Wilmington Funds N-CSR Certified 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

(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: April 30, 2020

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.

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”)

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	11
Portfolios of Investments	13
Statements of Assets and Liabilities	53
Statements of Operations	55
Statements of Changes in Net Assets	57
Financial Highlights	59
Notes to Financial Statements	63
Report of Independent Registered Public Accounting Firm	80
Federal Tax Information (unaudited)	81
Board of Trustees and Trust Officers	82
Liquidity Risk Management Disclosure	85

[This Page Intentionally Left Blank]

i

Esteemed Shareholder:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s annual fiscal year period of May 1, 2019, through April 30, 2020. 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 annual fiscal year period.

The economy

The last year brought a tale of two narratives for the global economy. During 2019 the global economy centered on trade, as escalating frictions between the U.S. and China disrupted global supply chains and weighed heavily on sentiment. The announcement of a phase one trade deal between the two sides in October, and progression toward the deal’s completion in December, fueled hopes for the possibility of a cyclical recovery in early 2020. Despite weakness in business investment, a byproduct of the trade war, the U.S. recorded Gross Domestic Product (“GDP”) growth of 2.3% (seasonally adjusted) in 2019, thanks to notable strength in consumer spending. Optimism abruptly reversed course in late February of 2020 asCOVID-19, the infectious disease caused by the most recently discovered coronavirus, evolved from an outbreak to a global pandemic. Governments worldwide implemented strict lockdown measures to curb the virus’s spread, relegating consumers to their homes and forcingnon-essential businesses to shutter. With economic activity grinding to a near standstill by the end of March, U.S. GDP declined by 4.8% (seasonally adjusted annualized rate) in the first quarter, providing an early glimpse into what is expected to be a materially weaker second quarter. As demand receded in April, gauges of manufacturing and services activity tumbled into contraction territory, core inflation dropped by a record 0.4% (month-over-month) and the U.S. unemployment rate spiked to 14.7%, its highest level since the Great Depression.

The fiscal and monetary response in the U.S. has been unparalleled historically, in its scale and speed of implementation. After delivering three rate cuts in 2019, the Federal Reserve (the “Fed”) lowered rates further by a cumulative 150 basis points1 in the first quarter of 2020 and moved to open-ended purchases of Treasuries and agency Mortgage-Backed Securities/Collateralized Mortgage-Backed Securities. Additionally, the Fed introduced a plethora of accommodations to support financial markets, businesses and governments. The Fed entered uncharted territory by creating new facilities to purchase corporate debt and fixed income ETFs, and later broadened their scope to include segments of the high yield market. The Federal government introduced roughly $3 trillion of fiscal stimulus through three pieces of legislation to provide direct support to consumers, businesses and governments, cushion the pandemic’s economic impact and accelerate the nation’s healthcare response.

Emerging and international developed economies, which are more export dependent than the U.S., were hit particularly hard by the trade war in 2019, with the global manufacturing sector moving into contraction in the third quarter, before showing signs of life towards the end of the year. A cyclical rebound appeared to be picking up steam in China, beforeCOVID-19 emerged in its central province of Wuhan. As the first economy affected, China offered a preview to the rest of the world of the virus’s potential impact. After GDP growth decelerated in 2019, to its slowest pace in 30 years, China registered a record decline in the first quarter 2020. The Euro zone and UK economies suffered a tremendous economic toll as countrywide lockdown orders were set into motion and GDP contracted in the first quarter. Central banks outside the U.S. followed the Fed’s lead, in introducing record volumes of accommodation, while the fiscal response across international economies has been massive in scale.

Bond markets

The 2019 calendar year marked a strong period for bond markets, particularly for investment grade corporates, which posted their best annual performance since 2002 as rates fell precipitously and spreads compressed to near decade lows. However, the first quarter of 2020 brought one of the most volatile quarters in recent memory as theCOVID-19 pandemic challenged corporate balance sheets and severely hampered liquidity. Taxable corporate credit spreads (interest rate in excess of the risk-free rate) and the ratio of high gradetax-exempt yields to Treasuries of equivalent maturity surged to decade highs. The10-year Treasury yield plummeted to anall-time low as the Federal Reserve slashed rates to zero and investors sought safety. The Federal Reserve moved to open-ended quantitative easing and arranged a broad menu of facilities to enhance market liquidity and expand access to credit. The Fed’s pledge to provide direct support to corporate bond markets, for the first time in history, helped drive taxable spreads materially lower and boosted performance through the end of April. The energy sector weighed heavily on performance for corporates as the price of oil plunged to a historic record low. The more vulnerable high yield sector saw fundamentals deteriorate asymmetrically and lagged high grade peers in therisk-off environment.

PRESIDENT’S MESSAGE / April 30, 2020 (unaudited)

ii

For the12-month period May 1, 2019 to April 30, 2020, 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
14.27%	10.84%	9.37%	2.16%	-4.11%

Past performance is no guarantee of future results. Short term performance may not be indicative of long term results.

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

Equity markets

The past year brought a continuation of the predominant equity market trends observed in the second half of 2018, namely the dominance of U.S. over international equities, developed over emerging markets, growth over value and large over small cap. U.S. large cap equities capped off their second best annual performance of the decade in the 2019 calendar year and benefitted from corporate earnings that came in better than feared, supportive monetary policy and trade optimism from October through January. International developed and emerging market equities, which are more leveraged to global trade, suffered disproportionately throughout theUS-China tariff disaster, while persistent dollar strength and investors’ preference for safe-haven assets presented additional headwinds for the international group. Risk appetite prevailed through January but was abruptly derailed as theCOVID-19 outbreak escalated rapidly to a global pandemic and brought the longest bull market in history to a painful end. The selloff that transpired from February to late March was indiscriminate, affecting all regions with unsettling speed and magnitude, although winners and losers emerged during the subsequent rebound from March lows. Notably, U.S. small cap companies, which are more cyclical in nature, bore the brunt of the selloff, as the pandemic introduced a punishing blow to economic activity.Mega-cap technology stocks emerged as relative safe havens and proved more resilient than the broader market with earnings less impacted by the economic damage.

For the12-month period May 1, 2019 to April 30, 2020, certain stock market indices performed as follows:

S&P 500 Index8	Russell 2000 Index9	MSCI EAFE (Net) Index10	MSCI Emerging Markets (Net) Index11
0.86%	-16.39%	-11.34%	-12.00%

Past performance is no guarantee of future results. Short term performance may not be indicative of long term results.

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

As investors know all too well, uncertainty in financial markets is certain. Other ongoing certainties include our fiduciary, clients-first mindset as we strive to manage risk in your portfolio’s assets. Another constant is our disciplined yet flexibleeconomics-led investment process that is delivered through innovative multi-asset class solutions and is designed to help you achieve your long-term objectives.

Sincerely,

Dominick J. D’Eramo, CFA

President

May 15, 2020

April 30, 2020 (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. Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

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

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

9. The Russell 2000 Index measures the performance of the 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 $152.3 million to $5 billion.

10. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index is an equity index which captures large andmid-cap representation across 21 Developed Market countries: 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.

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index captures large andmid-cap representation across 26 Emerging Market countries: 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 / April 30, 2020 (unaudited)

1

WILMINGTON INTERNATIONAL FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, Wilmington International Fund (the “Fund”) had a total return of-12.35%* for Class A Shares and-12.28%* for Class I Shares, versus its benchmark, the MSCI – All Country Worldex-US Index (Net, USD) ( MSCI ACW Iex-US)** which had a total return of-11.51%. The MSCI ACWIex-US is a free float-adjusted market capitalization index that is designed to measure developed and emerging market equity performance, excluding the United States.

International equity markets exhibited considerable volatility during May through December 2019, mainly due to uncertainty around U.S. – China trade negotiations. Then, inmid-January 2020,COVID-19 burst out of Wuhan, rapidly spreading to elsewhere in Asia, Europe, and North America. Country after country imposed severe public health measures, with adverse economic impacts. Anticipating an acute global recession, international equity markets plunged in late February, reaching a trough in late March, before stabilizing. As the fiscal year ended, markets had partially recovered, on optimism that public health measures were beginning to work, and that economies couldre-open.

Global investors favored technology stocks over energy and financial stocks throughout the fiscal year, particularly during theCOVID-19 market drawdown. Share prices for energy stocks collapsed due to the combination of falling oil demand and conflict between Saudi Arabia and Russia over supply constraints. Share prices for European banks sharply dropped as regulatory authorities ordered dividend and buyback suspensions. The Fund’s slight overweight to technology stocks, and slight underweights to energy and financial stocks, made a significant positive contribution to excess return. However, the Fund’s underweight to consumer staples stocks, which tend to outperform during market downturns, hurt performance.

Likewise, investors favored stocks offering high-quality, sustainable earnings growth. This was particularly the case during the market drawdown, as investors grappled with uncertainty over the likely depth and duration of the emergent global recession. The Fund’s modest tilt toward high-quality growth stocks made a significant positive contribution to its excess return. However, the Fund’s tilt toward smaller capitalization stocks, which tend to underperform during market downturns, detracted from performance.

Global investors preferred stocks domiciled in Japan and Asiaex-Japan over those domiciled in Europe. Japanese stocks benefitted during the market drawdown, as well as during the preceding volatility, as investors sought the perceived “safe haven” ofyen-denominated assets. The Fund’s slight overweight to Japan was helpful. By the end of the fiscal year, much of Asiaex-Japan had already emerged from lockdown, with Europe still contemplating plans forre-opening. The Fund was slightly overweight to each Asiaex-Japan and Europe, so the regional performance difference was not impactful.

The emergent global recession weighed heavily on the stock markets and currencies of commodity producing countries, namely Australia, Brazil, Canada, and South Africa. The Fund had meaningful underweights to such stocks, which contributed to the portfolio’s excess return.

It should be noted that reported fiscal year performance was impacted by the application of fair valuation to calculation of the Fund’s Net Asset Value on April 30th, the last day of the fiscal year. The intraday decline in the Russell 1000 (U.S. large cap) index met the threshold for triggering a downward adjustment to the Fund’s Net Asset Value.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was-17.21%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recentmonth-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

** The MSCI All Country Worldex-US Index (Net, USD) (MSCI ACWIex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWIex-US consists of 48 country indices comprising 22 developed and 26 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, 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 it is not possible to invest directly in an index.

International investing involves special risks including currency risks, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

April 30, 2020 (unaudited) / ANNUAL REPORT

2

WILMINGTON INTERNATIONAL FUND

The graphs below illustrate the hypothetical investment of $10,0001 in the Class A Shares and $1,000,0001 in the Class I Shares of Wilmington International Fund from April 30, 2010 to April 30, 2020, compared to the MSCI ACWIex-US Net Index².

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $10,000,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was-17.21%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recentmonth-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/20
	1 Year	5 Years	10 Years
Class A^	-17.21%	-1.36%	1.84%
Class I^	-12.28%	-0.10%	2.57%
MSCI ACWIex-US Net Index2	-11.51%	-0.17%	2.89%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.53% and 1.00%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.28% and 0.87%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the MSCI ACWIex-US Net Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index. It is not possible to invest directly in an index and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2020 (unaudited)

3

WILMINGTON GLOBAL ALPHA EQUITIES FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, the Wilmington Global Alpha Equities Fund (the “Fund”) had a total return of-2.57%* for Class A Shares and-2.31%* for Class I Shares, versus its benchmark, the HFRX Equity Hedge Fund Index**, which had a total return of-6.00%. The Fund also outperformed its Morningstar peer group (US Long-Short Equity), which returned-4.86%.

During the fiscal year that ended April 30, 2020, the Fund had strong risk-adjusted performance and met its objective of providing downside protected, hedged equity exposure.

The Fund outperformed both its benchmark and its peers, reducing the amount capital decreased during a volatile period. The Fund had a maximum peak to trough drawdown during the period of only 15.4% versus 20.4% for the peer group and nearly 34% for the MSCI ACWI.

The Fund is a portfolio of long only equity strategies run by Wellington’s different portfolio management teams overseen and hedged with market futures by Wellington’s Investment Strategy and Risk Team.

For the year, the long only equity strategies performed roughlyin-line with Global Equities as represented by the MSCI ACWI Index. The Fund was helped by stock selection, though it was hurt considerably by sector selection, where the Fund was underweight tech and overweight industrials. Country selection was slightly negative, as the Fund was hurt by its overweight to Europe and underweight to US, but was helped by its overweight to Japan.

From an underlying strategy perspective four Portfolio Managers outperformed significantly, three underperformed and the rest were roughlyin-line with their benchmarks. The top performer was a manager who focused on high quality companies with an overweight to U.S. markets. The poorest performer was an international value manager – a style that was very out of favor.

The Fund uses equity index futures to reduce the Fund’s net long exposure to the global equity market. The use of equity index futures contributed significantly to performance as the hedges were highly profitable during the first quarter of 2020.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was-7.96%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recentmonth-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

** The HFRX Equity Hedge Fund Index measures the performance of hedge fund strategies that primarily maintain long and short positions in equity and equity derivative securities. Equity Hedge managers typically maintain at least 50%, and in some cases may be entirely invested in equity-related securities, both long and short. Managers may employ a broad range of processes and strategies, including both quantitative and fundamental techniques, as well as net exposures, level of concentration, use of leverage, holding periods, and market capitalizations. The Index is weighted by asset size among reporting funds, which must have at least $50 million in assets or have been active for at least 12 months. The index is unmanaged and it is not possible to invest directly in an index.

Investing involves risk and you may incur a profit or a loss. Investments such as mutual funds which focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors. Diversification does not ensure a profit or guarantee against a loss. There is no assurance that any investment strategy will be successful. Any investment in the Fund should be part of an overall investment program rather than, in itself, a complete program. Because the Fund invests in underlying mutual funds or other managed strategies, an investor in the Fund will bear the management fees and operating expenses of the “Underlying Strategies” in which the Fund invests. The total expenses borne by an investor in the Fund will be higher than if the investor invested directly in the Underlying Strategies, and the returns may therefore be lower.

The Fund, theSub-Advisers, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund andSub-Advisers are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with theSub-Advisers making trading decisions independently, investing in other investment companies, using a particular style or set of styles, basing investment decisions on historical relationships and correlations, trading frequently, using leverage, making short sales, beingnon-diversified, and investing in securities with low correlation to the market. The use of leverage may magnify losses.

The Fund is also subject to risks associated with investments in foreign markets, emerging market securities, small cap companies, debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities, and Collaterized Mortgage Obligations (“CMO”). Please see the prospectus and summary prospectus for information on these as well as other risk considerations.

April 30, 2020 (unaudited) / ANNUAL REPORT

4

WILMINGTON GLOBAL ALPHA EQUITIES FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,0001 in the Class I Shares of the Wilmington Global Alpha Equities Fund from January 12, 2012 (start of performance) to April 30, 2020 compared to the HFRX Equity Hedge Fund Index².

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT               VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was-7.96%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recentmonth-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/20
	1 Year	5 Year	Start of Performance (1/12/2012)
Class A^	-7.96%	0.07%	1.49%
Class I^	-2.31%	1.49%	2.45%
HFRX Equity Hedge Fund Index2	-6.00%	-1.14%	1.60%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 2.37% and 1.50%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 2.12% and 1.25%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the HFRX Equity Hedge Fund Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2020 (unaudited)

5

WILMINGTON REAL ASSET FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, Wilmington Real Asset Fund (the “Fund”) had a total return of-11.35%* for Class A Shares and-11.13%* for Class I Shares, versus its benchmark, the S&P Developed Property Index**, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index (“Bloomberg Barclays U.S. TIPS Index”)***, and the Real Asset Blended Index, which had total returns of-15.73%, 9.46% and-11.53%, respectively.

Effective January 1, 2020, the Real Asset Blended Index is a mix of 37.5% S&P Developed Property Index, 37.5% Bloomberg Commodity Index (Total Return)****, and 25% Bloomberg Barclays U.S. TIPS Index. During this period, the Fund was hurt by its underweight to TIPS and overweight to Real Estate, but this was offset by its underweight to Commodities/Other Real Assets.

U.S. inflation-linked bond (“ILB”) markets posted strong returns for the fiscal year as real yields fell across the curve, first due to the end and reversal of the Federal Reserve (the “Fed”) hiking cycle and then with accelerated rate cuts, and flight to quality as the virus wreaked havoc to risk assets worldwide. ILB’s trailed nominal bonds, however, as already low inflation expectations plummeted in Q1 2020, which saw 10 year inflation expectations fall to 50 basis points inmid-March down from 1.8% to begin the year. The Fund reduced its TIPS exposure to zero on the view that with low nominal yields and little to no inflation for the foreseeable future, forward looking returns for TIPS are not compelling. The Fund’s TIPS exposure trailed the index slightly as TIPS continued to rally after the Fund began reducing its exposure.

Global real estate securities, as measured by the S&P Developed Property Index, were down around 16% for the fiscal year. After a strong 2019, real estate saw a dramatic fall in February and March of 2020, before recovering somewhat in April. The U.S. slightly outperformed international markets as U.S. risk assets continued to outperform foreign assets, and the strong U.S. dollar further hurt international markets. The Fund’s real estate sleeve slightly under-performed the index, as the Fund was overweight international for much of the period and also had some exposure to emerging markets real estate, which trailed developed markets.

Commodities fell over 20% during the fiscal year, with 100% of the losses occurring in the first 4 months of 2020. Energy led the decline, falling over 50%, on virus induced demand shock as well as price war between Saudi Arabia and Russia. Industrial metals also saw a steep decline on reduced demand. Precious metals were the only positive category, as gold jumped 30%. The Fund’s commodities/ other real assets exposure slightly outperformed the Bloomberg Commodity Index, as its overweight gold more than offset its energy and master limited partnership exposures.

The Fund uses derivatives, which include interest rate/inflation options, interest rate futures, interest rate/inflation swaps, and credit default swaps, to enhance returns of the Fund and to hedge (or protect) against adverse movements in interest rates and movements in the bond markets. During the fiscal year, the Fund’s use of derivatives had a moderately negative impact on the relative performance of the Fund’s exposure to inflation protected securities versus the asset

class benchmark due to swap rates underperforming government cash bond rates, while synthetic credit outperformed cash corporate bonds.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was-16.23%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recentmonth-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

** S&P Developed Property Index defines and measures the investable universe of publicly traded property companies in developed global markets.

*** The Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index measures the performance of the U.S. Treasury Inflation Protected Securities market. Federal Reserve holdings of US TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index.

**** Bloomberg Commodity Index (Total Return) is designed to be a diversified benchmark for commodities as an asset class, and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the Index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The Index is currently composed of futures contracts on 20 physical commodities.

International investing involves special risks including currency risks, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

April 30, 2020 (unaudited) / ANNUAL REPORT

6

WILMINGTON REAL ASSET FUND

The graphs below illustrate the hypothetical investment of $10,0001 in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Real Asset Fund from April 30, 2010 to April 30, 2020 compared to the S&P Developed Property Index², the Bloomberg Barclays U.S. TIPS Index², and the Real Asset Blended Index³.

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was-16.23%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recentmonth-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/20
	1 Year	5 Years	10 Years
Class A^	-16.23%	-2.02%	1.26%
Class I^	-11.13%	-0.66%	2.09%
Bloomberg Barclays U.S. TIPS Index2	9.46%	3.08%	3.52%
S&P Developed Property Index2	-15.73%	-0.04%	5.27%
Real Asset Blended Index3	-11.53%	-0.50%	2.78%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.46% and 1.10%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.21% and 0.85%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Bloomberg Barclays U.S. TIPS Index and the S&P Developed Property Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

3 The Real Asset Blended Index is calculated by the investment advisor and is currently based on a weighting of the following indices: 37.5% S&P Developed Property Index, 37.5% Bloomberg Commodity Index (Total Return) and 25% Bloomberg Barclays U.S. Tips Index. Prior to January 1, 2020, it consisted of: 60% S&P Developed Property Index, 20% Bloomberg Barclays U.S. TIPS Index, and 20% Bloomberg Commodity Index (Total Return).

ANNUAL REPORT / April 30, 2020 (unaudited)

7

WILMINGTON DIVERSIFIED INCOME FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, Wilmington Diversified Income Fund (the “Fund”) had a total return of-6.17%* for Class A Shares and-5.83%* for Class I Shares, versus its benchmarks, the Russell 1000^® Value Index**, Barclays US Aggregate Bond Index**, and the Diversified Blended Index**, which had total returns of-11.01%, 10.84%, and-3.83% respectively.

The Wilmington Diversified Income Fund seeks to achieve a high level of total return consistent with a moderate level of risk, with added emphasis on providing an attractive level of current income. The Fund is diversified across asset classes and geographies, with a philosophy that focuses on strategic positioning, minimizing tactical allocation shifts, and restrained turnover.

The fiscal year began with a market focused on one set of challenges, and ended the year firmly fixated on another. Much of the market’s focus during calendar 2019 revolved around theon-againoff-again progress of the U.S. reaching a phase one trade deal with China. The imposition of tariffs precipitated a drag on global economic activity, and the announcement of a phase one agreement early in the fourth quarter was welcomed by the markets. The deal, coupled with the Federal Reserve’s (the “Fed”) decision to lower rates in the back half of the calendar year, propelled equity markets higher, with the S&P 500, MSCI EAFE, and Russell 1000 Value indices all posting returns for calendar year 2019 that were well north of 20 percent.

Against this backdrop of strength, your Fund posted calendar 2019 returns of 17.42% for Class A Shares and 17.71% for Class I Shares, very strong relative to our long-term expectations for the Fund. Throughout 2019 the market continued to favor the growth investing style to the more value-oriented style of the Fund, a trend that weighed on our peer rankings but did nothing to diminish the strong absolute returns and attractive income level delivered by the strategy. Turn the calendar to 2020 and enter the unseen enemy – COVID-19.

The year 2020 began in relatively uneventful fashion, with the trade agreement largely resolved and the prospect of a presidential election becoming a more significant influence on markets going forward. Early in the quarter, word of a new SARs-like virus impacting China began to garner more headlines. As the aggressive nature of the coronavirus became more apparent and the disease quickly spread to Europe and eventually the U.S., late February proved a time of reckoning. The virus had completed its stealth-like diffusion, successfully setting the stage for an ambush of the global economy.

March witnessed an abrupt and historic cessation of economic activity globally as societies across the world took shelter and looked to bolster the medical capabilities needed to combat this new foe. Your Fund, which is designed to pursue its goals across a normal business cycle provedill-suited to defend in this global pandemic scenario. The sudden halt to global economic activity cast an immediate spotlight on balance sheet strength and, more precisely, cash on hand of businesses. A multitude of companies drew down credit lines to bolster cash positions in hopes of “getting to the other side” of the pandemic. Suspension of dividends (as well as share buybacks)

became commonplace, motivated by a desire to preserve precious cash or, in some cases, as a regulatory imperative given numerous stimulus packages launching globally.

Against this backdrop, several of the Fund’s asset classes that are typically defensive in market downturns were not in theCOVID-19 era. Our dividend-oriented equity strategies, the Enhanced Dividend Income Strategy (“EDIS”) and the iShares International Select Dividend ETF (“IDV”) posted steep declines. In the downturn, IDV lagged the MSCI EAFE Index by a wide margin as the strategy’s overweight to Europe, an active zone for dividend suspensions, and underweight to Japan, which proved more defensive in the downturn, was a poor combination. Real Estate Investment Trusts (“REITs”), another asset class with traditionally defensive behavior, suffered as cash-strapped consumers and businesses withheld rent and mortgage payments, while numerous office and retail clients failed.

Our overweight to the Wilmington Trust Core Bond allocation was a bright spot during the crisis, as our actively managed fixed income allocation was able to defend in the downturn, deliveringmid-single digit positive returns on ayear-to-date basis, and delivering a double-digit return for the full fiscal year. Portions of the fixed income markets struggled early in the crisis, with some segments of the market essentially frozen due to lack of liquidity. Federal Reserve intervention proved effective, however, providing liquidity and unlocking the broader fixed income market to the benefit of all participants, including our Fund. While high yield fixed income declined in the downturn and posted a negative return for the full fiscal year, the asset class seemed to hold up better than expected, possibly owing to the perception of a Fed backstop.

Summarizing results for the fiscal year versus the Fund’s primary benchmarks, the Fund’s broad diversification helped in limiting the Fund’s downside versus the Russell 1000 Value benchmark but hurt when compared to the double-digit positive return of the more defensive Bloomberg Barclays US Aggregate Bond Index. The Fund lagged its Diversified Blended Index in the fiscal year primarily due to the aforementioned underperformance of IDV versus the MSCI EAFE Index component of the blended benchmark.

So, what is the path forward? The Fund currently has a large overweight to the Wilmington Trust Core Bond allocation compared to its neutral target weight, ison-target to slightly overweight the domestic equity allocation and is underweight to most other asset classes that comprise the portfolio. Most of these weight differentials are market-driven and reflect the relative performance differential of the asset classes during the sudden market downturn. The Fund is designed to provide stable allocations over time, with minimal turnover. Our process defines three principal motivations to spend turnover: 1) rebalance to targets, 2) mitigate risk, and 3) upgrade holdings. In a typical market environment, the first of these tends to dominate, but in the current environment all three are in play. Moving forward, in a manner consistent with this process, we intend to move toward target weights in measured fashion considering the risk of the individual asset classes and the individual products used to fulfill these allocations. As always, the Fund’s long-term goals will be our compass.

April 30, 2020 (unaudited) / ANNUAL REPORT

8

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was-11.30%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recentmonth-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

** The Russell 1000^® Value Index measures the performance of those Russell 1000^® Index companies with lowerprice-to-book ratios and lower forecasted growth values. The Bloomberg Barclays US Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment grade corporate debt and mortgage backed obligations.

The Diversified Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 36.0% Russell 1000^® Value Index; 24.0% Bloomberg Barclays US Aggregate Bond Index; 17.0% MSCI EAFE Index; 7.0% Bloomberg Barclays US Corporate High Yield Bond Index; 7.0%, Bloomberg Barclays US Government Inflation-Linked Bond Index; 4.5% Dow Jones Globalex-US Select Real Estate Securities Index; 2.5% S&P US REIT Index; and 2.0% Ibbotson Associates SBBI30-Day UST-Bill Index.

The Bloomberg Barclays US Government Inflation-linked Bond Index includes publicly issued, U.S. Treasury inflation protected securities that have at least 1 year remaining to maturity on index rebalancing date, with an issue size equal to or in excess of $500 million.

The Dow Jones Globalex-US Select Real Estate Securities Index is a float adjusted market capitalization index designed to measure the performance of publicly traded real estate securities in developed and emerging countries excluding the United States.

The S&P US REIT Index measures the investable U.S. real estate investment trust market and maintains a constituency that reflects the market’s overall composition.

The Ibbotson Associates SBBI 30 DayT-Bill Total Return Index is an index that reflects U.S. Treasury bill returns. Data from the Wall Street Journal are used for 1977-present; the CRSP U.S. Government Bond File is the source from 1926 to 1976. Each month a one bill portfolio containing the shortest-term bill having not less than one month to maturity is constructed.

International investing involves special risks including currency risk, political risks, increased volatility of foreign securities, and differences in auditing and other financial standards.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds.

ANNUAL REPORT / April 30, 2020 (unaudited)

9

WILMINGTON DIVERSIFIED INCOME FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,0001 in the Class I Shares of the Wilmington Diversified Income Fund from April 30, 2010 to April 30, 2020 and June 11, 2010 (start of performance) to April 30, 2020, respectively, compared to the Russell 1000^® Value Index2, the Bloomberg Barclays U.S. Aggregate Bond Index2 and the Diversified Blended Index^2,3.

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $1,000,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was-11.30%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recentmonth-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns  for the Periods Ended 4/30/20
	1 Year	5 Years	10 Years
Class A^	-11.30%	0.90%	3.64%
Class I^	-5.83%	2.31%	5.19%4
Russell 1000®Value Index2	-11.01%	3.91%	8.54%
Bloomberg Barclays U.S. Aggregate Bond Index2	10.84%	3.80%	3.96%
Diversified Blended Index2,3	-3.83%	3.04%	6.00%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.82% and 0.75%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.57% and 0.50%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Russell 1000^® Value Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the Diversified Blended Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented indices are unmanaged.

3 The Diversified Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 36.0% Russell 1000^® Value Index; 24.0% Bloomberg Barclays U.S. Aggregate Bond Index; 17.0% MSCI EAFE Index; 7.0% Bloomberg Barclays

April 30, 2020 (unaudited) / ANNUAL REPORT

10

U.S. Corporate High Yield Bond Index; 7.0%, Bloomberg Barclays U.S. Government Inflation-Linked Bond Index; 4.5% Dow Jones Globalex-U.S. Select Real Estate Securities Index; 2.5% S&P U.S. REIT Index; and 2.0% Ibbotson Associates SBBI30-Day U.ST-Bill Index.

4 Represents the average total return for Class I Shares from June 11, 2010 (start of performance) to April 30, 2020.

ANNUAL REPORT / April 30, 2020 (unaudited)

11

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 November 1, 2019 to April 30, 2020.

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.

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2020.

	Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON INTERNATIONAL FUND
Actual
Class A		$1,000.00		$ 873.90		$4.57		0.98%
Class I		$1,000.00		$ 874.00		$3.96		0.85%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,019.99		$4.92		0.98%
Class I		$1,000.00		$1,020.64		$4.27		0.85%
WILMINGTON GLOBAL ALPHA EQUITIES FUND
Actual
Class A		$1,000.00		$ 946.60		$7.21		1.49%
Class I		$1,000.00		$ 947.80		$6.01		1.24%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,017.45		$7.47		1.49%
Class I		$1,000.00		$1,018.70		$6.22		1.24%
WILMINGTON REAL ASSET FUND
Actual
Class A		$1,000.00		$ 845.50		$4.40		0.96%
Class I		$1,000.00		$ 846.30		$3.26		0.71%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.09		$4.82		0.96%
Class I		$1,000.00		$1,021.33		$3.57		0.71%

April 30, 2020 (unaudited) / ANNUAL REPORT

12

	Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON DIVERSIFIED INCOME FUND
Actual
Class A		$1,000.00		$  899.10		$2.83		0.60%
Class I		$1,000.00		$  900.40		$1.65		0.35%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,021.88		$3.02		0.60%
Class I		$1,000.00		$1,023.12		$1.76		0.35%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (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.

ANNUAL REPORT / April 30, 2020 (unaudited)

13

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At April 30, 2020, the Fund’s sector classifications and country allocations were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Industrials		13.8	%
Information Technology		13.4	%
Financials		11.5	%
Health Care		11.4	%
Consumer Discretionary		11.3	%
Communication Services		7.3	%
Consumer Staples		5.0	%
Materials		5.0	%
Utilities		2.8	%
Real Estate		2.5	%
Energy		1.8	%
Investment Company		4.5	%
Warrants		0.8	%
Preferred Stock		0.1	%
Cash Equivalents1		13.0	%
Other Assets and Liabilities – Net2		(4.2	)%
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.

Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		20.6	%
Cayman Islands		7.3	%
France		7.1	%
Germany		6.5	%
United Kingdom		5.7	%
Switzerland		5.4	%
Sweden		3.6	%
Hong Kong		3.3	%
Denmark		3.1	%
Australia		2.9	%
Netherlands		2.8	%
Taiwan		2.5	%
South Korea		2.2	%
Ireland		2.0	%
Italy		1.8	%
Spain		1.6	%
China		1.2	%
Norway		1.1	%
All other countries less than 1.0%		5.1	%
Investment Company		4.5	%
Warrants		0.8	%
Preferred Stock		0.1	%
Cash Equivalents1		13.0	%
Other Assets and Liabilities – Net2		(4.2	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2020

Description	Number of Shares		Value
COMMON STOCKS – 85.8%
AUSTRALIA – 2.9%
Australia & New Zealand Banking Group Ltd.		91,026	$	988,764
BHP Group Ltd.#		129,812		2,650,016
Brambles Ltd.		225,545		1,612,093
Cochlear Ltd.		12,032		1,430,570
CSL Ltd.		18,567		3,700,902
Incitec Pivot Ltd.		845,964		1,308,374
Rio Tinto Ltd.		39,738		2,239,675
Westpac Banking Corp.		111,833		1,163,524
TOTAL AUSTRALIA			$	15,093,918
AUSTRIA – 0.0%**
OMV AG		1,429		46,660

Description	Number of Shares		Value
BELGIUM – 0.9%
Ageas		6,810	$	245,462
bpost SA		8,503		59,330
Colruyt SA		1,070		64,127
KBC Group NV		3,489		189,248
Proximus SADP		6,700		143,002
UCB SA		17,200		1,576,197
Xior Student Housing NV		51,301		2,376,216
TOTAL BELGIUM			$	4,653,582
BERMUDA – 0.6%
Jardine Matheson Holdings Ltd.		42,300		1,852,789
Johnson Electric Holdings Ltd.		671,017		1,126,708
TOTAL BERMUDA			$	2,979,497

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

Wilmington International Fund (continued)

Description	Number of Shares		Value
BRITISH VIRGIN ISLANDS – 0.3%
Hollysys Automation Technologies Ltd.		91,280	$	1,308,955
BULGARIA – 0.0%**
Petrol AD*,(a)		2,384		—
CAYMAN ISLANDS – 7.3%
Alibaba Group Holding Ltd.*		78,528		1,992,980
Alibaba Group Holding Ltd. ADR*		37,686		7,637,822
ASM Pacific Technology Ltd.		150,400		1,519,748
Budweiser Brewing Co. APAC Ltd.*		364,600		990,773
China Resources Medical Holdings Co. Ltd.		21,000		10,667
Haitian International Holdings Ltd.		666,000		1,178,383
Huazhu Group Ltd. ADR		64,723		2,330,675
Hutchison China MediTech Ltd. ADR*		95,986		2,064,659
JD.com, Inc. ADR*		40,431		1,742,576
NetEase, Inc. ADR		4,358		1,503,336
New Oriental Education & Technology
Group, Inc. ADR*		29,398		3,752,949
Sands China Ltd.		603,600		2,443,673
Shenzhou International Group Holdings Ltd.		115,600		1,334,213
Tencent Holdings Ltd.		176,900		9,299,533
TOTAL CAYMAN ISLANDS			$	37,801,987
CHINA – 1.2%
China Pacific Insurance Group Co. Ltd.,
Class H		896,200		2,965,017
China Petroleum & Chemical Corp., Class H		2,842,000		1,416,489
Ping An Insurance Group Co. of China Ltd.,
Class H		197,000		2,004,723
TOTAL CHINA			$	6,386,229
DENMARK – 3.1%
Ambu A/S, Class B#		69,258		2,169,317
Carlsberg A/S, Class B		12,900		1,627,374
Chr Hansen Holding A/S		6,832		589,080
Coloplast A/S, Class B#		14,699		2,318,384
Danske Bank A/S*		6,140		72,901
DSV Panalpina A/S		28,178		2,927,700
Genmab A/S*		6,600		1,586,539
Novo Nordisk A/S, Class B		50,665		3,231,922
Vestas Wind Systems A/S		18,300		1,571,479
TOTAL DENMARK			$	16,094,696
FINLAND – 0.2%
Kesko OYJ, Class B		11,396		185,688
Neste OYJ		1,650		58,271
Nokian Renkaat OYJ		6,300		133,846
Sampo OYJ, Class A		7,730		256,231
TietoEVRY OYJ*		1,820		44,347

Description	Number of Shares		Value
UPM-Kymmene OYJ		4,898	$	134,329
Valmet OYJ		9,824		224,667
TOTAL FINLAND			$	1,037,379
FRANCE – 7.1%
Amundi SA*		1,090		72,348
AXA SA		27,058		480,998
Beneteau SA		136,456		864,039
BNP Paribas SA*		14,494		455,350
Bouygues SA*		12,294		378,266
Carrefour SA		103,500		1,537,110
Casino Guichard Perrachon SA#		1,858		69,744
CNP Assurances*		11,286		116,435
Credit Agricole SA		17,123		137,729
Dassault Systemes SA		8,018		1,174,405
Edenred		64,350		2,592,231
Elior Group SA		124,185		820,217
Engie SA*		13,686		148,488
Eurazeo SE		34,209		1,638,384
Eutelsat Communications SA		4,320		48,368
Faurecia SE		8,892		318,615
Hermes International		120		87,729
ID Logistics Group*		6,522		1,214,063
Legrand SA		8,172		547,875
L’Oreal SA		5,044		1,466,505
LVMH Moet Hennessy Louis Vuitton SA		9,359		3,618,138
Natixis SA		41,370		97,666
Neoen SA#,*		40,091		1,516,633
Orange SA		126,300		1,534,430
Pernod Ricard SA		10,300		1,572,772
Peugeot SA		16,390		232,340
Publicis Groupe SA		2,420		71,436
Renault SA*		4,184		82,445
Sanofi#		32,315		3,156,340
Sartorius Stedim Biotech		9,305		2,231,099
Schneider Electric SE#		1,970		182,053
SCOR SE		24,761		697,637
Seb SA		5,005		600,240
Societe BIC SA		700		35,016
Societe Generale SA		20,313		318,693
SPIE SA*		59,746		900,651
Teleperformance		7,400		1,657,674
TOTAL SA		27,023		959,115
Vinci SA		2,033		166,548
Virbac SA*		5,955		1,174,299
Vivendi SA		70,200		1,517,250
TOTAL FRANCE			$	36,491,374

ANNUAL REPORT / April 30, 2020

15	PORTFOLIOS OF INVESTMENTS
Wilmington International Fund (continued)

Description	Number of Shares		Value
GERMANY – 6.5%
Aareal Bank AG		2,300	$	37,465
adidas AG		4,002		916,192
alstria office REIT AG		119,381		1,789,493
BASF SE		7,940		406,343
Bayer AG		14,500		953,660
Bayerische Motoren Werke AG		2,098		123,416
Covestro AG		5,189		174,305
CTS Eventim AG & Co. KGaA		1,360		56,538
Daimler AG		10,645		364,093
Deutsche Lufthansa AG#		14,873		133,154
Deutsche Pfandbriefbank AG*		4,690		34,472
Deutsche Telekom AG		162,586		2,376,957
E.ON SE		181,230		1,815,439
Evotec SE#,*		54,854		1,353,553
Fielmann AG		31,398		2,064,588
Freenet AG		6,422		121,830
Fresenius Medical Care AG & Co. KGaA		21,000		1,645,789
Fresenius SE & Co. KGaA		30,425		1,317,801
GRENKE AG#		12,955		904,206
Hannover Rueck SE		1,230		195,982
Hypoport SE*		3,302		1,164,095
Infineon Technologies AG		137,879		2,563,310
Jenoptik AG		43,543		896,766
LEG Immobilien AG		1,080		123,990
Merck KGaA		14,000		1,624,826
MTU Aero Engines AG		6,551		892,089
Muenchener Rueckversicherungs AG		520		113,893
Nemetschek SE		37,411		2,353,719
New Work SE		7,755		1,843,146
SAP SE		29,969		3,569,541
Siemens AG		5,420		500,177
TUI AG		5,106		20,742
Zalando SE*		25,181		1,234,219
TOTAL GERMANY			$	33,685,789
GREECE – 0.2%
JUMBO SA		55,467		868,058
HONG KONG – 3.3%
AIA Group Ltd.		596,800		5,477,293
BOC Hong Kong Holdings Ltd.		354,000		1,086,473
China Mobile Ltd.		182,000		1,463,109
CNOOC Ltd.		1,372,000		1,516,914
Hong Kong Exchanges & Clearing Ltd.		47,800		1,532,572
Swire Properties Ltd.		825,000		2,313,933
Techtronic Industries Co. Ltd.		478,500		3,628,231
TOTAL HONG KONG			$	17,018,525

Description	Number of Shares		Value
INDIA – 0.9%
HDFC Bank Ltd. ADR		108,930	$	4,722,115
IRELAND – 2.0%
DCC PLC		26,403		1,877,478
James Hardie Industries PLC		183,805		2,638,624
Kerry Group PLC, Class A		11,591		1,334,220
Kingspan Group PLC		41,300		2,104,473
Ryanair Holdings PLC ADR*		16,350		1,037,735
UDG Healthcare PLC		195,079		1,539,643
TOTAL IRELAND			$	10,532,173
ITALY – 1.8%
Assicurazioni Generali SpA		17,157		244,774
ASTM SpA		1,290		25,229
Atlantia SpA		13,270		217,539
Banca Generali SpA		2,480		61,654
Banca Mediolanum SpA		7,010		42,835
Enel SpA		339,989		2,322,287
Eni SpA		26,745		254,783
FinecoBank Banca Fineco SpA*		227,876		2,538,920
Intesa Sanpaolo SpA		235,828		368,248
Salvatore Ferragamo SpA#		95,534		1,185,972
Snam SpA		370,700		1,662,927
Unipol Gruppo SpA		16,890		58,277
UnipolSai Assicurazioni SpA		51,470		126,162
TOTAL ITALY			$	9,109,607
JAPAN – 20.6%
AEON Financial Service Co. Ltd.		51,600		536,602
Air Water, Inc.		34,700		467,816
Aisin Seiki Co. Ltd.		16,900		486,710
Alps Alpine Co. Ltd.		36		371
Amano Corp.		16,900		346,979
Anritsu Corp.#		70,400		1,433,027
AOI Electronics Co. Ltd.		1,000		20,152
Ariake Japan Co. Ltd.		11,400		657,428
Aruhi Corp.#		177,400		2,050,634
Central Japan Railway Co.		2,100		330,444
Chubu Electric Power Co., Inc.		134,900		1,824,385
cocokara fine, Inc.		6,700		315,980
COMSYS Holdings Corp.		42,800		1,176,903
Dai-ichi Life Holdings, Inc.		31,400		393,512
Daikin Industries Ltd.		14,700		1,886,465
Daiwa House Industry Co. Ltd.		21,900		554,953
Denka Co. Ltd.		9,100		219,854
Denki Kogyo Co. Ltd.		39,200		904,479
Ebara Corp.		35,800		789,264

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington International Fund (continued)

Description	Number of Shares		Value
Electric Power Development Co. Ltd.,
Class C		26,100	$	522,369
Fast Retailing Co. Ltd.		1,400		663,946
FCC Co. Ltd.		45,100		641,691
Fuji Electric Co. Ltd.		28,700		684,563
FUJIFILM Holdings Corp.		17,000		809,754
Fujitsu General Ltd.		18,000		298,011
Fuso Chemical Co. Ltd.		23,900		707,840
Hitachi Ltd.		57,800		1,715,471
Hitachi Metals Ltd.		64,400		620,541
Honda Motor Co. Ltd.		69,700		1,692,607
IHI Corp.		21,100		261,527
Inpex Corp.		68,700		443,465
Isetan Mitsukoshi Holdings Ltd.#		82,400		501,275
ITOCHU Corp.		76,600		1,501,752
Iwatani Corp.		700		23,971
Japan Airlines Co. Ltd.		36,400		649,296
JGC Holdings Corp.		32,000		309,017
JXTG Holdings, Inc.		116,000		411,262
KDDI Corp.		29,800		863,136
Kintetsu World Express, Inc.		203,400		2,960,644
Komatsu Ltd.		24,600		465,455
Konami Holdings Corp.#		10,400		326,552
Kumagai Gumi Co. Ltd.		9,100		199,384
Kyosan Electric Manufacturing Co. Ltd.#		171,400		812,502
Lintec Corp.		46,700		1,002,156
Matsuda Sangyo Co. Ltd.		12,300		150,461
Mirait Holdings Corp.		79,800		1,030,839
Mitsubishi Corp.		45,500		964,964
Mitsubishi Electric Corp.		102,000		1,255,074
Mitsubishi UFJ Financial Group, Inc.		382,100		1,543,684
Mitsui Fudosan Co. Ltd.		101,000		1,857,082
Mitsui Mining & Smelting Co. Ltd.		38,600		720,169
Murata Manufacturing Co. Ltd.		22,800		1,284,712
Nakanishi, Inc.		35,400		483,101
NEC Networks & System Integration Corp.		46,100		1,983,767
Nexon Co. Ltd.		32,200		519,901
NGK Insulators Ltd.		63,200		826,834
Nintendo Co. Ltd.		5,000		2,064,622
Nippo Corp.		58,600		1,317,830
Nippon Densetsu Kogyo Co. Ltd.		15,400		300,160
Nippon Steel Corp.		43,200		363,469
Nippon Telegraph & Telephone Corp.		90,700		2,065,569
Nitori Holdings Co. Ltd.		4,500		689,741
NSK Ltd.		69,800		483,131
NTT Data Corp.		124,800		1,273,481
NTT DOCOMO, Inc.		34,400		1,013,810

Description	Number of Shares		Value
Olympus Corp.*		165,000	$	2,618,033
ORIX Corp.		50,100		589,552
Osaka Gas Co. Ltd.		9,500		176,907
OSJB Holdings Corp.		333,600		716,949
Otsuka Corp.		41,800		1,892,608
Outsourcing, Inc.		50,300		237,784
Pacific Industrial Co. Ltd.		47,500		402,520
Pan Pacific International Holdings Corp.		55,100		1,067,491
Panasonic Corp.		58,800		448,232
Pilot Corp.		32,500		1,088,837
Rakuten, Inc.		14,600		123,797
Recruit Holdings Co. Ltd.		38,200		1,114,340
Rohm Co. Ltd.		25,200		1,593,240
San-A Co. Ltd.#		30,300		1,220,674
Santen Pharmaceutical Co. Ltd.		121,100		2,143,667
SCREEN Holdings Co. Ltd.		37,400		1,806,383
Seino Holdings Co. Ltd.		137,700		1,639,331
Seven & i Holdings Co. Ltd.		46,200		1,530,008
Shionogi & Co. Ltd.		21,100		1,165,301
SMC Corp.		1,300		587,629
SoftBank Group Corp.		46,300		1,984,540
Sompo Holdings, Inc.		19,300		626,006
Sony Corp.		41,100		2,644,954
Sumitomo Bakelite Co. Ltd.		11,500		297,029
Sumitomo Corp.		33,700		381,221
Sumitomo Metal Mining Co. Ltd.		62,500		1,557,690
Sumitomo Mitsui Financial Group, Inc.		44,800		1,178,116
Sumitomo Rubber Industries Ltd.		49,200		477,562
Sumitomo Warehouse Co Ltd. (The)		54,700		624,388
Suzuki Motor Corp.		13,700		437,239
T&D Holdings, Inc.		16,700		144,351
Tamura Corp.		180,900		741,688
Tatsuta Electric Wire & Cable Co. Ltd.		204,900		994,452
TDK Corp.		17,800		1,534,496
Terumo Corp.		46,800		1,552,946
THK Co. Ltd.		78,200		1,869,358
Toagosei Co. Ltd.		38,400		351,335
Tokio Marine Holdings, Inc.		20,600		966,464
Tokyo Dome Corp.		105,200		768,548
Tokyo Tatemono Co. Ltd.#		38,300		430,745
Tokyu Fudosan Holdings Corp.		235,400		1,151,629
Toray Industries, Inc.		96,400		441,966
Toyo Suisan Kaisha Ltd.		22,500		1,081,954
Toyota Motor Corp.		38,800		2,398,882
Trend Micro, Inc.		34,500		1,750,249
Tsumura & Co.		14,900		412,169
Tsurumi Manufacturing Co. Ltd.		43,100		753,712
West Japan Railway Co.		11,700		723,032

ANNUAL REPORT / April 30, 2020

17	PORTFOLIOS OF INVESTMENTS
Wilmington International Fund(continued)

Description	Number of Shares		Value
Z Holdings Corp.		132,400	$	510,975
TOTAL JAPAN			$	106,627,525
JERSEY – 0.1%
Ferguson PLC		2,290		165,113
Man Group PLC		36,120		60,515
WPP PLC		20,060		155,647
TOTAL JERSEY			$	381,275
LUXEMBOURG – 0.2%
APERAM SA		4,040		104,680
Aroundtown SA		10,500		56,478
Millicom International Cellular SA SDR*		2,330		60,548
Samsonite International SA		821,986		699,202
TOTAL LUXEMBOURG			$	920,908
NETHERLANDS – 2.8%
ABN AMRO Bank NV*		5,512		42,390
Aegon NV		66,526		172,080
ASML Holding NV		18,432		5,383,741
ASR Nederland NV		5,427		145,440
BE Semiconductor Industries NV		4,580		189,548
Heineken NV		18,700		1,591,624
IMCD NV		20,883		1,844,063
ING Groep NV		78,627		440,532
Koninklijke Ahold Delhaize NV		67,210		1,631,890
Koninklijke Philips NV		35,300		1,538,822
NN Group NV#		9,069		262,345
Randstad NV		2,170		87,333
Unilever NV		22,263		1,108,687
TOTAL NETHERLANDS			$	14,438,495
NORWAY – 1.1%
DNB ASA		17,690		214,189
Equinor ASA		9,240		127,945
Gjensidige Forsikring ASA*		2,940		51,876
Mowi ASA		7,842		134,310
Telenor ASA		122,470		1,878,573
TGS Nopec Geophysical Co. ASA		56,225		861,049
Tomra Systems ASA#		74,901		2,488,722
TOTAL NORWAY			$	5,756,664
PHILIPPINES – 0.2%
Ayala Land, Inc.		1,838,600		1,147,879
SINGAPORE – 0.7%
Jardine Cycle & Carriage Ltd.		51,700		735,066
Oversea-Chinese Banking Corp. Ltd.		404,624		2,581,628
TOTAL SINGAPORE			$	3,316,694
SOUTH AFRICA – 0.0%**
African Phoenix Investments Ltd.*		36,266		704

Description	Number of Shares		Value
SOUTH KOREA – 2.2%
Samsung Electronics Co. Ltd.		206,952	$	8,509,362
Samsung Fire & Marine Insurance Co. Ltd.		8,706		1,365,383
SK Materials Co. Ltd.		11,479		1,488,977
TOTAL SOUTH KOREA			$	11,363,722
SPAIN – 1.6%
ACS Actividades de Construccion y Servicios SA#		7,875		196,926
Amadeus IT Group SA		27,340		1,305,012
Banco Bilbao Vizcaya Argentaria SA		108,593		354,968
Banco Santander SA#		198,336		443,162
Bankinter SA		194,320		802,200
CaixaBank SA		65,650		118,113
Enagas SA		8,600		200,740
Iberdrola SA		251,023		2,497,134
Industria de Diseno Textil SA		42,451		1,087,277
International Consolidated Airlines Group SA		13,740		38,392
Mapfre SA		24,282		44,558
Mediaset Espana Comunicacion SA		20,100		72,025
Repsol SA		43,064		390,886
Telefonica SA		96,849		442,843
TOTAL SPAIN			$	7,994,236
SWEDEN – 3.6%
Assa Abloy AB, Class B#		85,107		1,523,580
Atlas Copco AB, Class A#		49,867		1,718,640
Avanza Bank Holding AB		147,577		1,782,997
Boliden AB#		9,390		189,278
Epiroc AB, Class A		80,939		810,008
Fabege AB		108,045		1,279,892
Hennes & Mauritz AB, Class B#		13,050		178,388
Hexagon AB, Class B#,*		34,019		1,669,378
Hexpol AB*		63,313		454,856
Investor AB, Class A		1,080		53,280
Peab AB, Class B		17,629		134,297
Skandinaviska Enskilda Banken AB, Class A		35,781		294,566
Skanska AB, Class B*		10,490		199,580
SSAB AB, Class B#,*		20,560		47,518
Sweco AB, Class B		58,455		1,997,087
Tele2 AB, Class B		200,100		2,580,214
Telefonaktiebolaget LM Ericsson, Class B		179,300		1,531,789
Telia Co. AB		457,600		1,591,059
Trelleborg AB, Class B*		46,977		598,201
Volvo AB, Class B		11,030		141,345
TOTAL SWEDEN			$	18,775,953
SWITZERLAND – 5.4%
ABB Ltd.		2,520		47,835

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

Wilmington International Fund (continued)

Description	Number of Shares		Value
Alcon, Inc.*		29,000	$	1,530,534
BKW AG		7,161		580,870
Cembra Money Bank AG		10,870		1,033,388
Chocoladefabriken Lindt & Spruengli AG#		139		1,082,809
Cie Financiere Richemont SA		13,230		750,584
Comet Holding AG#		9,031		1,210,394
Emmi AG		1,865		1,713,101
Galenica AG		8,300		594,366
Huber + Suhner AG		11,052		705,773
Landis+Gyr Group AG*		690		46,596
Lonza Group AG*		1,782		778,138
Novartis AG		30,643		2,615,027
Partners Group Holding AG		2,603		2,051,269
Roche Holding AG		4,900		1,696,857
Siegfried Holding AG*		2,507		1,142,726
Sika AG#		15,402		2,547,633
Straumann Holding AG		1,961		1,491,983
Swiss Life Holding AG		1,170		414,909
Swisscom AG		2,800		1,454,859
Temenos AG*		6,318		818,696
UBS Group AG*		55,490		594,159
VAT Group AG*		3,625		598,275
Zurich Insurance Group AG		7,157		2,269,158
TOTAL SWITZERLAND			$	27,769,939
TAIWAN – 2.5%
Largan Precision Co. Ltd.		3,000		408,941
MediaTek, Inc.		63,000		869,932
Merida Industry Co. Ltd.		243,000		1,240,988
Taiwan Semiconductor Manufacturing Co. Ltd.		1,044,000		10,531,663
TOTAL TAIWAN			$	13,051,524
THAILAND – 0.2%
Kasikornbank PCL		470,000		1,232,198
UNITED KINGDOM – 5.7%
3i Group PLC		21,520		211,408
Admiral Group PLC		8,380		244,532
Anglo American PLC		13,450		239,208
ASOS PLC*		11,808		356,267
AstraZeneca PLC		15,300		1,600,251
Aviva PLC		115,173		348,296
Barclays PLC		252,770		337,522
Barratt Developments PLC		28,477		185,651
Berkeley Group Holdings PLC		3,197		167,820
BHP Group PLC		29,772		499,720
BP PLC		255,757		1,007,784
British American Tobacco PLC		73,420		2,829,904
BT Group PLC		189,245		275,827

Description	Number of Shares		Value
Compass Group PLC		82,147	$	1,382,314
Croda International PLC		37,200		2,281,082
Direct Line Insurance Group PLC		52,598		179,203
Evraz PLC		9,310		30,851
GB Group PLC		91,341		774,088
GlaxoSmithKline PLC		119,530		2,493,693
HSBC Holdings PLC		266,940		1,372,055
Imperial Brands PLC		17,130		360,387
Legal & General Group PLC		105,913		272,301
Lloyds Banking Group PLC		398,629		161,288
M&G PLC		11,580		19,198
Marks & Spencer Group PLC		38,860		45,274
Micro Focus International PLC		3,090		18,320
National Grid PLC		48,482		568,146
Pagegroup PLC		1,020		4,828
Persimmon PLC		7,451		206,438
Prudential PLC		5,960		84,080
Reckitt Benckiser Group PLC		3,054		254,396
Rightmove PLC		6,840		42,766
Rio Tinto PLC		18,156		842,773
Royal Dutch Shell PLC, Class A		51,780		865,478
Royal Dutch Shell PLC, Class B		50,552		809,265
Serco Group PLC*		1,089,551		1,763,637
Smith & Nephew PLC		4,720		92,366
Spirax-Sarco Engineering PLC		5,047		552,338
Spirent Communications PLC		20,360		61,588
SSE PLC		29,453		461,979
St. James’s Place PLC		76,713		816,850
Taylor Wimpey PLC		23,838		44,025
Tesco PLC		510,600		1,510,255
Trainline PLC*		300,540		1,436,396
Travis Perkins PLC		95,791		1,250,783
Vodafone Group PLC		76,480		107,888
TOTAL UNITED KINGDOM			$	29,470,519
UNITED STATES – 0.6%
ResMed, Inc. CDI		129,514		1,962,463
Yum China Holdings, Inc.		24,267		1,175,979
TOTAL UNITED STATES			$	3,138,442
TOTAL COMMON STOCKS (COST $434,790,813)			$	443,217,221
INVESTMENT COMPANY – 4.5%
iShares S&P/TSX 60 Index ETF#		1,435,000		23,268,041
TOTAL INVESTMENT COMPANY (COST $23,572,566)			$	23,268,041

ANNUAL REPORT / April 30, 2020

19	PORTFOLIOS OF INVESTMENTS
Wilmington International Fund(continued)

Description	Number of Shares		Value
PREFERRED STOCK – 0.1%
GERMANY – 0.1%
Volkswagen AG 4.86%		3,092	$	430,196
TOTAL PREFERRED STOCK (COST $596,757)			$	430,196
MONEY MARKET FUND – 7.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%^		37,624,361		37,624,361
TOTAL MONEY MARKET FUND (COST $37,624,361)			$	37,624,361
WARRANTS – 0.8%
SWITZERLAND – 0.8%
Midea Group Co. Ltd., Expire 5/20/20*		338,353		2,580,517
Zhejiang Sanhua Intelligent Controls Co. Ltd., Expire 11/27/20*		527,241		1,648,103
TOTAL WARRANTS (COST $3,583,024)			$	4,228,620
TOTAL INVESTMENTS IN SECURITIES – 98.5% (COST $500,167,521)			$	508,768,439
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.7%
REPURCHASE AGREEMENTS – 5.7%
Bank of America Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $1,473,290 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 8/01/23 to 4/01/59; total market value of $1,502,754.	$	1,473,288	$	1,473,288
Citigroup Global Markets Ltd., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $5,598,565 collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/31/20 to 2/01/57; total market value of $5,710,530.		5,598,559		5,598,559
Daiwa Capital Markets America, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $5,598,567 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 5/07/20 to 3/01/52; total market value of $5,710,530.		5,598,559		5,598,559

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $5,598,564 collateralized by U.S. Government Agency & Treasury Securities, 0.43% to 8.75%, maturing 8/15/20 to 4/01/50; total market value of $5,710,531.	$	5,598,559	$	5,598,559
HSBC Securities USA, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $5,598,564 collateralized by U.S. Government Agency Securities, 2.45% to 5.00%, maturing 2/20/49 to 4/15/55; total market value of $5,710,530.		5,598,559		5,598,559
RBC Dominion Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $5,598,565 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 7/15/24 to 5/01/50; total market value of $5,710,530.		5,598,559		5,598,559
TOTAL REPURCHASE AGREEMENTS     (COST $29,466,083)			$	29,466,083
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $29,466,083)			$	29,466,083
TOTAL INVESTMENTS – 104.2% (COST $529,633,604)			$	538,234,522
COLLATERAL FOR SECURITIES ON LOAN – (5.7%)				(29,466,083	)
OTHER ASSETS LESS LIABILITIES – 1.5%				7,907,715
TOTAL NET ASSETS – 100.0%			$	516,676,154

Cost of investments and derivatives for Federal income tax purposes is $533,030,914. The net unrealized appreciation/(depreciation) of investments and derivatives was $5,203,007. This consists of net unrealized appreciation from investment for those securities and derivatives having an excess of value over cost of $63,331,423 and net unrealized depreciation from investments for those securities and derivatives having an excess of cost over value of $(58,128,416).

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)

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 20

Wilmington International Fund (continued)

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Common Stocks
Australia	$	—	$	15,093,918	$	—	$	15,093,918
Austria		—		46,660		—		46,660
Belgium		—		4,653,582		—		4,653,582
Bermuda		1,852,789		1,126,708		—		2,979,497
British Virgin Islands		1,308,955		—		—		1,308,955
Bulgaria		—		—		—		—
Cayman Islands		19,032,017		18,769,970		—		37,801,987
China		—		6,386,229		—		6,386,229
Denmark		—		16,094,696		—		16,094,696
Finland		—		1,037,379		—		1,037,379
France		—		36,491,374		—		36,491,374
Germany		—		33,685,789		—		33,685,789
Greece		—		868,058		—		868,058
Hong Kong		—		17,018,525		—		17,018,525
India		4,722,115		—		—		4,722,115
Ireland		1,037,735		9,494,438		—		10,532,173
Italy		—		9,109,607		—		9,109,607
Japan		23,971		106,603,554		—		106,627,525
Jersey		—		381,275		—		381,275
Luxembourg		—		920,908		—		920,908
Netherlands		—		14,438,495		—		14,438,495
Norway		—		5,756,664		—		5,756,664
Philippines		—		1,147,879		—		1,147,879
Singapore		—		3,316,694		—		3,316,694
South Africa		—		704		—		704
South Korea		—		11,363,722		—		11,363,722
Spain		—		7,994,236		—		7,994,236
Sweden		—		18,775,953		—		18,775,953
Switzerland		—		27,769,939		—		27,769,939
Taiwan		—		13,051,524		—		13,051,524
Thailand		—		1,232,198		—		1,232,198
United Kingdom		—		29,470,519		—		29,470,519
United States		1,175,979		1,962,463		—		3,138,442
Investment Company		23,268,041		—		—		23,268,041
Preferred Stock
Germany		—		430,196		—		430,196
Money Market Fund		37,624,361		—		—		37,624,361
Warrants
Switzerland		—		4,228,620		—		4,228,620
Repurchase Agreements		—		29,466,083		—		29,466,083
Total Investments in Securities	$	90,045,963	$	448,188,559	$	—	$	538,234,522
Other Financial Instruments!
Financial Futures Contracts	$	339,278	$	—	$	—	$	339,278
Total Assets - Other Financial Instruments	$	339,278	$	—	$	—	$	339,278

ANNUAL REPORT / April 30, 2020

21	PORTFOLIOS OF INVESTMENTS
Wilmington International Fund(continued)

	Level 1			Level 2				Level 3			Total
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts		$	—		$	(601	)		$	—		$	(601	)
Total Liabilities - Other Financial Instruments		$	—		$	(601	)		$	—		$	(601	)

! 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.

As a result of utilizing international fair value pricing at April 30, 2020, a majority portion of the Fund’s common stock investments were categorized as Level 2.

Security valued at zero on the Portfolios of Investments is considered to be Level 3 investments in this table.

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

* Non-income producing security.

^ 7-Day net yield.

