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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05514    

                                     Wilmington Funds                                    

(Exact name of registrant as specified in charter)

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

(Address of principal executive offices) (Zip code)

John McDonnell

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

(Name and address of agent for service)

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

Date of fiscal year end:  April 30

Date of reporting period: October 31, 2020

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

    October 31, 2020 (unaudited)    

PRESIDENT’S MESSAGE AND

Semi-Annual

Report

WILMINGTON FUNDS

Equity Fund

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

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolio of Investments	2
Statement of Assets and Liabilities.	15
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	19
Discussion of Renewal of Advisory and Sub-Advisory Agreements	25

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the semi-annual fiscal year period of May 1, 2020, through October 31, 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 semi-annual fiscal year.

The economy

The last six months revealed both the economic toll of the pandemic’s first wave, and the subsequent rebound as activity reverted toward more normal levels. U.S. gross domestic product (“GDP”) declined by a record -31.4% annualized in 2Q, as strict lockdown measures imposed across much of the world to contain the virus brought consumer activity to a near halt. GDP bounced back strongly in 3Q, gaining 31.4% annualized as initial outbreaks stabilized and economies began to reopen. The labor market recovered considerably over the period, adding back 12 of the 22 million jobs lost in March and April, although momentum began to wane with the unemployment rate still historically elevated. The federal government delivered a healthy volume of fiscal stimulus, more than offsetting wages lost by low income consumer and helping to fuel a robust rebound in spending on goods. Retail sales snapped back sharply to pre-pandemic levels by June, although the pace of gains decelerated in the months that followed as critical supplemental unemployment benefits expired without replacement. Relative to goods, spending on services saw more modest improvement, due to social distancing measures and persistent virus concerns. With the economic outlook still clouded by the pandemic, the Federal Reserve (the “Fed”) guided for rates to remain at the lower bound for years to come. The Fed’s shift to average inflation targeting, allowing inflation to run above 2% for extended periods, signaled that it is likely to remain accommodative for the time being.

Economic activity outside the U.S. varied between regions depending on the success of virus containment efforts. In China, where infection rates have been well controlled relative to much of the world, indicators of both manufacturing and services activity returned to expansion, while activity in the virus-sensitive transportation, hotel, and restaurant industries showed continued improvement. Eurozone economies began plotting their path to recovery, before moderating towards the end of the period. With outbreaks well contained from May-August, the Euro zone services sector returned to expansion in July before contracting in September and October as governments tightened mobility restrictions to curb an accelerating second wave of cases.

Bond markets

Fixed income markets recorded solid returns over the period, with both taxable and tax-exempt credit outperforming treasuries materially. The U.S. 10-year yield compressed to a record low and traded in a tight range for much of the period, before rising moderately in October. The Fed remained an active buyer of investment-grade and recently downgraded high-yield credit through its purchasing facilities. Fed support and improving economic trends helped fuel robust volumes of new issuance, alongside a steady appetite for yield from global investors. High yield taxable outperformed investment grade as spreads continued to normalize from elevated levels, and investors embraced riskier assets. After recording strong gains from May through July, municipal bonds saw more muted returns over the following months as issuance picked up pace and spreads widened moderately in September and October.

For the six-month period May 1, 2020 to October 31, 2020, certain Bloomberg Barclays indices performed as follows:¹

Bloomberg Barclays U.S. Treasury Bond Index2	Bloomberg Barclays U.S. Aggregate Bond Index3	Bloomberg Barclays U.S. Credit Bond Index4	Bloomberg Barclays Municipal Bond Index5	Bloomberg Barclays U.S. Corporate High Yield Bond Index6
-0.93%	1.27%	4.80%	4.99%	10.83%

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.

PRESIDENT’S MESSAGE / October 31, 2020 (unaudited)

ii

Equity markets

Global equities extended gains in the period as the continued recovery in the broader economy, better than expected corporate earnings and optimism over the development of COVID-19 treatments and vaccines, boosted risk sentiment. The S&P 500 led the way for much of the period, thanks to the dominant performance of mega-cap technology stocks with business models that benefitted most from the stay-at-home environment. Leadership began to shift from safe to more cyclical areas of the market in September, as large technology stocks, which had seen valuations inflate significantly, suffered a sharp sell-off. U.S. small cap equities logged strong gains over the period, after rebounding from depressed levels and maintaining a strong bid throughout the tech led unwind in September. Emerging markets equities outperformed, benefitting from economic momentum in China, which contributes over 1/3 of index market cap, and receiving some support from a weakening U.S. dollar. International developed equities started off on strong footing but lagged towards the end of the period as renewed COVID outbreaks and mobility restrictions fueled growth concerns.

For the six-month period May 1, 2020 to October 31, 2020, certain stock market indices performed as follows:

S&P 500® Index7	Russel 2000® Index 8	MSCI EAFE (Net) Index9	MSCI Emerging Markets (Net) Index10
13.29%	18.13%	8.57%	20.96%

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.

Sincerely,

Dominick J. D’Eramo, CFA

President

November 19, 2020

October 31, 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. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause decline in their prices.

2. 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.

3. Bloomberg Barclays U.S. Aggregate Bond Index is a 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.

4. 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.

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

6. 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.

7. 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.

8. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. As of its latest reconstitution, the index had a total market capitalization range of approximately $128 million to $1.3 billion. The index is unmanaged and investments cannot be made directly in an index.

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

10. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

PRESIDENT’S MESSAGE / October 31, 2020 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2020 to October 31, 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.

	Beginning     Account Value     05/01/20	Ending     Account Value     10/31/20	Expenses Paid     During Period(1)	Annualized Net     Expense Ratio(2)
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,147.40	$1.35	0.25%
Hypothetical (assuming a 5% return before expenses)
Class I	$1,000.00	$1,023.95	$1.28	0.25%

⁽¹⁾  Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At October 31, 2020, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Information Technology		27.5	%
Health Care		14.0	%
Consumer Discretionary		12.2	%
Communication Services		10.5	%
Financials		9.8	%
Industrials		8.7	%
Consumer Staples		6.4	%
Real Estate		3.1	%
Utilities		3.0	%
Materials		2.8	%
Energy		1.9	%
Investment Companies		0.1	%
Rights		0.0	%(1)
Preferred Stock		0.0	%(1)
Warrants		0.0	%(1)
Cash Collateral Invested for Securities on Loan(2)		0.5	%
Other Assets and Liabilities - Net(3)		(0.5	)%
TOTAL		100.0	%

⁽¹⁾ Represents less than 0.05%.

⁽²⁾ Cash Collateral Invested for Securities on Loan include investments in repurchase agreements.

⁽³⁾ Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 99.9%
COMMUNICATION SERVICES – 10.5%
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.4%
AT&T, Inc.		114,752	$	3,100,599
CenturyLink, Inc.		16,385		141,239
GCI Liberty, Inc., Class A*		1,461		118,677
Verizon Communications, Inc.		66,750		3,804,082
			$	7,164,597
ENTERTAINMENT – 2.0%
Activision Blizzard, Inc.		12,220		925,421
Electronic Arts, Inc.*		4,510		540,433
Liberty Media Corp. - Liberty Formula One, Class A*		105		3,496
Liberty Media Corp. - Liberty Formula One, Class C*		3,085		111,461
Lions Gate Entertainment Corp., Class B*		2,400		15,048
Live Nation Entertainment, Inc.*		2,170		105,896
Madison Square Garden Entertainment Corp.*		329		21,385
Madison Square Garden Sports Corp.*		29		4,108
Netflix, Inc.*		6,850		3,258,819

Description	Number of Shares		Value
Roku, Inc.*		1,700	$	344,080
Spotify Technology SA*		2,100		503,769
Take-Two Interactive Software, Inc.*		1,750		271,110
Walt Disney Co. (The)		29,133		3,532,376
World Wrestling Entertainment, Inc., Class A		400		14,544
Zynga, Inc., Class A*		12,900		115,971
			$	9,767,917
INTERACTIVE MEDIA & SERVICES – 5.6%
Alphabet, Inc., Class A*		4,845		7,830,053
Alphabet, Inc., Class C*		4,829		7,827,857
Facebook, Inc., Class A*		38,780		10,203,406
IAC/InterActiveCorp*		1,150		138,828
Match Group, Inc.*		3,442		401,957
Pinterest, Inc., Class A*		6,243		368,025
TripAdvisor, Inc.		1,300		24,843
Twitter, Inc.*		12,160		502,937
Zillow Group, Inc., Class A*		800		71,464
Zillow Group, Inc., Class C*		2,145		190,090
			$	27,559,460

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

3 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MEDIA – 1.3%
Altice USA, Inc., Class A*		4,500	$	121,275
Cable One, Inc.		90		155,867
Charter Communications, Inc., Class A*		2,402		1,450,376
Comcast Corp., Class A		72,950		3,081,408
Discovery, Inc., Class A*,#		1,900		38,456
Discovery, Inc., Class C*		4,900		89,768
DISH Network Corp., Class A*		3,496		89,113
Fox Corp., Class A		5,476		145,224
Fox Corp., Class B		2,300		60,122
Interpublic Group of Cos., Inc. (The)		6,218		112,484
John Wiley & Sons, Inc., Class A		200		6,192
Liberty Broadband Corp., Class A*		335		47,084
Liberty Broadband Corp., Class C*		1,621		229,712
Liberty Media Corp. - Liberty SiriusXM, Class A*		1,043		36,056
Liberty Media Corp. - Liberty SiriusXM, Class C*		2,436		84,286
New York Times Co. (The), Class A		2,350		93,201
News Corp., Class A		5,357		70,337
News Corp., Class B		1,448		18,853
Nexstar Media Group, Inc., Class A		650		53,560
Omnicom Group, Inc.		3,190		150,568
Sirius XM Holdings, Inc.#		16,790		96,207
ViacomCBS, Inc., Class A		300		8,958
ViacomCBS, Inc., Class B		8,696		248,445
			$	6,487,552
WIRELESS TELECOMMUNICATION SERVICES – 0.2%
Telephone & Data Systems, Inc.		1,550		26,350
T-Mobile US, Inc.*		8,819		966,298
			$	992,648
TOTAL COMMUNICATION SERVICES			$	51,972,174
CONSUMER DISCRETIONARY – 12.2%
AUTO COMPONENTS – 0.2%
Aptiv PLC		4,450		429,380
BorgWarner, Inc.		3,680		128,726
Gentex Corp.		4,680		129,496
Lear Corp.		1,000		120,810
			$	808,412
AUTOMOBILES – 1.2%
Ford Motor Co.		64,100		495,493
General Motors Co.		21,100		728,583
Harley-Davidson, Inc.		3,070		100,942
Tesla, Inc.*		12,040		4,672,001
Thor Industries, Inc.		900		76,122
			$	6,073,141
DISTRIBUTORS – 0.1%
Genuine Parts Co.		2,320		209,797
LKQ Corp.*		4,618		147,730
Pool Corp.		600		209,898
			$	567,425
DIVERSIFIED CONSUMER SERVICES – 0.1%
Bright Horizons Family Solutions, Inc.*		933		147,461
Chegg, Inc.*		1,976		145,117

Description	Number of Shares		Value
frontdoor, Inc.*		1,100	$	43,582
Graham Holdings Co., Class B		40		15,213
Grand Canyon Education, Inc.*		700		54,859
H&R Block, Inc.		2,500		43,150
Service Corp. International		2,670		123,648
Terminix Global Holdings, Inc.*		2,318		109,155
			$	682,185
HOTELS, RESTAURANTS & LEISURE – 1.7%
Aramark		3,333		92,457
Carnival Corp.#		9,300		127,503
Chipotle Mexican Grill, Inc.*		450		540,666
Choice Hotels International, Inc.		910		79,488
Darden Restaurants, Inc.		2,100		193,032
Domino’s Pizza, Inc.		650		245,908
Dunkin’ Brands Group, Inc.		1,300		129,623
Extended Stay America, Inc.		2,600		29,510
Hilton Worldwide Holdings, Inc.		4,553		399,799
Hyatt Hotels Corp., Class A		900		49,626
Las Vegas Sands Corp.		5,420		260,485
Marriott International, Inc., Class A		4,436		412,016
McDonald’s Corp.		12,099		2,577,087
MGM Resorts International		7,310		150,367
Norwegian Cruise Line Holdings Ltd.*,#		3,600		59,868
Planet Fitness, Inc., Class A*		1,178		69,820
Restaurant Brands International LP		47		2,476
Royal Caribbean Cruises Ltd.		2,780		156,848
Six Flags Entertainment Corp.		1,450		31,349
Starbucks Corp.		19,190		1,668,762
Vail Resorts, Inc.		628		145,721
Wendy’s Co. (The)		2,515		54,953
Wyndham Destinations, Inc.		1,160		37,851
Wyndham Hotels & Resorts, Inc.		1,860		86,509
Wynn Resorts Ltd.		1,568		113,570
Yum China Holdings, Inc.		6,300		335,349
Yum! Brands, Inc.		5,150		480,649
			$	8,531,292
HOUSEHOLD DURABLES – 0.4%
DR Horton, Inc.		5,470		365,451
Garmin Ltd.		2,490		259,010
Leggett & Platt, Inc.		2,070		86,381
Lennar Corp., Class A		4,410		309,714
Lennar Corp., Class B		76		4,324
Mohawk Industries, Inc.*		855		88,227
Newell Brands, Inc.		5,769		101,881
NVR, Inc.*		100		395,309
PulteGroup, Inc.		4,490		183,012
Tempur Sealy International, Inc.*		700		62,300
Toll Brothers, Inc.		1,650		69,762
Whirlpool Corp.		985		182,186
			$	2,107,557
INTERNET & DIRECT MARKETING RETAIL – 4.7%
Amazon.com, Inc.*		6,910		20,979,796
Booking Holdings, Inc.*		680		1,103,300
eBay, Inc.		11,090		528,217
Etsy, Inc.*		1,900		231,021

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 4

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Expedia Group, Inc.		2,352	$	221,441
Grubhub, Inc.*		1,610		119,076
Qurate Retail, Inc., Class A		5,900		39,943
Wayfair, Inc., Class A*,#		1,048		259,935
			$	23,482,729
LEISURE PRODUCTS – 0.1%
Brunswick Corp.		1,100		70,081
Hasbro, Inc.		1,990		164,613
Mattel, Inc.*		5,050		69,538
Peloton Interactive, Inc., Class A*		1,500		165,315
Polaris, Inc.		900		81,774
			$	551,321
MULTILINE RETAIL – 0.5%
Dollar General Corp.		4,100		855,711
Dollar Tree, Inc.*		3,862		348,816
Kohl’s Corp.		2,110		44,922
Nordstrom, Inc.#		1,780		21,538
Ollie’s Bargain Outlet Holdings, Inc.*		873		76,030
Target Corp.		8,110		1,234,504
			$	2,581,521
SPECIALTY RETAIL – 2.4%
Advance Auto Parts, Inc.		1,050		154,644
AutoNation, Inc.*		830		47,086
AutoZone, Inc.*		410		462,882
Best Buy Co., Inc.		3,680		410,504
Burlington Stores, Inc.*		1,100		212,938
CarMax, Inc.*		2,700		233,388
Carvana Co.*		900		166,815
Dick’s Sporting Goods, Inc.		800		45,320
Five Below, Inc.*		878		117,073
Floor & Decor Holdings, Inc., Class A*		1,260		91,980
Foot Locker, Inc.		1,610		59,377
Gap, Inc. (The)		3,450		67,102
Home Depot, Inc. (The)		17,600		4,694,096
L Brands, Inc.		3,610		115,556
Lowe’s Cos., Inc.		12,450		1,968,345
O’Reilly Automotive, Inc.*		1,200		523,920
Ross Stores, Inc.		5,940		505,910
Tiffany & Co.		1,950		255,138
TJX Cos., Inc. (The)		19,580		994,664
Tractor Supply Co.		1,900		253,099
Ulta Beauty, Inc.*		900		186,093
Williams-Sonoma, Inc.		1,210		110,364
			$	11,676,294
TEXTILES, APPAREL & LUXURY GOODS – 0.8%
Capri Holdings Ltd.*		2,000		42,440
Carter’s, Inc.		900		73,305
Columbia Sportswear Co.		468		34,908
Hanesbrands, Inc.		5,200		83,564
Lululemon Athletica, Inc.*		1,900		606,651
NIKE, Inc., Class B		19,690		2,364,375
PVH Corp.		970		56,541
Ralph Lauren Corp.		735		49,135
Skechers USA, Inc., Class A*		1,843		58,442
Tapestry, Inc.		3,780		84,029

Description	Number of Shares		Value
Under Armour, Inc., Class A*,#		1,778	$	24,608
VF Corp.		5,350		359,520
			$	3,837,518
TOTAL CONSUMER DISCRETIONARY			$	60,899,395
CONSUMER STAPLES – 6.4%
BEVERAGES – 1.5%
Boston Beer Co., Inc. (The), Class A*		150		155,877
Brown-Forman Corp., Class A		900		56,475
Brown-Forman Corp., Class B		3,025		210,873
Coca-Cola Co. (The)		62,550		3,006,153
Constellation Brands, Inc., Class A		2,700		446,121
Keurig Dr. Pepper, Inc.		5,900		158,710
Molson Coors Beverage Co., Class B		2,600		91,676
Monster Beverage Corp.*		5,900		451,763
PepsiCo., Inc.		22,450		2,992,360
			$	7,570,008
FOOD & STAPLES RETAILING – 1.4%
Casey’s General Stores, Inc.		535		90,185
Costco Wholesale Corp.		7,150		2,556,983
Grocery Outlet Holding Corp.*		1,100		48,422
Kroger Co. (The)		12,900		415,509
Sprouts Farmers Market, Inc.*		1,800		34,290
Sysco Corp.		8,200		453,542
U.S. Foods Holding Corp.*		3,750		78,375
Walgreens Boots Alliance, Inc.		12,200		415,288
Walmart, Inc.		22,550		3,128,812
			$	7,221,406
FOOD PRODUCTS – 1.1%
Archer-Daniels-Midland Co.		9,100		420,784
Beyond Meat, Inc.*		900		128,187
Bunge Ltd.		2,095		118,850
Campbell Soup Co.		2,800		130,676
Conagra Brands, Inc.		8,100		284,229
Flowers Foods, Inc.		2,800		66,024
General Mills, Inc.		9,800		579,376
Hain Celestial Group, Inc. (The)*		1,200		36,900
Hershey Co. (The)		2,350		323,031
Hormel Foods Corp.		4,400		214,236
Ingredion, Inc.		1,100		77,979
J.M. Smucker Co. (The)		1,700		190,740
Kellogg Co.		4,000		251,560
Kraft Heinz Co. (The)		10,900		333,431
Lamb Weston Holdings, Inc.		2,300		145,935
McCormick & Co., Inc.		2,000		361,020
Mondelez International, Inc., Class A		22,750		1,208,480
Post Holdings, Inc.*		1,038		89,164
TreeHouse Foods, Inc.*		1,200		46,608
Tyson Foods, Inc., Class A		4,700		268,981
			$	5,276,191
HOUSEHOLD PRODUCTS – 1.6%
Church & Dwight Co., Inc.		4,000		353,560
Clorox Co. (The)		2,000		414,500
Colgate-Palmolive Co.		13,550		1,068,959
Energizer Holdings, Inc.		1,400		55,090

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

5 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Kimberly-Clark Corp.		5,500	$	729,245
Procter & Gamble Co. (The)		39,500		5,415,450
Spectrum Brands Holdings, Inc.		250		14,218
			$	8,051,022
PERSONAL PRODUCTS – 0.2%
Coty, Inc., Class A		4,740		13,746
Estee Lauder Cos., Inc. (The), Class A		3,600		790,776
Herbalife Nutrition Ltd.*		1,800		81,252
Nu Skin Enterprises, Inc., Class A		900		44,415
			$	930,189
TOBACCO – 0.6%
Altria Group, Inc.		30,200		1,089,616
Philip Morris International, Inc.		25,350		1,800,357
			$	2,889,973
TOTAL CONSUMER STAPLES			$	31,938,789
ENERGY – 1.9%
ENERGY EQUIPMENT & SERVICES – 0.2%
Baker Hughes Co.		10,300		152,131
ChampionX Corp.*		1,080		9,429
Halliburton Co.		13,413		161,761
Helmerich & Payne, Inc.		1,260		18,736
National Oilwell Varco, Inc.		5,448		45,763
Schlumberger NV		22,246		332,355
			$	720,175
OIL, GAS & CONSUMABLE FUELS – 1.7%
Antero Midstream Corp.		4,200		24,066
Apache Corp.		6,090		50,547
Cabot Oil & Gas Corp.		6,000		106,740
Cheniere Energy, Inc.*		3,830		183,342
Chevron Corp.		31,064		2,158,948
Cimarex Energy Co.		1,650		41,861
Concho Resources, Inc.		3,100		128,681
ConocoPhillips		17,460		499,705
Continental Resources, Inc.#		1,115		13,414
Devon Energy Corp.		4,985		44,516
Diamondback Energy, Inc.		2,147		55,736
EOG Resources, Inc.		9,180		314,323
EQT Corp.		4,300		65,102
Equitrans Midstream Corp.		6,100		44,286
Exxon Mobil Corp.		68,093		2,221,194
Hess Corp.		4,490		167,118
HollyFrontier Corp.		2,740		50,717
Kinder Morgan, Inc.		32,255		383,835
Marathon Oil Corp.		9,950		39,402
Marathon Petroleum Corp.		10,100		297,950
Murphy Oil Corp.		1,700		13,124
Occidental Petroleum Corp.		13,160		120,151
ONEOK, Inc.		7,160		207,640
Parsley Energy, Inc., Class A		3,800		38,038
Phillips 66		7,290		340,151
Pioneer Natural Resources Co.		2,550		202,878
Targa Resources Corp.		3,600		57,780
Valero Energy Corp.		6,920		267,181

Description		Number of Shares		Value
Williams Cos., Inc. (The)			20,370	$	390,900
WPX Energy, Inc.*			5,617		25,894
				$	8,555,220
TOTAL ENERGY				$	9,275,395
FINANCIALS – 9.8%
BANKS – 1.4%
Associated Banc-Corp			3,085		42,234
Bank of Hawaii Corp.			670		40,629
Bank OZK			1,700		42,126
BOK Financial Corp.			320		18,797
Citizens Financial Group, Inc.			7,350		200,287
Comerica, Inc.			2,130		96,936
Commerce Bancshares, Inc.			1,477		91,943
Cullen/Frost Bankers, Inc.			840		59,027
East West Bancorp, Inc.			2,523		92,039
Fifth Third Bancorp			12,250		284,445
First Citizens BancShares, Inc., Class A			100		46,270
First Horizon National Corp.			8,434		87,798
First Republic Bank			3,000		378,420
FNB Corp.			3,550		26,838
Huntington Bancshares, Inc.			16,541		172,688
KeyCorp.			15,844		205,655
M&T Bank Corp.§			1,610		166,764
PacWest Bancorp			1,239		23,838
People’s United Financial, Inc.			6,050		64,553
Pinnacle Financial Partners, Inc.			1,150		52,658
PNC Financial Services Group, Inc. (The)			6,960		778,685
Popular, Inc.			1,238		52,244
Prosperity Bancshares, Inc.			1,373		75,666
Regions Financial Corp.			16,956		225,515
Signature Bank			1,000		80,740
SVB Financial Group*			800		232,560
Synovus Financial Corp.			2,144		55,744
TCF Financial Corp.			2,433		66,202
Truist Financial Corp.			22,407		943,783
U.S. Bancorp			23,170		902,471
Webster Financial Corp.			1,350		43,484
Wells Fargo & Co.			61,875		1,327,219
Western Alliance Bancorp			1,545		63,654
Wintrust Financial Corp.			850		41,846
Zions Bancorp NA			3,590		115,849
				$	7,199,607
CAPITAL MARKETS – 2.6%
Affiliated Managers Group, Inc.			870		65,572
Ameriprise Financial, Inc.	��		2,040		328,093
Apollo Global Management, Inc.			2,762		101,807
Ares Management Corp., Class A			1,400		59,220
Bank of New York Mellon Corp. (The)			13,420		461,111
BlackRock, Inc.			2,410		1,444,096
Carlyle Group, Inc. (The)			1,500		37,380
Cboe Global Markets, Inc.			1,800		146,322
Charles Schwab Corp. (The)			23,755		976,568
CME Group, Inc.			5,750		866,640
Eaton Vance Corp.			1,723		103,018
FactSet Research Systems, Inc.			640		196,160

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 6

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Franklin Resources, Inc.		4,020	$	75,375
Goldman Sachs Group, Inc. (The)		5,440		1,028,377
Interactive Brokers Group, Inc., Class A		998		47,475
Intercontinental Exchange, Inc.		8,840		834,496
Invesco Ltd.		5,370		70,401
KKR & Co., Inc.#		8,834		301,681
Lazard Ltd., Class A		1,600		53,872
LPL Financial Holdings, Inc.		1,500		119,895
MarketAxess Holdings, Inc.		600		323,310
Moody’s Corp.		2,640		694,056
Morgan Stanley		22,505		1,083,616
Morningstar, Inc.		300		57,114
MSCI, Inc.		1,420		496,773
Nasdaq, Inc.		1,930		233,511
Northern Trust Corp.		3,180		248,899
Raymond James Financial, Inc.		2,010		153,644
S&P Global, Inc.		3,990		1,287,693
SEI Investments Co.		1,840		90,436
State Street Corp.		6,070		357,523
T Rowe Price Group, Inc.		3,680		466,109
Tradeweb Markets, Inc., Class A		1,200		65,376
Virtu Financial, Inc., Class A		900		19,242
			$	12,894,861
CONSUMER FINANCE—0.5%
Ally Financial, Inc.		5,863		156,425
American Express Co.		10,740		979,918
Capital One Financial Corp.		7,900		577,332
Credit Acceptance Corp.*		150		44,718
Discover Financial Services		5,380		349,754
LendingTree, Inc.*,#		100		32,359
OneMain Holdings, Inc.		900		31,401
Santander Consumer USA Holdings, Inc.		550		11,187
SLM Corp.		5,760		52,934
Synchrony Financial		9,500		237,690
			$	2,473,718
DIVERSIFIED FINANCIAL SERVICES – 3.2%
Bank of America Corp.		125,950		2,985,015
Berkshire Hathaway, Inc., Class B*		30,896		6,237,902
Citigroup, Inc.		34,382		1,424,102
Equitable Holdings, Inc.		6,293		135,237
Jefferies Financial Group, Inc.		3,048		59,467
JPMorgan Chase & Co.		49,070		4,810,823
Voya Financial, Inc.		1,930		92,505
			$	15,745,051
INSURANCE – 2.0%
Aflac, Inc.		11,500		390,425
Alleghany Corp.		276		150,953
Allstate Corp. (The)		5,080		450,850
American Financial Group, Inc.		1,100		82,434
American International Group, Inc.		13,980		440,230
Aon PLC, Class A		3,700		680,837
Arch Capital Group Ltd.*		6,170		186,396
Arthur J. Gallagher & Co.		2,980		309,056
Assurant, Inc.		980		121,883
Assured Guaranty Ltd.		1,550		39,571

Description	Number of Shares		Value
Athene Holding Ltd., Class A*		2,010	$	64,481
Axis Capital Holdings Ltd.		1,280		54,643
Brighthouse Financial, Inc.*		2,200		72,820
Brown & Brown, Inc.		3,740		162,727
Chubb Ltd.		7,297		947,953
Cincinnati Financial Corp.		2,406		170,200
CNA Financial Corp.		150		4,468
Erie Indemnity Co., Class A		370		86,162
Everest Re Group Ltd.		670		132,044
Fidelity National Financial, Inc.		4,641		145,217
First American Financial Corp.		1,628		72,592
Globe Life, Inc.		1,743		141,340
Hanover Insurance Group, Inc. (The)		600		57,396
Hartford Financial Services Group, Inc. (The)		5,890		226,883
Kemper Corp.		928		57,220
Lincoln National Corp.		2,708		95,051
Loews Corp.		4,450		154,326
Markel Corp.*		230		214,544
Marsh & McLennan Cos., Inc.		8,190		847,337
MetLife, Inc.		12,051		456,130
Old Republic International Corp.		4,168		67,855
Primerica, Inc.		573		63,168
Principal Financial Group, Inc.		4,490		176,098
Progressive Corp. (The)		9,430		866,617
Prudential Financial, Inc.		6,180		395,644
Reinsurance Group of America, Inc.		990		100,010
RenaissanceRe Holdings Ltd.		778		125,818
Travelers Cos., Inc. (The)		4,180		504,568
Unum Group		2,560		45,210
W.R. Berkley Corp.		2,370		142,484
White Mountains Insurance Group Ltd.		60		54,500
Willis Towers Watson PLC		2,100		383,208
			$	9,941,349
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%
AGNC Investment Corp.		8,585		119,932
Annaly Capital Management, Inc.		22,680		160,801
New Residential Investment Corp.		5,600		42,000
Starwood Property Trust, Inc.		4,018		56,132
			$	378,865
THRIFTS & MORTGAGE FINANCE – 0.0%**
MGIC Investment Corp.		5,100		51,306
New York Community Bancorp, Inc.		6,283		52,212
TFS Financial Corp.		305		4,791
			$	108,309
TOTAL FINANCIALS			$	48,741,760
HEALTH CARE – 14.0%
BIOTECHNOLOGY – 2.3%
AbbVie, Inc.		28,811		2,451,816
ACADIA Pharmaceuticals, Inc.*		1,500		69,675
Acceleron Pharma, Inc.*		800		83,664
Agios Pharmaceuticals, Inc.*		1,050		42,074
Alexion Pharmaceuticals, Inc.*		3,390		390,325
Alkermes PLC*		2,650		43,063
Alnylam Pharmaceuticals, Inc.*		1,900		233,643
Amgen, Inc.		9,614		2,085,661

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

7 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Biogen, Inc.*		2,550	$	642,778
BioMarin Pharmaceutical, Inc.*		2,900		215,847
Bluebird Bio, Inc.*		1,100		56,881
Exact Sciences Corp.*		2,500		309,575
Exelixis, Inc.*		4,700		96,256
Gilead Sciences, Inc.		20,394		1,185,911
Global Blood Therapeutics, Inc.*		900		47,592
Incyte Corp.*		2,960		256,454
Ionis Pharmaceuticals, Inc.*		2,050		96,248
Iovance Biotherapeutics, Inc.*		1,900		67,792
Moderna, Inc.*		4,500		303,615
Neurocrine Biosciences, Inc.*		1,500		148,005
Regeneron Pharmaceuticals, Inc.*		1,600		869,696
Sage Therapeutics, Inc.*		950		69,711
Sarepta Therapeutics, Inc.*		1,215		165,131
Seagen, Inc.*		2,000		333,600
United Therapeutics Corp.*		640		85,907
Vertex Pharmaceuticals, Inc.*		4,243		884,071
			$	11,234,991
HEALTH CARE EQUIPMENT & SUPPLIES – 3.8%
Abbott Laboratories		28,195		2,963,576
ABIOMED, Inc.*		700		176,316
Align Technology, Inc.*		1,260		536,861
Baxter International, Inc.		8,230		638,401
Becton Dickinson & Co.		4,384		1,013,274
Boston Scientific Corp.*		23,300		798,491
Cooper Cos., Inc. (The)		800		255,240
Danaher Corp.		10,230		2,348,194
DENTSPLY SIRONA, Inc.		3,779		178,331
DexCom, Inc.*		1,500		479,370
Edwards Lifesciences Corp.*		9,916		710,878
Envista Holdings Corp.*		2,250		59,445
Haemonetics Corp.*		700		70,763
Hill-Rom Holdings, Inc.		1,260		114,748
Hologic, Inc.*		4,040		278,033
ICU Medical, Inc.*		300		53,337
IDEXX Laboratories, Inc.*		1,380		586,251
Insulet Corp.*		1,000		222,250
Integra LifeSciences Holdings Corp.*		1,048		46,217
Intuitive Surgical, Inc.*		1,900		1,267,452
Masimo Corp.*		800		179,056
Medtronic PLC		22,026		2,215,155
Novocure Ltd.*		1,600		195,360
Penumbra, Inc.*,#		500		130,515
Quidel Corp.*		568		152,389
ResMed, Inc.		2,420		464,495
STERIS PLC		1,400		248,066
Stryker Corp.		5,700		1,151,457
Tandem Diabetes Care, Inc.*		900		98,100
Teleflex, Inc.		760		241,855
Varian Medical Systems, Inc.*		1,450		250,560
West Pharmaceutical Services, Inc.		1,300		353,691
Zimmer Biomet Holdings, Inc.		3,510		463,671
			$	18,941,798
HEALTH CARE PROVIDERS & SERVICES – 2.5%
Acadia Healthcare Co., Inc.*		1,100		39,215

Description	Number of Shares		Value
Amedisys, Inc.*		450	$	116,550
AmerisourceBergen Corp.		2,470		237,293
Anthem, Inc.		4,110		1,121,208
Cardinal Health, Inc.		4,820		220,708
Centene Corp.*		9,330		551,403
Chemed Corp.		300		143,496
Cigna Corp.		5,992		1,000,484
CVS Health Corp.		21,371		1,198,699
DaVita, Inc.*		1,288		111,090
Encompass Health Corp.		1,480		90,739
Guardant Health, Inc.*		1,135		121,059
HCA Healthcare, Inc.		4,500		557,730
Henry Schein, Inc.*		2,720		172,938
Humana, Inc.		2,180		870,430
Laboratory Corp. of America Holdings*		1,557		311,042
McKesson Corp.		2,700		398,223
Molina Healthcare, Inc.*		1,000		186,470
Premier, Inc., Class A		700		22,911
Quest Diagnostics, Inc.		2,100		256,494
UnitedHealth Group, Inc.		15,320		4,674,745
Universal Health Services, Inc., Class B		1,180		129,269
			$	12,532,196
HEALTH CARE TECHNOLOGY – 0.3%
Cerner Corp.		4,940		346,244
Change Healthcare, Inc.*		3,100		43,865
Livongo Health, Inc.*		900		125,793
Teladoc Health, Inc.*,#		1,195		234,770
Veeva Systems, Inc., Class A*		2,220		599,511
			$	1,350,183
LIFE SCIENCES TOOLS & SERVICES – 1.4%
10X Genomics, Inc., Class A*		800		109,520
Adaptive Biotechnologies Corp.*		1,300		59,904
Agilent Technologies, Inc.		5,090		519,638
Avantor, Inc.*		6,945		161,610
Bio-Rad Laboratories, Inc., Class A*		390		228,704
Bio-Techne Corp.		700		176,687
Bruker Corp.		1,800		76,572
Charles River Laboratories International, Inc.*		920		209,484
Illumina, Inc.*		2,440		714,188
IQVIA Holdings, Inc.*		3,080		474,289
Mettler-Toledo International, Inc.*		420		419,122
PerkinElmer, Inc.		1,970		255,214
PPD, Inc.*		643		21,142
PRA Health Sciences, Inc.*		975		95,004
QIAGEN NV*,#		3,600		170,784
Repligen Corp.*		800		133,256
Syneos Health, Inc.*		950		50,426
Thermo Fisher Scientific, Inc.		6,470		3,061,087
Waters Corp.*		1,010		225,048
			$	7,161,679
PHARMACEUTICALS – 3.7%
Bristol-Myers Squibb Co.		36,676		2,143,712
Catalent, Inc.*		2,500		219,425
Elanco Animal Health, Inc.*		6,800		210,868
Eli Lilly & Co.		13,630		1,778,170

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 8

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Horizon Therapeutics PLC*		3,200	$	239,776
Jazz Pharmaceuticals PLC*		960		138,336
Johnson & Johnson		42,900		5,882,019
Merck & Co., Inc.		41,016		3,084,813
Mylan NV*		8,188		119,054
Nektar Therapeutics*		2,900		45,936
Perrigo Co. PLC		2,158		94,671
Pfizer, Inc.		90,253		3,202,176
Reata Pharmaceuticals, Inc., Class A*		400		46,684
Zoetis, Inc.		7,781		1,233,678
			$	18,439,318
TOTAL HEALTH CARE			$	69,660,165
INDUSTRIALS – 8.7%
AEROSPACE & DEFENSE – 1.4%
Axon Enterprise, Inc.*		1,000		98,900
Boeing Co. (The)		8,540		1,233,091
BWX Technologies, Inc.		1,655		91,042
Curtiss-Wright Corp.		715		60,317
General Dynamics Corp.		4,080		535,826
HEICO Corp.		650		68,283
HEICO Corp., Class A		1,152		107,712
Hexcel Corp.		1,600		53,568
Howmet Aerospace, Inc.		6,766		116,714
Huntington Ingalls Industries, Inc.		645		95,125
L3Harris Technologies, Inc.		3,582		577,096
Lockheed Martin Corp.		4,050		1,418,026
Northrop Grumman Corp.		2,520		730,346
Raytheon Technologies Corp.		23,254		1,263,157
Spirit AeroSystems Holdings, Inc., Class A		1,190		21,646
Teledyne Technologies, Inc.*		600		185,490
Textron, Inc.		3,653		130,777
TransDigm Group, Inc.		890		424,895
Virgin Galactic Holdings, Inc.*,#		500		8,710
			$	7,220,721
AIR FREIGHT & LOGISTICS – 0.7%
C.H. Robinson Worldwide, Inc.		2,184		193,131
Expeditors International of Washington, Inc.		2,780		245,669
FedEx Corp.		3,960		1,027,501
United Parcel Service, Inc., Class B		11,480		1,803,623
XPO Logistics, Inc.*		1,400		126,000
			$	3,395,924
AIRLINES – 0.2%
Alaska Air Group, Inc.		1,875		71,044
American Airlines Group, Inc.#		7,543		85,085
Copa Holdings SA, Class A		400		19,712
Delta Air Lines, Inc.		10,590		324,478
JetBlue Airways Corp.*		3,400		40,698
Southwest Airlines Co.		9,930		392,533
United Airlines Holdings, Inc.*		4,883		165,338
			$	1,098,888
BUILDING PRODUCTS – 0.5%
A.O. Smith Corp.		2,100		108,549
Allegion PLC		1,433		141,151
Armstrong World Industries, Inc.		778		46,602

Description	Number of Shares		Value
Carrier Global Corp.		14,050	$	469,129
Fortune Brands Home & Security, Inc.		2,260		182,766
Johnson Controls International PLC		12,231		516,271
Lennox International, Inc.		600		162,996
Masco Corp.		4,630		248,168
Owens Corning		1,648		107,895
Trane Technologies PLC		4,050		537,637
Trex Co., Inc.*		1,794		124,755
			$	2,645,919
COMMERCIAL SERVICES & SUPPLIES – 0.5%
ADT, Inc.		810		5,338
Cintas Corp.		1,520		478,116
Clean Harbors, Inc.*		850		45,025
Copart, Inc.*		3,300		364,188
IAA, Inc.*		2,068		117,028
Republic Services, Inc.		3,440		303,305
Rollins, Inc.		2,300		133,055
Stericycle, Inc.*		1,485		92,515
Waste Management, Inc.		7,040		759,686
			$	2,298,256
CONSTRUCTION & ENGINEERING – 0.1%
AECOM*		2,225		99,769
Jacobs Engineering Group, Inc.		1,950		185,250
Quanta Services, Inc.		2,088		130,354
Valmont Industries, Inc.		260		36,907
			$	452,280
ELECTRICAL EQUIPMENT – 0.6%
Acuity Brands, Inc.		700		62,398
AMETEK, Inc.		3,860		379,052
Eaton Corp. PLC		6,578		682,731
Emerson Electric Co.		9,840		637,534
Generac Holdings, Inc.*		997		209,519
Hubbell, Inc.		890		129,504
nVent Electric PLC		2,916		52,634
Regal Beloit Corp.		600		59,190
Rockwell Automation, Inc.		1,870		443,414
Sensata Technologies Holding PLC*		2,298		100,446
Vertiv Holdings Co.*		3,150		55,597
			$	2,812,019
INDUSTRIAL CONGLOMERATES – 1.0%
3M Co.		9,110		1,457,236
Carlisle Cos., Inc.		890		110,244
General Electric Co.		144,020		1,068,628
Honeywell International, Inc.		11,420		1,883,729
Roper Technologies, Inc.		1,700		631,278
			$	5,151,115
MACHINERY – 1.8%
AGCO Corp.		995		76,645
Allison Transmission Holdings, Inc.		1,600		57,840
Caterpillar, Inc.		8,900		1,397,745
Colfax Corp.*		1,300		35,347
Crane Co.		1,200		60,900
Cummins, Inc.		2,480		545,327
Deere & Co.		4,690		1,059,518

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

9 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Donaldson Co., Inc.		2,510	$	119,225
Dover Corp.		2,360		261,276
Flowserve Corp.		1,898		55,270
Fortive Corp.		5,140		316,624
Gates Industrial Corp. PLC*		1,200		13,320
Graco, Inc.		2,720		168,368
IDEX Corp.		1,220		207,876
Illinois Tool Works, Inc.		5,200		1,018,576
Ingersoll Rand, Inc.*		5,644		197,201
ITT, Inc.		1,635		98,934
Lincoln Electric Holdings, Inc.		900		91,638
Middleby Corp. (The)*		850		84,609
Nordson Corp.		1,000		193,430
Oshkosh Corp.		990		66,686
Otis Worldwide Corp.		6,675		409,044
PACCAR, Inc.		5,490		468,736
Parker-Hannifin Corp.		2,060		429,222
Pentair PLC		2,564		127,585
Snap-on, Inc.		880		138,626
Stanley Black & Decker, Inc.		2,520		418,824
Timken Co. (The)		1,000		59,700
Toro Co. (The)		1,880		154,348
Trinity Industries, Inc.#		1,200		22,608
Westinghouse Air Brake Technologies Corp.		3,065		181,754
Woodward, Inc.		825		65,629
Xylem, Inc.		2,810		244,863
			$	8,847,294
MARINE – 0.0%**
Kirby Corp.*		800		30,792
PROFESSIONAL SERVICES – 0.5%
CoreLogic, Inc.		1,300		100,009
CoStar Group, Inc.*		650		535,346
Equifax, Inc.		2,060		281,396
IHS Markit Ltd.		6,587		532,691
ManpowerGroup, Inc.		860		58,368
Nielsen Holdings PLC		5,200		70,252
Robert Half International, Inc.		1,698		86,072
TransUnion		3,100		246,946
Verisk Analytics, Inc.		2,550		453,823
			$	2,364,903
ROAD & RAIL – 1.1%
AMERCO		113		39,229
CSX Corp.		12,500		986,750
JB Hunt Transport Services, Inc.		1,380		168,001
Kansas City Southern		1,580		278,301
Knight-Swift Transportation Holdings, Inc.		1,835		69,712
Landstar System, Inc.		590		73,573
Lyft, Inc., Class A*		3,800		86,754
Norfolk Southern Corp.		4,160		869,939
Old Dominion Freight Line, Inc.		1,600		304,592
Ryder System, Inc.		1,090		53,694
Schneider National, Inc., Class B		923		20,361
Uber Technologies, Inc.*		22,100		738,361
Union Pacific Corp.		11,070		1,961,493
			$	5,650,760

Description	Number of Shares		Value
TRADING COMPANIES & DISTRIBUTORS – 0.3%
Air Lease Corp.		1,400	$	38,136
Fastenal Co.		9,640		416,737
HD Supply Holdings, Inc.*		2,403		95,784
MSC Industrial Direct Co., Inc., Class A		1,090		75,929
United Rentals, Inc.*		1,220		217,514
Univar Solutions, Inc.*		2,000		33,180
Watsco, Inc.		550		123,277
WW Grainger, Inc.		740		259,015
			$	1,259,572
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Macquarie Infrastructure Corp.		1,400		36,120
TOTAL INDUSTRIALS			$	43,264,563
INFORMATION TECHNOLOGY – 27.5%
COMMUNICATIONS EQUIPMENT – 0.7%
Arista Networks, Inc.*		1,000		208,900
Ciena Corp.*		2,423		95,442
Cisco Systems, Inc.		69,050		2,478,895
EchoStar Corp., Class A*		420		9,727
F5 Networks, Inc.*		1,113		147,962
Juniper Networks, Inc.		5,090		100,375
Lumentum Holdings, Inc.*		1,050		86,824
Motorola Solutions, Inc.		2,830		447,310
Ubiquiti, Inc.#		100		18,561
			$	3,593,996
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Amphenol Corp., Class A		5,100		575,484
Arrow Electronics, Inc.*		1,135		88,405
CDW Corp.		2,290		280,754
Cognex Corp.		2,700		177,930
Coherent, Inc.*		300		37,542
Corning, Inc.		13,170		421,045
Dolby Laboratories, Inc., Class A		990		74,329
FLIR Systems, Inc.		2,000		69,380
IPG Photonics Corp.*		600		111,576
Jabil, Inc.		2,158		71,516
Keysight Technologies, Inc.*		3,200		335,584
Littelfuse, Inc.		393		77,790
National Instruments Corp.		2,020		63,186
SYNNEX Corp.		693		91,227
Trimble, Inc.*		3,980		191,557
Vontier Corp.*		2,056		59,090
Zebra Technologies Corp., Class A*		900		255,276
			$	2,981,671
IT SERVICES – 5.5%
Accenture PLC, Class A		10,550		2,288,400
Akamai Technologies, Inc.*		2,650		252,068
Alliance Data Systems Corp.		690		35,563
Amdocs Ltd.		2,620		147,716
Automatic Data Processing, Inc.		7,080		1,118,357
Black Knight, Inc.*		2,337		205,539
Booz Allen Hamilton Holding Corp.		2,200		172,700
Broadridge Financial Solutions, Inc.		1,930		265,568
CACI International, Inc., Class A*		453		94,464

