA		1,360		165,484
CNP Assurances		13,666		270,997
Credit Agricole SA		26,323		343,049
Dassault Systemes SA		7,582		1,150,466
Devoteam SA		2,003		169,780
Edenred		64,350		3,387,522
Elior Group SA		124,185		1,605,256
Engie SA		209,946		3,511,120
Eurazeo SE		47,165		3,287,694
Eutelsat Communications SA		10,590		200,787
Faurecia SE		3,280		152,839
Hermes International		360		258,973
ID Logistics Group*		7,313		1,397,970
Ingenico Group SA		4,908		524,070
Legrand SA		4,547		354,887
L’Oreal SA		5,044		1,472,775
LVMH Moet Hennessy Louis Vuitton SA		10,754		4,587,679
Neoen SA#,*		40,091		1,064,181
Orange SA#		253,346		4,080,119
Peugeot SA		6,390		161,778
Publicis Groupe SA		3,430		147,472
Renault SA		4,924		251,302
Sanofi		58,765		5,414,963
Sartorius Stedim Biotech		9,305		1,392,709
SCOR SE		43,883		1,849,055
Societe BIC SA		700		48,599
Societe Generale SA		28,893		820,110
SPIE SA		59,746		1,259,396
Thales SA		32,100		3,137,610
TOTAL SA		43,513		2,287,463
Veolia Environnement SA		121,800		3,201,831
Vinci SA#		30,333		3,403,337
Virbac SA*		8,708		2,122,078
Vivendi SA		113,000		3,145,680
TOTAL FRANCE			$	67,944,498
GERMANY – 8.3%
adidas AG		330		101,894
Allianz SE		12,800		3,126,408
alstria Office REIT AG		119,381		2,236,846
BASF SE		11,280		858,373
Bayer AG		22,280		1,728,985
Bayerische Motoren Werke AG		10,658		816,746
Continental AG		2,450		327,570

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

5	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Number of Shares		Value
Covestro AG		7,369	$	353,813
Daimler AG		15,135		884,684
Deutsche Lufthansa AG		21,143		366,563
Deutsche Post AG		6,280		222,380
Deutsche Telekom AG		213,636		3,757,012
Deutsche Wohnen SE		83,400		3,136,499
E.ON SE		19,520		196,741
Evotec SE#,*		54,854		1,253,551
Fielmann AG		39,166		3,022,783
Freenet AG		10,502		233,028
Fresenius SE & Co. KGaA		30,425		1,599,092
Hannover Rueck SE		1,740		308,171
Hypoport AG*		3,302		1,025,637
Infineon Technologies AG		135,264		2,621,643
Jenoptik AG		43,543		1,296,645
LEG Immobilien AG		1,400		160,670
MTU Aero Engines AG		3,152		841,593
Muenchener Rueckversicherungs AG		12,260		3,404,720
Nemetschek SE		37,411		1,902,636
New Work SE		8,477		2,670,867
RWE AG		104,500		3,185,279
SAP SE		29,552		3,915,569
TLG Immobilien AG		1,843		53,957
TUI AG		15,356		200,466
Wirecard AG#		4,409		558,366
Zalando SE*		23,081		1,000,086
TOTAL GERMANY			$	47,369,273
HONG KONG – 4.3%
AIA Group Ltd.		716,200		7,170,272
BOC Hong Kong Holdings Ltd.		623,500		2,148,368
CNOOC Ltd.		1,766,000		2,650,369
Jardine Matheson Holdings Ltd.		54,200		3,095,904
Sun Hung Kai Properties Ltd.		174,500		2,647,803
Swire Properties Ltd.		888,400		2,800,360
Techtronic Industries Co. Ltd.		546,500		4,289,174
TOTAL HONG KONG			$	24,802,250
INDIA – 1.6%
HDFC Bank Ltd. ADR		112,986		6,902,315
Infosys Ltd. ADR		222,815		2,136,796
TOTAL INDIA			$	9,039,111
IRELAND – 1.9%
DCC PLC		26,403		2,474,800
Kerry Group PLC, Class A		12,325		1,490,074
Kingspan Group PLC		70,126		3,633,707

Description	Number of Shares		Value
Ryanair Holdings PLC ADR*		13,579	$	1,013,537
UDG Healthcare PLC		234,004		2,343,102
TOTAL IRELAND			$	10,955,220
ITALY – 3.1%
Assicurazioni Generali SpA		179,297		3,634,453
Atlantia SpA		128,700		3,177,955
Enel SpA		585,179		4,529,390
Eni SpA		83,115		1,257,914
FinecoBank Banca Fineco SpA		227,876		2,566,915
Intesa Sanpaolo SpA		219,248		549,208
Salvatore Ferragamo SpA#		95,534		1,784,696
UnipolSai Assicurazioni SpA#		94,940		264,822
TOTAL ITALY			$	17,765,353
JAPAN – 21.4%
AEON Financial Service Co. Ltd.		51,600		793,185
Ajinomoto Co., Inc.		39,700		757,127
Alps Alpine Co. Ltd.		36		781
Anritsu Corp.#		44,500		857,528
Ariake Japan Co. Ltd.		11,200		873,266
Asahi Group Holdings Ltd.		12,600		633,559
Bandai Namco Holdings, Inc.		9,800		605,115
Chubu Electric Power Co., Inc.		133,900		2,015,506
COMSYS Holdings Corp.		40,700		1,209,806
Dai-ichi Life Holdings, Inc.		58,600		968,889
Daikin Industries Ltd.		19,800		2,792,425
Daiwa House Industry Co. Ltd.		33,700		1,165,566
Denka Co. Ltd.		57,100		1,668,215
Denki Kogyo Co. Ltd.		35,600		1,101,065
Eagle Industry Co. Ltd.		48,200		489,632
Ebara Corp.		32,900		987,091
Electric Power Development Co. Ltd., Class C		26,100		636,609
FCC Co. Ltd.		25,800		537,789
FUJIFILM Holdings Corp.		11,300		500,176
Fujitsu General Ltd.		37,400		680,882
Fuso Chemical Co. Ltd.		23,900		622,785
Hino Motors Ltd.		49,400		472,088
Hitachi Ltd.		55,800		2,102,511
Hitachi Metals Ltd.		86,900		1,100,835
Honda Motor Co. Ltd.		65,000		1,770,812
Inpex Corp.		149,600		1,397,089
Isetan Mitsukoshi Holdings Ltd.		78,600		631,770
ITOCHU Corp.		76,600		1,610,877
Izumi Co. Ltd.		23,000		870,034
Jafco Co. Ltd.		6,800		257,857
Japan Tobacco, Inc.		28,100		639,074

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   6

    Wilmington International Fund (continued)

Description	Number of Shares		Value
JFE Holdings, Inc.		38,300	$	484,824
JXTG Holdings, Inc.		102,900		485,390
KDDI Corp.		19,800		549,868
Kintetsu World Express, Inc.		70,900		1,159,454
Komatsu Ltd.		24,600		582,937
Konami Holdings Corp.		22,700		1,002,676
Kyosan Electric Manufacturing Co. Ltd.		54,500		257,890
Lintec Corp.		48,300		1,024,681
Matsuda Sangyo Co. Ltd.		12,300		185,770
Mirait Holdings Corp.		57,400		927,521
Mitsubishi Corp.		50,800		1,300,224
Mitsubishi Electric Corp.		101,300		1,460,075
Mitsubishi Gas Chemical Co., Inc.		68,400		977,324
Mitsubishi UFJ Financial Group, Inc.		462,100		2,438,231
Mitsui Fudosan Co. Ltd.		93,100		2,397,547
Mitsui Mining & Smelting Co. Ltd.		36,200		1,027,438
Murata Manufacturing Co. Ltd.		22,500		1,221,571
Nakanishi, Inc.		38,200		638,848
NEC Networks & System Integration Corp.		50,900		1,616,696
Nexon Co. Ltd.*		84,800		985,499
Nintendo Co. Ltd.		6,900		2,467,617
Nippo Corp.		68,900		1,425,341
Nippon Densetsu Kogyo Co. Ltd.		37,400		818,028
Nippon Steel Corp.		39,300		579,183
Nippon Suisan Kaisha Ltd.		27,700		159,290
Nippon Telegraph & Telephone Corp.		46,200		2,299,946
Nissin Kogyo Co. Ltd.		84,800		1,754,266
Nitori Holdings Co. Ltd.		4,000		611,538
NTT Data Corp.		92,300		1,223,943
NTT DOCOMO, Inc.		37,700		1,038,592
Olympus Corp.		198,800		2,724,549
ORIX Corp.		68,500		1,082,464
OSAKA Titanium Technologies Co. Ltd.		23,300		369,598
OSJB Holdings Corp.		326,600		801,454
Otsuka Corp.		47,600		1,935,031
Pacific Industrial Co. Ltd.		45,100		622,271
Pan Pacific International Holdings Corp.		65,600		1,036,940
Pilot Corp.		37,900		1,554,746
Recruit Holdings Co. Ltd.		63,400		2,119,987
Rohm Co. Ltd.		19,200		1,539,698
Ryobi Ltd.		20,800		391,962
Sakata INX Corp.		17,000		194,259
San-A Co. Ltd.#		28,500		1,356,514
Santen Pharmaceutical Co. Ltd.		127,600		2,274,562
Seibu Holdings, Inc.		31,900		565,096
Seino Holdings Co. Ltd.		110,500		1,429,470
Sekisui Chemical Co. Ltd.		46,200		812,425
Seven & i Holdings Co. Ltd.		49,600		1,883,137

Description	Number of Shares		Value
Shionogi & Co. Ltd.		33,100	$	1,997,831
Sinko Industries Ltd.		14,600		248,899
SMC Corp.		1,300		568,080
SoftBank Group Corp.		52,600		2,040,874
Sompo Holdings, Inc.		29,900		1,183,374
Sony Corp.		41,100		2,521,414
Sumitomo Corp.		59,600		973,005
Sumitomo Electric Industries Ltd.		56,600		784,350
Sumitomo Metal Mining Co. Ltd.		38,700		1,310,188
Sumitomo Mitsui Financial Group, Inc.		51,300		1,843,171
Sumitomo Warehouse Co Ltd. (The)		54,700		747,636
Suzuki Motor Corp.		13,300		632,671
T&D Holdings, Inc.		44,700		504,991
Taiheiyo Cement Corp.		11,600		330,845
Tamura Corp.		107,300		622,994
TDK Corp.		17,500		1,755,024
Terumo Corp.		45,100		1,482,591
THK Co. Ltd.		63,400		1,852,273
Toho Co. Ltd.		16,100		651,514
Tokio Marine Holdings, Inc.		24,600		1,336,724
Tokyo Tatemono Co. Ltd.		50,000		717,196
Tokyu Fudosan Holdings Corp.		231,700		1,546,955
Toray Industries, Inc.		141,500		1,009,853
Toyo Suisan Kaisha Ltd.		26,700		1,127,438
Toyota Motor Corp.		37,700		2,632,961
Trend Micro, Inc.		37,200		1,894,620
Tsurumi Manufacturing Co. Ltd.		42,700		848,543
West Japan Railway Co.		13,400		1,168,514
Yamato Holdings Co. Ltd.		29,700		501,647
Yamato Kogyo Co. Ltd.		24,200		633,516
Z Holdings Corp.		132,400		409,497
TOTAL JAPAN			$	122,425,504
JERSEY – 0.1%
Ferguson PLC		3,240		276,411
WPP PLC		28,520		355,840
TOTAL JERSEY			$	632,251
LUXEMBOURG – 0.3%
APERAM SA		5,730		146,091
Aroundtown SA		13,460		113,580
Samsonite International SA		821,986		1,693,075
TOTAL LUXEMBOURG			$	1,952,746
NETHERLANDS – 3.9%
ABN AMRO Bank NV		5,512		102,602
Aegon NV		65,546		283,349
Airbus SE		21,700		3,108,021

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

7	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Number of Shares		Value
ASML Holding NV		25,765	$	6,752,889
ASR Nederland NV		6,087		222,741
BE Semiconductor Industries NV		3,760		138,932
IMCD NV		23,245		1,812,167
ING Groep NV		111,837		1,263,283
Koninklijke Ahold Delhaize NV		132,720		3,304,604
Koninklijke Philips NV		71,400		3,127,164
NN Group NV#		6,339		241,578
Randstad NV		3,080		170,520
Unilever NV		31,320		1,849,606
TOTAL NETHERLANDS			$	22,377,456
NORWAY – 0.9%
Equinor ASA		13,130		242,864
Mowi ASA		18,052		440,104
Salmar ASA		2,311		107,682
Sbanken ASA		131,006		930,247
TGS Nopec Geophysical Co. ASA		56,225		1,456,348
Tomra Systems ASA		74,901		2,016,658
TOTAL NORWAY			$	5,193,903
PHILIPPINES – 0.3%
Ayala Land, Inc.		2,037,400		1,949,271
SINGAPORE – 0.9%
Jardine Cycle & Carriage Ltd.		57,400		1,380,520
Oversea-Chinese Banking Corp. Ltd.#		440,724		3,550,542
TOTAL SINGAPORE			$	4,931,062
SOUTH AFRICA – 0.0%**
African Phoenix Investments Ltd.*		36,266		1,824
SOUTH KOREA – 2.4%
Mando Corp.		39,259		1,208,021
Samsung Electronics Co. Ltd.		206,952		8,965,044
Samsung Fire & Marine Insurance Co. Ltd.		8,120		1,511,006
SK Materials Co. Ltd.		12,029		1,894,119
TOTAL SOUTH KOREA			$	13,578,190
SPAIN – 2.4%
ACS Actividades de Construccion y Servicios SA#		5,908		239,781
Amadeus IT Group SA		26,737		1,978,243
Banco Bilbao Vizcaya Argentaria SA		211,323		1,113,157
Banco Santander SA#		282,136		1,130,910
Bankinter SA		194,320		1,343,695
CaixaBank SA		103,760		296,831
Iberdrola SA		446,641		4,586,860
Industria de Diseno Textil SA#		47,011		1,465,456
Mapfre SA		31,122		86,776
Mediaset Espana Comunicacion SA		28,570		174,615
Repsol SA		59,249		971,382

Description	Number of Shares		Value
Telefonica SA		67,729	$	519,325
TOTAL SPAIN			$	13,907,031
SWEDEN – 3.0%
Assa Abloy AB, Class B		85,107		2,018,445
Atlas Copco AB, Class A		49,867		1,761,616
Avanza Bank Holding AB		207,219		1,766,224
Boliden AB		9,290		249,816
Fabege AB		108,045		1,611,326
Hemfosa Fastigheter AB		6,477		66,711
Hexagon AB, Class B		34,019		1,736,587
Hexpol AB		63,313		563,907
ICA Gruppen AB#		1,280		56,605
Investor AB, Class A		1,980		99,659
Peab AB		25,069		211,078
Sandvik AB		12,500		220,530
Skandinaviska Enskilda Banken AB, Class A		25,451		243,869
SSAB AB, Class B#		26,350		66,205
Sweco AB, Class B		67,727		2,382,022
Tele2 AB, Class B		200,100		2,860,881
Trelleborg AB, Class B		61,825		998,541
Volvo AB, Class B		15,670		234,343
TOTAL SWEDEN			$	17,148,365
SWITZERLAND – 3.2%
Adecco Group AG		2,530		149,979
Cembra Money Bank AG		12,806		1,355,242
Chocoladefabriken Lindt & Spruengli AG		112		832,195
Cie Financiere Richemont SA		15,218		1,197,077
Comet Holding AG#		11,290		1,128,428
Emmi AG		1,268		1,073,269
Landis+Gyr Group AG*		690		63,964
Lonza Group AG*		838		301,561
Novartis AG		19,523		1,703,735
Partners Group Holding AG		2,376		1,852,630
Roche Holding AG		1,210		364,043
Sika AG		17,853		3,067,495
Straumann Holding AG		2,184		1,947,778
Swiss Life Holding AG		1,150		574,942
Temenos AG*		2,816		401,776
UBS Group AG*		24,550		289,673
VAT Group AG*		3,625		531,532
Zurich Insurance Group AG		3,177		1,241,494
TOTAL SWITZERLAND			$	18,076,813
TAIWAN – 2.6%
Largan Precision Co. Ltd.		10,000		1,468,438

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   8

     Wilmington International Fund (continued)

Description	Number of Shares		Value
Merida Industry Co. Ltd.		262,000	$	1,514,824
Taiwan Semiconductor Manufacturing Co. Ltd.		1,243,000		12,188,877
TOTAL TAIWAN			$	15,172,139
THAILAND – 0.4%
Kasikornbank PCL		470,000		2,163,603
UNITED KINGDOM – 6.9%
3i Group PLC		25,620		374,349
Admiral Group PLC		11,910		311,947
Anglo American PLC		25,480		654,039
ASOS PLC*		17,352		793,437
Aviva PLC		173,963		935,627
Barclays PLC		359,590		781,606
Barratt Developments PLC		67,117		548,767
Berkeley Group Holdings PLC (The)		4,537		258,648
BHP Group PLC		44,802		948,747
BP PLC		275,187		1,744,181
British American Tobacco PLC		71,901		2,516,568
BT Group PLC		276,515		733,204
Centrica PLC		87,520		82,261
Compass Group PLC		67,924		1,808,984
Croda International PLC		42,186		2,631,741
Direct Line Insurance Group PLC		70,468		248,376
easyJet PLC		12,990		208,314
Evraz PLC		28,320		134,705
GlaxoSmithKline PLC		64,250		1,471,943
HSBC Holdings PLC		355,290		2,687,959
Imperial Brands PLC		17,760		389,345
Legal & General Group PLC		206,113		704,051
Lloyds Banking Group PLC		951,489		700,068
M&G PLC*		45,129		124,983
Micro Focus International PLC		3,090		42,428
National Grid PLC		3,642		42,520
Pagegroup PLC		8,060		46,481
Persimmon PLC		19,291		568,992
Prudential PLC		48,969		855,383
Reckitt Benckiser Group PLC		20,395		1,575,613
Rightmove PLC		17,190		133,291
Rio Tinto PLC		29,616		1,539,898
Royal Dutch Shell PLC, Class A		60,090		1,744,823
Royal Dutch Shell PLC, Class B		70,332		2,020,705
Serco Group PLC*		1,105,151		2,233,236
Smith & Nephew PLC		6,710		143,632
Spectris PLC		3,290		101,940
Spirax-Sarco Engineering PLC		5,047		518,109
Spirent Communications PLC		31,650		81,504

Description	Number of Shares		Value
SSE PLC		17,513	$	291,169
St James’s Place PLC		104,695		1,411,773
Taylor Wimpey PLC		23,838		51,104
Travis Perkins PLC		95,791		1,778,112
Tullow Oil PLC		516,803		1,378,382
Vodafone Group PLC		455,336		928,378
TOTAL UNITED KINGDOM			$	39,281,323
UNITED STATES – 0.3%
Cognizant Technology Solutions Corp., Class A		23,718		1,445,375
TOTAL COMMON STOCKS (COST $472,828,383)			$	531,763,890
PREFERRED STOCK – 0.0%**
GERMANY – 0.0%**
Volkswagen AG 4.86%		522		99,379
TOTAL PREFERRED STOCK (COST $100,334)			$	99,379
MONEY MARKET FUND – 5.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		29,947,441		29,947,441
TOTAL MONEY MARKET FUND (COST $29,947,441)			$	29,947,441
WARRANTS – 0.7%
SWITZERLAND – 0.7%
Midea Group Co. Ltd., Expire 5/20/20*		325,605		2,567,688
Zhejiang Sanhua Intelligent Controls Co. Ltd., Expire 1/06/20*		752,208		1,496,292
TOTAL WARRANTS (COST $3,566,586)			$	4,063,980
TOTAL INVESTMENTS IN SECURITIES – 98.7% (COST $506,442,744)			$	565,874,690
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.7%
REPURCHASE AGREEMENTS – 3.7%
Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $1,075,548, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $1,097,008.	$	1,075,497	$	1,075,497

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

9	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Par Value		Value
BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $4,090,875, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $4,172,492.	$	4,090,678	$	4,090,678
Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $4,090,876, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $4,172,492.		4,090,678		4,090,678
Daiwa Capital Markets America, 1.75%, dated 10/31/19, due 11/01/19, repurchase price $4,090,877, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/21/19 to 10/20/49; total market value of $4,172,492.		4,090,678		4,090,678
ING Financial Markets LLC, 1.74%, dated 10/31/19, due 11/01/19, repurchase price $4,090,876, collateralized by U.S. Government Agency Securities, 2.32% to 6.00%, maturing 2/01/26 to 5/01/58; total market value of $4,172,492.		4,090,678		4,090,678
RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $4,090,876, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $4,172,492.		4,090,678		4,090,678
TOTAL REPURCHASE AGREEMENTS     (COST $21,528,887)			$	21,528,887
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $21,528,887)			$	21,528,887
TOTAL INVESTMENTS – 102.4% (COST $527,971,631)			$	587,403,577
COLLATERAL FOR SECURITIES ON LOAN – (3.7%)				(21,528,887	)
OTHER ASSETS LESS LIABILITIES – 1.3%				7,601,843
TOTAL NET ASSETS – 100.0%			$	573,476,533

Cost of investments for Federal income tax purposes is $531,449,413. The net unrealized appreciation/(depreciation) of investments was $56,438,030. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $79,742,101 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(23,304,071).

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)

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

     Wilmington International Fund (continued)

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Common Stocks
Australia	$	2,885,075	$	—	$	—	$	2,885,075
Austria		257,402		—		—		257,402
Belgium		7,878,771		—		—		7,878,771
Bermuda		2,994,302		—		—		2,994,302
Cayman Islands		35,722,061		—		—		35,722,061
China		13,175,437		—		—		13,175,437
Denmark		8,519,918		—		—		8,519,918
Finland		2,218,363		—		—		2,218,363
France		67,944,498		—		—		67,944,498
Germany		47,369,273		—		—		47,369,273
Hong Kong		24,802,250		—		—		24,802,250
India		9,039,111		—		—		9,039,111
Ireland		10,955,220		—		—		10,955,220
Italy		17,765,353		—		—		17,765,353
Japan		120,805,904		1,619,600		—		122,425,504
Jersey		632,251		—		—		632,251
Luxembourg		1,952,746		—		—		1,952,746
Netherlands		22,377,456		—		—		22,377,456
Norway		5,193,903		—		—		5,193,903
Philippines		1,949,271		—		—		1,949,271
Singapore		4,931,062		—		—		4,931,062
South Africa		1,824		—		—		1,824
South Korea		13,578,190		—		—		13,578,190
Spain		13,907,031		—		—		13,907,031
Sweden		17,148,365		—		—		17,148,365
Switzerland		17,003,544		1,073,269		—		18,076,813
Taiwan		15,172,139		—		—		15,172,139
Thailand		2,163,603		—		—		2,163,603
United Kingdom		39,281,323		—		—		39,281,323
United States		1,445,375		—		—		1,445,375
Preferred Stock
Germany		99,379		—		—		99,379
Money Market Fund		29,947,441		—		—		29,947,441
Warrants
Switzerland		—		4,063,980		—		4,063,980
Repurchase Agreements		—		21,528,887		—		21,528,887
Total Investments in Securities	$	559,117,841	$	28,285,736	$	—	$	587,403,577
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—	$	269	$	—	$	269
Financial Futures Contracts		487,194		—		—		487,194
Total Assets - Other Financial Instruments	$	487,194	$	269	$	—	$	487,463

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

11	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

	Level 1			Level 2				Level 3			Total
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts		$	—		$	(3,597	)		$	—		$	(3,597	)
Total Liabilities - Other Financial Instruments		$	—		$	(3,597	)		$	—		$	(3,597	)

^!  Other financial instruments are derivative instruments, such as forward foreign currency contracts and financial future contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

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

* Non-income producing security.

^ 7-Day net yield.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:		Currency Code	Currency
ADR	American Depositary Receipt	CHF	Swiss Franc
MSCI	Morgan Stanley Capital International	EUR	Euro
OYJ	Public Limited Company	GBP	British Pound Sterling
PCL	Public Company Limited	HKD	Hong Kong Dollar
PLC	Public Limited Company	NOK	Norwegian Krone
REIT	Real Estate Investment Trust	SEK	Swedish Krona
SCA	Limited Partnership with Share Capital	USD	United States Dollar
SpA	Societa per Azioni

At October 31, 2019, the International Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized (Depreciation)
CONTRACTS PURCHASED
11/1/2019		Bank of New York Mellon		55,697 CHF		$ 56,303		$ 56,458		$155		$        —
11/1/2019		Bank of New York Mellon		40,757 CHF		41,201		41,315		114		—
11/4/2019		Bank of New York Mellon		1,196,191 HKD		152,657		152,654		—		(3)
CONTRACTS SOLD
11/1/2019		Bank of New York Mellon		1,198,921 NOK		129,555		130,372		—		(817)
11/1/2019		Bank of New York Mellon		130,283 EUR		145,046		145,304		—		(258)
11/1/2019		Bank of New York Mellon		15,494 EUR		17,178		17,280		—		(102)
11/1/2019		Bank of New York Mellon		555 GBP		711		719		—		(8)
11/4/2019		Bank of New York Mellon		8,199,110 NOK		889,353		891,580		—		(2,227)
11/4/2019		Bank of New York Mellon		169,810 SEK		17,444		17,586		—		(142)
11/5/2019		Bank of New York Mellon		18,588 EUR		20,700		20,731		—		(31)
11/5/2019		Bank of New York Mellon		4,475 EUR		4,984		4,992		—		(8)
11/5/2019		Bank of New York Mellon		395 GBP		510		511		—		(1)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$269		$(3,597)

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   12

Wilmington International Fund (concluded)

At October 31, 2019, the International Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Notional Amount(a)		Contract Amount		Contract at Value		Unrealized Appreciation(b)		Unrealized (Depreciation)(b)
LONG POSITIONS:
MSCI India NTR Index		December 2019		117		8,041,410		$7,554,216		$8,041,410		$487,194		$—
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS												$487,194		$—

(a) Notional Amount denominated in USD unless otherwise noted.

(b) 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 unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open until October 31, 2019. If variation margin settles the same day, then no amount may be shown in the Statements of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

13

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Insurance		8.0%
Pharmaceuticals		4.9%
IT Services		3.9%
Real Estate Investment Trusts		3.8%
Oil, Gas & Consumable Fuels		3.6%
Commercial Banks		3.3%
Road & Rail		3.2%
Diversified Financial Services		3.1%
Machinery		2.8%
Capital Markets		2.8%
Specialty Retail		2.8%
Software		2.7%
Health Care Equipment & Supplies		2.7%
Commercial Services & Supplies		2.6%
Semiconductors & Semiconductor Equipment		2.4%
Food Products		2.4%
Aerospace & Defense		2.0%
Diversified Telecommunication Services		1.9%
Hotels, Restaurants & Leisure		1.9%
Chemicals		1.8%
Health Care Providers & Services		1.8%
Construction & Engineering		1.6%
Beverages		1.4%
Metals & Mining		1.4%
Household Durables		1.3%
Household Products		1.3%
Multi-Utilities		1.2%
Trading Companies & Distributors		1.1%
Automobiles		1.1%
Wireless Telecommunication Services		1.1%
Building Products		1.1%
Communications Equipment		1.0%
Electric Utilities		1.0%
Electrical Equipment		1.0%
Auto Components		0.9%
Containers & Packaging		0.9%
Interactive Media & Services		0.9%
Gas Utilities		0.8%
Professional Services		0.8%
Electronic Equipment, Instruments & Components		0.8%
Multiline Retail		0.7%
Media		0.7%
Entertainment		0.7%
Consumer Finance		0.7%
Internet & Catalog Retail		0.7%
Textiles, Apparel & Luxury Goods		0.7%
Tobacco		0.7%
Air Freight & Logistics		0.6%

	Percentage of Total Net Assets
Common Stocks
Personal Products		0.4	%
Water Utilities		0.4	%
Real Estate Management & Development		0.3	%
Technology Hardware, Storage & Peripherals		0.3	%
Food & Staples Retailing		0.3	%
Marine		0.3	%
Airlines		0.3	%
Life Sciences Tools & Services		0.3	%
Construction Materials		0.2	%
Leisure Equipment & Products		0.2	%
Energy Equipment & Services		0.2	%
Biotechnology		0.1	%
Diversified Consumer Services		0.1	%
Paper & Forest Products		0.1	%
Industrial Conglomerates		0.1	%
Transportation Infrastructure		0.1	%
Health Care Technology		0.0	%3
Distributors		0.0	%3
Independent Power & Renewable Electricity Producers		0.0	%3
Preferred Stocks		0.3	%
Investment Companies		0.2	%
Cash Equivalents1		2.6	%
Other Assets and Liabilities – Net2		2.6	%
TOTAL		100.0	%

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   14

Wilmington Global Alpha Equities Fund (continued)

	Percentage of Total Net Assets
Country Allocation
Common Stocks
United States		45.4	%
Japan		13.6	%
United Kingdom		6.4	%
France		5.4	%
Canada		5.2	%
Switzerland		3.6	%
Netherlands		2.3	%
Hong Kong		1.6	%
Germany		1.3	%
Ireland		1.1	%
Taiwan		1.0	%
All other countries less than 1.0%		7.4	%
Preferred Stocks		0.3	%
Investment Companies		0.2	%
Cash Equivalents1		2.6	%
Other Assets and Liabilities – Net2		2.6	%
TOTAL		100.0	%

(1) Cash Equivalent includes investment in a money market fund.

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

(3) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 94.3%
AEROSPACE & DEFENSE – 2.0%
Airbus SE		3,618	$	518,195
Boeing Co. (The)		892		303,200
BWX Technologies, Inc.		15,555		903,745
Huntington Ingalls Industries, Inc.		335		75,596
Lockheed Martin Corp.		2,538		956,014
Moog, Inc., Class A		3,106		260,003
Safran SA		2,099		332,073
United Technologies Corp.		4,491		644,818
TOTAL AEROSPACE & DEFENSE			$	3,993,644
AIR FREIGHT & LOGISTICS – 0.6%
bpost SA		9,016		103,069
CTT-Correios de Portugal SA		13,104		41,857
Expeditors International of Washington, Inc.		7,775		567,108
FedEx Corp.		792		120,907
PostNL NV		47,128		108,172

Description	Number of Shares		Value
Royal Mail PLC		3,173	$	8,697
United Parcel Service, Inc., Class B		2,545		293,108
TOTAL AIR FREIGHT & LOGISTICS			$	1,242,918
AIRLINES – 0.3%
Deutsche Lufthansa AG		6,834		118,483
Hawaiian Holdings, Inc.		5,023		143,708
Japan Airlines Co. Ltd.		4,870		152,156
SAS AB*		72,122		112,638
TOTAL AIRLINES			$	526,985
AUTO COMPONENTS – 0.9%
Aisan Industry Co. Ltd.		3,135		26,156
Autoliv, Inc.		536		41,722
Denso Corp.		700		32,812
Exedy Corp.		5,285		125,726
Garrett Motion, Inc.*		60		570
Keihin Corp.		7,625		183,511
Lear Corp.		482		56,765
NGK Spark Plug Co. Ltd.		3,197		65,633
Nissin Kogyo Co. Ltd.		6,972		144,230

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

15	PORTFOLIOS OF INVESTMENTS
	Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
NOK Corp.		10,365	$	164,320
Nokian Renkaat OYJ		430		12,277
Sumitomo Electric Industries Ltd.		8,357		115,809
Sumitomo Riko Co. Ltd.		6,960		61,099
Tachi-S Co. Ltd.		5,100		68,573
Tokai Rika Co. Ltd.		11,257		219,949
Toyoda Gosei Co. Ltd.		6,945		164,380
Toyota Boshoku Corp.		1,700		25,266
Toyota Industries Corp.		1,377		83,648
TS Tech Co. Ltd.		1,432		46,544
Unipres Corp.		6,800		112,399
TOTAL AUTO COMPONENTS			$	1,751,389
AUTOMOBILES – 1.1%
Daimler AG		4,753		277,826
Dongfeng Motor Group Co. Ltd., Class H		201,560		202,693
Honda Motor Co. Ltd.		20,005		545,001
Isuzu Motors Ltd.		30,240		354,933
Mitsubishi Motors Corp.		12,200		56,261
Nissan Motor Co. Ltd.		20,400		130,232
Renault SA		3,330		169,950
Subaru Corp.		2,585		74,757
Suzuki Motor Corp.		4,674		222,339
Yamaha Motor Co. Ltd.		5,968		118,266
TOTAL AUTOMOBILES			$	2,152,258
BEVERAGES – 1.4%
Anadolu Efes Biracilik Ve Malt Sanayii AS		16,492		55,471
Asahi Group Holdings Ltd.		1,891		95,084
Coca-Cola Co. (The)		10,986		597,968
Coca-Cola European Partners PLC		553		29,591
Coca-Cola HBC AG*		639		19,452
Coca-Cola Icecek AS		5,203		28,430
Constellation Brands, Inc., Class A		690		131,328
Diageo PLC		14,084		577,324
Heineken Holding NV		508		48,385
Heineken NV		5,793		590,917
PepsiCo., Inc.		3,941		540,587
Pernod Ricard SA		535		98,751
TOTAL BEVERAGES			$	2,813,288
BIOTECHNOLOGY – 0.1%
Alnylam Pharmaceuticals, Inc.*		740		64,188
Galapagos NV*		998		183,434
TOTAL BIOTECHNOLOGY			$	247,622
BUILDING PRODUCTS – 1.1%
A.O. Smith Corp.		1,229		61,057
Assa Abloy AB, Class B		11,999		284,575
Cie de Saint-Gobain		8,673		352,774

Description	Number of Shares		Value
Fortune Brands Home & Security, Inc.		5,392	$	323,790
Lennox International, Inc.		3,640		900,390
Masco Corp.		2,199		101,704
Owens Corning		1,066		65,324
Resideo Technologies, Inc.*		100		953
TOTAL BUILDING PRODUCTS			$	2,090,567
CAPITAL MARKETS – 2.8%
Ameriprise Financial, Inc.		580		87,516
BlackRock, Inc.		281		129,738
Charles Schwab Corp. (The)		15,267		621,520
CME Group, Inc.		1,921		395,246
E*TRADE Financial Corp.		5,616		234,693
FactSet Research Systems, Inc.		1,063		269,492
Franklin Resources, Inc.		1,804		49,700
GAM Holding AG*		12,766		42,549
Hamilton Lane, Inc., Class A		5,138		306,328
Ichiyoshi Securities Co. Ltd.		6,930		45,113
Intercontinental Exchange, Inc.		6,385		602,233
Jafco Co. Ltd.		2,290		86,837
Julius Baer Group Ltd.*		4,524		199,579
London Stock Exchange Group PLC		4,896		441,026
Moody’s Corp.		1,220		269,242
Nomura Holdings, Inc.		47,300		216,943
Partners Group Holding AG		70		54,581
Schroders PLC		452		18,121
SEI Investments Co.		842		50,453
St James’s Place PLC		1,533		20,672
T. Rowe Price Group, Inc.		811		93,914
TD Ameritrade Holding Corp.		12,879		494,296
UBS Group AG*		67,568		797,254
Uranium Participation Corp.*		14,805		43,164
TOTAL CAPITAL MARKETS			$	5,570,210
CHEMICALS – 1.8%
ADEKA Corp.		7,371		106,753
Air Liquide SA		953		126,589
Air Products & Chemicals, Inc.		660		140,752
China BlueChemical Ltd., Class H		285,730		69,646
Chr Hansen Holding A/S		255		19,574
Croda International PLC		366		22,833
Daicel Corp.		10,503		94,925
Ecolab, Inc.		388		74,523
EMS-Chemie Holding AG		60		37,527
FMC Corp.		2,972		271,938
Ingevity Corp.*		4,921		414,397
JSR Corp.		21,628		410,369
Linde PLC		2,313		458,784

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

     Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
LyondellBasell Industries NV, Class A		969	$	86,919
Mitsubishi Gas Chemical Co., Inc.		6,900		98,590
Nitto Denko Corp.		2,460		137,591
Sherwin-Williams Co. (The)		1,447		828,147
Shin-Etsu Chemical Co. Ltd.		1,095		123,300
TOTAL CHEMICALS			$	3,523,157
COMMERCIAL BANKS – 3.3%
ABN AMRO Bank NV		33,457		622,780
Bank of Ireland Group PLC		33,635		161,757
Bank of Nova Scotia (The)		9,590		549,795
Bank of Nova Scotia (The)		9,504		545,086
BPER Banca		34,200		152,840
CaixaBank SA		79,218		226,622
Dah Sing Financial Holdings Ltd.		14,015		52,226
DGB Financial Group, Inc.		13,680		82,660
East West Bancorp, Inc.		842		36,139
First Citizens BancShares, Inc., Class A		436		214,477
First Republic Bank		4,566		485,640
Japan Post Bank Co. Ltd.		10,008		100,275
KB Financial Group, Inc. ADR		4,760		170,027
People’s United Financial, Inc.		1,189		19,226
PNC Financial Services Group, Inc. (The)		3,982		584,159
Resona Holdings, Inc.		69,900		307,524
San-In Godo Bank Ltd. (The)		5,825		34,576
Sberbank of Russia PJSC ADR		7,087		104,197
Shinhan Financial Group Co. Ltd. ADR		4,288		154,754
Signature Bank		2,929		346,559
Standard Chartered PLC		77,395		702,780
Sumitomo Mitsui Trust Holdings, Inc.		8,351		307,469
Tochigi Bank Ltd. (The)		16,500		34,989
U.S. Bancorp		1,592		90,776
Unicaja Banco SA		103,261		93,458
UniCredit SpA		23,840		302,261
Zions Bancorp NA		1,083		52,493
TOTAL COMMERCIAL BANKS			$	6,535,545
COMMERCIAL SERVICES & SUPPLIES – 2.6%
Aeon Delight Co. Ltd.		2,689		94,124
Babcock International Group PLC		23,841		171,089
Cintas Corp.		6,123		1,645,066
Clean Harbors, Inc.*		7,190		592,887
Copart, Inc.*		5,864		484,601
Dai Nippon Printing Co. Ltd.		5,259		141,617
Edenred		7,786		409,872
Relia, Inc.		4,800		62,895
Republic Services, Inc.		1,898		166,094
Rollins, Inc.		1,112		42,378
Secom Co. Ltd.		2,515		234,406

Description	Number of Shares		Value
Serco Group PLC*		35,779	$	72,300
Societe BIC SA		139		9,650
Toppan Forms Co. Ltd.		9,815		98,886
Waste Connections, Inc.		8,352		771,725
Waste Management, Inc.		644		72,263
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	5,069,853
COMMUNICATIONS EQUIPMENT – 1.0%
Cisco Systems, Inc.		12,574		597,391
F5 Networks, Inc.*		454		65,412
Motorola Solutions, Inc.		6,705		1,115,176
Nokia OYJ*		37,719		138,551
TOTAL COMMUNICATIONS EQUIPMENT			$	1,916,530
CONSTRUCTION & ENGINEERING – 1.6%
China Machinery Engineering Corp., Class H		157,250		62,009
Chiyoda Corp.*		10,470		27,244
Hazama Ando Corp.		16,983		132,417
Implenia AG		2,381		90,413
JGC Holdings Corp.		18,721		274,773
Kumagai Gumi Co. Ltd.		4,276		133,043
Raubex Group Ltd.		35,008		45,247
Skanska AB, Class B		1,110		23,624
Taisei Corp.		4,771		189,974
Toyo Engineering Corp.*		7,569		48,642
Vinci SA		19,140		2,147,492
TOTAL CONSTRUCTION & ENGINEERING			$	3,174,878
CONSTRUCTION MATERIALS – 0.2%
Imerys SA		2,111		81,509
LafargeHolcim Ltd.*		5,000		257,881
Vicat SA		1,967		83,364
TOTAL CONSTRUCTION MATERIALS			$	422,754
CONSUMER FINANCE – 0.7%
American Express Co.		5,837		684,563
Credit Acceptance Corp.*		1,449		634,387
Provident Financial PLC		9,780		55,754
TOTAL CONSUMER FINANCE			$	1,374,704
CONTAINERS & PACKAGING – 0.9%
AMVIG Holdings Ltd.		88,000		22,685
Ball Corp.		15,278		1,069,002
International Paper Co.		2,115		92,383
Nampak Ltd.*		111,183		59,085
Packaging Corp. of America		4,232		463,235
TOTAL CONTAINERS & PACKAGING			$	1,706,390
DISTRIBUTORS – 0.0%**
LKQ Corp.*		2,336		79,401

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

17	PORTFOLIOS OF INVESTMENTS
	Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
DIVERSIFIED CONSUMER SERVICES – 0.1%
Benesse Holdings, Inc.		2,405	$	64,741
Service Corp. International		3,905		177,599
TOTAL DIVERSIFIED CONSUMER SERVICES			$	242,340
DIVERSIFIED FINANCIAL SERVICES – 3.1%
Bank of America Corp.		14,000		437,780
Berkshire Hathaway, Inc., Class B*		5,469		1,162,600
BNP Paribas SA		6,500		339,347
G-Resources Group Ltd.*		2,282,400		14,272
Groupe Bruxelles Lambert SA		413		41,446
HDFC Bank Ltd. ADR		8,659		528,978
HSBC Holdings PLC		75,791		572,367
ING Groep NV		24,734		279,389
Kasikornbank PCL ADR		5,219		95,612
M&G PLC*		4,953		13,717
Mitsubishi UFJ Financial Group, Inc.		210,874		1,112,659
Mizuho Financial Group, Inc.		326,823		510,860
Nordea Bank Abp		216		1,579
Royal Bank of Canada		4,621		372,739
Societe Generale SA		8,468		240,359
Standard Life Aberdeen PLC		5,770		22,684
Sumitomo Mitsui Financial Group, Inc.		9,185		330,010
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	6,076,398
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.9%
BT Group PLC		204,691		542,756
Cellnex Telecom SA*		9,446		407,288
China Telecom Corp. Ltd., Class H		322,060		137,275
China Tower Corp. Ltd., Class H		752,000		166,025
China Unicom Hong Kong Ltd.		223,660		221,778
Deutsche Telekom AG		6,664		117,193
Elisa OYJ		465		25,397
Hellenic Telecommunications Organization SA		29,105		441,467
Koninklijke KPN NV		135,090		418,851
KT Corp. ADR		15,642		175,660
Magyar Telekom Telecommunications PLC ADR		12,100		92,051
Nippon Telegraph & Telephone Corp.		5,985		297,948
Orange SA		5,133		82,667
Swisscom AG		109		55,688
Telefonica Deutschland Holding AG		3,440		10,915
Verizon Communications, Inc.		7,573		457,939
Zayo Group Holdings, Inc.*		1,824		62,271
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	3,713,169
ELECTRIC UTILITIES – 1.0%
Alliant Energy Corp.		682		36,378

Description	Number of Shares		Value
American Electric Power Co., Inc.		772	$	72,869
Avangrid, Inc.		8,637		432,282
Chugoku Electric Power Co., Inc. (The)		7,566		100,959
Duke Energy Corp.		861		81,158
Edison International		3,277		206,123
Entergy Corp.		431		52,358
Eversource Energy		665		55,687
Exelon Corp.		1,385		63,004
Iberdrola SA		21,176		217,471
NextEra Energy, Inc.		485		115,595
OGE Energy Corp.		638		27,472
Pinnacle West Capital Corp.		344		32,377
Red Electrica Corp. SA		1,161		23,372
Southern Co. (The)		1,369		85,782
SSE PLC		3,668		60,984
Terna Rete Elettrica Nazionale SpA		3,928		25,952
Xcel Energy, Inc.		3,478		220,888
TOTAL ELECTRIC UTILITIES			$	1,910,711
ELECTRICAL EQUIPMENT – 1.0%
Acuity Brands, Inc.		430		53,660
AMETEK, Inc.		4,441		407,018
Cosel Co. Ltd.		5,100		56,436
Eaton Corp. PLC		1,314		114,462
Emerson Electric Co.		5,602		392,980
Legrand SA		895		69,853
Mitsubishi Electric Corp.		9,470		136,495
Schneider Electric SE		4,458		413,969
Sensata Technologies Holding PLC*		1,367		69,977
Ushio, Inc.		8,135		122,564
Zumtobel Group AG*		7,921		62,900
TOTAL ELECTRICAL EQUIPMENT			$	1,900,314
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.8%
Amphenol Corp., Class A		1,394		139,860
Canon Marketing Japan, Inc.		4,231		90,348
Citizen Watch Co. Ltd.		26,930		144,388
Enplas Corp.		1,800		58,255
Foxconn Technology Co. Ltd.		53,670		114,955
Hexagon AB, Class B		595		30,373
Innolux Corp.		409,600		91,095
Kyocera Corp.		1,333		88,159
Nichicon Corp.		12,855		128,086
NipponChemi-Con Corp.		5,460		91,514
Zebra Technologies Corp., Class A*		2,264		538,538
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	1,515,571

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

     Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
ENERGY EQUIPMENT & SERVICES – 0.2%
Drilling Co. of 1972 A/S (The)*		357	$	20,145
Fugro NV*		6,768		61,066
Helmerich & Payne, Inc.		742		27,825
Saipem SpA*		27,120		122,802
Schlumberger Ltd.		2,572		84,079
Trican Well Service Ltd.*		32,621		21,300
TOTAL ENERGY EQUIPMENT & SERVICES			$	337,217
ENTERTAINMENT – 0.7%
Avex, Inc.		6,665		81,654
CTS Eventim AG & Co. KGaA		2,734		165,421
DeNA Co. Ltd.		10,492		179,449
Nexon Co. Ltd.*		30,420		353,524
NHN Corp.*		554		27,475
Spotify Technology SA*		4,006		578,066
Walt Disney Co. (The)		21		2,728
TOTAL ENTERTAINMENT			$	1,388,317
FOOD & STAPLES RETAILING – 0.3%
Cawachi Ltd.		2,620		53,691
J Sainsbury PLC		59,505		156,858
Jeronimo Martins SGPS SA		1,064		17,854
Matsumotokiyoshi Holdings Co. Ltd.		5,095		180,465
METRO AG		3,356		54,647
Sundrug Co. Ltd.		3,053		101,635
Sysco Corp.		789		63,017
TOTAL FOOD & STAPLES RETAILING			$	628,167
FOOD PRODUCTS – 2.4%
Archer-Daniels-Midland Co.		4,068		171,019
Associated British Foods PLC		894		25,778
Chocoladefabriken Lindt & Spruengli AG		9		66,873
Chocoladefabriken Lindt & Spruengli AG		1		81,906
Conagra Brands, Inc.		12,669		342,696
Danone SA		2,011		166,780
Hershey Co. (The)		355		52,139
Hormel Foods Corp.		1,575		64,402
Ingredion, Inc.		3,448		272,392
Kellogg Co.		4,512		286,647
Kerry Group PLC, Class A		317		38,325
Lamb Weston Holdings, Inc.		10,026		782,429
Mondelez International, Inc., Class A		13,083		686,203
Nestle SA		8,705		929,357
Nisshin Seifun Group, Inc.		4,581		91,204
Nomad Foods Ltd.*		12,068		235,447
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		359,200		34,546

Description	Number of Shares		Value
Viscofan SA		5,837	$	316,256
TOTAL FOOD PRODUCTS			$	4,644,399
GAS UTILITIES – 0.8%
Atmos Energy Corp.		322		36,219
ENN Energy Holdings Ltd.		19,800		226,908
Rubis SCA		12,209		707,387
Tokyo Gas Co. Ltd.		6,394		156,668
UGI Corp.		9,708		462,780
TOTAL GAS UTILITIES			$	1,589,962
HEALTH CARE EQUIPMENT & SUPPLIES – 2.7%
Alcon, Inc.*		252		14,882
Baxter International, Inc.		8,173		626,869
Coloplast A/S, Class B		275		33,137
Danaher Corp.		2,177		300,034
Haemonetics Corp.*		4,248		512,861
Hologic, Inc.*		6,349		306,720
IDEXX Laboratories, Inc.*		462		131,675
Insulet Corp.*		4,021		584,332
Koninklijke Philips NV		15,615		683,903
Medtronic PLC		7,202		784,298
Penumbra, Inc.*		1,620		252,671
Smith & Nephew PLC		22,602		483,812
STERIS PLC		2,275		322,072
Sysmex Corp.		3,299		216,502
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	5,253,768
HEALTH CARE PROVIDERS & SERVICES – 1.8%
AmerisourceBergen Corp.		2,708		231,209
Anthem, Inc.		1,089		293,028
CVS Health Corp.		298		19,784
HCA Healthcare, Inc.		7,795		1,040,944
Laboratory Corp. of America Holdings*		2,568		423,129
Quest Diagnostics, Inc.		3,224		326,430
UnitedHealth Group, Inc.		2,701		682,543
Universal Health Services, Inc., Class B		3,410		468,739
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,485,806
HEALTH CARE TECHNOLOGY – 0.0%**
AGFA-Gevaert NV*		22,233		101,467
HOTELS, RESTAURANTS & LEISURE – 1.9%
Aramark		1,300		56,888
Carnival Corp.		3,570		153,117
Carnival PLC		458		18,344
Choice Hotels International, Inc.		9,344		826,757
Compass Group PLC		45,502		1,211,831
Darden Restaurants, Inc.		598		67,137
Flutter Entertainment PLC		250		25,825

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

19	PORTFOLIOS OF INVESTMENTS
	Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Marriott Vacations Worldwide Corp.		4,109	$	451,702
McDonald’s Corp.		3,201		629,637
Norwegian Cruise Line Holdings Ltd.*		1,581		80,252
Royal Caribbean Cruises Ltd.		947		103,062
Vail Resorts, Inc.		290		67,387
TOTAL HOTELS, RESTAURANTS & LEISURE			$	3,691,939
HOUSEHOLD DURABLES – 1.3%
Barratt Developments PLC		3,111		25,436
Berkeley Group Holdings PLC (The)		423		24,115
Funai Electric Co. Ltd.*		10,930		60,728
Garmin Ltd.		747		70,031
Lennar Corp., Class A		9,349		557,200
Nikon Corp.		10,185		131,097
NVR, Inc.*		308		1,120,070
Persimmon PLC		804		23,714
PulteGroup, Inc.		2,374		93,156
Sekisui Chemical Co. Ltd.		8,572		150,738
Sekisui House Ltd.		10,006		217,002
Taylor Wimpey PLC		19,781		42,407
Token Corp.		1,010		65,095
TOTAL HOUSEHOLD DURABLES			$	2,580,789
HOUSEHOLD PRODUCTS – 1.3%
Colgate-Palmolive Co.		11,116		762,558
Procter & Gamble Co. (The)		9,362		1,165,663
Reckitt Benckiser Group PLC		7,113		549,514
TOTAL HOUSEHOLD PRODUCTS			$	2,477,735
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS – 0.0%**
Uniper SE		681		21,221
INDUSTRIAL CONGLOMERATES – 0.1%
DCC PLC		279		26,151
Honeywell International, Inc.		649		112,102
Smiths Group PLC		1,220		25,499
TOTAL INDUSTRIAL CONGLOMERATES			$	163,752
INSURANCE – 8.0%
Admiral Group PLC		710		18,596
Aflac, Inc.		3,499		186,007
Ageas		3,894		224,271
AIA Group Ltd.		195,115		1,953,403
Alleghany Corp.*		406		315,986
Allianz SE		665		162,427
Allstate Corp. (The)		553		58,850
American Financial Group, Inc.		225		23,409
Arthur J Gallagher & Co.		9,249		843,694
Assicurazioni Generali SpA		8,795		178,280
Aviva PLC		11,598		62,378

Description	Number of Shares			Value
AXA SA		35,504		$	937,869
Baloise Holding AG		261			48,205
Chubb Ltd.		3,259			496,737
Cincinnati Financial Corp.		3,143			355,819
CNO Financial Group, Inc.		13,567			212,324
Dai-ichi Life Holdings, Inc.		11,695			193,364
Direct Line Insurance Group PLC		4,610			16,249
Enstar Group Ltd.*		2,661			534,595
Everest Re Group Ltd.		244			62,730
Fidelity National Financial, Inc.		1,471			67,431
Globe Life, Inc.		7,231			703,793
Hannover Rueck SE		492			87,138
Intact Financial Corp.		16,520			1,704,554
Legal & General Group PLC		30,126			102,906
Mapfre SA		4,912			13,696
Markel Corp.*		1,297			1,518,787
Marsh & McLennan Cos., Inc.		725			75,124
MetLife, Inc.		2,502			117,069
MS&AD Insurance Group Holdings, Inc.		12,875			418,357
Muenchener Rueckversicherungs AG		219			60,818
Ping An Insurance Group Co. of China Ltd., Class H		19,492			225,741
Principal Financial Group, Inc.		1,301			69,447
Progressive Corp. (The)		1,715			119,535
Prudential PLC		4,953			86,518
RSA Insurance Group PLC		2,877			19,461
Sampo OYJ, Class A		2,165			88,713
Shin Kong Financial Holding Co. Ltd.*		262,657			83,007
Sony Financial Holdings, Inc.		30,844			668,063
Swiss Life Holding AG		144			71,993
Swiss Re AG		483			50,577
T&D Holdings, Inc.		34,068			384,878
Tokio Marine Holdings, Inc.		15,339			833,496
Tongyang Life Insurance Co. Ltd.		13,064			41,153
Travelers Cos., Inc. (The)		815			106,814
Tryg A/S		570			15,920
White Mountains Insurance Group Ltd.		357			382,347
Willis Towers Watson PLC		2,022			377,912
WR Berkley Corp.		465	��		32,503
Zurich Insurance Group AG		512			200,077
TOTAL INSURANCE				$	15,613,021
INTERACTIVE MEDIA & SERVICES – 0.9%
Auto Trader Group PLC		3,095			22,539
Gree, Inc.		28,470			135,772
Pinterest, Inc., Class A*		25,798			648,562
Tencent Holdings Ltd.		5,953			243,713
Twitter, Inc.*		3,545			106,244

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 20

    Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Yandex NV, Class A*		4,827	$	161,173
Z Holdings Corp.		124,269		384,349
TOTAL INTERACTIVE MEDIA & SERVICES			$	1,702,352
INTERNET & CATALOG RETAIL – 0.7%
Alibaba Group Holding Ltd. ADR*		1,908		337,086
Amazon.com, Inc.*		247		438,835
eBay, Inc.		6,573		231,698
Expedia Group, Inc.		2,187		298,875
Qliro Group AB*		21,589		19,229
TOTAL INTERNET & CATALOG RETAIL			$	1,325,723
IT SERVICES – 3.9%
Accenture PLC, Class A		4,156		770,605
Amdocs Ltd.		4,238		276,318
Automatic Data Processing, Inc.		2,973		482,310
Black Knight, Inc.*		8,897		571,187
Capgemini SE		4,754		535,250
DTS Corp.		3,736		79,743
DXC Technology Co.		23,545		651,490
Fidelity National Information Services, Inc.		6,304		830,615
Fiserv, Inc.*		2,429		257,814
FleetCor Technologies, Inc.*		495		145,639
Fujitsu Ltd.		1,658		147,714
Global Payments, Inc.		823		139,235
GoDaddy, Inc., Class A*		4,681		304,405
Jack Henry & Associates, Inc.		219		31,002
Mastercard, Inc., Class A		1,655		458,121
Pagseguro Digital Ltd., Class A*		6,711		248,844
Paychex, Inc.		2,845		237,956
Perspecta, Inc.		7,803		207,092
Sabre Corp.		2,490		58,465
Sopra Steria Group		223		30,567
StoneCo Ltd., Class A*		8,533		313,929
Visa, Inc., Class A		2,967		530,678
Western Union Co. (The)		2,773		69,491
Worldline SA*		5,184		314,814
TOTAL IT SERVICES			$	7,693,284
LEISURE EQUIPMENT & PRODUCTS – 0.2%
BRP, Inc.		8,163		366,222
LIFE SCIENCES TOOLS & SERVICES – 0.3%
QIAGEN NV*		635		19,058
Thermo Fisher Scientific, Inc.		1,596		481,960
TOTAL LIFE SCIENCES TOOLS & SERVICES			$	501,018
MACHINERY – 2.8%
Amada Holdings Co. Ltd.		5,185		59,681
Cummins, Inc.		594		102,453
Deere & Co.		2,022		352,111

Description	Number of Shares		Value
Dover Corp.		6,539	$	679,337
Fortive Corp.		22,045		1,521,105
Hisaka Works Ltd.		5,400		46,954
IDEX Corp.		6,241		970,663
Ingersoll-Rand PLC		1,200		152,268
Japan Steel Works Ltd. (The)		9,685		207,619
Kone OYJ, Class B		649		41,287
Mitsubishi Heavy Industries Ltd.		4,282		174,547
PACCAR, Inc.		8,989		683,703
Schindler Holding AG		304		74,328
Schindler Holding AG		217		51,297
Snap-on, Inc.		445		72,388
Takuma Co. Ltd.		10,110		121,144
THK Co. Ltd.		7,000		204,510
Toshiba Machine Co. Ltd.		2,968		67,089
TOTAL MACHINERY			$	5,582,484
MARINE – 0.3%
AP Moeller - Maersk A/S, Class B		177		225,597
D/S Norden A/S		6,712		98,093
Kuehne + Nagel International AG		583		94,172
Pacific Basin Shipping Ltd.		490,000		113,809
TOTAL MARINE			$	531,671
MEDIA – 0.7%
Comcast Corp., Class A		8,801		394,461
Criteo SA ADR*		3,098		51,737
Fox Corp., Class A		1,238		39,666
Fuji Media Holdings, Inc.		4,965		67,585
Gendai Agency, Inc.		1,600		6,208
Interpublic Group of Cos., Inc. (The)		2,343		50,960
Metropole Television SA		6,060		106,585
Nippon Television Holdings, Inc.		20,327		267,852
Omnicom Group, Inc.		1,421		109,687
RTL Group SA*		189		9,604
Sirius XM Holdings, Inc.		11,592		77,898
Television Francaise 1		13,782		115,590
TV Asahi Holdings Corp.		6,035		95,395
TOTAL MEDIA			$	1,393,228
METALS & MINING – 1.4%
Anglo American Platinum Ltd.		737		55,001
Anglo American PLC		9,972		255,969
Asahi Holdings, Inc.		7,168		167,468
Barrick Gold Corp.		12,454		216,345
Boliden AB		788		21,190
Centerra Gold, Inc.*		13,194		112,496
Chubu Steel Plate Co. Ltd.		2,000		12,038