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

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

ADR	American Depositary Receipt
CDI	CREST Depository Interest
ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
PCL	Public Company Limited
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SDR	Swedish Depository Receipt

Currency Code	Currency
CHF	Swiss Franc
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
SEK	Swedish Krona
USD	United States Dollar

At April 30, 2020, 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
5/5/2020	Bank of New York Mellon	1,581,757 HKD		$204,098		$204,032		$—	$(66)
CONTRACTS SOLD
5/4/2020	Bank of New York Mellon	148,351 SEK		14,989		15,207		—	(218)
5/4/2020	Bank of New York Mellon	147,178 SEK		14,870		15,086		—	(216)
5/4/2020	Bank of New York Mellon	6,851 SEK		692		702		—	(10)
5/4/2020	Bank of New York Mellon	4,208 CHF		4,310		4,360		—	(50)
5/4/2020	Bank of New York Mellon	2,652 CHF		2,716		2,747		—	(31)
5/4/2020	Bank of New York Mellon	550 GBP		686		692		—	(6)
5/4/2020	Bank of New York Mellon	311 EUR		337		341		—	(4)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON   FORWARD FOREIGN CURRENCY CONTRACTS								$—	$(601)

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 22

Wilmington International Fund (concluded)

At April 30, 2020, the International Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date	Number of Contracts		Contract Amount		Notional Value		Unrealized Appreciation(a)		Unrealized     (Depreciation)(a)
LONG POSITIONS:
MSCI India NTR Index	June 2020		121	$	6,325,402	$	6,664,680		$339,278		$—
NET UNREALIZED APPRECIATION (DEPRECIATION)   ON FINANCIAL FUTURES CONTRACTS									$339,278		$—

(a) The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2020. Only current day variation margin is reported on the Fund’s Statement of assets and liabilities.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

23

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Insurance		6.8	%
Pharmaceuticals		6.1	%
IT Services		5.8	%
Health Care Equipment & Supplies		4.4	%
Real Estate Investment Trusts		3.0	%
Oil, Gas & Consumable Fuels		2.7	%
Commercial Banks		2.6	%
Machinery		2.6	%
Hotels, Restaurants & Leisure		2.5	%
Food Products		2.4	%
Software		2.4	%
Commercial Services & Supplies		2.3	%
Diversified Telecommunication Services		2.2	%
Beverages		2.0	%
Diversified Financial Services		2.0	%
Road & Rail		2.0	%
Capital Markets		1.9	%
Specialty Retail		1.9	%
Household Products		1.8	%
Semiconductors & Semiconductor Equipment		1.8	%
Aerospace & Defense		1.6	%
Health Care Providers & Services		1.5	%
Construction & Engineering		1.4	%
Multi-Utilities		1.4	%
Communications Equipment		1.2	%
Trading Companies & Distributors		1.2	%
Wireless Telecommunication Services		1.1	%
Air Freight & Logistics		1.0	%
Chemicals		1.0	%
Internet & Catalog Retail		1.0	%
Media		1.0	%
Automobiles		0.9	%
Building Products		0.9	%
Electric Utilities		0.9	%
Electrical Equipment		0.9	%
Entertainment		0.9	%
Household Durables		0.8	%
Metals & Mining		0.8	%
Technology Hardware, Storage & Peripherals		0.8	%
Food & Staples Retailing		0.7	%
Interactive Media & Services		0.7	%
Containers & Packaging		0.6	%
Electronic Equipment, Instruments & Components		0.6	%
Gas Utilities		0.6	%
Textiles, Apparel & Luxury Goods		0.6	%
Auto Components		0.5	%
Life Sciences Tools & Services		0.5	%
Professional Services		0.5	%

	Percentage of Total Net Assets
Common Stocks
Real Estate Management & Development			0.5	%
Tobacco			0.5	%
Multiline Retail			0.4	%
Water Utilities			0.4	%
Consumer Finance			0.3	%
Diversified Consumer Services		��	0.3	%
Health Care Technology			0.3	%
Personal Products			0.3	%
Biotechnology			0.2	%
Distributors			0.2	%
Marine			0.2	%
Construction Materials			0.1	%
Leisure Equipment & Products			0.1	%
Airlines			0.0	%3
Energy Equipment & Services			0.0	%3
Independent Power & Renewable Electricity Producers			0.0	%3
Industrial Conglomerates			0.0	%3
Transportation Infrastructure			0.0	%3
Preferred Stocks			0.2	%
Investment Companies			0.1	%
Right			0.0	%3
Cash Equivalents1			3.9	%
Other Assets and Liabilities – Net2			7.2	%
TOTAL			100.0	%

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Global Alpha Equities Fund (continued) 24

	Percentage of Total Net Assets
Country Allocation
Common Stocks
United States		44.6	%
Japan		10.1	%
United Kingdom		5.9	%
Canada		5.4	%
France		4.9	%
Switzerland		4.3	%
Netherlands		1.8	%
Hong Kong		1.8	%
Ireland		1.4	%
China		1.4	%
Taiwan		1.3	%
Germany		1.0	%
All other countries less than 1.0%		4.7	%
Preferred Stocks		0.2	%
Investment Companies		0.1	%
Right		0.0	%3
Cash Equivalents1		3.9	%
Other Assets and Liabilities – Net2		7.2	%
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

April 30, 2020

Description	Number of Shares		Value
COMMON STOCKS – 88.6%
AEROSPACE & DEFENSE – 1.6%
BAE Systems PLC		119,553	$	762,557
BWX Technologies, Inc.		15,632		829,434
Lockheed Martin Corp.		3,109		1,209,588
Meggitt PLC		9,505		33,283
Raytheon Technologies Corp.		8,357		541,617
TOTAL AEROSPACE & DEFENSE			$	3,376,479
AIR FREIGHT & LOGISTICS – 1.0%
bpost SA		3,651		25,475
C.H. Robinson Worldwide, Inc.		6,187		438,658
Expeditors International of Washington, Inc.		14,468		1,035,981
PostNL NV		39,002		67,203
United Parcel Service, Inc., Class B		4,713		446,133
TOTAL AIR FREIGHT & LOGISTICS			$	2,013,450
AIRLINES – 0.0%**
Japan Airlines Co. Ltd.		4,470		79,735

Description	Number of Shares		Value
AUTO COMPONENTS – 0.5%
Aisan Industry Co. Ltd.		2,565	$	13,602
Bridgestone Corp.		5,286		164,539
Denso Corp.		2,310		81,201
Exedy Corp.		4,735		76,291
Hankook Tire & Technology Co. Ltd.		3,351		58,792
NOK Corp.		8,585		99,980
Sumitomo Electric Industries Ltd.		5,657		58,202
Sumitomo Riko Co. Ltd.		6,530		34,922
Tachi-S Co. Ltd.		4,260		37,271
Tokai Rika Co. Ltd.		10,707		136,403
Toyoda Gosei Co. Ltd.		4,915		91,543
Toyota Boshoku Corp.		3,600		44,945
TS Tech Co. Ltd.		2,432		65,943
Unipres Corp.		6,680		58,580
TOTAL AUTO COMPONENTS			$	1,022,214

ANNUAL REPORT / April 30, 2020

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

Description	Number of Shares		Value
AUTOMOBILES – 0.9%
Daimler AG		4,810	$	164,517
Dongfeng Motor Group Co. Ltd., Class H		187,920		124,640
Honda Motor Co. Ltd.		19,485		473,177
Isuzu Motors Ltd.		61,240		465,397
Mitsubishi Motors Corp.		18,370		52,058
Nissan Motor Co. Ltd.		22,480		76,517
Renault SA*		3,065		60,395
Suzuki Motor Corp.		2,974		94,916
Toyota Motor Corp.		7,498		463,578
TOTAL AUTOMOBILES			$	1,975,195
BEVERAGES – 2.0%
Anadolu Efes Biracilik Ve Malt Sanayii AS		13,649		35,806
Asahi Group Holdings Ltd.		3,091		106,285
Boston Beer Co., Inc. (The), Class A*		959		447,383
Carlsberg A/S, Class B		788		99,409
Coca-Cola Co. (The)		15,439		708,496
Coca-Cola Icecek AS		8,913		47,152
Diageo PLC		25,013		861,189
Heineken Holding NV		311		24,231
Heineken NV		10,826		921,439
PepsiCo., Inc.		5,016		663,567
Pernod Ricard SA		959		146,436
Suntory Beverage & Food Ltd.		2,281		85,899
TOTAL BEVERAGES			$	4,147,292
BIOTECHNOLOGY – 0.2%
Galapagos NV*		712		157,301
Zai Lab Ltd. ADR*		3,320		208,230
TOTAL BIOTECHNOLOGY			$	365,531
BUILDING PRODUCTS – 0.9%
Assa Abloy AB, Class B		24,016		429,933
Cie de Saint-Gobain		8,562		227,818
Lennox International, Inc.		4,388		819,152
Trane Technologies PLC		4,602		402,307
TOTAL BUILDING PRODUCTS			$	1,879,210
CAPITAL MARKETS – 1.9%
Ares Management Corp., Class A		9,343		313,458
Blackstone Group, Inc. (The), Class A		5,064		264,543
Charles Schwab Corp. (The)		24,611		928,327
Deutsche Boerse AG		646		100,155
FactSet Research Systems, Inc.		632		173,800
GAM Holding AG*		5,282		11,089
Ichiyoshi Securities Co. Ltd.		5,710		23,908
Jafco Co. Ltd.		1,490		47,731
Julius Baer Group Ltd.		2,069		81,260

Description	Number of Shares		Value
Moody’s Corp.		1,474	$	359,509
Nomura Holdings, Inc.		24,900		103,325
Partners Group Holding AG		13		10,245
TD Ameritrade Holding Corp.		14,839		582,727
UBS Group AG*		85,377		914,174
Uranium Participation Corp.*		11,839		41,676
TOTAL CAPITAL MARKETS			$	3,955,927
CHEMICALS – 1.0%
ADEKA Corp.		5,071		63,677
BASF SE		362		18,526
China BlueChemical Ltd., Class H		236,683		35,327
Croda International PLC		382		23,424
EMS-Chemie Holding AG		29		18,753
Givaudan SA		13		43,593
JSR Corp.		5,700		107,223
Linde PLC		4,131		760,063
Mitsubishi Gas Chemical Co., Inc.		5,700		69,830
Nitto Denko Corp.		2,000		99,907
Sherwin-Williams Co. (The)		1,337		717,127
Shin-Etsu Chemical Co. Ltd.		1,667		183,874
TOTAL CHEMICALS			$	2,141,324
COMMERCIAL BANKS – 2.6%
ABN AMRO Bank NV*		12,943		99,539
AIB Group PLC*		58,110		80,414
Bank of Ireland Group PLC*		41,229		84,606
Bank of Nova Scotia (The)		19,499		782,690
Bank of Nova Scotia (The)		14,965		599,912
BPER Banca		9,355		23,129
CaixaBank SA		65,567		117,964
Dah Sing Financial Holdings Ltd.		15,705		51,807
DGB Financial Group, Inc.*		11,326		49,166
DNB ASA		36,834		445,983
Erste Group Bank AG*		2,840		61,551
First Citizens BancShares, Inc., Class A		527		201,314
First Republic Bank		5,518		575,472
Japan Post Bank Co. Ltd.		8,037		74,625
KB Financial Group, Inc. ADR*		4,557		128,234
Nordea Bank Abp		1,962		12,584
PNC Financial Services Group, Inc. (The)		7,095		756,824
Resona Holdings, Inc.		63,230		197,470
Sberbank of Russia PJSC ADR		5,717		60,086
Shinhan Financial Group Co. Ltd. ADR*		4,802		122,547
Standard Chartered PLC		99,013		505,923
Sumitomo Mitsui Trust Holdings, Inc.		7,486		217,968
Tochigi Bank Ltd. (The)		13,130		18,942

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 26

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Unicaja Banco SA		85,468	$	46,245
UniCredit SpA*		16,920		130,670
TOTAL COMMERCIAL BANKS			$	5,445,665
COMMERCIAL SERVICES & SUPPLIES – 2.3%
Aeon Delight Co. Ltd.		2,789		79,877
Babcock International Group PLC		15,061		79,773
Cintas Corp.		4,697		1,041,935
Clean Harbors, Inc.*		4,314		230,497
Copart, Inc.*		17,390		1,393,113
G4S PLC		21,613		29,670
ISS A/S*		1,800		26,761
Prosegur Cia de Seguridad SA		15,581		34,363
Republic Services, Inc.		4,788		375,092
Secom Co. Ltd.		3,209		267,051
Toppan Forms Co. Ltd.		5,895		51,789
Waste Connections, Inc.		9,734		836,248
Waste Connections, Inc.		4,578		393,880
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	4,840,049
COMMUNICATIONS EQUIPMENT – 1.2%
Accton Technology Corp.		42,000		304,461
Cisco Systems, Inc.		23,207		983,513
Motorola Solutions, Inc.		8,141		1,170,757
Nokia OYJ*		44,302		159,707
TOTAL COMMUNICATIONS EQUIPMENT			$	2,618,438
CONSTRUCTION & ENGINEERING – 1.4%
China Machinery Engineering Corp., Class H		130,413		35,782
Chiyoda Corp.*		8,700		19,593
Eiffage SA		548		44,784
Hazama Ando Corp.		15,883		98,915
Implenia AG		890		36,403
JGC Holdings Corp.		19,061		184,068
Kumagai Gumi Co. Ltd.		4,476		98,071
Kyowa Exeo Corp.		3,276		79,809
Raubex Group Ltd.		27,517		25,460
Taisei Corp.		5,801		180,829
Toyo Engineering Corp.*		6,259		21,899
Vinci SA		26,075		2,136,125
TOTAL CONSTRUCTION & ENGINEERING			$	2,961,738
CONSTRUCTION MATERIALS – 0.1%
Imerys SA		1,748		54,839
LafargeHolcim Ltd.*		5,074		210,738
Vicat SA		1,630		45,745
TOTAL CONSTRUCTION MATERIALS			$	311,322
CONSUMER FINANCE – 0.3%
Credit Acceptance Corp.*		2,128		663,021

Description	Number of Shares		Value
Provident Financial PLC		17,260	$	42,089
TOTAL CONSUMER FINANCE			$	705,110
CONTAINERS & PACKAGING – 0.6%
AMVIG Holdings Ltd.		70,970		13,566
Ball Corp.		18,790		1,232,436
Nampak Ltd.*		91,405		8,214
TOTAL CONTAINERS & PACKAGING			$	1,254,216
DISTRIBUTORS – 0.2%
Genuine Parts Co.		5,033		399,016
DIVERSIFIED CONSUMER SERVICES – 0.3%
Benesse Holdings, Inc.		995		28,335
Chegg, Inc.*		12,843		549,038
TOTAL DIVERSIFIED CONSUMER SERVICES			$	577,373
DIVERSIFIED FINANCIAL SERVICES – 2.0%
Bank of America Corp.		26,861		646,007
Berkshire Hathaway, Inc., Class B*		7,257		1,359,672
BNP Paribas SA*		4,958		155,763
G-Resources Group Ltd.*		1,840,560		10,464
HSBC Holdings PLC		4,685		24,081
ING Groep NV		25,809		144,603
Kasikornbank PCL NVDR		31,450		82,452
Mitsubishi UFJ Financial Group, Inc.		226,204		913,864
Royal Bank of Canada		7,192		442,438
Societe Generale SA		6,735		105,666
Standard Life Aberdeen PLC		2,403		6,655
Sumitomo Mitsui Financial Group, Inc.		12,395		325,954
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,217,619
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.2%
AT&T, Inc.		11,524		351,136
BT Group PLC		66,791		97,349
Cellnex Telecom SA*		8,808		460,702
China Telecom Corp. Ltd., Class H		388,727		134,266
China Tower Corp. Ltd., Class H		1,536,154		341,862
China Unicom Hong Kong Ltd.		203,679		131,726
Deutsche Telekom AG		3,879		56,710
Hellenic Telecommunications Organization SA		40,657		537,142
Koninklijke KPN NV		211,413		486,958
KT Corp. ADR		12,947		127,010
Magyar Telekom Telecommunications PLC ADR		9,961		63,551
Nippon Telegraph & Telephone Corp.		19,730		449,324
Swisscom AG		55		28,578
Telefonica Deutschland Holding AG		9,941		28,280
Telenor ASA		1,739		26,675

ANNUAL REPORT / April 30, 2020

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

Description	Number of Shares		Value
Telia Co. AB		6,918	$	24,054
Verizon Communications, Inc.		21,595		1,240,633
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	4,585,956
ELECTRIC UTILITIES – 0.9%
Alliant Energy Corp.		4,170		202,453
Avangrid, Inc.		11,277		484,911
Chugoku Electric Power Co., Inc. (The)		5,332		71,742
Edison International		8,621		506,139
Fortum OYJ		447		7,407
Iberdrola SA		25,343		252,108
Red Electrica Corp. SA		405		7,129
SSE PLC		670		10,509
Xcel Energy, Inc.		5,935		377,229
TOTAL ELECTRIC UTILITIES			$	1,919,627
ELECTRICAL EQUIPMENT – 0.9%
ABB Ltd.		5,294		100,492
AMETEK, Inc.		5,704		478,394
Cosel Co. Ltd.		4,260		35,652
Emerson Electric Co.		9,003		513,441
Mitsubishi Electric Corp.		10,570		130,060
Nissin Electric Co. Ltd.		7,600		70,601
Schneider Electric SE		6,374		589,039
Ushio, Inc.		4,680		49,349
Zumtobel Group AG*		6,342		40,967
TOTAL ELECTRICAL EQUIPMENT			$	2,007,995
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Ai Holdings Corp.		3,700		45,708
Canon Marketing Japan, Inc.		4,431		85,282
Citizen Watch Co. Ltd.		22,250		78,528
Enplas Corp.		1,420		29,813
FLIR Systems, Inc.		4,796		208,146
Foxconn Technology Co. Ltd.		44,453		85,354
Hirose Electric Co. Ltd.		684		75,101
Innolux Corp.		338,556		73,536
Keyence Corp.		891		318,098
Kyocera Corp.		2,147		114,715
Maruwa Co. Ltd.		300		21,161
Nichicon Corp.		10,805		71,209
NipponChemi-Con Corp.		4,520		50,981
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	1,257,632
ENERGY EQUIPMENT & SERVICES – 0.0%**
Drilling Co. of 1972 A/S (The)*		299		7,035
Fugro NV*		5,604		20,992
Saipem SpA*		22,447		57,614

Description	Number of Shares		Value
Trican Well Service Ltd.*		26,999	$	11,250
TOTAL ENERGY EQUIPMENT & SERVICES			$	96,891
ENTERTAINMENT – 0.9%
Avex, Inc.		5,445		41,213
CTS Eventim AG & Co. KGaA		6,572		273,211
DeNA Co. Ltd.		6,255		77,000
Netflix, Inc.*		1,147		481,568
Nexon Co. Ltd.		27,520		444,338
Spotify Technology SA*		3,357		508,820
TOTAL ENTERTAINMENT			$	1,826,150
FOOD & STAPLES RETAILING – 0.7%
Cawachi Ltd.		1,660		39,253
Colruyt SA		506		30,326
J Sainsbury PLC		72,053		179,324
Jeronimo Martins SGPS SA		3,060		51,878
Kato Sangyo Co. Ltd.		1,200		40,704
Koninklijke Ahold Delhaize NV		1,711		41,544
Lawson, Inc.		1,161		60,348
METRO AG		2,784		24,325
Performance Food Group Co.*		19,732		579,134
Sundrug Co. Ltd.		3,843		131,578
Tesco PLC		14,838		43,888
Walmart, Inc.		2,972		361,247
TOTAL FOOD & STAPLES RETAILING			$	1,583,549
FOOD PRODUCTS – 2.4%
Barry Callebaut AG		10		19,580
Calbee, Inc.		2,006		60,697
Campbell Soup Co.		3,618		180,828
Chocoladefabriken Lindt & Spruengli AG		6		46,740
Danone SA		2,446		170,480
General Mills, Inc.		6,890		412,642
Hershey Co. (The)		2,876		380,869
Hormel Foods Corp.		8,910		417,433
Kellogg Co.		14,974		980,797
MEIJI Holdings Co. Ltd.		1,507		104,667
Mowi ASA		1,225		20,981
Nestle SA		12,848		1,360,732
Nissin Foods Holdings Co. Ltd.		1,021		83,930
Nomad Foods Ltd.*		16,972		349,793
Orkla ASA		2,476		22,365
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		297,293		14,070
Toyo Suisan Kaisha Ltd.		1,612		77,516
Viscofan SA		7,172		459,643
TOTAL FOOD PRODUCTS			$	5,163,763

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 28

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
GAS UTILITIES – 0.6%
Enagas SA		272	$	6,349
Naturgy Energy Group SA		333		5,883
Osaka Gas Co. Ltd.		5,218		97,169
Rubis SCA		16,496		739,065
UGI Corp.		14,436		435,678
TOTAL GAS UTILITIES			$	1,284,144
HEALTH CARE EQUIPMENT & SUPPLIES – 4.4%
Abbott Laboratories		4,901		451,333
Baxter International, Inc.		7,738		686,980
Becton Dickinson & Co.		1,665		420,462
Coloplast A/S, Class B		234		36,907
Danaher Corp.		7,137		1,166,614
DexCom, Inc.*		1,432		480,006
Hologic, Inc.*		12,390		620,739
Insulet Corp.*		2,443		487,916
Intuitive Surgical, Inc.*		319		162,971
Koninklijke Philips NV		28,325		1,234,763
Medtronic PLC		14,357		1,401,674
Smith & Nephew PLC		26,755		523,569
Sonova Holding AG		291		52,559
STERIS PLC		1,271		181,117
Sysmex Corp.		5,073		350,480
Tandem Diabetes Care, Inc.*		6,106		487,137
West Pharmaceutical Services, Inc.		2,770		524,250
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	9,269,477
HEALTH CARE PROVIDERS & SERVICES – 1.5%
Anthem, Inc.		1,326		372,248
HCA Healthcare, Inc.		5,976		656,643
Laboratory Corp. of America Holdings*		2,358		387,773
Medipal Holdings Corp.		6,008		115,901
Quest Diagnostics, Inc.		3,555		391,441
Suzuken Co. Ltd.		1,600		61,661
UnitedHealth Group, Inc.		4,123		1,205,854
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,191,521
HEALTH CARE TECHNOLOGY – 0.3%
AGFA-Gevaert NV*		10,096		39,994
Cerner Corp.		6,329		439,169
Veeva Systems, Inc., Class A*		1,092		208,354
TOTAL HEALTH CARE TECHNOLOGY			$	687,517
HOTELS, RESTAURANTS & LEISURE – 2.5%
Choice Hotels International, Inc.		11,525		864,951
Compass Group PLC		95,457		1,606,286
McDonald’s Corp.		6,934		1,300,541
Planet Fitness, Inc., Class A*		5,497		331,634
Sands China Ltd.		76,800		310,925

Description	Number of Shares		Value
Sodexo SA		594	$	47,488
Yum China Holdings, Inc.		9,403		455,669
Yum! Brands, Inc.		5,405		467,154
TOTAL HOTELS, RESTAURANTS & LEISURE			$	5,384,648
HOUSEHOLD DURABLES – 0.8%
Funai Electric Co. Ltd.*		8,690		35,946
Lennar Corp., Class A		5,496		275,185
Nikon Corp.		8,415		78,275
NVR, Inc.*		373		1,156,300
Persimmon PLC		308		8,533
Sekisui Chemical Co. Ltd.		8,572		108,642
TOTAL HOUSEHOLD DURABLES			$	1,662,881
HOUSEHOLD PRODUCTS – 1.8%
Clorox Co. (The)		2,103		392,083
Colgate-Palmolive Co.		15,003		1,054,261
Essity AB, Class B*		1,128		36,540
Procter & Gamble Co. (The)		8,408		991,051
Reckitt Benckiser Group PLC		14,284		1,189,848
Unicharm Corp.		3,843		141,628
TOTAL HOUSEHOLD PRODUCTS			$	3,805,411
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS – 0.0%**
Uniper SE		718		19,316
INDUSTRIAL CONGLOMERATES – 0.0%**
Siemens AG		254		23,440
Smiths Group PLC		3,069		47,785
TOTAL INDUSTRIAL CONGLOMERATES			$	71,225
INSURANCE – 6.8%
Admiral Group PLC		229		6,682
Ageas		2,748		99,050
AIA Group Ltd.		266,540		2,446,243
Alleghany Corp.		377		201,209
Allianz SE		127		23,372
Aon PLC		1,694		292,503
Arthur J. Gallagher & Co.		9,912		778,092
Assicurazioni Generali SpA		6,144		87,655
Aviva PLC		2,941		8,894
AXA SA		68,970		1,226,050
Chubb Ltd.		6,250		675,062
CNP Assurances*		347		3,580
Dai-ichi Life Holdings, Inc.		8,545		107,088
Enstar Group Ltd.*		3,330		481,585
Globe Life, Inc.		7,146		588,402
Intact Financial Corp.		18,376		1,748,819
Legal & General Group PLC		4,272		10,983

ANNUAL REPORT / April 30, 2020

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

Description	Number of Shares		Value
Mapfre SA		2,099	$	3,852
Markel Corp.*		1,528		1,323,004
Marsh & McLennan Cos., Inc.		4,054		394,576
MS&AD Insurance Group Holdings, Inc.		10,622		306,021
Muenchener Rueckversicherungs AG		73		15,989
Progressive Corp. (The)		18,924		1,462,825
Sampo OYJ, Class A		316		10,475
SCOR SE		1,553		43,755
Shin Kong Financial Holding Co. Ltd.		160,527		45,700
Sony Financial Holdings, Inc.		36,379		689,624
Swiss Re AG		174		12,644
T&D Holdings, Inc.		30,258		261,543
Tokio Marine Holdings, Inc.		15,174		711,900
Tongyang Life Insurance Co. Ltd.		10,200		24,798
White Mountains Insurance Group Ltd.		430		418,390
Zurich Insurance Group AG		55		17,438
TOTAL INSURANCE			$	14,527,803
INTERACTIVE MEDIA & SERVICES – 0.7%
Auto Trader Group PLC		7,265		41,821
Facebook, Inc., Class A*		2,336		478,203
Gree, Inc.		23,610		92,818
Match Group, Inc.*		3,236		249,043
Tencent Holdings Ltd.		10,453		549,508
Z Holdings Corp.		29,006		111,944
TOTAL INTERACTIVE MEDIA & SERVICES			$	1,523,337
INTERNET & CATALOG RETAIL – 1.0%
Alibaba Group Holding Ltd. ADR*		3,229		654,421
Amazon.com, Inc.*		444		1,098,456
Etsy, Inc.*		4,198		272,324
Qliro Group AB*		17,409		7,856
TOTAL INTERNET & CATALOG RETAIL			$	2,033,057
IT SERVICES – 5.8%
Accenture PLC, Class A		5,973		1,106,140
Automatic Data Processing, Inc.		3,551		520,896
Black Knight, Inc.*		16,982		1,198,420
Capgemini SE		9,701		912,002
DTS Corp.		5,036		96,519
Edenred		10,415		419,551
EPAM Systems, Inc.*		1,577		348,344
Fidelity National Information Services, Inc.		11,178		1,474,266
Fiserv, Inc.*		4,233		436,253
FleetCor Technologies, Inc.*		1,909		460,546
Fujitsu Ltd.		748		72,667
Global Payments, Inc.		2,211		367,070
GoDaddy, Inc., Class A*		8,251		572,867

Description	Number of Shares		Value
International Business Machines Corp.		3,694	$	463,819
Leidos Holdings, Inc.		5,984		591,279
NS Solutions Corp.		4,247		107,278
Paychex, Inc.		6,027		412,970
PayPal Holdings, Inc.*		5,438		668,874
Sopra Steria Group		190		22,496
Square, Inc., Class A*		11,886		774,254
Visa, Inc., Class A		2,852		509,709
Western Union Co. (The)		18,247		347,970
Worldline SA*		6,754		457,446
TOTAL IT SERVICES			$	12,341,636
LEISURE EQUIPMENT & PRODUCTS – 0.1%
BRP, Inc.		5,491		164,341
LIFE SCIENCES TOOLS & SERVICES – 0.5%
CMIC Holdings Co. Ltd.		990		14,253
QIAGEN NV*		1,242		51,674
Thermo Fisher Scientific, Inc.		3,084		1,032,153
TOTAL LIFE SCIENCES TOOLS & SERVICES			$	1,098,080
MACHINERY – 2.6%
Alfa Laval AB*		2,403		44,905
Amada Co. Ltd.		5,985		54,099
Fortive Corp.		33,289		2,130,496
Hisaka Works Ltd.		4,230		29,017
IDEX Corp.		7,527		1,156,373
Japan Steel Works Ltd. (The)		11,785		144,682
Kone OYJ, Class B		615		37,241
Mitsubishi Heavy Industries Ltd.		2,202		56,467
OKUMA Corp.		2,140		80,688
Otis Worldwide Corp.*		4,178		212,702
PACCAR, Inc.		10,842		750,592
Schindler Holding AG		328		72,998
Schindler Holding AG		233		50,106
Shibaura Machine Co. Ltd.		1,238		24,355
Star Micronics Co. Ltd.		3,900		43,056
Takuma Co. Ltd.		9,610		103,900
THK Co. Ltd.		5,790		138,409
WABCO Holdings, Inc.*		2,899		389,568
Wartsila OYJ Abp		4,332		31,798
TOTAL MACHINERY			$	5,551,452
MARINE – 0.2%
AP Moeller – Maersk A/S, Class B		146		145,307
D/S Norden A/S*		5,556		78,090
Kuehne + Nagel International AG		477		68,231
Pacific Basin Shipping Ltd.		405,548		49,684
TOTAL MARINE			$	341,312

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 30

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
MEDIA – 1.0%
Charter Communications, Inc., Class A*		1,084	$	536,829
Comcast Corp., Class A		15,589		586,614
Criteo SA ADR*		3,972		39,442
Fuji Media Holdings, Inc.		4,125		40,976
Gendai Agency, Inc.		1,300		3,063
Informa PLC		1,275		7,043
Metropole Television SA		5,013		55,799
Nippon Television Holdings, Inc.		13,537		151,212
Omnicom Group, Inc.		5,869		334,709
RTL Group SA*		2,036		67,780
Television Francaise 1*		13,272		64,980
TV Asahi Holdings Corp.		5,005		74,297
WPP PLC		23,986		186,109
TOTAL MEDIA			$	2,148,853
METALS & MINING – 0.8%
Anglo American PLC		5,864		104,291
Asahi Holdings, Inc.		9,968		225,237
Barrick Gold Corp.		7,632		196,454
Centerra Gold, Inc.		10,921		87,324
Chubu Steel Plate Co. Ltd.		1,610		9,468
Eldorado Gold Corp.*		5,997		56,792
Gold Fields Ltd.		9,774		72,754
Harmony Gold Mining Co. Ltd. ADR*		16,743		60,610
IAMGOLD Corp.*		7,924		27,813
Impala Platinum Holdings Ltd.*		6,322		37,706
Kinross Gold Corp.*		13,359		88,303
Kyoei Steel Ltd.		5,475		69,572
Nakayama Steel Works Ltd.		8,090		28,333
Neturen Co. Ltd.		2,865		15,541
Norsk Hydro ASA		42,697		108,316
Northern Dynasty Minerals Ltd.*		2,242		1,289
Pacific Metals Co. Ltd.		2,207		34,024
Resolute Mining Ltd.*		47,189		28,115
Salzgitter AG		4,793		64,036
SEMAFO, Inc.*		23,682		59,547
Tokyo Steel Manufacturing Co. Ltd.		12,840		81,748
Western Areas Ltd.		35,963		50,694
Yamato Kogyo Co. Ltd.		8,668		170,107
Yodogawa Steel Works Ltd.		980		15,419
TOTAL METALS & MINING			$	1,693,493
MULTILINE RETAIL – 0.4%
Dollar General Corp.		2,824		495,047
Marks & Spencer Group PLC		32,704		38,102
Marui Group Co. Ltd.		24,460		400,384
TOTAL MULTILINE RETAIL			$	933,533

Description	Number of Shares		Value
MULTI-UTILITIES – 1.4%
Centrica PLC		86,928	$	43,477
CMS Energy Corp.		4,601		262,671
Consolidated Edison, Inc.		4,488		353,654
E.ON SE		44,564		446,412
Engie SA*		14,983		162,560
National Grid PLC		115,871		1,357,857
WEC Energy Group, Inc.		3,888		352,058
TOTAL MULTI-UTILITIES			$	2,978,689
OIL, GAS & CONSUMABLE FUELS – 2.7%
Advantage Oil & Gas Ltd.*		18,823		30,561
ARC Resources Ltd.		9,527		40,176
BP PLC		64,543		254,325
Cameco Corp.		5,973		59,389
Enbridge, Inc.		21,967		673,079
Eni SpA		21,499		204,807
Equinor ASA		9,664		133,816
Galp Energia SGPS SA		47,976		553,699
Gazprom PJSC ADR		17,796		89,870
Idemitsu Kosan Co. Ltd.		5,302		120,477
Imperial Oil Ltd.		27,215		439,718
Inpex Corp.		17,760		114,642
Japan Petroleum Exploration Co. Ltd.		1,850		31,797
LUKOIL PJSC ADR		461		29,767
OMV AG		167		5,453
Ovintiv, Inc.		5,208		32,551
Repsol SA		1,089		9,885
Royal Dutch Shell PLC, Class A		1,407		23,165
Royal Dutch Shell PLC, Class B		19,184		307,108
Surgutneftegas PJSC ADR		15,452		74,942
TC Energy Corp.		16,737		770,266
TOTAL SA		44,072		1,564,228
Tourmaline Oil Corp.		4,594		45,546
YPF SA ADR		5,483		21,055
TOTAL OIL, GAS & CONSUMABLE FUELS			$	5,630,322
PERSONAL PRODUCTS – 0.3%
Beiersdorf AG		248		25,948
Kao Corp.		2,898		223,483
L’Oreal SA		241		70,069
Unilever NV		4,759		236,996
Unilever PLC		1,600		82,387
TOTAL PERSONAL PRODUCTS			$	638,883
PHARMACEUTICALS – 6.1%
Astellas Pharma, Inc.		13,936		230,490
AstraZeneca PLC ADR		22,979		1,201,342
AstraZeneca PLC		5,789		605,481

ANNUAL REPORT / April 30, 2020

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

Description	Number of Shares		Value
Eisai Co. Ltd.		4,705	$	328,461
GlaxoSmithKline PLC		5,589		116,600
Johnson & Johnson		11,082		1,662,743
Kyowa Kirin Co. Ltd.		5,803		134,686
Merck & Co., Inc.		20,033		1,589,418
Nippon Shinyaku Co. Ltd.		5,200		365,163
Novartis AG		41,671		3,556,139
Novo Nordisk A/S, Class B		1,401		89,370
Ono Pharmaceutical Co. Ltd.		7,023		169,200
Orion OYJ, Class B		860		43,704
Pfizer, Inc.		34,494		1,323,190
Roche Holding AG		3,800		1,315,930
Takeda Pharmaceutical Co. Ltd.		6,945		250,447
Vifor Pharma AG		305		45,757
TOTAL PHARMACEUTICALS			$	13,028,121
PROFESSIONAL SERVICES – 0.5%
Adecco Group AG		4,100		179,419
BeNEXT Group, Inc.		6,500		40,608
Bureau Veritas SA		1,844		38,281
Experian PLC		15,368		461,504
Hays PLC		56,410		76,854
JAC Recruitment Co. Ltd.		2,300		24,091
Pagegroup PLC		12,420		58,783
RELX PLC		5,207		117,479
SGS SA		39		87,972
SThree PLC		10,114		27,399
Verisk Analytics, Inc.		29		4,432
Wolters Kluwer NV		521		38,373
TOTAL PROFESSIONAL SERVICES			$	1,155,195
REAL ESTATE INVESTMENT TRUSTS – 3.0%
American Tower Corp.		10,272		2,444,736
British Land Co. PLC (The)		11,932		60,868
Covivio		63		3,956
Daiwa Securities Living Investments Corp.		72		60,168
Equity LifeStyle Properties, Inc.		6,470		390,206
Extra Space Storage, Inc.		4,179		368,755
Klepierre SA		232		4,710
Land Securities Group PLC		7,299		60,867
LaSalle Logiport REIT		79		110,593
Medical Properties Trust, Inc.		55,467		950,704
Public Storage		7,951		1,474,513
Realty Income Corp.		1,304		71,616
Sun Communities, Inc.		2,898		389,491
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	6,391,183
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.5%
CK Asset Holdings Ltd.		16,867		106,578

Description	Number of Shares		Value
Daito Trust Construction Co. Ltd.		738	$	70,173
Mitsubishi Estate Co. Ltd.		20,004		323,627
Nexity SA		15,624		479,249
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	979,627
ROAD & RAIL – 2.0%
AMERCO		2,038		570,905
Canadian National Railway Co.		30,395		2,513,573
East Japan Railway Co.		2,464		179,921
Go-Ahead Group PLC (The)		1,668		28,149
Hankyu Hanshin Holdings, Inc.		3,175		108,626
Kyushu Railway Co.		2,900		78,019
Nagoya Railroad Co. Ltd.		3,034		86,821
Seino Holdings Co. Ltd.		4,500		53,573
Tokyu Corp.		6,722		101,179
Uber Technologies, Inc.*		11,895		360,062	��
West Japan Railway Co.		1,856		114,696
TOTAL ROAD & RAIL			$	4,195,524
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.8%
Advanced Micro Devices, Inc.*		6,251		327,490
ASML Holding NV		428		123,448
Marvell Technology Group Ltd.		18,051		482,684
MediaTek, Inc.		41,000		566,146
Miraial Co. Ltd.		1,750		17,718
NVIDIA Corp.		370		108,144
Realtek Semiconductor Corp.		49,000		419,603
Taiwan Semiconductor Manufacturing Co.
Ltd.		77,000		776,761
Taiwan Semiconductor Manufacturing Co.
Ltd. ADR		5,211		276,860
Texas Instruments, Inc.		4,551		528,235
Tokyo Seimitsu Co. Ltd.		2,785		90,086
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	3,717,175
SOFTWARE – 2.4%
ANSYS, Inc.*		606		158,669
CDK Global, Inc.		10,565		414,993
Constellation Software, Inc.		1,347		1,295,305
Guidewire Software, Inc.*		3,544		321,937
Microsoft Corp.		5,306		950,888
Oracle Corp.		3,144		166,538
Paycom Software, Inc.*		950		247,969
RingCentral, Inc., Class A*		1,056		241,328
Sage Group PLC (The)		6,633		53,346
Slack Technologies, Inc., Class A*		9,017		240,664
Splunk, Inc.*		3,643		511,331
Trade Desk, Inc. (The), Class A*		96		28,088
Workday, Inc., Class A*		2,856		439,538
TOTAL SOFTWARE			$	5,070,594

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 32

Wilmington Global Alpha Equities Fund (continued)     

Description	Number of Shares		Value
SPECIALTY RETAIL – 1.9%
ABC-Mart, Inc.		1,077	$	54,732
AutoZone, Inc.*		385		392,823
CarMax, Inc.*		8,007		589,716
CECONOMY AG*		13,385		34,263
Five Below, Inc.*		3,795		342,157
Halfords Group PLC		22,363		30,499
Home Depot, Inc. (The)		3,678		808,535
Kingfisher PLC		48,353		95,922
Nishimatsuya Chain Co. Ltd.		7,330		57,989
Nitori Holdings Co. Ltd.		885		135,649
PAL GROUP Holdings Co. Ltd.		3,000		35,093
Ross Stores, Inc.		2,826		258,183
Shimamura Co. Ltd.		1,850		116,636
TJX Cos., Inc. (The)		18,516		908,210
USS Co. Ltd.		4,701		74,440
Xebio Holdings Co. Ltd.		6,785		56,102
TOTAL SPECIALTY RETAIL			$	3,990,949
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 0.8%
Acer, Inc.		150,480		83,313
Apple, Inc.		2,839		834,098
Canon, Inc.		3,405		71,625
Compal Electronics, Inc. GDR		45,202		145,166
HP, Inc.		25,364		393,396
Maxell Holdings Ltd.		4,460		41,029
Melco Holdings, Inc.		390		9,061
Quadient		3,889		53,707
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	1,631,395
TEXTILES, APPAREL & LUXURY GOODS – 0.6%
361 Degrees International Ltd.		192,840		29,258
ANTA Sports Products Ltd.		42,000		357,674
Daphne International Holdings Ltd.*		175,110		2,945
Hermes International		51		37,285
NIKE, Inc., Class B		8,801		767,271
Sanyo Shokai Ltd.*		3,360		28,057
TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,222,490
TOBACCO – 0.5%
Imperial Brands PLC		4,601		96,798
Japan Tobacco, Inc.		14,596		271,822
Philip Morris International, Inc.		9,291		693,109
Swedish Match AB		925		57,162
TOTAL TOBACCO			$	1,118,891
TRADING COMPANIES & DISTRIBUTORS – 1.2%
Brenntag AG		14,445		654,043
Fastenal Co.		13,191		477,778
Ferguson PLC		3,586		258,557

Description	Number of Shares		Value
ITOCHU Corp.		8,053	$	157,880
Mitsubishi Corp.		16,430		348,447
Rexel SA		13,791		128,806
SIG PLC		29,112		8,781
Triton International Ltd.		13,709		424,705
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	2,458,997
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Fraport AG Frankfurt Airport Services
Worldwide		507		22,208
Getlink SE		3,209		40,931
Hamburger Hafen und Logistik AG		1,439		23,413
TOTAL TRANSPORTATION INFRASTRUCTURE			$	86,552
WATER UTILITIES – 0.4%
Guangdong Investment Ltd.		400,503		832,432
WIRELESS TELECOMMUNICATION SERVICES – 1.1%
China Mobile Ltd.		20,807		167,269
KDDI Corp.		44,264		1,282,076
Millicom International Cellular SA SDR*		11,433		297,099
MTN Group Ltd.		10,646		27,976
NTT DOCOMO, Inc.		7,976		235,062
Orange Belgium SA		3,754		62,447
Softbank Corp.		14,002		190,679
VEON Ltd. ADR		43,667		74,670
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	2,337,278
TOTAL COMMON STOCKS (COST $185,511,774)			$	187,925,800
INVESTMENT COMPANIES – 0.1%
EQUITY FUNDS – 0.1%
iShares Core MSCI EAFE ETF		1,820		96,515
Nomura TOPIX ETF		7,890		111,645
TOTAL INVESTMENT COMPANIES (COST $192,284)			$	208,160
PREFERRED STOCKS – 0.2%
CONSUMER DISCRETIONARY – 0.2%
Volkswagen AG 4.86%		3,187		443,413
CONSUMER STAPLES – 0.0%**
Henkel AG & Co. KGaA 0.00%		376		33,384
TOTAL PREFERRED STOCKS (COST $537,936)			$	476,797
RIGHT – 0.0%**
Shin Kong Financial Holding Co. Ltd.*		4,000		100
TOTAL RIGHT (COST $0)			$	100
MONEY MARKET FUNDS – 3.9%
Dreyfus Cash Management Fund, Institutional Shares, 1.71%^		135		135

ANNUAL REPORT / April 30, 2020

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

Description	Number of Shares		Value
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%^		8,244,259	$	8,244,259
TOTAL MONEY MARKET FUNDS (COST $8,244,394)			$	8,244,394

Description	Value
TOTAL INVESTMENTS – 92.8% (COST $194,486,388)	$	196,855,251
OTHER ASSETS LESS LIABILITIES – 7.2%		15,263,877
TOTAL NET ASSETS – 100.0%	$	212,119,128

Cost of investments and derivatives for Federal income tax purposes is $199,630,410. The net unrealized appreciation/(depreciation) of investments and derivatives was $(7,433,735). This consists of net unrealized appreciation from investment for those securities and derivatives having an excess of value over cost of $8,414,198 and net unrealized depreciation from investments for those securities and derivatives having an excess of cost over value of $(15,847,933).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2020 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	$	2,580,639	$	795,840	$	—	$	3,376,479
Air Freight & Logistics		1,920,772		92,678		—		2,013,450
Airlines		—		79,735		—		79,735
Auto Components		—		1,022,214		—		1,022,214
Automobiles		—		1,975,195		—		1,975,195
Beverages		1,819,446		2,327,846		—		4,147,292
Biotechnology		208,230		157,301		—		365,531
Building Products		1,221,459		657,751		—		1,879,210
Capital Markets		2,664,040		1,291,887		—		3,955,927
Chemicals		1,477,190		664,134		—		2,141,324
Commercial Banks		3,227,079		2,218,586		—		5,445,665
Commercial Services & Supplies		4,270,765		569,284		—		4,840,049
Communications Equipment		2,154,270		464,168		—		2,618,438
Construction & Engineering		—		2,961,738		—		2,961,738
Construction Materials		—		311,322		—		311,322
Consumer Finance		663,021		42,089		—		705,110
Containers & Packaging		1,232,436		21,780		—		1,254,216
Distributors		399,016		—		—		399,016
Diversified Consumer Services		549,038		28,335		—		577,373
Diversified Financial Services		2,448,117		1,769,502		—		4,217,619
Diversified Telecommunication Services		1,782,330		2,803,626		—		4,585,956
Electric Utilities		1,570,732		348,895		—		1,919,627
Electrical Equipment		991,835		1,016,160		—		2,007,995
Electronic Equipment, Instruments & Components		208,146		1,049,486		—		1,257,632
Energy Equipment & Services		11,250		85,641		—		96,891
Entertainment		990,388		835,762		—		1,826,150
Food & Staples Retailing		940,381		643,168		—		1,583,549
Food Products		2,722,362		2,441,401		—		5,163,763
Gas Utilities		435,678		848,466		—		1,284,144

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 34

Wilmington Global Alpha Equities Fund (continued)

	Level 1			Level 2			Level 3		Total
Health Care Equipment & Supplies		7,071,199			2,198,278			—		9,269,477
Health Care Providers & Services	$	3,013,959		$	177,562		$	—	$	3,191,521
Health Care Technology		647,523			39,994			—		687,517
Hotels, Restaurants & Leisure		3,419,949			1,964,699			—		5,384,648
Household Durables		1,431,485			231,396			—		1,662,881
Household Products		2,437,395			1,368,016			—		3,805,411
Independent Power & Renewable Electricity Producers		—			19,316			—		19,316
Industrial Conglomerates		—			71,225			—		71,225
Insurance		8,364,467			6,163,336			—		14,527,803
Interactive Media & Services		727,246			796,091			—		1,523,337
Internet & Catalog Retail		2,025,201			7,856			—		2,033,057
IT Services		10,253,677			2,087,959			—		12,341,636
Leisure Equipment & Products		164,341			—			—		164,341
Life Sciences Tools & Services		1,032,153			65,927			—		1,098,080
Machinery		4,639,731			911,721			—		5,551,452
Marine		—			341,312			—		341,312
Media		1,497,594			651,259			—		2,148,853
Metals & Mining		578,132			1,115,361			—		1,693,493
Multiline Retail		495,047			438,486			—		933,533
Multi-Utilities		968,383			2,010,306			—		2,978,689
Oil, Gas & Consumable Fuels		2,306,920			3,323,402			—		5,630,322
Personal Products		—			638,883			—		638,883
Pharmaceuticals		5,776,693			7,251,428			—		13,028,121
Professional Services		4,432			1,150,763			—		1,155,195
Real Estate Investment Trusts		6,090,021			301,162			—		6,391,183
Real Estate Management & Development		—			979,627			—		979,627
Road & Rail		3,444,540			750,984			—		4,195,524
Semiconductors & Semiconductor Equipment		1,846,861			1,870,314			—		3,717,175
Software		5,017,248			53,346			—		5,070,594
Specialty Retail		3,299,624			691,325			—		3,990,949
Technology Hardware, Storage & Peripherals		1,372,660			258,735			—		1,631,395
Textiles, Apparel & Luxury Goods		767,271			455,219			—		1,222,490
Tobacco		693,109			425,782			—		1,118,891
Trading Companies & Distributors		902,483			1,556,514			—		2,458,997
Transportation Infrastructure		—			86,552			—		86,552
Water Utilities		—			832,432			—		832,432
Wireless Telecommunication Services		74,670			2,262,608			—		2,337,278
Investment Companies		96,515			111,645			—		208,160
Preferred Stocks		—			476,797			—		476,797
Right		—			100			—		100
Money Market Funds		8,244,394			—			—		8,244,394
Total Investments in Securities	$	125,193,543		$	71,661,708		$	—	$	196,855,251
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	322,676		$	—	$	322,676
Total Assets - Other Financial Instruments	$	—		$	322,676		$	—	$	322,676
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	(67,736	)	$	—	$	(67,736	)
Financial Futures Contracts		(13,964,282	)		—			—		(13,964,282	)

ANNUAL REPORT / April 30, 2020

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

	Level 1			Level 2			Level 3		Total
Total Liabilities - Other Financial Instruments	$	(13,964,282	)	$	(67,736	)	$	—	$	(14,032,018	)

^!  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.

As a result of utilizing international fair value pricing at April 30, 2020, a portion of the Fund’s common stock investments were categorized as Level 2.

* 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
LLC	Limited Liability Corporation
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depositary Receipt
OYJ	Public Limited Company
PCL	Public Company Limited
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SCA	Limited Partnership with Share Capital
SDR	Swedish Depositary Receipt

Currency Code	Currency
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
USD	United States Dollar

At April 30, 2020, 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
5/1/2020	HSBC Bank USA, N.A.		590,175 JPY	$	5,532	$	5,500	$	—	$	(32	)
5/4/2020	Morgan Stanley Capital Services LLC		587,223 HKD		75,768		75,746		—		(22	)
5/5/2020	JP Morgan Chase Bank, N.A.		23,008 EUR		25,193		25,214		21		—
5/7/2020	State Street Corp.		66,840 JPY		627		623		—		(4	)
6/17/2020	Deutsche Bank AG		418,000,000 JPY		3,805,487		3,897,947		92,460		—
CONTRACTS SOLD
5/1/2020	Morgan Stanley Capital Services LLC		10,080,000 JPY		93,951		93,929		22		—
5/1/2020	Bank of New York Mellon		77,942 JPY		730		726		4		—
5/1/2020	HSBC Bank USA, N.A.		59,262 JPY		555		552		3		—
5/1/2020	Bank of New York Mellon		12,288 CAD		8,807		8,828		—		(21	)
5/4/2020	Goldman Sachs Bank USA		23,059 EUR		25,042		25,271		—		(229	)
5/4/2020	Bank of New York Mellon		22,548 CHF		23,163		23,360		—		(197	)
5/4/2020	Bank of New York Mellon		595 GBP		750		750		—		—
5/4/2020	Bank of New York Mellon		132 EUR		143		144		—		(1	)
5/5/2020	JP Morgan Chase Bank, N.A.		27,300 EUR		29,893		29,917		—		(24	)
5/5/2020	Bank of New York Mellon		416 EUR		455		457		—		(2	)
5/7/2020	State Street Corp.		4,012,711 JPY		37,617		37,392		225		—
6/17/2020	Canadian Imperial Bank of Commerce		745,000,000 JPY		7,095,123		6,947,298		147,825		—
6/17/2020	Morgan Stanley Capital Services LLC		5,505,000 CAD		3,964,377		3,955,264		9,113		—
6/17/2020	Toronto Dominion Bank		3,470,000 CAD		2,438,250		2,493,146		—		(54,896	)
6/17/2020	Deutsche Bank AG		3,187,000 EUR		3,568,962		3,495,959		73,003		—

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 36

Wilmington Global Alpha Equities Fund (concluded)

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized (Depreciation)
CONTRACTS SOLD (continued)
6/17/2020		Bank of Montreal		2,266,000 GBP		$2,842,323		$2,854,631		$         —		$(12,308	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$322,676		$(67,736	)

At April 30, 2020, the Global Alpha Equities Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Contract Amount		Notional Value		Unrealized Appreciation(a)		Unrealized Depreciation(a)
SHORT POSITIONS:
E-Mini Russell 2000 Index		June 2020		120	$	6,448,667	$	7,840,200		$—	$	(1,391,533	)
E-Mini S&P 500 Index		June 2020		172		21,690,852		24,960,640		—		(3,269,788	)
E-Mini S&P Mid 400 Index		June 2020		106		14,833,473		17,397,780		—		(2,564,307	)
Euro STOXX 50 Index		June 2020		215		5,522,956		6,846,516		—		(1,323,560	)
FTSE 100 Index		June 2020		67		4,001,087		4,758,079		—		(756,992	)
MSCI EAFE Index		June 2020		380		28,190,140		31,127,700		—		(2,937,560	)
S&P TSX 60 Index		June 2020		40		4,126,602		5,032,473		—		(905,871	)
TOPIX Index		June 2020		72		9,323,810		10,138,481		—		(814,671	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$—	$	(13,964,282	)

(a) The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2020. Only current day variation margin is reported on the Fund’s Statement of assets and liabilities.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

37

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Real Estate Related Securities:
Exchange-Traded Funds		32.8	%
Real Estate Investment Trusts		30.4	%
Common Stocks		8.9	%
Investment Companies		3.9	%
Commodity Related Securities:
Exchange-Traded Commodity Funds		16.6	%
Investment Company Commodity Fund		3.0	%
Cash Equivalents1		5.3	%
Other Assets and Liabilities – Net2		(0.9	)%
TOTAL		100.0	%

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2020

Description	Number of Shares		Value
REAL ESTATE RELATED SECURITIES – 76.0%
COMMON STOCKS – 8.9%
DIVERSIFIED REAL ESTATE ACTIVITIES – 4.2%
Airport City Ltd.*		4,669	$	70,837
Allreal Holding AG*		764		141,907
CapitaLand Ltd.		159,400		338,209
Chinese Estates Holdings Ltd.		75,000		35,838
City Developments Ltd.		39,000		218,000
Consolidated-Tomoka Land Co.		326		13,702
Daito Trust Construction Co. Ltd.		3,400		323,291
Daiwa House Industry Co. Ltd.		33,900		859,037
DIC Asset AG		3,489		46,241
Far East Consortium International Ltd.		78,000		27,670
Hang Lung Properties Ltd.		87,000		186,111
Heiwa Real Estate Co. Ltd.		4,300		115,459
Henderson Land Development Co. Ltd.		99,735		406,481
K Wah International Holdings Ltd.		85,000		38,949
Kerry Properties Ltd.		45,500		125,670
Lendlease Group		28,456		226,675
Leopalace21 Corp.*		9,900		21,994

Description	Number of Shares		Value
Mitsubishi Estate Co. Ltd.		69,700	$	1,127,616
Mitsui Fudosan Co. Ltd.		47,900		880,735
Mobimo Holding AG*		348		95,927
Nomura Real Estate Holdings, Inc.		9,000		146,342
OUE Ltd.		18,100		14,369
SAMTY Co. Ltd.		1,400		18,112
Shinoken Group Co. Ltd.		4,300		31,820
Star Mica Holdings Co. Ltd.		2,000		27,288
Sumitomo Realty & Development Co. Ltd.		26,700		715,094
Sun Frontier Fudousan Co. Ltd.		1,700		13,505
Sun Hung Kai Properties Ltd.		78,000		1,066,559
Tokyo Tatemono Co. Ltd.		13,100		147,331
Tokyu Fudosan Holdings Corp.		25,300		123,773
Tricon Capital Group, Inc.		7,268		42,242
UOL Group Ltd.		32,700		157,276
Wharf Holdings Ltd. (The)		75,000		142,071
Wheelock & Co. Ltd.		55,000		403,094
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	8,349,225
OFFICE – 0.0%**
Precinct Properties New Zealand Ltd.		84,495		82,082

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 38

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
REAL ESTATE DEVELOPMENT – 0.9%
Buwog AG Escrow Shares(a)		3,077	$	—
Cedar Woods Properties Ltd.		4,976		13,637
CK Asset Holdings Ltd.		134,000		846,712
DREAM Unlimited Corp., Class A		9,069		57,139
Forestar Group, Inc.*		1,558		20,550
Goldcrest Co. Ltd.		1,500		22,628
Greenland Hong Kong Holdings Ltd.		101,000		37,633
Helical PLC		12,067		54,813
Howard Hughes Corp. (The)*		2,279		123,431
Katitas Co. Ltd.		2,600		45,376
Nexity SA		2,227		68,311
Road King Infrastructure Ltd.		34,000		52,551
Selvaag Bolig ASA		6,948		28,791
Sino Land Co. Ltd.		132,000		184,474
St. Modwen Properties PLC		19,519		90,454
TAG Immobilien AG*		10,923		239,255
Tosei Corp.		2,300		22,321
TOTAL REAL ESTATE DEVELOPMENT			$	1,908,076
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
ADO Properties SA		1,203		33,703
Aeon Mall Co. Ltd.		5,400		67,882
Urban & Civic PLC		6,245		17,886
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	119,471
REAL ESTATE OPERATING COMPANIES – 3.7%
Alony Hetz Properties & Investments Ltd.		7,307		87,948
Amot Investments Ltd.		8,779		49,308
Aroundtown SA		56,773		305,376
Azrieli Group Ltd.		2,722		161,179
Big Shopping Centers Ltd.		209		16,720
CA Immobilien Anlagen AG		5,378		170,738
Castellum AB		13,543		237,542
Catena AB		1,465		46,616
Chip Eng Seng Corp. Ltd.		44,200		16,214
Daibiru Corp.		5,100		46,668
Deutsche Wohnen SE		18,969		768,782
Dios Fastigheter AB		6,443		39,675
Entra ASA		5,914		74,462
Fabege AB		17,964		212,800
Fastighets AB Balder, Class B*		5,984		236,471
Grainger PLC		32,354		108,700
Grand City Properties SA		3,165		66,187
Hang Lung Group Ltd.		8,000		18,273
Hongkong Land Holdings Ltd.		44,000		184,058
Hufvudstaden AB, Class A		3,483		44,630
Hulic Co. Ltd.		22,300		220,546

Description	Number of Shares		Value
Hysan Development Co. Ltd.		11,001	$	36,701
Ichigo, Inc.		4,800		12,292
IMMOFINANZ AG*		2,937		54,234
Intershop Holding AG		103		52,876
Keihanshin Building Co. Ltd.		9,300		120,065
Kennedy-Wilson Holdings, Inc.		6,295		89,074
Klovern AB, Class B		42,277		57,106
Kungsleden AB		9,447		71,943
LEG Immobilien AG		4,359		500,437
Melisron Ltd.		1,293		52,044
Nyfosa AB*		11,802		72,261
PSP Swiss Property AG		2,810		326,430
S IMMO AG		4,007		74,402
Samhallsbyggnadsbolaget i Norden AB		81,389		157,614
Swire Properties Ltd.		55,600		155,945
Swiss Prime Site AG*		3,484		331,700
Takara Leben Co. Ltd.		7,200		23,578
Unizo Holdings Co. Ltd.*		2,500		139,105
Vonovia SE		30,451		1,505,773
Wallenstam AB, Class B		6,496		67,366
Wharf Real Estate Investment Co. Ltd.		50,000		211,674
Wihlborgs Fastigheter AB		8,624		123,057
TOTAL REAL ESTATE OPERATING COMPANIES			$	7,348,570
RETAIL – 0.0%**
Kiwi Property Group Ltd.		25,687		15,039
TOTAL COMMON STOCKS (COST $15,559,746)			$	17,822,463
EXCHANGE-TRADED FUNDS – 32.8%
EQUITY FUNDS – 32.8%
Schwab U.S. REIT ETF#		957,500		33,771,025
Vanguard Globalex-U.S. Real Estate ETF		712,000		31,790,800
TOTAL EQUITY FUNDS			$	65,561,825
TOTAL EXCHANGE-TRADED FUNDS (COST $76,571,648)			$	65,561,825
INVESTMENT COMPANIES – 3.9%
DIVERSIFIED – 3.9%
Tortoise MLP & Pipeline Fund		973,466		7,865,608
REAL ESTATE OPERATING COMPANIES – 0.0%**
BMO Commercial Property Trust Ltd.		13,224		12,678
TOTAL INVESTMENT COMPANIES (COST $12,912,522)			$	7,878,286
REAL ESTATE INVESTMENT TRUSTS – 30.4%
DIVERSIFIED – 4.9%
Abacus Property Group		21,546		35,141
Activia Properties, Inc.		17		49,594
American Assets Trust, Inc.		2,528		71,593

ANNUAL REPORT / April 30, 2020

39	PORTFOLIOS OF INVESTMENTS
Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
American Finance Trust, Inc.		5,633	$	43,430
Charter Hall Group		34,892		172,420
Charter Hall Long Wale REIT		18,790		54,469
Cofinimmo SA		897		124,703
Colony Capital, Inc.		31,235		72,153
Cominar REIT		2,682		16,358
Covivio		3,213		201,782
Daiwa House REIT Investment Corp.		70		169,372
Empire State Realty Trust, Inc., Class A		11,473		95,914
Equinix, Inc.		4,414		2,980,333
Gecina SA		2,892		379,464
Gladstone Commercial Corp.		1,116		17,633
Global Net Lease, Inc.		4,719		67,906
Goodman Property Trust		95,209		130,592
GPT Group (The)		101,604		279,235
Growthpoint Properties Australia Ltd.		18,802		37,721
H&R REIT		11,787		83,494
Hankyu Hanshin REIT, Inc.		60		64,659
Heiwa REIT, Inc.		76		67,031
Hulic REIT, Inc.		26		29,019
ICADE		2,288		175,753
Kenedix Office Investment Corp.		30		148,206
Land Securities Group PLC		34,437		287,171
Lar Espana Real Estate Socimi SA		2,557		10,481
Lexington Realty Trust		13,070		136,582
LondonMetric Property PLC		53,050		129,612
LXI REIT PLC		19,555		26,041
Mapletree North Asia Commercial Trust		138,100		91,718
Merlin Properties Socimi SA		20,539		190,605
Mirvac Group		240,328		349,218
NIPPON REIT Investment Corp.		35		104,250
Nomura Real Estate Master Fund, Inc.		253		287,715
NSI NV		1,341		54,017
One Liberty Properties, Inc.		2,568		40,369
Picton Property Income Ltd. (The)		63,920		55,299
Premier Investment Corp.		106		106,444
PS Business Parks, Inc.		694		89,588
REIT 1 Ltd.		11,700		58,245
Sakura Sogo REIT Investment Corp.		24		16,479
Samty Residential Investment Corp.		22		18,929
Sekisui House REIT, Inc.		215		131,333
Soilbuild Business Space REIT		12		3
Star Asia Investment Corp.		40		31,662
Stockland		98,962		183,763
STORE Capital Corp.		11,268		226,149
Sunlight REIT		139,000		71,608
Suntec REIT		82,900		81,882
Tokyu REIT, Inc.		87		115,248

Description	Number of Shares		Value
Tosei REIT Investment Corp.		15	$	13,356
United Urban Investment Corp.		134		134,436
VEREIT, Inc.		61,783		338,571
Washington REIT		4,250		99,110
WP Carey, Inc.		9,707		638,526
XYMAX REIT Investment Corp.		19		16,127
Yuexiu REIT		95,000		46,598
TOTAL DIVERSIFIED			$	9,749,110
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Sella Capital Real Estate Ltd.		10,469		21,772
INDUSTRIALS – 4.7%
Americold Realty Trust		8,811		269,528
APN Industria REIT		12,124		16,371
Ascendas REIT		173,100		362,001
Dream Industrial REIT		7,428		54,324
Duke Realty Corp.		17,333		601,455
EastGroup Properties, Inc.		1,420		150,520
First Industrial Realty Trust, Inc.		4,348		164,224
Frasers Logistics & Industrial Trust		187,320		140,195
GLPJ-REIT		153		197,254
Goodman Group		95,183		810,694
Granite REIT		1,863		85,123
Industrial & Infrastructure Fund Investment Corp.		95		132,337
Industrial Logistics Properties Trust		5,261		98,328
Innovative Industrial Properties, Inc.#		658		51,627
Japan Logistics Fund, Inc.		48		112,835
LaSalle Logiport REIT		96		134,392
Mapletree Industrial Trust		103,300		185,460
Mapletree Logistics Trust		158,250		200,460
Mitsubishi Estate Logistics REIT Investment Corp.		19		61,875
Mitsui Fudosan Logistics Park, Inc.		27		106,195
Monmouth Real Estate Investment Corp.		5,189		70,519
Montea CVA		593		52,122
Nippon Prologis REIT, Inc.		123		340,500
Prologis, Inc.		38,140		3,403,233
Rexford Industrial Realty, Inc.		3,932		160,111
Segro PLC		66,395		695,918
STAG Industrial, Inc.		7,013		184,091
Summit Industrial Income REIT		2,802		20,895
Terreno Realty Corp.		2,213		121,317
Tritax Big Box REIT PLC		82,699		125,521
Warehouses De Pauw CVA		10,234		280,756
TOTAL INDUSTRIALS			$	9,390,181
OFFICE – 4.5%
Alexandria Real Estate Equities, Inc.		5,896		926,203

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 40

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Allied Properties REIT		4,391	$	140,568
alstria office REIT AG		7,735		115,946
Befimmo SA		330		14,730
Boston Properties, Inc.		7,583		736,916
Brandywine Realty Trust		9,291		103,688
CapitaLand Commercial Trust		146,500		166,475
Champion REIT		160,000		94,854
City Office REIT, Inc.		2,823		28,512
Columbia Property Trust, Inc.		8,546		122,122
Corporate Office Properties Trust		5,911		156,169
Cousins Properties, Inc.		7,741		233,546
Cromwell Property Group		99,187		50,555
Daiwa Office Investment Corp.		18		99,580
Derwent London PLC		7,299		285,202
Dexus		63,973		379,764
Douglas Emmett, Inc.		7,065		215,412
Dream Office REIT		3,839		59,904
Easterly Government Properties, Inc.		3,911		105,245
Equity Commonwealth		9,474		321,642
Franklin Street Properties Corp.		5,659		30,785
GDI Property Group		37,938		25,646
Global One Real Estate Investment Corp.		77		65,106
Great Portland Estates PLC		16,267		138,550
Hibernia REIT PLC		36,138		47,008
Highwoods Properties, Inc.		5,470		212,291
Hudson Pacific Properties, Inc.		8,172		200,868
Ichigo Office REIT Investment Corp.		99		62,410
Inmobiliaria Colonial Socimi SA		20,649		199,448
Intervest Offices & Warehouses NV		685		16,959
Invesco OfficeJ-REIT, Inc.		690		91,494
Japan Excellent, Inc.		65		69,718
Japan Prime Realty Investment Corp.		48		132,960
Japan Real Estate Investment Corp.		64		345,680
JBG SMITH Properties		6,514		221,150
Keppel REIT		134,000		100,086
Kilroy Realty Corp.		5,144		320,265
Mack-Cali Realty Corp.		6,689		108,295
Manulife US REIT		29,035		20,879
MCUBS MidCity Investment Corp.		153		106,192
Mirai Corp.		138		46,467
Mori Hills REIT Investment Corp.		84		107,480
Mori Trust Sogo REIT, Inc.		51		56,356
Nippon Building Fund, Inc.		82		488,986
Office Properties Income Trust		2,541		69,623
One REIT, Inc.		16		34,956
Orix JREIT, Inc.		184		219,970

Description	Number of Shares		Value
OUE Commercial Real Estate Investment Trust		118,851	$	33,877
Paramount Group, Inc.		14,237		137,387
Piedmont Office Realty Trust, Inc., Class A		6,634		115,100
Prosperity REIT		65,000		20,854
Regional REIT Ltd.		31,547		30,793
SL Green Realty Corp.		4,299		228,062
Vornado Realty Trust		9,105		398,981
Workspace Group PLC		10,595		104,355
TOTAL OFFICE			$	8,966,070
REAL ESTATE OPERATING COMPANIES – 0.0%**
Capital & Counties Properties PLC		26,301		54,927
RESIDENTIAL – 4.6%
Advance Residence Investment Corp.		73		223,983
American Campus Communities, Inc.		8,335		294,142
American Homes 4 Rent, Class A		11,054		266,844
Apartment Investment and Management Co., Class A		8,258		311,079
AvalonBay Communities, Inc.		7,510		1,223,755
Bluerock Residential Growth REIT, Inc.		2,866		16,680
Camden Property Trust		5,106		449,685
Canadian Apartment Properties REIT		5,526		190,162
Civitas Social Housing PLC		32,796		40,295
Comforia Residential REIT, Inc.		47		139,552
Daiwa Securities Living Investments Corp.		122		101,952
Empiric Student Property PLC		15,749		12,344
Equity LifeStyle Properties, Inc.		8,446		509,378
Equity Residential		18,409		1,197,690
Essex Property Trust, Inc.		3,485		850,689
Front Yard Residential Corp.		2,160		24,646
Independence Realty Trust, Inc.		2,017		20,311
Ingenia Communities Group		24,221		58,519
InterRent REIT		6,334		66,118
Investors Real Estate Trust		389		24,363
Invitation Homes, Inc.		26,091		617,052
Irish Residential Properties REIT PLC		33,709		47,224
Kenedix Residential Next Investment Corp.		76		119,936
Killam Apartment REIT		2,717		32,656
Mid-America Apartment Communities, Inc.		5,426		607,278
NexPoint Residential Trust, Inc.		608		18,283
Nippon Accommodations Fund, Inc.		36		213,812
Northview Apartment REIT		2,317		58,593
Preferred Apartment Communities, Inc., Class A		5,454		40,414
Starts Proceed Investment Corp.		19		32,330
Sun Communities, Inc.		4,345		583,968
UDR, Inc.		13,808		517,386
UMH Properties, Inc.		2,326		30,215

ANNUAL REPORT / April 30, 2020

41	PORTFOLIOS OF INVESTMENTS
Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
UNITE Group PLC (The)		21,760	$	240,277
TOTAL RESIDENTIAL			$	9,181,611
RETAIL – 4.3%
Acadia Realty Trust		6,544		81,080
AEON REIT Investment Corp.		79		78,569
Agree Realty Corp.		2,237		145,651
Alexander’s, Inc.		245		77,239
Altarea SCA		156		19,096
British Land Co. PLC (The)		42,410		216,343
Brixmor Property Group, Inc.		15,303		175,219
Brookfield Property REIT, Inc., Class A#		2,242		21,960
BWP Trust		45,660		104,345
CapitaLand Mall Trust		168,900		224,722
CapitaLand Retail China Trust		16,985		16,152
Cedar Realty Trust, Inc.		15,941		16,738
Charter Hall Retail REIT		6,721		13,830
Choice Properties REIT		12,370		112,152
Essential Properties Realty Trust, Inc.		2,565		37,680
Eurocommercial Properties NV		1,066		11,877
Federal Realty Investment Trust		3,704		308,432
First Capital Real Estate Investment Trust		1,322		13,629
Fortune REIT		101,000		95,112
Frasers Centrepoint Trust		44,023		66,142
Frontier Real Estate Investment Corp.		5		14,027
Fukuoka REIT Corp.		12		12,069
Getty Realty Corp.		2,065		56,085
Hammerson PLC		14,444		12,798
Japan Retail Fund Investment Corp.		91		99,211
Kenedix Retail REIT Corp.		14		21,947
Kimco Realty Corp.		22,269		242,955
Kite Realty Group Trust		3,650		37,340
Klepierre SA		8,409		170,711
Link REIT		120,500		1,074,167
Macerich Co. (The)#		7,744		57,848
Mapletree Commercial Trust		150,023		206,579
National Retail Properties, Inc.		9,051		295,425
NewRiver REIT PLC		19,204		16,145
Pennsylvania Real Estate Investment Trust#		3,915		3,954
Realty Income Corp.		17,189		944,020
Regency Centers Corp.		9,639		423,248
Retail Estates NV		459		24,809
Retail Opportunity Investments Corp.		9,001		87,355
Retail Properties of America, Inc., Class A		11,268		69,862
Retail Value, Inc.		979		14,166
RioCan REIT		3,304		37,741
RPT Realty		4,239		28,910

Description	Number of Shares		Value
Sasseur Real Estate Investment Trust		34,300	$	17,790
Saul Centers, Inc.		797		25,998
Scentre Group		243,566		365,895
Seritage Growth Properties, Class A#,*		2,469		26,122
Shaftesbury PLC		8,605		64,990
Shopping Centres Australasia Property Group		49,146		71,237
Simon Property Group, Inc.		16,527		1,103,508
SITE Centers Corp.		7,871		47,698
Spirit Realty Capital, Inc.		5,259		161,767
Tanger Factory Outlet Centers, Inc.#		10,635		79,975
Taubman Centers, Inc.		4,397		189,511
True North Commercial Real Estate Investment Trust		3,946		16,811
Unibail-Rodamco-Westfield		6,612		391,508
Urban Edge Properties		6,074		69,851
Urstadt Biddle Properties, Inc., Class A		1,922		28,080
Vastned Retail NV		1,224		22,576
Vicinity Centres		112,014		107,234
Washington Prime Group, Inc.#		9,843		8,463
Weingarten Realty Investors		7,102		129,185
Whitestone REIT		2,143		14,530
TOTAL RETAIL			$	8,730,069
SPECIALIZED – 7.4%
Aedifica SA		1,769		171,449
Apple Hospitality REIT, Inc.		17,422		168,645
Arena REIT		17,467		25,598
Ascott Residence Trust		176,183		110,832
Ashford Hospitality Trust, Inc.		22,623		18,603
Assura PLC		126,635		121,462
Big Yellow Group PLC		10,056		135,358
Braemar Hotels & Resorts, Inc.		2,261		7,077
CareTrust REIT, Inc.		5,040		83,059
CDL Hospitality Trusts		63,800		43,861
Charter Hall Social Infrastructure REIT		30,135		47,699
Chatham Lodging Trust		5,297		39,780
CoreCivic, Inc.		8,048		105,590
CorePoint Lodging, Inc.		2,059		8,957
CoreSite Realty Corp.		1,686		204,326
CubeSmart		10,208		257,242
CyrusOne, Inc.		5,971		418,866
DiamondRock Hospitality Co.		15,284		95,219
Digital Realty Trust, Inc.		13,940		2,083,891
Diversified Healthcare Trust		15,288		47,546
EPR Properties		4,853		142,775
Extra Space Storage, Inc.		7,332		646,976
Farmland Partners, Inc.		2,902		19,037

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 42

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Four Corners Property Trust, Inc.		3,633	$	81,343
Gaming and Leisure Properties, Inc.		10,755		303,721
GEO Group, Inc. (The)		9,652		122,387
Gladstone Land Corp.		1,517		20,358
Health Care & Medical Investment Corp.		17		18,250
Healthcare Realty Trust, Inc.		7,053		207,288
Healthcare Trust of America, Inc., Class A		10,924		269,058
Healthpeak Properties, Inc.		26,102		682,306
Hersha Hospitality Trust		4,701		24,586
Host Hotels & Resorts, Inc.		37,823		465,601
Ichigo Hotel REIT Investment Corp.		16		8,769
Invincible Investment Corp.		322		82,388
Iron Mountain, Inc.#		15,775		381,440
Japan Hotel REIT Investment Corp.		175		58,083
Keppel DC REIT		87,295		144,757
Life Storage, Inc.		2,460		215,471
LTC Properties, Inc.		3,212		114,347
Medical Properties Trust, Inc.		28,187		483,125
National Health Investors, Inc.		2,938		161,766
National Storage Affiliates Trust		3,129		89,114
National Storage REIT		33,137		37,219
NorthWest Healthcare Properties REIT		2,862		20,068
Omega Healthcare Investors, Inc.		11,525		335,954
Ooedo Onsen REIT Investment Corp.		20		10,970
Park Hotels & Resorts, Inc.		14,652		139,341
Parkway Life REIT		17,000		39,718
Pebblebrook Hotel Trust		8,860		104,902
Physicians Realty Trust		9,773		150,700
Primary Health Properties PLC		77,644		150,385
Public Storage		8,156		1,512,530
QTS Realty Trust, Inc., Class A		2,146		134,189
RLJ Lodging Trust		11,928		110,811
Rural Funds Group		14,991		18,930
Ryman Hospitality Properties, Inc.		2,319		81,953
Sabra Health Care REIT, Inc.		11,566		148,276
Safestore Holdings PLC		15,484		140,068
Service Properties Trust		10,802		74,858
Summit Hotel Properties, Inc.		9,756		59,121
Sunstone Hotel Investors, Inc.		15,597		143,336
Universal Health Realty Income Trust		726		77,653
Ventas, Inc.		20,456		661,752
VICI Properties, Inc.		25,125		437,677
Vital Healthcare Property Trust		24,302		35,696
Welltower, Inc.		22,005		1,127,316

Description	Number of Shares		Value
Xenia Hotels & Resorts, Inc.		5,942	$	57,637
TOTAL SPECIALIZED			$	14,749,066
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $66,052,666)			$	60,842,806
TOTAL REAL ESTATE RELATED SECURITIES (COST $171,096,582)			$	152,105,380
COMMODITY RELATED SECURITIES – 19.6%
EXCHANGE-TRADED COMMODITY FUNDS – 16.6%
iShares Commodities Select Strategy ETF#		375,100		8,270,955
iShares Gold Trust*		941,650		15,169,981
iShares Silver Trust*		144,100		2,014,518
SPDR S&P Global Natural Resources ETF#		221,000		7,776,990
TOTAL EXCHANGE-TRADED COMMODITY FUNDS (COST $38,974,376)			$	33,232,444
INVESTMENT COMPANY COMMODITY FUND – 3.0%
Vanguard Commodity Strategy Fund		295,567		6,020,690
TOTAL INVESTMENT COMPANY COMMODITY FUND (COST $6,000,000)			$	6,020,690
TOTAL COMMODITY RELATED SECURITIES (COST $44,974,376)			$	39,253,134
SHORT-TERM INVESTMENTS – 4.2%
MONEY MARKET FUND – 4.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%^		8,331,906		8,331,906
TOTAL SHORT-TERM INVESTMENT (COST $8,331,906)			$	8,331,906

ANNUAL REPORT / April 30, 2020

43	PORTFOLIOS OF INVESTMENTS
Wilmington Real Asset Fund (continued)

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.1%
REPURCHASE AGREEMENTS – 1.1%
BNP Paribas SA, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $410,912 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.50%, maturing 5/15/20 to 4/20/50; total market value of $419,129.	$	410,911	$	410,911
Citigroup Global Markets Ltd., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $410,911 collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/31/20 to 2/01/57; total market value of $419,129.		410,911		410,911
Daiwa Capital Markets America, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $410,912 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 5/07/20 to 3/01/52; total market value of $419,129.		410,911		410,911
Deutsche Bank Securities, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $163,584 collateralized by U.S. Government Agency & Treasury Securities, 0.43% to 8.75%, maturing 8/15/20 to 4/01/50; total market value of $166,856.		163,584		163,584
HSBC Securities USA, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $410,911 collateralized by U.S. Government Agency Securities, 2.45% to 5.00%, maturing 2/20/49 to 4/15/55; total market value of $419,129.		410,911		410,911
RBC Dominion Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $410,911 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 7/15/24 to 5/01/50; total market value of $419,129.		410,911		410,911
TOTAL REPURCHASE AGREEMENTS (COST $2,218,139)			$	2,218,139
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,218,139)			$	2,218,139

Description	Value
TOTAL INVESTMENTS IN SECURITIES 100.9% (COST $226,621,003)	$	201,908,559
COLLATERAL FOR SECURITIES ON LOAN – (1.1%)		(2,218,139	)
OTHER ASSETS LESS LIABILITIES – 0.2%		356,928
TOTAL NET ASSETS – 100.0%	$	200,047,348

Cost of investments for Federal income tax purposes is $233,473,743. The net unrealized appreciation/(depreciation) of investments was $(31,565,184). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $11,837,674 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(43,402,858).