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 10

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Cognizant Technology Solutions Corp., Class A		8,910	$	636,352
DXC Technology Co.		3,626		66,791
EPAM Systems, Inc.*		900		278,055
Euronet Worldwide, Inc.*		765		67,963
Fastly, Inc., Class A*,#		1,200		76,212
Fidelity National Information Services, Inc.		10,150		1,264,588
Fiserv, Inc.*		9,310		888,826
FleetCor Technologies, Inc.*		1,350		298,228
Gartner, Inc.*		1,600		192,160
Genpact Ltd.		2,895		99,501
Global Payments, Inc.		4,863		767,090
GoDaddy, Inc., Class A*		2,750		194,535
International Business Machines Corp.		14,560		1,625,769
Jack Henry & Associates, Inc.		1,300		192,725
Leidos Holdings, Inc.		2,200		182,600
Mastercard, Inc., Class A		14,470		4,176,621
MongoDB, Inc.*		715		163,356
Okta, Inc.*		1,900		398,677
Paychex, Inc.		5,220		429,345
PayPal Holdings, Inc.*		19,115		3,557,875
Sabre Corp.		4,050		26,406
Square, Inc., Class A*		6,000		929,280
StoneCo Ltd., Class A*		2,700		141,858
Switch, Inc., Class A		800		11,248
Twilio, Inc., Class A*		2,200		613,734
VeriSign, Inc.*		1,750		333,725
Visa, Inc., Class A		27,520		5,000,659
Western Union Co. (The)		6,740		131,026
WEX, Inc.*		715		90,483
			$	27,416,063
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.8%
Advanced Micro Devices, Inc.*		19,050		1,434,274
Analog Devices, Inc.		6,152		729,197
Applied Materials, Inc.		15,080		893,188
Broadcom, Inc.		6,433		2,249,170
Cree, Inc.*		1,675		106,530
Enphase Energy, Inc.*		1,600		156,944
Entegris, Inc.		2,100		157,017
First Solar, Inc.*		1,300		113,159
Inphi Corp.*		700		97,832
Intel Corp.		69,470		3,076,132
KLA Corp.		2,550		502,809
Lam Research Corp.		2,380		814,150
Marvell Technology Group Ltd.		11,453		429,602
Maxim Integrated Products, Inc.		4,420		307,853
Microchip Technology, Inc.		3,839		403,402
Micron Technology, Inc.*		18,400		926,256
MKS Instruments, Inc.		883		95,708
Monolithic Power Systems, Inc.		780		249,288
NVIDIA Corp.		9,630		4,828,097
ON Semiconductor Corp.*		6,378		160,024
Qorvo, Inc.*		1,850		235,616
QUALCOMM, Inc.		18,430		2,273,525
Skyworks Solutions, Inc.		2,800		395,612
SolarEdge Technologies, Inc.*		825		212,594
Teradyne, Inc.		2,650		232,803
Texas Instruments, Inc.		15,200		2,197,768

Description	Number of Shares		Value
Universal Display Corp.		700	$	138,817
Xilinx, Inc.		4,000		474,760
			$	23,892,127
SOFTWARE – 9.9%
2U, Inc.*,#		1,000		36,850
Adobe, Inc.*		7,910		3,536,561
Alteryx, Inc., Class A*		900		112,815
Anaplan, Inc.*		2,068		114,464
ANSYS, Inc.*		1,380		420,031
Aspen Technology, Inc.*		1,093		120,022
Atlassian Corp. PLC, Class A*		2,100		402,402
Autodesk, Inc.*		3,630		855,010
Avalara, Inc.*		1,333		198,684
Bill.com Holdings, Inc.*		800		80,000
Cadence Design Systems, Inc.*		4,510		493,259
CDK Global, Inc.		1,926		83,011
Ceridian HCM Holding, Inc.*		1,775		153,040
Citrix Systems, Inc.		1,990		225,407
Cloudflare, Inc., Class A*		1,600		83,152
Coupa Software, Inc.*		1,100		294,470
Crowdstrike Holdings, Inc., Class A*		2,419		299,569
Datadog, Inc., Class A*,#		2,548		231,231
DocuSign, Inc.*		2,900		586,525
Dropbox, Inc., Class A*		3,600		65,736
Dynatrace, Inc.*		2,573		90,853
Elastic NV*		800		81,128
Everbridge, Inc.*		500		52,345
Fair Isaac Corp.*		500		195,725
FireEye, Inc.*		2,800		38,752
Five9, Inc.*		943		143,072
Fortinet, Inc.*		2,200		242,814
Globant SA*		700		126,427
Guidewire Software, Inc.*		1,300		124,943
HubSpot, Inc.*		703		203,919
Intuit, Inc.		4,150		1,305,922
Manhattan Associates, Inc.*		973		83,191
Medallia, Inc.*,#		1,050		29,873
Microsoft Corp.		121,999		24,701,138
New Relic, Inc.*		700		42,462
NortonLifeLock, Inc.		9,070		186,570
Nuance Communications, Inc.*		4,355		138,968
Nutanix, Inc., Class A*		2,600		63,284
Oracle Corp.		31,160		1,748,388
PagerDuty, Inc.*,#		750		20,325
Palo Alto Networks, Inc.*		1,540		340,633
Paycom Software, Inc.*		800		291,272
Paylocity Holding Corp.*		525		97,398
Pegasystems, Inc.		620		71,846
Pluralsight, Inc., Class A*		1,150		18,055
Proofpoint, Inc.*		953		91,240
PTC, Inc.*		1,700		142,596
RealPage, Inc.*		1,335		74,346
RingCentral, Inc., Class A*		1,300		335,842
salesforce.com, Inc.*		14,134		3,282,904
ServiceNow, Inc.*		3,100		1,542,467
Slack Technologies, Inc., Class A*,#		6,106		156,191
Smartsheet, Inc., Class A*		1,705		84,994

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

11 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
SolarWinds Corp.*		173	$	3,534
Splunk, Inc.*		2,550		505,002
SS&C Technologies Holdings, Inc.		3,700		219,114
Synopsys, Inc.*		2,500		534,650
Teradata Corp.*		1,320		24,248
Trade Desk, Inc. (The), Class A*		700		396,515
Tyler Technologies, Inc.*		650		249,847
VMware, Inc., Class A*		1,310		168,636
Workday, Inc., Class A*		2,850		598,842
Zendesk, Inc.*		1,865		206,903
Zoom Video Communications, Inc., Class A*		2,738		1,261,972
Zscaler, Inc.*		1,100		149,325
			$	48,860,710
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.0%
Apple, Inc.		262,940		28,623,648
Dell Technologies, Inc., Class C*		3,919		236,159
Hewlett Packard Enterprise Co.		20,140		174,010
HP, Inc.		23,590		423,676
NCR Corp.*		1,470		29,870
NetApp, Inc.		3,553		155,941
Pure Storage, Inc., Class A*,#		3,395		54,660
Western Digital Corp.		4,883		184,236
Xerox Holdings Corp.		550		9,559
			$	29,891,759
TOTAL INFORMATION TECHNOLOGY			$	136,636,326
MATERIALS – 2.8%
CHEMICALS – 1.8%
Air Products & Chemicals, Inc.		3,700		1,022,088
Albemarle Corp.		1,700		158,457
Ashland Global Holdings, Inc.		1,000		69,770
Axalta Coating Systems Ltd.*		3,310		83,114
Cabot Corp.		700		26,607
Celanese Corp.		1,900		215,669
CF Industries Holdings, Inc.		4,000		110,440
Chemours Co. (The)		2,500		50,350
Corteva, Inc.		12,512		412,646
Dow, Inc.		12,179		554,023
DuPont de Nemours, Inc.		11,812		671,867
Eastman Chemical Co.		2,200		177,848
Ecolab, Inc.		4,100		752,719
Element Solutions, Inc.*		3,700		43,364
FMC Corp.		2,100		215,754
Huntsman Corp.		2,800		68,012
International Flavors & Fragrances, Inc.		1,800		184,788
Linde PLC		8,500		1,872,890
LyondellBasell Industries NV, Class A		4,300		294,335
Mosaic Co. (The)		5,565		102,952
NewMarket Corp.		100		35,769
Olin Corp.		3,200		52,960
PPG Industries, Inc.		4,000		518,880
RPM International, Inc.		2,100		177,807
Scotts Miracle-Gro Co. (The)		645		96,782
Sherwin-Williams Co. (The)		1,350		928,773
Valvoline, Inc.		2,600		51,142

Description	Number of Shares		Value
W.R. Grace & Co.		800	$	34,792
Westlake Chemical Corp.#		400		27,048
			$	9,011,646
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		600		51,150
Martin Marietta Materials, Inc.		1,100		292,985
Vulcan Materials Co.		2,200		318,648
			$	662,783
CONTAINERS & PACKAGING – 0.5%
Amcor PLC		26,651		277,970
AptarGroup, Inc.		1,065		121,506
Ardagh Group SA		2,100		34,608
Avery Dennison Corp.		1,400		193,746
Ball Corp.		5,200		462,800
Berry Global Group, Inc.*		1,993		92,934
Crown Holdings, Inc.*		2,068		177,434
Graphic Packaging Holding Co.		3,955		52,562
International Paper Co.		6,400		280,000
Packaging Corp. of America		1,500		171,735
Sealed Air Corp.		3,100		122,729
Silgan Holdings, Inc.		1,005		34,622
Sonoco Products Co.		1,580		77,246
Westrock Co.		4,000		150,200
			$	2,250,092
METALS & MINING – 0.4%
Freeport-McMoRan, Inc.		23,000		398,820
Newmont Corp.		12,850		807,494
Nucor Corp.		4,900		234,024
Reliance Steel & Aluminum Co.		1,000		108,990
Royal Gold, Inc.		1,058		125,701
Southern Copper Corp.		1,150		60,191
Steel Dynamics, Inc.		3,000		94,440
			$	1,829,660
TOTAL MATERIALS			$	13,754,181
REAL ESTATE – 3.1%
REAL ESTATE INVESTMENT TRUSTS – 3.0%
Alexandria Real Estate Equities, Inc.		2,015		305,313
American Campus Communities, Inc.		2,800		104,888
American Homes 4 Rent, Class A		3,990		112,797
American Tower Corp.		7,110		1,632,811
Americold Realty Trust#		3,140		113,762
Apartment Investment & Management Co., Class A		2,871		91,585
Apple Hospitality REIT, Inc.		6,300		62,370
AvalonBay Communities, Inc.		2,422		336,973
Boston Properties, Inc.		2,550		184,646
Brandywine Realty Trust		5,000		43,800
Brixmor Property Group, Inc.		4,400		48,224
Brookfield Property REIT, Inc., Class A#		6,100		89,975
Camden Property Trust		1,470		135,593
CoreSite Realty Corp.		700		83,552
Corporate Office Properties Trust		1,900		42,617
Cousins Properties, Inc.		2,233		56,897
Crown Castle International Corp.		6,640		1,037,168

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 12

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
CubeSmart		2,933	$	99,517
CyrusOne, Inc.		1,848		131,300
Digital Realty Trust, Inc.		4,310		621,933
Douglas Emmett, Inc.		4,110		96,996
Duke Realty Corp.		5,810		220,722
Equinix, Inc.		1,431		1,046,404
Equity Commonwealth		1,692		44,703
Equity LifeStyle Properties, Inc.		3,100		183,489
Equity Residential		6,050		284,229
Essex Property Trust, Inc.		1,073		219,525
Extra Space Storage, Inc.		2,050		237,698
Federal Realty Investment Trust		1,148		78,959
Gaming and Leisure Properties, Inc.		3,374		122,645
Healthcare Trust of America, Inc., Class A		3,580		86,994
Healthpeak Properties, Inc.		8,730		235,448
Highwoods Properties, Inc.		1,490		44,357
Host Hotels & Resorts, Inc.		10,830		113,498
Hudson Pacific Properties, Inc.		2,053		39,541
Invitation Homes, Inc.		8,900		242,614
Iron Mountain, Inc.#		4,556		118,729
JBG SMITH Properties		1,721		40,185
Kilroy Realty Corp.		2,175		102,399
Kimco Realty Corp.		9,980		102,395
Lamar Advertising Co., Class A		1,400		86,744
Life Storage, Inc.		1,000		114,150
Medical Properties Trust, Inc.		8,300		147,906
Mid-America Apartment Communities, Inc.		1,871		218,215
National Retail Properties, Inc.		2,615		83,706
Omega Healthcare Investors, Inc.		3,800		109,478
Outfront Media, Inc.		2,300		30,153
Park Hotels & Resorts, Inc.		5,100		50,643
Prologis, Inc.		11,717		1,162,326
Public Storage		2,410		552,059
Rayonier, Inc.		2,615		66,369
Realty Income Corp.		5,860		339,060
Regency Centers Corp.		2,633		93,708
SBA Communications Corp.		1,750		508,148
Simon Property Group, Inc.		4,993		313,610
SL Green Realty Corp.#		1,990		85,192
Spirit Realty Capital, Inc.		1,800		54,090
STORE Capital Corp.		3,305		84,939
Sun Communities, Inc.		1,600		220,208
Taubman Centers, Inc.		700		23,394
UDR, Inc.		5,180		161,823
Ventas, Inc.		6,086		240,214
VEREIT, Inc.		16,533		102,505
VICI Properties, Inc.		8,038		184,472
Vornado Realty Trust		2,726		83,770
Weingarten Realty Investors		1,510		23,949
Welltower, Inc.		6,970		374,777
Weyerhaeuser Co.		12,242		334,084
WP Carey, Inc.		2,800		175,308
			$	15,022,251
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CBRE Group, Inc., Class A*		5,510		277,704

Description	Number of Shares		Value
Howard Hughes Corp. (The)*		658	$	40,921
Jones Lang LaSalle, Inc.		828		93,448
			$	412,073
TOTAL REAL ESTATE			$	15,434,324
UTILITIES – 3.0%
ELECTRIC UTILITIES – 1.8%
Alliant Energy Corp.		4,000		221,120
American Electric Power Co., Inc.		7,850		705,950
Avangrid, Inc.		700		34,538
Duke Energy Corp.		11,700		1,077,687
Edison International		5,800		325,032
Entergy Corp.		3,200		323,904
Evergy, Inc.		3,750		207,000
Eversource Energy		5,300		462,531
Exelon Corp.		15,800		630,262
FirstEnergy Corp.		8,900		264,508
Hawaiian Electric Industries, Inc.		1,500		49,560
IDACORP, Inc.		900		78,957
NextEra Energy, Inc.		31,400		2,298,794
NRG Energy, Inc.		4,100		129,642
OGE Energy Corp.		3,363		103,480
PG&E Corp.*		19,600		187,376
Pinnacle West Capital Corp.		1,800		146,826
PPL Corp.		12,700		349,250
Southern Co. (The)		16,800		965,160
Xcel Energy, Inc.		8,400		588,252
			$	9,149,829
GAS UTILITIES – 0.1%
Atmos Energy Corp.		2,000		183,340
National Fuel Gas Co.		1,400		55,944
UGI Corp.		3,100		100,254
			$	339,538
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%
AES Corp. (The)		11,550		225,225
Vistra Corp.		7,600		132,012
			$	357,237
MULTI-UTILITIES – 0.9%
Ameren Corp.		3,900		316,368
CenterPoint Energy, Inc.		9,600		202,848
CMS Energy Corp.		4,500		284,985
Consolidated Edison, Inc.		5,300		415,997
Dominion Energy, Inc.		13,343		1,071,977
DTE Energy Co.		3,200		394,944
MDU Resources Group, Inc.		2,800		66,528
NiSource, Inc.		6,000		137,820
Public Service Enterprise Group, Inc.		8,200		476,830
Sempra Energy		4,650		582,924
WEC Energy Group, Inc.		4,950		497,722
			$	4,448,943

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

13 PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		3,000	$	451,530
Essential Utilities, Inc.		3,600		148,320
			$	599,850
TOTAL UTILITIES			$	14,895,397
TOTAL COMMON STOCKS (COST $196,700,375)			$	496,472,469
PREFERRED STOCK – 0.0%**
CONSUMER DISCRETIONARY – 0.0%**
INTERNET & DIRECT MARKETING RETAIL – 0.0%**
Qurate Retail, Inc. 8.00%		177		17,314
TOTAL CONSUMER DISCRETIONARY			$	17,314
TOTAL PREFERRED STOCK (COST $10,427)			$	17,314
RIGHTS – 0.0%**
Bristol-Myers Squibb Co. CVR*		13,166		42,921
Bristol-Myers Squibb Co. CVR, Expire 12/31/20		89		30
TOTAL RIGHTS (COST $30,281)			$	42,951
WARRANTS – 0.0%**
American International Group, Inc. CW21, Expire 01/19/21*		2,055		477
Occidental Petroleum Corp. CW27, Expire 08/03/27*		1,645		4,063
TOTAL WARRANTS (COST $34,935)			$	4,540
INVESTMENT COMPANIES – 0.1%
EQUITY FUNDS – 0.1%
iShares Russell 1000 ETF#		1,200		219,420
iShares Russell 1000 Growth ETF		575		120,509
iShares Russell 1000 Value ETF		1,040		121,399
TOTAL EQUITY FUNDS			$	461,328
TOTAL INVESTMENT COMPANIES (COST $476,294)			$	461,328
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.5%
REPURCHASE AGREEMENTS – 0.5%
Bank of America Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $479,025 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 11/01/27 to 11/01/50; total market value of $488,601.		$479,021		479,021

Description	Par Value		Value
BNP Paribas SA, 0.09%, dated 10/30/20, due 11/02/20, repurchase price $479,025 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 12/31/20 to 7/01/50; total market value of $488,601.		$479,021	$	479,021
Daiwa Capital Markets America, 0.10%, dated 10/30/20, due 11/02/20, repurchase price $479,025 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 12/31/20 to 11/01/50; total market value of $488,601.		479,021		479,021
National Bank Financial, 0.14%, dated 10/30/20, due 11/02/20, repurchase price $479,027 collateralized by U.S. Treasury Securities, 0.13% to 6.25%, maturing 11/02/20 to 9/09/49; total market value of $488,601.		479,021		479,021
Nomura Securities International, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $190,701 collateralized by U.S. Government Agency Securities, 2.00% to 5.50%, maturing 10/01/34 to 9/20/50; total market value of $194,514.		190,700		190,700
RBC Dominion Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $479,025 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 2/04/21 to 11/01/50; total market value of $488,601.		479,021		479,021
TOTAL REPURCHASE AGREEMENTS (COST $2,585,805)			$	2,585,805
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,585,805)			$	2,585,805
TOTAL INVESTMENTS – 100.5% (COST $199,838,117)			$	499,584,407
COLLATERAL FOR SECURITIES ON LOAN – (0.5%)				(2,585,805	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				140,715
TOTAL NET ASSETS – 100.0%			$	497,139,317

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 14

Wilmington Large-Cap Strategy Fund (concluded)

Cost of investments for Federal income tax purposes is $211,293,291. The net unrealized appreciation/(depreciation) of investments was $288,291,116. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $308,000,898 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(19,709,782).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks		$	496,346,676		$	125,793		$	—		$	496,472,469
Preferred Stock			17,314			—			—			17,314
Rights			42,951			—			—			42,951
Warrants			4,540			—			—			4,540
Investment Companies			461,328			—			—			461,328
Repurchase Agreements			—			2,585,805			—			2,585,805
Total		$	496,872,809		$	2,711,598		$	—		$	499,584,407

* Non-income producing security.

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

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

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

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

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

15 STATEMENT OF ASSETS AND LIABILITIES

October 31, 2020 (unaudited)	Wilmington Large-Cap Strategy Fund
ASSETS:
Investments, at identified cost	$199,838,117	(a)
Investments in securities, at value (Including $2,463,662 of securities on loan) (Note 2)	$499,584,407	(b)
Cash	27,264
Income receivable	408,799
Receivable for shares sold	266,197
Prepaid assets	33,948
TOTAL ASSETS	500,320,615
LIABILITIES:
Collateral for securities on loan	2,585,805
Payable for shares redeemed	348,716
Payable for Trustees’ fees	8,652
Payable for administration fees	34,546
Payable for investment advisory fees	58,495
Other accrued expenses	145,084
TOTAL LIABILITIES	3,181,298
NET ASSETS	$497,139,317
NET ASSETS CONSIST OF:
Paid-in capital	$166,478,837
Distributable earnings (loss)	330,660,480
TOTAL NET ASSETS	$497,139,317
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class I
Net Assets	$497,139,317
Shares outstanding (unlimited shares authorized)	19,776,813
Net Asset Value and Offering Price per share	$           25.14

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

^(b)  Includes $166,764 of investments in affiliated issuers.

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

STATEMENT OF OPERATIONS 16

Six Months Ended October 31, 2020 (unaudited)	Wilmington Large-Cap Strategy Fund
INVESTMENT INCOME:
Dividends	$	4,319,026	(a),(b)
Securities lending income, net		11,026
TOTAL INVESTMENT INCOME		4,330,052
EXPENSES:
Investment advisory fees		1,274,149
Administration fees		77,154
Portfolio accounting and administration fees		63,465
Custodian fees		18,897
Transfer and dividend disbursing agent fees and expenses		43,394
Trustees’ fees		30,594
Professional fees		45,923
Shareholder services fee—Class I		637,075
Share registration costs		3,755
Printing and postage		12,437
Miscellaneous		11,862
TOTAL EXPENSES		2,218,705
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(944,555	)
Waiver of shareholder services fee—Class I		(637,075	)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,581,630	)
Net expenses		637,075
Net investment income		3,692,977
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		23,143,249
Litigation proceeds		773	(c)
Net realized gain (loss)		23,144,022
Net change in unrealized appreciation (depreciation) on unaffiliated investments		41,424,952
Net change in unrealized appreciation (depreciation) of affiliated investments		(13,685	)
Net change in unrealized appreciation (depreciation)		41,411,267
Net realized and unrealized gain (loss)		64,555,289
Change in net assets resulting from operations	$	68,248,266

^(a)  Includes $1,771 received from affiliated issuers.

^(b)  Net of foreign withholding taxes withheld of $200.

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

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

17 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Large-Cap Strategy Fund
	Six Months Ended October 31, 2020 (Unaudited)			Year Ended April 30, 2020
OPERATIONS:
Net investment income	$	3,692,977		$	8,656,304
Net realized gain (loss)		23,144,022			33,390,032
Net change in unrealized appreciation (depreciation)		41,411,267			(37,881,410	)
Change in net assets resulting from operations		68,248,266			4,164,926
DISTRIBUTIONS TO SHAREHOLDERS:
Class I		(3,855,692	)		(29,545,889	)
Total distributions to shareholders		(3,855,692	)		(29,545,889	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class I		15,424,052			54,361,316
Distributions reinvested
Class I		1,043,060			18,763,388
Cost of shares redeemed
Class I		(51,112,636	)		(108,169,702	)
Change in net assets resulting from share transactions		(34,645,524	)		(35,044,998	)
Change in net assets		29,747,050			(60,425,961	)
NET ASSETS:
Beginning of period		467,392,267			527,818,228
End of period	$	497,139,317		$	467,392,267
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class I		635,268			2,532,501
Distributions reinvested
Class I		42,719			795,091
Shares redeemed
Class I		(2,065,268	)		(4,756,535	)
Net change resulting from share transactions		(1,387,281	)		(1,428,943	)

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS 18

For a share outstanding throughout each period:

WILMINGTON LARGE-CAP STRATEGY FUND

CLASS I	Six Months Ended October 31, 2020  (Unaudited)			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 Period	$	22.08		$	23.36		$	21.98		$	19.65		$	16.91		$	18.46
Income (Loss) From Operations:
Net Investment Income(a)		0.18			0.39			0.37			0.34			0.32			0.29
Net Realized and Unrealized Gain (Loss)		3.07	(b)		(0.32	)(b)		2.32	(b)		2.34	(c)		2.75			(0.42	)
Total Income (Loss) From Operations		3.25			0.07			2.69			2.68			3.07			(0.13	)
Less Distributions From:
Net Investment Income		(0.19	)		(0.41	)		(0.38	)		(0.35	)		(0.33	)		(0.28	)
Net Realized Gains		—			(0.94	)		(0.93	)		—			—			(1.14	)
Total Distributions		(0.19	)		(1.35	)		(1.31	)		(0.35	)		(0.33	)		(1.42	)
Net Asset Value, End of Period	$	25.14		$	22.08		$	23.36		$	21.98		$	19.65		$	16.91
Total Return		14.74	%(d)		0.09	%		12.93	%		13.71	%(c)		18.32	%		(0.87	)%
Net Assets, End of Period (000’s)	$	497,139		$	467,392		$	527,818		$	504,014		$	554,810		$	606,908
Ratios to Average Net Assets
Gross Expense(e)		0.87	%(f)		0.86	%		0.89	%		0.90	%		0.90	%		0.89	%
Net Expense(e),(g)		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income		1.45	%(f)		1.69	%		1.65	%		1.62	%		1.75	%		1.68	%
Portfolio Turnover Rate		7	%		26	%		13	%		15	%		18	%		81	%

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

(b) Amount includes a non-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 a non-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) Total return is not annualized for periods less than one year.

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

(f) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

19 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

October 31, 2020 (unaudited)

1. ORGANIZATION

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

Fund	Investment Goal
Wilmington Large-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 fund are segregated and a shareholder’s interest is limited to the fund in which shares are held.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the 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.

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

Investment Valuation – The 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 the over-the-counter market), if available;

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

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

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

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

Trading in foreign securities may be completed at times which vary from the closing of the NYSE. In computing 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 in non-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing (“SIFVP”)).

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 20

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

Pursuant to the Fund’s fair value procedures noted previously, equity securities (including exchange traded securities and other open-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 the Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is the Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Fund’s custodian 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 Fund holds a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities, if necessary, to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

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

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

At October 31, 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
Bank of America Securities, Inc.	$	479,021	$	479,021	$	—	$	—
BNP Paribas SA		479,021		479,021		—		—
Daiwa Capital Markets America		479,021		479,021		—		—
National Bank Financial		479,021		479,021		—		—
Nomura Securities International, Inc.		190,700		190,700		—		—
RBC Dominion Securities, Inc.		479,021		479,021		—		—
	$	2,585,805	$	2,585,805	$	—	$	—

⁽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 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 Fund is 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.

Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income, if any, are declared and paid quarterly.

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

21 NOTES TO FINANCIAL STATEMENTS (continued)

determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted to the actual amounts when the amounts are determined.

Federal Taxes – It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all 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 six months ended October 31, 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 securities owned by the Fund to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Fund. In exchange for lending securities under the terms of the agreement with its custodian, the Fund receives a lender’s fee. Fees earned by the Fund on securities lending are recorded as income. Loans of securities by the Fund are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.

Under the terms of the agreement, cash collateral received is invested in one or more approved investments. Investments purchased with cash collateral are presented on the portfolio of investments under the caption “Cash Collateral Invested for Securities on Loan.”

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

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

At October 31, 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		$2,463,662		$2,463,662		$—

⁽¹⁾  Collateral with a value of $2,585,805 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

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

3. FEDERAL TAX INFORMATION

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

As of October 31, 2020, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax returns filed or to be filed for the years ended 2020, 2019, 2018 and 2017, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to losses deferred due to wash sales. The tax character of distributions for the corresponding fiscal year ends were as follows:

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 22

	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.

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	$—	$—

4. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

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

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, 2021 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 described in the table below are a component of “Portfolio accounting and administration fees” as disclosed in the Statement of Operations. WFMC, in its role as Co-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 six months ended October 31, 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 six months ended October 31, 2020, no affiliates of the Advisor received these fees.

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

23 NOTES TO FINANCIAL STATEMENTS (continued)

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

BNYM provides custody services to the Trust.

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

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

Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Fund’s distributor. Transactions with affiliated companies during the six months ended October 31, 2020 are as follows:

Fund/   Affiliated   Investment   Name	Value 4/30/20		Purchases		Sales		Net Realized   Gain/(Loss)		Net Change in Unrealized Appreciation/   Depreciation	Value   10/31/20		Number of   Shares 10/31/20		Dividend   Income		Capital Gain   Distributions
Large-Cap Strategy Fund
Common Stock - 0.0%*
M&T Bank Corp.		$180,449		$—		$—		$—	$(13,685)		$166,764		1,610		$1,771		$—

* As a percentage of Net Assets as of October 31, 2020.

The Fund may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the six months ended October 31, 2020 were as follows:

Fund	Commissions
Large-Cap Strategy Fund	$14,084

5. INVESTMENT TRANSACTIONS

Purchases and sales of securities for the Fund (excluding U.S. Government and agency securities and short-term securities) during the six months ended October 31, 2020 were $35,045,232 and $69,893,927, 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.

Recently, the global pandemic outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption, impacting the global economy and the financial health of individual companies in significant and unforeseen ways. The duration and future impact of COVID-19 are currently unknown, which may exacerbate other types of risks that apply to the Fund and negatively impact 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 is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 24

1.25% per annum over the greater of the Federal Funds Rate or the overnight London Interbank Offered Rate (“LIBOR”). The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The LOC expires on April 1, 2021.

The Trust did not utilize the LOC during the six months ended October 31, 2020.

9. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued an Accounting Standards Update (“ASU”), ASU 2018-13, which changes certain fair value measurement disclosure requirements. 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. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. As of October 31, 2020, ASU 2018-13 has been fully adopted and the implementation did not have a material impact on the Fund’s financial statements.

10. SUBSEQUENT EVENTS

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

25

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 9, 2020 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 18, 2020, the Board held a special telephonic meeting (the “August Meeting”) with personnel of Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and, together with WFMC, the “Adviser”) and independent counsel to the Independent Trustees (“Counsel”), to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the WFMC and with WTIA and the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

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

● For each Sub-Adviser, the nature and quality of services provided; the costs to the Sub-Adviser of providing those services, as available; the potential for economies of scale; potential fall-out benefits to the Sub-Adviser; and the financial stability of the Sub-Adviser and its parent companies, as relevant; and

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

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment, compliance and operational matters; brokerage and portfolio transactions; allocation of soft dollars for research products and services; portfolio turnover rates; and other benefits from the allocation of transactions to certain brokers. The Board took into account information provided by the Adviser with respect to the effect on performance of asset allocations required by a Fund’s investment strategy or implemented by the Adviser at its discretion. The Board also considered the Adviser’s profitability in providing services under the Advisory Agreements and concluded that, for each Fund, the level of profitability did not appear unreasonably high.

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

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

● The prospects for satisfactory investment performance were reasonable; and

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

Semi-Annual Report 26

Wilmington Large-Cap Strategy Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2020.

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

27

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

The Fund files 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.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

28

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.

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

29

• 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.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

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

WT-SAR-EQ-1020

Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com

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

Wilmington International Fund (“International Fund”)

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

Wilmington Real Asset Fund (“Real Asset Fund”)

Wilmington Diversified Income Fund (“Diversified Income Fund”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolios of Investments	3
Statements of Assets and Liabilities	37
Statements of Operations	39
Statements of Changes in Net Assets	41
Financial Highlights	43
Notes to Financial Statements	47
Discussion of Renewal of Advisory and Sub-Advisory Agreements	59

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i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the semi-annual fiscal year period of May 1, 2020, through October 31, 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 semi-annual fiscal year.

The economy

The last six months revealed both the economic toll of the pandemic’s first wave, and the subsequent rebound as activity reverted toward more normal levels. U.S. gross domestic product (“GDP”) declined by a record -31.4% annualized in 2Q, as strict lockdown measures imposed across much of the world to contain the virus brought consumer activity to a near halt. GDP bounced back strongly in 3Q, gaining 31.4% annualized as initial outbreaks stabilized and economies began to reopen. The labor market recovered considerably over the period, adding back 12 of the 22 million jobs lost in March and April, although momentum began to wane with the unemployment rate still historically elevated. The federal government delivered a healthy volume of fiscal stimulus, more than offsetting wages lost by low income consumer and helping to fuel a robust rebound in spending on goods. Retail sales snapped back sharply to pre-pandemic levels by June, although the pace of gains decelerated in the months that followed as critical supplemental unemployment benefits expired without replacement. Relative to goods, spending on services saw more modest improvement, due to social distancing measures and persistent virus concerns. With the economic outlook still clouded by the pandemic, the Federal Reserve (the “Fed”) guided for rates to remain at the lower bound for years to come. The Fed’s shift to average inflation targeting, allowing inflation to run above 2% for extended periods, signaled that it is likely to remain accommodative for the time being.

Economic activity outside the U.S. varied between regions depending on the success of virus containment efforts. In China, where infection rates have been well controlled relative to much of the world, indicators of both manufacturing and services activity returned to expansion, while activity in the virus-sensitive transportation, hotel, and restaurant industries showed continued improvement. Eurozone economies began plotting their path to recovery, before moderating towards the end of the period. With outbreaks well contained from May-August, the Euro zone services sector returned to expansion in July before contracting in September and October as governments tightened mobility restrictions to curb an accelerating second wave of cases.

Bond markets

Fixed income markets recorded solid returns over the period, with both taxable and tax-exempt credit outperforming treasuries materially. The U.S. 10-year yield compressed to a record low and traded in a tight range for much of the period, before rising moderately in October. The Fed remained an active buyer of investment-grade and recently downgraded high-yield credit through its purchasing facilities. Fed support and improving economic trends helped fuel robust volumes of new issuance, alongside a steady appetite for yield from global investors. High yield taxable outperformed investment grade as spreads continued to normalize from elevated levels, and investors embraced riskier assets. After recording strong gains from May through July, municipal bonds saw more muted returns over the following months as issuance picked up pace and spreads widened moderately in September and October.

For the six-month period May 1, 2020 to October 31, 2020, certain Bloomberg Barclays indices performed as follows:¹

Bloomberg Barclays U.S. Treasury Bond Index2	Bloomberg Barclays U.S. Aggregate Bond Index3	Bloomberg Barclays U.S. Credit Bond Index4	Bloomberg Barclays Municipal Bond Index5	Bloomberg Barclays U.S. Corporate High Yield Bond Index6
-0.93%	1.27%	4.80%	4.99%	10.83%

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.

PRESIDENT’S MESSAGE / October 31, 2020 (unaudited)

ii

Equity markets

Global equities extended gains in the period as the continued recovery in the broader economy, better than expected corporate earnings and optimism over the development of COVID-19 treatments and vaccines, boosted risk sentiment. The S&P 500 led the way for much of the period, thanks to the dominant performance of mega-cap technology stocks with business models that benefitted most from the stay-at-home environment. Leadership began to shift from safe to more cyclical areas of the market in September, as large technology stocks, which had seen valuations inflate significantly, suffered a sharp sell-off. U.S. small cap equities logged strong gains over the period, after rebounding from depressed levels and maintaining a strong bid throughout the tech led unwind in September. Emerging markets equities outperformed, benefitting from economic momentum in China, which contributes over 1/3 of index market cap, and receiving some support from a weakening U.S. dollar. International developed equities started off on strong footing but lagged towards the end of the period as renewed COVID outbreaks and mobility restrictions fueled growth concerns.

For the six-month period May 1, 2020 to October 31, 2020, certain stock market indices performed as follows:

S&P 500® Index7	Russel 2000® Index8	MSCI EAFE (Net) Index9	MSCI Emerging Markets (Net) Index10
13.29%	18.13%	8.57%	20.96%

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.

Sincerely,

Dominick J. D’Eramo, CFA

President

November 19, 2020

October 31, 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. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause decline in their prices.

2. 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.

3. Bloomberg Barclays U.S. Aggregate Bond Index is a 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.

4. 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.

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

6. 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.

7. 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.

8. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. As of its latest reconstitution, the index had a total market capitalization range of approximately $128 million to $1.3 billion. The index is unmanaged and investments cannot be made directly in an index.

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

10. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

PRESIDENT’S MESSAGE / October 31, 2020 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Funds expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2020 to October 31, 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.

	Beginning Account Value 05/01/20		Ending Account Value 10/31/20		Expenses Paid During  Period(1)		Annualized     Net     Expense  Ratio(2)
WILMINGTON INTERNATIONAL FUND
Actual
Class A		$1,000.00		$1,158.70		$5.55		1.02%(3)
Class I		$1,000.00		$1,159.90		$4.63		0.85%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,020.06		$5.19		1.02%(3)
Class I		$1,000.00		$1,020.92		$4.33		0.85%
WILMINGTON GLOBAL ALPHA EQUITIES FUND
Actual
Class A		$1,000.00		$1,047.80		$7.69		1.49%
Class I		$1,000.00		$1,049.10		$6.40		1.24%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,017.69		$7.58		1.49%
Class I		$1,000.00		$1,018.95		$6.31		1.24%
WILMINGTON REAL ASSET FUND
Actual
Class A		$1,000.00		$1,032.10		$4.92		0.96%
Class I		$1,000.00		$1,033.90		$3.64		0.71%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,020.37		$4.89		0.96%
Class I		$1,000.00		$1,021.63		$3.62		0.71%
WILMINGTON DIVERSIFIED INCOME FUND
Actual
Class A		$1,000.00		$1,035.90		$3.08		0.60%
Class I		$1,000.00		$1,037.20		$1.80		0.35%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,022.18		$3.06		0.60%
Class I		$1,000.00		$1,023.44		$1.79		0.35%

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

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

2

⁽³⁾  Effective August 31, 2020, the contractual expense limitation for Class A of the Wilmington International Fund changed from 0.98% to 1.10%. Had this change been in effect for the entire period from May 1, 2020 to October 31, 2020. the expense examples would have been as follows:

	Beginning Account Value 05/01/20		Ending Account Value 10/31/20		Expenses Paid During the Six-Month Period(1)		Annualized Expense Ratio Based on the Six-Month Period(2)
WILMINGTON INTERNATIONAL FUND CLASS A
Actual		$1,000.00		$1,158.70		$5.99		1.10%
Hypothetical (5% return before expenses)		$1,000.00		$1,019.66		$5.60		1.10%

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

3

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At October 31, 2020, the Fund’s sector classifications and country allocations were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Consumer Discretionary		16.2	%
Information Technology		14.9	%
Industrials		14.2	%
Health Care		11.1	%
Financials		10.8	%
Materials		6.5	%
Communication Services		6.3	%
Consumer Staples		3.7	%
Real Estate		2.7	%
Utilities		1.6	%
Energy		1.2	%
Investment Companies		3.0	%
Warrants		1.1	%
Preferred Stocks		0.2	%
Rights		0.0	%(1)
Cash Equivalents(2)		5.5	%
Cash Collateral Invested for Securities on Loan(3)		2.5	%
Other Assets and Liabilities - Net(4)		(1.5	)%
TOTAL		100.0	%

Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		18.6	%
China		10.4	%
Germany		7.8	%
France		7.0	%
Switzerland		5.6	%
Sweden		5.1	%
United Kingdom		4.7	%
Hong Kong		4.0	%
Taiwan		3.6	%
Denmark		3.4	%
Australia		3.0	%
Netherlands		2.9	%
South Korea		2.8	%
United States		1.8	%
Ireland		1.4	%
Italy		1.3	%
Spain		1.1	%
India		1.0	%
All other countries less than 1.0%		3.7	%
Investment Companies		3.0	%
Warrants		1.1	%
Preferred Stocks		0.2	%
Rights		0.0	%(1)
Cash Equivalents(2)		5.5	%
Cash Collateral Invested for Securities on Loan(3)		2.5	%
Other Assets and Liabilities - Net(4)		(1.5	)%
TOTAL		100.0	%

⁽¹⁾  Represents less than 0.05%.

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 89.2%
AUSTRALIA – 3.0%
Australia & New Zealand Banking Group Ltd.		91,026	$	1,207,972
BHP Group Ltd.		129,812		3,111,804
BHP Group PLC		21,452		415,576
Brambles Ltd.		225,545		1,521,147
Cochlear Ltd.		12,032		1,795,841
CSL Ltd.		18,567		3,759,026
Incitec Pivot Ltd.		1,046,204		1,411,570

Description	Number of Shares		Value
Rio Tinto Ltd.		39,738	$	2,585,111
Rio Tinto PLC		21,186		1,198,310
TOTAL AUSTRALIA			$	17,006,357
BELGIUM – 0.8%
Ageas SA#		10,870		437,725
Bpost SA*		8,503		75,348
KBC Group NV		3,009		148,665
Proximus SADP		7,600		147,746

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 4

     Wilmington International Fund (continued)

Description	Number of Shares		Value
UCB SA		15,950	$	1,575,407
Xior Student Housing NV		43,465		2,471,813
TOTAL BELGIUM			$	4,856,704
BULGARIA – 0.0%**
Petrol AD*,(1)		2,384		—
CHINA – 10.4%
Alibaba Group Holding Ltd.*		78,528		2,975,730
Alibaba Group Holding Ltd., ADR*		37,686		11,482,547
Baozun, Inc., Class A*		117,300		1,413,198
Budweiser Brewing Co. APAC Ltd.		467,700		1,379,299
China Pacific Insurance Group Co. Ltd., Class H		896,200		2,804,627
China Petroleum & Chemical Corp., Class H		2,842,000		1,109,719
China Resources Land Ltd.		388,000		1,586,790
China Resources Medical Holdings Co. Ltd.#		21,000		12,502
CNOOC Ltd.		1,372,000		1,255,320
Haitian International Holdings Ltd.		812,000		2,012,589
Hollysys Automation Technologies Ltd.		91,280		1,021,423
Huazhu Group Ltd., ADR		49,402		1,957,801
JD.com, Inc., Class A*		86,984		3,547,949
NetEase, Inc., ADR		14,905		1,293,605
New Oriental Education & Technology Group, Inc., ADR*		29,398		4,714,851
Ping An Insurance Group Co. of China Ltd., Class H		225,500		2,331,596
Prosus NV		14,200		1,417,671
Shenzhou International Group Holdings Ltd.		115,600		2,011,368
Tencent Holdings Ltd.		176,900		13,516,160
Yum China Holdings, Inc.		30,248		1,610,101
Yum China Holdings, Inc.		7,550		407,082
TOTAL CHINA			$	59,861,928
DENMARK – 3.4%
Ambu A/S, Class B		69,258		2,100,623
Carlsberg AS, Class B		10,600		1,342,182
Chr Hansen Holding A/S		7,772		784,271
Coloplast A/S, Class B		15,579		2,278,321
DSV Panalpina A/S		36,878		5,983,142
Genmab A/S*		4,100		1,369,503
Netcompany Group A/S*		10,002		831,918
Novo Nordisk A/S, Class B		73,204		4,667,901
Topdanmark A/S		950		37,201
TOTAL DENMARK			$	19,395,062
FINLAND – 0.8%
Fortum OYJ		18,020		338,715
Kesko OYJ, Class B		15,296		392,504
Kojamo OYJ		55,207		1,137,967
Metso Outotec OYJ		7,740		54,563
Neles OYJ		1,800		24,105
Neste OYJ#		2,040		106,393
Nokian Renkaat OYJ#		7,810		239,985
Sampo OYJ, Class A		10,170		383,780
TietoEVRY OYJ		1,820		45,398
UPM-Kymmene OYJ		61,398		1,735,045
Valmet OYJ		8,504		202,965
TOTAL FINLAND			$	4,661,420

Description	Number of Shares		Value
FRANCE – 7.0%
Amundi SA*		1,350	$	88,549
Arkema SA		660		64,640
AXA SA		33,558		538,918
Beneteau SA		136,456		1,254,689
BNP Paribas SA*		17,974		626,839
Bouygues SA		12,524		410,705
Cie Generale des Etablissements Michelin SCA		13,000		1,404,014
CNP Assurances*		9,316		105,072
Credit Agricole SA*		21,233		167,965
Dassault Systemes SA		10,091		1,720,621
Edenred		64,350		2,999,609
Eiffage SA*		1,010		73,303
Engie SA*		16,966		205,196
EssilorLuxottica SA*		730		90,125
Eurazeo SE*		34,209		1,555,741
Eutelsat Communications SA#		9,190		92,433
Faurecia SE*		27,264		1,034,014
Hermes International		380		353,818
ID Logistics Group*		6,522		1,519,953
Legrand SA		14,543		1,076,463
L’Oreal SA		6,941		2,243,231
LVMH Moet Hennessy Louis Vuitton SE		9,616		4,507,478
Neoen SA*,#		40,091		2,147,437
Orange SA		40,500		454,800
Peugeot SA*		20,320		365,033
Sanofi		30,655		2,767,944
Sartorius Stedim Biotech		6,863		2,603,561
Schneider Electric SE		20,000		2,430,130
SCOR SE*		24,761		601,327
SEB SA		5,005		813,379
Societe BIC SA		1,530		73,288
Societe Generale SA*		10,503		142,714
Sodexo SA		2,050		131,684
Teleperformance		4,600		1,380,842
TOTAL SE#		34,073		1,032,300
Vinci SA		2,513		198,490
Virbac SA*		5,955		1,385,829
Vivendi SA		48,100		1,388,335
TOTAL FRANCE			$	40,050,469
GERMANY – 7.8%
adidas AG*		8,546		2,539,060
alstria office REIT AG		119,381		1,519,767
Aroundtown SA*		20,860		100,058
BASF SE		13,220		723,903
Bayer AG		17,980		844,890
Bayerische Motoren Werke AG		25,968		1,774,621
Covestro AG		2,349		112,108
CTS Eventim AG & Co. KGaA*		1,680		74,470
Daimler AG		36,475		1,885,338
Deutsche Post AG		42,000		1,862,195
Deutsche Telekom AG		35,576		540,711
Evonik Industries AG		6,770		163,001
Evotec SE*,#		54,854		1,449,635
Fielmann AG*		28,443		2,154,331
Freenet AG		2,742		48,578

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

5	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Number of Shares		Value
Fresenius Medical Care AG & Co. KGaA		17,600	$	1,343,974
Fresenius SE & Co. KGaA		30,425		1,128,568
Hannover Rueck SE		1,520		220,889
Hypoport SE*		3,302		1,728,877
Infineon Technologies AG		186,679		5,197,364
Jenoptik AG		43,543		1,074,527
LEG Immobilien AG		1,940		262,197
Merck KGaA		8,700		1,288,742
MTU Aero Engines AG		7,071		1,208,585
Muenchener Rueckversicherungs AG		1,140		267,190
Nemetschek SE		37,411		2,708,816
New Work SE		7,058		1,841,527
Nexus AG		8,362		465,901
Rheinmetall AG		720		52,620
SAP SE		29,969		3,197,232
Siemens AG		21,720		2,548,105
TUI AG#		14,316		56,199
Uniper SE		2,750		82,141
Vonovia SE		21,700		1,385,838
Wacker Chemie AG		550		53,060
Zalando SE*		31,769		2,958,468
TOTAL GERMANY			$	44,863,486
HONG KONG – 4.0%
AIA Group Ltd.		596,800		5,679,851
ASM Pacific Technology Ltd.		150,400		1,516,681
Hong Kong Exchanges & Clearing Ltd.		47,800		2,290,514
Hutchison China MediTech Ltd., ADR*		85,922		2,529,544
Jardine Matheson Holdings Ltd.		42,300		1,874,975
Johnson Electric Holdings Ltd.		671,017		1,388,405
Swire Properties Ltd.		825,000		2,213,876
Techtronic Industries Co. Ltd.		391,000		5,266,513
TOTAL HONG KONG			$	22,760,359
INDIA – 1.0%
HDFC Bank Ltd., ADR*		102,976		5,914,941
IRELAND – 1.4%
Flutter Entertainment PLC*		8,600		1,489,958
Kerry Group PLC, Class A		11,591		1,387,466
Kingspan Group PLC*		41,300		3,604,221
UDG Healthcare PLC		171,081		1,607,995
TOTAL IRELAND			$	8,089,640
ITALY – 1.3%
A2A SpA		72,640		92,252
Assicurazioni Generali SpA		18,407		246,916
ASTM SpA*		1,290		24,008
Enel SpA		148,329		1,179,290
Eni SpA		15,195		106,442
Ferrari NV		7,700		1,373,618
FinecoBank Banca Fineco SpA*		193,430		2,655,770
Intesa Sanpaolo SpA*		188,418		312,794
Iren SpA		19,740		44,797
Mediobanca Banca di Credito Finanziario SpA		15,850		112,531
Salvatore Ferragamo SpA*,#		95,534		1,232,369