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

21	PORTFOLIOS OF INVESTMENTS
	Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Eldorado Gold Corp.*		8,933	$	75,216
Gold Fields Ltd.		23,002		141,478
Harmony Gold Mining Co. Ltd. ADR*		26,002		90,487
Hitachi Metals Ltd.		15,720		199,138
IAMGOLD Corp.*		9,574		35,807
Impala Platinum Holdings Ltd.*		7,638		52,494
Kinross Gold Corp.*		23,440		113,684
Kyoei Steel Ltd.		6,925		127,547
Nakayama Steel Works Ltd.		10,390		44,835
Neturen Co. Ltd.		3,565		31,725
Norsk Hydro ASA		51,589		182,040
Northern Dynasty Minerals Ltd.*		2,780		1,625
Pacific Metals Co. Ltd.		2,677		64,626
Petra Diamonds Ltd.*		106,152		11,688
Resolute Mining Ltd.*		57,018		47,560
Salzgitter AG		5,788		104,770
SEMAFO, Inc.*		16,414		52,964
Tokyo Steel Manufacturing Co. Ltd.		15,560		126,076
Western Areas Ltd.		43,455		96,158
Yamato Kogyo Co. Ltd.		9,008		235,815
TOTAL METALS & MINING			$	2,676,240
MULTILINE RETAIL – 0.7%
B&M European Value Retail SA		77,910		373,710
Dollar General Corp.		1,258		201,708
Marks & Spencer Group PLC		39,512		92,895
Marui Group Co. Ltd.		24,560		549,695
Next PLC		372		31,717
Target Corp.		1,927		206,016
TOTAL MULTILINE RETAIL			$	1,455,741
MULTI-UTILITIES – 1.2%
Ameren Corp.		2,091		162,471
CenterPoint Energy, Inc.		1,117		32,471
Centrica PLC		105,025		98,714
CMS Energy Corp.		707		45,191
Consolidated Edison, Inc.		582		53,672
Dominion Energy, Inc.		888		73,304
DTE Energy Co.		374		47,618
E.ON SE		48,059		484,385
Engie SA		12,966		216,842
National Grid PLC		80,402		938,695
Public Service Enterprise Group, Inc.		917		58,055
RWE AG		2,963		90,316
Sempra Energy		426		61,561
WEC Energy Group, Inc.		635		59,944
TOTAL MULTI-UTILITIES			$	2,423,239

Description	Number of Shares		Value
OIL, GAS & CONSUMABLE FUELS – 3.6%
Advantage Oil & Gas Ltd.*		35,029	$	50,532
ARC Resources Ltd.		9,642		40,849
BP PLC		59,979		380,157
Cameco Corp.		7,216		64,430
Canadian Natural Resources Ltd.		8,945		225,593
Chevron Corp.		2,211		256,786
Diamondback Energy, Inc.		2,447		209,855
Enbridge, Inc.		9,889		360,167
Encana Corp.		24,414		95,647
Eni SpA		26,291		397,904
Exxon Mobil Corp.		4,103		277,240
Galp Energia SGPS SA		24,011		382,411
Gazprom PJSC ADR		21,499		172,261
Idemitsu Kosan Co. Ltd.		4,031		119,635
Imperial Oil Ltd.		12,259		305,288
Inpex Corp.		21,510		200,878
Japan Petroleum Exploration Co. Ltd.		4,390		113,297
LUKOIL PJSC ADR		1,317		121,243
Occidental Petroleum Corp.		1,750		70,875
Painted Pony Energy Ltd.*		24,197		11,206
Pembina Pipeline Corp.		6,150		216,234
Royal Dutch Shell PLC, Class B		19,238		552,726
Surgutneftegas PJSC ADR		24,895		164,307
Targa Resources Corp.		1,131		43,973
TC Energy Corp.		9,681		487,982
TOTAL SA		28,730		1,510,326
Tourmaline Oil Corp.		5,551		47,624
Valero Energy Corp.		1,087		105,417
Williams Cos., Inc. (The)		4,757		106,129
YPF SA ADR		6,625		62,010
TOTAL OIL, GAS & CONSUMABLE FUELS			$	7,152,982
PAPER & FOREST PRODUCTS – 0.1%
Louisiana-Pacific Corp.		5,905		172,603
UPM-Kymmene OYJ		1,000		32,500
TOTAL PAPER & FOREST PRODUCTS			$	205,103
PERSONAL PRODUCTS – 0.4%
Beiersdorf AG		700		82,872
L’Oreal SA		729		212,857
Unilever NV		6,690		395,079
Unilever PLC		2,176		130,294
TOTAL PERSONAL PRODUCTS			$	821,102
PHARMACEUTICALS – 4.9%
Astellas Pharma, Inc.		13,982		240,629
AstraZeneca PLC ADR		18,623		913,086
AstraZeneca PLC		4,947		480,673

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 22

    Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Bristol-Myers Squibb Co.		2,946	$	169,012
Eisai Co. Ltd.		1,295		94,580
GlaxoSmithKline PLC		4,069		93,219
H Lundbeck A/S		280		9,551
Jazz Pharmaceuticals PLC*		448		56,282
Johnson & Johnson		8,876		1,171,987
Kyowa Kirin Co. Ltd.		8,203		151,618
Merck & Co., Inc.		12,227		1,059,592
Nippon Shinyaku Co. Ltd.		6,400		580,795
Novartis AG		27,276		2,380,325
Novo Nordisk A/S, Class B		1,555		84,925
Ono Pharmaceutical Co. Ltd.		20,413		386,938
Orion OYJ, Class B		451		19,989
Pfizer, Inc.		20,645		792,149
Roche Holding AG		1,654		497,625
Sanofi		936		86,249
Takeda Pharmaceutical Co. Ltd.		8,345		303,539
TOTAL PHARMACEUTICALS			$	9,572,763
PROFESSIONAL SERVICES – 0.8%
Adecco Group AG		4,583		271,682
Experian PLC		9,308		292,748
Hays PLC		41,823		85,110
IHS Markit Ltd.*		799		55,946
Insperity, Inc.		2,237		236,294
Intertek Group PLC		418		28,979
Pagegroup PLC		8,521		49,140
RELX PLC		6,335		152,330
Robert Half International, Inc.		703		40,261
SGS SA		20		52,063
SThree PLC		12,224		45,207
TransUnion		1,212		100,135
Verisk Analytics, Inc.		892		129,072
Wolters Kluwer NV		543		39,982
TOTAL PROFESSIONAL SERVICES			$	1,578,949
REAL ESTATE INVESTMENT TRUSTS – 3.8%
Alexandria Real Estate Equities, Inc.		263		41,751
American Tower Corp.		10,675		2,328,004
AvalonBay Communities, Inc.		259		56,374
British Land Co. PLC (The)		13,047		104,884
Brixmor Property Group, Inc.		11,453		252,195
Camden Property Trust		3,223		368,615
Covivio		294		33,282
Crown Castle International Corp.		2,264		314,221
Daiwa House REIT Investment Corp.		46		133,966
Equity Residential		694		61,530
Gaming and Leisure Properties, Inc.		9,574		386,407

Description	Number of Shares		Value
Gecina SA		146	$	25,044
ICADE		165		16,157
Japan Prime Realty Investment Corp.		22		105,732
Japan Real Estate Investment Corp.		24		163,793
Japan Retail Fund Investment Corp.		58		135,346
Land Securities Group PLC		12,496		152,155
LaSalle Logiport REIT		46		68,538
Liberty Property Trust		503		29,712
Medical Properties Trust, Inc.		12,563		260,431
Mid-America Apartment Communities, Inc.		312		43,365
Nippon Building Fund, Inc.		22		167,052
Nomura Real Estate Master Fund, Inc.		81		154,889
Public Storage		6,060		1,350,532
Realty Income Corp.		657		53,736
Segro PLC		5,170		56,536
Simon Property Group, Inc.		1,045		157,461
STORE Capital Corp.		7,617		308,488
UDR, Inc.		772		38,793
Unibail-Rodamco-Westfield		374		57,834
United Urban Investment Corp.		67		135,253
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	7,562,076
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%
CBRE Group, Inc., Class A*		2,021		108,225
Daito Trust Construction Co. Ltd.		738		98,204
Mitsubishi Estate Co. Ltd.		8,600		167,835
Nexity SA		3,411		176,443
Swiss Prime Site AG*		418		43,050
Vonovia SE		1,460		77,688
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	671,445
ROAD & RAIL – 3.2%
AMERCO		1,795		727,047
Canadian National Railway Co.		21,603		1,932,149
Central Japan Railway Co.		1,361		280,984
East Japan Railway Co.		2,916		265,948
Firstgroup PLC*		38,237		63,944
Genesee & Wyoming, Inc., Class A*		9,603		1,066,221
Go-Ahead Group PLC (The)		2,560		67,781
Hankyu Hanshin Holdings, Inc.		4,076		164,187
Kansas City Southern		1,340		188,645
Keisei Electric Railway Co. Ltd.		2,996		123,319
Kintetsu Group Holdings Co. Ltd.		3,026		165,605
Kyushu Railway Co.		3,667		121,566
Nagoya Railroad Co. Ltd.		4,178		133,476
Odakyu Electric Railway Co. Ltd.		5,626		137,693
Old Dominion Freight Line, Inc.		501		91,222
Tobu Railway Co. Ltd.		4,139		138,938
Uber Technologies, Inc.*		15,456		486,864

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

23	PORTFOLIOS OF INVESTMENTS
	Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
West Japan Railway Co.		2,348	$	204,752
TOTAL ROAD & RAIL			$	6,360,341
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.4%
Advanced Micro Devices, Inc.*		11,140		377,980
Broadcom, Inc.		782		229,009
Entegris, Inc.		5,431		260,688
Lam Research Corp.		536		145,277
Marvell Technology Group Ltd.		45,809		1,117,281
Maxim Integrated Products, Inc.		1,202		70,509
MediaTek, Inc.		43,000		576,337
Miraial Co. Ltd.		2,200		30,151
NXP Semiconductors NV		510		57,977
QUALCOMM, Inc.		2,684		215,901
Skyworks Solutions, Inc.		4,456		405,763
Taiwan Semiconductor Manufacturing Co. Ltd.		54,000		529,525
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		6,282		324,340
Texas Instruments, Inc.		2,305		271,967
Tokyo Seimitsu Co. Ltd.		3,345		108,723
Tower Semiconductor Ltd.*		2,100		46,053
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	4,767,481
SOFTWARE – 2.7%
CDK Global, Inc.		4,841		244,664
Constellation Software, Inc.		1,199		1,184,189
Guidewire Software, Inc.*		3,166		356,935
Microsoft Corp.		5,903		846,313
Mimecast Ltd.*		9,089		360,924
Open Text Corp.		6,975		280,813
ServiceNow, Inc.*		1,836		453,969
Splunk, Inc.*		3,218		386,031
SS&C Technologies Holdings, Inc.		6,844		355,956
Trade Desk, Inc., Class A (The)*		1,279		256,823
Workday, Inc., Class A*		4,155		673,775
TOTAL SOFTWARE			$	5,400,392
SPECIALTY RETAIL – 2.8%
AutoZone, Inc.*		148		169,368
Best Buy Co., Inc.		1,026		73,698
Burlington Stores, Inc.*		2,717		522,126
Camping World Holdings, Inc., Class A		19,213		181,563
CarMax, Inc.*		7,851		731,478
CECONOMY AG*		16,169		81,601
Gap, Inc. (The)		1,533		24,927
Halfords Group PLC		27,020		55,441
Hennes & Mauritz AB, Class B		2,038		42,583
Home Depot, Inc. (The)		3,299		773,879
Industria de Diseno Textil SA		3,084		96,136

Description	Number of Shares		Value
Kingfisher PLC		64,647	$	173,511
L Brands, Inc.		1,556		26,514
Lowe’s Cos., Inc.		8,855		988,307
Nishimatsuya Chain Co. Ltd.		15,335		137,176
O’Reilly Automotive, Inc.*		395		172,026
Ross Stores, Inc.		1,576		172,840
Shimamura Co. Ltd.		1,810		154,367
TJX Cos., Inc. (The)		9,487		546,926
Tractor Supply Co.		962		91,409
Ulta Beauty, Inc.*		381		88,830
USS Co. Ltd.		5,492		107,104
Xebio Holdings Co. Ltd.		8,185		92,241
TOTAL SPECIALTY RETAIL			$	5,504,051
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 0.3%
Acer, Inc.		181,840		106,330
Canon, Inc.		4,055		111,222
Compal Electronics, Inc. GDR		54,630		163,311
HP, Inc.		4,640		80,597
Maxell Holdings Ltd.		5,350		74,312
Melco Holdings, Inc.		500		13,543
Quadient		4,698		100,497
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	649,812
TEXTILES, APPAREL & LUXURY GOODS – 0.7%
361 Degrees International Ltd.		234,130		48,105
adidas AG		232		71,635
Daphne International Holdings Ltd.*		217,140		4,323
Geox SpA		21,828		30,431
HUGO BOSS AG		227		9,550
NIKE, Inc., Class B		5,634		504,525
Sanyo Shokai Ltd.		4,270		57,136
Tapestry, Inc.		1,369		35,402
Under Armour, Inc., Class A*		26,069		538,325
Under Armour, Inc., Class C*		806		14,911
TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,314,343
TOBACCO – 0.7%
Altria Group, Inc.		3,187		142,746
Japan Tobacco, Inc.		17,318		393,861
Philip Morris International, Inc.		9,028		735,240
Swedish Match AB		490		22,999
TOTAL TOBACCO			$	1,294,846
TRADING COMPANIES & DISTRIBUTORS – 1.1%
Brenntag AG		9,693		486,477
Bunzl PLC		840		21,849
Fastenal Co.		16,869		606,272
Ferguson PLC		5,287		451,044
ITOCHU Corp.		8,653		181,970

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 24

    Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Mitsubishi Corp.		5,799	$	148,425
Rexel SA		16,660		206,248
SIG PLC		35,168		51,295
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	2,153,580
TRANSPORTATION INFRASTRUCTURE – 0.1%
Hamburger Hafen und Logistik AG		2,677		69,327
Kamigumi Co. Ltd.		3,429		77,922
TOTAL TRANSPORTATION INFRASTRUCTURE			$	147,249
WATER UTILITIES – 0.4%
American Water Works Co., Inc.		417		51,404
Guangdong Investment Ltd.		305,640		663,082
TOTAL WATER UTILITIES			$	714,486
WIRELESS TELECOMMUNICATION SERVICES – 1.1%
1&1 Drillisch AG		250		6,686
China Mobile Ltd.		22,020		179,286
KDDI Corp.		33,867		940,523
Millicom International Cellular SA		8,122		370,111
MTN Group Ltd.		12,856		79,626
NTT DOCOMO, Inc.		12,160		334,994
Orange Belgium SA		4,539		99,829
Sprint Corp.*		8,887		55,188
VEON Ltd. ADR		34,537		82,889
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	2,149,132
TOTAL COMMON STOCKS (COST $167,786,643)			$	185,199,491
INVESTMENT COMPANIES – 0.2%
EQUITY FUNDS – 0.2%
iShares Core MSCI EAFE ETF		3,450		218,143

Description	Number of Shares		Value
Nomura TOPIX ETF		6,426	$	102,587
TOTAL INVESTMENT COMPANIES (COST $306,973)			$	320,730
PREFERRED STOCKS – 0.3%
CONSUMER DISCRETIONARY – 0.2%
Porsche Automobil Holding SE 2.21%		401		29,518
Volkswagen AG 4.86%		1,951		371,435
TOTAL CONSUMER DISCRETIONARY			$	400,953
CONSUMER STAPLES – 0.0%**
Henkel AG & Co. KGaA 1.85%		353		36,685
UTILITIES – 0.1%
Cia Paranaense de Energia 0.38%		7,100		98,467
TOTAL PREFERRED STOCKS (COST $446,427)			$	536,105
MONEY MARKET FUNDS – 2.6%
Dreyfus Cash Management Fund, Institutional Shares, 1.87%^		134		134
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		5,135,099		5,135,099
TOTAL MONEY MARKET FUNDS (COST $5,135,233)			$	5,135,233
TOTAL INVESTMENTS – 97.4% (COST $173,675,276)			$	191,191,559
OTHER ASSETS LESS LIABILITIES – 2.6%				5,134,563
TOTAL NET ASSETS – 100.0%			$	196,326,122

Cost of investments for Federal income tax purposes is $174,608,416. The net unrealized appreciation/(depreciation) of investments was $14,158,046. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $23,740,227 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(9,582,181).

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, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Common Stocks
Aerospace & Defense	$	3,993,644	$	—	$	—	$	3,993,644
Air Freight & Logistics		1,242,918		—		—		1,242,918
Airlines		526,985		—		—		526,985
Auto Components		1,751,389		—		—		1,751,389

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

25	PORTFOLIOS OF INVESTMENTS
	Wilmington Global Alpha Equities Fund (continued)

	Level 1		Level 2		Level 3		Total
Automobiles	$	2,152,258	$	—	$	—	$	2,152,258
Beverages		2,813,288		—		—		2,813,288
Biotechnology		247,622		—		—		247,622
Building Products		2,090,567		—		—		2,090,567
Capital Markets		5,570,210		—		—		5,570,210
Chemicals		3,523,157		—		—		3,523,157
Commercial Banks		6,535,545		—		—		6,535,545
Commercial Services & Supplies		5,069,853		—		—		5,069,853
Communications Equipment		1,916,530		—		—		1,916,530
Construction & Engineering		3,042,461		132,417		—		3,174,878
Construction Materials		422,754		—		—		422,754
Consumer Finance		1,374,704		—		—		1,374,704
Containers & Packaging		1,706,390		—		—		1,706,390
Distributors		79,401		—		—		79,401
Diversified Consumer Services		242,340		—		—		242,340
Diversified Financial Services		6,076,398		—		—		6,076,398
Diversified Telecommunication Services		3,713,169		—		—		3,713,169
Electric Utilities		1,910,711		—		—		1,910,711
Electrical Equipment		1,900,314		—		—		1,900,314
Electronic Equipment, Instruments & Components		1,515,571		—		—		1,515,571
Energy Equipment & Services		337,217		—		—		337,217
Entertainment		1,388,317		—		—		1,388,317
Food & Staples Retailing		628,167		—		—		628,167
Food Products		4,644,399		—		—		4,644,399
Gas Utilities		1,589,962		—		—		1,589,962
Health Care Equipment & Supplies		5,253,768		—		—		5,253,768
Health Care Providers & Services		3,485,806		—		—		3,485,806
Health Care Technology		101,467		—		—		101,467
Hotels, Restaurants & Leisure		3,691,939		—		—		3,691,939
Household Durables		2,580,789		—		—		2,580,789
Household Products		2,477,735		—		—		2,477,735
Independent Power & Renewable Electricity Producers		21,221		—		—		21,221
Industrial Conglomerates		163,752		—		—		163,752
Insurance		15,613,021		—		—		15,613,021
Interactive Media & Services		1,702,352		—		—		1,702,352
Internet & Catalog Retail		1,325,723		—		—		1,325,723
IT Services		7,693,284		—		—		7,693,284
Leisure Equipment & Products		366,222		—		—		366,222
Life Sciences Tools & Services		501,018		—		—		501,018
Machinery		5,582,484		—		—		5,582,484
Marine		531,671		—		—		531,671
Media		1,393,228		—		—		1,393,228
Metals & Mining		2,676,240		—		—		2,676,240
Multiline Retail		1,455,741		—		—		1,455,741
Multi-Utilities		2,423,239		—		—		2,423,239
Oil, Gas & Consumable Fuels		7,152,982		—		—		7,152,982
Paper & Forest Products		205,103		—		—		205,103
Personal Products		821,102		—		—		821,102
Pharmaceuticals		9,572,763		—		—		9,572,763
Professional Services		1,578,949		—		—		1,578,949
Real Estate Investment Trusts		7,562,076		—		—		7,562,076

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 26

     Wilmington Global Alpha Equities Fund (continued)

	Level 1			Level 2			Level 3		Total
Real Estate Management & Development	$	671,445		$	—		$	—	$	671,445
Road & Rail		6,360,341			—			—		6,360,341
Semiconductors & Semiconductor Equipment		4,767,481			—			—		4,767,481
Software		5,400,392			—			—		5,400,392
Specialty Retail		5,504,051			—			—		5,504,051
Technology Hardware, Storage & Peripherals		649,812			—			—		649,812
Textiles, Apparel & Luxury Goods		1,314,343			—			—		1,314,343
Tobacco		1,294,846			—			—		1,294,846
Trading Companies & Distributors		2,153,580			—			—		2,153,580
Transportation Infrastructure		147,249			—			—		147,249
Water Utilities		714,486			—			—		714,486
Wireless Telecommunication Services		2,149,132			—			—		2,149,132
Investment Companies		320,730			—			—		320,730
Preferred Stocks		536,105			—			—		536,105
Money Market Funds		5,135,233			—			—		5,135,233
Total Investments in Securities	$	191,059,142		$	132,417		$	—	$	191,191,559
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	35,315		$	—	$	35,315
Financial Futures Contracts		129,941			—			—		129,941
Total Assets - Other Financial Instruments	$	129,941		$	35,315		$	—	$	165,256
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	(160,659	)	$	—	$	(160,659	)
Financial Futures Contracts		(2,429,694	)		—			—		(2,429,694	)
Total Liabilities - Other Financial Instruments	$	(2,429,694	)	$	(160,659	)	$	—	$	(2,590,353	)

^! 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.

^ 7-Day net yield.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:
ADR	American Depositary Receipt
EAFE	Europe, Australasia and the Far East
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International
NA	National Association
OYJ	Public Limited Company
PCL	Public Company Limited
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SCA	Limited Partnership with Share Capital
SpA	Societa per Azioni

Currency Code Currency
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
USD	United States Dollar
ZAR	South African Rand

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

27	PORTFOLIOS OF INVESTMENTS
	Wilmington Global Alpha Equities Fund (concluded)

At October 31, 2019, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date	Counterparty	Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized (Depreciation)
CONTRACTS PURCHASED
11/1/2019	State Street Corp.		1,449,627 JPY		$ 13,318		$ 13,424		$      106		$            —
11/1/2019	State Street Corp.		1,218,123 HKD		155,363		155,453		90		—
11/1/2019	Goldman Sachs Bank USA		5,154 CAD		3,916		3,913		—		(3	)
11/5/2019	State Street Corp.		6,707,106 JPY		61,939		62,108		169		—
CONTRACTS SOLD
11/1/2019	Bank of New York Mellon		5,477 CAD		4,160		4,159		1		—
11/1/2019	Bank of New York Mellon		2,164 GBP		2,783		2,803		—		(20	)
11/4/2019	Bank of New York Mellon		16,346 HKD		2,082		2,085		—		(3	)
11/5/2019	Credit Suisse International		831,224 ZAR		55,087		55,010		77		—
11/5/2019	Bank of New York Mellon		190,795 JPY		1,750		1,766		—		(16	)
11/6/2019	Bank of New York Mellon		116,315 JPY		1,074		1,077		—		(3	)
12/18/2019	Standard Chartered Bank		544,100,000 JPY		5,078,592		5,055,306		23,286		—
12/18/2019	Standard Chartered Bank		200,900,000 JPY		1,869,633		1,866,589		3,044		—
12/18/2019	Goldman Sachs Bank USA		5,505,000 CAD		4,189,259		4,180,717		8,542		—
12/18/2019	JP Morgan Chase Bank, N.A.		3,187,000 EUR		3,537,618		3,566,958		—		(29,340	)
12/18/2019	Barclays Bank PLC		2,266,000 GBP		2,809,026		2,940,300		—		(131,274	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS									$35,315		$(160,659)

At October 31, 2019, the Global Alpha Equities Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Notional Amount(a)		Contract Amount		Contract at Value		Unrealized Appreciation(b)		Unrealized Depreciation(b)
SHORT POSITIONS:
E-Mini Russell 2000 Index		December 2019		84		6,566,280		$ 6,641,284		$ 6,566,280		$ 75,004		$              —
E-Mini S&P 500 Index		December 2019		137		20,795,230		20,535,918		20,795,230		—		(259,312	)
E-Mini S&P Mid 400 Index		December 2019		112		21,896,000		21,885,838		21,896,000		—		(10,162	)
Euro STOXX 50 Index		December 2019		178		6,424,020EUR		6,903,988		7,112,856		—		(208,868	)
FTSE 100 Index		December 2019		51		3,695,460GBP		4,661,439		4,622,848		38,591		—
MSCI EAFE Index		December 2019		307		30,043,020		29,078,779		30,043,020		—		(964,241	)
S&P TSX 60 Index		December 2019		14		2,757,720CAD		2,092,455		2,076,109		16,346		—
TOPIX Index		December 2019		88		1,468,280,000JPY		12,653,184		13,640,295		—		(987,111	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS												$129,941		$(2,429,694	)

(a) Notional Amount denominated in USD unless otherwise noted.

(b) 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 unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open until October 31, 2019. If variation margin settles the same day, then no amount may be shown in the Statements of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

28

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Inflation-Linked & Fixed Income Securities:
U.S. Government Inflation-Linked Securities		21.4	%
Mortgage-Backed Securities		4.6	%
Asset-Backed Securities		1.5	%
Corporate Bonds		1.5	%
Foreign Government Inflation-Linked Securities		1.1	%
Foreign Government Securities		0.2	%
Real Estate Related Securities:
Exchange-Traded Funds		29.8	%
Real Estate Investment Trusts		19.9	%
Common Stocks		11.4	%
Investment Companies		4.6	%
Commodity Related Securities:
Exchange-Traded Funds		11.9	%
Purchased Options		0.0	%3
Rights		0.0	%3
Written Options		0.0	%3
Cash Equivalents1		1.6	%
Other Assets and Liabilities – Net2		(9.5	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund and repurchase agreements.

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

(3) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Par Value (a)			Value
INFLATION-LINKED & FIXED INCOME SECURITIES – 30.3%
ASSET-BACKED SECURITIES – 1.5%
COLLATERALIZED LOAN OBLIGATION – 0.6%
Crown Point CLO Ltd., Series2018-5A, Class A, (3 Month USD LIBOR + 0.94%), 2.94%, 7/17/28D		200,000		$	199,295
Dryden Senior Loan Fund, Series2012-25A, Class ARR, (3 Month USD LIBOR + 0.90%), 2.89%, 10/15/27D		300,000			299,284
Euro-Galaxy CLO BV, Series2016-5A, Class ARV, (3 Month EURIBOR + 0.82%, Floor 0.82%), 0.82%, 11/10/30D		250,000	EUR		278,844

Description	Par Value (a)		Value
Figueroa CLO Ltd., Series2013-2A, Class A1RR, (3 Month USD LIBOR + 0.85%, Floor 0.85%), 3.01%, 6/20/27D		93,006	$	92,898
Shackleton CLO Ltd., Series2016-9A, Class AR, (3 Month USD LIBOR + 1.13%, Floor 1.13%), 3.10%, 10/20/28D		250,000		249,928
Symphony CLO Ltd., Series2016-17A, Class AR, (3 Month USD LIBOR + 0.88%), 2.88%, 4/15/28D		260,000		259,341
Venture CLO Ltd., Series2012-12A, Class ARR, (3 Month USD LIBOR + 0.80%, Floor 0.80%), 2.94%, 2/28/26D		233,353		232,779
WhiteHorse Ltd., Series2015-10A, Class A1R, (3 Month USD LIBOR + 0.93%, Floor 0.93%), 2.93%, 4/17/27D		230,705		230,129
TOTAL COLLATERALIZED LOAN OBLIGATION			$	1,842,498

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

29	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Par Value (a)		Value
DIVERSIFIED FINANCIAL SERVICES – 0.2%
Ameriquest Mortgage Securities Trust, Series2006-R1, Class M1, (1 Month USD LIBOR + 0.39%, Floor 0.39%), 2.21%, 3/25/36D		251,703		250,333
Bear Stearns Asset Backed Securities I Trust, Series2005-TC1, Class M2, (1 Month USD LIBOR + 0.98%, Floor 0.65%), 2.80%, 5/25/35D		545,623		528,843
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	779,176
WHOLE LOAN – 0.7%
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A3, (1 Month USD LIBOR + 0.22%, Floor 0.22%), 2.04%, 8/25/36D		637,249		637,323
Credit-Based Asset Servicing & Securitization LLC, Series2005-CB2, Class M2, (1 Month USD LIBOR + 0.95%, Floor 0.63%), 2.77%, 4/25/36D		199,273		190,055
LoanCore Issuer Ltd., Series 2019-CRE2, Class A, (1 Month USD LIBOR + 1.13%, Floor 1.13%), 3.04%, 5/15/36D		100,000		100,150
Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series2006-WF1, Class M2, (1 Month USD LIBOR + 0.29%, Floor 0.29%), 2.11%, 3/25/36D		200,000		190,518
OZLME BV, Class AR, (3 Month EURIBOR + 0.82%, Floor 0.82%), 0.82%, 1/18/30D		250,000EUR		279,024
Saxon Asset Securities Trust, Series2005-1, Class M2, (1 Month USD LIBOR + 0.72%, Cap 10.00%, Floor 0.48%), 2.67%, 5/25/35D		208,458		194,924
Sound Point CLO Ltd., Series2016-3A, Class AR, (3 Month USD LIBOR + 1.15%), 3.08%, 1/23/29D		250,000		249,928
SpringCastle Funding Asset-Backed Notes, Series2019-AA, Class A, 3.20%, 5/27/36		177,182		179,442
Starwood Commercial Mortgage Trust, Series2019-FL1, Class A, (1 Month USD LIBOR + 1.08%), 2.99%, 7/15/38D		200,000		200,425
TOTAL WHOLE LOAN			$	2,221,789
TOTAL ASSET-BACKED SECURITIES (COST $4,594,937)			$	4,843,463
CORPORATE BONDS – 1.5%
AUTOMOTIVE – 0.0%**
Ford Motor Credit Co. LLC, Sr. Unsecured, MTN, 3.55%, 10/07/22		200,000		201,456
COMMUNICATION SERVICES – 0.1%
AT&T, Inc.,
Sr. Unsecured,
(3 Month USD LIBOR + 0.75%), 2.89%, 6/01/21D		100,000		100,684
5.15%, 2/15/50		100,000		117,369
TOTAL COMMUNICATION SERVICES			$	218,053

Description	Par Value (a)		Value
ENERGY – 0.1%
Petrobras Global Finance BV, Company Guaranteed, 5.09%, 1/15/30		282,000	$	299,202
FINANCIALS – 1.2%
Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed, 3.80%, 9/15/22		250,000		260,645
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.32%, 9/15/20#,D		600,000		604,957
ING Bank NV, Covered Bonds, 2.63%, 12/05/22		200,000		204,846
International Lease Finance Corp., Sr. Unsecured, 8.25%, 12/15/20		100,000		106,508
Intesa Sanpaolo SpA, Sr. Unsecured, 6.50%, 2/24/21		300,000		315,087
Jyske Realkredit A/S, Covered Bonds,
1.00%, 10/01/50		2,595,876DKK		384,607
2.50%, 10/01/47		21,334DKK		3,314
Mitsubishi UFJ Lease & Finance Co. Ltd., Sr. Unsecured, 2.65%, 9/19/22		200,000		201,123
Nordea Kredit Realkreditaktieselskab, Covered Bonds,
1.00%, 10/01/50		3,895,240DKK		577,413
2.50%, 10/01/47		250DKK		39
Nykredit Realkredit A/S, Covered Bonds,
1.00%, 10/01/50		4,781,294DKK		708,936
2.50%, 10/01/47		59,977DKK		9,327
Realkredit Danmark A/S, 23S, Covered Bonds, MTN, 2.50%, 7/01/47		36,340DKK		5,658
UniCredit SpA, Sr. Unsecured, 7.83%, 12/04/23		400,000		471,878
TOTAL FINANCIALS			$	3,854,338
MULTI-UTILITIES – 0.0%**
Sempra Energy, Sr. Unsecured, (3 Month USD LIBOR + 0.45%), 2.57%, 3/15/21D		100,000		99,787
TOBACCO – 0.1%
BAT Capital Corp., Company Guaranteed, (3 Month USD LIBOR + 0.59%), 2.77%, 8/14/20D		100,000		100,215
Imperial Brands Finance PLC, Company Guaranteed, 3.13%, 7/26/24		200,000		201,375
TOTAL TOBACCO			$	301,590
TOTAL CORPORATE BONDS (COST $4,879,018)			$	4,974,426
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 1.1%
GOVERNMENT – 1.1%
Argentina Treasury Bill,
0.00%, 11/28/19‡		150,000ARS		777

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 30

     Wilmington Real Asset Fund (continued)

Description	Par Value (a)		Value
0.00%, 2/26/20‡		150,000ARS	$	1,221
Australia Government Bond, Sr. Unsecured,
1.25%, 2/21/22		160,000AUD		131,830
3.00%, 9/20/25		310,000AUD		316,345
French Republic Government Bond OAT, 2.10%, 7/25/23		400,000EUR		576,272
Japanese Government CPI Linked Bond, Sr. Unsecured,
0.10%, 3/10/28		30,273,000JPY		290,839
0.10%, 3/10/29		100,213,000JPY		962,783
Mexican Udibonos, 4.50%, 11/22/35		2,070,724MXN		124,715
New Zealand Government Inflation Linked Bond,
Sr. Unsecured, 2.00%, 9/20/25		1,150,000NZD		893,460
Peruvian Government International Bond, Sr. Unsecured, 5.94%, 2/12/29		200,000PEN		67,885
United Kingdom Gilt Inflation Linked Bond, Bonds, 0.13%, 8/10/28		187,853GBP		308,116
TOTAL GOVERNMENT			$	3,674,243
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST $3,869,818)			$	3,674,243
FOREIGN GOVERNMENT SECURITIES – 0.2%
GOVERNMENT – 0.2%
Argentina Bonar Bonds, (Argentina Deposit Rates Badlar Private Banks + 2.00%), 56.70%, 4/03/22D		129,000ARS		1,029
Argentina POM Politica Monetaria, (Argentina Cental Bank + 0.00%), 72.61%, 6/21/20D		6,920,000ARS		62,146
Corp. Andina de Fomento, Series 11U, Sr. Unsecured, 3.95%, 10/15/21		5,238,346MXN		269,751
Peru Government Bond, Sr. Unsecured, 6.15%, 8/12/32		700,000PEN		240,662
TOTAL GOVERNMENT			$	573,588
TOTAL FOREIGN GOVERNMENT SECURITIES (COST $905,151)			$	573,588
MORTGAGE-BACKED SECURITIES – 4.6%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.5%
Fannie Mae Pool,
2.50%, 12/01/49		400,000		397,547
3.00%, 12/01/49		3,600,000		3,655,547
3.50%, 9/01/45		129,178		134,598
3.50%, 9/01/46		487,794		508,633
3.50%, 12/01/49		3,970,000		4,077,004
4.00%, 12/01/49		2,400,000		2,492,250
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	11,265,579

Description	Par Value (a)		Value
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.1%
Ginnie Mae Pool, Series2018-H15, Class FG,
(12 Month USD LIBOR + 0.15%, Cap 7.50%, Floor 0.15%), 2.27%, 8/20/68D		97,801	$	94,674
(1 Month USD LIBOR + 0.40%, Cap 6.50%, Floor 0.40%), 2.25%, 2/20/49D		281,167		280,958
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	375,632
WHOLE LOAN – 1.0%
Bancorp Commercial Mortgage Trust, Series 2019-CRE6, Class A, (1 Month USD LIBOR + 1.05%, Floor 1.05%), 3.10%, 9/15/36D		200,000		200,374
CSMC Trust, Series 2019-RPL9, Class A1, 3.32%, 10/27/59D		100,000		100,856
European Loan Conduit No 36 DAC, Class A1, (3 Month EURIBOR + 1.00%, Cap 5.00%, Floor 1.00%), 1.00%, 2/17/30D		100,000EUR		111,948
Grifonas Finance PLC, Series 1, Class A, (6 Month EURIBOR + 0.28%), 0.00%, 8/28/39D		376,824EUR		394,558
Hawksmoor Mortgages, Series2019-1A, Class A, (Sterling Overnight Index Average + 1.05%), 0.00%, 5/25/53D		300,000GBP		389,174
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, (1 Month USD LIBOR + 1.45%, Floor 1.45%), 3.36%, 12/15/31D		100,000		100,125
New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.75%, 7/25/59D		400,000		403,714
Sequoia Mortgage Trust, Series 6, Class A, (1 Month USD LIBOR + 0.64%, Cap 11.00%, Floor 0.32%), 2.49%, 4/19/27D		421,480		412,150
Towd Point Mortgage Funding PLC, Series 2019-GR4A, Class A1, (3 Month GBP LIBOR + 1.03%), 1.82%, 10/20/51D		266,678GBP		346,148
Trinity Square PLC, Series2015-1A, Class A, (3 Month GBP LIBOR + 1.15%), 1.94%, 7/15/51D		292,308GBP		380,794
WaMu Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A4,
3.52%, 11/25/36D		155,888		152,079
4.21%, 3/25/37D		52,507		52,310
TOTAL WHOLE LOAN			$	3,044,230
TOTAL MORTGAGE-BACKED SECURITIES (COST $14,582,796)			$	14,685,441
U.S. GOVERNMENT INFLATION–LINKED SECURITIES – 21.4%
U.S. TREASURY INFLATION INDEXED BONDS – 21.4%
U.S. Treasury Inflation Indexed Bond,
0.13%, 4/15/20		608,000		662,588
0.13%, 4/15/21		2,597,000		2,790,081
0.13%, 1/15/22		622,000		700,528

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

31	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Par Value (a)		Value
0.13%, 4/15/22		4,929,000	$	5,160,098
0.13%, 1/15/23		1,653,000		1,826,791
0.13%, 7/15/26		3,331,000		3,563,817
0.25%, 1/15/25		1,958,000		2,128,382
0.25%, 7/15/29		1,080,000		1,095,522
0.38%, 7/15/23		1,999,000		2,222,498
0.38%, 7/15/25		4,227,000		4,642,946
0.38%, 1/15/27		989,000		1,063,776
0.38%, 7/15/27		1,660,000		1,771,549
0.50%, 1/15/28		2,468,000		2,634,522
0.63%, 7/15/21		312,000		357,596
0.63%, 4/15/23		300,000		313,137
0.63%, 1/15/24		591,000		660,704
0.63%, 1/15/26		6,908,000		7,656,498
0.63%, 2/15/43		276,000		314,212
0.75%, 7/15/28		1,690,000		1,816,959
0.75%, 2/15/42		839,000		998,690
0.75%, 2/15/45		483,000		549,956
0.88%, 2/15/47		962,000		1,102,432
1.00%, 2/15/46		1,394,000		1,670,592
1.00%, 2/15/48		1,174,000		1,359,786
1.00%, 2/15/49		1,050,000		1,205,791
1.25%, 7/15/20		983,000		1,164,971
1.38%, 2/15/44		2,547,000		3,338,161
1.75%, 1/15/28		2,347,000		3,233,775
2.00%, 1/15/26		721,000		1,034,449
2.13%, 2/15/40		210,000		328,465
2.13%, 2/15/41		659,000		1,026,640
2.38%, 1/15/25		1,253,000		1,896,864
2.38%, 1/15/27		594,000		872,480
2.50%, 1/15/29		2,113,000		3,052,743
3.38%, 4/15/32		146,000		291,245
3.63%, 4/15/28		1,868,000		3,802,913
3.88%, 4/15/29		191,000		399,719
TOTAL U.S. TREASURY INFLATION INDEXED BONDS			$	68,711,876
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $66,747,586)			$	68,711,876
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $95,579,306)			$	97,463,037
	Number of Shares
REAL ESTATE RELATED SECURITIES – 65.7%
COMMON STOCKS – 11.4%
DIVERSIFIED – 0.0%**
Argosy Property Ltd.		61,413	$	55,519

Description	Number of Shares			Value
Star Mica Holdings Co. Ltd.		1,200		$	21,846
TOTAL DIVERSIFIED				$	77,365
DIVERSIFIED REAL ESTATE ACTIVITIES – 5.4%
Airport City Ltd.*		6,795			128,209
Allreal Holding AG*		1,179			229,705
CapitaLand Ltd.		224,500			594,068
Chinese Estates Holdings Ltd.		75,000			54,556
City Developments Ltd.		56,000			444,147
Daito Trust Construction Co. Ltd.		6,900			918,168
Daiwa House Industry Co. Ltd.		59,400			2,054,440
Dear Life Co. Ltd.		4,200			20,069
DIC Asset AG		3,489			48,641
Far East Consortium International Ltd.		117,000			49,572
Hang Lung Properties Ltd.		176,000			387,670
Heiwa Real Estate Co. Ltd.		4,300			104,205
Hembla AB*		2,744			61,100
Henderson Land Development Co. Ltd.		144,735			724,973
K Wah International Holdings Ltd.		120,000			65,697
Kenedix, Inc.		21,300			116,569
Kerry Properties Ltd.		52,000			168,556
Lendlease Group		51,848			668,008
Leopalace21 Corp.*		9,900			27,228
Mitsubishi Estate Co. Ltd.		124,000			2,419,946
Mitsui Fudosan Co. Ltd.		88,400			2,276,511
Mobimo Holding AG*		592			166,828
Nippon Commercial Development Co. Ltd.		1,200			17,179
Nomura Real Estate Holdings, Inc.		11,800			281,259
OUE Ltd.		34,900			37,197
Property & Building Corp. Ltd.		169			18,658
Quabit Inmobiliaria SA*		9,616			8,408
SAMTY Co. Ltd.		2,600			49,284
Shinoken Group Co. Ltd.		5,200			53,883
Sumitomo Realty & Development Co. Ltd.		41,700			1,522,577
Sun Frontier Fudousan Co. Ltd.		3,400			41,654
Sun Hung Kai Properties Ltd.		133,000			2,018,096
Tokyo Tatemono Co. Ltd.		20,900			299,788
Tokyu Fudosan Holdings Corp.		59,500			397,254
Tricon Capital Group, Inc.		13,061			105,710
UOL Group Ltd.		48,300			276,923
Wharf Holdings Ltd.		59,000			134,174
Wheelock & Co. Ltd.		68,000			421,315
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES				$	17,412,225
OFFICE – 0.0%**
Precinct Properties New Zealand Ltd.		94,100			109,804
REAL ESTATE DEVELOPMENT – 1.1%
ADLER Real Estate AG*		4,597	��		53,014

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 32

     Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Aedas Homes SAU*		1,151	$	26,573
Aveo Group		50,383		74,326
Buwog AG Escrow Shares		3,077		—
Cedar Woods Properties Ltd.		4,976		24,354
China Merchants Land Ltd.*		134,000		18,982
CK Asset Holdings Ltd.		231,500		1,616,020
DREAM Unlimited Corp., Class A		9,069		69,476
Forestar Group, Inc.*		1,558		29,259
Goldcrest Co. Ltd.		2,100		43,560
Greenland Hong Kong Holdings Ltd.		101,000		34,930
Helical PLC		12,067		61,195
Howard Hughes Corp. (The)*		493		55,127
Katitas Co. Ltd.		2,100		91,300
Metrovacesa SA		3,401		32,090
Nexity SA		4,185		216,480
Oxley Holdings Ltd.		80,600		20,143
Road King Infrastructure Ltd.		39,000		71,471
Selvaag Bolig ASA		6,948		38,306
Sino Land Co. Ltd.		288,000		431,488
St. Modwen Properties PLC		19,519		114,031
TAG Immobilien AG*		12,649		307,260
Tosei Corp.		2,300		29,200
TOTAL REAL ESTATE DEVELOPMENT			$	3,458,585
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
ADO Properties SA		2,707		110,198
Aeon Mall Co. Ltd.		9,800		157,541
Ascendas India Trust		32,800		39,299
Atrium Ljungberg AB, Class B		1,933		38,477
Urban & Civic PLC		6,245		26,695
Wheelock Properties Singapore Ltd.*		40,300		62,207
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	434,417
REAL ESTATE OPERATING COMPANIES – 4.6%
ADO Group Ltd.*		4,400		124,230
Alony Hetz Properties & Investments Ltd.		10,933		157,739
Amot Investments Ltd.		12,568		88,435
Aroundtown SA		74,951		632,463
Azrieli Group Ltd.		3,114		239,882
Big Shopping Centers Ltd.*		442		39,993
CA Immobilien Anlagen AG		6,297		242,997
Capital & Counties Properties PLC		88,801		293,323
Castellum AB		22,751		464,765
Catena AB		1,465		53,559
Chip Eng Seng Corp. Ltd.		112,300		50,766
Citycon OYJ		5,848		61,244
Daibiru Corp.		5,100		57,003
Deutsche EuroShop AG		5,895		176,333
Deutsche Wohnen SE		32,071		1,206,123

Description	Number of Shares		Value
Dios Fastigheter AB		6,443	$	53,649
Entra ASA		12,192		182,426
Fabege AB		23,717		353,703
Fastighets AB Balder, Class B*		8,607		333,380
First Capital Realty, Inc.		15,136		250,524
Gazit-Globe Ltd.		8,742		88,128
Grainger PLC		52,462		174,513
Grand City Properties SA		8,643		202,045
Hang Lung Group Ltd.		75,000		188,171
Hemfosa Fastigheter AB		14,798		152,414
Hongkong Land Holdings Ltd.		107,200		589,600
Hufvudstaden AB, Class A		10,114		169,165
Hulic Co. Ltd.		44,600		487,754
Hysan Development Co. Ltd.		59,001		233,039
Ichigo, Inc.		23,100		92,622
IMMOFINANZ AG*		8,216		235,955
Intershop Holding AG		103		56,590
Japan Property Management Center Co. Ltd.		1,900		25,951
Jerusalem Economy Ltd.*		17,713		75,587
Keihanshin Building Co. Ltd.		10,000		125,567
Kennedy-Wilson Holdings, Inc.		2,630		60,516
Klovern AB, Class B		62,004		108,266
Kungsleden AB		16,738		152,027
Langham Hospitality Investments & Langham Hospitality Investments Ltd.		59,000		16,715
LEG Immobilien AG		5,404		620,186
MAS Real Estate, Inc.		39,652		49,596
Melisron Ltd.		1,293		78,289
Nyfosa AB*		14,798		98,851
PSP Swiss Property AG		3,582		473,848
S IMMO AG		4,007		101,446
Sagax AB, Class D		20,735		78,704
Samhallsbyggnadsbolaget i Norden AB		27,244		62,356
Samhallsbyggnadsbolaget i Norden AB		6,805		23,962
Swire Properties Ltd.		93,000		293,149
Swiss Prime Site AG*		6,816		701,982
Takara Leben Co. Ltd.		12,400		53,049
TLG Immobilien AG		6,412		187,722
TOC Co. Ltd.		6,500		47,491
Unizo Holdings Co. Ltd.		3,000		138,763
Vonovia SE		48,312		2,570,727
Wallenstam AB, Class B		16,464		180,230
Wharf Real Estate Investment Co. Ltd.		103,000		607,278
Wihlborgs Fastigheter AB		12,095		182,758
Zhuguang Holdings Group Co. Ltd.*		166,000		22,667
TOTAL REAL ESTATE OPERATING COMPANIES			$	14,870,216

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

33	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
RETAIL – 0.1%
Kiwi Property Group Ltd.		137,052	$	139,715
TOTAL COMMON STOCKS (COST $29,310,798)			$	36,502,327
EXCHANGE-TRADED FUNDS – 29.8%
EQUITY FUNDS – 29.8%
Schwab U.S. REIT ETF#		563,301		26,858,192
Vanguard Globalex-U.S. Real Estate ETF		1,133,300		69,017,970
TOTAL EQUITY FUNDS			$	95,876,162
TOTAL EXCHANGE-TRADED FUNDS (COST $85,493,651)			$	95,876,162
INVESTMENT COMPANIES – 4.6%
DIVERSIFIED – 4.6%
Tortoise MLP & Pipeline Fund		1,210,246		14,680,286
REAL ESTATE OPERATING COMPANIES – 0.0%**
BMO Commercial Property Trust		83,316		126,702
TOTAL INVESTMENT COMPANIES (COST $16,266,473)			$	14,806,988
REAL ESTATE INVESTMENT TRUSTS – 19.9%
DIVERSIFIED – 4.4%
Abacus Property Group		29,788		80,084
Activia Properties, Inc.		60		316,696
American Assets Trust, Inc.		1,696		83,036
American Finance Trust, Inc.		1,372		20,305
Artis REIT		7,721		72,690
Charter Hall Group		39,423		307,092
Charter Hall Long Wale REIT		21,422		84,764
Cofinimmo SA		2,288		338,369
Colony Capital, Inc.		3,993		22,361
Cominar REIT		7,650		78,004
Covivio		4,869		551,185
Daiwa House REIT Investment Corp.		165		480,531
Dream Global REIT		8,629		109,279
Equinix, Inc.		1,519		860,939
Gecina SA		4,805		824,217
Gladstone Commercial Corp.		1,116		26,293
Global Net Lease, Inc.		1,038		20,220
Goodman Property Trust		95,209		130,022
GPT Group (The)		171,647		704,034
Growthpoint Properties Australia Ltd.		18,802		55,215
H&R REIT		13,001		219,924
Hamborner REIT AG		5,966		64,210
Hankyu Hanshin REIT, Inc.		60		102,176
Heiwa REIT, Inc.		76		100,498
Hulic REIT, Inc.		97		185,215

Description	Number of Shares		Value
ICADE		3,568	$	349,390
Ichigo Hotel REIT Investment Corp.		61		76,991
Kenedix Office Investment Corp.		36		282,026
Land Securities Group PLC		71,514		870,778
Lar Espana Real Estate Socimi SA		6,779		61,392
Lexington Realty Trust		4,640		50,483
Liberty Property Trust		3,085		182,231
LondonMetric Property PLC		69,357		208,253
LXI REIT PLC		19,555		31,765
Mapletree North Asia Commercial Trust		222,200		209,060
Marimo Regional Revitalization REIT, Inc.		21		26,369
Merlin Properties Socimi SA		30,735		452,479
Mirvac Group		346,071		765,792
NIPPON REIT Investment Corp.		35		152,005
Nomura Real Estate Master Fund, Inc.		396		757,237
NSI NV		1,341		61,246
Picton Property Income Ltd. (The)		81,986		98,448
Premier Investment Corp.		115		172,622
PS Business Parks, Inc.		356		64,276
RDI REIT PLC		25,734		43,202
REIT 1 Ltd.		11,700		74,029
Sakura Sogo REIT Investment Corp.		46		41,915
Samty Residential Investment Corp.		22		24,773
Schroder REIT Ltd.		71,756		51,308
Sekisui House REIT, Inc.		373		345,057
Soilbuild Business Space REIT		134,120		49,785
Star Asia Investment Corp.		58		63,215
Stockland		221,407		746,347
STORE Capital Corp.		3,851		155,966
Sunlight REIT		139,000		94,370
Suntec REIT		241,100		329,631
Takara Leben Real Estate Investment Corp.		39		45,360
Tokyu REIT, Inc.		87		167,571
Tosei REIT Investment Corp.		15		19,238
United Urban Investment Corp.		274		553,125
VEREIT, Inc.		20,622		202,920
Washington REIT		2,685		83,289
WP Carey, Inc.		3,500		322,210
XYMAX REIT Investment Corp.		19		23,453
Yuexiu REIT		140,000		93,084
TOTAL DIVERSIFIED			$	14,240,050
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Sella Capital Real Estate Ltd.		10,469		28,813
U.K. Commercial Property REIT Ltd.		51,100		58,051
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES**			$	86,864
INDUSTRIALS – 2.8%
AIMS APAC REIT		42,000		42,295

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 34

       Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Americold Realty Trust		3,463	$	138,832
APN Industria REIT		12,124		24,739
Ascendas REIT		235,600		548,974
Cache Logistics Trust		157,500		83,934
Dream Industrial REIT		7,428		75,797
Duke Realty Corp.		7,255		254,941
EastGroup Properties, Inc.		609		81,576
ESR-REIT		226,200		88,954
First Industrial Realty Trust, Inc.		3,581		150,796
Frasers Logistics & Industrial Trust		129,700		120,124
GLPJ-REIT		342		445,908
Goodman Group		140,703		1,395,740
Granite REIT		1,863		92,252
Hansteen Holdings PLC		66,138		88,071
Industrial & Infrastructure Fund Investment Corp.		153		239,864
Industrial Logistics Properties Trust		1,411		29,970
Innovative Industrial Properties, Inc.#		400		30,400
Japan Logistics Fund, Inc.		75		190,782
LaSalle Logiport REIT		103		153,465
Mapletree Industrial Trust		117,100		219,490
Mapletree Logistics Trust		256,150		316,316
Mitsubishi Estate Logistics REIT Investment Corp.		19		62,196
Mitsui Fudosan Logistics Park, Inc.		30		125,150
Monmouth Real Estate Investment Corp.		3,795		57,229
Montea CVA		826		74,897
Nippon Prologis REIT, Inc.		197		550,921
Prologis, Inc.		13,300		1,167,208
Rexford Industrial Realty, Inc.		2,066		99,354
Segro PLC		94,333		1,031,567
STAG Industrial, Inc.		2,307		71,609
Summit Industrial Income REIT		4,836		46,924
Terreno Realty Corp.		2,213		124,835
Tritax Big Box REIT PLC		152,077		296,081
Warehouses De Pauw CVA		1,462		271,000
TOTAL INDUSTRIALS			$	8,792,191
OFFICE – 3.2%
Alexandria Real Estate Equities, Inc.		2,345		372,269
Allied Properties REIT		4,641		188,797
alstria Office REIT AG		13,125		245,924
Befimmo SA		2,034		131,347
Boston Properties, Inc.		3,407		467,440
Brandywine Realty Trust		3,649		55,757
CapitaLand Commercial Trust		254,100		382,892
Champion REIT		160,000		106,177
City Office REIT, Inc.		2,823		38,223

Description	Number of Shares		Value
Columbia Property Trust, Inc.		2,483	$	50,951
Corporate Office Properties Trust		1,589		47,098
Cousins Properties, Inc.		2,925		117,380
Cromwell Property Group		145,377		132,786
Daiwa Office Investment Corp.		25		199,324
Derwent London PLC		9,493		436,536
Dexus		96,537		796,578
Douglas Emmett, Inc.		3,244		140,530
Dream Office REIT		3,839		85,402
Easterly Government Properties, Inc.		1,055		23,548
Equity Commonwealth		1,627		52,357
Franklin Street Properties Corp.		2,608		22,429
Frasers Commercial Trust		88,500		106,685
GDI Property Group		37,938		40,798
Global One Real Estate Investment Corp.		77		104,387
Great Portland Estates PLC		23,982		244,669
Green REIT PLC		51,631		109,755
Hibernia REIT PLC		74,159		115,462
Highwoods Properties, Inc.		1,546		72,353
Hudson Pacific Properties, Inc.		3,031		108,874
Ichigo Office REIT Investment		123		126,542
Inmobiliaria Colonial Socimi SA		29,584		382,082
Intervest Offices & Warehouses NV		1,705		51,533
Invesco OfficeJ-REIT, Inc.		775		156,521
Japan Excellent, Inc.		112		192,803
Japan Prime Realty Investment Corp.		79		379,674
Japan Real Estate Investment Corp.		122		832,614
JBG SMITH Properties		2,118		85,271
Keppel REIT		179,700		159,827
Kilroy Realty Corp.		2,079		174,490
Mack-Cali Realty Corp.		2,859		61,240
Manulife US REIT		116,035		106,172
MCUBS MidCity Investment Corp.		153		177,666
Mirai Corp.		156		91,731
Mori Hills REIT Investment Corp.		135		223,271
Mori Trust Sogo REIT, Inc.		86		156,487
Nippon Building Fund, Inc.		123		933,975
Office Properties Income Trust		693		22,093
One REIT, Inc.		16		50,301
Orix JREIT, Inc.		236		534,109
OUE Commercial Real Estate Investment Trust		118,851		47,175
Prosperity REIT		177,000		69,798
Regional REIT Ltd.		31,547		43,071
SL Green Realty Corp.		413		34,527
Slate Office REIT		7,516		34,981
Vornado Realty Trust		1,844		121,022