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)

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 44

Wilmington Real Asset Fund (concluded)

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Real Estate Related Securities
Common Stocks
Diversified Real Estate Activities	$	55,944	$	8,293,281	$	—	$	8,349,225
Office		—		82,082		—		82,082
Real Estate Development		201,120		1,706,956		—		1,908,076
Real Estate Management & Development		—		119,471		—		119,471
Real Estate Operating Companies		89,074		7,259,496		—		7,348,570
Retail		—		15,039		—		15,039
Exchange-Traded Funds
Equity Funds		65,561,825		—		—		65,561,825
Investment Companies
Diversified		7,865,608		—		—		7,865,608
Real Estate Operating Companies		—		12,678		—		12,678
Real Estate Investment Trusts
Diversified		5,017,709		4,731,401		—		9,749,110
Diversified Real Estate Activities		—		21,772		—		21,772
Industrials		5,435,295		3,954,886		—		9,390,181
Office		5,192,734		3,773,336		—		8,966,070
Real Estate Operating Companies		—		54,927		—		54,927
Residential		7,951,387		1,230,224		—		9,181,611
Retail		5,190,188		3,539,881		—		8,730,069
Specialized		13,347,574		1,401,492		—		14,749,066
Commodity Related Securities
Exchange-Traded Commodity Funds		33,232,444		—		—		33,232,444
Investment Company Commodity Fund		6,020,690		—		—		6,020,690
Money Market Fund		8,331,906		—		—		8,331,906
Repurchase Agreements		—		2,218,139		—		2,218,139
Total Investments in Securities	$	163,493,498	$	38,415,061	$	—	$	201,908,559

As a result of utilizing international fair value pricing at April 30, 2020, a portion of the Fund’s common stock investments were categorized as Level 2.

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

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

^ 7-Day net yield.

* Non-income producing security.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

CVA	Dutch Certification
ETF	Exchange-Traded Fund
J-REIT	Japanese Real Estate Investment Trust

PLC	Public Limited Company
REIT	Real Estate Investment Trust
SCA	Limited Partnership With Share Capital
SPDR	Standard & Poor’s Depository Receipts

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

45

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Diversified Income Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Investment Companies:
Exchange-Traded Funds		25.6	%
Inflation-Protected Securities Fund		3.6	%
Common Stocks		36.3	%
U.S. Treasury		12.5	%
Corporate Bonds		11.8	%
Mortgage-Backed Securities		7.6	%
Collateralized Mortgage Obligations		0.3	%
Government Agencies		0.1	%
Enhanced Equipment Trust Certificates		0.1	%
Cash Equivalents1		5.3	%
Other Assets and Liabilities – Net2		(3.2	)%
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.

PORTFOLIO OF INVESTMENTS

April 30, 2020

Description	Number of Shares		Value
INVESTMENT COMPANIES – 29.2%
EXCHANGE-TRADED FUNDS – 25.6%
iShares iBoxx High Yield Corporate Bond ETF		21,300	$	1,713,159
iShares International Select Dividend ETF#		200,100		4,783,391
SPDR Dow Jones International
Real Estate ETF#		42,625		1,193,926
Vanguard REIT ETF		10,700		814,377
TOTAL EXCHANGE-TRADED FUNDS			$	8,504,853
INFLATION-PROTECTED SECURITIES FUND – 3.6%
Vanguard Inflation-Protected Securities
Fund, Admiral Shares		44,260		1,194,580
TOTAL INVESTMENT COMPANIES (COST $12,285,757)			$	9,699,433
	Par Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.3%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series2012-114, Class VM, 3.50%, 10/25/25	$	93,871	$	99,158

Description	Par Value		Value
WHOLE LOAN – 0.0%**
Banc of America Mortgage Securities, Inc., Series2004-A, Class 2A1, 3.87%, 2/25/34D	$	9,702	$	9,301
IndyMac INDA Mortgage Loan Trust, Series2005-AR1, Class 2A1, 3.97%, 11/25/35D		1,763		1,662
TOTAL WHOLE LOAN			$	10,963
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $116,317)			$	110,121
CORPORATE BONDS – 11.8%
AEROSPACE & DEFENSE – 0.1%
L3Harris Technologies, Inc., Sr. Unsecured, 2.90%, 12/15/29		15,000		15,558
Rockwell Collins, Inc., Sr. Unsecured, 3.50%, 3/15/27		25,000		26,677
TOTAL AEROSPACE & DEFENSE			$	42,235
AUTOMOTIVE – 0.3%
General Motors Financial Co., Inc., Company Guaranteed, 3.20%, 7/06/21		40,000		39,132

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 46

Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 5/10/22	$	55,000	$	56,217
TOTAL AUTOMOTIVE			$	95,349
BEVERAGES – 0.2%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 4.90%, 2/01/46		20,000		22,855
Keurig Dr. Pepper, Inc., Company Guaranteed, 2.70%, 11/15/22		40,000		40,872
Keurig Dr. Pepper, Inc., Company Guaranteed, 3.20%, 5/01/30		15,000		15,966
TOTAL BEVERAGES			$	79,693
BIOTECHNOLOGY – 0.1%
Amgen, Inc., Sr. Unsecured, 4.40%, 5/01/45		25,000		30,661
CAPITAL MARKETS – 0.4%
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.27%, 9/29/25D		55,000		57,549
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.51%), 3.69%, 6/05/28D		35,000		37,310
Morgan Stanley, Sr. Unsecured, MTN, (SOFRRATE + 3.12%), 3.62%, 4/01/31D		20,000		22,030
Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		10,000		11,029
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		18,000		18,483
TOTAL CAPITAL MARKETS			$	146,401
CHEMICALS – 0.1%
DuPont de Nemours, Inc., Sr. Unsecured, 3.77%, 11/15/20		15,000		15,150
DuPont de Nemours, Inc., Sr. Unsecured, 2.17%, 5/01/23		20,000		20,167
TOTAL CHEMICALS			$	35,317
COMMERCIAL BANKS – 0.7%
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		100,000		103,456
Fifth Third Bancorp, Sr. Unsecured, 2.55%, 5/05/27		15,000		14,985
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		20,000		21,453
Huntington Bancshares, Inc., Sr. Unsecured, 2.63%, 8/06/24		25,000		25,678
Truist Financial Corp., Sr. Unsecured, 2.90%, 3/03/21		30,000		30,403
U.S. Bancorp, Series V, Sr. Unsecured, MTN, 2.63%, 1/24/22		45,000		46,334
TOTAL COMMERCIAL BANKS			$	242,309

Description	Par Value		Value
COMMERCIAL SERVICES & SUPPLIES – 0.2%
Global Payments, Inc., Sr. Unsecured, 3.75%, 6/01/23	$	50,000	$	52,328
COMPUTERS – 0.2%
Hewlett Packard Enterprise Co., Sr. Unsecured, 3.50%, 10/05/21		50,000		50,990
CONSUMER FINANCE – 0.1%
Capital One Financial Corp., Sr. Unsecured, 2.40%, 10/30/20		25,000		25,074
DIVERSIFIED FINANCIAL SERVICES – 1.3%
Bank of America Corp., Sr. Unsecured, MTN, 3.25%, 10/21/27		20,000		21,414
BlackRock, Inc., Sr. Unsecured, 3.38%, 6/01/22		38,000		39,922
Citigroup, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.95%), 2.88%, 7/24/23D		35,000		35,821
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39W		100,000		143,751
JPMorgan Chase & Co., Sr. Unsecured, MTN, 2.30%, 8/15/21		100,000		100,247
Wells Fargo & Co., Sr. Unsecured, (SOFRRATE + 2.00%), 2.19%, 4/30/26D		25,000		25,135
Wells Fargo & Co., Subordinated, MTN, 4.40%, 6/14/46		40,000		45,631
Wells Fargo & Co., Series M, Subordinated, MTN, 3.45%, 2/13/23		35,000		36,500
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	448,421
ELECTRIC – 0.7%
DTE Energy Co., Series F, Sr. Unsecured, 3.85%, 12/01/23		10,000		10,630
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		90,000		90,811
WEC Energy Group, Inc., Sr. Unsecured, 3.38%, 6/15/21		70,000		71,808
WEC Energy Group, Inc., Sr. Unsecured, 3.10%, 3/08/22		45,000		46,238
TOTAL ELECTRIC			$	219,487
ENVIRONMENTAL CONTROL – 0.2%
Waste Management, Inc., Company Guaranteed, 3.50%, 5/15/24		35,000		37,638
Waste Management, Inc., Company Guaranteed, 4.10%, 3/01/45		25,000		30,755
TOTAL ENVIRONMENTAL CONTROL			$	68,393
FOOD & STAPLES RETAILING – 0.7%
Campbell Soup Co., Sr. Unsecured, 3.30%, 3/19/25		40,000		42,616

ANNUAL REPORT / April 30, 2020

47	PORTFOLIOS OF INVESTMENTS
Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
Conagra Brands, Inc., Sr. Unsecured, 4.60%, 11/01/25	$	40,000	$	44,590
Kroger Co. (The), Sr. Unsecured, 2.80%, 8/01/22		35,000		36,025
Kroger Co. (The), Sr. Unsecured, 5.40%, 1/15/49		50,000		65,838
McCormick & Co., Inc., Sr. Unsecured, 2.50%, 4/15/30		35,000		35,922
TOTAL FOOD & STAPLES RETAILING			$	224,991
FOOD PRODUCTS – 0.1%
Archer-Daniels-Midland Co., Sr. Unsecured, 3.25%, 3/27/30		20,000		22,018
FOREST PRODUCTS & PAPER – 0.2%
International Paper Co., Sr. Unsecured, 4.40%, 8/15/47		50,000		56,314
HEALTH CARE EQUIPMENT & SUPPLIES – 0.1%
DH Europe Finance II Sarl, Company Guaranteed, 2.20%, 11/15/24		45,000		46,272
HEALTH CARE PROVIDERS & SERVICES – 0.3%
Anthem, Inc., Sr. Unsecured, 3.65%, 12/01/27		30,000		32,806
Cigna Corp., Company Guaranteed, 4.13%, 9/15/20W		19,000		19,169
UnitedHealth Group, Inc., Sr. Unsecured, 2.75%, 2/15/23		25,000		26,122
UnitedHealth Group, Inc., Sr. Unsecured, 2.95%, 10/15/27		25,000		26,983
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	105,080
HOME FURNISHINGS – 0.2%
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		65,000		68,606
HOTELS, RESTAURANTS & LEISURE – 0.0%**
McDonald’s Corp., Sr. Unsecured, MTN, 1.45%, 9/01/25		15,000		15,028
HOUSEHOLD PRODUCTS – 0.0%**
Church & Dwight Co., Inc., Sr. Unsecured, 3.95%, 8/01/47		15,000		16,756
INSURANCE – 0.8%
American International Group, Inc., Sr. Unsecured, 3.30%, 3/01/21		60,000		60,956
Aon PLC, Company Guaranteed, 4.00%, 11/27/23		40,000		42,378
CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24		35,000		36,555
Lincoln National Corp., Sr. Unsecured, 3.63%, 12/12/26		25,000		26,553
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		60,000		62,466
WR Berkley Corp., Sr. Unsecured, 4.75%, 8/01/44		45,000		49,974
TOTAL INSURANCE			$	278,882

Description	Par Value		Value
MACHINERY – 0.1%
Caterpillar, Inc., Sr. Unsecured, 2.60%, 4/09/30	$	25,000	$	26,509
MEDIA – 0.4%
Comcast Corp., Company Guaranteed, 4.70%, 10/15/48		35,000		45,807
ViacomCBS, Inc., Company Guaranteed, 4.60%, 1/15/45		75,000		74,024
Walt Disney Co. (The) / TWDC Enterprises 18 Corp., Company Guaranteed, GMTN, 4.13%, 6/01/44		10,000		12,062
TOTAL MEDIA			$	131,893
MISCELLANEOUS MANUFACTURING – 0.4%
Illinois Tool Works, Inc., Sr. Unsecured, 3.50%, 3/01/24		45,000		48,982
Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed, 3.50%, 3/21/26		55,000		58,076
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21		20,000		20,042
TOTAL MISCELLANEOUS MANUFACTURING			$	127,100
MULTI-UTILITIES – 0.2%
Sempra Energy, Sr. Unsecured, 2.85%, 11/15/20		55,000		54,975
OIL & GAS – 0.8%
BP Capital Markets PLC, Company Guaranteed, 2.50%, 11/06/22		50,000		51,074
Marathon Oil Corp., Sr. Unsecured, 4.40%, 7/15/27		70,000		54,409
Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 9/15/24		20,000		19,288
Occidental Petroleum Corp., Sr. Unsecured, 2.70%, 8/15/22#		35,000		30,499
Phillips 66, Company Guaranteed, 4.30%, 4/01/22		20,000		20,898
Phillips 66, Company Guaranteed, 3.85%, 4/09/25		10,000		10,483
Shell International Finance BV, Company Guaranteed, 3.25%, 5/11/25		25,000		26,762
Valero Energy Corp., Sr. Unsecured, 4.00%, 4/01/29		30,000		30,773
Valero Energy Corp., Sr. Unsecured, 4.90%, 3/15/45		10,000		10,815
TOTAL OIL & GAS			$	255,001
PHARMACEUTICALS – 0.6%
AbbVie, Inc., Sr. Unsecured, 2.50%, 5/14/20		30,000		30,008
AbbVie, Inc., Sr. Unsecured, 4.25%, 11/14/28		25,000		28,811
AbbVie, Inc., Sr. Unsecured, 4.40%, 11/06/42		20,000		23,208

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 48

Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
Bristol-Myers Squibb Co., Sr. Unsecured, 2.75%, 2/15/23W	$	25,000	$	25,688
Bristol-Myers Squibb Co., Sr. Unsecured, 4.55%, 2/20/48W		45,000		61,415
Zoetis, Inc., Sr. Unsecured, 3.95%, 9/12/47		20,000		23,686
TOTAL PHARMACEUTICALS			$	192,816
PIPELINES – 0.7%
Energy Transfer Operating LP, Company Guaranteed, 3.60%, 2/01/23		35,000		33,994
Energy Transfer Operating LP, Company Guaranteed, 4.20%, 4/15/27		40,000		37,109
Energy Transfer Operating LP, Company Guaranteed, 3.75%, 5/15/30		15,000		13,857
Kinder Morgan, Inc., Company Guaranteed, 5.20%, 3/01/48		40,000		45,397
MPLX LP, Sr. Unsecured, 4.00%, 3/15/28		30,000		27,804
ONEOK Partners LP, Company Guaranteed, 6.20%, 9/15/43		45,000		41,655
Spectra Energy Partners LP, Company Guaranteed, 4.50%, 3/15/45		25,000		25,220
TOTAL PIPELINES			$	225,036
REAL ESTATE INVESTMENT TRUSTS – 0.5%
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		15,000		16,800
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 3.35%, 5/15/27		25,000		26,699
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.75%, 4/15/23		40,000		40,457
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.88%, 5/01/25		15,000		15,208
Welltower, Inc., Sr. Unsecured, 3.63%, 3/15/24		55,000		55,937
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	155,101
SEMICONDUCTORS – 0.3%
Intel Corp., Sr. Unsecured, 2.70%, 12/15/22		35,000		36,816
Texas Instruments, Inc., Sr. Unsecured, 1.75%, 5/04/30		70,000		69,908
TOTAL SEMICONDUCTORS			$	106,724
TELECOMMUNICATIONS – 0.1%
AT&T, Inc., Sr. Unsecured, 4.50%, 5/15/35		15,000		16,682
AT&T, Inc., Sr. Unsecured, 4.85%, 7/15/45		25,000		29,310
TOTAL TELECOMMUNICATIONS			$	45,992
TRANSPORTATION – 0.3%
FedEx Corp., Company Guaranteed, 3.88%, 8/01/42		30,000		28,576

Description	Par Value		Value
FedEx Corp., Company Guaranteed, 4.10%, 2/01/45	$	15,000	$	14,778
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 9/01/22		10,000		9,996
Union Pacific Corp., Sr. Unsecured, 3.15%, 3/01/24		45,000		48,089
TOTAL TRANSPORTATION			$	101,439
TRUCKING & LEASING – 0.1%
GATX Corp., Sr. Unsecured, 5.20%, 3/15/44		20,000		23,518
UTILITIES – 0.3%
FirstEnergy Corp., Sr. Unsecured, 2.05%, 3/01/25		100,000		100,737
TOTAL CORPORATE BONDS (COST $3,726,318)			$	3,917,446
	Number of Shares
COMMON STOCKS – 36.3%
COMMUNICATION SERVICES – 2.1%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.1%
AT&T, Inc.		13,475	$	410,583
Verizon Communications, Inc.		4,675		268,579
TOTAL COMMUNICATION SERVICES			$	679,162
CONSUMER DISCRETIONARY – 2.1%
HOTELS, RESTAURANTS & LEISURE – 0.5%
McDonald’s Corp.		850		159,426
MULTILINE RETAIL – 1.0%
Target Corp.		3,000		329,220
SPECIALTY RETAIL – 0.6%
Home Depot, Inc. (The)		1,000		219,830
TOTAL CONSUMER DISCRETIONARY			$	708,476
CONSUMER STAPLES – 3.5%
BEVERAGES – 1.6%
Coca-Cola Co. (The)		6,050		277,635
PepsiCo., Inc.		1,976		261,405
			$	539,040
HOUSEHOLD PRODUCTS – 1.1%
Procter & Gamble Co. (The)		3,100		365,397
TOBACCO – 0.8%
Philip Morris International, Inc.		3,600		268,560
TOTAL CONSUMER STAPLES			$	1,172,997
ENERGY – 2.8%
OIL, GAS & CONSUMABLE FUELS – 2.8%
BP PLC ADR#		6,225		148,155

ANNUAL REPORT / April 30, 2020

49	PORTFOLIOS OF INVESTMENTS
Wilmington Diversified Income Fund (continued)

Description	Number of Shares		Value
Chevron Corp.		3,525	$	324,300
ConocoPhillips		5,500		231,550
Exxon Mobil Corp.		2,525		117,337
Valero Energy Corp.		1,740		110,229
TOTAL ENERGY			$	931,571
FINANCIALS – 7.4%
CAPITAL MARKETS – 1.3%
BlackRock, Inc.		510		256,040
Main Street Capital Corp.		60		1,565
Morgan Stanley		4,600		181,378
			$	438,983
COMMERCIAL BANKS – 2.2%
First Hawaiian, Inc.		6,325		111,257
Toronto-Dominion Bank (The)		4,925		205,717
U.S. Bancorp		5,500		200,750
United Bankshares, Inc.		6,950		208,222
			$	725,946
DIVERSIFIED FINANCIAL SERVICES – 2.6%
Citigroup, Inc.		3,650		177,244
JPMorgan Chase & Co.		4,625		442,890
Wells Fargo & Co.		8,675		252,009
			$	872,143
INSURANCE – 1.3%
MetLife, Inc.		6,100		220,088
Old Republic International Corp.		12,950		206,552
			$	426,640
TOTAL FINANCIALS			$	2,463,712
HEALTH CARE – 5.6%
BIOTECHNOLOGY – 0.6%
Amgen, Inc.		800		191,376
HEALTH CARE PROVIDERS & SERVICES – 0.8%
CVS Health Corp.		4,675		287,746
PHARMACEUTICALS – 4.2%
Bristol-Myers Squibb Co.		4,550		276,686
Johnson & Johnson		3,000		450,120
Merck & Co., Inc.		3,575		283,641
Pfizer, Inc.		9,875		378,805
			$	1,389,252
TOTAL HEALTH CARE			$	1,868,374
INDUSTRIALS – 3.3%
AEROSPACE & DEFENSE – 1.3%
Lockheed Martin Corp.		1,075		418,240
AIR FREIGHT & LOGISTICS – 0.8%
United Parcel Service, Inc., Class B		2,675		253,215

Description	Number of Shares		Value
BUILDING PRODUCTS – 0.5%
Johnson Controls International PLC		6,175	$	179,754
ELECTRICAL EQUIPMENT – 0.7%
Emerson Electric Co.		4,375		249,506
TOTAL INDUSTRIALS			$	1,100,715
INFORMATION TECHNOLOGY – 4.1%
COMMUNICATIONS EQUIPMENT – 1.2%
Cisco Systems, Inc.		9,450		400,491
IT SERVICES – 0.7%
International Business Machines Corp.		1,850		232,286
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.2%
Broadcom, Inc.		1,100		298,782
QUALCOMM, Inc.		5,250		413,017
			$	711,799
TOTAL INFORMATION TECHNOLOGY			$	1,344,576
MATERIALS – 1.5%
CHEMICALS – 1.5%
Dow, Inc.		7,250		266,003
Nutrien Ltd.		6,750		241,042
TOTAL MATERIALS			$	507,045
REAL ESTATE – 0.6%
REAL ESTATE INVESTMENT TRUST – 0.6%
Crown Castle International Corp.		1,135		180,953
UTILITIES – 3.3%
ELECTRIC UTILITIES – 3.3%
American Electric Power Co., Inc.		2,975		247,252
Duke Energy Corp.		2,275		192,602
FirstEnergy Corp.		6,725		277,541
NextEra Energy, Inc.		1,550		358,236
TOTAL UTILITIES			$	1,075,631
TOTAL COMMON STOCKS (COST $11,835,683)			$	12,033,212
	Par Value
ENHANCED EQUIPMENT TRUST CERTIFICATE – 0.1%
AIRLINES – 0.1%
Delta Air Lines,2007-1, Series A, Pass-Through Certificates, 6.82%, 8/10/22	$	31,717	$	$30,337
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATE (COST $30,765)			$	30,337

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 50

Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
GOVERNMENT AGENCY – 0.1%
FEDERAL HOME LOAN BANK (FHLB) – 0.1%
3.25%, 11/16/28#	$	35,000	$	41,330
TOTAL GOVERNMENT AGENCY (COST $34,652)			$	41,330
MORTGAGE-BACKED SECURITIES – 7.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 3.4%
Pool C00478, 8.50%, 9/01/26		853		973
Pool A15865, 5.50%, 11/01/33		24,430		27,486
Pool A19412, 5.00%, 3/01/34		52,172		59,612
Pool G05774, 5.00%, 1/01/40		130,215		145,523
Pool C03517, 4.50%, 9/01/40		16,880		18,715
Pool C03849, 3.50%, 4/01/42		32,457		34,911
Pool C04305, 3.00%, 11/01/42		124,170		132,122
Pool C09020, 3.50%, 11/01/42		103,858		111,783
Pool G07889, 3.50%, 8/01/43		23,332		25,115
Pool Q23891, 4.00%, 12/01/43		23,953		25,960
Pool G60038, 3.50%, 1/01/44		83,124		89,388
Pool SD8000, 3.00%, 7/01/49		65,928		69,658
Pool SD8011, 3.50%, 9/01/49		95,545		100,973
Pool SD8012, 4.00%, 9/01/49		2,588		2,758
Pool QA5249, 3.00%, 12/01/49		109,494		115,662
Pool SD8037, 2.50%, 1/01/50		159,489		166,161
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,126,800
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 4.2%
Pool AB4089, 3.00%, 12/01/26		14,493		15,322
Pool 533246, 7.50%, 4/01/30		2,461		2,547
Pool AJ4050, 4.00%, 10/01/41		54,219		59,342
Pool AX5302, 4.00%, 1/01/42		18,101		19,812
Pool AT7899, 3.50%, 7/01/43		44,662		47,912
Pool AS0302, 3.00%, 8/01/43		53,155		56,539
Pool AL6325, 3.00%, 10/01/44		47,564		50,588
Pool BC0830, 3.00%, 4/01/46		58,634		62,354
Pool BC9468, 3.00%, 6/01/46		16,928		18,003
Pool BE1899, 3.00%, 11/01/46		87,824		93,402
Pool BD7166, 4.50%, 4/01/47		53,036		57,375
Pool BE3625, 3.50%, 5/01/47		108,928		115,809
Pool BE3702, 4.00%, 6/01/47		141,929		151,934
Pool BE3767, 3.50%, 7/01/47		11,881		12,634
Pool BH9215, 3.50%, 1/01/48		30,545		32,482
Pool BJ0650, 3.50%, 3/01/48		186,560		197,735
Pool BJ9169, 4.00%, 5/01/48		76,181		81,216
Pool BK4764, 4.00%, 8/01/48		61,053		65,089
Pool MA3444, 4.50%, 8/01/48		37,592		40,572

Description	Par Value		Value
Pool BN1628, 4.50%, 11/01/48	$	19,064	$	20,560
Pool BN3956, 4.00%, 1/01/49		31,384		33,458
Pool BN6683, 3.50%, 6/01/49		70,863		74,889
Pool MA3871, 3.00%, 12/01/49		72,121		76,187
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,385,761
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23		4,350		4,804
Pool 354765, 7.00%, 2/15/24		6,931		7,720
Pool 354827, 7.00%, 5/15/24		5,014		5,590
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	18,114
TOTAL MORTGAGE-BACKED SECURITIES (COST $2,428,854)			$	2,530,675
U.S. TREASURY – 12.5%
U.S. TREASURY BONDS – 3.1%
2.00%, 2/15/50		100,000		117,620
2.50%, 2/15/46		65,000		82,226
2.75%, 8/15/47		70,000		93,414
3.00%, 11/15/44		53,000		72,255
3.00%, 11/15/45#		8,000		11,007
3.00%, 2/15/47		21,000		29,216
3.00%, 5/15/47		30,000		41,779
3.13%, 8/15/44		11,000		15,251
3.38%, 5/15/44		139,000		199,773
3.63%, 2/15/44		87,000		129,336
4.38%, 5/15/40		120,000		190,905
4.75%, 2/15/37		21,000		33,730
TOTAL U.S. TREASURY BONDS			$	1,016,512
U.S. TREASURY NOTES – 9.4%
1.13%, 2/28/21		250,000		252,003
1.50%, 8/15/26		90,000		95,569
1.63%, 11/15/22		96,000		99,379
1.63%, 5/15/26		195,000		208,314
1.75%, 5/15/23		405,000		423,256
1.75%, 7/31/24		30,000		31,792
2.00%, 10/31/21		165,000		169,447
2.00%, 4/30/24		170,000		181,324
2.00%, 2/15/25		115,000		123,905
2.00%, 8/15/25		35,000		37,908
2.13%, 6/30/22		175,000		182,248
2.13%, 11/30/23		215,000		229,035
2.13%, 5/15/25		140,000		152,155
2.25%, 11/15/24		80,000		86,819
2.25%, 11/15/25		5,000		5,495
2.25%, 8/15/27		460,000		516,310
2.38%, 8/15/24		140,000		152,106

ANNUAL REPORT / April 30, 2020

51	PORTFOLIOS OF INVESTMENTS
Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
2.38%, 5/15/29	$	150,000	$	173,134
TOTAL U.S. TREASURY NOTES			$	3,120,199
TOTAL U.S. TREASURY (COST $3,683,012)			$	4,136,711
	Number of Shares
MONEY MARKET FUND – 2.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%^		805,284	$	805,284
TOTAL MONEY MARKET FUND (COST $805,284)			$	805,284
TOTAL INVESTMENTS IN SECURITIES – 100.3% (COST $34,946,642)			$	33,304,549
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.9%
REPURCHASE AGREEMENTS – 2.9%
BNP Paribas SA, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $181,264 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.50%, maturing 5/15/20 to 4/20/50; total market value of $184,889.	$	181,264	$	$181,264
Citigroup Global Markets Ltd., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $181,264 collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/31/20 to 2/01/57; total market value of $184,889.		181,264		181,264
Daiwa Capital Markets America, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $181,264 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 5/07/20 to 3/01/52; total market value of $184,889.		181,264		181,264
Deutsche Bank Securities, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $72,145 collateralized by U.S. Government Agency & Treasury Securities, 0.43% to 8.75%, maturing 8/15/20 to 4/01/50; total market value of $73,588.		72,145		72,145
HSBC Securities USA, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $181,264 collateralized by U.S. Government Agency Securities, 2.45% to 5.00%, maturing 2/20/49 to 4/15/55; total market value of $184,889.		181,264		181,264

Description	Par Value		Value
RBC Dominion Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $181,264 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 7/15/24 to 5/01/50; total market value of $184,889.	$	181,264	$	181,264
TOTAL REPURCHASE AGREEMENTS (COST $978,465)			$	978,465
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $978,465)			$	978,465
TOTAL INVESTMENTS – 103.2% (COST $35,925,107)			$	34,283,014
COLLATERAL FOR SECURITIES ON LOAN – (2.9%)				(978,465	)
OTHER LIABILITIES LESS ASSETS – (0.3%)				(98,629	)
TOTAL NET ASSETS – 100.0%			$	33,205,920

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 52

Wilmington Diversified Income Fund (concluded)

Cost of investments for Federal income tax purposes is $35,921,714. The net unrealized appreciation/(depreciation) of investments was $(1,638,700). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,226,845 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(3,865,545).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Investment Companies		$	9,699,433		$	—		$	—		$	9,699,433
Collateralized Mortgage Obligations			—			110,121			—			110,121
Corporate Bonds			—			3,917,446			—			3,917,446
Common Stocks			12,033,212			—			—			12,033,212
Enhanced Equipment Trust Certificate			—			30,337			—			30,337
Government Agency			—			41,330			—			41,330
Mortgage-Backed Securities			—			2,530,675			—			2,530,675
U.S. Treasury			—			4,136,711			—			4,136,711
Money Market Fund			805,284			—			—			805,284
Repurchase Agreements			—			978,465			—			978,465
Total		$	22,537,929		$	11,745,085		$	—		$	34,283,014

# 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 April 30, 2020, these liquid restricted securities amounted to $250,023 representing 0.75% of total net assets.

** Represents less than 0.05%.

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

53 STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2020	Wilmington          International          Fund				Wilmington      Global Alpha      Equities      Fund
ASSETS:
Investments, at identified cost		$	529,633,604			$	194,486,388
Investments in securities, at value (Including $27,665,931 and $0 of securities on loan, respectively) (Note 2)		$	538,234,522			$	196,855,251
Cash			9,193				—
Deposits for financial futures contracts			2,176,544				11,794,162
Cash denominated in foreign currencies			3,174,246	(a)			54,512	(a)
Variation margin receivable for financial futures contracts			233,530				2,439,242
Income receivable			1,768,139				456,202
Foreign tax reclaim receivable			1,485,001				208,502
Receivable for shares sold			248,720				569,773
Unrealized appreciation on forward foreign currency contracts			—				322,676
Receivable for investments sold			269,704				1,108,570
Prepaid assets			23,164				27,115
TOTAL ASSETS			547,622,763				213,836,005
LIABILITIES:
Payable for investments purchased			599,424				1,324,651
Collateral for securities on loan			29,466,083				—
Unrealized depreciation on forward foreign currency contracts			601				67,736
Payable for shares redeemed			315,886				4,484
Payable tosub-advisors			139,647				91,503
Payable for Trustees’ fees			8,973				8,972
Payable for administration fees			12,021				4,969
Payable for distribution services fees			596				40
Payable for shareholder services fees			48,017				—
Payable for investment advisory fees			77,790				69,703
Other accrued expenses			277,571				144,819
TOTAL LIABILITIES			30,946,609				1,716,877
NET ASSETS		$	516,676,154			$	212,119,128
NET ASSETS CONSIST OF:
Paid-in capital		$	542,967,414			$	215,860,456
Distributable earnings (loss)			(26,291,260	)			(3,741,328	)
TOTAL NET ASSETS		$	516,676,154			$	212,119,128
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	3,036,386			$	208,201
Shares outstanding (unlimited shares authorized)			412,894				19,152
Net Asset Value per share		$	7.35			$	10.87
Offering Price per share*		$	7.78	**		$	11.50	**
Class I
Net Assets		$	513,639,768			$	211,910,927
Shares outstanding (unlimited shares authorized)			69,284,707				19,247,262
Net Asset Value and Offering Price per share		$	7.41			$	11.01

(a) Cost of cash denominated in foreign currencies was $3,189,081 and $53,412, respectively.

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (concluded) 54

April 30, 2020	Wilmington       Real  Asset       Fund				Wilmington     Diversified     Income     Fund
ASSETS:
Investments, at identified cost		$	226,621,003			$	35,925,107
Investments in securities, at value (Including $2,102,569 and $937,927 of securities on loan, respectively) (Note 2)		$	201,908,559			$	34,283,014
Cash			7,299				—
Cash denominated in foreign currencies			82,196	(a)			—
Income receivable			196,509				87,493
Foreign tax reclaim receivable			203,023				—
Due from advisor			—				10,372
Receivable for shares sold			356,715				1,253
Receivable for investments sold			21,867,688				—
Prepaid assets			26,477				16,086
TOTAL ASSETS			224,648,466				34,398,218
LIABILITIES:
Payable for investments purchased			21,665,526				104,893
Collateral for securities on loan			2,218,139				978,465
Payable for shares redeemed			431,043				8,647
Payable tosub-advisors			12,981				—
Payable for Trustees’ fees			8,972				8,880
Payable for administration fees			5,444				881
Payable for distribution services fees			188				6,521
Payable for investment advisory fees			68,008				—
Other accrued expenses			190,817				84,011
TOTAL LIABILITIES			24,601,118				1,192,298
NET ASSETS		$	200,047,348			$	33,205,920
NET ASSETS CONSIST OF:
Paid-in capital		$	248,616,438			$	35,640,503
Distributable earnings (loss)			(48,569,090	)			(2,434,583	)
TOTAL NET ASSETS		$	200,047,348			$	33,205,920
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	932,398			$	32,708,283
Shares outstanding (unlimited shares authorized)			75,645				3,426,772
Net Asset Value per share		$	12.33			$	9.54
Offering Price per share*		$	13.05	**		$	10.10	**
Class I
Net Assets		$	199,114,950			$	497,637
Shares outstanding (unlimited shares authorized)			15,968,704				52,092
Net Asset Value and Offering Price per share		$	12.47			$	9.55

(a) Cost of cash denominated in foreign currencies was $80,899.

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

55 STATEMENTS OF OPERATIONS

Year Ended April 30, 2020	Wilmington       International            Fund				Wilmington     Global Alpha     Equities     Fund
INVESTMENT INCOME:
Dividends		$	13,186,871	(a)		$	3,930,722	(a)
Interest			11,484				65,744
Securities lending income, net			260,331				—
TOTAL INVESTMENT INCOME			13,458,686				3,996,466
EXPENSES:
Investment advisory fees			4,519,611				2,912,867
Administration fees			170,501				59,631
Portfolio accounting and administration fees			200,552				72,576
Custodian fees			163,358				60,452
Transfer and dividend disbursing agent fees and expenses			109,727				85,232
Trustees’ fees			54,329				56,915
Professional fees			211,112				137,034
Distribution services fee—Class A			8,994				370
Shareholder services fee—Class A			8,994				370
Shareholder services fee— Class I			1,376,826				485,108
Share registration costs			31,024				36,333
Printing and postage			21,803				16,289
Miscellaneous			65,374				41,081
TOTAL EXPENSES			6,942,205				3,964,258
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors			(1,500,796	)			(1,070,441	)
Waiver of shareholder services fee—Class A			(8,994	)			(370	)
Waiver of shareholder services fee—Class I			(734,307	)			(485,108	)
TOTAL WAIVERS AND REIMBURSEMENTS			(2,244,097	)			(1,555,919	)
Net expenses			4,698,108				2,408,339
Net investment income (loss)			8,760,578				1,588,127
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			(24,512,743	)			(7,898,336	)
Net realized gain (loss) on forward foreign currency contracts			(227,865	)			310,721
Net realized gain (loss) on foreign currency transactions			(494,457	)			(45,080	)
Net realized gain (loss) on financial futures contracts			(2,191,298	)			21,455,459
Litigation proceeds			1,368	(b)			804	(b)
Net change in unrealized appreciation (depreciation) on investments			(44,879,685	)			(12,343,473	)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts			595				154,217
Net change in unrealized appreciation (depreciation) on foreign currency transactions			1,185				797
Net change in unrealized appreciation (depreciation) on financial futures contracts			(103,122	)			(10,503,265	)
Net realized and unrealized gain (loss) on investments			(72,406,022	)			(8,868,156	)
Change in net assets resulting from operations		$	(63,645,444	)		$	(7,280,029	)

(a) Net of foreign withholding taxes withheld of $1,470,107 and $292,069, respectively.

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

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

STATEMENTS OF OPERATIONS (concluded) 56

Year Ended April 30, 2020	Wilmington Real Asset Fund			Wilmington     Diversified      Income     Fund
INVESTMENT INCOME:
Dividends	$	10,602,553	(a)	$	1,341,053	(a)
Interest		1,936,301	(b)		286,610
Securities lending income, net		123,610			66,458
TOTAL INVESTMENT INCOME		12,662,464			1,694,121
EXPENSES:
Investment advisory fees		1,716,145			152,092
Administration fees		94,483			11,699
Portfolio accounting and administration fees		140,163			26,449
Custodian fees		113,378			2,915
Transfer and dividend disbursing agent fees and expenses		87,708			45,028
Trustees’ fees		55,346			54,269
Professional fees		140,361			100,921
Distribution services fee—Class A		2,796			93,586
Shareholder services fee—Class A		2,796			93,586
Shareholder services fee— Class I		764,825			1,471
Share registration costs		34,185			20,079
Printing and postage		23,481			7,527
Miscellaneous		49,306			28,614
TOTAL EXPENSES		3,224,973			638,236
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors		(274,512	)		(317,846	)
Waiver of shareholder services fee—Class A		(2,796	)		(93,586	)
Waiver of shareholder services fee—Class I		(764,825	)		(1,471	)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,042,133	)		(412,903	)
Net expenses		2,182,840			225,333
Net investment income (loss)		10,479,624			1,468,788
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		1,459,141			(753,079	)
Net realized gain (loss) on forward foreign currency contracts		654,797			—
Net realized gain (loss) on foreign currency transactions		9,551			—
Net realized gain (loss) on financial futures contracts		(992,260	)		—
Net realized gain (loss) on swap agreements		(551,965	)		—
Net realized gain (loss) on purchased options		389,891			—
Net realized gain (loss) on written options		(147,446	)		—
Net realized gain (loss) on securities sold short		3,754			—
Net realized gain (loss) on TBA sale commitments		(8,244	)		—
Litigation proceeds		1,551	(c)		3,734	(c)
Net change in unrealized appreciation (depreciation) on investments		(46,829,926	)		(2,792,079	)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		(42,730	)		—
Net change in unrealized appreciation (depreciation) on foreign currency transactions		543			—
Net change in unrealized appreciation (depreciation) on financial futures contracts		121,029			—
Net change in unrealized appreciation (depreciation) on swap agreements		(23,947	)		—
Net change in unrealized appreciation (depreciation) on purchased options		(14,201	)		—
Net change in unrealized appreciation (depreciation) on written options		(102,942	)		—
Net change in unrealized appreciation (depreciation) on TBA Sale Commitments		(398	)		—
Net realized and unrealized gain (loss) on investments		(46,073,802	)		(3,541,424	)
Change in net assets resulting from operations	$	(35,594,178	)	$	(2,072,636	)

(a) Net of foreign withholding taxes withheld of $273,129 and $5,508, respectively.

(b) Net of foreign withholding taxes withheld of $1,507.

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

57 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington International Fund						Wilmington Global Alpha Equities Fund
	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended     April 30, 2019
OPERATIONS:
Net investment income (loss)	$	8,760,578		$	11,572,244		$	1,588,127		$	1,552,008
Net realized gain (loss) on investments		(27,424,995	)(a)		(8,855,386	)(a)		13,823,568	(a)		7,085,522
Net change in unrealized appreciation (depreciation) of investments		(44,981,027	)		(34,360,384	)		(22,691,724	)		(2,290,177	)
Change in net assets resulting from operations		(63,645,444	)		(31,643,526	)		(7,280,029	)		6,347,353
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(58,590	)		(128,833	)		(1,405	)		(1,370	)
Class I		(9,522,428	)		(15,513,143	)		(2,321,797	)		(1,792,762	)
Total distributions to shareholders		(9,581,018	)		(15,641,976	)		(2,323,202	)		(1,794,132	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		13,474			4,104,757			140,958			31,867
Class I		141,661,987			97,827,356			100,727,971			36,618,293
Distributions reinvested
Class A		50,869			116,719			1,373			1,369
Class I		2,358,908			9,005,482			941,789			908,620
Cost of shares redeemed
Class A		(1,346,018	)		(4,391,015	)		(53,284	)		(43,932	)
Class I		(128,456,761	)		(145,040,239	)		(48,360,296	)		(30,246,425	)
Change in net assets resulting from share transactions		14,282,459			(38,376,940	)		53,398,511			7,269,792
Change in net assets		(58,944,003	)		(85,662,442	)		43,795,280			11,823,013
NET ASSETS:
Beginning of year		575,620,157			661,282,599			168,323,848			156,500,835
End of year	$	516,676,154		$	575,620,157		$	212,119,128		$	168,323,848
SHARES OF BENEFICIAL INTEREST:											.
Shares sold
Class A		1,663			468,542			12,575			2,887
Class I		18,263,863			11,729,961			8,757,708			3,291,770
Distributions reinvested
Class A		6,089			14,101			117			131
Class I		280,142			1,105,103			79,610			85,800
Shares redeemed
Class A		(166,540	)		(511,897	)		(4,592	)		(4,003	)
Class I		(15,738,820	)		(17,804,419	)		(4,342,370	)		(2,732,033	)
Net change resulting from share transactions		2,646,397			(4,998,609	)		4,503,048			644,552

^(a) Includes Litigation settlement.

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 58

	Wilmington Real Asset Fund						Wilmington Diversified Income Fund
	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended     April 30, 2019
OPERATIONS:
Net investment income (loss)	$	10,479,624		$	8,185,949		$	1,468,788		$	1,395,222
Net realized gain (loss) on investments		818,770	(a)		589,320			(749,345	)(a)		(196,436	)
Net change in unrealized appreciation (depreciation) of investments		(46,892,572	)		(2,015,552	)		(2,792,079	)		576,437
Change in net assets resulting from operations		(35,594,178	)		6,759,717			(2,072,636	)		1,775,223
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(38,272	)		(26,933	)		(1,350,031	)		(1,493,560	)
Class I		(11,252,467	)		(7,962,044	)		(24,433	)		(41,768	)
Total distributions to shareholders		(11,290,739	)		(7,988,977	)		(1,374,464	)		(1,535,328	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		200,308			145,265			390,191			514,241
Class I		63,422,482			46,788,531			129,029			181,372
Distributions reinvested
Class A		26,100			17,826			1,247,276			1,390,842
Class I		5,458,098			3,897,423			11,930			10,364
Cost of shares redeemed
Class A		(305,579	)		(285,091	)		(4,457,443	)		(4,202,605	)
Class I		(132,696,076	)		(47,538,762	)		(248,138	)		(656,037	)
Change in net assets resulting from share transactions		(63,894,667	)		3,025,192			(2,927,155	)		(2,761,823	)
Change in net assets		(110,779,584	)		1,795,932			(6,374,255	)		(2,521,928	)
NET ASSETS:
Beginning of year		310,826,932			309,031,000			39,580,175			42,102,103
End of year	$	200,047,348		$	310,826,932		$	33,205,920		$	39,580,175
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		13,863			10,277			37,841			49,657
Class I		4,840,601			3,289,145			13,122			17,119
Distributions reinvested
Class A		1,862			1,317			118,944			137,475
Class I		387,546			284,472			1,152			1,034
Shares redeemed
Class A		(21,519	)		(19,747	)		(426,388	)		(405,265	)
Class I		(10,521,157	)		(3,348,357	)		(22,657	)		(63,484	)
Net change resulting from share transactions		(5,298,804	)		217,107			(277,986	)		(263,464	)

^(a) Includes Litigation settlement.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

59 FINANCIAL HIGHLIGHTS

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

WILMINGTON INTERNATIONAL FUND
CLASS A	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$8.52			$9.11			$7.86			$7.08			$8.04
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.13			0.14			0.08			0.08			0.08
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(1.17	)(b)		(0.51	)(b)		1.26	(b)		0.79	(c)		(0.95	)
Total Income (Loss) From Operations		(1.04	)		(0.37	)		1.34			0.87			(0.87	)
Less Distributions From:
Net Investment Income		(0.13	)		(0.14	)		(0.09	)		(0.09	)		(0.09	)
Net Realized Gains		—			(0.08	)		—			—			—
Total Distributions		(0.13	)		(0.22	)		(0.09	)		(0.09	)		(0.09	)
Net Asset Value, End of Year		$7.35			$8.52			$9.11			$7.86			$7.08
Total Return(d)		(12.35	)%		(4.07	)%		17.18	%		12.52	%		(10.82	)%
Net Assets, End of Year (000’s)		$3,036			$4,871			$5,473			$4,913			$4,810
Ratios to Average Net Assets
Gross Expense(e)		1.50	%		1.50	%		1.48	%		1.79	%		1.87	%
Net Expenses(e)(f)		0.98	%		1.00	%		1.04	%		1.22	%		1.31	%
Net Investment Income (Loss)		1.57	%		1.69	%		0.93	%		1.16	%		1.15	%
Portfolio Turnover Rate		79	%		70	%		75	%		177	%		71	%
CLASS I	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$8.59			$9.18			$7.92			$7.13			$8.09
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.13			0.17			0.09			0.09			0.09
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(1.17	)(b)		(0.53	)(b)		1.27	(b)		0.80	(c)		(0.95	)
Total Income (Loss) From Operations		(1.04	)		(0.36	)		1.36			0.89			(0.86	)
Less Distributions From:
Net Investment Income		(0.14	)		(0.15	)		(0.10	)		(0.10	)		(0.10	)
Net Realized Gains		—			(0.08	)		—			—			—
Total Distributions		(0.14	)		(0.23	)		(0.10	)		(0.10	)		(0.10	)
Net Asset Value, End of Year		$7.41			$8.59			$9.18			$7.92			$7.13
Total Return(d)		(12.28	)%		(3.91	)%		17.29	%		12.69	%		(10.70	)%
Net Assets, End of Year (000’s)		$513,640			$570,749			$655,810			$438,974			$411,357
Ratios to Average Net Assets
Gross Expense(e)		1.25	%		1.26	%		1.23	%		1.54	%		1.62	%
Net Expenses(e)(f)		0.85	%		0.87	%		0.91	%		1.09	%		1.18	%
Net Investment Income (Loss)		1.58	%		1.95	%		1.06	%		1.28	%		1.28	%
Portfolio Turnover Rate		79	%		70	%		75	%		177	%		71	%

(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) 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.

(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

April 30, 2020 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 60

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

 WILMINGTON GLOBAL ALPHA EQUITIES FUND

CLASS A	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$11.28			$10.99			$10.54			$9.82			$10.86
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.07			0.09			0.05			(0.01	)		(0.05	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.35	)(b)		0.33			0.52	(b)		0.75			(0.75	)
Total Income (Loss) From Operations		(0.28	)		0.42			0.57			0.74			(0.80	)
Less Distributions From:
Net Investment Income		(0.13	)		(0.13	)		(0.12	)		(0.02	)		(0.24	)
Total Distributions		(0.13	)		(0.13	)		(0.12	)		(0.02	)		(0.24	)
Net Asset Value, End of Year		$10.87			$11.28			$10.99			$10.54			$9.82
Total Return(c)		(2.57	)%		3.87	%		5.41	%		7.59	%		(7.48	)%
Net Assets, End of Year (000’s)		$208			$125			$132			$180			$1,290
Ratios to Average Net Assets
Gross Expense(d)		2.29	%		2.36	%		2.46	%		3.06	%		2.89	%
Net Expenses(d)(e)		1.49	%		1.49	%		1.50	%		2.48	%(f)		2.46	%(f)
Net Investment Income (Loss)		0.63	%		0.78	%		0.42	%		(0.06	)%		(0.44	)%
Portfolio Turnover Rate		84	%		61	%		58	%(g)		367	%		387	%
CLASS I	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$11.40			$11.08			$10.61			$9.86			$10.88
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.11			0.11			0.03			(0.02	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.34	)(b)		0.34			0.49	(b)		0.75			(0.76	)
Total Income (Loss) From Operations		(0.25	)		0.45			0.60			0.78			(0.78	)
Less Distributions From:
Net Investment Income		(0.14	)		(0.13	)		(0.13	)		(0.03	)		(0.24	)
Total Distributions		(0.14	)		(0.13	)		(0.13	)		(0.03	)		(0.24	)
Net Asset Value, End of Year		$11.01			$11.40			$11.08			$10.61			$9.86
Total Return(c)		(2.31	)%		4.18	%		5.63	%		7.93	%		(7.22	)%
Net Assets, End of Year (000’s)		$211,911			$168,199			$156,369			$103,768			$158,200
Ratios to Average Net Assets
Gross Expense(d)		2.04	%		2.11	%		2.21	%		2.82	%		2.64	%
Net Expenses(d)(e)		1.24	%		1.24	%		1.25	%		2.12	%(f)		2.21	%(f)
Net Investment Income (Loss)		0.82	%		1.02	%		1.03	%		0.32	%		(0.16	)%
Portfolio Turnover Rate		84	%		61	%		58	%(g)		367	%		387	%

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

(e) 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%

(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

ANNUAL REPORT / April 30, 2020

61 FINANCIAL HIGHLIGHTS (continued)

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

 WILMINGTON REAL ASSET FUND

CLASS A	Year Ended April 30, 2020			Year Ended     April 30, 2019			Year Ended     April 30, 2018			Year Ended     April 30, 2017			Year Ended     April 30, 2016
Net Asset Value, Beginning of Year		$14.40			$14.48			$13.87			$13.63			$14.77
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.45			0.34			0.35			0.23			0.21
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(2.03	)(b)		(0.07	)		0.63			0.01			(0.68	)
Total Income (Loss) From Operations		(1.58	)		0.27			0.98			0.24			(0.47	)
Less Distributions From:
Net Investment Income		(0.49	)		(0.35	)		(0.37	)		—			(0.67	)
Total Distributions		(0.49	)		(0.35	)		(0.37	)		—			(0.67	)
Net Asset Value, End of Year		$12.33			$14.40			$14.48			$13.87			$13.63
Total Return(c)		(11.35	)%		2.05	%		7.11	%		1.76	%		(3.09	)%
Net Assets, End of Year (000’s)		$932			$1,173			$1,297			$1,643			$1,762
Ratios to Average Net Assets
Gross Expense(d)		1.30	%		1.32	%		1.32	%		1.45	%		1.48	%
Net Expenses(d)(e)(f)		0.96	%		0.96	%		0.99	%		1.20	%		1.23	%
Net Investment Income (Loss)		3.16	%		2.44	%		2.46	%		1.68	%		1.53	%
Portfolio Turnover Rate		411	%		347	%		438	%		593	%		418	%
CLASS I	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$14.56			$14.63			$14.01			$13.73			$14.86
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.49			0.38			0.40			0.27			0.24
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(2.06	)(b)		(0.07	)		0.62			0.01			(0.67	)
Total Income (Loss) From Operations		(1.57	)		0.31			1.02			0.28			(0.43	)
Less Distributions From:
Net Investment Income		(0.52	)		(0.38	)		(0.40	)		—			(0.70	)
Total Distributions		(0.52	)		(0.38	)		(0.40	)		—			(0.70	)
Net Asset Value, End of Year		$12.47			$14.56			$14.63			$14.01			$13.73
Total Return(c)		(11.13	)%		2.29	%		7.31	%		2.11	%		(2.89	)%
Net Assets, End of Year (000’s)		$199,115			$309,654			$307,734			$345,787			$453,171
Ratios to Average Net Assets
Gross Expense(d)		1.05	%		1.07	%		1.07	%		1.20	%		1.23	%
Net Expenses(d)(e)(f)		0.71	%		0.71	%		0.74	%		0.95	%		0.98	%
Net Investment Income (Loss)		3.41	%		2.69	%		2.74	%		1.97	%		1.75	%
Portfolio Turnover Rate		411	%		347	%		438	%		593	%		418	%

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

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

(f) 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

April 30, 2020 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 62

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

  WILMINGTON DIVERSIFIED INCOME FUND

CLASS A	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30,  2016
Net Asset Value, Beginning of Year		$10.54			$10.47			$11.24			$10.40			$10.98
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.40			0.36			0.26			0.12			0.12
Net Realized and Unrealized Gain (Loss) on Investments		(1.02	)(b)		0.11			0.52			0.85			(0.53	)
Total Income (Loss) From Operations		(0.62	)		0.47			0.78			0.97			(0.41	)
Less Distributions From:
Net Investment Income		(0.38	)		(0.36	)		(0.23	)		(0.13	)		(0.15	)
Net Realized Gains		—			(0.04	)		(1.32	)		—			(0.02	)
Total Distributions		(0.38	)		(0.40	)		(1.55	)		(0.13	)		(0.17	)
Net Asset Value, End of Year		$9.54			$10.54			$10.47			$11.24			$10.40
Total Return(c)		(6.17	)%		4.66	%		6.99	%		9.38	%		(3.70	)%
Net Assets, End of Year (000’s)		$32,708			$38,943			$40,993			$42,878			$44,607
Ratios to Average Net Assets
Gross Expense(d)		1.68	%		1.67	%		1.72	%		1.59	%		1.52	%
Net Expenses(d)(e)		0.60	%		0.60	%		0.66	%		0.74	%		0.74	%
Net Investment Income (Loss)		3.86	%		3.45	%		2.30	%		1.16	%		1.14	%
Portfolio Turnover Rate		14	%		14	%		85	%		9	%		52	%
CLASS I	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$10.54			$10.48			$11.25			$10.41			$10.98
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.44			0.39			0.29			0.15			0.15
Net Realized and Unrealized Gain (Loss) on Investments		(1.02	)(b)		0.10			0.52			0.85			(0.53	)
Total Income (Loss) From Operations		(0.58	)		0.49			0.81			1.00			(0.38	)
Less Distributions From:
Net Investment Income		(0.41	)		(0.39	)		(0.26	)		(0.16	)		(0.17	)
Net Realized Gains		—			(0.04	)		(1.32	)		—			(0.02	)
Total Distributions		(0.41	)		(0.43	)		(1.58	)		(0.16	)		(0.19	)
Net Asset Value, End of Year		$9.55			$10.54			$10.48			$11.25			$10.41
Total Return(c)		(5.83	)%		4.82	%		7.24	%		9.64	%		(3.42	)%
Net Assets, End of Year (000’s)		$498			$637			$1,109			$725			$1,129
Ratios to Average Net Assets
Gross Expense(d)		1.44	%		1.40	%		1.48	%		1.34	%		1.27	%
Net Expenses(d)(e)		0.35	%		0.35	%		0.41	%		0.49	%		0.49	%
Net Investment Income (Loss)		4.20	%		3.72	%		2.62	%		1.44	%		1.39	%
Portfolio Turnover Rate		14	%		14	%		85	%		9	%		52	%

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

63 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2020

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.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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 Board of Trustees (“Trustees”).

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

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 64

values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily innon-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing (“SIFVP”)).

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

Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and 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 SIFVP which could result in certain equity securities being categorized as level 2. Fixed income securities,non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

Repurchase Agreements– Repurchase agreements are transactions in which a fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting each Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian 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 April 30, 2020, 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 Exposure(2)
International Fund
Bank of America Securities, Inc.	$	1,473,288	$	1,473,288	$	—	$	—
Citigroup Global Markets Ltd.		5,598,559		5,598,559		—		—
Daiwa Capital Markets America		5,598,559		5,598,559		—		—
Deutsche Bank Securities, Inc.		5,598,559		5,598,559		—		—
HSBC Securities USA, Inc.		5,598,559		5,598,559		—		—
RBC Dominion Securities, Inc.		5,598,559		5,598,559		—		—
	$	29,466,083	$	29,466,083	$	—	$	—

ANNUAL REPORT / April 30, 2020

65 NOTES TO FINANCIAL STATEMENTS (continued)

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral   Received(1)		Cash Collateral   Received(1)		Net Exposure(2)
Real Asset Fund
BNP Paribas SA	$	410,911	$	410,911	$	—	$	—
Citigroup Global Markets Ltd.		410,911		410,911		—		—
Daiwa Capital Markets America		410,911		410,911		—		—
Deutsche Bank Securities, Inc.		163,584		163,584		—		—
HSBC Securities USA, Inc.		410,911		410,911		—		—
RBC Dominion Securities, Inc.		410,911		410,911		—		—
	$	2,218,139	$	2,218,139	$	—	$	—
Diversified Income Fund
BNP Paribas SA	$	181,264	$	181,264	$	—	$	—
Citigroup Global Markets Ltd.		181,264		181,264		—		—
Daiwa Capital Markets America		181,264		181,264		—		—
Deutsche Bank Securities, Inc.		72,145		72,145		—		—
HSBC Securities USA, Inc.		181,264		181,264		—		—
RBC Dominion Securities, Inc.		181,264		181,264		—		—
	$	978,465	$	978,465	$	—	$	—

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

⁽²⁾  Net exposure represents the receivable (payable) due from (to) 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 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 year ended April 30, 2020, 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.

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 66

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.

Dollar Roll Transactions –The Diversified Income Fund may enter into dollar roll transactions, with respect to mortgage securities issued by GNMA, FNMA, and FHLMC, in which the Fund sells 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.

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.

ANNUAL REPORT / April 30, 2020

67 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 April 30, 2020, 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 Exposure(2)
International Fund		$27,665,931		$27,665,931	$—
Real Asset Fund		2,102,569		2,102,569	—
Diversified Income Fund		937,927		937,927	—

⁽¹⁾  Collateral with a value of $29,466,083, $2,218,139 and $978,465, respectively, has been received in connection with securities lending transactions.

⁽²⁾  Net exposure represents the receivable (payable) due from (to) 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 the Funds’ “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 enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. Risk of loss on derivatives, including written options, forward foreign currency contracts, 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

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 68

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 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

ANNUAL REPORT / April 30, 2020

69 NOTES TO FINANCIAL STATEMENTS (continued)

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 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 used 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 April 30, 2020.

	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**

*The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The amount presented on the next pages is the cumulative unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2020.

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

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 70

	Asset Derivative Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts
International Fund
Financial Futures Contracts		$	339,278		$	339,278		$	—
Totals		$	339,278		$	339,278		$	—
Global Alpha Equities Fund
Forward Foreign Currency Contracts		$	322,676		$	—		$	322,676
Totals		$	322,676		$	—		$	322,676

	Liability Derivative Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts
International Fund
Forward Foreign Currency Contracts		$	601		$	—		$	601
Totals		$	601		$	—		$	601
Global Alpha Equities Fund
Financial Futures Contracts		$	13,964,282		$	13,964,282		$	—
Forward Foreign Currency Contracts			67,736			—			67,736
Totals		$	14,032,018		$	13,964,282		$	67,736

The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2020 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.
	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 purchased options, written options and swap agreements.
	Net change in unrealized appreciation (depreciation) on written options and swap agreements.

ANNUAL REPORT / April 30, 2020

71 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	$	(2,191,298	)	$	(2,191,298	)	$	—		$	—		$	—
Forward Foreign Currency Contracts		(227,865	)		—			(227,865	)		—			—
Totals	$	(2,419,163	)	$	(2,191,298	)	$	(227,865	)	$	—		$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	21,455,459		$	21,455,459		$	—		$	—		$	—
Forward Foreign Currency Contracts		310,721			—			310,721			—			—
Totals	$	21,766,180		$	21,455,459		$	310,721		$	—		$	—
Real Asset Fund
Financial Futures Contracts	$	(992,260	)	$	—		$	—		$	(992,260	)	$	—
Forward Foreign Currency Contracts		654,797			—			654,797			—			—
Purchased Options		389,891			—			—			390,061			(170	)
Written Options		(147,446	)		—			—			(91,802	)		(55,644	)
Swap Agreements		(551,965	)		—			—			(698,781	)		146,816
Totals	$	(646,983	)	$	—		$	654,797		$	(1,392,782	)	$	91,002
	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	$	(103,122	)	$	(103,122	)	$	—		$	—		$	—
Forward Foreign Currency Contracts		595			—			595			—			—
Totals	$	(102,527	)	$	(103,122	)	$	595		$	—		$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	(10,503,265	)	$	(10,503,265	)	$	—		$	—		$	—
Forward Foreign Currency Contracts		154,217			—			154,217			—			—
Totals	$	(10,349,048	)	$	(10,503,265	)	$	154,217		$	—		$	—
Real Asset Fund
Financial Futures Contracts	$	121,029		$	—		$	—		$	121,029		$	—
Forward Foreign Currency Contracts		(42,730	)		—			(42,730	)		—			—
Purchased Options		(14,201	)		—			—			(14,201	)		—
Written Options		(102,942	)		—			—			(102,014	)		(928	)
Swap Agreements		(23,947	)		—			—			14,891			(38,838	)
Totals	$	(62,791	)	$	—		$	(42,730	)	$	19,705		$	(39,766	)

The average quarterly volume of derivative activities for the year ended April 30, 2020 are as follows.

	Asset Derivative Volume
Fund	Purchased Options1		Financial Futures Contracts1		Forward Foreign Currency Contracts1
International Fund	$	—	$	6,309,606	$	6,117,114
Global Alpha Equities Fund		—		—		980,750
Real Asset Fund		49,820		8,962,796		7,332,745

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 72

	Liability Derivative Volume
Fund	Written Options2		Financial Futures Contracts1		Forward Foreign Currency Contracts1
International Fund	$	—	$	1,612,794	$	5,081,163
Global Alpha Equities Fund		—		96,514,216		16,178,425
Real Asset Fund		140,681		21,122,619		13,408,677
Fund	Interest Rate Swap Agreements3		Swap Volume Credit Default Swap Agreements (purchase protection)3		Credit Default Swap Agreements (sell protection)3
Real Asset Fund	$	53,528,000	$	1,389,000	$	760,000

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 April 30, 2020, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
International Fund
Derivative Financial Instruments:
Financial futures contracts	$	233,530	$	—
Forward foreign currency contracts		—		601
Total derivative assets and liabilities in the
Statements of Assets and Liabilities		233,530		601
Derivatives not subject to a MA or similar agreement		233,530		—
Total assets and liabilities subject to a MA	$	—	$	601
Global Alpha Equities Fund
Derivative Financial Instruments:
Financial futures contracts	$	2,439,242	$	—
Forward foreign currency contracts		322,676		67,736
Total derivative assets and liabilities in the
Statements of Assets and Liabilities		2,761,918		67,736
Derivatives not subject to a MA or similar agreement		2,439,242		—
Total assets and liabilities subject to a MA	$	322,676	$	67,736

ANNUAL REPORT / April 30, 2020

73 NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020, 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 Liabilities Subject to a MA				Derivatives Available for Offset					Non-Cash Collateral Pledged(1)			Cash Collateral Pledged(1)			Net Exposure     of Derivative     Liabilities(2)
International Fund
Bank of New York Mellon		$	(601	)		$	—				$	—		$	—		$	(601	)
Total Derivative Liabilities		$	(601	)		$	—				$	—		$	—		$	(601	)
Fund/Counterparty	Derivative Assets Subject to a MA				Derivatives Available for Offset					Non-Cash Collateral Received(3)			Cash Collateral Received(3)			Net Exposure     of Derivative Assets(2)
Global Alpha Equities Fund
Bank of New York Mellon		$	4			$	(4	)			$	—		$	—		$	—
Canadian Imperial Bank of Commerce			147,825									—			—			147,825
Deutsche Bank AG			165,463				—					—			—			165,463
HSBC Bank USA, N.A.			3				(3	)				—			—			—
JP Morgan Chase Bank, N.A.			21				(21	)				—			—			—
Morgan Stanley Capital Services LLC			9,135				(22	)				—			—			9,113
State Street Corp.			225				(4	)				—			—			221
									��
Total Derivative Assets		$	322,676			$	(54	)			$	—		$	—		$	322,622
	Derivative Liabilities Subject to a MA				Derivatives Available for Offset					Non-Cash Collateral Pledged(1)			Cash Collateral Pledged(1)			Net Exposure of Derivative Liabilities(2)
Bank of Montreal		$	(12,308	)		$	—				$	—		$	—		$	(12,308	)
Bank of New York Mellon			(221	)			4					—			—			(217	)
Goldman Sachs Bank USA			(229	)								—			—			(229	)
HSBC Bank USA, N.A.			(32	)			3					—			—			(29	)
JP Morgan Chase Bank, N.A.			(24	)			21					—			—			(3	)
Morgan Stanley Capital Services LLC			(22	)			22					—			—			—
State Street Corp.			(4	)			4					—			—			—
Toronto Dominion Bank			(54,896	)			—					—			—			(54,896	)
Total Derivative Liabilities		$	(67,736	)		$	54				$	—		$	—		$	(67,682	)

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

⁽²⁾ Net exposure represents the receivable (payable) due from (to) the counterparty in the event of default.

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

4. FEDERAL TAX INFORMATION

As of April 30, 2020, 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 2019, 2018, and 2017, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

For financial reporting purposes, book basis capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest. The reclassifications have no impact on the net assets or NAVs of the Funds. As of April 30, 2020, the following Funds recorded reclassifications to increase (decrease) the accounts as listed below:

Fund	Paid-in     Capital	Distributable     Earnings (Loss)
Global Alpha Equities Fund	$96,891	$(96,891)
Real Asset Fund	55,065	(55,065)

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 74

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

	2020						2019
Fund	Ordinary     Income*			Long-Term     Capital Gains			Ordinary     Income*			Long-Term     Capital Gains
International Fund		$	9,581,018		$	—		$	10,380,986		$	5,260,990
Global Alpha Equities Fund			2,323,202			—			1,794,132			—
Real Asset Fund			11,290,739			—			7,988,977			—
Diversified Income Fund			1,374,464			—			1,481,925			53,403

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

As of April 30, 2020, 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     Deferrals
International Fund		$	3,436,717		$	—		$	—		$	5,163,012			$	(34,890,989	)		$	—
Global Alpha Equities Fund			630,489			3,068,934			2			(7,440,753	)			—				—
Real Asset Fund			1,693,903			—			1			(31,565,147	)			(18,697,847	)			—
Diversified Income Fund			252,083			—			1			(1,638,700	)			(1,047,967	)			—

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes.

At April 30, 2020, 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.

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year.

Fund	Short-Term     No Expiration			Long-Term     No Expiration			Total Capital     Loss     Carryforwards
International Fund		$	22,337,319		$	12,553,670		$	34,890,989
Real Asset Fund			5,403,015			13,294,832			18,697,847
Diversified Income Fund			149,419			898,548			1,047,967

The following Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2020:

Fund	Capital Loss     Carryforwards     Utilized
Global Alpha Equities Fund	$	8,469,266
Real Asset Fund		1,589,987

ANNUAL REPORT / April 30, 2020

75 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		$	2,494,480		$	(1,500,796)	0.45%
Sub-advisors:
Allianz Global Investors U.S. LLC			261,992			—	0.38% on the first $100 million; 0.33% on the next $100; and 28% on assets in excess of $200 million on assets allocated to the Europe Equity Growth Select Strategy;
			141,309			—	0.25% on assets allocated to the High Dividend Europe Strategy.
AXA Investment Managers, Inc.			347,114			—	0.43% on the first $150 million; and
							0.41% on assets in excess of $150 million
Berenberg Asset Management LLC			181,863			—	0.27%
Nikko Asset Management Americas, Inc.			356,620			—	0.32%
Schroder Investment Management North America, Inc.			736,233			—	0.50%
Total(a)		$	4,519,611		$	(1,500,796)
Global Alpha Equities Fund
WFMC		$	1,844,817		$	(1,070,441)	0.95%
Sub-advisor:
Wellington Management Company LLP			1,068,050			—	0.55%
Total(b)		$	2,912,867		$	(1,070,441)
Real Asset Fund
WFMC		$	1,381,720		$	(274,512)	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			162,331			—	0.25%
Parametric Portfolio Associates LLC			172,094			—	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)		$	1,716,145		$	(274,512)
Diversified Income Fund
WFMC		$	152,092		$	(317,846)	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.