Description	Number of Shares		Value
Societa Cattolica di Assicurazioni SC*,#		4,810	$	23,783
UnipolSai Assicurazioni SpA#		82,960		192,672
TOTAL ITALY			$	7,597,242
JAPAN – 18.6%
ABC-Mart, Inc.		21,800		1,105,793
AEON Financial Service Co. Ltd.#		46,600		477,270
Air Water, Inc.		80,400		1,148,740
Aisin Seiki Co. Ltd.		20,000		605,962
Alps Alpine Co. Ltd.		36		519
Amada Co. Ltd.		117,100		1,019,198
Amano Corp.		31,800		748,458
Anritsu Corp.#		62,700		1,372,658
Ariake Japan Co. Ltd.		10,200		653,414
Aruhi Corp.#		115,300		2,070,209
Asahi Group Holdings Ltd.		38,600		1,194,560
Asahi Kasei Corp.		38,000		329,292
Astellas Pharma, Inc.		47,100		645,879
Central Japan Railway Co.		5,200		628,779
Chubu Electric Power Co., Inc.		117,900		1,320,694
cocokara fine, Inc.		10,000		656,963
COMSYS Holdings Corp.		37,800		960,523
Dai-ichi Life Holdings, Inc.		42,400		633,262
Daikin Industries Ltd.		8,900		1,665,486
Daiseki Co. Ltd.		59,600		1,517,167
Denso Corp.		17,100		796,802
DKK Co. Ltd.		45,600		1,134,045
Doutor Nichires Holdings Co. Ltd.		20,800		291,989
ENEOS Holdings, Inc.		176,500		595,562
Fast Retailing Co. Ltd.		1,400		976,559
FCC Co. Ltd.		45,200		867,363
Fuji Electric Co. Ltd.		20,000		606,459
FUJIFILM Holdings Corp.		12,100		617,010
Fujitsu Ltd.		8,300		982,011
Fuso Chemical Co. Ltd.		13,200		450,905
Hino Motors Ltd.		67,000		513,336
Hitachi Ltd.		56,500		1,904,293
Honda Motor Co. Ltd.		74,500		1,762,144
Horiba Ltd.		11,200		550,944
IHI Corp.		41,700		505,017
Isetan Mitsukoshi Holdings Ltd.#		65,600		319,482
ITOCHU Corp.		66,200		1,590,026
Iwatani Corp.		8,400		381,130
J Front Retailing Co. Ltd.		60,300		459,499
Japan Airlines Co. Ltd.*		10,100		176,405
Japan Aviation Electronics Industry Ltd.		12,500		172,144
JGC Holdings Corp.		34,300		282,027
JSP Corp.		23,500		334,540
Kamigumi Co. Ltd.		29,100		520,625
Kaneka Corp.		50,100		1,402,010
KDDI Corp.		33,000		892,815
KH Neochem Co. Ltd.		14,500		339,305
Kintetsu World Express, Inc.		77,900		1,656,003
Komatsu Ltd.		22,100		498,255
Kumagai Gumi Co. Ltd.		14,500		335,141
Lintec Corp.		29,200		647,301
Mabuchi Motor Co. Ltd.		14,200		585,449

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 6

     Wilmington International Fund (continued)

Description	Number of Shares		Value
Matsuda Sangyo Co. Ltd.		11,300	$	155,379
Mirait Holdings Corp.		78,800		1,121,808
Mitsubishi Corp.		44,700		997,318
Mitsubishi Electric Corp.		98,700		1,271,146
Mitsubishi UFJ Financial Group, Inc.		325,800		1,284,272
Mitsui & Co. Ltd.		34,200		535,691
Mitsui Fudosan Co. Ltd.		56,300		958,652
Mitsui Mining & Smelting Co. Ltd.		32,300		815,332
Mitsui OSK Lines Ltd.		24,200		546,303
Murata Manufacturing Co. Ltd.		19,400		1,360,496
NEC Networks & System Integration Corp.		90,100		1,562,370
Nexon Co. Ltd.		25,100		699,560
NGK Insulators Ltd.		63,800		911,425
Nihon Kohden Corp.		14,200		444,156
Nintendo Co. Ltd.		4,400		2,379,031
Nippon Steel Corp.*		61,500		596,497
Nippon Telegraph & Telephone Corp.		68,800		1,447,266
Nitori Holdings Co. Ltd.		4,200		863,338
NSK Ltd.		41,000		328,249
NTT Data Corp.		105,500		1,190,696
Olympus Corp.		74,800		1,431,977
ORIX Corp.		41,900		490,030
Osaka Gas Co. Ltd.		14,600		277,257
Otsuka Corp.		35,400		1,626,689
Pacific Industrial Co. Ltd.		58,300		585,490
Pan Pacific International Holdings Corp.		43,400		920,880
Panasonic Corp.		61,800		570,879
Recruit Holdings Co. Ltd.		30,900		1,175,766
Relia, Inc.		48,000		546,162
Resona Holdings, Inc.		68,400		225,513
Rohm Co. Ltd.		16,600		1,276,323
Saizeriya Co. Ltd.		18,700		324,586
San-A Co. Ltd.		24,200		1,007,946
Santen Pharmaceutical Co. Ltd.		102,800		1,831,484
SBI Holdings, Inc.		27,600		636,215
SCREEN Holdings Co. Ltd.		30,000		1,643,205
Seino Holdings Co. Ltd.		58,800		759,835
Seria Co. Ltd.		25,500		982,493
Seven & i Holdings Co. Ltd.		28,500		866,248
Shionogi & Co. Ltd.		8,000		377,360
SMC Corp.		1,000		531,906
SoftBank Group Corp.		35,100		2,286,197
Sompo Holdings, Inc.		19,100		713,115
Sony Corp.		34,900		2,909,490
Sumitomo Electric Industries Ltd.		55,400		611,620
Sumitomo Metal Mining Co. Ltd.		48,200		1,498,237
Sumitomo Mitsui Financial Group, Inc.		37,900		1,049,144
Sumitomo Rubber Industries Ltd.		49,000		431,015
Suzuki Motor Corp.		12,800		549,731
T&D Holdings, Inc.		21,400		213,873
Tatsuta Electric Wire & Cable Co. Ltd.		155,700		839,328
TDK Corp.		15,100		1,775,771
Terumo Corp.		22,100		813,368
THK Co. Ltd.		48,400		1,284,774
Toagosei Co. Ltd.		38,400		406,563
Tokio Marine Holdings, Inc.		18,600		831,322
Tokyu Fudosan Holdings Corp.		76,500		334,291

Description	Number of Shares		Value
Tomy Co. Ltd.		36,100	$	315,837
Topcon Corp.		208,400		2,077,647
Torii Pharmaceutical Co. Ltd.		31,600		897,193
Toyo Tanso Co. Ltd.		33,200		560,166
Toyota Motor Corp.		57,000		3,741,874
Trend Micro, Inc.		24,600		1,377,972
Tsumura & Co.		46,300		1,358,967
Z Holdings Corp.		70,800		493,693
TOTAL JAPAN			$	106,829,839
LUXEMBOURG – 0.0%
APERAM SA		3,080		82,657
MACAO – 0.4%
Galaxy Entertainment Group Ltd.		198,000		1,308,495
Sands China Ltd.		212,000		744,036
TOTAL MACAO			$	2,052,531
NETHERLANDS – 2.9%
ABN AMRO Bank NV*		5,512		45,277
Aegon NV		137,776		370,620
ASML Holding NV		17,672		6,393,785
ASR Nederland NV		6,727		204,134
BE Semiconductor Industries NV		4,390		176,890
IMCD NV		20,883		2,417,020
ING Groep NV*		79,577		545,080
Just Eat Takeaway.com NV*		12,100		1,346,081
Koninklijke Ahold Delhaize NV		62,570		1,715,405
Koninklijke Philips NV*		28,951		1,340,917
NN Group NV		7,619		265,148
Royal Dutch Shell PLC, Class A		66,660		838,549
Royal Dutch Shell PLC, Class B		60,892		734,317
TOTAL NETHERLANDS			$	16,393,223
NORWAY – 0.8%
Mowi ASA		9,722		153,588
Orkla ASA		25,040		236,373
Telenor ASA		87,500		1,352,075
TOMRA Systems ASA#		74,901		3,025,005
TOTAL NORWAY			$	4,767,041
PHILIPPINES – 0.2%
Ayala Land, Inc.		1,838,600		1,251,655
RUSSIAN FEDERATION – 0.0%
Evraz PLC		24,690		114,974
SINGAPORE – 0.4%
Oversea-Chinese Banking Corp. Ltd.#		412,861		2,546,422
SOUTH AFRICA – 0.1%
Anglo American PLC		23,060		541,061
Investec PLC		13,180		24,527
TOTAL SOUTH AFRICA			$	565,588
SOUTH KOREA – 2.8%
NAVER Corp.		6,522		1,668,791
Samsung Electronics Co. Ltd.		206,952		10,402,572
Samsung Fire & Marine Insurance Co. Ltd.		6,610		1,045,147

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

7	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Number of Shares		Value
SK Hynix, Inc.		11,845	$	840,318
SK Materials Co. Ltd.		11,479		2,260,853
TOTAL SOUTH KOREA			$	16,217,681
SPAIN – 1.1%
ACS Actividades de Construccion y Servicios SA#		16,590		394,356
Amadeus IT Group SA		9,715		462,883
Banco Bilbao Vizcaya Argentaria SA		118,803		342,765
Banco Santander SA*,#		313,006		626,813
Bankinter SA		194,320		730,283
Enagas SA		6,260		135,114
Iberdrola SA		55,864		659,618
Industria de Diseno Textil SA		97,099		2,397,310
Mapfre SA		52,202		78,764
Mediaset Espana Comunicacion SA*		24,920		83,313
Naturgy Energy Group SA		7,910		146,953
Telefonica SA		61,676		200,634
TOTAL SPAIN			$	6,258,806
SWEDEN – 5.1%
AddLife AB, Class B*		46,561		699,679
Assa Abloy AB, Class B		85,107		1,824,053
Atlas Copco AB, Class A		49,867		2,201,189
Avanza Bank Holding AB		121,229		2,308,966
Boliden AB		12,450		339,500
BoneSupport Holding AB*		138,317		896,941
Epiroc AB, Class A		89,527		1,336,782
Essity AB, Class B#		44,900		1,299,555
Fabege AB		108,045		1,364,274
Hexagon AB, Class B*		34,019		2,493,497
Hexpol AB*		63,313		557,621
Investor AB, Class A		1,860		111,220
JM AB		49,657		1,434,089
Paradox Interactive AB		45,064		1,396,589
Peab AB, Class B*		21,859		202,305
Sinch AB*		8,280		786,042
Skandinaviska Enskilda Banken AB, Class A*		22,171		190,255
SSAB AB, Class B*,#		12,710		34,288
Sweco AB, Class B#		58,455		2,941,463
Swedbank AB, Class A*		86,800		1,358,907
Tele2 AB, Class B		140,983		1,663,875
Telefonaktiebolaget LM Ericsson, Class B		121,000		1,350,906
Trelleborg AB, Class B*		41,487		690,335
Volvo AB, Class B*		85,880		1,669,267
TOTAL SWEDEN			$	29,151,598
SWITZERLAND – 5.6%
ABB Ltd.		30,050		729,164
BKW AG		7,161		711,336
Cembra Money Bank AG		10,870		1,207,698
Chocoladefabriken Lindt & Spruengli AG#		139		1,102,057
Comet Holding AG		9,031		1,269,621
Emmi AG		1,777		1,678,555
EMS-Chemie Holding AG		210		184,712
Galenica AG		8,300		523,414
Huber + Suhner AG		11,052		797,015
LafargeHolcim Ltd.*		35,650		1,530,086

Description	Number of Shares		Value
Landis+Gyr Group AG*		1,470	$	82,099
Logitech International SA		2,390		201,062
Lonza Group AG		2,616		1,585,061
Novartis AG		41,953		3,269,086
Partners Group Holding AG		2,603		2,343,497
Roche Holding AG		4,920		1,580,951
Siegfried Holding AG		2,507		1,587,204
Siemens Energy AG*		5,010		109,696
Sika AG		15,402		3,788,968
Straumann Holding AG		1,961		2,046,996
Swiss Life Holding AG		1,500		504,583
Swiss Prime Site AG		410		34,493
Swisscom AG		2,700		1,373,223
Temenos AG		7,549		811,303
UBS Group AG		149,540		1,740,941
VAT Group AG		3,625		680,104
Zurich Insurance Group AG		2,547		845,975
TOTAL SWITZERLAND			$	32,318,900
TAIWAN – 3.6%
MediaTek, Inc.		123,000		2,923,744
Merida Industry Co. Ltd.		243,000		2,369,127
Taiwan Semiconductor Manufacturing Co. Ltd.		1,021,000		15,447,398
TOTAL TAIWAN			$	20,740,269
THAILAND – 0.2%
Kasikornbank PCL		546,200		1,333,822
UNITED KINGDOM – 4.7%
3i Group PLC		10,200		127,395
Admiral Group PLC		10,390		370,132
AstraZeneca PLC		13,400		1,345,434
Aviva PLC		45,993		153,413
Barratt Developments PLC*		38,157		238,504
Berkeley Group Holdings PLC		3,957		208,052
BP PLC		309,157		788,562
British American Tobacco PLC		33,880		1,073,840
BT Group PLC		146,675		192,636
Croda International PLC		37,200		2,907,520
CVS Group PLC		52,849		847,281
DCC PLC		26,403		1,715,719
Direct Line Insurance Group PLC		29,438		100,602
Fiat Chrysler Automobiles NV*		111,100		1,362,932
GB Group PLC*		91,341		1,051,702
GlaxoSmithKline PLC		51,790		864,815
HSBC Holdings PLC		218,350		915,016
IG Group Holdings PLC		6,270		61,876
Imperial Brands PLC		17,050		269,862
Johnson Matthey PLC		3,830		106,616
Kingfisher PLC*		85,080		316,411
Legal & General Group PLC		113,303		271,656
Lloyds Banking Group PLC*		1,127,099		410,384
National Grid PLC		179,992		2,141,093
Ninety One PLC*		6,970		18,737
Pennon Group PLC		7,700		99,095
Persimmon PLC		9,241		279,785
Prudential PLC		1,490		18,223

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 8

     Wilmington International Fund (continued)

Description	Number of Shares		Value
Reckitt Benckiser Group PLC		3,054	$	269,022
Rightmove PLC*,#		20,470		163,825
RSA Insurance Group PLC		30,030		164,913
Smith & Nephew PLC		5,850		101,580
Softcat PLC		4,090		59,623
Spirax-Sarco Engineering PLC		5,047		737,839
Spirent Communications PLC		15,280		57,365
SSE PLC		38,063		624,214
St. James’s Place PLC		76,713		894,063
Synthomer PLC		6,990		34,158
Tate & Lyle PLC		10,770		83,024
Taylor Wimpey PLC*		23,838		32,660
Tesco PLC		519,700		1,383,206
Trainline PLC*		326,259		1,163,180
Travis Perkins PLC*		89,025		1,222,695
Unilever NV		22,263		1,255,049
Vodafone Group PLC		220,670		294,367
Wm Morrison Supermarkets PLC		52,570		110,969
WPP PLC		14,980		119,650
TOTAL UNITED KINGDOM			$	27,028,695
UNITED STATES – 1.8%
Ferguson PLC		18,510		1,838,431
James Hardie Industries PLC		183,805		4,462,763
ResMed, Inc.		129,514		2,544,227
Samsonite International SA*		1,204,486		1,228,756
TOTAL UNITED STATES			$	10,074,177
TOTAL COMMON STOCKS (Cost $426,522,808)			$	512,785,486
INVESTMENT COMPANIES – 3.0%
iShares Core MSCI EAFE ETF		196,500		11,428,440
iShares Core MSCI Emerging Markets ETF		113,500		6,068,845
TOTAL INVESTMENT COMPANIES (Cost $17,992,202)			$	17,497,285
PREFERRED STOCKS – 0.2%
GERMANY – 0.2%
Henkel AG & Co. KGaA, 1.85%		3,640		354,211
Volkswagen AG, 4.86%		4,802		699,479
TOTAL PREFERRED STOCKS (Cost $1,199,191)			$	1,053,690
RIGHTS – 0.0%**
Societa Cattolica, Expire 11/27/20*		4,810		—
TOTAL RIGHTS (Cost $0)			$	—
WARRANTS – 1.1%
CHINA – 1.1%
Midea Group Co. Ltd., Expire 05/27/21*		338,353		3,936,060
Zhejiang Sanhua Intelligent Controls Co. Ltd., Expire 11/27/20*		685,413		2,503,540
TOTAL WARRANTS (Cost $3,812,953)			$	6,439,600

Description	Number of Shares		Value
MONEY MARKET FUND – 5.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%^		31,332,183	$	31,332,183
TOTAL MONEY MARKET FUND (Cost $31,332,183)			$	31,332,183
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.5%
REPURCHASE AGREEMENTS – 2.5%
Bank of America Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $2,766,326 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 11/01/27 to 11/01/50; total market value of $2,821,631.	$	2,766,305		2,766,305
Citigroup Global Markets Ltd., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $2,766,326 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 10/31/20 to 8/20/70; total market value of $2,821,631.		2,766,305		2,766,305
Daiwa Capital Markets America, 0.10%, dated 10/30/20, due 11/02/20, repurchase price $2,766,328 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 12/31/20 to 11/01/50; total market value of $2,821,631.		2,766,305		2,766,305
National Bank Financial, 0.14%, dated 10/30/20, due 11/02/20, repurchase price $2,766,337 collateralized by U.S. Treasury Securities, 0.13% to 6.25%, maturing 11/02/20 to 9/09/49; total market value of $2,821,629.		2,766,305		2,766,305
Nomura Securities International, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $727,951 collateralized by U.S. Government Agency Securities, 2.00% to 5.50%, maturing 10/01/34 to 9/20/50; total market value of $742,505.		727,946		727,946
RBC Dominion Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $2,766,326 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 2/04/21 to 11/01/50; total market value of $2,821,631.		2,766,305		2,766,305
TOTAL REPURCHASE AGREEMENTS (Cost $14,559,471)			$	14,559,471
TOTAL INVESTMENTS – 101.5% (Cost $495,418,808)			$	583,667,715
COLLATERAL FOR SECURITIES ON LOAN – (2.5%)				(14,559,471	)
OTHER ASSETS LESS LIABILITIES – 1.0%				5,894,027
TOTAL NET ASSETS – 100.0%			$	575,002,271

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

9	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Cost of investments and derivatives for Federal income tax purposes is $497,829,049. The net unrealized appreciation/(depreciation) of investments and derivatives was $85,687,843. This consists of net unrealized appreciation from investment for those securities and derivatives having an excess of value over cost of $125,956,333 and net unrealized depreciation from investments for those securities and derivatives having an excess of cost over value of $(40,268,490).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 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	$	—		$	17,006,357			$—		$	17,006,357
Belgium		—			4,856,704			—			4,856,704
Bulgaria		—			—			—	(a)		—
China		23,900,608			35,961,320			—			59,861,928
Denmark		—			19,395,062			—			19,395,062
Finland		—			4,661,420			—			4,661,420
France		—			40,050,469			—			40,050,469
Germany		—			44,863,486			—			44,863,486
Hong Kong		2,529,544			20,230,815			—			22,760,359
India		5,914,941			—			—			5,914,941
Ireland		—			8,089,640			—			8,089,640
Italy		—			7,597,242			—			7,597,242
Japan		—			106,829,839			—			106,829,839
Luxembourg		—			82,657			—			82,657
Macao		—			2,052,531			—			2,052,531
Netherlands		—			16,393,223			—			16,393,223
Norway		—			4,767,041			—			4,767,041
Philippines		—			1,251,655			—			1,251,655
Russian Federation		—			114,974			—			114,974
Singapore		—			2,546,422			—			2,546,422
South Africa		—			565,588			—			565,588
South Korea		—			16,217,681			—			16,217,681
Spain		—			6,258,806			—			6,258,806
Sweden		—			29,151,598			—			29,151,598
Switzerland		109,696			32,209,204			—			32,318,900
Taiwan		—			20,740,269			—			20,740,269
Thailand		—			1,333,822			—			1,333,822
United Kingdom		—			27,028,695			—			27,028,695
United States		—			10,074,177			—			10,074,177
Investment Companies		17,497,285			—			—			17,497,285
Preferred Stocks
Germany		—			1,053,690			—			1,053,690
Warrants
China		—			6,439,600			—			6,439,600
Rights		—			—	(a)		—			—
Money Market Fund		31,332,183			—			—			31,332,183
Repurchase Agreements		—			14,559,471			—			14,559,471
Total Investments in Securities	$	81,284,257		$	502,383,458			$—		$	583,667,715
Liabilities
Other Financial Instruments!
Financial Futures Contracts	$	(150,823	)	$	—			$—		$	(150,823	)
Total Liabilities - Other Financial Instruments	$	(150,823	)	$	—			$—		$	(150,823	)

^(a)  Includes internally fair valued securities currently priced at zero ($0).

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

Wilmington International Fund (concluded)

! 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 October 31, 2020, a majority 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.

^*  Non-income producing security.

^** Represents less than 0.05%.

^{^} 7-Day net yield.

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

The following acronyms are used throughout this Fund:
ADR	American Depositary Receipt
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
SCA	Limited Partnership With Share Capital
SpA	Societa per Azioni

At October 31, 2020, the International Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Notional Amount		Notional Value		Unrealized Appreciation(a)		Unrealized (Depreciation)(a)
LONG POSITIONS:
MSCI India NTR Index		December 2020		121	$	8,181,593	$	8,030,770		$—		$(150,823	)
UNREALIZED APPRECIATION (DEPRECIATION)   ON FINANCIAL FUTURES CONTRACTS										$—		$(150,823	)

^(a)  The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through October 31, 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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

11

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Insurance		6.0%
IT Services		4.9%
Pharmaceuticals		4.3%
Interactive Media & Services		3.8%
Health Care Equipment & Supplies		3.6%
Internet & Direct Marketing Retail		3.6%
Machinery		3.2%
Software		3.0%
Hotels, Restaurants & Leisure		3.0%
Real Estate Investment Trusts		2.7%
Banks		2.5%
Commercial Services & Supplies		2.1%
Capital Markets		1.8%
Diversified Financial Services		1.8%
Food Products		1.8%
Specialty Retail		1.7%
Diversified Telecommunication Services		1.7%
Beverages		1.6%
Technology Hardware, Storage & Peripherals		1.6%
Oil, Gas & Consumable Fuels		1.6%
Road & Rail		1.5%
Trading Companies & Distributors		1.5%
Household Products		1.4%
Health Care Providers & Services		1.4%
Semiconductors & Semiconductor Equipment		1.3%
Aerospace & Defense		1.3%
Chemicals		1.2%
Air Freight & Logistics		1.1%
Communications Equipment		1.0%
Building Products		1.0%
Media		1.0%
Construction & Engineering		0.9%
Multi-Utilities		0.9%
Household Durables		0.9%
Professional Services		0.9%
Gas Utilities		0.8%
Metals & Mining		0.8%
Electronic Equipment, Instruments & Components		0.7%
Electric Utilities		0.7%
Wireless Telecommunication Services		0.7%
Food & Staples Retailing		0.7%
Electrical Equipment		0.7%
Automobiles		0.7%
Life Sciences Tools & Services		0.6%
Textiles, Apparel & Luxury Goods		0.6%
Real Estate Management & Development		0.6%
Tobacco		0.5%
Containers & Packaging		0.5%
Multiline Retail		0.4%
Entertainment		0.4%
Diversified Consumer Services		0.4%
Auto Components		0.4%

Common Stocks	Percentage of Total Net Assets
Biotechnology		0.4%
Water Utilities		0.3%
Consumer Finance		0.3%
Leisure Products		0.2%
Marine		0.2%
Health Care Technology		0.2%
Personal Products		0.1%
Construction Materials		0.1%
Energy Equipment & Services		0.1%
Transportation Infrastructure		0.1%
Paper & Forest Products		0.1%
Distributors		0.0%(1)
Preferred Stock		0.2%
Investment Companies		0.1%
Cash Equivalents(2)		8.2%
Other Assets and Liabilities - Net(3)		5.6%
TOTAL		100.0%

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 12

    Wilmington Global Alpha Equities Fund (continued)

Country Allocation	Percentage of Total Net Assets
Common Stocks
United States		45.5%
Japan		8.5%
China		5.7%
United Kingdom		4.7%
Canada		4.2%
France		4.1%
Switzerland		3.2%
Netherlands		1.6%
Germany		1.4%
Hong Kong		1.3%
Taiwan		1.0%
All other countries less than 1.0%		4.7%
Preferred Stocks		0.2%
Investment Companies		0.1%
Cash Equivalents(2)		8.2%
Other Assets and Liabilities - Net(3)		5.6%
TOTAL		100.0%

⁽¹⁾  Represents less than 0.05%.

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 85.9%
AEROSPACE & DEFENSE - 1.3%
BAE Systems PLC		124,565	$	640,313
BWX Technologies, Inc.		14,027		771,625
Dassault Aviation SA*		66		55,220
Lockheed Martin Corp.		2,923		1,023,430
Raytheon Technologies Corp.		7,044		382,630
TOTAL AEROSPACE & DEFENSE			$	2,873,218
AIR FREIGHT & LOGISTICS – 1.1%
Bpost SA*		3,358		29,756
C.H. Robinson Worldwide, Inc.		2,085		184,377
Expeditors International of Washington, Inc.		9,747		861,342
PostNL NV*		35,868		118,964
SG Holdings Co. Ltd.		4,896		118,094
United Parcel Service, Inc., Class B		5,155		809,902
ZTO Express Cayman, Inc., ADR		5,565		161,274
ZTO Express Cayman, Inc.*		2,800		82,781
TOTAL AIR FREIGHT & LOGISTICS			$	2,366,490
AUTO COMPONENTS – 0.4%
Aisan Industry Co. Ltd.		2,325		9,965
Bridgestone Corp.		2,482		80,901
Denso Corp.		1,110		51,722
Exedy Corp.		4,345		54,778
Hankook Tire & Technology Co. Ltd.		3,858		108,079
NOK Corp.		7,895		90,035
Sumitomo Electric Industries Ltd.		5,057		55,830

Description	Number of Shares		Value
Sumitomo Riko Co. Ltd.		6,230	$	31,779
Tachi-S Co. Ltd.		3,960		40,010
Tokai Rika Co. Ltd.		9,957		156,035
Toyoda Gosei Co. Ltd.		705		17,917
Toyota Boshoku Corp.		4,540		65,947
TS Tech Co. Ltd.		2,332		64,547
Unipres Corp.		6,140		47,562
TOTAL AUTO COMPONENTS			$	875,107
AUTOMOBILES – 0.7%
Daimler AG		4,424		228,670
Dongfeng Motor Group Co. Ltd., Class H		172,817		121,737
Honda Motor Co. Ltd.		16,705		395,122
Isuzu Motors Ltd.		68,933		559,288
Mitsubishi Motors Corp.*		16,910		31,013
Nissan Motor Co. Ltd.*		20,720		73,360
Renault SA*		2,819		69,815
TOTAL AUTOMOBILES			$	1,479,005
BANKS – 2.5%
ABN AMRO Bank NV*		11,903		97,774
AIB Group PLC*		53,440		60,451
Bank Mandiri Persero Tbk PT		82,703		32,215
Bank of Ireland Group PLC*		37,915		94,077
Bank of Nova Scotia (The)		12,788		531,274
Bank of Nova Scotia (The)		12,728		528,976
BPER Banca*		22,363		26,570
CaixaBank SA		60,298		110,019
Citizens Financial Group, Inc.		19,007		517,941

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

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

Description	Number of Shares		Value
Dah Sing Financial Holdings Ltd.		14,442	$	35,973
DGB Financial Group, Inc.		10,416		57,200
DNB ASA*		26,896		363,225
Erste Group Bank AG*		2,611		53,670
First Citizens BancShares, Inc., Class A		867		401,161
First Republic Bank		4,921		620,735
KB Financial Group, Inc., ADR		4,191		149,744
PNC Financial Services Group, Inc. (The)		5,980		669,042
Resona Holdings, Inc.		58,220		191,950
Sberbank of Russia PJSC, ADR		5,120		51,763
Seven Bank Ltd.		29,443		67,570
Shinhan Financial Group Co. Ltd., ADR		4,889		131,563
Standard Chartered PLC*		86,438		395,005
Sumitomo Mitsui Trust Holdings, Inc.		7,096		190,793
Tochigi Bank Ltd. (The)		12,040		20,838
Unicaja Banco SA*		78,599		50,329
UniCredit SpA*		15,561		116,542
TOTAL BANKS			$	5,566,400
BEVERAGES – 1.6%
Anadolu Efes Biracilik Ve Malt Sanayii AS		12,552		29,163
Asahi Group Holdings Ltd.		2,791		86,373
Boston Beer Co., Inc. (The), Class A*		370		384,497
Coca-Cola Co. (The)		13,012		625,357
Coca-Cola Icecek AS*		8,197		44,035
Constellation Brands, Inc., Class A		3,187		526,588
Diageo PLC		17,116		553,153
Heineken NV		8,756		775,060
PepsiCo., Inc.		4,712		628,062
TOTAL BEVERAGES			$	3,652,288
BIOTECHNOLOGY – 0.4%
Exact Sciences Corp.*		4,871		603,176
Zai Lab Ltd., ADR*		2,330		191,176
TOTAL BIOTECHNOLOGY			$	794,352
BUILDING PRODUCTS – 1.0%
Assa Abloy AB, Class B		18,709		400,980
Cie de Saint-Gobain*		6,595		256,898
Lennox International, Inc.		3,913		1,063,006
Trane Technologies PLC		3,324		441,261
TOTAL BUILDING PRODUCTS			$	2,162,145
CAPITAL MARKETS – 1.8%
Ares Management Corp., Class A		12,043		509,419
Charles Schwab Corp. (The)		36,715		1,509,354
CME Group, Inc.		493		74,305
Deutsche Boerse AG		745		109,778
GAM Holding AG*		4,857		7,850
Hong Kong Exchanges & Clearing Ltd.		5,100		244,385
Ichiyoshi Securities Co. Ltd.		5,250		20,996
Intercontinental Exchange, Inc.		2,014		190,122
Julius Baer Group Ltd.		1,588		70,674
Moody’s Corp.		1,315		345,714
Nomura Holdings, Inc.		19,282		86,353
Partners Group Holding AG		148		133,245

Description	Number of Shares		Value
UBS Group AG		66,445	$	773,551
Uranium Participation Corp.*		10,887		32,686
TOTAL CAPITAL MARKETS			$	4,108,432
CHEMICALS – 1.2%
ADEKA Corp.		6,071		78,509
Air Liquide SA		917		134,100
China BlueChemical Ltd., Class H		217,661		30,959
EMS-Chemie Holding AG		176		154,806
Givaudan SA		36		146,806
Koninklijke DSM NV		966		154,490
Linde PLC		3,482		767,224
Mitsubishi Gas Chemical Co., Inc.		3,700		67,449
Nitto Denko Corp.		1,850		129,973
Sherwin-Williams Co. (The)		1,192		820,072
Shin-Etsu Chemical Co. Ltd.		909		121,412
Symrise AG		1,205		148,589
TOTAL CHEMICALS			$	2,754,389
COMMERCIAL SERVICES & SUPPLIES – 2.1%
Aeon Delight Co. Ltd.		2,889		76,056
Babcock International Group PLC		17,001		47,893
Cintas Corp.		4,189		1,317,650
Clean Harbors, Inc.*		3,260		172,682
Copart, Inc.*		17,944		1,980,300
Prosegur Cia de Seguridad SA		19,053		43,642
Republic Services, Inc.		2,134		188,155
Secom Co. Ltd.		2,135		180,363
Toppan Forms Co. Ltd.		5,435		52,147
Waste Connections, Inc.		6,329		628,596
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	4,687,484
COMMUNICATIONS EQUIPMENT – 1.0%
Accton Technology Corp.		43,000		312,408
Cisco Systems, Inc.		15,046		540,151
Motorola Solutions, Inc.		8,512		1,345,407
Nokia OYJ*		40,741		137,346
TOTAL COMMUNICATIONS EQUIPMENT			$	2,335,312
CONSTRUCTION & ENGINEERING – 0.9%
China Machinery Engineering Corp., Class H		119,932		23,097
Chiyoda Corp.*		8,010		17,370
Hazama Ando Corp.		10,583		65,748
Implenia AG		514		10,309
JGC Holdings Corp.		18,281		150,313
Kumagai Gumi Co. Ltd.		3,576		82,653
Kyowa Exeo Corp.		4,514		104,079
Raubex Group Ltd.		24,643		30,280
Taisei Corp.		5,051		157,177
Toyo Engineering Corp.*		5,709		16,742
Vinci SA		18,259		1,442,190
TOTAL CONSTRUCTION & ENGINEERING			$	2,099,958
CONSTRUCTION MATERIALS – 0.1%
Anhui Conch Cement Co. Ltd., Class H		4,000		25,022
Imerys SA		1,702		50,874

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

     Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
LafargeHolcim Ltd.*		4,666	$	200,263
Vicat SA		1,499		46,090
TOTAL CONSTRUCTION MATERIALS			$	322,249
CONSUMER FINANCE – 0.3%
Credit Acceptance Corp.*		1,898		565,832
Provident Financial PLC*		15,873		47,799
TOTAL CONSUMER FINANCE			$	613,631
CONTAINERS & PACKAGING – 0.5%
Ball Corp.		11,536		1,026,704
Nampak Ltd.*		81,857		4,301
TOTAL CONTAINERS & PACKAGING			$	1,031,005
DISTRIBUTORS – 0.0%**
PALTAC Corp.		2,050		114,611
DIVERSIFIED CONSUMER SERVICES – 0.4%
Benesse Holdings, Inc.		505		11,906
Chegg, Inc.*		9,042		664,045
New Oriental Education & Technology Group,
Inc., ADR*		493		79,067
TAL Education Group, ADR*		2,796		185,822
TOTAL DIVERSIFIED CONSUMER SERVICES			$	940,840
DIVERSIFIED FINANCIAL SERVICES – 1.8%
Bank of America Corp.		22,954		544,010
Berkshire Hathaway, Inc., Class B*		6,876		1,388,264
BNP Paribas SA*		4,559		158,994
G-Resources Group Ltd.*		1,648,298		7,667
Groupe Bruxelles Lambert SA		1,520		124,653
ING Groep NV*		23,735		162,578
Kasikornbank PCL		33,743		82,400
Mitsubishi UFJ Financial Group, Inc.		173,274		683,030
Royal Bank of Canada		6,146		429,754
Societe Generale SA*		6,193		84,150
Sumitomo Mitsui Financial Group, Inc.		12,685		351,145
Tokyo Century Corp.		1,623		79,573
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,096,218
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.7%
AT&T, Inc.		5,136		138,775
BT Group PLC		61,423		80,670
Cellnex Telecom SA		8,807		565,330
China Telecom Corp. Ltd., Class H		357,486		112,218
China Unicom Hong Kong Ltd.		216,205		133,267
Elisa OYJ		2,186		107,483
Hellenic Telecommunications Organization SA		35,121		465,764
Koninklijke KPN NV		180,658		487,918
KT Corp., ADR		11,907		114,545
Magyar Telekom Telecommunications PLC, ADR		9,160		48,204
Nippon Telegraph & Telephone Corp.		14,582		306,745
Proximus SADP		6,060		117,808
Swisscom AG		250		127,150
Telefonica Deutschland Holding AG		44,112		111,262
Verizon Communications, Inc.		15,665		892,748
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	3,809,887

Description	Number of Shares		Value
ELECTRIC UTILITIES – 0.7%
Alliant Energy Corp.		1,859	$	102,766
Avangrid, Inc.		4,655		229,678
Chugoku Electric Power Co., Inc. (The)		6,048		75,986
Edison International		7,367		412,847
Exelon Corp.		9,551		380,989
Iberdrola SA		11,482		135,575
NextEra Energy, Inc.		352		25,770
Red Electrica Corp. SA		6,736		118,651
Xcel Energy, Inc.		2,646		185,299
TOTAL ELECTRIC UTILITIES			$	1,667,561
ELECTRICAL EQUIPMENT – 0.7%
Cosel Co. Ltd.		3,960		37,908
Emerson Electric Co.		6,950		450,290
Mitsubishi Electric Corp.		12,170		156,736
Nissin Electric Co. Ltd.		7,500		75,083
Schneider Electric SE		5,643		685,661
Ushio, Inc.		10,900		121,760
Zumtobel Group AG*		5,680		31,749
TOTAL ELECTRICAL EQUIPMENT			$	1,559,187
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.7%
Ai Holdings Corp.		4,800		84,395
Canon Marketing Japan, Inc.		3,931		83,743
Citizen Watch Co. Ltd.*		20,490		54,284
Enplas Corp.		1,350		29,562
FLIR Systems, Inc.		2,138		74,167
Foxconn Technology Co. Ltd.		40,881		71,696
Hon Hai Precision Industry Co. Ltd.		28,838		78,213
Hosiden Corp.		7,900		70,037
Innolux Corp.*		166,784		57,889
Kyocera Corp.		4,157		228,936
Maruwa Co. Ltd.		715		74,380
Nichicon Corp.		9,965		80,684
Nippon Chemi-Con Corp.*		4,130		52,821
PAX Global Technology Ltd.		78,589		45,672
Sunny Optical Technology Group Co. Ltd.		21,200		351,986
Vontier Corp.*		8,200		235,668
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	1,674,133
ENERGY EQUIPMENT & SERVICES – 0.1%
China Oilfield Services Ltd., Class H		180,000		108,699
Drilling Co. of 1972 A/S (The)*		275		5,195
Fugro NV*		5,154		19,669
Saipem SpA		20,643		36,370
Trican Well Service Ltd.*		24,829		21,618
TOTAL ENERGY EQUIPMENT & SERVICES			$	191,551
ENTERTAINMENT – 0.4%
Avex, Inc.		4,975		48,061
DeNA Co. Ltd.		5,705		97,339
Electronic Arts, Inc.*		1,439		172,435
NetEase, Inc., ADR		2,600		225,654
Nexon Co. Ltd.		3,404		94,872

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

15 PORTFOLIOS OF INVESTMENTS

     Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Nintendo Co. Ltd.		181	$	97,865
Tencent Music Entertainment Group, ADR*		17,436		259,448
TOTAL ENTERTAINMENT			$	995,674
FOOD & STAPLES RETAILING – 0.7%
Cawachi Ltd.		480		13,614
Cosmos Pharmaceutical Corp.		373		63,350
Etablissements Franz Colruyt NV		2,214		130,968
J Sainsbury PLC		53,600		139,908
Jeronimo Martins SGPS SA		7,465		118,572
Kato Sangyo Co. Ltd.		2,000		66,452
Koninklijke Ahold Delhaize NV		4,864		133,350
METRO AG		2,560		25,071
Performance Food Group Co.*		11,661		391,926
Sundrug Co. Ltd.		3,943		146,411
Walmart, Inc.		1,324		183,705
Welcia Holdings Co. Ltd.		1,296		50,792
Wm Morrison Supermarkets PLC		55,333		116,801
TOTAL FOOD & STAPLES RETAILING			$	1,580,920
FOOD PRODUCTS – 1.8%
Barry Callebaut AG		68		140,396
Campbell Soup Co.		1,612		75,232
Chocoladefabriken Lindt & Spruengli AG		16		126,856
General Mills, Inc.		3,071		181,558
Hershey Co. (The)		964		132,511
Hormel Foods Corp.		3,971		193,348
Kellogg Co.		10,385		653,113
MEIJI Holdings Co. Ltd.		1,040		75,347
Nestle SA		9,829		1,105,546
Nissin Foods Holdings Co. Ltd.		927		80,268
Nomad Foods Ltd.*		24,165		586,001
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		273,400		17,938
Toyo Suisan Kaisha Ltd.		1,467		73,006
Viscofan SA		6,438		434,649
Yakult Honsha Co. Ltd.		420		20,325
Yamazaki Baking Co. Ltd.		4,272		70,171
Yihai International Holding Ltd.*		7,000		92,988
TOTAL FOOD PRODUCTS			$	4,059,253
GAS UTILITIES – 0.8%
Enagas SA		4,894		105,631
ENN Energy Holdings Ltd.		16,900		213,888
Osaka Gas Co. Ltd.		1,153		21,896
Rubis SCA		14,999		493,164
Snam SpA		25,697		125,301
Toho Gas Co. Ltd.		1,620		83,627
Tokyo Gas Co. Ltd.		3,475		78,742
UGI Corp.		18,862		609,997
TOTAL GAS UTILITIES			$	1,732,246
HEALTH CARE EQUIPMENT & SUPPLIES – 3.6%
Abbott Laboratories		1,993		209,484
Align Technology, Inc.*		1,790		762,683
Baxter International, Inc.		8,657		671,523
Becton Dickinson & Co.		1,938		447,930
Danaher Corp.		6,242		1,432,789

Description	Number of Shares		Value
Hologic, Inc.*		10,875	$	748,418
Insulet Corp.*		2,770		615,633
Koninklijke Philips NV*		19,870		920,314
Medtronic PLC		11,605		1,167,115
Smith & Nephew PLC		13,981		242,768
Sonova Holding AG*		1		237
Sysmex Corp.		4,273		401,358
Tandem Diabetes Care, Inc.*		4,598		501,182
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	8,121,434
HEALTH CARE PROVIDERS & SERVICES – 1.4%
BML, Inc.		3,400		95,589
Fresenius Medical Care AG & Co. KGaA		1,511		115,383
HCA Healthcare, Inc.		4,193		519,681
Humana, Inc.		1,383		552,204
Laboratory Corp. of America Holdings*		2,103		420,116
Medipal Holdings Corp.		3,539		63,086
Quest Diagnostics, Inc.		1,617		197,500
Suzuken Co. Ltd.		1,900		68,591
UnitedHealth Group, Inc.		3,475		1,060,362
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,092,512
HEALTH CARE TECHNOLOGY – 0.2%
AGFA-Gevaert NV*		9,284		35,299
Cerner Corp.		2,744		192,327
Multiplan Corp.*		26,055		190,202
TOTAL HEALTH CARE TECHNOLOGY			$	417,828
HOTELS, RESTAURANTS & LEISURE – 3.0%
Choice Hotels International, Inc.		10,278		897,783
Compass Group PLC		82,634		1,131,073
DraftKings, Inc., Class A*		2,554		90,412
Galaxy Entertainment Group Ltd.		22,000		145,388
Huazhu Group Ltd., ADR		4,910		194,583
McDonald’s Corp.		10,768		2,293,584
McDonald’s Holdings Co. Japan Ltd.		1,415		67,101
Penn National Gaming, Inc.*		4,646		250,791
Sands China Ltd.		92,400		324,288
Sodexo SA		1,814		116,524
Sushiro Global Holdings Ltd.		14,700		399,053
Yum China Holdings, Inc.		10,943		582,496
Yum! Brands, Inc.		2,153		200,940
TOTAL HOTELS, RESTAURANTS & LEISURE			$	6,694,016
HOUSEHOLD DURABLES – 0.9%
Funai Electric Co. Ltd.*		8,000		33,391
Lennar Corp., Class A		6,325		444,205
Nikon Corp.		7,715		47,018
NVR, Inc.*		333		1,316,379
Sekisui Chemical Co. Ltd.		9,728		151,643
Sekisui House Ltd.		4,273		70,988
TOTAL HOUSEHOLD DURABLES			$	2,063,624
HOUSEHOLD PRODUCTS – 1.4%
Clorox Co. (The)		888		184,038
Colgate-Palmolive Co.		12,645		997,564
Lion Corp.		462		9,421

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

     Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Procter & Gamble Co. (The)		7,086	$	971,490
Reckitt Benckiser Group PLC		12,085		1,064,550
TOTAL HOUSEHOLD PRODUCTS			$	3,227,063
INSURANCE – 6.0%
Admiral Group PLC		4,472		159,310
Ageas SA		2,527		101,760
AIA Group Ltd.		245,597		2,337,390
Arthur J. Gallagher & Co.		4,952		513,572
Assicurazioni Generali SpA		6,580		88,266
AXA SA		60,805		976,486
China Life Insurance Co. Ltd., Class H		111,000		242,194
Chubb Ltd.		5,268		684,366
Dai-ichi Life Holdings, Inc.		7,845		117,168
Enstar Group Ltd.*		3,239		556,687
Gjensidige Forsikring ASA		6,788		129,345
Globe Life, Inc.		8,262		669,966
Intact Financial Corp.		18,360		1,896,497
Markel Corp.*		1,363		1,271,406
MS&AD Insurance Group Holdings, Inc.		8,501		232,632
Progressive Corp. (The)		15,982		1,468,746
RenaissanceRe Holdings Ltd.		2,659		430,013
SCOR SE*		2,849		69,189
Shin Kong Financial Holding Co. Ltd.		147,626		41,120
T&D Holdings, Inc.		23,308		232,942
Tokio Marine Holdings, Inc.		17,552		784,482
Tongyang Life Insurance Co. Ltd.		9,135		25,514
White Mountains Insurance Group Ltd.		383		347,890
Zurich Insurance Group AG		66		21,922
TOTAL INSURANCE			$	13,398,863
INTERACTIVE MEDIA & SERVICES – 3.8%
Alphabet, Inc., Class A*		1,148		1,855,294
Alphabet, Inc., Class C*		641		1,039,067
Facebook, Inc., Class A*		4,133		1,087,434
Gree, Inc.		21,680		113,051
LINE Corp.*		1,617		82,973
Match Group, Inc.*		4,713		550,384
Scout24 AG		1,055		85,113
Snap, Inc., Class A*		11,216		441,798
Tencent Holdings Ltd.		42,753		3,266,571
Z Holdings Corp.		9,966		69,494
TOTAL INTERACTIVE MEDIA & SERVICES			$	8,591,179
INTERNET & DIRECT MARKETING RETAIL – 3.6%
Alibaba Group Holding Ltd.*		10,600		401,675
Alibaba Group Holding Ltd., ADR*		8,911		2,715,093
Amazon.com, Inc.*		1,148		3,485,500
Booking Holdings, Inc.*		189		306,653
Meituan, Class B*		23,939		892,426
Trip.com Group Ltd., ADR*		7,291		209,689
TOTAL INTERNET & DIRECT MARKETING RETAIL			$	8,011,036
IT SERVICES – 4.9%
Accenture PLC, Class A		3,938		854,192
Automatic Data Processing, Inc.		2,993		472,774
Black Knight, Inc.*		12,016		1,056,807
Capgemini SE		6,611		763,358