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

35	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Workspace Group PLC		11,242	$	147,808
TOTAL OFFICE			$	10,393,512
RESIDENTIAL – 2.0%
Advance Residence Investment Corp.		117		388,953
American Campus Communities, Inc.		3,170		158,437
American Homes 4 Rent, Class A		5,298		140,238
Apartment Investment & Management Co., Class A		3,340		183,299
Ascott Residence Trust		105,500		107,016
AvalonBay Communities, Inc.		2,946		641,226
Bluerock Residential Growth REIT, Inc.		2,866		34,449
Boardwalk REIT		1,850		61,353
Camden Property Trust		1,986		227,139
Canadian Apartment Properties REIT		6,606		275,054
Civitas Social Housing PLC		79,469		87,499
Comforia Residential REIT, Inc.		53		172,757
Empiric Student Property PLC		50,467		61,450
Equity LifeStyle Properties, Inc.		3,782		264,513
Equity Residential		7,757		687,736
Essex Property Trust, Inc.		1,414		462,562
Front Yard Residential Corp.		2,160		26,719
Independence Realty Trust, Inc.		2,017		31,062
Ingenia Communities Group		27,070		82,107
InterRent REIT		6,334		75,069
Investors Real Estate Trust		389		29,436
Invitation Homes, Inc.		7,060		217,377
Irish Residential Properties REIT PLC		33,709		66,018
Japan Rental Housing Investments, Inc.		146		140,065
Kenedix Residential Next Investment Corp.		81		166,890
Killam Apartment REIT		2,717		40,247
Mid-America Apartment Communities, Inc.		2,435		338,441
NexPoint Residential Trust, Inc.		608		29,652
Nippon Accommodations Fund, Inc.		40		251,875
Northview Apartment REIT		2,317		50,770
Starts Proceed Investment Corp.		25		48,616
Sun Communities, Inc.		1,632		265,445
UDR, Inc.		5,732		288,033
UMH Properties, Inc.		2,326		34,727
UNITE Group PLC (The)		23,505		342,532
TOTAL RESIDENTIAL			$	6,478,762
RETAIL – 4.7%
Acadia Realty Trust		779		21,796
AEON REIT Investment Corp.		136		195,707
Agree Realty Corp.		997		78,534
Altarea SCA		324		71,187
British Land Co. PLC (The)		90,072		724,086

Description	Number of Shares		Value
Brixmor Property Group, Inc.		9,217	$	202,958
Brookfield Property REIT, Inc., Class A		4,282		80,930
BWP Trust		53,889		154,166
CapitaLand Mall Trust		251,300		469,184
CapitaLand Retail China Trust		80,085		89,477
Charter Hall Retail REIT		39,382		119,723
Choice Properties REIT		15,070		159,041
Crombie REIT		2,904		34,881
CT REIT		2,299		25,851
Essential Properties Realty Trust, Inc.		809		20,759
Eurocommercial Properties NV		5,197		165,772
Federal Realty Investment Trust		1,666		226,593
Fortune REIT		134,000		157,326
Frasers Centrepoint Trust		44,023		88,988
Frontier Real Estate Investment Corp.		42		187,656
Fukuoka REIT Corp.		71		121,829
Getty Realty Corp.		2,065		69,260
Hammerson PLC		72,357		271,811
Immobiliare Grande Distribuzione SIIQ SpA		5,023		32,268
Japan Retail Fund Investment Corp.		234		546,051
Kenedix Retail REIT Corp.		44		121,256
Kimco Realty Corp.		8,123		175,132
Kite Realty Group Trust		2,614		46,581
Klepierre SA		16,289		606,600
Link REIT		183,500		2,001,043
Macerich Co. (The)#		686		18,865
Mapletree Commercial Trust		162,300		277,966
Mercialys SA		1,425		19,866
National Retail Properties, Inc.		3,543		208,718
NewRiver REIT PLC		47,903		124,723
Realty Income Corp.		6,355		519,775
Regency Centers Corp.		3,297		221,690
Retail Estates NV		687		65,588
Retail Opportunity Investments Corp.		3,914		73,055
Retail Properties of America, Inc., Class A		2,889		39,753
Retail Value, Inc.		409		14,973
RioCan REIT		13,092		262,715
Sasseur Real Estate Investment Trust		34,300		20,044
Saul Centers, Inc.		797		42,671
Scentre Group		481,764		1,271,960
Seritage Growth Properties, Class A#		1,064		46,273
Shaftesbury PLC		20,795		254,553
Shopping Centres Australasia Property Group		87,427		162,121
Simon Property Group, Inc.		5,899		888,861
SITE Centers Corp.		1,587		24,646
Slate Retail REIT, Class U		2,021		19,871

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 36

       Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
SmartCentres REIT		6,442	$	155,731
SPH REIT		57,300		48,015
Spirit Realty Capital, Inc.		1,365		68,032
Starhill Global REIT		128,800		70,059
Tanger Factory Outlet Centers, Inc.#		1,142		18,409
True North Commercial Real Estate Investment Trust		3,946		21,451
Unibail-Rodamco-Westfield		54,500		417,023
Unibail-Rodamco-Westfield		9,335		1,443,530
Urban Edge Properties		3,090		65,230
Vastned Retail NV		2,871		86,134
Vicinity Centres		313,756		577,489
Viva Energy REIT		30,988		61,735
Wereldhave NV		2,595		61,357
TOTAL RETAIL			$	14,939,328
SPECIALIZED – 2.8%
Aedifica SA		1,995		239,857
Arena REIT		17,467		36,484
Ascendas Hospitality Trust		89,000		75,232
Assura PLC		220,888		214,024
Big Yellow Group PLC		12,620		186,687
CareTrust REIT, Inc.		3,065		74,296
CDL Hospitality Trusts		63,800		76,910
Charter Hall Social Infrastructure REIT		30,135		75,408
CoreCivic, Inc.		2,464		37,601
CoreSite Realty Corp.		840		98,700
CubeSmart		4,498		142,587
CyrusOne, Inc.		1,898		135,289
Digital Realty Trust, Inc.#		4,574		581,081
EPR Properties		1,738		135,199
Extra Space Storage, Inc.		2,766		310,539
Far East Hospitality Trust		83,900		45,020
First REIT		98,000		73,476
Four Corners Property Trust, Inc.		1,094		31,343
Frasers Hospitality Trust		76,900		41,546
Gaming and Leisure Properties, Inc.		4,280		172,741
GEO Group, Inc. (The)		2,244		34,154
HCP, Inc.		10,314		388,013
Health Care & Medical Investment Corp.		17		21,866
Healthcare Realty Trust, Inc.		3,364		116,966
Healthcare Trust of America, Inc., Class A		3,868		119,908
Hoshino Resorts REIT, Inc.		19		103,806
Host Hotels & Resorts, Inc.		11,826		193,828
Hotel Property Investments		10,758		23,731
Invincible Investment Corp.		543		343,429
Iron Mountain, Inc.		3,529		115,751
Itochu Advance Logistics Investment Corp.		19		22,310

Description	Number of Shares		Value
Japan Hotel REIT Investment Corp.		408	$	338,898
Keppel DC REIT		87,295		128,333
Life Storage, Inc.		995		108,375
LTC Properties, Inc.		1,511		78,345
Medical Properties Trust, Inc.		8,747		181,325
Mori Trust Hotel REIT, Inc.		32		43,530
National Health Investors, Inc.		1,042		89,393
National Storage Affiliates Trust		816		27,883
National Storage REIT		65,695		84,234
NorthWest Healthcare Properties REIT		7,784		70,683
Omega Healthcare Investors, Inc.#		4,965		218,659
Ooedo Onsen REIT Investment Corp.		20		18,317
Park Hotels & Resorts, Inc.		3,181		73,958
Parkway Life REIT		38,800		93,260
Physicians Realty Trust		3,999		74,661
Primary Health Properties PLC		82,460		151,036
Public Storage		3,166		705,575
QTS Realty Trust, Inc., Class A#		1,471		78,831
Rural Funds Group		39,901		48,685
Ryman Hospitality Properties, Inc.		1,260		106,054
Sabra Health Care REIT, Inc.		2,267		55,768
Safestore Holdings PLC		18,399		166,952
Senior Housing Properties Trust		2,134		21,180
Summit Hotel Properties, Inc.		3,569		43,756
Sunstone Hotel Investors, Inc.		1,395		18,846
Universal Health Realty Income Trust		726		86,561
Ventas, Inc.		8,043		523,599
VICI Properties, Inc.		6,191		145,798
Vital Healthcare Property Trust		24,302		41,446
Welltower, Inc.		8,578		777,939
Xenia Hotels & Resorts, Inc.		4,295		90,410
TOTAL SPECIALIZED			$	8,960,072
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $48,591,702)			$	63,890,779
TOTAL REAL ESTATE RELATED SECURITIES (COST $179,662,624)			$	211,076,256

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

37	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
COMMODITY RELATED SECURITIES – 11.9%
EXCHANGE-TRADED FUNDS – 11.9%
COMMODITY FUNDS – 11.9%
iShares Commodities Select Strategy ETF		409,100	$	13,001,198
iShares Gold Trust*		578,500		8,365,110
iShares Silver Trust#,*		202,600		3,427,992
SPDR S&P Global Natural Resources ETF		308,300		13,531,287
TOTAL COMMODITY FUNDS			$	38,325,587
TOTAL EXCHANGE-TRADED FUNDS (COST $37,887,507)			$	38,325,587
TOTAL COMMODITY RELATED SECURITIES (COST $37,887,507)			$	38,325,587
PURCHASED OPTIONS – 0.0%**
TOTAL PURCHASED OPTIONS
(SEE OPEN OPTION CONTRACTS TABLE)
(COST $68,028)			$	50,633
SHORT-TERM INVESTMENTS – 0.6%
MONEY MARKET FUND – 0.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		1,761,235	$	1,761,235
TOTAL SHORT-TERM INVESTMENTS (COST $1,761,235)			$	1,761,235
RIGHT – 0.0%**
Mapletree Commercial Trust*		11,523	$	762
TOTAL RIGHT (COST $0)			$	762

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.0%
REPURCHASE AGREEMENTS – 1.0%
Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $237,484, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $242,223.	$	237,473	$	237,473
BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $608,846.		596,908		596,908
Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $608,846.		596,908		596,908
HSBC Securities USA, Inc., 1.73%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 12/20/32 to 6/20/69; total market value of $608,846.		596,908		596,908
Nomura Securities International, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/05/19 to 9/20/69; total market value of $608,847.		596,908		596,908
RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $608,846.		596,908		596,908
TOTAL REPURCHASE AGREEMENTS (COST $3,222,013)			$	3,222,013
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $3,222,013)			$	3,222,013
TOTAL INVESTMENTS IN SECURITIES 109.5% (COST $318,180,713)			$	351,899,523
WRITTEN OPTIONS – 0.0%**
TOTAL WRITTEN OPTIONS
(SEE OPEN OPTION CONTRACTS TABLE)
(PREMIUMS RECEIVED $(208,046))			$	(84,115	)
COLLATERAL FOR SECURITIES ON LOAN – (1.0%)				(3,222,013	)
OTHER LIABILITIES LESS ASSETS – (8.5%)				(27,363,389	)
TOTAL NET ASSETS – 100.0%			$	321,230,006

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 38

Wilmington Real Asset Fund (continued)

Cost of investments for Federal income tax purposes is $324,093,521. The net unrealized appreciation/(depreciation) of investments was $27,210,686. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $39,950,884 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(12,740,198).

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, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3		Total
Assets
Investments in Securities
Inflation-Linked & Fixed Income Securities
Asset-Backed Securities	$	—		$	4,843,463		$	—	$	4,843,463
Corporate Bonds		—			4,974,426			—		4,974,426
Foreign Government Inflation-Linked Securities		—			3,674,243			—		3,674,243
Foreign Government Securities		—			573,588			—		573,588
Mortgage-Backed Securities		—			14,685,441			—		14,685,441
U.S. Government Inflation-Linked Securities		—			68,711,876			—		68,711,876
Real Estate Related Securities
Common Stocks		36,410,920			91,407			—		36,502,327
Exchange-Traded Funds		95,876,162			—			—		95,876,162
Investment Companies		14,806,988			—			—		14,806,988
Real Estate Investment Trusts		63,094,201			796,578			—		63,890,779
Commodity Related Securities
Exchange-Traded Funds		38,325,587			—			—		38,325,587
Purchased Options		—			50,633			—		50,633
Right		—			762			—		762
Money Market Fund		1,761,235			—			—		1,761,235
Repurchase Agreements		—			3,222,013			—		3,222,013
Total Investments in Securities	$	250,275,093		$	101,624,430		$	—	$	351,899,523
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	109,787		$	—	$	109,787
Financial Futures Contracts		163,376			—			—		163,376
Credit Default Swaps		—			57,124			—		57,124
Interest Rate Swaps		—			457,203			—		457,203
Written Options		—			22,022			—		22,022
Total Assets - Other Financial Instruments	$	163,376		$	646,136		$	—	$	809,512
Liabilities
Other Financial Instruments!
Written Options	$	—		$	(106,137	)	$	—	$	(106,137	)
Forward Foreign Currency Contracts		—			(339,904	)		—		(339,904	)
Financial Futures Contracts		(51,848	)		—			—		(51,848	)
Credit Default Swaps		—			(22,902	)		—		(22,902	)
Interest Rate Swaps		—			(821,107	)		—		(821,107	)
Total Liabilities - Other Financial Instruments	$	(51,848	)	$	(1,290,050	)	$	—	$	(1,341,898	)

^!  Other financial instruments are derivative instruments. Forward foreign currency contracts, financial futures contracts, credit default swaps and interest rate swaps are valued at the unrealized appreciation (depreciation) on the instrument and written options are reported at their fair value at period end.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

39	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

(a) Par Value denominated in USD unless otherwise noted.

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

D 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.

‡ Zero coupon security. The rate shown reflects the effective yield at purchase date.

^ 7-Day net yield.

* Non-income producing security.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:
CDX	Markit CDX Index
CLO	Collateralized Loan Obligation
CMBX	Commercial Mortgage-Backed Index
CPI	Consumer Price Index
CVA	Dutch Certification
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Corporation
MTN	Medium Term Note
NA	National Association
NSA	Not seasonally adjusted
OAT	Obligations Assimilables
OYJ	Public Limited Company
PLC	Public Limited Company
REIT	Real Estate Investment Trust
RPI	Retail Price Index
SpA	Societa per Azioni
SPDR	Standard & Poor’s Depository Receipts
TELBOR	Tel Aviv Interbank Offered Rate

Currency Code	Currency
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
IDR	Indonesian Rupiah
ILS	Israeli New Shekel
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
RUB	Russian Ruble
SGD	Singapore Dollar
TWD	New Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 40

Wilmington Real Asset Fund (continued)

At October 31, 2019, the Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date	Counterparty	Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized (Depreciation)
CONTRACTS PURCHASED
11/1/2019	Bank of America NA		114,000 EUR	$	127,290	$	127,144		$          —		$      (146)
11/4/2019	Goldman Sachs Bank USA		1,444,000 EUR		1,600,469		1,610,908		10,439		—
11/4/2019	JP Morgan Chase Bank, N.A.		1,360,000 NZD		863,298		872,028		8,730		—
11/4/2019	Credit Suisse International		1,332,686 BRL		318,402		332,215		13,813		—
11/4/2019	Citigroup Global Markets		1,125,000 GBP		1,448,452		1,457,455		9,003		—
11/4/2019	HSBC Bank USA, N.A.		631,000 GBP		812,912		817,470		4,558		—
11/4/2019	JP Morgan Chase Bank, N.A.		585,000 GBP		753,728		757,876		4,148		—
11/4/2019	Citigroup Global Markets		478,000 GBP		589,008		619,256		30,248		—
11/4/2019	Barclays Bank PLC		290,000 GBP		373,964		375,699		1,735		—
11/4/2019	Royal Bank of Canada		63,000 GBP		80,500		81,617		1,117		—
11/4/2019	HSBC Bank USA, N.A.		35,000 EUR		38,931		39,045		114		—
11/5/2019	HSBC Bank USA, N.A.		75,700,000 JPY		700,783		701,191		408		—
11/6/2019	Goldman Sachs Bank USA		2,413,000 ZAR		158,532		159,562		1,030		—
11/15/2019	Citigroup Global Markets		19,394,812 RUB		293,576		301,849		8,273		—
12/3/2019	Credit Suisse International		1,332,686 BRL		331,547		331,614		67		—
12/18/2019	Barclays Bank PLC		4,704,772,600 IDR		331,098		333,535		2,437		—
1/15/2020	Natwest Securities		1,031,163,695 COP		296,635		304,123		7,488		—
1/24/2020	HSBC Bank USA, N.A.		2,642,118 RUB		39,971		40,749		778		—
CONTRACTS SOLD
11/4/2019	Bank of America NA		2,953,000 GBP		3,643,515		3,825,655		—		(182,140	)
11/4/2019	JP Morgan Chase Bank, N.A.		1,365,000 EUR		1,493,958		1,522,776		—		(28,818	)
11/4/2019	Bank of America NA		1,360,000 NZD		857,088		872,028		—		(14,940	)
11/4/2019	Credit Suisse International		1,332,686 BRL		332,092		332,215		—		(123	)
11/4/2019	Bank of America NA		649,000 AUD		438,997		447,439		—		(8,442	)
11/4/2019	Bank of America NA		219,000 GBP		270,398		283,718		—		(13,320	)
11/4/2019	Goldman Sachs Bank USA		114,000 EUR		125,398		127,177		—		(1,779	)
11/5/2019	HSBC Bank USA, N.A.		101,000,000 JPY		940,813		935,540		5,273		—
11/21/2019	HSBC Bank USA, N.A.		4,638,994 TWD		148,196		152,528		—		(4,332	)
11/21/2019	JP Morgan Chase Bank, N.A.		2,374,000 TWD		75,883		78,056		—		(2,173	)
11/21/2019	JP Morgan Chase Bank, N.A.		1,888,000 TWD		60,166		62,077		—		(1,911	)
11/21/2019	HSBC Bank USA, N.A.		1,240,000 TWD		39,594		40,771		—		(1,177	)
11/25/2019	Citigroup Global Markets		1,028,016,000 COP		303,733		303,884		—		(151	)
11/27/2019	Citigroup Global Markets		784,207 PEN		230,853		234,270		—		(3,417	)
12/3/2019	Goldman Sachs Bank USA		1,444,000 EUR		1,603,535		1,614,031		—		(10,496	)
12/3/2019	JP Morgan Chase Bank, N.A.		1,360,000 NZD		863,867		872,505		—		(8,638	)
12/3/2019	Citigroup Global Markets		1,125,000 GBP		1,449,799		1,458,822		—		(9,023	)
12/3/2019	Bank of America NA		114,000 EUR		127,552		127,424		128		—
12/18/2019	HSBC Bank USA, N.A.		399,862,568 KRW		330,779		344,107		—		(13,328	)
12/18/2019	Barclays Bank PLC		227,945 SGD		165,404		167,636		—		(2,232	)
1/2/2020	Bank of America NA		11,329,918 DKK		1,680,373		1,700,377		—		(20,004	)
1/17/2020	Citigroup Global Markets		251,385 PEN		73,837		74,972		—		(1,135	)
1/22/2020	JP Morgan Chase Bank, N.A.		2,164,000 MXN		107,680		111,070		—		(3,390	)
1/28/2020	Goldman Sachs Bank USA		5,390,504 MXN		267,645		276,434		—		(8,789	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS									$109,787		$(339,904)

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

41	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

At October 31, 2019, the Real Asset Fund had the following open option contracts:

Description	Expiration Date	Number of Contracts			Notional Amount(a)			Strike Price(a)		Counterparty	Value
PURCHASED OPTIONS
CALL OPTIONS
5-Year U.S. Treasury Note Future	11/22/2019		11			1,432,750			130.25	Exchange Traded		$       —
5-Year U.S. Treasury Note Future	11/22/2019		2			260,000			130.00	Exchange Traded		—
Euro-Schatz Future	11/22/2019		130			14,950,000EUR			115.00EUR	Exchange Traded		725
Euro-Schatz Future	11/22/2019		20			2,318,000EUR			115.90EUR	Exchange Traded		112
U.S. Treasury Long Bond Future	11/22/2019		6			1,260,000			210.00	Exchange Traded		—
U.S. Treasury Long Bond Future	11/22/2019		3			636,000			212.00	Exchange Traded		—
U.S. Treasury Ultra Bond Future	11/22/2019		2			530,000			265.00	Exchange Traded		—
TOTAL CALL OPTIONS												837
CALL SWAPTIONS
1-Year U.S. Treasury Note Future	3/10/2020		—			9,410,000			1.50	Deutsche Bank		11,846
1-Year U.S. Treasury Note Future	3/10/2020		—			9,110,000			1.50	Bank of America NA		11,468
2-Year U.S. Treasury Note Future	10/2/2020		—			10,000,000			1.07	JP Morgan Chase Bank, N.A.		26,170
TOTAL CALL SWAPTIONS												49,484
PUT OPTIONS
10-Year U.S. Treasury Note Future	11/22/2019		35			4,147,500			118.50	Exchange Traded		—
10-Year U.S. Treasury Note Future	11/22/2019		6			717,000			119.50	Exchange Traded		—
Euro-Bund Future	11/22/2019		28			4,424,000EUR			158.00EUR	Exchange Traded		312
TOTAL PUT OPTIONS												312
TOTAL PURCHASED OPTIONS												$50,633
Description	Expiration Date	Number of Contracts			Notional   Amount(a)			Strike Price(a)		Counterparty	Value
WRITTEN OPTIONS
CALL OPTIONS
10-Year U.S. Treasury Note Future	11/22/2019		(9	)		(1,172,250)			130.25	Exchange Traded		$ (5,203)
Euro-Bund Future	11/22/2019		(1	)		(173,000)	EUR		173.00EUR	Exchange Traded		(290)
Euro-Bund Future	11/22/2019		(2	)		(343,000)	EUR		171.50EUR	Exchange Traded		(1,918)
Euro-Bund Future	11/22/2019		(2	)		(342,000)	EUR		171.00EUR	Exchange Traded		(2,610)
Euro-Bund Future	11/22/2019		(3	)		(528,000)	EUR		176.00EUR	Exchange Traded		(67)
Euro-Bund Future	11/22/2019		(4	)		(700,000)	EUR		175.00EUR	Exchange Traded		(178)
TOTAL CALL OPTIONS												(10,266)
CALL SWAPTIONS
10-Year U.S. Treasury Bond Future	10/2/2020		—			(2,100,000)			1.30	JP Morgan Chase Bank, N.A.		(26,795)
30-Year Euro Treasury Bond Future	12/13/2019		—			(200,000)	EUR		0.00EUR	Deutsche Bank		(225)
30-Year Euro Treasury Bond Future	12/13/2019		—			(200,000)	EUR		0.25EUR	Goldman Sachs Bank USA		(1,467)
5-Year U.S. Treasury Note Future	3/10/2020		—			(658,000)			1.40	Bank of America NA		(4,554)
5-Year U.S. Treasury Note Future	3/10/2020		—			(1,362,000)			1.40	Citibank NA		(9,425)
5-Year U.S. Treasury Note Future	3/10/2020		—			(2,090,000)			1.40	Deutsche Bank		(14,463)
Interest Rate Cap Eurozone CPI	6/22/2035		—			(600,000)	EUR		3.00EUR	Goldman Sachs Bank USA		(1,144)
ITRAXX EUR 32 5Y	1/15/2020		—			(100,000)	EUR		0.48EUR	Deutsche Bank		(80)
ITRAXX EUR 32 5Y	2/19/2020		—			(100,000)	EUR		0.48EUR	Barclays Bank PLC		(104)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	EUR		0.45EUR	Goldman Sachs Bank USA		(80)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	EUR		0.45EUR	Deutsche Bank		(80)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	EUR		0.45EUR	JP Morgan Chase Bank, N.A.		(80)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	EUR		0.45EUR	Bank of America NA		(80)
TOTAL CALL SWAPTIONS												(58,577)

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 42

Wilmington Real Asset Fund (continued)

Description	Expiration Date	Number of Contracts			Notional Amount(a)			Strike Price(a)		Counterparty	Value
WRITTEN OPTIONS
PUT OPTIONS
10-Year U.S. Treasury Note Future	11/22/2019		(9	)		(1,154,250)			128.25	Exchange Traded		$    (422)
Euro-Bund Future	11/22/2019		(1	)		(173,000)	EUR		173.00EUR	Exchange Traded		(1,673)
Euro-Bund Future	11/22/2019		(2	)		(342,000)	EUR		171.00EUR	Exchange Traded		(915)
Euro-Bund Future	11/22/2019		(2	)		(343,000)	EUR		171.50EUR	Exchange Traded		(1,338)
Euro-Bund Future	11/22/2019		(3	)		(528,000)	EUR		176.00EUR	Exchange Traded		(14,254)
Euro-Bund Future	11/22/2019		(4	)		(700,000)	EUR		175.00EUR	Exchange Traded		(14,633)
Euro-Schatz Future	11/22/2019		(17	)		(1,907,400)	EUR		112.20EUR	Exchange Traded		(2,749)
TOTAL PUT OPTIONS												(35,984)
PUT SWAPTIONS
CDX.NA.IG.32.5Y	11/20/2019		—			(100,000)			0.85	Goldman Sachs Bank USA		—
CDX.NA.IG.32.5Y	11/20/2019		—			(100,000)			0.90	Barclays Bank PLC		—
CDX.NA.IG.32.5Y	11/20/2019		—			(200,000)			0.90	Goldman Sachs Bank USA		—
CDX.NA.IG.32.5Y	11/20/2019		—			(200,000)			0.85	Bank of America NA		(1)
Interest Rate Cap U.S. CPI	4/10/2020		—			(8,300,000)			3.00	JP Morgan Chase Bank, N.A.		15,261
Interest Rate Cap U.S. CPI	4/22/2024		—			(1,300,000)			4.00	JP Morgan Chase Bank, N.A.		(14)
Interest Rate Cap U.S. CPI	5/16/2024		—			(100,000)			4.00	JP Morgan Chase Bank, N.A.		(1)
Interest Rate Floor U.S.10-Year Swap Rate	1/2/2020		—			(3,600,000)			0.00	Morgan Stanley Capital Services LLC		(666)
Interest Rate Floor U.S. CPI	3/24/2020		—			(2,300,000)			0.00	JP Morgan Chase Bank, N.A.		—
Interest Rate Floor U.S. CPI	4/7/2020		—			(2,400,000)			216.69	Citibank NA		—
Interest Rate Floor U.S. CPI	4/10/2020		—			(8,300,000)			0.00	JP Morgan Chase Bank, N.A.		6,761
ITRAXX EUR 32 5Y	1/15/2020		—			(100,000)	EUR		0.80EUR	Deutsche Bank		(51)
ITRAXX EUR 32 5Y	2/19/2020		—			(100,000)	EUR		0.80EUR	Barclays Bank PLC		(89)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	EUR		0.80EUR	Bank of America NA		(122)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	EUR		0.80EUR	JP Morgan Chase Bank, N.A.		(122)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	EUR		0.80EUR	Deutsche Bank		(122)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	EUR		0.80EUR	Goldman Sachs Bank USA		(122)
TOTAL PUT SWAPTIONS												20,712
TOTAL WRITTEN OPTIONS												$(84,115)

(a) Notional Amount and Strike Price denominated in USD unless otherwise noted.

    At October 31, 2019, the Real Asset Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Notional Amount(a)		Contract Amount		Contract at Value		Unrealized Appreciation(b)		Unrealized (Depreciation)(b)
LONG POSITIONS:
Euro - BTP Futures		December 2019		29		3,261,630EUR		$3,613,734		$3,603,363		$     —		$(10,371	)
10 - Year U.S Treasury Note Futures		December 2019		34		4,430,094		4,465,325		4,430,094		—		(35,231	)
SHORT POSITIONS:
10 - Year Australian Treasury Bond Futures		December 2019		1		145,809AUD		100,504		100,028		476		—
10 - Year Japanese Treasury Bond Futures (OSE)		December 2019		1		153,950,000JPY		1,449,959		1,438,734		11,225		—
10 - Year U.S. Treasury Ultra Futures		December 2019		3		426,328		420,992		426,328		—		(5,336	)
3 - Year Australian Treasury Bond Futures		December 2019		2		230,736AUD		158,207		158,331		—		(124	)
30 - Year Euro Buxl Bond Futures		December 2019		1		209,960EUR		231,751		231,160		591		—
5 - Year U.S. Treasury Note Futures		December 2019		16		1,907,250		1,906,464		1,907,250		—		(786	)
Euro - Bobl Futures		December 2019		2		269,240EUR		300,345		295,877		4,468		—
Euro - Bund Futures		December 2019		12		2,061,120EUR		2,297,068		2,283,751		13,317		—
Euro - OAT Futures		December 2019		1		168,380EUR		190,753		186,190		4,563		—

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

43	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Notional Amount(a)		Contract Amount		Contract at Value		Unrealized Appreciation(b)		Unrealized (Depreciation)(b)
SHORT POSITIONS: (continued)
Euro - Schatz Futures		December 2019		125		14,008,750EUR		$15,566,124		$15,490,133		$  75,991		$          —
GBP Long Gilt Futures		December 2019		2		265,680GBP		327,297		324,710		2,587		—
U.S. Treasury Long Bond Futures		December 2019		10		1,613,750		1,647,486		1,613,750		33,736		—
U.S. Treasury Ultra Bond Futures		December 2019		3		569,250		585,672		569,250		16,422		—
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS												$163,376		$(51,848)

(a) Notional Amount denominated in USD unless otherwise noted.

(b) 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 unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open until October 31, 2019.

At October 31, 2019, the Real Asset Fund had open interest rate swap agreements as follows:

Counterparty	Termination Date	Notional Amount(2)	Fixed Rate	Floating Rate	Payment Frequency	Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
CENTRALLY CLEARED(d)
Chicago Mercantile Exchange#	12/16/22	700,000	2.25%	3-Month LIBOR	Quarter		$  15,814			$  1,563			$14,251		$          —
Chicago Mercantile Exchange#	12/20/22	1,900,000	2.25%	3-Month LIBOR	Quarter		42,966			2,393			40,573		—
Chicago Mercantile Exchange#	10/19/23	100,000	2.66%	3-Month LIBOR	Quarter		4,495			—			4,495		—
Chicago Mercantile Exchange#	10/25/23	2,000,000	2.68%	3-Month LIBOR	Quarter		92,135			—			92,135		—
Chicago Mercantile Exchange#	11/19/23	1,000,000	2.67%	3-Month LIBOR	Quarter		46,471			—			46,471		—
Chicago Mercantile Exchange#	12/12/23	370,000	2.68%	3-Month LIBOR	Quarter		17,562			—			17,562		—
Chicago Mercantile Exchange#	7/27/26	3,700,000	2.00%	3-Month LIBOR	Semi-Annual		(88,998	)		46,583			—		(135,581	)
Chicago Mercantile Exchange#	12/07/26	3,700,000	2.40%	3-Month LIBOR	Semi-Annual		(154,413	)		24,582			—		(178,995	)
Chicago Mercantile Exchange#	3/21/28	400,000NZD	3.25%	3-Month LIBOR	Semi-Annual		(39,105	)		1,223			—		(40,328	)
London Clearing House#	6/20/28	900,000	2.25%	3-Month LIBOR	Semi-Annual		(50,425	)		49,659			—		(100,084	)
Chicago Mercantile Exchange#	7/18/28	750,000	2.72%	3-Month LIBOR	Semi-Annual		(70,913	)		—			—		(70,913	)
Chicago Mercantile Exchange#	7/18/28	480,000	2.77%	3-Month LIBOR	Semi-Annual		(47,160	)		—			—		(47,160	)
Chicago Mercantile Exchange#	9/12/29	600,000	1.75%	3-Month LIBOR	Quarter		(883	)		1,405			—		(2,288	)
Chicago Mercantile Exchange#	6/19/48	100,000	2.15%	3-Month LIBOR	Semi-Annual		(8,271	)		—			—		(8,271	)
Chicago Mercantile Exchange#	12/11/49	300,000	2.25%	3-Month LIBOR	Quarter		(33,009	)		(1,104	)		—		(31,905	)
Chicago Mercantile Exchange#	1/16/50	100,000	1.63%	3-Month LIBOR	Quarter		3,993			(1,423	)		5,416		—
Chicago Mercantile Exchange#	2/03/50	160,000	1.63%	3-Month LIBOR	Quarter		6,372			(10	)		6,382		—
London Clearing House#	3/20/29	28,820,000JPY	0.45%	6-Month LIBOR	Semi-Annual		(11,875	)		(1,671	)		—		(10,204	)
London Clearing House*	5/15/28	200,000EUR	1.62%	Eurostat Eurozone HICP Ex-Tobacco	At Term(1)		14,230			13			14,217		—

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 44

      Wilmington Real Asset Fund (continued)

Counterparty	Termination Date	Notional Amount(2)	Fixed Rate	Floating Rate	Payment Frequency	Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
London Clearing House*	8/15/39	80,000EUR	1.24%	Eurostat Eurozone HICP Ex-Tobacco	At Term(1)		$    (697	)		$    —			$        —		$  (697	)
London Clearing House*	11/15/48	60,000EUR	1.95%	Eurostat Eurozone HICPEx-Tobacco	At Term(1)		16,633			—			16,633		—
London Clearing House*	8/15/49	40,000EUR	1.39%	Eurostat Eurozone HICPEx-Tobacco	At Term(1)		(68	)		—			—		(68	)
London Clearing House*	4/15/20	30,000EUR	1.00%	France CPIEx-Tobacco	At Term(1)		(72	)		—			—		(72	)
London Clearing House*	8/15/20	10,000EUR	1.16%	France CPIEx-Tobacco	At Term(1)		(90	)		7			—		(97	)
London Clearing House*	6/15/21	200,000EUR	1.35%	France CPIEx-Tobacco	At Term(1)		(2,988	)		—			—		(2,988	)
London Clearing House*	3/15/24	410,000EUR	1.03%	France CPIEx-Tobacco	At Term(1)		(3,387	)		(209	)		—		(3,178	)
London Clearing House*	7/15/28	330,000EUR	1.62%	France CPIEx-Tobacco	At Term(1)		25,239			—			25,239		—
London Clearing House*	11/23/20	700,000	2.03%	U.S. CPI NSA	At Term(1)		(2,336	)		—			—		(2,336	)
London Clearing House*	11/25/20	700,000	2.02%	U.S. CPI NSA	At Term(1)		(2,245	)		—			—		(2,245	)
London Clearing House*	3/14/21	400,000	1.88%	U.S. CPI NSA	At Term(1)		(1,061	)		—			—		(1,061	)
London Clearing House*	3/18/21	600,000	1.93%	U.S. CPI NSA	At Term(1)		(2,206	)		—			—		(2,206	)
London Clearing House*	5/13/21	300,000	1.82%	U.S. CPI NSA	At Term(1)		(905	)		—			—		(905	)
London Clearing House*	7/25/21	400,000	1.43%	U.S. CPI NSA	At Term(1)		196			—			196		—
London Clearing House*	7/26/21	500,000	1.55%	U.S. CPI NSA	At Term(1)		8,670			16,923			—		(8,253	)
London Clearing House*	8/06/21	200,000	1.43%	U.S. CPI NSA	At Term(1)		120			—			120		—
London Clearing House*	9/09/21	500,000	1.44%	U.S. CPI NSA	At Term(1)		622			—			622		—
London Clearing House*	9/12/21	460,000	1.60%	U.S. CPI NSA	At Term(1)		6,039			13,855			—		(7,816	)
London Clearing House*	10/01/21	700,000	1.49%	U.S. CPI NSA	At Term(1)		(142	)		—			—		(142	)
London Clearing House*	7/15/22	100,000	2.07%	U.S. CPI NSA	At Term(1)		(1,342	)		—			—		(1,342	)
London Clearing House*	2/05/23	640,000	2.21%	U.S. CPI NSA	At Term(1)		(16,801	)		—			—		(16,801	)
London Clearing House*	4/13/23	1,020,000	2.22%	U.S. CPI NSA	At Term(1)		(31,080	)		—			—		(31,080	)
London Clearing House*	4/27/23	390,000	2.26%	U.S. CPI NSA	At Term(1)		(12,977	)		(40	)		—		(12,937	)
London Clearing House*	5/09/23	100,000	2.26%	U.S. CPI NSA	At Term(1)		(3,288	)		—			—		(3,288	)
London Clearing House*	5/10/23	160,000	2.28%	U.S. CPI NSA	At Term(1)		(5,406	)		—			—		(5,406	)
London Clearing House*	9/25/27	100,000	2.15%	U.S. CPI NSA	At Term(1)		3,507			—			3,507		—
London Clearing House*	6/03/29	250,000	1.95%	U.S. CPI NSA	At Term(1)		4,789			—			4,789		—
London Clearing House*	7/25/29	1,500,000	2.00%	U.S. CPI NSA	At Term(1)		37,817			—			37,817		—

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

45	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Counterparty	Termination Date	Notional Amount(2)	Fixed Rate	Floating Rate	Payment Frequency	Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
London Clearing House#	12/15/47	260,000	2.00%	U.S. Fed Fund Effective Rate	Annual		$  (27,442	)		$    (486	)		$          —		$  (26,956	)
London Clearing House#	12/20/47	90,000	2.50%	U.S. Fed Fund Effective Rate	Annual		(20,106	)		225			—		(20,331	)
London Clearing House#	12/20/47	55,000	2.48%	U.S. Fed Fund Effective Rate	Annual		(12,128	)		246			—		(12,374	)
London Clearing House*	9/15/24	400,000GBP	3.85%	United Kingdom RPI All Items NSA	At Term(1)		10,897			(56	)		10,953		—
London Clearing House*	10/15/24	400,000GBP	3.66%	United Kingdom RPI All Items NSA	At Term(1)		(6,313	)		—			—		(6,313	)
London Clearing House*	6/15/31	460,000GBP	3.10%	United Kingdom RPI All Items NSA	At Term(1)		(41,930	)		(53,440	)		11,510		—
London Clearing House*	10/15/31	640,000GBP	3.53%	United Kingdom RPI All Items NSA	At Term(1)		20,186			1,654			18,532		—
London Clearing House*	9/15/32	100,000GBP	3.47%	United Kingdom RPI All Items NSA	At Term(1)		2,618			(775	)		3,393		—
London Clearing House*	9/15/33	10,000GBP	3.50%	United Kingdom RPI All Items NSA	At Term(1)		362			8			354		—
London Clearing House*	10/15/33	130,000GBP	3.58%	United Kingdom RPI All Items NSA	At Term(1)		8,536			—			8,536		—
London Clearing House*	9/15/34	420,000GBP	3.60%	United Kingdom RPI All Items NSA	At Term(1)		(23,982	)		265			—		(24,247	)
London Clearing House*	6/15/39	200,000GBP	3.60%	United Kingdom RPI All Items NSA	At Term(1)		24,020			(185	)		24,205		—
							$(309,755	)		$101,205			$407,908		$(818,868	)
OVER THE COUNTER(d)
Bank of America NA*	2/16/20	830,000ILS	0.97%	3-Month TELBOR	Annual		(918	)		(1	)		—		(917	)
Bank of America NA*	6/20/20	510,000ILS	0.37%	3-Month TELBOR	Annual		(370	)		—			—		(370	)
Barclays Bank PLC*	6/20/20	440,000ILS	0.37%	3-Month TELBOR	Annual		(323	)		—			—		(323	)
Deutsche Bank AG*	6/20/20	420,000ILS	0.41%	3-Month TELBOR	Annual		(357	)		—			—		(357	)
Goldman Sachs Bank USA*	6/20/20	340,000ILS	0.37%	3-Month TELBOR	Annual		(246	)		26			—		(272	)
Bank of America NA#	2/16/28	180,000ILS	1.96%	3-Month TELBOR	Annual		5,782			(11	)		5,793		—
Bank of America NA#	6/20/28	110,000ILS	2.00%	3-Month TELBOR	Annual		3,460			—			3,460		—
JP Morgan Chase Bank, N.A.#	6/20/28	90,000ILS	2.08%	3-Month TELBOR	Annual		3,011			—			3,011		—
Barclays Bank PLC#	6/20/28	90,000ILS	1.95%	3-Month TELBOR	Annual		2,724			—			2,724		—
Goldman Sachs Bank USA#	6/20/28	70,000ILS	2.00%	3-Month TELBOR	Annual		2,202			—			2,202		—
Bank of America NA*	11/23/20	2,400,000	1.57%	U.S. CPI NSA	At Term(1)		32,105			—			32,105		—
							$   47,070			$          14			$  49,295		$     (2,239	)
NET UNREALIZED (DEPRECIATION) ON INTEREST RATE SWAP CONTRACTS							$(262,685	)		$101,219			$457,203		$(821,107	)

At October 31, 2019, the Real Asset Fund had open credit default swap agreements as follows:

Counterparty	Termination Date		Notional Amount(a)		Fixed Rate		Reference Equity /Obligation		Payment Frequency		Implied Credit Spread at October 31, 2019(b)		Fair Value(c)			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
CENTRALLY CLEARED(d)
Intercontinental Exchange###		12/20/24		1,900,000		5.00%		CDX.NA.HY.33 5Y		Quarter		3.40%		$(136,072	)		$(122,071	)		$—		$(14,001	)
Intercontinental Exchange###		12/20/20		20,000EUR		1.00%		Daimler AG		Quarter		0.15%		221			332			—		(111	)
														$(135,851	)		$(121,739	)		$—		$(14,112	)

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 46

    Wilmington Real Asset Fund (concluded)

Counterparty	Termination Date		Notional Amount(a)		Fixed Rate	Reference Equity /Obligation		Payment Frequency		Implied Credit Spread at October 31, 2019(b)		Fair Value(c)			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
OVER THE COUNTER(e)
HSBC Bank USA, N.A.##		03/20/20		400,000	1.00%		Brazil LA SP		Quarter		0.33%		$     1,536			$     1,062			$     474		$        —
Goldman Sachs International##		10/17/57		400,000	0.50%		CMBX.NA.AAA.8		Monthly		0.25%		4,839			(26,117	)		30,956		—
Deutsche Bank AG##		10/17/57		400,000	0.50%		CMBX.NA.AAA.8		Monthly		0.25%		4,839			(20,855	)		25,694		—
Barclays Bank PLC###		12/20/23		200,000	1.00%		Mexico LA BP		Quarter		0.70%		(2,645	)		1,709			—		(4,354	)
HSBC Bank USA, N.A.###		12/20/23		200,000	1.00%		Mexico LA BP		Quarter		0.70%		(2,645	)		1,791			—		(4,436	)
													$      5,924			$  (42,410	)		$57,124		$  (8,790	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON CREDIT DEFAULT SWAP CONTRACTS													$(129,927	)		$(164,149	)		$57,124		$(22,902	)

(1) Termination date or maturity date.

(2) Notional Amount denominated in USD unless otherwise noted.

* Portfolio pays the fixed rate and receives the floating rate.

# Portfolio pays the floating rate and receives the fixed rate.

## The Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

### The Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(a) “Notional amount” represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. Notional amount denominated in USD unless otherwise noted.

(b) “Implied credit spreads”, represented in absolute terms, are utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of the reporting date. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may includeup-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(c) “Fair value” of credit default swap agreements on asset-backed securities and credit indices serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(d) The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for centrally cleared swap agreements. The unrealized appreciation (depreciation) presented above is the cumulative change in the unrealized appreciation (depreciation) from the date the contract was open until October 31, 2019.

(e) The value shown on the Statements of Assets and Liabilities for over the counter swap agreements is based upon the value presented in the table above. Over the counter swap agreements for which the fair value is a positive number, and the upfront premiums paid (received) associated with them, are presented as assets on the Statements of Assets and Liabilities. Over the counter swap agreements for which the fair value is a negative number, and the upfront premiums paid (received), are presented as liabilities on the Statements of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

47

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Diversified Income Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Investment Companies:
Exchange-Traded Funds		29.7	%
Inflation-Protected Securities Fund		3.9	%
Common Stocks		38.1	%
Corporate Bonds		9.9	%
U.S. Treasury		9.3	%
Mortgage-Backed Securities		5.8	%
Commercial Paper		0.6	%
Collateralized Mortgage Obligations		0.3	%
Enhanced Equipment Trust Certificates		0.2	%
Government Agencies		0.1	%
Cash Equivalents1		15.8	%
Other Assets and Liabilities – Net2		(13.7	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund and repurchase agreements.

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

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Number of Shares		Value
INVESTMENT COMPANIES – 33.6%
EXCHANGE-TRADED FUNDS – 29.7%
iShares iBoxx High Yield Corporate Bond ETF#		29,000	$	2,517,490
iShares International Select Dividend ETF#		200,100		6,381,189
SPDR Dow Jones International Real Estate ETF#		42,625		1,747,199
Vanguard REIT ETF		10,700		1,009,010
TOTAL EXCHANGE-TRADED FUNDS			$	11,654,888
INFLATION-PROTECTED SECURITIES FUND – 3.9%
Vanguard Inflation-Protected Securities Fund, Admiral Shares		58,910		1,532,838
TOTAL INVESTMENT COMPANIES (COST $13,349,359)			$	13,187,726

Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.3%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series2012-114, Class VM, 3.50%, 10/25/25	$	101,768	$	105,725
WHOLE LOAN – 0.0%**
Banc of America Mortgage Securities, Inc., Series2004-A, Class 2A1, 4.80%, 2/25/34D		12,537		12,365
IndyMac INDA Mortgage Loan Trust, Series2005-AR1, Class 2A1, 4.44%, 11/25/35D		2,749		2,670
TOTAL WHOLE LOAN			$	15,035
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $128,948)			$	120,760
COMMERCIAL PAPER – 0.6%¨
Campbell Soup Co., 2.05%, 11/12/19Ω		250,000		249,829
TOTAL COMMERCIAL PAPER (COST $249,843)			$	249,829

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 48

      Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
CORPORATE BONDS – 9.9%
AEROSPACE & DEFENSE – 0.1%
Rockwell Collins, Inc., Sr. Unsecured, 3.50%, 3/15/27	$	25,000	$	26,893
AUTOMOTIVE – 0.2%
General Motors Financial Co., Inc., Company Guaranteed, 3.20%, 7/06/21		40,000		40,491
PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 5/10/22		55,000		56,092
TOTAL AUTOMOTIVE			$	96,583
BEVERAGES – 0.2%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 4.90%, 2/01/46		20,000		23,786
Keurig Dr. Pepper, Inc., Company Guaranteed, 2.00%, 1/15/20#		10,000		10,000
Keurig Dr. Pepper, Inc., Company Guaranteed, 2.70%, 11/15/22		40,000		40,489
TOTAL BEVERAGES			$	74,275
BIOTECHNOLOGY – 0.3%
Amgen, Inc., Sr. Unsecured, 4.40%, 5/01/45		25,000		28,190
Celgene Corp., Sr. Unsecured, 2.75%, 2/15/23		25,000		25,534
Celgene Corp., Sr. Unsecured, 4.55%, 2/20/48		45,000		55,042
TOTAL BIOTECHNOLOGY			$	108,766
CAPITAL MARKETS – 0.3%
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.27%, 9/29/25D		55,000		57,079
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.51%), 3.69%, 6/05/28D		35,000		36,983
Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		10,000		10,904
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		18,000		18,408
TOTAL CAPITAL MARKETS			$	123,374
CHEMICALS – 0.0%**
DuPont de Nemours, Inc., Sr. Unsecured, 3.77%, 11/15/20		15,000		15,277
COMMERCIAL BANKS – 0.7%
BB&T Corp., Sr. Unsecured, MTN, 2.45%, 1/15/20		30,000		30,025
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		100,000		103,229
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		20,000		21,620

Description	Par Value		Value
Huntington Bancshares, Inc., Sr. Unsecured, 2.63%, 8/06/24	$	25,000	$	25,325
SunTrust Banks, Inc., Sr. Unsecured, 2.90%, 3/03/21		30,000		30,367
U.S. Bancorp, Series V, Sr. Unsecured, MTN, 2.63%, 1/24/22		45,000		45,729
TOTAL COMMERCIAL BANKS			$	256,295
COMMERCIAL SERVICES & SUPPLIES – 0.1%
Global Payments, Inc., Sr. Unsecured, 3.75%, 6/01/23		50,000		52,170
COMPUTERS – 0.3%
Hewlett Packard Enterprise Co., Sr. Unsecured, 3.50%, 10/05/21		50,000		51,261
International Business Machines Corp., Sr. Unsecured, 2.80%, 5/13/21		60,000		60,860
TOTAL COMPUTERS			$	112,121
CONSUMER FINANCE – 0.1%
Capital One Financial Corp., Sr. Unsecured, 2.40%, 10/30/20		25,000		25,104
DIVERSIFIED FINANCIAL SERVICES – 1.1%
Bank of America Corp., Sr. Unsecured, MTN, 3.25%, 10/21/27		20,000		20,802
BlackRock, Inc., Sr. Unsecured, 3.38%, 6/01/22		38,000		39,571
Citigroup, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.95%), 2.88%, 7/24/23D		35,000		35,601
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39Ω		100,000		141,930
JPMorgan Chase & Co., Sr. Unsecured, MTN, 2.30%, 8/15/21		100,000		100,193
Wells Fargo & Co., Subordinated, MTN, 4.40%, 6/14/46		40,000		45,292
Wells Fargo & Co., Series M, Subordinated, MTN, 3.45%, 2/13/23		35,000		36,260
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	419,649
ELECTRIC – 0.6%
DTE Energy Co., Series F, Sr. Unsecured, 3.85%, 12/01/23		10,000		10,524
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		90,000		91,764
WEC Energy Group, Inc., Sr. Unsecured, 3.38%, 6/15/21		70,000		71,523
WEC Energy Group, Inc., Sr. Unsecured, 3.10%, 3/08/22		45,000		45,931
TOTAL ELECTRIC			$	219,742

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

49	PORTFOLIOS OF INVESTMENTS
	Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
ENVIRONMENTAL CONTROL – 0.2%
Waste Management, Inc., Company Guaranteed, 3.50%, 5/15/24	$	35,000	$	37,092
Waste Management, Inc., Company Guaranteed, 4.10%, 3/01/45		25,000		28,887
TOTAL ENVIRONMENTAL CONTROL			$	65,979
FOOD & STAPLES RETAILING – 0.4%
Conagra Brands, Inc., Sr. Unsecured, 4.60%, 11/01/25		40,000		44,542
Kroger Co. (The), Sr. Unsecured, 2.80%, 8/01/22#		35,000		35,701
Kroger Co. (The), Sr. Unsecured, 5.40%, 1/15/49		50,000		59,069
TOTAL FOOD & STAPLES RETAILING			$	139,312
FOREST PRODUCTS & PAPER – 0.2%
International Paper Co., Sr. Unsecured, 4.75%, 2/15/22		15,000		15,785
International Paper Co., Sr. Unsecured, 4.40%, 8/15/47		50,000		51,780
TOTAL FOREST PRODUCTS & PAPER			$	67,565
HEALTH CARE EQUIPMENT & SUPPLIES – 0.3%
DH Europe Finance II Sarl, Company Guaranteed, 2.20%, 11/15/24		45,000		45,318
Zimmer Biomet Holdings, Inc., Sr. Unsecured, 2.70%, 4/01/20		55,000		55,119
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	100,437
HEALTH CARE PROVIDERS & SERVICES – 0.3%
Anthem, Inc., Sr. Unsecured, 3.65%, 12/01/27		30,000		31,785
CVS Health Corp., Sr. Unsecured, 5.05%, 3/25/48		30,000		34,435
UnitedHealth Group, Inc., Sr. Unsecured, 2.75%, 2/15/23		25,000		25,593
UnitedHealth Group, Inc., Sr. Unsecured, 2.95%, 10/15/27		25,000		25,927
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	117,740
HOME FURNISHINGS – 0.2%
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		65,000		69,077
HOUSEHOLD PRODUCTS – 0.0%**
Church & Dwight Co., Inc., Sr. Unsecured, 3.95%, 8/01/47		15,000		16,290
INSURANCE – 0.7%
American International Group, Inc., Sr. Unsecured, 3.30%, 3/01/21		60,000		60,993

Description	Par Value		Value
Aon PLC, Company Guaranteed, 4.00%, 11/27/23	$	40,000	$	42,664
CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24		35,000		37,567
Lincoln National Corp., Sr. Unsecured, 3.63%, 12/12/26		25,000		26,556
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		60,000		63,559
WR Berkley Corp., Sr. Unsecured, 4.75%, 8/01/44		45,000		52,068
TOTAL INSURANCE			$	283,407
MEDIA – 0.3%
CBS Corp., Company Guaranteed, 4.60%, 1/15/45		75,000		81,706
Comcast Corp., Company Guaranteed, 4.70%, 10/15/48		35,000		43,127
Walt Disney Co. (The) / TWDC Enterprises 18 Corp., Company Guaranteed, GMTN, 4.13%, 6/01/44#		10,000		11,985
TOTAL MEDIA			$	136,818
MISCELLANEOUS MANUFACTURING – 0.3%
Illinois Tool Works, Inc., Sr. Unsecured, 3.50%, 3/01/24		45,000		47,793
Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed, 3.50%, 3/21/26		55,000		57,732
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21		20,000		20,363
TOTAL MISCELLANEOUS MANUFACTURING			$	125,888
MULTI-UTILITIES – 0.1%
Sempra Energy, Sr. Unsecured, 2.85%, 11/15/20		55,000		55,325
OIL & GAS – 0.7%
BP Capital Markets PLC, Company Guaranteed, 2.50%, 11/06/22		50,000		50,866
Marathon Oil Corp., Sr. Unsecured, 4.40%, 7/15/27		70,000		75,173
Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 9/15/24		20,000		21,219
Occidental Petroleum Corp., Sr. Unsecured, 2.70%, 8/15/22		35,000		35,379
Phillips 66, Company Guaranteed, 4.30%, 4/01/22		20,000		21,198
Shell International Finance BV, Company Guaranteed, 3.25%, 5/11/25		25,000		26,559
Valero Energy Corp., Sr. Unsecured, 4.00%, 4/01/29		30,000		32,111
Valero Energy Corp., Sr. Unsecured, 4.90%, 3/15/45		10,000		11,271
TOTAL OIL & GAS			$	273,776

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 50

     Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
PHARMACEUTICALS – 0.3%
AbbVie, Inc., Sr. Unsecured, 2.50%, 5/14/20	$	30,000	$	30,047
AbbVie, Inc., Sr. Unsecured, 4.25%, 11/14/28		25,000		27,204
AbbVie, Inc., Sr. Unsecured, 4.40%, 11/06/42		20,000		20,730
Medco Health Solutions, Inc., Company Guaranteed, 4.13%, 9/15/20		20,000		20,363
Zoetis, Inc., Sr. Unsecured, 3.95%, 9/12/47		20,000		21,998
TOTAL PHARMACEUTICALS			$	120,342
PIPELINES – 0.6%
Energy Transfer Operating LP, Company Guaranteed, 3.60%, 2/01/23		35,000		36,093
Energy Transfer Operating LP, Company Guaranteed, 4.20%, 4/15/27		40,000		42,171
Kinder Morgan, Inc., Company Guaranteed, 5.20%, 3/01/48		40,000		45,488
MPLX LP, Sr. Unsecured, 4.00%, 3/15/28		30,000		31,279
ONEOK Partners LP, Company Guaranteed, 6.20%, 9/15/43		45,000		55,150
Spectra Energy Partners LP, Company Guaranteed, 4.50%, 3/15/45		25,000		27,451
TOTAL PIPELINES			$	237,632
REAL ESTATE INVESTMENT TRUSTS – 0.4%
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		15,000		16,612
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 3.35%, 5/15/27		25,000		26,510
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24		15,000		16,209
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.75%, 4/15/23		40,000		41,354
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.88%, 5/01/25		15,000		15,781
Welltower, Inc., Sr. Unsecured, 3.63%, 3/15/24		55,000		58,121
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	174,587
SEMICONDUCTORS – 0.1%
Intel Corp., Sr. Unsecured, 2.70%, 12/15/22		35,000		36,017
TELECOMMUNICATIONS – 0.1%
AT&T, Inc., Sr. Unsecured, 4.50%, 5/15/35		15,000		16,693
AT&T, Inc., Sr. Unsecured, 4.85%, 7/15/45		25,000		28,401
TOTAL TELECOMMUNICATIONS			$	45,094

Description	Par Value		Value
TRANSPORTATION – 0.5%
FedEx Corp., Company Guaranteed, 3.88%, 8/01/42	$	30,000	$	29,544
FedEx Corp., Company Guaranteed, 4.10%, 2/01/45		15,000		14,989
Ryder System, Inc., Sr. Unsecured, MTN, 2.65%, 3/02/20		100,000		100,161
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 9/01/22		10,000		10,085
Union Pacific Corp., Sr. Unsecured, 3.15%, 3/01/24		45,000		47,077
TOTAL TRANSPORTATION			$	201,856
TRUCKING & LEASING – 0.2%
GATX Corp., Sr. Unsecured, 2.60%, 3/30/20		60,000		60,124
GATX Corp., Sr. Unsecured, 5.20%, 3/15/44		20,000		23,631
TOTAL TRUCKING & LEASING			$	83,755
TOTAL CORPORATE BONDS (COST $3,652,168)			$	3,881,146
	Number of Shares
COMMON STOCKS – 38.1%
COMMUNICATION SERVICES – 2.1%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.1%
AT&T, Inc.		13,850	$	533,087
Verizon Communications, Inc.		4,800		290,256
TOTAL COMMUNICATION SERVICES			$	823,343
CONSUMER DISCRETIONARY – 2.0%
AUTOMOBILES – 0.4%
General Motors Co.		4,425		164,433
HOTELS, RESTAURANTS & LEISURE – 0.7%
Extended Stay America, Inc.		7,925		112,614
McDonald’s Corp.		875		172,113
			$	284,727
MULTILINE RETAIL – 0.9%
Target Corp.		3,075		328,748
TOTAL CONSUMER DISCRETIONARY			$	777,908
CONSUMER STAPLES – 3.1%
BEVERAGES – 1.3%
Coca-Cola Co. (The)		4,300		234,049
PepsiCo., Inc.		2,026		277,906
			$	511,955