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 76

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 and shareholder service provider 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 “Administration 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 year ended April 30, 2020, 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 year ended April 30, 2020, 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		$  4,345
Global Alpha Equities Fund		199
Real Asset Fund		1,886
Diversified Income Fund		86,170

ANNUAL REPORT / April 30, 2020

77 NOTES TO FINANCIAL STATEMENTS (continued)

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

For the year ended April 30, 2020, 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		$    116
Global Alpha Equities Fund		2,661
Real Asset Fund		1,318
Diversified Income Fund		13,033

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

For the year ended April 30, 2020, M&T received a portion of the fees paid by the following Fund which is listed below:

Fund	Shareholder     Services     Fee
International Fund		$630,592

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.

Certain Funds 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 year ended April 30, 2020 were as follows:

Fund	Commissions
Global Alpha Equities Fund		$    6
Diversified Income Fund		52

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities for the year ended April 30, 2020 were as follows:

	Investments
Fund	Purchases		Sales
International Fund	$	403,914,472	$	410,063,840
Global Alpha Equities Fund		205,995,670		147,731,373
Real Asset Fund		294,677,924		318,240,516
Diversified Income Fund		3,993,918		6,670,154

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2020 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Real Asset Fund		$1,012,959,859		$1,081,001,063
Diversified Income Fund		1,041,996		523,812

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 78

7. MARKET RISK IN GENERAL

Market risk is the risk that one or more markets in which a Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on a Fund and its investments.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known asCOVID-19. The outbreak ofCOVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects ofCOVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers. The impact of the outbreak may be short term or may last for an extended period of time, which may have an unpredictable impact on Fund performance.

8. LIBOR RISK

The United Kingdom’s Financial Conduct Authority, which regulates the London Interbank Offered Rate (“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.

9. CONTRACTUAL OBLIGATIONS

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

10. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings were charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC included a commitment fee of 0.15% per annum on the daily unused portion. The LOC expired on April 2, 2020.

On April 2, 2020, the Trust entered into an amendment to the credit agreement for a $10,000,000 unsecured, committed revolving LOC. The LOC is to be used as described above and to be operated in substantially the same manner as the original agreement. The LOC expires on April 1, 2021.

The Trust did not utilize the LOC for the year ended April 30, 2020.

11. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities held at a premium, shortening such period to the earliest call date. This ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has implemented the ASU2017-08 and determined that the impact of this guidance to each Fund’s net assets at April 30, 2020 is not material.

In August 2018, FASB issued an ASU2018-13, (“ASU2018-13”), which changes certain fair value measurement disclosure requirements. The ASU2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level fair value measurements. The ASU2018-13 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 ASU2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

In March 2020, the FASB issued ASUNo. 2020-04 (“ASU2020-04”), Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU2020-04 is effective for certain reference rate-related contract modifications that occur during the

ANNUAL REPORT / April 30, 2020

79 NOTES TO FINANCIAL STATEMENTS (continued)

period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU2020-04.

12. 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. PwC affirmed their independence as an independent registered public accounting firm on June 19, 2019. 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 each Fund’s financial statements.

13. SUBSEQUENT EVENTS

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

April 30, 2020 / ANNUAL REPORT

80

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington International Fund, Wilmington Global Alpha Equities Fund, Wilmington Real Asset Fund and Wilmington Diversified Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington International Fund, Wilmington Global Alpha Equities Fund, Wilmington Real Asset Fund and Wilmington Diversified Income Fund (four of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended April 30, 2019 and the financial highlights for each of the periods ended on or prior to April 30, 2019 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 27, 2019 expressed unqualified opinions on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2020

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

ANNUAL REPORT / April 30, 2020

81

FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the fiscal year ended April 30, 2020, the Fund designates the following percentage, or such greater percentage that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

Fund
International Fund	0.38	%
Global Alpha Equities Fund	50.82	%
Real Asset Fund	2.27	%
Diversified Income Fund	31.44	%

For the fiscal year ended April 30, 2020, the Fund designates the following percentage of the ordinary income dividends, or such greater percentage that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 15%:

Fund
International Fund	90.65	%
Global Alpha Equities Fund	100.00	%
Real Asset Fund	24.82	%
Diversified Income Fund	46.38	%

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

April 30, 2020 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 82

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 12 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 1100 North Market Street, 9th Floor, Wilmington, DE 19890. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name   Address   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Dominick J. D’Eramo*   Birth year: 1964   TRUSTEE   Began serving: November 2018   PRESIDENT   Began serving: June 2018	Principal Occupations:Senior Vice President, Wilmington Trust Investment Advisors, Inc. and Head of Fixed Income. Previous Positions:Group Vice President, Wilmington Trust Investment Advisor, Inc. (WTIA) (2014-2017); Administrative Vice President, WTIA (2012-2014).

*         Dominick J. D’Eramo is “interested” due to his employment with WTIA and his position with WFMC, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano   Birth year: 1943   CHAIRMAN and TRUSTEE   Began serving: March 2012	Principal Occupations:Consultant, financial services organizations (1997 to present). Other Directorships Held:The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products). Previous Positions:Director, Kalmar Pooled Investment Trust (through 6/17); Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold   Birth year: 1944   TRUSTEE   Began serving: March 2012	Principal Occupations:Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held:None.
	Previous Positions:Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to 12/17); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Gregory P. Chandler   Birth year: 1966   TRUSTEE   Began serving: July 2017	Principal Occupations:Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/20 to present); Other Directorships Held:Trustee, RBB Fund Series Trust (32 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2018);
	Previous Positions:Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999), Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997); Captain, US Army (1989 to 1994).

ANNUAL REPORT / April 30, 2020 (unaudited)

83 BOARD OF TRUSTEES AND TRUST OFFICERS

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley   Birth year: 1951   TRUSTEE   Began serving: December 2015	Principal Occupations:Director, BioSig Technologies (2015 to present); Director, AXA Equitable’s VIP Mutual Funds (2017 to present); Director, AXA Equitable (variable annuity) (2013 to present); Director, 1290 Mutual Funds (retail funds) (2013 to present); and Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present).
	Other Directorships Held:Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011); Chairman, Director and President’s Council, Union College (private college) (2011 to 2015).
	Previous Positions:Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011); Senior Vice President and Treasurer at ITT Corporation (1996 to 2010); Assistant Treasurer at International Paper (1989 to 1996).
Richard B. Seidel   Birth year: 1941   TRUSTEE   Began serving: September 2003	Principal Occupations:Chairman, Seidel & Associates (legal consulting) (1/14 to present); Chairman, Liberty Private Client, LLC (registered investment adviser) (1/14 to present). Other Directorships Held:Director, Chartwell Investment Partners (9/15 to present); Director, Tristate Capital Holdings (9/07 to 4/20).
	Previous Positions:Chairman, Girard Capital (broker-dealer) (3/05 to 1/14); Chairman, Girard Partners, Ltd. (6/96 to 1/14).
Valerie J. Sill   Birth year: 1962   TRUSTEE   Began serving: April 2020	Principal Occupations:President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held:Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013).
	Previous Positions:Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS

Name   Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell   Birth year: 1966   CHIEF OPERATIONS OFFICER   Began serving: June 2017   VICE PRESIDENT   Began serving: June 2012	Principal Occupations:Chief Operations Officer, Wilmington Funds; Vice President, Wilmington Funds Management Corporation (2005 to present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions:Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Lisa Druelinger   Birth year: 1978   CHIEF COMPLIANCE OFFICER and AML   COMPLIANCE OFFICER.   Began serving: November 2017	Principal Occupations:Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Administrative Vice President, M&T Bank. Previous Positions:Vice President and Senior Compliance Officer, Wilmington Trust Investment Advisors, Inc. (2015-2017); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2013-2015); Institutional and Retirement Services Product Manager, Wilmington Trust (2011-2013); Trust Compliance and Risk Management at M&T Bank (2006- 2011).

April 30, 2020 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 84

Name   Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John J. Kelley   Birth year: 1959   VICE PRESIDENT   Began serving: December 2016	Principal Occupations:President of Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions:Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
Robert L. Tuleya   Birth year: 1974   VICE PRESIDENT and ASSISTANT SECRETARY   Began serving: September 2018	Principal Occupations:Vice President and Assistant Secretary, Wilmington Funds; Vice President and Assistant Secretary, Wilmington Funds Management Corporation (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Vice President and Assistant General Counsel, M&T Bank (2018 to present). Previous Positions:Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).
Christopher W. Roleke   10 High Street, Suite 302   Boston, MA 02110   Birth year: 1972   CHIEF FINANCIAL OFFICER AND TREASURER   Began serving: July 2013	Principal Occupation:Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions:Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth   Atlantic Terminal Office Tower, 2 Hanson Place,   12th Floor   Brooklyn, NY 11217   Birth year: 1963   SECRETARY   Began serving: September 2007	Principal Occupation:Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions:Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
Richard J. Berthy   Three Canal Plaza, Suite 100   Portland, ME 04101   Birth year: 1958   CHIEF EXECUTIVE OFFICER   Began serving: September 2007	Principal Occupation:Chief Executive Officer, Foreside Financial Group, LLC (2012 to present). Previous Positions:President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

ANNUAL REPORT / April 30, 2020 (unaudited)

85

Board Approval of Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule22e-4 under the Investment Company Act of 1940, as amended. The rule requires every registeredopen-end management company to establish a liquidity risk management program that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the Commission adopted Rule30b1-10 and FormN-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 10, 2020, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP after its first year of operation. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies foropen-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third partysub-adviser the Liquidity Committee would takesub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve month period ended April 30, 2020. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of FormN-LIQUID.

April 30, 2020 (unaudited) / ANNUAL REPORT

86

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.

ANNUAL REPORT / April 30, 2020

87

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.

April 30, 2020 / ANNUAL REPORT

88

• 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

ANNUAL REPORT / April 30, 2020

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

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

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	19
Statement of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	29
Federal Tax Information (unaudited)	30
Board of Trustees and Trust Officers	31
Liquidity Risk Management Disclosure	34

[This Page Intentionally Left Blank]

i

Esteemed Shareholder:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s annual fiscal year period of May 1, 2019, through April 30, 2020. 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 annual fiscal year period.

The economy

The last year brought a tale of two narratives for the global economy. During 2019 the global economy centered on trade, as escalating frictions between the U.S. and China disrupted global supply chains and weighed heavily on sentiment. The announcement of a phase one trade deal between the two sides in October, and progression toward the deal’s completion in December, fueled hopes for the possibility of a cyclical recovery in early 2020. Despite weakness in business investment, a byproduct of the trade war, the U.S. recorded Gross Domestic Product (“GDP”) growth of 2.3% (seasonally adjusted) in 2019, thanks to notable strength in consumer spending. Optimism abruptly reversed course in late February of 2020 asCOVID-19, the infectious disease caused by the most recently discovered coronavirus, evolved from an outbreak to a global pandemic. Governments worldwide implemented strict lockdown measures to curb the virus’s spread, relegating consumers to their homes and forcingnon-essential businesses to shutter. With economic activity grinding to a near standstill by the end of March, U.S. GDP declined by 4.8% (seasonally adjusted annualized rate) in the first quarter, providing an early glimpse into what is expected to be a materially weaker second quarter. As demand receded in April, gauges of manufacturing and services activity tumbled into contraction territory, core inflation dropped by a record 0.4% (month-over-month) and the U.S. unemployment rate spiked to 14.7%, its highest level since the Great Depression.

The fiscal and monetary response in the U.S. has been unparalleled historically, in its scale and speed of implementation. After delivering three rate cuts in 2019, the Federal Reserve (the “Fed”) lowered rates further by a cumulative 150 basis points¹ in the first quarter of 2020 and moved to open-ended purchases of Treasuries and agency Mortgage-Backed Securities/Collateralized Mortgage-Backed Securities. Additionally, the Fed introduced a plethora of accommodations to support financial markets, businesses and governments. The Fed entered uncharted territory by creating new facilities to purchase corporate debt and fixed income ETFs, and later broadened their scope to include segments of the high yield market. The Federal government introduced roughly $3 trillion of fiscal stimulus through three pieces of legislation to provide direct support to consumers, businesses and governments, cushion the pandemic’s economic impact and accelerate the nation’s healthcare response.

Emerging and international developed economies, which are more export dependent than the U.S., were hit particularly hard by the trade war in 2019, with the global manufacturing sector moving into contraction in the third quarter, before showing signs of life towards the end of the year. A cyclical rebound appeared to be picking up steam in China, beforeCOVID-19 emerged in its central province of Wuhan. As the first economy affected, China offered a preview to the rest of the world of the virus’s potential impact. After GDP growth decelerated in 2019, to its slowest pace in 30 years, China registered a record decline in the first quarter 2020. The Euro zone and UK economies suffered a tremendous economic toll as countrywide lockdown orders were set into motion and GDP contracted in the first quarter. Central banks outside the U.S. followed the Fed’s lead, in introducing record volumes of accommodation, while the fiscal response across international economies has been massive in scale.

Bond markets

The 2019 calendar year marked a strong period for bond markets, particularly for investment grade corporates, which posted their best annual performance since 2002 as rates fell precipitously and spreads compressed to near decade lows. However, the first quarter of 2020 brought one of the most volatile quarters in recent memory as theCOVID-19 pandemic challenged corporate balance sheets and severely hampered liquidity. Taxable corporate credit spreads (interest rate in excess of the risk-free rate) and the ratio of high gradetax-exempt yields to Treasuries of equivalent maturity surged to decade highs. The10-year Treasury yield plummeted to anall-time low as the Federal Reserve slashed rates to zero and investors sought safety. The Federal Reserve moved to open-ended quantitative easing and arranged a broad menu of facilities to enhance market liquidity and expand access to credit. The Fed’s pledge to provide direct support to corporate bond markets, for the first time in history, helped drive taxable spreads materially lower and boosted performance through the end of April. The energy sector weighed heavily on performance for corporates as the price of oil plunged to a historic record low. The more vulnerable high yield sector saw fundamentals deteriorate asymmetrically and lagged high grade peers in therisk-off environment.

PRESIDENT’S MESSAGE / April 30, 2020 (unaudited)

ii

For the12-month period May 1, 2019 to April 30, 2020, 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
14.27%	10.84%	9.37%	2.16%	-4.11%

Past performance is no guarantee of future results. Short term performance may not be indicative of long term results.

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

Equity markets

The past year brought a continuation of the predominant equity market trends observed in the second half of 2018, namely the dominance of U.S. over international equities, developed over emerging markets, growth over value and large over small cap. U.S. large cap equities capped off their second best annual performance of the decade in the 2019 calendar year and benefitted from corporate earnings that came in better than feared, supportive monetary policy and trade optimism from October through January. International developed and emerging market equities, which are more leveraged to global trade, suffered disproportionately throughout theUS-China tariff disaster, while persistent dollar strength and investors’ preference for safe-haven assets presented additional headwinds for the international group. Risk appetite prevailed through January but was abruptly derailed as theCOVID-19 outbreak escalated rapidly to a global pandemic and brought the longest bull market in history to a painful end. The selloff that transpired from February to late March was indiscriminate, affecting all regions with unsettling speed and magnitude, although winners and losers emerged during the subsequent rebound from March lows. Notably, U.S. small cap companies, which are more cyclical in nature, bore the brunt of the selloff, as the pandemic introduced a punishing blow to economic activity.Mega-cap technology stocks emerged as relative safe havens and proved more resilient than the broader market with earnings less impacted by the economic damage.

For the12-month period May 1, 2019 to April 30, 2020, certain stock market indices performed as follows:

S&P 500 Index8	Russell 2000 Index9	MSCI EAFE (Net) Index10	MSCI Emerging     Markets (Net)     Index11
0.86%	-16.39%	-11.34%	-12.00%

Past performance is no guarantee of future results. Short term performance may not be indicative of long term results.

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

As investors know all too well, uncertainty in financial markets is certain. Other ongoing certainties include our fiduciary, clients-first mindset as we strive to manage risk in your portfolio’s assets. Another constant is our disciplined yet flexibleeconomics-led investment process that is delivered through innovative multi-asset class solutions and is designed to help you achieve your long-term objectives.

Sincerely,

Dominick J. D’Eramo, CFA

President

May 15, 2020

April 30, 2020 (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. Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

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

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

9. The Russell 2000 Index measures the performance of the 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 $152.3 million to $5 billion.

10. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index is an equity index which captures large andmid-cap representation across 21 Developed Market countries: 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.

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index captures large andmid-cap representation across 26 Emerging Market countries: 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 / April 30, 2020 (unaudited)

1

WILMINGTONLARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, WilmingtonLarge-Cap Strategy Fund (the “Fund”) had a total return of 0.09%* for Class I Shares, versus its benchmark, the Russell 1000^® Index**, which had a total return of 0.09%.

The sector positioning of the Fund added approximately 25 basis points of performance versus the Russell 1000^® gross of fees. Over the last year, the Fund has generally had apro-cyclical view of the market with over-weighted positions in the technology, consumer discretionary, financials, industrials, energy, communication services and healthcare sectors and underweights to the more defensive utilities, consumer staples, and real estate sectors. The overweight positions in financials, healthcare and communications services more than offset the underperformance of the utilities and consumer staples sectors which were underweight over this time period.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes thereinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recentmonth-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

** The Russell 1000^® Index measures the performance of thelarge-cap segment of the U.S. equity universe. It is subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market and is constructed to provide a comprehensive and unbiased barometer for thelarge-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higherprice-to-book ratios and higher forecasted growth values. Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lowerprice-to-book ratios and lower forecasted growth values.

Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

April 30, 2020 (unaudited) / ANNUAL REPORT

2

WILMINGTONLARGE-CAP STRATEGY FUND

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Class I Shares of the WilmingtonLarge-Cap Strategy Fund from April 30, 2010 to April 30, 2020, compared to the Russell 1000^® Index.²

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual Funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns for the Periods Ended  4/30/20
	1 Year	5 Years	10 Years
Class I^	0.09%	8.56%	11.43%
Russell 1000® Index	0.09%	8.74%	11.57%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.89% and 0.25%, respectively.

Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $1,000,000 in Class I and assumes the reinvestment of all dividends and distributions.

2 The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. Please note that an investor cannot invest directly in an index.

ANNUAL REPORT / April 30, 2020 (unaudited)

3

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 November 1, 2019 to April 30, 2020.

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.

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which is for the year ended April 30, 2020.

	Beginning Account Value 11/01/19	Ending Account Value 4/30/20	Expenses Paid During Period1	Annualized Net Expense Ratio2
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$966.90	$1.22	0.25%
Hypothetical (assuming a 5% return before expense)
Class I	$1,000.00	$1,023.62	$1.26	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 182/366 (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.

April 30, 2020 (unaudited) / ANNUAL REPORT

4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

WilmingtonLarge-Cap Strategy Fund

At April 30, 2020, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Information Technology		25.2	%
Health Care		15.3	%
Consumer Discretionary		10.8	%
Financials		10.7	%
Communication Services		10.4	%
Industrials		8.4	%
Consumer Staples		6.9	%
Real Estate		3.5	%
Utilities		3.2	%
Energy		2.9	%
Materials		2.6	%
Investment Companies		0.1	%
Rights		0.0	%3
Warrant		0.0	%3
Cash Equivalents1		0.8	%
Other Assets and Liabilities – Net2		(0.8	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in 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

April 30, 2020

Description	Number of Shares		Value
COMMON STOCKS – 99.9%
COMMUNICATION SERVICES – 10.4%
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.8%
AT&T, Inc.		130,702	$	3,982,490
CenturyLink, Inc.		18,785		199,497
GCI Liberty, Inc., Class A*		1,761		107,122
Verizon Communications, Inc.		74,000		4,251,300
			$	8,540,409
ENTERTAINMENT – 2.0%
Activision Blizzard, Inc.		13,670		871,189
Cinemark Holdings, Inc.		1,700		24,276
Electronic Arts, Inc.*		5,110		583,869
Liberty Media Corp. - Liberty Formula One, Class A*		105		3,176
Liberty Media Corp. - Liberty Formula One, Class C*		2,885		92,868

Description	Number of Shares		Value
Lions Gate Entertainment Corp., Class B*		2,400	$	16,032
Live Nation Entertainment, Inc.*		2,670		119,803
Madison Square Garden Entertainment Corp.*		329		27,208
Madison Square Garden Sports Co., Class A (The)*		29		4,968
Netflix, Inc.*		7,500		3,148,875
Roku, Inc.*		1,500		181,845
Spotify Technology SA*		1,900		287,983
Take-Two Interactive Software, Inc.*		1,800		217,890
Walt Disney Co. (The)		31,233		3,377,849
World Wrestling Entertainment, Inc., Class A		1,000		44,470
Zynga, Inc., Class A*		11,300		85,202
			$	9,087,503
INTERACTIVE MEDIA & SERVICES – 5.1%
Alphabet, Inc., Class A*		5,295		7,130,777

ANNUAL REPORT / April 30, 2020

5 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Alphabet, Inc., Class C*		5,379	$	7,254,442
Facebook, Inc., Class A*		42,480		8,696,081
IAC/Interactivecorp*		1,300		290,524
Match Group, Inc.#,*		1,100		84,656
TripAdvisor, Inc.		1,300		25,961
Twitter, Inc.*		13,610		390,335
Zillow Group, Inc., Class A*		2,100		91,434
Zillow Group, Inc., Class C#,*		1,345		59,126
			$	24,023,336
MEDIA – 1.4%
Altice USA, Inc., Class A*		4,800		124,656
AMC Networks, Inc., Class A*		1,285		30,647
Cable One, Inc.		40		76,514
Charter Communications, Inc., Class A*		2,702		1,338,111
Comcast Corp., Class A		80,800		3,040,504
Discovery, Inc., Class A*		4,100		91,922
Discovery, Inc., Class C*		3,400		69,394
DISH Network Corp., Class A*		4,796		119,972
Fox Corp., Class A		4,476		115,794
Fox Corp., Class B		1,200		30,672
Interpublic Group of Cos., Inc. (The)		6,218		105,582
John Wiley & Sons, Inc., Class A		200		7,510
Liberty Broadband Corp., Class A*		735		88,215
Liberty Broadband Corp., Class C*		1,571		192,730
Liberty Media Corp. - Liberty SiriusXM,
Class A*		843		28,418
Liberty Media Corp. - Liberty SiriusXM,
Class C*		3,786		128,989
New York Times Co. (The), Class A		2,400		78,048
News Corp., Class A		6,857		67,953
News Corp., Class B		1,448		14,799
Nexstar Media Group, Inc., Class A		650		45,526
Omnicom Group, Inc.		3,790		216,144
Sinclair Broadcast Group, Inc., Class A		900		15,885
Sirius XM Holdings, Inc.#		28,740		169,853
ViacomCBS, Inc., Class A#		900		17,667
ViacomCBS, Inc., Class B		9,846		169,942
			$	6,385,447
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Telephone & Data Systems, Inc.		1,550		30,411
T-Mobile US, Inc.*		6,569		576,758
			$	607,169
TOTAL COMMUNICATION SERVICES			$	48,643,864
CONSUMER DISCRETIONARY – 10.8%
AUTO COMPONENTS — 0.2%
Adient PLC*		300		4,494

Description	Number of Shares		Value
Aptiv PLC		4,450	$	309,497
BorgWarner, Inc.		4,380		125,137
Garrett Motion, Inc.*		1,577		8,595
Gentex Corp.		4,680		113,443
Goodyear Tire & Rubber Co. (The)		6,100		43,737
Lear Corp.		1,500		146,475
Visteon Corp.*		500		30,150
			$	781,528
AUTOMOBILES — 0.6%
Ford Motor Co.		62,000		315,580
General Motors Co.		22,500		501,525
Harley-Davidson, Inc.		3,970		86,665
Tesla, Inc.*		2,518		1,968,774
Thor Industries, Inc.#		500		33,100
			$	2,905,644
DISTRIBUTORS — 0.1%
Genuine Parts Co.		2,920		231,498
LKQ Corp.*		3,918		102,456
Pool Corp.		300		63,498
			$	397,452
DIVERSIFIED CONSUMER SERVICES — 0.1%
Bright Horizons Family Solutions, Inc.*		533		62,068
frontdoor, Inc.*		1,100		42,581
Graham Holdings Co., Class B		140		54,601
Grand Canyon Education, Inc.*		600		51,612
H&R Block, Inc.		2,500		41,625
Service Corp. International		3,370		123,814
ServiceMaster Global Holdings, Inc.*		2,318		78,928
			$	455,229
HOTELS, RESTAURANTS & LEISURE — 1.7%
Aramark		2,833		77,369
Caesars Entertainment Corp.*		11,600		112,056
Carnival Corp.#		2,900		46,110
Chipotle Mexican Grill, Inc.*		400		351,420
Choice Hotels International, Inc.		910		68,296
Darden Restaurants, Inc.		1,600		118,064
Domino’s Pizza, Inc.		700		253,351
Dunkin’ Brands Group, Inc.		2,100		131,964
Extended Stay America, Inc.		3,800		41,306
Hilton Grand Vacations, Inc.*		986		20,312
Hilton Worldwide Holdings, Inc.		4,353		329,566
Hyatt Hotels Corp., Class A#		1,400		78,764
International Game Technology PLC#		1,173		8,844
Las Vegas Sands Corp.		6,320		303,486
Marriott International, Inc., Class A		5,036		457,974

April 30, 2020 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 6

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
McDonald’s Corp.		13,349	$	2,503,738
MGM Resorts International		10,310		173,517
Norwegian Cruise Line Holdings Ltd.*		2,500		41,000
Planet Fitness, Inc., Class A*		1,178		71,069
Restaurant Brands International LP		47		2,325
Royal Caribbean Cruises Ltd.		3,380		158,083
Six Flags Entertainment Corp.		2,100		42,021
Starbucks Corp.		21,290		1,633,582
Vail Resorts, Inc.		628		107,388
Wendy’s Co. (The)		2,115		42,004
Wyndham Destinations, Inc.		2,160		55,231
Wyndham Hotels & Resorts, Inc.		1,860		70,141
Wynn Resorts Ltd.		768		65,687
Yum China Holdings, Inc.		6,750		327,105
Yum! Brands, Inc.		5,750		496,972
			$	8,188,745
HOUSEHOLD DURABLES — 0.3%
DR Horton, Inc.		5,070		239,405
Garmin Ltd.		1,690		137,160
Leggett & Platt, Inc.		3,570		125,414
Lennar Corp., Class A		3,310		165,732
Lennar Corp., Class B		1,276		48,679
Mohawk Industries, Inc.*		855		75,001
Newell Brands, Inc.		7,569		105,058
NVR, Inc.*		30		93,000
PulteGroup, Inc.		5,790		163,683
Tempur Sealy International, Inc.*		1,000		53,750
Toll Brothers, Inc.		3,250		78,065
Whirlpool Corp.		985		110,064
			$	1,395,011
INTERNET & CATALOG RETAIL — 4.4%
Amazon.com, Inc.*		7,360		18,208,640
Booking Holdings, Inc.*		730		1,080,816
eBay, Inc.		14,390		573,154
Etsy, Inc.*		2,200		142,714
Expedia Group, Inc.		2,352		166,945
GrubHub, Inc.*		1,610		76,942
Qurate Retail, Inc., Class A*		5,900		47,525
Wayfair, Inc., Class A#,*		948		117,590
			$	20,414,326
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Brunswick Corp.		1,100		52,492
Hasbro, Inc.		2,390		172,582
Mattel, Inc.*		5,050		44,036
Polaris, Inc.		1,300		92,209
			$	361,319

Description	Number of Shares		Value
MULTILINE RETAIL — 0.5%
Dollar General Corp.		4,600	$	806,380
Dollar Tree, Inc.*		4,362		347,521
Kohl’s Corp.		1,510		27,875
Macy’s, Inc.#		6,180		36,215
Nordstrom, Inc.#		1,780		33,428
Ollie’s Bargain Outlet Holdings, Inc.#,*		673		45,703
Target Corp.		8,860		972,296
			$	2,269,418
SPECIALTY RETAIL — 2.2%
Advance Auto Parts, Inc.		1,450		175,320
AutoNation, Inc.*		830		30,909
AutoZone, Inc.*		460		469,347
Best Buy Co., Inc.		4,180		320,731
Burlington Stores, Inc.*		1,300		237,497
CarMax, Inc.*		3,100		228,315
Carvana Co.#,*		800		64,088
Dick’s Sporting Goods, Inc.		400		11,756
Five Below, Inc.*		678		61,128
Floor & Decor Holdings, Inc., Class A*		810		34,344
Foot Locker, Inc.		1,610		41,264
Gap, Inc. (The)		3,450		28,014
Home Depot, Inc. (The)		19,350		4,253,711
L Brands, Inc.		4,310		51,246
Lowe’s Cos., Inc.		13,800		1,445,550
O’Reilly Automotive, Inc.*		1,400		540,876
Ross Stores, Inc.		6,440		588,358
Tiffany & Co.		2,150		271,975
TJX Cos., Inc. (The)		21,380		1,048,689
Tractor Supply Co.		1,600		162,288
Ulta Beauty, Inc.*		1,100		239,712
Urban Outfitters, Inc.#,*		2,700		46,818
Williams-Sonoma, Inc.#		1,110		68,642
			$	10,420,578
TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Capri Holdings Ltd*		2,000		30,500
Carter’s, Inc.		1,200		93,840
Columbia Sportswear Co.		468		34,113
Hanesbrands, Inc.		6,100		60,634
Kontoor Brands, Inc.		764		14,829
Lululemon Athletica, Inc.*		2,000		446,960
NIKE, Inc., Class B		20,640		1,799,395
PVH Corp.		670		32,984
Ralph Lauren Corp.		735		54,228
Skechers USA, Inc., Class A*		1,843		51,936
Tapestry, Inc.		3,480		51,782

ANNUAL REPORT / April 30, 2020

7 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Under Armour, Inc., Class A#,*		3,078	$	32,073
Under Armour, Inc., Class C*		3,077		28,524
VF Corp.		5,850		339,885
			$	3,071,683
TOTAL CONSUMER DISCRETIONARY			$	50,660,933
CONSUMER STAPLES — 6.9%
BEVERAGES — 1.6%
Brown-Forman Corp., Class A		900		51,048
Brown-Forman Corp., Class B		3,225		200,595
Coca-Cola Co. (The)		67,500		3,097,575
Constellation Brands, Inc., Class A		2,700		444,663
Keurig Dr. Pepper, Inc.		2,200		58,212
Molson Coors Beverage Co., Class B		3,800		155,838
Monster Beverage Corp.*		6,900		426,489
PepsiCo., Inc.		24,600		3,254,334
			$	7,688,754
FOOD & STAPLES RETAILING — 1.5%
Casey’s General Stores, Inc.		535		81,004
Costco Wholesale Corp.		7,700		2,333,100
Grocery Outlet Holding Corp.*		1,100		36,597
Kroger Co. (The)		14,600		461,506
Sprouts Farmers Market, Inc.*		4,100		85,198
Sysco Corp.		7,000		393,890
U.S. Foods Holding Corp.*		3,750		80,625
Walgreens Boots Alliance, Inc.		12,000		519,480
Walmart, Inc.		24,400		2,965,820
			$	6,957,220
FOOD PRODUCTS — 1.2%
Archer-Daniels-Midland Co.		10,600		393,684
Beyond Meat, Inc.#,*		900		89,091
Bunge Ltd.		1,395		55,340
Campbell Soup Co.		3,100		154,938
Conagra Brands, Inc.		9,700		324,368
Flowers Foods, Inc.		3,600		80,208
General Mills, Inc.		9,800		586,922
Hain Celestial Group, Inc. (The)*		2,200		56,848
Hershey Co. (The)		2,800		370,804
Hormel Foods Corp.		5,500		257,675
Ingredion, Inc.		1,700		138,040
JM Smucker Co. (The)		2,200		252,802
Kellogg Co.		3,500		229,250
Kraft Heinz Co. (The)		11,900		360,927
Lamb Weston Holdings, Inc.		2,700		165,672
McCormick & Co., Inc.		2,100		329,364
Mondelez International, Inc., Class A		24,400		1,255,136

Description	Number of Shares		Value
Pilgrim’s Pride Corp.*		1,000	$	22,000
Post Holdings, Inc.*		1,038		95,340
TreeHouse Foods, Inc.*		1,200		62,076
Tyson Foods, Inc., Class A		4,100		254,979
			$	5,535,464
HOUSEHOLD PRODUCTS — 1.7%
Church & Dwight Co., Inc.		4,300		300,957
Clorox Co. (The)		2,300		428,812
Colgate-Palmolive Co.		15,000		1,054,050
Energizer Holdings, Inc.#		1,400		54,544
Kimberly-Clark Corp.		6,000		830,880
Procter & Gamble Co. (The)		42,600		5,021,262
Spectrum Brands Holdings, Inc.		875		37,677
			$	7,728,182
PERSONAL PRODUCTS — 0.2%
Coty, Inc., Class A		4,740		25,833
Estee Lauder Cos., Inc., Class A (The)		3,500		617,400
Herbalife Nutrition Ltd.*		2,800		104,580
Nu Skin Enterprises, Inc., Class A		2,300		67,183
			$	814,996
TOBACCO — 0.7%
Altria Group, Inc.		32,900		1,291,325
Philip Morris International, Inc.		27,600		2,058,960
			$	3,350,285
TOTAL CONSUMER STAPLES			$	32,074,901
ENERGY — 2.9%
ENERGY EQUIPMENT & SERVICES — 0.2%
Apergy Corp.*		1,080		9,947
Baker Hughes Co.		10,300		143,685
Halliburton Co.		12,013		126,137
Helmerich & Payne, Inc.		3,460		68,404
National Oilwell Varco, Inc.		4,848		61,279
Patterson-UTI Energy, Inc.		11,500		42,435
Schlumberger Ltd.		21,146		355,676
			$	807,563
OIL, GAS & CONSUMABLE FUELS — 2.7%
Antero Midstream Corp.#		9,900		47,025
Apache Corp.		8,140		106,471
Cabot Oil & Gas Corp.		7,700		166,474
Cheniere Energy, Inc.*		4,830		225,513
Chevron Corp.		33,620		3,093,040
Cimarex Energy Co.		1,650		41,943
Concho Resources, Inc.		3,800		215,536
ConocoPhillips		19,460		819,266
Continental Resources, Inc.#		1,115		18,275

April 30, 2020 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 8

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Devon Energy Corp.		6,585	$	82,115
Diamondback Energy, Inc.		3,597		156,613
EOG Resources, Inc.		8,580		407,636
EQT Corp.		6,300		91,917
Equitrans Midstream Corp.#		3,900		32,682
Exxon Mobil Corp.		74,593		3,466,337
Hess Corp.		4,690		228,122
HollyFrontier Corp.		3,540		116,962
Kinder Morgan, Inc.		33,355		507,997
Kosmos Energy Ltd.		11,400		18,810
Marathon Oil Corp.		14,600		89,352
Marathon Petroleum Corp.		12,500		401,000
Murphy Oil Corp.#		4,100		48,626
Noble Energy, Inc.		5,475		53,710
Occidental Petroleum Corp.		13,160		218,456
ONEOK, Inc.		6,760		202,327
Parsley Energy, Inc., Class A		3,600		34,020
PBF Energy, Inc., Class A		3,800		43,320
Phillips 66		8,190		599,262
Pioneer Natural Resources Co.		3,250		290,258
Targa Resources Corp.		4,500		58,320
Valero Energy Corp.		7,720		489,062
Williams Cos., Inc. (The)		21,270		412,000
WPX Energy, Inc.*		5,617		34,432
			$	12,816,879
TOTAL ENERGY			$	13,624,442
FINANCIALS — 10.7%
CAPITAL MARKETS — 2.6%
Affiliated Managers Group, Inc.		870		60,865
Ameriprise Financial, Inc.		2,440		280,454
Bank of New York Mellon Corp. (The)		14,520		545,081
BlackRock, Inc.		2,060		1,034,202
Cboe Global Markets, Inc.		2,200		218,636
Charles Schwab Corp. (The)		20,950		790,234
CME Group, Inc.		6,300		1,122,723
E*TRADE Financial Corp.		5,000		203,050
Eaton Vance Corp.		1,723		63,234
FactSet Research Systems, Inc.		740		203,500
Franklin Resources, Inc.		3,620		68,201
Goldman Sachs Group, Inc. (The)		5,740		1,052,831
Interactive Brokers Group, Inc., Class A		998		40,918
Intercontinental Exchange, Inc.		9,890		884,661
Invesco Ltd.		4,370		37,669
Janus Henderson Group PLC		1,500		26,850
Lazard Ltd., Class A		1,600		44,000
Legg Mason, Inc.		1,285		64,032
LPL Financial Holdings, Inc.		1,500		90,330

Description	Number of Shares			Value
MarketAxess Holdings, Inc.		600		$	273,006
Moody’s Corp.		2,940			717,066
Morgan Stanley		21,246			837,730
Morningstar, Inc.		600			93,576
MSCI, Inc.		1,520			497,040
Nasdaq, Inc.		2,330			255,531
Northern Trust Corp.		3,280			259,645
Raymond James Financial, Inc.		2,710			178,643
S&P Global, Inc.		4,390			1,285,743
SEI Investments Co.		2,840			144,726
State Street Corp.		6,070			382,653
T. Rowe Price Group, Inc.		3,680			425,518
TD Ameritrade Holding Corp.		4,250			166,897
Virtu Financial, Inc., Class A		900			21,033
				$	12,370,278
COMMERCIAL BANKS — 1.2%
Associated Banc-Corp.		4,885			69,074
Bank of Hawaii Corp.		670			45,681
Bank OZK		1,700			38,454
BOK Financial Corp.		1,020			52,826
CIT Group, Inc.		1,500			28,470
Citizens Financial Group, Inc.		8,650			193,674
Commerce Bancshares, Inc.		1,177			72,021
Cullen/Frost Bankers, Inc.		1,440			103,478
East West Bancorp, Inc.		2,523			88,482
Fifth Third Bancorp		13,750			256,988
First Citizens BancShares, Inc., Class A		100			38,200
First Horizon National Corp.		6,334			57,513
First Republic Bank		3,400			354,586
FNB Corp.		5,250			42,473
Huntington Bancshares, Inc.		16,541			152,839
KeyCorp		18,644	��		217,203
M&T Bank Corp.§		1,610			180,449
PacWest Bancorp		1,239			25,077
People’s United Financial, Inc.		7,150			90,734
Pinnacle Financial Partners, Inc.		1,150			46,288
PNC Financial Services Group, Inc. (The)		7,960			849,093
Popular, Inc.		838			32,338
Prosperity Bancshares, Inc.		1,373			82,284
Regions Financial Corp.		17,956			193,027
Signature Bank		1,000			107,180
SVB Financial Group*		1,000			193,170
Synovus Financial Corp.		2,144			45,045
TCF Financial Corp.		2,433			72,236
Texas Capital Bancshares, Inc.*		700			19,446
Truist Financial Corp.		21,407			798,909
U.S. Bancorp		22,470			820,155

ANNUAL REPORT / April 30, 2020

9 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Umpqua Holdings Corp.		3,200	$	40,080
Webster Financial Corp.		1,350		38,137
Western Alliance Bancorp		1,545		55,435
Wintrust Financial Corp.		850		35,615
Zions Bancorp NA		3,590		113,480
			$	5,650,140
CONSUMER FINANCE — 0.5%
Ally Financial, Inc.		5,663		92,817
American Express Co.		11,940		1,089,525
Capital One Financial Corp.		7,000		453,320
Credit Acceptance Corp.#,*		250		77,893
Discover Financial Services		6,480		278,446
LendingTree, Inc.#,*		100		24,937
Navient Corp.		3,060		23,317
OneMain Holdings, Inc.		900		21,789
Santander Consumer USA Holdings, Inc.#		1,650		25,723
SLM Corp.		5,760		48,038
Synchrony Financial		9,600		189,984
			$	2,325,789
DIVERSIFIED FINANCIAL SERVICES — 4.1%
Bank of America Corp.		140,250		3,373,013
Berkshire Hathaway, Inc., Class B*		33,996		6,369,491
Citigroup, Inc.		37,682		1,829,838
Comerica, Inc.		3,830		133,514
Equitable Holdings, Inc.		5,193		95,136
Jefferies Financial Group, Inc.		2,948		40,447
JPMorgan Chase & Co.		54,620		5,230,411
Voya Financial, Inc.		1,930		87,178
Wells Fargo & Co.		62,675		1,820,709
			$	18,979,737
INSURANCE — 2.2%
Aflac, Inc.		13,500		502,740
Alleghany Corp.		176		93,933
Allstate Corp. (The)		5,880		598,114
American Financial Group, Inc.		1,600		105,984
American International Group, Inc.		13,580		345,339
American National Insurance Co.		300		24,150
Aon PLC		4,100		707,947
Arch Capital Group Ltd.*		7,170		172,295
Arthur J. Gallagher & Co.		3,680		288,880
Assurant, Inc.		1,130		120,051
Assured Guaranty Ltd.		2,650		78,784
Athene Holding Ltd., Class A*		2,010		54,270
Axis Capital Holdings Ltd.		2,280		83,448
Brighthouse Financial, Inc.*		2,200		56,562
Brown & Brown, Inc.		5,240		188,168

Description	Number of Shares		Value
Chubb Ltd.		8,147	$	879,957
Cincinnati Financial Corp.		3,106		204,375
CNA Financial Corp.		1,050		33,159
Erie Indemnity Co., Class A		670		119,300
Everest Re Group Ltd.		870		150,623
Fidelity National Financial, Inc.		5,341		144,474
First American Financial Corp.		1,128		52,023
Globe Life, Inc.		1,743		143,519
Hanover Insurance Group, Inc. (The)		1,100		110,418
Hartford Financial Services Group, Inc. (The)		5,090		193,369
Kemper Corp.		1,028		69,102
Lincoln National Corp.		3,258		115,561
Loews Corp.		5,050		175,033
Markel Corp.*		180		155,851
Marsh & McLennan Cos., Inc.		8,890		865,264
MetLife, Inc.		12,351		445,624
Old Republic International Corp.		2,568		40,960
Primerica, Inc.		473		49,149
Principal Financial Group, Inc.		4,290		156,199
Progressive Corp. (The)		10,330		798,509
Prudential Financial, Inc.		6,130		382,328
Reinsurance Group of America, Inc.		1,490		155,973
RenaissanceRe Holdings Ltd.		578		84,394
Travelers Cos., Inc. (The)		4,780		483,784
Unum Group		6,010		104,874
White Mountains Insurance Group Ltd.		60		58,380
Willis Towers Watson PLC		2,300		410,067
WR Berkley Corp.		3,270		176,580
			$	10,179,514
MORTGAGE REAL ESTATE INVESTMENT TRUSTS — 0.1%
AGNC Investment Corp.		7,985		99,174
Annaly Capital Management, Inc.		18,580		116,125
Chimera Investment Corp.#		6,840		53,147
MFA Financial, Inc.		4,400		7,700
New Residential Investment Corp.#		5,600		34,104
Starwood Property Trust, Inc.		918		11,879
			$	322,129
THRIFTS & MORTGAGE FINANCE — 0.0%**
MGIC Investment Corp.		5,100		37,281
New York Community Bancorp, Inc.		6,283		68,233
TFS Financial Corp.		305		4,163
			$	109,677
TOTAL FINANCIALS			$	49,937,264
HEALTH CARE — 15.3%
BIOTECHNOLOGY — 2.6%
AbbVie, Inc.		26,478		2,176,492

April 30, 2020 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 10

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Agios Pharmaceuticals, Inc.*		1,050	$	43,197
Alexion Pharmaceuticals, Inc.*		3,690		396,564
Alkermes PLC*		2,650		36,331
Alnylam Pharmaceuticals, Inc.*		1,900		250,230
Amgen, Inc.		10,464		2,503,198
Biogen, Inc.*		3,100		920,173
BioMarin Pharmaceutical, Inc.*		2,700		248,454
Bluebird Bio, Inc.*		800		43,104
Exact Sciences Corp.*		1,700		134,266
Exelixis, Inc.*		2,600		64,207
Gilead Sciences, Inc.		22,944		1,927,296
Incyte Corp.*		3,260		318,372
Ionis Pharmaceuticals, Inc.*		2,300		127,719
Moderna, Inc.#,*		3,400		156,366
Neurocrine Biosciences, Inc.*		1,800		176,652
Regeneron Pharmaceuticals, Inc.*		1,500		788,820
Sage Therapeutics, Inc.*		950		37,031
Sarepta Therapeutics, Inc.*		1,215		143,224
Seattle Genetics, Inc.*		2,000		274,460
United Therapeutics Corp.*		1,140		124,898
Vertex Pharmaceuticals, Inc.*		4,643		1,166,322
			$	12,057,376
HEALTH CARE EQUIPMENT & SUPPLIES — 3.7%
Abbott Laboratories		30,745		2,831,307
ABIOMED, Inc.*		500		95,625
Align Technology, Inc.*		1,060		227,741
Baxter International, Inc.		8,630		766,171
Becton Dickinson & Co.		4,834		1,220,730
Boston Scientific Corp.*		25,000		937,000
Cantel Medical Corp.#		650		24,050
Cooper Cos., Inc. (The)		950		272,365
Danaher Corp.		11,080		1,811,137
DENTSPLY SIRONA, Inc.		3,779		160,381
DexCom, Inc.*		1,600		536,320
Edwards Lifesciences Corp.*		3,672		798,660
Envista Holdings Corp.*		2,250		43,808
Hill-Rom Holdings, Inc.		1,260		141,737
Hologic, Inc.*		4,540		227,454
ICU Medical, Inc.*		400		87,724
IDEXX Laboratories, Inc.*		1,580		438,608
Insulet Corp.*		1,000		199,720
Integra LifeSciences Holdings Corp.*		748		38,185
Intuitive Surgical, Inc.*		2,000		1,021,760
Masimo Corp.*		800		171,128
Medtronic PLC		23,626		2,306,606
Penumbra, Inc.*		700		124,124

Description	Number of Shares		Value
ResMed, Inc.		2,520	$	391,406
STERIS PLC		1,400		199,500
Stryker Corp.		6,200		1,155,866
Teleflex, Inc.		860		288,444
Varian Medical Systems, Inc.*		1,850		211,603
West Pharmaceutical Services, Inc.		1,200		227,112
Zimmer Biomet Holdings, Inc.		3,110		372,267
			$	17,328,539
HEALTH CARE PROVIDERS & SERVICES — 2.9%
Acadia Healthcare Co., Inc.*		1,100		26,411
AmerisourceBergen Corp.		2,570		230,426
Anthem, Inc.		4,510		1,266,092
Cardinal Health, Inc.		4,120		203,858
Centene Corp.*		9,930		661,139
Chemed Corp.		300		124,971
Cigna Corp.		6,592		1,290,582
Covetrus, Inc.*		2,308		27,442
CVS Health Corp.		22,471		1,383,090
DaVita, Inc.*		1,988		157,072
Encompass Health Corp.		1,480		98,050
Five Star Senior Living, Inc.*		189		620
Guardant Health, Inc.*		535		41,174
HCA Healthcare, Inc.		5,000		549,400
Henry Schein, Inc.*		2,720		148,403
Humana, Inc.		2,430		927,823
Laboratory Corp. of America Holdings*		1,857		305,384
McKesson Corp.		3,000		423,750
MEDNAX, Inc.*		1,190		17,279
Molina Healthcare, Inc.#,*		1,200		196,764
Premier, Inc., Class A*		1,000		33,160
Quest Diagnostics, Inc.		2,450		269,770
UnitedHealth Group, Inc.		16,720		4,890,098
Universal Health Services, Inc., Class B		1,580		166,990
			$	13,439,748
HEALTH CARE TECHNOLOGY — 0.2%
Cerner Corp.		5,840		405,238
Change Healthcare, Inc.*		3,200		37,248
Veeva Systems, Inc., Class A*		2,320		442,656
			$	885,142
LIFE SCIENCES TOOLS & SERVICES — 1.2%
Adaptive Biotechnologies Corp.*		1,300		41,613
Agilent Technologies, Inc.		5,490		420,863
Avantor, Inc.*		2,945		49,505
Bio-Rad Laboratories, Inc., Class A*		390		171,639
Bio-Techne Corp.		500		112,500

ANNUAL REPORT / April 30, 2020

11 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Bruker Corp.		1,800	$	70,776
Charles River Laboratories
International, Inc.*		1,120		162,030
Illumina, Inc.*		2,640		842,239
IQVIA Holdings, Inc.*		2,680		382,141
Mettler-Toledo International, Inc.*		420		302,375
PerkinElmer, Inc.		1,970		178,344
PPD, Inc.*		243		5,808
PRA Health Sciences, Inc.*		475		45,838
QIAGEN NV*		3,300		137,577
Thermo Fisher Scientific, Inc.		7,020		2,349,454
Waters Corp.*		1,310		244,970
			$	5,517,672
PHARMACEUTICALS — 4.7%
Allergan PLC		5,985		1,121,230
Bristol-Myers Squibb Co.		41,026		2,494,791
Catalent, Inc.*		2,400		165,960
Elanco Animal Health, Inc.*		4,700		116,137
Eli Lilly & Co.		15,130		2,339,703
Horizon Therapeutics PLC*		3,200		115,328
Jazz Pharmaceuticals PLC*		960		105,840
Johnson & Johnson		46,900		7,036,876
Merck & Co., Inc.		45,266		3,591,404
Mylan NV*		8,288		138,990
Nektar Therapeutics#,*		2,900		55,680
Perrigo Co. PLC		958		51,061
Pfizer, Inc.		98,803		3,790,083
Zoetis, Inc.		8,681		1,122,540
			$	22,245,623
TOTAL HEALTH CARE			$	71,474,100
INDUSTRIALS — 8.4%
AEROSPACE & DEFENSE — 1.8%
Boeing Co. (The)		9,540		1,345,331
BWX Technologies, Inc.		1,655		87,814
Curtiss-Wright Corp.		715		74,110
General Dynamics Corp.		4,330		565,585
HEICO Corp.		350		30,660
HEICO Corp., Class A		1,952		141,188
Hexcel Corp.		2,400		83,016
Howmet Aerospace, Inc.		6,766		88,432
Huntington Ingalls Industries, Inc.		845		161,741
L3Harris Technologies, Inc.		3,882		751,943
Lockheed Martin Corp.		4,350		1,692,411
Northrop Grumman Corp.		2,770		915,956
Raytheon Technologies Corp.		26,104		1,691,800
Spirit AeroSystems Holdings, Inc., Class A		1,940		42,990
Teledyne Technologies, Inc.*		600		195,402

Description	Number of Shares		Value
Textron, Inc.		3,453	$	91,021
TransDigm Group, Inc.		890		323,141
			$	8,282,541
AIR FREIGHT & LOGISTICS — 0.5%
C.H. Robinson Worldwide, Inc.		1,984		140,666
Expeditors International of Washington, Inc.		2,680		191,901
FedEx Corp.		4,160		527,363
United Parcel Service, Inc., Class B		12,130		1,148,226
XPO Logistics, Inc.*		1,400		93,436
			$	2,101,592
AIRLINES — 0.2%
Alaska Air Group, Inc.		1,875		60,975
American Airlines Group, Inc.#		5,243		62,968
Copa Holdings SA, Class A		700		30,947
Delta Air Lines, Inc.		8,990		232,931
JetBlue Airways Corp.*		3,400		33,116
Southwest Airlines Co.		8,730		272,812
United Airlines Holdings, Inc.*		4,883		144,439
			$	838,188
BUILDING PRODUCTS — 0.4%
A.O. Smith Corp.		3,100		131,378
Allegion PLC		2,033		204,398
Armstrong World Industries, Inc.		778		59,968
Carrier Global Corp.*		13,450		238,200
Fortune Brands Home & Security, Inc.		3,160		152,312
Johnson Controls International PLC		12,431		361,866
Lennox International, Inc.		600		112,008
Masco Corp.		5,830		239,263
Owens Corning		1,148		49,777
Resideo Technologies, Inc.*		1,928		9,891
Trane Technologies PLC		4,650		406,503
			$	1,965,564
COMMERCIAL SERVICES & SUPPLIES — 0.4%
ADT, Inc.#		410		2,349
Cintas Corp.		1,620		359,365
Clean Harbors, Inc.*		850		45,416
Copart, Inc.*		3,600		288,396
IAA, Inc.*		1,668		64,385
KAR Auction Services, Inc.		3,300		49,434
Republic Services, Inc.		3,740		292,992
Rollins, Inc.		1,700		68,000
Stericycle, Inc.*		1,485		72,468
Waste Management, Inc.		7,440		744,149
			$	1,986,954
CONSTRUCTION & ENGINEERING — 0.1%
AECOM*		2,225		80,679

April 30, 2020 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 12

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Arcosa, Inc.		800	$	29,816
Fluor Corp.		3,150		36,855
Jacobs Engineering Group, Inc.		2,450		202,738
Quanta Services, Inc.		1,388		50,468
Valmont Industries, Inc.		660		77,378
			$	477,934
ELECTRICAL EQUIPMENT — 0.5%
Acuity Brands, Inc.		700		60,613
AMETEK, Inc.		3,860		323,738
Eaton Corp. PLC		7,478		624,413
Emerson Electric Co.		10,540		601,096
GrafTech International Ltd.#		1,250		10,150
Hubbell, Inc.		1,290		160,515
nVent Electric PLC		2,916		54,383
Regal Beloit Corp.		600		42,606
Rockwell Automation, Inc.		2,120		401,698
Sensata Technologies Holding PLC*		2,098		76,325
			$	2,355,537
INDUSTRIAL CONGLOMERATES — 1.1%
3M Co.		9,860		1,497,931
Carlisle Cos., Inc.		1,090		131,846
General Electric Co.		153,120		1,041,216
Honeywell International, Inc.		12,770		1,812,063
Roper Technologies, Inc.		1,900		647,957
			$	5,131,013
MACHINERY — 1.6%
AGCO Corp.		995		52,576
Allison Transmission Holdings, Inc.		2,000		72,680
Caterpillar, Inc.		9,400		1,093,972
Colfax Corp.#,*		2,000		51,580
Crane Co.		1,200		65,340
Cummins, Inc.		2,580		421,830
Deere & Co.		4,990		723,849
Donaldson Co., Inc.		3,210		140,694
Dover Corp.		2,860		267,839
Flowserve Corp.		2,198		61,918
Fortive Corp.		5,740		367,360
Gates Industrial Corp. PLC*		1,200		10,308
Graco, Inc.		2,720		121,475
IDEX Corp.		1,520		233,518
Illinois Tool Works, Inc.		5,700		926,250
Ingersoll Rand, Inc.*		4,544		132,140
ITT, Inc.		2,235		117,829
Lincoln Electric Holdings, Inc.		1,400		112,714
Middleby Corp. (The)*		850		47,286
Nordson Corp.		900		144,819
Oshkosh Corp.		1,390		93,867

Description	Number of Shares		Value
Otis Worldwide Corp.*		6,725	$	342,370
PACCAR, Inc.		5,790		400,842
Parker-Hannifin Corp.		2,460		388,975
Pentair PLC		1,764		61,017
Snap-on, Inc.		980		127,684
Stanley Black & Decker, Inc.		3,020		332,804
Timken Co. (The)		1,000		37,580
Toro Co. (The)		2,180		139,106
Trinity Industries, Inc.#		1,200		23,148
WABCO Holdings, Inc.*		850		114,223
Welbilt, Inc.*		1,310		6,458
Westinghouse Air Brake Technologies Corp.		3,065		172,927
Woodward, Inc.		525		31,794
Xylem, Inc.		3,210		230,799
			$	7,669,571
MARINE — 0.0%**
Kirby Corp.*		600		32,052
PROFESSIONAL SERVICES — 0.5%
CoreLogic, Inc.*		900		34,578
CoStar Group, Inc.*		700		453,782
Equifax, Inc.		2,060		286,134
IHS Markit Ltd.		6,687		450,035
ManpowerGroup, Inc.		1,160		86,118
Nielsen Holdings PLC		4,400		64,812
Robert Half International, Inc.		1,298		61,356
TransUnion		3,300		260,007
Verisk Analytics, Inc.		2,800		427,924
			$	2,124,746
ROAD & RAIL — 1.1%
AMERCO		113		31,655
CSX Corp.		13,200		874,236
JB Hunt Transport Services, Inc.		1,680		169,882
Kansas City Southern		1,980		258,489
Knight-Swift Transportation Holdings, Inc.		1,735		64,507
Landstar System, Inc.		690		71,284
Lyft, Inc., Class A#,*		3,100		101,773
Norfolk Southern Corp.		4,660		797,326
Old Dominion Freight Line, Inc.		1,700		246,993
Ryder System, Inc.		1,090		38,586
Schneider National, Inc., Class B		923		20,223
Uber Technologies, Inc.*		16,200		490,374
Union Pacific Corp.		12,270		1,960,623
			$	5,125,951
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Air Lease Corp.		1,100		28,765

ANNUAL REPORT / April 30, 2020

13 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Fastenal Co.		9,640	$	349,161
HD Supply Holdings, Inc.*		1,803		53,513
MSC Industrial Direct Co., Inc., Class A		1,090		65,008
United Rentals, Inc.*		1,320		169,620
Univar Solutions, Inc.*		3,200		46,464
Watsco, Inc.		550		88,544
WESCO International, Inc.*		400		10,348
WW Grainger, Inc.		840		231,487
			$	1,042,910
TRANSPORTATION INFRASTRUCTURE — 0.0%**
Macquarie Infrastructure Corp.		1,400		38,626
TOTAL INDUSTRIALS			$	39,173,179
INFORMATION TECHNOLOGY — 25.2%
COMMUNICATIONS EQUIPMENT — 0.9%
Arista Networks, Inc.*		1,000		219,300
Ciena Corp.*		2,323		107,439
Cisco Systems, Inc.		76,550		3,244,189
CommScope Holding Co., Inc.*		3,000		33,030
EchoStar Corp., Class A*		620		19,561
F5 Networks, Inc.*		1,013		141,070
Juniper Networks, Inc.		2,590		55,944
Motorola Solutions, Inc.		3,030		435,744
Ubiquiti, Inc.		100		16,203
ViaSat, Inc.*		900		38,160
			$	4,310,640
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%
Amphenol Corp., Class A		5,100		450,126
Arrow Electronics, Inc.*		1,285		80,852
Avnet, Inc.		1,600		48,032
CDW Corp.		2,890		320,212
Cognex Corp.		3,300		182,292
Coherent, Inc.*		500		63,935
Corning, Inc.		15,170		333,892
Dolby Laboratories, Inc., Class A		990		59,430
FLIR Systems, Inc.		1,200		52,080
IPG Photonics Corp.*		700		90,531
Jabil, Inc.		1,358		38,622
Keysight Technologies, Inc.*		2,500		241,925
Littelfuse, Inc.		93		13,507
National Instruments Corp.		2,020		77,608
SYNNEX Corp.		593		51,923
Trimble, Inc.*		4,380		151,679
Zebra Technologies Corp., Class A*		600		137,796
			$	2,394,442

Description	Number of Shares		Value
IT SERVICES — 5.6%
Accenture PLC, Class A		11,350	$	2,101,906
Akamai Technologies, Inc.*		3,050		298,016
Alliance Data Systems Corp.		1,290		64,590
Amdocs Ltd.		2,620		168,833
Automatic Data Processing, Inc.		7,730		1,133,914
Black Knight, Inc.*		2,037		143,751
Booz Allen Hamilton Holding Corp.		1,900		139,536
Broadridge Financial Solutions, Inc.		2,330		270,280
CACI International, Inc., Class A*		253		63,285
Cognizant Technology Solutions Corp.,
Class A		10,410		603,988
DXC Technology Co.		4,426		80,243
EPAM Systems, Inc.*		900		198,801
Euronet Worldwide, Inc.*		665		61,020
Fidelity National Information Services, Inc.		11,150		1,470,574
Fiserv, Inc.*		10,410		1,072,855
FleetCor Technologies, Inc.*		1,600		386,000
Gartner, Inc.*		1,600		190,096
Genpact Ltd.		1,495		51,473
Global Payments, Inc.		5,513		915,268
GoDaddy, Inc., Class A*		2,350		163,161
International Business Machines Corp.		15,360		1,928,602
Jack Henry & Associates, Inc.		1,600		261,680
Leidos Holdings, Inc.		2,200		217,382
Mastercard, Inc., Class A		15,670		4,308,780
MongoDB, Inc.*		715		115,923
Okta, Inc.*		1,900		287,470
Paychex, Inc.		5,670		388,508
PayPal Holdings, Inc.*		20,965		2,578,695
Sabre Corp.		4,050		29,443
Square, Inc., Class A*		5,600		364,784
Switch, Inc., Class A		500		8,585
Twilio, Inc., Class A*		1,900		213,370
VeriSign, Inc.*		1,950		408,505
Visa, Inc., Class A		30,470		5,445,598
Western Union Co. (The)		3,340		63,694
WEX, Inc.*		715		94,609
			$	26,293,218
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.4%
Advanced Micro Devices, Inc.*		18,700		979,693
Analog Devices, Inc.		6,452		707,139
Applied Materials, Inc.		16,980		843,566
Broadcom, Inc.		6,833		1,855,979
Cree, Inc.*		1,675		72,243
Entegris, Inc.		1,700		92,191
First Solar, Inc.*		1,900		83,619

April 30, 2020 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 14

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Intel Corp.		76,370	$	4,580,673
KLA Corp.		3,050		500,475
Lam Research Corp.		2,680		684,150
Marvell Technology Group Ltd.		11,453		306,253
Maxim Integrated Products, Inc.		3,520		193,530
Microchip Technology, Inc.#		4,339		380,660
Micron Technology, Inc.*		20,200		967,378
MKS Instruments, Inc.		683		68,457
Monolithic Power Systems, Inc.		480		95,957
NVIDIA Corp.		10,480		3,063,094
NXP Semiconductors NV		400		39,828
ON Semiconductor Corp.*		4,878		78,268
Qorvo, Inc.*		2,250		220,568
QUALCOMM, Inc.		20,280		1,595,428
Skyworks Solutions, Inc.		3,200		332,416
Teradyne, Inc.		3,650		228,271
Texas Instruments, Inc.		16,600		1,926,762
Universal Display Corp.		800		120,096
Xilinx, Inc.		4,800		419,520
			$	20,436,214
SOFTWARE — 8.9%
2U, Inc.*		1,000		23,750
Adobe, Inc.*		8,660		3,062,522
Alteryx, Inc., Class A*		800		90,544
Anaplan, Inc.*		968		39,552
ANSYS, Inc.*		1,380		361,325
Aspen Technology, Inc.*		893		91,309
Atlassian Corp. PLC, Class A*		2,100		326,529
Autodesk, Inc.*		4,030		754,134
Avalara, Inc.*		733		65,508
Cadence Design Systems, Inc.*		5,410		438,913
CDK Global, Inc.		3,276		128,681
Cerence, Inc.*		700		14,812
Ceridian HCM Holding, Inc.*		1,375		81,084
Citrix Systems, Inc.		2,290		332,073
Coupa Software, Inc.*		1,000		176,090
DocuSign, Inc.*		3,000		314,250
Dropbox, Inc., Class A*		3,200		67,264
Dynatrace, Inc.*		2,073		61,879
Elastic NV*		800		51,312
Fair Isaac Corp.*		400		141,176
FireEye, Inc.*		2,400		27,624
Fortinet, Inc.*		2,400		258,576
Guidewire Software, Inc.*		1,300		118,092
HubSpot, Inc.*		553		93,252
Intuit, Inc.		4,500		1,214,145

Description	Number of Shares		Value
LogMeIn, Inc.		657	$	56,147
Manhattan Associates, Inc.*		873		61,931
Medallia, Inc.#,*		950		20,406
Microsoft Corp.		133,149		23,861,632
New Relic, Inc.*		500		26,845
NortonLifeLock, Inc.		9,620		204,617
Nuance Communications, Inc.*		3,855		77,871
Nutanix, Inc., Class A*		1,800		36,882
Oracle Corp.		35,660		1,888,910
PagerDuty, Inc.*		650		13,722
Palo Alto Networks, Inc.*		1,690		332,102
Paycom Software, Inc.*		900		234,918
Paylocity Holding Corp.*		525		60,128
Pegasystems, Inc.		620		51,844
Pluralsight, Inc., Class A#,*		1,150		18,906
Proofpoint, Inc.*		453		55,144
PTC, Inc.*		2,100		145,425
RealPage, Inc.*		935		60,298
RingCentral, Inc., Class A*		1,200		274,236
salesforce.com, Inc.*		15,084		2,442,854
ServiceNow, Inc.*		3,400		1,195,236
Smartsheet, Inc., Class A*		1,205		63,528
SolarWinds Corp.#,*		173		2,938
Splunk, Inc.*		2,800		393,008
SS&C Technologies Holdings, Inc.		3,500		193,060
Synopsys, Inc.*		2,600		408,512
Teradata Corp.*		1,520		37,377
Trade Desk, Inc. (The), Class A*		700		204,806
Tyler Technologies, Inc.*		500		160,345
VMware, Inc., Class A#,*		1,510		198,595
Workday, Inc., Class A*		2,550		392,445
Zendesk, Inc.*		1,765		135,693
Zscaler, Inc.*		1,100		73,788
			$	41,718,545
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.9%
Apple, Inc.		72,560		21,318,128
Dell Technologies, Inc., Class C*		3,069		131,016
Hewlett Packard Enterprise Co.		27,690		278,561
HP, Inc.		28,590		443,431
NCR Corp.*		2,070		42,476
NetApp, Inc.		3,053		133,630
Pure Storage, Inc., Class A*		2,795		40,248
Western Digital Corp.		5,583		257,265
Xerox Holdings Corp.		2,803		51,267
			$	22,696,022
TOTAL INFORMATION TECHNOLOGY			$	117,849,081

ANNUAL REPORT / April 30, 2020

15 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MATERIALS — 2.6%
CHEMICALS — 1.8%
Air Products & Chemicals, Inc.		4,000	$	902,320
Albemarle Corp.#		2,100		129,003
Ashland Global Holdings, Inc.		1,000		61,690
Axalta Coating Systems Ltd.*		3,310		65,339
Cabot Corp.		700		23,723
Celanese Corp.		2,600		215,982
CF Industries Holdings, Inc.		4,000		110,000
Chemours Co. (The)		3,300		38,709
Corteva, Inc.		11,512		301,499
Dow, Inc.		12,279		450,517
DuPont de Nemours, Inc.		12,612		593,016
Eastman Chemical Co.		3,100		187,581
Ecolab, Inc.		4,300		832,050
Element Solutions, Inc.*		3,700		37,925
FMC Corp.		2,600		238,940
Huntsman Corp.		4,400		73,964
International Flavors & Fragrances, Inc.#		1,700		222,751
Linde PLC		9,300		1,711,107
Livent Corp.#,*		47		291
LyondellBasell Industries NV, Class A		3,800		220,210
Mosaic Co. (The)		5,565		64,053
NewMarket Corp.		100		41,144
Olin Corp.#		5,000		66,750
PPG Industries, Inc.		3,900		354,237
RPM International, Inc.		2,700		179,307
ScottsMiracle-Gro Co. (The)		545		67,596
Sherwin-Williams Co. (The)		1,500		804,555
Valvoline, Inc.		3,300		56,727
Westlake Chemical Corp.		1,000		43,450
WR Grace & Co.		800		37,784
			$	8,132,220
CONSTRUCTION MATERIALS — 0.1%
Eagle Materials, Inc.		1,000		61,010
Martin Marietta Materials, Inc.		1,200		228,276
Vulcan Materials Co.		1,700		192,049
			$	481,335
CONTAINERS & PACKAGING — 0.3%
AptarGroup, Inc.		565		60,500
Ardagh Group SA		2,100		26,124
Avery Dennison Corp.		900		99,351
Ball Corp.		5,700		373,863
Berry Global Group, Inc.*		1,293		51,448
Crown Holdings, Inc.*		1,368		88,113
Graphic Packaging Holding Co.		3,955		52,799

Description	Number of Shares		Value
International Paper Co.		8,000	$	274,000
O-I Glass, Inc.		1,800		14,832
Packaging Corp. of America		2,000		193,300
Sealed Air Corp.		3,100		88,629
Silgan Holdings, Inc.		305		10,522
Sonoco Products Co.		880		42,979
Westrock Co.		5,600		180,264
			$	1,556,724
METALS & MINING — 0.4%
Alcoa Corp.*		6,600		53,790
Arconic Corp.*		1,691		14,746
Freeport-McMoRan, Inc.		26,100		230,463
Newmont Corp.		14,100		838,668
Nucor Corp.		6,000		247,140
Reliance Steel & Aluminum Co.		1,300		116,454
Royal Gold, Inc.		958		117,384
Southern Copper Corp.		1,150		37,306
Steel Dynamics, Inc.		3,900		94,653
United States Steel Corp.#		6,000		46,080
			$	1,796,684
PAPER & FOREST PRODUCTS — 0.0%**
Domtar Corp.		3,000		70,080
TOTAL MATERIALS			$	12,037,043
REAL ESTATE — 3.5%
REAL ESTATE INVESTMENT TRUSTS — 3.4%
Alexandria Real Estate Equities, Inc.		2,315		363,663
American Campus Communities, Inc.		3,600		127,044
American Homes 4 Rent, Class A		2,290		55,281
American Tower Corp.		7,660		1,823,080
Americold Realty Trust		2,940		89,935
Apartment Investment and Management
Co., Class A		3,571		134,520
Apple Hospitality REIT, Inc.		6,300		60,984
AvalonBay Communities, Inc.		2,422		394,665
Boston Properties, Inc.		2,350		228,373
Brandywine Realty Trust		5,000		55,800
Brixmor Property Group, Inc.		4,400		50,380
Brookfield Property REIT, Inc., Class A#		6,100		59,750
Camden Property Trust		2,070		182,305
Colony Capital, Inc.		20,600		47,586
CoreSite Realty Corp.		700		84,833
Corporate Office Properties Trust		3,400		89,828
Cousins Properties, Inc.		1,433		43,234
Crown Castle International Corp.		7,440		1,186,159
CubeSmart		2,233		56,272
CyrusOne, Inc.		1,848		129,637
Digital Realty Trust, Inc.		4,510		674,200

April 30, 2020 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 16

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Douglas Emmett, Inc.		4,110	$	125,314
Duke Realty Corp.		7,610		264,067
Equinix, Inc.		1,481		999,971
Equity Commonwealth		3,292		111,763
Equity LifeStyle Properties, Inc.		3,600		217,116
Equity Residential		5,750		374,095
Essex Property Trust, Inc.		1,073		261,919
Extra Space Storage, Inc.		2,500		220,600
Federal Realty Investment Trust		1,048		87,267
Gaming and Leisure Properties, Inc.		3,292		92,966
Healthcare Trust of America, Inc., Class A		3,580		88,175
Healthpeak Properties, Inc.		7,530		196,834
Highwoods Properties, Inc.		390		15,136
Host Hotels & Resorts, Inc.		9,030		111,159
Hudson Pacific Properties, Inc.		1,453		35,715
Invitation Homes, Inc.		8,700		205,755
Iron Mountain, Inc.#		4,556		110,164
JBG SMITH Properties		1,121		38,058
Kilroy Realty Corp.		2,425		150,981
Kimco Realty Corp.		9,980		108,882
Lamar Advertising Co., Class A		2,200		126,830
Life Storage, Inc.		1,000		87,590
Macerich Co. (The)#		7,500		56,025
Medical Properties Trust, Inc.		6,900		118,266
Mid-America Apartment Communities, Inc.		2,371		265,362
National Retail Properties, Inc.		2,615		85,354
Omega Healthcare Investors, Inc.		4,800		139,920
Outfront Media, Inc.		2,300		36,087
Park Hotels & Resorts, Inc.		5,100		48,501
Prologis, Inc.		13,217		1,179,353
Public Storage		2,760		511,842
Rayonier, Inc.		3,715		89,271
Realty Income Corp.		6,510		357,529
Regency Centers Corp.		2,233		98,051
Retail Value, Inc.	��	419		6,063
SBA Communications Corp.		2,050		594,336
Service Properties Trust		4,500		31,185
Simon Property Group, Inc.		5,793		386,799
SITE Centers Corp.		4,500		27,270
SL Green Realty Corp.		1,990		105,569
Spirit Realty Capital, Inc.		1,800		55,368
STORE Capital Corp.		2,005		40,240
Sun Communities, Inc.		1,900		255,360
Taubman Centers, Inc.		1,200		51,720
UDR, Inc.		5,980		224,071
Ventas, Inc.		5,386		174,237
VEREIT, Inc.		19,133		104,849
VICI Properties, Inc.#		6,388		111,279

Description	Number of Shares		Value
Vornado Realty Trust		2,526	$	110,689
Weingarten Realty Investors		1,510		27,467
Welltower, Inc.		6,470		331,458
Weyerhaeuser Co.		12,342		269,920
WP Carey, Inc.		2,100		138,138
			$	15,999,465
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc., Class A*		5,510		236,544
Howard Hughes Corp. (The)*		658		35,637
Jones Lang LaSalle, Inc.		828		87,420
			$	359,601
TOTAL REAL ESTATE			$	16,359,066
UTILITIES — 3.2%
ELECTRIC UTILITIES — 1.9%
Alliant Energy Corp.		3,800		184,490
American Electric Power Co., Inc.		8,500		706,435
Avangrid, Inc.		1,200		51,600
Duke Energy Corp.		12,700		1,075,182
Edison International		6,300		369,873
Entergy Corp.		3,700		353,387
Evergy, Inc.		4,200		245,406
Eversource Energy		5,800		468,060
Exelon Corp.		17,600		652,608
FirstEnergy Corp.		9,400		387,938
Hawaiian Electric Industries, Inc.		2,900		114,463
IDACORP, Inc.		1,200		110,136
NextEra Energy, Inc.		8,600		1,987,632
OGE Energy Corp.		3,363		106,002
PG&E Corp.*		10,400		110,656
Pinnacle West Capital Corp.		2,500		192,475
PPL Corp.		14,500		368,590
Southern Co. (The)		18,200		1,032,486
Xcel Energy, Inc.		8,900		565,684
			$	9,083,103
GAS UTILITIES — 0.1%
Atmos Energy Corp.		1,600		163,152
National Fuel Gas Co.		2,400		98,400
UGI Corp.		4,400		132,792
			$	394,344
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%
AES Corp. (The)		12,200		161,650
NRG Energy, Inc.		5,000		167,650
Vistra Energy Corp.		4,000		78,160
			$	407,460

ANNUAL REPORT / April 30, 2020

17 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MULTI-UTILITIES – 1.0%
Ameren Corp.		4,000	$	291,000
CenterPoint Energy, Inc.		10,800		183,924
CMS Energy Corp.		5,500		313,995
Consolidated Edison, Inc.		5,600		441,280
Dominion Energy, Inc.		14,343		1,106,276
DTE Energy Co.		2,900		300,846
MDU Resources Group, Inc.		4,000		89,840
NiSource, Inc.		7,600		190,836
Public Service Enterprise Group, Inc.		8,600		436,106
Sempra Energy		4,700		582,095
WEC Energy Group, Inc.		5,500		498,025
			$	4,434,223
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		2,800		340,732
Essential Utilities, Inc.		3,600		150,444
			$	491,176
TOTAL UTILITIES			$	14,810,306
TOTAL COMMON STOCKS (COST $208,333,008)			$	466,644,179
INVESTMENT COMPANIES – 0.1%
EQUITY FUNDS – 0.1%
iShares Russell 1000 ETF		1,900		304,399
iShares Russell 1000 Growth ETF		800		138,224
iShares Russell 1000 Value ETF		1,300		143,351
TOTAL EQUITY FUNDS			$	585,974
TOTAL INVESTMENT COMPANIES (COST $557,865)			$	585,974
RIGHTS – 0.0%**
Bristol-Myers Squibb Co.*		13,166		59,379
Bristol-Myers Squibb Co.		89		40
TOTAL RIGHTS (COST $30,282)			$	59,419
WARRANT – 0.0%**
American International Group, Inc. CW21, Expire 1/19/21*		2,055		1,541
TOTAL WARRANT (COST $34,935)			$	1,541
TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $208,956,090)			$	467,291,113

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.8%
REPURCHASE AGREEMENTS – 0.8%
BNP Paribas SA, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $692,861 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.50%, maturing 5/15/20 to 4/20/50; total market value of $706,717.	$	692,860	$	692,860
Daiwa Capital Markets America, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $692,861 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 5/07/20 to 3/01/52; total market value of $706,717.		692,860		692,860
Deutsche Bank Securities, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $692,861 collateralized by U.S. Government Agency & Treasury Securities, 0.43% to 8.75%, maturing 8/15/20 to 4/01/50; total market value of $706,717.		692,860		692,860
HSBC Securities USA, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $692,861 collateralized by U.S. Government Agency Securities, 2.45% to 5.00%, maturing 2/20/49 to 4/15/55; total market value of $706,717.		692,860		692,860
Nomura Securities International, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $275,826 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 8.00%, maturing 5/15/20 to 1/20/70; total market value of $281,342.		275,826		275,826
RBC Dominion Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $692,861 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 7/15/24 to 5/01/50; total market value of $706,717.		692,860		692,860
TOTAL REPURCHASE AGREEMENTS (COST $3,740,126)			$	3,740,126
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $3,740,126)			$	3,740,126
TOTAL INVESTMENTS – 100.8%
(COST $212,696,216)			$	471,031,239
COLLATERAL FOR SECURITIES ON LOAN – (0.8%)				(3,740,126	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				101,154
TOTAL NET ASSETS – 100.0%			$	467,392,267

April 30, 2020 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 18

Wilmington Large-Cap Strategy Fund (concluded)

Cost of investments for Federal income tax purposes is $224,151,390. The net unrealized appreciation/(depreciation) of investments was $246,879,849. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $255,887,416 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(9,007,567).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	466,644,179	$	—	$	—	$	466,644,179
Investment Companies		585,974		—		—		585,974
Rights		59,419		—		—		59,419
Warrant		1,541		—		—		1,541
Repurchase Agreements		—		3,740,126		—		3,740,126
Total	$	467,291,113	$	3,740,126	$	—	$	471,031,239

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

* Non-income producing security.