Description	Number of Shares		Value
DTS Corp.		4,786	$	93,083
Edenred		14,180		660,986
Fidelity National Information Services, Inc.		10,888		1,356,536
FleetCor Technologies, Inc.*		2,637		582,540
Fujitsu Ltd.		568		67,203
Future Corp.		2,500		42,794
Global Payments, Inc.		3,430		541,048
GoDaddy, Inc., Class A*		7,282		515,129
International Business Machines Corp.		1,646		183,792
Leidos Holdings, Inc.		4,603		382,049
Nexi SpA*		28,908		445,013
Nihon Unisys Ltd.		2,750		81,060
NS Solutions Corp.		4,847		141,943
Obic Co. Ltd.		452		80,023
Paychex, Inc.		2,686		220,923
PayPal Holdings, Inc.*		1,858		345,830
Science Applications International Corp.		6,197		473,265
Sopra Steria Group*		175		20,810
Square, Inc., Class A*		2,922		452,559
Transcosmos, Inc.		900		24,422
Visa, Inc., Class A		2,403		436,649
Western Union Co. (The)		8,133		158,106
Worldline SA*		6,401		474,100
TOTAL IT SERVICES			$	10,926,994
LEISURE PRODUCTS – 0.2%
Bandai Namco Holdings, Inc.		1,502		112,252
Polaris, Inc.		3,617		328,640
Sega Sammy Holdings, Inc.		6,725		84,275
TOTAL LEISURE PRODUCTS			$	525,167
LIFE SCIENCES TOOLS & SERVICES – 0.6%
Agilent Technologies, Inc.		1,305		133,227
CMIC Holdings Co. Ltd.		910		11,210
EPS Holdings, Inc.		3,320		30,077
Pharmaron Beijing Co. Ltd., Class H		12,200		176,633
QIAGEN NV*		3,059		145,259
Thermo Fisher Scientific, Inc.		1,412		668,045
WuXi AppTec Co. Ltd., Class H		4,400		70,349
Wuxi Biologics Cayman, Inc.*		6,900		193,778
TOTAL LIFE SCIENCES TOOLS & SERVICES			$	1,428,578
MACHINERY – 3.2%
Alfa Laval AB*		15,244		309,633
Amada Co. Ltd.		8,085		70,369
Fortive Corp.		38,907		2,396,671
Hino Motors Ltd.		14,500		111,095
Hisaka Works Ltd.		3,830		32,366
IDEX Corp.		6,713		1,143,828
Ingersoll Rand, Inc.*		18,876		659,527
Japan Steel Works Ltd. (The)		9,535		203,843
Kone OYJ, Class B		1,910		152,061
Makita Corp.		2,240		99,016
Mitsubishi Heavy Industries Ltd.		2,052		44,088
OKUMA Corp.		1,990		96,590
Otis Worldwide Corp.		3,522		215,828
PACCAR, Inc.		9,669		825,539
Schindler Holding AG		558		143,430

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

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

Description	Number of Shares		Value
Schindler Holding AG		555	$	142,172
Shibaura Machine Co. Ltd.		1,168		23,310
Star Micronics Co. Ltd.		4,400		59,083
Takuma Co. Ltd.		3,310		50,684
THK Co. Ltd.		6,580		174,666
Weichai Power Co. Ltd., Class H		77,000		146,014
TOTAL MACHINERY			$	7,099,813
MARINE – 0.2%
AP Moller - Maersk A/S, Class B		124		198,727
D/S Norden A/S		5,110		72,662
Kuehne + Nagel International AG		857		171,283
Pacific Basin Shipping Ltd.		474,767		69,353
TOTAL MARINE			$	512,025
MEDIA – 1.0%
Charter Communications, Inc., Class A*		925		558,534
China Literature Ltd.*		10,200		83,797
Comcast Corp., Class A		13,321		562,679
Criteo SA, ADR*		3,653		62,685
Fuji Media Holdings, Inc.		3,825		36,787
Gendai Agency, Inc.		1,200		3,175
Liberty Broadband Corp., Class C*		1,404		198,961
Metropole Television SA*		4,610		50,639
Nippon Television Holdings, Inc.		11,827		124,804
Omnicom Group, Inc.		2,616		123,475
RTL Group SA*		59		2,242
RTL Group SA*		2,203		73,893
Television Francaise 1*		12,206		71,671
TV Asahi Holdings Corp.		4,625		69,876
WPP PLC		15,303		122,229
TOTAL MEDIA			$	2,145,447
METALS & MINING – 0.8%
Anglo American PLC		5,392		126,514
Asahi Holdings, Inc.		6,468		210,921
Barrick Gold Corp.		5,837		156,056
Centerra Gold, Inc.		5,293		46,244
Chubu Steel Plate Co. Ltd.		1,442		9,963
Eldorado Gold Corp.*		4,610		57,763
Endeavour Mining Corp.*		2,905		71,257
Gold Fields Ltd.		6,612		71,510
Harmony Gold Mining Co. Ltd., ADR*		12,620		61,964
IAMGOLD Corp.*		7,287		26,743
Impala Platinum Holdings Ltd.		2,533		22,545
Kinross Gold Corp.		10,396		82,856
Kyoei Steel Ltd.		5,005		63,015
Maruichi Steel Tube Ltd.		3,235		74,216
Nakayama Steel Works Ltd.		7,290		24,425
Neturen Co. Ltd.		2,565		11,767
Norsk Hydro ASA*		39,266		110,352
OceanaGold Corp.*		26,225		34,250
Pacific Metals Co. Ltd.		2,057		31,769
Resolute Mining Ltd.*		43,397		24,647
Salzgitter AG*		4,407		64,116
Tokyo Steel Manufacturing Co. Ltd.		11,850		75,411
Western Areas Ltd.		33,231		44,896

Description	Number of Shares		Value
Yamato Kogyo Co. Ltd.		7,468	$	179,345
Yodogawa Steel Works Ltd.		900		16,894
TOTAL METALS & MINING			$	1,699,439
MULTILINE RETAIL – 0.4%
Dollar General Corp.		1,037		216,432
Dollarama, Inc.		13,704		471,920
Marks & Spencer Group PLC		30,076		34,650
Marui Group Co. Ltd.		12,060		217,948
Pan Pacific International Holdings Corp.		3,646		77,363
TOTAL MULTILINE RETAIL			$	1,018,313
MULTI-UTILITIES – 0.9%
Centrica PLC*		79,942		38,500
CMS Energy Corp.		2,050		129,827
Consolidated Edison, Inc.		2,001		157,058
E.ON SE		25,983		270,591
Engie SA*		13,779		166,651
National Grid PLC		93,095		1,107,411
WEC Energy Group, Inc.		2,185		219,702
TOTAL MULTI-UTILITIES			$	2,089,740
OIL, GAS & CONSUMABLE FUELS – 1.6%
Advantage Oil & Gas Ltd.*		17,310		28,584
ARC Resources Ltd.		8,762		43,142
BP PLC		70,687		180,300
Cameco Corp.		5,493		52,197
Enbridge, Inc.		18,771		517,213
Eni SpA		18,444		129,201
Galp Energia SGPS SA		36,535		296,708
Gazprom PJSC, ADR		16,366		63,009
Inpex Corp.		16,290		77,254
Japan Petroleum Exploration Co. Ltd.		1,690		26,722
LUKOIL PJSC, ADR		11		562
LUKOIL PJSC, ADR		413		21,130
Ovintiv, Inc.		3,280		30,208
Repsol SA		72		452
Royal Dutch Shell PLC, Class B		23,353		281,622
Surgutneftegas PJSC, ADR		14,210		59,611
TC Energy Corp.		14,302		562,934
TOTAL SE		36,391		1,102,528
Tourmaline Oil Corp.		2,721		35,251
YPF SA, ADR*		5,042		16,235
TOTAL OIL, GAS & CONSUMABLE FUELS			$	3,524,863
PAPER & FOREST PRODUCTS – 0.1%
UPM-Kymmene OYJ		4,339		122,616
PERSONAL PRODUCTS – 0.1%
Beiersdorf AG		1,030		107,851
Kobayashi Pharmaceutical Co. Ltd.		887		86,434
Unilever NV		2,355		132,760
TOTAL PERSONAL PRODUCTS			$	327,045
PHARMACEUTICALS – 4.3%
Astellas Pharma, Inc.		16,758		229,801
AstraZeneca PLC		4,283		430,037
AstraZeneca PLC, ADR		17,586		882,114
Bristol-Myers Squibb Co.		3,131		183,007

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

     Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Chugai Pharmaceutical Co. Ltd.		1,500	$	57,900
CSPC Pharmaceutical Group Ltd.		90,240		95,828
Eisai Co. Ltd.		925		71,922
GlaxoSmithKline PLC		6,259		104,516
Hutchison China MediTech Ltd., ADR*		2,777		81,755
Johnson & Johnson		8,270		1,133,900
Kyowa Kirin Co. Ltd.		5,303		131,692
Merck & Co., Inc.		15,105		1,136,047
Novartis AG		30,559		2,381,236
Novo Nordisk A/S, Class B		1,989		126,830
Ono Pharmaceutical Co. Ltd.		5,670		161,738
Orion OYJ, Class B		2,658		113,761
Pfizer, Inc.		24,440		867,131
Roche Holding AG		2,588		831,606
Sanofi		1,245		112,415
Santen Pharmaceutical Co. Ltd.		4,323		77,019
Sino Biopharmaceutical Ltd.		96,000		97,248
Takeda Pharmaceutical Co. Ltd.		8,632		266,751
Vifor Pharma AG		845		95,101
TOTAL PHARMACEUTICALS			$	9,669,355
PROFESSIONAL SERVICES – 0.9%
Adecco Group AG		3,771		184,907
BeNEXT Group, Inc.		5,100		47,818
Bureau Veritas SA*		21,515		471,788
CoStar Group, Inc.*		273		224,845
Experian PLC		10,425		381,908
Hays PLC*		51,877		71,635
Meitec Corp.		500		24,788
Pagegroup PLC*		14,161		65,605
SGS SA		55		137,380
SThree PLC*		9,302		29,658
Verisk Analytics, Inc.		12		2,136
Wolters Kluwer NV		5,157		417,545
TOTAL PROFESSIONAL SERVICES			$	2,060,013
REAL ESTATE INVESTMENT TRUSTS – 2.7%
Alexandria Real Estate Equities, Inc.		2,388		361,830
American Tower Corp.		6,188		1,421,074
Boston Properties, Inc.		3,341		241,922
British Land Co. PLC (The)		9,935		44,866
Daiwa Securities Living Investments Corp.		127		124,056
Goodman Group		21,252		275,068
Japan Real Estate Investment Corp.		16		78,411
Land Securities Group PLC		6,713		44,293
LaSalle Logiport REIT		85		132,325
Medical Properties Trust, Inc.		76,065		1,355,478
Nippon Building Fund, Inc.		13		65,660
Public Storage		6,045		1,384,728
Realty Income Corp.		480		27,773
Segro PLC		36,142		422,309
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	5,979,793
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.6%
CK Asset Holdings Ltd.		17,565		81,563
Daito Trust Construction Co. Ltd.		938		85,325
Deutsche Wohnen SE		9,001		454,307
Mitsubishi Estate Co. Ltd.		15,994		238,564

Description	Number of Shares		Value
Nexity SA		13,351	$	374,845
Swiss Prime Site AG		1,352		113,744
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	1,348,348
ROAD &RAIL – 1.5%
AMERCO		1,818		631,137
Canadian National Railway Co.		25,800		2,562,959
East Japan Railway Co.		1,147		59,980
Go-Ahead Group PLC (The)*		3,236		24,552
Keio Corp.		1,388		80,667
Nagoya Railroad Co. Ltd.		2,858		76,181
TOTAL ROAD & RAIL			$	3,435,476
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.3%
Marvell Technology Group Ltd.		14,382		539,469
MediaTek, Inc.		22,000		522,946
Miraial Co. Ltd.		2,620		30,588
Realtek Semiconductor Corp.		34,166		425,621
Taiwan Semiconductor Manufacturing Co. Ltd.		43,000		650,576
Texas Instruments, Inc.		3,889		562,310
Tokyo Seimitsu Co. Ltd.		4,555		153,692
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	2,885,202
SOFTWARE – 3.0%
Adobe, Inc.*		451		201,642
ANSYS, Inc.*		270		82,180
CDK Global, Inc.		4,354		187,657
Citrix Systems, Inc.		1,463		165,714
Constellation Software, Inc.		1,321		1,386,728
Kingdee International Software Group Co. Ltd.*		64,545		170,415
Microsoft Corp.		17,491		3,541,403
Oracle Corp.		3,686		206,822
Sage Group PLC (The)		2,585		21,269
SAP SE		973		103,804
TOPICUS.COM		2,457		0
Trend Micro, Inc.		1,148		64,305
Tyler Technologies, Inc.*		604		232,166
Workday, Inc., Class A*		1,883		395,656
TOTAL SOFTWARE			$	6,759,761
SPECIALTY RETAIL – 1.7%
ABC-Mart, Inc.		400		20,290
AutoZone, Inc.*		171		193,056
CarMax, Inc.*		7,141		617,268
CECONOMY AG*		12,309		54,438
China Meidong Auto Holdings Ltd.		58,000		237,508
Five Below, Inc.*		4,492		598,963
Halfords Group PLC		14,607		45,514
Hikari Tsushin, Inc.		595		139,554
Home Depot, Inc. (The)		1,592		424,603
Kingfisher PLC*		44,467		165,372
Nitori Holdings Co. Ltd.		420		86,334
Shimamura Co. Ltd.		1,520		162,048
TJX Cos., Inc. (The)		20,621		1,047,547

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

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

Description	Number of Shares		Value
USS Co. Ltd.		5,015	$	91,727
Xebio Holdings Co. Ltd.		6,245		40,782
TOTAL SPECIALTY RETAIL			$	3,925,004
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.6%
Acer, Inc.		86,222		72,058
Apple, Inc.		27,948		3,042,419
Canon, Inc.		6,952		121,008
Compal Electronics, Inc., GDR		36,972		120,211
HP, Inc.		4,925		88,453
Maxell Holdings Ltd.*		4,070		42,550
Melco Holdings, Inc.		400		10,351
Quadient SA		3,577		46,614
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	3,543,664
TEXTILES, APPAREL & LUXURY GOODS – 0.6%
361 Degrees International Ltd.		172,696		21,204
Li Ning Co. Ltd.		18,000		93,815
NIKE, Inc., Class B		7,418		890,753
Sanyo Shokai Ltd.		3,060		14,495
VF Corp.		5,408		363,418
TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,383,685
TOBACCO – 0.5%
Philip Morris International, Inc.		7,939		563,828
Swedish Match AB		6,785		510,114
TOTAL TOBACCO			$	1,073,942
TRADING COMPANIES & DISTRIBUTORS – 1.5%
Brenntag AG		21,410		1,368,451
Fastenal Co.		11,764		508,558
Ferguson PLC		3,053		303,227
Inaba Denki Sangyo Co. Ltd.		2,600		62,591
ITOCHU Corp.		9,649		231,755
Mitsubishi Corp.		7,949		177,353
Mitsui & Co. Ltd.		5,476		85,773
Rexel SA*		11,195		117,868
SIG PLC*		26,772		8,327
Sumitomo Corp.		7,054		77,175
Triton International Ltd.		11,715		432,049
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	3,373,127
TRANSPORTATION INFRASTRUCTURE – 0.1%
Hamburger Hafen und Logistik AG		1,324		22,196
Kamigumi Co. Ltd.		6,102		109,170
TOTAL TRANSPORTATION INFRASTRUCTURE			$	131,366

Description	Number of Shares		Value
WATER UTILITIES – 0.3%
Guangdong Investment Ltd.		354,503	$	525,767
Severn Trent PLC		4,195		132,026
TOTAL WATER UTILITIES			$	657,793
WIRELESS TELECOMMUNICATION SERVICES – 0.7%
China Mobile Ltd.		19,135		117,040
KDDI Corp.		42,921		1,161,227
MTN Group Ltd.		9,790		34,955
NTT DOCOMO, Inc.		3,006		111,929
Orange Belgium SA		3,452		57,527
SoftBank Corp.		6,304		73,363
VEON Ltd., ADR		40,158		50,198
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	1,606,239
TOTAL COMMON STOCKS (Cost $ 178,102,839)			$	193,013,909
INVESTMENT COMPANIES – 0.1%
EQUITY FUNDS – 0.1%
iShares Core MSCI EAFE ETF		786		45,714
NEXT FUNDS TOPIX ETF		2,010		31,700
TOTAL INVESTMENT COMPANIES (Cost $ 71,361)			$	77,414
PREFERRED STOCKS – 0.2%
CONSUMER DISCRETIONARY – 0.2%
Volkswagen AG 4.86%		2,723		396,643
MATERIALS – 0.0%**
Fuchs Petrolub SE 0.97%		920		47,354
TOTAL PREFERRED STOCKS (Cost $ 470,478)			$	443,997
MONEY MARKET FUND – 8.2%
Dreyfus Government Cash Management Fund, Institutional Shares 0.02%^		18,429,735		18,429,735
TOTAL MONEY MARKET FUND (Cost $ 18,429,735)			$	18,429,735
TOTAL INVESTMENTS – 94.4% (COST $ 197,074,413)			$	211,965,055
OTHER ASSETS LESS LIABILITIES – 5.6%				12,661,789
TOTAL NET ASSETS – 100.0%			$	224,626,844

Cost of investments and derivatives for Federal income tax purposes is $203,564,256. The net unrealized appreciation/(depreciation) of investments and derivatives was $11,774,442. This consists of net unrealized appreciation from investment for those securities and derivatives having an excess of value over cost of $29,317,125 and net unrealized depreciation from investments for those securities and derivatives having an excess of cost over value of $(17,542,683).

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

Level 1 – quoted prices in active markets for identical securities

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

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 20

Wilmington Global Alpha Equities Fund (continued)

   The following is a summary of the inputs used as of October 31, 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	$	2,177,685	$	695,533		$—	$	2,873,218
Air Freight & Logistics		2,099,676		266,814		—		2,366,490
Auto Components		—		875,107		—		875,107
Automobiles		—		1,479,005		—		1,479,005
Banks		3,602,199		1,964,201		—		5,566,400
Beverages		2,164,504		1,487,784		—		3,652,288
Biotechnology		794,352		—		—		794,352
Building Products		1,504,267		657,878		—		2,162,145
Capital Markets		2,661,600		1,446,832		—		4,108,432
Chemicals		1,587,296		1,167,093		—		2,754,389
Commercial Services & Supplies		4,287,383		400,101		—		4,687,484
Communications Equipment		1,885,558		449,754		—		2,335,312
Construction & Engineering		—		2,099,958		—		2,099,958
Construction Materials		—		322,249		—		322,249
Consumer Finance		565,832		47,799		—		613,631
Containers & Packaging		1,026,704		4,301		—		1,031,005
Distributors		—		114,611		—		114,611
Diversified Consumer Services		928,934		11,906		—		940,840
Diversified Financial Services		2,362,028		1,734,190		—		4,096,218
Diversified Telecommunication Services		1,194,272		2,615,615		—		3,809,887
Electric Utilities		1,337,349		330,212		—		1,667,561
Electrical Equipment		450,290		1,108,897		—		1,559,187
Electronic Equipment, Instruments & Components		309,835		1,364,298		—		1,674,133
Energy Equipment & Services		21,618		169,933		—		191,551
Entertainment		657,537		338,137		—		995,674
Food & Staples Retailing		575,631		1,005,289		—		1,580,920
Food Products		1,821,763		2,237,490		—		4,059,253
Gas Utilities		609,997		1,122,249		—		1,732,246
Health Care Equipment & Supplies		6,556,757		1,564,677		—		8,121,434
Health Care Providers & Services		2,749,863		342,649		—		3,092,512
Health Care Technology		382,529		35,299		—		417,828
Hotels, Restaurants & Leisure		4,510,589		2,183,427		—		6,694,016
Household Durables		1,760,584		303,040		—		2,063,624
Household Products		2,153,092		1,073,971		—		3,227,063
Insurance		7,839,143		5,559,720		—		13,398,863
Interactive Media & Services		4,973,977		3,617,202		—		8,591,179
Internet & Direct Marketing Retail		6,716,935		1,294,101		—		8,011,036
IT Services		8,032,199		2,894,795		—		10,926,994
Leisure Products		328,640		196,527		—		525,167
Life Sciences Tools & Services		801,272		627,306		—		1,428,578
Machinery		5,241,393		1,858,420		—		7,099,813
Marine		—		512,025		—		512,025
Media		1,506,334		639,113		—		2,145,447
Metals & Mining		537,133		1,162,306		—		1,699,439
Multiline Retail		688,352		329,961		—		1,018,313
Multi-Utilities		506,587		1,583,153		—		2,089,740
Oil, Gas & Consumable Fuels		1,408,946		2,115,917		—		3,524,863
Paper & Forest Products		—		122,616		—		122,616
Personal Products		—		327,045		—		327,045
Pharmaceuticals		4,283,954		5,385,401		—		9,669,355
Professional Services		226,981		1,833,032		—		2,060,013
Real Estate Investment Trusts		4,792,805		1,186,988		—		5,979,793
Real Estate Management & Development		—		1,348,348		—		1,348,348
Road & Rail		3,194,096		241,380		—		3,435,476

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

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

	Level 1				Level 2				Level 3		Total
Semiconductors & Semiconductor Equipment		$	1,101,779			$	1,783,423			$—		$	2,885,202
Software			6,399,968				359,793			—			6,759,761
Specialty Retail			2,881,437				1,043,567			—			3,925,004
Technology Hardware, Storage & Peripherals			3,251,083				292,581			—			3,543,664
Textiles, Apparel & Luxury Goods			1,254,171				129,514			—			1,383,685
Tobacco			563,828				510,114			—			1,073,942
Trading Companies & Distributors			940,607				2,432,520			—			3,373,127
Transportation Infrastructure			—				131,366			—			131,366
Water Utilities			—				657,793			—			657,793
Wireless Telecommunication Services			50,198				1,556,041			—			1,606,239
Investment Companies			45,714				31,700			—			77,414
Preferred Stocks			—				443,997			—			443,997
Money Market Fund			18,429,735				—			—			18,429,735
Total Investments in Securities		$	138,736,991			$	73,228,064			$—		$	211,965,055
Other Financial Instruments!
Forward Foreign Currency Contracts		$	—			$	230,703			$—		$	230,703
Financial Futures Contracts			3,759,824				—			—			3,759,824
Total Assets - Other Financial Instruments		$	3,759,824			$	230,703			$—		$	3,990,527
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts		$	—			$	(42,805	)		$—		$	(42,805	)
Financial Futures Contracts			(574,079	)			—			—			(574,079	)
Total Liabilities - Other Financial Instruments		$	(574,079	)		$	(42,805	)		$—		$	(616,884	)

^!  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 October 31, 2020, a portion of the Fund’s common stock investments were categorized as Level 2.

* Non-income producing security.

** Represents less than 0.05%.

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

ADR	American Depositary Receipt
CAD	Canadian Dollar
ETF	Exchange-Traded Fund
EUR	Euro
GBP	British Pound Sterling
GDR	Global Depositary Receipt
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
PCL	Public Company Limited
PLC	Public Limited Company
REIT	Real Estate Investment Trust
S&P	Standards & Poor’s
SCA	Limited Partnership With Share Capital
SpA	Societa per Azioni

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 22

Wilmington Global Alpha Equities Fund (concluded)

At October 31, 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 SOLD
12/16/2020		BNP Paribas		8,975,000 CAD		$6,871,016		$6,738,126		$132,890		$          —
12/16/2020		JPMorgan Chase		2,266,000 GBP		2,977,903		2,936,691		41,212		—
12/16/2020		Morgan Stanley		327,000,000 JPY		3,082,679		3,125,484		—		(42,805	)
12/16/2020		HSBC Bank USA, N.A.		3,187,000 EUR		3,772,595		3,715,994		56,601		—
UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$230,703		$(42,805	)

At October 31, 2020, the Global Alpha Equities Fund had open financial futures contracts as follows:
Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Notional Amount		Notional Value		Unrealized Appreciation(a)		Unrealized (Depreciation)(a)
SHORT POSITIONS:
E-Mini Russell 2000 Index		December 2020		81		$6,031,617		$6,224,040		$             —		$(192,421	)
E-Mini S&P 500 Index		December 2020		163		27,035,705		26,607,305		428,400		—
E-Mini S&P Mid 400 Index		December 2020		84		15,541,382		15,923,040		—		(381,658	)
Euro STOXX 50 Index		December 2020		139		5,355,718		4,790,217		565,501		—
FTSE 100 Index		December 2020		60		4,663,313		4,324,508		338,804		—
HSCE Index		November 2020		99		6,381,049		6,248,397		132,652		—
MSCI EAFE Index		December 2020		329		31,312,713		29,345,155		1,967,558		—
S&P TSX 60 Index		December 2020		36		5,198,836		5,001,036		197,800		—
TOPIX Index		December 2020		51		7,791,653		7,662,544		129,109		—
UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$3,759,824		$(574,079	)

^(a)  The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through October 31, 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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

23

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Real Estate Related Securities:
Exchange-Traded Funds		34.9%
Real Estate Investment Trusts		30.2%
Common Stocks		9.2%
Investment Companies		3.4%
Rights		0.0%(1)
Commodity Related Securities:
Exchange-Traded Commodity Funds		17.5%
Investment Company Commodity Fund		3.5%
Cash Equivalents(2)		0.0%(1)
Cash Collateral Invested for Securities on Loan(3)		2.2%
Other Assets and Liabilities - Net(4)		(0.9)%
TOTAL		100.0%

⁽¹⁾ Represents less than 0.05%.

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Number of Shares		Value
REAL ESTATE RELATED SECURITIES – 77.7%
COMMON STOCKS – 9.2%
DIVERSIFIED REAL ESTATE ACTIVITIES – 3.6%
Airport City Ltd.*		4,669	$	50,597
Allreal Holding AG		764		161,815
CapitaLand Ltd.		123,800		232,965
Chinese Estates Holdings Ltd.		75,000		37,813
City Developments Ltd.		39,000		181,111
CTO Realty Growth, Inc.		326		14,386
Daito Trust Construction Co. Ltd.		3,500		318,378
Daiwa House Industry Co. Ltd.		33,900		890,714
DIC Asset AG		3,489		40,156
Far East Consortium International Ltd.		78,000		23,069
Hang Lung Properties Ltd.		87,000		211,800
Heiwa Real Estate Co. Ltd.		4,300		125,537
Kerry Properties Ltd.		45,500		111,636
Lendlease Corp. Ltd.		28,456		239,376
Mitsubishi Estate Co. Ltd.		69,700		1,039,637
Mitsui Fudosan Co. Ltd.		49,000		834,351
New World Development Co. Ltd.		61,000		291,238
Nomura Real Estate Holdings, Inc.		9,000		157,198
OUE Ltd.		18,100		14,840
Property & Building Corp. Ltd.		345		28,240
SAMTY Co. Ltd.		1,400		22,180
Shinoken Group Co. Ltd.		4,300		42,672

Description	Number of Shares		Value
Star Mica Holdings Co. Ltd.		2,000	$	26,952
Sumitomo Realty & Development Co. Ltd.		26,700		714,475
Sun Frontier Fudousan Co. Ltd.		1,700		13,665
Sun Hung Kai Properties Ltd.		76,500		984,694
Tokyo Tatemono Co. Ltd.		13,100		150,666
Tokyu Fudosan Holdings Corp.		25,300		110,556
UOL Group Ltd.		32,700		149,053
Wharf Holdings Ltd. (The)		119,000		246,341
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	7,466,111
HOTEL & RESORT – 0.1%
Ascott Residence Trust		161,683		98,445
CDL Hospitality Trusts		63,800		46,328
TOTAL HOTEL & RESORT			$	144,773
OFFICE – 0.1%
alstria office REIT AG		7,735		98,470
Precinct Properties New Zealand Ltd.		84,495		98,842
TOTAL OFFICE			$	197,312
REAL ESTATE DEVELOPMENT – 0.9%
BUWOG AG Escrow Shares*		3,077		—
Cedar Woods Properties Ltd.		4,976		20,068
Chip Eng Seng Corp. Ltd.		44,200		13,925
CK Asset Holdings Ltd.		132,000		612,941
Forestar Group, Inc.*		1,558		25,925
Goldcrest Co. Ltd.		1,500		19,166

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 24

    Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Greenland Hong Kong Holdings Ltd.		101,000	$	32,834
Helical PLC		12,067		53,153
Henderson Land Development Co. Ltd.		93,735		331,080
Howard Hughes Corp. (The)*		2,270		141,171
Instone Real Estate Group AG*		917		18,976
K Wah International Holdings Ltd.		85,000		40,337
Katitas Co. Ltd.		2,600		73,764
Nexity SA		2,227		62,526
Road King Infrastructure Ltd.		34,000		40,437
Selvaag Bolig ASA		6,948		34,657
Sino Land Co. Ltd.		132,000		156,430
St. Modwen Properties PLC		19,519		83,834
Takara Leben Co. Ltd.		7,200		20,099
Tosei Corp.		2,300		23,048
Urban & Civic PLC		6,245		16,587
TOTAL REAL ESTATE DEVELOPMENT			$	1,820,958
REAL ESTATE OPERATING COMPANIES – 4.5%
ADO Properties SA*		2,188		55,006
Aeon Mall Co. Ltd.		5,400		84,237
Alony Hetz Properties & Investments Ltd.		7,307		73,243
Amot Investments Ltd.		8,779		40,233
Aroundtown SA*		56,773		272,321
Ashtrom Properties Ltd.		7,118		39,990
Azrieli Group Ltd.		2,722		127,760
Big Shopping Centers Ltd.		209		15,810
Blue Square Real Estate Ltd.		878		35,817
CA Immobilien Anlagen AG		5,378		147,726
Castellum AB		13,543		281,974
Catena AB		1,465		59,625
CLS Holdings PLC		42,029		107,943
Daibiru Corp.		5,100		57,751
Deutsche Wohnen SE		18,969		957,421
Dios Fastigheter AB		6,443		45,111
Entra ASA		5,914		77,314
Fabege AB		17,964		226,830
Fastighets AB Balder, Class B*		5,984		281,629
Grainger PLC		32,354		117,213
Grand City Properties SA		3,165		71,841
Hang Lung Group Ltd.		30,000		66,594
Hongkong Land Holdings Ltd.		49,300		180,988
Hufvudstaden AB, Class A		3,483		45,471
Hulic Co. Ltd.		22,300		206,563
Hysan Development Co. Ltd.		11,001		35,072
Ichigo, Inc.		4,800		13,606
IMMOFINANZ AG*		2,361		31,661
Intershop Holding AG		103		63,159
Keihanshin Building Co. Ltd.		7,300		132,398
Kennedy-Wilson Holdings, Inc.		6,295		82,968
Klovern AB, Class B		42,277		64,421
Kungsleden AB		9,447		80,165
LEG Immobilien AG		4,272		577,373
Leopalace21 Corp.*		22,000		34,468
Melisron Ltd.		1,293		46,765
Mobimo Holding AG*		348		100,566
NP3 Fastigheter AB		6,120		71,322
Nyfosa AB*		11,802		97,582
PSP Swiss Property AG		2,810		339,802

Description	Number of Shares		Value
S IMMO AG		4,007	$	59,210
Sagax AB, Class D		25,109		87,467
Samhallsbyggnadsbolaget i Norden AB		81,389		223,994
Shurgard Self Storage SA		592		25,243
Sirius Real Estate Ltd.		19,656		18,722
Swire Properties Ltd.		55,600		149,202
Swiss Prime Site AG		3,356		282,340
TAG Immobilien AG*		10,475		308,694
Tricon Residential, Inc.		7,268		59,680
VGP NV		350		45,608
Vonovia SE		30,015		1,916,863
Wallenstam AB, Class B		6,496		86,111
Wharf Real Estate Investment Co. Ltd.		98,000		377,181
Wihlborgs Fastigheter AB		8,624		155,443
TOTAL REAL ESTATE OPERATING COMPANIES			$	9,243,497
RETAIL – 0.0%
Eurocommercial Properties NV		4,965		54,198
Kiwi Property Group Ltd.		25,687		20,882
TOTAL RETAIL			$	75,080
TOTAL COMMON STOCKS (COST $16,572,311)			$	18,947,731
EXCHANGE-TRADED FUNDS – 34.9%
EQUITY FUNDS – 34.9%
Schwab U.S. REIT ETF#		1,049,800		35,976,646
Vanguard Global ex-U.S. Real Estate ETF#		771,300		36,235,674
TOTAL EQUITY FUNDS			$	72,212,320
TOTAL EXCHANGE-TRADED FUNDS (COST $82,305,139)			$	72,212,320
INVESTMENT COMPANIES – 3.4%
EQUITY FUNDS – 3.4%
Tortoise MLP & Pipeline Fund		973,466		6,979,754
REAL ESTATE – 0.0%**
BMO Commercial Property Trust Ltd.		13,224		10,537
TOTAL INVESTMENT COMPANIES (COST $12,912,522)			$	6,990,291
RIGHTS – 0.0%**
Mapletree Logistics Trust, Expire 11/20/20		3,006		—
Shaftesbury PLC*, Expire 11/16/20		1,375		980
TOTAL RIGHTS			$	980
REAL ESTATE INVESTMENT TRUSTS – 30.2%
DIVERSIFIED – 3.2%
Abacus Property Group		21,546		41,971
Activia Properties, Inc.		24		86,712
American Assets Trust, Inc.		2,528		52,911
Charter Hall Group		33,736		292,509
Charter Hall Long Wale REIT		18,790		62,998
Cofinimmo SA		897		121,908
Colony Capital, Inc.#		31,235		111,197
Cominar REIT		2,682		14,293
Daiwa House REIT Investment Corp.		78		180,434
Essential Properties Realty Trust, Inc.		4,700		77,644
Gecina SA		2,892		359,022

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

25	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Gladstone Commercial Corp.		1,116	$	18,135
Global Net Lease, Inc.		4,719		67,151
Goodman Property Trust		95,209		156,167
GPT Group (The)		101,604		287,768
Growthpoint Properties Australia Ltd.		18,802		44,949
H&R REIT		11,787		90,594
Hankyu Hanshin REIT, Inc.		60		66,299
Heiwa REIT, Inc.		76		82,167
Hulic Reit, Inc.		26		34,181
ICADE		2,288		115,706
Investec Australia Property Fund		21,935		19,124
Kenedix Office Investment Corp.		30		173,513
Land Securities Group PLC		34,437		227,216
Lar Espana Real Estate Socimi SA		2,557		9,117
LondonMetric Property PLC		53,050		148,324
LXI REIT PLC		19,555		27,725
Mapletree North Asia Commercial Trust		116,000		74,002
Merlin Properties Socimi SA		20,539		138,249
Mirvac Group		240,328		356,400
NIPPON REIT Investment Corp.		35		112,379
Nomura Real Estate Master Fund, Inc.		253		302,121
One Liberty Properties, Inc.		2,607		40,226
OUE Commercial REIT		118,851		28,345
Picton Property Income Ltd. (The)		63,920		51,595
Premier Investment Corp.		106		116,597
PS Business Parks, Inc.		694		79,137
REIT 1 Ltd.		11,700		44,345
Samty Residential Investment Corp.		22		21,132
Sekisui House Reit, Inc.		215		150,349
Star Asia Investment Corp.		122		51,753
Stockland		115,129		311,318
STORE Capital Corp.		11,268		289,588
Sunlight REIT		139,000		59,935
Suntec REIT		82,900		81,413
Tokyu REIT, Inc.		87		118,295
Tosei Reit Investment Corp.		15		14,915
United Urban Investment Corp.		134		143,068
VEREIT, Inc.		61,783		383,055
Washington REIT		4,250		74,290
WP Carey, Inc.		9,707		607,755
XYMAX REIT Investment Corp.		19		15,608
Yuexiu REIT		95,000		43,856
TOTAL DIVERSIFIED			$	6,679,461
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Sella Capital Real Estate Ltd.		30,059		47,394
HEALTH CARE – 2.6%
Aedifica SA		1,769		178,280
Arena REIT		17,467		32,376
Assura PLC		126,635		125,017
CareTrust REIT, Inc.		5,040		86,184
Community Healthcare Trust, Inc.		461		21,344
Diversified Healthcare Trust		12,759		36,937
Health Care & Medical Investment Corp.		17		20,361
Healthcare Realty Trust, Inc.		7,053		196,073
Healthcare Trust of America, Inc., Class A		10,924		265,453
Healthpeak Properties, Inc.		26,102		703,971

Description	Number of Shares		Value
LTC Properties, Inc.		3,212	$	106,028
Medical Properties Trust, Inc.		28,187		502,292
National Health Investors, Inc.		2,938		164,675
New Senior Investment Group, Inc.		6,765		26,451
NorthWest Healthcare Properties REIT		2,862		24,511
Omega Healthcare Investors, Inc.		11,525		332,035
Parkway Life REIT		17,000		50,396
Physicians Realty Trust		9,773		164,773
Primary Health Properties PLC		77,644		144,845
Sabra Health Care REIT, Inc.		11,566		152,209
Universal Health Realty Income Trust		726		38,819
Ventas, Inc.		20,456		807,398
Vital Healthcare Property Trust		24,302		46,721
Welltower, Inc.		22,005		1,183,209
TOTAL HEALTH CARE			$	5,410,358
HOTEL & RESORT – 0.7%
Apple Hospitality REIT, Inc.		17,422		172,478
DiamondRock Hospitality Co.		15,284		75,503
Hersha Hospitality Trust		3,210		15,729
Host Hotels & Resorts, Inc.		37,823		396,385
Ichigo Hotel REIT Investment Corp.		58		38,591
Invincible Investment Corp.		322		102,930
Japan Hotel REIT Investment Corp.		175		84,746
Ooedo Onsen Reit Investment Corp.		20		13,376
Park Hotels & Resorts, Inc.		6,656		66,094
Pebblebrook Hotel Trust		8,860		106,143
RLJ Lodging Trust		11,928		97,571
Ryman Hospitality Properties, Inc.		1,260		50,211
Service Properties Trust		10,529		75,914
Summit Hotel Properties, Inc.		9,756		51,512
Sunstone Hotel Investors, Inc.		21,286		157,942
Xenia Hotels & Resorts, Inc.		4,295		35,391
TOTAL HOTEL & RESORT			$	1,540,516
INDUSTRIAL – 5.5%
Americold Realty Trust#		9,685		350,888
APN Industria REIT		12,124		22,411
Ascendas REIT		173,100		365,262
Dream Industrial REIT		7,428		65,956
Duke Realty Corp.		18,391		698,674
EastGroup Properties, Inc.		1,590		211,597
First Industrial Realty Trust, Inc.		5,689		226,479
Frasers Logistics & Commercial Trust		187,320		168,913
GLP J-REIT		166		255,914
Goodman Group		93,012		1,203,868
Granite REIT		1,863		104,456
Industrial & Infrastructure Fund Investment Corp.		95		161,717
Industrial Logistics Properties Trust		5,261		100,906
Innovative Industrial Properties, Inc.#		1,037		120,945
Japan Logistics Fund, Inc.		48		134,893
LaSalle Logiport REIT		96		149,450
Lexington Realty Trust		13,070		129,785
Mapletree Industrial Trust		103,300		230,220
Mapletree Logistics Trust		158,250		226,059
Mitsubishi Estate Logistics REIT Investment Corp.		19		75,746

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 26

    Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Mitsui Fudosan Logistics Park, Inc.		27	$	129,003
Monmouth Real Estate Investment Corp.		5,189		71,868
Montea CVA		593		65,118
Nippon Prologis REIT, Inc.		123		404,847
Prologis, Inc.		38,758		3,844,794
Rexford Industrial Realty, Inc.		4,866		226,074
Segro PLC		65,377		763,911
Soilbuild Business Space REIT		12		4
STAG Industrial, Inc.		7,013		218,245
Summit Industrial Income REIT		2,802		28,329
Terreno Realty Corp.		2,585		145,484
Tritax Big Box REIT PLC		82,699		167,795
Warehouses De Pauw CVA		9,327		312,485
TOTAL INDUSTRIAL			$	11,382,096
OFFICE – 3.8%
Alexandria Real Estate Equities, Inc.		6,245		946,242
Allied Properties REIT		4,391		106,487
Befimmo SA		330		12,846
Boston Properties, Inc.		7,803		565,015
Brandywine Realty Trust		9,291		81,389
Champion REIT		160,000		77,527
City Office REIT, Inc.		2,823		17,841
Columbia Property Trust, Inc.		8,546		90,417
Corporate Office Properties Trust		5,911		132,584
Cousins Properties, Inc.		7,741		197,241
Covivio		3,213		191,336
Cromwell Property Group		70,423		43,339
Daiwa Office Investment Corp.		18		97,679
Derwent London PLC		7,299		251,352
Dexus		63,973		387,040
Douglas Emmett, Inc.		7,065		166,734
Dream Office REIT		3,839		50,455
Easterly Government Properties, Inc.		5,688		118,879
Equity Commonwealth		8,714		230,224
Franklin Street Properties Corp.		5,659		23,768
GDI Property Group		37,938		28,373
Global One Real Estate Investment Corp.		77		69,520
Great Portland Estates PLC		16,267		121,613
Hibernia REIT PLC		36,138		43,715
Highwoods Properties, Inc.		5,470		162,842
Hudson Pacific Properties, Inc.		8,172		157,393
Ichigo Office REIT Investment Corp.		99		64,020
Inmobiliaria Colonial Socimi SA		20,649		146,993
Intervest Offices & Warehouses NV		685		16,936
Invesco Office J-REIT, Inc.		690		85,600
Japan Excellent, Inc.		65		71,519
Japan Prime Realty Investment Corp.		48		129,723
Japan Real Estate Investment Corp.		64		313,645
JBG SMITH Properties		6,514		152,102
Keppel REIT		134,000		97,724
Kilroy Realty Corp.		5,144		242,179
Mack-Cali Realty Corp.		6,689		73,512
Manulife US REIT		29,035		20,782
MCUBS MidCity Investment Corp.		153		109,745
Mirai Corp.		138		47,690
Mori Hills REIT Investment Corp.		84		103,466
Mori Trust Sogo REIT, Inc.		51		60,914

Description	Number of Shares		Value
Nippon Building Fund, Inc.		82	$	414,166
NSI NV		1,341		42,345
Office Properties Income Trust		2,541		46,780
One REIT, Inc.		16		36,984
Orix JREIT, Inc.		184		258,595
Paramount Group, Inc.		14,237		82,290
Piedmont Office Realty Trust, Inc., Class A		6,634		75,760
Prosperity REIT		65,000		18,445
Regional REIT Ltd.		31,547		25,500
SL Green Realty Corp.#		4,685		200,565
True North Commercial REIT		3,946		16,231
Vornado Realty Trust		9,105		279,797
Workspace Group PLC		16,624		132,895
TOTAL OFFICE			$	7,738,754
RESIDENTIAL – 4.3%
Advance Residence Investment Corp.		73		213,153
American Campus Communities, Inc.		8,335		312,229
American Homes 4 Rent, Class A		11,726		331,494
Apartment Investment & Management Co., Class A		8,258		263,430
AvalonBay Communities, Inc.		7,510		1,044,866
Bluerock Residential Growth REIT, Inc.		7,162		62,023
Boardwalk REIT		1,785		35,880
Camden Property Trust		5,106		470,978
Canadian Apartment Properties REIT		5,526		177,647
Care Property Invest NV		640		19,397
Civitas Social Housing PLC		32,796		44,190
Clipper Realty, Inc.		14,811		83,238
Comforia Residential REIT, Inc.		47		134,408
Daiwa Securities Living Investments Corp.		122		119,172
Empiric Student Property PLC		15,749		11,020
Equity LifeStyle Properties, Inc.		8,757		518,327
Equity Residential		18,409		864,855
Essex Property Trust, Inc.		3,485		712,996
Front Yard Residential Corp.		2,160		28,922
Independence Realty Trust, Inc.		3,834		46,583
Ingenia Communities Group		24,221		78,581
InterRent REIT		6,334		54,008
Investors Real Estate Trust		389		26,223
Invitation Homes, Inc.		26,782		730,077
Irish Residential Properties REIT PLC		33,709		53,606
Kenedix Residential Next Investment Corp.		76		124,139
Killam Apartment REIT		4,235		50,891
Mid-America Apartment Communities, Inc.		5,426		632,834
NexPoint Residential Trust, Inc.		608		26,947
Nippon Accommodations Fund, Inc.		36		206,232
Northview Apartment REIT		2,317		62,816
Preferred Apartment Communities, Inc., Class A		2,787		15,050
Starts Proceed Investment Corp.		19		36,262
Sun Communities, Inc.		4,638		638,328
UDR, Inc.		14,338		447,919
UMH Properties, Inc.		2,326		31,703
UNITE Group PLC (The)*		20,630		222,633
TOTAL RESIDENTIAL			$	8,933,057

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

27	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
RETAIL – 4.1%
Acadia Realty Trust		8,103	$	75,601
AEON REIT Investment Corp.		79		89,350
Agree Realty Corp.		2,237		138,851
Alexander’s, Inc.		245		59,581
Altarea SCA		156		19,979
American Finance Trust, Inc.		15,406		88,816
Aventus Group		19,965		34,528
British Land Co. PLC (The)		42,410		191,520
Brixmor Property Group, Inc.		15,303		167,721
BWP Trust		45,660		128,719
Capital & Counties Properties PLC		26,301		35,646
CapitaLand Mall Trust		263,880		334,483
CapitaLand Retail China Trust		16,985		14,562
Carmila SA		5,913		45,731
Charter Hall Retail REIT		6,721		16,263
Choice Properties REIT		12,370		111,695
Federal Realty Investment Trust		3,704		254,761
First Capital REIT		1,322		11,729
Fortune REIT		101,000		84,358
Frasers Centrepoint Trust		44,023		68,149
Frontier Real Estate Investment Corp.		5		16,739
Fukuoka REIT Corp.		12		14,547
Getty Realty Corp.		2,065		54,268
Hammerson PLC*		126,292		26,669
Home Consortium Ltd.		7,756		20,203
Japan Retail Fund Investment Corp.		119		171,528
Kenedix Retail REIT Corp.		14		26,795
Kimco Realty Corp.		22,269		228,480
Kite Realty Group Trust		3,650		37,814
Klepierre SA		8,409		106,543
Link REIT		118,100		901,322
Mapletree Commercial Trust		150,023		189,160
National Retail Properties, Inc.		9,051		289,722
Realty Income Corp.		17,921		1,036,909
Regency Centers Corp.		9,639		343,052
Retail Estates NV		1,527		90,249
Retail Opportunity Investments Corp.		9,001		87,580
Retail Properties of America, Inc., Class A		11,268		59,044
RioCan REIT		3,304		35,661
RPT Realty		2,980		14,572
Sasseur REIT		34,300		18,837
Saul Centers, Inc.		797		19,726
Scentre Group		265,425		391,693
Seritage Growth Properties, Class A*,#		2,127		27,077
Shaftesbury PLC		11,397		67,178
Shopping Centres Australasia Property Group		49,146		80,184
Simon Property Group, Inc.		14,864		933,608
SITE Centers Corp.		7,871		53,601
Spirit Realty Capital, Inc.		5,259		158,033
Supermarket Income Reit PLC		14,610		19,495
Tanger Factory Outlet Centers, Inc.#		3,336		20,650
Taubman Centers, Inc.		4,397		146,948
Unibail-Rodamco-Westfield		5,888		238,352
Urban Edge Properties		7,955		74,777
Vastned Retail NV		1,224		32,366
Vicinity Centres		178,095		151,346

Description	Number of Shares		Value
Waypoint REIT		19,429	$	36,611
Weingarten Realty Investors		10,602		168,148
Whitestone REIT		2,143		12,772
TOTAL RETAIL			$	8,374,302
SPECIALIZED – 6.0%
Big Yellow Group PLC		10,056		143,307
Charter Hall Social Infrastructure REIT		57,944		118,008
CoreCivic, Inc.		12,885		82,593
CoreSite Realty Corp.		1,899		226,665
CubeSmart		10,208		346,357
CyrusOne, Inc.		5,971		424,240
Digital Realty Trust, Inc.		13,940		2,011,542
EPR Properties		4,432		105,659
Equinix, Inc.		4,586		3,353,467
Extra Space Storage, Inc.		7,332		850,145
Farmland Partners, Inc.		2,902		18,689
Four Corners Property Trust, Inc.		3,633		92,060
Gaming and Leisure Properties, Inc.		11,774		427,985
GEO Group, Inc. (The)#		13,202		116,970
Gladstone Land Corp.		1,517		21,041
Iron Mountain, Inc.#		17,824		464,494
Keppel DC REIT		87,295		185,346
Life Storage, Inc.		2,460		280,809
National Storage Affiliates Trust		3,129		106,042
National Storage REIT		33,137		42,055
Public Storage		8,269		1,894,180
QTS Realty Trust, Inc., Class A		2,463		151,499
Rural Funds Group		14,991		25,297
Safehold, Inc.#		372		25,601
Safestore Holdings PLC		15,484		161,188
VICI Properties, Inc.		27,153		623,161
TOTAL SPECIALIZED			$	12,298,400
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $65,367,290)			$	62,404,338
TOTAL REAL ESTATE RELATED SECURITIES (COST $177,157,262)			$	160,555,660
COMMODITY RELATED SECURITIES – 21.0%
EXCHANGE-TRADED FUNDS – 17.5%
COMMODITY – 17.5%
iShares Commodities Select Strategy ETF		375,100		9,069,918
iShares Gold Trust*		941,650		16,846,119
iShares Silver Trust*		144,100		3,168,759
SPDR S&P Global Natural Resources ETF#		193,200		7,026,684
TOTAL COMMODITY			$	36,111,480
TOTAL EXCHANGE-TRADED FUNDS (COST $37,785,026)			$	36,111,480
INVESTMENT COMPANY – 3.5%
COMMODITY – 3.5%
Vanguard Commodity Strategy Fund		295,567		7,188,177
TOTAL INVESTMENT COMPANY (COST $6,000,000)			$	7,188,177
TOTAL COMMODITY RELATED SECURITIES (COST $43,785,026)			$	43,299,657

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 28

    Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
SHORT-TERM INVESTMENTS – 0.0%**
MONEY MARKET FUND – 0.0%**
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%^		66,486	$	66,486
TOTAL SHORT-TERM INVESTMENT (COST $66,486)			$	66,486
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2%
REPURCHASE AGREEMENTS – 2.2%
Bank of America Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $842,859 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 12/31/20 to 7/01/50; total market value of $859,710.	$	842,853		842,853
BNP Paribas SA, 0.09%, dated 10/30/20, due 11/02/20, repurchase price $842,859 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 12/31/20 to 7/01/50; total market value of $859,710.		842,853		842,853
Citigroup Global Markets Ltd., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $842,859 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 10/31/20 to 8/20/70; total market value of $859,710.		842,853		842,853

Description	Par Value		Value
Daiwa Capital Markets America, 0.10%, dated 10/30/20, due 11/02/20, repurchase price $842,860 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 12/31/20 to 11/01/50; total market value of $859,710.	$	842,853	$	842,853
Nomura Securities International, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $335,543 collateralized by U.S. Government Agency Securities, 2.00% to 5.50%, maturing 10/01/34 to 9/20/50; total market value of $342,251.		335,540		335,540
RBC Dominion Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $842,859 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 2/04/21 to 11/01/50; total market value of $859,710.		842,853		842,853
TOTAL REPURCHASE AGREEMENTS (COST $4,549,805)			$	4,549,805
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $4,549,805)			$	4,549,805
TOTAL INVESTMENTS – 100.9% (Cost $225,558,579)			$	208,471,608
COLLATERAL FOR SECURITIES ON LOAN – (2.2%)				(4,549,805	)
OTHER ASSETS LESS LIABILITIES – 1.3%				2,682,127
TOTAL NET ASSETS – 100.0%			$	206,603,930

Cost of investments for Federal income tax purposes is $232,411,319. The net unrealized appreciation/(depreciation) of investments was $(23,939,711). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $15,207,378 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(39,147,089).