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

51	PORTFOLIOS OF INVESTMENTS
	Wilmington Diversified Income Fund (continued)

Description	Number of Shares		Value
HOUSEHOLD PRODUCTS – 1.0%
Procter & Gamble Co. (The)		3,175	$	395,319
TOBACCO – 0.8%
Philip Morris International, Inc.		3,700		301,328
TOTAL CONSUMER STAPLES			$	1,208,602
ENERGY – 3.1%
OIL, GAS & CONSUMABLE FUELS – 3.1%
BP PLC ADR		6,375		241,676
Chevron Corp.		3,625		421,008
Exxon Mobil Corp.		2,600		175,682
Suncor Energy, Inc.		7,275		215,995
Valero Energy Corp.		1,790		173,594
TOTAL ENERGY			$	1,227,955
FINANCIALS – 8.5%
CAPITAL MARKETS – 0.9%
BlackRock, Inc.		375		173,138
Main Street Capital Corp.#		3,863		166,302
			$	339,440
COMMERCIAL BANKS – 2.7%
First Hawaiian, Inc.		6,500		177,645
Toronto-Dominion Bank (The)#		5,050		288,203
U.S. Bancorp		5,650		322,163
United Bankshares, Inc.#		7,125		281,722
			$	1,069,733
DIVERSIFIED FINANCIAL SERVICES – 3.0%
Citigroup, Inc.		3,750		269,475
JPMorgan Chase & Co.		4,750		593,370
Wells Fargo & Co.		5,800		299,454
			$	1,162,299
INSURANCE – 1.9%
MetLife, Inc.		6,275		293,607
Old Republic International Corp.		13,300		297,122
Prudential Financial, Inc.		1,650		150,381
			$	741,110
TOTAL FINANCIALS			$	3,312,582
HEALTH CARE – 5.8%
BIOTECHNOLOGY – 1.1%
Amgen, Inc.		825		175,931
Gilead Sciences, Inc.		4,250		270,768
			$	446,699
HEALTH CARE PROVIDERS & SERVICES – 0.8%
CVS Health Corp.		4,800		318,672
PHARMACEUTICALS – 3.9%
Bristol-Myers Squibb Co.		4,675		268,205

Description	Number of Shares		Value
Johnson & Johnson		3,075	$	406,023
Merck & Co., Inc.		5,150		446,299
Pfizer, Inc.		10,150		389,456
			$	1,509,983
TOTAL HEALTH CARE			$	2,275,354
INDUSTRIALS – 3.9%
AEROSPACE & DEFENSE – 1.1%
Lockheed Martin Corp.		1,100		414,348
AIR FREIGHT & LOGISTICS – 0.8%
United Parcel Service, Inc., Class B		2,750		316,717
AIRLINES – 0.5%
Delta Air Lines, Inc.		3,600		198,288
BUILDING PRODUCTS – 0.7%
Johnson Controls International PLC		6,350		275,145
ELECTRICAL EQUIPMENT – 0.8%
Emerson Electric Co.		4,500		315,675
TOTAL INDUSTRIALS			$	1,520,173
INFORMATION TECHNOLOGY – 3.6%
COMMUNICATIONS EQUIPMENT – 1.2%
Cisco Systems, Inc.		9,700		460,847
IT SERVICES – 0.5%
International Business Machines Corp.		1,450		193,909
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.9%
Broadcom, Inc.		1,125		329,456
QUALCOMM, Inc.		5,400		434,376
			$	763,832
TOTAL INFORMATION TECHNOLOGY			$	1,418,588
MATERIALS – 0.8%
CHEMICALS – 0.8%
Dow, Inc.		6,475		326,923
REAL ESTATE – 2.1%
REAL ESTATE INVESTMENT TRUSTS – 2.1%
Blackstone Mortgage Trust, Inc., Class A		7,800		283,140
Crown Castle International Corp.		1,160		160,996
Park Hotels & Resorts, Inc.		6,375		148,219
Ventas, Inc.		3,750		244,125
TOTAL REAL ESTATE			$	836,480
UTILITIES – 3.1%
ELECTRIC UTILITIES – 3.1%
American Electric Power Co., Inc.		3,050		287,890
Duke Energy Corp.		2,325		219,155
FirstEnergy Corp.		6,900		333,408

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 52

     Wilmington Diversified Income Fund (continued)

Description	Number of Shares		Value
NextEra Energy, Inc.		1,600	$	381,344
TOTAL UTILITIES			$	1,221,797
TOTAL COMMON STOCKS (COST $13,144,429)			$	14,949,705
	Par Value
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
Continental Airlines2009-2,
Series A, Pass-Through Certificates, 7.25%, 11/10/19	$	45,421	$	45,474
Delta Air Lines,2007-1,
Series A, Pass-Through Certificates, 6.82%, 8/10/22		32,963		36,268
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $77,399)			$	81,742
GOVERNMENT AGENCY – 0.1%
FEDERAL HOME LOAN BANK (FHLB) – 0.1%
3.25%, 11/16/28		35,000		38,990
TOTAL GOVERNMENT AGENCY (COST $34,652)			$	38,990
MORTGAGE-BACKED SECURITIES – 5.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.0%
Pool C00478, 8.50%, 9/01/26		982		1,102
Pool A15865, 5.50%, 11/01/33		26,628		29,525
Pool A19412, 5.00%, 3/01/34		64,688		72,363
Pool G05774, 5.00%, 1/01/40		142,296		154,885
Pool C03517, 4.50%, 9/01/40		19,322		20,978
Pool C03849, 3.50%, 4/01/42		36,803		38,110
Pool C04305, 3.00%, 11/01/42		131,444		135,968
Pool C09020, 3.50%, 11/01/42		114,399		120,545
Pool G07889, 3.50%, 8/01/43		25,295		26,153
Pool Q23891, 4.00%, 12/01/43		27,820		29,614
Pool G60038, 3.50%, 1/01/44		89,751		94,565
Pool SD8000, 3.00%, 7/01/49		78,068		79,215
TOTAL FEDERAL HOME LOAN MORTGAGE   CORPORATION (FHLMC)			$	803,023
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.7%
Pool AB4089, 3.00%, 12/01/26		16,527		16,965
Pool 533246, 7.50%, 4/01/30		2,789		2,825
Pool AJ4050, 4.00%, 10/01/41		59,601		63,723
Pool AX5302, 4.00%, 1/01/42		19,683		21,044
Pool AT7899, 3.50%, 7/01/43		48,991		50,327
Pool AS0302, 3.00%, 8/01/43		56,356		57,976
Pool AL6325, 3.00%, 10/01/44		50,846		52,301

Description	Par Value		Value
Pool BC0830, 3.00%, 4/01/46	$	63,919	$	65,567
Pool BC9468, 3.00%, 6/01/46		18,440		18,916
Pool BE1899, 3.00%, 11/01/46		93,896		96,085
Pool BD7166, 4.50%, 4/01/47		61,887		65,445
Pool BE3625, 3.50%, 5/01/47		125,182		129,789
Pool BE3702, 4.00%, 6/01/47		168,463		176,436
Pool BE3767, 3.50%, 7/01/47		13,281		13,771
Pool BH9215, 3.50%, 1/01/48		33,809		35,057
Pool BJ0650, 3.50%, 3/01/48		208,183		216,062
Pool BJ9169, 4.00%, 5/01/48		93,920		97,755
Pool BK4764, 4.00%, 8/01/48		79,356		82,596
Pool MA3444, 4.50%, 8/01/48		48,216		50,888
Pool BN1628, 4.50%, 11/01/48		25,023		26,452
Pool BN3956, 4.00%, 1/01/49		42,333		44,021
Pool BN6683, 3.50%, 6/01/49		83,945		86,509
TOTAL FEDERAL NATIONAL MORTGAGE     ASSOCIATION (FNMA)			$	1,470,510
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.1%
Pool 354677, 7.50%, 10/15/23		5,326		5,752
Pool 354765, 7.00%, 2/15/24		7,839		8,427
Pool 354827, 7.00%, 5/15/24		5,925		6,266
TOTAL GOVERNMENT NATIONAL MORTGAGE     ASSOCIATION (GNMA)			$	20,445
TOTAL MORTGAGE-BACKED SECURITIES (COST $2,256,270)			$	2,293,978
U.S. TREASURY – 9.3%
U.S. TREASURY BONDS – 2.0%
2.50%, 2/15/46		65,000		69,130
2.75%, 8/15/47		70,000		78,244
3.00%, 11/15/44		53,000		61,502
3.00%, 11/15/45		8,000		9,321
3.00%, 2/15/47		21,000		24,579
3.00%, 5/15/47		30,000		35,104
3.13%, 8/15/44		11,000		13,024
3.38%, 5/15/44		139,000		171,094
3.63%, 2/15/44		87,000		111,112
4.38%, 5/15/40		120,000		166,849
4.75%, 2/15/37		21,000		29,864
TOTAL U.S. TREASURY BONDS			$	769,823
U.S. TREASURY NOTES – 7.3%
1.13%, 2/28/21		250,000		248,493
1.50%, 11/30/19		40,000		39,985
1.50%, 8/15/26		90,000		89,424
1.63%, 11/15/22		96,000		96,341
1.63%, 5/15/26		195,000		195,365
1.75%, 5/15/23		405,000		408,153
1.75%, 7/31/24		30,000		30,313

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

53	PORTFOLIOS OF INVESTMENTS
	Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
2.00%, 10/31/21	$	165,000	$	166,456
2.00%, 4/30/24		170,000		173,445
2.00%, 2/15/25		115,000		117,638
2.00%, 8/15/25		35,000		35,825
2.13%, 8/31/20		115,000		115,508
2.13%, 6/30/22		175,000		177,779
2.13%, 11/30/23		215,000		220,094
2.13%, 5/15/25		140,000		144,131
2.25%, 11/15/24		80,000		82,735
2.25%, 11/15/25		5,000		5,191
2.25%, 8/15/27		200,000		209,225
2.38%, 8/15/24		140,000		145,420
2.38%, 5/15/29		150,000		159,104
TOTAL U.S. TREASURY NOTES			$	2,860,625
TOTAL U.S. TREASURY (COST $3,451,265)			$	3,630,448
	Number of Shares
MONEY MARKET FUND – 2.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		848,765	$	848,765
TOTAL MONEY MARKET FUND (COST $848,765)			$	848,765
TOTAL INVESTMENTS IN SECURITIES – 100.1%
(COST $37,193,098)			$	39,283,089
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 13.6%
REPURCHASE AGREEMENTS – 13.6%
Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $392,612, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $400,445.	$	392,593	$	392,593
BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $986,646, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $1,006,331.		986,599		986,599
Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $986,647, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $1,006,331.		986,599		986,599

Description	Par Value		Value
HSBC Securities USA, Inc., 1.73%, dated 10/31/19, due 11/01/19, repurchase price $986,646, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 12/20/32 to 6/20/69; total market value of $1,006,331.	$	986,599	$	986,599
Nomura Securities International, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $986,647, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/05/19 to 9/20/69; total market value of $1,006,332.		986,599		986,599
RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $986,647, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $1,006,331.		986,599		986,599
TOTAL REPURCHASE AGREEMENTS			$	5,325,588
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $5,325,588)			$	5,325,588
TOTAL INVESTMENTS – 113.7%
(COST $42,518,686)			$	44,608,677
COLLATERAL FOR SECURITIES ON LOAN – (13.6%)				(5,325,588	)
OTHER LIABILITIES LESS ASSETS – (0.1%)				(31,459	)
TOTAL NET ASSETS – 100.0%			$	39,251,630

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 54

     Wilmington Diversified Income Fund (concluded)

Cost of investments for Federal income tax purposes is $42,521,849. The net unrealized appreciation/(depreciation) of investments was $2,086,828. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,710,719 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(623,891).

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, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	13,187,726	$	—	$	—	$	13,187,726
Collateralized Mortgage Obligations		—		120,760		—		120,760
Commercial Paper		—		249,829		—		249,829
Corporate Bonds		—		3,881,146		—		3,881,146
Common Stocks		14,949,705		—		—		14,949,705
Enhanced Equipment Trust Certificates		—		81,742		—		81,742
Government Agency		—		38,990		—		38,990
Mortgage-Backed Securities		—		2,293,978		—		2,293,978
U.S. Treasury		—		3,630,448		—		3,630,448
Money Market Fund		848,765		—		—		848,765
Repurchase Agreements		—		5,325,588		—		5,325,588
Total	$	28,986,196	$	15,622,481	$	—	$	44,608,677

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

^ 7-Day net yield.

Δ Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floor and caps. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

Ω 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, 2019, these liquid restricted securities amounted to $391,759 representing 1.00% of total net assets.

¨ The rate shown reflects the effective yield at purchase date.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:		MTN	Medium Term Note
ADR	American Depositary Receipt	PLC	Public Limited Company
ETF	Exchange-Traded Fund	REIT	Real Estate Investment Trust
GMTN	Global Medium Term Note		Standard & Poor’s Depository
LIBOR	London Interbank Offered Rate	SPDR	Receipts
LLC	Limited Liability Corporation	USD	United States Dollar
LP	Limited Partnership

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

55 STATEMENTS OF ASSETS AND LIABILITIES  

October 31, 2019 (unaudited)	Wilmington International Fund			Wilmington Global Alpha Equities Fund
ASSETS:
Investments, at identified cost	$	527,971,631		$	173,675,276
Investments in securities, at value (Including $18,390,036 and $0 of securities on loan, respectively) (Note 2)	$	587,403,577		$	191,191,559
Cash		—			548,272
Deposits for financial futures contracts		1,675,841			5,013,534
Cash denominated in foreign currencies		21,101,347	(a)		51,558	(a)
Income receivable		2,044,646			385,970
Foreign tax reclaim receivable		1,425,748			173,101
Receivable for shares sold		221,179			109,092
Unrealized appreciation on forward foreign currency contracts		269			35,315
Receivable for investments sold		9,496,178			379,488
Prepaid assets		25,091			15,596
TOTAL ASSETS		623,393,876			197,903,485
LIABILITIES:
Overdraft due to custodian		395,284			—
Overdraft due to custodian denominated in foreign currencies		2,619,083	(b)		263,696	(b)
Payable for investments purchased		24,543,756			796,498
Collateral for securities on loan		21,528,887			—
Unrealized depreciation on forward foreign currency contracts		3,597			160,659
Payable for shares redeemed		204,043			48,032
Payable tosub-advisors		174,230			90,446
Payable for Trustees’ fees		6,363			4,401
Payable for administrative personnel and services fees		14,500			5,042
Payable for distribution services fees		743			37
Payable for shareholder services fees		56,397			—
Payable for investment advisory fees		82,702			63,965
Other accrued expenses		287,758			144,587
TOTAL LIABILITIES		49,917,343			1,577,363
NET ASSETS	$	573,476,533		$	196,326,122
NET ASSETS CONSIST OF:
Paid-in capital	$	533,089,598		$	185,039,233
Distributable earnings (loss)		40,386,935			11,286,889
TOTAL NET ASSETS	$	573,476,533		$	196,326,122
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	3,586,560		$	149,163
Shares outstanding (unlimited shares authorized)		425,755			12,848
Net Asset Value per share	$	8.42		$	11.61
Offering price per share*	$	8.91	**	$	12.29	**
Class I
Net Assets	$	569,889,973		$	196,176,959
Shares outstanding (unlimited shares authorized)		67,127,646			16,697,521
Net Asset Value per share	$	8.49		$	11.75

(a) Cost of cash denominated in foreign currencies was $20,942,748 and $50,675, respectively.

(b) Cost of overdraft due to custodian was $2,615,767 and $262,806, respectively.

* See “How are Shares Priced?” in the Prospectus.

** Computation of offering price per share: 100/94.50 of net asset value.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (concluded)   56

October 31, 2019 (unaudited)	Wilmington Real Asset Fund			Wilmington Diversified Income Fund
ASSETS:
Investments, at identified cost	$	318,180,713		$	42,518,686
Investments in securities, at value (Including $3,150,016 and $5,182,648 of securities on loan, respectively) (Note 2)	$	351,899,523		$	44,608,677
Cash		—			2,129
Deposits for financial futures contracts		274,283	(a)		—
Deposits for swaps		522,925	(b)		—
Cash denominated in foreign currencies		319,662	(c)		—
Variation margin receivable for centrally cleared swap agreements		47,609			—
Variation margin receivable for financial futures contracts		33,776			—
Income receivable		483,240			91,164
Foreign tax reclaim receivable		209,121			—
Due from advisor		—			17,289
Receivable for shares sold		72,775			106
Over the counter swap agreements, at value (Net upfront payments received of $45,921 and $0, respectively)		60,498			—
Written options, at value		22,022	(d)(e)		—
Unrealized appreciation on forward foreign currency contracts		109,787			—
Receivable for investments sold		13,264,185			—
Prepaid assets		10,658			16,260
TOTAL ASSETS		367,330,064			44,735,625
LIABILITIES:
Overdraft due to custodian		682			—
Written options, at value		106,137	(d)(e)		—
Variation margin payable for centrally cleared swap agreements		128,163			—
Variation margin payable for financial futures contracts		69,099			—
Payable for investments purchased		41,279,387			45,007
Collateral for securities on loan		3,222,013			5,325,588
Due to broker for swap agreements		40,000			—
Over the counter swap agreements, at value (Net upfront payments paid of $3,525 and $0, respectively)		7,504			—
Unrealized depreciation on forward foreign currency contracts		339,904			—
Payable for shares redeemed		592,739			27,033
Payable tosub-advisors		30,047			—
Payable for Trustees’ fees		5,592			6,339
Payable for administrative personnel and services fees		8,310			1,011
Payable for distribution services fees		244			8,103
Payable for investment advisory fees		100,339			—
Other accrued expenses		169,898			70,914
TOTAL LIABILITIES		46,100,058			5,483,995
NET ASSETS	$	321,230,006		$	39,251,630
NET ASSETS CONSIST OF:
Paid-in capital	$	313,268,640		$	37,242,135
Distributable earnings (loss)		7,961,366			2,009,495
TOTAL NET ASSETS	$	321,230,006		$	39,251,630
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	1,145,109		$	38,576,847
Shares outstanding (unlimited shares authorized)		77,156			3,568,457
Net Asset Value per share	$	14.84		$	10.81
Offering price per share*	$	15.70	**	$	11.44	**
Class I
Net Assets	$	320,084,897		$	674,783
Shares outstanding (unlimited shares authorized)		21,322,422			62,374
Net Asset Value per share	$	15.01		$	10.82

(a) Includes cash denominated in foreign currencies with a value of $57,245 and a cost of $56,907.

(b) Includes cash denominated in foreign currencies with a value of $32,934 and a cost of $32,838.

(c) Cost of cash denominated in foreign currencies was $319,121.

(d) Net written options, at value is $(84,115)

(e) Premiums received for options written were $208,046.

* 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, 2019 (unaudited)

57 STATEMENTS OF OPERATIONS  

Six Months Ended October 31, 2019 (unaudited)	Wilmington International Fund			Wilmington Global Alpha Equities Fund
INVESTMENT INCOME:
Dividends	$	8,368,261	(a)	$	2,033,823	(a)
Interest		6,580			33,350	(b)
Securities lending income		181,451			—
TOTAL INVESTMENT INCOME		8,556,292			2,067,173
EXPENSES:
Investment advisory fees		2,293,948			1,362,226
Administrative personnel and services fees		87,736			28,347
Portfolio accounting and administration fees		114,595			43,297
Custodian fees		87,744			31,778
Transfer and dividend disbursing agent fees and expenses		55,628			43,391
Trustees’ fees		27,158			27,784
Professional fees		79,633			71,654
Distribution services fee—Class A		4,744			180
Shareholder services fee—Class A		4,744			180
Shareholder services fee— Class I		697,563			226,858
Share registration costs		17,091			19,519
Printing and postage		11,912			9,220
Miscellaneous		39,046			21,973
TOTAL EXPENSES		3,521,542			1,886,407
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors		(763,756	)		(533,082	)
Waiver of shareholder services fee—Class A		(4,744	)		(180	)
Waiver of shareholder services fee—Class I		(371,556	)		(226,858	)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,140,056	)		(760,120	)
Net expenses		2,381,486			1,126,287
Net investment income (loss)		6,174,806			940,886
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(9,692,431	)		3,733,982
Net realized gain (loss) on forward foreign currency contracts		(101,086	)		267,041
Net realized gain (loss) on foreign currency transactions		48,011			19,050
Net realized gain (loss) on financial futures contracts		(274,469	)		(3,376,747	)
Litigation proceeds		1,368	(c)		—
Net change in unrealized appreciation (depreciation) on investments		5,951,343			2,803,947
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		(2,132	)		(226,067	)
Net change in unrealized appreciation (depreciation) on foreign currency transactions		34,090			4,739
Net change in unrealized appreciation (depreciation) on financial futures contracts		44,794			1,161,264
Net realized and unrealized gain (loss) on investments		(3,990,512	)		4,387,209
Change in net assets resulting from operations	$	2,184,294		$	5,328,095

(a) Net of foreign withholding taxes withheld of $906,790 and $144,992, respectively.

(b) Net of foreign withholding taxes withheld of $72.

(c) The Litigation proceeds represent a class action settlement received by the Fund.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS (concluded)   58

Six Months Ended October 31, 2019 (unaudited)	Wilmington Real Asset Fund				Wilmington Diversified Income Fund
INVESTMENT INCOME:
Dividends		$	3,561,291	(a)		$	638,399	(a)
Interest			1,284,501	(b)			145,769
Securities lending income			82,456				18,611
TOTAL INVESTMENT INCOME			4,928,248				802,779
EXPENSES:
Investment advisory fees			887,584				78,437
Administrative personnel and services fees			49,470				6,125
Portfolio accounting and administration fees			81,253				18,863
Custodian fees			55,990				1,051
Transfer and dividend disbursing agent fees and expenses			44,890				23,739
Trustees’ fees			27,405				27,165
Professional fees			79,947				52,526
Distribution services fee—Class A			1,438				48,219
Shareholder services fee—Class A			1,438				48,219
Shareholder services fee— Class I			394,589				804
Share registration costs			19,400				10,917
Printing and postage			14,593				6,255
Miscellaneous			26,835				13,914
TOTAL EXPENSES			1,684,832				336,234
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors			(162,651	)			(171,692	)
Waiver of shareholder services fee—Class A			(1,438	)			(48,219	)
Waiver of shareholder services fee—Class I			(394,589	)			(804	)
TOTAL WAIVERS AND REIMBURSEMENTS			(558,678	)			(220,715	)
Net expenses			1,126,154				115,519
Net investment income (loss)			3,802,094				687,260
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			617,024				51,966
Net realized gain (loss) on forward foreign currency contracts			538,857				—
Net realized gain (loss) on foreign currency transactions			(48,555	)			—
Net realized gain (loss) on financial futures contracts			(679,742	)			—
Net realized gain (loss) on swap agreements			(150,452	)			—
Net realized gain (loss) on purchased options			242,625				—
Net realized gain (loss) on written options			(94,193	)			—
Net realized gain (loss) on securities sold short			(3,604	)			—
Net change in unrealized appreciation (depreciation) on investments			11,618,723				940,005
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts			(272,847	)			—
Net change in unrealized appreciation (depreciation) on foreign currency transactions			1,930				—
Net change in unrealized appreciation (depreciation) on financial futures contracts			232,557				—
Net change in unrealized appreciation (depreciation) on swap agreements			(353,629	)			—
Net change in unrealized appreciation (depreciation) on purchased options			(31,596	)			—
Net change in unrealized appreciation (depreciation) on written options			20,989				—
Net change in unrealized appreciation (depreciation) on TBA Sales Commitments			(398	)			—
Net realized and unrealized gain (loss) on investments			11,637,689				991,971
Change in net assets resulting from operations		$	15,439,783			$	1,679,231

(a) Net of foreign withholding taxes withheld of $149,175 and $2,270, respectively.

(b) Net of foreign withholding taxes withheld of $528,189.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

59 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington International Fund								Wilmington Global  Alpha Equities Fund
	Six Months Ended October 31, 2019 (unaudited)				Year Ended     April 30,     2019				Six Months Ended October 31, 2019 (unaudited)				Year Ended     April 30,     2019
OPERATIONS:
Net investment income (loss)		$	6,174,806			$	11,572,244			$	940,886			$	1,552,008
Net realized gain (loss) on investments			(10,018,607	)(a)			(8,855,386	)(a)			643,326				7,085,522
Net change in unrealized appreciation (depreciation) of investments			6,028,095				(34,360,384	)			3,743,883				(2,290,177	)
Change in net assets resulting from operations			2,184,294				(31,643,526	)			5,328,095				6,347,353
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(54,446	)			(128,833	)			—				(1,370	)
Class I			(8,678,115	)			(15,513,143	)			—				(1,792,762	)
Total distributions to shareholders			(8,732,561	)			(15,641,976	)			—				(1,794,132	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			7,250				4,104,757				51,070				31,867
Class I			35,343,668				97,827,356				39,969,523				36,618,293
Distributions reinvested
Class A			47,272				116,719				—				1,369
Class I			2,146,971				9,005,482				—				908,620
Cost of shares redeemed
Class A			(1,226,525	)			(4,391,015	)			(30,310	)			(43,932	)
Class I			(31,913,993	)			(145,040,239	)			(17,316,104	)			(30,246,425	)
Change in net assets resulting from share transactions			4,404,643				(38,376,940	)			22,674,179				7,269,792
Change in net assets			(2,143,624	)			(85,662,442	)			28,002,274				11,823,013
NET ASSETS:
Beginning of period			575,620,157				661,282,599				168,323,848				156,500,835
End of period		$	573,476,533			$	575,620,157			$	196,326,122			$	168,323,848
SHARES OF BENEFICIAL INTEREST:															.
Shares sold
Class A			885				468,542				4,418				2,887
Class I			4,271,911				11,729,961				3,450,979				3,291,770
Distributions reinvested
Class A			5,681				14,101				—				131
Class I			256,249				1,105,103				—				85,800
Shares redeemed
Class A			(152,493	)			(511,897	)			(2,622	)			(4,003	)
Class I			(3,880,036	)			(17,804,419	)			(1,505,772	)			(2,732,033	)
Net change resulting from share transactions			502,197				(4,998,609	)			1,947,003				644,552

^(a) Includes Litigation settlement.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 60

	Wilmington Real Asset Fund								Wilmington Diversified Income Fund
	Six Months Ended October 31, 2019 (unaudited)				Year Ended     April 30,     2019				Six Months Ended October 31, 2019 (unaudited)				Year Ended     April 30,     2019
OPERATIONS:
Net investment income (loss)		$	3,802,094			$	8,185,949			$	687,260			$	1,395,222
Net realized gain (loss) on investments			421,960				589,320				51,966				(196,436	)
Net change in unrealized appreciation (depreciation) of investments			11,215,729				(2,015,552	)			940,005				576,437
Change in net assets resulting from operations			15,439,783				6,759,717				1,679,231				1,775,223
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(19,525	)			(26,933	)			(670,188	)			(1,493,560	)
Class I			(5,829,784	)			(7,962,044	)			(12,065	)			(41,768	)
Total distributions to shareholders			(5,849,309	)			(7,988,977	)			(682,253	)			(1,535,328	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			92,823				145,265				187,518				514,241
Class I			14,447,802				46,788,531				29,029				181,372
Distributions reinvested
Class A			13,160				17,826				621,350				1,390,842
Class I			2,813,125				3,897,423				5,580				10,364
Cost of shares redeemed
Class A			(168,832	)			(285,091	)			(2,154,500	)			(4,202,605	)
Class I			(16,385,478	)			(47,538,762	)			(14,500	)			(656,037	)
Change in net assets resulting from share transactions			812,600				3,025,192				(1,325,523	)			(2,761,823	)
Change in net assets			10,403,074				1,795,932				(328,545	)			(2,521,928	)
NET ASSETS:
Beginning of period			310,826,932				309,031,000				39,580,175				42,102,103
End of period		$	321,230,006			$	310,826,932			$	39,251,630			$	39,580,175
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			6,429				10,277				17,778				49,657
Class I			984,952				3,289,145				2,749				17,119
Distributions reinvested
Class A			902				1,317				58,555				137,475
Class I			190,685				284,472				526				1,034
Shares redeemed
Class A			(11,614	)			(19,747	)			(204,251	)			(405,265	)
Class I			(1,114,929	)			(3,348,357	)			(1,376	)			(63,484	)
Net change resulting from share transactions			56,425				217,107				(126,019	)			(263,464	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

61 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

WILMINGTON INTERNATIONAL FUND
CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$8.52			$9.11			$7.86			$7.08			$8.04			$7.90
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.14			0.08			0.08			0.08			0.09
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.07	)(b)		(0.51	)(b)		1.26	(b)		0.79	(c)		(0.95	)		0.17
Total Income (Loss) From Operations		0.02			(0.37	)		1.34			0.87			(0.87	)		0.26
Less Distributions From:
Net Investment Income		(0.12	)		(0.14	)		(0.09	)		(0.09	)		(0.09	)		(0.12	)
Net Realized Gains		—			(0.08	)		—			—			—			—
Total Distributions		(0.12	)		(0.22	)		(0.09	)		(0.09	)		(0.09	)		(0.12	)
Net Asset Value, End of Period		$8.42			$8.52			$9.11			$7.86			$7.08			$8.04
Total Return(d)		0.30	%		(4.07	)%		17.18	%		12.52	%		(10.82	)%		3.29	%
Net Assets, End of Period (000’s)		$3,587			$4,871			$5,473			$4,913			$4,810			$5,909
Ratios to Average Net Assets
Gross Expense		1.50	%(e)		1.50	%		1.48	%		1.79	%		1.87	%		1.84	%
Net Expenses(f)		0.98	%(e)		1.00	%		1.04	%		1.22	%		1.31	%		1.42	%
Net Investment Income (Loss)		2.27	%(e)		1.69	%		0.93	%		1.16	%		1.15	%		1.20	%
Portfolio Turnover Rate		31	%		70	%		75	%		177	%		71	%		78	%
CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$8.59			$9.18			$7.92			$7.13			$8.09			$7.94
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.17			0.09			0.09			0.09			0.10
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.06	)(b)		(0.53	)(b)		1.27	(b)		0.80	(c)		(0.95	)		0.18
Total Income (Loss) From Operations		0.03			(0.36	)		1.36			0.89			(0.86	)		0.28
Less Distributions From:
Net Investment Income		(0.13	)		(0.15	)		(0.10	)		(0.10	)		(0.10	)		(0.13	)
Net Realized Gains		—			(0.08	)		—			—			—			—
Total Distributions		(0.13	)		(0.23	)		(0.10	)		(0.10	)		(0.10	)		(0.13	)
Net Asset Value, End of Period		$8.49			$8.59			$9.18			$7.92			$7.13			$8.09
Total Return(d)		0.36	%		(3.91	)%		17.29	%		12.69	%		(10.70	)%		3.46	%
Net Assets, End of Period (000’s)		$569,890			$570,749			$655,810			$438,974			$411,357			$535,446
Ratios to Average Net Assets
Gross Expense		1.25	%(e)		1.26	%		1.23	%		1.54	%		1.62	%		1.59	%
Net Expenses(f)		0.85	%(e)		0.87	%		0.91	%		1.09	%		1.18	%		1.29	%
Net Investment Income (Loss)		2.20	%(e)		1.95	%		1.06	%		1.28	%		1.28	%		1.32	%
Portfolio Turnover Rate		31	%		70	%		75	%		177	%		71	%		78	%

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

(b) Amount includes anon-recurring payment for Litigation proceeds which represents proceeds from securities litigation by the Fund. The litigation proceeds impacted the realized and unrealized gain (loss) per share by $0.00 and $0.00 for Class A and Class I, respectively.

(c) Amount includes anon-recurring payment for Litigation proceeds which represents a class action settlement received by the Fund related to best execution of foreign exchange transactions. The litigation proceeds impacted the realized and unrealized gain (loss) per share by $0.01 and $0.01 for Class A and Class I, respectively.

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

(e) Annualized for periods less than one year.

(f) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 62

For a share outstanding throughout each period.

WILMINGTON GLOBAL ALPHA EQUITIES FUND
CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$11.28			$10.99			$10.54			$9.82			$10.86			$10.74
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.05			0.09			0.05			(0.01	)		(0.05	)		(0.06	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.28			0.33			0.52	(b)		0.75			(0.75	)		0.35
Total Income (Loss) From Operations		0.33			0.42			0.57			0.74			(0.80	)		0.29
Less Distributions From:
Net Investment Income		—			(0.13	)		(0.12	)		(0.02	)		(0.24	)		—
Net Realized Gains		—			—			—			—			—			(0.17	)
Total Distributions		—			(0.13	)		(0.12	)		(0.02	)		(0.24	)		(0.17	)
Net Asset Value, End of Period		$11.61			$11.28			$10.99			$10.54			$9.82			$10.86
Total Return(c)		2.93	%		3.87	%		5.41	%		7.59	%		(7.48	)%		2.73	%
Net Assets, End of Period (000’s)		$149			$125			$132			$180			$1,290			$2,723
Ratios to Average Net Assets
Gross Expense		2.33	%(d)		2.36	%		2.46	%		3.06	%		2.89	%		3.04	%
Net Expenses(e)		1.49	%(d)		1.49	%		1.50	%		2.48	%(f)		2.46	%(f)		2.68	%(f)
Net Investment Income (Loss)		0.79	%(d)		0.78	%		0.42	%		(0.06	)%		(0.44	)%		(0.52	)%
Portfolio Turnover Rate		29	%		61	%		58	%(g)		367	%		387	%		434	%
CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$11.40			$11.08			$10.61			$9.86			$10.88			$10.74
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.06			0.11			0.11			0.03			(0.02	)		(0.03	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.29			0.34			0.49	(b)		0.75			(0.76	)		0.34
Total Income (Loss) From Operations		0.35			0.45			0.60			0.78			(0.78	)		0.31
Less Distributions From:
Net Investment Income		—			(0.13	)		(0.13	)		(0.03	)		(0.24	)		—
Net Realized Gains		—			—			—			—			—			(0.17	)
Total Distributions		—			(0.13	)		(0.13	)		(0.03	)		(0.24	)		(0.17	)
Net Asset Value, End of Period		$11.75			$11.40			$11.08			$10.61			$9.86			$10.88
Total Return(c)		3.07	%		4.18	%		5.63	%		7.93	%		(7.22	)%		2.91	%
Net Assets, End of Period (000’s)		$196,177			$168,199			$156,369			$103,768			$158,200			$193,639
Ratios to Average Net Assets
Gross Expense		2.08	%(d)		2.11	%		2.21	%		2.82	%		2.64	%		2.78	%
Net Expenses(e)		1.24	%(d)		1.24	%		1.25	%		2.12	%(f)		2.21	%(f)		2.41	%(f)
Net Investment Income (Loss)		1.04	%(d)		1.02	%		1.03	%		0.32	%		(0.16	)%		(0.27	)%
Portfolio Turnover Rate		29	%		61	%		58	%(g)		367	%		387	%		434	%

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

(b) Amount includes anon-recurring payment for Litigation proceeds which represents proceeds from securities litigation by the Fund. The litigation proceeds impacted the realized and unrealized gain (loss) per share by $0.00 and $0.00 for Class A and Class I, respectively.

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

(d) Annualized for periods less than one year.

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(f) Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets for the years and the periods presented would be:

	Class A		Class I
April 30, 2017		2.06%	1.77%
April 30, 2016		2.15%	1.90%
April 30, 2015		2.19%	1.95%

(g) In January 2017, the Fund transitioned to a singlesub-advisor strategy. As a result, the portfolio turnover rate for the fiscal year ended April 30, 2018 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, 2019 (unaudited)

63 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

WILMINGTON REAL ASSET FUND
CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$14.40			$14.48			$13.87			$13.63			$14.77			$14.81
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.16			0.34			0.35			0.23			0.21			0.13
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.53			(0.07	)		0.63			0.01			(0.68	)		0.04
Total Income (Loss) From Operations		0.69			0.27			0.98			0.24			(0.47	)		0.17
Less Distributions From:
Net Investment Income		(0.25	)		(0.35	)		(0.37	)		—			(0.67	)		(0.21	)
Total Distributions		(0.25	)		(0.35	)		(0.37	)		—			(0.67	)		(0.21	)
Net Asset Value, End of Period		$14.84			$14.40			$14.48			$13.87			$13.63			$14.77
Total Return(b)		4.86	%		2.05	%		7.11	%		1.76	%		(3.09	)%		1.14	%
Net Assets, End of Period (000’s)		$1,145			$1,173			$1,297			$1,643			$1,762			$2,242
Ratios to Average Net Assets
Gross Expense		1.31	%(c)		1.32	%		1.32	%		1.45	%		1.48	%		1.49	%
Net Expenses(d)(e)		0.96	%(c)		0.96	%		0.99	%		1.20	%		1.23	%		1.23	%
Net Investment Income (Loss)		2.15	%(c)		2.44	%		2.46	%		1.68	%		1.53	%		0.89	%
Portfolio Turnover Rate		209	%		347	%		438	%		593	%		418	%		242	%
CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$14.56			$14.63			$14.01			$13.73			$14.86			$14.88
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.18			0.38			0.40			0.27			0.24			0.17
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.54			(0.07	)		0.62			0.01			(0.67	)		0.03
Total Income (Loss) From Operations		0.72			0.31			1.02			0.28			(0.43	)		0.20
Less Distributions From:
Net Investment Income		(0.27	)		(0.38	)		(0.40	)		—			(0.70	)		(0.22	)
Total Distributions		(0.27	)		(0.38	)		(0.40	)		—			(0.70	)		(0.22	)
Net Asset Value, End of Period		$15.01			$14.56			$14.63			$14.01			$13.73			$14.86
Total Return(b)		5.01	%		2.29	%		7.31	%		2.11	%		(2.89	)%		1.40	%
Net Assets, End of Period (000’s)		$320,085			$309,654			$307,734			$345,787			$453,171			$463,375
Ratios to Average Net Assets
Gross Expense		1.06	%(c)		1.07	%		1.07	%		1.20	%		1.23	%		1.24	%
Net Expenses(d)(e)		0.71	%(c)		0.71	%		0.74	%		0.95	%		0.98	%		0.98	%
Net Investment Income (Loss)		2.40	%(c)		2.69	%		2.74	%		1.97	%		1.75	%		1.13	%
Portfolio Turnover Rate		209	%		347	%		438	%		593	%		418	%		242	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(e) Expense ratio includes interest expense related to securities sold short, reverse repurchase agreements and/or TBA sale commitments. Interest expense related to securities sold short, reverse repurchase agreements and/or TBA sale commitments had no impact on the ratio of expenses to average net assets for the years ended April 30, 2019, April 30, 2018 and April 30, 2017.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 64

For a share outstanding throughout each period.

WILMINGTON DIVERSIFIED INCOME FUND
CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$10.54			$10.47			$11.24			$10.40			$10.98			$10.47
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.19			0.36			0.26			0.12			0.12			0.10
Net Realized and Unrealized Gain (Loss) on Investments		0.27			0.11			0.52			0.85			(0.53	)		0.53
Total Income (Loss) From Operations		0.46			0.47			0.78			0.97			(0.41	)		0.63
Less Distributions From:
Net Investment Income		(0.19	)		(0.36	)		(0.23	)		(0.13	)		(0.15	)		(0.12	)
Net Realized Gains		—			(0.04	)		(1.32	)		—			(0.02	)		—
Total Distributions		(0.19	)		(0.40	)		(1.55	)		(0.13	)		(0.17	)		(0.12	)
Net Asset Value, End of Period		$10.81			$10.54			$10.47			$11.24			$10.40			$10.98
Total Return(b)		4.36	%		4.66	%		6.99	%		9.38	%		(3.70	)%		6.09	%
Net Assets, End of Period (000’s)		$38,577			$38,943			$40,993			$42,878			$44,607			$52,860
Ratios to Average Net Assets
Gross Expense(c)		1.72	%(d)		1.67	%		1.72	%		1.59	%		1.52	%		1.46	%
Net Expenses(c)(e)		0.59	%(d)		0.60	%		0.66	%		0.74	%		0.74	%		0.80	%
Net Investment Income (Loss)		3.50	%(d)		3.45	%		2.30	%		1.16	%		1.14	%		0.90	%
Portfolio Turnover Rate		6	%		14	%		85	%		9	%		52	%		23	%
CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$10.54			$10.48			$11.25			$10.41			$10.98			$10.47
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.20			0.39			0.29			0.15			0.15			0.12
Net Realized and Unrealized Gain (Loss) on Investments		0.28			0.10			0.52			0.85			(0.53	)		0.54
Total Income (Loss) From Operations		0.48			0.49			0.81			1.00			(0.38	)		0.66
Less Distributions From:
Net Investment Income		(0.20	)		(0.39	)		(0.26	)		(0.16	)		(0.17	)		(0.15	)
Net Realized Gains		—			(0.04	)		(1.32	)		—			(0.02	)		—
Total Distributions		(0.20	)		(0.43	)		(1.58	)		(0.16	)		(0.19	)		(0.15	)
Net Asset Value, End of Period		$10.82			$10.54			$10.48			$11.25			$10.41			$10.98
Total Return(b)		4.58	%		4.82	%		7.24	%		9.64	%		(3.42	)%		6.35	%
Net Assets, End of Period (000’s)		$675			$637			$1,109			$725			$1,129			$1,323
Ratios to Average Net Assets
Gross Expense(c)		1.47	%(d)		1.40	%		1.48	%		1.34	%		1.27	%		1.21	%
Net Expenses(c)(e)		0.34	%(d)		0.35	%		0.41	%		0.49	%		0.49	%		0.55	%
Net Investment Income (Loss)		3.74	%(d)		3.72	%		2.62	%		1.44	%		1.39	%		1.16	%
Portfolio Turnover Rate		6	%		14	%		85	%		9	%		52	%		23	%

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

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

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

(d) Annualized for periods less than one year.

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

65 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

October 31, 2019 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end management investment company. The Trust consists of 12 portfolios, 4 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 8 funds are presented in separate reports.

Fund	Investment Goal
Wilmington International Fund (“International Fund”)(d)	The Fund seeks to provide long-term capital appreciation primarily through a diversified portfolio ofnon-U.S. equity securities.
Wilmington Global Alpha Equities Fund (“Global Alpha Equities Fund”)(d)	The Fund seeks to achieve long-term growth of capital with lower volatility than broader equity markets.
Wilmington Real Asset Fund (“Real Asset Fund”)(d)	The Fund seeks to achieve long-term preservation of capital with current income.
Wilmington Diversified Income Fund (“Diversified Income Fund“)(d)	The Fund seeks a high level of total return consistent with a moderate level of risk.

(d)   Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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.

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.

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 theover-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 theover-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 inopen-end regulated investment companies are valued at net asset value (“NAV”);

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

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

• swap agreements are valued daily based upon the terms specific to each agreement with its counterparty; and

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

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 66

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“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.

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 otheropen-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. The Wilmington International Fund, the Wilmington Global Alpha Equities and the Wilmington Real Asset Fund may utilize International Fair Value Pricing (“IFVP”) 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 orsub-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 orsub-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, 2019, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase   Agreements		Fair Value of Non-Cash Collateral   Received(1)		Cash Collateral   Received(1)		Net Amount(2)
International Fund
Bank of Montreal	$	1,075,497	$	1,075,497	$	—	$	—
BNP Paribas SA		4,090,678		4,090,678		—		—
Citigroup Global Markets Ltd.		4,090,678		4,090,678		—		—
Daiwa Capital Markets America		4,090,678		4,090,678		—		—
ING Financial Markets LLC		4,090,678		4,090,678		—		—
RBC Dominion Securities, Inc.		4,090,678		4,090,678		—		—
	$	21,528,887	$	21,528,887	$	—	$	—

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

67 NOTES TO FINANCIAL STATEMENTS (continued)

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount(2)
Real Asset Fund
Bank of Montreal	$	237,473	$	237,473	$	—	$	—
BNP Paribas SA		596,908		596,908		—		—
Citigroup Global Markets Ltd.		596,908		596,908		—		—
HSBC Securities USA, Inc.		596,908		596,908		—		—
Nomura Securities International, Inc.		596,908		596,908		—		—
RBC Dominion Securities, Inc.		596,908		596,908		—		—
	$	3,222,013	$	3,222,013	$	—	$	—
Diversified Income Fund
Bank of Montreal	$	392,593	$	392,593	$	—	$	—
BNP Paribas SA		986,599		986,599		—		—
Citigroup Global Markets Ltd.		986,599		986,599		—		—
HSBC Securities USA, Inc.		986,599		986,599		—		—
Nomura Securities International, Inc.		986,599		986,599		—		—
RBC Dominion Securities, Inc.		986,599		986,599		—		—
	$	5,325,588	$	5,325,588	$	—	$	—

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

⁽²⁾Net amount represents the net amount receivable due from the counterparty in the event of default.

Investment Income, Gains and Losses, Expenses and Distributions– Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on theex-dividend date.Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on theex-dividend date or when the Funds are informed of theex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

Expenses of the Trust, which are directly identifiable to a specific fund, are applied to that fund. Expenses which are not identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.

All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared and paid quarterly for the Funds, with the exception of the Global Alpha Equities Fund, which is paid annually.

Real Estate Investment Trusts– The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscalyear-end and may differ from the estimated amount. Estimates of income are adjusted to the actual amounts when the amounts are determined.

Federal Taxes– It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended October 31, 2019, the Funds did not incur any interest or penalties.

Warrants and Rights– Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 68

Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.

Foreign Currency Translation– The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange 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 theex-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.

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 owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day.

Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”

The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

69 NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of Securities on Loan		Cash Collateral Received(1)		Net Amount(2)
International Fund	$	18,390,036	$	18,390,036	$—
Real Asset Fund		3,150,016		3,150,016	—
Diversified Income Fund		5,182,648		5,182,648	—

⁽¹⁾Collateral with a value of $21,528,887, $3,222,013 and $5,325,588, respectively, has been received in connection with securities lending transactions.

⁽²⁾Net amount represents the net amount receivable due from the counterparty in the event of default.

TBA Commitments– “TBA” (to be announced) commitments are commitments to purchase or sell mortgage-backed securities for a fixed price at a future date, typically not exceeding 45 days. TBAs may be considered securities in themselves and involve a risk of loss if the value of the TBA changes relative to our “basis” in the position prior to the settlement date. Unsettled TBAs are valued according to the procedures described in the section entitled “Investment Valuation.”

3. DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entity’s results of operations and financial position. Risk of loss on derivatives, including written options, forward foreign currency contracts, financial futures contracts and swaps, may exceed amounts recognized on the Statements of Assets and Liabilities.

Options– Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether a Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written. A Fund, as writer of options, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, a Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. A Fund, as purchaser ofover-the-counter options, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

The Real Asset Fund used interest rate options and options on swaps to enhance returns, and manage interest rate risk, inflation risk, credit risk and volatility exposures. The Real Asset Fund used foreign currency options as a short or long hedge against possible variations in foreign exchange rates or as a means to gain exposure to foreign currencies.

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. The Global Alpha Equities Fund used foreign exchange futures contracts to gain exposure to the

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 70

foreign currency markets both on a long and short strategy. The Global Alpha Equities Fund also used equity index futures contracts to manage equity market net and gross exposure. The Real Asset Fund used futures contracts to manage interest rate exposure, adjust duration and curve exposure and to gain exposure to foreign interest rates. The Real Asset Fund also used money market futures during the period in order to adjust the portfolio’s interest rate exposure on thefront-end of the yield curve and to adjust the overall duration positioning of the portfolio.

Swap Agreements– Certain Funds may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

Centrally cleared swap agreements are agreements executed through a broker but are cleared through a central counterparty (the “CCP”) and a Fund’s counterparty on the swap becomes the CCP. The Fund is required to interface with the CCP through a broker and upon entering into a centrally cleared swap is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of a particular swap. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the swap agreement, the Fund agrees to pay to or receive from the counterparty an amount of cash equal to the daily fluctuation in the value of the swap (“variation margin”). Such payments are recorded by the Fund as unrealized gains or losses until the contract is closed or settled at which point the gain or loss is realized.

The Fund may utilize swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position.

Interest rate swap agreements– Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund may use interest rate swaps to either maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments using interest rate swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund, to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. The Real Asset Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the portfolio entered into interest rate swap agreements. Additionally, the portfolio invested in interest rate swaps as a risk-neutral substitute for physical securities, to obtain exposure in markets where no physical securities were available, and to refine the risk exposure in the portfolio (i.e. duration, inflation, credit, maturity mix, etc.).

Credit default swap agreements– Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in acheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

71 NOTES TO FINANCIAL STATEMENTS (continued)

issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the footnotes to the Portfolios of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. The Real Asset Fund uses credit default swaps on corporate and sovereign issues to take an active long position with respect to the likelihood of a particular issuer’s default. The Real Asset Fund also used credit default swaps on credit indices to adjust the portfolio’s overall credit exposure.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of October 31, 2019.

	Location on the Statement of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Equity contracts	Variation margin receivable for financial futures contracts*	Variation margin payable for financial futures contracts*
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts**	Unrealized depreciation on forward foreign currency contracts**
Interest rate contracts	Variation margin receivable for financial futures contracts*	Variation margin payable for financial futures contracts*
	Investments in securities, at value	Written options, at value
	Variation margin receivable for centrally cleared swap agreements*	Variation margin payable for centrally cleared swap agreements*
	Over the counter swap agreements, at value**	Over the counter swap agreements, at value**
Credit Contracts	Variation margin receivable for centrally cleared swap agreements*	Variation margin payable for centrally cleared swap agreements*
	Over the counter swap agreements, at value**	Over the counter swap agreements, at value**
		Written options, at value

*The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for centrally cleared swap agreements and financial futures contracts. The amount presented on the next pages is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until October 31, 2019.

**The amounts shown represent the unrealized appreciation (depreciation) from the date the contract was open.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 72

	Asset Derivative Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Credit     Contracts
International Fund
Financial Futures Contracts		$	487,194		$	487,194		$	—		$	—		$	—
Forward Foreign Currency Contracts			269			—			269			—			—
Totals		$	487,463		$	487,194		$	269		$	—		$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	129,941		$	129,941		$	—		$	—		$	—
Forward Foreign Currency Contracts			35,315			—			35,315			—			—
Totals		$	165,256		$	129,941			$35,315		$	—		$	—
Real Asset Fund
Financial Futures Contracts		$	163,376		$	—		$	—		$	163,376		$	—
Forward Foreign Currency Contracts			109,787			—			109,787			—			—
Purchased Options			50,633			—			—			50,633			—
Written Options			22,022			—			—			22,022			—
Swap Agreements			514,327			—			—			457,203			57,124
Totals		$	860,145		$	—			$109,787		$	693,234		$	57,124
	Liability Derivative Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Credit     Contracts
International Fund
Forward Foreign Currency Contracts		$	3,597		$	—		$	3,597		$	—		$	—
Totals		$	3,597		$	—		$	3,597		$	—		$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	2,429,694		$	2,429,694		$	—		$	—		$	—
Forward Foreign Currency Contracts			160,659			—			160,659			—			—
Totals		$	2,590,353		$	2,429,694		$	160,659		$	—		$	—
Real Asset Fund
Financial Futures Contracts		$	51,848		$	—		$	—		$	51,848		$	—
Forward Foreign Currency Contracts			339,904			—			339,904			—			—
Written Options			106,137			—			—			106,137			—
Swap Agreements			844,009			—			—			821,107			22,902
Totals		$	1,341,898		$	—		$	339,904		$	979,092		$	22,902

  The effect of derivative instruments on the Statements of Operations for the six months ended October 31, 2019 are as follows:

Derivative Type	Location on the Statements of Operations
Equity contracts	Net realized gain (loss) on financial futures contracts.
	Net change in unrealized appreciation (depreciation) on financial futures contracts.
Foreign exchange contracts	Net realized gain (loss) on forward foreign currency contracts and written options.
	Net change in unrealized appreciation (depreciation) on forward foreign currency contracts.
Interest rate contracts	Net realized gain (loss) on financial futures contracts, purchased options, written options and swap agreements.
	Net change in unrealized appreciation (depreciation) on financial futures contracts, purchased options, written options and swap agreements.
Credit contracts	Net realized gain (loss) on written options and swap agreements.
	Net change in unrealized appreciation (depreciation) on written options and swap agreements.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

73 NOTES TO FINANCIAL STATEMENTS (continued)

	Total Realized Gain (Loss) on Derivatives Recognized in Results from Operations
Fund	Total				Equity     Contracts				Foreign Exchange Contracts				Interest Rate Contracts				Credit     Contracts
International Fund
Financial Futures Contracts		$	(274,469	)		$	(274,469	)		$	—			$	—			$	—
Forward Foreign Currency Contracts			(101,086	)			—				(101,086	)			—				—
Totals		$	(375,555	)		$	(274,469	)		$	(101,086	)		$	—			$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	(3,376,747	)		$	(3,376,747	)		$	—			$	—			$	—
Forward Foreign Currency Contracts			267,041				—				267,041				—				—
Totals		$	(3,109,706	)		$	(3,376,747	)		$	267,041			$	—			$	—
Real Asset Fund
Financial Futures Contracts		$	(679,742	)		$	—			$	—			$	(679,742	)		$	—
Forward Foreign Currency Contracts			538,857				—				538,857				—				—
Purchased Options			242,625				—				—				242,795				(170	)
Written Options			(94,193	)			—				—				(98,758	)			4,565
Swap Agreements			(150,452	)			—				—				(127,669	)			(22,783	)
Totals		$	(142,905	)		$	—			$	538,857			$	(663,374	)		$	(18,388	)
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Results from Operations
Fund			Total				Equity     Contracts				Foreign     Exchange     Contracts				Interest Rate Contracts				Credit     Contracts
International Fund
Financial Futures Contracts		$	44,794			$	44,794			$	—			$	—			$	—
Forward Foreign Currency Contracts			(2,132	)			—				(2,132	)			—				—
Totals		$	42,662			$	44,794			$	(2,132	)		$	—			$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	1,161,264			$	1,161,264			$	—			$	—			$	—
Forward Foreign Currency Contracts			(226,067	)			—				(226,067	)			—				—
Totals		$	935,197			$	1,161,264			$	(226,067	)		$	—			$	—
Real Asset Fund
Financial Futures Contracts		$	232,557			$	—			$	—			$	232,557			$	—
Forward Foreign Currency Contracts			(272,847	)			—				(272,847	)			—				—
Purchased Options			(31,596	)			—				—				(31,596	)			—
Written Options			20,989				—				—				3,553				17,436
Swap Agreements			(353,629	)			—				—				(349,013	)			(4,616	)
Totals		$	(404,526	)		$	—			$	(272,847	)		$	(144,499	)		$	12,820

The average volume of derivative activities for the six months ended October 31, 2019 are as follows.
			Asset Derivative Volume
Fund	Purchased Options1			Financial Futures Contracts1		Forward         Foreign         Currency         Contracts1
International Fund	$	—		$	5,264,355	$	134,236
Global Alpha Equities Fund		—			—		328,093
Real Asset Fund		60,631			11,052,513		9,396,838

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 74

	Liability Derivative Volume
Fund	Written Options2		Financial Futures Contracts1		Forward         Foreign         Currency         Contracts1
International Fund	$	—	$	2,687,990	$	468,674
Global Alpha Equities Fund		—		92,102,780		14,348,508
Real Asset Fund		176,653		27,129,692		17,075,123
			Swap Volume Credit Default Swap		Credit Default Swap
Fund	Interest Rate Swap Agreements3		Agreements (purchase protection)3		Agreements (sell protection)3
Real Asset Fund	$	67,398,333	$	1,514,667	$	933,333

¹Cost.

²Premiums Received.

³Notional Amount.

Certain Funds are parties to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“MA”) with various counterparties that governover-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 or Statements of Assets and Liabilities.