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

** Represents less than 0.05%.

      The following acronyms are used throughout this Fund:

ETF	Exchange-Traded Fund
LP	Limited Partnership
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

19 STATEMENT OF ASSETS AND LIABILITIES

April 30, 2020		Wilmington Large-Cap Strategy Fund
ASSETS:
Investments, at identified cost		$	212,696,216	(a)
Investments in securities, at value (Including $3,484,447 of securities on loan) (Note 2)		$	471,031,239	(b)
Income receivable			391,709
Receivable for shares sold			141,461
Receivable for investments sold			770,502
Prepaid assets			24,666
TOTAL ASSETS			472,359,577
LIABILITIES:	��
Due to custodian			517,577
Collateral for securities on loan			3,740,126
Payable for shares redeemed			471,848
Payable for Trustees’ fees			8,880
Payable for administration fees			10,873
Payable for investment advisory fees			71,485
Other accrued expenses			146,521
TOTAL LIABILITIES			4,967,310
NET ASSETS		$	467,392,267
NET ASSETS CONSIST OF:
Paid-in capital		$	201,124,361
Distributable earnings (loss)			266,267,906
TOTAL NET ASSETS		$	467,392,267
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class I
Net Assets		$	467,392,267
Shares outstanding (unlimited shares authorized)			21,164,094
Net Asset Value and Offering Price per share		$	22.08

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

(b) Includes $180,449 of investments in affiliated issuers.

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

STATEMENT OF OPERATIONS 20

Year Ended April 30, 2020	Wilmington Large-Cap Strategy Fund
INVESTMENT INCOME:
Dividends	$	9,910,315	(a)(b)
Securities lending income, net		23,501
TOTAL INVESTMENT INCOME		9,933,816
EXPENSES:
Investment advisory fees		2,555,024
Administration fees		157,179
Portfolio accounting and administration fees		111,825
Custodian fees		9,703
Transfer and dividend disbursing agent fees and expenses		84,666
Trustees’ fees		54,269
Professional fees		80,118
Shareholder services fee— Class I		1,277,512
Share registration costs		15,463
Printing and postage		26,193
Miscellaneous		38,485
TOTAL EXPENSES		4,410,437
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(1,855,413	)
Waiver of shareholder services fee—Class I		(1,277,512	)
TOTAL WAIVERS AND REIMBURSEMENTS		(3,132,925	)
Net expenses		1,277,512
Net investment income		8,656,304
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		33,340,874
Litigation proceeds		49,158	(c)
Net change in unrealized appreciation (depreciation) of unaffiliated investments		(37,788,046	)
Net change in unrealized appreciation (depreciation) of affiliated investments		(93,364	)
Net realized and unrealized gain (loss) on investments		(4,491,378	)
Change in net assets resulting from operations	$	4,164,926

(a) Net of foreign withholding taxes withheld of $913.

(b) Includes $6,762 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

ANNUAL REPORT / April 30, 2020

21 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Large-Cap Strategy Fund
	Year Ended April 30, 2020			Year Ended April 30, 2019
OPERATIONS:
Net investment income	$	8,656,304		$	8,345,207
Net realized gain (loss) on investments(a)		33,390,032			16,510,751
Net change in unrealized appreciation (depreciation) of investments		(37,881,410	)		37,629,472
Change in net assets resulting from operations		4,164,926			62,485,430
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(29,545,889	)		(28,934,670	)
Total distributions to shareholders:		(29,545,889	)		(28,934,670	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class I		54,361,316			51,608,401
Distributions reinvested
Class I		18,763,388			18,522,932
Cost of shares redeemed
Class I		(108,169,702	)		(79,877,605	)
Change in net assets resulting from share transactions		(35,044,998	)		(9,746,272	)
Change in net assets		(60,425,961	)		23,804,488
NET ASSETS:
Beginning of year		527,818,228			504,013,740
End of year	$	467,392,267		$	527,818,228
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class I		2,532,501			2,338,158
Distributions reinvested
Class I		795,091			882,373
Shares redeemed
Class I		(4,756,535	)		(3,560,522	)
Net change resulting from share transactions		(1,428,943	)		(339,991	)

^(a)  Includes Litigation settlement.

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 22

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

WILMINGTONLARGE-CAP STRATEGY FUND
CLASS I	Year Ended       April 30, 2020			Year Ended     April 30, 2019			Year Ended     April 30, 2018			Year Ended     April 30, 2017			Year Ended       April 30, 2016
Net Asset Value, Beginning of Year		$23.36			$21.98			$19.65			$16.91			$18.46
Income (Loss) From Operations:
Net Investment Income(a)		0.39			0.37			0.34			0.32			0.29
Net Realized and Unrealized Gain (Loss) on Investments		(0.32	)(b)		2.32	(b)		2.34	(c)		2.75			(0.42	)
Total Income (Loss) From Operations		0.07			2.69			2.68			3.07			(0.13	)
Less Distributions From:
Net Investment Income		(0.41	)		(0.38	)		(0.35	)		(0.33	)		(0.28	)
Net Realized Gains		(0.94	)		(0.93	)		—			—			(1.14	)
Total Distributions		(1.35	)		(1.31	)		(0.35	)		(0.33	)		(1.42	)
Net Asset Value, End of Year		$22.08			$23.36			$21.98			$19.65			$16.91
Total Return		0.09	%		12.93	%		13.71	%(c)		18.32	%		(0.87	)%
Net Assets, End of Year (000’s)		$467,392			$527,818			$504,014			$554,810			$606,908
Ratios to Average Net Assets
Gross Expense(d)		0.86	%		0.89	%		0.90	%		0.90	%		0.89	%
Net Expenses(d)(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income		1.69	%		1.65	%		1.62	%		1.75	%		1.68	%
Portfolio Turnover Rate		26	%		13	%		15	%		18	%		81	%

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

23 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2020

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.

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 and the differences could be material.

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 Board of Trustees (“Trustees”).

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing its NAV, the 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. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily innon-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing (“SIFVP”)).

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of 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.

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (continued) 24

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 SIFVP which could result in certain equity securities being categorized as Level 2. Fixed income securities,non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

Repurchase Agreements- Repurchase agreements are transactions in which a fund buys a security from a dealer or bank and agrees to sellthe 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 April 30, 2020, 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 Exposure(2)
Large-Cap Strategy Fund
BNP Paribas SA	$	692,860	$	692,860	$	—	$	—
Daiwa Capital Markets America		692,860		692,860		—		—
Deutsche Bank Securities, Inc.		692,860		692,860		—		—
HSBC Securities USA, Inc.		692,860		692,860		—		—
Nomura Securities International, Inc.		275,826		275,826		—		—
RBC Dominion Securities, Inc.		692,860		692,860		—		—
	$	3,740,126	$	3,740,126	$	—	$	—

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

⁽²⁾ Net exposure represents the receivable (payable) due from (to) 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 withinvesting 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.

ANNUAL REPORT / April 30, 2020

25 NOTES TO FINANCIAL STATEMENTS    (continued)

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 its 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 Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended April 30, 2020, 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. 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 securitiesowned 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 April 30, 2020, 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 Exposure(2)
Large-Cap Strategy Fund	$	3,484,447	$	3,484,447		$—
(1) Collateral with a value of $3,740,126 has been received in connection with securities lending transactions.
(2) Net exposure represents the receivable (payable) due from (to) the counterparty in the event of default.

3. FEDERAL TAX INFORMATION

As of April 30, 2020, 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 2019, 2018, and 2017, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

For financial reporting purposes, book basis capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest. The reclassifications have no impact on the net assets or NAVs of the Funds. As of April 30, 2020, there were no reclassifications.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. The tax character of distributions for the corresponding fiscal year ends were as follows:

	2020				2019
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
Large-Cap Strategy Fund	$	9,083,834		$20,462,055	$	8,459,201	$	20,475,469
*  For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (continued) 26

As of April 30, 2020 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
Large-Cap Strategy Fund	$784,193	$18,603,864	$—	$246,879,849	$—	$—

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes.

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. At April 30, 2020, the Fund had no losses deferred to May 1, 2020.

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 theFund. Wilmington Trust Investment Advisors, Inc. (“WTIA”) providessub-advisory services to the Fund. WFMC and WTIA are whollyowned 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.

Fund	Advisory Fee 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 and shareholder service provider 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 describedin 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 “Administration 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 year ended April 30, 2020, 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 year ended April 30, 2020, no affiliates of the Advisor received these fees.

ANNUAL REPORT / April 30, 2020

27 NOTES TO FINANCIAL STATEMENTS    (continued)

Other Service Providers– Foreside Management Services, LLC (“FMS”) provides a Principal Executive Officer and Principal FinancialOfficer 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 Fund, and duringtheir 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 anaffiliate of the Advisor or which are distributed by an affiliate of the Fund’s distributor. Transactions with affiliated companies during the year ended April 30, 2020 are as follows:

Fund/     Affiliated Investment     Name	Value     4/30/19			Purchases			Sales			Net     Realized     Gain/(Loss)			Net Change     in Unrealized     Appreciation/     Depreciation				Value     4/30/20			Number of     Shares     4/30/20		Dividend     Income			Capital     Gain     Distributions
Large-Cap Strategy Fund
Common Stock - 0.0%*
M&T Bank Corp.		$	273,813		$	—		$	—		$	—		$	(93,364	)		$	180,449		1,610		$	6,762		$	—

* As a percentage of Net Assets as of April 30, 2020.

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 year ended April 30, 2020 were as follows:

Fund	Commissions
Large-Cap Strategy Fund	$71,873

5. INVESTMENT TRANSACTIONS

Purchases and sales of securities for the Fund (excluding U.S. Government and agency securities, and short-term securities) during the year ended April 30, 2020 were $131,356,962 and $187,014,221, respectively.

6. MARKET RISK IN GENERAL

Market risk is the risk that one or more markets in which a Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known asCOVID-19. The outbreak ofCOVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects ofCOVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers. The impact of the outbreak may be short term or may last for an extended period of time, which may have an unpredictable impact on Fund performance.

7. CONTRACTUAL OBLIGATIONS

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.

8. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings were charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the London Interbank Offered Rate (“LIBOR”). The LOC included a commitment fee of 0.15% per annum on the daily unused portion. The LOC expired on April 2, 2020.

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (continued) 28

On April 2, 2020, the Trust entered into an amendment to the credit agreement for a $10,000,000 unsecured, committed revolving LOC. The LOC is to be used as described above and to be operated in substantially the same manner as the original agreement. The LOC expires on April 1, 2021.

The Trust did not utilize the LOC during the year ended April 30, 2020.

9. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update2018-13, (the “ASU”), which changes certain fair value measurement disclosure requirements. The ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level fair value measurements. 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.

In March 2020, the FASB issued ASUNo. 2020-04 (“ASU2020-04”), Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU2020-04.

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. PwC affirmed their independence as an independent registered public accounting firm on June 19, 2019. 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 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 material events that would require recognition or disclosure in the Fund’s financial statements through this date.

ANNUAL REPORT / April 30, 2020

29

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Wilmington Funds and Shareholders of WilmingtonLarge-Cap Strategy Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of WilmingtonLarge-Cap Strategy Fund (one of the funds constituting Wilmington Funds, referred to hereafter as the “Fund”) as of April 30, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended April 30, 2019 and the financial highlights for each of the periods ended on or prior to April 30, 2019 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 27, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2020

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

April 30, 2020 / ANNUAL REPORT

30

FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the fiscal year ended April 30, 2020, the Fund designates the following percentage, or such greater percentage that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

Fund
Large-Cap Strategy Fund	99.44	%

For the fiscal year ended April 30, 2020, the Fund designates the following percentage of the ordinary income dividends, or such greater percentage that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 15%:

Fund
Large-Cap Strategy Fund	100.00	%

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

ANNUAL REPORT / April 30, 2020

31 BOARD OF TRUSTEES AND TRUST OFFICERS

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 12 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 1100 North Market Street, 9^th Floor, Wilmington, DE 19890. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name Address Birth Year Position with  Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Dominick J. D’Eramo*     Birth year: 1964     TRUSTEE     Began serving: November 2018     PRESIDENT     Began serving: June 2018	Principal Occupations:Senior Vice President, Wilmington Trust Investment Advisors, Inc. and Head of Fixed Income. Previous Positions:Group Vice President, Wilmington Trust Investment Advisor, Inc. (WTIA) (2014-2017); Administrative Vice President, WTIA (2012-2014).

* Dominick J. D’Eramo is “interested” due to his employment with WTIA and his position with WFMC, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name     Birth Year     Position with Trust     Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano     Birth year: 1943     CHAIRMAN and TRUSTEE     Began serving: March 2012	Principal Occupations:Consultant, financial services organizations (1997 to present). Other Directorships Held:The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products). Previous Positions:Director, Kalmar Pooled Investment Trust (through 6/17); Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold     Birth year: 1944     TRUSTEE     Began serving: March 2012	Principal Occupations:Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held:None. Previous Positions:Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to 12/17); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Gregory P. Chandler     Birth year: 1966     TRUSTEE     Began serving: July 2017	Principal Occupations:Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/20 to present); Other Directorships Held:Trustee, RBB Fund Series Trust (32 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2018); Previous Positions:Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999), Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997); Captain, US Army (1989 to 1994).

April 30, 2020 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 32

Name     Birth Year     Position with Trust     Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley     Birth year: 1951     TRUSTEE     Began serving: December 2015	Principal Occupations:Director, BioSig Technologies (2015 to present); Director, AXA Equitable’s VIP Mutual Funds (2017 to present); Director, AXA Equitable (variable annuity) (2013 to present); Director, 1290 Mutual Funds (retail funds) (2013 to present); and Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present). Other Directorships Held:Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011); Chairman, Director and President’s Council, Union College (private college) (2011 to 2015). Previous Positions:Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011); Senior Vice President and Treasurer at ITT Corporation (1996 to 2010); Assistant Treasurer at International Paper (1989 to 1996).
Richard B. Seidel     Birth year: 1941     TRUSTEE     Began serving: September 2003	Principal Occupations:Chairman, Seidel & Associates (legal consulting) (1/14 to present); Chairman, Liberty Private Client, LLC (registered investment adviser) (1/14 to present). Other Directorships Held:Director, Chartwell Investment Partners (9/15 to present); Director, Tristate Capital Holdings (9/07 to 4/20). Previous Positions:Chairman, Girard Capital (broker-dealer) (3/05 to 1/14); Chairman, Girard Partners, Ltd. (6/96 to 1/14).
Valerie J. Sill     Birth year: 1962     TRUSTEE     Began serving: April 2020	Principal Occupations:President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held:Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions:Executive Vice President at The Boston Company (1994 to 2004).
OFFICERS
Name     Address     Birth Year     Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell     Birth year: 1966     CHIEF OPERATIONS OFFICER     Began serving: June 2017     VICE PRESIDENT     Began serving: June 2012	Principal Occupations:Chief Operations Officer, Wilmington Funds; Vice President, Wilmington Funds Management Corporation (2005 to present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions:Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Lisa Druelinger     Birth year: 1978     CHIEF COMPLIANCE OFFICER and AML     COMPLIANCE OFFICER.     Began serving: November 2017	Principal Occupations:Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Administrative Vice President, M&T Bank. Previous Positions:Vice President and Senior Compliance Officer, Wilmington Trust Investment Advisors, Inc. (2015-2017); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2013-2015); Institutional and Retirement Services Product Manager, Wilmington Trust (2011-2013); Trust Compliance and Risk Management at M&T Bank (2006- 2011).

ANNUAL REPORT / April 30, 2020 (unaudited)

33 BOARD OF TRUSTEES AND TRUST OFFICERS

Name     Address     Birth Year     Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John J. Kelley     Birth year: 1959     VICE PRESIDENT     Began serving: December 2016	Principal Occupations:President of Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions:Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
Robert L. Tuleya     Birth year: 1974     VICE PRESIDENT and ASSISTANT SECRETARY         Began serving: September 2018	Principal Occupations:Vice President and Assistant Secretary, Wilmington Funds; Vice President and Assistant Secretary, Wilmington Funds Management Corporation (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Vice President and Assistant General Counsel, M&T Bank (2018 to present). Previous Positions:Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).
Christopher W. Roleke     10 High Street, Suite     302 Boston, MA 02110     Birth year: 1972     CHIEF FINANCIAL OFFICER AND TREASURER     Began serving: July 2013	Principal Occupation:Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions:Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth     Atlantic Terminal Office Tower, 2 Hanson Place,     12th Floor     Brooklyn, NY 11217     Birth year: 1963     SECRETARY     Began serving: September 2007	Principal Occupation:Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions:Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
Richard J. Berthy     Three Canal Plaza, Suite 100     Portland, ME 04101     Birth year: 1958     CHIEF EXECUTIVE OFFICER     Began serving: September 2007	Principal Occupation:Chief Executive Officer, Foreside Financial Group, LLC (2012 to present). Previous Positions:President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

April 30, 2020 (unaudited) / ANNUAL REPORT

34

Board Approval of Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule22e-4 under the Investment Company Act of 1940, as amended. The rule requires every registeredopen-end management company to establish a liquidity risk management program that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the Commission adopted Rule30b1-10 and FormN-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 10, 2020, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP after its first year of operation. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies foropen-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third partysub-adviser the Liquidity Committee would takesub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve month period ended April 30, 2020. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of FormN-LIQUID.

ANNUAL REPORT / April 30, 2020 (unaudited)

35

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.

April 30, 2020 / ANNUAL REPORT

36

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.

ANNUAL REPORT / April 30, 2020

37

• 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.

April 30, 2020 / ANNUAL REPORT

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

WILMINGTON FUNDS April 30, 2020 PRESIDENT’S MESSAGE AND 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 calling 1-800-836-2211. You may elect to receive paper copies of all future shareholder reports free of charge. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to 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 at 1-800-836-2211. 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”)

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	16
Portfolios of Investments	18
Statements of Assets and Liabilities	54
Statements of Operations	56
Statements of Changes in Net Assets	58
Financial Highlights	61
Notes to Financial Statements	66
Report of Independent Registered Public Accounting Firm	75
Board of Trustees and Trust Officers	76
Liquidity Risk Management Disclosure	79

[This Page Intentionally Left Blank]

i

Esteemed Shareholder:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s annual fiscal year period of May 1, 2019, through April 30, 2020. 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 annual fiscal year period.

The economy

The last year brought a tale of two narratives for the global economy. During 2019 the global economy centered on trade, as escalating frictions between the U.S. and China disrupted global supply chains and weighed heavily on sentiment. The announcement of a phase one trade deal between the two sides in October, and progression toward the deal’s completion in December, fueled hopes for the possibility of a cyclical recovery in early 2020. Despite weakness in business investment, a byproduct of the trade war, the U.S. recorded Gross Domestic Product (“GDP”) growth of 2.3% (seasonally adjusted) in 2019, thanks to notable strength in consumer spending. Optimism abruptly reversed course in late February of 2020 as COVID-19, the infectious disease caused by the most recently discovered coronavirus, evolved from an outbreak to a global pandemic. Governments worldwide implemented strict lockdown measures to curb the virus’s spread, relegating consumers to their homes and forcing non-essential businesses to shutter. With economic activity grinding to a near standstill by the end of March, U.S. GDP declined by 4.8% (seasonally adjusted annualized rate) in the first quarter, providing an early glimpse into what is expected to be a materially weaker second quarter. As demand receded in April, gauges of manufacturing and services activity tumbled into contraction territory, core inflation dropped by a record 0.4% (month-over-month) and the U.S. unemployment rate spiked to 14.7%, its highest level since the Great Depression.

The fiscal and monetary response in the U.S. has been unparalleled historically, in its scale and speed of implementation. After delivering three rate cuts in 2019, the Federal Reserve (the “Fed”) lowered rates further by a cumulative 150 basis points1 in the first quarter of 2020 and moved to open-ended purchases of Treasuries and agency Mortgage-Backed Securities/Collateralized Mortgage-Backed Securities. Additionally, the Fed introduced a plethora of accommodations to support financial markets, businesses and governments. The Fed entered uncharted territory by creating new facilities to purchase corporate debt and fixed income ETFs, and later broadened their scope to include segments of the high yield market. The Federal government introduced roughly $3 trillion of fiscal stimulus through three pieces of legislation to provide direct support to consumers, businesses and governments, cushion the pandemic’s economic impact and accelerate the nation’s healthcare response.

Emerging and international developed economies, which are more export dependent than the U.S., were hit particularly hard by the trade war in 2019, with the global manufacturing sector moving into contraction in the third quarter, before showing signs of life towards the end of the year. A cyclical rebound appeared to be picking up steam in China, before COVID-19 emerged in its central province of Wuhan. As the first economy affected, China offered a preview to the rest of the world of the virus’s potential impact. After GDP growth decelerated in 2019, to its slowest pace in 30 years, China registered a record decline in the first quarter 2020. The Euro zone and UK economies suffered a tremendous economic toll as countrywide lockdown orders were set into motion and GDP contracted in the first quarter. Central banks outside the U.S. followed the Fed’s lead, in introducing record volumes of accommodation, while the fiscal response across international economies has been massive in scale.

Bond markets

The 2019 calendar year marked a strong period for bond markets, particularly for investment grade corporates, which posted their best annual performance since 2002 as rates fell precipitously and spreads compressed to near decade lows. However, the first quarter of 2020 brought one of the most volatile quarters in recent memory as the COVID-19 pandemic challenged corporate balance sheets and severely hampered liquidity. Taxable corporate credit spreads (interest rate in excess of the risk-free rate) and the ratio of high grade tax-exempt yields to Treasuries of equivalent maturity surged to decade highs. The 10-year Treasury yield plummeted to an all-time low as the Federal Reserve slashed rates to zero and investors sought safety. The Federal Reserve moved to open-ended quantitative easing and arranged a broad menu of facilities to enhance market liquidity and expand access to credit. The Fed’s pledge to provide direct support to corporate bond markets, for the first time in history, helped drive taxable spreads materially lower and boosted performance through the end of April. The energy sector weighed heavily on performance for corporates as the price of oil plunged to a historic record low. The more vulnerable high yield sector saw fundamentals deteriorate asymmetrically and lagged high grade peers in the risk-off environment.

PRESIDENT’S MESSAGE / April 30, 2020 (unaudited)

ii

For the 12-month period May 1, 2019 to April 30, 2020, 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 Bloomberg Barclays Municipal Bond Index6	Bloomberg Barclays   U.S. Corporate High   Yield Bond Index7
14.27%	10.84%	9.37%	2.16%	-4.11%

Past performance is no guarantee of future results. Short term performance may not be indicative of long term results.

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

Equity markets

The past year brought a continuation of the predominant equity market trends observed in the second half of 2018, namely the dominance of U.S. over international equities, developed over emerging markets, growth over value and large over small cap. U.S. large cap equities capped off their second best annual performance of the decade in the 2019 calendar year and benefitted from corporate earnings that came in better than feared, supportive monetary policy and trade optimism from October through January. International developed and emerging market equities, which are more leveraged to global trade, suffered disproportionately throughout the US-China tariff disaster, while persistent dollar strength and investors’ preference for safe-haven assets presented additional headwinds for the international group. Risk appetite prevailed through January but was abruptly derailed as the COVID-19 outbreak escalated rapidly to a global pandemic and brought the longest bull market in history to a painful end. The selloff that transpired from February to late March was indiscriminate, affecting all regions with unsettling speed and magnitude, although winners and losers emerged during the subsequent rebound from March lows. Notably, U.S. small cap companies, which are more cyclical in nature, bore the brunt of the selloff, as the pandemic introduced a punishing blow to economic activity. Mega-cap technology stocks emerged as relative safe havens and proved more resilient than the broader market with earnings less impacted by the economic damage.

For the 12-month period May 1, 2019 to April 30, 2020, certain stock market indices performed as follows:

S&P 500 Index8	Russell 2000 Index9	MSCI EAFE (Net) Index10	MSCI Emerging         Markets (Net)         Index11
0.86%	-16.39%	-11.34%	-12.00%

Past performance is no guarantee of future results. Short term performance may not be indicative of long term results.

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

As investors know all too well, uncertainty in financial markets is certain. Other ongoing certainties include our fiduciary, clients-first mindset as we strive to manage risk in your portfolio’s assets. Another constant is our disciplined yet flexible economics-led investment process that is delivered through innovative multi-asset class solutions and is designed to help you achieve your long-term objectives.

Sincerely,

Dominick J. D’Eramo, CFA

President

May 15, 2020

April 30, 2020 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

Past performance is no guarantee of future results. The index performance quoted is for illustrative purposes only and is not representative of any specific investment. Diversification does not ensure a profit nor protect against loss.

All investments involve risk, including the possible loss of principal. Equity Securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks, including currency fluctuations, social, economic, and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.

High-yield, lower-rated securities generally entail greater market, credit, and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

1. Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

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

3. Bloomberg 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 the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg 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 S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and investments cannot be made directly in an index.

9. The Russell 2000 Index measures the performance of the 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 $152.3 million to $5 billion.

10. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index is an equity index which captures large and mid-cap representation across 21 Developed Market countries: 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.

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index captures large and mid-cap representation across 26 Emerging Market countries: 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 / April 30, 2020 (unaudited)

1

WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of 9.35%* for Class A Shares and 9.74%* for Class I Shares, versus its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index**, which had a total return of 10.84%, and its peer group, the Lipper CorporateA-Rated Debt Funds Average***, which had a total return of 9.95%.

We understand the growing concern associated with the pandemic and its effect on the global economy and in the towns that we live and work. Our thoughts are with those that have been infected by the coronavirus. We are grateful for all the health care workers that are serving our communities. Your fixed income team is meeting “virtually” daily to review current events and set strategy. We continue to utilize our disciplined relative value investment process. We continue to emphasize our guiding philosophies of maintaining well diversified and liquid portfolios. We continue to conduct our own independent credit analysis. Most importantly in these uncertain times we draw upon our experienced team. As always, our disciplined risk management efforts guide our investment decisions.

Prior to the pandemic the Federal Reserve (the “Fed”) had cut interest rates three times in 2019. These were the first rate cuts since the financial crisis. The Fed had acknowledged that the trade tensions between China and the United States were causing weak global economic growth and inflation pressures were muted. The Fed wanted some insurance to keep the longest economic expansion going.

As the pandemic spread around the globe leading to “stay at home orders” the economy experienced its worst crisis since the great depression. The unemployment rate rose from a 50 year low to 14.7% as 20.5 million jobs were destroyed in April. As businesses closed and consumers stayed home retail sales fell by a staggering 16.4% in April after falling by 8.3% in March. In response to the economic crisis the Fed has cut interest rates to zero and provided liquidity to the treasury, mortgage backed, commercial paper and asset backed markets just as it did during the financial crisis. The Fed also announced on March 23rd that they will begin buying corporate and municipal bonds, which the Fed did not undertake during the financial crisis. Congress has also provided several stimulus programs to ease the economic pain.

Interest rates declined rapidly in response to the Fed cutting interest rates. The unparalleled “flight to quality” led to record low treasury yields. The 2-year treasury yield fell by 2% over the past year to a yield of 0.2%. The 10-year treasury yield sank to an all-time low of 0.31% in March before rising to a yield of 0.64% on April 30. The total return of the 10-year treasury bond was 20% for the fiscal year while the 30-year treasury bond returned 45% as inflation expectations declined as oil prices plummeted from $64 a year ago to $19 per barrel on a price war started by Saudi Arabia and as demand evaporated as the world was told to stay home.

The corporate sector severely underperformed. For the fiscal year the sector produced -7% of excess return. March was the worst performing month ever for the corporate sector surpassing the prior worst month of September 2008. The underperformance can be attributed to expectations of global recession, the collapse of oil prices, fears of credit rating downgrades and a spike in bankruptcies. The

sector did rebound somewhat in April in response to the Fed announcing they will begin supporting the market. The average risk premium for the Bloomberg Barclays U.S. Investment Grade Corporate Index**** widened from a low of 93 basis points at year end 2019 to a high of 373 basis points before ending at 202 basis points on April 30.

Looking forward the expectation is for the Fed to maintain a zero-interest rate policy until the economy recovers from the pandemic. The market is anticipating no change in the Fed Funds target before 2023. Longer term interest rates will be determined by news of a vaccine and whether the economy starts to recover. The corporate sector should benefit from the Fed’s bond buying program.

The Fund’s performance versus the peer group and index can be attributed to the Fund maintaining a shorter duration than the peer group which has funds with a duration that are twice the Fund’s duration. We also maintained a duration that was shorter than the index for most of the fiscal year. Our yield curve strategy of maintaining an equal allocation to the longer end of the yield curve aided performance as this portion of the yield curve outperformed. Our overweight allocation to the corporate sector also detracted from performance versus the index as the corporate sector underperformed.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 4.41%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Bloomberg Barclays U.S. Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment grade corporate debt and mortgage-backed obligations. The index is unmanaged and it is not possible to invest directly in an index.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

**** The Bloomberg Barclays U.S. Investment Grade Corporate Index measures the investment grade, fixed-rate, taxable corporate bond market. The index is unmanaged and it is not possible to invest directly in an index.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices

Excess Return is a security or sector’s return minus the return from a U.S. Treasury of similar maturity or duration.

April 30, 2020 (unaudited) / ANNUAL REPORT

2

Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

Yield curve is a line that plots interest rates of bonds having equal credit quality but differing maturity dates.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

ANNUAL REPORT / April 30, 2020 (unaudited)

3

WILMINGTON BROAD MARKET BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Broad Market Bond Fund; from April 30, 2010 to April 30, 2020, compared to the Bloomberg Barclays U.S. Aggregate Bond Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 4.41%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/20
	1 Year	5 Years	10 Years
Class A^	4.41%	2.04%	3.07%
Class I^	9.74%	3.33%	3.90%
Bloomberg Barclays U.S. Aggregate Bond Index2	10.84%	3.80%	3.96%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.08% and 0.84%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.83% and 0.49%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Bloomberg Barclays U.S. Aggregate Bond Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index, and the represented index is unmanaged.

April 30, 2020 (unaudited) / ANNUAL REPORT

4

WILMINGTON INTERMEDIATE-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, Wilmington Intermediate-Term Bond Fund (the “Fund”) had a total return of 6.49%* for Class A Shares, and 6.92%* for Class I Shares, versus its benchmark, the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index**, which had a total return of 8.18% and its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Average***, which had a total return of 4.03%.

We understand the growing concern associated with the pandemic and its effect on the global economy and in the towns that we live and work. Our thoughts are with those that have been infected by the coronavirus. We are grateful for all the health care workers that are serving our communities. Your fixed income team is meeting “virtually” daily to review current events and set strategy. We continue to utilize our disciplined relative value investment process. We continue to emphasize our guiding philosophies of maintaining well diversified and liquid portfolios. We continue to conduct our own independent credit analysis. Most importantly in these uncertain times we draw upon our experienced team. As always, our disciplined risk management efforts guide our investment decisions.

Prior to the pandemic the Federal Reserve (the “Fed”) had cut interest rates three times in 2019. These were the first rate cuts since the financial crisis. The Fed had acknowledged that the trade tensions between China and the United States were causing weak global economic growth and inflation pressures were muted. The Fed wanted some insurance to keep the longest economic expansion going.

As the pandemic spread around the globe leading to “stay at home orders” the economy experienced its worst crisis since the great depression. The unemployment rate rose from a 50 year low to 14.7% as 20.5 million jobs were destroyed in April. As businesses closed and consumers stayed home retail sales fell by a staggering 16.4% in April after falling by 8.3% in March. In response to the economic crisis the Fed has cut interest rates to zero and provided liquidity to the treasury, mortgage backed, commercial paper and asset backed markets just as it did during the financial crisis. The Fed also announced on March 23rd that they will begin buying corporate and municipal bonds, which the Fed did not undertake during the financial crisis. Congress has also provided several stimulus programs to ease the economic pain.

Interest rates declined rapidly in response to the Fed cutting interest rates. The unparalleled “flight to quality” led to record low treasury yields. The 2-year treasury yield fell by 2% over the past year to a yield of 0.2%. The 10-year treasury yield sank to an all-time low of 0.31% in March before rising to a yield of 0.64% on April 30. The total return of the 10 -year treasury bond was 20% for the fiscal year while the 30-year treasury bond returned 45% as inflation expectations declined as oil prices plummeted from $64 a year ago to $19 per barrel on a price war started by Saudi Arabia and as demand evaporated as the world was told to stay home.

The corporate sector severely underperformed. For the fiscal year the sector produced -7% of excess return. March was the worst performing month ever for the corporate sector surpassing the prior worst month of September 2008. The underperformance can be attributed to expectations of global recession, the collapse of oil prices,

fears of credit rating downgrades and a spike in bankruptcies. The sector did rebound somewhat in April in response to the Fed announcing they will begin supporting the market. The average risk premium for the Bloomberg Barclays U.S. Investment Grade Corporate Index**** widened from a low of 93 basis points at year end 2019 to a high of 373 basis points before ending at 202 basis points on April 30.

Looking forward the expectation is for the Fed to maintain a zero-interest rate policy until the economy recovers from the pandemic. The market is anticipating no change in the Fed Funds target before 2023. Longer term interest rates will be determined by news of a vaccine and whether the economy starts to recover. The corporate sector should benefit from the Fed’s bond buying program. Despite significantly outperforming the peer group, the Fund did perform below its benchmark. This is mostly attributable to sector allocation as the Fund was overweight corporate bonds. As described above, corporate bonds meaningfully underperformed over the time period primarily due to the economic fallout from the COVID-19 crisis. In addition, the Fund’s underweight position in Treasuries relative to the benchmark also contributed to under-performance. The price of Treasury Bonds increased significantly as the Fed lowered rates to combat the economic impact of the virus.

The Fund maintains a significant overweight to corporate bonds. Price dislocations during the month of March have partially corrected in April as the Fed has implemented programs to support the credit markets. As economic activity increases, we expect credit spreads (interest rate in excess of the risk-free rate) will move tighter. Duration positioning is neutral, and the Fund maintains a slight overweight to the 7-10 year part of the yield curve.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 1.72%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index is a widely recognized, market value weighted index of U.S. Treasury securities, U.S. government agency obligations, corporate debt securities, Yankee bonds and non-convertible corporate debt securities issued by or guaranteed by foreign governments and agencies. The index is unmanaged and it is not possible to invest directly in an index.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

ANNUAL REPORT / April 30, 2020 (unaudited)

5

**** The Bloomberg Barclays U.S. Investment Grade Corporate Index measures the investment grade, fixed-rate, taxable corporate bond market. The index is unmanaged and it is not possible to invest directly in an index.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Excess Return is a security or sector’s return minus the return from a U.S. Treasury of similar maturity or duration.

Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

April 30, 2020 (unaudited) / ANNUAL REPORT

6

WILMINGTON INTERMEDIATE-TERM BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Intermediate-Term Bond Fund from April 30, 2010 to April 30, 2020 compared to the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 1.72%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/20
	1 Year	5 Years	10 Years
Class A^	1.72%	1.35%	2.17%
Class I^	6.92%	2.61%	2.98%
Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index2	8.18%	3.06%	3.20%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.32% and 0.84%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.07% and 0.49%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2020 (unaudited)

7

WILMINGTON SHORT-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, Wilmington Short-Term Bond Fund (the “Fund”) had a total return of 3.78%* for Class A Shares and 4.04%* for Class I Shares, versus its benchmark, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index**, which had a total return of 4.94%, and its peer group, the Lipper Short Investment Grade Debt Funds Average***, which had a total return of 1.61%.

We understand the growing concern associated with the pandemic and its effect on the global economy and in the towns that we live and work. Our thoughts are with those that have been infected by the coronavirus. We are grateful for all the health care workers that are serving our communities. Your fixed income team is meeting “virtually” daily to review current events and set strategy. We continue to utilize our disciplined relative value investment process. We continue to emphasize our guiding philosophies of maintaining well diversified and liquid portfolios. We continue to conduct our own independent credit analysis. Most importantly in these uncertain times we draw upon our experienced team. As always, our disciplined risk management efforts guide our investment decisions.

Prior to the pandemic the Federal Reserve (the “Fed”) had cut interest rates three times in 2019. These were the first rate cuts since the financial crisis. The Fed had acknowledged that the trade tensions between China and the United States were causing weak global economic growth and inflation pressures were muted. The Fed wanted some insurance to keep the longest economic expansion going.

As the pandemic spread around the globe leading to “stay at home orders” the economy experienced its worst crisis since the great depression. The unemployment rate rose from a 50 year low to 14.7% as 20.5 million jobs were destroyed in April. As businesses closed and consumers stayed home retail sales fell by a staggering 16.4% in April after falling by 8.3% in March. In response to the economic crisis the Fed has cut interest rates to zero and provided liquidity to the treasury, mortgage backed, commercial paper and asset backed markets just as it did during the financial crisis. The Fed also announced on March 23rd that they will begin buying corporate and municipal bonds, which the Fed did not undertake during the financial crisis. Congress has also provided several stimulus programs to ease the economic pain.

Interest rates declined rapidly in response to the Fed cutting interest rates. The unparalleled “flight to quality” led to record low treasury yields. The 2-year treasury yield fell by 2% over the past year to a yield of 0.2%. The 10-year treasury yield sank to an all-time low of 0.31% in March before rising to a yield of 0.64% on April 30. The total return of the 10-year treasury bond was 20% for the fiscal year while the 30-year treasury bond returned 45% as inflation expectations declined as oil prices plummeted from $64 a year ago to $19 per barrel on a price war started by Saudi Arabia and as demand evaporated as the world was told to stay home.

The corporate sector severely underperformed. For the fiscal year the sector produced -7% of excess return. March was the worst performing month ever for the corporate sector surpassing the prior worst month of September 2008. The underperformance can be

attributed to expectations of global recession, the collapse of oil prices, fears of credit rating downgrades and a spike in bankruptcies. The sector did rebound somewhat in April in response to the Fed announcing they will begin supporting the market. The average risk premium for the Bloomberg Barclays U.S. Investment Grade Corporate Index**** widened from a low of 93 basis points at year end 2019 to a high of 373 basis points before ending at 202 basis points on April 30.

Looking forward the expectation is for the Fed to maintain a zero-interest rate policy until the economy recovers from the pandemic. The market is anticipating no change in the Fed Funds target before 2023. Longer term interest rates will be determined by news of a vaccine and whether the economy starts to recover. The corporate sector should benefit from the Fed’s bond buying program. Despite significantly outperforming the peer group, the Fund did perform below its benchmark. This is mostly attributable to sector allocation as the Fund was overweight corporate bonds. As described above, corporate bonds meaningfully underperformed over the time period primarily due to the economic fallout from the COVID-19 crisis. In addition, the Fund’s underweight position in Treasuries relative to the benchmark also contributed to under-performance. The price of Treasury Bonds increased significantly as the Fed lowered rates to combat the economic impact of the virus.

Over the fiscal year the primary driver of the Fund’s relative performance to the Index came from its overweight in corporate securities. The historically volatile period over the final fiscal quarter resulted in a very challenging environment for the corporate bond market. The Fund had significantly more of its market value invested in corporate bonds versus the Index. While the Fund’s overall duration emanating from the corporate sector was greater relative to the Index, its duration contrition overweight was significantly less than its market value overweight, ameliorating its underperformance to the Index. Conversely the Fund was significantly underweighted in the best performing sector: U.S. Treasuries and U.S. Government agencies. However, relative to the Fund’s peer group, the Fund’s more defensive positioning in the corporate bond market was the primary driver to excess peer group returns. In addition, the Fund had a greater position in more liquid fixed income securities than the peer group.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 1.94%, adjusted for the Fund’s maximum sales charge of 1.75%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

April 30, 2020 (unaudited) / ANNUAL REPORT

8

** The Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index is an index that captures funds with exposures to both government and commercial credit. The index is unmanaged and it is not possible to invest directly in an index.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

**** The Bloomberg Barclays U.S. Investment Grade Corporate Index measures the investment grade, fixed-rate, taxable corporate bond market. The index is unmanaged and it is not possible to invest directly in an index.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Excess Return is a security or sector’s return minus the return from a U.S. Treasury of similar maturity or duration.

Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

ANNUAL REPORT / April 30, 2020 (unaudited)

9

WILMINGTON SHORT-TERM BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Short-Term Bond Fund from April 30, 2010 to April 30, 2020 compared to the Bloomberg Barclays 1-3 Year U.S. Government/ Credit Bond Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 1.94%, adjusted for the Fund’s maximum sales charge of 1.75%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns for the Periods Ended  4/30/20
	1 Year	5 Years	10 Years
Class A^	1.94%	1.20%	1.29%
Class I^	4.04%	1.81%	1.72%
Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index2	4.94%	2.01%	1.66%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.42% and 0.73%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.17% and 0.48%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 1.75% ($10,000 investment minus $175 sales charge = $9,825) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

April 30, 2020 (unaudited) / ANNUAL REPORT

10

WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, Wilmington Municipal Bond Fund (the “Fund”) had a total return of -0.36%* for Class A Shares and -0.10%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 2.54%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of 0.58%.

Strong fund flows, lower rates and a stable credit environment drove municipal fixed income returns throughout 2019 and into early 2020. The S&P Municipal Bond Index generated a strong return of 4.00% from May 1 to December 31, 2019 compared to 2.70% for the same period in 2018. While returns were strongest early in 2019, every month but September contributed positive performance.

In the first four months of 2020, the municipal market witnessed historical levels of volatility. January and February experienced traditional municipal returns and new inflows from investors looking to take advantage of the high level of credit quality and after-tax income and returns that municipals provide. As effects of the COVID-19 pandemic began to creep up on the equity and Treasury markets in early March, the municipal market began to experience selling pressure. Shareholders began to redeem shares in investment-grade and high-yield mutual funds and exchange-traded funds on March 11 and continued through the end of the quarter, reaching approximately $30 billion in total outflows for the month, according to Lipper. Outflows over this three-week period were the fastest and most sudden in municipal history. By the end of March, the S&P Municipal Bond Index returned -3.30% for the month and -0.58% year to date with the index yield rising 0.73% in March to 2.10%.

April results steadied somewhat with fund outflows slower but still high at -$16.6 billion for the month as federal stimulus and Federal Reserve (the “Fed”) lending programs restored some confidence to the municipal market. The S&P Municipal Bond Index return remained negative at -1.20%, bringing four-month returns through April 30th to -1.70%.

One market-wide measure of valuation is to compare the yield on AAA-rated municipals to the yield available on a Treasury maturing in the same timeframe. Generally, tax-exempt municipal yields trade at a discount to U.S. Treasuries due to the preferential tax treatment. On December 31 the five-year AAA municipal bond yielded 66% compared to the five-year U.S. Treasury. Market volatility and the global flight to quality brought the U.S. Treasury much lower at the end of March. The yield on a five-year AAA bond was 300% of the five-year U.S. Treasury on March 31 (the five-year AAA municipal yield was 1.15% compared to the five-year U.S. Treasury, which yielded 0.38%). April saw some tightening with the five-year AAA municipal bond at 291% of the five-year U.S. Treasury.

While we expect continued recovery in the municipal market, the depth and duration of the COVID-19 outbreak will remain the key determinant of market direction.

Fiscal year return performance for the Fund’s Class I Shares of -0.10% was below the S&P Municipal Bond Intermediate Index return of 2.54%. The Fund’s overweight to BBB-rated bonds and credit sectors such as higher education, healthcare and industrial development bonds drove much of the underperformance for the year, mostly in the months of March and April 2020. The ensuing flight to

quality in the municipal market after the March volatility has caused the credit spreads between these kinds of credits to remain wide versus recent averages.

The Fund’s Class I Shares fiscal year return of -0.10% slightly under-performed relative to the Lipper peer group return of 0.58%. The underperformance was due mostly to the overweight to BBB-rated bonds and credit sectors mentioned above.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.82%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** Standard & Poor’s (“S&P”) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the Alternative Minimum Tax (“AMT”). The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

Credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All Fund securities except for those labeled “Not Rated” and “Other” have been rated by Moody’s, S&P or Fitch, which are each a Nationally

ANNUAL REPORT / April 30, 2020 (unaudited)

11

Recognized Statistical Rating Organization (“NRSRO”). All Index securities except for those labeled “Not Rated” have been rated by Moody’s or S&P. Credit ratings are subject to change. One cannot invest directly into an index.

Income may be subject to the federal AMT.

April 30, 2020 (unaudited) / ANNUAL REPORT

12

WILMINGTON MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Municipal Bond Fund from April 30, 2010 to April 30, 2020 compared to the S&P Municipal Bond Intermediate Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.82%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns for the Periods  Ended 4/30/20
	1 Year	5 Years	10 Years
Class A^	-4.82%	0.79%	2.34%
Class I^	-0.10%	1.98%	3.08%
S&P Municipal Bond Intermediate Index2	2.54%	2.90%	3.77%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.10% and 0.74%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.85% and 0.49%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the S&P Municipal Bond Intermediate Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

ANNUAL REPORT / April 30, 2020 (unaudited)

13

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2020, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of -0.12%* for Class A Shares and 0.13%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 2.54%, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average***, which had a total return of -0.10%.

Strong fund flows, lower rates and a stable credit environment drove municipal fixed income returns throughout 2019 and into early 2020. The S&P Municipal Bond Index generated a strong return of 4.00% from May 1 to December 31, 2019 compared to 2.70% for the same period in 2018. While returns were strongest early in 2019, every month but September contributed positive performance.

In the first four months of 2020, the municipal market witnessed historical levels of volatility. January and February experienced traditional municipal returns and new inflows from investors looking to take advantage of the high level of credit quality and after-tax income and returns that municipals provide. As effects of the COVID-19 pandemic began to creep up on the equity and Treasury markets in early March, the municipal market began to experience selling pressure. Shareholders began to redeem shares in investment-grade and high-yield mutual funds and exchange-traded funds on March 11 and continued through the end of the quarter, reaching approximately $30 billion in total outflows for the month, according to Lipper. Outflows over this three-week period were the fastest and most sudden in municipal history. By the end of March, the S&P Municipal Bond Index returned -3.30% for the month and -0.58% year to date with the index yield rising 0.73% in March to 2.10%.

April results steadied somewhat with fund outflows slower but still high at -$16.6 billion for the month as federal stimulus and Federal Reserve (the “Fed”) lending programs restored some confidence to the municipal market. The S&P Municipal Bond Index return remained negative at -1.20%, bringing four-month returns through April 30th to -1.70%.

One market-wide measure of valuation is to compare the yield on AAA-rated municipals to the yield available on a Treasury maturing in the same timeframe. Generally, tax-exempt municipal yields trade at a discount to U.S. Treasuries due to the preferential tax treatment. On December 31 the five-year AAA municipal bond yielded 66% compared to the five-year U.S. Treasury. Market volatility and the global flight to quality brought the U.S. Treasury much lower at the end of March. The yield on a five-year AAA bond was 300% of the five-year U.S. Treasury on March 31 (the five-year AAA municipal yield was 1.15% compared to the five-year U.S. Treasury, which yielded 0.38%). April saw some tightening with the five-year AAA municipal bond at 291% of the five-year U.S. Treasury.

While we expect continued recovery in the municipal market, the depth and duration of the COVID-19 outbreak will remain the key determinant of market direction.

Fiscal year return performance for the Fund’s Class I Shares of 0.13% was below the S&P Municipal Bond Intermediate Index return of 2.54%. The Fund’s overweight to BBB-rated bonds and credit sectors such as higher education, transportation and healthcare drove

much of the underperformance for the year, mostly in the months of March and April 2020. The ensuing flight to quality in the municipal market after the March volatility has caused the credit spreads between these kinds of credits to remain wide versus recent averages.

The Fund’s Class I Shares fiscal year return of 0.13% slightly outperformed relative to the Lipper peer group return of -0.10%.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.60%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

** Standard & Poor’s (“S&P”) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the Alternative Minimum Tax (“AMT”). The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index.

*** Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

Credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All Fund securities except for those labeled “Not Rated” and “Other” have been rated by Moody’s, S&P or Fitch, which are each a Nationally

April 30, 2020 (unaudited) / ANNUAL REPORT

14

Recognized Statistical Rating Organization (“NRSRO”). All Index securities except for those labeled “Not Rated” have been rated by Moody’s or S&P. Credit ratings are subject to change. One cannot invest directly into an index.

Income may be subject to the federal AMT.

ANNUAL REPORT / April 30, 2020 (unaudited)

15

WILMINGTON NEW YORK MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington New York Municipal Bond Fund from April 30, 2010 to April 30, 2020 compared to the S&P Municipal Bond Intermediate Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.60%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call1-800-836-2211.

	Average Annual Total Returns for the Periods  Ended 4/30/20
	1 Year	5 Years	10 Years
Class A^	-4.60%	0.60%	1.90%
Class I^	0.13%	1.76%	2.61%
S&P Municipal Bond Intermediate Index2	2.54%	2.90%	3.77%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.35% and 0.83%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.10% and 0.58%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the S&P Municipal Bond Intermediate Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented index is unmanaged.

April 30, 2020 (unaudited) / ANNUAL REPORT

16

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 November 1, 2019 to April 30, 2020.

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.

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2020.

	Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period1		Annualized Net  Expense Ratio2
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A		$1,000.00		$1,039.60		$4.21		0.83%
Class I		$1,000.00		$1,041.90		$2.49		0.49%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.74		$4.17		0.83%
Class I		$1,000.00		$1,022.43		$2.46		0.49%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
Class A		$1,000.00		$1,026.30		$4.03		0.80%
Class I		$1,000.00		$1,027.90		$2.47		0.49%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.89		$4.02		0.80%
Class I		$1,000.00		$1,022.43		$2.46		0.49%
WILMINGTON SHORT-TERM BOND FUND
Actual
Class A		$1,000.00		$1,016.00		$3.66		0.73%
Class I		$1,000.00		$1,017.20		$2.41		0.48%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,021.23		$3.67		0.73%
Class I		$1,000.00		$1,022.48		$2.41		0.48%

ANNUAL REPORT / April 30, 2020 (unaudited)

17

	Beginning Account Value 11/01/19		Ending Account Value 4/30/20		Expenses Paid During Period1		Annualized Net  Expense Ratio2
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$  964.10		$3.61		0.74%
Class I		$1,000.00		$  965.40		$2.39		0.49%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,021.18		$3.72		0.74%
Class I		$1,000.00		$1,022.43		$2.46		0.49%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$  971.10		$4.02		0.82%
Class I		$1,000.00		$  971.40		$2.79		0.57%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.79		$4.12		0.82%
Class I		$1,000.00		$1,022.03		$2.87		0.57%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period).

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

April 30, 2020 (unaudited) / ANNUAL REPORT

18

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

Percentage of
Total Net Assets

Corporate Bonds	41.1	%
U.S. Treasury	27.7	%
Mortgage-Backed Securities	24.1	%
Commercial Paper	3.4	%
Collateralized Mortgage Obligations	1.8	%
Investment Company	1.7	%
Government Agencies	0.8	%
Municipal Bond	0.5	%
Enhanced Equipment Trust Certificates	0.1	%
Asset-Backed Security	0.0	%4
Cash Equivalents1	4.0	%
Other Assets and Liabilities – Net2	(5.2	)%
TOTAL	100.0	%

Credit Quality Diversification³ Percentage of
Total Net Assets

U.S. Government Agency Securities	26.7	%
U.S. Treasury	27.7	%
AA / Aa	0.1	%
A / A	8.9	%
BBB / Baa	30.2	%
BB / Ba	2.4	%
Not Rated	9.2	%
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.

(4) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2020

Description	Par Value		Value
ASSET-BACKED SECURITY – 0.0%**
FINANCIAL SERVICES – 0.0%**
LA Arena Funding LLC,
Series 1999-1, Class A, 7.66%, 12/15/26W	$	216,222	$	212,409
TOTAL ASSET-BACKED SECURITY (COST $216,222)			$	212,409
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.5%
3.50%, 9/01/49		3,611,273		3,816,425
3.00%, 12/01/49		4,236,344		4,474,990
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	8,291,415

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series 2005-29, Class WC, 4.75%, 4/25/35	$	14,758	$	16,266
Series 2012-114, Class VM,
3.50%, 10/25/25		1,267,258		1,338,638
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,354,904
WHOLE LOAN – 0.0%**
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 3.87%, 2/25/34D		48,164		46,172

ANNUAL REPORT / April 30, 2020

19 PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
CHL Mortgage Pass-Through Trust,
Series 2004-8, Class 2A1, 4.50%, 6/25/19	$	4,798	$	4,780
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1, 3.97%, 11/25/35D		35,258		33,234
TOTAL WHOLE LOAN			$	84,186
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $9,515,904)			$	9,730,505
COMMERCIAL PAPER – 3.4%◆
ABB Treasury Center, Inc.,
1.60%, 5/28/20W		4,000,000		3,995,022
DuPont de Nemours, Inc.,
1.25%, 5/13/20W		4,500,000		4,497,969
Mondelez International, Inc.,
1.15%, 5/27/20W		5,000,000		4,995,687
Phillips 66,
1.20%, 5/08/20W		5,000,000		4,998,667
TOTAL COMMERCIAL PAPER (COST $18,488,003)			$	18,487,345
CORPORATE BONDS – 41.1%
AEROSPACE & DEFENSE – 1.1%
L3Harris Technologies, Inc.,
Sr. Unsecured, 2.90%, 12/15/29		835,000		866,067
Northrop Grumman Corp.,
Sr. Unsecured, 2.93%, 1/15/25		1,000,000		1,063,369
Northrop Grumman Corp.,
Sr. Unsecured, 4.03%, 10/15/47		1,765,000		2,123,741
Rockwell Collins, Inc.,
Sr. Unsecured, 3.50%, 3/15/27		1,600,000		1,707,339
TOTAL AEROSPACE & DEFENSE			$	5,760,516
AUTOMOTIVE – 1.6%
Daimler Finance North America LLC,
Company Guaranteed, 3.88%, 9/15/21W		250,000		251,779
Ford Motor Co.,
Sr. Unsecured, 8.50%, 4/21/23		800,000		794,540
Ford Motor Credit Co. LLC,
Sr. Unsecured, 5.75%, 2/01/21		500,000		492,133
Ford Motor Credit Co. LLC,
Sr. Unsecured, 4.25%, 9/20/22		450,000		418,884
Ford Motor Credit Co. LLC,
Sr. Unsecured, 5.58%, 3/18/24		1,000,000		946,812
General Motors Co.,
Sr. Unsecured, 6.25%, 10/02/43		1,000,000		862,791
General Motors Financial Co., Inc.,
Sr. Unsecured, 4.20%, 11/06/21		1,650,000		1,616,687
PACCAR Financial Corp.,
Sr. Unsecured, MTN, 2.65%, 5/10/22		3,045,000		3,112,395
TOTAL AUTOMOTIVE			$	8,496,021
BEVERAGES – 0.7%
Anheuser-Busch Cos., LLC,
Company Guaranteed, 4.90%, 2/01/46		1,125,000		1,288,167

Description	Par Value		Value
Keurig Dr. Pepper, Inc.,
Company Guaranteed, 2.53%, 11/15/21	$	1,000,000	$	1,010,005
Keurig Dr. Pepper, Inc.,
Company Guaranteed, 3.20%, 5/01/30		775,000		824,889
Keurig Dr. Pepper, Inc.,
Company Guaranteed, 5.09%, 5/25/48#		700,000		890,628
TOTAL BEVERAGES			$	4,013,689
BIOTECHNOLOGY – 0.4%
Amgen, Inc.,
Sr. Unsecured, 2.13%, 5/01/20		2,000,000		2,000,010
BUILDING PRODUCTS – 0.6%
Carrier Global Corp.,
Sr. Unsecured, 2.24%, 2/15/25W		3,000,000		2,992,553
Johnson Controls International PLC,
Sr. Unsecured, 4.63%, 7/02/44		100,000		112,050
TOTAL BUILDING PRODUCTS			$	3,104,603
CAPITAL MARKETS – 1.7%
Bank of New York Mellon Corp. (The),
Subordinated, MTN, 3.00%, 10/30/28		775,000		816,191
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 Month USD LIBOR +
1.20%), 1.94%, 9/15/20D		1,425,000		1,427,069
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, 3.00%, 4/26/22		915,000		927,278
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 Month USD LIBOR +
1.20%), 3.27%, 9/29/25D		800,000		837,076
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 Month USD LIBOR +
1.51%), 3.69%, 6/05/28D		2,080,000		2,217,261
Morgan Stanley,
Sr. Unsecured, MTN, 3.13%, 7/27/26		340,000		359,898
Morgan Stanley,
Sr. Unsecured, MTN, (SOFRRATE + 3.12%),
3.62%, 4/01/31D		890,000		980,353
Morgan Stanley,
Subordinated, GMTN, 4.35%, 9/08/26		505,000		556,956
TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22		847,000		869,723
TOTAL CAPITAL MARKETS			$	8,991,805
CHEMICALS – 0.3%
DuPont de Nemours, Inc.,
Sr. Unsecured, 3.77%, 11/15/20		735,000		742,340
DuPont de Nemours, Inc.,
Sr. Unsecured, 2.17%, 5/01/23		890,000		897,419
TOTAL CHEMICALS			$	1,639,759
COMMERCIAL BANKS – 3.9%
Credit Suisse AG,
Sr. Unsecured, 2.10%, 11/12/21		1,785,000		1,805,099
Fifth Third Bancorp,
Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,293,198
Fifth Third Bancorp,
Sr. Unsecured, 2.55%, 5/05/27		780,000		779,208

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 20

Description	Par Value		Value
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24	$	530,000	$	568,511
Huntington Bancshares, Inc.,
Sr. Unsecured, 2.63%, 8/06/24		1,325,000		1,360,923
KeyBank NA,
Sr. Unsecured, BKNT, 3.30%, 2/01/22		615,000		635,648
KeyBank NA,
Sr. Unsecured, BKNT, 1.25%, 3/10/23		2,000,000		2,001,430
KeyCorp,
Sr. Unsecured, MTN, 2.90%, 9/15/20		750,000		753,833
PNC Bank NA,
Subordinated, BKNT, 2.95%, 1/30/23		350,000		350,181
PNC Bank NA,
Subordinated, BKNT, 2.70%, 10/22/29		1,125,000		1,152,962
PNC Financial Services Group, Inc. (The),
Subordinated, 3.90%, 4/29/24		1,500,000		1,630,430
Truist Bank,
Subordinated, BKNT, 2.25%, 3/11/30		1,850,000		1,805,147
Truist Bank,
Subordinated, BKNT, 3.80%, 10/30/26		1,000,000		1,099,773
Truist Financial Corp.,
Sr. Unsecured, 2.90%, 3/03/21		1,475,000		1,494,809
Truist Financial Corp.,
Sr. Unsecured, MTN, (3 Month USD LIBOR +
0.65%), 2.08%, 4/01/22D		2,000,000		1,990,181
U.S. Bancorp,
Subordinated, MTN, 2.95%, 7/15/22		2,000,000		2,067,772
TOTAL COMMERCIAL BANKS			$	20,789,105
COMMERCIAL SERVICES & SUPPLIES – 0.5%
Global Payments, Inc.,
Sr. Unsecured, 3.75%, 6/01/23		2,570,000		2,689,658
COMPUTERS – 0.4%
Hewlett Packard Enterprise Co.,
Sr. Unsecured, 3.60%, 10/15/20		2,350,000		2,367,146
CONSUMER FINANCE – 0.2%
Capital One Financial Corp.,
Sr. Unsecured, 2.40%, 10/30/20		1,365,000		1,369,023
DIVERSIFIED FINANCIAL SERVICES – 2.9%
Bank of America Corp.,
Sr. Unsecured, MTN, 3.25%, 10/21/27		1,095,000		1,172,398
Bank of America Corp.,
Subordinated, MTN, 4.25%, 10/22/26		1,000,000		1,098,389
Berkshire Hathaway Finance Corp.,
Company Guaranteed, 4.30%, 5/15/43		425,000		533,432
Charles Schwab Corp. (The),
Sr. Unsecured, 4.45%, 7/22/20		250,000		251,370
Citibank NA,
Sr. Unsecured, BKNT, 3.40%, 7/23/21		1,400,000		1,437,379
Citigroup, Inc.,
Sr. Unsecured, (3 Month USD LIBOR +
0.95%), 2.88%, 7/24/23D		2,060,000		2,108,345
Citigroup, Inc.,
Subordinated, 4.13%, 7/25/28		1,650,000		1,787,637

Description	Par Value		Value
FMR LLC,
Sr. Unsecured, 6.45%, 11/15/39W	$	1,000,000	$	1,437,512
JPMorgan Chase & Co.,
Sr. Unsecured, 4.63%, 5/10/21		100,000		103,638
JPMorgan Chase & Co.,
Sr. Unsecured, MTN, 2.30%, 8/15/21		700,000		701,733
JPMorgan Chase & Co.,
Series W, Jr. Subordinated, (3 Month USD
LIBOR + 1.00%), 2.69%, 5/15/47D		1,000,000		770,623
Wells Fargo & Co.,
Sr. Unsecured, 2.10%, 7/26/21		2,000,000		2,019,400
Wells Fargo & Co.,
Sr. Unsecured, (SOFRRATE + 2.00%),
2.19%, 4/30/26D		1,170,000		1,176,338
Wells Fargo & Co.,
Subordinated, MTN, 4.40%, 6/14/46		1,000,000		1,140,775
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	15,738,969
ELECTRIC – 2.9%
Baltimore Gas & Electric Co.,
Sr. Unsecured, 3.50%, 8/15/46		1,550,000		1,739,734
Commonwealth Edison Co.,
1st Mortgage, 3.80%, 10/01/42		1,000,000		1,169,882
Consolidated Edison, Inc.,
Sr. Unsecured, 2.00%, 5/15/21		750,000		755,247
DTE Energy Co.,
Series F, Sr. Unsecured, 3.85%, 12/01/23		305,000		324,203
Entergy Arkansas LLC,
1st Mortgage, 4.95%, 12/15/44		1,000,000		1,072,560
Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		1,300,000		1,311,719
Entergy Louisiana LLC,
1st Mortgage, 2.90%, 3/15/51		1,000,000		1,068,678
Exelon Corp.,
Sr. Unsecured, 4.70%, 4/15/50		2,000,000		2,597,696
FirstEnergy Corp.,
Series B, Sr. Unsecured, 3.90%, 7/15/27		800,000		876,545
NextEra Energy Capital Holdings, Inc.,
Company Guaranteed, 4.50%, 6/01/21		3,000,000		3,081,106
System Energy Resources, Inc.,
1st Mortgage, 4.10%, 4/01/23		500,000		533,840
WEC Energy Group, Inc.,
Sr. Unsecured, 3.38%, 6/15/21		1,000,000		1,025,827
TOTAL ELECTRIC			$	15,557,037
ELECTRICAL EQUIPMENT MANUFACTURING – 0.0%**
General Electric Co.,
Subordinated, MTN, 5.30%, 2/11/21		250,000		255,404
ENVIRONMENTAL CONTROL – 0.6%
Waste Management, Inc.,
Company Guaranteed, 3.50%, 5/15/24		1,255,000		1,349,581
Waste Management, Inc.,
Company Guaranteed, 4.10%, 3/01/45		1,520,000		1,869,933
TOTAL ENVIRONMENTAL CONTROL			$	3,219,514