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)

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

29 PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (concluded)

    The following is a summary of the inputs used as of October 31, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Real Estate Related Securities
Common Stocks
Diversified Real Estate Activities	$	14,386	$	7,451,725		$—	$	7,466,111
Hotel & Resort		—		144,773		—		144,773
Office		—		197,312		—		197,312
Real Estate Development		167,096		1,653,862		—		1,820,958
Real Estate Operating Companies		142,648		9,100,849		—		9,243,497
Retail		—		75,080		—		75,080
Exchange-Traded Funds		72,212,320		—		—		72,212,320
Investment Companies		6,979,754		10,537		—		6,990,291
Real Estate Investment Trusts
Diversified		1,905,976		4,773,485		—		6,679,461
Diversified Real Estate Activities		—		47,394		—		47,394
Health Care		4,812,362		597,996		—		5,410,358
Hotel & Resort		1,300,873		239,643		—		1,540,516
Industrial		6,544,484		4,837,612		—		11,382,096
Office		4,216,727		3,522,027		—		7,738,754
Residential		7,670,264		1,262,793		—		8,933,057
Retail		4,711,197		3,663,105		—		8,374,302
Specialized		11,623,199		675,201		—		12,298,400
Rights		—		980		—		980
Commodity Related Securities
Exchange-Traded Funds		36,111,480		—		—		36,111,480
Investment Company		7,188,177		—		—		7,188,177
Money Market Fund		66,486		—		—		66,486
Repurchase Agreements		—		4,549,805		—		4,549,805
Total Investments in Securities	$	165,667,429	$	42,804,179		$—	$	208,471,608

As a result of utilizing international fair value pricing at October 31, 2020, a portion of the Fund’s common stock investments were categorized as Level 2.

*   Non-income producing security.
#   Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements.
**  Represents less than 0.05%.
^  7-Day net yield.
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 Depositary Receipt

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

30

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Diversified Income Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks		37.9%
Investment Companies		32.1%
Corporate Bonds		10.3%
U.S. Treasury Obligations		8.6%
Mortgage-Backed Securities		6.2%
Collateralized Mortgage Obligations		0.3%
Enhanced Equipment Trust Certificate		0.1%
Government Agency		0.1%
Cash Equivalents(1)		4.3%
Cash Collateral Invested for Securities on Loan(2)		5.9%
Other Assets and Liabilities - Net(3)		(5.8)%
TOTAL		100.0%

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

⁽²⁾  Cash Collateral Invested for Securities on Loan include investments in repurchase agreements.

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

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.3%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series 2012-114, Class VM, 3.50%, 10/25/25	$	85,835	$	89,357
WHOLE LOAN – 0.0%**
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 3.85%, 02/25/34D		8,179		7,735
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.25%, 11/25/35D		1,682		1,598
TOTAL WHOLE LOAN			$	9,333
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $105,737)			$	98,690
CORPORATE BONDS – 10.3%
AEROSPACE & DEFENSE – 0.1%
L3Harris Technologies, Inc., Sr. Unsecured, 2.90%, 12/15/29		15,000		16,370
Raytheon Technologies Corp., Sr. Unsecured, 3.50%, 03/15/27W		25,000		27,995
TOTAL AEROSPACE & DEFENSE			$	44,365

Description	Par Value		Value
AUTOMOTIVE – 0.3%
General Motors Financial Co., Inc., Company Guaranteed, 3.20%, 07/06/21	$	40,000	$	40,531
PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 05/10/22		55,000		56,912
TOTAL AUTOMOTIVE			$	97,443
BEVERAGES – 0.3%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 4.90%, 02/01/46		20,000		24,425
Keurig Dr. Pepper, Inc., Company Guaranteed
2.70%, 11/15/22		40,000		41,502
3.20%, 05/01/30		15,000		16,724
TOTAL BEVERAGES			$	82,651
BIOTECHNOLOGY – 0.1%
Amgen, Inc., Sr. Unsecured, 4.40%, 05/01/45		25,000		30,574
CAPITAL MARKETS – 1.2%
Fifth Third Bancorp, Sr. Unsecured
3.50%, 03/15/22		100,000		103,816
2.55%, 05/05/27		15,000		16,026
Fifth Third Bancorp, Subordinated, 4.30%, 01/16/24		20,000		22,007

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

31	PORTFOLIOS OF INVESTMENTS
	Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
Goldman Sachs Group, Inc. (The), Sr. Unsecured
(3 Month USD LIBOR + 1.20%), 3.27%, 09/29/25D	$	55,000	$	59,661
(3 Month USD LIBOR + 1.51%), 3.69%, 06/05/28D		35,000		39,461
Huntington Bancshares, Inc., Sr. Unsecured, 2.63%, 08/06/24		25,000		26,665
Morgan Stanley, Sr. Unsecured, MTN, (SOFRRATE + 3.12%), 3.62%, 04/01/31D		20,000		22,982
Morgan Stanley, Subordinated, GMTN, 4.35%, 09/08/26		10,000		11,608
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 04/01/22		18,000		18,569
Truist Financial Corp., Sr. Unsecured, 2.90%, 03/03/21		30,000		30,201
U.S. Bancorp, Series V, Sr. Unsecured, 2.63%, 01/24/22		45,000		46,192
TOTAL CAPITAL MARKETS			$	397,188
CHEMICALS – 0.0%
DuPont de Nemours, Inc., Sr. Unsecured, 3.77%, 11/15/20		15,000		15,017
COMMERCIAL SERVICES & SUPPLIES – 0.2%
Global Payments, Inc., Sr. Unsecured, 3.75%, 06/01/23		50,000		53,569
COMPUTERS – 0.2%
Hewlett Packard Enterprise Co., Sr. Unsecured, 3.50%, 10/05/21		50,000		51,302
DIVERSIFIED FINANCIAL SERVICES – 1.2%
Bank of America Corp., Sr. Unsecured, MTN, 3.25%, 10/21/27		20,000		22,067
BlackRock, Inc., Sr. Unsecured, 3.38%, 06/01/22		38,000		39,799
Capital One Financial Corp., Sr. Unsecured, 2.60%, 05/11/23		30,000		31,461
Citigroup, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.95%), 2.88%, 07/24/23D		35,000		36,335
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39W		100,000		148,699
Wells Fargo & Co., Series M, Subordinated, 3.45%, 02/13/23		35,000		37,150
Wells Fargo & Co., Sr. Unsecured, (SOFRRATE + 2.00%), 2.19%, 04/30/26D		25,000		26,053
Wells Fargo & Co., Subordinated, MTN, 4.40%, 06/14/46		40,000		47,076
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	388,640
ELECTRIC – 0.3%
DTE Energy Co., Series F, Sr. Unsecured, 3.85%, 12/01/23		10,000		10,890
FirstEnergy Corp., Sr. Unsecured, 2.05%, 03/01/25		100,000		100,173
TOTAL ELECTRIC			$	111,063

Description	Par Value		Value
ENVIRONMENTAL CONTROL – 0.2%
Waste Management, Inc., Company Guaranteed
3.50%, 05/15/24	$	35,000	$	37,996
4.10%, 03/01/45		25,000		30,421
TOTAL ENVIRONMENTAL CONTROL			$	68,417
FOOD & STAPLES RETAILING – 0.8%
Archer-Daniels-Midland Co., Sr. Unsecured, 3.25%, 03/27/30		20,000		22,900
Campbell Soup Co., Sr. Unsecured, 3.30%, 03/19/25		40,000		43,601
Conagra Brands, Inc., Sr. Unsecured, 4.60%, 11/01/25		40,000		46,632
Kroger Co. (The), Sr. Unsecured
2.80%, 08/01/22		35,000		36,356
5.40%, 01/15/49		50,000		69,286
McCormick & Co., Inc.,Sr. Unsecured, 2.50%, 04/15/30		35,000		37,022
TOTAL FOOD & STAPLES RETAILING			$	255,797
HEALTHCARE-PRODUCTS – 0.1%
DH Europe Finance II Sarl, Company Guaranteed, 2.20%, 11/15/24		45,000		47,512
HEALTHCARE-SERVICES – 0.3%
Anthem, Inc., Sr. Unsecured, 3.65%, 12/01/27		30,000		33,950
UnitedHealth Group, Inc., Sr. Unsecured
2.75%, 02/15/23		25,000		26,212
2.95%, 10/15/27		25,000		27,755
TOTAL HEALTHCARE-SERVICES			$	87,917
HOME FURNISHINGS – 0.3%
Whirlpool Corp., Sr. Unsecured
4.70%, 06/01/22		65,000		69,126
4.60%, 05/15/50		30,000		37,132
TOTAL HOME FURNISHINGS			$	106,258
HOUSEHOLD PRODUCTS/WARES – 0.1%
Church & Dwight Co., Inc., Sr. Unsecured, 3.95%, 08/01/47		15,000		17,847
INSURANCE – 1.0%
American International Group, Inc., Sr. Unsecured, 3.30%, 03/01/21		60,000		60,459
Aon PLC, Company Guaranteed, 4.00%, 11/27/23		40,000		43,645
CNA Financial Corp., Sr. Unsecured, 3.95%, 05/15/24		35,000		38,659
Lincoln National Corp., Sr. Unsecured, 3.63%, 12/12/26		25,000		28,202
W.R. Berkley Corp., Sr. Unsecured
4.63%, 03/15/22		60,000		63,253
4.75%, 08/01/44		45,000		56,551
4.00%, 05/12/50		30,000		35,211
TOTAL INSURANCE			$	325,980

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 32

    Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
MACHINERY – 0.2%
Caterpillar, Inc., Sr. Unsecured, 2.60%, 04/09/30#	$	25,000	$	27,062
Roper Technologies, Inc.,Sr. Unsecured, 2.00%, 06/30/30		30,000		30,427
TOTAL MACHINERY			$	57,489
MEDIA – 0.4%
ViacomCBS, Inc., Company Guaranteed, 4.60%, 01/15/45		75,000		82,782
ViacomCBS, Inc., Sr. Unsecured, 4.95%, 05/19/50#		25,000		29,421
Walt Disney Co. (The) / TWDC Enterprises 18 Corp., Company Guaranteed, GMTN, 4.13%, 06/01/44		10,000		11,904
TOTAL MEDIA			$	124,107
MISCELLANEOUS MANUFACTURING – 0.4%
Illinois Tool Works, Inc., Sr. Unsecured, 3.50%, 03/01/24		45,000		49,053
Textron, Inc., Sr. Unsecured, 3.65%, 03/01/21		20,000		20,194
Trane Technologies Luxembourg Finance SA, Company Guaranteed, 3.50%, 03/21/26		55,000		62,012
TOTAL MISCELLANEOUS MANUFACTURING			$	131,259
OIL & GAS – 0.5%
Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 09/15/24		20,000		21,261
Occidental Petroleum Corp., Sr. Unsecured, 2.70%, 08/15/22		32,000		29,610
Phillips 66, Company Guaranteed
4.30%, 04/01/22		20,000		21,124
3.85%, 04/09/25		10,000		11,014
Shell International Finance BV, Company Guaranteed, 3.25%, 05/11/25		25,000		27,634
Valero Energy Corp., Sr. Unsecured
4.00%, 04/01/29		30,000		31,321
4.90%, 03/15/45		10,000		10,106
TOTAL OIL & GAS			$	152,070
PHARMACEUTICALS – 0.3%
AbbVie, Inc., Sr. Unsecured
4.25%, 11/14/28		25,000		29,492
4.40%, 11/06/42		20,000		23,823
Bristol-Myers Squibb Co., Sr. Unsecured, 2.75%, 02/15/23		25,000		26,275
Zoetis, Inc., Sr. Unsecured, 3.95%, 09/12/47		20,000		23,866
TOTAL PHARMACEUTICALS			$	103,456
PIPELINES – 0.7%
Energy Transfer Operating LP, Company Guaranteed
3.60%, 02/01/23		35,000		36,041
4.20%, 04/15/27		40,000		41,679
3.75%, 05/15/30		15,000		14,748
Kinder Morgan, Inc., Company Guaranteed, 5.20%, 03/01/48		40,000		45,899

Description	Par Value		Value
MPLX LP, Sr. Unsecured, 4.00%, 03/15/28	$	30,000	$	32,546
ONEOK Partners LP, Company Guaranteed, 6.20%, 09/15/43		45,000		47,906
Spectra Energy Partners LP, Company Guaranteed, 4.50%, 03/15/45		25,000		27,257
TOTAL PIPELINES			$	246,076
REAL ESTATE INVESTMENT TRUSTS – 0.5%
American Tower Corp., Sr. Unsecured, 5.00%, 02/15/24		15,000		16,988
AvalonBay Communities, Inc., Sr. Unsecured, MTN, 3.35%, 05/15/27		25,000		27,869
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.88%, 05/01/25		15,000		16,424
Healthpeak Properties, Inc., Sr. Unsecured, 2.88%, 01/15/31		50,000		52,653
Welltower, Inc., Sr. Unsecured, 3.63%, 03/15/24		55,000		59,622
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	173,556
RETAIL – 0.0%
McDonald’s Corp., Sr. Unsecured, MTN, 1.45%, 09/01/25		15,000		15,453
SEMICONDUCTORS – 0.1%
Intel Corp., Sr. Unsecured, 2.70%, 12/15/22		35,000		36,757
TELECOMMUNICATIONS – 0.1%
AT&T, Inc., Sr. Unsecured
4.50%, 05/15/35		15,000		17,432
3.55%, 09/15/55W		29,000		27,449
TOTAL TELECOMMUNICATIONS			$	44,881
TRANSPORTATION – 0.3%
FedEx Corp., Company Guaranteed
3.88%, 08/01/42		30,000		33,065
4.10%, 02/01/45		15,000		16,953
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 09/01/22		10,000		10,343
Union Pacific Corp., Sr. Unsecured, 3.15%, 03/01/24		45,000		48,675
TOTAL TRANSPORTATION			$	109,036
TRUCKING & LEASING – 0.1%
GATX Corp., Sr. Unsecured, 5.20%, 03/15/44		20,000		24,911
TOTAL CORPORATE BONDS
(COST $3,089,766)			$	3,400,591

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

33	PORTFOLIOS OF INVESTMENTS
	Wilmington Diversified Income Fund (continued)

Description	Number of Shares			Value
COMMON STOCKS – 37.9%
COMMUNICATION SERVICES – 2.4%
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.9%
AT&T, Inc.		13,475		$	364,095
Verizon Communications, Inc.		4,675			266,428
				$	630,523
MEDIA – 0.5%
Omnicom Group, Inc.		3,150			148,680
TOTAL COMMUNICATION SERVICES				$	779,203
CONSUMER DISCRETIONARY – 2.7%			��
HOTELS, RESTAURANTS & LEISURE – 0.5%
McDonald’s Corp.		850			181,050
MULTILINE RETAIL – 1.4%
Target Corp.		3,000			456,660
SPECIALTY RETAIL – 0.8%
Home Depot, Inc. (The)		1,000			266,710
TOTAL CONSUMER DISCRETIONARY				$	904,420
CONSUMER STAPLES – 3.8%
BEVERAGES – 1.7%
Coca-Cola Co. (The)		6,050			290,763
PepsiCo., Inc.		1,976			263,381
				$	554,144
HOUSEHOLD PRODUCTS – 1.3%
Procter & Gamble Co. (The)		3,100			425,010
TOBACCO – 0.8%
Philip Morris International, Inc.		3,600			255,672
TOTAL CONSUMER STAPLES				$	1,234,826
ENERGY – 1.9%
OIL, GAS & CONSUMABLE FUELS – 1.9%
Chevron Corp.		3,525			244,987
ConocoPhillips		6,410			183,454
Exxon Mobil Corp.		2,525			82,366
Valero Energy Corp.		2,825			109,073
TOTAL ENERGY				$	619,880
FINANCIALS – 7.4%
BANKS – 2.5%
KeyCorp.		10,950			142,131
Toronto-Dominion Bank (The)		4,925			217,833
U.S. Bancorp		7,175			279,466
United Bankshares, Inc.		6,950			182,298
				$	821,728
CAPITAL MARKETS – 1.6%
BlackRock, Inc.		510			305,597
Main Street Capital Corp.		60			1,644
Morgan Stanley		4,600			221,490
				$	528,731

Description	Number of Shares		Value
DIVERSIFIED FINANCIAL SERVICES – 2.0%
Citigroup, Inc.		4,700	$	194,674
JPMorgan Chase & Co.		4,625		453,435
			$	648,109
INSURANCE – 1.3%
MetLife, Inc.		6,100		230,885
Old Republic International Corp.		12,950		210,826
			$	441,711
TOTAL FINANCIALS			$	2,440,279
HEALTH CARE – 5.3%
BIOTECHNOLOGY – 0.5%
Amgen, Inc.		800		173,552
HEALTH CARE PROVIDERS & SERVICES – 0.8%
CVS Health Corp.		4,675		262,221
PHARMACEUTICALS – 4.0%
Bristol-Myers Squibb Co.		4,550		265,947
Johnson & Johnson		3,000		411,330
Merck & Co., Inc.		3,575		268,876
Pfizer, Inc.		9,875		350,365
			$	1,296,518
TOTAL HEALTH CARE			$	1,732,291
INDUSTRIALS – 4.7%
AEROSPACE & DEFENSE – 1.1%
Lockheed Martin Corp.		1,075		376,390
AIR FREIGHT & LOGISTICS – 1.3%
United Parcel Service, Inc.		2,675		420,269
BUILDING PRODUCTS – 0.8%
Johnson Controls International PLC		6,175		260,647
ELECTRICAL EQUIPMENT – 0.9%
Emerson Electric Co.		4,375		283,456
MACHINERY – 0.6%
Caterpillar, Inc.		1,250		196,313
TOTAL INDUSTRIALS			$	1,537,075
INFORMATION TECHNOLOGY – 4.5%
COMMUNICATIONS EQUIPMENT – 1.0%
Cisco Systems, Inc.		9,450		339,255
IT SERVICES – 0.6%
International Business Machines Corp.		1,850		206,571
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.9%
Broadcom, Inc.		1,100		384,593
QUALCOMM, Inc.		4,525		558,204
			$	942,797
TOTAL INFORMATION TECHNOLOGY			$	1,488,623
MATERIALS – 1.8%
CHEMICALS – 1.8%
Dow, Inc.		7,250		329,803
Nutrien Ltd.		6,750		274,590
TOTAL MATERIALS			$	604,393

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 34

Wilmington Diversified Income Fund (continued)

Description	Number of Shares		Value
REAL ESTATE – 0.5%
REAL ESTATE INVESTMENT TRUSTS – 0.5%
Crown Castle International Corp.		1,135	$	177,287
TOTAL REAL ESTATE			$	177,287
UTILITIES – 2.9%
ELECTRIC UTILITIES – 2.9%
American Electric Power Co., Inc.		2,975		267,542
Duke Energy Corp.		2,275		209,550
FirstEnergy Corp.		6,725		199,867
NextEra Energy, Inc.		3,640		266,484
TOTAL UTILITIES			$	943,443
TOTAL COMMON STOCKS
(COST $11,586,129)			$	12,461,720
	Par Value
ENHANCED EQUIPMENT TRUST CERTIFICATE – 0.1%
AIRLINES – 0.1%
Delta Air Lines, 2007-1, Series A, Pass-Through Certificates, 6.82%, 08/10/22	$	29,321		29,270
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATE (COST $28,546)			$	29,270
GOVERNMENT AGENCY – 0.1%
FEDERAL HOME LOAN BANK (FHLB) – 0.1%
3.25%, 11/16/28#	$	35,000		41,363
MORTGAGE-BACKED SECURITIES – 6.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.8%
Pool C00478, 8.50%, 09/01/26		797		921
Pool A15865, 5.50%, 11/01/33		21,621		24,508
Pool A19412, 5.00%, 03/01/34		45,368		52,308
Pool G05774, 5.00%, 01/01/40		111,414		125,594
Pool C03517, 4.50%, 09/01/40		13,985		15,546
Pool C03849, 3.50%, 04/01/42		26,881		29,039
Pool C04305, 3.00%, 11/01/42		111,502		117,931
Pool C09020, 3.50%, 11/01/42		89,312		96,330
Pool G07889, 3.50%, 08/01/43		19,569		21,097
Pool Q23891, 4.00%, 12/01/43		17,837		19,608
Pool G60038, 3.50%, 01/01/44		70,437		75,964
Pool ZS4693, 3.00%, 12/01/46		86,090		90,875
Pool SD8000, 3.00%, 07/01/49		41,567		43,449
Pool SD8012, 4.00%, 09/01/49		1,872		2,003
Pool SD8037, 2.50%, 01/01/50		133,290		138,850
Pool RA2480, 2.50%, 07/01/50		13,709		14,380
Pool SD8104, 1.50%, 11/01/50		47,000		47,343
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	915,746
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.4%
Pool AB4089, 3.00%, 12/01/26		12,125		12,713
Pool 533246, 7.50%, 04/01/30		2,083		2,146
Pool AJ4050, 4.00%, 10/01/41		44,616		49,092
Pool AX5302, 4.00%, 01/01/42		14,874		16,379
Pool AT7899, 3.50%, 07/01/43		37,753		40,398
Pool AS0302, 3.00%, 08/01/43		45,148		47,802

Description	Par Value		Value
Pool AL6325, 3.00%, 10/01/44	$	40,929	$	43,644
Pool BC0830, 3.00%, 04/01/46		45,141		47,663
Pool BC9468, 3.00%, 06/01/46		14,441		15,248
Pool BE1899, 3.00%, 11/01/46		72,198		76,232
Pool BD7166, 4.50%, 04/01/47		43,433		47,565
Pool BE3625, 3.50%, 05/01/47		70,964		75,242
Pool BE3702, 4.00%, 06/01/47		99,069		106,688
Pool BE3767, 3.50%, 07/01/47		8,213		8,733
Pool BH9215, 3.50%, 01/01/48		22,016		23,355
Pool BJ0650, 3.50%, 03/01/48		137,571		145,341
Pool BJ9169, 4.00%, 05/01/48		49,894		53,454
Pool BK4764, 4.00%, 08/01/48		38,117		40,836
Pool MA3444, 4.50%, 08/01/48		26,563		28,888
Pool BN1628, 4.50%, 11/01/48		13,109		14,182
Pool BN3956, 4.00%, 01/01/49		19,517		20,909
Pool MA3871, 3.00%, 12/01/49		54,458		56,930
Pool CA5353, 3.50%, 03/01/50		139,963		147,933
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,121,373
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23		3,632		3,896
Pool 354765, 7.00%, 02/15/24		6,002		6,660
Pool 354827, 7.00%, 05/15/24		4,032		4,476
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	15,032
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,980,563)			$	2,052,151
U.S. TREASURY OBLIGATIONS – 8.6%
U.S. TREASURY BONDS – 2.5%
4.75%, 02/15/37#		21,000		32,206
4.38%, 05/15/40		120,000		182,884
3.63%, 02/15/44		87,000		123,212
3.38%, 05/15/44		139,000		190,079
3.13%, 08/15/44		11,000		14,499
3.00%, 11/15/44		53,000		68,542
3.00%, 11/15/45#		8,000		10,388
2.50%, 02/15/46		65,000		77,471
3.00%, 02/15/47		21,000		27,409
3.00%, 05/15/47		30,000		39,203
2.00%, 02/15/50		50,000		54,120
TOTAL U.S. TREASURY BONDS			$	820,013
U.S. TREASURY NOTES – 6.1%
1.63%, 11/15/22		46,000		47,370
1.75%, 05/15/23		405,000		421,126
2.00%, 04/30/24		170,000		180,417
1.75%, 07/31/24		30,000		31,660
2.25%, 11/15/24		80,000		86,262
2.00%, 02/15/25		115,000		123,230
2.13%, 05/15/25		140,000		151,223
2.00%, 08/15/25		35,000		37,708
2.25%, 11/15/25		5,000		5,463
1.63%, 05/15/26		195,000		207,409
1.50%, 08/15/26		90,000		95,137

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

35	PORTFOLIOS OF INVESTMENTS
	Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
2.25%, 08/15/27	$	460,000	$	510,210
2.38%, 05/15/29		100,000		113,234
TOTAL U.S. TREASURY NOTES			$	2,010,449
TOTAL U.S. TREASURY OBLIGATIONS
(COST $2,506,795)			$	2,830,462
	Number of Shares
INVESTMENT COMPANIES – 32.1%
EXCHANGE-TRADED FUNDS – 28.3%
iShares iBoxx High Yield Corporate Bond ETF#		21,300		1,786,644
iShares International Select Dividend ETF#		227,000		5,504,750
SPDR Dow Jones International Real Estate ETF#		42,625		1,216,944
Vanguard REIT ETF		10,700		819,513
TOTAL EXCHANGE-TRADED FUNDS			$	9,327,851
INFLATION-PROTECTED SECURITIES FUND – 3.8%
Vanguard Inflation-Protected Securities Fund, Admiral Shares		44,382		1,242,240
TOTAL INVESTMENT COMPANIES
(COST $12,989,739)			$	10,570,091
MONEY MARKET FUND – 4.3%
TOTAL MONEY MARKET FUND
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%^		1,427,526		1,427,526
TOTAL MONEY MARKET FUND (COST $1,427,526)			$	1,427,526
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.9%
REPURCHASE AGREEMENTS
Bank of America Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $142,031 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 11/01/27 to 11/01/50; total market value of $144,871.	$	142,030		142,030

Description	Par Value		Value
BNP Paribas SA, 0.09%, dated 10/30/20, due 11/02/20, repurchase price $356,806 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 12/31/20 to 7/01/50; total market value of $363,939.	$	356,803	$	356,803
Citigroup Global Markets Ltd., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $356,806 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 10/31/20 to 8/20/70; total market value of $363,939.		356,803		356,803
Daiwa Capital Markets America, 0.10%, dated 10/30/20, due 11/02/20, repurchase price $356,806 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 12/31/20 to 11/01/50; total market value of $363,939.		356,803		356,803
National Bank Financial, 0.14%, dated 10/30/20, due 11/02/20, repurchase price $356,807 collateralized by U.S. Treasury Securities, 0.13% to 6.25%, maturing 11/02/20 to 9/09/49; total market value of $363,939.		356,803		356,803
RBC Dominion Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $356,806 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 2/04/21 to 11/01/50; total market value of $363,939.		356,803		356,803
TOTAL REPURCHASE AGREEMENTS – 5.9%
(COST $1,926,045)			$	1,926,045
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $1,926,045)			$	1,926,045
TOTAL INVESTMENTS – 105.8%
(COST $35,675,507)			$	34,837,909
COLLATERAL FOR SECURITIES ON LOAN – (5.8%)				(1,926,045	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				10,258
TOTAL NET ASSETS – 100.0%			$	32,922,122

Cost of investments for Federal income tax purposes is $35, 672, 114. The net unrealized appreciation/(depreciation) of investments was $(834,205). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,763,542 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(3,597,747).

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 36

     Wilmington Diversified Income Fund (Concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

  The following is a summary of the inputs used as of October 31, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3		Total
Investments in Securities
Collateralized Mortgage Obligations		$	—		$	98,690		$—		$	98,690
Common Stocks			12,461,720			—		—			12,461,720
Corporate Bonds			—			3,400,591		—			3,400,591
Enhanced Equipment Trust Certificate			—			29,270		—			29,270
Government Agency			—			41,363		—			41,363
Mortgage-Backed Securities			—			2,052,151		—			2,052,151
U.S. Treasury Obligations			—			2,830,462		—			2,830,462
Investment Companies			10,570,091			—		—			10,570,091
Money Market Fund			1,427,526			—		—			1,427,526
Repurchase Agreements			—			1,926,045		—			1,926,045
Total		$	24,459,337		$	10,378,572		$—		$	34,837,909

** Represents less than 0.05%.

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

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2020, these liquid restricted securities amounted to $204,143 representing 0.62% of total net assets.

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

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

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
REIT	Real Estate Investment Trust
SOFRRATE	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depositary Receipt
USD	United States Dollar

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

37 STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2020 (unaudited)	Wilmington International Fund			Wilmington Global Alpha Equities Fund
ASSETS:
Investments, at identified cost	$	495,418,808		$	197,074,413
Investments in securities, at value (Including $13,519,690 and $0, respectively, of securities on loan) (Note 2)	$	583,667,715		$	211,965,055
Deposits for financial futures contracts		1,054,701			10,022,580
Cash denominated in foreign currencies		2,975,226	(a)		15,929	(a)
Variation margin receivable for financial futures contracts		—			992,355
Income receivable		1,051,792			285,091
Foreign tax reclaim receivable		1,535,629			258,087
Receivable for shares sold		385,077			2,619,382
Unrealized appreciation on forward foreign currency contracts		—			230,703
Receivable for investments sold		11,110,938			191,671
Prepaid assets		27,944			14,553
TOTAL ASSETS		601,809,022			226,595,406
LIABILITIES:
Due to custodian		—			18,580
Variation margin payable for financial futures contracts		24,200			27,459
Deferred capital gains tax payable		679			24
Payable for investments purchased		11,062,562			1,183,867
Collateral for securities on loan		14,559,471			—
Unrealized depreciation on forward foreign currency contracts		—			42,805
Payable for shares redeemed		440,625			348,275
Payable to sub-advisors		185,483			105,191
Payable for Trustees’ fees		8,744			8,744
Payable for administration fees		15,390			5,822
Payable for distribution services fees		—			64
Payable for investment advisory fees		151,789			82,271
Other accrued expenses		357,808			145,460
TOTAL LIABILITIES		26,806,751			1,968,562
NET ASSETS	$	575,002,271		$	224,626,844
NET ASSETS CONSIST OF:
Paid-in capital	$	525,479,297		$	218,365,372
Distributable earnings (loss)		49,522,974			6,261,472
TOTAL NET ASSETS	$	575,002,271		$	224,626,844
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	3,321,523		$	296,659
Shares outstanding (unlimited shares authorized)		393,546			26,050
Net Asset Value per share	$	8.44		$	11.39
Offering Price per share*	$	8.93	**	$	12.05	**
Class I
Net Assets	$	571,680,748		$	224,330,185
Shares outstanding (unlimited shares authorized)		67,193,145			19,427,658
Net Asset Value and Offering Price per share	$	8.51		$	11.55

^(a)  Cost of cash denominated in foreign currencies was $2,993,498 and $15,905, respectively.

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

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

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (CONCLUDED) 38

October 31, 2020 (unaudited)	Wilmington Real Asset Fund			Wilmington Diversified Income Fund
ASSETS:
Investments, at identified cost	$	225,558,579		$	35,675,507
Investments in securities, at value (Including $4,428,457 and $1,881,997, respectively, of securities on loan) (Note 2)	$	208,471,608		$	34,837,909
Cash		—			8,378
Cash denominated in foreign currencies		161,607	(a)		—
Income receivable		178,371			83,503
Foreign tax reclaim receivable		191,077			137
Due from advisor		—			16,170
Receivable for shares sold		94,651			118
Receivable for investments sold		4,004,349			—
Prepaid assets		13,812			19,120
TOTAL ASSETS		213,115,475			34,965,335
LIABILITIES:
Due to custodian		1,656,560			—
Collateral for securities on loan		4,549,805			1,926,045
Payable for shares redeemed		6,477			9,710
Payable to sub-advisors		13,505			—
Payable for Trustees’ fees		8,744			8,652
Payable for administration fees		5,656			879
Payable for distribution services fees		205			7,781
Payable for investment advisory fees		54,951			—
Other accrued expenses		215,642			90,146
TOTAL LIABILITIES		6,511,545			2,043,213
NET ASSETS	$	206,603,930		$	32,922,122
NET ASSETS CONSIST OF:
Paid-in capital	$	251,424,758		$	34,768,277
Distributable earnings (loss)		(44,820,828	)		(1,846,155	)
TOTAL NET ASSETS	$	206,603,930		$	32,922,122
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	777,881		$	32,391,546
Shares outstanding (unlimited shares authorized)		61,917			3,336,596
Net Asset Value per share	$	12.56		$	9.71
Offering Price per share*	$	13.29	**	$	10.28	**
Class I
Net Assets	$	205,826,049		$	530,576
Shares outstanding (unlimited shares authorized)		16,191,675			54,607
Net Asset Value and Offering Price per share	$	12.71		$	9.72

^(a) Cost of cash denominated in foreign currencies was $160,659.

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

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

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

39 STATEMENTS OF OPERATIONS

Six Months Ended October 31, 2020 (unaudited)	Wilmington International Fund			Wilmington Global Alpha Equities Fund
INVESTMENT INCOME:
Dividends	$	5,545,457	(a)	$	1,954,800	(a)
Interest		89,866			5,149
Securities lending income, net		101,839			—
TOTAL INVESTMENT INCOME		5,737,162			1,959,949
EXPENSES:
Investment advisory fees		2,315,907			1,645,223
Administration fees		86,377			33,203
Portfolio accounting and administration fees		105,073			48,169
Custodian fees		90,278			31,782
Transfer and dividend disbursing agent fees and expenses		56,407			43,746
Trustees’ fees		30,594			30,594
Professional fees		83,486			80,402
Distribution services fee—Class A		4,217			361
Shareholder services fee—Class A		4,217			361
Shareholder services fee—Class I		709,066			273,843
Share registration costs		15,101			19,452
Printing and postage		11,270			8,644
Miscellaneous		46,453			18,342
TOTAL EXPENSES		3,558,446			2,234,122
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(631,522	)		(596,193	)
Waiver of shareholder services fee—Class A		(4,217	)		(361	)
Waiver of shareholder services fee—Class I		(484,161	)		(273,843	)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,119,900	)		(870,397	)
Net expenses		2,438,546			1,363,725
Net investment income		3,298,616			596,224
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		(2,950,503	)		9,208,051
Net realized gain (loss) on forward foreign currency contracts		(150,910	)		(571,678	)
Net realized gain (loss) on foreign currency transactions		10,846			54,918
Net realized gain (loss) on financial futures contracts		1,857,846			(28,904,928	)
Litigation proceeds		972	(b)		1,257	(b)
Net realized gain (loss)		(1,231,749	)		(20,212,380	)
Net change in unrealized appreciation (depreciation) on investments		79,647,310			12,521,755
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		601			(67,042	)
Net change in unrealized appreciation (depreciation) on foreign currency transactions		97,622			14,216
Net change in unrealized appreciation (depreciation) on financial futures contracts		(490,101	)		17,150,027
Net change in unrealized appreciation (depreciation)		79,255,432			29,618,956
Net realized and unrealized gain (loss)		78,023,683			9,406,576
Change in net assets resulting from operations	$	81,322,299		$	10,002,800

^(a)  Net of foreign withholding taxes withheld of $550,306 and $161,375, 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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS (continued) 40

Six Months Ended October 31, 2020 (unaudited)	Wilmington Real Asset Fund				Wilmington Diversified Income Fund
INVESTMENT INCOME:
Dividends		$	2,346,894	(a)		$	463,616	(a)
Interest			—				139,034
Securities lending income, net			25,007				5,324
TOTAL INVESTMENT INCOME			2,371,901				607,974
EXPENSES:
Investment advisory fees			554,251				68,566
Administration fees			32,022				5,189
Portfolio accounting and administration fees			77,415				18,702
Custodian fees			57,531				1,411
Transfer and dividend disbursing agent fees and expenses			44,581				22,939
Trustees’ fees			30,594				30,594
Professional fees			79,783				54,751
Distribution services fee—Class A			1,238				42,187
Shareholder services fee—Class A			1,238				42,187
Shareholder services fee—Class I			263,181				667
Share registration costs			17,555				8,554
Printing and postage			10,170				5,189
Miscellaneous			24,261				8,677
TOTAL EXPENSES			1,193,820				309,613
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(176,116	)			(164,576	)
Waiver of shareholder services fee—Class A			(1,238	)			(42,187	)
Waiver of shareholder services fee—Class I			(263,181	)			(667	)
TOTAL WAIVERS AND REIMBURSEMENTS			(440,535	)			(207,430	)
Net expenses			753,285				102,183
Net investment income			1,618,616				505,791
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments			(2,529,280	)			(122,872	)
Net realized gain (loss) on forward foreign currency contracts			(408	)			—
Net realized gain (loss) on foreign currency transactions			16,436				—
Net realized gain (loss)			(2,513,252	)			(122,872	)
Net change in unrealized appreciation (depreciation) on investments			7,625,473				804,495
Net change in unrealized appreciation (depreciation) on foreign currency transactions			5,956				—
Net change in unrealized appreciation (depreciation)			7,631,429				804,495
Net realized and unrealized gain (loss)			5,118,177				681,623
Change in net assets resulting from operations		$	6,736,793			$	1,187,414

^(a)  Net of foreign withholding taxes withheld of $59,182 and $2,506, respectively.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

41 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington International                             Fund								Wilmington Global Alpha                    Equities Fund
	Six Months Ended October 31, 2020 (Unaudited)				Year Ended April 30, 2020				Six Months Ended October 31, 2020 (Unaudited)				Year Ended April 30, 2020
OPERATIONS:
Net investment income		$	3,298,616			$	8,760,578			$	596,224			$	1,588,127
Net realized gain (loss)			(1,231,749	)			(27,424,995	)			(20,212,380	)			13,823,568
Net change in unrealized appreciation (depreciation)			79,255,432				(44,981,027	)			29,618,956				(22,691,724	)
Change in net assets resulting from operations			81,322,299				(63,645,444	)			10,002,800				(7,280,029	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(29,463	)			(58,590	)			—				(1,405	)
Class I			(5,478,602	)			(9,522,428	)			—				(2,321,797	)
Total distributions to shareholders			(5,508,065	)			(9,581,018	)			—				(2,323,202	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			7,487				13,474				82,327				140,958
Class I			42,566,999				141,661,987				37,430,715				100,727,971
Distributions reinvested
Class A			25,487				50,869				—				1,373
Class I			1,205,367				2,358,908				—				941,789
Cost of shares redeemed
Class A			(195,407	)			(1,346,018	)			(7,691	)			(53,284	)
Class I			(61,098,050	)			(128,456,761	)			(35,000,435	)			(48,360,296	)
Change in net assets resulting from share transactions			(17,488,117	)			14,282,459				2,504,916				53,398,511
Change in net assets			58,326,117				(58,944,003	)			12,507,716				43,795,280
NET ASSETS:
Beginning of period			516,676,154				575,620,157				212,119,128				168,323,848
End of period		$	575,002,271			$	516,676,154			$	224,626,844			$	212,119,128
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			919				1,663				7,583				12,575
Class I			5,150,487				18,263,863				3,280,974				8,757,708
Distributions reinvested
Class A			3,191				6,089				—				117
Class I			148,998				280,142				—				79,610
Shares redeemed
Class A			(23,458	)			(166,540	)			(684	)			(4,592	)
Class I			(7,391,047	)			(15,738,820	)			(3,100,578	)			(4,342,370	)
Net change resulting from share transactions			(2,110,910	)			2,646,397				187,295				4,503,048

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 42

	Wilmington Real Asset                            Fund						Wilmington Diversified Income                           Fund
	Six Months Ended October 31, 2020 (Unaudited)			Year Ended April 30, 2020			Six Months Ended October 31, 2020 (Unaudited)			Year Ended April 30, 2020
OPERATIONS:
Net investment income	$	1,618,616		$	10,479,624		$	505,791		$	1,468,788
Net realized gain (loss)		(2,513,252	)		818,770			(122,872	)		(749,345	)
Net change in unrealized appreciation (depreciation)		7,631,429			(46,892,572	)		804,495			(2,792,079	)
Change in net assets resulting from operations		6,736,793			(35,594,178	)		1,187,414			(2,072,636	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(12,978	)		(38,272	)		(589,019	)		(1,350,031	)
Class I		(2,975,553	)		(11,252,467	)		(9,967	)		(24,433	)
Total distributions to shareholders		(2,988,531	)		(11,290,739	)		(598,986	)		(1,374,464	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		45,934			200,308			217,051			390,191
Class I		28,301,705			63,422,482			21,568			129,029
Distributions reinvested
Class A		8,982			26,100			541,885			1,247,276
Class I		1,212,075			5,458,098			7,661			11,930
Cost of shares redeemed
Class A		(236,371	)		(305,579	)		(1,655,303	)		(4,457,443	)
Class I		(26,524,005	)		(132,696,076	)		(5,088	)		(248,138	)
Change in net assets resulting from share transactions		2,808,320			(63,894,667	)		(872,226	)		(2,927,155	)
Change in net assets		6,556,582			(110,779,584	)		(283,798	)		(6,374,255	)
NET ASSETS:
Beginning of period		200,047,348			310,826,932			33,205,920			39,580,175
End of period	$	206,603,930		$	200,047,348		$	32,922,122		$	33,205,920
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		3,579			13,863			21,795			37,841
Class I		2,172,018			4,840,601			2,244			13,122
Distributions reinvested
Class A		696			1,862			55,350			118,944
Class I		92,683			387,546			782			1,152
Shares redeemed
Class A		(18,003	)		(21,519	)		(167,321	)		(426,388	)
Class I		(2,041,730	)		(10,521,157	)		(511	)		(22,657	)
Net change resulting from share transactions		209,243			(5,298,804	)		(87,661	)		(277,986	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

43 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON INTERNATIONAL FUND
CLASS A	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$  7.35			$   8.52			$  9.11			$  7.86			$  7.08			$  8.04
Income (Loss) From Operations:
Net Investment Income(a)		0.04			0.13			0.14			0.08			0.08			0.08
Net Realized and Unrealized Gain (Loss)		1.12	(b)		(1.17	)(b)		(0.51	)(b)		1.26	(b)		0.79	(c)		(0.95	)
Total Income (Loss) From Operations		1.16			(1.04	)		(0.37	)		1.34			0.87			(0.87	)
Less Distributions From:
Net Investment Income		(0.07	)		(0.13	)		(0.14	)		(0.09	)		(0.09	)		(0.09	)
Net Realized Gains		—			—			(0.08	)		—			—			—
Total Distributions		(0.07	)		(0.13	)		(0.22	)		(0.09	)		(0.09	)		(0.09	)
Net Asset Value, End of Period		$  8.44			$  7.35			$  8.52			$  9.11			$  7.86			$  7.08
Total Return(d)		15.87	%		(12.35	)%		(4.07	)%		17.18	%		12.52	%		(10.82	)%
Net Assets, End of Period (000’s)		$3,321			$3,036			$4,871			$5,473			$4,913			$4,810
Ratios to Average Net Assets
Gross Expense(e)		1.50	%(f)		1.50	%		1.50	%		1.48	%		1.79	%		1.87	%
Net Expense(e),(g)		1.02	%(f)		0.98	%		1.00	%		1.04	%		1.22	%		1.31	%
Net Investment Income		0.98	%(f)		1.57	%		1.69	%		0.93	%		1.16	%		1.15	%
Portfolio Turnover Rate		32	%		79	%		70	%		75	%		177	%		71	%
CLASS I	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$      7.41			$      8.59			$      9.18			$      7.92			$      7.13			$      8.09
Income (Loss) From Operations:
Net Investment Income(a)		0.05			0.13			0.17			0.09			0.09			0.09
Net Realized and Unrealized Gain (Loss)		1.13	(b)		(1.17	)(b)		(0.53	)(b)		1.27	(b)		0.80	(c)		(0.95	)
Total Income (Loss) From Operations		1.18			(1.04	)		(0.36	)		1.36			0.89			(0.86	)
Less Distributions From:
Net Investment Income		(0.08	)		(0.14	)		(0.15	)		(0.10	)		(0.10	)		(0.10	)
Net Realized Gains		—			—			(0.08	)		—			—			—
Total Distributions		(0.08	)		(0.14	)		(0.23	)		(0.10	)		(0.10	)		(0.10	)
Net Asset Value, End of Period		$      8.51			$      7.41			$      8.59			$      9.18			$      7.92			$      7.13
Total Return(d)		15.99	%		(12.28	)%		(3.91	)%		17.29	%		12.69	%		(10.70	)%
Net Assets, End of Period (000’s)		$571,681			$513,640			$570,749			$655,810			$438,974			$411,357
Ratios to Average Net Assets
Gross Expense(e)		1.25	%(f)		1.25	%		1.26	%		1.23	%		1.54	%		1.62	%
Net Expense(e),(g)		0.85	%(f)		0.85	%		0.87	%		0.91	%		1.09	%		1.18	%
Net Investment Income		1.16	%(f)		1.58	%		1.95	%		1.06	%		1.28	%		1.28	%
Portfolio Turnover Rate		32	%		79	%		70	%		75	%		177	%		71	%

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

(b) Amount includes a non-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 a non-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, 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. This ratio does not include these indirect fees and expenses.