At October 31, 2019, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
International Fund
Derivative Financial Instruments:
Forward foreign currency contracts	$	269	$	3,597
Total derivative assets and liabilities in the
Statements of Assets and Liabilities		269		3,597
Derivatives not subject to a MA or similar agreement		—		—
Total assets and liabilities subject to a MA	$	269	$	3,597
Global Alpha Equities Fund
Derivative Financial Instruments:
Forward foreign currency contracts	$	35,315	$	160,659
Total derivative assets and liabilities in the
Statements of Assets and Liabilities		35,315		160,659
Derivatives not subject to a MA or similar agreement		—		—
Total assets and liabilities subject to a MA	$	35,315	$	160,659
Real Asset Fund
Derivative Financial Instruments:
Financial futures contracts	$	33,776	$	69,099
Forward foreign currency contracts		109,787		339,904
Options		72,655		106,137
Swap Agreements		108,107		135,667
Total derivative assets and liabilities in the
Statements of Assets and Liabilities		324,325		650,807
Derivatives not subject to a MA or similar agreement		82,534		243,512
Total assets and liabilities subject to a MA	$	241,791	$	407,295

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

75 NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2019, 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 Assets Subject to a MA		Derivatives Available for Offset		Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
International Fund
Bank of New York Mellon		$          269		$        (269)		$         —		$        —		$            —
Total Derivative Assets		$          269		$        (269)		$         —		$        —		$            —
	Derivative Liabilities Subject to a MA		Derivatives Available for Offset		Non-Cash Collateral Pledged(3)		Cash Collateral Pledged(3)		Net Amount of Derivative Liabilities(4)
Bank of New York Mellon		$    (3,597)		$          269		$         —		$        —		$    (3,328)
Total Derivative Liabilities		$    (3,597)		$          269		$         —		$        —		$    (3,328)
Fund/Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Global Alpha Equities Fund
Bank of New York Mellon		$              1		$            (1)		$         —		$        —		$            —
Credit Suisse International		77		—		—		—		77
Goldman Sachs Bank USA		8,542		(3)		—		—		8,539
Standard Chartered Bank		26,330		—		—		—		26,330
State Street Corp.		365		—		—		—		365
Total Derivative Assets		$     35,315		$             (4)		$         —		$        —		$     35,311
	Derivative Liabilities Subject to a MA		Derivatives Available for Offset		Non-Cash Collateral Pledged(3)		Cash Collateral Pledged(3)		Net Amount of Derivative Liabilities(4)
Bank of New York Mellon		$          (42)		$              1		$         —		$        —		$          (41)
Barclays Bank PLC		(131,274)		—		—		—		(131,274)
Goldman Sachs Bank USA		(3)		3		—		—		—
JP Morgan Chase Bank, N.A.		(29,340)		—		—		—		(29,340)
Total Derivative Liabilities		$ (160,659)		$              4		$         —		$        —		$  (160,655)
Fund/Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset		Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Real Asset Fund
Bank of America NA		$      52,943		$    (52,943)		$         —		$        —		$             —
Barclays Bank PLC		6,896		(5,393)		—		—		1,503
Citigroup Global Markets		47,524        ��		(23,151)		—		—		24,373
Credit Suisse International		13,880		(123)		—		—		13,757
Deutsche Bank AG		16,685		(15,378)		—		—		1,307
Goldman Sachs Bank USA		18,510		(18,510)		—		—		—
HSBC Bank USA, N.A.		12,667		(12,667)		—		—		—
JP Morgan Chase Bank, N.A.		64,081		(64,081)		—		—		—
Natwest Securities		7,488		—		—		—		7,488
Royal Bank of Canada		1,117		—		—		—		1,117
Total Derivative Assets		$    241,791		$  (192,246)		$         —		$        —		$     49,545

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 76

Fund/Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset		Non-Cash Collateral Pledged(3)		Cash Collateral Pledged(3)		Net Amount of Derivative Liabilities(4)
Real Asset Fund
Bank of America NA		$ (245,037)		$  52,943		$       —		$      —		$ (192,094)
Barclays Bank PLC		(5,393)		5,393		—		—		—
Citigroup Global Markets		(23,151)		23,151		—		—		—
Credit Suisse International		(123)		123		—		—		—
Deutsche Bank AG		(15,378)		15,378		—		—		—
Goldman Sachs Bank USA		(24,123)		18,510		—		—		(5,613)
HSBC Bank USA, N.A.		(21,482)		12,667		—		—		(8,815)
JP Morgan Chase Bank, N.A.		(71,942)		64,081		—		—		(7,861)
Morgan Stanley Capital Services LLC		(666)		—		—		—		(666)
Total Derivative Liabilities		$ (407,295)		$  192,246		$        —		$        —		$  (215,049)

⁽¹⁾Excess of collateral received is not shown for financial reporting purposes.

⁽²⁾Net amount represents the net amount receivable in the event of default.

⁽³⁾Excess of collateral pledged is not shown for financial reporting purposes.

⁽⁴⁾Net amount represents the net amount payable due in the event of default.

4. FEDERAL TAX INFORMATION

As of April 30, 2019, there were no uncertain tax positions that would require financial statement recognition,de-recognition or disclosure. The Funds’ federal tax returns filed for the years ended 2018, 2017 and 2016, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

The tax character of distributions for the corresponding fiscal year ends were as follows:

	2019				2018
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
International Fund		$10,380,986		$5,260,990		$6,083,161		$          —
Global Alpha Equities Fund		1,794,132		—		1,747,469		—
Real Asset Fund		7,988,977		—		8,841,494		—
Diversified Income Fund		1,481,925		53,403		928,171		4,885,048

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

     As of April 30, 2019, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains			Other Timing Differences			Unrealized Appreciation		Capital Loss Carryforwards		Late Year Deferrals
International Fund		$3,435,070		$	—		$	—		$49,961,158		$ (6,461,026)		$           —
Global Alpha Equities Fund		798,835			—			2		13,629,223		(8,469,266)		—
Real Asset Fund		3,164,583			—			(533,927)		16,028,070		(20,287,834)		—
Diversified Income Fund		148,028			—			1		1,146,823		—		(282,335)

At April 30, 2019, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the (“Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax.

Fund	Short-Term No Expiration		Long-Term No Expiration		Total Capital Loss Carryforwards
International Fund		$6,461,026		$              —		$ 6,461,026
Global Alpha Equities Fund		8,323,767		145,499		8,469,266
Real Asset Fund		6,811,813		13,476,021		20,287,834

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

77 NOTES TO FINANCIAL STATEMENTS (continued)

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”) providessub-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   Annual Rate
International Fund	0.45%
Global Alpha Equities Fund	0.95%
Real Asset Fund	0.45%
Diversified Income Fund	0.40%

The International Fund, Global Alpha Equities Fund and Real Asset Fund, utilize asub-advisor strategy, whereby WFMC allocates all or a portion of the Funds’ assets among one or moresub-advisors and strategies. For their services, the Funds pay eachsub-advisor fees, accrued daily and paid monthly, as described below.

Fund	Gross Fees		Fees Waived/ Reimbursed		Current Fee as a % of average net asset of the Fund/ Allocated Net Assets forSub-advisors
International Fund
WFMC		$1,264,155		$(763,756)	0.45%
Sub-advisors:
Allianz Global Investors U.S. LLC		143,332		—	0.38% on assets allocated to the Europe Equity Growth Select Strategy;
		66,848		—	0.25% on assets allocated to the High Dividend Europe Strategy.
AXA Investment Managers, Inc.		188,716		—	0.43% on the first $150 million; and
					0.41% on assets in excess of $150 million
Berenberg Asset Management LLC		95,655		—	0.27%
Nikko Asset Management Americas, Inc.		167,064		—	0.32%
Schroder Investment Management North America, Inc.		368,178		—	0.50%
Total(a)		$2,293,948		$(763,756)
Global Alpha Equities Fund
WFMC		$ 862,743		$(533,082)	0.95%
Sub-advisor:
Wellington Management Company LLP		499,483		—	0.55%
Total(b)		$1,362,226		$(533,082)
Real Asset Fund
WFMC		$   712,849		$(162,651)	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.
Sub-advisors:
Pacific Investment Management Company LLC		87,446		—	0.25%
Parametric Portfolio Associates LLC		87,289		—	0.25% on the first $20 million in assets;
					0.20% of the next $20 million in assets; and
					0.15% of assets in excess of $40 million
Total(c)		$   887,584		$(162,651)
Diversified Income Fund
WFMC		$     78,437		$(171,692)	0.40%

^(a)The total gross advisory andsub-advisory fees during the period were 0.82% for the International Fund.

^(b)The total gross advisory andsub-advisory fees during the period were 1.50% for the Global Alpha Equities Fund.

^(c)The total gross advisory andsub-advisory fees during the period were 0.56% for the Real Asset Fund.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 78

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2020, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

	Current Contractual Expense Limitations
Fund	Class A	Class I
International Fund	0.98%	0.85%
Global Alpha Equities Fund	1.49%	1.24%
Real Asset Fund	0.96%	0.71%
Diversified Income Fund*	0.60%	0.35%

* Prior to August 31, 2019, the Diversified Income Fund’s contractual expense limitation was 0.59% and 0.34% for Class A and Class I, respectively.

Administrative Fees– The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The 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 asCo-Administrator, provides the Funds with certain administrative personnel and services necessary to operate the Funds. The fees as described in the table below are accrued daily and paid monthly, and are disclosed on the Statements of Operations as “Administrative personnel and services fees.”

	Maximum	Average Aggregate Daily Net
Administrator	Fee	Assets of the Trust
WFMC	0.040%	on the first $5 billion
	0.030%	on the next $2 billion
	0.025%	on the next $3 billion
	0.018%	on assets in excess of $10 billion
BNYM	0.0175%	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, 2019, neither WFMC nor BNYM waived any administrative fees.

Distribution Services Fee–The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule12b-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, 2019, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:

Fund	Distribution Fees from Class A
International Fund		$  2,231
Global Alpha Equities Fund		80
Real Asset Fund		961
Diversified Income Fund		44,498

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

79 NOTES TO FINANCIAL STATEMENTS (continued)

Sales Charges– The Class A shares of all the Funds bearfront-end sales charges.

For the six months ended October 31, 2019, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges     from Class A
International Fund		$	67
Global Alpha Equities Fund			1,003
Real Asset Fund			1,137
Diversified Income Fund			6,775

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

For the six months ended October 31, 2019, M&T received a portion of the fees paid by the following Fund which is listed below:

Fund	Shareholder     Services     Fee
International Fund		$	320,270

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

BNYM provides custody services to the Trust.

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

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

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities for the six months ended October 31, 2019 were as follows:

	Investments
Fund	Purchases		Sales
International Fund	$	159,798,874	$	166,012,372
Global Alpha Equities Fund		76,244,419		47,320,140
Real Asset Fund		99,954,069		95,506,628
Diversified Income Fund		1,922,659		3,270,605

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2019 were as follows:

	U.S.
	Government
	Securities
Fund	Purchases		Sales
Real Asset Fund	$	606,153,152	$	604,255,412
Diversified Income Fund		388,892		101,277

7. RISK

The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 80

effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.

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 greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 2, 2020.

The Trust did not utilize the LOC for the six months ended October 31, 2019.

9. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each Fund’s financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the implications of certain provisions of ASUNo. 2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

10. OTHER FUND INFORMATION

At a meeting held on June 5, 2019, the Trustees, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (“PwC”) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending April 30, 2020. During the fiscal years ended April 30, 2019 and 2018, Ernst & Young LLP (“E&Y”) audit reports on the financial statements of each Fund in the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the each Fund’s 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 additional material events that would require recognition or disclosure in the Funds’ financial statements through this date.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

81

DISCUSSION OF RENEWAL OF ADVISORY ANDSUB-ADVISORY AGREEMENTS AND APPROVAL OF NEWSUB-ADVISORY AGREEMENTS

Renewal of Advisory andSub-Advisory Agreements Generally

At a meeting held on September 4–5, 2019 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements andsub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into three Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On July 19, 2019, the Board held a special telephonic meeting with personnel of Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (together, the “Adviser”) and independent counsel to the Independent Trustees (“Counsel”) concerning the Advisory Agreements between the three multi-manager Funds (the“Sub-Advised Funds”) and their respectivesub-advisers (the“Sub-Advisers”). The Adviser provided the Board with an initial basis for the approval of each such Advisory Agreement and discussed with the Board a variety of information about theSub-Advised Funds and theirSub-Advisers, including information that eachSub-Adviser provided in response to a written request from Counsel on behalf of the Trustees concerning its investment advisory services, operations, compliance program and other matters.

On August 21, 2019, the Board held a special telephonic meeting with personnel of the Adviser and Counsel, after which the Independent Trustees met in executive session with Counsel, to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the Adviser and to continue the evaluation of the Advisory Agreements with theSub-Advisers, as appropriate. The Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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 aFund-by-Fund basis, peer comparisons of fee and expense data;

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

• Information from the Adviser describing, on aFund-by-Fund basis, each Fund’s performance (over multiple periods) compared with the Fund’s benchmark(s) and custom peer groups, as applicable;

• Information about fees paid by other clients of the Adviser (and eachSub-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 theSub-Advisers and the Adviser’s evaluation and recommendation of the approval of the renewal of the Advisory Agreements with eachSub-Adviser;

• For eachSub-Adviser, the nature and quality of services provided; the costs of those services, as available; the potential for economies of scale; potentialfall-out benefits to theSub-Adviser; and the financial stability of theSub-Adviser and its parent companies, as relevant; and

• The financial stability of the Adviser and eachSub-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 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 eachSub-Adviser, as applicable, were consistent with the terms of the relevant Advisory Agreements;

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

Semi-Annual Report 82

• 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 issub-advised by Allianz Global Investors U.S. LLC; AXA Investment Managers, Inc.; Berenberg Asset Management LLC; Nikko Asset Management Americas, Inc.; and Schroder Investment Management North America, Inc.

The Board considered that the Fund’s net management fee rate was below the Fund’s expense group median and that the Fund’s net total expense ratio was above the Fund’s expense group median. The Board also considered the performance of eachSub-Adviser against an appropriate benchmark and that the Fund had achieved total return performance above the peer group average for the three-year period and below the peer group average for theone- and five-year periods ended June 30, 2019. The Board also considered management’s explanation of the Fund’s underperformance and its view that recent underperformance could be attributed to country exposures, specifically the Fund’s overweight to China and Japan and the Fund’s generally strong performance since its strategy change in 2016.

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 issub-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 theone-, three- and five-year periods ended June 30, 2019.

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 issub-advised by Pacific Investment Management Company, LLC and 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 theone-, three- and five-year periods ended June 30, 2019.

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

Wilmington Diversified Income 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 theone- and three-year periods ended June 30, 2019. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

83

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 calling1-800-836-2211. A report on how the Funds voted any such proxies during the most recent12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

For periods prior to the quarter ending July 31, 2019, the Funds have filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The Funds’ FormN-Qs are available on the SEC’s website at www.sec.gov.

Effective July 31, 2019, 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 FormN-PORT. FormN-PORT is available on the SEC’s website at www.sec.gov.

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) SelectE-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

October 31, 2019 / SEMI-ANNUAL REPORT

84

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.

Information The Funds Collect:

The Funds collect nonpublic personal information about you from the following sources:

• We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income.

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes.

Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.

Information Security:

When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.

The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.

Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.

Employee Access to Information:

Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.

Visiting The Funds’ Website:

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

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

85

• Information or data entered into a website will be retained.

• Where registration to a website orre-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time youre-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

• We may also collectnon-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. Thesenon-personally identifiable IP addresses are never shared with any third party.

E-mail:

If you have opted to receive marketing information from the Funds bye-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequente-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 youe-mail on matters pertaining to the retirement plan.

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within youre-mail correspondence to us. We cannot usee-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, usee-mail to provide you with the necessary forms or you may contact customer service toll-free at1-800-836-2211.

Surveys/Aggregate Data:

Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

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Investment Advisor Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890 Sub-Advisor Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9th Floor Wilmington, DE 19890 Additional Sub-Advisors to the Wilmington International Fund Allianz Global Investors U.S. LLC 1633 Broadway New York, New York 10019 AXA Investment Managers, Inc. 100 West Putnam Avenue Greenwich, Connecticut 06830 Berenberg Asset Management LLC 330 N. Wabash Avenue, 39th floor Chicago, Illinois 60611 Nikko Asset Management Americas, Inc. 535 Madison Avenue, Suite 2500 New York, New York 10022 Schroder Investment Management North America, Inc. 875 Third Avenue New York, New York 10022 Additional Sub-Advisors to the Wilmington Global Alpha Equities Fund Wellington Management Company LLP 280 Congress Street Boston, Massachusetts 02210 Additional Sub-Advisors to the Wilmington Real Asset Fund Pacific Investment Management Company, LLC (“PIMCO”) 840 Newport Center Drive Newport Beach, CA 92660 Parametric Portfolio Associates, LLC 1918 Eighth Avenue, Suite 3100 Seattle, WA 98101 Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890 Custodian The Bank of New York Mellon 225 Liberty Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203 Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103
	WT-SAR-MMgr-1019
Wilmington Funds | 1-800-836-2211 |www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

    October 31, 2019 (unaudited)    

PRESIDENT’S MESSAGE AND

Semi-Annual

Report

WILMINGTON FUNDS

Fixed Income Funds

Wilmington Broad Market Bond Fund

Wilmington Intermediate-Term Bond Fund

Wilmington Short-Term Bond Fund

Wilmington Municipal Bond Fund

Wilmington New York Municipal Bond Fund

Beginning on or about 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 from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you 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 shareholder reports and other communications from the Wilmington Funds electronically by contacting your financial intermediary or, if you are a direct investor, by calling1-800-836-2211.

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 continue 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 at1-800-836-2211. Your election to receive reports in paper will apply to all funds held directly with the Wilmington Funds and may apply to all funds held with your financial intermediary.

Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)

Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”)

Wilmington Short-Term Bond Fund (“Short-Term Bond Fund”)

Wilmington Municipal Bond Fund (“Municipal Bond Fund”)

Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolios of Investments	3
Statements of Assets and Liabilities	36
Statements of Operations	38
Statements of Changes in Net Assets	40
Financial Highlights	43
Notes to Financial Statements	48
Discussion of Renewal of Advisory andSub-Advisory Agreements and Approval of NewSub-Advisory Agreements	55

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i

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s semi-annual fiscal year period of May 1, 2019, through October 31, 2019. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The economy and financial markets in review

Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (the Trust’s investment advisor and subadvisor, respectively), have provided the following review of the economy, bond markets, and stock markets for the Trust’s semi-annual fiscal year period.

The economy

The U.S. economy continued to expand, albeit at a more modest pace than in 2018, as robust consumer spending and a strong labor market offset weakness in the manufacturing sector and business investment. After an upbeat start to the year, growth in U.S. Gross Domestic Product (“GDP”) maintained a positive trajectory, but decelerated, posting quarter-over-quarter annualized growth rates of 2.0% and 1.9% in the second and third quarters, respectively. An escalating trade war with China and fears that a global slowdown might spread contagion to the United States, led the Federal Reserve (“the Fed”) to cut interest rates three times this year to a range of1.50%-1.75%. The U.S. labor market tightened further, dropping to a 3.6% unemployment rate, a near five-decade low. Although wage growth began to show signs of life, inflation drifted below the Fed’s 2% target with the Core Personal Consumption Expenditure Price Index¹ (excludes the volatile components of food and energy) dropping to 1.7%. The Fed has signaled that they are on hold for now, and the market is not expecting cuts or hikes in the near term.

Economic activity outside of the U.S. was less encouraging, but downside risks appear to be receding. Growth in Europe was sluggish, while China expanded at its slowest pace in three decades. Heightened uncertainty and a decline in business investment—both byproducts of the U.S.-China trade war and Brexit—hit international economies the hardest, particularly in export-dependent countries such as Germany. Over the past month, the balance of risks has improved markedly with the U.S. and China moving toward a trade pact and ano-deal Brexit looking less likely. Synchronized easing across global central banks strengthens the case for a future recovery in economic activity, in our view.

Bond markets

Fixed income markets generated strong returns between May and October, as interest rates plummeted. The30-year U.S. Treasury yield fell to anall-time low and the benchmark10-year yield dropped by nearly a third alongside a flurry of dovish central bank activity. Global economic weakness, escalating trade tensions, and the inversion of the yield curve triggered a flight to quality that benefited taxable investment-grade credit over high yield.Tax-exempt bonds performed well as strong inflows outpaced new supply, which was below historical levels.

For thesix-month period May 1, 2019 to October 31, 2019, certain Bloomberg Barclays indices performed as follows:²

Bloomberg Barclays U.S.     Treasury Bond     Index3	Bloomberg Barclays U.S. Aggregate Bond Index4	Bloomberg Barclays U.S. Credit Bond Index5	Bloomberg Barclays Municipal Bond Index6	Bloomberg     Barclays U.S.     Corporate High Yield     Bond Index7
5.85%	5.71%	7.46%	3.54%	2.69%

Past performance is no guarantee of future results.

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

PRESIDENT’S MESSAGE / October 31, 2019 (unaudited)

ii

Equity markets

After a solid start to the year, U.S.large-cap equities retained leadership during this period as better-than-feared corporate earnings, supportive monetary policy, and trade optimism contributed to strong returns. Equity markets were particularly volatile. The CBOE Volatility Index⁸ (VIX) hit its highest level of the year in early August, while three major pullbacks impacted the key regions. International equity markets, which are more leveraged to global trade, struggled to keep pace with the U.S. emerging markets, as a strong U.S. dollar and investors’ preference for safe-haven assets served as critical headwinds. A retrenchment in economic activity throughout the period hurt U.S.small-cap stocks, which are more cyclical thanlarge-cap peers. The strongest leg of performance for all segments came with a recent easing of geopolitical tensions as renewed risk appetite supported outperformance of international and U.S.small-cap equities later in the period.

For thesix-month period May 1, 2019 to October 31, 2019, certain stock market indices performed as follows:

S&P 500®             Index9	Russell 2000® Index10	MSCI EAFE (Net) Index11	MSCI Emerging              Markets (Net) Index12
4.16%	-1.09%	3.35%	-1.67%

Past performance is no guarantee of future results.

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

Sincerely,

Dominick J. D’Eramo, CFA

President

November 19, 2019

October 31, 2019 (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- andmid-cap stocks involve greater risks and volatility thanlarge-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. The Core Personal Consumption Expenditures Price Index, also known as the core PCE price index, is released as part of the monthly Personal Income and Outlays report. The core index makes it easier to see the underlying inflation trend by excluding two categories – food and energy – where prices tend to swing up and down more dramatically and more often than other prices. The core PCE price index is closely watched by the Federal Reserve as it conducts monetary policy.

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

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

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

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

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

7. Bloomberg Barclays U.S. Corporate High Yield Bond Index measures theUSD-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 Barclays 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 CBOE Volatility Index, or VIX, is a real-time market index that represents the market’s expectation of30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of U.S. stock market risk and investors’ sentiments.

9. The S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index.

10. The Russell 2000^® 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 $128 million to $1.3 billion. The index is unmanaged and investments cannot be made directly in an index.

11. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

12. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, 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, 2019 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you 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, 2019 to October 31, 2019.

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

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

	Beginning Account Value 5/01/19			Ending Account Value 10/31/19			Expenses Paid During Period1			Annualized Net  Expense Ratio2
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A		$	1,000.00		$	1,051.80		$	4.28		0.83	%
Class I		$	1,000.00		$	1,053.20		$	2.53		0.49	%
Hypothetical (assuming a 5% return before expense)
Class A		$	1,000.00		$	1,020.96		$	4.22		0.83	%
Class I		$	1,000.00		$	1,022.67		$	2.49		0.49	%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
Class A		$	1,000.00		$	1,037.60		$	4.10		0.80	%
Class I		$	1,000.00		$	1,040.20		$	2.51		0.49	%
Hypothetical (assuming a 5% return before expense)
Class A		$	1,000.00		$	1,021.11		$	4.06		0.80	%
Class I		$	1,000.00		$	1,022.67		$	2.49		0.49	%
WILMINGTON SHORT-TERM BOND FUND
Actual
Class A		$	1,000.00		$	1,021.50		$	3.71		0.73	%
Class I		$	1,000.00		$	1,022.80		$	2.44		0.48	%
Hypothetical (assuming a 5% return before expense)
Class A		$	1,000.00		$	1,021.47		$	3.71		0.73	%
Class I		$	1,000.00		$	1,022.72		$	2.44		0.48	%

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

2

	Beginning Account Value 5/01/19			Ending Account Value 10/31/19			Expenses Paid During Period1			Annualized Net  Expense Ratio2
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A		$	1,000.00		$	1,033.50		$	3.78		0.74	%
Class I		$	1,000.00		$	1,034.80		$	2.51		0.49	%
Hypothetical (assuming a 5% return before expense)
Class A		$	1,000.00		$	1,021.42		$	3.76		0.74	%
Class I		$	1,000.00		$	1,022.67		$	2.49		0.49	%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A		$	1,000.00		$	1,028.50		$	4.23		0.83	%
Class I		$	1,000.00		$	1,030.70		$	2.96		0.58	%
Hypothetical (assuming a 5% return before expense)
Class A		$	1,000.00		$	1,020.96		$	4.22		0.83	%
Class I		$	1,000.00		$	1,022.22		$	2.95		0.58	%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recentone-half year period).

(2) Expense ratio does not reflect the indirect expenses of the underlying funds in which it invests.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

3

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		42.1	%
U.S. Treasury		28.4	%
Mortgage-Backed Securities		21.8	%
Commercial Paper		7.6	%
Government Agencies		0.7	%
Collateralized Mortgage Obligations		0.3	%
Enhanced Equipment Trust Certificates		0.1	%
Asset-Backed Security		0.1	%
Cash Equivalents1		4.1	%
Other Assets and Liabilities – Net2		(5.2	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund and repurchase agreements.

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

(3) 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.

Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		22.8	%
U.S. Treasury		28.4	%
AA / Aa		0.1	%
A / A		7.7	%
BBB / Baa		32.3	%
BB / Ba		2.2	%
Not Rated		11.7	%
Other Assets and Liabilities – Net2		(5.2	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Par Value		Value
ASSET-BACKED SECURITY – 0.1%
FINANCIAL SERVICES – 0.1%
LA Arena Funding LLC, Series1999-1, Class A, 7.66%, 12/15/26W	$	309,429	$	324,374
TOTAL ASSET-BACKED SECURITY (COST $309,429)			$	324,374
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.3%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series2005-29, Class WC, 4.75%, 4/25/35		16,848		17,950
Series2012-114, Class VM, 3.50%, 10/25/25		1,373,861		1,427,283
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,445,233
WHOLE LOAN – 0.0%**
Banc of America Mortgage Securities, Inc., Series2004-A, Class 2A1, 4.80%, 2/25/34D		62,239		61,383

Description	Par Value		Value
IndyMac INDA Mortgage Loan Trust, Series2005-AR1, Class 2A1, 4.44%, 11/25/35D	$	54,978	$	53,402
TOTAL WHOLE LOAN			$	114,785
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $1,668,190)			$	1,560,018
COMMERCIAL PAPER – 7.6%◆
Campbell Soup Co., 2.05%, 11/12/19W		10,000,000		9,993,167
Duke Energy Corp., 1.72%, 11/01/19W		10,000,000		9,999,522
McCormick & Co., Inc., 1.95%, 11/05/19W		7,080,000		7,078,083
Thermo Fisher Scientific, Inc., 2.00%, 11/01/19W		12,610,000		12,609,299
TOTAL COMMERCIAL PAPER (COST $39,682,202)			$	39,680,071

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 4

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
CORPORATE BONDS – 42.1%
AEROSPACE & DEFENSE – 1.1%
Northrop Grumman Corp., Sr. Unsecured, 2.93%, 1/15/25	$	1,000,000	$	1,035,988
Northrop Grumman Corp., Sr. Unsecured, 4.03%, 10/15/47		1,765,000		1,984,117
Rockwell Collins, Inc., Sr. Unsecured, 3.50%, 3/15/27		1,600,000		1,721,137
United Technologies Corp., Sr. Unsecured, (3 Month USD LIBOR + 0.65%), 2.82%, 8/16/21D		1,175,000		1,175,409
TOTAL AEROSPACE & DEFENSE			$	5,916,651
AUTOMOTIVE – 2.0%
Daimler Finance North America LLC, Company Guaranteed, 2.30%, 1/06/20W		2,000,000		2,001,112
Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21W	��	250,000		258,194
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.75%, 2/01/21		500,000		517,518
Ford Motor Credit Co. LLC, Sr. Unsecured, 4.25%, 9/20/22		450,000		463,231
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.58%, 3/18/24		1,000,000		1,065,562
General Motors Co., Sr. Unsecured, 6.25%, 10/02/43		1,000,000		1,119,465
General Motors Financial Co., Inc., Sr. Unsecured, 4.20%, 11/06/21		1,650,000		1,706,116
PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 5/10/22		3,045,000		3,105,475
TOTAL AUTOMOTIVE			$	10,236,673
BEVERAGES – 0.6%
Anheuser-Busch Cos., LLC, Company Guaranteed, 4.90%, 2/01/46		1,125,000		1,344,879
Keurig Dr. Pepper, Inc., Company Guaranteed, 2.53%, 11/15/21#		1,000,000		1,006,743
Keurig Dr. Pepper, Inc., Company Guaranteed, 5.09%, 5/25/48		700,000		843,866
TOTAL BEVERAGES			$	3,195,488
BIOTECHNOLOGY – 0.6%
Amgen, Inc., Sr. Unsecured, 2.13%, 5/01/20		2,000,000		2,001,749
Celgene Corp., Sr. Unsecured, 2.75%, 2/15/23		1,305,000		1,332,855
TOTAL BIOTECHNOLOGY			$	3,334,604
BUILDING PRODUCTS – 0.0%**
Johnson Controls International PLC, (Current rate until maturity), Sr. Unsecured, 4.63%, 7/02/44		100,000		108,742
CAPITAL MARKETS – 1.9%
Bank of New York Mellon Corp. (The), Subordinated, MTN, 3.00%, 10/30/28		775,000		803,956

Description	Par Value		Value
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.16%), 3.09%, 4/23/20D	$	425,000	$	426,606
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.32%, 9/15/20D		1,425,000		1,436,773
Goldman Sachs Group, Inc. (The), Sr. Unsecured, 3.00%, 4/26/22		915,000		927,260
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.27%, 9/29/25D		800,000		830,246
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.51%), 3.69%, 6/05/28D		2,080,000		2,197,865
Morgan Stanley, Sr. Unsecured, GMTN, (3 Month USD LIBOR + 0.55%), 2.73%, 2/10/21D		1,625,000		1,626,218
Morgan Stanley, Sr. Unsecured, MTN, 3.13%, 7/27/26		340,000		352,839
Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		505,000		550,663
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		847,000		866,195
TOTAL CAPITAL MARKETS			$	10,018,621
CHEMICALS – 0.1%
DuPont de Nemours, Inc., Sr. Unsecured, 3.77%, 11/15/20		735,000		748,579
COMMERCIAL BANKS – 3.1%
BB&T Corp., Sr. Unsecured, MTN, 2.45%, 1/15/20		1,640,000		1,641,378
BB&T Corp., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.65%), 2.75%, 4/01/22D		2,000,000		2,019,149
Branch Banking & Trust Co., Subordinated, BKNT, 3.80%, 10/30/26		1,000,000		1,084,259
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,290,368
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		530,000		572,941
Huntington Bancshares, Inc., Sr. Unsecured, 2.63%, 8/06/24		1,325,000		1,342,203
KeyBank NA, Sr. Unsecured, BKNT, 3.30%, 2/01/22		615,000		633,830
KeyCorp, Sr. Unsecured, MTN, 2.90%, 9/15/20		750,000		756,317
PNC Bank NA, Subordinated, BKNT, 2.95%, 1/30/23		350,000		359,097
PNC Bank NA, Subordinated, BKNT, 2.70%, 10/22/29		1,125,000		1,128,877
PNC Financial Services Group, Inc. (The), Subordinated, 3.90%, 4/29/24		1,500,000		1,592,111

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

5 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
SunTrust Banks, Inc.,
Sr. Unsecured, 2.90%, 3/03/21	$	1,475,000	$	1,493,061
U.S. Bancorp,
Subordinated, MTN, 2.95%, 7/15/22		2,000,000		2,052,255
TOTAL COMMERCIAL BANKS			$	15,965,846
COMMERCIAL SERVICES & SUPPLIES – 0.5%
Global Payments, Inc.,
Sr. Unsecured, 3.75%, 6/01/23		2,570,000		2,681,564
COMPUTERS – 1.1%
Hewlett Packard Enterprise Co.,
Sr. Unsecured, 3.60%, 10/15/20		2,350,000		2,382,209
International Business Machines Corp.,
Sr. Unsecured, 2.80%, 5/13/21		3,300,000		3,347,291
TOTAL COMPUTERS			$	5,729,500
CONSUMER FINANCE – 0.7%
American Express Credit Corp.,
Sr. Unsecured, MTN, 2.20%, 3/03/20		1,000,000		1,000,912
Capital One Financial Corp.,
Sr. Unsecured, 2.40%, 10/30/20		1,365,000		1,370,653
Capital One NA,
Sr. Unsecured, BKNT, 2.35%, 1/31/20		1,000,000		1,000,650
TOTAL CONSUMER FINANCE			$	3,372,215
DIVERSIFIED FINANCIAL SERVICES – 3.0%
Bank of America Corp.,
Sr. Unsecured, MTN, 3.25%, 10/21/27		1,095,000		1,138,903
Bank of America Corp.,
Subordinated, MTN, 4.25%, 10/22/26		1,000,000		1,089,571
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 4.30%, 5/15/43		425,000		500,612
BlackRock, Inc.,
Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		250,665
Charles Schwab Corp. (The),
Sr. Unsecured, 4.45%, 7/22/20		250,000		254,661
Citibank NA,
Sr. Unsecured, BKNT, 3.40%, 7/23/21		1,400,000		1,435,379
Citigroup, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.95%), 2.88%, 7/24/23D		2,060,000		2,095,344
Citigroup, Inc.,
Subordinated, 4.13%, 7/25/28		1,650,000		1,788,136
Comerica, Inc.,
Sr. Unsecured, 3.70%, 7/31/23		1,000,000		1,056,345
FMR LLC,
Sr. Unsecured, 6.45%, 11/15/39W		1,000,000		1,419,298
JPMorgan Chase & Co.,
Sr. Unsecured, 4.63%, 5/10/21		100,000		104,013
JPMorgan Chase & Co.,
Sr. Unsecured, MTN, 2.30%, 8/15/21		700,000		701,348
JPMorgan Chase & Co.,
Series W, Jr. Subordinated, (3 Month USD LIBOR + 1.00%), 3.16%, 5/15/47D		1,000,000		833,736

Description	Par Value		Value
Wells Fargo & Co.,
Sr. Unsecured, 2.10%, 7/26/21	$	2,000,000	$	2,004,537
Wells Fargo & Co.,
Subordinated, MTN, 4.40%, 6/14/46		1,000,000		1,132,305
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	15,804,853
ELECTRIC – 2.7%
Baltimore Gas & Electric Co.,
Sr. Unsecured, 3.50%, 8/15/46		1,550,000		1,619,390
Commonwealth Edison Co.,
1st Mortgage, 3.80%, 10/01/42		1,000,000		1,102,225
Consolidated Edison, Inc.,
Sr. Unsecured, 2.00%, 5/15/21		750,000		750,251
DTE Energy Co.,
Series F, Sr. Unsecured, 3.85%, 12/01/23		305,000		320,969
Entergy Arkansas LLC,
1st Mortgage, 4.95%, 12/15/44		1,000,000		1,085,671
Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		1,300,000		1,325,475
FirstEnergy Corp.,
Series B, Sr. Unsecured, 3.90%, 7/15/27		800,000		854,114
FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25W		2,250,000		2,419,414
NextEra Energy Capital Holdings, Inc.,
Company Guaranteed, 4.50%, 6/01/21		3,000,000		3,099,645
System Energy Resources, Inc.,
1st Mortgage, 4.10%, 4/01/23		500,000		526,064
WEC Energy Group, Inc.,
Sr. Unsecured, 3.38%, 6/15/21		1,000,000		1,021,751
TOTAL ELECTRIC			$	14,124,969
ELECTRICAL EQUIPMENT MANUFACTURING – 0.1%
General Electric Co.,
Subordinated, 5.30%, 2/11/21		250,000		259,044
ENVIRONMENTAL CONTROL – 0.6%
Waste Management, Inc.,
Company Guaranteed, 3.50%, 5/15/24		1,255,000		1,330,018
Waste Management, Inc.,
Company Guaranteed, 4.10%, 3/01/45		1,520,000		1,756,304
TOTAL ENVIRONMENTAL CONTROL			$	3,086,322
FOOD & STAPLES RETAILING – 1.3%
Conagra Brands, Inc.,
Sr. Unsecured, 5.40%, 11/01/48		665,000		786,221
Kroger Co. (The),
Sr. Unsecured, 2.95%, 11/01/21		1,750,000		1,777,359
Kroger Co. (The),
Sr. Unsecured, 2.80%, 8/01/22		2,060,000		2,101,246
Kroger Co. (The),
Sr. Unsecured, 5.40%, 1/15/49		1,640,000		1,937,471
TOTAL FOOD & STAPLES RETAILING			$	6,602,297
FOREST PRODUCTS & PAPER – 0.5%
International Paper Co.,
Sr. Unsecured, 4.75%, 2/15/22		765,000		805,057

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 6

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
International Paper Co.,
Sr. Unsecured, 4.40%, 8/15/47	$	1,500,000	$	1,553,401
TOTAL FOREST PRODUCTS & PAPER			$	2,358,458
HEALTH CARE EQUIPMENT & SUPPLIES – 2.0%
Becton Dickinson & Co.,
Sr. Unsecured, 2.40%, 6/05/20		4,500,000		4,511,972
DH Europe Finance II Sarl,
Company Guaranteed, 2.20%, 11/15/24		2,330,000		2,346,454
Zimmer Biomet Holdings, Inc.,
Sr. Unsecured, 2.70%, 4/01/20		2,650,000		2,655,757
Zimmer Biomet Holdings, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.75%), 2.91%, 3/19/21D		1,000,000		999,566
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	10,513,749
HEALTH CARE PROVIDERS & SERVICES – 2.9%
Anthem, Inc.,
Sr. Unsecured, 3.65%, 12/01/27		1,650,000		1,748,170
Cardinal Health, Inc.,
Sr. Unsecured, 4.50%, 11/15/44		650,000		639,715
Cigna Corp.,
Company Guaranteed, 4.13%, 9/15/20W		940,000		957,095
Cigna Corp.,
Company Guaranteed, 3.20%, 9/17/20		2,000,000		2,020,501
Cigna Corp.,
Company Guaranteed, 3.75%, 7/15/23		500,000		524,114
Cigna Corp.,
Company Guaranteed, 4.80%, 7/15/46W		1,000,000		1,118,797
CommonSpirit Health,
Sr. Secured, 2.76%, 10/01/24		3,140,000		3,190,224
Elanco Animal Health, Inc.,
Sr. Unsecured, 4.27%, 8/28/23		1,000,000		1,050,441
Elanco Animal Health, Inc.,
Sr. Unsecured, 4.90%, 8/28/28		2,000,000		2,166,162
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.95%, 10/15/27		1,350,000		1,400,066
UnitedHealth Group, Inc.,
Sr. Unsecured, 3.95%, 10/15/42		290,000		317,760
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	15,133,045
HOME FURNISHINGS – 0.3%
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,594,094
HOUSEHOLD PRODUCTS – 0.2%
Church & Dwight Co., Inc.,
Sr. Unsecured, 3.95%, 8/01/47		870,000		944,815
INSURANCE – 2.6%
American International Group, Inc.,
Sr. Unsecured, 3.30%, 3/01/21		3,000,000		3,049,668
American International Group, Inc.,
Sr. Unsecured, 4.20%, 4/01/28		1,000,000		1,100,043
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		1,450,000		1,546,577

Description	Par Value		Value
CNA Financial Corp.,
Sr. Unsecured, 5.75%, 8/15/21	$	1,000,000	$	1,063,658
CNA Financial Corp.,
Sr. Unsecured, 3.95%, 5/15/24		950,000		1,019,675
Lincoln National Corp.,
Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,045,781
Lincoln National Corp.,
Sr. Unsecured, 3.63%, 12/12/26		1,380,000		1,465,904
Principal Financial Group, Inc.,
Company Guaranteed, 3.30%, 9/15/22		250,000		258,032
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,059,318
WR Berkley Corp.,
Sr. Unsecured, 4.75%, 8/01/44		1,715,000		1,984,385
TOTAL INSURANCE			$	13,593,041
MEDIA – 1.1%
CBS Corp.,
Company Guaranteed, 4.60%, 1/15/45		1,100,000		1,198,348
Charter Communications Operating LLC,
Sr. Secured, 3.58%, 7/23/20		1,500,000		1,513,098
Comcast Corp.,
Company Guaranteed, 4.95%, 10/15/58		1,500,000		1,938,518
Discovery Communications LLC,
Company Guaranteed, 3.95%, 3/20/28		1,000,000		1,057,274
TOTAL MEDIA			$	5,707,238
METALS & MINING – 0.2%
Barrick Gold Corp.,
Sr. Unsecured, 5.25%, 4/01/42		1,000,000		1,222,742
MISCELLANEOUS MANUFACTURING – 0.5%
Ingersoll-Rand Luxembourg Finance SA,
Company Guaranteed, 2.63%, 5/01/20		1,135,000		1,133,789
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		480,000		488,720
Textron, Inc.,
Sr. Unsecured, 3.88%, 3/01/25		750,000		792,655
TOTAL MISCELLANEOUS MANUFACTURING			$	2,415,164
MULTI-UTILITIES – 1.0%
Sempra Energy,
Sr. Unsecured, 2.85%, 11/15/20		2,870,000		2,886,963
Sempra Energy,
Sr. Unsecured, 2.90%, 2/01/23		760,000		770,234
Southern Co. Gas Capital Corp.,
Company Guaranteed, 3.95%, 10/01/46		1,425,000		1,495,762
TOTAL MULTI-UTILITIES			$	5,152,959
OIL & GAS – 1.6%
Marathon Oil Corp.,
Sr. Unsecured, 4.40%, 7/15/27		2,000,000		2,147,794
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		745,000		790,406
Occidental Petroleum Corp.,
Sr. Unsecured, 2.70%, 8/15/22		1,690,000		1,708,293

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

7 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22	$	1,450,000	$	1,536,830
Valero Energy Corp.,
Sr. Unsecured, 4.00%, 4/01/29		1,580,000		1,691,180
Valero Energy Corp.,
Sr. Unsecured, 4.90%, 3/15/45		563,000		634,549
TOTAL OIL & GAS			$	8,509,052
PHARMACEUTICALS – 1.4%
AbbVie, Inc.,
Sr. Unsecured, 2.50%, 5/14/20		1,485,000		1,487,316
AbbVie, Inc.,
Sr. Unsecured, 4.25%, 11/14/28		1,235,000		1,343,873
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		460,000		476,781
AbbVie, Inc.,
Sr. Unsecured, 4.88%, 11/14/48		1,000,000		1,103,727
Bristol-Myers Squibb Co.,
Sr. Unsecured, (3 Month USD LIBOR + 0.38%), 2.55%, 5/16/22D,W		665,000		665,308
Bristol-Myers Squibb Co.,
Sr. Unsecured, 3.40%, 7/26/29W		1,000,000		1,078,025
Zoetis, Inc.,
Sr. Unsecured, 3.95%, 9/12/47		1,005,000		1,105,390
TOTAL PHARMACEUTICALS			$	7,260,420
PIPELINES – 2.3%
Energy Transfer Operating LP,
Company Guaranteed, 3.60%, 2/01/23		870,000		897,166
Energy Transfer Operating LP,
Company Guaranteed, 5.30%, 4/15/47		1,250,000		1,326,434
Enterprise Products Operating LLC,
Company Guaranteed, 2.80%, 2/15/21		1,075,000		1,086,199
Enterprise Products Operating LLC,
Company Guaranteed, 4.20%, 1/31/50		1,120,000		1,185,818
Enterprise Products Operating LLC,
Company Guaranteed, 4.95%, 10/15/54		500,000		583,807
Kinder Morgan Energy Partners LP,
Company Guaranteed, 5.40%, 9/01/44		1,000,000		1,124,485
Kinder Morgan, Inc.,
Company Guaranteed, 5.20%, 3/01/48		2,040,000		2,319,867
MPLX LP,
Sr. Unsecured, (3 Month USD LIBOR + 1.10%), 3.20%, 9/09/22D		470,000		470,908
MPLX LP,
Sr. Unsecured, 4.70%, 4/15/48		1,000,000		1,021,329
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		1,000,000		1,225,564
Spectra Energy Partners LP,
Company Guaranteed, 3.50%, 3/15/25		670,000		697,585
TOTAL PIPELINES			$	11,939,162
REAL ESTATE INVESTMENT TRUSTS – 2.7%
American Tower Corp.,
Sr. Unsecured, 3.45%, 9/15/21		500,000		511,938

Description	Par Value		Value
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24	$	415,000	$	459,586
American Tower Corp.,
Sr. Unsecured, 3.13%, 1/15/27		1,000,000		1,028,601
AvalonBay Communities, Inc.,
Sr. Unsecured, GMTN, 3.63%, 10/01/20		1,145,000		1,158,348
AvalonBay Communities, Inc.,
Sr. Unsecured, MTN, 3.35%, 5/15/27		1,420,000		1,505,786
Digital Realty Trust LP,
Company Guaranteed, 3.63%, 10/01/22		1,100,000		1,139,953
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		695,000		718,522
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		915,000		962,624
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.63%, 1/15/28		800,000		836,904
Healthpeak Properties, Inc.,
Sr. Unsecured, 4.00%, 12/01/22		665,000		700,482
Healthpeak Properties, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		450,000		486,258
Welltower, Inc.,
Sr. Unsecured, 4.00%, 6/01/25		3,000,000		3,234,466
Welltower, Inc.,
Sr. Unsecured, 4.95%, 9/01/48		1,000,000		1,224,782
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	13,968,250
RETAIL – 0.2%
Nordstrom, Inc.,
Sr. Unsecured, 5.00%, 1/15/44		1,000,000		965,283
TELECOMMUNICATIONS – 0.9%
AT&T, Inc.,
Sr. Unsecured, 4.50%, 5/15/35		845,000		940,384
AT&T, Inc.,
Sr. Unsecured, 4.85%, 7/15/45		1,190,000		1,351,905
Verizon Communications, Inc.,
Sr. Unsecured, 4.86%, 8/21/46		2,000,000		2,485,260
TOTAL TELECOMMUNICATIONS			$	4,777,549
TRANSPORTATION – 1.3%
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.50%, 6/01/21		500,000		511,177
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 9/01/22		980,000		988,304
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.65%, 3/18/24		1,670,000		1,763,178
Union Pacific Corp.,
Sr. Unsecured, 3.15%, 3/01/24		2,565,000		2,683,373
Union Pacific Corp.,
Sr. Unsecured, 4.30%, 3/01/49		675,000		782,508
TOTAL TRANSPORTATION			$	6,728,540
TRUCKING & LEASING – 1.0%
GATX Corp.,
Sr. Unsecured, 2.60%, 3/30/20		2,000,000		2,004,128

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 8

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
GATX Corp., Sr. Unsecured, 3.25%, 9/15/26	$	1,065,000	$	1,081,908
GATX Corp., Sr. Unsecured, 3.85%, 3/30/27		1,500,000		1,575,491
GATX Corp., Sr. Unsecured, 5.20%, 3/15/44		640,000		756,185
TOTAL TRUCKING & LEASING			$	5,417,712
TOTAL CORPORATE BONDS
(COST $208,808,400)			$	219,387,241
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.1%
AIRLINES – 0.1%
American Airlines2011-1, Series A, Pass-Through Certificates, 5.25%, 1/31/21		180,107		185,553
Continental Airlines2009-2, Series A, Pass-Through Certificates, 7.25%, 11/10/19		141,941		142,105
Delta Air Lines,2007-1, Series A, Pass-Through Certificates, 6.82%, 8/10/22		206,021		226,674
Delta Air Lines,2009-1, Series A, Pass-Through Certificates, 7.75%, 12/17/19		98,295		98,913
TOTAL AIRLINES			$	653,245
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES
(COST $626,364)			$	653,245
GOVERNMENT AGENCIES – 0.7%
FEDERAL HOME LOAN BANK (FHLB) – 0.4%
3.25%, 11/16/28		1,960,000		2,183,429
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.0%**
2.38%, 1/13/22		125,000		127,192
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
6.25%, 5/15/29		750,000		1,035,890
7.25%, 5/15/30		400,000		602,245
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,638,135
TOTAL GOVERNMENT AGENCIES (COST $3,391,744)			$	3,948,756
MORTGAGE-BACKED SECURITIES – 21.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 7.2%
Pool B17616, 5.50%, 1/01/20		1,119		1,122
Pool G12709, 5.00%, 7/01/22		16,226		16,667
Pool C00478, 8.50%, 9/01/26		8,834		9,917
Pool E09010, 2.50%, 9/01/27		642,176		650,648
Pool G18497, 3.00%, 1/01/29		82,716		85,146
Pool C01272, 6.00%, 12/01/31		17,412		20,063
Pool A13990, 4.50%, 10/01/33		10,405		11,010
Pool G01625, 5.00%, 11/01/33		24,316		27,126
Pool G08097, 6.50%, 11/01/35		11,788		13,715

Description	Par Value		Value
Pool G02296, 5.00%, 6/01/36	$	127,268	$	141,188
Pool G02390, 6.00%, 9/01/36		4,259		4,913
Pool G05317, 5.00%, 4/01/37		506,181		563,774
Pool G03703, 5.50%, 12/01/37		13,597		15,231
Pool G04776, 5.50%, 7/01/38		44,139		49,359
Pool G05500, 5.00%, 5/01/39		442,510		490,821
Pool A93415, 4.00%, 8/01/40		1,253,622		1,343,715
Pool A93505, 4.50%, 8/01/40		907,392		985,130
Pool A93996, 4.50%, 9/01/40		713,068		774,203
Pool G06222, 4.00%, 1/01/41		1,305,993		1,396,950
Pool A97047, 4.50%, 2/01/41		704,670		762,620
Pool G06956, 4.50%, 8/01/41		697,979		755,368
Pool C03750, 3.50%, 2/01/42		311,609		328,367
Pool C03849, 3.50%, 4/01/42		147,212		152,440
Pool Q08305, 3.50%, 5/01/42		824,854		870,269
Pool C04305, 3.00%, 11/01/42		2,315,863		2,395,578
Pool C09020, 3.50%, 11/01/42		2,163,698		2,279,943
Pool G07266, 4.00%, 12/01/42		1,824,062		1,948,222
Pool C04444, 3.00%, 1/01/43		84,754		86,830
Pool C09029, 3.00%, 3/01/43		387,586		399,820
Pool G08534, 3.00%, 6/01/43		483,804		499,079
Pool Q19476, 3.50%, 6/01/43		860,866		902,160
Pool C09044, 3.50%, 7/01/43		1,010,542		1,059,106
Pool G07889, 3.50%, 8/01/43		872,378		901,973
Pool G07624, 4.00%, 12/01/43		835,699		876,075
Pool G60038, 3.50%, 1/01/44		4,564,078		4,808,895
Pool G07680, 4.00%, 4/01/44		1,347,001		1,412,179
Pool G07943, 4.50%, 8/01/44		95,172		102,371
Pool G08607, 4.50%, 9/01/44		607,861		650,540
Pool Q33547, 3.50%, 5/01/45		856,103		883,188
Pool Q36970, 4.00%, 10/01/45		418,484		442,021
Pool G60384, 4.50%, 12/01/45		65,840		71,017
Pool Q39644, 3.50%, 3/01/46		4,109,335		4,285,859
Pool Q39438, 4.00%, 3/01/46		3,056,970		3,224,567
Pool G08705, 3.00%, 5/01/46		283,557		290,598
Pool G08708, 4.50%, 5/01/46		503,617		531,167
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	37,520,950
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 14.6%
Pool 975207, 5.00%, 3/01/23		17,276		17,782
Pool AE2520, 3.00%, 1/01/26		263,043		269,768
Pool 329794, 7.00%, 2/01/26		14,227		16,167
Pool 256639, 5.00%, 2/01/27		8,761		9,371
Pool 256752, 6.00%, 6/01/27		15,344		17,199
Pool 402255, 6.50%, 12/01/27		1,031		1,116
Pool AB8997, 2.50%, 4/01/28		141,671		144,043

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

9 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Pool AS4480, 2.50%, 2/01/30	$	932,125	$	947,188
Pool AS7462, 2.50%, 6/01/31		366,134		371,866
Pool 254007, 6.50%, 10/01/31		9,575		11,173
Pool 638023, 6.50%, 4/01/32		47,843		52,554
Pool 642345, 6.50%, 5/01/32		38,243		42,009
Pool 651292, 6.50%, 7/01/32		60,275		66,211
Pool 686398, 6.00%, 3/01/33		137,249		155,008
Pool 745412, 5.50%, 12/01/35		17,197		19,282
Pool 888789, 5.00%, 7/01/36		192,302		214,859
Pool 256515, 6.50%, 12/01/36		11,327		13,147
Pool AE0217, 4.50%, 8/01/40		112,191		122,471
Pool AB1796, 3.50%, 11/01/40		752,600		789,018
Pool AH5583, 4.50%, 2/01/41		324,660		352,803
Pool 890551, 4.50%, 8/01/41		69,098		74,950
Pool AL0658, 4.50%, 8/01/41		401,535		435,791
Pool AL1319, 4.50%, 10/01/41		713,032		772,749
Pool AL6302, 4.50%, 10/01/41		703,823		765,101
Pool AX5302, 4.00%, 1/01/42		1,190,749		1,273,091
Pool AK4523, 4.00%, 3/01/42		1,420,795		1,518,929
Pool AL2034, 4.50%, 4/01/42		167,410		179,301
Pool AB7936, 3.00%, 2/01/43		1,457,663		1,481,768
Pool AL3761, 4.50%, 2/01/43		242,836		259,432
Pool MA1458, 3.00%, 6/01/43		435,164		447,654
Pool AT7899, 3.50%, 7/01/43		2,536,529		2,605,723
Pool AS0302, 3.00%, 8/01/43		4,054,146		4,170,704
Pool AU4279, 3.00%, 9/01/43		771,595		793,764
Pool AL5537, 4.50%, 4/01/44		322,357		350,463
Pool AS3155, 4.00%, 8/01/44		84,725		88,865
Pool AX0833, 3.50%, 9/01/44		805,998		845,585
Pool AL6325, 3.00%, 10/01/44		2,576,967		2,650,702
Pool AS5136, 4.00%, 6/01/45		358,137		377,764
Pool AZ7362, 4.00%, 11/01/45		959,857		1,008,274
Pool AZ9565, 3.50%, 12/01/45		1,687,214		1,758,270
Pool BC0326, 3.50%, 12/01/45		1,308,410		1,363,503
Pool BC0245, 3.00%, 2/01/46		721,997		740,656
Pool BC0830, 3.00%, 4/01/46		1,065,321		1,092,790
Pool AS7568, 4.50%, 7/01/46		179,466		188,949
Pool BC4764, 3.00%, 10/01/46		1,253,738		1,286,112
Pool MA2771, 3.00%, 10/01/46		436,615		447,881
Pool AS8276, 3.00%, 11/01/46		1,495,319		1,530,243
Pool BC9003, 3.00%, 11/01/46		1,335,896		1,367,100
Pool BE1899, 3.00%, 11/01/46		4,834,509		4,947,247
Pool BE3767, 3.50%, 7/01/47		1,880,162		1,949,515
Pool BH2618, 3.50%, 8/01/47		530,427		550,001
Pool MA3088, 4.00%, 8/01/47		1,842,083		1,929,179
Pool BH4010, 4.50%, 9/01/47		1,562,987		1,648,490
Pool BH9215, 3.50%, 1/01/48		2,423,833		2,513,314
Pool BJ0650, 3.50%, 3/01/48		10,309,867		10,700,075

Description	Par Value		Value
Pool BJ0639, 4.00%, 3/01/48	$	693,596	$	721,914
Pool BJ9169, 4.00%, 5/01/48		3,886,347		4,045,018
Pool BK4764, 4.00%, 8/01/48		4,135,925		4,304,789
Pool BN1628, 4.50%, 11/01/48		1,974,466		2,087,223
Pool TBA, 5.00%, 12/15/49		6,700,000		7,167,430
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	76,073,344
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23		8,471		9,149
Pool 354713, 7.50%, 12/15/23		5,067		5,365
Pool 354765, 7.00%, 2/15/24		13,736		14,767
Pool 354827, 7.00%, 5/15/24		9,875		10,443
Pool 385623, 7.00%, 5/15/24		16,191		17,939
Pool 360869, 7.50%, 5/15/24		13,861		14,476
Pool 2077, 7.00%, 9/20/25		5,010		5,413
Pool 503405, 6.50%, 4/15/29		15,989		16,484
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	94,036
TOTAL MORTGAGE-BACKED SECURITIES (COST $112,087,958)			$	113,688,330
U.S. TREASURY – 28.4%
U.S. TREASURY BONDS – 7.1%
2.50%, 2/15/45		2,135,000		2,268,974
2.50%, 2/15/46		280,000		297,791
2.75%, 11/15/47		4,470,000		5,000,667
2.88%, 8/15/45		300,000		341,564
3.00%, 5/15/42		500,000		577,153
3.00%, 11/15/44		2,000,000		2,320,840
3.00%, 5/15/45		2,000,000		2,326,474
3.00%, 11/15/45		765,000		891,314
3.00%, 2/15/47		1,098,000		1,285,142
3.00%, 5/15/47		1,695,000		1,983,367
3.00%, 2/15/48		4,000,000		4,689,912
3.13%, 8/15/44		6,637,000		7,858,309
3.63%, 8/15/43		881,000		1,122,274
3.63%, 2/15/44		2,106,000		2,689,677
3.75%, 11/15/43		365,000		474,201
5.25%, 2/15/29		500,000		653,641
5.38%, 2/15/31		600,000		824,435
6.25%, 5/15/30		500,000		719,056
6.38%, 8/15/27#		450,000		605,770
TOTAL U.S. TREASURY BONDS			$	36,930,561
U.S. TREASURY NOTES – 21.3%
1.38%, 3/31/20		1,300,000		1,298,808
1.50%, 11/30/19#		1,145,000		1,144,565
1.63%, 11/30/20		1,710,000		1,710,358

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
1.63%, 8/15/22	$	6,000,000	$	6,019,363
1.63%, 11/15/22		1,928,000		1,934,842
1.63%, 5/31/23#		12,400,000		12,448,118
1.63%, 2/15/26		3,000,000		3,006,073
1.63%, 5/15/26		4,695,000		4,703,796
1.63%, 8/15/29#		5,000,000		4,971,432
1.75%, 3/31/22		5,000,000		5,027,007
1.75%, 5/15/22		380,000		382,173
1.75%, 5/15/23		2,000,000		2,015,571
1.75%, 7/31/24		1,900,000		1,919,812
2.00%, 11/15/21		1,000,000		1,009,138
2.00%, 4/30/24		10,195,000		10,401,609
2.00%, 2/15/25		4,655,000		4,761,789
2.00%, 8/15/25		295,000		301,955
2.00%, 11/15/26		4,180,000		4,291,735
2.13%, 8/15/21		3,750,000		3,786,074
2.13%, 6/30/22		6,615,000		6,720,044
2.13%, 5/15/25		2,500,000		2,573,773
2.25%, 7/31/21		6,600,000		6,676,884
2.25%, 11/15/25		230,000		238,802
2.38%, 8/15/24		5,600,000		5,816,783
2.38%, 5/15/29		2,500,000		2,651,739
2.50%, 3/31/23		7,000,000		7,228,386
2.50%, 8/15/23		200,000		207,184
2.63%, 11/15/20		500,000		505,182
2.75%, 2/15/28		6,000,000		6,514,025
3.63%, 2/15/20		750,000		754,230
TOTAL U.S. TREASURY NOTES			$	111,021,250
TOTAL U.S. TREASURY (COST $140,087,953)			$	147,951,811
	Number of Shares
MONEY MARKET FUND – 0.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		1,946,388	$	1,946,388
TOTAL MONEY MARKET FUND (COST $1,946,388)			$	1,946,388
TOTAL INVESTMENTS IN SECURITIES – 101.5% (COST $508,608,628)			$	529,140,234

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.7%
REPURCHASE AGREEMENTS – 3.7%
Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $947,466, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $966,370.	$	947,421	$	947,421
BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $3,681,211, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $3,754,655.		3,681,034		3,681,034
Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $3,681,212, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $3,754,655.		3,681,034		3,681,034
Daiwa Capital Markets America, 1.75%, dated 10/31/19, due 11/01/19, repurchase price $3,681,213, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/21/19 to 10/20/49; total market value of $3,754,655.		3,681,034		3,681,034
ING Financial Markets LLC, 1.74%, dated 10/31/19, due 11/01/19, repurchase price $3,681,212, collateralized by U.S. Government Agency Securities, 2.32% to 6.00%, maturing 2/01/26 to 5/01/58; total market value of $3,754,655.		3,681,034		3,681,034
RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $3,681,212, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $3,754,655.		3,681,034		3,681,034
TOTAL REPURCHASE AGREEMENTS (COST $19,352,591)			$	19,352,591
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $19,352,591)			$	19,352,591
TOTAL INVESTMENTS – 105.2% (COST $527,961,219)			$	548,492,825
COLLATERAL FOR SECURITIES ON LOAN – (3.7%)				(19,352,591	)
OTHER LIABILITIES LESS ASSETS – (1.5%)				(7,671,520	)
TOTAL NET ASSETS – 100.0%			$	521,468,714

Cost of investments for Federal income tax purposes is $527,961,219. The net unrealized appreciation/(depreciation) of investments was $20,531,606. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $21,445,467 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(913,861).