ANNUAL REPORT / April 30, 2020

21 PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
FOOD & STAPLES RETAILING – 1.9%
Campbell Soup Co.,
Sr. Unsecured, 3.30%, 3/19/25	$	2,050,000	$	2,184,079
Conagra Brands, Inc.,
Sr. Unsecured, 5.40%, 11/01/48		665,000		883,804
Kroger Co. (The),
Sr. Unsecured, 2.95%, 11/01/21		1,750,000		1,794,653
Kroger Co. (The),
Sr. Unsecured, 2.80%, 8/01/22		2,060,000		2,120,334
Kroger Co. (The),
Sr. Unsecured, 5.40%, 1/15/49		1,640,000		2,159,491
Kroger Co. (The),
Sr. Unsecured, 3.95%, 1/15/50		1,000,000		1,121,942
TOTAL FOOD & STAPLES RETAILING			$	10,264,303
FOREST PRODUCTS & PAPER – 0.3%
International Paper Co.,
Sr. Unsecured, 4.40%, 8/15/47		1,500,000		1,689,429
HEALTH CARE EQUIPMENT & SUPPLIES – 1.5%
Becton Dickinson & Co.,
Sr. Unsecured, 2.40%, 6/05/20		4,500,000		4,497,397
DH Europe Finance II Sarl,
Company Guaranteed, 2.20%, 11/15/24		2,330,000		2,395,859
Zimmer Biomet Holdings, Inc.,
Sr. Unsecured, (3 Month USD LIBOR +
0.75%), 1.80%, 3/19/21D		1,000,000		989,664
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	7,882,920
HEALTH CARE PROVIDERS & SERVICES – 2.8%
Anthem, Inc.,
Sr. Unsecured, 3.65%, 12/01/27		1,650,000		1,804,320
Cardinal Health, Inc.,
Sr. Unsecured, 4.50%, 11/15/44		650,000		678,120
Cigna Corp.,
Company Guaranteed, 4.13%, 9/15/20W		940,000		948,354
Cigna Corp.,
Company Guaranteed, 3.20%, 9/17/20		2,000,000		2,010,043
Cigna Corp.,
Company Guaranteed, 3.75%, 7/15/23		500,000		533,875
Cigna Corp.,
Company Guaranteed, 4.80%, 7/15/46W		1,000,000		1,257,690
CommonSpirit Health,
Sr. Secured, 2.76%, 10/01/24		3,140,000		3,090,614
Elanco Animal Health, Inc.,
Sr. Unsecured, 5.65%, 8/28/28		2,000,000		2,220,910
NYU Langone Hospitals,
Secured, 3.38%, 7/01/55		1,000,000		911,143
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.95%, 10/15/27		1,350,000		1,457,102
UnitedHealth Group, Inc.,
Sr. Unsecured, 3.95%, 10/15/42		290,000		344,878
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	15,257,049
HOME FURNISHINGS – 0.3%
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,583,217

Description	Par Value		Value
HOUSEHOLD PRODUCTS – 0.2%
Church & Dwight Co., Inc.,
Sr. Unsecured, 3.95%, 8/01/47	$	870,000	$	971,844
INSURANCE – 2.5%
American International Group, Inc.,
Sr. Unsecured, 3.30%, 3/01/21		3,000,000		3,047,784
American International Group, Inc.,
Sr. Unsecured, 4.20%, 4/01/28		1,000,000		1,093,066
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		1,450,000		1,536,205
CNA Financial Corp.,
Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,048,826
CNA Financial Corp.,
Sr. Unsecured, 3.95%, 5/15/24		950,000		992,198
Lincoln National Corp.,
Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,035,251
Lincoln National Corp.,
Sr. Unsecured, 3.63%, 12/12/26		1,380,000		1,465,747
Principal Financial Group, Inc.,
Company Guaranteed, 3.30%, 9/15/22		250,000		258,301
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,041,100
WR Berkley Corp.,
Sr. Unsecured, 4.75%, 8/01/44		1,715,000		1,904,580
TOTAL INSURANCE			$	13,423,058
MEDIA – 1.1%
Charter Communications Operating LLC,
Sr. Secured, 3.58%, 7/23/20		1,500,000		1,501,985
Comcast Corp.,
Company Guaranteed, 4.95%, 10/15/58		1,500,000		2,150,456
Discovery Communications LLC,
Company Guaranteed, 3.95%, 3/20/28		1,000,000		1,049,181
ViacomCBS, Inc.,
Company Guaranteed, 4.60%, 1/15/45		1,100,000		1,085,690
TOTAL MEDIA			$	5,787,312
METALS & MINING – 0.2%
Barrick Gold Corp.,
Sr. Unsecured, 5.25%, 4/01/42		1,000,000		1,298,924
MISCELLANEOUS MANUFACTURING – 0.2%
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		480,000		481,003
Textron, Inc.,
Sr. Unsecured, 3.88%, 3/01/25		750,000		783,804
TOTAL MISCELLANEOUS MANUFACTURING			$	1,264,807
MULTI-UTILITIES – 1.0%
Sempra Energy,
Sr. Unsecured, 2.85%, 11/15/20		2,870,000		2,868,700
Sempra Energy,
Sr. Unsecured, 2.90%, 2/01/23		760,000		786,610
Southern Co. Gas Capital Corp.,
Company Guaranteed, 3.95%, 10/01/46		1,425,000		1,538,498
TOTAL MULTI-UTILITIES			$	5,193,808

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 22

Description	Par Value		Value
OIL & GAS – 1.5%
Marathon Oil Corp.,
Sr. Unsecured, 4.40%, 7/15/27	$	2,000,000	$	1,554,539
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		745,000		718,492
Occidental Petroleum Corp.,
Sr. Unsecured, 2.70%, 8/15/22#		1,690,000		1,472,650
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22		1,450,000		1,515,125
Phillips 66,
Company Guaranteed, 3.85%, 4/09/25		575,000		602,773
Valero Energy Corp.,
Sr. Unsecured, 4.00%, 4/01/29		1,580,000		1,620,696
Valero Energy Corp.,
Sr. Unsecured, 4.90%, 3/15/45		563,000		608,857
TOTAL OIL & GAS			$	8,093,132
PHARMACEUTICALS – 2.4%
AbbVie, Inc.,
Sr. Unsecured, 2.50%, 5/14/20		1,485,000		1,485,383
AbbVie, Inc.,
Sr. Unsecured, 2.95%, 11/21/26W		1,875,000		1,987,431
AbbVie, Inc.,
Sr. Unsecured, 4.25%, 11/14/28		1,235,000		1,423,254
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		460,000		533,783
AbbVie, Inc.,
Sr. Unsecured, 4.88%, 11/14/48		1,000,000		1,238,878
AbbVie, Inc.,
Sr. Unsecured, 4.25%, 11/21/49W		1,000,000		1,155,380
Bristol-Myers Squibb Co.,
Sr. Unsecured, (3 Month USD LIBOR +
0.38%), 2.07%, 5/16/22D,W		665,000		660,492
Bristol-Myers Squibb Co.,
Sr. Unsecured, 2.75%, 2/15/23W		1,305,000		1,340,891
Bristol-Myers Squibb Co.,
Sr. Unsecured, 3.40%, 7/26/29W		1,000,000		1,144,643
Pfizer, Inc.,
Sr. Unsecured, 2.63%, 4/01/30		650,000		702,435
Zoetis, Inc.,
Sr. Unsecured, 3.95%, 9/12/47		1,005,000		1,190,206
TOTAL PHARMACEUTICALS			$	12,862,776
PIPELINES – 2.3%
Energy Transfer Operating LP,
Company Guaranteed, 3.60%, 2/01/23		870,000		844,988
Energy Transfer Operating LP,
Company Guaranteed, 3.75%, 5/15/30		715,000		660,502
Energy Transfer Operating LP,
Company Guaranteed, 5.30%, 4/15/47		1,250,000		1,112,188
Enterprise Products Operating LLC,
Company Guaranteed, 2.80%, 2/15/21		1,075,000		1,081,842
Enterprise Products Operating LLC,
Company Guaranteed, 4.20%, 1/31/50		1,120,000		1,129,477

Description	Par Value		Value
Enterprise Products Operating LLC,
Company Guaranteed, 4.95%, 10/15/54	$	500,000	$	515,480
Kinder Morgan Energy Partners LP,
Company Guaranteed, 5.40%, 9/01/44		1,000,000		1,116,522
Kinder Morgan, Inc.,
Company Guaranteed, 5.20%, 3/01/48		2,040,000		2,315,232
MPLX LP,
Sr. Unsecured, (3 Month USD LIBOR +
1.10%), 2.10%, 9/09/22D		470,000		417,598
MPLX LP,
Sr. Unsecured, 4.70%, 4/15/48		1,000,000		905,452
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		1,000,000		925,671
Plains All American Pipeline LP,
Sr. Unsecured, 3.85%, 10/15/23		500,000		480,229
Spectra Energy Partners LP,
Company Guaranteed, 3.50%, 3/15/25		670,000		684,685
TOTAL PIPELINES			$	12,189,866
REAL ESTATE INVESTMENT TRUSTS – 2.1%
American Tower Corp.,
Sr. Unsecured, 3.45%, 9/15/21		500,000		514,452
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		415,000		464,807
American Tower Corp.,
Sr. Unsecured, 3.13%, 1/15/27		1,000,000		1,060,691
AvalonBay Communities, Inc.,
Sr. Unsecured, MTN, 3.35%, 5/15/27		1,420,000		1,516,520
Digital Realty Trust LP,
Company Guaranteed, 3.63%, 10/01/22		1,100,000		1,131,448
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		695,000		702,946
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		915,000		927,704
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.63%, 1/15/28		800,000		802,827
Welltower, Inc.,
Sr. Unsecured, 4.00%, 6/01/25		3,000,000		3,093,620
Welltower, Inc.,
Sr. Unsecured, 4.95%, 9/01/48		1,000,000		1,110,492
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	11,325,507
RETAIL – 0.1%
Nordstrom, Inc.,
Sr. Unsecured, 5.00%, 1/15/44		1,000,000		712,021
SEMICONDUCTORS – 0.6%
Texas Instruments, Inc.,
Sr. Unsecured, 1.75%, 5/04/30		3,365,000		3,360,597
TELECOMMUNICATIONS – 0.4%
AT&T, Inc.,
Sr. Unsecured, 4.50%, 5/15/35		845,000		939,730
AT&T, Inc.,
Sr. Unsecured, 4.85%, 7/15/45		1,190,000		1,395,158
TOTAL TELECOMMUNICATIONS			$	2,334,888

ANNUAL REPORT / April 30, 2020

23 PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
TRANSPORTATION – 1.3%
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.50%, 6/01/21	$	500,000	$	502,848
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 9/01/22		980,000		979,624
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.65%, 3/18/24		1,670,000		1,714,414
Union Pacific Corp.,
Sr. Unsecured, 3.15%, 3/01/24		2,565,000		2,741,062
Union Pacific Corp.,
Sr. Unsecured, 4.30%, 3/01/49		675,000		822,795
TOTAL TRANSPORTATION			$	6,760,743
TRUCKING & LEASING – 0.6%
GATX Corp.,
Sr. Unsecured, 3.25%, 9/15/26#		1,065,000		1,101,303
GATX Corp.,
Sr. Unsecured, 3.85%, 3/30/27		1,500,000		1,579,809
GATX Corp.,
Sr. Unsecured, 5.20%, 3/15/44		640,000		752,561
TOTAL TRUCKING & LEASING			$	3,433,673
TOTAL CORPORATE BONDS (COST $211,519,487)			$	221,682,133
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.1%
AIRLINES – 0.1%
American Airlines 2011-1,
Series A, Pass-Through Certificates,
5.25%, 1/31/21		162,729		156,423
Delta Air Lines, 2007-1,
Series A, Pass-Through Certificates,
6.82%, 8/10/22		198,228		189,605
TOTAL AIRLINES			$	346,028
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $360,957)			$	346,028
GOVERNMENT AGENCIES – 0.8%
FEDERAL HOME LOAN BANK (FHLB) – 0.5%
3.25%, 11/16/28#		1,960,000		2,314,479
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.0%**
2.38%, 1/13/22		125,000		129,404
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
6.25%, 5/15/29		750,000		1,079,075
7.25%, 5/15/30		400,000		631,336
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,710,411
TOTAL GOVERNMENT AGENCIES (COST $3,385,721)			$	4,154,294
MORTGAGE-BACKED SECURITIES – 24.1%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 9.0%
Pool G12709, 5.00%, 7/01/22		11,876		12,382

Description	Par Value		Value
Pool C00478, 8.50%, 9/01/26	$	7,674	$	8,758
Pool E09010, 2.50%, 9/01/27		569,475		596,898
Pool G18497, 3.00%, 1/01/29		73,115		77,258
Pool C01272, 6.00%, 12/01/31		15,799		18,623
Pool A13990, 4.50%, 10/01/33		9,736		10,705
Pool G01625, 5.00%, 11/01/33		22,181		24,964
Pool G08097, 6.50%, 11/01/35		10,895		12,958
Pool G02296, 5.00%, 6/01/36		112,344		125,707
Pool G02390, 6.00%, 9/01/36		3,920		4,630
Pool G05317, 5.00%, 4/01/37		465,208		521,303
Pool G03703, 5.50%, 12/01/37		12,505		14,199
Pool G04776, 5.50%, 7/01/38		39,908		44,448
Pool G05500, 5.00%, 5/01/39		408,529		458,975
Pool A93415, 4.00%, 8/01/40		1,052,627		1,153,284
Pool A93505, 4.50%, 8/01/40		826,312		916,500
Pool A93996, 4.50%, 9/01/40		632,480		701,270
Pool G06222, 4.00%, 1/01/41		1,187,853		1,300,733
Pool A97047, 4.50%, 2/01/41		627,619		696,111
Pool G06956, 4.50%, 8/01/41		619,208		686,698
Pool C03750, 3.50%, 2/01/42		281,491		302,945
Pool C03849, 3.50%, 4/01/42		129,826		139,645
Pool Q08305, 3.50%, 5/01/42		761,522		831,465
Pool C04305, 3.00%, 11/01/42		2,187,710		2,327,808
Pool C09020, 3.50%, 11/01/42		1,964,339		2,114,229
Pool G07266, 4.00%, 12/01/42		1,675,811		1,830,805
Pool C04444, 3.00%, 1/01/43		78,881		83,866
Pool C09029, 3.00%, 3/01/43		361,369		384,481
Pool G08534, 3.00%, 6/01/43		451,510		480,385
Pool Q19476, 3.50%, 6/01/43		789,181		848,321
Pool C09044, 3.50%, 7/01/43		932,387		1,002,287
Pool G07889, 3.50%, 8/01/43		804,681		866,172
Pool G07624, 4.00%, 12/01/43		752,725		821,121
Pool G60038, 3.50%, 1/01/44		4,227,118		4,545,660
Pool G07680, 4.00%, 4/01/44		1,231,927		1,341,941
Pool G07943, 4.50%, 8/01/44		84,602		92,040
Pool G08607, 4.50%, 9/01/44		538,976		591,515
Pool Q33547, 3.50%, 5/01/45		775,985		834,627
Pool Q36970, 4.00%, 10/01/45		376,210		407,505
Pool G60384, 4.50%, 12/01/45		59,293		65,016
Pool Q39644, 3.50%, 3/01/46		3,642,212		3,888,782
Pool Q39438, 4.00%, 3/01/46		2,604,813		2,805,675
Pool G08705, 3.00%, 5/01/46		257,653		274,388
Pool G08708, 4.50%, 5/01/46		451,253		487,719
Pool SD8037, 2.50%, 1/01/50		7,998,101		8,332,703
Pool RA2341, 2.50%, 4/01/50		5,000,000		5,222,290
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	48,309,795

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 24

Description		Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 15.1%
Pool 975207, 5.00%, 3/01/23		$	13,172	$	13,597
Pool AE2520, 3.00%, 1/01/26			208,413		220,132
Pool 329794, 7.00%, 2/01/26			10,937		12,016
Pool 256639, 5.00%, 2/01/27			7,947		8,663
Pool 256752, 6.00%, 6/01/27			13,567		15,441
Pool 402255, 6.50%, 12/01/27			935		1,032
Pool AB8997, 2.50%, 4/01/28			126,834		133,241
Pool AS4480, 2.50%, 2/01/30			838,085		879,029
Pool AS7462, 2.50%, 6/01/31			332,195		348,107
Pool 254007, 6.50%, 10/01/31			8,947		10,631
Pool 638023, 6.50%, 4/01/32			46,072		51,362
Pool 642345, 6.50%, 5/01/32			37,040		41,294
Pool 651292, 6.50%, 7/01/32			58,217		64,903
Pool 686398, 6.00%, 3/01/33			132,912		153,070
Pool 745412, 5.50%, 12/01/35			15,648		17,803
Pool 888789, 5.00%, 7/01/36			178,452		200,713
Pool 256515, 6.50%, 12/01/36			9,572		11,298
Pool AE0217, 4.50%, 8/01/40			100,630		112,235
Pool AB1796, 3.50%, 11/01/40			671,502		724,217
Pool AH5583, 4.50%, 2/01/41			290,181		321,259
Pool 890551, 4.50%, 8/01/41			61,879		67,722
Pool AL0658, 4.50%, 8/01/41			359,587		398,174
Pool AL1319, 4.50%, 10/01/41			617,058		682,874
Pool AL6302, 4.50%, 10/01/41			638,184		706,679
Pool AX5302, 4.00%, 1/01/42			1,095,052		1,198,559
Pool AK4523, 4.00%, 3/01/42			1,320,737		1,444,755
Pool AL2034, 4.50%, 4/01/42	��		151,303		168,093
Pool AB7936, 3.00%, 2/01/43			1,355,605		1,433,023
Pool AL3761, 4.50%, 2/01/43			206,952		227,464
Pool MA1458, 3.00%, 6/01/43			402,972		428,576
Pool AT7899, 3.50%, 7/01/43			2,312,383		2,480,663
Pool AS0302, 3.00%, 8/01/43			3,823,903		4,067,343
Pool AU4279, 3.00%, 9/01/43			722,046		767,964
Pool AL5537, 4.50%, 4/01/44			290,465		321,119
Pool AS3155, 4.00%, 8/01/44			74,882		81,235
Pool AX0833, 3.50%, 9/01/44			730,137		791,589
Pool AL6325, 3.00%, 10/01/44			2,410,630		2,563,899
Pool AS5136, 4.00%, 6/01/45			318,515		340,685
Pool AZ7362, 4.00%, 11/01/45			852,907		922,792
Pool AZ9565, 3.50%, 12/01/45			1,506,355		1,614,273
Pool BC0326, 3.50%, 12/01/45			1,174,043		1,258,258
Pool BC0245, 3.00%, 2/01/46			665,930		708,208
Pool BC0830, 3.00%, 4/01/46			977,226		1,039,228
Pool AS7568, 4.50%, 7/01/46			152,439		164,530
Pool BC4764, 3.00%, 10/01/46			1,169,634		1,243,951

Description	Par Value		Value
Pool MA2771, 3.00%, 10/01/46	$	401,257	$	426,715
Pool AS8276, 3.00%, 11/01/46		1,390,908		1,479,250
Pool BC9003, 3.00%, 11/01/46		1,238,905		1,317,558
Pool BE1899, 3.00%, 11/01/46		4,521,909		4,809,076
Pool BE3767, 3.50%, 7/01/47		1,681,950		1,788,484
Pool BH2618, 3.50%, 8/01/47		471,024		500,860
Pool MA3088, 4.00%, 8/01/47		1,532,678		1,640,699
Pool BH4010, 4.50%, 9/01/47		1,356,843		1,491,563
Pool BH9215, 3.50%, 1/01/48		2,189,869		2,328,734
Pool BJ0650, 3.50%, 3/01/48		9,239,033		9,792,473
Pool BJ0639, 4.00%, 3/01/48		597,954		637,475
Pool BJ9169, 4.00%, 5/01/48		3,152,316		3,360,662
Pool BK4764, 4.00%, 8/01/48		3,182,029		3,392,342
Pool BN1628, 4.50%, 11/01/48		1,504,303		1,622,279
Pool MA3871, 3.00%, 12/01/49		6,053,327		6,394,595
Pool CA5306, 3.00%, 3/01/50		4,466,940		4,735,520
Pool TBA, 5.00%, 6/01/50‡		6,700,000		7,286,773
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	81,466,757
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23		6,919		7,641
Pool 354713, 7.50%, 12/15/23		4,374		4,684
Pool 354765, 7.00%, 2/15/24		12,145		13,527
Pool 354827, 7.00%, 5/15/24		8,355		9,316
Pool 385623, 7.00%, 5/15/24		14,207		15,894
Pool 360869, 7.50%, 5/15/24		12,244		13,093
Pool 2077, 7.00%, 9/20/25		4,479		4,952
Pool 503405, 6.50%, 4/15/29		15,303		16,031
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	85,138
TOTAL MORTGAGE-BACKED SECURITIES (COST $125,357,304)			$	129,861,690
MUNICIPAL BOND – 0.5%
GENERAL – 0.5%
New Jersey Transportation Trust Fund Authority, Current Refunding Revenue Bonds (Series B), 4.13%, 6/15/42		2,500,000		2,435,250
TOTAL MUNICIPAL BOND (COST $2,500,000)			$	2,435,250
U.S. TREASURY – 27.7%
U.S. TREASURY BONDS – 9.1%
1.50%, 2/15/30#		5,000,000		5,408,723
2.00%, 2/15/50		2,700,000		3,175,746
2.50%, 2/15/45		2,135,000		2,684,348
2.50%, 2/15/46		280,000		354,202
2.75%, 11/15/47		2,235,000		2,988,199

ANNUAL REPORT / April 30, 2020

25 PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
2.88%, 8/15/45	$	300,000	$	403,324
3.00%, 5/15/42		500,000		673,232
3.00%, 11/15/44		2,000,000		2,726,594
3.00%, 5/15/45		2,000,000		2,736,330
3.00%, 11/15/45#		765,000		1,052,524
3.00%, 2/15/47		1,098,000		1,527,567
3.00%, 5/15/47		1,695,000		2,360,531
3.00%, 2/15/48		4,000,000		5,594,465
3.13%, 8/15/44		6,637,000		9,201,699
3.63%, 8/15/43		881,000		1,304,181
3.63%, 2/15/44		2,106,000		3,130,817
3.75%, 11/15/43		365,000		551,228
5.25%, 2/15/29		500,000		699,088
5.38%, 2/15/31		600,000		895,895
6.25%, 5/15/30#		500,000		773,439
6.38%, 8/15/27#		450,000		638,283
TOTAL U.S. TREASURY BONDS			$	48,880,415
U.S. TREASURY NOTES – 18.6%
1.63%, 8/15/22		6,000,000		6,194,174
1.63%, 11/15/22		1,928,000		1,995,854
1.63%, 5/31/23		12,400,000		12,918,298
1.63%, 2/15/26		8,000,000		8,531,116
1.63%, 5/15/26		4,695,000		5,015,561
1.63%, 8/15/29		5,000,000		5,453,145
1.75%, 5/15/22		380,000		391,875
1.75%, 5/15/23		2,000,000		2,090,153
1.75%, 7/31/24		1,900,000		2,013,523
2.00%, 11/15/21		1,000,000		1,027,734
2.00%, 4/30/24		10,195,000		10,874,111
2.00%, 2/15/25		4,655,000		5,015,460
2.00%, 8/15/25		295,000		319,510
2.00%, 11/15/26		4,180,000		4,579,818
2.13%, 6/30/22		6,615,000		6,888,967
2.13%, 5/15/25		2,500,000		2,717,059
2.25%, 11/15/25		230,000		252,779
2.38%, 8/15/24		5,600,000		6,084,250
2.38%, 5/15/29		2,500,000		2,885,563
2.50%, 3/31/23		7,000,000		7,458,771
2.50%, 8/15/23		200,000		214,614
2.63%, 11/15/20		500,000		506,654
2.75%, 2/15/28		6,000,000		6,998,114
TOTAL U.S. TREASURY NOTES			$	100,427,103
TOTAL U.S. TREASURY (COST $131,196,152)			$	149,307,518

Description	Number of Shares		Value
INVESTMENT COMPANY – 1.7%
EXCHANGE-TRADED FUND – 1.7%
iShares iBoxx High Yield Corporate Bond
ETF#		113,960	$	9,165,803
TOTAL INVESTMENT COMPANY (COST $10,009,301)			$	9,165,803
MONEY MARKET FUND – 0.4%
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.17%^		2,129,601	$	2,129,601
TOTAL MONEY MARKET FUND (COST $2,129,601)			$	2,129,601
TOTAL INVESTMENTS IN SECURITIES – 101.6% (COST $514,678,652)			$	547,512,576
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.6%
REPURCHASE AGREEMENTS – 3.6%
Bank of America Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $986,866 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 8/01/23 to 4/01/59; total market value of $1,006,602.	$	986,865	$	986,865
Citigroup Global Markets Ltd., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $3,750,153 collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/31/20 to 2/01/57; total market value of $3,825,152.		3,750,149		3,750,149
Daiwa Capital Markets America, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $3,750,154 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 5/07/20 to 3/01/52; total market value of $3,825,152.		3,750,149		3,750,149
Deutsche Bank Securities, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $3,750,152 collateralized by U.S. Government Agency & Treasury Securities, 0.43% to 8.75%, maturing 8/15/20 to 4/01/50; total market value of $3,825,152.		3,750,149		3,750,149
HSBC Securities USA, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $3,750,152 collateralized by U.S. Government Agency Securities, 2.45% to 5.00%, maturing 2/20/49 to 4/15/55; total market value of $3,825,152.		3,750,149		3,750,149

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 26

Description	Par Value		Value
RBC Dominion Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $3,750,153 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 7/15/24 to 5/01/50; total market value of $3,825,152.	$	3,750,149	$	3,750,149
TOTAL REPURCHASE AGREEMENTS (COST $19,737,610)			$	19,737,610
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON
LOAN
(COST $19,737,610)			$	19,737,610

Description	Value
TOTAL INVESTMENTS – 105.2% (COST $534,416,262)	$	567,250,186
COLLATERAL FOR SECURITIES ON LOAN – (3.6%)		(19,737,610	)
OTHER LIABILITIES LESS ASSETS – (1.6%)		(8,445,798	)
TOTAL NET ASSETS – 100.0%	$	539,066,778

Cost of investments for Federal income tax purposes is $534,460,543. The net unrealized appreciation/(depreciation) of investments was $32,789,643. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $36,001,427 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(3,211,784).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Company	$	9,165,803	$	—	$	—	$	9,165,803
Asset-Backed Security		—		212,409		—		212,409
Collateralized Mortgage Obligations		—		9,730,505		—		9,730,505
Commercial Paper		—		18,487,345		—		18,487,345
Corporate Bonds		—		221,682,133		—		221,682,133
Enhanced Equipment Trust Certificates		—		346,028		—		346,028
Government Agencies		—		4,154,294		—		4,154,294
Mortgage-Backed Securities		—		129,861,690		—		129,861,690
Municipal Bond		—		2,435,250		—		2,435,250
U.S. Treasury		—		149,307,518		—		149,307,518
Money Market Fund		2,129,601		—		—		2,129,601
Repurchase Agreements		—		19,737,610		—		19,737,610
Total	$	11,295,404	$	555,954,782	$	—	$	567,250,186

# 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 April 30, 2020, these liquid restricted securities amounted to $31,876,479 representing 5.91% of total net assets.

‡ Delayed delivery security.

** Represents less than 0.05%.

ANNUAL REPORT / April 30, 2020

27 PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (concluded)

The following acronyms are used throughout this Fund:		MTN	Medium Term Note
BKNT	Bank Note	NA	National Association
ETF	Exchange-Traded Fund	PLC	Public Limited Company
GMTN	Global Medium Term Note	SOFRRATE	Secured Overnight Financing Rate
LIBOR	London Interbank Offered Rate	TBA	To Be Announced Security
LLC	Limited Liability Corporation	USD	United States Dollar
LP	Limited Partnership

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

28

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
Corporate Bonds		66.5	%
U.S. Treasury		29.9	%
Mortgage-Backed Securities		1.4	%
Government Agency		1.0	%
Investment Company		1.0	%
Adjustable Rate Mortgage		0.0	%4
Cash Equivalents1		3.4	%
Other Assets and Liabilities – Net2		(3.2	)%
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.

(4) Represent less than 0.05%.

	Percentage of
Credit Quality Diversification3	Total Net Assets
U.S. Government Agency Securities		2.4	%
U.S. Treasury		29.9	%
A / A		15.9	%
BBB / Baa		47.7	%
BB / Ba		2.9	%
Not Rated		4.4	%
Other Assets and Liabilities – Net2		(3.2	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2020

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	$	13,272	$	14,090
TOTAL ADJUSTABLE RATE MORTGAGE
(COST $13,254)			$	14,090
CORPORATE BONDS – 66.5%
AEROSPACE & DEFENSE – 0.5%
Boeing Co. (The), Sr. Unsecured, 3.20%, 3/01/29		150,000		131,871
L3Harris Technologies, Inc., Sr. Unsecured, 2.90%, 12/15/29		100,000		103,721
TOTAL AEROSPACE & DEFENSE			$	235,592
AUTOMOTIVE – 2.1%
Ford Motor Co., Sr. Unsecured, 9.00%, 4/22/25		250,000		243,763

Description	Par Value		Value
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.58%, 3/18/24	$	250,000	$	236,703
General Motors Financial Co., Inc., Sr. Unsecured, 4.20%, 11/06/21		375,000		367,429
General Motors Financial Co., Inc., Sr. Unsecured, 2.90%, 2/26/25		230,000		208,608
TOTAL AUTOMOTIVE			$	1,056,503
BEVERAGES – 0.9%
Keurig Dr. Pepper, Inc., Company Guaranteed, 3.55%, 5/25/21		300,000		306,454
PepsiCo, Inc., Sr. Unsecured, 2.75%, 3/19/30		120,000		130,575
TOTAL BEVERAGES			$	437,029
BIOTECHNOLOGY – 1.0%
Amgen, Inc., Sr. Unsecured, 2.20%, 5/11/20		270,000		270,064

ANNUAL REPORT / April 30, 2020

29 PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Amgen, Inc.,
Sr. Unsecured, 2.25%, 8/19/23#	$	225,000	$	232,533
TOTAL BIOTECHNOLOGY			$	502,597
BUILDING PRODUCTS – 1.3%
Carrier Global Corp.,
Sr. Unsecured, 2.49%, 2/15/27W		250,000		239,973
Johnson Controls International PLC,
(Current rate until maturity), Sr. Unsecured,
3.63%, 7/02/24ÿ		373,000		385,963
TOTAL BUILDING PRODUCTS			$	625,936
CAPITAL MARKETS – 1.5%
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 Month USD LIBOR +
1.20%), 3.27%, 9/29/25D		210,000		219,733
State Street Corp.,
Subordinated, 3.10%, 5/15/23		250,000		262,503
TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22		250,000		256,707
TOTAL CAPITAL MARKETS			$	738,943
CHEMICALS – 0.4%
DuPont de Nemours, Inc.,
Sr. Unsecured, 2.17%, 5/01/23		200,000		201,667
COMMERCIAL BANKS – 5.7%
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		250,000		268,166
Huntington Bancshares, Inc.,
Sr. Unsecured, 2.63%, 8/06/24		120,000		123,253
KeyBank NA,
Sr. Unsecured, BKNT, 1.25%, 3/10/23		250,000		250,179
PNC Financial Services Group, Inc. (The),
Sr. Unsecured, 3.45%, 4/23/29		100,000		109,692
PNC Financial Services Group, Inc. (The),
Subordinated, 3.90%, 4/29/24		200,000		217,391
Toronto-Dominion Bank (The),
Sr. Unsecured, GMTN, 3.25%, 3/11/24		275,000		291,692
Truist Bank,
Sr. Unsecured, BKNT, 3.20%, 4/01/24		175,000		186,621
Truist Bank,
Subordinated, BKNT, 3.63%, 9/16/25		250,000		268,782
Truist Financial Corp.,
Sr. Unsecured, 2.70%, 1/27/22		250,000		255,612
Truist Financial Corp.,
Sr. Unsecured, MTN, (3 Month USD LIBOR +
0.65%), 2.08%, 4/01/22D		345,000		343,306
U.S. Bancorp,
Subordinated, MTN, 3.00%, 7/30/29		500,000		527,436
TOTAL COMMERCIAL BANKS			$	2,842,130
COMMERCIAL SERVICES & SUPPLIES – 1.2%
Global Payments, Inc.,
Sr. Unsecured, 3.80%, 4/01/21		300,000		303,770

Description	Par Value		Value
Global Payments, Inc., Sr. Unsecured, 2.65%, 2/15/25	$	275,000	$	282,917
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	586,687
COMPUTERS – 1.9%
Hewlett Packard Enterprise Co., Sr. Unsecured, 4.40%, 10/15/22		425,000		446,695
International Business Machines Corp., Sr. Unsecured, 2.85%, 5/13/22		480,000		499,167
TOTAL COMPUTERS			$	945,862
CONSUMER FINANCE – 1.7%
American Express Co., Sr. Unsecured, (3 Month USD LIBOR + 0.53%), 2.22%, 5/17/21D		165,000		163,808
American Express Co., Sr. Unsecured, 3.13%, 5/20/26		150,000		160,837
Capital One Financial Corp., Sr. Unsecured, (3 Month USD LIBOR + 0.95%), 1.95%, 3/09/22D		250,000		246,016
Capital One Financial Corp., Sr. Unsecured, 3.90%, 1/29/24		250,000		260,333
TOTAL CONSUMER FINANCE			$	830,994
DIVERSIFIED FINANCIAL SERVICES – 4.5%
Bank of America Corp., Sr. Unsecured, MTN, 2.50%, 10/21/22		415,000		423,545
Bank of Montreal, Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.34%), 1.65%, 7/13/20D		125,000		124,915
Bank of Montreal, Sr. Unsecured, MTN, 1.90%, 8/27/21#		180,000		182,123
Charles Schwab Corp. (The), Sr. Unsecured, (3 Month USD LIBOR + 0.32%), 2.02%, 5/21/21D		155,000		153,389
Charles Schwab Corp. (The), Sr. Unsecured, 3.20%, 3/02/27		315,000		334,157
JPMorgan Chase & Co., Sr. Unsecured, 2.55%, 10/29/20		250,000		251,253
JPMorgan Chase & Co., Subordinated, 3.88%, 9/10/24		300,000		323,121
National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29		260,000		293,000
Wells Fargo & Co., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.75%), 2.16%, 2/11/26D		140,000		140,474
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	2,225,977
ELECTRIC – 4.9%
DTE Energy Co., Series C, Sr. Unsecured, 3.50%, 6/01/24		250,000		263,607
DTE Energy Co., Series D, Sr. Unsecured, 3.70%, 8/01/23		300,000		316,933
Entergy Corp., Sr. Unsecured, 2.95%, 9/01/26		255,000		266,859

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued) 30

Description	Par Value		Value
FirstEnergy Corp.,
Sr. Unsecured, 2.65%, 3/01/30	$	225,000	$	230,840
Southern Co. (The),
Sr. Unsecured, 2.35%, 7/01/21		500,000		506,663
Union Electric Co.,
1st Mortgage, 3.50%, 3/15/29		220,000		248,176
WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20		300,000		300,072
WEC Energy Group, Inc.,
Sr. Unsecured, 3.38%, 6/15/21		290,000		297,490
TOTAL ELECTRIC			$	2,430,640
ENVIRONMENTAL CONTROL – 0.3%
Waste Management, Inc.,
Company Guaranteed, 2.40%, 5/15/23		160,000		165,957
FOOD & STAPLES RETAILING – 2.8%
Archer-Daniels-Midland Co.,
Sr. Unsecured, 2.75%, 3/27/25		250,000		265,915
Conagra Brands, Inc.,
Sr. Unsecured, 3.80%, 10/22/21		200,000		206,317
Kroger Co. (The),
Sr. Unsecured, 2.95%, 11/01/21#		250,000		256,379
McCormick & Co., Inc.,
Sr. Unsecured, 2.50%, 4/15/30		175,000		179,611
Mondelez International,
1.50%, 5/04/20		500,000		497,320
TOTAL FOOD & STAPLES RETAILING			$	1,405,542
HEALTH CARE EQUIPMENT & SUPPLIES – 0.5%
DH Europe Finance II Sarl,
Company Guaranteed, 2.60%, 11/15/29		225,000		236,384
HEALTH CARE PROVIDERS & SERVICES – 3.9%
Anthem, Inc.,
Sr. Unsecured, 3.65%, 12/01/27		235,000		256,979
Cardinal Health, Inc.,
Sr. Unsecured, 3.20%, 3/15/23		350,000		361,086
Cigna Corp.,
Company Guaranteed, 4.13%, 9/15/20W		250,000		252,222
CommonSpirit Health,
Sr. Secured, 2.76%, 10/01/24		110,000		108,270
CommonSpirit Health,
Sr. Secured, 3.35%, 10/01/29		150,000		145,967
CVS Health Corp.,
Sr. Unsecured, 3.70%, 3/09/23		250,000		265,126
Elanco Animal Health, Inc.,
Sr. Unsecured, 4.66%, 8/27/21		250,000		254,835
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.38%, 10/15/22		300,000		309,643
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	1,954,128
HOTELS, RESTAURANTS & LEISURE – 0.6%
McDonald’s Corp.,
Sr. Unsecured, MTN, 3.30%, 7/01/25		250,000		272,644

Description	Par Value		Value
HOUSEHOLD PRODUCTS – 0.5%
Church & Dwight Co., Inc.,
Sr. Unsecured, 2.45%, 8/01/22	$	225,000	$	230,498
INSURANCE – 1.5%
American International Group, Inc.,
Sr. Unsecured, 3.30%, 3/01/21		250,000		253,982
Aon PLC,
Company Guaranteed, 2.80%, 3/15/21		240,000		242,434
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		250,000		264,863
TOTAL INSURANCE			$	761,279
MACHINERY – 0.9%
Roper Technologies, Inc.,
Sr. Unsecured, 3.13%, 11/15/22		125,000		128,992
Roper Technologies, Inc.,
Sr. Unsecured, 3.80%, 12/15/26		300,000		322,332
TOTAL MACHINERY			$	451,324
MEDIA – 2.0%
Discovery Communications LLC,
Company Guaranteed, 3.30%, 5/15/22		250,000		256,525
Discovery Communications LLC,
Company Guaranteed, 4.13%, 5/15/29		350,000		369,448
ViacomCBS, Inc.,
Company Guaranteed, 3.38%, 3/01/22		350,000		357,925
TOTAL MEDIA			$	983,898
MISCELLANEOUS MANUFACTURING – 2.6%
3M Co.,
Sr. Unsecured, 2.65%, 4/15/25		250,000		265,781
Ingersoll-Rand Global Holding Co. Ltd.,
Company Guaranteed, 4.25%, 6/15/23		330,000		355,857
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		125,000		125,261
Textron, Inc.,
Sr. Unsecured, 4.30%, 3/01/24		500,000		523,911
TOTAL MISCELLANEOUS MANUFACTURING			$	1,270,810
OIL & GAS – 4.2%
Dominion Energy Gas Holdings LLC,
Series B, Sr. Unsecured, 3.00%, 11/15/29		500,000		494,993
Marathon Oil Corp.,
Sr. Unsecured, 2.80%, 11/01/22		450,000		420,120
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		125,000		120,552
Occidental Petroleum Corp.,
Sr. Unsecured, 2.60%, 8/13/21		390,000		365,093
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22		400,000		417,966
Valero Energy Corp.,
Sr. Unsecured, 4.00%, 4/01/29		250,000		256,439
TOTAL OIL & GAS			$	2,075,163

ANNUAL REPORT / April 30, 2020

31 PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
PHARMACEUTICALS – 2.9%
AbbVie, Inc.,
Sr. Unsecured, 3.75%, 11/14/23	$	150,000	$	161,717
AbbVie, Inc.,
Sr. Unsecured, 3.60%, 5/14/25		550,000		597,608
Bristol-Myers Squibb Co.,
Sr. Unsecured, 2.75%, 2/15/23W		260,000		267,151
Pfizer, Inc.,
Sr. Unsecured, 2.63%, 4/01/30		250,000		270,167
Zoetis, Inc.,
Sr. Unsecured, 3.00%, 9/12/27		125,000		134,947
TOTAL PHARMACEUTICALS			$	1,431,590
PIPELINES – 5.7%
Energy Transfer Operating LP,
Company Guaranteed, 2.90%, 5/15/25		550,000		513,369
Enterprise Products Operating LLC,
Company Guaranteed, 2.80%, 2/15/21		225,000		226,432
Kinder Morgan Energy Partners LP,
Company Guaranteed, 4.25%, 9/01/24		500,000		529,375
Kinder Morgan, Inc.,
Company Guaranteed, 6.50%, 9/15/20		300,000		303,218
MPLX LP,
Sr. Unsecured, (3 Month USD LIBOR +
0.90%), 1.90%, 9/09/21D		500,000		482,354
ONEOK Partners LP,
Company Guaranteed, 3.38%, 10/01/22		450,000		436,435
Plains All American Pipeline LP,
Sr. Unsecured, 3.85%, 10/15/23		366,000		351,527
TOTAL PIPELINES			$	2,842,710
REAL ESTATE INVESTMENT TRUSTS – 4.0%
American Tower Corp.,
Sr. Unsecured, 3.45%, 9/15/21		250,000		257,226
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		250,000		280,005
Digital Realty Trust LP,
Company Guaranteed, 3.60%, 7/01/29		100,000		107,611
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		300,000		304,165
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.63%, 1/15/28		300,000		301,060
Healthpeak Properties, Inc.,
Sr. Unsecured, 3.25%, 7/15/26		110,000		110,586
Ventas Realty LP,
Company Guaranteed, 3.25%, 8/15/22		125,000		125,281
Ventas Realty LP,
Company Guaranteed, 4.00%, 3/01/28		250,000		247,864
Welltower, Inc.,
Sr. Unsecured, 3.63%, 3/15/24		250,000		254,259
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	1,988,057
RETAIL – 1.5%
Home Depot, Inc. (The),
Sr. Unsecured, 2.13%, 9/15/26		225,000		236,770

Description	Par Value		Value
Lowe’s Cos., Inc.,
Sr. Unsecured, 3.65%, 4/05/29	$	200,000	$	219,447
Target Corp.,
Sr. Unsecured, 2.25%, 4/15/25		250,000		263,135
TOTAL RETAIL			$	719,352
SEMICONDUCTORS – 0.3%
QUALCOMM, Inc.,
Sr. Unsecured, 3.25%, 5/20/27		150,000		163,282
SOFTWARE – 0.6%
Oracle Corp.,
Sr. Unsecured, 1.90%, 9/15/21		250,000		252,984
Oracle Corp.,
Sr. Unsecured, 2.50%, 4/01/25		50,000		52,783
TOTAL SOFTWARE			$	305,767
TELECOMMUNICATIONS – 1.4%
AT&T, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.93%), 2.30%, 6/30/20D		500,000		500,313
AT&T, Inc.,
Sr. Unsecured, 2.95%, 7/15/26		200,000		206,633
TOTAL TELECOMMUNICATIONS			$	706,946
TRANSPORTATION – 1.6%
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 9/01/22		265,000		264,898
Ryder System, Inc.,
Sr. Unsecured, MTN, 3.40%, 3/01/23		500,000		503,229
TOTAL TRANSPORTATION			$	768,127
TRUCKING & LEASING – 1.1%
GATX Corp.,
Sr. Unsecured, 3.25%, 9/15/26		505,000		522,214
TOTAL CORPORATE BONDS (COST $32,308,174)			$	32,916,229
GOVERNMENT AGENCY – 1.0%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.0%
0.63%, 4/22/25		500,000		501,984
TOTAL GOVERNMENT AGENCY (COST $498,970)			$	501,984
	Number of Shares
INVESTMENT COMPANY – 1.0%
EXCHANGE-TRADED FUND – 1.0%
iShares 0-5 Year High Yield Corporate Bond ETF		12,000	$	506,640
TOTAL INVESTMENT COMPANY (COST $556,843)			$	506,640

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued) 32

Description	Par Value		Value
MORTGAGE-BACKED SECURITIES – 1.4%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.2%
Pool C90504, 6.50%, 12/01/21	$	3,400	$	3,548
Pool G01625, 5.00%, 11/01/33		22,181		24,964
Pool A18401, 6.00%, 2/01/34		21,861		25,490
Pool G08097, 6.50%, 11/01/35		17,631		20,970
Pool G02390, 6.00%, 9/01/36		6,859		8,102
Pool G08193, 6.00%, 4/01/37		19,919		23,558
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	106,632
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.8%
Pool 839291, 5.00%, 9/01/20		38		38
Pool AE2520, 3.00%, 1/01/26		264,372		279,237
Pool 256639, 5.00%, 2/01/27		15,894		17,326
Pool 256752, 6.00%, 6/01/27		16,959		19,301
Pool 257007, 6.00%, 12/01/27		27,671		31,494
Pool 254240, 7.00%, 3/01/32		25,633		29,463
Pool 745412, 5.50%, 12/01/35		15,774		17,946
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	394,805
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.4%
Pool 780825, 6.50%, 7/15/28		40,036		45,882
Pool 2616, 7.00%, 7/20/28		24,136		29,099
Pool 2701, 6.50%, 1/20/29		49,182		57,696
Pool 426727, 7.00%, 2/15/29		4,808		5,497
Pool 781231, 7.00%, 12/15/30		22,564		27,520
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	165,694
TOTAL MORTGAGE-BACKED SECURITIES (COST $601,024)			$	667,131
U.S. TREASURY – 29.9%
U.S. TREASURY NOTES – 29.9%
1.13%, 2/28/27#		250,000		260,086
1.38%, 5/31/21		80,000		81,029
1.50%, 8/15/22		150,000		154,386
1.63%, 5/31/23		200,000		208,360
1.63%, 10/31/23#		490,000		512,870
1.63%, 5/15/26		775,000		827,915
1.75%, 5/15/23		250,000		261,269
1.88%, 7/31/22		125,000		129,670
2.00%, 2/15/23		400,000		419,586
2.00%, 8/15/25		900,000		974,777
2.00%, 11/15/26		500,000		547,825
2.13%, 6/30/21		100,000		102,256
2.13%, 5/15/25		300,000		326,047

Description	Par Value		Value
2.25%, 1/31/24	$	650,000	$	697,111
2.25%, 11/15/25		1,250,000		1,373,798
2.25%, 2/15/27		30,000		33,461
2.25%, 11/15/27		500,000		562,697
2.38%, 8/15/24		750,000		814,855
2.38%, 5/15/29		400,000		461,690
2.50%, 3/31/23		400,000		426,215
2.50%, 8/15/23		500,000		536,534
2.50%, 5/15/24		500,000		543,543
2.75%, 5/31/23		200,000		215,298
2.75%, 11/15/23		550,000		597,504
2.75%, 2/15/28		750,000		874,764
2.88%, 11/30/25		800,000		907,487
2.88%, 5/15/28		1,000,000		1,180,118
3.13%, 11/15/28		650,000		786,394
TOTAL U.S. TREASURY NOTES			$	14,817,545
TOTAL U.S. TREASURY (COST $13,428,910)			$	14,817,545
	Number of Shares
MONEY MARKET FUND – 1.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%^		608,771	$	608,771
TOTAL MONEY MARKET FUND (COST $608,771)			$	608,771
TOTAL INVESTMENTS IN SECURITIES – 101.0% (COST $48,015,946)			$	50,032,390
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2%
REPURCHASE AGREEMENTS – 2.2%
Bank of America Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $53,946 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 8/01/23 to 4/01/59; total market value of $55,025.	$	53,946	$	53,946
Citigroup Global Markets Ltd., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $205,003 collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/31/20 to 2/01/57; total market value of $209,103.		205,003		205,003
Daiwa Capital Markets America, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $205,003 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 5/07/20 to 3/01/52; total market value of $209,103.		205,003		205,003

ANNUAL REPORT / April 30, 2020

33 PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $205,003 collateralized by U.S. Government Agency & Treasury Securities, 0.43% to 8.75%, maturing 8/15/20 to 4/01/50; total market value of $209,103.	$	205,003	$	205,003
HSBC Securities USA, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $205,003 collateralized by U.S. Government Agency Securities, 2.45% to 5.00%, maturing 2/20/49 to 4/15/55; total market value of $209,103.		205,003		205,003
RBC Dominion Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $205,003 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 7/15/24 to 5/01/50; total market value of $209,103.		205,003		205,003
TOTAL REPURCHASE AGREEMENTS     (COST $1,078,961)			$	1,078,961
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON
LOAN
(COST $1,078,961)			$	1,078,961
TOTAL INVESTMENTS – 103.2% (COST $49,094,907)			$	51,111,351
COLLATERAL FOR SECURITIES ON LOAN – (2.2%)				(1,078,961	)
OTHER LIABILITIES LESS ASSETS – (1.0%)				(521,609	)
TOTAL NET ASSETS – 100.0%			$	49,510,781

Cost of investments for Federal income tax purposes is $49,094,907. The net unrealized appreciation/(depreciation) of investments was $2,016,444. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,352,485 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(336,041).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	14,090	$	—	$	14,090
Corporate Bonds		—		32,916,229		—		32,916,229
Government Agency		—		501,984		—		501,984
Investment Company		506,640		—		—		506,640
Mortgage-Backed Securities		—		667,131		—		667,131
U.S. Treasury		—		14,817,545		—		14,817,545
Money Market Fund		608,771		—		—		608,771
Repurchase Agreements		—		1,078,961		—		1,078,961
Total	$	1,115,411	$	49,995,940	$	—	$	51,111,351

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (concluded) 34

# 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 April 30, 2020, these liquid restricted securities amounted to $759,346 representing 1.53% 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%.

The following acronyms are used throughout this Fund:
BKNT	Bank Note
ETF	Exchange-Traded Fund
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

ANNUAL REPORT / April 30, 2020

35

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Bond Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Notes		34.7	%
Health Care Providers & Services		7.5	%
Commercial Paper		5.1	%
Food & Staples Retailing		4.0	%
Electric		3.7	%
Automotive		3.4	%
Federal National Mortgage Association (FNMA)		3.2	%
Commercial Banks		2.9	%
Transportation		2.9	%
Real Estate Investment Trusts		2.2	%
Computers		2.1	%
Diversified Financial Services		2.1	%
Biotechnology		2.1	%
Consumer Finance		2.1	%
Pharmaceuticals		2.0	%
Investment Company		1.9	%
Telecommunications		1.8	%
Federal Home Loan Mortgage Corporation (FHLMC)		1.8	%
Oil & Gas		1.6	%
Pipelines		1.5	%
Media		1.1	%
Health Care Equipment & Supplies		1.0	%
Retail		0.6	%
Aerospace & Defense		0.6	%
Semiconductors		0.6	%
Capital Markets		0.5	%
Commercial Services & Supplies		0.5	%
Building Products		0.5	%
Government National Mortgage Association (GNMA)		0.5	%

	Percentage of Total Net Assets
Whole Loan		0.2	%
Insurance		0.1	%
Cash Equivalents1		5.3	%
Other Assets and Liabilities – Net2		(0.1	)%
TOTAL		100.0	%
Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		5.5	%
U.S. Treasury		34.7	%
A / A		11.7	%
BBB / Baa		31.2	%
BB / Ba		4.6	%
Not Rated		12.4	%
Other Assets and Liabilities – Net2		(0.1	)%
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

April 30, 2020

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	$	35	$	36
TOTAL ADJUSTABLE RATE MORTGAGE
(COST $35)			$	36
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.0%**
Series 1993-1577, Class PK, 6.50%, 9/15/23		5,650		6,069

Description	Par Value		Value
Series 1993-1644, Class K, 6.75%, 12/15/23	$	4,338	$	4,637
Series 1994-1686, Class PJ, 5.00%, 2/15/24		455		477
Series 2011-3799, Class GK, 2.75%, 1/15/21		5,769		5,794
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION     (FHLMC)			$	16,977
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.6%
Series 1993-113, Class PK, 6.50%, 7/25/23		7,065		7,571
Series 1993-127, Class H, 6.50%, 7/25/23		7,165		7,625
Series 1993-202, Class J, 6.50%, 11/25/23		4,620		4,982

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT   Wilmington Short-Term Bond Fund (continued) 36

Description	Par Value		Value
Series 1994-3, Class PL, 5.50%, 1/25/24	$	8,108	$	8,588
Series 1994-55, Class H, 7.00%, 3/25/24		9,088		9,776
Series 2011-66, Class QE, 2.00%, 7/25/21		37,961		38,195
Series 2011-81, Class PA, 3.50%, 8/25/26		659,123		695,057
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	771,794
WHOLE LOAN – 0.2%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 3.87%, 2/25/34D		51,630		49,493
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1, 3.97%, 11/25/35D		58,763		55,390
TOTAL WHOLE LOAN			$	104,883
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $896,738)			$	893,654
COMMERCIAL PAPER – 5.1%◆
ABB Treasury Center USA, Inc.,
1.60%, 5/28/20W		1,000,000		998,756
Dupont De Nemours, Inc.,
1.25%, 5/13/20W		1,500,000		1,499,323
TOTAL COMMERCIAL PAPER (COST $2,498,175)			$	2,498,079
CORPORATE BONDS – 47.4%
AEROSPACE & DEFENSE – 0.6%
General Dynamics Corp.,
Company Guaranteed, 3.25%, 4/01/25		285,000		311,014
AUTOMOTIVE – 3.4%
Ford Motor Co.,
Sr. Unsecured, 8.50%, 4/21/23		200,000		198,635
Ford Motor Credit Co. LLC,
Sr. Unsecured, 5.58%, 3/18/24		250,000		236,703
General Motors Financial Co., Inc.,
Company Guaranteed, 3.20%, 7/13/20		500,000		498,195
PACCAR Financial Corp.,
Sr. Unsecured, MTN, 2.65%, 5/10/22		340,000		347,525
PACCAR Financial Corp.,
Sr. Unsecured, MTN, 2.65%, 4/06/23		130,000		134,923
PACCAR Financial Corp.,
Sr. Unsecured, MTN, 1.80%, 2/06/25		250,000		252,050
TOTAL AUTOMOTIVE			$	1,668,031
BIOTECHNOLOGY – 2.1%
Amgen, Inc.,
Sr. Unsecured, 2.20%, 5/11/20		1,000,000		1,000,235
BUILDING PRODUCTS – 0.5%
Carrier Global Corp.,
Sr. Unsecured, 1.92%, 2/15/23W		250,000		251,085
CAPITAL MARKETS – 0.5%
Morgan Stanley,
Sr. Unsecured, GMTN, 5.50%, 7/24/20		265,000		267,463

Description	Par Value		Value
COMMERCIAL BANKS – 2.9%
Credit Suisse AG,
Sr. Unsecured, 2.10%, 11/12/21	$	390,000	$	394,391
Toronto-Dominion Bank (The),
Sr. Unsecured, MTN, 2.65%, 6/12/24		1,000,000		1,041,114
TOTAL COMMERCIAL BANKS			$	1,435,505
COMMERCIAL SERVICES & SUPPLIES – 0.5%
Global Payments, Inc.,
Sr. Unsecured, 2.65%, 2/15/25		250,000		257,197
COMPUTERS – 2.1%
Hewlett Packard Enterprise Co.,
Sr. Unsecured, 3.60%, 10/15/20		1,000,000		1,007,296
CONSUMER FINANCE – 2.1%
Capital One Financial Corp.,
Sr. Unsecured, (3 Month USD LIBOR + 0.76%), 2.47%, 5/12/20D		1,000,000		1,000,232
DIVERSIFIED FINANCIAL SERVICES – 2.1%
Wells Fargo & Co.,
Sr. Unsecured, MTN, 3.00%, 1/22/21		500,000		506,751
Wells Fargo Bank NA,
Sr. Unsecured, BKNT, (3 Month USD LIBOR + 0.66%), 1.66%, 9/09/22D		500,000		494,041
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	1,000,792
ELECTRIC – 3.7%
Ameren Corp.,
Sr. Unsecured, 2.70%, 11/15/20		300,000		302,363
Consolidated Edison Co. of New York, Inc.,
Sr. Unsecured, 4.45%, 6/15/20		500,000		501,806
WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20		1,000,000		1,000,242
TOTAL ELECTRIC			$	1,804,411
FOOD & STAPLES RETAILING – 4.0%
Campbell Soup Co.,
Sr. Unsecured, 3.30%, 3/19/25		200,000		213,081
Conagra Brands, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.75%), 1.85%, 10/22/20D		190,000		189,942
Conagra Brands, Inc.,
Sr. Unsecured, 3.80%, 10/22/21		500,000		515,792
Kroger Co. (The),
Sr. Unsecured, 2.80%, 8/01/22		1,000,000		1,029,288
TOTAL FOOD & STAPLES RETAILING			$	1,948,103
HEALTH CARE EQUIPMENT & SUPPLIES – 1.0%
Becton Dickinson & Co.,
Sr. Unsecured, 2.40%, 6/05/20		500,000		499,711
HEALTH CARE PROVIDERS & SERVICES – 7.5%
Cigna Corp.,
Company Guaranteed, 3.20%, 9/17/20		700,000		703,515

ANNUAL REPORT / April 30, 2020

37 PORTFOLIOS OF INVESTMENT   Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
CVS Health Corp.,
Sr. Unsecured, 2.80%, 7/20/20	$	500,000	$	501,111
Elanco Animal Health, Inc.,
Sr. Unsecured, 4.66%, 8/27/21		500,000		509,670
McKesson Corp.,
Sr. Unsecured, 3.65%, 11/30/20		445,000		450,564
UnitedHealth Group, Inc.,
Sr. Unsecured, 1.95%, 10/15/20		1,500,000		1,500,221
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,665,081
INSURANCE – 0.1%
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		44,000		45,808
MEDIA – 1.1%
Discovery Communications LLC,
Company Guaranteed, 3.30%, 5/15/22		500,000		513,051
OIL & GAS – 1.6%
Occidental Petroleum Corp.,
Sr. Unsecured, 4.85%, 3/15/21#		822,000		789,766
PHARMACEUTICALS – 2.0%
AbbVie, Inc.,
Sr. Unsecured, 3.38%, 11/14/21		350,000		361,778
AbbVie, Inc.,
Sr. Unsecured, 2.30%, 11/21/22W		500,000		512,354
Bristol-Myers Squibb Co.,
Sr. Unsecured, (3 Month USD LIBOR +
0.38%), 2.07%, 5/16/22DW		85,000		84,424
TOTAL PHARMACEUTICALS			$	958,556
PIPELINES – 1.5%
Enterprise Products Operating LLC,
Company Guaranteed, 3.35%, 3/15/23		500,000		517,828
MPLX LP,
Sr. Unsecured, (3 Month USD LIBOR + 1.10%), 2.10%, 9/09/22D		250,000		222,127
TOTAL PIPELINES			$	739,955
REAL ESTATE INVESTMENT TRUSTS – 2.2%
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		500,000		560,009
Welltower, Inc.,
Sr. Unsecured, 4.50%, 1/15/24		500,000		518,597
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	1,078,606
RETAIL – 0.6%
Target Corp.,
Sr. Unsecured, 2.25%, 4/15/25		300,000		315,762
SEMICONDUCTORS – 0.6%
QUALCOMM, Inc.,
Sr. Unsecured, 2.90%, 5/20/24		275,000		293,986
TELECOMMUNICATIONS – 1.8%
AT&T, Inc.,
Sr. Unsecured, (3 Month USD LIBOR +
0.93%), 2.30%, 6/30/20D		900,000		900,562

Description	Par Value		Value
TRANSPORTATION – 2.9%
Union Pacific Corp.,
Sr. Unsecured, 3.20%, 6/08/21	$	1,375,000	$	1,404,351
TOTAL CORPORATE BONDS (COST $22,979,348)			$	23,156,559
	Number of Shares
INVESTMENT COMPANY – 1.9%
EXCHANGE-TRADED FUND – 1.9%
iShares 0-5 Year High Yield Corporate Bond ETF		21,500	$	907,730
TOTAL INVESTMENT COMPANY (COST $997,677)			$	907,730
	Par Value
MORTGAGE-BACKED SECURITIES – 3.9%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.8%
Pool G12709, 5.00%, 7/01/22	$	18,121	$	18,893
Pool C80328, 7.50%, 7/01/25		9,574		10,701
Pool G14695, 4.50%, 6/01/26		84,038		88,547
Pool G01425, 7.50%, 5/01/32		34,403		39,888
Pool C78010, 5.50%, 4/01/33		386,194		437,779
Pool A18401, 6.00%, 2/01/34		180,162		210,064
Pool G01831, 6.00%, 5/01/35		55,337		64,406
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	870,278
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.6%
Pool MA0909, 3.00%, 11/01/21		61,688		62,828
Pool 334593, 7.00%, 5/01/24		20,558		24,094
Pool AE2520, 3.00%, 1/01/26		88,124		93,079
Pool 436746, 6.50%, 8/01/28		18,333		21,388
Pool 440401, 6.50%, 8/01/28		53,176		60,161
Pool 323419, 6.00%, 12/01/28		21,108		24,728
Pool 485678, 6.50%, 3/01/29		11,542		13,264
Pool 252439, 6.50%, 5/01/29		9,549		11,100
Pool 545051, 6.00%, 9/01/29		22,602		26,191
Pool 725418, 6.50%, 5/01/34		59,111		70,321
Pool 833143, 5.50%, 9/01/35		278,815		315,000
Pool 843323, 5.50%, 10/01/35		14,536		16,532
Pool 255933, 5.50%, 11/01/35		48,593		55,682
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	794,368
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.5%
Pool 306066, 8.50%, 7/15/21		487		507
Pool 1061, 9.00%, 4/20/23		4,503		4,795
Pool 346572, 7.00%, 5/15/23		2,000		2,187

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT   Wilmington Short-Term Bond Fund (continued) 38

Description	Par Value		Value
Pool 484269, 7.00%, 9/15/28	$	17,646	$	19,328
Pool 592505, 6.00%, 4/15/33		119,757		140,447
Pool 581522, 6.00%, 5/15/33		51,708		60,635
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	227,899
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,721,841)			$	1,892,545
U.S. TREASURY – 34.7%
U.S. TREASURY NOTES – 34.7%
1.13%, 8/31/21		495,000		501,143
1.13%, 2/28/25		3,540,000		3,672,509
1.38%, 1/31/25		200,000		209,611
1.63%, 6/30/21		440,000		447,382
1.75%, 6/30/22		1,150,000		1,188,284
1.75%, 7/15/22		3,000,000		3,101,287
1.75%, 12/31/24		1,500,000		1,596,922
1.88%, 7/31/22		1,000,000		1,037,360
2.50%, 1/15/22		1,000,000		1,038,994
2.75%, 9/15/21		4,000,000		4,140,906
TOTAL U.S. TREASURY NOTES			$	16,934,398
TOTAL U.S. TREASURY (COST $16,377,054)			$	16,934,398
	Number of Shares
MONEY MARKET FUND – 4.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%^		2,393,035	$	2,393,035
TOTAL MONEY MARKET FUND (COST $2,393,035)			$	2,393,035
TOTAL INVESTMENTS IN SECURITIES – 99.7% (COST $47,863,903)			$	48,676,036
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.4%
REPURCHASE AGREEMENTS – 0.4%
Bank of America Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $8,676 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 8/01/23 to 4/01/59; total market value of $8,850.	$	8,676	$	8,676

Description	Par Value		Value
Citigroup Global Markets Ltd., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $32,964 collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/31/20 to 2/01/57; total market value of $33,623.	$	32,964	$	32,964
Daiwa Capital Markets America, 0.05%, dated 4/30/20, due 5/01/20, repurchase price $32,964 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 5/07/20 to 3/01/52; total market value of $33,623.		32,964		32,964
Deutsche Bank Securities, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $32,964 collateralized by U.S. Government Agency & Treasury Securities, 0.43% to 8.75%, maturing 8/15/20 to 4/01/50; total market value of $33,623.		32,964		32,964
HSBC Securities USA, Inc., 0.03%, dated 4/30/20, due 5/01/20, repurchase price $32,964 collateralized by U.S. Government Agency Securities, 2.45% to 5.00%, maturing 2/20/49 to 4/15/55; total market value of $33,623.		32,964		32,964
RBC Dominion Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $32,964 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 7/15/24 to 5/01/50; total market value of $33,623.		32,964		32,964
TOTAL REPURCHASE AGREEMENTS (COST $173,496)			$	173,496
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $173,496)			$	173,496
TOTAL INVESTMENTS – 100.1% (COST $48,037,399)			$	48,849,532
COLLATERAL FOR SECURITIES ON LOAN – (0.4%)				(173,496	)
OTHER ASSETS LESS LIABILITIES – 0.3%				131,368
TOTAL NET ASSETS – 100.0%			$	48,807,404

Cost of investments for Federal income tax purposes is $48,040,815. The net unrealized appreciation/(depreciation) of investments was $808,717. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,023,113 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(214,396).