(f) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 44

For a share outstanding throughout each period:

WILMINGTON GLOBAL ALPHA EQUITIES FUND
CLASS A	Six Months Ended October 31, 2020     (Unaudited)			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 Period		$10.87			$11.28			$10.99			$10.54			$   9.82			$10.86
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.02			0.07			0.09			0.05			(0.01	)		(0.05	)
Net Realized and Unrealized Gain (Loss)		0.50	(b)		(0.35	)(b)		0.33			0.52	(b)		0.75			(0.75	)
Total Income (Loss) From Operations		0.52			(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	)
Net Realized Gains		—			—			—			—			—			—
Total Distributions		—			(0.13	)		(0.13	)		(0.12	)		(0.02	)		(0.24	)
Net Asset Value, End of Period		$11.39			$10.87			$11.28			$10.99			$10.54			$  9.82
Total Return(c)		4.78	%		(2.57	)%		3.87	%		5.41	%		7.59	%		(7.48	)%
Net Assets, End of Period (000’s)		$   297			$   208			$   125			$   132			$   180			$1,290
Ratios to Average Net Assets
Gross Expense(d)		2.28	%(e)		2.29	%		2.36	%		2.46	%		3.06	%		2.89	%
Net Expense(d),(f)		1.49	%(e)		1.49	%		1.49	%		1.50	%		2.48	%(g)		2.46	%(g)
Net Investment Income (Loss)		0.28	%(e)		0.63	%		0.78	%		0.42	%		(0.06	)%		(0.44	)%
Portfolio Turnover Rate		35	%		84	%		61	%		58	%(h)		367	%		387	%
CLASS I	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$   11.01			$    11.40			$    11.08			$    10.61			$    9.86			$    10.88
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.03			0.09			0.11			0.11			0.03			(0.02)
Net Realized and Unrealized Gain (Loss)		0.51	(b)		(0.34	)(b)		0.34			0.49	(b)		0.75			(0.76)
Total Income (Loss) From Operations		0.54			(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 Period		$    11.55			$    11.01			$    11.40			$    11.08			$    10.61			$      9.86
Total Return(c)		4.91	%		(2.31	)%		4.18	%		5.63	%		7.93	%		(7.22)%
Net Assets, End of Period (000’s)		$224,330			$211,911			$168,199			$156,369			$103,768			$158,200
Ratios to Average Net Assets
Gross Expense(d)		2.04	%(e)		2.04	%		2.11	%		2.21	%		2.82	%		2.64%
Net Expense(d),(f)		1.24	%(e)		1.24	%		1.24	%		1.25	%		2.12	%(g)		2.21%(g)
Net Investment Income (Loss)		0.54	%(e)		0.82	%		1.02	%		1.03	%		0.32	%		(0.16)%
Portfolio Turnover Rate		35	%		84	%		61	%		58	%(h)		367	%		387%

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

(b) Amount includes a non-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, 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. This ratio does not include these indirect fees and expenses.

(e) Annualized for periods less than one year.

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

(g) 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	%

(h) In January 2017, the Fund transitioned to a single sub-advisor strategy. As a result, the portfolio turnover rate for the fiscal year ended April 30, 2018 was significantly lower than that of previous fiscal years.

See Notes which are an integral part of the Financial Statements

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

45 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

WILMINGTON REAL ASSET FUND
CLASS A	Six Months Ended October 31, 2020 (Unaudited)			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   Period		$12.33			$ 14.40			$14.48			$13.87			$13.63			$14.77
Income (Loss) From Operations:
Net Investment Income(a)		0.08			0.45			0.34			0.35			0.23			0.21
Net Realized and Unrealized Gain (Loss)		0.32			(2.03	)(b)		(0.07	)		0.63			0.01			(0.68	)
Total Income (Loss) From Operations		0.40			(1.58	)		0.27			0.98			0.24			(0.47	)
Less Distributions From:
Net Investment Income		(0.17	)		(0.49	)		(0.35	)		(0.37	)		—			(0.67	)
Total Distributions		(0.17	)		(0.49	)		(0.35	)		(0.37	)		—			(0.67	)
Net Asset Value, End of Period		$12.56			$ 12.33			$14.40			$14.48			$13.87			$13.63
Total Return(c)		3.21	%		(11.35	)%		2.05	%		7.11	%		1.76	%		(3.09	)%
Net Assets, End of Period (000’s)		$    778			$    932			$1,173			$1,297			$1,643			$1,762
Ratios to Average Net Assets
Gross Expense(d)		1.38	%(e)		1.30	%		1.32	%		1.32	%		1.45	%		1.48	%
Net Expense(d),(f)		0.96	%(e)		0.96	%		0.96	%		0.99	%		1.20	%		1.23	%
Net Investment Income		1.28	%(e)		3.16	%		2.44	%		2.46	%		1.68	%		1.53	%
Portfolio Turnover Rate		3	%(g)		411	%		347	%		438	%		593	%		418	%
CLASS I	Six Months Ended October 31, 2020 (Unaudited)			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   Period		$    12.47			$    14.56			$    14.63			$    14.01			$    13.73			$    14.86
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.49			0.38			0.40			0.27			0.24
Net Realized and Unrealized Gain (Loss)		0.33			(2.06	)(b)		(0.07	)		0.62			0.01			(0.67	)
Total Income (Loss) From Operations		0.43			(1.57	)		0.31			1.02			0.28			(0.43	)
Less Distributions From:
Net Investment Income		(0.19	)		(0.52	)		(0.38	)		(0.40	)		—			(0.70	)
Total Distributions		(0.19	)		(0.52	)		(0.38	)		(0.40	)		—			(0.70	)
Net Asset Value, End of Period		$    12.71			$    12.47			$    14.56			$    14.63			$    14.01			$    13.73
Total Return(c)		3.39	%		(11.13	)%		2.29	%		(7.31	)%		(2.11	)%		(2.89	)%
Net Assets, End of Period (000’s)		$205,826			$199,115			$309,654			$307,734			$345,787			$453,171
Ratios to Average Net Assets
Gross Expense(d)		1.13	%(e)		1.05	%		1.07	%		1.07	%		1.20	%		1.23	%
Net Expense(d),(f)		0.71	%(e)		0.71	%		0.71	%		0.74	%		0.95	%		0.98	%
Net Investment Income		1.53	%(e)		3.41	%		2.69	%		2.74	%		1.97	%		1.75	%
Portfolio Turnover Rate		3	%(g)		411	%		347	%		438	%		593	%		418	%

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

(b) Amount includes a non-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, 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. This ratio does not include these indirect fees and expenses.

(e) Annualized for periods less than one year.

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

(g) In 2020, the Fund transitioned to a single sub-advisor strategy. As a result, the portfolio turnover rate for the six months ended October 31, 2020 was significantly lower than that of previous fiscal years.

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 46

For a share outstanding throughout each period:

WILMINGTON DIVERSIFIED INCOME FUND
CLASS A	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$    9.54			$  10.54			$  10.47			$  11.24			$  10.40			$  10.98
Income (Loss) From Operations:
Net Investment Income(a)		0.15			0.40			0.36			0.26			0.12			0.12
Net Realized and Unrealized Gain (Loss)		0.19			(1.02	)(b)		0.11			0.52			0.85			(0.53	)
Total Income (Loss) From Operations		0.34			(0.62	)		0.47			0.78			0.97			(0.41	)
Less Distributions From:
Net Investment Income		(0.17	)		(0.38	)		(0.36	)		(0.23	)		(0.13	)		(0.15	)
Net Realized Gains		—			—			(0.04	)		(1.32	)		—			(0.02	)
Total Distributions		(0.17	)		(0.38	)		(0.40	)		(1.55	)		(0.13	)		(0.17	)
Net Asset Value, End of Period		$    9.71			$    9.54			$  10.54			$  10.47			$  11.24			$  10.40
Total Return(c)		3.59	%		(6.17	)%		4.66	%		6.99	%		9.38	%		(3.70	)%
Net Assets, End of Period (000’s)		$32,391			$32,708			$38,943			$40,993			$42,878			$44,607
Ratios to Average Net Assets
Gross Expense(d)		1.81	%(e)		1.68	%		1.67	%		1.72	%		1.59	%		1.52	%
Net Expense(d),(f)		0.60	%(e)		0.60	%		0.60	%		0.66	%		0.74	%		0.74	%
Net Investment Income		2.95	%(e)		3.86	%		3.45	%		2.30	%		1.16	%		1.14	%
Portfolio Turnover Rate		6	%		14	%		14	%		85	%		9	%		52	%
CLASS I	Six Months Ended October 31, 2020 (Unaudited)			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   Period		$ 9.55			$10.54			$10.48			$11.25			$10.41			$10.98
Income (Loss) From Operations:
Net Investment Income(a)		0.16			0.44			0.39			0.29			0.15			0.15
Net Realized and Unrealized Gain (Loss)		0.20			(1.02	)(b)		0.10			0.52			0.85			(0.53	)
Total Income (Loss) From Operations		0.36			(0.58	)		0.49			0.81			1.00			(0.38	)
Less Distributions From:
Net Investment Income		(0.19	)		(0.41	)		(0.39	)		(0.26	)		(0.16	)		(0.17	)
Net Realized Gains		—			—			(0.04	)		(1.32	)		—			(0.02	)
Total Distributions		(0.19	)		(0.41	)		(0.43	)		(1.58	)		(0.16	)		(0.19	)
Net Asset Value, End of Period		$ 9.72			$ 9.55			$10.54			$10.48			$11.25			$10.41
Total Return(c)		3.72	%		(5.83	)%		4.82	%		7.24	%		9.64	%		(3.42	)%
Net Assets, End of Period (000’s)		$ 531			$  498			$  637			$1,109			$  725			$1,129
Ratios to Average Net Assets
Gross Expense(d)		1.56	%(e)		1.44	%		1.40	%		1.48	%		1.34	%		1.27	%
Net Expense(d),(f)		0.35	%(e)		0.35	%		0.35	%		0.41	%		0.49	%		0.49	%
Net Investment Income		3.19	%(e)		4.20	%		3.72	%		2.62	%		1.44	%		1.39	%
Portfolio Turnover Rate		6	%		14	%		14	%		85	%		9	%		52	%

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

(b) Amount includes a non-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, 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. This ratio does not include these indirect fees and expenses.

(e) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

47 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

October 31, 2020 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 12 funds, 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 of non-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 fund are segregated and a shareholder’s interest is limited to the fund in which shares are held.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

Investment Valuation – The Funds utilize a Fair Value approach. The fair value of the Funds’ portfolio securities are determined as follows:

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

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

• financial futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (“Trustees”) may determine in good faith that another method of valuing such investments is necessary to appraise their fair value;

• forward foreign currency contracts are valued at the mean between the last bid and asked prices;

• investments in open-end regulated investment companies are valued at net asset value (“NAV”);

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

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

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

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 48

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

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

Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. The 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 or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Funds hold a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Funds have established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities, if necessary, to equal at least the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

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

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

At October 31, 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.	$	2,766,305	$	2,766,305	$	—	$	—
Citigroup Global Markets Ltd.		2,766,305		2,766,305		—		—
Daiwa Capital Markets America		2,766,305		2,766,305		—		—
National Bank Financial		2,766,305		2,766,305		—		—
Nomura Securities International, Inc.		727,946		727,946		—		—
RBC Dominion Securities, Inc.		2,766,305		2,766,305		—		—
	$	14,559,471	$	14,559,471	$	—	$	—
Real Asset Fund
Bank of America Securities, Inc.	$	842,853	$	842,853	$	—	$	—
BNP Paribas SA		842,853		842,853		—		—
Citigroup Global Markets Ltd.		842,853		842,853		—

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

49 NOTES TO FINANCIAL STATEMENTS (continued)

Fund/Counterparty	Repurchase     Agreements		Fair Value of Non-Cash  Collateral Received(1)		Cash Collateral   Received(1)		Net Exposure(2)
Daiwa Capital Markets America	$	842,853	$	842,853	$	—	$	—
Nomura Securities International, Inc.		335,540		335,540		—		—
RBC Dominion Securities, Inc.		842,853		842,853		—		—
	$	4,549,805	$	4,549,805	$	—	$	—
Diversified Income Fund
Bank of America Securities, Inc.	$	142,030	$	142,030	$	—	$	—
BNP Paribas SA		356,803		356,803		—		—
Citigroup Global Markets Ltd.		356,803		356,803		—		—
Daiwa Capital Markets America		356,803		356,803		—		—
National Bank Financial		356,803		356,803		—		—
RBC Dominion Securities, Inc.		356,803		356,803		—		—
	$	1,926,045	$	1,926,045	$	—	$	—

⁽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.

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

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 fiscal year-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 six months ended October 31, 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. 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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 50

amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities at period end, resulting from changes in the exchange rates.

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

Securities Sold Short – Certain Funds may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, the Fund must borrow the security. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. The Funds are required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividends expense on securities sold short on the Statements of Operations.

In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds are required to maintain margin cash balances at the prime broker sufficiently to satisfy their short sales positions on a daily basis. The Funds are charged interest expense at the Fed Funds open rate plus 50 basis points on the amount of any shortfall in the required cash margin. The Funds record these prime broker charges on a net basis as Prime Broker interest expense on securities sold short on the Statements of Operations.

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.

Under the terms of the agreement, cash collateral received is invested in one or more approved investments. Investments purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”

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

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

At October 31, 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		$13,519,690		$13,519,690	$—
Real Asset Fund		4,428,457		4,428,457	—
Diversified Income Fund		1,881,997		1,881,997	—

⁽¹⁾  Collateral with a value of $14,559,471, $4,549,805 and $1,926,045, respectively, has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽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.”

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

51 NOTES TO FINANCIAL STATEMENTS (continued)

3. DERIVATIVE FINANCIAL INSTRUMENTS

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

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. 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 of over-the-counter options, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

For the six months ended October 31, 2020, the Funds did not utilize options.

Forward Foreign Currency Contracts – Certain Funds may enter into foreign currency commitments or foreign currency exchange transactions. A Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge a Fund’s securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

The International Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities. The Real Asset Fund and the Global Alpha Equities Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the portfolio’s securities or as a means to express a view on the direction of a currency’s value as a part of the broader investment strategy.

Financial Futures Contracts – The Funds may invest in financial futures contracts to hedge their existing portfolios, manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, and prior to computing its NAV, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities.

For the six months ended October 31, 2020, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of October 31, 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 below is the cumulative unrealized appreciation (depreciation) from the date the contract was opened until October 31, 2020.

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

	Asset Derivatives Fair Value
Fund	Total Value			Equity     Contracts			Foreign     Exchange     Contracts
Global Alpha Equities Fund
Financial Futures Contracts		$	3,759,824		$	3,759,824		$	—
Forward Foreign Currency Contracts			230,703			—			230,703
Totals		$	3,990,527		$	3,759,824		$	230,703

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 52

	Liability Derivatives Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts
International Fund
Financial Futures Contracts	$	(150,823	)	$	(150,823	)	$	—
Totals	$	(150,823	)	$	(150,823	)	$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	(574,079	)	$	(574,079	)	$	—
Forward Foreign Currency Contracts		(42,805	)		—			(42,805	)
Totals	$	(616,884	)	$	(574,079	)	$	(42,805	)

The effect of derivative instruments on the Statements of Operations for the six months ended October 31, 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.
	Net change in unrealized appreciation (depreciation) on financial futures contracts.

	Net Realized Gain (Loss) on Derivatives Recognized in Results from  Operations
Fund	Total		Equity     Contracts		Foreign Exchange Contracts
International Fund
Financial Futures Contracts	$	1,857,846	$	1,857,846	$	—
Forward Foreign Currency Contracts		(150,910)		—		(150,910)
Totals	$	1,706,936	$	1,857,846	$	(150,910)
Global Alpha Equities Fund
Financial Futures Contracts	$	(28,904,928)	$	(28,904,928)	$	—
Forward Foreign Currency Contracts		(571,678)		—		(571,678)
Totals	$	(29,476,606)	$	(28,904,928)	$	(571,678)
Real Asset Fund
Forward Foreign Currency Contracts	$	(408)	$	—	$	(408)
Totals	$	(408)	$	—	$	(408)

	Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Results from Operations
Fund	Total		Equity     Contracts		Foreign Exchange Contracts
International Fund
Financial Futures Contracts	$	(490,101)	$	(490,101)	$	—
Forward Foreign Currency Contracts		601		—		601
Totals	$	(489,500)	$	(490,101)	$	601
Global Alpha Equities Fund
Financial Futures Contracts	$	17,150,027	$	17,150,027	$	—
Forward Foreign Currency Contracts		(67,042)		—		(67,042)
Totals	$	17,082,985	$	17,150,027	$	(67,042)

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

53 NOTES TO FINANCIAL STATEMENTS (continued)

     The average quarterly volume of derivative activities for the six months ended October 31, 2020 are as follows.

	Asset Derivative Volume
Fund	Financial Futures     Contracts(1)		Forward Foreign Currency     Contracts(2)
International Fund	$	7,084,004	$	177,199
Global Alpha Equities Fund		—		1,340,100
Real Asset Fund		—		21,981
	Liability Derivative Volume
Fund	Financial Futures     Contracts(1)		Forward Foreign Currency Contracts(2)
International Fund	$	537,598	$	3,620,960
Global Alpha Equities Fund		101,751,465		17,763,112

⁽¹⁾  Notional Amount.

⁽²⁾  Contract Amount.

Certain Funds are parties to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“MA”) with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to each Fund is held in a segregated account by each Fund’s custodian and, with respect to those amounts which can be sold or repledged, are presented in the Fund’s Portfolio of Investments or Statements of Assets and Liabilities.

At October 31, 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 Assets Subject to a MA				Derivatives Available for Offset			Non-Cash Collateral Received(1)			Cash Collateral Received(1)			Net Exposure of Derivative Assets(2)
Global Alpha Equities Fund
BNP Paribas SA		$	132,890			$	—		$	—		$	—		$	132,890
HSBC Bank USA, N.A.			56,601				—			—			—			56,601
JP Morgan Chase Bank, N.A.			41,212				—			—			—			41,212
Total Derivative Assets		$	230,703			$	—		$	—		$	—		$	230,703
	Derivative Liabilities Subject to a MA				Derivatives Available for Offset			Non-Cash     Collateral Pledged(3)			Cash Collateral Pledged(3)			Net Exposure of Derivative Liabilities(2)
Morgan Stanley Capital Services LLC		$	(42,805	)		$	—		$	—		$	—		$	(42,805	)
Total Derivative Liabilities		$	(42,805	)		$	—		$	—		$	—		$	(42,805	)

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

4. FEDERAL TAX INFORMATION

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

As of October 31, 2020, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The federal tax returns filed or to be filed for the years ended 2020, 2019, 2018 and 2017, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 54

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to losses deferred due to wash sales. The tax character of distributions for the corresponding fiscal year ends were as follows:

	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 Loss     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)		—

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.

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

5. ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

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

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 a sub-advisor strategy, whereby WFMC allocates all or a portion of the Funds’ assets among one or more sub-advisors and strategies. For their services, the Funds pay each sub-advisor fees, accrued daily and paid monthly, as described below.

Fund	Gross Fees		Fees Waived/ Reimbursed			Current Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors
International Fund
WFMC		$1,283,912		$(631,522	)	0.45%
Sub-advisors:
Allianz Global investors U.S. LLC		135,636		—		0.38% on the first $100 million; and 0.33% on the next $100 million; and 0.28% on assets in excess of $200 million allocated to the Europe Equity Growth Select Strategy
		62,105		—		0.25% on assets allocated to the High Dividend Europe Strategy

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

55 NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Gross Fees		Fees Waived/ Reimbursed			Current Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors
AXA Investment Managers, Inc.	$	170,015		$          —		0.43% on the first $150 million; and
						0.41% on assets in excess of $150 million
Berenberg Asset Management LLC		80,252		—		0.27%
Nikko Asset Management Americas, Inc.		184,433		—		0.32%
Schroder Investment Management North America, Inc.		399,554		—		0.50%
Total(a)	$	2,315,907		$(631,522	)
Global Alpha Equities Fund
WFMC	$	1,041,975		$(596,193	)	0.95%
Sub-advisors:
Wellington Management Company LP		603,248		—		0.55%
Total(b)	$	1,645,223		$(596,193	)
Real Asset Fund
WFMC	$	475,956		$(176,116	)	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         (terminated 07/27/2020)		84		—		0.25%
Parametric Portfolio Associates LLC		78,211		—		0.25% of 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)	$	554,251		$(176,116	)
Diversified Income Fund
WFMC	$	68,566		$(164,576	)	0.40%

    (a) The total gross advisory and sub-advisory fees during the period were 0.81% for the International Fund.

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

    (c) The total gross advisory and sub-advisory fees during the period were 0.52% for the Real Asset Fund.

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2021 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*	1.10%	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, 2020, the International Fund’s contractual expense limitation was 0.98% for Class A.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 56

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
		0.018%	on assets in excess of $10 billion
BNYM		0.0175%	on the next $15 billion
		0.0150%	on the next $10 billion
		0.0125%	on assets in excess of $25 billion

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 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 six months ended October 31, 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	$  2,130
Global Alpha Equities Fund	190
Real Asset Fund	858
Diversified Income Fund	38,553

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

For the six months ended October 31, 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	$      77
Global Alpha Equities Fund	673
Real Asset Fund	33
Diversified Income Fund	5,089

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

For the six months ended October 31, 2020, M&T received a portion of the fees paid by the following Fund which is listed below:

Fund	Shareholder   Services Fee
International Fund	$213,050

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

57 NOTES TO FINANCIAL STATEMENTS (continued)

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

BNYM provides custody services to the Trust.

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

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

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 the six months ended October 31, 2020 were as follows:

Fund	Commissions
Global Alpha Equities Fund	$51
Diversified Income Fund	30

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the six months ended October 31, 2020 were as follows:

	Investments
Fund	Purchases	Sales
International Fund	$166,905,807	$174,155,863
Global Alpha Equities Fund	68,440,027	85,287,239
Real Asset Fund	13,654,614	6,087,711
Diversified Income Fund	1,928,136	2,360,812

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2020 were as follows:

Fund	U.S. Government Securities   Sales
Diversified Income Fund	$1,243,133

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.

Recently, the global pandemic outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption, impacting the global economy and the financial health of individual companies in significant and unforeseen ways. The duration and future impact of COVID-19 are currently unknown, which may exacerbate other types of risks that apply to the Funds and negatively impact Fund performance.

8. CONTRACTUAL OBLIGATIONS

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

9. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The LOC expires on April 1, 2021.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 58

The Trust did not utilize the LOC during the six months ended October 31, 2020.

10. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2018-13, which changes certain fair value measurement disclosure requirements. 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. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. As of October 31, 2020, ASU 2018-13 has been fully adopted and the implementation did not have a material impact on the Funds’ financial statements.

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 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.

11. SUBSEQUENT EVENTS

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

59

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 9, 2020 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 18, 2020, the Board held a special telephonic meeting (the “August Meeting”) with personnel of Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and, together with WFMC, the “Adviser”) and independent counsel to the Independent Trustees (“Counsel”), to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the WFMC and with WTIA and the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

• The nature and quality of the services provided by the Adviser with respect to the Sub-Advisers and the Adviser’s evaluation and rec- ommendation of the approval of the renewal of the Advisory Agreements with each Sub-Adviser;

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

• The financial stability of the Adviser and each Sub-Adviser and their parent companies, when relevant.

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment, compliance and operational matters; brokerage and portfolio transactions; allocation of soft dollars for research products and services; portfolio turnover rates; and other benefits from the allocation of transactions to certain brokers. The Board took into account information provided by the Adviser with respect to the effect on performance of asset allocations required by a Fund’s investment strategy or implemented by the Adviser at its discretion. The Board also considered the Adviser’s profitability in providing services under the Advisory Agreements and concluded that, for each Fund, the level of profitability did not appear unreasonably high.

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

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

• The prospects for satisfactory investment performance were reasonable; and

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

Wilmington International Fund

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

Semi-Annual Report 60

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered the performance of each Sub-Adviser against an appropriate benchmark and that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2020.

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

Wilmington Global Alpha Equities Fund

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

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the three- and five-year periods and below the peer group average for the one-year period ended June 30, 2020.

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

Wilmington Real Asset Fund

The Fund is sub-advised by Parametric Portfolio Associates LLC.

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the custom peer group average for the five-year period and below the custom peer group average for the one- and three-year periods ended June 30, 2020. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance was attributed to its exposure to TIPS, and management’s decision to eliminate TIPS exposure in early April 2020.

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

Wilmington Diversified Income Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2020. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be attributed to the sustained and significant outperformance of the growth investing style over the Fund’s value investing style, particularly in international markets.

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

61

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

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.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

62

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.

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

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63

• 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.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

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Investment Advisor Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890 Sub-Advisor Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9th Floor Wilmington, DE 19890 Additional Sub-Advisors to the Wilmington International Fund Allianz Global Investors U.S. LLC 1633 Broadway New York, New York 10019 AXA Investment Managers, Inc. 100 West Putnam Avenue Greenwich, Connecticut 06830 Berenberg Asset Management LLC 330 N. Wabash Avenue, 39th floor Chicago, Illinois 60611 Nikko Asset Management Americas, Inc. 535 Madison Avenue, Suite 2500 New York, New York 10022 Schroder Investment Management North America, Inc. 875 Third Avenue New York, New York 10022 Additional Sub-Advisors to the Wilmington Global Alpha Equities Fund Wellington Management Company LLP 280 Congress Street Boston, Massachusetts 02210 Additional Sub-Advisors to the Wilmington Real Asset Fund Parametric Portfolio Associates, LLC 1918 Eighth Avenue, Suite 3100 Seattle, WA 98101 Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890 Custodian The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203 Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103
	WT-SAR-MMgr-1020
Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

    October 31, 2020 (unaudited)    

PRESIDENT’S MESSAGE AND

Semi-Annual

Report

WILMINGTON FUNDS

Fixed Income Funds

Wilmington Broad Market Bond Fund

Wilmington Intermediate-Term Bond Fund

Wilmington Short-Term Bond Fund

Wilmington Municipal Bond Fund

Wilmington New York Municipal Bond Fund

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Wilmington Funds electronically by contacting your financial intermediary or, if you are a direct investor, by 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”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolios of Investments	3
Statements of Assets and Liabilities	36
Statements of Operations	38
Statements of Changes in Net Assets	40
Financial Highlights	43
Notes to Financial Statements	48
Discussion of Renewal of Advisory and Sub-Advisory Agreements	56

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i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the semi-annual fiscal year period of May 1, 2020, through October 31, 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 semi-annual fiscal year.

The economy

The last six months revealed both the economic toll of the pandemic’s first wave, and the subsequent rebound as activity reverted toward more normal levels. U.S. gross domestic product (“GDP”) declined by a record -31.4% annualized in 2Q, as strict lockdown measures imposed across much of the world to contain the virus brought consumer activity to a near halt. GDP bounced back strongly in 3Q, gaining 31.4% annualized as initial outbreaks stabilized and economies began to reopen. The labor market recovered considerably over the period, adding back 12 of the 22 million jobs lost in March and April, although momentum began to wane with the unemployment rate still historically elevated. The federal government delivered a healthy volume of fiscal stimulus, more than offsetting wages lost by low income consumer and helping to fuel a robust rebound in spending on goods. Retail sales snapped back sharply to pre-pandemic levels by June, although the pace of gains decelerated in the months that followed as critical supplemental unemployment benefits expired without replacement. Relative to goods, spending on services saw more modest improvement, due to social distancing measures and persistent virus concerns. With the economic outlook still clouded by the pandemic, the Federal Reserve (the “Fed”) guided for rates to remain at the lower bound for years to come. The Fed’s shift to average inflation targeting, allowing inflation to run above 2% for extended periods, signaled that it is likely to remain accommodative for the time being.

Economic activity outside the U.S. varied between regions depending on the success of virus containment efforts. In China, where infection rates have been well controlled relative to much of the world, indicators of both manufacturing and services activity returned to expansion, while activity in the virus-sensitive transportation, hotel, and restaurant industries showed continued improvement. Eurozone economies began plotting their path to recovery, before moderating towards the end of the period. With outbreaks well contained from May-August, the Euro zone services sector returned to expansion in July before contracting in September and October as governments tightened mobility restrictions to curb an accelerating second wave of cases.

Bond markets

Fixed income markets recorded solid returns over the period, with both taxable and tax-exempt credit outperforming treasuries materially. The U.S. 10-year yield compressed to a record low and traded in a tight range for much of the period, before rising moderately in October. The Fed remained an active buyer of investment-grade and recently downgraded high-yield credit through its purchasing facilities. Fed support and improving economic trends helped fuel robust volumes of new issuance, alongside a steady appetite for yield from global investors. High yield taxable outperformed investment grade as spreads continued to normalize from elevated levels, and investors embraced riskier assets. After recording strong gains from May through July, municipal bonds saw more muted returns over the following months as issuance picked up pace and spreads widened moderately in September and October.

For the six-month period May 1, 2020 to October 31, 2020, certain Bloomberg Barclays indices performed as follows:¹

Bloomberg Barclays U.S.     Treasury Bond     Index2	Bloomberg Barclays U.S. Aggregate Bond Index3	Bloomberg Barclays U.S. Credit Bond Index4	Bloomberg Barclays Municipal Bond Index5	Bloomberg     Barclays U.S.     Corporate High Yield     Bond Index6
-0.93%	1.27%	4.80%	4.99%	10.83%

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.

PRESIDENT’S MESSAGE / October 31, 2020 (unaudited)

ii

Equity markets

Global equities extended gains in the period as the continued recovery in the broader economy, better than expected corporate earnings and optimism over the development of COVID-19 treatments and vaccines, boosted risk sentiment. The S&P 500 led the way for much of the period, thanks to the dominant performance of mega-cap technology stocks with business models that benefitted most from the stay-at-home environment. Leadership began to shift from safe to more cyclical areas of the market in September, as large technology stocks, which had seen valuations inflate significantly, suffered a sharp sell-off. U.S. small cap equities logged strong gains over the period, after rebounding from depressed levels and maintaining a strong bid throughout the tech led unwind in September. Emerging markets equities outperformed, benefitting from economic momentum in China, which contributes over 1/3 of index market cap, and receiving some support from a weakening U.S. dollar. International developed equities started off on strong footing but lagged towards the end of the period as renewed COVID outbreaks and mobility restrictions fueled growth concerns.

For the six-month period May 1, 2020 to October 31, 2020, certain stock market indices performed as follows:

S&P 500®              Index7	Russel 2000® Index8	MSCI EAFE (Net) Index9	MSCI Emerging              Markets (Net) Index10
13.29%	18.13%	8.57%	20.96%

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.

Sincerely,

Dominick J. D’Eramo, CFA

President

November 19, 2020

October 31, 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. Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause decline in their prices.

2. 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.

3. Bloomberg Barclays U.S. Aggregate Bond Index is a 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.

4. 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.

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

6. 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.

7. 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.

8. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. As of its latest reconstitution, the index had a total market capitalization range of approximately $128 million to $1.3 billion. The index is unmanaged and investments cannot be made directly in an index.

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

10. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

PRESIDENT’S MESSAGE / October 31, 2020 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Funds expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2020 to October 31, 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.

	Beginning Account Value 05/01/20		Ending Account Value 10/31/20		Expenses Paid During  Period(1)		Annualized Net Expense  Ratio(2)
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A		$1,000.00		$1,016.90		$4.27		0.84%
Class I		$1,000.00		$1,017.80		$2.49		0.49%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,020.97		$4.28		0.84%
Class I		$1,000.00		$1,022.74		$2.50		0.49%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
Class A		$1,000.00		$1,028.80		$4.30		0.84%
Class I		$1,000.00		$1,029.50		$2.51		0.49%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,020.97		$4.28		0.84%
Class I		$1,000.00		$1,022.74		$2.50		0.49%
WILMINGTON SHORT-TERM BOND FUND
Actual
Class A		$1,000.00		$1,011.30		$3.70		0.73%
Class I		$1,000.00		$1,012.50		$2.43		0.48%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,021.53		$3.72		0.73%
Class I		$1,000.00		$1,022.79		$2.45		0.48%
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$1,052.30		$3.83		0.74%
Class I		$1,000.00		$1,053.60		$2.54		0.49%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,021.48		$3.77		0.74%
Class I		$1,000.00		$1,022.74		$2.50		0.49%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$1,039.30		$4.21		0.82%
Class I		$1,000.00		$1,041.60		$2.93		0.57%

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

2

	Beginning Account Value 05/01/20		Ending Account Value 10/31/20		Expenses Paid During  Period(1)		Annualized Net Expense  Ratio(2)
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,021.07		$4.18		0.82%
Class I		$1,000.00		$1,022.33		$2.91		0.57%

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

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

3

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		44.8	%
U.S. Treasury Obligations		24.1	%
Mortgage-Backed Securities		22.0	%
Government Agencies		3.2	%
Commercial Paper		2.8	%
Investment Company		1.0	%
Municipal Bond		0.4	%
Collateralized Mortgage Obligations		0.2	%
Enhanced Equipment Trust Certificates		0.1	%
Asset-Backed Security		0.0	%(1)
Cash Equivalents(2)		1.9	%
Cash Collateral Invested for Securities on Loan(3)		4.2	%
Other Assets and Liabilities - Net(4)		(4.7	)%
TOTAL		100.0	%

Credit Quality Diversification(5)	Percentage of Total Net Assets
U.S. Government Agency Securities		25.4	%
U.S. Treasury		24.1	%
AA / Aa		0.1	%
A / A		8.1	%
BBB / Baa		34.0	%
BB / Ba		2.6	%
B / B		0.5	%
Not Rated		9.9	%
Other Assets and Liabilities - Net(4)		(4.7	)%
TOTAL		100.0	%

⁽¹⁾  Represents less than 0.05%.

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

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

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

⁽⁵⁾  For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

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	$	214,273
TOTAL ASSET-BACKED SECURITY (COST $216,222)			$	214,273
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%
Series 2005-29, Class WC, 4.75%, 04/25/35		12,884		14,206
Series 2012-114, Class VM, 3.50%, 10/25/25		1,158,776		1,206,323
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,220,529
WHOLE LOAN – 0.0%**
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 3.85%, 02/25/34D		40,604		38,397

Description	Par Value		Value
CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 06/01/21	$	4,798	$	4,979
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.25%, 11/25/35D		33,643		31,958
TOTAL WHOLE LOAN			$	75,334
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $1,385,895)			$	1,295,863
COMMERCIAL PAPER – 2.8%t
Dow Chemical Co. (The), 0.22%, 11/16/20		2,000,000		1,999,821
Enbridge US, Inc., 0.15%, 11/09/20W		7,000,000		6,999,703
General Motors Financial Co., Inc., 0.75%, 01/27/21W		8,000,000		7,985,308
TOTAL COMMERCIAL PAPER (COST $16,985,083)			$	16,984,832

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 4

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
CORPORATE BONDS – 44.8%
AEROSPACE & DEFENSE – 1.4%
Boeing Co. (The), Sr. Unsecured, 1.95%, 02/01/24	$	2,700,000	$	2,693,895
L3Harris Technologies, Inc., Sr. Unsecured, 2.90%, 12/15/29		835,000		911,281
Northrop Grumman Corp., Sr. Unsecured 2.93%, 01/15/25		1,000,000		1,082,770
4.03%, 10/15/47		1,765,000		2,116,531
Raytheon Technologies Corp., Sr. Unsecured, 3.50%, 03/15/27W		1,600,000		1,791,649
TOTAL AEROSPACE & DEFENSE			$	8,596,126
AUTOMOTIVE – 2.3%
American Honda Finance Corp., Sr. Unsecured, MTN, 0.65%, 09/08/23		1,790,000		1,795,674
Daimler Finance North America LLC, Company Guaranteed, 3.88%, 09/15/21W		250,000		257,116
Ford Motor Co., Sr. Unsecured, 8.50%, 04/21/23		800,000		883,695
Ford Motor Credit Co. LLC, Sr. Unsecured 5.75%, 02/01/21		500,000		502,625
4.25%, 09/20/22		450,000		456,247
3.37%, 11/17/23		1,000,000		993,039
5.58%, 03/18/24		1,000,000		1,053,105
5.13%, 06/16/25		1,500,000		1,562,569
General Motors Co., Sr. Unsecured 5.40%, 10/02/23		335,000		370,929
6.25%, 10/02/43		1,000,000		1,235,207
General Motors Financial Co., Inc., Sr. Unsecured, 4.20%, 11/06/21		1,650,000		1,701,401
PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 05/10/22		3,045,000		3,150,840
TOTAL AUTOMOTIVE			$	13,962,447
BEVERAGES – 0.7%
Anheuser-Busch Cos., LLC, Company Guaranteed, 4.90%, 02/01/46		1,125,000		1,381,195
Keurig Dr. Pepper, Inc., Company Guaranteed 2.53%, 11/15/21		1,000,000		1,019,905
3.20%, 05/01/30		775,000		864,052
5.09%, 05/25/48		700,000		926,630
TOTAL BEVERAGES			$	4,191,782
BUILDING PRODUCTS – 0.5%
Carrier Global Corp., Sr. Unsecured, 2.24%, 02/15/25W		3,000,000		3,134,771
Johnson Controls International PLC, Sr. Unsecured, 4.63%, 07/02/44		100,000		122,567
TOTAL BUILDING PRODUCTS			$	3,257,338

Description	Par Value		Value
CAPITAL MARKETS – 4.7%
Bank of New York Mellon Corp. (The), Subordinated, MTN, 3.00%, 10/30/28	$	775,000	$	856,603
Credit Suisse AG, Sr. Unsecured, 2.10%, 11/12/21		1,785,000		1,816,677
Fifth Third Bancorp, Sr. Unsecured 3.50%, 03/15/22		1,250,000		1,297,708
2.55%, 05/05/27		780,000		833,336
Fifth Third Bancorp, Subordinated, 4.30%, 01/16/24		530,000		583,191
Goldman Sachs Group, Inc. (The), Sr. Unsecured 3.00%, 04/26/22		915,000		926,711
(3 Month USD LIBOR + 1.20%), 3.27%, 09/29/25D		800,000		867,794
(3 Month USD LIBOR + 1.51%), 3.69%, 06/05/28D		2,080,000		2,345,108
Huntington Bancshares, Inc., Sr. Unsecured, 2.63%, 08/06/24		1,325,000		1,413,243
KeyBank NA, Sr. Unsecured, BKNT 3.30%, 02/01/22		615,000		637,502
1.25%, 03/10/23		2,000,000		2,040,835
Morgan Stanley, Sr. Unsecured, MTN 2.63%, 11/17/21		4,000,000		4,096,184
3.13%, 07/27/26		340,000		375,078
(SOFRRATE + 3.12%), 3.62%, 04/01/31D		890,000		1,022,701
Morgan Stanley, Subordinated, GMTN, 4.35%, 09/08/26		505,000		586,224
PNC Bank NA, Subordinated, BKNT 2.95%, 01/30/23		350,000		368,306
2.70%, 10/22/29		1,125,000		1,207,285
PNC Financial Services Group, Inc. (The), Subordinated, 3.90%, 04/29/24		1,500,000		1,650,550
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 04/01/22		847,000		873,768
Truist Bank, Subordinated, BKNT 3.80%, 10/30/26		1,000,000		1,147,516
2.25%, 03/11/30		1,850,000		1,898,710
Truist Financial Corp., Sr. Unsecured, 2.90%, 03/03/21		1,475,000		1,484,866
TOTAL CAPITAL MARKETS			$	28,329,896
CHEMICALS – 0.1%
DuPont de Nemours, Inc., Sr. Unsecured, 3.77%, 11/15/20		735,000		735,826
COMMERCIAL SERVICES & SUPPLIES – 0.6%
Global Payments, Inc., Sr. Unsecured 3.75%, 06/01/23		2,570,000		2,753,447
2.90%, 05/15/30		1,000,000		1,062,602
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,816,049
COMPUTERS – 0.5%
Hewlett Packard Enterprise Co., Sr. Unsecured, 2.25%, 04/01/23		3,000,000		3,105,319
DIVERSIFIED FINANCIAL SERVICES – 4.4%
Bank of America Corp., Sr. Unsecured,
5.70%, 01/24/22		3,000,000		3,195,999

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

5 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Bank of America Corp., Sr. Unsecured, MTN
3.25%, 10/21/27	$	1,095,000	$	1,208,177
(SOFRRATE + 1.88%), 2.83%, 10/24/51D		250,000		250,639
Bank of America Corp., Subordinated, MTN,
4.25%, 10/22/26		1,000,000		1,154,915
Berkshire Hathaway Finance Corp., Company Guaranteed,
4.30%, 05/15/43		425,000		537,956
Capital One Financial Corp., Sr. Unsecured,
2.60%, 05/11/23		1,470,000		1,541,593
Citibank NA, Sr. Unsecured, BKNT,
3.40%, 07/23/21		1,400,000		1,428,277
Citigroup, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.95%),
2.88%, 07/24/23D		2,060,000		2,138,590
Citigroup, Inc., Subordinated,
4.13%, 07/25/28		1,650,000		1,884,656
FMR LLC, Sr. Unsecured,
6.45%, 11/15/39W		1,000,000		1,486,985
JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month USD LIBOR + 1.00%),
1.28%, 05/15/47D		1,000,000		784,304
Lloyds Banking Group PLC, Sr. Unsecured, (UST Yield Curve CMT 1 Year + 1.10%),
1.33%, 06/15/23D		2,000,000		2,016,773
Truist Financial Corp., Sr. Unsecured, MTN,
(3 Month USD LIBOR + 0.65%),
0.88%, 04/01/22D		2,000,000		2,013,249
U.S. Bancorp, Subordinated, MTN,
2.95%, 07/15/22		2,000,000		2,083,695
Wells Fargo & Co., Sr. Unsecured
2.10%, 07/26/21		2,000,000		2,028,158
(SOFRRATE + 2.00%), 2.19%, 04/30/26D		1,170,000		1,219,278
Wells Fargo & Co., Subordinated, MTN,
4.40%, 06/14/46		1,000,000		1,176,898
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	26,150,142
ELECTRIC – 3.0%
Baltimore Gas and Electric Co., Sr. Unsecured,
3.50%, 08/15/46		1,550,000		1,751,021
Commonwealth Edison Co., 1st Mortgage,
3.80%, 10/01/42		1,000,000		1,159,743
Consolidated Edison, Inc., Sr. Unsecured,
2.00%, 05/15/21		750,000		755,402
DTE Energy Co., Series F, Sr. Unsecured,
3.85%, 12/01/23		305,000		332,148
DTE Energy Co., Series H, Sr. Unsecured,
0.55%, 11/01/22		1,500,000		1,506,661
Entergy Arkansas LLC, 1st Mortgage,
4.95%, 12/15/44		1,000,000		1,122,067
Entergy Corp., Sr. Unsecured,
0.90%, 09/15/25		1,000,000		1,001,530
Entergy Louisiana LLC, 1st Mortgage,
2.90%, 03/15/51		1,000,000		1,036,820
Exelon Corp., Sr. Unsecured,
4.70%, 04/15/50		2,000,000		2,546,553
FirstEnergy Corp., Series A, Sr. Unsecured,
1.60%, 01/15/26		1,000,000		975,584
FirstEnergy Corp., Series B, Sr. Unsecured,
3.90%, 07/15/27		800,000		856,409