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

11 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (concluded)

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Security	$	—	$	324,374	$	—	$	324,374
Collateralized Mortgage Obligations		—		1,560,018		—		1,560,018
Commercial Paper		—		39,680,071		—		39,680,071
Corporate Bonds		—		219,387,241		—		219,387,241
Enhanced Equipment Trust Certificates		—		653,245		—		653,245
Government Agencies		—		3,948,756		—		3,948,756
Mortgage-Backed Securities		—		113,688,330		—		113,688,330
U.S. Treasury		—		147,951,811		—		147,951,811
Money Market Fund		1,946,388		—		—		1,946,388
Repurchase Agreements		—		19,352,591		—		19,352,591
Total	$	1,946,388	$	546,546,437	$	—	$	548,492,825

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

^ 7-Day net yield.

D 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.

◆ The rate shown reflects the effective yield at purchase date.

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2019, these liquid restricted securities amounted to $49,921,688 representing 9.57% of total net assets.

** Represents less than 0.05%

The following acronyms are used throughout this Fund:

BKNT	Bank Note
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
TBA	To Be Announced Security
USD	United States Dollar

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

12

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		57.2	%
U.S. Treasury		40.4	%
Mortgage-Backed Securities		1.3	%
Government Agencies		0.4	%
Adjustable Rate Mortgage4		0.0	%
Cash Equivalents1		2.5	%
Other Assets and Liabilities – Net2		(1.8	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund and repurchase agreements.

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

(3) 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.

(4) Represent less than 0.05%.

Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		1.7	%
U.S. Treasury		40.4	%
AAA / Aaa		0.3	%
AA / Aa		1.2	%
A / A		12.7	%
BBB / Baa		41.1	%
BB / Ba		1.9	%
Not Rated		2.5	%
Other Assets and Liabilities – Net2		(1.8	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 612514, (12 Month USD LIBOR + 1.72%, Cap 8.82%, Floor 1.72%), 4.59%, 5/01/33D	$	13,763	$	14,463
TOTAL ADJUSTABLE RATE MORTGAGE (COST $13,744)			$	14,463
CORPORATE BONDS – 57.2%
AEROSPACE & DEFENSE – 1.0%
Boeing Co. (The), Sr. Unsecured, 3.20%, 3/01/29		300,000		314,082
Lockheed Martin Corp., Sr. Unsecured, 3.10%, 1/15/23		250,000		259,269
TOTAL AEROSPACE & DEFENSE			$	573,351
AUTOMOTIVE – 1.6%
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.58%, 3/18/24		250,000		266,391

Description	Par Value		Value
General Motors Financial Co., Inc., Sr. Unsecured, 4.20%, 11/06/21	$	375,000	$	387,754
Toyota Motor Credit Corp., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.37%), 2.50%, 3/12/20D		250,000		250,371
TOTAL AUTOMOTIVE			$	904,516
BEVERAGES – 0.5%
Keurig Dr. Pepper, Inc., Company Guaranteed, 3.55%, 5/25/21		300,000		307,033
BIOTECHNOLOGY – 1.3%
Amgen, Inc., Sr. Unsecured, 2.20%, 5/11/20		270,000		270,348
Amgen, Inc., Sr. Unsecured, 2.25%, 8/19/23		225,000		226,349
Celgene Corp., Sr. Unsecured, 2.75%, 2/15/23		260,000		265,550
TOTAL BIOTECHNOLOGY			$	762,247

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

13 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
BUILDING PRODUCTS – 0.7%
Johnson Controls International PLC,
(Current rate until maturity), Sr. Unsecured, 3.63%, 7/02/24ÿ	$	373,000	$	389,955
CAPITAL MARKETS – 3.0%
Bank of New York Mellon Corp. (The),
Sr. Unsecured, MTN, 2.60%, 8/17/20#		475,000		477,924
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 Month USD LIBOR + 1.16%), 3.09%, 4/23/20D		500,000		501,890
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.27%, 9/29/25D		210,000		217,940
Morgan Stanley,
Sr. Unsecured, GMTN, (3 Month USD LIBOR + 0.55%), 2.73%, 2/10/21D		240,000		240,180
State Street Corp.,
Subordinated, 3.10%, 5/15/23		250,000		258,540
TOTAL CAPITAL MARKETS			$	1,696,474
COMMERCIAL BANKS – 4.9%
BB&T Corp.,
Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.65%), 2.75%, 4/01/22D		345,000		348,303
Branch Banking & Trust Co.,
Subordinated, BKNT, 3.63%, 9/16/25		250,000		267,396
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		250,000		270,255
Huntington Bancshares, Inc.,
Sr. Unsecured, 2.63%, 8/06/24		120,000		121,558
KeyCorp,
Sr. Unsecured, MTN, 2.90%, 9/15/20		250,000		252,106
PNC Financial Services Group, Inc. (The),
Subordinated, 3.90%, 4/29/24		200,000		212,281
PNC Financial Services Group, Inc. (The),
Sr. Unsecured, 3.45%, 4/23/29		100,000		107,762
SunTrust Bank,
Sr. Unsecured, BKNT, 3.20%, 4/01/24		175,000		182,740
SunTrust Banks, Inc.,
Sr. Unsecured, 2.70%, 1/27/22		250,000		253,358
Toronto-Dominion Bank (The),
Sr. Unsecured, GMTN, 3.25%, 3/11/24		275,000		288,199
U.S. Bancorp,
Subordinated, 3.00%, 7/30/29		500,000		518,344
TOTAL COMMERCIAL BANKS			$	2,822,302
COMMERCIAL SERVICES & SUPPLIES – 0.8%
Global Payments, Inc.,
Sr. Unsecured, 3.80%, 4/01/21		300,000		306,577
Global Payments, Inc.,
Sr. Unsecured, 2.65%, 2/15/25		175,000		177,327
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	483,904
COMPUTERS – 1.3%
Hewlett Packard Enterprise Co.,
Sr. Unsecured, 4.40%, 10/15/22		250,000		265,075

Description	Par Value		Value
International Business Machines Corp.,
Sr. Unsecured, 2.85%, 5/13/22	$	480,000	$	490,906
TOTAL COMPUTERS			$	755,981
CONSUMER FINANCE – 1.5%
American Express Co.,
Sr. Unsecured, (3 Month USD LIBOR + 0.53%), 2.65%, 5/17/21#,D		165,000		165,616
American Express Co.,
Sr. Unsecured, 3.13%, 5/20/26		150,000		158,111
Capital One Financial Corp.,
Sr. Unsecured, (3 Month USD LIBOR + 0.95%), 3.05%, 3/09/22D		250,000		252,024
Capital One Financial Corp.,
Sr. Unsecured, 3.90%, 1/29/24		250,000		265,217
TOTAL CONSUMER FINANCE			$	840,968
DIVERSIFIED FINANCIAL SERVICES – 6.4%
Bank of America Corp.,
Sr. Unsecured, MTN, 2.50%, 10/21/22		415,000		418,829
Bank of Montreal,
Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.34%), 2.34%, 7/13/20D		125,000		125,191
Bank of Montreal,
Sr. Unsecured, MTN, 1.90%, 8/27/21		180,000		180,208
Berkshire Hathaway, Inc.,
Sr. Unsecured, 2.75%, 3/15/23		175,000		180,416
Canadian Imperial Bank of Commerce,
Sr. Unsecured, BKNT, 2.10%, 10/05/20		255,000		255,608
Charles Schwab Corp. (The),
Sr. Unsecured, (3 Month USD LIBOR + 0.32%), 2.47%, 5/21/21D		155,000		155,250
Charles Schwab Corp. (The),
Sr. Unsecured, 3.20%, 3/02/27		315,000		331,467
Citigroup, Inc.,
Sr. Unsecured, 2.45%, 1/10/20		450,000		450,256
Comerica, Inc.,
Sr. Unsecured, 3.70%, 7/31/23		200,000		211,269
JPMorgan Chase & Co.,
Sr. Unsecured, 2.55%, 10/29/20		250,000		251,533
JPMorgan Chase & Co.,
Subordinated, 3.88%, 9/10/24		300,000		320,481
National Rural Utilities Cooperative Finance Corp., Collateral Trust, 3.70%, 3/15/29		260,000		287,591
TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22		250,000		255,666
Westpac Banking Corp.,
Sr. Unsecured, 4.88%, 11/19/19		250,000		250,317
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	3,674,082
ELECTRIC – 5.5%
DTE Energy Co.,
Series C, Sr. Unsecured, 3.50%, 6/01/24		250,000		260,581

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Duke Energy Carolinas LLC,
1st Mortgage, 2.45%, 8/15/29#	$	500,000	$	505,169
Entergy Corp.,
Sr. Unsecured, 2.95%, 9/01/26		255,000		260,447
Exelon Generation Co. LLC,
Sr. Unsecured, 2.95%, 1/15/20		350,000		350,080
FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25W		400,000		430,118
Southern Co. (The),
Sr. Unsecured, 2.35%, 7/01/21		500,000		502,721
Union Electric Co.,
1st Mortgage, 3.50%, 3/15/29		220,000		239,931
WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20		300,000		300,763
WEC Energy Group, Inc.,
Sr. Unsecured, 3.38%, 6/15/21		290,000		296,308
TOTAL ELECTRIC			$	3,146,118
ENVIRONMENTAL CONTROL – 0.3%
Waste Management, Inc.,
Company Guaranteed, 2.40%, 5/15/23		160,000		162,203
FOOD & STAPLES RETAILING – 1.2%
Campbell Soup Co.,
Sr. Unsecured, 3.30%, 3/19/25		200,000		205,802
Conagra Brands, Inc.,
Sr. Unsecured, 3.80%, 10/22/21		200,000		206,560
Kroger Co. (The),
Sr. Unsecured, 2.95%, 11/01/21		250,000		253,908
TOTAL FOOD & STAPLES RETAILING			$	666,270
HEALTH CARE EQUIPMENT & SUPPLIES – 0.7%
DH Europe Finance II Sarl,
Company Guaranteed, 2.60%, 11/15/29		65,000		65,499
Zimmer Biomet Holdings, Inc.,
Sr. Unsecured, 2.70%, 4/01/20		360,000		360,782
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	426,281
HEALTH CARE PROVIDERS & SERVICES – 4.4%
Anthem, Inc.,
Sr. Unsecured, 3.65%, 12/01/27		235,000		248,982
Cardinal Health, Inc.,
Sr. Unsecured, 3.20%, 3/15/23		350,000		359,134
Cigna Corp.,
Company Guaranteed, 4.13%, 9/15/20W		250,000		254,547
CommonSpirit Health,
Sr. Secured, 2.76%, 10/01/24		110,000		111,759
CommonSpirit Health,
Sr. Secured, 3.35%, 10/01/29		150,000		151,355
CVS Health Corp.,
Sr. Unsecured, (3 Month USD LIBOR + 0.63%), 2.73%, 3/09/20D		50,000		50,103
CVS Health Corp.,
Sr. Unsecured, 3.70%, 3/09/23		250,000		260,622

Description	Par Value		Value
Elanco Animal Health, Inc.,
Sr. Unsecured, 3.91%, 8/27/21	$	250,000	$	256,743
Elanco Animal Health, Inc.,
Sr. Unsecured, 4.27%, 8/28/23		500,000		525,220
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.38%, 10/15/22		300,000		304,515
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	2,522,980
HOUSEHOLD PRODUCTS – 0.4%
Church & Dwight Co., Inc.,
Sr. Unsecured, 2.45%, 8/01/22		225,000		226,822
INSURANCE – 1.3%
American International Group, Inc.,
Sr. Unsecured, 3.30%, 3/01/21		250,000		254,139
Aon PLC,
Company Guaranteed, 2.80%, 3/15/21		240,000		243,964
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		250,000		266,651
TOTAL INSURANCE			$	764,754
MACHINERY – 0.6%
Roper Technologies, Inc.,
Sr. Unsecured, 3.80%, 12/15/26		300,000		322,784
MEDIA – 1.7%
CBS Corp.,
Company Guaranteed, 3.38%, 3/01/22		350,000		358,580
Discovery Communications LLC,
Company Guaranteed, 3.30%, 5/15/22		250,000		256,828
Discovery Communications LLC,
Company Guaranteed, 4.13%, 5/15/29		350,000		372,322
TOTAL MEDIA			$	987,730
MISCELLANEOUS MANUFACTURING – 1.8%
Ingersoll-Rand Global Holding Co. Ltd.,
Company Guaranteed, 4.25%, 6/15/23		330,000		349,953
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		125,000		127,271
Textron, Inc.,
Sr. Unsecured, 4.30%, 3/01/24		500,000		536,140
TOTAL MISCELLANEOUS MANUFACTURING			$	1,013,364
OIL & GAS – 2.8%
Apache Corp.,
Sr. Unsecured, 4.38%, 10/15/28		275,000		272,996
Marathon Oil Corp.,
Sr. Unsecured, 2.80%, 11/01/22		450,000		458,095
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		125,000		132,618
Occidental Petroleum Corp.,
Sr. Unsecured, 2.60%, 8/13/21		140,000		140,922
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22		400,000		423,953
Valero Energy Corp.,
Sr. Unsecured, 4.00%, 4/01/29		150,000		160,555
TOTAL OIL & GAS			$	1,589,139

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

15 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
PHARMACEUTICALS – 2.0%
AbbVie, Inc.,
Sr. Unsecured, 3.75%, 11/14/23	$	150,000	$	158,011
AbbVie, Inc.,
Sr. Unsecured, 3.60%, 5/14/25		350,000		367,093
Allergan Funding SCS,
Company Guaranteed, (3 Month USD LIBOR + 1.26%), 3.39%, 3/12/20D		500,000		501,915
Zoetis, Inc.,
Sr. Unsecured, 3.00%, 9/12/27		125,000		128,951
TOTAL PHARMACEUTICALS			$	1,155,970
PIPELINES – 2.1%
Enterprise Products Operating LLC, Company Guaranteed, 2.80%, 2/15/21		225,000		227,344
Kinder Morgan, Inc.,
Company Guaranteed, 6.50%, 9/15/20#		300,000		307,735
MPLX LP,
Sr. Unsecured, (3 Month USD LIBOR + 0.90%), 3.00%, 9/09/21D		500,000		502,100
MPLX LP,
Sr. Unsecured, 3.38%, 3/15/23		50,000		51,388
ONEOK Partners LP,
Company Guaranteed, 3.38%, 10/01/22		125,000		128,061
TOTAL PIPELINES			$	1,216,628
REAL ESTATE INVESTMENT TRUSTS – 4.3%
American Tower Corp.,
Sr. Unsecured, 3.45%, 9/15/21		250,000		255,969
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		250,000		276,859
Digital Realty Trust LP,
Company Guaranteed, 3.60%, 7/01/29		100,000		105,063
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		540,000		583,509
HCP, Inc.,
Sr. Unsecured, 3.25%, 7/15/26		110,000		114,849
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		300,000		315,615
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.63%, 1/15/28#		300,000		313,839
Ventas Realty LP,
Company Guaranteed, 4.00%, 3/01/28		250,000		270,088
Welltower, Inc.,
Sr. Unsecured, 3.63%, 3/15/24		250,000		264,188
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	2,499,979
RETAIL – 0.4%
Home Depot, Inc. (The),
Sr. Unsecured, 2.13%, 9/15/26		225,000		225,226
SEMICONDUCTORS – 0.3%
QUALCOMM, Inc.,
Sr. Unsecured, 3.25%, 5/20/27		150,000		158,139
SOFTWARE – 0.7%
Microsoft Corp.,
Sr. Unsecured, 1.55%, 8/08/21		175,000		174,838

Description	Par Value		Value
Oracle Corp.,
Sr. Unsecured, 1.90%, 9/15/21	$	250,000	$	250,658
TOTAL SOFTWARE			$	425,496
TELECOMMUNICATIONS – 1.4%
AT&T, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.93%), 3.03%, 6/30/20D		500,000		502,636
Cisco Systems, Inc.,
Sr. Unsecured, 2.20%, 9/20/23		295,000		299,280
TOTAL TELECOMMUNICATIONS			$	801,916
TRANSPORTATION – 1.4%
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 9/01/22		265,000		267,245
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.40%, 3/01/23		500,000		518,031
TOTAL TRANSPORTATION			$	785,276
TRUCKING & LEASING – 0.9%
GATX Corp.,
Sr. Unsecured, 3.25%, 9/15/26		505,000		513,017
TOTAL CORPORATE BONDS
(COST $31,931,873)			$	32,820,905
GOVERNMENT AGENCY – 0.4%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.4%
2.38%, 1/13/22		200,000		203,507
TOTAL GOVERNMENT AGENCY
(COST $200,090)			$	203,507
MORTGAGE-BACKED SECURITIES – 1.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.2%
Pool B19228, 4.50%, 4/01/20		601		606
Pool C90504, 6.50%, 12/01/21		4,904		5,042
Pool G01625, 5.00%, 11/01/33		24,316		27,126
Pool A18401, 6.00%, 2/01/34		34,480		38,809
Pool G08097, 6.50%, 11/01/35		19,077		22,194
Pool G02390, 6.00%, 9/01/36		7,453		8,598
Pool G08193, 6.00%, 4/01/37		21,675		24,953
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	127,328
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.8%
Pool 839291, 5.00%, 9/01/20		82		84
Pool AE2520, 3.00%, 1/01/26		333,669		342,201
Pool 256639, 5.00%, 2/01/27		17,521		18,743
Pool 256752, 6.00%, 6/01/27		19,180		21,499
Pool 257007, 6.00%, 12/01/27		30,574		34,280

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Pool 254240, 7.00%, 3/01/32	$	27,481	$	30,859
Pool 745412, 5.50%, 12/01/35		17,335		19,437
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	467,103
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 780825, 6.50%, 7/15/28		43,145		48,714
Pool 2616, 7.00%, 7/20/28		27,324		32,260
Pool 2701, 6.50%, 1/20/29		53,901		61,683
Pool 426727, 7.00%, 2/15/29		5,123		5,720
Pool 781231, 7.00%, 12/15/30		24,842		29,334
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	177,711
TOTAL MORTGAGE-BACKED SECURITIES
(COST $715,667)			$	772,142
U.S. TREASURY – 40.4%
U.S. TREASURY NOTES – 40.4%
1.38%, 5/31/21		110,000		109,648
1.50%, 8/15/22		150,000		149,992
1.63%, 5/31/23#		500,000		501,940
1.63%, 10/31/23		490,000		492,038
1.63%, 2/15/26		1,450,000		1,452,935
1.63%, 5/15/26		775,000		776,452
1.75%, 5/15/23		1,000,000		1,007,786
1.88%, 7/31/22		450,000		454,335
2.00%, 11/15/21		225,000		227,056
2.00%, 2/15/22		250,000		252,677
2.00%, 7/31/22		250,000		253,307
2.00%, 2/15/23		500,000		507,639
2.00%, 2/15/25		1,003,000		1,026,009
2.00%, 8/15/25		1,000,000		1,023,577
2.00%, 11/15/26		500,000		513,365
2.13%, 6/30/21		175,000		176,600
2.13%, 8/15/21		125,000		126,202
2.13%, 5/15/25		1,250,000		1,286,887
2.25%, 1/31/24		900,000		926,813
2.25%, 11/15/25		1,500,000		1,557,407
2.25%, 2/15/27		30,000		31,337
2.25%, 11/15/27		500,000		523,299
2.38%, 8/15/24		750,000		779,033
2.38%, 5/15/29		500,000		530,348
2.50%, 3/31/23		1,075,000		1,110,074
2.50%, 8/15/23		500,000		517,961
2.50%, 5/15/24		500,000		521,306
2.75%, 5/31/23		1,200,000		1,251,160
2.75%, 11/15/23		1,000,000		1,047,913
2.75%, 2/15/28		750,000		814,253
2.88%, 11/30/25		800,000		859,620

Description	Par Value		Value
2.88%, 5/15/28	$	1,000,000	$	1,097,084
3.13%, 5/15/21		150,000		153,504
3.13%, 11/15/28		1,000,000		1,121,786
TOTAL U.S. TREASURY NOTES			$	23,181,343
TOTAL U.S. TREASURY
(COST $22,317,750)			$	23,181,343
	Number of Shares
MONEY MARKET FUND – 0.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		199,048	$	199,048
TOTAL MONEY MARKET FUND
(COST $199,048)			$	199,048
TOTAL INVESTMENTS IN SECURITIES – 99.6%
(COST $55,378,172)			$	57,191,408
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2%
REPURCHASE AGREEMENTS – 2.2%
Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $62,515, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $63,762.	$	62,512	$	62,512
BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $241,134, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $245,944.		241,122		241,122
Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $241,134, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $245,945.		241,122		241,122
Daiwa Capital Markets America, 1.75%, dated 10/31/19, due 11/01/19, repurchase price $241,134, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/21/19 to 10/20/49; total market value of $245,944.		241,122		241,122
ING Financial Markets LLC, 1.74%, dated 10/31/19, due 11/01/19, repurchase price $241,134, collateralized by U.S. Government Agency Securities, 2.32% to 6.00%, maturing 2/01/26 to 5/01/58; total market value of $245,944.		241,122		241,122

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

17 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $241,134, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $245,944.	$	241,122	$	241,122
TOTAL REPURCHASE AGREEMENTS			$	1,268,122
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,268,122)			$	1,268,122
TOTAL INVESTMENTS – 101.8% (COST $56,646,294)			$	58,459,530
COLLATERAL FOR SECURITIES ON LOAN – (2.2%)				(1,268,122	)
OTHER ASSETS LESS LIABILITIES – 0.4%				218,867
TOTAL NET ASSETS – 100.0%			$	57,410,275

Cost of investments for Federal income tax purposes is $56,662,547. The net unrealized appreciation/(depreciation) of investments was $1,796,983. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,820,308 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(23,325).

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, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	14,463	$	—	$	14,463
Corporate Bonds		—		32,820,905		—		32,820,905
Government Agency		—		203,507		—		203,507
Mortgage-Backed Securities		—		772,142		—		772,142
U.S. Treasury		—		23,181,343		—		23,181,343
Money Market Fund		199,048		—		—		199,048
Repurchase Agreements		—		1,268,122		—		1,268,122
Total	$	199,048	$	58,260,482	$	—	$	58,459,530

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

^ 7-Day net yield.

D 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.

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2019, these liquid restricted securities amounted to $684,665 representing 1.19% of total net assets.

ÿ Step coupon security. The rate disclosed is the rate in effect on the report date.

** Represents less than 0.05%.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

Wilmington Intermediate-Term Bond Fund (concluded)

The following acronyms are used throughout this Fund:

BKNT	Bank Note
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Corporation
LP	Limited Partnership
MTN	Medium Term Note
PLC	Public Limited Company
USD	United States Dollar

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

19

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Notes		36.5	%
Commercial paper		11.4	%
Diversified Financial Services		8.4	%
Health Care Providers & Services		7.4	%
Pipelines		5.0	%
Electric		4.9	%
Oil & Gas		4.8	%
Commercial Banks		4.1	%
Food & Staples Retailing		3.8	%
Federal National Mortgage Association (FNMA)		3.6	%
Transportation		2.8	%
Automotive		2.3	%
Real Estate Investment Trusts		2.2	%
Federal Home Loan Mortgage Corporation (FHLMC)		2.2	%
Computers		2.1	%
Consumer Finance		2.0	%
Biotechnology		2.0	%
Telecommunications		1.8	%
Media		1.0	%
Health Care Equipment & Supplies		1.0	%
Pharmaceuticals		0.9	%
Semiconductors		0.6	%
Capital Markets		0.6	%
Government National Mortgage Association (GNMA)		0.4	%
Whole Loan		0.3	%

	Percentage of Total Net Assets
Cash Equivalents1		2.3	%
Other Assets and Liabilities – Net2		(14.4	)%
TOTAL		100.0	%
Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		6.2	%
U.S. Treasury		36.5	%
AA / Aa		1.3	%
A / A		14.8	%
BBB / Baa		38.3	%
BB / Ba		3.4	%
Not Rated		13.9	%
Other Assets and Liabilities – Net2		(14.4	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in a money market fund and repurchase agreements.

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

(3) 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, 2019 (unaudited)

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 399251, (UST Yield Curve CMT 1 Year +2.07%, Cap 11.19%, Floor 2.07%), 4.07%, 9/01/27D	$	37	$	38
TOTAL ADJUSTABLE RATE MORTGAGE (COST $37)			$	38
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.1%
Series1990-136, Class E, 6.00%, 4/15/21		37		37

Description	Par Value		Value
Series1990-141, Class D, 5.00%, 5/15/21	$	8	$	8
Series 1993-1577, Class PK, 6.50%, 9/15/23		7,353		7,809
Series 1993-1644, Class K, 6.75%, 12/15/23		5,694		6,017
Series 1994-1686, Class PJ, 5.00%, 2/15/24		615		637
Series 2011-3799, Class GK, 2.75%, 1/15/21		13,306		13,342
TOTAL FEDERAL HOME LOAN MORTGAGE     CORPORATION (FHLMC)			$	27,850
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.8%
Series1993-113, Class PK, 6.50%, 7/25/23		9,344		9,934

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENT 20

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
Series1993-127, Class H, 6.50%, 7/25/23	$	8,765	$	9,245
Series1993-202, Class J, 6.50%, 11/25/23		5,702		6,090
Series1994-3, Class PL, 5.50%, 1/25/24		9,685		10,177
Series1994-55, Class H, 7.00%, 3/25/24		10,511		11,220
Series2011-66, Class QE, 2.00%, 7/25/21		70,883		70,803
Series2011-81, Class PA, 3.50%, 8/25/26		768,408		791,658
TOTAL FEDERAL NATIONAL MORTGAGE     ASSOCIATION (FNMA)			$	909,127
WHOLE LOAN – 0.3%
Banc of America Mortgage Securities, Inc.,
Series2004-A, Class 2A1, 4.80%, 2/25/34D		66,717		65,799
IndyMac INDA Mortgage Loan Trust, Series2005-AR1, Class 2A1, 4.44%, 11/25/35D		91,631		89,002
TOTAL WHOLE LOAN			$	154,801
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $1,112,142)			$	1,091,778
COMMERCIAL PAPER – 11.4%◆
Campbell Soup Co., 2.05%, 11/12/19W		1,000,000		999,317
Dominion Res, Inc., 2.22%, 11/06/19W		410,000		409,848
Du Pont E I De Nemours & Co., 2.10%, 11/18/19W		2,490,000		2,487,385
Thermo Fisher Scientific, Inc., 2.00%, 11/01/19W		1,780,000		1,779,901
TOTAL COMMERCIAL PAPER (COST $5,676,779)			$	5,676,451
CORPORATE BONDS – 57.7%
AUTOMOTIVE – 2.3%
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.58%, 3/18/24		250,000		266,390
General Motors Financial Co., Inc., Company Guaranteed, 3.20%, 7/13/20		500,000		503,173
PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 5/10/22		340,000		346,753
TOTAL AUTOMOTIVE			$	1,116,316
BIOTECHNOLOGY – 2.0%
Amgen, Inc.,
Sr. Unsecured, 2.20%, 5/11/20		1,000,000		1,001,288
CAPITAL MARKETS – 0.6%
Morgan Stanley,
Sr. Unsecured, GMTN, 5.50%, 7/24/20		265,000		271,981
COMMERCIAL BANKS – 4.1%
SunTrust Bank,
Sr. Unsecured, BKNT, 2.25%, 1/31/20		1,000,000		1,000,349
Toronto-Dominion Bank (The),
Sr. Unsecured, MTN, 2.65%, 6/12/24		1,000,000		1,024,252
TOTAL COMMERCIAL BANKS			$	2,024,601

Description	Par Value		Value
COMPUTERS – 2.1%
Hewlett Packard Enterprise Co.,
Sr. Unsecured, 3.60%, 10/15/20	$	1,000,000	$	1,013,706
CONSUMER FINANCE – 2.0%
Capital One Financial Corp.,
Sr. Unsecured, (3 Month USD LIBOR + 0.76%), 2.94%, 5/12/20D		1,000,000		1,002,483
DIVERSIFIED FINANCIAL SERVICES – 8.4%
Citibank NA,
Sr. Unsecured, BKNT, (SOFRRATE + 0.60%), 2.42%, 3/13/21D		1,000,000		1,000,964
Comerica Bank,
Sr. Unsecured, BKNT, 2.50%, 7/23/24		500,000		507,957
Huntington National Bank (The),
Sr. Unsecured, BKNT, 2.38%, 3/10/20		1,000,000		1,000,495
Royal Bank of Canada,
Sr. Unsecured, GMTN, 2.13%, 3/02/20		665,000		665,572
Wells Fargo & Co.,
Sr. Unsecured, MTN, 3.00%, 1/22/21		500,000		506,312
Wells Fargo Bank NA,
Sr. Unsecured, BKNT, (3 Month USD LIBOR + 0.66%), 2.80%, 9/09/22D		500,000		502,332
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,183,632
ELECTRIC – 4.9%
Ameren Corp.,
Sr. Unsecured, 2.70%, 11/15/20		300,000		302,084
Consolidated Edison Co. of New York, Inc.,
Sr. Unsecured, 4.45%, 6/15/20		500,000		507,563
Exelon Generation Co. LLC,
Sr. Unsecured, 2.95%, 1/15/20		638,000		638,145
WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20		1,000,000		1,002,545
TOTAL ELECTRIC			$	2,450,337
FOOD & STAPLES RETAILING – 3.8%
Conagra Brands, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.75%), 2.70%, 10/22/20D		360,000		360,111
Conagra Brands, Inc.,
Sr. Unsecured, 3.80%, 10/22/21		500,000		516,399
Kroger Co. (The),
Sr. Unsecured, 2.80%, 8/01/22		1,000,000		1,020,022
TOTAL FOOD & STAPLES RETAILING			$	1,896,532
HEALTH CARE EQUIPMENT & SUPPLIES – 1.0%
Becton Dickinson & Co.,
Sr. Unsecured, 2.40%, 6/05/20		500,000		501,330
HEALTH CARE PROVIDERS & SERVICES – 7.4%
Cigna Corp.,
Company Guaranteed, 3.20%, 9/17/20		700,000		707,175
CVS Health Corp.,
Sr. Unsecured, 2.80%, 7/20/20		500,000		502,749
Elanco Animal Health, Inc.,
Sr. Unsecured, 3.91%, 8/27/21		500,000		513,486

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

21 PORTFOLIOS OF INVESTMENT

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
McKesson Corp., Sr. Unsecured, 3.65%, 11/30/20	$	445,000	$	453,527
UnitedHealth Group, Inc., Sr. Unsecured, 1.95%, 10/15/20		1,500,000		1,502,578
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,679,515
MEDIA – 1.0%
Discovery Communications LLC, Company Guaranteed, 3.30%, 5/15/22		500,000		513,656
OIL & GAS – 4.8%
Marathon Oil Corp., Sr. Unsecured, 2.80%, 11/01/22		1,000,000		1,017,990
Occidental Petroleum Corp., Sr. Unsecured, 4.85%, 3/15/21		822,000		848,348
Pioneer Natural Resources Co., Sr. Unsecured, 3.45%, 1/15/21		500,000		509,539
TOTAL OIL & GAS			$	2,375,877
PHARMACEUTICALS – 0.9%
AbbVie, Inc., Sr. Unsecured, 3.38%, 11/14/21		350,000		359,315
Bristol-Myers Squibb Co., Sr. Unsecured, (3 Month USD LIBOR + 0.38%), 2.55%, 5/16/22D,W		85,000		85,039
TOTAL PHARMACEUTICALS			$	444,354
PIPELINES – 5.0%
Enbridge Energy Partners LP, Company Guaranteed, 4.38%, 10/15/20		500,000		510,107
Energy Transfer Operating LP, Company Guaranteed, 4.20%, 9/15/23		250,000		262,955
Enterprise Products Operating LLC, Company Guaranteed, 3.35%, 3/15/23		500,000		520,108
MPLX LP, Sr. Unsecured, (3 Month USD LIBOR + 1.10%), 3.20%, 9/09/22D		250,000		250,483
ONEOK Partners LP, Company Guaranteed, 5.00%, 9/15/23#		500,000		544,085
Plains All American Pipeline LP, Sr. Unsecured, 3.60%, 11/01/24		375,000		386,663
TOTAL PIPELINES			$	2,474,401
REAL ESTATE INVESTMENT TRUSTS – 2.2%
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		500,000		553,718
Welltower, Inc., Sr. Unsecured, 4.50%, 1/15/24		500,000		540,745
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	1,094,463
SEMICONDUCTORS – 0.6%
QUALCOMM, Inc., Sr. Unsecured, 2.90%, 5/20/24		275,000		283,369
TELECOMMUNICATIONS – 1.8%
AT&T, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.93%), 3.03%, 6/30/20D		900,000		904,744

Description	Par Value		Value
TRANSPORTATION – 2.8%
Union Pacific Corp., Sr. Unsecured, 3.20%, 6/08/21	$	1,375,000	$	1,404,439
TOTAL CORPORATE BONDS (COST $28,377,916)			$	28,637,024
MORTGAGE-BACKED SECURITIES – 4.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.1%
Pool G12709, 5.00%, 7/01/22		24,757		25,431
Pool C80328, 7.50%, 7/01/25		10,466		11,426
Pool G14695, 4.50%, 6/01/26		100,958		104,010
Pool G01425, 7.50%, 5/01/32		35,432		40,317
Pool C78010, 5.50%, 4/01/33		417,197		465,986
Pool A18401, 6.00%, 2/01/34		284,153		319,836
Pool G01831, 6.00%, 5/01/35		59,803		67,568
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,034,574
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.8%
Pool MA0909, 3.00%, 11/01/21		97,008		97,892
Pool 334593, 7.00%, 5/01/24		24,592		28,398
Pool AE2520, 3.00%, 1/01/26		111,223		114,067
Pool 436746, 6.50%, 8/01/28		19,136		19,540
Pool 440401, 6.50%, 8/01/28		56,275		62,479
Pool 323419, 6.00%, 12/01/28		23,722		27,060
Pool 485678, 6.50%, 3/01/29		12,425		14,021
Pool 252439, 6.50%, 5/01/29		10,734		12,253
Pool 545051, 6.00%, 9/01/29		23,975		26,984
Pool 725418, 6.50%, 5/01/34		64,512		75,417
Pool 833143, 5.50%, 9/01/35		287,631		326,841
Pool 843323, 5.50%, 10/01/35		14,825		16,778
Pool 255933, 5.50%, 11/01/35		54,128		60,898
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	882,628
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.4%
Pool 306066, 8.50%, 7/15/21		720		764
Pool 1061, 9.00%, 4/20/23		5,191		5,390
Pool 346572, 7.00%, 5/15/23		2,388		2,547
Pool 484269, 7.00%, 9/15/28		18,510		19,776
Pool 592505, 6.00%, 4/15/33		123,281		143,916
Pool 581522, 6.00%, 5/15/33		53,139		61,906
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	234,299
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,996,002)			$	2,151,501
U.S. TREASURY – 36.5%
U.S. TREASURY NOTES – 36.5%
1.13%, 8/31/21		495,000		491,100

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENT 22

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
1.50%, 6/15/20#	$	540,000	$	539,679
1.50%, 10/31/24		6,300,000		6,294,848
1.63%, 6/30/21		515,000		515,444
1.75%, 6/30/22		1,150,000		1,157,480
1.75%, 7/15/22		3,000,000		3,018,111
1.88%, 7/31/22		1,000,000		1,009,632
2.50%, 1/15/22		1,000,000		1,020,707
2.75%, 9/15/21		4,000,000		4,088,498
TOTAL U.S. TREASURY NOTES			$	18,135,499
TOTAL U.S. TREASURY (COST $17,960,079)			$	18,135,499
	Number of Shares
MONEY MARKET FUND – 0.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		41,156	$	41,156
TOTAL MONEY MARKET FUND (COST $41,156)			$	41,156
TOTAL INVESTMENTS IN SECURITIES – 112.2% (COST $55,164,111)			$	55,733,447
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2%
REPURCHASE AGREEMENTS – 2.2%
Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $53,416, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $54,481.	$	53,413	$	53,413
BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $208,244.		204,161		204,161
Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $208,244.		204,161		204,161

Description	Par Value		Value
Daiwa Capital Markets America, 1.75%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/21/19 to 10/20/49; total market value of $208,244.	$	204,161	$	204,161
ING Financial Markets LLC, 1.74%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency Securities, 2.32% to 6.00%, maturing 2/01/26 to 5/01/58; total market value of $208,244.		204,161		204,161
RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $208,244.		204,161		204,161
TOTAL REPURCHASE AGREEMENTS (COST $1,074,218)			$	1,074,218
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,074,218)			$	1,074,218
TOTAL INVESTMENTS – 114.4% (COST $56,238,329)			$	56,807,665
COLLATERAL FOR SECURITIES ON LOAN – (2.2%)				(1,074,218	)
OTHER LIABILITIES LESS ASSETS – (12.2%)				(6,080,428	)
TOTAL NET ASSETS – 100.0%			$	49,653,019

Cost of investments for Federal income tax purposes is $56,241,417. The net unrealized appreciation/(depreciation) of investments was $566,248. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $610,538 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(44,290).

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

23 PORTFOLIOS OF INVESTMENT

Wilmington Short-Term Bond Fund (concluded)

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	38	$	—	$	38
Collateralized Mortgage Obligations		—		1,091,778		—		1,091,778
Commercial Paper		—		5,676,451		—		5,676,451
Corporate Bonds		—		28,637,024		—		28,637,024
Mortgage-Backed Securities		—		2,151,501		—		2,151,501
U.S. Treasury		—		18,135,499		—		18,135,499
Money Market Fund		41,156		—		—		41,156
Repurchase Agreements		—		1,074,218		—		1,074,218
Total	$	41,156	$	56,766,509	$	—	$	56,807,665

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

^ 7-Day net yield.

D 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.

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2019, these liquid restricted securities amounted to $5,761,490 representing 11.60% of total net assets.

** Represents less than 0.05%.

t The rate shown reflects the effective yield at purchase date.

The following acronyms are used throughout this Fund:		LP	Limited Partnership
BKNT	Bank Note	MTN	Medium Term Note
CMT	Constant Maturity Treasury	NA	National Association
GMTN	Global Medium Term Note	SOFRRATE	Secured Overnight Financing Rate
LIBOR	London Interbank Offered Rate	USD	United States Dollar
LLC	Limited Liability Corporation	UST	U.S. Treasury

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

24

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
General Obligations		18.2	%
Housing		16.8	%
Higher Education		12.0	%
Dedicated Tax		8.0	%
Medical		7.5	%
Airport		7.4	%
Water		6.7	%
Development		5.6	%
Hospital		5.5	%
Lease		3.4	%
Transportation		2.6	%
Education		1.9	%
Student Loan		1.3	%
School District		0.4	%
Facilities		0.4	%
Power		0.3	%
Cash Equivalents1		1.3	%
Other Assets and Liabilities – Net2		0.7	%
TOTAL		100.0	%

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

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

(3) 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.

Credit Quality Diversification3	Percentage of Total Net Assets
AAA / Aaa		11.9	%
AA / Aa		35.1	%
A / A		30.4	%
BBB / Baa		19.8	%
Not Rated		2.1	%
Other Assets and Liabilities – Net2		0.7	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 98.0%
ALABAMA – 1.1%
HIGHER EDUCATION – 0.4%
University of South Alabama, AL, Advance Refunding Revenue Bonds, (AGM), 5.00%, 11/01/31	$	1,000,000	$	1,199,220
WATER – 0.7%
Huntsville Water Revenue Warrants, AL, Revenue Bonds, 5.00%, 11/01/34		1,840,000		2,157,363
TOTAL ALABAMA			$	3,356,583

Description	Par Value		Value
ALASKA – 0.7%
HIGHER EDUCATION – 0.7%
University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29	$	1,810,000	$	2,110,876
TOTAL ALASKA			$	2,110,876

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

25 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
ARIZONA – 2.4%
EDUCATION – 1.7%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund) 5.00%, 11/01/26		1,000,000		1,214,760
5.00%, 11/01/30		1,000,000		1,237,360
5.00%, 11/01/32		865,000		1,063,630
La Paz County Industrial Development Authority, AZ, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 2/15/28		1,300,000		1,488,669
TOTAL EDUCATION			$	5,004,419
HOUSING – 0.7%
Industrial Development Authority of the County of Pima (The), AZ, Revenue Bonds, 8.20%, 9/01/21		1,985,000		2,149,001
TOTAL ARIZONA			$	7,153,420
ARKANSAS – 0.9%
DEDICATED TAX – 0.9%
Fayetteville City, AR, Revenue Bonds, (Sales and Use Tax), (Series A), 2.00%, 11/01/29		2,565,000		2,575,593
TOTAL ARKANSAS			$	2,575,593
CALIFORNIA – 3.0%
GENERAL OBLIGATIONS – 1.0%
State of California, CA, GO Unlimited Current Refunding, 5.00%, 4/01/32		2,250,000		3,053,948
HIGHER EDUCATION – 0.5%
California Educational Facilities Authority, CA, Revenue Bonds, (Pooled College and University Projects), (1999 Series B), 5.25%, 4/01/24		15,000		16,434
California Municipal Finance Authority, CA, Current Refunding Revenue Bonds, (California Lutheran University)
5.00%, 10/01/26		300,000		363,612
5.00%, 10/01/32		225,000		276,921
5.00%, 10/01/33		675,000		829,494
TOTAL HIGHER EDUCATION			$	1,486,461
MEDICAL – 1.2%
California Statewide Communities Development Authority, CA, Revenue Bonds, (Series D), (Insured Health Facility-Dignity Health), (AGM), 1.67%, 7/01/41D		1,150,000		1,150,000
California Statewide Communities Development Authority, CA, Revenue Bonds, (Series E), (Insured Health Facility-Dignity Health), (AGM), 1.75%, 7/01/40D		1,175,000		1,175,000
California Statewide Communities Development Authority, CA, Revenue Bonds, (Series F), (Insured Health Facility-Dignity Health), (AGM), 1.67%, 7/01/40D		1,150,000		1,150,000

Description	Par Value		Value
Mount Diablo Hospital District, CA, Refunding Revenue Bonds, (Series A), (AMBAC), 5.13%, 12/01/23	$	5,000	$	5,384
TOTAL MEDICAL			$	3,480,384
POWER – 0.3%
M-S-R Public Power Agency, CA, Revenue Bonds, (Series E), (NATL), 6.00%, 7/01/22		90,000		97,712
Redding City Electric System Revenue, CA, Revenue Bonds, (NATL), 6.37%, 7/01/22		770,000		826,603
TOTAL POWER			$	924,315
TOTAL CALIFORNIA			$	8,945,108
COLORADO – 3.5%
AIRPORT – 1.9%
City & County of Denver, CO, Airport System, Refunding Revenue Bonds,(Sub-Series F1), (AGC), 1.30%, 11/15/25D		1,425,000		1,425,000
City & County of Denver, CO, Airport System, Refunding Revenue Bonds,(Sub-Series F2), (AGC), 1.41%, 11/15/25D		925,000		925,000
City & County of Denver, CO, Airport System, Revenue Bonds,(Sub-Series A), 5.00%, 12/01/31		2,500,000		3,074,575
TOTAL AIRPORT			$	5,424,575
MEDICAL – 1.6%
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (SeriesB-2), 5.00%, 8/01/49D		4,000,000		4,725,800
TOTAL COLORADO			$	10,150,375
CONNECTICUT – 3.4%
HIGHER EDUCATION – 1.6%
Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Series R), Fairfield University, 5.00%, 7/01/31		1,385,000		1,675,753
University of Connecticut, CT, Revenue Bonds, (Series A)
5.00%, 3/15/31		1,480,000		1,755,221
5.00%, 1/15/33		1,000,000		1,201,580
TOTAL HIGHER EDUCATION			$	4,632,554
HOUSING – 1.8%
Connecticut Housing Finance Authority, CT, Current Refunding Revenue Bonds, (Home Mortgage Finance Program),(Sub-SeriesD-1), 4.00%, 11/15/49		3,000,000		3,351,180
Connecticut Housing Finance Authority, CT, Revenue Bonds,(Sub-SeriesA-2), 4.00%, 11/15/41		1,900,000		2,036,192
TOTAL HOUSING			$	5,387,372
TOTAL CONNECTICUT			$	10,019,926

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 26

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
FLORIDA – 5.8%
AIRPORT – 1.2%
Broward County, FL, Airport System Revenue Bonds, 5.00%, 10/01/27	$	1,500,000	$	1,843,785
Miami-Dade County, FL, Seaport Department, Revenue Bonds, (Series B), 6.00%, 10/01/24		1,500,000		1,737,675
TOTAL AIRPORT			$	3,581,460
GENERAL OBLIGATIONS – 0.0%**
Miami-Dade County, FL, Revenue Bonds, (Sports Franchise Facilities), (NATL), 5.25%, 10/01/30		35,000		46,129
HIGHER EDUCATION – 1.9%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)
5.00%, 4/01/28		750,000		924,338
5.00%, 4/01/30		750,000		908,633
5.00%, 4/01/31		750,000		904,845
5.00%, 4/01/33		750,000		899,768
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 3/01/28		1,600,000		1,925,456
TOTAL HIGHER EDUCATION			$	5,563,040
HOUSING – 1.6%
Capital Trust Agency, Inc., FL, Multi Family Revenue Bonds, (Mission Springs Apartments Project), 5.38%, 12/01/52		360,000		418,475
Capital Trust Agency, Inc., FL, Multi Family Revenue Bonds, (Mission Springs Apartments Project), (Series A), 3.25%, 12/01/27		500,000		548,940
Pinellas County Housing Finance Authority, FL, Single Family Revenue Bonds, (Series A), 4.00%, 3/01/50		3,400,000		3,736,872
TOTAL HOUSING			$	4,704,287
WATER – 1.1%
Miami-Dade County, FL, Water & Sewer System Revenue, Advance Refunding Revenue Bonds, (Series B), 5.00%, 10/01/30		2,645,000		3,149,296
Village of Royal Palm Beach Utility System Revenue, FL, Revenue Bonds, Public Improvements, (NATL), 4.50%, 10/01/22		35,000		36,902
TOTAL WATER			$	3,186,198
TOTAL FLORIDA			$	17,081,114

Description	Par Value		Value
GEORGIA – 0.7%
HIGHER EDUCATION – 0.7%
Development Authority of Bulloch County, GA, Advance Refunding Revenue Bonds, (Georgia Southern University Housing Foundation Four, LLC Project), 5.00%, 7/01/31	$	1,575,000	$	1,916,870
TOTAL GEORGIA			$	1,916,870
ILLINOIS – 15.2%
AIRPORT – 0.9%
Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 1/01/29		2,250,000		2,535,908
DEDICATED TAX – 0.6%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 6/01/33		1,450,000		1,771,813
GENERAL OBLIGATIONS – 13.4%
Chicago Park District, IL, GO Unlimited Current Refunding, AD Valorem Property Tax, (Series D)
5.00%, 1/01/26		1,250,000		1,403,950
5.00%, 1/01/27		3,455,000		3,864,728
City of Chester, IL, GO Unlimited Current Refunding, AD Valorem Property Tax, (BAM), 2.10%, 5/01/21		195,000		195,546
Cook County, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), (AGM), 5.00%, 11/15/26		2,050,000		2,475,601
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), 7.00%, 7/01/26		11,750,000		14,247,697
Metropolitan Water Reclamation District of Greater Chicago, IL, GO Limited, (Water Utility & Sewer Improvements), AD Valorem Property Tax, (SeriesC-Green Bond), 5.00%, 12/01/28		7,040,000		8,157,459
State of Illinois, IL, GO Unlimited, Public Improvements, (Series B), 5.00%, 12/01/25		7,935,000		8,998,290
Village of Matteson, IL, Revenue Bonds, Public Improvements, (Capital Appreciation Debt Certificates), 8.00%, 12/01/29		40,000		44,326
TOTAL GENERAL OBLIGATIONS			$	39,387,597
HOUSING – 0.3%
Illinois Housing Development Authority, IL, Multi Family Revenue Bonds, 7.00%, 7/01/23		105,000		113,026
Illinois Housing Development Authority, IL, Multi Family Revenue Bonds, (Marshall Field Garden Apartment Homes), 2.12%, 5/15/50D		925,000		931,706
TOTAL HOUSING			$	1,044,732

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

27 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
MEDICAL – 0.0%**
Illinois Health Facilities Authority, IL, Refunding Revenue Bonds, (Franciscan Sisters Health Care), (NATL), 6.25%, 9/01/21	$	20,000	$	21,271
TOTAL ILLINOIS			$	44,761,321
INDIANA – 3.6%
DEVELOPMENT – 2.6%
Whiting City, IN, Current Refunding Revenue Bonds, (BP Products North America Inc. Project), 5.00%, 12/01/44D		6,500,000		7,684,040
HOUSING – 1.0%
Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (SeriesC-2), 4.00%, 1/01/37		1,670,000		1,747,154
Indiana Housing & Community Development Authority, IN, Revenue Bonds, (Series A), 3.90%, 7/01/43		1,170,000		1,251,034
TOTAL HOUSING			$	2,998,188
TOTAL INDIANA			$	10,682,228
IOWA – 1.3%
HOUSING – 1.3%
Iowa Finance Authority, IA, Revenue Bonds, (Series D), 3.50%, 1/01/49		3,500,000		3,830,610
TOTAL IOWA			$	3,830,610
KENTUCKY – 0.8%
LEASE – 0.8%
Kentucky State Property & Building Commission, KY, Revenue Bonds, Public Improvements, (Project No. 119), 5.00%, 5/01/25		2,000,000		2,353,760
TOTAL KENTUCKY			$	2,353,760
LOUISIANA – 2.0%
DEVELOPMENT – 2.0%
Parish of St. John the Baptist, LA, Current Refunding Revenue Bonds, (Marathon Oil Corporation Project), 2.00%, 6/01/37D		6,000,000		6,003,120
TOTAL LOUISIANA			$	6,003,120
MASSACHUSETTS – 5.8%
HIGHER EDUCATION – 1.7%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Series A), (Emerson College), 5.00%, 1/01/32		2,000,000		2,395,120
Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Series L), (Simmons University)
5.00%, 10/01/30		1,180,000		1,458,362
5.00%, 10/01/31		1,000,000		1,228,460
TOTAL HIGHER EDUCATION			$	5,081,942

Description	Par Value		Value
HOSPITAL – 1.1%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Partners Healthcare System), 5.00%, 7/01/33	$	2,455,000	$	3,045,599
HOUSING – 0.1%
Massachusetts Housing Finance Agency, MA, Multi Family Revenue Bonds, 7.00%, 4/01/21		15,000		15,849
Massachusetts Housing Finance Agency, MA, Multi Family Revenue Bonds, (Series B), 3.95%, 12/01/26		195,000		201,817
TOTAL HOUSING			$	217,666
MEDICAL – 2.0%
Massachusetts Health & Educational Facilities Authority, MA, Refunding Revenue Bonds, (Partners Healthcare System), (Series F1), (AGM), 1.47%, 7/01/40D		2,750,000		2,750,000
Massachusetts Health & Educational Facilities Authority, MA, Refunding Revenue Bonds, (Partners Healthcare System), (Series F2), (AGM), 1.35%, 7/01/40D		460,000		460,000
Massachusetts Health & Educational Facilities Authority, MA, Revenue Bonds, (Partners Healthcare System), (SeriesG-2), (AGM), 1.47%, 7/01/42D		2,755,000		2,755,000
TOTAL MEDICAL			$	5,965,000
STUDENT LOAN – 0.9%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Issue K), (Series A), 5.00%, 7/01/25		2,200,000		2,588,036
TOTAL MASSACHUSETTS			$	16,898,243
MICHIGAN – 5.6%
DEDICATED TAX – 2.1%
Michigan Finance Authority, MI, Revenue Bonds, (SeriesH-1), 5.00%, 10/01/25		5,215,000		6,050,234
HOSPITAL – 1.5%
Kalamazoo Hospital Finance Authority, MI, Advance Refunding Revenue Bonds, (Bronson Healthcare Group), 5.00%, 5/15/30		2,055,000		2,439,429
Michigan Finance Authority, MI, Advance Refunding Revenue Bonds, (Series A), (Beaumont Health Credit Group), 5.00%, 8/01/31		1,655,000		1,899,526
TOTAL HOSPITAL			$	4,338,955
HOUSING – 0.2%
Michigan State Housing Development Authority, MI, Multi Family Revenue Bonds, (Series A), 3.80%, 10/01/38		300,000		322,110
Michigan State Housing Development Authority, MI, Multi Family Revenue Bonds, (SeriesA-1), 2.88%, 10/01/34		375,000		384,214
TOTAL HOUSING			$	706,324