ANNUAL REPORT / April 30, 2020

39 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 April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	36	$	—	$	36
Collateralized Mortgage Obligations		—		893,654		—		893,654
Commercial Paper		—		2,498,079		—		2,498,079
Corporate Bonds		—		23,156,559		—		23,156,559
Investment Company		907,730		—		—		907,730
Mortgage-Backed Securities		—		1,892,545		—		1,892,545
U.S. Treasury		—		16,934,398		—		16,934,398
Money Market Fund		2,393,035		—		—		2,393,035
Repurchase Agreements		—		173,496		—		173,496
Total	$	3,300,765	$	45,548,767	$	—	$	48,849,532

# 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 April 30, 2020, these liquid restricted securities amounted to $3,345,942 representing 6.86% 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:
BKNT	Bank Note
CMT	Constant Maturity Treasury
ETF	Exchange-Traded Fund
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate

LLC	Limited Liability Corporation
LP	Limited Partnership
MTN	Medium Term Note
NA	National Association
USD	United States Dollar
UST	U.S. Treasury

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

40

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
General Obligations		23.2	%
Housing		18.0	%
Higher Education		8.9	%
Development		6.9	%
Dedicated Tax		6.4	%
Airport		6.3	%
Water		6.3	%
Medical		4.6	%
Lease		3.1	%
Hospital		2.6	%
Transportation		2.6	%
School District		2.2	%
Utilities		1.8	%
Student Loan		1.7	%
Education		1.6	%
Power		0.3	%
Facilities		0.3	%
Cash Equivalents1		4.2	%
Other Assets and Liabilities – Net2		(1.0	)%
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		18.3	%
AA / Aa		37.4	%
A / A		23.0	%
BBB / Baa		14.6	%
Not Rated		7.7	%
Other Assets and Liabilities – Net2		(1.0	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2020

Description	Par Value		Value
MUNICIPAL BONDS – 96.8%
ALABAMA – 1.0%
GENERAL OBLIGATIONS – 0.1%
State of Alabama, AL, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 8/01/22	$	250,000	$	272,055

Description	Par Value		Value
HIGHER EDUCATION – 0.3%
University of South Alabama, AL, Advance Refunding Revenue Bonds, (AGM), 5.00%, 11/01/31	$	1,000,000	$	1,165,730
WATER – 0.6%
Huntsville Water Revenue Warrants, AL, Revenue Bonds, 5.00%, 11/01/34		1,840,000		2,119,459
TOTAL ALABAMA			$	3,557,244

ANNUAL REPORT / April 30, 2020

41 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
ALASKA – 0.6%
HIGHER EDUCATION – 0.6%
University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29	$	1,810,000	$	1,951,379
TOTAL ALASKA			$	1,951,379
ARIZONA – 3.7%
DEVELOPMENT – 1.7%
Chandler Industrial Development Authority, AZ, Revenue Bonds, (Intel Corporation Project), 5.00%, 6/01/49D		5,000,000		5,570,100
Industrial Development Authority of the City of Phoenix (The), AZ, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), 6.85%, 12/01/25		155,000		179,030
TOTAL DEVELOPMENT			$	5,749,130
EDUCATION – 1.4%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund)
5.00%, 11/01/26		1,000,000		1,201,800
5.00%, 11/01/30		1,000,000		1,220,000
5.00%, 11/01/32		865,000		1,037,732
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		1,410,760
TOTAL EDUCATION			$	4,870,292
HOUSING – 0.6%
Industrial Development Authority of the County of Pima (The), AZ, Revenue Bonds, 8.20%, 9/01/21		1,740,000		1,845,079
TOTAL ARIZONA			$	12,464,501
ARKANSAS – 1.3%
DEDICATED TAX – 0.8%
Fayetteville City, AR, Revenue Bonds, (Sales and Use Tax), (Series A), 2.00%, 11/01/29		2,565,000		2,611,478
SCHOOL DISTRICT – 0.5%
Siloam Springs School District No. 21 of Benton County, AR, GO Limited, Current Refunding Bonds, AD Valorem Property Tax, 2.00%, 6/01/24		1,720,000		1,765,511
TOTAL ARKANSAS			$	4,376,989
CALIFORNIA – 2.1%
GENERAL OBLIGATIONS – 1.2%
California State Public Works Board, CA, Current Refunding Revenue Bonds, (Series F), 5.00%, 5/01/20		1,165,000		1,165,085
State of California, CA, GO Unlimited Current Refunding, 5.00%, 4/01/32		2,250,000		2,963,273
TOTAL GENERAL OBLIGATIONS			$	4,128,358

Description	Par Value		Value
HIGHER EDUCATION – 0.0%**
California Educational Facilities Authority, CA, Revenue Bonds, (Pooled College and University Projects), (1999 Series B), 5.25%, 4/01/24	$	10,000	$	10,875
HOUSING – 0.0%**
California Statewide Communities Development Authority, CA, Multi Family Revenue Bonds, (Series N), (Affordable - Village II Apartments), 4.38%, 1/01/23		45,000		46,303
POWER – 0.3%
M-S-R Public Power Agency, CA, Revenue Bonds, (Series E), (NATL), 6.00%, 7/01/22		175,000		185,297
Redding City Electric System Revenue, CA, Revenue Bonds, (NATL), 6.37%, 7/01/22		800,000		841,496
TOTAL POWER			$	1,026,793
SCHOOL DISTRICT – 0.4%
Los Angeles Unified School District, CA, GO Unlimited, AD Valorem Property Tax, (Series RYQ), 5.00%, 7/01/25		1,000,000		1,180,420
WATER – 0.2%
Metropolitan Water District of Southern California, CA, Unrefunded Revenue Bonds, (Series A), (FGIC-TCRS), 5.75%, 7/01/21		820,000		833,407
TOTAL CALIFORNIA			$	7,226,156
COLORADO – 2.2%
AIRPORT – 0.9%
City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31		2,500,000		2,958,250
HOUSING – 0.6%
Colorado Housing & Finance Authority, CO, Single Family Revenue Bonds, (Series B), 3.75%, 5/01/50		2,000,000		2,123,680
MEDICAL – 0.7%
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 8/01/49D		2,000,000		2,263,460
TOTAL COLORADO			$	7,345,390
CONNECTICUT – 3.3%
GENERAL OBLIGATIONS – 0.5%
State of Connecticut, CT, GO Unlimited, (Series E), 5.00%, 10/15/23		1,035,000		1,142,557
State of Connecticut, CT, GO Unlimited, Refunding Notes, (Series E), 5.00%, 9/15/27		500,000		591,025
TOTAL GENERAL OBLIGATIONS			$	1,733,582

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 42

Description	Par Value		Value
HIGHER EDUCATION – 1.3%
Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Series R), Fairfield University, 5.00%, 7/01/31	$	1,385,000	$	1,551,048
University of Connecticut, CT, Revenue Bonds, (Series A)
5.00%, 3/15/31		1,480,000		1,736,055
5.00%, 1/15/33		1,000,000		1,139,620
TOTAL HIGHER EDUCATION			$	4,426,723
HOUSING – 1.5%
Connecticut Housing Finance Authority, CT, Current Refunding Revenue Bonds, (Home Mortgage Finance Program), (Sub-Series D-1), 4.00%, 11/15/49		3,000,000		3,249,390
Connecticut Housing Finance Authority, CT, Revenue Bonds, (Sub-Series A-2), 4.00%, 11/15/41		1,730,000		1,828,264
TOTAL HOUSING			$	5,077,654
TOTAL CONNECTICUT			$	11,237,959
DELAWARE – 0.7%
GENERAL OBLIGATIONS – 0.7%
State of Delaware, DE, GO Unlimited, (Series A), 5.00%, 1/01/29		1,810,000		2,348,511
TOTAL DELAWARE			$	2,348,511
DISTRICT OF COLUMBIA – 0.7%
GENERAL OBLIGATIONS – 0.7%
District of Columbia, DC, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 6/01/31		2,080,000		2,540,512
TOTAL DISTRICT OF COLUMBIA			$	2,540,512
FLORIDA – 5.7%
AIRPORT – 1.0%
Broward County, FL, Airport System Revenue Bonds, 5.00%, 10/01/27		1,500,000		1,767,630
Miami-Dade County, FL, Seaport Department, Revenue Bonds, (Series B), 6.00%, 10/01/24		1,500,000		1,727,205
TOTAL AIRPORT			$	3,494,835
GENERAL OBLIGATIONS – 0.5%
Broward County, FL, GO Unlimited, Refunding Bonds, (Parks and Land Preservation Project), AD Valorem Property Tax, 5.00%, 1/01/24		1,500,000		1,597,605
Miami-Dade County, FL, Revenue Bonds, (Sports Franchise Facilities), (NATL), 5.25%, 10/01/30		65,000		83,141
TOTAL GENERAL OBLIGATIONS			$	1,680,746

Description	Par Value		Value
HIGHER EDUCATION – 1.5%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)
5.00%, 4/01/28	$	750,000	$	849,923
5.00%, 4/01/30		750,000		840,052
5.00%, 4/01/31		750,000		835,665
5.00%, 4/01/33		750,000		819,832
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 3/01/28		1,600,000		1,681,920
TOTAL HIGHER EDUCATION			$	5,027,392
HOUSING – 1.7%
Capital Trust Agency, Inc., FL, Multi Family Revenue Bonds, (Mission Springs Apartments Project), 5.38%, 12/01/52		415,000		470,261
Capital Trust Agency, Inc., FL, Multi Family Revenue Bonds, (Mission Springs Apartments Project), (Series A), 3.25%, 12/01/27		500,000		541,225
Florida Gulf Coast University Financing Corp., FL, Current Refunding Revenue Bonds, (Housing Project)
5.00%, 2/01/25		500,000		557,205
5.00%, 2/01/26		500,000		565,805
Pinellas County Housing Finance Authority, FL, Single Family Revenue Bonds, (Series A), 4.00%, 3/01/50		3,400,000		3,638,884
TOTAL HOUSING			$	5,773,380
WATER – 1.0%
Miami-Dade County, FL, Water & Sewer System Revenue, Advance Refunding Revenue Bonds, (Series B), 5.00%, 10/01/30		2,645,000		3,086,503
Village of Royal Palm Beach Utility System Revenue, FL, Revenue Bonds, Public Improvements, (NATL), 4.50%, 10/01/22		185,000		192,439
TOTAL WATER			$	3,278,942
TOTAL FLORIDA			$	19,255,295
GEORGIA – 0.6%
GENERAL OBLIGATIONS – 0.1%
Cobb-Marietta Coliseum & Exhibit Hall Authority, GA, Refunding Revenue Bonds, (NATL), 5.63%, 10/01/26		220,000		230,067
HIGHER EDUCATION – 0.5%
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		1,830,701
TOTAL GEORGIA			$	2,060,768

ANNUAL REPORT / April 30, 2020

43 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
HAWAII – 0.4%
GENERAL OBLIGATIONS – 0.4%
State of Hawaii, HI, GO Unlimited, (Series FT), 5.00%, 1/01/26	$	1,075,000	$	1,287,560
TOTAL HAWAII			$	1,287,560
ILLINOIS – 16.5%
AIRPORT – 0.7%
Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 1/01/29		2,250,000		2,401,875
DEDICATED TAX – 1.2%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 6/01/33		1,450,000		1,750,657
Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 1/01/26		2,000,000		2,217,940
TOTAL DEDICATED TAX			$	3,968,597
GENERAL OBLIGATIONS – 12.0%
Chester City, IL, GO Unlimited Current Refunding, AD Valorem Property Tax, (BAM), 2.10%, 5/01/21		195,000		195,530
Chicago Park District, IL, GO Unlimited Current Refunding, AD Valorem Property Tax, (Series D)
5.00%, 1/01/26		1,250,000		1,332,050
5.00%, 1/01/27		3,455,000		3,682,546
Chicago, IL, GO Limited, (Lakefront Millennium Parking Facilities), (NATL), 5.75%, 1/01/23		50,000		54,303
Chicago, IL, GO Unlimited Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 1/01/25		3,000,000		3,074,700
Cook County, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), (AGM), 5.00%, 11/15/26		2,050,000		2,455,941
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), 7.00%, 7/01/26		11,750,000		13,894,257
Metropolitan Water Reclamation District of Greater Chicago, IL, GO Limited, (Water Utility & Sewer Improvements), AD Valorem Property Tax, (Series C-Green Bond), 5.00%, 12/01/28		7,040,000		7,919,366
State of Illinois, IL, GO Unlimited, Public Improvements, (Series B), 5.00%, 12/01/25		7,935,000		7,801,692
Village of Matteson, IL, Revenue Bonds, Public Improvements, (Capital Appreciation Debt Certificates), 8.00%, 12/01/29		255,000		284,611
TOTAL GENERAL OBLIGATIONS			$	40,694,996
HOUSING – 2.5%
Illinois Housing Development Authority, IL, Multi Family Revenue Bonds, 7.00%, 7/01/23		245,000		257,382

Description	Par Value		Value
Illinois Housing Development Authority, IL, Multi Family Revenue Bonds, (Marshall Field Garden Apartment Homes), 1.22%, 5/15/50D	$	925,000	$	926,665
Illinois Housing Development Authority, IL, Single Family Revenue Bonds, (Series A), 3.75%, 4/01/50		2,850,000		3,041,691
Illinois Housing Development Authority, IL, Single Family Revenue Bonds, (Series D), 3.75%, 4/01/50		3,975,000		4,232,659
TOTAL HOUSING			$	8,458,397
MEDICAL – 0.1%
Illinois Health Facilities Authority, IL, Refunding Revenue Bonds, (Franciscan Sisters Health Care), (NATL), 6.25%, 9/01/21		35,000		36,421
Illinois Health Facilities Authority, IL, Refunding Revenue Bonds, (Series A), (Evangelical Hospital), 6.25%, 4/15/22		300,000		320,826
Illinois Health Facilities Authority, IL, Revenue Bonds, (Series B), (Ancilla Systems Inc.), (NATL), 5.25%, 7/01/22		120,000		125,480
TOTAL MEDICAL			$	482,727
WATER – 0.0%**
Chicago City, Waterworks Revenue, IL, Refunding Revenue Bonds, (Second Lien), (BHAC-CR AMBAC), 5.75%, 11/01/30		50,000		62,827
TOTAL ILLINOIS			$	56,069,419
INDIANA – 2.8%
DEVELOPMENT – 2.1%
Whiting City, IN, Current Refunding Revenue Bonds, (BP Products North America Inc. Project), 5.00%, 12/01/44D		6,500,000		7,239,440
HOUSING – 0.7%
Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (Series C-2), 4.00%, 1/01/37		1,505,000		1,552,889
Indiana Housing & Community Development Authority, IN, Revenue Bonds, (Series A), 3.90%, 7/01/43		805,000		843,576
TOTAL HOUSING			$	2,396,465
TOTAL INDIANA			$	9,635,905
IOWA – 1.1%
HOUSING – 1.1%
Iowa Finance Authority, IA, Revenue Bonds, (Series D), 3.50%, 1/01/49		3,490,000		3,697,341
TOTAL IOWA			$	3,697,341

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 44

Description	Par Value		Value
KANSAS – 0.2%
UTILITIES – 0.2%
Wichita City, Water & Sewer Utility Revenue, KS, Refunding Revenue Bonds, (Series A), 5.00%, 10/01/23	$	500,000	$	528,840
TOTAL KANSAS			$	528,840
KENTUCKY – 1.1%
AIRPORT – 0.4%
Lexington-Fayette Urban County Airport Board Corp., KY, Current Refunding Revenue Bonds, (Series A), 5.00%, 7/01/30		1,350,000		1,452,343
LEASE – 0.7%
Kentucky State Property & Building Commission, KY, Revenue Bonds, Public Improvements, (Project No. 119), 5.00%, 5/01/25		2,000,000		2,234,780
TOTAL KENTUCKY			$	3,687,123
LOUISIANA – 1.6%
DEVELOPMENT – 1.6%
Parish of St. John the Baptist, LA, Current Refunding Revenue Bonds, (Marathon Oil Corporation Project), 2.00%, 6/01/37D		6,000,000		5,381,340
TOTAL LOUISIANA			$	5,381,340
MARYLAND – 2.4%
DEDICATED TAX – 0.2%
Maryland State Department of Transportation, MD, Highways Improvement Revenue Bonds, 4.00%, 5/01/30		500,000		587,120
GENERAL OBLIGATIONS – 1.1%
Anne Arundel County, MD, GO Limited, AD Valorem Property Tax, 5.00%, 10/01/25		3,000,000		3,596,100
MEDICAL – 0.0%**
Maryland Health & Higher Educational Facilities Authority, MD, Refunding Revenue Bonds, (Helix Health Issue), (AMBAC), 5.00%, 7/01/27		100,000		116,185
WATER – 1.1%
Washington Suburban Sanitary Commission, MD, Revenue Bonds, (Consolidated Public Improvement Bonds), 5.00%, 6/01/33		3,000,000		3,707,070
TOTAL MARYLAND			$	8,006,475
MASSACHUSETTS – 3.5%
HIGHER EDUCATION – 1.4%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Series A), (Emerson College), 5.00%, 1/01/32		2,000,000		2,190,120
Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Series L), (Simmons University) 5.00%, 10/01/30		1,180,000		1,319,323

Description	Par Value		Value
5.00%, 10/01/31	$	1,000,000	$	1,109,670
TOTAL HIGHER EDUCATION			$	4,619,113
HOSPITAL – 0.8%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Partners Healthcare System), 5.00%, 7/01/33		2,455,000		2,836,163
HOUSING – 0.1%
Massachusetts Housing Finance Agency, MA, Multi Family Revenue Bonds, 7.00%, 4/01/21		10,000		10,548
Massachusetts Housing Finance Agency, MA, Multi Family Revenue Bonds, (Series B), 3.95%, 12/01/26		195,000		199,553
TOTAL HOUSING			$	210,101
MEDICAL – 0.1%
Massachusetts Health & Educational Facilities Authority, MA, Refunding Revenue Bonds, (Partners Healthcare System), (Series F1), (AGM), 1.45%, 7/01/40D		500,000		500,000
STUDENT LOAN – 0.7%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Issue K), (Series A), 5.00%, 7/01/25		2,200,000		2,447,038
WATER – 0.4%
Massachusetts Water Resources Authority, MA, Refunding Revenue Bonds, (Series B), (AGM), 5.25%, 8/01/33		1,000,000		1,384,610
TOTAL MASSACHUSETTS			$	11,997,025
MICHIGAN – 3.7%
DEDICATED TAX – 1.8%
Michigan Finance Authority, MI, Revenue Bonds, (Series H-1), 5.00%, 10/01/25		5,215,000		6,080,377
HOSPITAL – 1.2%
Kalamazoo Hospital Finance Authority, MI, Advance Refunding Revenue Bonds, (Bronson Healthcare Group), 5.00%, 5/15/30		2,055,000		2,320,568
Michigan Finance Authority, MI, Advance Refunding Revenue Bonds, (Series A), (Beaumont Health Credit Group), 5.00%, 8/01/31		1,655,000		1,801,914
TOTAL HOSPITAL			$	4,122,482
HOUSING – 0.2%
Michigan State Housing Development Authority, MI, Multi Family Revenue Bonds, (Series A), 3.80%, 10/01/38		300,000		317,841
Michigan State Housing Development Authority, MI, Multi Family Revenue Bonds, (Series A-1), 2.88%, 10/01/34		375,000		382,189
TOTAL HOUSING			$	700,030

ANNUAL REPORT / April 30, 2020

45 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
WATER – 0.5%
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Series C), (Local Government Loan Program), 5.00%, 7/01/34	$	1,450,000	$	1,664,034
TOTAL MICHIGAN			$	12,566,923
MINNESOTA – 1.9%
HOUSING – 1.9%
Coon Rapids City, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 8/01/35		2,724,572		2,696,345
Minnesota Housing Finance Agency, MN, Revenue Bonds, (Series F), 3.75%, 1/01/50		3,480,000		3,692,002
TOTAL HOUSING			$	6,388,347
TOTAL MINNESOTA			$	6,388,347
NEBRASKA – 2.8%
GENERAL OBLIGATIONS – 1.9%
Central Plains Energy Project, NE, Current Refunding Revenue Bonds, 4.00%, 12/01/49D		6,000,000		6,494,400
HOUSING – 0.9%
Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 9/01/49		2,950,000		3,113,902
TOTAL NEBRASKA			$	9,608,302
NEW JERSEY – 3.0%
HIGHER EDUCATION – 1.3%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series B), (Rowan University Project), 5.00%, 7/01/27		2,000,000		2,215,300
New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Series B), (Montclair State University), 5.00%, 7/01/30		1,000,000		1,115,490
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 7/01/31		1,000,000		1,094,360
TOTAL HIGHER EDUCATION			$	4,425,150
HOUSING – 0.1%
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33		400,000		418,396
New Jersey Housing & Mortgage Finance Agency, NJ, Multi Family Revenue Bonds, (Series A), 6.00%, 11/01/23		30,000		31,595
TOTAL HOUSING			$	449,991
LEASE – 0.9%
New Jersey Economic Development Authority, NJ, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23		1,305,000		1,343,902

Description	Par Value		Value
New Jersey Sports & Exposition Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 9/01/24	$	1,685,000	$	1,741,380
TOTAL LEASE			$	3,085,282
MEDICAL – 0.0%**
New Jersey Health Care Facilities Financing Authority, NJ, Current Refunding Revenue Bonds, (Kennedy Health System), 3.75%, 7/01/27		60,000		65,723
New Jersey Health Care Facilities Financing Authority, NJ, Refunding Revenue Bonds, (Series A), (Saint Clare’s Hospital, Inc.), (AGC), 4.75%, 7/01/25		90,000		102,190
TOTAL MEDICAL			$	167,913
TRANSPORTATION – 0.7%
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System), 5.00%, 12/15/28		2,135,000		2,212,885
TOTAL NEW JERSEY			$	10,341,221
NEW MEXICO – 1.0%
GENERAL OBLIGATIONS – 1.0%
New Mexico Municipal Energy Acquisition Authority, NM, Revenue Bonds, (Series A), 5.00%, 11/01/39D		3,065,000		3,450,056
HIGHER EDUCATION – 0.0%**
University of New Mexico (The), NM, Revenue Bonds, 6.50%, 6/01/21		100,000		100,570
TOTAL NEW MEXICO			$	3,550,626
NEW YORK – 4.8%
AIRPORT – 1.0%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series), 5.00%, 9/15/31		2,500,000		2,903,050
Port Authority of New York & New Jersey, NY, Revenue Bonds, (85th Series), 5.38%, 3/01/28		520,000		598,842
TOTAL AIRPORT			$	3,501,892
DEDICATED TAX – 0.2%
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series-C-3), (AGM), 1.50%, 11/01/27D		725,000		725,000
GENERAL OBLIGATIONS – 0.6%
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-2), (AGM), 1.50%, 8/01/26D		1,000,000		1,000,000

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 46

Description	Par Value		Value
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-4), (AGM), 1.50%, 8/01/26D	$	500,000	$	500,000
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-5), (AGM), 1.50%, 8/01/26D		500,000		500,000
TOTAL GENERAL OBLIGATIONS			$	2,000,000
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		2,002,475
New York City, NY, Housing Development Corp., Multi Family Revenue Bonds, (Sustainable Neighborhood Bonds), 1.75%, 5/01/59D		5,000,000		5,007,300
New York State Mortgage Agency, NY, Single Family Refunding Revenue Bonds, (Series 183), 3.75%, 4/01/23		1,000,000		1,055,650
TOTAL HOUSING			$	8,065,425
MEDICAL – 0.6%
New York State Dormitory Authority, NY, Revenue Bonds, (Memorial Sloan-Kettering Cancer Center), (NATL), 5.50%, 7/01/23		1,915,000		2,082,084
TOTAL NEW YORK			$	16,374,401
NORTH CAROLINA – 0.5%
MEDICAL – 0.1%
North Carolina Medical Care Commission, NC, Revenue Bonds, (First Mortgage), (Whitestone Project), (Series A), 6.25%, 3/01/21		15,000		15,644
Wake County, NC, Refunding Revenue Bonds, Hospital System, (NATL), 5.13%, 10/01/26		100,000		112,497
TOTAL MEDICAL			$	128,141
POWER – 0.0%**
North Carolina Eastern Municipal Power Agency, NC, Revenue Bonds, (Series A), 6.40%, 1/01/21		35,000		36,293
TRANSPORTATION – 0.4%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 1/01/32		1,250,000		1,475,925
TOTAL NORTH CAROLINA			$	1,640,359
OHIO – 4.2%
DEVELOPMENT – 0.6%
Ohio Air Quality Development Authority, OH, Refunding Revenue Bonds, (American Electric Power Company Project), 2.10%, 7/01/28D		2,000,000		1,937,740
HOUSING – 1.3%
Ohio Housing Finance Agency, OH, Revenue Bonds, (Series B), 4.50%, 3/01/50		3,970,000		4,332,540

Description	Par Value		Value
LEASE – 0.3%
Buckeye Tobacco Settlement Financing Authority, OH, Revenue Bonds, (Senior Convertible Capital Appreciation Assets), 6.25%, 6/01/37	$	1,000,000	$	1,112,800
MEDICAL – 1.0%
Mahoning, County, OH, Hospital Improvement Revenue Bonds, (Western Reserve Care System Project), (NATL), 5.50%, 10/15/25		55,000		61,573
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		3,035,000		3,232,761
Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded - Catholic Health Initiatives), 5.25%, 5/01/29		10,000		11,188
TOTAL MEDICAL			$	3,305,522
TRANSPORTATION – 0.6%
Ohio Turnpike & Infrastructure Commission, OH, Refunding Revenue Bonds, (Series A), (NATL), 5.50%, 2/15/24		1,985,000		2,203,529
WATER – 0.4%
Ohio Water Development Authority Water Pollution Control Loan Fund, OH, Lease Revenue Bonds, (Series A), 5.00%, 12/01/31		1,000,000		1,298,880
TOTAL OHIO			$	14,191,011
OREGON – 0.7%
SCHOOL DISTRICT – 0.7%
Multnomah County, School District No. 1 Portland Public Schools, OR, GO Unlimited, AD Valorem Property Tax, 5.00%, 6/15/24		2,000,000		2,311,720
TOTAL OREGON			$	2,311,720
PENNSYLVANIA – 6.7%
AIRPORT – 0.5%
Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 7/01/30		1,500,000		1,709,985
DEDICATED TAX – 0.7%
Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32		2,000,000		2,366,520
DEVELOPMENT – 0.9%
Pennsylvania Economic Development Financing Authority, PA, Revenue Bonds, (Waste Management Inc., Project), 1.75%, 8/01/38D		3,000,000		2,882,940
EDUCATION – 0.2%
Bucks County Industrial Development Authority, PA, Current Refunding Revenue Bonds, (George School Project) 5.00%, 9/15/32		180,000		227,180

ANNUAL REPORT / April 30, 2020

47 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
5.00%, 9/15/33	$	125,000	$	156,911
5.00%, 9/15/34		130,000		162,687
TOTAL EDUCATION			$	546,778
FACILITIES – 0.3%
Delaware Valley Regional Finance Authority, PA, Revenue Bonds, (Series C), 0.75%, 9/01/48D		1,000,000		989,350
GENERAL OBLIGATIONS – 0.2%
Bethlehem Authority, PA, Revenue Bonds, Public Improvements, (Guaranteed Lease Revenue Bonds), (Series A), (AGM), 5.13%, 12/01/21		20,000		20,624
Commonwealth of Pennsylvania, PA, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series 1), 5.00%, 1/01/27		660,000		803,913
TOTAL GENERAL OBLIGATIONS			$	824,537
HIGHER EDUCATION – 1.0%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,048,250
Pennsylvania Higher Educational Facilities Authority, PA, Advance Refunding Revenue Bonds, (Series A), (University of Sciences, Philadelphia), 5.00%, 11/01/28		2,330,000		2,339,553
TOTAL HIGHER EDUCATION			$	3,387,803
LEASE – 0.3%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 6/01/34		1,000,000		1,131,860
MEDICAL – 0.5%
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		315,000		337,019
Pottsville Hospital Authority, PA, Current Refunding Revenue Bonds, (Schuylkill Health System Project), 6.50%, 7/01/28		1,260,000		1,505,700
TOTAL MEDICAL			$	1,842,719
WATER – 2.1%
Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		6,789,676
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 9/01/33		340,000		452,894
TOTAL WATER			$	7,242,570
TOTAL PENNSYLVANIA			$	22,925,062

Description	Par Value		Value
RHODE ISLAND – 1.0%
STUDENT LOAN – 1.0%
Rhode Island Student Loan Authority, RI, Revenue Bonds, (Series A)
4.00%, 12/01/27	$	1,995,000	$	2,073,723
5.00%, 12/01/23		1,200,000		1,319,652
TOTAL STUDENT LOAN			$	3,393,375
TOTAL RHODE ISLAND			$	3,393,375
SOUTH CAROLINA – 1.3%
HOUSING – 0.4%
South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (Series B-2), 4.00%, 7/01/43		1,455,000		1,527,910
LEASE – 0.9%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), 6.38%, 5/15/30		2,190,000		2,957,726
TOTAL SOUTH CAROLINA			$	4,485,636
SOUTH DAKOTA – 0.6%
HOUSING – 0.6%
South Dakota Housing Development Authority, SD, Single Family Refunding Revenue Bonds, (Series A), 3.75%, 11/01/50		2,000,000		2,132,020
TOTAL SOUTH DAKOTA			$	2,132,020
TENNESSEE – 0.5%
HOUSING – 0.5%
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		1,750,980
TOTAL TENNESSEE			$	1,750,980
TEXAS – 6.4%
DEDICATED TAX – 0.3%
Texas Transportation Commission State Highway Fund, TX, Refunding Revenue Bonds, (Series A), 5.00%, 4/01/22		915,000		985,629
GENERAL OBLIGATIONS – 1.1%
Collin County Community College District, TX, GO Limited, AD Valorem Property Tax, (Series A)
5.00%, 8/15/27		1,000,000		1,244,930
5.00%, 8/15/33		2,000,000		2,518,700
TOTAL GENERAL OBLIGATIONS			$	3,763,630
HIGHER EDUCATION – 1.0%
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools) 5.00%, 8/15/27		1,000,000		1,241,030

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 48

Description	Par Value		Value
5.00%, 8/15/29	$	1,000,000	$	1,252,680
5.00%, 8/15/31		835,000		985,918
TOTAL HIGHER EDUCATION			$	3,479,628
HOUSING – 0.9%
Texas Department of Housing & Community Affairs, TX, Revenue Bonds, (Series A), 4.00%, 3/01/50		2,730,000		2,956,508
MEDICAL – 0.0%**
North Central Texas Health Facility Development Corp., TX, Refunding Revenue Bonds, (Presbyterian Healthcare System), (Series B), (NATL), 5.50%, 6/01/21		40,000		40,986
Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (AMBAC), 6.00%, 9/01/24		35,000		39,220
Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (FGIC), 6.00%, 9/01/24		45,000		50,425
Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (NATL-IBC), 6.00%, 9/01/24		30,000		33,617
TOTAL MEDICAL			$	164,248
SCHOOL DISTRICT – 0.6%
Beaumont Independent School District, TX, GO Unlimited Current Refunding, AD Valorem Property Tax, 4.00%, 2/15/31		1,000,000		1,139,520
Carroll Independent School District, TX, GO Unlimited, AD Valorem Property Tax, 5.00%, 2/15/23		250,000		277,010
Fort Worth Independent School District, TX, GO Unlimited, Advance Refunding, AD Valorem Property Tax, 5.00%, 2/15/24		350,000		399,241
Northside Independent School District, TX, GO Unlimited, Advance Refunding, AD Valorem Property Tax, 5.00%, 8/15/23		300,000		338,499
TOTAL SCHOOL DISTRICT			$	2,154,270
TRANSPORTATION – 0.9%
Central Texas Regional Mobility Authority, TX, Revenue Bonds, (Senior Lien), 5.00%, 1/01/33		1,470,000		1,612,590
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 8/15/32		1,225,000		1,287,267
TOTAL TRANSPORTATION			$	2,899,857
UTILITIES – 1.6%
Austin, TX, Refunding Revenue Bonds, (BHAC-CR NATL-RE), 5.25%, 5/15/25		5,000,000		5,536,700
TOTAL TEXAS			$	21,940,470

Description	Par Value		Value
UTAH – 3.5%
AIRPORT – 1.8%
Salt Lake City Corp., UT, Revenue Bonds, (Series A)
5.00%, 7/01/32	$	3,000,000	$	3,422,190
5.00%, 7/01/33		2,500,000		2,836,450
TOTAL AIRPORT			$	6,258,640
GENERAL OBLIGATIONS – 0.4%
State of Utah, UT, GO Unlimited,
5.00%, 7/01/26		1,000,000		1,225,790
MEDICAL – 1.3%
Salt Lake County, UT, Revenue Bonds, (IHC
Health Services), (AMBAC)
5.13%, 2/15/33		3,490,000		3,978,740
5.40%, 2/15/28		500,000		579,345
TOTAL MEDICAL			$	4,558,085
TOTAL UTAH			$	12,042,515
VIRGINIA – 0.7%
GENERAL OBLIGATIONS – 0.7%
Virginia Public Building Authority, VA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 8/01/24		2,055,000		2,383,389
TOTAL VIRGINIA			$	2,383,389
WASHINGTON – 1.8%
DEDICATED TAX – 1.2%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 2/01/28		3,820,000		4,306,057
HOSPITAL – 0.6%
Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, Overlake Hospital Medical Center, 5.00%, 7/01/33		1,750,000		1,982,925
TOTAL WASHINGTON			$	6,288,982
WISCONSIN – 0.2%
GENERAL OBLIGATIONS – 0.0%**
State of Wisconsin, WI, GO Unlimited, Advance Refunding, AD Valorem Property Tax, (Series 1), 5.00%, 11/01/21		180,000		191,133
MEDICAL – 0.2%
Wisconsin Health & Educational Facilities Authority, WI, Current Refunding Revenue Bonds, (Aurora Health Care, Inc.), (Series A), 5.13%, 4/15/31		500,000		560,060
TOTAL WISCONSIN			$	751,193
TOTAL MUNICIPAL BONDS (COST $333,186,934)			$	329,722,264

ANNUAL REPORT / April 30, 2020

49 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (concluded)

Description	Number of Shares		Value
MONEY MARKET FUND – 4.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%^		14,260,829	$	14,260,829
TOTAL MONEY MARKET FUND (COST $14,260,829)			$	14,260,829

Description	Value
TOTAL INVESTMENTS – 101.0% (COST $347,447,763)	$	343,983,093
OTHER LIABILITIES LESS ASSETS – (1.0%)		(3,314,332	)
TOTAL NET ASSETS – 100.0%	$	340,668,761

Cost of investments for Federal income tax purposes is $347,449,696. The net unrealized appreciation/(depreciation) of investments was $(3,466,603). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,092,838 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(6,559,441).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	329,722,264	$	—	$	329,722,264
Money Market Fund		14,260,829		—		—		14,260,829
Total	$	14,260,829	$	329,722,264	$	—	$	343,983,093

^ 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
BHAC	Berkshire Hathaway Assurance Corporation
CR	Custodial Receipts

FGIC	Financial Guarantee Insurance Company
GO	General Obligation
IBC	International Bancshares Corporation
LLC	Limited Liability Corporation
NATL	National Public Finance Guarantee Corporation
TCRS	Tax Credit Reporting Service

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

50

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Higher Education		21.0	%
Housing		19.6	%
Dedicated Tax		15.0	%
General Obligations		9.5	%
Medical		7.4	%
Airport		7.2	%
Transportation		4.4	%
Lease		2.8	%
Development		2.1	%
Student Housing		1.9	%
Power		1.9	%
Water & Sewer		1.6	%
Facilities		0.3	%
Cash Equivalents1		3.3	%
Other Assets and Liabilities – Net2		2.0	%
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		0.3	%
AA / Aa		54.6	%
A / A		23.4	%
BBB / Baa		16.4	%
Not Rated		3.3	%
Other Assets and Liabilities – Net2		2.0	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2020

Description	Par Value		Value
MUNICIPAL BONDS – 94.7%
NEW YORK – 94.7%
AIRPORT – 7.2%
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	$	1,172,010

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	$	3,304,920
TOTAL AIRPORT			$	4,476,930
DEDICATED TAX – 15.0%
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 2/15/33		1,175,000		1,380,049

ANNUAL REPORT / April 30, 2020

51 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-1), 5.00%, 11/01/25	$	500,000	$	589,705
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series A-1), 5.00%, 5/01/34		1,300,000		1,503,398
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (Series D), 5.00%, 2/15/27		945,000		1,132,932
New York State Dormitory Authority, NY, Refunding Revenue Bonds, (NATL-IBC), 5.25%, 5/15/21		10,000		10,233
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 3/15/32		2,000,000		2,342,860
New York State Urban Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), 5.00%, 3/15/25		540,000		628,738
Sales Tax Asset Receivable Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 10/15/31		1,500,000		1,725,540
TOTAL DEDICATED TAX			$	9,313,455
DEVELOPMENT – 2.1%
New York Liberty Development Corp., NY,, Refunding Revenue Bonds, Goldman Sachs Headquarters, 5.25%, 10/01/35		1,045,000		1,305,236
FACILITIES – 0.3%
United Nations Development Corp.,, Revenue Bonds, Public Improvements, 5.90%, 5/01/23		155,000		165,476
GENERAL OBLIGATIONS – 9.5%
Monroe County, NY, GO, Public Improvements, AD Valorem Property Tax, (AGM), 5.00%, 6/01/22		1,070,000		1,156,873
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C), (BAM), 5.00%, 4/01/26		1,000,000		1,203,860
Newburgh, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), 5.25%, 6/15/27		1,010,000		1,105,354
Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM) 5.00%, 5/01/26		1,000,000		1,189,830
5.00%, 5/01/30		1,000,000		1,278,800
TOTAL GENERAL OBLIGATIONS			$	5,934,717
HIGHER EDUCATION – 21.0%
City of Albany Capital Resource Corp., NY, Refunding Revenue Bonds, Albany Law School of Union University Project
4.00%, 7/01/22		600,000		607,260
4.00%, 7/01/23		725,000		734,316
4.00%, 7/01/25		865,000		872,379

Description	Par Value		Value
4.00%, 7/01/26	$	800,000	$	804,880
5.00%, 7/01/29		1,195,000		1,263,999
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, The Culinary Institute of America, 5.00%, 7/01/32		1,040,000		1,111,822
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		1,288,497
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, Brooklyn Law School, (Series A), 5.00%, 7/01/33		1,200,000		1,314,492
New York State Dormitory Authority, NY, Refunding Revenue Notes, 3rd General Resolution, (Series E), 5.00%, 5/15/27		1,740,000		1,873,667
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 7/01/27		2,700,000		3,202,794
TOTAL HIGHER EDUCATION			$	13,074,106
HOUSING – 19.6%
New York City, NY, Housing Development Corp., Multi Family Revenue Bonds, Sustainable Neighborhood Bonds, 1.75%, 5/01/59D		2,000,000		2,002,920
New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33		2,000,000		2,093,360
New York City, NY, Housing Development Corp., Revenue Bonds, Sustainable Neighborhood Bonds
2.45%, 5/01/31		500,000		505,010
3.10%, 11/01/34		890,000		920,207
New York State Housing Finance Agency, NY, Multi Family Revenue Bonds, Climate Bond Certified/Sustainability Bonds (Series P), 1.60%, 11/01/24		1,000,000		994,180
New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32		2,000,000		2,079,340
New York State Mortgage Agency, NY, Refunding Revenue Bonds, (186th Series), 3.65%, 10/01/23		500,000		532,660
New York State Mortgage Agency, NY, Refunding Revenue Bonds, (196th Series), 2.70%, 4/01/26		465,000		484,051
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (223th Series), 3.50%, 4/01/49		1,500,000		1,567,320
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (226th Series), 3.50%, 10/01/50		1,000,000		1,047,430
TOTAL HOUSING			$	12,226,478

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington New York Municipal Bond Fund (continued) 52

Description	Par Value		Value
LEASE – 2.8%
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	$	1,725,545
MEDICAL – 7.4%
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		2,214,040
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (Montefiore Obligated Group), (Series A), 5.00%, 9/01/29		1,000,000		1,093,620
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		1,288,354
TOTAL MEDICAL			$	4,596,014
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		1,160,330
STUDENT HOUSING – 1.9%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, UBF Facility Student Housing Corp., (AGM), 5.00%, 10/01/31		1,000,000		1,215,290
TRANSPORTATION – 4.4%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Series D-1), 5.00%, 9/01/22		1,500,000		1,491,885
Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/24		1,000,000		1,004,000
Triborough Bridge & Tunnel Authority, NY, Current Refunding Revenue Bonds, Highway Revenue Tools, (Series B), 5.00%, 11/15/29		200,000		216,564
TOTAL TRANSPORTATION			$	2,712,449
WATER & SEWER – 1.6%
New York City Water & Sewer System, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series FF), 5.00%, 6/15/25		1,000,000		1,004,450
TOTAL NEW YORK			$	58,910,476
TOTAL MUNICIPAL BONDS (COST $59,305,271)			$	58,910,476

Description	Number of Shares		Value
MONEY MARKET FUND – 3.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%^		2,053,774	$	2,053,774
TOTAL MONEY MARKET FUND (COST $2,053,774)			$	2,053,774
TOTAL INVESTMENTS – 98.0% (COST $61,359,045)			$	60,964,250
OTHER ASSETS LESS LIABILITIES – 2.0%				1,266,062
TOTAL NET ASSETS – 100.0%			$	62,230,312

ANNUAL REPORT / April 30, 2020

53 PORTFOLIOS OF INVESTMENTS   Wilmington New York Municipal Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $61,359,045. The net unrealized appreciation/(depreciation) of investments was $(394,795). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $775,230 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(1,170,025).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	58,910,476	$	—	$	58,910,476
Money Market Fund		2,053,774		—		—		2,053,774
Total	$	2,053,774	$	58,910,476	$	—	$	60,964,250

^ 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:
AGM	Assured Guaranty Municipal
BAM	Build America Mutual Assurance Company
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

April 30, 2020 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 54

April 30, 2020	Wilmington Broad Market Bond Fund			Wilmington Intermediate- Term Bond Fund			Wilmington Short-Term Bond Fund
ASSETS:
Investments, at identified cost		$534,416,262			$49,094,907			$48,037,399
Investments in securities, at value (Including $19,240,657, $1,052,824, and $170,059 of securities on loan, respectively) (Note 2)		$567,250,186			$51,111,351			$48,849,532
Income receivable		2,991,743			338,617			250,389
Receivable for shares sold		2,266,246			65,149			76,030
Receivable for investments sold		7,298,464			—			—
Prepaid assets		17,487			16,104			13,449
TOTAL ASSETS		579,824,126			51,531,221			49,189,400
LIABILITIES:
Payable for investments purchased		19,583,418			697,320			—
Collateral for securities on loan		19,737,610			1,078,961			173,496
Income distribution payable		1,065,310			92,294			78,780
Payable for shares redeemed		67,369			58,219			36,856
Payable for Trustees’ fees		8,880			8,959			8,972
Payable for administration fees		12,819			1,221			1,229
Payable for distribution services fees		618			330			1,249
Payable for shareholder services fees		247			132			—
Payable for investment advisory fees		163,642			3,723			303
Other accrued expenses		117,435			79,281			81,111
TOTAL LIABILITIES		40,757,348			2,020,440			381,996
NET ASSETS		$539,066,778			$49,510,781			$48,807,404
NET ASSETS CONSIST OF:
Paid-in capital		$506,117,649			$46,975,137			$49,160,146
Distributable earnings (loss)		32,949,129			2,535,644			(352,742	)
TOTAL NET ASSETS		$539,066,778			$49,510,781			$48,807,404
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$    3,241,840			$  1,549,894			$  6,093,979
Shares outstanding (unlimited shares authorized)		312,003			152,070			600,932
Net Asset Value per share		$           10.39			$         10.19			$         10.14
Offering Price per share*		$           10.88	**		$         10.67	**		$         10.32	***
Class I
Net Assets		$535,824,938			$47,960,887			$42,713,425
Shares outstanding (unlimited shares authorized)		52,450,084			4,702,642			4,211,325
Net Asset Value and Offering Price per share		$10.22			$10.20			$10.14

* 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

ANNUAL REPORT / April 30, 2020

55 STATEMENTS OF ASSETS AND LIABILITIES (concluded)

	Wilmington				Wilmington
	Municipal				New York
	Bond				Municipal Bond
April 30, 2020	Fund				Fund
ASSETS:
Investments, at identified cost		$	347,447,763			$	61,359,045
Investments in securities, at value		$	343,983,093			$	60,964,250
Income receivable			4,079,940				731,973
Receivable for shares sold			571,278				700,093
Prepaid assets			23,150				13,452
TOTAL ASSETS			348,657,461				62,409,768
LIABILITIES:
Payable for investments purchased			6,965,582				—
Income distribution payable			554,039				80,732
Payable for shares redeemed			272,332				3
Payable for Trustees’ fees			8,880				8,880
Payable for administration fees			8,218				1,506
Payable for distribution services fees			4,998				1,500
Payable for investment advisory fees			99,818				10,194
Other accrued expenses			74,833				76,641
TOTAL LIABILITIES			7,988,700				179,456
NET ASSETS		$	340,668,761			$	62,230,312
NET ASSETS CONSIST OF:
Paid-in capital		$	344,600,299			$	62,502,131
Distributable earnings (loss)			(3,931,538	)			(271,819	)
TOTAL NET ASSETS		$	340,668,761			$	62,230,312
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	24,051,729			$	7,251,651
Shares outstanding (unlimited shares authorized)			1,890,181				711,170
Net Asset Value per share		$	12.72			$	10.20
Offering Price per share*		$	13.32	**		$	10.68	**
Class I
Net Assets		$	316,617,032			$	54,978,661
Shares outstanding (unlimited shares authorized)			24,872,195				5,388,257
Net Asset Value and Offering Price per share		$	12.73			$	10.20

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

** Computation of offering price per share: 100/95.50 of net asset value.

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

STATEMENTS OF OPERATIONS 56

	Wilmington				Wilmington				Wilmington
	Broad Market				Intermediate-Term				Short-Term
Year Ended April 30, 2020	Bond Fund				Bond Fund				Bond Fund
INVESTMENT INCOME:
Dividends		$	246,802			$	20,807			$	23,076
Interest			14,749,975				1,581,280				1,208,431
Securities lending income, net			30,955				2,362				4,287
TOTAL INVESTMENT INCOME			15,027,732				1,604,449				1,235,794
EXPENSES:
Investment advisory fees			2,342,403				265,364				198,715
Administration fees			160,074				18,166				15,277
Portfolio accounting and administration fees			114,153				32,484				29,556
Transfer and dividend disbursing agent fees and expenses			84,252				2,799				5,529
Trustees’ fees			54,269				54,346				54,359
Professional fees			89,408				88,979				88,747
Distribution services fee—Class A			7,373				4,268				14,159
Shareholder services fee—Class A			7,373				4,268				14,159
Shareholder services fee— Class I			1,293,960				143,156				110,038
Share registration costs			39,557				32,518				34,416
Printing and postage			18,025				3,460				3,808
Custodian fees			12,047				3,174				6,168
Miscellaneous			61,671				29,915				28,134
TOTAL EXPENSES			4,284,565				682,897				603,065
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(425,246	)			(242,253	)			(226,251	)
Waiver of shareholder services fee—Class A			(4,730	)			(3,300	)			(14,159	)
Waiver of shareholder services fee—Class I			(1,293,960	)			(143,156	)			(110,038	)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,723,936	)			(388,709	)			(350,448	)
Net expenses			2,560,629				294,188				252,617
Net investment income			12,467,103				1,310,261				983,177
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			3,339,184				980,351				321,471
Net change in unrealized appreciation (depreciation) of investments			31,263,726				1,645,505				686,722
Net realized and unrealized gain (loss) on investments			34,602,910				2,625,856				1,008,193
Change in net assets resulting from operations		$	47,070,013			$	3,936,117			$	1,991,370

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

57 STATEMENTS OF OPERATIONS (concluded)

Year Ended April 30, 2020	Wilmington     Municipal Bond     Fund				Wilmington New York     Municipal Bond     Fund
INVESTMENT INCOME:
Dividends		$	174,576			$	40,124
Interest			7,702,104				1,373,302
TOTAL INVESTMENT INCOME			7,876,680				1,413,426
EXPENSES:
Investment advisory fees			1,345,922				282,714
Administration fees			91,926				19,319
Portfolio accounting and administration fees			75,516				28,058
Transfer and dividend disbursing agent fees and expenses			15,109				10,668
Trustees’ fees			54,269				54,269
Professional fees			89,625				87,461
Distribution services fee—Class A			64,707				20,177
Shareholder services fee—Class A			64,707				20,177
Shareholder services fee— Class I			683,026				136,886
Share registration costs			33,676				11,288
Printing and postage			6,765				5,651
Custodian fees			5,683				1,533
Miscellaneous			44,893				28,918
TOTAL EXPENSES			2,575,824				707,119
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(297,827	)			(169,621	)
Waiver of shareholder services fee—Class A			(64,707	)			(20,177	)
Waiver of shareholder services fee—Class I			(683,026	)			(136,886	)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,045,560	)			(326,684	)
Net expenses			1,530,264				380,435
Net investment income			6,346,416				1,032,991
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			6,015,567				714,111
Net change in unrealized appreciation (depreciation) of investments			(12,257,840	)			(1,682,471	)
Net realized and unrealized gain (loss) on investments			(6,242,273	)			(968,360	)
Change in net assets resulting from operations		$	104,143			$	64,631

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 58

	Wilmington								Wilmington
	Broad Market Bond Fund								Intermediate-Term Bond Fund
	Year Ended				Year Ended				Year Ended				Year Ended
	April 30,				April 30,				April 30,				April 30,
	2020				2019				2020				2019
OPERATIONS:
Net investment income		$	12,467,103			$	13,175,485			$	1,310,261			$	1,811,963
Net realized gain (loss) on investments			3,339,184				(210,718	)			980,351				(117,168	)
Net change in unrealized appreciation (depreciation) of investments			31,263,726				12,270,089				1,645,505				1,969,325
Change in net assets resulting from operations			47,070,013				25,234,856				3,936,117				3,664,120
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(64,387	)			(87,962	)			(42,342	)			(36,299	)
Class I			(13,059,554	)			(13,596,859	)			(1,594,387	)			(1,809,742	)
Total distributions to shareholders			(13,123,941	)			(13,684,821	)			(1,636,729	)			(1,846,041	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			535,517				15,826				—				359
Class I			173,643,574				111,038,909				8,082,186				12,729,774
Distributions reinvested
Class A			46,198				69,504				33,152				28,655
Class I			7,046,793				8,173,357				786,619				616,863
Cost of shares redeemed
Class A			(1,044,490	)			(731,398	)			(312,432	)			(219,873	)
Class I			(222,700,202	)			(93,536,419	)			(39,612,198	)			(20,953,089	)
Change in net assets resulting from share transactions			(42,472,610	)			25,029,779				(31,022,673	)			(7,797,311	)
Change in net assets			(8,526,538	)			36,579,814				(28,723,285	)			(5,979,232	)
NET ASSETS:
Beginning of year			547,593,316				511,013,502				78,234,066				84,213,298
End of year		$	539,066,778			$	547,593,316			$	49,510,781			$	78,234,066
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			52,652				1,685				—				37
Class I			17,484,936				11,871,262				805,727				1,322,236
Distributions reinvested
Class A			4,567				7,288				3,303				2,972
Class I			709,331				871,124				78,410				63,957
Shares redeemed
Class A			(105,610	)			(76,924	)			(31,017	)			(22,837	)
Class I			(22,708,456	)			(9,994,150	)			(3,974,501	)			(2,178,321	)
Net change in shares outstanding			(4,562,580	)			2,680,285				(3,118,078	)			(811,956	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

59 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington              Short-Term Bond Fund								Wilmington           Municipal Bond  Fund
	Year  Ended         April 30, 2020				Year  Ended         April 30, 2019				Year  Ended         April 30, 2020				Year  Ended         April 30, 2019
OPERATIONS:
Net investment income		$	983,177			$	952,231			$	6,346,416			$	6,416,840
Net realized gain (loss) on investments			321,471				(38,585	)			6,015,567				(1,107,171	)
Net change in unrealized appreciation (depreciation) of investments			686,722				597,429				(12,257,840	)			10,793,163
Change in net assets resulting from operations			1,991,370				1,511,075				104,143				16,102,832
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(103,114	)			(99,944	)			(897,121	)			(563,006	)
Class I			(911,687	)			(895,616	)			(10,143,822	)			(5,853,785	)
Total distributions to shareholders			(1,014,801	)			(995,560	)			(11,040,943	)			(6,416,791	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			1,023,822				74,892				1,158,841				1,699,985
Class I			9,978,636				5,708,451				125,486,757				63,656,782
Distributions reinvested
Class A			55,577				58,683				612,894				388,942
Class I			683,168				670,649				4,834,614				1,213,440
Cost of shares redeemed
Class A			(589,051	)			(669,577	)			(5,875,324	)			(3,105,599	)
Class I			(13,511,420	)			(8,450,775	)			(64,462,561	)			(72,732,636	)
Change in net assets resulting from share transactions			(2,359,268	)			(2,607,677	)			61,755,221				(8,879,086	)
Change in net assets			(1,382,699	)			(2,092,162	)			50,818,421				806,955
NET ASSETS:
Beginning of year			50,190,103				52,282,265				289,850,340				289,043,385
End of year		$	48,807,404			$	50,190,103			$	340,668,761			$	289,850,340
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			101,662				7,559				86,244				130,470
Class I			992,906				578,127				9,669,481				4,924,521
Distributions reinvested
Class A			5,524				5,942				45,846				30,050
Class I			67,892				67,894				362,237				93,733
Shares redeemed
Class A			(58,587	)			(67,813	)			(438,848	)			(240,855	)
Class I			(1,341,738	)			(856,513	)			(4,875,090	)			(5,629,723	)
Net change in shares outstanding			(232,341	)			(264,804	)			4,849,870				(691,804	)

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 60

	Wilmington New York             Municipal Bond Fund
	Year Ended     April  30, 2020				Year Ended     April 30, 2019
OPERATIONS:
Net investment income		$	1,032,991			$	1,137,338
Net realized gain (loss) on investments			714,111				(111,847	)
Net change in unrealized appreciation (depreciation) of investments			(1,682,471	)			2,335,071
Change in net assets resulting from operations			64,631				3,360,562
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(168,791	)			(299,755	)
Class I			(1,288,518	)			(1,557,516	)
Total distributions to shareholders			(1,457,309	)			(1,857,271	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			79,147				9,751
Class I			13,716,192				9,899,212
Distributions reinvested
Class A			120,538				214,690
Class I			919,727				1,113,821
Cost of shares redeemed
Class A			(1,430,945	)			(6,678,046	)
Class I			(11,791,130	)			(15,542,310	)
Change in net assets resulting from share transactions			1,613,529				(10,982,882	)
Change in net assets			220,851				(9,479,591	)
NET ASSETS:
Beginning of year			62,009,461				71,489,052
End of year		$	62,230,312			$	62,009,461
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			7,486				951
Class I			1,308,297				963,442
Distributions reinvested
Class A			11,368				21,050
Class I			86,687				109,095
Shares redeemed
Class A			(135,330	)			(654,431	)
Class I			(1,122,548	)			(1,516,450	)
Net change in shares outstanding			155,960				(1,076,343	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

61 FINANCIAL HIGHLIGHTS

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

 WILMINGTON BROAD MARKET BOND FUND

CLASS A	Year Ended   April 30, 2020			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended       April 30, 2016
Net Asset Value, Beginning of Year		$9.71			$9.51			$9.78			$9.94			$9.95
Income (Loss) From Operations:
Net Investment Income(a)		0.21			0.21			0.18			0.16			0.18
Net Realized and Unrealized Gain (Loss) on Investments		0.69			0.21			(0.26	)		(0.14	)		0.02
Total Income (Loss) From Operations		0.90			0.42			(0.08	)		0.02			0.20
Less Distributions From:
Net Investment Income		(0.22	)		(0.22	)		(0.19	)		(0.18	)		(0.20	)
Net Realized Gains		—			—			—			—			(0.01	)
Total Distributions		(0.22	)		(0.22	)		(0.19	)		(0.18	)		(0.21	)
Net Asset Value, End of Year		$10.39			$9.71			$9.51			$9.78			$9.94
Total Return(b)		9.35	%		4.45	%		(0.81	)%		0.22	%		2.03	%
Net Assets, End of Year (000’s)		$3,242			$3,501			$4,074			$4,503			$5,206
Ratios to Average Net Assets
Gross Expense(c)		1.07	%		1.08	%		1.09	%		1.09	%		1.10	%
Net Expenses(c)(d)		0.83	%		0.83	%		0.87	%		0.89	%		0.88	%
Net Investment Income		2.06	%		2.18	%		1.82	%		1.62	%		1.85	%
Portfolio Turnover Rate		46	%		36	%		34	%		32	%		44	%
CLASS I	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$9.55			$9.35			$9.62			$9.78			$9.79
Income (Loss) From Operations:
Net Investment Income(a)		0.24			0.24			0.21			0.19			0.21
Net Realized and Unrealized Gain (Loss) on Investments		0.68			0.21			(0.26	)		(0.14	)		0.02
Total Income (Loss) From Operations		0.92			0.45			(0.05	)		0.05			0.23
Less Distributions From:
Net Investment Income		(0.25	)		(0.25	)		(0.22	)		(0.21	)		(0.23	)
Net Realized Gains		—			—			—			—			(0.01	)
Total Distributions		(0.25	)		(0.25	)		(0.22	)		(0.21	)		(0.24	)
Net Asset Value, End of Year		$10.22			$9.55			$9.35			$9.62			$9.78
Total Return(b)		9.74	%		4.84	%		(0.52	)%		0.54	%		2.38	%
Net Assets, End of Year (000’s)		$535,825			$544,092			$506,940			$503,184			$409,975
Ratios to Average Net Assets
Gross Expense(c)		0.82	%		0.83	%		0.84	%		0.84	%		0.85	%
Net Expenses(c)(d)		0.49	%		0.49	%		0.53	%		0.55	%		0.55	%
Net Investment Income		2.40	%		2.52	%		2.18	%		1.96	%		2.15	%
Portfolio Turnover Rate		46	%		36	%		34	%		32	%		44	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 62

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

 WILMINGTON INTERMEDIATE-TERM BOND FUND

CLASS A	Year Ended   April 30, 2020			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended       April 30, 2016
Net Asset Value, Beginning of Year		$9.81			$9.58			$9.88			$10.01			$10.02
Income (Loss) From Operations:
Net Investment Income(a)		0.19			0.19			0.16			0.13			0.13
Net Realized and Unrealized Gain (Loss) on Investments		0.44			0.23			(0.27	)		(0.12	)		0.03
Total Income (Loss) From Operations		0.63			0.42			(0.11	)		0.01			0.16
Less Distributions From:
Net Investment Income		(0.19	)		(0.19	)		(0.16	)		(0.13	)		(0.13	)
Net Realized Gains		(0.06	)		0.00	(b)		(0.03	)		(0.01	)		(0.04	)
Total Distributions		(0.25	)		(0.19	)		(0.19	)		(0.14	)		(0.17	)
Net Asset Value, End of Year		$10.19			$9.81			$9.58			$9.88			$10.01
Total Return(c)		6.49	%		4.47	%		(1.14	)%		0.16	%		1.62	%
Net Assets, End of Year (000’s)		$1,550			$1,763			$1,912			$2,765			$3,509
Ratios to Average Net Assets
Gross Expense(d)		1.40	%		1.32	%		1.26	%		1.18	%		1.18	%
Net Expenses(d)(e)		0.80	%		0.80	%		0.83	%		0.86	%		0.85	%
Net Investment Income		1.92	%		1.96	%		1.65	%		1.32	%		1.34	%
Portfolio Turnover Rate		35	%		25	%		30	%		39	%		32	%
CLASS I	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$9.81			$9.59			$9.88			$10.02			$10.03
Income (Loss) From Operations:
Net Investment Income(a)		0.22			0.22			0.19			0.17			0.17
Net Realized and Unrealized Gain (Loss) on Investments		0.45			0.22			(0.26	)		(0.13	)		0.03
Total Income (Loss) From Operations		0.67			0.44			(0.07	)		0.04			0.20
Less Distributions From:
Net Investment Income		(0.22	)		(0.22	)		(0.19	)		(0.17	)		(0.17	)
Net Realized Gains		(0.06	)		0.00	(b)		(0.03	)		(0.01	)		(0.04	)
Total Distributions		(0.28	)		(0.22	)		(0.22	)		(0.18	)		(0.21	)
Net Asset Value, End of Year		$10.20			$9.81			$9.59			$9.88			$10.02
Total Return(c)		6.92	%		4.68	%		(0.72	)%		0.40	%		1.94	%
Net Assets, End of Year (000’s)		$47,961			$76,471			$82,301			$127,103			$120,406
Ratios to Average Net Assets
Gross Expense(d)		1.15	%		1.07	%		1.01	%		0.93	%		0.93	%
Net Expenses(d)(e)		0.49	%		0.49	%		0.52	%		0.53	%		0.53	%
Net Investment Income		2.23	%		2.26	%		1.96	%		1.66	%		1.66	%
Portfolio Turnover Rate		35	%		25	%		30	%		39	%		32	%

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

(b) Represents less than $0.005.

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

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

63 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON SHORT-TERM BOND FUND
CLASS A	Year Ended       April 30, 2020			Year Ended       April 30, 2019			Year Ended       April 30, 2018			Year Ended       April 30, 2017			Year Ended       April 30, 2016
Net Asset Value, Beginning of Year		$9.95			$9.85			$9.99			$10.07			$10.10
Income (Loss) From Operations:
Net Investment Income(a)		0.18			0.16			0.12			0.10			0.07
Net Realized and Unrealized Gain (Loss) on Investments		0.19			0.11			(0.12	)		(0.06	)		0.02
Total Income (Loss) From Operations		0.37			0.27			0.00	(b)		0.04			0.09
Less Distributions From:
Net Investment Income		(0.18	)		(0.17	)		(0.14	)		(0.12	)		(0.10	)
Net Realized Gains		—			—			—			—			(0.02	)
Total Distributions		(0.18	)		(0.17	)		(0.14	)		(0.12	)		(0.12	)
Net Asset Value, End of Year		$10.14			$9.95			$9.85			$9.99			$10.07
Total Return(c)		3.78	%		2.79	%		(0.03	)%		0.43	%		0.87	%
Net Assets, End of Year (000’s)		$6,094			$5,494			$5,973			$6,628			$7,796
Ratios to Average Net Assets
Gross Expense(d)		1.43	%		1.42	%		1.37	%		1.23	%		1.11	%
Net Expenses(d)(e)		0.73	%		0.73	%		0.73	%		0.73	%		0.73	%
Net Investment Income		1.76	%		1.65	%		1.22	%		0.96	%		0.71	%
Portfolio Turnover Rate		140	%(f)		67	%		42	%		72	%		104	%
CLASS I	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$9.95			$9.85			$9.99			$10.07			$10.10
Income (Loss) From Operations:
Net Investment Income(a)		0.20			0.19			0.15			0.12			0.10
Net Realized and Unrealized Gain (Loss)on Investments		0.20			0.11			(0.13	)		(0.05	)		0.01
Total Income (Loss) From Operations		0.40			0.30			0.02			0.07			0.11
Less Distributions From:
Net Investment Income		(0.21	)		(0.20	)		(0.16	)		(0.15	)		(0.12	)
Net Realized Gains		—			—			—			—			(0.02	)
Total Distributions		(0.21	)		(0.20	)		(0.16	)		(0.15	)		(0.14	)
Net Asset Value, End of Year		$10.14			$9.95			$9.85			$9.99			$10.07
Total Return(c)		4.04	%		3.04	%		0.22	%		0.68	%		1.12	%
Net Assets, End of Year (000’s)		$42,713			$44,696			$46,309			$64,706			$160,541
Ratios to Average Net Assets
Gross Expense(d)		1.19	%		1.17	%		1.11	%		0.98	%		0.86	%
Net Expenses(d)(e)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net Investment Income		2.01	%		1.90	%		1.46	%		1.19	%		0.97	%
Portfolio Turnover Rate		140	%(f)		67	%		42	%		72	%		104	%

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

(b) Represents less than $0.005.

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

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

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

(f) The rate for the fiscal year ended April 30, 2020 increased due to elevated trading activity required to take advantage of changing market conditions in the short-term fixed income market.

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 64

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

 WILMINGTON MUNICIPAL BOND FUND

CLASS A	Year Ended   April 30, 2020			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended       April 30, 2016
Net Asset Value, Beginning of Year		$13.22			$12.78			$13.14			$13.54			$13.41
Income (Loss) From Operations:
Net Investment Income(a)		0.25			0.26			0.22			0.22			0.23
Net Realized and Unrealized Gain (Loss) on Investments		(0.28	)		0.44			(0.26	)		(0.31	)		0.37
Total Income (Loss) From Operations		(0.03	)		0.70			(0.04	)		(0.09	)		0.60
Less Distributions From:
Net Investment Income		(0.25	)		(0.26	)		(0.22	)		(0.22	)		(0.23	)
Net Realized Gains		(0.22	)		—			(0.10	)		(0.09	)		(0.24	)
Total Distributions		(0.47	)		(0.26	)		(0.32	)		(0.31	)		(0.47	)
Net Asset Value, End of Year		$12.72			$13.22			$12.78			$13.14			$13.54
Total Return(b)		(0.36	)%		5.52	%		(0.29	)%		(0.65	)%		4.55	%
Net Assets, End of Year (000’s)		$24,052			$29,050			$29,109			$31,951			$38,182
Ratios to Average Net Assets
Gross Expense(c)		1.09	%		1.10	%		1.10	%		1.09	%		1.09	%
Net Expenses(c)(d)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net Investment Income		1.90	%		1.99	%		1.70	%		1.62	%		1.69	%
Portfolio Turnover Rate		81	%		83	%		79	%		40	%		32	%
CLASS I	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$13.23			$12.79			$13.15			$13.55			$13.42
Income (Loss) From Operations:
Net Investment Income(a)		0.29			0.29			0.26			0.25			0.26
Net Realized and Unrealized Gain (Loss)on Investments		(0.28	)		0.44			(0.26	)		(0.31	)		0.37
Total Income (Loss) From Operations		0.01			0.73			0.00	(e)		(0.06	)		0.63
Less Distributions From:
Net Investment Income		(0.29	)		(0.29	)		(0.26	)		(0.25	)		(0.26	)
Net Realized Gains		(0.22	)		—			(0.10	)		(0.09	)		(0.24	)
Total Distributions		(0.51	)		(0.29	)		(0.36	)		(0.34	)		(0.50	)
Net Asset Value, End of Year		$12.73			$13.23			$12.79			$13.15			$13.55
Total Return(b)		(0.10	)%		5.78	%		(0.03	)%		(0.39	)%		4.81	%
Net Assets, End of Year (000’s)		$316,617			$260,800			$259,934			$263,825			$267,864
Ratios to Average Net Assets
Gross Expense(c)		0.84	%		0.85	%		0.85	%		0.84	%		0.84	%
Net Expenses(c)(d)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income		2.14	%		2.24	%		1.95	%		1.87	%		1.94	%
Portfolio Turnover Rate		81	%		83	%		79	%		40	%		32	%

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

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

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

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

(e) Represents less than $0.005.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

65 FINANCIAL HIGHLIGHTS (concluded)

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

 WILMINGTON NEW YORK MUNICIPAL BOND FUND

CLASS A	Year Ended   April 30, 2020			Year Ended   April 30, 2019			Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended       April 30, 2016
Net Asset Value, Beginning of Year		$10.43			$10.18			$10.56			$10.91			$10.66
Income (Loss) From Operations:
Net Investment Income(a)		0.15			0.15			0.15			0.16			0.19
Net Realized and Unrealized Gain (Loss)on Investments		(0.16	)		0.36			(0.22	)		(0.25	)		0.27
Total Income (Loss) From Operations		(0.01	)		0.51			(0.07	)		(0.09	)		0.46
Less Distributions From:
Net Investment Income		(0.15	)		(0.15	)		(0.15	)		(0.16	)		(0.19	)
Net Realized Gains		(0.07	)		(0.11	)		(0.16	)		(0.10	)		(0.02	)
Total Distributions		(0.22	)		(0.26	)		(0.31	)		(0.26	)		(0.21	)
Net Asset Value, End of Year		$10.20			$10.43			$10.18			$10.56			$10.91
Total Return(b)		(0.12	)%		5.16	%		(0.75	)%		(0.81	)%		4.32	%
Net Assets, End of Year (000’s)		$7,251			$8,630			$14,863			$17,554			$20,197
Ratios to Average Net Assets
Gross Expense(c)		1.34	%		1.33	%		1.28	%		1.24	%		1.22	%
Net Expenses(c)(d)		0.82	%		0.83	%		0.84	%		0.84	%		0.84	%
Net Investment Income		1.43	%		1.50	%		1.43	%		1.50	%		1.76	%
Portfolio Turnover Rate		60	%		45	%		64	%		32	%		24	%
CLASS I	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016
Net Asset Value, Beginning of Year		$10.43			$10.19			$10.57			$10.92			$10.67
Income (Loss) From Operations:
Net Investment Income(a)		0.18			0.18			0.18			0.19			0.22
Net Realized and Unrealized Gain (Loss)on Investments		(0.16	)		0.35			(0.22	)		(0.25	)		0.27
Total Income (Loss) From Operations		0.02			0.53			(0.04	)		(0.06	)		0.49
Less Distributions From:
Net Investment Income		(0.18	)		(0.18	)		(0.18	)		(0.19	)		(0.22	)
Net Realized Gains		(0.07	)		(0.11	)		(0.16	)		(0.10	)		(0.02	)
Total Distributions		(0.25	)		(0.29	)		(0.34	)		(0.29	)		(0.24	)
Net Asset Value, End of Year		$10.20			$10.43			$10.19			$10.57			$10.92
Total Return(b)		0.13	%		5.32	%		(0.50	)%		(0.55	)%		4.58	%
Net Assets, End of Year (000’s)		$54,979			$53,379			$56,626			$67,991			$63,704
Ratios to Average Net Assets
Gross Expense(c)		1.09	%		1.09	%		1.03	%		0.99	%		0.98	%
Net Expenses(c)(d)		0.57	%		0.58	%		0.59	%		0.59	%		0.59	%
Net Investment Income		1.68	%		1.76	%		1.68	%		1.75	%		2.01	%
Portfolio Turnover Rate		60	%		45	%		64	%		32	%		24	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 66

Wilmington Funds

April 30, 2020

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 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	The Fund seeks to provide current income and secondarily, capital growth.
(“Broad Market Bond Fund”)(d)
Wilmington Intermediate-Term Bond Fund	The Fund seeks to provide current income and secondarily, capital growth.
(“Intermediate-Term Bond Fund”)(d)
Wilmington Short-Term Bond Fund	The Fund seeks to provide current income.
(“Short-Term Bond Fund”)(d)
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.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Investment Valuation– The Funds utilize a Fair Value approach. The fair value of the Funds’ portfolio securities are determined as follows:

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

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

ANNUAL REPORT / April 30, 2020

67 NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

At April 30, 2020, 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 Exposure (2)
Broad Market Bond Fund
Bank of America Securities, Inc.	$	986,865	$	986,865	$	—	$	—
Citigroup Global Markets Ltd.		3,750,149		3,750,149		—		—
Daiwa Capital Markets America		3,750,149		3,750,149		—		—
Deutsche Bank Securities, Inc.		3,750,149		3,750,149		—		—
HSBC Securities USA, Inc.		3,750,149		3,750,149		—		—
RBC Dominion Securities, Inc.		3,750,149		3,750,149		—		—
	$	19,737,610	$	19,737,610	$	—	$	—
Intermediate-Term Bond Fund
Bank of America Securities, Inc.		53,946		53,946		—		—
Citigroup Global Markets Ltd.		205,003		205,003		—		—
Daiwa Capital Markets America		205,003		205,003		—		—
Deutsche Bank Securities, Inc.		205,003		205,003		—		—
HSBC Securities USA, Inc.		205,003		205,003		—		—
RBC Dominion Securities, Inc.		205,003		205,003		—		—
	$	1,078,961	$	1,078,961	$	—	$	—
Short-Term Bond Fund
Bank of America Securities, Inc.		8,676		8,676		—		—
Citigroup Global Markets Ltd.		32,964		32,964		—		—
Daiwa Capital Markets America		32,964		32,964		—		—
Deutsche Bank Securities, Inc.		32,964		32,964		—		—
HSBC Securities USA, Inc.		32,964		32,964		—		—
RBC Dominion Securities, Inc.		32,964		32,964		—		—
	$	173,496	$	173,496	$	—	$	—

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

⁽²⁾Net exposure represents the receivable (payable) due from (to) the counterparty in the event of default.

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

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

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 68

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 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 year ended April 30, 2020, 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 year ended April 30, 2020.

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.

At April 30, 2020, 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 Exposure(2)
Broad Market Bond Fund		$19,240,657		$19,240,657	$—
Intermediate-Term Bond Fund		1,052,824		1,052,824	—

ANNUAL REPORT / April 30, 2020

69 NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Value of Securities     on Loan		Cash Collateral      Received(1)		Net Exposure(2)
Short-Term Bond Fund		170,059		170,059	—
(1)Collateral with a value of $19,737,610, $1,078,961 and $173,496, respectively, has been received in connection with securities lending transactions.
(2)Net exposure represents the receivable (payable) due from (to) the counterparty in the event of default.