Description	Par Value		Value
NextEra Energy Capital Holdings, Inc., Company Guaranteed,
4.50%, 06/01/21	$	3,000,000	$	3,041,490
Sempra Energy, Sr. Unsecured,
2.90%, 02/01/23		760,000		796,858
System Energy Resources, Inc., 1st Mortgage,
4.10%, 04/01/23		500,000		536,528
WEC Energy Group, Inc., Sr. Unsecured,
1.38%, 10/15/27		750,000		748,834
TOTAL ELECTRIC			$	18,167,648
ENVIRONMENTAL CONTROL – 0.5%
Waste Management, Inc., Company Guaranteed
3.50%, 05/15/24		1,255,000		1,362,445
4.10%, 03/01/45		1,520,000		1,849,589
TOTAL ENVIRONMENTAL CONTROL			$	3,212,034
FOOD & STAPLES RETAILING – 2.5%
Campbell Soup Co., Sr. Unsecured
3.65%, 03/15/23		3,000,000		3,206,022
3.30%, 03/19/25		2,050,000		2,234,569
Conagra Brands, Inc., Sr. Unsecured,
5.40%, 11/01/48		665,000		909,979
Kroger Co. (The), Sr. Unsecured
2.95%, 11/01/21		1,750,000		1,791,072
2.80%, 08/01/22		2,060,000		2,139,818
5.40%, 01/15/49		1,640,000		2,272,591
3.95%, 01/15/50		1,000,000		1,161,935
Mondelez International, Inc., Sr. Unsecured,
0.63%, 07/01/22		1,250,000		1,255,333
TOTAL FOOD & STAPLES RETAILING			$	14,971,319
FOREST PRODUCTS & PAPER – 0.3%
International Paper Co., Sr. Unsecured,
4.40%, 08/15/47		1,500,000		1,835,857
GAS-0.3%
Southern Co. Gas Capital Corp., Company Guaranteed,
3.95%, 10/01/46		1,425,000		1,609,266
HEALTHCARE-PRODUCTS – 1.1%
Becton Dickinson and Co., Sr. Unsecured,
2.89%, 06/06/22		3,000,000		3,102,184
DH Europe Finance II Sarl, Company Guaranteed,
2.20%, 11/15/24		2,330,000		2,460,070
Zimmer Biomet Holdings, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.75%),
0.98%, 03/19/21D		1,000,000		1,000,072
TOTAL HEALTHCARE-PRODUCTS			$	6,562,326
HEALTHCARE-SERVICES – 3.0%
Anthem, Inc., Sr. Unsecured,
3.65%, 12/01/27		1,650,000		1,867,241
Cardinal Health, Inc., Sr. Unsecured,
4.50%, 11/15/44		650,000		698,080
Cigna Corp., Company Guaranteed
3.75%, 07/15/23		500,000		540,948
4.80%, 07/15/46		1,000,000		1,251,133

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 6

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
CommonSpirit Health, Sr. Secured,
2.76%, 10/01/24	$	3,140,000	$	3,294,436
CVS Health Corp., Sr. Unsecured,
2.13%, 06/01/21		5,000,000		5,043,302
Elanco Animal Health, Inc., Sr. Unsecured,
5.90%, 08/28/28		2,000,000		2,335,917
NYU Langone Hospitals, Secured,
3.38%, 07/01/55		1,000,000		971,875
UnitedHealth Group, Inc., Sr. Unsecured
2.95%, 10/15/27		1,350,000		1,498,796
3.95%, 10/15/42		290,000		347,875
TOTAL HEALTHCARE-SERVICES			$	17,849,603
HOME FURNISHINGS – 0.6%
Whirlpool Corp., Sr. Unsecured
4.70%, 06/01/22		1,500,000		1,595,202
4.60%, 05/15/50		1,405,000		1,739,018
TOTAL HOME FURNISHINGS			$	3,334,220
HOUSEHOLD PRODUCTS/WARES – 0.2%
Church & Dwight Co., Inc., Sr. Unsecured,
3.95%, 08/01/47		870,000		1,035,101
INSURANCE – 3.1%
American International Group, Inc., Sr. Unsecured
3.30%, 03/01/21		3,000,000		3,022,946
4.20%, 04/01/28		1,000,000		1,162,646
Aon Corp., Company Guaranteed,
2.20%, 11/15/22		3,500,000		3,626,066
Aon PLC, Company Guaranteed,
4.00%, 11/27/23		1,450,000		1,582,133
CNA Financial Corp., Sr. Unsecured,
3.95%, 05/15/24		950,000		1,049,302
Lincoln National Corp., Sr. Unsecured
4.20%, 03/15/22		1,000,000		1,048,302
3.63%, 12/12/26		1,380,000		1,556,760
Principal Financial Group, Inc., Company Guaranteed,
3.30%, 09/15/22		250,000		262,138
W.R. Berkley Corp., Sr. Unsecured
4.63%, 03/15/22		1,000,000		1,054,216
4.75%, 08/01/44		1,715,000		2,155,231
4.00%, 05/12/50		1,425,000		1,672,515
TOTAL INSURANCE			$	18,192,255
MACHINERY – 0.5%
Roper Technologies, Inc., Sr. Unsecured
0.45%, 08/15/22		1,500,000		1,499,134
2.00%, 06/30/30		1,345,000		1,364,174
TOTAL MACHINERY			$	2,863,308
MEDIA – 1.7%
CCO Holdings LLC, Sr. Unsecured,
4.25%, 02/01/31W		3,000,000		3,075,000
Comcast Corp., Company Guaranteed,
4.95%, 10/15/58		1,500,000		2,146,423
Discovery Communications LLC, Company Guaranteed
3.95%, 03/20/28		1,000,000		1,125,423
3.63%, 05/15/30		1,000,000		1,105,936

Description	Par Value		Value
ViacomCBS, Inc., Company Guaranteed,
4.60%, 01/15/45	$	1,100,000	$	1,214,131
ViacomCBS, Inc., Sr. Unsecured,
4.95%, 05/19/50#		1,185,000		1,394,576
TOTAL MEDIA			$	10,061,489
MINING – 0.2%
Barrick Gold Corp., Sr. Unsecured,
5.25%, 04/01/42		1,000,000		1,357,368
MISCELLANEOUS MANUFACTURING – 0.6%
Textron, Inc., Sr. Unsecured
3.65%, 03/01/21		480,000		484,669
3.88%, 03/01/25		750,000		826,068
2.45%, 03/15/31		2,000,000		1,983,034
TOTAL MISCELLANEOUS MANUFACTURING			$	3,293,771
OIL & GAS – 2.2%
Canadian Natural Resources Ltd., Sr. Unsecured,
2.95%, 01/15/23#		3,000,000		3,111,010
Marathon Petroleum Corp., Sr. Unsecured,
3.63%, 09/15/24		745,000		791,979
Occidental Petroleum Corp., Sr. Unsecured,
2.70%, 08/15/22		1,545,000		1,429,612
Phillips 66, Company Guaranteed
4.30%, 04/01/22		1,450,000		1,531,459
3.85%, 04/09/25		575,000		633,321
Pioneer Natural Resources Co., Sr. Unsecured,
1.90%, 08/15/30		1,700,000		1,592,074
Valero Energy Corp., Sr. Unsecured
2.15%, 09/15/27		1,800,000		1,722,812
4.00%, 04/01/29		1,580,000		1,649,554
4.90%, 03/15/45		563,000		568,980
TOTAL OIL & GAS			$	13,030,801
PHARMACEUTICALS – 1.9%
AbbVie, Inc., Sr. Unsecured
2.95%, 11/21/26W		1,875,000		2,046,637
4.25%, 11/14/28		1,235,000		1,456,868
4.40%, 11/06/42		460,000		547,933
4.88%, 11/14/48		1,000,000		1,274,543
4.25%, 11/21/49W		1,000,000		1,174,345
Bristol-Myers Squibb Co., Sr. Unsecured
(3 Month USD LIBOR + 0.38%), 0.66%, 05/16/22D		665,000		666,655
2.75%, 02/15/23		1,305,000		1,371,554
3.40%, 07/26/29		1,000,000		1,150,522
Pfizer, Inc., Sr. Unsecured,
2.63%, 04/01/30		650,000		714,052
Zoetis, Inc., Sr. Unsecured,
3.95%, 09/12/47		1,005,000		1,199,268
TOTAL PHARMACEUTICALS			$	11,602,377
PIPELINES – 2.2%
Energy Transfer Operating LP, Company Guaranteed
3.60%, 02/01/23		870,000		895,874
3.75%, 05/15/30		715,000		702,988
5.30%, 04/15/47		1,250,000		1,199,473

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

7 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Enterprise Products Operating LLC, Company Guaranteed
2.80%, 02/15/21	$	1,075,000	$	1,082,786
4.20%, 01/31/50		1,120,000		1,200,896
4.95%, 10/15/54		500,000		564,500
Kinder Morgan Energy Partners LP, Company Guaranteed,
5.40%, 09/01/44		1,000,000		1,141,432
Kinder Morgan, Inc., Company Guaranteed,
5.20%, 03/01/48		2,040,000		2,340,842
MPLX LP, Sr. Unsecured
(3 Month USD LIBOR + 1.10%), 1.34%, 09/09/22D		470,000		470,429
4.70%, 04/15/48		1,000,000		1,002,568
ONEOK Partners LP, Company Guaranteed,
6.20%, 09/15/43		1,000,000		1,064,567
Plains All American Pipeline LP, Sr. Unsecured,
3.85%, 10/15/23		500,000		523,153
Spectra Energy Partners LP, Company Guaranteed,
3.50%, 03/15/25		670,000		723,715
TOTAL PIPELINES			$	12,913,223
REAL ESTATE INVESTMENT TRUSTS – 2.3%
American Tower Corp., Sr. Unsecured
5.00%, 02/15/24		415,000		470,007
3.13%, 01/15/27		1,000,000		1,089,588
3.10%, 06/15/50		1,500,000		1,460,419
AvalonBay Communities, Inc., Sr. Unsecured, MTN,
3.35%, 05/15/27		1,420,000		1,582,966
Healthcare Realty Trust, Inc., Sr. Unsecured
3.88%, 05/01/25		915,000		1,001,892
3.63%, 01/15/28		800,000		885,246
Healthpeak Properties, Inc., Sr. Unsecured,
2.88%, 01/15/31		2,350,000		2,474,676
Welltower, Inc., Sr. Unsecured
4.00%, 06/01/25		3,000,000		3,375,822
4.95%, 09/01/48		1,000,000		1,205,086
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	13,545,702
RETAIL – 0.1%
Nordstrom, Inc., Sr. Unsecured,
5.00%, 01/15/44		1,000,000		714,603
SEMICONDUCTORS – 0.6%
Texas Instruments, Inc., Sr. Unsecured,
1.75%, 05/04/30		3,365,000		3,431,010
TELECOMMUNICATIONS – 0.7%
AT&T, Inc., Sr. Unsecured
4.50%, 05/15/35		845,000		981,993
3.30%, 02/01/52		2,000,000		1,846,499
3.55%, 09/15/55W		1,423,000		1,346,922
TOTAL TELECOMMUNICATIONS			$	4,175,414
TRANSPORTATION – 1.2%
Ryder System, Inc., Sr. Unsecured, MTN
3.50%, 06/01/21		500,000		508,819
2.50%, 09/01/22		980,000		1,013,597
3.65%, 03/18/24		1,670,000		1,815,723

Description	Par Value		Value
Union Pacific Corp., Sr. Unsecured
3.15%, 03/01/24	$	2,565,000	$	2,774,510
4.30%, 03/01/49		675,000		842,372
TOTAL TRANSPORTATION			$	6,955,021
TRUCKING & LEASING – 0.8%
GATX Corp., Sr. Unsecured
3.25%, 09/15/26		1,065,000		1,162,227
3.85%, 03/30/27		1,500,000		1,647,883
4.00%, 06/30/30		1,000,000		1,152,323
5.20%, 03/15/44		640,000		797,151
TOTAL TRUCKING & LEASING			$	4,759,584
TOTAL CORPORATE BONDS (COST $249,632,746)			$	267,618,225
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.1%
AIRLINES – 0.1%
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 01/31/21		146,204		139,775
Delta Air Lines, 2007-1, Series A, Pass-Through Certificates, 6.82%, 08/10/22		183,258		182,938
TOTAL AIRLINES			$	322,713
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $329,462)			$	322,713
GOVERNMENT AGENCIES – 3.2%
FEDERAL HOME LOAN BANK (FHLB) – 1.4%
3.25%, 11/16/28#		6,960,000		8,225,394
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.5%
2.38%, 01/13/22		125,000		128,331
0.38%, 07/21/25#		9,000,000		8,952,696
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	9,081,027
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
6.25%, 05/15/29		750,000		1,071,926
7.25%, 05/15/30		400,000		622,103
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,694,029
TOTAL GOVERNMENT AGENCIES
(COST $18,303,860)			$	19,000,450
MORTGAGE-BACKED SECURITIES – 22.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 8.4%
Pool G12709, 5.00%, 07/01/22		7,930		8,191
Pool C00478, 8.50%, 09/01/26		7,170		8,286
Pool E09010, 2.50%, 09/01/27		470,476		489,552
Pool G18497, 3.00%, 01/01/29		62,450		65,792
Pool C01272, 6.00%, 12/01/31		13,648		16,018
Pool A13990, 4.50%, 10/01/33		9,410		10,367
Pool G01625, 5.00%, 11/01/33		19,866		22,559
Pool G08097, 6.50%, 11/01/35		10,142		12,064
Pool G02296, 5.00%, 06/01/36		99,722		112,995
Pool G02390, 6.00%, 09/01/36		3,533		4,110
Pool G05317, 5.00%, 04/01/37		411,455		466,235
Pool G03703, 5.50%, 12/01/37		11,039		12,673

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 8

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Pool G04776, 5.50%, 07/01/38	$	34,723	$	39,026
Pool G05500, 5.00%, 05/01/39		355,092		403,545
Pool A93415, 4.00%, 08/01/40		836,231		920,780
Pool A93505, 4.50%, 08/01/40		667,534		741,866
Pool A93996, 4.50%, 09/01/40		538,182		599,218
Pool G06222, 4.00%, 01/01/41		871,150		957,193
Pool A97047, 4.50%, 02/01/41		527,316		587,041
Pool G06956, 4.50%, 08/01/41		534,343		595,015
Pool C03750, 3.50%, 02/01/42		225,819		243,518
Pool C03849, 3.50%, 04/01/42		107,525		116,158
Pool Q08305, 3.50%, 05/01/42		682,582		756,883
Pool C04305, 3.00%, 11/01/42		1,964,520		2,077,790
Pool C09020, 3.50%, 11/01/42		1,689,221		1,821,955
Pool G07266, 4.00%, 12/01/42		1,419,027		1,555,161
Pool C04444, 3.00%, 01/01/43		68,779		72,700
Pool C09029, 3.00%, 03/01/43		306,045		324,942
Pool G08534, 3.00%, 06/01/43		380,966		404,479
Pool Q19476, 3.50%, 06/01/43		663,691		720,906
Pool C09044, 3.50%, 07/01/43		790,859		859,159
Pool G07889, 3.50%, 08/01/43		674,885		727,581
Pool G07624, 4.00%, 12/01/43		670,182		740,660
Pool G60038, 3.50%, 01/01/44		3,581,933		3,863,007
Pool G07680, 4.00%, 04/01/44		1,046,104		1,165,363
Pool G07943, 4.50%, 08/01/44		72,290		79,803
Pool G08607, 4.50%, 09/01/44		450,485		500,354
Pool Q33547, 3.50%, 05/01/45		643,532		700,517
Pool Q36970, 4.00%, 10/01/45		307,003		332,720
Pool G60384, 4.50%, 12/01/45		50,949		56,579
Pool Q39644, 3.50%, 03/01/46		2,581,974		2,758,223
Pool Q39438, 4.00%, 03/01/46		2,085,108		2,262,106
Pool G08705, 3.00%, 05/01/46		195,320		206,214
Pool G08708, 4.50%, 05/01/46		362,415		392,170
Pool ZS4671, 3.00%, 08/01/46		1,237,921		1,306,725
Pool Q44452, 3.00%, 11/01/46		1,690,100		1,784,366
Pool ZS4693, 3.00%, 12/01/46		3,299,180		3,482,554
Pool SD8037, 2.50%, 01/01/50		6,684,269		6,963,092
Pool RA2341, 2.50%, 04/01/50		4,767,416		4,979,670
Pool SD8104, 1.50%, 11/01/50		2,986,000		3,007,813
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	50,335,694
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 13.6%
Pool 975207, 5.00%, 03/01/23		10,753		11,238
Pool AE2520, 3.00%, 01/01/26		166,006		173,824
Pool 329794, 7.00%, 02/01/26		10,115		11,079
Pool 256639, 5.00%, 02/01/27		7,035		7,740
Pool 256752, 6.00%, 06/01/27		11,432		12,956
Pool 402255, 6.50%, 12/01/27		835		918
Pool AB8997, 2.50%, 04/01/28		112,158		116,823
Pool AS4480, 2.50%, 02/01/30		692,867		722,030
Pool AS7462, 2.50%, 06/01/31		289,284		302,869
Pool 254007, 6.50%, 10/01/31		7,690		9,075
Pool 638023, 6.50%, 04/01/32		44,378		49,191
Pool 642345, 6.50%, 05/01/32		35,785		39,667
Pool 651292, 6.50%, 07/01/32		56,121		62,208
Pool 686398, 6.00%, 03/01/33		128,497		147,478
Pool BP6496, 2.00%, 07/01/35		1,370,928		1,422,450
Pool MA4095, 2.00%, 08/01/35		1,948,863		2,022,229

Description	Par Value		Value
Pool 745412, 5.50%, 12/01/35	$	14,004	$	16,084
Pool 888789, 5.00%, 07/01/36		153,065		173,557
Pool 256515, 6.50%, 12/01/36		9,107		10,721
Pool AE0217, 4.50%, 08/01/40		84,139		93,384
Pool AB1796, 3.50%, 11/01/40		523,388		562,899
Pool AH5583, 4.50%, 02/01/41		241,254		268,503
Pool 890551, 4.50%, 08/01/41		52,185		58,095
Pool AL0658, 4.50%, 08/01/41		303,254		337,597
Pool AL1319, 4.50%, 10/01/41		469,609		516,150
Pool AL6302, 4.50%, 10/01/41		520,078		578,801
Pool AX5302, 4.00%, 01/01/42		899,840		990,882
Pool AK4523, 4.00%, 03/01/42		1,146,285		1,269,891
Pool AL2034, 4.50%, 04/01/42		136,871		152,141
Pool AB7936, 3.00%, 02/01/43		1,225,989		1,316,940
Pool AL3761, 4.50%, 02/01/43		174,071		192,545
Pool MA1458, 3.00%, 06/01/43		326,672		346,701
Pool AT7899, 3.50%, 07/01/43		1,954,693		2,091,651
Pool AS0302, 3.00%, 08/01/43		3,247,919		3,438,783
Pool AU4279, 3.00%, 09/01/43		625,588		664,057
Pool AL5537, 4.50%, 04/01/44		244,741		272,878
Pool AS3155, 4.00%, 08/01/44		52,529		57,877
Pool AX0833, 3.50%, 09/01/44		607,394		664,840
Pool AL6325, 3.00%, 10/01/44		2,074,380		2,211,981
Pool AS5136, 4.00%, 06/01/45		257,466		281,720
Pool AZ7362, 4.00%, 11/01/45		704,787		773,420
Pool AZ9565, 3.50%, 12/01/45		1,116,266		1,202,917
Pool BC0326, 3.50%, 12/01/45		875,254		943,196
Pool BC0245, 3.00%, 02/01/46		517,650		546,570
Pool BC0830, 3.00%, 04/01/46		752,351		794,385
Pool AS7568, 4.50%, 07/01/46		125,845		136,040
Pool BC4764, 3.00%, 10/01/46		959,051		1,012,634
Pool MA2771, 3.00%, 10/01/46		312,384		330,688
Pool AS8276, 3.00%, 11/01/46		1,065,202		1,127,617
Pool BC9003, 3.00%, 11/01/46		1,005,837		1,062,035
Pool BE1899, 3.00%, 11/01/46		3,717,334		3,925,031
Pool BE3767, 3.50%, 07/01/47		1,162,659		1,236,250
Pool BH2618, 3.50%, 08/01/47		333,833		354,964
Pool MA3088, 4.00%, 08/01/47		1,065,216		1,146,720
Pool BH4010, 4.50%, 09/01/47		1,034,659		1,117,663
Pool BH9215, 3.50%, 01/01/48		1,578,351		1,674,342
Pool BJ0650, 3.50%, 03/01/48		6,812,959		7,197,737
Pool BJ0639, 4.00%, 03/01/48		435,201		466,253
Pool BJ9169, 4.00%, 05/01/48		2,064,595		2,211,910
Pool BK4764, 4.00%, 08/01/48		1,986,597		2,128,349
Pool BN1628, 4.50%, 11/01/48		1,034,377		1,119,019
Pool BM5334, 3.50%, 01/01/49		1,334,895		1,444,872
Pool MA3871, 3.00%, 12/01/49		4,570,767		4,778,233
Pool CA5306, 3.00%, 03/01/50		3,992,941		4,189,698
Pool CA5353, 3.50%, 03/01/50		3,030,428		3,202,978
Pool MA4100, 2.00%, 08/01/50		1,973,459		2,036,274
Pool FM3989, 2.50%, 08/01/50		1,371,709		1,433,524
Pool MA4119, 2.00%, 09/01/50		1,407,936		1,452,755
Pool BQ2999, 2.50%, 10/01/50		2,870,000		3,025,259
Pool CA7383, 3.00%, 10/01/50		2,982,287		3,239,904
Pool TBA, 2.00%, 12/01/50‡		4,000,000		4,115,937
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	81,107,627

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

9 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23	$	5,776	$	6,198
Pool 354713, 7.50%, 12/15/23		2,982		3,175
Pool 354765, 7.00%, 02/15/24		10,520		11,672
Pool 354827, 7.00%, 05/15/24		6,719		7,460
Pool 385623, 7.00%, 05/15/24		11,994		13,239
Pool 360869, 7.50%, 05/15/24		10,561		11,340
Pool 2077, 7.00%, 09/20/25		3,455		3,797
Pool 503405, 6.50%, 04/15/29		14,556		15,250
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	72,131
TOTAL MORTGAGE-BACKED SECURITIES
(COST $127,932,179)			$	131,515,452
MUNICIPAL BOND – 0.4%
GENERAL – 0.4%
New Jersey Transportation Trust Fund Authority, Current Refunding Revenue Bonds (Series B), 4.13%, 06/15/42		2,500,000		2,340,925
TOTAL MUNICIPAL BOND
(COST $2,500,000)			$	2,340,925
U.S. TREASURY OBLIGATIONS – 24.1%
U.S. TREASURY BONDS – 6.5%
6.38%, 08/15/27#		450,000		623,025
5.25%, 02/15/29		500,000		681,731
6.25%, 05/15/30		500,000		750,273
5.38%, 02/15/31		600,000		867,537
3.00%, 05/15/42		500,000		643,471
3.63%, 08/15/43		881,000		1,245,074
3.75%, 11/15/43		365,000		525,536
3.63%, 02/15/44		2,106,000		2,982,582
3.13%, 08/15/44		6,637,000		8,748,146
3.00%, 11/15/44		2,000,000		2,586,482
2.50%, 02/15/45		2,135,000		2,540,175
3.00%, 05/15/45		2,000,000		2,589,626
2.88%, 08/15/45		300,000		380,990
3.00%, 11/15/45#		765,000		993,317
2.50%, 02/15/46		280,000		333,723
3.00%, 02/15/47		1,098,000		1,433,101
3.00%, 05/15/47		1,695,000		2,214,956
2.75%, 11/15/47		2,235,000		2,798,014
1.25%, 05/15/50#		6,300,000		5,686,836
TOTAL U.S. TREASURY BONDS			$	38,624,595
U.S. TREASURY NOTES – 17.6%
2.63%, 11/15/20		500,000		500,392
2.00%, 11/15/21		1,000,000		1,019,271
1.75%, 05/15/22		380,000		389,292
2.13%, 06/30/22		6,615,000		6,831,581
1.63%, 08/15/22		6,000,000		6,158,044
1.63%, 11/15/22		1,928,000		1,985,437
2.50%, 03/31/23		7,000,000		7,392,432
1.75%, 05/15/23		2,000,000		2,079,634
1.63%, 05/31/23		12,400,000		12,860,816
2.50%, 08/15/23		200,000		212,873
2.00%, 04/30/24		10,195,000		10,819,686
1.75%, 07/31/24		1,900,000		2,005,162

Description	Par Value		Value
2.38%, 08/15/24	$	5,600,000	$	6,045,602
2.00%, 02/15/25		4,655,000		4,988,117
2.13%, 05/15/25		2,500,000		2,700,411
2.00%, 08/15/25		295,000		317,821
2.25%, 11/15/25		230,000		251,317
1.63%, 02/15/26		8,000,000		8,502,763
1.63%, 05/15/26		4,695,000		4,993,768
2.00%, 11/15/26		4,180,000		4,546,660
2.75%, 02/15/28		6,000,000		6,890,361
2.38%, 05/15/29		2,500,000		2,830,851
1.63%, 08/15/29#		5,000,000		5,356,227
1.50%, 02/15/30		5,000,000		5,300,921
TOTAL U.S. TREASURY NOTES			$	104,979,439
TOTAL U.S. TREASURY OBLIGATIONS
(COST $129,934,758)			$	143,604,034
	Number of Shares
INVESTMENT COMPANY – 1.0%
EXCHANGE-TRADED FUND – 1.0%
iShares iBoxx High Yield Corporate Bond ETF		68,340		5,732,359
TOTAL INVESTMENT COMPANY
(COST $6,002,419)			$	5,732,359
MONEY MARKET FUND – 1.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%^		11,637,621		11,637,621
TOTAL MONEY MARKET FUND
(COST $11,637,621)			$	11,637,621
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.2%
REPURCHASE AGREEMENTS – 4.2%
Bank of America Securities, Inc., 0.09%,dated 10/30/20, due 11/02/20,repurchase price $4,699,416 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 11/01/27 to 11/01/50; total market value of $4,793,369.	$	4,699,381		4,699,381
Citigroup Global Markets Ltd., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $4,699,416 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 10/31/20 to 8/20/70; total market value of $4,793,369.		4,699,381		4,699,381
Daiwa Capital Markets America, 0.10%,dated 10/30/20, due 11/02/20, repurchase price $4,699,420 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 12/31/20 to 11/01/50; total market value of $4,793,369.		4,699,381		4,699,381

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
National Bank Financial, 0.14%, dated 10/30/20, due 11/02/20, repurchase price $4,699,436 collateralized by U.S. Treasury Securities, 0.13% to 6.25%, maturing 11/02/20 to 9/09/49; total market value of $4,793,365.	$	4,699,381	$	4,699,381
Nomura Securities International, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $1,236,646 collateralized by U.S. Government Agency Securities, 2.00% to 5.50%, maturing 10/01/34 to 9/20/50; total market value of $1,261,370.		1,236,637		1,236,637
RBC Dominion Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $4,699,416 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 2/04/21 to 11/01/50; total market value of $4,793,369.		4,699,381		4,699,381
TOTAL REPURCHASE AGREEMENTS (COST $24,733,542)			$	24,733,542
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $24,733,542)			$	24,733,542
TOTAL INVESTMENTS – 104.7%
(COST $589,593,787)			$	625,000,289
COLLATERAL FOR SECURITIES ON LOAN – (4.2%)				(24,733,542	)
OTHER ASSETS LESS LIABILITIES – (0.5)%				(3,113,315	)
TOTAL NET ASSETS – 100.0%			$	597,153,432

Cost of investments for Federal income tax purposes is $589,638,068. The net unrealized appreciation/(depreciation) of investments was $35,362,221. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $37,395,021 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(2,032,800).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Asset-Backed Security		$	—		$	214,273		$	—		$	214,273
Collateralized Mortgage Obligations			—			1,295,863			—			1,295,863
Commercial Paper			—			16,984,832			—			16,984,832
Corporate Bonds			—			267,618,225			—			267,618,225
Enhanced Equipment Trust Certificates			—			322,713			—			322,713
Government Agencies			—			19,000,450			—			19,000,450
Mortgage-Backed Securities			—			131,515,452			—			131,515,452
Municipal Bond			—			2,340,925			—			2,340,925
U.S. Treasury Obligations			—			143,604,034			—			143,604,034
Investment Company			5,732,359			—			—			5,732,359
Money Market Fund			11,637,621			—			—			11,637,621
Repurchase Agreements			—			24,733,542			—			24,733,542
Total		$	17,369,980		$	607,630,309		$	—		$	625,000,289

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

11 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (concluded)

^**  Represents less than 0.05%.

^W  Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2020, these liquid restricted securities amounted to $29,512,708 representing 4.94% of total net assets.

^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.

^t  The rate shown reflects the effective yield at purchase date.

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

^‡  Delayed delivery security.

^{^}  7-Day net yield.

The following acronyms are used throughout this Fund:
BKNT	Bank Notes
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
PLC	Public Limited Company
SOFRRATE	Secured Overnight Financing Rate
TBA	To Be Announced Security
USD	United States Dollar
UST	United States Treasury

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

12

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
Corporate Bonds		58.4	%
U.S. Treasury Obligations		31.8	%
Government Agencies		5.4	%
Mortgage-Backed Securities		1.2	%
Adjustable Rate Mortgage		0.0	%(1)
Cash Equivalents(2)		3.3	%
Cash Collateral Invested for Securities on Loan(3)		1.6	%
Other Assets and Liabilities - Net(4)		(1.7	)%
TOTAL		100.0	%

	Percentage of
Credit Quality Diversification(5)	Total Net Assets
U.S. Government Agency Securities		6.6	%
U.S. Treasury		31.8	%
A / A		15.1	%
BBB / Baa		39.9	%
BB / Ba		2.3	%
B / B		1.1	%
Not Rated		4.9	%
Other Assets and Liabilities - Net(4)		(1.7	)%
TOTAL		100.0	%

⁽¹⁾  Represents less than 0.05%.

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

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

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

⁽⁵⁾  For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 612514, (12 Month USD LIBOR + 1.72%, Cap 8.82%, Floor 1.72%), 2.59%, 05/01/33D	$	8,182	$	8,608
TOTAL ADJUSTABLE RATE MORTGAGE (COST $8,171)			$	8,608
CORPORATE BONDS – 58.4%
AEROSPACE & DEFENSE – 0.8%
Boeing Co. (The), Sr. Unsecured
1.95%, 02/01/24		250,000		249,435
3.20%, 03/01/29		150,000		146,668
TOTAL AEROSPACE & DEFENSE			$	396,103
AUTOMOTIVE – 1.8%
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.58%, 03/18/24		250,000		263,276
General Motors Financial Co., Inc., Sr. Unsecured
4.20%, 11/06/21		375,000		386,682
2.90%, 02/26/25		230,000		239,154
TOTAL AUTOMOTIVE			$	889,112

Description	Par Value		Value
BEVERAGES – 0.9%
Keurig Dr Pepper, Inc., Company Guaranteed,
3.55%, 05/25/21	$	300,000	$	305,352
PepsiCo, Inc., Sr. Unsecured,
2.75%, 03/19/30		120,000		133,091
TOTAL BEVERAGES			$	438,443
BIOTECHNOLOGY – 0.5%
Amgen, Inc., Sr. Unsecured,
2.25%, 08/19/23		225,000		235,198
BUILDING PRODUCTS – 1.4%
Carrier Global Corp., Sr. Unsecured,
2.49%, 02/15/27W		250,000		262,064
Johnson Controls International PLC, Sr. Unsecured,
3.63%, 07/02/24ÿ		373,000		404,967
TOTAL BUILDING PRODUCTS			$	667,031
CAPITAL MARKETS – 6.8%
Bank of America Corp., Sr. Unsecured, MTN
(SOFRRATE + 0.74%), 0.81%, 10/24/24D		120,000		120,277
(SOFRRATE + 1.15%), 1.32%, 06/19/26D		250,000		251,974
Fifth Third Bancorp, Subordinated,
4.30%, 01/16/24		250,000		275,090
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%),
3.27%, 09/29/25D		210,000		227,796

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

13 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
PNC Financial Services Group, Inc. (The), Sr. Unsecured,
3.45%, 04/23/29	$	100,000	$	114,250
PNC Financial Services Group, Inc. (The), Subordinated,
3.90%, 04/29/24		200,000		220,073
State Street Corp., Subordinated,
3.10%, 05/15/23		250,000		266,895
TD Ameritrade Holding Corp., Sr. Unsecured,
2.95%, 04/01/22		250,000		257,901
Toronto-Dominion Bank (The), Sr. Unsecured, GMTN,
3.25%, 03/11/24		275,000		298,379
Truist Bank, Sr. Unsecured,
3.20%, 04/01/24		175,000		189,132
Truist Bank, Subordinated,
3.63%, 09/16/25		250,000		280,776
Truist Financial Corp., Sr. Unsecured,
2.70%, 01/27/22		250,000		256,940
U.S. Bancorp, Subordinated,
3.00%, 07/30/29		500,000		551,609
TOTAL CAPITAL MARKETS			$	3,311,092
COMMERCIAL SERVICES & SUPPLIES – 1.2%
Global Payments, Inc., Sr. Unsecured
3.80%, 04/01/21		300,000		303,394
2.65%, 02/15/25		275,000		290,998
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	594,392
COMPUTERS – 2.3%
Hewlett Packard Enterprise Co., Sr. Unsecured
4.40%, 10/15/22		425,000		453,335
1.45%, 04/01/24		150,000		152,791
International Business Machines Corp., Sr. Unsecured,
2.85%, 05/13/22		480,000		498,415
TOTAL COMPUTERS			$	1,104,541
DIVERSIFIED FINANCIAL SERVICES – 6.8%
American Express Co., Sr. Unsecured
(3 Month USD LIBOR + 0.53%), 0.81%, 05/17/21D		165,000		165,333
3.13%, 05/20/26		150,000		167,339
Bank of America Corp., Sr. Unsecured, MTN,
2.50%, 10/21/22		415,000		423,518
Bank of Montreal, Sr. Unsecured, MTN,
1.90%, 08/27/21		180,000		182,478
Capital One Financial Corp., Sr. Unsecured
(3 Month USD LIBOR + 0.95%), 1.19%, 03/09/22D		250,000		252,021
3.90%, 01/29/24		250,000		273,255
Charles Schwab Corp. (The), Sr. Unsecured
(3 Month USD LIBOR + 0.32%), 0.57%,
05/21/21D		155,000		155,211
3.20%, 03/02/27		315,000		349,794
JPMorgan Chase & Co., Sr. Unsecured
(SOFRRATE + 1.46%), 1.51%, 06/01/24D		65,000		66,388
(SOFRRATE + 1.58%), 2.01%, 03/13/26D		150,000		155,588
JPMorgan Chase & Co., Subordinated,
3.88%, 09/10/24		300,000		331,736

Description	Par Value		Value
National Rural Utilities Cooperative Finance Corp., Collateral Trust,
3.70%, 03/15/29	$	260,000	$	303,619
Truist Financial Corp., Sr. Unsecured, MTN,
(3 Month USD LIBOR + 0.65%),
0.88%, 04/01/22D		345,000		347,285
Wells Fargo & Co., Sr. Unsecured, MTN,
(3 Month USD LIBOR + 0.75%),
2.16%, 02/11/26D		140,000		145,241
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	3,318,806
ELECTRIC – 4.3%
DTE Energy Co., Sr. Unsecured
3.70%, 08/01/23		300,000		324,847
3.50%, 06/01/24		250,000		270,783
Exelon Generation Co. LLC, Sr. Unsecured,
3.25%, 06/01/25		250,000		272,320
FirstEnergy Corp., Series A, Sr. Unsecured,
1.60%, 01/15/26		250,000		243,896
Southern Co. (The), Sr. Unsecured,
2.35%, 07/01/21		500,000		505,777
Union Electric Co., 1st Mortgage,
3.50%, 03/15/29		220,000		253,488
WEC Energy Group, Inc., Sr. Unsecured,
1.38%, 10/15/27		250,000		249,611
TOTAL ELECTRIC			$	2,120,722
ELECTRONICS – 0.4%
Honeywell International, Inc., Sr. Unsecured,
0.48%, 08/19/22		175,000		175,266
FOOD & STAPLES RETAILING – 1.7%
Conagra Brands, Inc.,
1.38%, 11/01/27		200,000		197,914
Kroger Co. (The), Sr. Unsecured,
2.95%, 11/01/21		250,000		255,867
McCormick & Co., Inc., Sr. Unsecured,
2.50%, 04/15/30		350,000		370,214
TOTAL FOOD & STAPLES RETAILING			$	823,995
HEALTHCARE-SERVICES – 1.9%
Anthem, Inc., Sr. Unsecured,
3.65%, 12/01/27		300,000		339,498
CommonSpirit Health, Sr. Secured
2.76%, 10/01/24		110,000		115,410
3.35%, 10/01/29		150,000		156,563
UnitedHealth Group, Inc., Sr. Unsecured,
2.38%, 10/15/22		300,000		312,134
TOTAL HEALTHCARE-SERVICES			$	923,605
HOUSEHOLD PRODUCTS/WARES – 0.5%
Church & Dwight Co., Inc., Sr. Unsecured,
2.45%, 08/01/22		225,000		232,035
INSURANCE – 1.0%
Aon PLC, Company Guaranteed
2.80%, 03/15/21		240,000		241,722
4.00%, 11/27/23		250,000		272,781
TOTAL INSURANCE
			$	514,503

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
MACHINERY – 1.1%
Caterpillar Financial Services Corp., Sr. Unsecured,
0.65%, 07/07/23	$	50,000	$	50,233
Roper Technologies, Inc., Sr. Unsecured
3.13%, 11/15/22		125,000		130,777
3.80%, 12/15/26		300,000		343,631
TOTAL MACHINERY			$	524,641
MEDIA – 1.9%
CCO Holdings LLC, Sr. Unsecured,
4.25%, 02/01/31W		500,000		512,500
Discovery Communications LLC, Company Guaranteed,
4.13%, 05/15/29		350,000		398,838
TOTAL MEDIA			$	911,338
MISCELLANEOUS MANUFACTURING – 3.7%
3M Co., Sr. Unsecured,
2.65%, 04/15/25		250,000		271,324
Textron, Inc., Sr. Unsecured
3.65%, 03/01/21		125,000		126,216
4.30%, 03/01/24		500,000		545,986
2.45%, 03/15/31		500,000		495,758
Trane Technologies Global Holding Co. Ltd., Company Guaranteed,
4.25%, 06/15/23		330,000		361,845
TOTAL MISCELLANEOUS MANUFACTURING			$	1,801,129
OIL & GAS – 2.4%
Dominion Energy Gas Holdings LLC, Sr. Unsecured,
3.00%, 11/15/29		500,000		545,540
Phillips 66, Company Guaranteed,
4.30%, 04/01/22		400,000		422,472
Pioneer Natural Resources Co., Sr. Unsecured,
1.90%, 08/15/30		240,000		224,763
TOTAL OIL & GAS			$	1,192,775
PHARMACEUTICALS – 4.4%
AbbVie, Inc., Sr. Unsecured
3.75%, 11/14/23		150,000		163,396
3.60%, 05/14/25		550,000		609,467
AstraZeneca PLC, Sr. Unsecured,
0.70%, 04/08/26		100,000		98,649
Bristol-Myers Squibb Co., Sr. Unsecured,
2.75%, 02/15/23		260,000		273,260
Cardinal Health, Inc., Sr. Unsecured,
3.20%, 03/15/23		350,000		370,330
CVS Health Corp., Sr. Unsecured
3.70%, 03/09/23		108,000		115,532
1.30%, 08/21/27		145,000		142,612
Elanco Animal Health, Inc., Sr. Unsecured,
4.91%, 08/27/21		250,000		255,820
Zoetis, Inc., Sr. Unsecured,
3.00%, 09/12/27		125,000		137,635
TOTAL PHARMACEUTICALS			$	2,166,701
PIPELINES – 2.2%
Enterprise Products Operating LLC, Company Guaranteed,
2.80%, 02/15/21		225,000		226,630

Description	Par Value		Value
ONEOK Partners LP, Company Guaranteed,
3.38%, 10/01/22	$	450,000	$	466,691
Plains All American Pipeline LP, Sr. Unsecured,
3.85%, 10/15/23		366,000		382,947
TOTAL PIPELINES			$	1,076,268
REAL ESTATE INVESTMENT TRUSTS – 3.3%
American Tower Corp., Sr. Unsecured,
5.00%, 02/15/24		250,000		283,137
Healthcare Realty Trust, Inc., Sr. Unsecured
3.88%, 05/01/25		300,000		328,489
3.63%, 01/15/28		300,000		331,968
Healthpeak Properties, Inc., Sr. Unsecured,
3.25%, 07/15/26		110,000		122,003
Ventas Realty LP, Company Guaranteed,
4.00%, 03/01/28		250,000		275,204
Welltower, Inc., Sr. Unsecured,
3.63%, 03/15/24		250,000		271,008
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	1,611,809
RETAIL – 2.3%
Amazon.com, Inc., Sr. Unsecured,
1.20%, 06/03/27		100,000		101,225
Home Depot, Inc. (The), Sr. Unsecured,
2.13%, 09/15/26		225,000		241,468
Lowe’s Cos., Inc., Sr. Unsecured,
3.65%, 04/05/29		200,000		230,357
McDonald’s Corp., Sr. Unsecured, MTN,
3.30%, 07/01/25		250,000		276,604
Target Corp., Sr. Unsecured,
2.25%, 04/15/25		250,000		267,200
TOTAL RETAIL			$	1,116,854
SEMICONDUCTORS – 0.4%
Applied Materials, Inc., Sr. Unsecured,
1.75%, 06/01/30		50,000		51,067
QUALCOMM, Inc., Sr. Unsecured,
3.25%, 05/20/27		150,000		167,398
TOTAL SEMICONDUCTORS			$	218,465
SOFTWARE – 0.1%
Oracle Corp., Sr. Unsecured,
2.50%, 04/01/25		50,000		53,541
TELECOMMUNICATIONS – 1.6%
AT&T, Inc., Sr. Unsecured
2.95%, 07/15/26		200,000		218,097
1.65%, 02/01/28		300,000		297,350
Verizon Communications, Inc., Sr. Unsecured,
2.63%, 08/15/26		240,000		261,558
TOTAL TELECOMMUNICATIONS			$	777,005
TRANSPORTATION – 1.6%
Ryder System, Inc., Sr. Unsecured, MTN
2.50%, 09/01/22		265,000		274,085
3.40%, 03/01/23		500,000		528,686
TOTAL TRANSPORTATION			$	802,771

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

15 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
TRUCKING & LEASING – 1.1%
GATX Corp., Sr. Unsecured,
3.25%, 09/15/26	$	505,000	$	551,103
TOTAL CORPORATE BONDS
(COST $27,105,759)			$	28,549,244
GOVERNMENT AGENCIES – 5.4%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.4%
0.38%, 05/05/23#		500,000		502,008
0.30%, 08/10/23		400,000		399,883
0.38%, 07/21/25		250,000		248,686
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,150,577
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.0%
0.25%, 05/22/23		700,000		700,635
0.63%, 04/22/25#		750,000		756,546
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,457,181
TOTAL GOVERNMENT AGENCIES
(COST $2,597,668)			$	2,607,758
MORTGAGE-BACKED SECURITIES – 1.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.2%
Pool C90504, 6.50%, 12/01/21		1,905		1,962
Pool G01625, 5.00%, 11/01/33		19,866		22,559
Pool A18401, 6.00%, 02/01/34		21,094		24,518
Pool G08097, 6.50%, 11/01/35		16,413		19,523
Pool G02390, 6.00%, 09/01/36		6,182		7,192
Pool G08193, 6.00%, 04/01/37		17,988		20,919
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	96,673
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.7%
Pool AE2520, 3.00%, 01/01/26		210,578		220,496
Pool 256639, 5.00%, 02/01/27		14,069		15,481
Pool 256752, 6.00%, 06/01/27		14,290		16,195
Pool 257007, 6.00%, 12/01/27		23,505		26,646
Pool 254240, 7.00%, 03/01/32		23,224		26,568
Pool 745412, 5.50%, 12/01/35		14,116		16,213
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	321,599
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 780825, 6.50%, 07/15/28		35,820		41,027
Pool 2616, 7.00%, 07/20/28		20,958		25,126
Pool 2701, 6.50%, 01/20/29		43,384		50,821
Pool 426727, 7.00%, 02/15/29		4,480		5,103
Pool 781231, 7.00%, 12/15/30		19,496		23,610
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	145,687
TOTAL MORTGAGE-BACKED SECURITIES
(COST $509,197)			$	563,959
U.S. TREASURY OBLIGATIONS – 31.8%
U.S. TREASURY NOTES – 31.8%
1.38%, 05/31/21		80,000		80,577
2.13%, 06/30/21		100,000		101,316
1.88%, 07/31/22		125,000		128,742
1.50%, 08/15/22		150,000		153,600

Description	Par Value		Value
2.00%, 02/15/23	$	200,000	$	208,367
2.50%, 03/31/23		400,000		422,425
2.75%, 05/31/23		200,000		213,214
0.25%, 06/15/23		250,000		250,462
2.50%, 08/15/23		250,000		266,091
1.63%, 10/31/23#		490,000		510,900
2.75%, 11/15/23		550,000		592,454
2.25%, 01/31/24		650,000		692,765
2.50%, 05/15/24		500,000		539,701
2.38%, 08/15/24		750,000		809,679
0.38%, 04/30/25		250,000		250,469
2.13%, 05/15/25		300,000		324,049
0.25%, 05/31/25		750,000		746,838
2.00%, 08/15/25		900,000		969,625
2.25%, 11/15/25		1,000,000		1,092,683
2.88%, 11/30/25		800,000		899,650
1.63%, 05/15/26		775,000		824,317
2.00%, 11/15/26		500,000		543,859
2.25%, 02/15/27		30,000		33,148
1.13%, 02/28/27		250,000		258,727
0.50%, 06/30/27		150,000		148,956
0.50%, 08/31/27		500,000		495,819
2.25%, 11/15/27		500,000		555,518
2.75%, 02/15/28		750,000		861,295
2.88%, 05/15/28		1,000,000		1,160,904
3.13%, 11/15/28		650,000		771,563
2.38%, 05/15/29		400,000		452,936
0.63%, 05/15/30		200,000		195,817
TOTAL U.S. TREASURY NOTES			$	15,556,466
TOTAL U.S. TREASURY OBLIGATIONS
(COST $14,380,154)			$	15,556,466
	Number of Shares
MONEY MARKET FUND – 3.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%^		1,622,266		1,622,266
TOTAL MONEY MARKET FUND
(COST $1,622,266)			$	1,622,266
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.6%
REPURCHASE AGREEMENTS – 1.6%
Bank of America Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $153,263 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 11/01/27 to 11/01/50; total market value of $156,327.	$	153,262		153,262
Citigroup Global Markets Ltd., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $153,263 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 10/31/20 to 8/20/70; total market value of $156,327.		153,262		153,262

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Daiwa Capital Markets America, 0.10%, dated 10/30/20, due 11/02/20, repurchase price $153,263 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 12/31/20 to 11/01/50; total market value of $156,327.	$	153,262	$	153,262
National Bank Financial, 0.14%, dated 10/30/20, due 11/02/20, repurchase price $153,264 collateralized by U.S. Treasury Securities, 0.13% to 6.25%, maturing 11/02/20 to 9/09/49; total market value of $156,327.		153,262		153,262
Nomura Securities International, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $40,332 collateralized by
U.S. Government Agency Securities, 2.00% to 5.50%, maturing 10/01/34 to 9/20/50; total market value of $41,139.		40,332		40,332
RBC Dominion Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $153,263 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 2/04/21 to 11/01/50; total market value of $156,327.		153,262		153,262
TOTAL REPURCHASE AGREEMENTS (COST $806,642)			$	806,642
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN
(COST $806,642)			$	806,642
TOTAL INVESTMENTS – 101.7%
(COST $47,029,857)			$	49,714,943
COLLATERAL FOR SECURITIES ON LOAN – (1.6%)				(806,642	)
OTHER ASSETS LESS LIABILITIES – (0.1)%				(41,431	)
TOTAL NET ASSETS – 100.0%			$	48,866,870

Cost of investments for Federal income tax purposes is $47,029,857. The net unrealized appreciation/(depreciation) of investments was $2,685,086. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,733,485 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(48,399).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Adjustable Rate Mortgage		$	—		$	8,608		$	—		$	8,608
Corporate Bonds			—			28,549,244			—			28,549,244
Government Agencies			—			2,607,758			—			2,607,758
Mortgage-Backed Securities			—			563,959			—			563,959
U.S. Treasury Obligations			—			15,556,466			—			15,556,466
Money Market Fund			1,622,266			—			—			1,622,266
Repurchase Agreements			—			806,642			—			806,642
Total		$	1,622,266		$	48,092,677		$	—		$	49,714,943

** Represents less than 0.05%.

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

17 PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (concluded)

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

^W  Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2020, these liquid restricted securities amounted to $774,564 representing 1.59% of total net assets.