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 28

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
WATER – 1.8%
Great Lakes Water Authority Sewage Disposal System Revenue, MI, Current Refunding Revenue Bonds, (Senior Lien Series B), 5.00%, 7/01/25	$	1,500,000	$	1,793,175
Great Lakes Water Authority Water Supply System Revenue, MI, Refunding Revenue Bonds, (Second Lien Bonds Series A), 5.00%, 7/01/25		1,500,000		1,785,975
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Series C), (Local Government Loan Program), 5.00%, 7/01/34		1,450,000		1,682,754
TOTAL WATER			$	5,261,904
TOTAL MICHIGAN			$	16,357,417
MINNESOTA – 2.3%
HOUSING – 2.3%
Coon Rapids City, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 8/01/35		2,750,000		2,850,045
Minnesota Housing Finance Agency, MN, Revenue Bonds, (Series F), 3.75%, 1/01/50		3,500,000		3,820,355
TOTAL HOUSING			$	6,670,400
TOTAL MINNESOTA			$	6,670,400
MISSOURI – 2.2%
HOSPITAL – 2.2%
Health & Educational Facilities Authority, MI, Current Refunding Revenue Bonds, (Saint Luke’s Health Systems, Inc.), 5.00%, 11/15/30		5,425,000		6,441,428
TOTAL MISSOURI			$	6,441,428
NEBRASKA – 1.1%
HOUSING – 1.1%
Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 9/01/49		3,000,000		3,211,710
TOTAL NEBRASKA			$	3,211,710
NEW JERSEY – 5.2%
HIGHER EDUCATION – 2.0%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series B), (Rowan University Project), 5.00%, 7/01/27		2,000,000		2,359,860
Gloucester County Improvement Authority, NJ, Revenue Bonds, (Series A), (Rowan University Project), 5.00%, 7/01/28		1,030,000		1,211,671
New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Series B), (Montclair State University), 5.00%, 7/01/30		1,000,000		1,203,680
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 7/01/31		1,000,000		1,216,260
TOTAL HIGHER EDUCATION			$	5,991,471

Description	Par Value		Value
HOUSING – 0.2%
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33	$	400,000	$	427,392
LEASE – 2.1%
New Jersey Economic Development Authority, NJ, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23		3,805,000		4,280,016
New Jersey Sports & Exposition Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 9/01/24		1,685,000		1,927,050
TOTAL LEASE			$	6,207,066
MEDICAL – 0.0%**
New Jersey Health Care Facilities Financing Authority, NJ, Current Refunding Revenue Bonds, (Kennedy Health System), 3.75%, 7/01/27		25,000		27,962
TRANSPORTATION – 0.9%
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System), 5.00%, 12/15/28		2,135,000		2,568,896
TOTAL NEW JERSEY			$	15,222,787
NEW MEXICO – 1.2%
GENERAL OBLIGATIONS – 1.2%
New Mexico Municipal Energy Acquisition Authority, NM, Revenue Bonds, (Series A), 5.00%, 11/01/39D		3,065,000		3,587,184
HIGHER EDUCATION – 0.0%**
University of New Mexico (The), NM, Revenue Bonds, 6.50%, 6/01/21		25,000		25,768
TOTAL NEW MEXICO			$	3,612,952
NEW YORK – 7.6%
AIRPORT – 1.1%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series), 5.00%, 9/15/31		2,500,000		3,091,325
DEDICATED TAX – 2.1%
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements,(Sub-SeriesA-1), 5.00%, 5/01/34		1,000,000		1,194,510
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements,(Sub-SeriesC-2), (AGM), 1.39%, 11/01/27D		3,500,000		3,500,000
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements,(Sub-SeriesC-3), (AGM), 1.84%, 11/01/27D		1,350,000		1,350,000
TOTAL DEDICATED TAX			$	6,044,510

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

29 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
GENERAL OBLIGATIONS –2.0%
New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (SeriesC-4), (AGC), 1.77%, 10/01/27D	$	600,000	$	600,000
New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series J),(Sub-SeriesJ-2), (AGM), 1.74%, 6/01/36D		1,825,000		1,825,000
New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series J),(Sub-SeriesJ-3), (AGM), 1.77%, 6/01/36D		500,000		500,000
New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax,(Sub-SeriesC-3), (AGC), 1.81%, 10/01/21D		975,000		975,000
New York City, NY, GO Unlimited, Public Improvements, Refunding Bonds, AD Valorem Property Tax,(Sub-SeriesC-4), (AGM), 1.70%, 1/01/32D		300,000		300,000
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax,(Sub-SeriesA-3), (AGM), 1.40%, 8/01/26D		500,000		500,000
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax,(Sub-SeriesA-4), (AGM), 1.69%, 8/01/26D		1,075,000		1,075,000
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax,(Sub-SeriesA-5), (AGM), 1.55%, 8/01/26D		225,000		225,000
TOTAL GENERAL OBLIGATIONS			$	6,000,000
HOUSING – 2.4%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32		1,660,000		2,034,712
New York City, NY, Housing Development Corp., Multi Family Revenue Bonds, (Sustainable Neighborhood Bonds), 1.75%, 5/01/59D		5,000,000		5,019,000
TOTAL HOUSING			$	7,053,712
TOTAL NEW YORK			$	22,189,547
NORTH CAROLINA – 0.6%
MEDICAL – 0.0%**
North Carolina Medical Care Commission, NC, Revenue Bonds, (First Mortgage), (Whitestone Project), (Series A), 6.25%, 3/01/21		25,000		26,004
POWER – 0.0%**
North Carolina Eastern Municipal Power Agency, NC, Revenue Bonds, (Series A), 6.40%, 1/01/21		70,000		72,269
TRANSPORTATION – 0.6%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 1/01/32		1,250,000		1,559,187
TOTAL NORTH CAROLINA			$	1,657,460

Description	Par Value		Value
OHIO – 4.1%
HOUSING – 1.5%
Ohio Housing Finance Agency, OH, Revenue Bonds, (Series B), 4.50%, 3/01/50	$	4,000,000	$	4,487,800
MEDICAL – 2.6%
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		6,000,000		7,459,560
TOTAL OHIO			$	11,947,360
PENNSYLVANIA – 7.3%
DEDICATED TAX – 0.8%
Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32		2,000,000		2,435,840
DEVELOPMENT – 1.0%
Pennsylvania Economic Development Financing Authority, PA, Revenue Bonds, (Waste Management Inc., Project), 1.75%, 8/01/38D		3,000,000		2,968,800
EDUCATION – 0.2%
Bucks County Industrial Development Authority, PA, Current Refunding Revenue Bonds, (George School Project) 5.00%, 9/15/32		180,000		230,924
5.00%, 9/15/33		125,000		159,959
5.00%, 9/15/34		130,000		166,048
TOTAL EDUCATION			$	556,931
FACILITIES – 0.4%
Delaware Valley Regional Finance Authority, PA, Revenue Bonds, (Series C), 1.65%, 9/01/48D		1,000,000		1,000,990
GENERAL OBLIGATIONS – 0.0%**
Bethlehem Authority, PA, Revenue Bonds, Public Improvements, (Guaranteed Lease Revenue Bonds), (Series A), (AGM), 5.13%, 12/01/21		20,000		20,858
HIGHER EDUCATION – 1.3%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,205,750
Pennsylvania Higher Educational Facilities Authority, PA, Advance Refunding Revenue Bonds, (Series A), (University of Sciences, Philadelphia), 5.00%, 11/01/28		2,330,000		2,640,589
TOTAL HIGHER EDUCATION			$	3,846,339
LEASE – 0.4%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 6/01/34		1,000,000		1,220,040

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 30

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
MEDICAL – 0.1%
Dauphin County General Authority, PA, Revenue Bonds, (HAPSCO Group, Inc. Tax Loan Program-Western PA Hospital Project), (Series A), (NATL), 5.50%, 7/01/23	$	165,000	$	179,061
WATER – 3.1%
Commonwealth Financing Authority, PA, Revenue Bonds, (Series B), 5.00%, 6/01/27		1,500,000		1,626,960
Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		6,968,317
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds,(Sub-Series B), (AGM), 5.00%, 9/01/33		340,000		456,851
TOTAL WATER			$	9,052,128
TOTAL PENNSYLVANIA			$	21,280,987
RHODE ISLAND – 0.4%
STUDENT LOAN – 0.4%
Rhode Island Student Loan Authority, RI, Revenue Bonds, (Series A), 5.00%, 12/01/23		1,000,000		1,127,670
TOTAL RHODE ISLAND			$	1,127,670
SOUTH CAROLINA – 0.7%
HOUSING – 0.6%
South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (SeriesB-2), 4.00%, 7/01/43		1,625,000		1,721,525
LEASE – 0.1%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), 6.38%, 5/15/30		300,000		421,257
TOTAL SOUTH CAROLINA			$	2,142,782
TENNESSEE – 0.6%
HOUSING – 0.6%
Metropolitan Government Nashville & Davidson County Health & Educational Facility Board, TN, Multi Family Revenue Bonds, (Collateralized Multifamily Housing Bonds Hermitage Flats Apartments Project), 1.50%, 7/01/20		1,750,000		1,752,398
TOTAL TENNESSEE			$	1,752,398
TEXAS – 4.3%
GENERAL OBLIGATIONS – 0.6%
Dallas County Hospital District, TX, GO Limited Current Refunding, AD Valorem Property Tax, 4.00%, 8/15/33		1,500,000		1,725,120
HIGHER EDUCATION – 1.2%
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools)
5.00%, 8/15/27		1,000,000		1,245,180

Description	Par Value		Value
5.00%, 8/15/29	$	1,000,000	$	1,259,600
5.00%, 8/15/31		835,000		983,496
TOTAL HIGHER EDUCATION			$	3,488,276
HOUSING – 1.0%
Texas Department of Housing & Community Affairs, TX, Revenue Bonds, (Series A), 4.00%, 3/01/50		2,735,000		3,054,339
MEDICAL – 0.0%**
Coastal Bend Health Facilities Development Corp., TX, Refunding Revenue Bonds, (Christus Health),(Sub-SeriesB-2), (AGM), 1.39%, 7/01/31D		50,000		50,000
North Central Texas Health Facility Development Corp., TX, Refunding Revenue Bonds, (Presbyterian Healthcare System), (Series B), (NATL), 5.50%, 6/01/21		40,000		41,815
Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (AMBAC), 6.00%, 9/01/24		10,000		11,361
Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (FGIC), 6.00%, 9/01/24		10,000		11,361
Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System),(NATL-IBC), 6.00%, 9/01/24		30,000		34,084
TOTAL MEDICAL			$	148,621
SCHOOL DISTRICT – 0.4%
Beaumont Independent School District, TX, GO Unlimited Current Refunding, AD Valorem Property Tax, 4.00%, 2/15/31		1,000,000		1,143,450
TRANSPORTATION – 1.1%
Central Texas Regional Mobility Authority, TX, Revenue Bonds, (Senior Lien), 5.00%, 1/01/33		1,470,000		1,775,892
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 8/15/32		1,225,000		1,391,416
TOTAL TRANSPORTATION			$	3,167,308
TOTAL TEXAS			$	12,727,114
UTAH – 2.3%
AIRPORT – 2.3%
Salt Lake City Corp., UT, Revenue Bonds, (Series A) 5.00%, 7/01/32		3,000,000		3,672,240
5.00%, 7/01/33		2,500,000		3,052,575
TOTAL AIRPORT			$	6,724,815
TOTAL UTAH			$	6,724,815

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

31 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (concluded)

Description	Par Value		Value
VERMONT – 0.1%
HOUSING – 0.1%
Vermont Housing Finance Agency, VT, Advance Refunding Revenue Bonds, (Series F), 4.00%, 11/01/45	$	410,000	$	427,860
TOTAL VERMONT			$	427,860
WASHINGTON – 2.2%
DEDICATED TAX – 1.5%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 2/01/28		3,720,000		4,261,930
HOSPITAL – 0.7%
Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, Overlake Hospital Medical Center, 5.00%, 7/01/33		1,750,000		2,132,445
TOTAL WASHINGTON			$	6,394,375
TOTAL MUNICIPAL BONDS (COST $278,686,309)			$	287,728,209

	Number of Shares		Value
MONEY MARKET FUND – 1.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		3,973,482	$	3,973,482
TOTAL MONEY MARKET FUND (COST $3,973,482)			$	3,973,482
TOTAL INVESTMENTS – 99.3% (COST $282,659,791)			$	291,701,691
OTHER ASSETS LESS LIABILITIES – 0.7%				2,002,979
TOTAL NET ASSETS – 100.0%			$	293,704,670

Cost of investments for Federal income tax purposes is $282,659,791. The net unrealized appreciation/(depreciation) of investments was $9,041,900. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $9,449,420 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(407,520).

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, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	287,728,209	$	—	$287,728,209
Money Market Fund		3,973,482		—		—	3,973,482
Total	$	3,973,482	$	287,728,209	$	—	$291,701,691

^ 7-Day net yield.

D 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.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:
	AGC	Assured Guaranty Corporation
	AGM	Assured Guaranty Municipal
	AMBAC	American Bond Assurance Corporation
	BAM	Build America Mutual Assurance Company
	FGIC	Financial Guarantee Insurance Company

	GO	General Obligation
	IBC	International Bancshares Corporation
	LLC	Limited Liability Corporation
	NATL	National Public Finance Guarantee Corporation
See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

32

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Dedicated Tax		23.4	%
Higher Education		22.5	%
Housing		12.4	%
Airport		7.5	%
Lease		6.8	%
General Obligations		6.0	%
Medical		5.9	%
Transportation		4.5	%
Development		2.3	%
Water & Sewer		2.2	%
Student Housing		2.0	%
Power		1.9	%
Facilities		0.2	%
Cash Equivalents1		1.9	%
Other Assets and Liabilities – Net2		0.5	%
TOTAL		100.0	%

Credit Quality Diversification3	Percentage of Total Net Assets
AAA / Aaa		0.2	%
AA / Aa		65.2	%
A / A		17.8	%
BBB / Baa		14.4	%
Not Rated		1.9	%
Other Assets and Liabilities – Net2		0.5	%
TOTAL		100.0	%

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

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

(3) 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, 2019 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 97.6%
NEW YORK – 97.6%
AIRPORT – 7.5%
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, Port, Airport & Marina Improvements, (205th Series), 5.00%, 11/15/32	$	1,000,000	$	1,249,650

Description	Par Value		Value
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, Port, Airport & Marina Improvements, (207th Series), 5.00%, 9/15/23	$	3,000,000	$	3,400,380
TOTAL AIRPORT			$	4,650,030
DEDICATED TAX – 23.4%
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 2/15/33		1,175,000		1,436,461

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

33 PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements,(Sub-Series-C-2), (AGM), 1.39%, 11/01/27D	$	550,000	$	550,000
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements,(Sub-Series-C-3), (AGM), 1.84%, 11/01/27D		750,000		750,000
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements,(Sub-SeriesA-1), 5.00%, 5/01/34		1,300,000		1,552,863
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, Public Improvements, (Series B), 5.00%, 2/15/33		1,000,000		1,226,190
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, School Improvements, (Series C), 5.00%, 3/15/33		2,000,000		2,481,600
New York State Dormitory Authority, NY, Refunding Revenue Bonds,(NATL-IBC), 5.25%, 5/15/21		10,000		10,415
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 3/15/32		2,000,000		2,419,180
Sales Tax Asset Receivable Corp., NY, Current Refunding Revenue Bonds, (Series A)
5.00%, 10/15/26		2,000,000		2,366,560
5.00%, 10/15/31		1,500,000		1,762,290
TOTAL DEDICATED TAX			$	14,555,559
DEVELOPMENT – 2.3%
New York Liberty Development Corp., NY,, Refunding Revenue Bonds, Goldman Sachs Headquarters, 5.25%, 10/01/35		1,045,000		1,426,352
FACILITIES – 0.2%
United Nations Development Corp.,, Revenue Bonds, Public Improvements, 5.90%, 5/01/23		110,000		119,634
GENERAL OBLIGATIONS – 6.0%
Monroe County, NY, GO, Public Improvements, AD Valorem Property Tax, (AGM), 5.00%, 6/01/22		1,070,000		1,173,309
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C),(BAM-TCRS), 5.00%, 4/01/26		1,000,000		1,218,230
New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (SeriesC-4), (AGC), 1.77%, 10/01/27D		250,000		250,000
New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series J),(Sub-SeriesJ-3), (AGM), 1.77%, 6/01/36D		150,000		150,000
New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax,(Sub-SeriesC-3), (AGC), 1.81%, 10/01/21D		50,000		50,000

Description	Par Value		Value
New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series J),(Sub-SeriesJ-2), (AGM), 1.74%, 6/01/36D	$	450,000	$	450,000
New York City, NY, GO Unlimited, Public Improvements, Refunding Bonds, AD Valorem Property Tax,(Sub-SeriesC-4), (AGM), 1.70%, 1/01/32D		200,000		200,000
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax,(Sub-SeriesA-3), (AGM), 1.40%, 8/01/26D		50,000		50,000
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax,(Sub-SeriesA-4), (AGM), 1.69%, 8/01/26D		125,000		125,000
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax,(Sub-SeriesA-5), (AGM), 1.55%, 8/01/26D		25,000		25,000
TOTAL GENERAL OBLIGATIONS			$	3,691,539
HIGHER EDUCATION – 22.5%
City of Albany Capital Resource Corp., NY, Refunding Revenue Bonds, Albany Law School of Union University Project
4.00%, 7/01/22		600,000		637,422
4.00%, 7/01/23		725,000		785,153
4.00%, 7/01/25		865,000		965,176
4.00%, 7/01/26		800,000		903,400
5.00%, 7/01/29		1,195,000		1,442,473
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, The Culinary Institute of America, 5.00%, 7/01/32		1,040,000		1,268,457
New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, The Juilliard School, (Series A), 5.00%, 1/01/33		1,025,000		1,311,785
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, Brooklyn Law School, (Series A), 5.00%, 7/01/33		1,200,000		1,495,140
New York State Dormitory Authority, NY, Refunding Revenue Notes, 3rd General Resolution, (Series E), 5.00%, 5/15/27		1,740,000		1,904,291
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 7/01/27		2,700,000		3,247,695
TOTAL HIGHER EDUCATION			$	13,960,992
HOUSING – 12.4%
New York City, NY, Housing Development Corp., Multi Family Revenue Bonds, Sustainable Neighborhood Bonds, 1.75%, 5/01/59D		2,000,000		2,007,600

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 34

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
New York City, NY, Housing Development Corp., Revenue Bonds, (SeriesC-1A), 3.50%, 11/01/33	$	2,000,000	$	2,128,560
New York City, NY, Housing Development Corp., Revenue Bonds, Sustainable Neighborhood Bonds
2.45%, 5/01/31		500,000		507,050
3.10%, 11/01/34		890,000		930,548
New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32		2,000,000		2,153,320
TOTAL HOUSING			$	7,727,078
LEASE – 6.8%
Erie County, NY, IDA, Advance Refunding Revenue Bonds, City School District of Buffalo Project, (State Aid Withholding), 5.00%, 5/01/30		2,000,000		2,474,400
Syracuse, NY, IDA, Revenue Bonds, Syracuse City School District Project, School Improvements, (Series B), (State Aid Withholding), 5.00%, 5/01/32		1,435,000		1,747,356
TOTAL LEASE			$	4,221,756
MEDICAL – 5.9%
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (NYU Hospitals Center), 5.00%, 7/01/27		2,000,000		2,318,240
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (North Shore-Long Island Jewish Obligated Group), (Series A), 5.00%, 5/01/24		1,160,000		1,342,143
TOTAL MEDICAL			$	3,660,383
POWER – 1.9%
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series B), 5.00%, 9/01/25		1,000,000		1,202,540
STUDENT HOUSING – 2.0%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, UBF Facility Student Housing Corp., (AGM), 5.00%, 10/01/31		1,000,000		1,231,070
TRANSPORTATION – 4.5%
Metropolitan Transportation Authority, NY, Revenue Bonds, (SeriesD-1), 5.00%, 9/01/22		1,500,000		1,645,605
Metropolitan Transportation Authority, NY, Revenue Green Bonds, (SeriesC-1), 5.00%, 11/15/24		1,000,000		1,174,920
TOTAL TRANSPORTATION			$	2,820,525

Description	Par Value		Value
WATER & SEWER – 2.2%
New York City Water & Sewer System, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series HH), 5.00%, 6/15/28	$	1,150,000	$	1,379,275
TOTAL NEW YORK			$	60,646,733
TOTAL MUNICIPAL BONDS (COST $58,584,927)			$	60,646,733
	Number of Shares
MONEY MARKET FUND – 1.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		1,181,606	$	1,181,606
TOTAL MONEY MARKET FUND (COST $1,181,606)			$	1,181,606
TOTAL INVESTMENTS – 99.5% (COST $59,766,533)			$	61,828,339
OTHER ASSETS LESS LIABILITIES – 0.5%				333,912
TOTAL NET ASSETS – 100.0%			$	62,162,251

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

35 PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $59,802,002. The net unrealized appreciation/(depreciation) of investments was $2,026,337. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,101,419 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(75,082).

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, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	60,646,733	$	—	$	60,646,733
Money Market Fund		1,181,606		—		—		1,181,606
Total	$	1,181,606	$	60,646,733	$	—	$	61,828,339

^ 7-Day net yield.

D 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.

The following acronyms are used throughout this Fund:

AGC	Assured Guaranty Corporation
AGM	Assured Guaranty Municipal
BAM-TCRS	Build AmericaMutual-Tax Credit Reporting Service
GO	General Obligation
IBC	International Bancshares Corporation
IDA	Industrial Development Authority/Agency
NATL	National Public Finance Guarantee Corporation

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 36

October 31, 2019 (unaudited)	Wilmington Broad Market Bond Fund			Wilmington Intermediate-Term Bond Fund				Wilmington Short-Term Bond Fund
ASSETS:
Investments, at identified cost	$	527,961,219			$	56,646,294		$	56,238,329
Investments in securities, at value (Including $18,943,623, $1,237,435, and $1,043,009 of securities on loan, respectively) (Note 2)	$	548,492,825			$	58,459,530		$	56,807,665
Income receivable		3,089,986				412,836			283,509
Due from advisor		—				1,133			4,584
Receivable for shares sold		829,644				44,024			63,236
Receivable for investments sold		7,178,174				—			17
Prepaid assets		27,222				18,102			20,085
TOTAL ASSETS		559,617,851				58,935,625			57,179,096
LIABILITIES:
Payable for investments purchased		17,189,098				64,937			6,283,142
Collateral for securities on loan		19,352,591				1,268,122			1,074,218
Income distribution payable		1,079,168				106,848			86,929
Payable for shares redeemed		224,485				592			1,298
Payable for Trustees’ fees		6,339				6,337			6,337
Payable for administrative personnel and services fees		13,469				1,501			1,288
Payable for distribution services fees		599				358			1,164
Payable for shareholder services fees		239				143			—
Payable for investment advisory fees		159,471				—			—
Other accrued expenses		123,678				76,512			71,701
TOTAL LIABILITIES		38,149,137				1,525,350			7,526,077
NET ASSETS	$	521,468,714			$	57,410,275		$	49,653,019
NET ASSETS CONSIST OF:
Paid-in capital	$	502,231,108			$	55,284,321		$	50,365,894
Distributable earnings (loss)		19,237,606				2,125,954			(712,875	)
TOTAL NET ASSETS	$	521,468,714			$	57,410,275		$	49,653,019
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	3,040,466			$	1,688,076		$	5,411,008
Shares outstanding (unlimited shares authorized)		301,038				167,401			537,227
Net Asset Value per share	$	10.10			$	10.08		$	10.07
Offering price per share*	$	10.58	**		$	10.55	**	$	10.25	***
Class I
Net Assets	$	518,428,248			$	55,722,199		$	44,242,011
Shares outstanding (unlimited shares authorized)		52,210,797				5,522,193			4,391,821
Net Asset Value per share	$	9.93			$	10.09		$	10.07

* See “How are Shares Priced?” in the Prospectus.

** Computation of offering price per share: 100/95.50 of net asset value.

*** Computation of offering price per share: 100/98.25 of net asset value.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

37 STATEMENTS OF ASSETS AND LIABILITIES (concluded)

October 31, 2019 (unaudited)	Wilmington Municipal Bond Fund			Wilmington New York Municipal Bond Fund
ASSETS:
Investments, at identified cost	$	282,659,791			$	59,766,533
Investments in securities, at value	$	291,701,691			$	61,828,339
Cash		3,207,120				—
Income receivable		3,076,837				661,215
Receivable for shares sold		352,700				78,772
Receivable for investments sold		—				1,185,469
Prepaid assets		22,167				8,947
TOTAL ASSETS		298,360,515				63,762,742
LIABILITIES:
Payable for investments purchased		3,865,551				1,423,562
Income distribution payable		521,245				87,230
Payable for shares redeemed		77,561				3,667
Payable for Trustees’ fees		6,339				6,339
Payable for administrative personnel and services fees		7,613				1,619
Payable for distribution services fees		5,420				1,749
Payable for investment advisory fees		85,142				7,362
Other accrued expenses		86,974				68,963
TOTAL LIABILITIES		4,655,845				1,600,491
NET ASSETS	$	293,704,670			$	62,162,251
NET ASSETS CONSIST OF:
Paid-in capital	$	279,971,382			$	59,711,928
Distributable earnings (loss)		13,733,288				2,450,323
TOTAL NET ASSETS	$	293,704,670			$	62,162,251
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	25,507,995			$	8,092,916
Shares outstanding (unlimited shares authorized)		1,885,321				759,877
Net Asset Value per share	$	13.53			$	10.65
Offering price per share*	$	14.17	**		$	11.15	**
Class I
Net Assets	$	268,196,675			$	54,069,335
Shares outstanding (unlimited shares authorized)		19,814,892				5,073,512
Net Asset Value per share	$	13.54			$	10.66

* 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, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS 38

Six Months Ended October 31, 2019 (unaudited)	Wilmington Broad Market Bond Fund				Wilmington Intermediate-Term Bond Fund				Wilmington Short-Term Bond Fund
INVESTMENT INCOME:
Dividends		$	62,952			$	1,756		$	3,190
Interest			7,617,544				862,988			626,231
Securities lending income			5,311				1,075			1,844
TOTAL INVESTMENT INCOME			7,685,807				865,819			631,265
EXPENSES:
Investment advisory fees			1,175,362				142,444			100,285
Administrative personnel and services fees			81,593				9,898			7,831
Portfolio accounting and administration fees			64,079				23,108			20,945
Transfer and dividend disbursing agent fees and expenses			42,592				1,588			3,084
Trustees’ fees			27,165				27,163			27,163
Professional fees			46,381				47,957			45,021
Distribution services fee—Class A			3,638				2,201			6,982
Shareholder services fee—Class A			3,638				2,201			6,982
Shareholder services fee— Class I			649,340				76,934			55,696
Share registration costs			19,520				17,282			17,394
Printing and postage			11,346				2,880			3,159
Custodian fees			6,993				2,683			2,524
Miscellaneous			34,238				15,328			14,202
TOTAL EXPENSES			2,165,885				371,667			311,268
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(229,433	)			(135,225	)		(121,267	)
Waiver of shareholder services fee—Class A			(2,344	)			(1,698	)		(6,982	)
Waiver of shareholder services fee—Class I			(649,340	)			(76,934	)		(55,696	)
TOTAL WAIVERS AND REIMBURSEMENTS			(881,117	)			(213,857	)		(183,945	)
Net expenses			1,284,768				157,810			127,323
Net investment income			6,401,039				708,009			503,942
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			1,572,158				448,057			187,975
Net change in unrealized appreciation (depreciation) of investments			18,961,408				1,442,297			443,925
Net realized and unrealized gain (loss) on investments			20,533,566				1,890,354			631,900
Change in net assets resulting from operations		$	26,934,605			$	2,598,363		$	1,135,842

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

39 STATEMENTS OF OPERATIONS (concluded)

Six Months Ended October 31, 2019 (unaudited)	Wilmington Municipal Bond Fund				Wilmington New York Municipal Bond   Fund
INVESTMENT INCOME:
Dividends		$	114,268			$	22,300
Interest			3,850,770				693,173
TOTAL INVESTMENT INCOME			3,965,038				715,473
EXPENSES:
Investment advisory fees			662,323				142,257
Administrative personnel and services fees			45,970				9,874
Portfolio accounting and administration fees			42,714				19,481
Transfer and dividend disbursing agent fees and expenses			8,075				5,545
Trustees’ fees			27,165				27,165
Professional fees			43,867				43,617
Distribution services fee—Class A			33,247				10,585
Shareholder services fee—Class A			33,247				10,585
Shareholder services fee— Class I			334,709				68,446
Share registration costs			18,380				6,584
Printing and postage			4,264				3,575
Custodian fees			2,253				649
Miscellaneous			24,139				14,780
TOTAL EXPENSES			1,280,353				363,143
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(157,955	)			(91,179	)
Waiver of shareholder services fee—Class A			(33,247	)			(10,585	)
Waiver of shareholder services fee—Class I			(334,709	)			(68,446	)
TOTAL WAIVERS AND REIMBURSEMENTS			(525,911	)			(170,210	)
Net expenses			754,442				192,933
Net investment income			3,210,596				522,540
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			6,479,178				555,317
Net change in unrealized appreciation (depreciation) of investments			248,730				774,130
Net realized and unrealized gain (loss) on investments			6,727,908				1,329,447
Change in net assets resulting from operations		$	9,938,504			$	1,851,987

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 40

	Wilmington Broad Market Bond Fund							Wilmington Intermediate-Term Bond Fund
	Six Months Ended October 31, 2019 (unaudited)				Year Ended      April  30, 2019			Six Months Ended October 31, 2019 (unaudited)				Year Ended      April 30, 2019
OPERATIONS:
Net investment income		$	6,401,039		$	13,175,485			$	708,009			$	1,811,963
Net realized gain (loss) on investments			1,572,158			(210,718	)			448,057				(117,168	)
Net change in unrealized appreciation (depreciation) of investments			18,961,408			12,270,089				1,442,297				1,969,325
Change in net assets resulting from operations			26,934,605			25,234,856				2,598,363				3,664,120
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(32,434	)		(87,962	)			(17,075	)			(36,299	)
Class I			(6,667,622	)		(13,596,859	)			(691,590	)			(1,809,742	)
Total distributions to shareholders			(6,700,056	)		(13,684,821	)			(708,665	)			(1,846,041	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			307,403			15,826				—				359
Class I			59,008,785			111,038,909				3,747,707				12,729,774
Distributions reinvested
Class A			22,334			69,504				13,164				28,655
Class I			3,658,162			8,173,357				262,525				616,863
Cost of shares redeemed
Class A			(908,238	)		(731,398	)			(137,232	)			(219,873	)
Class I			(108,447,597	)		(93,536,419	)			(26,599,653	)			(20,953,089	)
Change in net assets resulting from share transactions			(46,359,151	)		25,029,779				(22,713,489	)			(7,797,311	)
Change in net assets			(26,124,602	)		36,579,814				(20,823,791	)			(5,979,232	)
NET ASSETS:
Beginning of period			547,593,316			511,013,502				78,234,066				84,213,298
End of period		$	521,468,714		$	547,593,316			$	57,410,275			$	78,234,066
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			30,620			1,685				—				37
Class I			6,047,425			11,871,262				376,360				1,322,236
Distributions reinvested
Class A			2,231			7,288				1,313				2,972
Class I			371,842			871,124				26,180				63,957
Shares redeemed
Class A			(92,207	)		(76,924	)			(13,696	)			(22,837	)
Class I			(11,172,743	)		(9,994,150	)			(2,673,353	)			(2,178,321	)
Net change in shares outstanding			(4,812,832	)		2,680,285				(2,283,196	)			(811,956	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

41 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Short-Term Bond Fund								Wilmington Municipal Bond Fund
	Six Months Ended October 31, 2019 (unaudited)				Year Ended April 30, 2019				Six Months Ended October 31, 2019 (unaudited)				Year Ended April 30, 2019
OPERATIONS:
Net investment income		$	503,942			$	952,231			$	3,210,596			$	6,416,840
Net realized gain (loss) on investments			187,975				(38,585	)			6,479,178				(1,107,171	)
Net change in unrealized appreciation (depreciation) of investments			443,925				597,429				248,730				10,793,163
Change in net assets resulting from operations			1,135,842				1,511,075				9,938,504				16,102,832
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(51,655	)			(99,944	)			(259,805	)			(563,006	)
Class I			(467,751	)			(895,616	)			(2,950,673	)			(5,853,785	)
Total distributions to shareholders			(519,406	)			(995,560	)			(3,210,478	)			(6,416,791	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			208,930				74,892				587,028				1,699,985
Class I			2,471,772				5,708,451				26,287,643				63,656,782
Distributions reinvested
Class A			29,093				58,683				165,934				388,942
Class I			346,006				670,649				588,590				1,213,440
Cost of shares redeemed
Class A			(389,682	)			(669,577	)			(4,933,458	)			(3,105,599	)
Class I			(3,819,639	)			(8,450,775	)			(25,569,433	)			(72,732,636	)
Change in net assets resulting from share transactions			(1,153,520	)			(2,607,677	)			(2,873,696	)			(8,879,086	)
Change in net assets			(537,084	)			(2,092,162	)			3,854,330				806,955
NET ASSETS:
Beginning of period			50,190,103				52,282,265				289,850,340				289,043,385
End of period		$	49,653,019			$	50,190,103			$	293,704,670			$	289,850,340
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			20,811				7,559				43,874				130,470
Class I			246,218				578,127				1,952,373				4,924,521
Distributions reinvested
Class A			2,899				5,942				12,275				30,050
Class I			34,480				67,894				43,517				93,733
Shares redeemed
Class A			(38,816	)			(67,813	)			(367,767	)			(240,855	)
Class I			(381,142	)			(856,513	)			(1,896,565	)			(5,629,723	)
Net change in shares outstanding			(115,550	)			(264,804	)			(212,293	)			(691,804	)

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 42

	Wilmington New York Municipal Bond Fund
	Six Months Ended October 31, 2019 (unaudited)				Year Ended April 30, 2019
OPERATIONS:
Net investment income		$	522,540			$	1,137,338
Net realized gain (loss) on investments			555,317				(111,847	)
Net change in unrealized appreciation (depreciation) of investments			774,130				2,335,071
Change in net assets resulting from operations			1,851,987				3,360,562
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(60,787	)			(299,755	)
Class I			(461,736	)			(1,557,516	)
Total distributions to shareholders			(522,523	)			(1,857,271	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			56,403				9,751
Class I			4,077,705				9,899,212
Distributions reinvested
Class A			41,308				214,690
Class I			307,137				1,113,821
Cost of shares redeemed
Class A			(815,117	)			(6,678,046	)
Class I			(4,844,110	)			(15,542,310	)
Change in net assets resulting from share transactions			(1,176,674	)			(10,982,882	)
Change in net assets			152,790				(9,479,591	)
NET ASSETS:
Beginning of period			62,009,461				71,489,052
End of period		$	62,162,251			$	62,009,461
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			5,355				951
Class I			383,637				963,442
Distributions reinvested
Class A			3,878				21,050
Class I			28,807				109,095
Shares redeemed
Class A			(77,002	)			(654,431	)
Class I			(454,753	)			(1,516,450	)
Net change in shares outstanding			(110,078	)			(1,076,343	)

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

43 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON BROAD MARKET BOND FUND

CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended   April 30, 2016			Year Ended   April 30, 2015
Net Asset Value, Beginning of Period		$9.71			$9.51			$9.78			$9.94			$9.95			$9.80
Income (Loss) From Operations:
Net Investment Income(a)		0.11			0.21			0.18			0.16			0.18			0.17
Net Realized and Unrealized Gain (Loss) on Investments		0.39			0.21			(0.26	)		(0.14	)		0.02			0.19
Total Income (Loss) From Operations		0.50			0.42			(0.08	)		0.02			0.20			0.36
Less Distributions From:
Net Investment Income		(0.11	)		(0.22	)		(0.19	)		(0.18	)		(0.20	)		(0.19	)
Net Realized Gains		—			—			—			—			(0.01	)		(0.02	)
Total Distributions		(0.11	)		(0.22	)		(0.19	)		(0.18	)		(0.21	)		(0.21	)
Net Asset Value, End of Period		$10.10			$9.71			$9.51			$9.78			$9.94			$9.95
Total Return(b)		5.18	%		4.45	%		(0.81	)%		0.22	%		2.03	%		3.69	%
Net Assets, End of Period (000’s)		$3,041			$3,501			$4,074			$4,503			$5,206			$5,726
Ratios to Average Net Assets
Gross Expense		1.08	%(c)		1.08	%		1.09	%		1.09	%		1.10	%		1.12	%
Net Expenses(d)		0.83	%(c)		0.83	%		0.87	%		0.89	%		0.88	%		0.94	%
Net Investment Income		2.11	%(c)		2.18	%		1.82	%		1.62	%		1.85	%		1.74	%
Portfolio Turnover Rate		17	%		36	%		34	%		32	%		44	%		45	%
CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended   April 30, 2016			Year Ended   April 30, 2015
Net Asset Value, Beginning of Period		$9.55			$9.35			$9.62			$9.78			$9.79			$9.63
Income (Loss) From Operations:
Net Investment Income(a)		0.12			0.24			0.21			0.19			0.21			0.20
Net Realized and Unrealized Gain (Loss) on Investments		0.39			0.21			(0.26	)		(0.14	)		0.02			0.20
Total Income (Loss) From Operations		0.51			0.45			(0.05	)		0.05			0.23			0.40
Less Distributions From:
Net Investment Income		(0.13	)		(0.25	)		(0.22	)		(0.21	)		(0.23	)		(0.22	)
Net Realized Gains		—			—			—			—			(0.01	)		(0.02	)
Total Distributions		(0.13	)		(0.25	)		(0.22	)		(0.21	)		(0.24	)		(0.24	)
Net Asset Value, End of Period		$9.93			$9.55			$9.35			$9.62			$9.78			$9.79
Total Return(b)		5.32	%		4.84	%		(0.52	)%		0.54	%		2.38	%		4.19	%
Net Assets, End of Period (000’s)		$518,428			$544,092			$506,940			$503,184			$409,975			$413,310
Ratios to Average Net Assets
Gross Expense		0.83	%(c)		0.83	%		0.84	%		0.84	%		0.85	%		0.88	%
Net Expenses(d)		0.49	%(c)		0.49	%		0.53	%		0.55	%		0.55	%		0.60	%
Net Investment Income		2.45	%(c)		2.52	%		2.18	%		1.96	%		2.15	%		2.07	%
Portfolio Turnover Rate		17	%		36	%		34	%		32	%		44	%		45	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 44

For a share outstanding throughout each period:

 WILMINGTON INTERMEDIATE-TERM BOND FUND

CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended   April 30, 2016			Year Ended   April 30, 2015
Net Asset Value, Beginning of Period		$9.81			$9.58			$9.88			$10.01			$10.02			$10.10
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.19			0.16			0.13			0.13			0.13
Net Realized and Unrealized Gain (Loss) on Investments		0.27			0.23			(0.27	)		(0.12	)		0.03			0.09
Total Income (Loss) From Operations		0.37			0.42			(0.11	)		0.01			0.16			0.22
Less Distributions From:
Net Investment Income		(0.10	)		(0.19	)		(0.16	)		(0.13	)		(0.13	)		(0.13	)
Net Realized Gains		—			0.00	(b)		(0.03	)		(0.01	)		(0.04	)		(0.17	)
Total Distributions		(0.10	)		(0.19	)		(0.19	)		(0.14	)		(0.17	)		(0.30	)
Net Asset Value, End of Period		$10.08			$9.81			$9.58			$9.88			$10.01			$10.02
Total Return(c)		3.76	%		4.47	%		(1.14	)%		0.16	%		1.62	%		2.14	%
Net Assets, End of Period (000’s)		$1,688			$1,763			$1,912			$2,765			$3,509			$4,389
Ratios to Average Net Assets
Gross Expense		1.42	%(d)		1.32	%		1.26	%		1.18	%		1.18	%		1.15	%
Net Expenses(e)		0.80	%(d)		0.80	%		0.83	%		0.86	%		0.85	%		0.89	%
Net Investment Income		1.94	%(d)		1.96	%		1.65	%		1.32	%		1.34	%		1.25	%
Portfolio Turnover Rate		16	%		25	%		30	%		39	%		32	%		45	%
CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended   April 30, 2016			Year Ended   April 30, 2015
Net Asset Value, Beginning of Period		$9.81			$9.59			$9.88			$10.02			$10.03			$10.10
Income (Loss) From Operations:
Net Investment Income(a)		0.11			0.22			0.19			0.17			0.17			0.16
Net Realized and Unrealized Gain (Loss) on Investments		0.28			0.22			(0.26	)		(0.13	)		0.03			0.10
Total Income (Loss) From Operations		0.39			0.44			(0.07	)		0.04			0.20			0.26
Less Distributions From:
Net Investment Income		(0.11	)		(0.22	)		(0.19	)		(0.17	)		(0.17	)		(0.16	)
Net Realized Gains		—			0.00	(b)		(0.03	)		(0.01	)		(0.04	)		(0.17	)
Total Distributions		(0.11	)		(0.22	)		(0.22	)		(0.18	)		(0.21	)		(0.33	)
Net Asset Value, End of Period		$10.09			$9.81			$9.59			$9.88			$10.02			$10.03
Total Return(c)		4.02	%		4.68	%		(0.72	)%		0.40	%		1.94	%		2.57	%
Net Assets, End of Period (000’s)		$55,722			$76,471			$82,301			$127,103			$120,406			$126,574
Ratios to Average Net Assets
Gross Expense		1.17	%(d)		1.07	%		1.01	%		0.93	%		0.93	%		0.93	%
Net Expenses(e)		0.49	%(d)		0.49	%		0.52	%		0.53	%		0.53	%		0.57	%
Net Investment Income		2.25	%(d)		2.26	%		1.96	%		1.66	%		1.66	%		1.57	%
Portfolio Turnover Rate		16	%		25	%		30	%		39	%		32	%		45	%

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

(b) Represents less than $0.005.

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

(d) Annualized for periods less than one year.

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

45 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

 WILMINGTON SHORT-TERM BOND FUND

CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended   April 30, 2016			Year Ended   April 30, 2015
Net Asset Value, Beginning of Period		$9.95			$9.85			$9.99			$10.07			$10.10			$10.23
Income (Loss) From Operations:
Net Investment Income(a)		0.09			0.16			0.12			0.10			0.07			0.07
Net Realized and Unrealized Gain (Loss) on Investments		0.12			0.11			(0.12	)		(0.06	)		0.02			(0.02	)
Total Income (Loss) From Operations		0.21			0.27			0.00	(b)		0.04			0.09			0.05
Less Distributions From:
Net Investment Income		(0.09	)		(0.17	)		(0.14	)		(0.12	)		(0.10	)		(0.06	)
Net Realized Gains		—			—			—			—			(0.02	)		(0.12	)
Total Distributions		(0.09	)		(0.17	)		(0.14	)		(0.12	)		(0.12	)		(0.18	)
Net Asset Value, End of Period		$10.07			$9.95			$9.85			$9.99			$10.07			$10.10
Total Return(c)		2.15	%		2.79	%		(0.03	)%		0.43	%		0.87	%		0.51	%
Net Assets, End of Period (000’s)		$5,411			$5,494			$5,973			$6,628			$7,796			$10,495
Ratios to Average Net Assets
Gross Expense		1.46	%(d)		1.42	%		1.37	%		1.23	%		1.11	%		1.17	%
Net Expenses(e)		0.73	%(d)		0.73	%		0.73	%		0.73	%		0.73	%		0.78	%
Net Investment Income		1.79	%(d)		1.65	%		1.22	%		0.96	%		0.71	%		0.71	%
Portfolio Turnover Rate		94	%		67	%		42	%		72	%		104	%		138	%
CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended   April 30, 2016			Year Ended   April 30, 2015
Net Asset Value, Beginning of Period		$9.95			$9.85			$9.99			$10.07			$10.10			$10.23
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.19			0.15			0.12			0.10			0.08
Net Realized and Unrealized Gain (Loss) on Investments		0.13			0.11			(0.13	)		(0.05	)		0.01			0.00	(b)
Total Income (Loss) From Operations		0.23			0.30			0.02			0.07			0.11			0.08
Less Distributions From:
Net Investment Income		(0.11	)		(0.20	)		(0.16	)		(0.15	)		(0.12	)		(0.09	)
Net Realized Gains		—			—			—			—			(0.02	)		(0.12	)
Total Distributions		(0.11	)		(0.20	)		(0.16	)		(0.15	)		(0.14	)		(0.21	)
Net Asset Value, End of Period		$10.07			$9.95			$9.85			$9.99			$10.07			$10.10
Total Return(c)		2.28	%		3.04	%		0.22	%		0.68	%		1.12	%		0.76	%
Net Assets, End of Period (000’s)		$44,242			$44,696			$46,309			$64,706			$160,541			$166,939
Ratios to Average Net Assets
Gross Expense		1.21	%(d)		1.17	%		1.11	%		0.98	%		0.86	%		0.96	%
Net Expenses(e)		0.48	%(d)		0.48	%		0.48	%		0.48	%		0.48	%		0.56	%
Net Investment Income		2.04	%(d)		1.90	%		1.46	%		1.19	%		0.97	%		0.81	%
Portfolio Turnover Rate		94	%		67	%		42	%		72	%		104	%		138	%

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

(b) Represents less than $0.005.

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

(d) Annualized for periods less than one year.

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 46

For a share outstanding throughout each period:

 WILMINGTON MUNICIPAL BOND FUND

CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended   April 30, 2016			Year Ended   April 30, 2015
Net Asset Value, Beginning of Period		$13.22			$12.78			$13.14			$13.54			$13.41			$13.40
Income (Loss) From Operations:
Net Investment Income(a)		0.13			0.26			0.22			0.22			0.23			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.31			0.44			(0.26	)		(0.31	)		0.37			0.13
Total Income (Loss) From Operations		0.44			0.70			(0.04	)		(0.09	)		0.60			0.38
Less Distributions From:
Net Investment Income		(0.13	)		(0.26	)		(0.22	)		(0.22	)		(0.23	)		(0.25	)
Net Realized Gains		—			—			(0.10	)		(0.09	)		(0.24	)		(0.12	)
Total Distributions		(0.13	)		(0.26	)		(0.32	)		(0.31	)		(0.47	)		(0.37	)
Net Asset Value, End of Period		$13.53			$13.22			$12.78			$13.14			$13.54			$13.41
Total Return(b)		3.35	%		5.52	%		(0.29	)%		(0.65	)%		4.55	%		2.83	%
Net Assets, End of Period (000’s)		$25,508			$29,050			$29,109			$31,951			$38,182			$41,607
Ratios to Average Net Assets
Gross Expense		1.10	%(c)		1.10	%		1.10	%		1.09	%		1.09	%		1.12	%
Net Expenses(d)		0.74	%(c)		0.74	%		0.74	%		0.74	%		0.74	%		0.79	%
Net Investment Income		1.95	%(c)		1.99	%		1.70	%		1.62	%		1.69	%		1.84	%
Portfolio Turnover Rate		59	%		83	%		79	%		40	%		32	%		50	%
CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended   April 30, 2016			Year Ended   April 30, 2015
Net Asset Value, Beginning of Period		$13.23			$12.79			$13.15			$13.55			$13.42			$13.40
Income (Loss) From Operations:
Net Investment Income(a)		0.15			0.29			0.26			0.25			0.26			0.28
Net Realized and Unrealized Gain (Loss) on Investments		0.31			0.44			(0.26	)		(0.31	)		0.37			0.15
Total Income (Loss) From Operations		0.46			0.73			0.00	(e)		(0.06	)		0.63			0.43
Less Distributions From:
Net Investment Income		(0.15	)		(0.29	)		(0.26	)		(0.25	)		(0.26	)		(0.29	)
Net Realized Gains		—			—			(0.10	)		(0.09	)		(0.24	)		(0.12	)
Total Distributions		(0.15	)		(0.29	)		(0.36	)		(0.34	)		(0.50	)		(0.41	)
Net Asset Value, End of Period		$13.54			$13.23			$12.79			$13.15			$13.55			$13.42
Total Return(b)		3.48	%		5.78	%		(0.03	)%		(0.39	)%		4.81	%		3.17	%
Net Assets, End of Period (000’s)		$268,197			$260,800			$259,934			$263,825			$267,864			$259,904
Ratios to Average Net Assets
Gross Expense		0.85	%(c)		0.85	%		0.85	%		0.84	%		0.84	%		0.88	%
Net Expenses(d)		0.49	%(c)		0.49	%		0.49	%		0.49	%		0.49	%		0.55	%
Net Investment Income		2.20	%(c)		2.24	%		1.95	%		1.87	%		1.94	%		2.11	%
Portfolio Turnover Rate		59	%		83	%		79	%		40	%		32	%		50	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(e) Represents less than $0.005.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

47 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period:

 WILMINGTON NEW YORK MUNICIPAL BOND FUND

CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended   April 30, 2015
Net Asset Value, Beginning of Period		$10.43			$10.18			$10.56			$10.91			$10.66			$10.56
Income (Loss) From Operations:
Net Investment Income(a)		0.08			0.15			0.15			0.16			0.19			0.21
Net Realized and Unrealized Gain (Loss)
on Investments		0.22			0.36			(0.22	)		(0.25	)		0.27			0.10
Total Income (Loss) From Operations		0.30			0.51			(0.07	)		(0.09	)		0.46			0.31
Less Distributions From:
Net Investment Income		(0.08	)		(0.15	)		(0.15	)		(0.16	)		(0.19	)		(0.21	)
Net Realized Gains		—			(0.11	)		(0.16	)		(0.10	)		(0.02	)		—
Total Distributions		(0.08	)		(0.26	)		(0.31	)		(0.26	)		(0.21	)		(0.21	)
Net Asset Value, End of Period		$10.65			$10.43			$10.18			$10.56			$10.91			$10.66
Total Return(b)		2.85	%		5.16	%		(0.75	)%		(0.81	)%		4.32	%		2.91	%
Net Assets, End of Period (000’s)		$8,093			$8,630			$14,863			$17,554			$20,197			$22,691
Ratios to Average Net Assets
Gross Expense		1.37	%(c)		1.33	%		1.28	%		1.24	%		1.22	%		1.22	%
Net Expenses(d)		0.83	%(c)		0.83	%		0.84	%		0.84	%		0.84	%		0.84	%
Net Investment Income		1.44	%(c)		1.50	%		1.43	%		1.50	%		1.76	%		1.93	%
Portfolio Turnover Rate		35	%		45	%		64	%		32	%		24	%		31	%
CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$10.43			$10.19			$10.57			$10.92			$10.67			$10.57
Income (Loss) From Operations:
Net Investment Income(a)		0.09			0.18			0.18			0.19			0.22			0.23
Net Realized and Unrealized Gain (Loss)
on Investments		0.23			0.35			(0.22	)		(0.25	)		0.27			0.10
Total Income (Loss) From Operations		0.32			0.53			(0.04	)		(0.06	)		0.49			0.33
Less Distributions From:
Net Investment Income		(0.09	)		(0.18	)		(0.18	)		(0.19	)		(0.22	)		(0.23	)
Net Realized Gains		—			(0.11	)		(0.16	)		(0.10	)		(0.02	)		—
Total Distributions		(0.09	)		(0.29	)		(0.34	)		(0.29	)		(0.24	)		(0.23	)
Net Asset Value, End of Period		$10.66			$10.43			$10.19			$10.57			$10.92			$10.67
Total Return(b)		3.07	%		5.32	%		(0.50	)%		(0.55	)%		4.58	%		3.17	%
Net Assets, End of Period (000’s)		$54,069			$53,379			$56,626			$67,991			$63,704			$63,702
Ratios to Average Net Assets
Gross Expense		1.12	%(c)		1.09	%		1.03	%		0.99	%		0.98	%		0.97	%
Net Expenses(d)		0.58	%(c)		0.58	%		0.59	%		0.59	%		0.59	%		0.59	%
Net Investment Income		1.69	%(c)		1.76	%		1.68	%		1.75	%		2.01	%		2.18	%
Portfolio Turnover Rate		35	%		45	%		64	%		32	%		24	%		31	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 48

Wilmington Funds

October 31, 2019 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end management investment company. The Trust consists of 12 portfolios, 5 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 Broad Market Bond Fund (“Broad Market Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Short-Term Bond Fund (“Short-Term Bond Fund”)(d)	The Fund seeks to provide current income.
Wilmington Municipal Bond Fund (“Municipal Bond Fund”)(d)	The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital.
Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”)(n)	The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.
(d)   Diversified
(n)  Non-diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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.

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.

Investment Valuation– The Funds utilize a Fair Value approach. The fair value of the Funds’ portfolio securities are determined as follows:

• investments inopen-end regulated investment companies are valued at net asset value (“NAV”);

• for fixed income securities, according to prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost 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 inopen-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities,non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

49 NOTES TO FINANCIAL STATEMENTS (continued)

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 orsub-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 orsub-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, 2019, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount(2)
Broad Market Bond Fund
Bank of Montreal	$	947,421	$	947,421	$	—	$	—
BNP Paribas SA		3,681,034		3,681,034		—		—
Citigroup Global Markets Ltd.		3,681,034		3,681,034		—		—
Daiwa Capital Markets America		3,681,034		3,681,034		—		—
ING Financial Markets LLC		3,681,034		3,681,034		—		—
RBC Dominion Securities, Inc.		3,681,034		3,681,034		—		—
	$	19,352,591	$	19,352,591	$	—	$	—
Intermediate-Term Bond Fund
Bank of Montreal		62,512		62,512		—		—
BNP Paribas SA		241,122		241,122		—		—
Citigroup Global Markets Ltd.		241,122		241,122		—		—
Daiwa Capital Markets America		241,122		241,122		—		—
ING Financial Markets LLC		241,122		241,122		—		—
RBC Dominion Securities, Inc.		241,122		241,122		—		—
	$	1,268,122	$	1,268,122	$	—	$	—
Short-Term Bond Fund
Bank of Montreal		53,413		53,413		—		—
BNP Paribas SA		204,161		204,161		—		—
Citigroup Global Markets Ltd.		204,161		204,161		—		—
Daiwa Capital Markets America		204,161		204,161		—		—
ING Financial Markets LLC		204,161		204,161		—		—
RBC Dominion Securities, Inc.		204,161		204,161		—		—
	$	1,074,218	$	1,074,218	$	—	$	—

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

⁽²⁾  Net amount represents the net amount receivable due from the counterparty in the event of default.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 50

Investment Income, Gains and Losses, Expenses and Distributions– Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on theex-dividend date.Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on theex-dividend date or when the Funds are informed of theex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

Expenses of the Trust, which are directly identifiable to a specific fund, are applied to that fund. Expenses which are not identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.

All Funds offer multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared daily and paid monthly.

Federal Taxes– It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended October 31, 2019, the Funds did not incur any interest or penalties.

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

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.

Dollar Roll Transactions –The Intermediate-Term Bond Fund and Broad Market Bond Fund may enter into dollar roll transactions, with respect to mortgage securities issued by GNMA, FNMA, and FHLMC, in which the Funds sell mortgage securities to financial institutions and simultaneously agree to accept substantially similar (same type, coupon, maturity) securities at a later date at an agreed upon price. Dollar roll transactions, which are treated as purchases and sales, will not exceed 12 months. There were no dollar roll transactions outstanding during the six months ended October 31, 2019.

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 owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day.

Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”

The Funds maintain the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

51 NOTES TO FINANCIAL STATEMENTS (continued)

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, 2019, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of       Securities       on Loan			Cash Collateral       Received(1)			Net Amount(2)
Broad Market Bond Fund		$	18,943,623		$	18,943,623		$	—
Intermediate-Term Bond Fund			1,237,435			1,237,435			—
Short-Term Bond Fund			1,043,009			1,043,009			—

⁽¹⁾  Collateral with a value of $19,352,591, $1,268,122 and $1,074,218, respectively, has been received in connection with securities lending transactions.

⁽²⁾  Net amount represents the net amount receivable due from the counterparty in the event of default.

3. FEDERAL TAX INFORMATION

As of April 30, 2019, there are no uncertain tax positions that would require financial statement recognition,de-recognition or disclosure. The Funds’ federal tax returns filed for the years ended 2018, 2017 and 2016, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

The tax character of distributions for the corresponding fiscal year ends were as follows:

Fund	Ordinary     Income*		2019 Tax Exempt Income		Long-Term   Capital Gains		Ordinary   Income*		2018 Tax Exempt Income		Long-Term   Capital Gains
Broad Market Bond Fund	$	13,684,821	$	—	$	—	$	11,690,654	$	—	$	—
Intermediate-Term Bond Fund		1,814,403		—		31,638		1,865,232		—		238,806
Short-Term Bond Fund		995,560		—		—		1,020,572		—		—
Municipal Bond Fund		105,114		6,311,677		—		72,377		5,581,748		2,297,416
New York Municipal Bond Fund		40,199		1,097,326		719,746		86,820		1,270,962		1,114,523

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

As of April 30, 2019, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Capital Gains	Other Timing Differences			Unrealized Appreciation/ (Depreciation)		Capital Loss Carryforwards			Late Year   Loss Deferrals
Broad Market
Bond Fund		$1,229,259	$	—	$—		$(1,204,572)			$1,570,198		$(2,591,828)		$—
Intermediate-Term
Bond Fund		149,204		—	—		(148,660	)		354,686		(118,974	)	—
Short-Term
Bond Fund		88,521		—	—		(83,834	)		122,323		(1,456,321	)	—
Municipal Bond Fund		—		535,913	—		(537,419	)		8,793,170		(1,786,402	)	—
New York Municipal
Bond Fund		—		85,827	—		(86,077	)		1,252,207		(131,098	)	—

At April 30, 2019, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the (“Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax.