3. FEDERAL TAX INFORMATION

As of April 30, 2020 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 2019, 2018 and 2017, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

For financial reporting purposes, book basis capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest. The reclassifications have no impact on the net assets or NAVs of the Funds. As of April 30, 2020, there were no reclassifications.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. The tax character of distributions for the corresponding fiscal year ends were as follows:

Fund	Ordinary     Income*			2020 Tax Exempt       Income			Long-Term   Capital Gains			Ordinary     Income*			2019 Tax Exempt      Income			Long-Term       Capital Gains
Broad Market Bond Fund		$	13,123,941		$	—		$	—		$	13,684,821		$	—		$	—
Intermediate-Term Bond Fund			1,443,833			—			192,896			1,814,403			—			31,638
Short-Term Bond Fund			1,014,801			—			—			995,560			—			—
Municipal Bond Fund			1,145,984			6,195,042			3,699,917			105,114			6,311,677			—
New York Municipal Bond Fund			33,820			999,116			424,373			40,199			1,097,326			719,746

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

As of April 30, 2020 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		$	1,224,796		$	—		$	—		$	(1,065,310	)		$	32,789,643			$	—			$	—
Intermediate-Term
Bond Fund			47,817			—			563,677			(92,294	)			2,016,444				—				—
Short-Term
Bond Fund			88,126			—			—			(78,780	)			808,717				(1,170,805	)			—
Municipal Bond
Fund			—			550,782			—			(554,039	)			(3,466,603	)			—				(461,678	)
New York Municipal
Bond Fund			—			80,540			123,171			(80,735	)			(394,795	)			—				—

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes.

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year.

At April 30, 2020 the following Fund had capital loss carryforwards which will reduce the 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.

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 70

Fund	Short-Term   No Expiration			Long-Term   No Expiration			Total Capital Loss   Carryforwards
Short-Term Bond Fund		$	244,634		$	926,171		1,170,805

The following Funds utilized capital loss carryforwards to offset taxable capital gains realized during the year ended April 30, 2020:

Fund	Capital Loss       Carryforwards       Utilized
Broad Market Bond Fund		$2,591,828
Intermediate-Term Bond Fund		118,974
Short-Term Bond Fund		285,516
Municipal Bond Fund		1,786,402
New York Municipal Bond Fund		131,098

4. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

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

Fund	Advisory Fee         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 and shareholder service provider 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 as Co-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 “Administration 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

ANNUAL REPORT / April 30, 2020

71 NOTES TO FINANCIAL STATEMENTS (continued)

Administrator	Maximum Fee			Average Aggregate Daily Net Assets of the Trust
		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 year ended April 30, 2020, neither WFMC nor BNYM waived any administrative fees.

Distribution Services Fee– The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A shares, for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2020, 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		$	5,942
Intermediate-Term Bond Fund			2,077
Short-Term Bond Fund			9,523
Municipal Bond Fund			54,151
New York Municipal Bond Fund			17,015

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

For the year ended April 30, 2020, 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		$	544
Short-Term Bond Fund			483
Municipal Bond Fund			3,387
New York Municipal Bond Fund			1,379

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

For the year ended April 30, 2020, 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		$	2,178
Intermediate-Term Bond Fund			727

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.

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 72

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.

Certain Funds may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for April 30, 2020 were as follows:

Fund	Commissions
Intermediate-Term Bond Fund		$	1,170
Short-Term Bond Fund			699

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2020 were as follows:

	Investments
Fund	Purchases			Sales
Broad Market Bond Fund		$	196,779,744		$	210,830,386
Intermediate-Term Bond Fund			17,542,848			31,430,443
Short-Term Bond Fund			18,504,294			18,062,198
Municipal Bond Fund			292,312,628			238,098,019
New York Municipal Bond Fund			38,707,238			36,372,715

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2020 were as follows:

	U.S. Government Securities
Fund	Purchases			Sales
Broad Market Bond Fund		$	32,181,221		$	47,295,727
Intermediate-Term Bond Fund			2,944,503			19,857,597
Short-Term Bond Fund			41,563,913			46,477,777

6. MARKET RISK IN GENERAL

Market risk is the risk that one or more markets in which a Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on a Fund and its investments.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers. The impact of the outbreak may be short term or may last for an extended period of time, which may have an unpredictable impact on Fund performance.

7. CONCENTRATION OF RISK

The value of the Municipal Bond Fund and New York Municipal Bond Fund investments may be adversely affected by new legislation within the US states or territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.

ANNUAL REPORT / April 30, 2020

73 NOTES TO FINANCIAL STATEMENTS (continued)

At April 30, 2020, the percentages of each Fund’s net assets insured by bond issuers are listed below :

Fund	Municipal Bond     Fund			New York Municipal     Bond Fund
American Bond Assurance Corporation		1.45	%		—
Assured Guaranty Corporation		0.03	%		—
Assured Guaranty Municipal Corporation		3.58	%		3.81	%
Build America Mutual Assurance Company		0.06	%		5.90	%
Financial Guarantee Insurance Company		0.26	%		—
National Public Finance Guarantee Corporation		4.83	%		5.16	%
Total		10.21	%		14.87	%

8. LIBOR RISK

The United Kingdom’s Financial Conduct Authority, which regulates the London Interbank Offered Rate (“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.

9. CONTRACTUAL OBLIGATIONS

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

10. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings were charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC included a commitment fee of 0.15% per annum on the daily unused portion. The LOC expired on April 2, 2020.

On April 2, 2020, the Trust entered into an amendment to the credit agreement for a $10,000,000 unsecured, committed revolving LOC. The LOC is to be used as described above and to be operated in substantially the same manner as the original agreement. The LOC expires on April 1, 2021.

The Trust did not utilize the LOC for the year ended April 30, 2020.

11. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities held at a premium, shortening such period to the earliest call date. This ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has implemented the ASU 2017-08 and determined that the impact of this guidance to each Fund’s net assets at April 30, 2020 is not material.

In August 2018, FASB issued an ASU 2018-13, (“ASU 2018-13”), which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level fair value measurements. The ASU 2018-13 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 ASU 2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

In March 2020, the FASB issued ASU No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 74

the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

12. 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. PwC affirmed their independence as an independent registered public accounting firm on June 19, 2019. 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 each Fund’s financial statements.

13. SUBSEQUENT EVENTS

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

ANNUAL REPORT / April 30, 2020

75

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund (five of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended April 30, 2019 and the financial highlights for each of the periods ended on or prior to April 30, 2019 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 27, 2019 expressed unqualified opinions on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2020

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

April 30, 2020 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 76

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 12 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 1100 North Market Street, 9th Floor, Wilmington, DE 19890. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name Address Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held  for Past Five Years
Dominick J. D’Eramo* Birth year: 1964	Principal Occupations:Senior Vice President, Wilmington Trust Investment Advisors, Inc. and Head of Fixed Income.
TRUSTEE	Previous Positions:Group Vice President, Wilmington Trust Investment Advisor, Inc. (WTIA)
Began serving: November 2018
	(2014-2017); Administrative Vice President, WTIA (2012-2014).
PRESIDENT
Began serving: June 2018

* Dominick J. D’Eramo is “interested” due to his employment with WTIA and his position with WFMC, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano Birth year: 1943 CHAIRMAN and TRUSTEE Began serving: March 2012	Principal Occupations:Consultant, financial services organizations (1997 to present). Other Directorships Held:The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products). Previous Positions:Director, Kalmar Pooled Investment Trust (through 6/17); Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold Birth year: 1944 TRUSTEE Began serving: March 2012	Principal Occupations:Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held:None. Previous Positions: Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to 12/17); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017	Principal Occupations: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/20 to present); Other Directorships Held:Trustee, RBB Fund Series Trust (32 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2018); Previous Positions:Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999), Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997); Captain, US Army (1989 to 1994).

ANNUAL REPORT / April 30, 2020(unaudited)

77 BOARD OF TRUSTEES AND TRUST OFFICERS

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley Birth year: 1951 TRUSTEE Began serving: December 2015	Principal Occupations:Director, BioSig Technologies (2015 to present); Director, AXA Equitable’s VIP Mutual Funds (2017 to present); Director, AXA Equitable (variable annuity) (2013 to present); Director, 1290 Mutual Funds (retail funds) (2013 to present); and Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present). Other Directorships Held:Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011); Chairman, Director and President’s Council, Union College (private college) (2011 to 2015). Previous Positions:Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011); Senior Vice President and Treasurer at ITT Corporation (1996 to 2010); Assistant Treasurer at International Paper (1989 to 1996).
Richard B. Seidel Birth year: 1941 TRUSTEE Began serving: September 2003	Principal Occupations:Chairman, Seidel & Associates (legal consulting) (1/14 to present); Chairman, Liberty Private Client, LLC (registered investment adviser) (1/14 to present). Other Directorships Held:Director, Chartwell Investment Partners (9/15 to present); Director, Tristate Capital Holdings (9/07 to 4/20). Previous Positions:Chairman, Girard Capital (broker-dealer) (3/05 to 1/14); Chairman, Girard Partners, Ltd. (6/96 to 1/14).
Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020	Principal Occupations:President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held:Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions:Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS

Name Address Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017 VICE PRESIDENT Began serving: June 2012	Principal Occupations:Chief Operations Officer, Wilmington Funds; Vice President, Wilmington Funds Management Corporation (2005 to present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions:Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Lisa Druelinger Birth year: 1978 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER. Began serving: November 2017	Principal Occupations:Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Administrative Vice President, M&T Bank. Previous Positions:Vice President and Senior Compliance Officer, Wilmington Trust Investment Advisors, Inc. (2015-2017); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2013-2015); Institutional and Retirement Services Product Manager, Wilmington Trust (2011-2013); Trust Compliance and Risk Management at M&T Bank (2006-2011).

April 30, 2020 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 78

Name Address Birth Year Positions with Trust	Principal Occupations for Past Five Years and  Previous Positions
John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016	Principal Occupations:President of Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions:Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
Robert L. Tuleya Birth year: 1974 VICE PRESIDENT and ASSISTANT SECRETARY Began serving: September 2018	Principal Occupations:Vice President and Assistant Secretary, Wilmington Funds; Vice President and Assistant Secretary, Wilmington Funds Management Corporation (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Vice President and Assistant General Counsel, M&T Bank (2018 to present). Previous Positions:Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).
Christopher W. Roleke 10 High Street, Suite 302 Boston, MA 02110 Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: July 2013	Principal Occupation:Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions:Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth Atlantic Terminal Office Tower, 2 Hanson Place, 12th Floor Brooklyn, NY 11217 Birth year: 1963 SECRETARY Began serving: September 2007	Principal Occupation:Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions:Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
Richard J. Berthy Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1958 CHIEF EXECUTIVE OFFICER Began serving: September 2007	Principal Occupation:Chief Executive Officer, Foreside Financial Group, LLC (2012 to present). Previous Positions:President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

ANNUAL REPORT / April 30, 2020 (unaudited)

79

Board Approval of Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended. The rule requires every registered open-end management company to establish a liquidity risk management program that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 10, 2020, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP after its first year of operation. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve month period ended April 30, 2020. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

April 30, 2020 (unaudited) / ANNUAL REPORT

80

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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 Form N-Q. The Funds’ Form N-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 Form N-PORT. Form N-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.) Select E-Delivery Consent from the available options, and

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

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

Householding

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

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

ANNUAL REPORT / April 30, 2020

81

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

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

Information The Funds Collect:

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

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

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

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

Information Sharing Policy

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

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

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

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

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

Information Security:

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

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

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

Employee Access to Information:

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

Visiting The Funds’ Website:

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

April 30, 2020 / ANNUAL REPORT

82

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

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

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

E-mail:

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

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

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

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

ANNUAL REPORT / April 30, 2020

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

WILMINGTON FUNDS Investment Advisor Distributor Wilmington Funds Management Corp. ALPS Distributors, Inc. 1100 North Market Street 1290 Broadway, Suite 1100 9th Floor Denver, CO 80203 Wilmington, DE 19890 Fund Accountant, Co-Administrator, Transfer Agent Sub-Advisor and Dividend Disbursing Agent Wilmington Trust Investment Advisors, Inc. BNY Mellon Investment Servicing (U.S.) Inc. 1100 North Market Street 301 Bellevue Parkway 9th Floor Wilmington, DE 19809 Wilmington, DE 19890 Independent Registered Public Accounting Firm Co-Administrator PricewaterhouseCoopers LLP Wilmington Funds Management Corp. Two Commerce Square 1100 North Market Street 2001 Market Street, Suite 1800 9th Floor Philadelphia, PA 19103 Wilmington, DE 19890 Custodian The Bank of New York Mellon 225 Liberty Street New York, NY 10286 WT-AR-FI-0420 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 FUNDS
April 30, 2020
PRESIDENT’S MESSAGE AND
Annual Report
WILMINGTON FUNDS
Money Market Funds
Wilmington U.S. Government Money Market Fund Wilmington U.S. Treasury Money Market 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 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”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolios of Investments	4
Statements of Assets and Liabilities	9
Statements of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	13
Notes to Financial Statements	17
Report of Independent Registered Public Accounting Firm	23
Board of Trustees and Trust Officers	24
Liquidity Risk Management Disclosure	27

[This Page Intentionally Left Blank]

i

Esteemed Shareholder:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s annual fiscal year period of May 1, 2019, through April 30, 2020. 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 annual fiscal year period.

The economy

The last year brought a tale of two narratives for the global economy. During 2019 the global economy centered on trade, as escalating frictions between the U.S. and China disrupted global supply chains and weighed heavily on sentiment. The announcement of a phase one trade deal between the two sides in October, and progression toward the deal’s completion in December, fueled hopes for the possibility of a cyclical recovery in early 2020. Despite weakness in business investment, a byproduct of the trade war, the U.S. recorded Gross Domestic Product (“GDP”) growth of 2.3% (seasonally adjusted) in 2019, thanks to notable strength in consumer spending. Optimism abruptly reversed course in late February of 2020 asCOVID-19, the infectious disease caused by the most recently discovered coronavirus, evolved from an outbreak to a global pandemic. Governments worldwide implemented strict lockdown measures to curb the virus’s spread, relegating consumers to their homes and forcingnon-essential businesses to shutter. With economic activity grinding to a near standstill by the end of March, U.S. GDP declined by 4.8% (seasonally adjusted annualized rate) in the first quarter, providing an early glimpse into what is expected to be a materially weaker second quarter. As demand receded in April, gauges of manufacturing and services activity tumbled into contraction territory, core inflation dropped by a record 0.4% (month-over-month) and the U.S. unemployment rate spiked to 14.7%, its highest level since the Great Depression.

The fiscal and monetary response in the U.S. has been unparalleled historically, in its scale and speed of implementation. After delivering three rate cuts in 2019, the Federal Reserve (the “Fed”) lowered rates further by a cumulative 150 basis points¹ in the first quarter of 2020 and moved to open-ended purchases of Treasuries and agency Mortgage-Backed Securities/Collateralized Mortgage-Backed Securities. Additionally, the Fed introduced a plethora of accommodations to support financial markets, businesses and governments. The Fed entered uncharted territory by creating new facilities to purchase corporate debt and fixed income ETFs, and later broadened their scope to include segments of the high yield market. The Federal government introduced roughly $3 trillion of fiscal stimulus through three pieces of legislation to provide direct support to consumers, businesses and governments, cushion the pandemic’s economic impact and accelerate the nation’s healthcare response.

Emerging and international developed economies, which are more export dependent than the U.S., were hit particularly hard by the trade war in 2019, with the global manufacturing sector moving into contraction in the third quarter, before showing signs of life towards the end of the year. A cyclical rebound appeared to be picking up steam in China, beforeCOVID-19 emerged in its central province of Wuhan. As the first economy affected, China offered a preview to the rest of the world of the virus’s potential impact. After GDP growth decelerated in 2019, to its slowest pace in 30 years, China registered a record decline in the first quarter 2020. The Euro zone and UK economies suffered a tremendous economic toll as countrywide lockdown orders were set into motion and GDP contracted in the first quarter. Central banks outside the U.S. followed the Fed’s lead, in introducing record volumes of accommodation, while the fiscal response across international economies has been massive in scale.

Bond markets

The 2019 calendar year marked a strong period for bond markets, particularly for investment grade corporates, which posted their best annual performance since 2002 as rates fell precipitously and spreads compressed to near decade lows. However, the first quarter of 2020 brought one of the most volatile quarters in recent memory as theCOVID-19 pandemic challenged corporate balance sheets and severely hampered liquidity. Taxable corporate credit spreads (interest rate in excess of the risk-free rate) and the ratio of high gradetax-exempt yields to Treasuries of equivalent maturity surged to decade highs. The10-year Treasury yield plummeted to anall-time low as the Federal Reserve slashed rates to zero and investors sought safety. The Federal Reserve moved to open-ended quantitative easing and arranged a broad menu of facilities to enhance market liquidity and expand access to credit. The Fed’s pledge to provide direct support to corporate bond markets, for the first time in history, helped drive taxable spreads materially lower and boosted performance through the end of April. The energy sector weighed heavily on performance for corporates as the price of oil plunged to a historic record low. The more vulnerable high yield sector saw fundamentals deteriorate asymmetrically and lagged high grade peers in therisk-off environment.

PRESIDENT’S MESSAGE / April 30, 2020 (unaudited)

ii

For the12-month period May 1, 2019 to April 30, 2020, 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
14.27%	10.84%	9.37%	2.16%	-4.11%

Past performance is no guarantee of future results. Short term performance may not be indicative of long term results.

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

Equity markets

The past year brought a continuation of the predominant equity market trends observed in the second half of 2018, namely the dominance of U.S. over international equities, developed over emerging markets, growth over value and large over small cap. U.S. large cap equities capped off their second best annual performance of the decade in the 2019 calendar year and benefitted from corporate earnings that came in better than feared, supportive monetary policy and trade optimism from October through January. International developed and emerging market equities, which are more leveraged to global trade, suffered disproportionately throughout theUS-China tariff disaster, while persistent dollar strength and investors’ preference for safe-haven assets presented additional headwinds for the international group. Risk appetite prevailed through January but was abruptly derailed as theCOVID-19 outbreak escalated rapidly to a global pandemic and brought the longest bull market in history to a painful end. The selloff that transpired from February to late March was indiscriminate, affecting all regions with unsettling speed and magnitude, although winners and losers emerged during the subsequent rebound from March lows. Notably, U.S. small cap companies, which are more cyclical in nature, bore the brunt of the selloff, as the pandemic introduced a punishing blow to economic activity.Mega-cap technology stocks emerged as relative safe havens and proved more resilient than the broader market with earnings less impacted by the economic damage.

For the12-month period May 1, 2019 to April 30, 2020, certain stock market indices performed as follows:

S&P 500 Index8	Russell 2000         Index9	MSCI EAFE (Net)         Index10	MSCI Emerging                  Markets (Net) Index11
0.86%	-16.39%	-11.34%	-12.00%

Past performance is no guarantee of future results. Short term performance may not be indicative of long term results.

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

As investors know all too well, uncertainty in financial markets is certain. Other ongoing certainties include our fiduciary, clients-first mindset as we strive to manage risk in your portfolio’s assets. Another constant is our disciplined yet flexibleeconomics-led investment process that is delivered through innovative multi-asset class solutions and is designed to help you achieve your long-term objectives.

Sincerely,

Dominick J. D’Eramo, CFA

President

May 15, 2020

April 30, 2020 (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. Basis Points (“BPS”) is a unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed-income security.

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

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

9. The Russell 2000 Index measures the performance of the 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 $152.3 million to $5 billion.

10. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index is an equity index which captures large andmid-cap representation across 21 Developed Market countries: 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.

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index captures large andmid-cap representation across 26 Emerging Market countries: 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 / April 30, 2020 (unaudited)

1

WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

We understand the growing concern associated with the pandemic and its effect on the global economy and in the towns that we live and work. Our thoughts are with those that have been infected by the coronavirus. We are grateful for all the health care workers that are serving our communities. Your fixed income team is meeting “virtually” daily to review current events and set strategy. We continue to utilize our disciplined relative value investment process. We continue to emphasize our guiding philosophies of maintaining well diversified and liquid portfolios. We continue to conduct our own independent credit analysis. Most importantly in these uncertain times we draw upon our experienced team. As always, our disciplined risk management efforts guide our investment decisions.

Prior to the pandemic the Federal Reserve (the “Fed”) had cut interest rates three times in 2019. These were the first rate cuts since the financial crisis. The Fed had acknowledged that the trade tensions between China and the United States were causing weak global economic growth and inflation pressures were muted. The Fed wanted some insurance to keep the longest economic expansion going.

As the pandemic spread around the globe leading to “stay at home orders” the economy experienced its worst crisis since the great depression. The unemployment rate rose from a 50 year low to 14.7% as 20.5 million jobs were destroyed in April. As businesses closed and consumers stayed home retail sales fell by a staggering 16.4% in April after falling by 8.3% in March. In response to the economic crisis the Fed has cut interest rates to zero and provided liquidity to the treasury, mortgage backed, commercial paper and asset backed markets just as it did during the financial crisis. The Fed also announced on March 23rd that they will begin buying corporate and municipal bonds, which the Fed did not undertake during the financial crisis. Congress has also provided several stimulus programs to ease the economic pain.

Interest rates declined rapidly in response to the Fed cutting interest rates. The unparalleled “flight to quality” led to record low treasury yields. The2-year treasury yield fell by 2% over the past year to a yield of 0.2%. The10-year treasury yield sank to anall-time low of 0.31% in March before rising to a yield of 0.64% on April 30.

Looking forward the expectation is for the Fed to maintain azero-interest rate policy until the economy recovers from the pandemic. The market is anticipating no change in the Fed Funds target before 2023. Longer term interest rates will be determined by news of a vaccine and whether the economy starts to recover.

The change in key interest rates over the last twelve months is presented below.

	4/30/19	10/31/19	4/30/20
Federal Fund Target	2.25% - 2.50%	1.50% - 1.75%	0.00% - 0.25%
3-Month LIBOR	2.576%	1.902%	0.556%
2-Year Treasury Note	2.27%	1.52%	0.20%
10-Year Treasury Note	2.51%	1.69%	0.64%

The following is a comparison of the performance of the Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2020:

Wilmington U.S. Government Money Market Fund – Administrative Class	1.21	%
Wilmington U.S. Government Money Market Fund – Institutional Class	1.56	%
Wilmington U.S. Government Money Market Fund – Select Class	1.46	%
Wilmington U.S. Government Money Market Fund – Service Class	1.08	%
iMoneyNet, Inc. Government & Agency Institutional Average	1.49	%
Lipper U.S. Government Money Market Funds Average	1.45	%
Wilmington U.S. Treasury Money Market Fund – Administrative Class	1.20	%
Wilmington U.S. Treasury Money Market Fund – Institutional Class*	0.61	%
Wilmington U.S. Treasury Money Market Fund – Select Class	1.44	%
Wilmington U.S. Treasury Money Market Fund – Service Class	1.07	%
iMoneyNet, Inc. Treasury and Repo Institutional Average	1.45	%
Lipper U.S. Treasury Money Market Funds Average	1.28	%

* Since Inception (October 16, 2019) Return is not annualized

Source: iMoneyNet, Inc. and Lipper

April 30, 2020 (unaudited) / ANNUAL REPORT

2

Performance shown represents past performance and does not guarantee future results. Investment return will fluctuate. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. You should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. A prospectus with this and other information may be obtained by calling1-800-836-2211 or visiting the Funds’ web site at www.wilmingtonfunds.com. The prospectus should be read before investing.

The Funds’ shares are not bank deposits and are not insured by, guaranteed by, endorsed by or obligations of the Federal Deposit Insurance Corporation, the Federal Reserve Board, any government agency or any bank. Although the Funds seek to preserve the value of

your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

During the fiscal year ended April 30, 2020, Wilmington Funds Management Corporation has voluntarily agreed to reduce their 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.

London Interbank Offered Rate (“LIBOR”) is a benchmark rate that some of the world’s leading banks charge each other for short-term loans. It serves as the first step to calculating interest rates on various loans throughout the world.

ANNUAL REPORT / April 30, 2020 (unaudited)

3

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 November 1, 2019 to April 30, 2020.

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.

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2020.

	Beginning Account Value 11/01/19			Ending Account Value 4/30/20			Expenses Paid During Period1			Annualized Net  Expense Ratio2
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$	1,000.00		$	1,003.80		$	2.99		0.60	%
Institutional Class		$	1,000.00		$	1,005.40		$	1.35		0.27	%
Select Class		$	1,000.00		$	1,004.90		$	1.84		0.37	%
Service Class		$	1,000.00		$	1,003.20		$	3.54		0.71	%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$	1,000.00		$	1,021.88		$	3.02		0.60	%
Institutional Class		$	1,000.00		$	1,023.52		$	1.36		0.27	%
Select Class		$	1,000.00		$	1,023.02		$	1.86		0.37	%
Service Class		$	1,000.00		$	1,021.33		$	3.57		0.71	%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$	1,000.00		$	1,003.80		$	2.84		0.57	%
Institutional Class		$	1,000.00		$	1,005.40		$	1.25		0.25	%
Select Class		$	1,000.00		$	1,004.90		$	1.74		0.35	%
Service Class		$	1,000.00		$	1,003.20		$	3.29		0.66	%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$	1,000.00		$	1,022.03		$	2.87		0.57	%
Institutional Class		$	1,000.00		$	1,023.62		$	1.26		0.25	%
Select Class		$	1,000.00		$	1,023.12		$	1.76		0.35	%
Service Class		$	1,000.00		$	1,021.58		$	3.32		0.66	%

(1) Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (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.

April 30, 2020 (unaudited) / ANNUAL REPORT

4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Government Agency Obligations		48.4	%
Repurchase Agreements		26.5	%
U.S. Treasury Obligations		19.9	%
Money Market Funds		5.2	%
Other Assets and Liabilities – Net1		(0.0	)%2
TOTAL		100.0	%

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

(2) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2020

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 48.4%
FEDERAL FARM CREDIT BANK (FFCB) – 11.7%
0.51%, 5/19/20‡	$	50,000,000	$	49,987,500
0.51%, 6/01/20‡		50,000,000		49,978,472
0.51%, 6/12/20‡		50,000,000		49,970,833
1.60%, 7/01/20‡		19,000,000		18,949,777
0.36%, 7/23/20‡		185,000,000		184,850,715
(1 Month USD LIBOR - 0.01%), 0.80%, 9/15/20D		50,000,000		49,999,265
0.51%, 10/05/20‡		50,000,000		49,890,972
0.65%, 10/13/20		22,300,000		22,302,749
(3 Month USD LIBOR - 0.13%), 1.56%, 11/16/20D		50,000,000		49,997,958
0.54%, 11/18/20‡		50,000,000		49,852,042
1.58%, 11/25/20‡		41,000,000		40,637,560
(1 Month USD LIBOR + 0.50%), 0.83%, 1/12/21D		50,000,000		49,998,264
(SOFRRATE + 0.11%), 0.12%, 1/15/21D		20,000,000		20,000,000
0.31%, 1/27/21‡		125,000,000		124,717,708
0.49%, 2/05/21‡		90,000,000		89,664,000
0.49%, 2/17/21‡		75,000,000		74,708,000
(SOFRRATE + 0.28%), 0.29%, 4/01/21D		50,000,000		50,000,000
0.45%, 4/08/21		20,000,000		20,000,000
(U.S. Treasury 3 Month Bill Money Market Yield + 0.23%), 0.35%, 5/26/21D		25,000,000		25,000,000

Description	Par Value		Value
(U.S. Treasury 3 Month Bill Money Market Yield + 0.30%), 0.42%, 8/02/21D	$	25,000,000	$	25,000,000
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	1,095,505,815
FEDERAL HOME LOAN BANK (FHLB) – 25.2%
1.61%, 5/01/20‡		54,000,000		54,000,000
0.78%, 5/04/20‡		175,000,000		174,988,854
0.90%, 5/06/20‡		190,000,000		189,976,688
1.60%, 5/13/20‡		100,000,000		99,947,900
(SOFRRATE + 0.02%), 0.03%, 5/22/20D		25,000,000		25,000,000
1.04%, 5/26/20‡		25,000,000		24,982,292
1.40%, 5/29/20‡		123,789,000		123,657,544
1.43%, 6/04/20‡		100,000,000		99,867,778
(SOFRRATE + 0.02%), 0.03%, 6/05/20D		15,000,000		15,000,000
(3 Month USD LIBOR - 0.22%), 0.78%, 6/08/20D		50,000,000		50,000,000
0.49%, 6/10/20‡		50,000,000		49,973,333
1.06%, 6/12/20‡		61,513,000		61,438,403
0.17%, 6/15/20‡		100,000,000		99,978,750
0.17%, 7/08/20‡		150,000,000		149,952,117
1.13%, 7/15/20‡		89,020,000		88,814,822
(SOFRRATE + 0.10%), 0.11%, 7/17/20D		30,000,000		30,000,000
1.61%, 7/31/20‡		75,000,000		74,702,354
0.16%, 8/03/20‡		125,000,000		124,947,778
(SOFRRATE + 0.03%), 0.04%, 8/05/20D		50,000,000		50,000,000
1.58%, 8/12/20‡		49,795,000		49,575,598
(SOFRRATE + 0.04%), 0.05%, 8/25/20D		26,000,000		26,000,000

ANNUAL REPORT / April 30, 2020

5     PORTFOLIOS OF INVESTMENTS

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

Description	Par Value		Value
0.94%, 9/02/20‡	$	73,000,000	$	72,769,670
0.53%, 9/18/20		50,000,000		49,991,632
(3 Month USD LIBOR - 0.20%), 1.65%, 11/16/20D		50,000,000		50,000,000
(1 Month USD LIBOR - 0.02%), 0.47%, 11/27/20D		100,000,000		100,000,000
0.43%, 12/14/20‡		100,000,000		99,735,167
(SOFRRATE + 0.10%), 0.11%, 12/23/20D		90,400,000		90,400,000
(3 Month USD LIBOR - 0.17%), 1.15%, 1/08/21D		100,000,000		100,000,000
(SOFRRATE + 0.04%), 0.05%, 2/09/21D		30,000,000		30,000,000
(SOFRRATE + 0.23%), 0.24%, 4/13/21D		25,000,000		25,000,000
(3 Month USD LIBOR - 0.14%), 0.90%, 4/23/21D		50,000,000		50,000,000
(SOFRRATE + 0.15%), 0.16%, 9/03/21D		23,000,000		23,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	2,353,700,680
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 7.2%
(SOFRRATE + 0.01%), 0.02%, 5/13/20D		50,000,000		50,000,000
1.59%, 5/19/20‡		50,000,000		49,961,000
0.69%, 7/17/20‡		100,000,000		99,854,556
0.13%, 7/20/20‡		50,000,000		49,985,778
(SOFRRATE + 0.01%), 0.02%, 7/22/20D		100,000,000		100,000,000
0.12%, 8/19/20‡		100,000,000		99,963,333
(SOFRRATE + 0.03%), 0.04%, 8/21/20D		100,000,000		100,000,000
(SOFRRATE + 0.04%), 0.05%, 12/04/20D		50,000,000		50,000,000
(SOFRRATE + 0.05%), 0.06%, 3/05/21D		25,000,000		25,000,000
(SOFRRATE + 0.32%), 0.33%, 9/23/21D		50,000,000		50,000,000
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	674,764,667
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 4.3%
0.30%, 6/22/20		31,919,000		31,973,220
0.20%, 7/15/20‡		60,000,000		59,975,000
0.10%, 7/22/20‡		34,000,000		33,992,256
0.22%, 8/14/20‡		25,000,000		24,983,958
0.22%, 9/02/20‡		148,500,000		148,387,470
(SOFRRATE + 0.30%), 0.31%, 1/07/22D		25,000,000		25,000,000
(SOFRRATE + 0.39%), 0.40%, 4/15/22D		50,000,000		50,000,000
(SOFRRATE + 0.32%), 0.33%, 4/27/22D		25,000,000		25,000,000
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	399,311,904
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $4,523,283,066)			$	4,523,283,066
U.S. TREASURY OBLIGATIONS – 19.9%
U.S. TREASURY BILLS – 16.1%
0.11%, 5/05/20‡		100,000,000		99,998,828
0.10%, 5/07/20‡		50,000,000		49,999,167
0.10%, 5/12/20‡		150,000,000		149,995,493

Description	Par Value		Value
0.07%, 5/19/20‡	$	200,000,000	$	199,993,475
0.08%, 5/26/20‡		200,000,000		199,989,444
0.12%, 5/28/20‡		200,000,000		199,982,525
0.08%, 6/04/20‡		250,000,000		249,981,206
0.07%, 6/09/20‡		100,000,000		99,992,958
0.09%, 6/23/20‡		200,000,000		199,975,248
0.11%, 8/11/20‡		50,000,000		49,984,983
TOTAL U.S. TREASURY BILLS			$	1,499,893,327
U.S. TREASURY NOTES – 3.8%
1.65%, 5/31/20		50,000,000		49,989,030
1.63%, 7/15/20		75,000,000		74,980,025
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20D		60,570,000		60,570,000
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 0.26%, 4/30/21D		125,000,000		124,993,466
(U.S. Treasury 3 Month Bill Money Market Yield + 0.22%), 0.35%, 7/31/21D		49,934,000		49,943,165
TOTAL U.S. TREASURY NOTES			$	360,475,686
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,860,369,013)			$	1,860,369,013
	Number of Shares
MONEY MARKET FUNDS – 5.2%
Blackrock Liquidity FedFund Institutional Shares, 0.21%^		266,386,786	$	266,386,786
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%^		166,902,610		166,902,610
Federated Treasury Obligations Fund, Institutional Shares, 0.16%^		32,688,721		32,688,721
Goldman Sachs Financial Square Funds Treasury Obligations Fund, Institutional Shares, 0.21%^		15,228,923		15,228,923
TOTAL MONEY MARKET FUNDS (COST $481,207,040)			$	481,207,040
	Par Value
REPURCHASE AGREEMENTS – 26.5%
Canadian Imperial Bank, 0.02%, dated 4/30/20, due 5/01/20, repurchase price $200,000,111, collateralized by U.S. Treasury Securities, 0.75% to 3.63%, maturing 5/15/21 to 2/15/49; total market value of $200,000,042.	$	200,000,000	$	200,000,000

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    6

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

Description	Par Value		Value
Credit Suisse First Boston LLC, 0.02%, dated 4/30/20, due 5/01/20, repurchase price $55,000,031, collateralized by U.S. Treasury Securities, 0.00% to 2.63%, maturing 2/28/21 to 1/15/29; total market value of $56,100,032.	$	55,000,000	$	55,000,000
Deutsche Bank Securities, Inc., 0.02%, dated 4/30/20, due 5/01/20, repurchase price $278,000,154, collateralized by U.S. Treasury Securities, 0.00% to 2.25%, maturing 1/28/21 to 11/15/27; total market value of $283,560,002.		278,000,000		278,000,000
FICC Bank of New York, 0.03%, dated 4/30/20, due 5/01/20, repurchase price $250,000,208, collateralized by U.S. Treasury Securities, 2.13% to 2.88%, maturing 3/31/24 to 8/15/28; total market value of $255,000,068.		250,000,000		250,000,000
Mizuho Securities USA, 0.03%, dated 4/30/20, due 5/01/20, repurchase price $150,000,125, collateralized by U.S. Government Agency & U.S. Treasury Securities, 0.00% to 6.00%, maturing 5/22/20 to 9/01/49; total market value of $153,000,071.		150,000,000		150,000,000

Description	Par Value		Value
RBC Capital Markets LLC, 0.03%, dated 4/30/20, due 5/01/20, repurchase price $1,100,000,917, collateralized by U.S. Government Agency Securities, 2.14% to 5.50%, maturing 12/01/20 to 9/20/63; total market value of $1,122,000,000.	$	1,100,000,000	$	1,100,000,000
TD Securities, Inc., 0.04%, dated 4/30/20, due 5/01/20, repurchase price $440,000,489, collateralized by U.S. Government Agency Securities, 3.00% to 3.50%, maturing 11/01/49 to 4/01/50; total market value of $453,200,001.		440,000,000		440,000,000
TOTAL REPURCHASE AGREEMENTS (COST $2,473,000,000)			$	2,473,000,000
TOTAL INVESTMENTS – 100.0% (COST $9,337,859,119)			$	9,337,859,119
OTHER LIABILITIES LESS ASSETS – 0.0%**				(1,970,342	)
TOTAL NET ASSETS – 100.0%			$	9,335,888,777

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

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2020 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	$	—	$	4,523,283,066	$	—	$	4,523,283,066
U.S. Treasury Obligations		—		1,860,369,013		—		1,860,369,013
Money Market Funds		481,207,040		—		—		481,207,040
Repurchase Agreements		—		2,473,000,000		—		2,473,000,000
Total	$	481,207,040	$	8,856,652,079	$	—	$	9,337,859,119

^ 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.

** Represents less than 0.05%.

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

ANNUAL REPORT / April 30, 2020

7

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At April 30, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Obligations		53.5	%
Repurchase Agreements		38.6	%
Money Market Funds		7.9	%
Other Assets and Liabilities – Net1		(0.0	%)2
TOTAL		100.0	%

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

(2) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2020

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 53.5%
U.S. TREASURY BILLS – 39.2%
0.83%, 5/05/20‡	$	100,000,000	$	99,990,889
1.57%, 5/07/20‡		25,000,000		24,993,604
1.59%, 5/14/20‡		50,000,000		49,972,014
1.56%, 6/11/20‡		50,000,000		49,913,302
0.09%, 6/23/20‡		75,000,000		74,990,615
0.16%, 7/28/20‡		50,000,000		49,980,322
1.56%, 8/06/20‡		75,000,000		74,692,833
0.11%, 8/11/20‡		25,000,000		24,992,492
0.41%, 9/10/20‡		100,000,000		99,850,767
TOTAL U.S. TREASURY BILLS			$	549,376,838
U.S. TREASURY NOTES – 14.3%
1.63%, 7/15/20		20,130,000		20,124,639
(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 0.17%, 7/31/20D		50,000,000		49,964,467
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 0.17%, 10/31/20D		6,000,000		6,000,000
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 0.26%, 4/30/21D		100,000,000		99,962,952
(U.S. Treasury 3 Month Bill Money Market Yield + 0.15%), 0.28%, 1/31/22D		25,000,000		25,015,071
TOTAL U.S. TREASURY NOTES			$	201,067,129
TOTAL U.S. TREASURY OBLIGATIONS (COST $750,443,967)			$	750,443,967

Description	Number of Shares		Value
MONEY MARKET FUNDS – 7.9%
Blackrock Liquidity FundsT-Fund Institutional Shares, 0.12%^		36,701,393	$	36,701,393
Federated Treasury Obligations Fund, Institutional Shares, 0.16%^		37,035,089		37,035,089
Goldman Sachs Financial Square Funds Treasury Obligations Fund, Institutional Shares, 0.21%^		37,708,097		37,708,097
TOTAL MONEY MARKET FUNDS (COST $111,444,579)			$	111,444,579
	Par Value
REPURCHASE AGREEMENTS – 38.6%
Credit Suisse First Boston LLC, 0.02%, dated 4/30/20, due 5/1/20, repurchase price $40,000,022 collateralized by U.S. Treasury Securities, 0.00% to 8.75%, maturing 5/15/20 to 2/15/43; total market value of $40,800,024.	$	40,000,000	$	40,000,000

April 30, 2020 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    8

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

Description	Par Value		Value
Deutsche Bank Securities, Inc., 0.02%, dated 4/30/20, due 5/1/20, repurchase price $22,000,012, collateralized by U.S. Treasury Securities, 0.00% to 0.24%, maturing 8/13/20 to 1/31/21; total market value of $22,440,088.	$	22,000,000	$	22,000,000
RBC Capital Markets LLC, 0.02%, dated 4/30/20, due 5/1/20, repurchase price $480,000,267 collateralized by U.S. Treasury Securities, 0.13% to 3.75%, maturing 4/15/22 to 5/15/46; total market value of $489,600,131.		480,000,000		480,000,000
TOTAL REPURCHASE AGREEMENTS (COST $542,000,000)			$	542,000,000

Description	Value
TOTAL INVESTMENTS – 100.0% (COST $1,403,888,546)	$	1,403,888,546
OTHER LIABILITIES LESS ASSETS – 0.0%**		(244,140	)
TOTAL NET ASSETS – 100.0%	$	1,403,644,406

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

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	750,443,967	$	—	$	750,443,967
Money Market Funds		111,444,579		—		—		111,444,579
Repurchase Agreements		—		542,000,000		—		542,000,000
Total	$	111,444,579	$	1,292,443,967	$	—	$	1,403,888,546

^ 7-Day net yield.

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.

** Represents less than 0.05%.

The following acronym is used throughout this Fund:

LLC                 Limited Liability Corporation

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

9    STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2020	Wilmington   U.S. Government   Money Market                Fund				Wilmington     U.S. Treasury     Money Market     Fund
ASSETS:
Investments, at identified cost		$	9,337,859,119			$	1,403,888,546
Investments in repurchase agreements, at value		$	2,473,000,000			$	542,000,000
Investments in securities, at value			6,864,859,119				861,888,546
TOTAL INVESTMENTS			9,337,859,119				1,403,888,546
Cash			96,898				96,898
Income receivable			2,114,255				107,366
Receivable for shares sold			452,585				260,140
Prepaid assets			81,479				29,221
TOTAL ASSETS			9,340,604,336				1,404,382,171
LIABILITIES:
Income distribution payable			917,211				155,753
Payable for shares redeemed			529,167				64,252
Payable for Trustees’ fees			8,973				8,973
Payable for administration fees			226,823				33,863
Payable for distribution services fees			162,841				45,112
Payable for shareholder services fees			641,167				104,219
Payable for investment advisory fees			1,597,727				146,087
Other accrued expenses			631,650				179,506
TOTAL LIABILITIES			4,715,559				737,765
NET ASSETS		$	9,335,888,777			$	1,403,644,406
NET ASSETS CONSIST OF:
Paid-in capital		$	9,335,888,813			$	1,403,642,417
Distributable earnings (loss)			(36	)			1,989
TOTAL NET ASSETS		$	9,335,888,777			$	1,403,644,406
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets		$	1,509,321,598			$	360,462,816
Shares outstanding (unlimited shares authorized)			1,509,567,677				360,501,145
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Institutional Class
Net Assets		$	1,745,742,440			$	50,788,587
Shares outstanding (unlimited shares authorized)			1,745,809,449				50,788,919
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Select Class
Net Assets		$	4,912,640,023			$	992,204,853
Shares outstanding (unlimited shares authorized)			4,913,100,845				992,219,087
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Service Class
Net Assets		$	1,168,184,716			$	188,150
Shares outstanding (unlimited shares authorized)			1,168,143,236				188,148
Net Asset Value and Offering Price per share		$	1.000			$	1.000

See Notes which are an integral part of the Financial Statements

April 30, 2020

STATEMENTS OF OPERATIONS    10

Year Ended April 30, 2020	Wilmington     U.S. Government     Money Market Fund				Wilmington U.S. Treasury Money Market Fund
INVESTMENT INCOME:
Dividends		$	1,252,311			$	452,854
Interest			139,681,689				28,773,246
TOTAL INVESTMENT INCOME			140,934,000				29,226,100
EXPENSES:
Investment advisory fees			19,841,275				4,111,897
Administration fees			2,438,532				506,213
Portfolio accounting and administration fees			1,397,724				296,910
Transfer and dividend disbursing agent fees and expenses			61,548				12,994
Custodian fees			177,258				75,318
Trustees’ fees			54,369				54,369
Professional fees			101,809				123,647
Distribution services fee—Administrative Class			3,318,889				733,778
Distribution services fee—Service Class			2,795,862				285
Shareholder services fee— Administrative Class			3,318,889				733,778
Shareholder services fee— Select Class			10,855,150				3,282,966
Shareholder services fee— Service Class			2,795,862				285
Share registration costs			55,334				59,777
Printing and postage			177,809				30,336
Miscellaneous			318,792				136,637
TOTAL EXPENSES			47,709,102				10,159,190
Waiver/reimbursement by investment advisor			(3,195,872	)			(1,296,200	)
Waiver of distribution services fee—Administrative Class			(166,180	)			(38,969	)
Waiver of distribution services fee—Service Class			(275,521	)			(51	)
Waiver of shareholder services fee—Administrative Class			(1,990,440	)			(439,872	)
Waiver of shareholder services fee—Select Class			(6,580,503	)			(1,975,624	)
Waiver of shareholder services fee—Service Class			(45,736	)			(4	)
TOTAL WAIVERS AND REIMBURSEMENTS			(12,254,252	)			(3,750,720	)
Net expenses			35,454,850				6,408,470
Net investment income			105,479,150				22,817,630
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			26,362				9,003
Net realized gain (loss) on investments			26,362				9,003
Change in net assets resulting from operations		$	105,505,512			$	22,826,633

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

11    STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended April 30, 2019
OPERATIONS:
Net investment income	$	105,479,150		$	112,042,656		$	22,817,630		$	22,930,187
Net realized gain (loss) on investments		26,362			6,231			9,003			6,288
Change in net assets resulting from operations		105,505,512			112,048,887			22,826,633			22,936,475
DISTRIBUTIONS TO SHAREHOLDERS:
Administrative Class		(15,638,028	)		(22,569,370	)		(3,367,609	)		(4,975,018	)
Institutional Class		(16,010,624	)		(10,428,860	)		(449,968	)		—
Select Class		(61,857,851	)		(61,807,693	)		(19,005,385	)		(17,954,316	)
Service Class		(12,003,710	)		(17,236,747	)		(1,108	)		(854	)
Total distributions to shareholders		(105,510,213	)		(112,042,670	)		(22,824,070	)		(22,930,188	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		5,654,548,559			5,088,350,602			1,037,961,294			1,131,372,451
Institutional Class		3,880,022,217			1,585,136,902			1,100,749,168			—
Select Class		9,865,138,562			9,292,845,289			2,938,441,833			3,897,796,606
Service Class		2,868,472,912			3,125,890,676			203,585			151,887
Distributions reinvested
Administrative Class		741			1,085			35,569			24,993
Institutional Class		187,667			399,301			—			—
Select Class		5,448,805			5,136,312			1,329,643			1,891,396
Service Class		3,850,166			4,965,924			1,108			842
Cost of shares redeemed
Administrative Class		(5,442,512,780	)		(4,987,743,339	)		(960,858,127	)		(1,188,864,124	)
Institutional Class		(2,561,580,453	)		(1,862,857,258	)		(1,049,960,250	)		—
Select Class		(9,368,060,263	)		(8,161,827,482	)		(3,151,207,591	)		(3,486,260,690	)
Service Class		(2,895,348,366	)		(3,189,828,167	)		(101,585	)		(111,035	)
Change in net assets resulting from share transactions		2,010,167,767			900,469,845			(83,405,353	)		356,002,326
Change in net assets		2,010,163,066			900,476,062			(83,402,790	)		356,008,613
NET ASSETS:
Beginning of year		7,325,725,711			6,425,249,649			1,487,047,196			1,131,038,583
End of year	$	9,335,888,777		$	7,325,725,711		$	1,403,644,406		$	1,487,047,196

April 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS (concluded)    12

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended April 30, 2019
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		5,654,548,559			5,088,350,602			1,037,961,293			1,131,372,451
Institutional Class		3,880,022,217			1,585,136,902			1,100,749,168			—
Select Class		9,865,138,562			9,292,845,289			2,938,441,833			3,897,796,606
Service Class		2,868,472,911			3,125,890,676			203,585			151,887
Distributions reinvested
Administrative Class		741			1,085			35,569			24,993
Institutional Class		187,667			399,301			—			—
Select Class		5,448,805			5,136,312			1,329,643			1,891,396
Service Class		3,850,166			4,965,924			1,108			842
Shares redeemed
Administrative Class		(5,442,512,780	)		(4,987,743,339	)		(960,858,127	)		(1,188,864,124	)
Institutional Class		(2,561,580,453	)		(1,862,857,258	)		(1,049,960,249	)		—
Select Class		(9,368,060,263	)		(8,161,827,482	)		(3,151,207,591	)		(3,486,260,690	)
Service Class		(2,895,348,366	)		(3,189,828,167	)		(101,585	)		(111,035	)
Net change in shares outstanding		2,010,167,766			900,469,845			(83,405,353	)		356,002,326

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

13    FINANCIAL HIGHLIGHTS

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

    WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
ADMINISTRATIVE CLASS	April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.013			0.016			0.006			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)
Total Income (Loss) From Operations		0.013			0.016			0.006			0.000			0.000
Less Distributions From:
Net Investment Income		(0.013	)		(0.016	)		(0.006	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		1.21	%		1.57	%		0.56	%		0.04	%		0.02	%
Net Assets, End of Year (000’s)		$1,509,322			$1,297,285			$1,196,676			$1,516,147			$1,619,679
Ratios to Average Net Assets
Gross Expense(b)		0.81	%		0.82	%		0.82	%		0.89	%		0.97	%
Net Expenses(b)(c)		0.61	%		0.62	%		0.62	%		0.42	%		0.18	%
Net Investment Income		1.18	%		1.57	%		0.54	%		0.04	%		0.02	%
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
INSTITUTIONAL CLASS	April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.016			0.019			0.009			0.001			0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		0.000	(a)
Total Income (Loss) From Operations		0.016			0.019			0.009			0.001			0.000
Less Distributions From:
Net Investment Income		(0.016	)		(0.019	)		(0.009	)		(0.001	)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		1.56	%		1.92	%		0.91	%		0.17	%		0.02	%
Net Assets, End of Year (000’s)		$1,745,742			$427,114			$704,435			$359,524			$12,840
Ratios to Average Net Assets
Gross Expense(b)		0.31	%		0.32	%		0.32	%		0.34	%		0.47	%
Net Expenses(b)(c)		0.27	%		0.27	%		0.27	%		0.27	%		0.13	%
Net Investment Income		1.39	%		1.92	%		0.97	%		0.21	%		0.01	%
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
SELECT CLASS	April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.015			0.018			0.008			0.001			0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		0.000	(a)
Total Income (Loss) From Operations		0.015			0.018			0.008			0.001			0.000
Less Distributions From:
Net Investment Income		(0.015	)		(0.018	)		(0.008	)		(0.001	)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		1.46	%		1.82	%		0.81	%		0.13	%		0.02	%
Net Assets, End of Year (000’s)		$4,912,640			$4,410,116			$3,273,958			$3,671,694			$976,287
Ratios to Average Net Assets
Gross Expense(b)		0.56	%		0.57	%		0.57	%		0.61	%		0.72	%
Net Expenses(b)(c)		0.37	%		0.37	%		0.37	%		0.33	%		0.18	%
Net Investment Income		1.42	%		1.82	%		0.80	%		0.15	%		0.02	%

April 30, 2020 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS    14

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
SERVICE CLASS	April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.011			0.014			0.004			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)
Total Income (Loss) From Operations		0.011			0.014			0.004			0.000			0.000
Less Distributions From:
Net Investment Income		(0.011	)		(0.014	)		(0.004	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		1.08	%		1.42	%		0.41	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$1,168,185			$1,191,211			$1,250,181			$1,364,106			$794,950
Ratios to Average Net Assets
Gross Expense(b)		0.81	%		0.82	%		0.82	%		0.88	%		0.97	%
Net Expenses(b)(c)		0.74	%		0.77	%		0.77	%		0.46	%		0.18	%
Net Investment Income		1.07	%		1.41	%		0.41	%		0.01	%		0.01	%

(a) Represents less than $0.001.

(b) 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.

(c) The investment manager and other service providers voluntarily waived a portion of their fees.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

15    FINANCIAL HIGHLIGHTS

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

 WILMINGTON U.S. TREASURY MONEY MARKET FUND

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
ADMINISTRATIVE CLASS	April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.013			0.016			0.006			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)
Total Income (Loss) From Operations		0.013			0.016			0.006			0.000			0.000
Less Distributions From:
Net Investment Income		(0.013	)		(0.016	)		(0.006	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		1.20	%		1.58	%		0.57	%		0.03	%		0.01	%
Net Assets, End of Year (000’s)		$360,463			$283,323			$340,788			$479,284			$646,349
Ratios to Average Net Assets
Gross Expense(c)		0.83	%		0.83	%		0.84	%		0.91	%		0.99	%
Net Expenses(c)(d)		0.59	%		0.60	%		0.60	%		0.39	%		0.15	%
Net Investment Income		1.15	%		1.54	%		0.53	%		0.03	%		0.01	%
INSTITUTIONAL CLASS	For the Period October 16, 2019* through April 30, 2020
Net Asset Value, Beginning of Period		$1.000
Income (Loss) From Operations:
Net Investment Income		0.007
Net Realized Gain (Loss) on Investments		0.000	(a)
Total Income (Loss) From Operations		0.007
Less Distributions From:
Net Investment Income		(0.007	)
Net Asset Value, End of Period		$1.000
Total Return		0.61	%(e)
Net Assets, End of Period (000’s)		$50,788
Ratios to Average Net Assets
Gross Expense(c)		0.32	%(f)
Net Expenses(c)(d)		0.25	%(f)
Net Investment Income		1.18	%(f)
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
SELECT CLASS	April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.015			0.018			0.008			0.001			0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.015			0.018			0.008			0.001			0.000
Less Distributions From:
Net Investment Income		(0.015	)		(0.018	)		(0.008	)		(0.001	)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		1.44	%		1.83	%		0.82	%		0.12	%		0.01	%
Net Assets, End of Year (000’s)		$992,205			$1,203,639			$790,207			$311,815			$242,597
Ratios to Average Net Assets
Gross Expense(c)		0.58	%		0.58	%		0.59	%		0.66	%		0.74	%
Net Expenses(c)(d)		0.35	%		0.35	%		0.35	%		0.31	%		0.15	%
Net Investment Income		1.45	%		1.85	%		0.89	%		0.13	%		0.01	%

April 30, 2020 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded)    16

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
SERVICE CLASS(a)	April 30, 2020			April 30, 2019			April 30, 2018			April 30, 2017			April 30, 2016
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.011			0.014			0.004			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)
Total Income (Loss) From Operations		0.011			0.014			0.004			0.000			0.000
Less Distributions From:
Net Investment Income		(0.011	)		(0.014	)		(0.004	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		1.07	%		1.43	%		0.42	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$188			$85			$44			$31			$26
Ratios to Average Net Assets
Gross Expense(c)		0.84	%		0.83	%		0.84	%		0.90	%		0.97	%
Net Expenses(c)(d)		0.70	%		0.75	%		0.74	%		0.42	%		0.17	%
Net Investment Income		0.97	%		1.40	%		0.44	%		0.01	%		0.01	%

(a) Represents less than $0.001.

(b) Represents less than 0.01%.

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

(d) The investment manager and other service providers voluntarily waived a portion of their fees.

(e) Total returns for periods of less than one year, if any, are not annualized.

(f) Annualized for periods less than one year.

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2020

17    NOTES TO FINANCIAL STATEMENTS    

Wilmington Funds

April 30, 2020

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.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Computation of Net Asset Value– It is each Fund’s policy to maintain a continuous net asset value of $1.00 per share for each class. Each Fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that each Fund will be able to maintain a stable net asset value of $1.00 per share. The net asset value (‘‘NAV’’) per share for each 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 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.

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    18

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

At April 30, 2020, 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 Exposure (2)
U.S. Government Money Market Fund
Canadian Imperial Bank	$	200,000,000	$	200,000,000	$	—	$	—
Credit Suisse First Boston LLC		55,000,000		55,000,000		—		—
Deutsche Bank Securities, Inc.		278,000,000		278,000,000		—		—
FICC Bank of New York		250,000,000		250,000,000		—		—
Mizuho Securities USA		150,000,000		150,000,000		—		—
RBC Capital Markets LLC		1,100,000,000		1,100,000,000		—		—
TD Securities, Inc.		440,000,000		440,000,000		—		—
	$	2,473,000,000	$	2,473,000,000	$	—	$	—
U.S. Treasury Money Market Fund
Credit Suisse First Boston LLC		40,000,000		40,000,000		—		—
Deutsche Bank Securities, Inc.		22,000,000		22,000,000		—		—
RBC Capital Markets LLC		480,000,000		480,000,000		—		—
	$	542,000,000	$	542,000,000	$	—	$	—

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

⁽²⁾  Net exposure represents the receivable (payable) due from (to) 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 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 year ended April 30, 2020, the Funds did not incur any interest or penalties.

3. FEDERAL TAX INFORMATION

As of April 30, 2020 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 2019, 2018, and 2017, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

For financial reporting purposes, book basis capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to capital paid in on shares of beneficial interest. The reclassifications have no impact on the net assets or NAVs of the Funds. As of April 30, 2020, there were no reclassifications.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

ANNUAL REPORT / April 30, 2020

19    NOTES TO FINANCIAL STATEMENTS (continued)

	2020		2019
Fund	Ordinary     Income*	Long-Term     Capital Gains	Ordinary     Income*	Long-Term     Capital Gains
U.S. Government Money Market Fund	$105,510,213	$—	$112,042,670	$—
U.S. Treasury Money Market Fund	22,824,070	—	22,930,188	—

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

As of April 30, 2020 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	$917,175	$ —	$(917,211)	$—	$—	$—
U.S. Treasury Money Market Fund	155,741	2,001	(155,753)	—	—	—

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes.

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. At April 30, 2020, none of the Funds have any losses deferred to May 1, 2020.

The Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2020:

Fund	Capital Loss   Carryforwards   Utilized
U.S. Treasury Money Market Fund	$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 year ended April 30, 2020, 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 and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

	Current Contractual Expense Limitations
Fund	Administrative   Class		Institutional   Class		Select   Class		Service   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.

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    20

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 “Administration 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 year ended April 30, 2020, 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 year ended April 30, 2020, 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:

Fund	Distribution     Fees
U.S. Government Money Market Fund		$	5,665,239
U.S. Treasury Money Market Fund			695,594

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 year ended April 30, 2020, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services     Fee
U.S. Government Money Market Fund	$8,364,093
U.S. Treasury Money Market Fund	1,562,190

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.

ANNUAL REPORT / April 30, 2020

21    NOTES TO FINANCIAL STATEMENTS (continued)

5. MARKET RISK IN GENERAL

Market risk is the risk that one or more markets in which a Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on a Fund and its investments.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known asCOVID-19. The outbreak ofCOVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects ofCOVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers. The impact of the outbreak may be short term or may last for an extended period of time, which may have an unpredictable impact on Fund performance.

6. LIBOR RISK

The United Kingdom’s Financial Conduct Authority, which regulates the London Interbank Offered Rate (“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. CONTRACTUAL OBLIGATIONS

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

8. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC was available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings were charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC included a commitment fee of 0.15% per annum on the daily unused portion. The LOC expired on April 2, 2020.

On April 2, 2020, the Trust entered into an amendment to the credit agreement for a $10,000,000 unsecured, committed revolving LOC. The LOC is to be used as described above and to be operated in substantially the same manner as the original agreement. The LOC expires on April 1, 2021.

The Trust did not utilize the LOC during the year ended April 30, 2020.

9. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update2018-13, (the “ASU”), which changes certain fair value measurement disclosure requirements. The ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level fair value measurements. 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.

In March 2020, the FASB issued ASUNo. 2020-04 (“ASU2020-04”), Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU2020-04.

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. PwC affirmed

April 30, 2020 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    22

their independence as an independent registered public accounting firm on June 19, 2019. 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 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 material events that would require recognition or disclosure in the Funds’ financial statements through this date.

ANNUAL REPORT / April 30, 2020

23

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations and changes in net assets for the year ended April 30, 2020, including the related notes, and the financial highlights for the year ended April 30, 2020 and for the period October 16, 2019 (commencement of operations for the Institutional Class of Wilmington U.S. Treasury Money Market Fund) through April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations and changes in each of their net assets for the year then ended, and each of the financial highlights for the year ended April 30, 2020 and for the period October 16, 2019 (commencement of operations for the Institutional Class of Wilmington U.S. Treasury Money Market Fund) through April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended April 30, 2019 and the financial highlights for each of the periods ended on or prior to April 30, 2019 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated June 27, 2019 expressed unqualified opinions on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2020

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

April 30, 2020 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 24

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 12 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 1100 North Market Street, 9th Floor, Wilmington, DE 19890. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name   Address   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Dominick J. D’Eramo*   Birth year: 1964   TRUSTEE   Began serving: November 2018   PRESIDENT   Began serving: June 2018	Principal Occupations:Senior Vice President, Wilmington Trust Investment Advisors, Inc. and Head of Fixed Income. Previous Positions:Group Vice President, Wilmington Trust Investment Advisor, Inc. (WTIA) (2014-2017); Administrative Vice President, WTIA (2012-2014).

* Dominick J. D’Eramo is “interested” due to his employment with WTIA and his position with WFMC, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano   Birth year: 1943   CHAIRMAN and TRUSTEE   Began serving: March 2012	Principal Occupations:Consultant, financial services organizations (1997 to present). Other Directorships Held:The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products). Previous Positions:Director, Kalmar Pooled Investment Trust (through 6/17); Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold   Birth year: 1944   TRUSTEE   Began serving: March 2012	Principal Occupations:Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held:None. Previous Positions:Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to 12/17); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017	Principal Occupations:Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/20 to present); Other Directorships Held:Trustee, RBB Fund Series Trust (32 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2018); Previous Positions:Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999), Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997); Captain, US Army (1989 to 1994).

ANNUAL REPORT / April 30, 2020 (unaudited)

25    BOARD OF TRUSTEES AND TRUST OFFICERS

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley   Birth year: 1951   TRUSTEE   Began serving: December 2015	Principal Occupations:Director, BioSig Technologies (2015 to present); Director, AXA Equitable’s VIP Mutual Funds (2017 to present); Director, AXA Equitable (variable annuity) (2013 to present); Director, 1290 Mutual Funds (retail funds) (2013 to present); and Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present). Other Directorships Held:Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011); Chairman, Director and President’s Council, Union College (private college) (2011 to 2015). Previous Positions:Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011); Senior Vice President and Treasurer at ITT Corporation (1996 to 2010); Assistant Treasurer at International Paper (1989 to 1996).
Richard B. Seidel   Birth year: 1941   TRUSTEE   Began serving: September 2003	Principal Occupations:Chairman, Seidel & Associates (legal consulting) (1/14 to present); Chairman, Liberty Private Client, LLC (registered investment adviser) (1/14 to present). Other Directorships Held:Director, Chartwell Investment Partners (9/15 to present); Director, Tristate Capital Holdings (9/07 to 4/20). Previous Positions:Chairman, Girard Capital (broker-dealer) (3/05 to 1/14); Chairman, Girard Partners, Ltd. (6/96 to 1/14).
Valerie J. Sill   Birth year: 1962   TRUSTEE   Began serving: April 2020	Principal Occupations:President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held:Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions:Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS

Name   Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell   Birth year: 1966   CHIEF OPERATIONS OFFICER   Began serving: June 2017   VICE PRESIDENT   Began serving: June 2012	Principal Occupations:Chief Operations Officer, Wilmington Funds; Vice President, Wilmington Funds Management Corporation (2005 to present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions:Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Lisa Druelinger   Birth year: 1978   CHIEF COMPLIANCE OFFICER and AML   COMPLIANCE OFFICER.   Began serving: November 2017	Principal Occupations:Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Administrative Vice President, M&T Bank. Previous Positions:Vice President and Senior Compliance Officer, Wilmington Trust Investment Advisors, Inc. (2015-2017); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2013-2015); Institutional and Retirement Services Product Manager, Wilmington Trust (2011-2013); Trust Compliance and Risk Management at M&T Bank (2006- 2011).

April 30, 2020 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 26

Name   Address   Birth Year   Position with Trust	Principal Occupations for Past Five Years and Previous Positions
John J. Kelley   Birth year: 1959   VICE PRESIDENT   Began serving: December 2016	Principal Occupations:President of Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions:Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
Robert L. Tuleya   Birth year: 1974   VICE PRESIDENT and ASSISTANT SECRETARY   Began serving: September 2018	Principal Occupations:Vice President and Assistant Secretary, Wilmington Funds; Vice President and Assistant Secretary, Wilmington Funds Management Corporation (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Vice President and Assistant General Counsel, M&T Bank (2018 to present). Previous Positions:Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).
Christopher W. Roleke   10 High Street, Suite 302   Boston, MA 02110   Birth year: 1972   CHIEF FINANCIAL OFFICER AND TREASURER   Began serving: July 2013	Principal Occupation:Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions:Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth   Atlantic Terminal Office Tower, 2 Hanson Place,   12th Floor   Brooklyn, NY 11217   Birth year: 1963   SECRETARY   Began serving: September 2007	Principal Occupation:Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions:Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).
Richard J. Berthy   Three Canal Plaza, Suite 100   Portland, ME 04101   Birth year: 1958   CHIEF EXECUTIVE OFFICER   Began serving: September 2007	Principal Occupation:Chief Executive Officer, Foreside Financial Group, LLC (2012 to present). Previous Positions:President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

ANNUAL REPORT / April 30, 2020 (unaudited)

27

Board Approval of Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule22e-4 under the Investment Company Act of 1940, as amended. The rule requires every registeredopen-end management company to establish a liquidity risk management program that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the Commission adopted Rule30b1-10 and FormN-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 10, 2020, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP after its first year of operation. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies foropen-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third partysub-adviser the Liquidity Committee would takesub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve month period ended April 30, 2020. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of FormN-LIQUID.

April 30, 2020 (unaudited) / ANNUAL REPORT

28

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.

ANNUAL REPORT / April 30, 2020

29

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.

April 30, 2020 / ANNUAL REPORT

30

• 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.

ANNUAL REPORT / April 30, 2020

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

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
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
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-AR-MM-0420
Wilmington Funds |1-800-836-2211 | www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies—Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer

(b) There have been no amendments to the registrant’s code of ethics that apply to its Principal Executive Officer or Principal Financial Officer.

(c) There have been no amendments to the Funds’ code of ethics during the reporting period for this FormN-CSR.

(d) The registrant has not granted any waivers, including an implicit waiver, from any provisions of its code of ethics during the reporting period for this FormN-CSR.

(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at1-800-836-2211, and ask for a copy of the Section 406 Standards for Investment Companies—Ethical Standards for Principal Executive and Financial Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board has determined that each member of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item. The Audit Committee consists of the following Board members: Gregory P. Chandler, Nicholas A. Giordano, Donald E Foley.

Item 4. Principal Accountant Fees and Services.

(a) The Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were as follows:

Fiscal year ended 2020 - $441,000

Fiscal year ended 2019 - $479,363

(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were as follows:

Fiscal year ended 2020 - $0

Fiscal year ended 2019 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, $0 and $0 respectively.

(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were as follows:

Fiscal year ended 2020 - $145,524

Fiscal year ended 2019 - $125,963

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, $145,524 and $125,963, respectively.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item were as follows:

Fiscal year ended 2020 - $0

Fiscal year ended 2019 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, $0and $0 respectively.

(e)(1) Audit Committee Policies regardingPre-approval of Services.

The Audit Committee is required topre-approve audit andnon-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received generalpre-approval, it will require specificpre-approval by the Audit Committee. Any proposed services exceedingpre-approved cost levels will require specificpre- approval by the Audit Committee.

Certain services have the generalpre-approval of the Audit Committee. The term of the generalpre-approval is 12 months from the date ofpre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specificpre-approval from the Audit Committee and may grant generalpre-approval for such services. The Audit Committee will revise the list of generalpre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities topre-approve services performed by the independent auditor to management.

The Audit Committee has delegatedpre-approval authority to its Chairman. The Chairman will report anypre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with suchpre-approval authority when the Chairman is unavailable.

AUDIT SERVICES

The annual Audit services engagement terms and fees will be subject to the specificpre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant generalpre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee haspre-approved certain Audit services, all other Audit services must be specificallypre-approved by the Audit Committee.

AUDIT-RELATED SERVICES

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and haspre-approved certain Audit-related services, all other Audit-related services must be specificallypre-approved by the Audit Committee.

TAX SERVICES

The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee haspre-approved certain Tax services, all Tax services involving large and complex transactions must be specificallypre-approved by the Audit Committee.

ALL OTHER SERVICES

With respect to the provision of services other than audit, review or attest services thepre-approval requirement is waived if:

(1) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant or to its accountant during the fiscal year in which the services are provided;

(2) Such services were not recognized by the registrant, the registrant’s adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to benon-audit services; and

(3) Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee.

The Audit Committee may grant generalpre-approval to those permissiblenon-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibitednon-audit services and the applicability of exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specificpre-approval by the Audit Committee.

PROCEDURES

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X:

4(b)

Fiscal year ended 2020 – 0%

Fiscal year ended 2019 – 0%

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X, 0% and 0% respectively.

4(c)

Fiscal year ended 2020 – 0%

Fiscal year ended 2019 – 0%

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X, 0% and 0% respectively.

4(d)

Fiscal year ended 2020 – 0%

Fiscal year ended 2019 – 0%

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X, 0% and 0% respectively.

Not Applicable

(g) Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant:

Fiscal year ended 2020 – $145,524

Fiscal year ended 2019 – $125,963

(h) The registrant’s Audit Committeehas considered that the provision ofnon-audit services that were rendered to the registrant’s adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures 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.

No changes to report.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule30a-3(b) under the 1940 Act and Rule13a-15(b) under the Exchange Act.

(b) There has been no change in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities 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.

(b) Certifications pursuant to Rule30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(12.other) Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant):    Wilmington Funds

By (Signature and Title)*	/s/ Richard J. Berthy
	Richard J. Berthy
	(Principal Executive Officer)

Date: July 2, 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: July 2, 2020

By (Signature and Title)*	/s/ Christopher W. Roleke
	Christopher W. Roleke
	(Principal Financial Officer)

Date: July 2, 2020

^*  Print the name and title of each signing officer under his or her signature.