Fund	Short-Term No Expiration			Long-Term No Expiration			Total Capital Loss Carryforwards
Broad Market Bond Fund		$	740,581		$	1,851,247		$	2,591,828
Intermediate-Term Bond Fund			6,390			112,584			118,974
Short-Term Bond Fund			595,448			860,873			1,456,321
Municipal Bond Fund			1,786,402			—			1,786,402
New York Municipal Bond
Fund			125,109			5,989			131,098

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 52

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”) providessub-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   Annual Rate
Broad Market Bond Fund		0.45	%
Intermediate-Term Bond Fund		0.45	%
Short-Term Bond Fund		0.40	%
Municipal Bond Fund		0.45	%
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, 2020, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

	Contractual   Expense Limitations
Fund	Class A		Class I
Broad Market Bond Fund		0.84%		0.49%
Intermediate-Term Bond Fund		0.84%		0.49%
Short-Term Bond Fund		0.73%		0.48%
Municipal Bond Fund		0.74%		0.49%
New York Municipal Bond Fund*		0.82%		0.57%

* Prior to August 31, 2019, the New York Municipal Bond Fund’s contractual expense limitation was 0.83% and 0.58% for Class A and Class I, respectively.

Administrative Fees– The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The 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 asCo-Administrator, provides the Funds with certain administrative personnel and services necessary to operate the Funds. The fees as described in the table below are accrued daily and paid monthly, and are disclosed on the Statements of Operations as “Administrative personnel and services fees.”

Administrator	Maximum Fee		Average Aggregate Daily Net  Assets of the Trust
WFMC		0.040%	on the first $5 billion
		0.030%	on the next $2 billion
		0.025%	on the next $3 billion
		0.018%	on assets in excess of $10 billion
BNYM		0.0175%	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, 2019, neither WFMC nor BNYM waived any administrative fees.

Distribution Services Fee– The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule12b-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.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

53 NOTES TO FINANCIAL STATEMENTS (continued)

For the six months ended October 31, 2019, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:

Fund	Distribution   Fees   from Class A
Broad Market Bond Fund	$   2,835
Intermediate-Term Bond Fund	1,132
Short-Term Bond Fund	4,946
Municipal Bond Fund	27,744
New York Municipal Bond Fund	8,998

Sales Charges– The Class A shares of all the Funds bearfront-end sales charges.

For the six months ended October 31, 2019, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges   from Class A
Broad Market Bond Fund	$347
Short-Term Bond Fund	67
Municipal Bond Fund	718
New York Municipal Bond Fund	302

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

For the six months ended October 31, 2019, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services   Fee
Broad Market Bond Fund	$1,034
Intermediate-Term Bond Fund	375

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

BNYM provides custody services to the Trust.

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

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

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the six months ended October 31, 2019 were as follows:

	Investments
Fund	Purchases		Sales
Broad Market Bond Fund	$	74,988,941	$	124,696,128
Intermediate-Term Bond Fund		7,417,799		22,392,793
Short-Term Bond Fund		14,482,199		12,312,048
Municipal Bond Fund		168,863,351		170,420,644
New York Municipal Bond Fund		22,487,906		21,196,910

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2019 were as follows:

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 54

Fund	U.S. Government Securities
	Purchases		Sales
Broad Market Bond Fund	$	9,598,682		$14,797,708
Intermediate-Term Bond Fund		2,689,551		10,256,590
Short-Term Bond Fund		27,235,377		30,484,341

6. CONCENTRATION OF RISK

Since New York Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparabletax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2019, 15.3% of New York Municipal Bond Fund’s total market value of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies.

The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.

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 greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 2, 2020.

The Trust did not utilize the LOC for the six months ended October 31, 2019.

8. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each Fund’s financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the implications of certain provisions of ASUNo. 2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

9. OTHER FUND INFORMATION

At a meeting held on June 5, 2019, the Trustees, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (“PwC”) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending April 30, 2020. During the fiscal years ended April 30, 2019 and 2018, Ernst & Young LLP (“E&Y”) audit reports on the financial statements of each Fund in the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the each Fund’s financial statements.

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 additional material events that would require recognition or disclosure in the Funds’ financial statements through this date.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

55

DISCUSSION OF RENEWAL OF ADVISORY ANDSUB-ADVISORY AGREEMENTS AND APPROVAL OF NEWSUB-ADVISORY AGREEMENTS

Renewal of Advisory andSub-Advisory Agreements Generally

At a meeting held on September 4–5, 2019 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements andsub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into three Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On July 19, 2019, the Board held a special telephonic meeting with personnel of Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (together, the “Adviser”) and independent counsel to the Independent Trustees (“Counsel”) concerning the Advisory Agreements between the three multi-manager Funds (the“Sub-Advised Funds”) and their respectivesub-advisers (the“Sub-Advisers”). The Adviser provided the Board with an initial basis for the approval of each such Advisory Agreement and discussed with the Board a variety of information about theSub-Advised Funds and theirSub-Advisers, including information that eachSub-Adviser provided in response to a written request from Counsel on behalf of the Trustees concerning its investment advisory services, operations, compliance program and other matters.

On August 21, 2019, the Board held a special telephonic meeting with personnel of the Adviser and Counsel, after which the Independent Trustees met in executive session with Counsel, to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the Adviser and to continue the evaluation of the Advisory Agreements with theSub-Advisers, as appropriate. The Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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 aFund-by-Fund basis, peer comparisons of fee and expense data;

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

• Information from the Adviser describing, on aFund-by-Fund basis, each Fund’s performance (over multiple periods) compared with the Fund’s benchmark(s) and custom peer groups, as applicable;

• Information about fees paid by other clients of the Adviser (and eachSub-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 theSub-Advisers and the Adviser’s evaluation and recommendation of the approval of the renewal of the Advisory Agreements with eachSub-Adviser;

• For eachSub-Adviser, the nature and quality of services provided; the costs of those services, as available; the potential for economies of scale; potentialfall-out benefits to theSub-Adviser; and the financial stability of theSub-Adviser and its parent companies, as relevant; and;

• The financial stability of the Adviser and eachSub-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 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 eachSub-Adviser, as applicable, were consistent with the terms of the relevant Advisory Agreements;

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

SEMI-ANNUAL REPORT 56

• 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 was above the Fund’s expense group median and that the Fund’s total expense ratio was 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 theone-, three- and five-year periods ended June 30, 2019. The Board considered management’s views concerning the markets for fixed income securities and that the Fund’s underperformance could be attributed to the Fund’s strategy of maintaining a shorter duration than the index; and its conservative management relative to its peers, including its overweight to the very short end of the yield curve, which underperformed on a duration-neutral basis. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreements.

Wilmington Intermediate-Term Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for theone- and five-year periods and below the peer group average for the three-year period ended June 30, 2019. The Board considered management’s views concerning the markets for fixed income securities and that the Fund’s underperformance could be attributed to the Fund’s conservative management relative to its peers, including its strategy of maintaining a shorter duration than its benchmark and that the Fund outperformed its benchmark for theone- and five-year periods ended June 30, 2019. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreements.

Wilmington Short-Term 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 theone-, three- and five-year periods ended June 30, 2019. The Board considered management’s views concerning the markets for fixed income securities and that the Fund’s underperformance could be attributed to the Fund’s conservative management relative to its peers, including its shorter duration when compared to that of its benchmark as interest rates decreased. 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 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 theone-, three- and five-year periods ended June 30, 2019. 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 above the peer group average for theone-, three- and five-year periods ended June 30, 2019. 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, 2019 (unaudited)

57

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 calling1-800-836-2211. A report on how the Funds voted any such proxies during the most recent12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

For periods prior to the quarter ending July 31, 2019, the Funds have filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The Funds’ FormN-Qs are available on the SEC’s website at www.sec.gov.

Effective July 31, 2019, 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 FormN-PORT. FormN-PORT is available on the SEC’s website at www.sec.gov.

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) SelectE-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

58

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.

Information The Funds Collect:

The Funds collect nonpublic personal information about you from the following sources:

• We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income.

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes.

Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.

Information Security:

When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.

The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.

Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.

Employee Access to Information:

Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.

Visiting The Funds’ Website:

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

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

59

• Information or data entered into a website will be retained.

• Where registration to a website orre-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time youre-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

• We may also collectnon-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. Thesenon-personally identifiable IP addresses are never shared with any third party.

E-mail:

If you have opted to receive marketing information from the Funds bye-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequente-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 youe-mail on matters pertaining to the retirement plan.

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within youre-mail correspondence to us. We cannot usee-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, usee-mail to provide you with the necessary forms or you may contact customer service toll-free at1-800-836-2211.

Surveys/Aggregate Data:

Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

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Investment Advisor	Distributor
Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890 Sub-Advisor Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9th Floor Wilmington, DE 19890 Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890 Custodian The Bank of New York Mellon 225 Liberty Street New York, NY 10286	ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203 Fund Accountant,Co-Administrator, Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103

WT-SAR-FI-1019

Wilmington Funds |1-800-836-2211 |www.wilmingtonfunds.com

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

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”)

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolios of Investments	2
Statements of Assets and Liabilities	7
Statements of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	11
Notes to Financial Statements	15
Discussion of Renewal of Advisory andSub-Advisory Agreements and Approval of NewSub-Advisory Agreements	20

[This Page Intentionally Left Blank]

i

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s semi-annual fiscal year period of May 1, 2019, through October 31, 2019. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The economy and financial markets in review

Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (the Trust’s investment advisor and subadvisor, respectively), have provided the following review of the economy, bond markets, and stock markets for the Trust’s semi-annual fiscal year period.

The economy

The U.S. economy continued to expand, albeit at a more modest pace than in 2018, as robust consumer spending and a strong labor market offset weakness in the manufacturing sector and business investment. After an upbeat start to the year, growth in U.S. Gross Domestic Product (“GDP”) maintained a positive trajectory, but decelerated, posting quarter-over-quarter annualized growth rates of 2.0% and 1.9% in the second and third quarters, respectively. An escalating trade war with China and fears that a global slowdown might spread contagion to the United States, led the Federal Reserve (“the Fed”) to cut interest rates three times this year to a range of1.50%-1.75%. The U.S. labor market tightened further, dropping to a 3.6% unemployment rate, a near five-decade low. Although wage growth began to show signs of life, inflation drifted below the Fed’s 2% target with the Core Personal Consumption Expenditure Price Index¹ (excludes the volatile components of food and energy) dropping to 1.7%. The Fed has signaled that they are on hold for now, and the market is not expecting cuts or hikes in the near term.

Economic activity outside of the U.S. was less encouraging, but downside risks appear to be receding. Growth in Europe was sluggish, while China expanded at its slowest pace in three decades. Heightened uncertainty and a decline in business investment—both byproducts of the U.S.-China trade war and Brexit—hit international economies the hardest, particularly in export-dependent countries such as Germany. Over the past month, the balance of risks has improved markedly with the U.S. and China moving toward a trade pact and ano-deal Brexit looking less likely. Synchronized easing across global central banks strengthens the case for a future recovery in economic activity, in our view.

Bond markets

Fixed income markets generated strong returns between May and October, as interest rates plummeted. The30-year U.S. Treasury yield fell to anall-time low and the benchmark10-year yield dropped by nearly a third alongside a flurry of dovish central bank activity. Global economic weakness, escalating trade tensions, and the inversion of the yield curve triggered a flight to quality that benefited taxable investment-grade credit over high yield.Tax-exempt bonds performed well as strong inflows outpaced new supply, which was below historical levels.

For thesix-month period May 1, 2019 to October 31, 2019, certain Bloomberg Barclays indices performed as follows:²

Bloomberg       Barclays  U.S.       Treasury  Bond       Index3	Bloomberg Barclays U.S. Aggregate Bond Index4	Bloomberg Barclays U.S. Credit Bond Index5	Bloomberg Barclays Municipal Bond Index6	Bloomberg     Barclays U.S.     Corporate High Yield     Bond Index7
5.85%	5.71%	7.46%	3.54%	2.69%

Past performance is no guarantee of future results.

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

PRESIDENT’S MESSAGE / October 31, 2019 (unaudited)

ii

Equity markets

After a solid start to the year, U.S.large-cap equities retained leadership during this period as better-than-feared corporate earnings, supportive monetary policy, and trade optimism contributed to strong returns. Equity markets were particularly volatile. The CBOE Volatility Index⁸ (VIX) hit its highest level of the year in early August, while three major pullbacks impacted the key regions. International equity markets, which are more leveraged to global trade, struggled to keep pace with the U.S. emerging markets, as a strong U.S. dollar and investors’ preference for safe-haven assets served as critical headwinds. A retrenchment in economic activity throughout the period hurt U.S.small-cap stocks, which are more cyclical thanlarge-cap peers. The strongest leg of performance for all segments came with a recent easing of geopolitical tensions as renewed risk appetite supported outperformance of international and U.S.small-cap equities later in the period.

For thesix-month period May 1, 2019 to October 31, 2019, certain stock market indices performed as follows:

	Russell		MSCI Emerging
S&P 500®	2000®	MSCI EAFE	Markets (Net)
Index9	Index10	(Net) Index11	Index12
4.16%	-1.09%	3.35%	-1.67%

Past performance is no guarantee of future results.

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

Sincerely,

Dominick J. D’Eramo, CFA

President

November 19, 2019

October 31, 2019 (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- andmid-cap stocks involve greater risks and volatility thanlarge-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 Fund, and you should not expect that the investment advisor will provide financial support to the Fund at any time.

1. The Core Personal Consumption Expenditures Price Index, also known as the core PCE price index, is released as part of the monthly Personal Income and Outlays report. The core index makes it easier to see the underlying inflation trend by excluding two categories – food and energy – where prices tend to swing up and down more dramatically and more often than other prices. The core PCE price index is closely watched by the Federal Reserve as it conducts monetary policy.

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

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

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

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

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

7. Bloomberg Barclays U.S. Corporate High Yield Bond Index measures theUSD-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 Barclays 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 CBOE Volatility Index, or VIX, is a real-time market index that represents the market’s expectation of30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of U.S. stock market risk and investors’ sentiments.

9. The S&P 500^®Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index.

10. The Russell 2000^®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 $128 million to $1.3 billion. The index is unmanaged and investments cannot be made directly in an index.

11. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

12. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, 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, 2019 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you 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, 2019 to October 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 5/01/19			Ending Account Value 10/31/19			Expenses Paid During Period1			Annualized Net Expense Ratio2
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$	1,000.00		$	1,008.30		$	3.13		0.62	%
Institutional Class		$	1,000.00		$	1,010.10		$	1.36		0.27	%
Select Class		$	1,000.00		$	1,009.60		$	1.87		0.37	%
Service Class		$	1,000.00		$	1,007.60		$	3.89		0.77	%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$	1,000.00		$	1,022.02		$	3.15		0.62	%
Institutional Class		$	1,000.00		$	1,023.78		$	1.37		0.27	%
Select Class		$	1,000.00		$	1,023.28		$	1.88		0.37	%
Service Class		$	1,000.00		$	1,021.27		$	3.91		0.77	%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$	1,000.00		$	1,008.20		$	3.03		0.60	%
Institutional Class3		$	1,000.00		$	1,000.70		$	0.11		0.25	%
Select Class		$	1,000.00		$	1,009.50		$	1.77		0.35	%
Service Class		$	1,000.00		$	1,007.50		$	3.78		0.75	%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$	1,000.00		$	1,022.12		$	3.05		0.60	%
Institutional Class3		$	1,000.00		$	1,023.88		$	1.27		0.25	%
Select Class		$	1,000.00		$	1,023.38		$	1.78		0.35	%
Service Class		$	1,000.00		$	1,021.37		$	3.81		0.75	%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recentone-half year period).

(2) Expense ratio does not reflect the indirect expenses of the underlying funds in which it invests.

(3) The class commenced operations on October 16, 2019. The ending account value for Actual uses the performance since inception and is not annualized and the expenses paid during the period for Actual are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 16/366 (to reflect the actual days since inception).

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Government Agency Obligations		51.8	%
Repurchase Agreements		38.6	%
U.S. Treasury Obligations		9.0	%
Money Market Funds		0.7	%
Other Assets and Liabilities – Net1		(0.1	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 51.8%
FEDERAL FARM CREDIT BANK (FFCB) – 6.7%
2.19%, 12/09/19‡	$	47,000,000	$	46,893,832
1.99%, 1/02/20‡		15,000,000		14,949,625
2.07%, 1/23/20‡		22,000,000		21,897,541
(U.S. Treasury 3 Month Bill Money Market Yield + 0.06%), 1.68%, 1/27/20D		50,000,000		49,989,805
2.02%, 2/03/20‡		25,000,000		24,871,403
1.68%, 2/20/20‡		64,000,000		63,674,400
(1 Month USD LIBOR + 0.05%), 1.89%, 2/21/20D		20,000,000		20,005,500
(1 Month USD LIBOR - 0.04%), 1.89%, 3/11/20D		35,000,000		34,999,513
1.87%, 4/16/20‡		50,000,000		49,577,861
(1 Month USD LIBOR - 0.01%), 1.90%, 9/15/20D		50,000,000		49,998,290
1.65%, 10/13/20		22,300,000		22,305,781
(3 Month USD LIBOR - 0.13%), 2.04%, 11/16/20D		50,000,000		49,996,091
(1 Month USD LIBOR + 0.01%), 1.93%, 1/12/21D		50,000,000		49,997,031
(SOFRRATE + 0.11%), 1.93%, 1/15/21D		20,000,000		20,000,000
(U.S. Treasury 3 Month Bill Money Market Yield + 0.23%), 1.86%, 5/26/21D		25,000,000		25,000,000
(U.S. Treasury 3 Month Bill Money Market Yield + 0.30%), 1.93%, 8/02/21D		25,000,000		25,000,000
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	569,156,673

Description	Par Value		Value
FEDERAL HOME LOAN BANK (FHLB) – 25.8%
(3 Month USD LIBOR - 0.13%), 2.13%, 11/01/19D	$	100,000,000	$	100,000,000
2.06%, 11/06/19‡		150,000,000		149,957,917
1.96%, 11/20/19‡		433,000,000		432,560,405
(1 Month USD LIBOR - 0.05%), 1.80%, 11/21/19D		50,000,000		50,000,000
1.76%, 11/22/19‡		69,000,000		68,930,247
(SOFRRATE + 0.02%), 1.84%, 11/27/19D		36,500,000		36,500,000
2.01%, 11/27/19‡		39,000,000		38,944,568
(SOFRRATE + 0.03%), 1.85%, 12/06/19D		60,000,000		60,000,000
1.73%, 12/10/19‡		100,000,000		99,815,834
1.98%, 12/11/19‡		74,400,000		74,239,544
1.98%, 12/13/19‡		49,500,000		49,387,676
1.73%, 1/03/20‡		50,000,000		49,851,250
1.71%, 1/08/20‡		85,615,000		85,343,315
1.68%, 1/10/20‡		88,431,000		88,147,284
1.67%, 1/17/20‡		50,000,000		49,824,076
(SOFRRATE + 0.01%), 1.83%, 1/17/20D		50,000,000		50,000,000
(SOFRRATE + 0.05%), 1.87%, 1/17/20D		45,000,000		45,000,000
1.69%, 1/21/20‡		100,000,000		99,627,625
1.66%, 1/29/20‡		50,000,000		49,798,885
1.65%, 2/25/20‡		100,000,000		99,478,000
(1 Month USD LIBOR + 0.05%), 1.87%, 3/23/20D		50,000,000		50,000,000
(SOFRRATE + 0.03%), 1.85%, 3/27/20D		19,000,000		19,000,000
1.66%, 4/22/20‡		79,000,000		78,385,744

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

3          PORTFOLIOS OF INVESTMENTS

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

Description	Par Value		Value
(SOFRRATE + 0.03%), 1.85%, 4/22/20D	$	30,000,000	$	30,000,000
1.65%, 4/29/20‡		26,000,000		25,790,700
(SOFRRATE + 0.02%), 1.84%, 5/22/20D		25,000,000		25,000,000
(SOFRRATE + 0.10%), 1.92%, 7/17/20D		30,000,000		30,000,000
(SOFRRATE + 0.04%), 1.86%, 8/25/20D		26,000,000		26,000,000
(SOFRRATE + 0.10%), 1.92%, 12/23/20D		90,400,000		90,400,000
(SOFRRATE + 0.04%), 1.86%, 2/09/21D		30,000,000		30,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	2,181,983,070
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 17.1%
2.19%, 11/13/19‡		150,000,000		149,893,000
2.19%, 11/19/19‡		64,731,000		64,661,738
1.96%, 12/12/19‡		50,000,000		49,890,667
2.08%, 12/18/19‡		75,000,000		74,801,229
1.88%, 1/02/20‡		50,000,000		49,841,556
1.91%, 1/17/20‡		150,000,000		149,400,042
1.94%, 1/21/20‡		126,294,000		125,754,093
1.67%, 1/22/20‡		133,334,000		132,834,709
1.87%, 1/24/20‡		100,000,000		99,573,000
(SOFRRATE + 0.00%), 1.82%, 2/12/20D		50,000,000		50,000,000
1.71%, 3/05/20‡		165,000,000		164,043,576
1.65%, 3/27/20‡		35,244,000		35,012,300
(SOFRRATE + 0.00%), 1.82%, 4/16/20D		50,000,000		50,000,000
(SOFRRATE + 0.01%), 1.83%, 5/13/20D		50,000,000		50,000,000
(SOFRRATE + 0.01%), 1.83%, 7/22/20D		100,000,000		100,000,000
(SOFRRATE + 0.03%), 1.85%, 8/21/20D		100,000,000		100,000,000
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,445,705,910
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.2%
1.99%, 11/20/19‡		74,944,000		74,866,870
1.87%, 12/13/19‡		50,000,000		49,892,667
1.78%, 1/02/20‡		30,000,000		29,909,583
(3 Month USD LIBOR - 0.15%), 1.98%, 3/13/20D		37,400,000		37,396,215
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	192,065,335
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $4,388,910,988)			$	4,388,910,988
U.S. TREASURY OBLIGATIONS – 9.0%
U.S. TREASURY BILLS – 3.8%
1.96%, 12/12/19‡		75,000,000		74,836,000
2.09%, 1/30/20‡		50,000,000		49,745,500
1.88%, 2/27/20‡		75,000,000		74,547,667
1.87%, 3/12/20‡		125,000,000		124,163,083
TOTAL U.S. TREASURY BILLS			$	323,292,250
U.S. TREASURY NOTES – 5.2%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.00%), 1.64%, 1/31/20D		25,000,000		24,999,746

Description	Par Value		Value
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 1.67%, 4/30/20D	$	50,000,000	$	50,001,654
1.38%, 5/31/20		50,000,000		49,922,481
1.50%, 7/15/20		75,000,000		74,931,552
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 1.68%, 10/31/20D		60,570,000		60,570,000
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 1.78%, 4/30/21D		125,000,000		124,990,200
(U.S. Treasury 3 Month Bill Money Market Yield + 0.22%), 1.86%, 7/31/21D		49,934,000		49,946,823
TOTAL U.S. TREASURY NOTES			$	435,362,456
TOTAL U.S. TREASURY OBLIGATIONS (COST $758,654,706)			$	758,654,706
	Number of Shares
MONEY MARKET FUND – 0.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^		63,754,975	$	63,754,975
TOTAL MONEY MARKET FUND (COST $63,754,975)			$	63,754,975
	Par Value
REPURCHASE AGREEMENTS – 38.6%
Credit Suisse First Boston LLC, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $370,017,781, collateralized by U.S. Treasury Securities and cash collateral, 0.00% to 7.50%, maturing 4/23/20 to 2/15/48; total market value of $374,907,356.	$	370,000,000	$	370,000,000
Deutsche Bank Securities, Inc., 1.72%, dated 10/31/19, due 11/01/19, repurchase price $420,020,067, collateralized by U.S. Treasury Securities, 0.00% to 6.25%, maturing 11/07/19 to 2/15/43; total market value of $428,400,000.		420,000,000		420,000,000
Mizuho Securities USA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $450,021,625, collateralized by U.S. Government Agency, 2.89% to 3.50%, maturing 2/01/27 to 9/01/49; total market value of $459,000,001.		450,000,000		450,000,000
Mizuho Securities USA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $475,022,826, collateralized by U.S. Treasury Security, 3.13%, maturing 11/15/28; total market value of $484,500,000.		475,000,000		475,000,000
RBC Capital Markets LLC, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $1,000,048,056, collateralized by U.S. Government Agency & U.S. Treasury Securities, 0.00% to 5.00%, maturing 1/15/20 to 6/01/51; total market value of $1,020,000,000.		1,000,000,000		1,000,000,000

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS          4

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

Description	Par Value		Value
TD Securities, Inc., 1.75%, dated 10/31/19, due 11/01/19, repurchase price $550,026,736, collateralized by U.S. Government Agency, 3.00% to 4.50%, maturing 8/01/46 to 10/01/49; total market value of $566,500,001.	$	550,000,000	$	550,000,000
TOTAL REPURCHASE AGREEMENTS (COST $3,265,000,000)			$	3,265,000,000
TOTAL INVESTMENTS – 100.1% (COST $8,476,320,669)			$	8,476,320,669
OTHER LIABILITIES LESS ASSETS – (0.1)%				(8,839,972	)
TOTAL NET ASSETS – 100.0%			$	8,467,480,697

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

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Government Agency Obligations	$	—	$	4,388,910,988	$	—	$	4,388,910,988
U.S. Treasury Obligations		—		758,654,706		—		758,654,706
Money Market Fund		63,754,975		—		—		63,754,975
Repurchase Agreements		—		3,265,000,000		—		3,265,000,000
Total	$	63,754,975	$	8,412,565,694	$	—	$	8,476,320,669

^ 7-Day net yield.

D 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.

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

The following acronyms are used throughout this Fund:
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Corporation
SOFRRATE	Secured Overnight Financing Rate
USD	United States Dollar

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

5

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Obligations		53.5	%
Repurchase Agreements		47.9	%
Other Assets and Liabilities – Net1		(1.4	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 53.5%
U.S. TREASURY BILLS – 38.7%
2.03%, 11/07/19‡	$	47,300,000	$	47,284,312
1.98%, 11/19/19‡		100,000,000		99,902,500
1.96%, 12/12/19‡		25,000,000		24,945,333
1.69%, 12/17/19‡		50,000,000		49,893,625
2.10%, 12/26/19‡		75,000,000		74,764,799
2.09%, 1/02/20‡		14,795,000		14,743,020
1.91%, 1/16/20‡		125,000,000		124,507,583
1.90%, 2/06/20‡		50,000,000		49,749,417
1.88%, 2/27/20‡		25,000,000		24,849,222
1.88%, 3/12/20‡		50,000,000		49,664,958
1.73%, 4/09/20‡		50,000,000		49,624,444
1.66%, 4/16/20‡		50,000,000		49,624,250
TOTAL U.S. TREASURY BILLS			$	659,553,463
U.S. TREASURY NOTES – 14.8%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.00%), 1.64%, 1/31/20D		25,000,000		24,997,999
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 1.67%, 4/30/20D		50,000,000		50,001,654
1.50%, 7/15/20		20,130,000		20,111,629
(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 1.68%, 7/31/20D		50,000,000		49,964,468
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 1.68%, 10/31/20D		6,000,000		6,000,000

Description	Par Value		Value
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 1.78%, 4/30/21D	$	100,000,000	$	99,962,952
TOTAL U.S. TREASURY NOTES			$	251,038,702
TOTAL U.S. TREASURY OBLIGATIONS (COST $910,592,165)			$	910,592,165
REPURCHASE AGREEMENTS – 47.9%
Credit Suisse First Boston LLC, 1.73%, dated 10/31/19, due 11/1/19, repurchase price $155,007,449, collateralized by U.S. Treasury Securities, 1.50% to 2.88%, maturing 10/31/23 to 11/15/46; total market value of $158,107,640.	$	155,000,000	$	155,000,000
Deutsche Bank Securities, Inc., 1.72%, dated 10/31/19, due 11/1/19, repurchase price $85,004,061, collateralized by U.S. Treasury Securities, 1.63% to 7.88%, maturing 2/15/21 to 5/15/46; total market value of $86,700,014.		85,000,000		85,000,000
Mizuho Securities USA, 1.73%, dated 10/31/19, due 11/1/19, repurchase price $125,006,007, collateralized by U.S. Treasury Security, 3.13%, maturing 11/15/28; total market value of $127,500,000.		125,000,000		125,000,000
RBC Capital Markets LLC, 1.72%, dated 10/31/19, due 11/1/19, repurchase price $450,021,500, collateralized by U.S. Treasury Securities, 1.75% to 3.88%, maturing 8/15/21 to 4/15/29; total market value of $459,000,014.		450,000,000		450,000,000
TOTAL REPURCHASE AGREEMENTS (COST $815,000,000)			$	815,000,000

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS          6

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

Description	Value
TOTAL INVESTMENTS – 101.4% (COST $1,725,592,165)	$	1,725,592,165
OTHER LIABILITIES LESS ASSETS – (1.4%)		(23,398,264	)
TOTAL NET ASSETS – 100.0%	$	1,702,193,901

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

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	910,592,165	$	—	$	910,592,165
Repurchase Agreements		—		815,000,000		—		815,000,000
Total	$	—	$	1,725,592,165	$	—	$	1,725,592,165

D Variable rate security. The rate disclosed is the rate in effect on the report date, and the date shown in 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.

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

The following acronym is used throughout this Fund:

LLC                    Limited Liability Corporation

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

7          STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2019 (unaudited)	Wilmington U.S. Government Money Market Fund		Wilmington U.S. Treasury Money Market Fund
ASSETS:
Investments, at identified cost	$	8,476,320,669	$	1,725,592,165
Investments in repurchase agreements, at value	$	3,265,000,000	$	815,000,000
Investments in securities, at value		5,211,320,669		910,592,165
TOTAL INVESTMENTS		8,476,320,669		1,725,592,165
Income receivable		4,219,742		172,443
Receivable for shares sold		874,450		137,078
Prepaid assets		40,399		38,712
TOTAL ASSETS		8,481,455,260		1,725,940,398
LIABILITIES:
Payable to custodian		—		20,885,514
Payable for investments purchased		523,655		—
Income distribution payable		9,899,104		2,109,000
Payable for shares redeemed		—		96,588
Payable for Trustees’ fees		6,240		6,240
Payable for administrative personnel and services fees		207,142		43,084
Payable for distribution services fees		510,426		64,891
Payable for shareholder services fees		738,198		140,727
Payable for investment advisory fees		1,419,009		248,697
Other accrued expenses		670,789		151,756
TOTAL LIABILITIES		13,974,563		23,746,497
NET ASSETS	$	8,467,480,697	$	1,702,193,901
NET ASSETS CONSIST OF:
Paid-in capital	$	8,467,449,670	$	1,702,187,473
Distributable earnings (loss)		31,027		6,428
TOTAL NET ASSETS	$	8,467,480,697	$	1,702,193,901
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	1,476,526,424	$	315,885,586
Shares outstanding (unlimited shares authorized)		1,476,767,844		315,923,154
Net Asset Value per share	$	1.000	$	1.000
Institutional Class
Net Assets	$	1,064,530,843	$	50,000
Shares outstanding (unlimited shares authorized)		1,064,592,915		50,000
Net Asset Value per share	$	1.000	$	1.000
Select Class
Net Assets	$	4,756,668,030	$	1,386,172,462
Shares outstanding (unlimited shares authorized)		4,757,111,619		1,386,183,350
Net Asset Value per share	$	1.000	$	1.000
Service Class
Net Assets	$	1,169,755,400	$	85,853
Shares outstanding (unlimited shares authorized)		1,169,709,687		85,851
Net Asset Value per share	$	1.000	$	1.000

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS           8

Six Months Ended October 31, 2019 (unaudited)	Wilmington U.S. Government     Money Market Fund				Wilmington U.S. Treasury     Money Market Fund
INVESTMENT INCOME:
Dividends		$	570,920			$	156,560
Interest			85,362,101				17,369,377
TOTAL INVESTMENT INCOME			85,933,021				17,525,937
EXPENSES:
Investment advisory fees			9,494,251				1,969,741
Administrative personnel and services fees			1,186,095				246,178
Portfolio accounting and administration fees			671,785				144,875
Transfer and dividend disbursing agent fees and expenses			33,321				6,697
Custodian fees			71,821				21,808
Trustees’ fees			27,166				27,166
Professional fees			49,312				45,298
Distribution services fee—Administrative Class			1,589,751				347,930
Distribution services fee—Service Class			1,417,444				135
Shareholder services fee— Administrative Class			1,589,751				347,930
Shareholder services fee— Select Class			5,380,087				1,621,669
Shareholder services fee— Service Class			1,417,444				135
Share registration costs			35,874				25,405
Printing and postage			86,757				8,836
Miscellaneous			185,939				61,331
TOTAL EXPENSES			23,236,798				4,875,134
Waiver/reimbursement by investment advisor			(1,588,528	)			(587,592	)
Waiver of shareholder services fee—Administrative Class			(952,279	)			(208,471	)
Waiver of shareholder services fee—Select Class			(3,223,327	)			(973,587	)
Waiver of shareholder services fee—Service Class			(454	)			—
TOTAL WAIVERS AND REIMBURSEMENTS			(5,764,588	)			(1,769,650	)
Net expenses			17,472,210				3,105,484
Net investment income			68,460,811				14,420,453
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			26,362				7,002
Net realized gain (loss) on investments			26,362				7,002
Change in net assets resulting from operations		$	68,487,173			$	14,427,455

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

9          STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington U.S.  Government Money Market Fund								Wilmington U.S.  Treasury Money Market Fund
	Six Months Ended October 31, 2019 (unaudited)				Year Ended April 30, 2019				Six Months Ended October 31, 2019 (unaudited)				Year Ended April 30, 2019
OPERATIONS:
Net investment income		$	68,460,811			$	112,042,656			$	14,420,453			$	22,930,187
Net realized gain (loss) on investments			26,362				6,231				7,002				6,288
Change in net assets resulting from operations			68,487,173				112,048,887				14,427,455				22,936,475
DISTRIBUTIONS TO SHAREHOLDERS:
Administrative Class			(10,526,752	)			(22,569,370	)			(2,257,561	)			(4,975,018	)
Institutional Class			(8,710,790	)			(10,428,860	)			(36	)			—
Select Class			(40,737,452	)			(61,807,693	)			(12,162,045	)			(17,954,316	)
Service Class			(8,485,817	)			(17,236,747	)			(811	)			(854	)
Total distributions to shareholders			(68,460,811	)			(112,042,670	)			(14,420,453	)			(22,930,188	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class			2,559,459,373				5,088,350,602				446,896,251				1,131,372,451
Institutional Class			1,899,186,086				1,585,136,902				50,000				—
Select Class			5,051,324,465				9,292,845,289				1,477,788,238				3,897,796,606
Service Class			1,660,464,976				3,125,890,676				101,000				151,887
Distributions reinvested
Administrative Class			481				1,085				25,856				24,993
Institutional Class			130,125				399,301				—				—
Select Class			3,579,132				5,136,312				873,959				1,891,396
Service Class			2,681,773				4,965,924				811				842
Cost of shares redeemed
Administrative Class			(2,380,223,167	)			(4,987,743,339	)			(414,361,363	)			(1,188,864,124	)
Institutional Class			(1,261,903,314	)			(1,862,857,258	)			—				—
Select Class			(4,708,365,719	)			(8,161,827,482	)			(1,296,134,049	)			(3,486,260,690	)
Service Class			(1,684,605,587	)			(3,189,828,167	)			(101,000	)			(111,035	)
Change in net assets resulting from share transactions			1,141,728,624				900,469,845				215,139,703				356,002,326
Change in net assets			1,141,754,986				900,476,062				215,146,705				356,008,613
NET ASSETS:
Beginning of period			7,325,725,711				6,425,249,649				1,487,047,196				1,131,038,583
End of period		$	8,467,480,697			$	7,325,725,711			$	1,702,193,901			$	1,487,047,196

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded)          10

	Wilmington U.S.  Government Money Market Fund						Wilmington U.S.  Treasury Money Market Fund
	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		2,559,459,373			5,088,350,602			446,896,251	��		1,131,372,451
Institutional Class		1,899,186,086			1,585,136,902			50,000			—
Select Class		5,051,324,465			9,292,845,289			1,477,788,238			3,897,796,606
Service Class		1,660,464,976			3,125,890,676			101,000			151,887
Distributions reinvested
Administrative Class		481			1,085			25,856			24,993
Institutional Class		130,125			399,301			—			—
Select Class		3,579,132			5,136,312			873,959			1,891,396
Service Class		2,681,773			4,965,924			811			842
Shares redeemed
Administrative Class		(2,380,223,167	)		(4,987,743,339	)		(414,361,363	)		(1,188,864,124	)
Institutional Class		(1,261,903,314	)		(1,862,857,258	)		—			—
Select Class		(4,708,365,719	)		(8,161,827,482	)		(1,296,134,049	)		(3,486,260,690	)
Service Class		(1,684,605,587	)		(3,189,828,167	)		(101,000	)		(111,035	)
Net change in shares outstanding		1,141,728,624			900,469,845			215,139,703			356,002,326

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

11          FINANCIAL HIGHLIGHTS

    For a share outstanding throughout each period:

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
ADMINISTRATIVE CLASS	Six Months     Ended     October 31, 2019     (unaudited)			Year Ended     April 30, 2019			Year Ended     April 30, 2018			Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.016			0.006			0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.016			0.006			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.008	)		(0.016	)		(0.006	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.83	%		1.57	%		0.56	%		0.04	%		0.02	%		0.01	%
Net Assets, End of Period (000’s)		$1,476,527			$1,297,285			$1,196,676			$1,516,147			$1,619,679			$1,556,286
Ratios to Average Net Assets
Gross Expense		0.81	%(b)		0.82	%		0.82	%		0.89	%		0.97	%		0.97	%
Net Expenses(c)		0.62	%(b)		0.62	%		0.62	%		0.42	%		0.18	%		0.07	%
Net Investment Income		1.66	%(b)		1.57	%		0.54	%		0.04	%		0.02	%		0.01	%
INSTITUTIONAL CLASS	Six Months     Ended     October 31,     2019     (unaudited)			Year Ended     April 30, 2019			Year Ended     April 30, 2018			Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.010			0.019			0.009			0.001			0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.010			0.019			0.009			0.001			0.000			0.000
Less Distributions From:
Net Investment Income		(0.010	)		(0.019	)		(0.009	)		(0.001	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		1.01	%		1.92	%		0.91	%		0.17	%		0.02	%		0.01	%
Net Assets, End of Period (000’s)		$1,064,531			$427,114			$704,435			$359,524			$12,840			$26,079
Ratios to Average Net Assets
Gross Expense		0.31	%(b)		0.32	%		0.32	%		0.34	%		0.47	%		0.47	%
Net Expenses(c)		0.27	%(b)		0.27	%		0.27	%		0.27	%		0.13	%		0.07	%
Net Investment Income		1.97	%(b)		1.92	%		0.97	%		0.21	%		0.01	%		0.01	%
SELECT CLASS	Six Months     Ended     October 31,     2019     (unaudited)			Year Ended     April 30, 2019			Year Ended     April 30, 2018			Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.010			0.018			0.008			0.001			0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.010			0.018			0.008			0.001			0.000			0.000
Less Distributions From:
Net Investment Income		(0.010	)		(0.018	)		(0.008	)		(0.001	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.96	%		1.82	%		0.81	%		0.13	%		0.02	%		0.01	%
Net Assets, End of Period (000’s)		$4,756,668			$4,410,116			$3,273,958			$3,671,694			$976,287			$1,005,503
Ratios to Average Net Assets
Gross Expense		0.56	%(b)		0.57	%		0.57	%		0.61	%		0.72	%		0.72	%
Net Expenses(c)		0.37	%(b)		0.37	%		0.37	%		0.33	%		0.18	%		0.07	%
Net Investment Income		1.89	%(b)		1.82	%		0.80	%		0.15	%		0.02	%		0.01	%

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS          12

SERVICE CLASS	Six Months     Ended     October 31,     2019     (unaudited)			Year Ended     April 30, 2019			Year Ended     April 30, 2018			Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.014			0.004			0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.014			0.004			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.008	)		(0.014	)		(0.004	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.76	%		1.42	%		0.41	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Period (000’s)		$1,169,755			$1,191,211			$1,250,181			$1,364,106			$794,950			$1,352,274
Ratios to Average Net Assets
Gross Expense		0.81	%(b)		0.82	%		0.82	%		0.88	%		0.97	%		0.97	%
Net Expenses(c)		0.77	%(b)		0.77	%		0.77	%		0.46	%		0.18	%		0.07	%
Net Investment Income		1.50	%(b)		1.41	%		0.41	%		0.01	%		0.01	%		0.01	%

(a) Represents less than $0.001.

(b) Annualized for periods less than one year.

(c) The investment manager and other service providers voluntarily waived a portion of their fees.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

13          FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON U.S. TREASURY MONEY MARKET FUND
ADMINISTRATIVE CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended     April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.016			0.006			0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.016			0.006			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.008	)		(0.016	)		(0.006	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.82	%		1.58	%		0.57	%		0.03	%		0.01	%		0.00	%(b)
Net Assets, End of Period (000’s)		$315,886			$283,323			$340,788			$479,284			$646,349			$631,472
Ratios to Average Net Assets
Gross Expense		0.82	%(c)		0.83	%		0.84	%		0.91	%		0.99	%		0.98	%
Net Expenses(d)		0.60	%(c)		0.60	%		0.60	%		0.39	%		0.15	%		0.06	%
Net Investment Income		1.62	%(c)		1.54	%		0.53	%		0.03	%		0.01	%		0.00	%(b)
INSTITUTIONAL CLASS							For the Period October 16, 2019* through October 31, 2019 (Unaudited)
Net Asset Value, Beginning of Period								$1.000
Income (Loss) From Operations:
Net Investment Income								0.001
Net Realized Gain (Loss) on Investments								0.000	(a)
Total Income (Loss) From Operations								0.001
Less Distributions From:
Net Investment Income								(0.001	)
Net Asset Value, End of Period								$1.000
Total Return								0.07	%
Net Assets, End of Period (000’s)								$50
Ratios to Average Net Assets
Gross Expense								0.32	%(c)
Net Expenses(d)								0.25	%(c)
Net Investment Income								1.60	%(c)
SELECT CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.009			0.018			0.008			0.001			0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.009			0.018			0.008			0.001			0.000			0.000
Less Distributions From:
Net Investment Income		(0.009	)		(0.018	)		(0.008	)		(0.001	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.95	%		1.83	%		0.82	%		0.12	%		0.01	%		0.00	%(b)
Net Assets, End of Period (000’s)		$1,386,172			$1,203,639			$790,207			$311,815			$242,597			$264,955
Ratios to Average Net Assets
Gross Expense		0.57	%(c)		0.58	%		0.59	%		0.66	%		0.74	%		0.74	%
Net Expenses(d)		0.35	%(c)		0.35	%		0.35	%		0.31	%		0.15	%		0.06	%
Net Investment Income		1.87	%(c)		1.85	%		0.89	%		0.13	%		0.01	%		0.00	%(b)

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded)          14

SERVICE CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended     April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.007			0.014			0.004			0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.007			0.014			0.004			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.007	)		(0.014	)		(0.004	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.75	%		1.43	%		0.42	%		0.01	%		0.01	%		0.00	%(b)
Net Assets, End of Period (000’s)		$86			$85			$44			$31			$26			$18
Ratios to Average Net Assets
Gross Expense		0.82	%(c)		0.83	%		0.84	%		0.90	%		0.97	%		0.99	%
Net Expenses(d)		0.75	%(c)		0.75	%		0.74	%		0.42	%		0.17	%		0.06	%
Net Investment Income		1.50	%(c)		1.40	%		0.44	%		0.01	%		0.01	%		0.00	%(b)

(a) Represents less than $0.001.

(b) Represents less than 0.01%.

(c) Annualized for periods less than one year.

(d) The investment manager and other service providers voluntarily waived a portion of their fees.

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

15          NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

October 31, 2019 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end management investment company. The Trust consists of 12 portfolios, 2 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 10 funds are presented in separate reports.

Fund	Investment Goal
Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)(d)	The Fund seeks to provide current income while maintaining liquidity and stability of principal.
Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)(d)	The Fund seeks to provide current income while maintaining liquidity and stability of principal.

(d)   Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I, and Institutional Class. Class A and Class I are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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.

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.

Computation of Net Asset Value– It is each Fund’s policy to maintain a continuous net asset value of $1.00 per share for each class. Each Fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that each Fund will be able to maintain a stable net asset value of $1.00 per share. The net asset value (‘‘NAV’’) per share for each of the Funds is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. Each Fund’s NAV per share is computed as of 4:00 p.m. (Eastern Time), on days when the 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 Rule2a-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 orsub-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 orsub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)          16

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, 2019, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase     Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral     Received(1)		Net Amount(2)
U.S. Government Money Market Fund
Credit Suisse First Boston LLC	$	370,000,000	$	370,000,000	$	—	$	—
Deutsche Bank Securities, Inc.		420,000,000		420,000,000		—		—
Mizuho Securities USA		475,000,000		475,000,000		—		—
Mizuho Securities USA		450,000,000		450,000,000		—		—
RBC Capital Markets LLC		1,000,000,000		1,000,000,000		—		—
TD Securities, Inc.		550,000,000		550,000,000		—		—
	$	3,265,000,000	$	3,265,000,000	$	—	$	—
U.S. Treasury Money Market Fund
Credit Suisse First Boston LLC		155,000,000		155,000,000		—		—
Deutsche Bank Securities, Inc.		85,000,000		85,000,000		—		—
Mizuho Securities USA		125,000,000		125,000,000		—		—
RBC Capital Markets LLC		450,000,000		450,000,000		—		—
	$	815,000,000	$	815,000,000	$	—	$	—

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

(2)   Net amount represents the net amount receivable due from the counterparty in the event of default.

Investment Income, Gains and Losses, Expenses and Distributions– Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Dividends and distributions to shareholders are recorded on theex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

Expenses of the Trust, which are directly identifiable to a specific fund, are applied to that fund. Expenses which are not identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.

All Funds offer multiple classes of shares. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights; differences in per share distributions rates are generally due to differences in class specific expenses. Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income are declared daily and paid monthly.

Federal Taxes– It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended October 31, 2019, the Funds did not incur any interest or penalties.

3. FEDERAL TAX INFORMATION

As of April 30, 2019, there are no uncertain tax positions that would require financial statement recognition,de-recognition or disclosure. The Funds’ federal tax returns filed for the years ended 2018, 2017 and 2016, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to the tax treatment of expiring capital loss carryforwards.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

17          NOTES TO FINANCIAL STATEMENTS (continued)

The tax character of distributions for the corresponding fiscal year ends were as follows:

	2019		2018
Fund	Ordinary         Income*	Long-Term      Capital Gains	Ordinary         Income*	Long-Term      Capital Gains
U.S. Government Money Market Fund	$112,042,670	$—	$48,707,704	$—
U.S. Treasury Money Market Fund	22,930,188	—	6,980,169	—

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

As of April 30, 2019, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary     Income	Undistributed Long-Term     Capital Gains	Other Timing     Differences	Unrealized Appreciation/     (Depreciation)	Capital Loss     Carryforwards	Late Year Loss     Deferrals
U.S. Government Money Market Fund	$11,706,352	$—	$(11,701,687)	$—	$ —	$—
U.S. Treasury Money Market Fund	2,586,530	—	(2,586,542)	—	(562)	—

At April 30, 2019, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the (“Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax.

Fund	Short-Term     No Expiration	Long-Term     No  Expiration	Total Capital Loss     Carryforwards
U.S. Treasury Money Market Fund	$562	$—	$562

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”) providessub-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     Annual Rate
U.S. Government Money Market Fund	0.25%
U.S. Treasury Money Market Fund	0.25%

During the six months ended October 31, 2019, WFMC has agreed to reduce its advisory fee and/or reimburse certain of the Funds’ operating expenses, and/or certain class-specific fees and expenses, in an effort to maintain the current yield of each share class at or above zero. The fee waiver does not take into consideration acquired fund fees and expenses, taxes or extraordinary items. Any such waiver or expense reimbursement may be modified or discontinued at any time without notice.

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2020, so that total annual fund operating expenses paid by the Funds (not including the effects of acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Fund’s distributor will recoup previously waived fees/expenses in subsequent years.

	Contractual Current Expense
	Limitations
	Administrative	Institutional	Select	Service
Fund	Class	Class	Class	Class
U.S. Government Money Market Fund	0.62%	0.27%	0.37%	0.77%
U.S. Treasury Money Market Fund*	0.60%	0.25%	0.35%	0.75%

*      Effective October 16, 2019, the U.S. Treasury Money Market Fund launched a new Institutional Class.

Administrative Fees– The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The 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 asCo-Administrator, provides the Funds with certain administrative personnel and services necessary to operate the Funds. The

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)          18

fees as described in the table below are accrued daily and paid monthly, and are disclosed on the Statements of Operations as “Administrative personnel and services fees.”

	Maximum	Average Aggregate Daily  Net
Administrator	Fee	Assets of the Trust
WFMC	0.040%	on the first $5 billion
	0.030%	on the next $2 billion
	0.025%	on the next $3 billion
	0.018%	on assets in excess of $10 billion
BNYM	0.0175%	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, 2019, neither WFMC nor BNYM waived any administrative fees.

Distribution Services Fee– The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Administrative Class and Service Class shares for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2019, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the following Funds which are listed below:

	Distribution
Fund	Fees
U.S. Government Money Market Fund	$3,002,218
U.S. Treasury Money Market Fund	345,058

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 waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2019, M&T received a portion of the fees paid by the following Funds which are listed below:

	Shareholder Services
Fund	Fee
U.S. Government Money Market Fund	$4,199,932
U.S. Treasury Money Market Fund	770,347

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

BNYM provides custody services to the Trust.

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

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

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

19          NOTES TO FINANCIAL STATEMENTS (continued)

5. RISK

The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.

6. 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 greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 2, 2020.

The Trust did not utilize the LOC during the six months ended October 31, 2019.

7. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each Fund’s financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the implications of certain provisions of ASUNo. 2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

8. OTHER FUND INFORMATION

At a meeting held on June 5, 2019, the Trustees, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (“PwC”) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending April 30, 2020. During the fiscal years ended April 30, 2019 and 2018, Ernst & Young LLP (“E&Y”) audit reports on the financial statements of each Fund in the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the each Fund’s financial statements.

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 additional material events that would require recognition or disclosure in the Funds’ financial statements through this date.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

20

DISCUSSION OF RENEWAL OF ADVISORY ANDSUB-ADVISORY AGREEMENTS AND APPROVAL OF NEWSUB-ADVISORY AGREEMENTS

Renewal of Advisory andSub-Advisory Agreements Generally

At a meeting held on September 4–5, 2019 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements andsub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into three Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On July 19, 2019, the Board held a special telephonic meeting with personnel of Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (together, the “Adviser”) and independent counsel to the Independent Trustees (“Counsel”) concerning the Advisory Agreements between the three multi-manager Funds (the“Sub-Advised Funds”) and their respectivesub-advisers (the“Sub-Advisers”). The Adviser provided the Board with an initial basis for the approval of each such Advisory Agreement and discussed with the Board a variety of information about theSub-Advised Funds and theirSub-Advisers, including information that eachSub-Adviser provided in response to a written request from Counsel on behalf of the Trustees concerning its investment advisory services, operations, compliance program and other matters.

On August 21, 2019, the Board held a special telephonic meeting with personnel of the Adviser and Counsel, after which the Independent Trustees met in executive session with Counsel, to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the Adviser and to continue the evaluation of the Advisory Agreements with theSub-Advisers, as appropriate. The Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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 aFund-by-Fund basis, peer comparisons of fee and expense data;

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

• Information from the Adviser describing, on aFund-by-Fund basis, each Fund’s performance (over multiple periods) compared with the Fund’s benchmark(s) and custom peer groups, as applicable;

• Information about fees paid by other clients of the Adviser (and eachSub-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 theSub-Advisers and the Adviser’s evaluation and recommendation of the approval of the renewal of the Advisory Agreements with eachSub-Adviser;

• For eachSub-Adviser, the nature and quality of services provided; the costs of those services, as available; the potential for economies of scale; potentialfall-out benefits to theSub-Adviser; and the financial stability of theSub-Adviser and its parent companies, as relevant; and

• The financial stability of the Adviser and eachSub-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 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 eachSub-Adviser, as applicable, were consistent with the terms of the relevant Advisory Agreements;

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

21          DISCUSSION OF RENEWAL OF ADVISORY ANDSUB-ADVISORY AGREEMENTS AND APPROVAL OF NEWSUB-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 and management’s discussion of the Fund’s profitability relative to the money market fund marketplace. The Board also considered that the Fund had achieved total return performance below the peer group average for theone-, three- and five-year periods ended June 30, 2019. The Board considered management’s views concerning the markets for the fixed income securities in which the Fund invests and that the Fund is managed conservatively relative to its peers. 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 theone-, three- and five-year periods ended June 30, 2019. The Board considered management’s views concerning the markets for the fixed income securities in which the Fund invests and that the Fund is managed conservatively relative to its peers. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreements.

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

22

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 calling1-800-836-2211. A report on how the Funds voted any such proxies during the most recent12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

For periods prior to the quarter ending July 31, 2019, the Funds have filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The Funds’ FormN-Qs are available on the SEC’s website at www.sec.gov.

Effective July 31, 2019, 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 FormN-PORT. FormN-PORT is available on the SEC’s website at www.sec.gov.

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) SelectE-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

23

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.

Information The Funds Collect:

The Funds collect nonpublic personal information about you from the following sources:

• We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security number, assets and income.

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes.

Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.

Information Security:

When the Funds share nonpublic customer information with third parties hired to facilitate the delivery of certain products or services to our customers, such information is made available for limited purposes and under controlled circumstances designed to protect our customers’ privacy. We require third parties to comply with our standards regarding security and confidentiality of such information. We do not permit them to use that information for their own or any other purposes, or rent, sell, trade or otherwise release or disclose the information to any other party. These requirements are reflected in written agreements between the Funds and the third party service providers.

The Funds protect your personal information in several ways. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, the Funds’ Transfer Agent and Shareholder Servicing Agent have procedures in place for the appropriate disposal of nonpublic personal information when they are no longer required to maintain the information.

Each of the following sections explains an aspect of the Funds’ commitment to protecting your personal information and respecting your privacy.

Employee Access to Information:

Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in the strictest of confidence. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and on an employee’s or agent’s need to know the information in order to service a customer’s account or comply with legal requirements.

Visiting The Funds’ Website:

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

October 31, 2019 (unaudited) / SEMI-ANNUAL REPORT

24

• Information or data entered into a website will be retained.

• Where registration to a website orre-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not you have visited the site before. It is a small file that is stored on your computer that identifies you each time youre-visit our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

• We may also collectnon-personally identifiable Internet Protocol (“IP”) addresses for all other visitors to monitor the number of visitors to the site. Thesenon-personally identifiable IP addresses are never shared with any third party.

E-mail:

If you have opted to receive marketing information from the Funds bye-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequente-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 youe-mail on matters pertaining to the retirement plan.

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within youre-mail correspondence to us. We cannot usee-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, usee-mail to provide you with the necessary forms or you may contact customer service toll-free at1-800-836-2211.

Surveys/Aggregate Data:

Periodically, the Funds may conduct surveys about financial products and services or review elements of customer information in an effort to forecast future business needs. The Funds then generate reports that include aggregate data regarding its customers. Aggregate data classifies customer information in various ways but that does not identify individual customers. These reports may also include information on website traffic patterns and related information. These reports are used for the Funds’ planning, statistical and other corporate purposes. Aggregate data may also be shared with external parties, such as marketing organizations. However, no information is shared by which any individual customer could be identified.

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)

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	Investment Advisor	Distributor
	Wilmington Funds Management Corp.	ALPS Distributors, Inc.
	1100 North Market Street	1290 Broadway, Suite 1100
	9thFloor	Denver, CO 80203
	Wilmington, DE 19890
	Sub-Advisor	Fund Accountant,Co-Administrator, Transfer Agent and Dividend Disbursing Agent
	Wilmington Trust Investment Advisors, Inc.	BNY Mellon Investment Servicing (U.S.) Inc.
	1100 North Market Street	301 Bellevue Parkway
	9thFloor	Wilmington, DE 19809
	Wilmington, DE 19890
	Co-Administrator	Independent Registered Public Accounting Firm
	Wilmington Funds Management Corp.	PricewaterhouseCoopers LLP
	1100 North Market Street	Two Commerce Square
	9thFloor	2001 Market Street, Suite 1800
	Wilmington, DE 19890	Philadelphia, PA 19103
	Custodian
	The Bank of New York Mellon
	225 Liberty Street
	New York, NY 10286
WT-SAR-MM-1019
WilmingtonFunds  |  1-800-836-2211  |  www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

Item 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) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

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 registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of RegulationS-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-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 Rule30a-3(b) under the 1940 Act and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined inRule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarterthat 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 forClosed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4)(i) Change in Auditor Disclosure

(a)(4)(ii) Ernst & Young LLP Letter

(b) Certifications pursuant to Rule30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)     Wilmington Funds                                                           

By (Signature and Title)*	/s/ Richard J. Berthy
	Richard J. Berthy
	(Principal Executive Officer)

Date January 9, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Richard J. Berthy
	Richard J. Berthy
	(Principal Executive Officer)

Date January 9, 2020

By (Signature and Title)*	/s/ Christopher W. Roleke
	Christopher W. Roleke
	(Principal Financial Officer)

Date January 9, 2020

^*  Print the name and title of each signing officer under his or her signature.