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

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

^{^}  7-Day net yield.

The following acronyms are used throughout this 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
SOFRRATE	Secured Overnight Financing Rate
USD	United States Dollar

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

18

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Bond Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		73.6	%
U.S. Treasury Obligations		15.1	%
Commercial Paper		5.0	%
Mortgage-Backed Securities		3.4	%
Collateralized Mortgage Obligations		1.6	%
Investment Company		0.9	%
Adjustable Rate Mortgage		0.0	%(1)
Cash Equivalents(2)		0.2	%
Cash Collateral Invested for Securities on Loan(3)		2.1	%
Other Assets and Liabilities - Net(4)		(1.9	)%
TOTAL		100.0	%

Credit Quality Diversification(5)	Percentage of Total Net Assets
U.S. Government Agency Securities		4.8	%
U.S. Treasury		15.1	%
A / A		19.6	%
BBB / Baa		48.6	%
BB / Ba		5.5	%
Not Rated		8.3	%
Other Assets and Liabilities - Net(4)		(1.9	)%
TOTAL		100.0	%

⁽¹⁾  Represents less than 0.05%.

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

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

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

⁽⁵⁾  For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 399251, (UST Yield Curve CMT 1 Year + 2.07%, Cap 11.19%, Floor 2.07%), 2.32%, 09/01/27D	$	33	$	33
TOTAL ADJUSTABLE RATE MORTGAGE  (COST $33)			$	33
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.0%**
Series 1577, Class PK, 6.50%, 09/15/23		4,240		4,473
Series 1644, Class K, 6.75%, 12/15/23		3,227		3,428
Series 1686, Class PJ, 5.00%, 02/15/24		326		340
Series 3799, Class GK, 2.75%, 01/15/21		679		680
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	8,921
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.4%
Series 1993-113, Class PK, 6.50%, 07/25/23		5,156		5,473
Series 1993-127, Class H, 6.50%, 07/25/23		5,885		6,213
Series 1993-202, Class J, 6.50%, 11/25/23		3,723		3,937
Series 1994-3, Class PL, 5.50%, 01/25/24		6,058		6,377
Series 1994-55, Class H, 7.00%, 03/25/24		7,124		7,595

Description	Par Value		Value
Series 2011-66, Class QE, 2.00%, 07/25/21	$	16,010	$	16,067
Series 2011-81, Class PA, 3.50%, 08/25/26		546,234		562,517
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	608,179
WHOLE LOAN – 0.2%
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 3.85%, 02/25/34D		43,525		41,159
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.25%, 11/25/35D		56,072		53,262
TOTAL WHOLE LOAN			$	94,421
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $728,616)			$	711,521
COMMERCIAL PAPER – 5.0%t
Dow Chemical Co. (The), 0.22%, 11/16/20		380,000		379,966
Enbridge US, Inc., 0.16%, 11/06/20		700,000		699,976
General Motors Financial Co., Inc., 0.75%, 01/27/21		800,000		798,531
Whirlpool Corp., 0.16%, 11/13/20		351,000		350,976
TOTAL COMMERCIAL PAPER (COST $2,229,481)			$	2,229,449

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

19 PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
CORPORATE BONDS – 73.6%
AEROSPACE & DEFENSE – 2.8%
Boeing Co. (The), Sr. Unsecured,
1.95%, 02/01/24	$	250,000	$	249,435
General Dynamics Corp., Company
Guaranteed,
3.25%, 04/01/25		285,000		314,285
Raytheon Technologies Corp., Sr. Unsecured,
2.80%, 03/15/22W		680,000		700,093
TOTAL AEROSPACE & DEFENSE			$	1,263,813
AGRICULTURE – 0.4%
Archer-Daniels-Midland Co., Sr. Unsecured,
2.75%, 03/27/25		185,000		200,939
AUTOMOTIVE – 4.3%
Ford Motor Co., Sr. Unsecured,
8.50%, 04/21/23		200,000		220,924
Ford Motor Credit Co. LLC, Sr. Unsecured
5.58%, 03/18/24		250,000		263,276
5.13%, 06/16/25		500,000		520,856
General Motors Co., Sr. Unsecured,
5.40%, 10/02/23		165,000		182,696
PACCAR Financial Corp., Sr. Unsecured, MTN
2.65%, 05/10/22		340,000		351,818
2.65%, 04/06/23		130,000		137,234
1.80%, 02/06/25		250,000		261,521
TOTAL AUTOMOTIVE			$	1,938,325
BEVERAGES – 1.2%
Keurig Dr. Pepper, Inc., Company Guaranteed,
4.06%, 05/25/23		500,000		542,732
BUILDING PRODUCTS – 0.6%
Carrier Global Corp., Sr. Unsecured,
1.92%, 02/15/23W		250,000		257,544
CAPITAL MARKETS – 14.4%
Bank of America Corp., Sr. Unsecured,
(3 Month USD LIBOR + 0.79%),
3.00%, 12/20/23D		500,000		524,709
Bank of America Corp., Sr. Unsecured, MTN,
(SOFRRATE + 0.73%),
0.82%, 10/24/24D		1,000,000		1,001,638
Bank of Nova Scotia (The), Sr. Unsecured,
1.30%, 06/11/25		500,000		509,713
Credit Suisse AG, Sr. Unsecured,
2.10%, 11/12/21		390,000		396,921
Goldman Sachs Group, Inc. (The), Sr.
Unsecured
5.75%, 01/24/22		500,000		532,518
3.63%, 01/22/23		750,000		800,945
KeyBank NA, Sr. Unsecured, BKNT,
2.40%, 06/09/22		315,000		324,881
Morgan Stanley, Sr. Unsecured, GMTN,
3.13%, 01/23/23		500,000		528,377
Toronto-Dominion Bank (The), Sr. Unsecured,
MTN,
2.65%, 06/12/24		1,000,000		1,068,415
Truist Bank, Sr. Unsecured, BKNT,
2.80%, 05/17/22		750,000		776,895
TOTAL CAPITAL MARKETS			$	6,465,012

Description	Par Value		Value
COMMERCIAL SERVICES & SUPPLIES – 0.6%
Global Payments, Inc., Sr. Unsecured,
2.65%, 02/15/25	$	250,000	$	264,544
COMPUTERS – 0.5%
Hewlett Packard Enterprise Co., Sr. Unsecured,
1.45%, 04/01/24		240,000		244,466
DIVERSIFIED FINANCIAL SERVICES – 8.1%
Citigroup, Inc., Sr. Unsecured
2.70%, 03/30/21		700,000		707,090
2.70%, 10/27/22#		750,000		782,203
Lloyds Banking Group PLC, Sr. Unsecured, (UST
Yield Curve CMT 1 Year + 1.10%),
1.33%, 06/15/23D		500,000		504,193
U.S. Bancorp, Subordinated, MTN,
2.95%, 07/15/22		620,000		645,946
Wells Fargo & Co., Sr. Unsecured, MTN,
3.00%, 01/22/21		500,000		502,506
Wells Fargo Bank NA, Sr. Unsecured, BKNT,
(3 Month USD LIBOR + 0.66%),
0.90%, 09/09/22D		500,000		502,478
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	3,644,416
ELECTRIC – 6.4%
Dominion Energy, Inc., Sr. Unsecured,
3.90%, 10/01/25		225,000		255,265
DTE Energy Co., Series F, Sr. Unsecured,
1.05%, 06/01/25		255,000		256,280
Duke Energy Corp., Sr. Unsecured,
3.95%, 10/15/23		500,000		544,917
Exelon Generation Co. LLC, Sr. Unsecured
3.40%, 03/15/22		500,000		517,567
3.25%, 06/01/25		185,000		201,517
Public Service Electric & Gas Co., Secured,
MTN,
2.38%, 05/15/23		600,000		625,123
Southern Co. (The), Sr. Unsecured,
2.35%, 07/01/21		475,000		480,488
TOTAL ELECTRIC			$	2,881,157
ENVIRONMENTAL CONTROL – 1.2%
Waste Management, Inc., Company
Guaranteed,
2.90%, 09/15/22		500,000		518,771
FOOD & STAPLES RETAILING – 5.1%
Campbell Soup Co., Sr. Unsecured
3.30%, 03/15/21		275,000		277,974
3.30%, 03/19/25		300,000		327,010
Kroger Co. (The), Sr. Unsecured,
2.80%, 08/01/22		1,000,000		1,038,747
Mondelez International, Inc., Sr. Unsecured,
0.63%, 07/01/22		625,000		627,666
TOTAL FOOD & STAPLES RETAILING			$	2,271,397
GAS – 1.9%
Dominion Energy Gas Holdings LLC, Sr.
Unsecured
2.80%, 11/15/20		327,000		327,204
3.55%, 11/01/23		500,000		539,167
TOTAL GAS			$	866,371

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENT 20

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
HEALTHCARE-SERVICES – 1.2%
Cigna Corp., Company Guaranteed,
3.75%, 07/15/23	$	500,000	$	540,948
INSURANCE – 0.7%
Lincoln National Corp., Sr. Unsecured,
4.00%, 09/01/23		225,000		245,886
W.R. Berkley Corp., Sr. Unsecured,
4.63%, 03/15/22		44,000		46,386
TOTAL INSURANCE			$	292,272
MACHINERY – 1.0%
Caterpillar Financial Services Corp., Sr.
Unsecured,
0.65%, 07/07/23		200,000		200,933
Caterpillar Financial Services Corp., Sr.
Unsecured, MTN,
1.45%, 05/15/25		250,000		257,522
TOTAL MACHINERY			$	458,455
MEDIA – 1.2%
Discovery Communications LLC, Company
Guaranteed,
3.90%, 11/15/24#		475,000		525,833
OIL & GAS – 1.1%
Valero Energy Corp., Sr. Unsecured,
1.20%, 03/15/24		500,000		490,356
PHARMACEUTICALS – 7.7%
AbbVie, Inc., Sr. Unsecured
3.38%, 11/14/21		350,000		360,417
2.30%, 11/21/22W		500,000		518,787
Becton Dickinson & Co., Sr. Unsecured,
(3 Month USD LIBOR + 1.03%),
1.28%, 06/06/22D		1,000,000		1,006,415
Bristol-Myers Squibb Co., Sr. Unsecured,
(3 Month USD LIBOR + 0.38%),
0.66%, 05/16/22D		85,000		85,211
CVS Health Corp., Sr. Unsecured,
3.70%, 03/09/23		500,000		534,870
Elanco Animal Health, Inc., Sr. Unsecured,
4.91%, 08/27/21		500,000		511,641
McKesson Corp., Sr. Unsecured,
3.65%, 11/30/20		445,000		446,044
TOTAL PHARMACEUTICALS			$	3,463,385
PIPELINES – 3.1%
Enbridge, Inc., Company Guaranteed, (3 Month
USD LIBOR + 0.50%),
0.77%, 02/18/22D		600,000		601,093
Enterprise Products Operating LLC, Company
Guaranteed,
3.35%, 03/15/23		500,000		530,010
MPLX LP, Sr. Unsecured, (3 Month USD LIBOR
+ 1.10%),
1.34%, 09/09/22D		250,000		250,228
TOTAL PIPELINES			$	1,381,331
REAL ESTATE INVESTMENT TRUSTS – 2.7%
American Tower Corp., Sr. Unsecured
4.70%, 03/15/22		100,000		105,578

Description	Par Value		Value
5.00%, 02/15/24	$	500,000	$	566,274
Welltower, Inc., Sr. Unsecured,
4.50%, 01/15/24		500,000		549,457
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	1,221,309
RETAIL – 0.7%
Target Corp., Sr. Unsecured,
2.25%, 04/15/25		300,000		320,640
SEMICONDUCTORS – 0.7%
QUALCOMM, Inc., Sr. Unsecured,
2.90%, 05/20/24#		275,000		295,280
TELECOMMUNICATIONS – 1.7%
Verizon Communications, Inc., Sr. Unsecured,
2.45%, 11/01/22		750,000		776,915
TRANSPORTATION – 4.3%
Ryder System, Inc., Sr. Unsecured, MTN,
2.88%, 06/01/22		500,000		517,058
Union Pacific Corp., Sr. Unsecured,
3.20%, 06/08/21		1,375,000		1,398,918
TOTAL TRANSPORTATION			$	1,915,976
TOTAL CORPORATE BONDS
(COST $32,451,018)			$	33,042,187
MORTGAGE-BACKED SECURITIES – 3.4%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.8%
Pool G12709, 5.00%, 07/01/22		12,100		12,498
Pool C80328, 7.50%, 07/01/25		8,644		9,565
Pool G14695, 4.50%, 06/01/26		68,991		72,489
Pool G01425, 7.50%, 05/01/32		31,178		36,003
Pool C78010, 5.50%, 04/01/33		349,235		399,726
Pool A18401, 6.00%, 02/01/34		173,840		202,059
Pool G01831, 6.00%, 05/01/35		48,546		56,248
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	788,588
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.2%
Pool MA0909, 3.00%, 11/01/21		32,560		32,937
Pool 334593, 7.00%, 05/01/24		14,052		16,367
Pool AE2520, 3.00%, 01/01/26		70,193		73,499
Pool 436746, 6.50%, 08/01/28		17,500		20,353
Pool 440401, 6.50%, 08/01/28		49,961		56,342
Pool 323419, 6.00%, 12/01/28		16,891		19,687
Pool 485678, 6.50%, 03/01/29		9,569		10,908
Pool 252439, 6.50%, 05/01/29		8,860		10,272
Pool 545051, 6.00%, 09/01/29		19,255		22,062
Pool 725418, 6.50%, 05/01/34		52,631		58,468
Pool 833143, 5.50%, 09/01/35		141,895		159,930
Pool 843323, 5.50%, 10/01/35		14,237		16,355
Pool 255933, 5.50%, 11/01/35		42,365		49,175
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	546,355
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.4%
Pool 306066, 8.50%, 07/15/21		265		270
Pool 1061, 9.00%, 04/20/23		3,783		4,074
Pool 346572, 7.00%, 05/15/23		1,598		1,740
Pool 484269, 7.00%, 09/15/28		16,728		18,251

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

21 PORTFOLIOS OF INVESTMENT

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
Pool 592505, 6.00%, 04/15/33	$	116,321	$	135,773
Pool 581522, 6.00%, 05/15/33		31,462		36,678
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	196,786
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,395,366)			$	1,531,729
U.S. TREASURY OBLIGATIONS – 15.1%
U.S. TREASURY NOTES – 15.1%
2.75%, 09/15/21		450,000		460,215
2.50%, 01/15/22		1,000,000		1,028,342
1.75%, 06/30/22		1,150,000		1,180,464
1.75%, 07/15/22		3,000,000		3,081,353
1.88%, 07/31/22		1,000,000		1,029,933
TOTAL U.S. TREASURY NOTES			$	6,780,307
TOTAL U.S. TREASURY OBLIGATIONS (COST $6,596,236)			$	6,780,307
	Number of Shares
INVESTMENT COMPANY – 0.9%
EXCHANGE-TRADED FUND – 0.9%
iShares 0-5 Year High Yield Corporate Bond ETF		9,500		417,050
TOTAL INVESTMENT COMPANY (COST $440,834)			$	417,050
MONEY MARKET FUND – 0.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%^		63,955		63,955
TOTAL MONEY MARKET FUND (COST $63,955)			$	63,955
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.1%
REPURCHASE AGREEMENTS – 2.1%
Bank of America Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $182,650 collateralized by U.S. Government Agency Securities, 2.00% to 5.00%, maturing 11/01/27 to 11/01/50; total market value of $186,302.	$	182,649		182,649

Description	Par Value		Value
Citigroup Global Markets Ltd., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $182,650 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 10/31/20 to 8/20/70; total market value of $186,302.	$	182,649	$	182,649
Daiwa Capital Markets America, 0.10%, dated 10/30/20, due 11/02/20, repurchase price $182,651 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 12/31/20 to 11/01/50; total market value of $186,302.		182,649		182,649
National Bank Financial, 0.14%, dated 10/30/20, due 11/02/20, repurchase price $182,651 collateralized by U.S. Treasury Securities, 0.13% to 6.25%, maturing 11/02/20 to 9/09/49; total market value of $186,302.		182,649		182,649
Nomura Securities International, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $48,041 collateralized by U.S. Government Agency Securities, 2.00% to 5.50%, maturing 10/01/34 to 9/20/50; total market value of $49,002.		48,041		48,041
RBC Dominion Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $182,650 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 2/04/21 to 11/01/50; total market value of $186,302.		182,649		182,649
TOTAL REPURCHASE AGREEMENTS (COST $961,286)			$	961,286
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $961,286)			$	961,286
TOTAL INVESTMENTS – 101.9% (COST $44,866,825)			$	45,737,517
COLLATERAL FOR SECURITIES ON LOAN – (2.1%)				(961,286	)
OTHER ASSETS LESS LIABILITIES – 0.2%				103,391
TOTAL NET ASSETS – 100.0%			$	44,879,622

Cost of investments for Federal income tax purposes is $44,870,241. The net unrealized appreciation/(depreciation) of investments was $867,276. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $933,889 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(66,613).

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENT 22

Wilmington Short-Term Bond Fund (concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	33	$	—	$	33
Collateralized Mortgage Obligations		—		711,521		—		711,521
Commercial Paper		—		2,229,449		—		2,229,449
Corporate Bonds		—		33,042,187		—		33,042,187
Mortgage-Backed Securities		—		1,531,729		—		1,531,729
U.S. Treasury Obligations		—		6,780,307		—		6,780,307
Investment Company		417,050		—		—		417,050
Money Market Fund		63,955		—		—		63,955
Repurchase Agreements		—		961,286		—		961,286
Total	$	481,005	$	45,256,512	$	—	$	45,737,517

^**  Represents less than 0.05%.

^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.

^t  The rate shown reflects the effective yield at purchase date.

^W  Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2020, these liquid restricted securities amounted to $1,476,424 representing 3.29% of total net assets.

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

^{^}  7-Day net yield.

The following acronyms are used throughout this Fund:
BKNT	Bank Notes
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
SOFRRATE	Secured Overnight Financing Rate
USD	United States Dollar
UST	United States Treasury
	See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

23

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
General Obligations		24.7	%
Housing		16.4	%
Water		8.0	%
Higher Education		7.0	%
Medical		6.4	%
Airport		6.1	%
Dedicated Tax		5.7	%
Development		4.7	%
Transportation		3.9	%
School District		3.7	%
Lease		3.3	%
Hospital		2.7	%
Education		1.6	%
Utilities		1.6	%
Student Loan		1.1	%
Power		0.4	%
Facilities		0.3	%
Cash Equivalents(1)		2.5	%
Other Assets and Liabilities - Net(2)		(0.1	)%
TOTAL		100.0

Credit Quality Diversification(3)	Percentage of Total Net Assets
AAA / Aaa		22.1	%
AA / Aa		34.7	%
A / A		25.7	%
BBB / Baa		10.4	%
Not Rated		7.2	%
Other Assets and Liabilities - Net(2)		(0.1	)%
TOTAL		100.0	%

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

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

⁽³⁾  For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 97.6%
ALABAMA – 0.9%
HIGHER EDUCATION – 0.3%
University of South Alabama, AL, Advance Refunding Revenue Bonds, (AGM), 5.00%, 11/01/31	$	1,000,000	$	1,197,830
WATER – 0.6%
Huntsville Water Revenue Warrants, AL, Revenue Bonds, 5.00%, 11/01/34		1,840,000		2,148,476
TOTAL ALABAMA			$	3,346,306
ALASKA – 0.6%
HIGHER EDUCATION – 0.6%
University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29		1,810,000		1,997,353
TOTAL ALASKA			$	1,997,353

Description	Par Value		Value
ARIZONA – 3.6%
DEDICATED TAX – 0.1%
Scottsdale Municipal Property Corp., AZ, Refunding Revenue Bonds, 5.00%, 07/01/30	$	415,000	$	540,214
DEVELOPMENT – 1.7%
Chandler Industrial Development Authority, AZ, Revenue Bonds, (Intel Corporation Project), 5.00%, 06/01/49D		5,000,000		5,744,450
Industrial Development Authority of the City of Phoenix (The), AZ, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), Prerefunded/ETM, 6.85%, 12/01/25		175,000		201,451
TOTAL DEVELOPMENT			$	5,945,901

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 24

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
EDUCATION – 1.4%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund) 5.00%, 11/01/26	$	1,000,000	$	1,229,790
5.00%, 11/01/30		1,000,000		1,246,400
5.00%, 11/01/32		865,000		1,067,851
La Paz County Industrial Development Authority, AZ, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 02/15/28		1,300,000		1,465,971
TOTAL EDUCATION			$	5,010,012
HOUSING – 0.4%
Industrial Development Authority of the County of Pima (The), AZ, Revenue Bonds, Prerefunded/ETM, 8.20%, 09/01/21		1,490,000		1,555,471
TOTAL ARIZONA			$	13,051,598
ARKANSAS – 1.5%
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%, 06/01/24		1,720,000		1,810,214
WATER – 1.0%
Fort Smith, Water & Sewer, AR, Advance Refunding Revenue Bonds, (BAM), 5.00%, 10/01/28		2,815,000		3,450,430
TOTAL ARKANSAS			$	5,260,644
CALIFORNIA – 1.7%
EDUCATION – 0.0%**
Sulphur Springs Union School District, CA, Refunding Bonds, Certificates of Participation, Prerefunded/ETM, (AGM), 6.50%, 12/01/37		10,000		11,047
GENERAL OBLIGATIONS – 0.9%
State of California, CA, GO Unlimited Current Refunding, 5.00%, 04/01/32		2,250,000		3,101,288
HIGHER EDUCATION – 0.0%**
California Educational Facilities Authority, CA, Revenue Bonds, (Pooled College and University Projects), (1999 Series B), Prerefunded/ETM, 5.25%, 04/01/24		10,000		10,842
LEASE – 0.1%
San Bernardino County, CA, Certificates of Participation, (Capital Facility Project), (Series B), Prerefunded/ETM, 6.88%, 08/01/24		415,000		474,025
POWER – 0.4%
M-S-R Public Power Agency, CA, Revenue Bonds, (Series E), (NATL), Prerefunded/ETM, 6.00%, 07/01/22		120,000		127,932

Description	Par Value		Value
Redding City Electric System Revenue, CA, Revenue Bonds, (NATL), Prerefunded/ETM, 6.37%, 07/01/22	$	545,000	$	578,458
Sacramento Municipal Utility District, CA, Revenue Bonds, (Series K-BHAC-CR), (BHAC-CR AMBAC), 5.25%, 07/01/24		600,000		666,234
TOTAL POWER			$	1,372,624
SCHOOL DISTRICT – 0.3%
Los Angeles Unified School District, CA, GO Unlimited, AD Valorem Property Tax, (Series RYQ), 5.00%, 07/01/25		1,000,000		1,204,690
WATER – 0.0%**
Metropolitan Water District of Southern California, CA, Unrefunded Revenue Bonds, (Series A), (FGIC-TCRS), 5.75%, 07/01/21		140,000		140,000
TOTAL CALIFORNIA			$	6,314,516
COLORADO – 2.8%
AIRPORT – 0.9%
City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31		2,500,000		3,071,350
HOUSING – 0.6%
Colorado Housing and Finance Authority, CO, Single Family Revenue Bonds, (Series B), 3.75%, 05/01/50		1,945,000		2,161,342
MEDICAL – 0.7%
Colorado Health Facilities Authority, CO, Advance Refunding Revenue Bonds, (NCMC, Inc. Project), Prerefunded/ETM, 5.00%, 05/15/26		100,000		124,776
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49D		2,000,000		2,369,480
TOTAL MEDICAL			$	2,494,256
WATER – 0.6%
City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33		1,750,000		2,195,323
TOTAL COLORADO			$	9,922,271
CONNECTICUT – 3.4%
DEDICATED TAX – 0.2%
Connecticut State Special Tax Revenue, CT, Highways Improvement Revenue Bonds, 5.00%, 05/01/25		625,000		748,406
GENERAL OBLIGATIONS – 0.5%
State of Connecticut, CT, GO Unlimited, (Series E), 5.00%, 10/15/23		1,035,000		1,174,984
State of Connecticut, CT, GO Unlimited, Refunding Notes, (Series E), 5.00%, 09/15/27		500,000		635,230
TOTAL GENERAL OBLIGATIONS			$	1,810,214

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

25 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

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%, 07/01/31	$	1,385,000	$	1,666,238
University of Connecticut, CT, Revenue Bonds, (Series A)
5.00%, 03/15/31		1,480,000		1,749,286
5.00%, 01/15/33		1,000,000		1,193,610
TOTAL HIGHER EDUCATION			$	4,609,134
HOUSING – 1.4%
Connecticut Housing Finance Authority, CT, Current Refunding Revenue Bonds, (Home Mortgage Finance Program), (Sub-Series D-1), 4.00%, 11/15/49		2,975,000		3,395,010
Connecticut Housing Finance Authority, CT, Revenue Bonds, (Sub-Series A-2), 4.00%, 11/15/41		1,640,000		1,767,100
TOTAL HOUSING			$	5,162,110
TOTAL CONNECTICUT			$	12,329,864
DELAWARE – 0.7%
GENERAL OBLIGATIONS – 0.7%
State of Delaware, DE, GO Unlimited, (Series A), 5.00%, 01/01/29		1,810,000		2,414,178
TOTAL DELAWARE			$	2,414,178
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%, 06/01/31		2,080,000		2,609,984
TOTAL DISTRICT OF COLUMBIA			$	2,609,984
FLORIDA – 6.2%
AIRPORT – 1.0%
Broward County, FL, Airport System Revenue Bonds, 5.00%, 10/01/27		1,500,000		1,858,935
Miami-Dade County, FL, Seaport Department, Revenue Bonds, (Series B), 6.00%, 10/01/24		1,500,000		1,699,605
TOTAL AIRPORT			$	3,558,540
GENERAL OBLIGATIONS – 1.1%
Broward County, FL, GO Unlimited, Refunding Bonds, (Parks & Land Preservation Project), AD Valorem Property Tax, 5.00%, 01/01/24		1,500,000		1,582,680
Miami-Dade County, FL, Revenue Bonds, (Sports Franchise Facilities), (NATL), Prerefunded/ETM, 5.25%, 10/01/30		65,000		89,362
State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		2,374,997
TOTAL GENERAL OBLIGATIONS			$	4,047,039
HIGHER EDUCATION – 1.5%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project) 5.00%, 04/01/28		750,000		915,780

Description	Par Value		Value
5.00%, 04/01/30	$	750,000	$	897,645
5.00%, 04/01/31		750,000		893,115
5.00%, 04/01/33		750,000		883,867
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,773,360
TOTAL HIGHER EDUCATION			$	5,363,767
HOUSING – 1.7%
Capital Trust Agency, Inc., FL, Multi Family Revenue Bonds, (Mission Springs Apartments Project), (Series A), Prerefunded/ETM, 3.25%, 12/01/27		500,000		547,785
Capital Trust Agency, Inc., FL, Multi Family Revenue Bonds, (Mission Springs Apartments Project), Prerefunded/ETM, 5.38%, 12/01/52		415,000		472,942
Florida Gulf Coast University Financing Corp., FL, Current Refunding Revenue Bonds, (Housing Project)
5.00%, 02/01/25		500,000		574,310
5.00%, 02/01/26		500,000		585,495
Pinellas County Housing Finance Authority, FL, Single Family Revenue Bonds, (Series A), 4.00%, 03/01/50		3,345,000		3,727,300
TOTAL HOUSING			$	5,907,832
WATER – 0.9%
Miami-Dade County, FL, Water & Sewer System Revenue, Advance Refunding Revenue Bonds, (Series B), 5.00%, 10/01/30		2,645,000		3,163,341
Village of Royal Palm Beach Utility System Revenue, FL, Revenue Bonds, Public Improvements, (NATL), Prerefunded/ETM, 4.50%, 10/01/22		150,000		158,052
TOTAL WATER			$	3,321,393
TOTAL FLORIDA			$	22,198,571
GEORGIA – 0.5%
HOUSING – 0.5%
Development Authority of Bulloch County, GA, Advance Refunding Revenue Bonds, (Georgia Southern University Housing Foundation Four, LLC Project), Prerefunded, 5.00%, 07/01/31		315,000		406,558
Development Authority of Bulloch County, GA, Advance Refunding Revenue Bonds, (Georgia Southern University Housing Foundation Four, LLC Project), Unrefunded, 5.00%, 07/01/31		1,260,000		1,505,360
TOTAL GEORGIA			$	1,911,918
HAWAII – 0.4%
GENERAL OBLIGATIONS – 0.4%
State of Hawaii, HI, GO Unlimited, (Series FT), 5.00%, 01/01/26		1,075,000		1,315,370
TOTAL HAWAII			$	1,315,370

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 26

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
ILLINOIS – 15.0%
AIRPORT – 0.7%
Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/29	$	2,250,000	$	2,473,965
DEDICATED TAX – 1.2%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,812,079
Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/26		2,000,000		2,341,560
TOTAL DEDICATED TAX			$	4,153,639
GENERAL OBLIGATIONS – 10.6%
Chicago Park District, IL, GO Unlimited Current Refunding, AD Valorem Property Tax, (Series D)
5.00%, 01/01/26		1,250,000		1,380,713
5.00%, 01/01/27		3,455,000		3,792,588
Chicago, IL, GO Limited, (Lakefront Millennium Parking Facilities), (NATL), Prerefunded/ETM, 5.75%, 01/01/23		50,000		53,945
Chicago, IL, GO Unlimited Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 01/01/25		3,000,000		3,160,560
Cook County, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), (AGM), 5.00%, 11/15/26		2,050,000		2,476,707
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26		10,395,000		12,537,825
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		8,266,438
Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC) , 6.00%, 07/01/31		1,450,000		1,961,922
State of Illinois, IL, GO Unlimited, Public Improvements, (Series B), 5.00%, 12/01/25		3,935,000		4,294,384
Village of Matteson, IL, Revenue Bonds, Public Improvements, (Capital Appreciation Debt Certificates), Prerefunded/ETM, 8.00%, 12/01/29		255,000		281,041
TOTAL GENERAL OBLIGATIONS			$	38,206,123
HOUSING – 2.4%
Illinois Housing Development Authority, IL, Multi Family Revenue Bonds, (Marshall Field Garden Apartment Homes), 1.12%, 05/15/50D		925,000		935,406
Illinois Housing Development Authority, IL, Multi Family Revenue Bonds, Prerefunded/ETM , 7.00%, 07/01/23		210,000		219,127

Description	Par Value		Value
Illinois Housing Development Authority, IL, Single Family Revenue Bonds, (Series A), 3.75%, 04/01/50	$	2,805,000	$	3,147,546
Illinois Housing Development Authority, IL, Single Family Revenue Bonds, (Series D), 3.75%, 04/01/50		3,865,000		4,318,519
TOTAL HOUSING			$	8,620,598
MEDICAL – 0.1%
Illinois Health Facilities Authority, IL, Refunding Revenue Bonds, (Franciscan Sisters Health Care), (NATL), Prerefunded/ETM, 6.25%, 09/01/21		20,000		20,980
Illinois Health Facilities Authority, IL, Refunding Revenue Bonds, (Series A), (Evangelical Hospital), Prerefunded/ETM, 6.25%, 04/15/22		300,000		316,161
Illinois Health Facilities Authority, IL, Revenue Bonds, (Series B), (Ancilla Systems Inc.), (NATL), Prerefunded/ETM, 5.25%, 07/01/22		80,000		84,319
Illinois Health Facilities Authority, IL, Revenue Bonds, (Series C), (Evangelical Hospital), Prerefunded/ETM, 6.25%, 04/15/22		15,000		15,806
TOTAL MEDICAL			$	437,266
TOTAL ILLINOIS			$	53,891,591
INDIANA – 2.6%
DEVELOPMENT – 2.2%
Whiting City, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44D		6,500,000		7,921,615
HOUSING – 0.4%
Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (Series C-2), 4.00%, 01/01/37		1,320,000		1,377,631
TOTAL INDIANA			$	9,299,246
IOWA – 1.1%
HOUSING – 1.1%
Iowa Finance Authority, IA, Revenue Bonds, (Series D), 3.50%, 01/01/49		3,415,000		3,826,712
TOTAL IOWA			$	3,826,712
KANSAS – 0.1%
UTILITIES – 0.1%
Wichita City, Water & Sewer Utility Revenue, KS, Refunding Revenue Bonds, (Series A), Prerefunded/ETM, 5.00%, 10/01/23		500,000		520,615
TOTAL KANSAS			$	520,615
KENTUCKY – 1.3%
GENERAL OBLIGATIONS – 0.6% Kentucky Public Energy Authority, KY, Revenue Bonds, (Series C), 4.00%, 02/01/50D		2,000,000		2,335,400

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

27 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description		Par Value		Value
LEASE – 0.7%
Kentucky State Property & Building Commission, KY, Revenue Bonds, Public Improvements, (Project No. 119), 5.00%, 05/01/25		$	2,000,000	$	2,375,300
TOTAL KENTUCKY				$	4,710,700
MARYLAND – 3.4%
DEDICATED TAX – 0.2%
Maryland State Department of Transportation, MD, Highways Improvement Revenue Bonds, 4.00%, 05/01/30			500,000		604,745
GENERAL OBLIGATIONS – 2.1%
Anne Arundel County, MD, GO Limited, AD Valorem Property Tax, 5.00%, 10/01/25			3,000,000		3,676,920
State of Maryland, MD, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series B Second Series), 5.00%, 08/01/27			3,000,000		3,868,560
TOTAL GENERAL OBLIGATIONS				$	7,545,480
MEDICAL – 0.0%**
Maryland Health & Higher Educational Facilities Authority, MD, Refunding Revenue Bonds, (Helix Health Issue), (AMBAC), Prerefunded/ETM, 5.00%, 07/01/27			140,000		164,100
WATER – 1.1%
Washington Suburban Sanitary Commission, MD, Revenue Bonds, (Consolidated Public Improvement Bonds), 5.00%, 06/01/33			3,000,000		3,825,540
TOTAL MARYLAND				$	12,139,865
MASSACHUSETTS – 3.1%
HIGHER EDUCATION – 0.7%
Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Series L), (Simmons University)
5.00%, 10/01/30			1,180,000		1,428,673
5.00%, 10/01/31			1,000,000		1,197,750
TOTAL HIGHER EDUCATION				$	2,626,423
HOSPITAL – 0.9%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Partners Healthcare System), 5.00%, 07/01/33			2,455,000		3,029,421
HOUSING – 0.0%**
Massachusetts Housing Finance Agency, MA, Multi Family Revenue Bonds, Prerefunded/ETM, 7.00%, 04/01/21			10,000		10,267
MEDICAL – 0.4%	��
Massachusetts Health & Educational Facilities Authority, MA, Refunding Revenue Bonds, (Partners Healthcare System), (Series F1), (AGM), 0.20%, 07/01/40D			1,500,000		1,500,000

Description	Par Value		Value
STUDENT LOAN – 0.7%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Issue K), (Series A), 5.00%, 07/01/25	$	2,200,000	$	2,536,116
WATER – 0.4%
Massachusetts Water Resources Authority, MA, Refunding Revenue Bonds, (Series B), (AGM), 5.25%, 08/01/33		1,000,000		1,453,430
TOTAL MASSACHUSETTS			$	11,155,657
MICHIGAN – 3.5%
DEDICATED TAX – 1.7%
Michigan Finance Authority, MI, Revenue Bonds, (Series H-1), 5.00%, 10/01/25		5,215,000		6,131,536
HOSPITAL – 1.2%
Kalamazoo Hospital Finance Authority, MI, Advance Refunding Revenue Bonds, (Bronson Healthcare Group), 5.00%, 05/15/30		2,055,000		2,437,271
Michigan Finance Authority, MI, Advance Refunding Revenue Bonds, (Series A), (Beaumont Health Credit Group), 5.00%, 08/01/31		1,655,000		1,882,430
Michigan Finance Authority, MI, Advance Refunding Revenue Bonds, (Series E-1), (Ascension Senior Credit Group), 4.00%, 11/15/44D		90,000		101,779
TOTAL HOSPITAL			$	4,421,480
HOUSING – 0.1%
Michigan State Housing Development Authority, MI, Multi Family Revenue Bonds, (Series A-1), 2.88%, 10/01/34		375,000		399,233
WATER – 0.5%
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Series C), (Local Government Loan Program), 5.00%, 07/01/34		1,450,000		1,694,282
TOTAL MICHIGAN			$	12,646,531
MINNESOTA – 1.8%
HOUSING – 1.8%
Coon Rapids City, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 08/01/35		2,705,088		2,836,366
Minnesota Housing Finance Agency, MN, Revenue Bonds, (Series F), 3.75%, 01/01/50		3,430,000		3,798,211
TOTAL MINNESOTA			$	6,634,577
NEBRASKA – 2.8%
GENERAL OBLIGATIONS – 1.9%
Central Plains Energy Project, NE, Current Refunding Revenue Bonds, 4.00%, 12/01/49D		6,000,000		6,873,360
HOUSING – 0.9%
Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 09/01/49		2,820,000		3,044,867
TOTAL NEBRASKA			$	9,918,227

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 28

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
NEW JERSEY – 3.2%
HIGHER EDUCATION – 1.3%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series B), (Rowan University Project), 5.00%, 07/01/27	$	2,000,000	$	2,327,480
New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Series B), (Montclair State University), 5.00%, 07/01/30		1,000,000		1,183,570
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31		1,000,000		1,156,740
TOTAL HIGHER EDUCATION			$	4,667,790
HOUSING – 0.1%
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33		400,000		436,164
New Jersey Housing & Mortgage Finance Agency, NJ, Multi Family Revenue Bonds, (Series A), Prerefunded/ETM, 6.00%, 11/01/23		30,000		31,114
TOTAL HOUSING			$	467,278
LEASE – 1.0%
New Jersey Economic Development Authority, NJ, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23		1,305,000		1,448,563
New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24		225,000		251,548
New Jersey Sports & Exposition Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 09/01/24		1,685,000		1,854,207
TOTAL LEASE			$	3,554,318
MEDICAL – 0.1%
New Jersey Health Care Facilities Financing Authority, NJ, Current Refunding Revenue Bonds, (Kennedy Health System), Prerefunded/ETM, 3.75%, 07/01/27		95,000		106,961
New Jersey Health Care Facilities Financing Authority, NJ, Refunding Revenue Bonds, (Series A), (Saint Clare’s Hospital, Inc.), (AGC), Prerefunded/ETM, 4.75%, 07/01/25		120,000		138,834
TOTAL MEDICAL			$	245,795
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		2,517,101
TOTAL NEW JERSEY			$	11,452,282
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		3,627,090

Description	Par Value		Value
HIGHER EDUCATION – 0.0%**
University of New Mexico (The), NM, Revenue Bonds, Prerefunded/ETM, 6.50%, 06/01/21	$	50,000	$	50,444
TOTAL NEW MEXICO			$	3,677,534
NEW YORK – 5.9%
AIRPORT – 1.2%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series), 5.00%, 09/15/31		2,500,000		3,045,150
Port Authority of New York & New Jersey, NY, Revenue Bonds, (85th Series), 5.38%, 03/01/28		1,050,000		1,244,271
TOTAL AIRPORT			$	4,289,421
DEDICATED TAX – 0.1%
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series-C-3), (AGM), 0.35%, 11/01/27D		600,000		600,000
GENERAL OBLIGATIONS – 1.0%
Nassau County, NY, GO Limited, AD Valorem Property Tax, (Series A), 5.00%, 01/01/27		410,000		490,598
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Series A-1), 5.00%, 08/01/24		1,000,000		1,163,800
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-2), (AGM), 0.20%, 08/01/26D		900,000		900,000
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-5), (AGM), 0.38%, 08/01/26D		500,000		500,000
New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series C-4), (AGM), 0.35%, 01/01/32D		500,000		500,000
TOTAL GENERAL OBLIGATIONS			$	3,554,398
HOUSING – 1.9%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32		1,660,000		1,975,732
New York City, NY, Housing Development Corp., Multi Family Revenue Bonds, (Sustainable Neighborhood Bonds), 1.75%, 05/01/59D		5,000,000		5,055,600
TOTAL HOUSING			$	7,031,332
MEDICAL – 0.7%
New York State Dormitory Authority, NY, Revenue Bonds, (Memorial Sloan-Kettering Cancer Center), (NATL), 5.50%, 07/01/23		2,230,000		2,424,679

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

29 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
TRANSPORTATION – 1.0%
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K), 5.00%, 01/01/30	$	3,000,000	$	3,488,190
TOTAL NEW YORK			$	21,388,020
NORTH CAROLINA – 0.5%
MEDICAL – 0.1%
North Carolina Medical Care Commission, NC, Revenue Bonds, (First Mortgage), (Whitestone Project), (Series A), Prerefunded/ETM, 6.25%, 03/01/21		15,000		15,281
Wake County, NC, Refunding Revenue Bonds, Hospital System, (NATL), Prerefunded/ETM, 5.13%, 10/01/26		135,000		155,339
TOTAL MEDICAL			$	170,620
POWER – 0.0%**
North Carolina Eastern Municipal Power Agency, NC, Revenue Bonds, (Series A), Prerefunded/ETM, 6.40%, 01/01/21		35,000		35,350
TRANSPORTATION – 0.4%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32		1,250,000		1,570,850
TOTAL NORTH CAROLINA			$	1,776,820
OHIO – 4.0%
HOUSING – 1.2%
Ohio Housing Finance Agency, OH, Revenue Bonds, (Series B), 4.50%, 03/01/50		3,895,000		4,422,695
MEDICAL – 1.4%
Mahoning, County, OH, Hospital Improvement Revenue Bonds, (Western Reserve Care System Project), (NATL), Prerefunded/ETM, 5.50%, 10/15/25		45,000		51,157
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		3,035,000		3,675,871
Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded – Catholic Health Initiatives), Prerefunded/ETM, 5.25%, 05/01/29		10,000		11,234
State of Ohio, OH, Refunding Revenue Bonds, 4.00%, 01/01/34		1,250,000		1,450,012
TOTAL MEDICAL			$	5,188,274
TRANSPORTATION – 0.6%
Ohio Turnpike & Infrastructure Commission, OH, Refunding Revenue Bonds, (Series A), (NATL), 5.50%, 02/15/24		1,985,000		2,221,334
WATER – 0.8%
Ohio Water Development Authority Water Pollution Control Loan Fund, OH, Lease Revenue Bonds, (Series A), 5.00%, 12/01/31		2,000,000		2,704,900
TOTAL OHIO			$	14,537,203

Description	Par Value		Value
OREGON – 0.4%
GENERAL OBLIGATIONS – 0.4%
Lane Community College, OR, GO Unlimited, AD Valorem Property Tax, (Series A), (SCH BD GTY), 5.00%, 06/15/30	$	1,000,000	$	1,361,250
TOTAL OREGON			$	1,361,250
PENNSYLVANIA – 6.3%
AIRPORT – 0.5%
Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,788,015
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		2,462,560
DEVELOPMENT – 0.8%
Pennsylvania Economic Development Financing Authority, PA, Revenue Bonds, (Waste Management Inc., Project), 1.75%, 08/01/38D		3,000,000		3,081,240
EDUCATION – 0.2%
Bucks County Industrial Development Authority, PA, Current Refunding Revenue Bonds, (George School Project)
5.00%, 09/15/32		180,000		235,044
5.00%, 09/15/33		125,000		162,394
5.00%, 09/15/34		130,000		168,558
TOTAL EDUCATION			$	565,996
FACILITIES – 0.3%
Delaware Valley Regional Finance Authority, PA, Revenue Bonds, (Series C), 0.65%, 09/01/48D		1,000,000		991,310
GENERAL OBLIGATIONS – 0.5%
Bethlehem Authority, PA, Revenue Bonds, Public Improvements, (Guaranteed Lease Revenue Bonds), (Series A), (AGM), Prerefunded/ETM, 5.13%, 12/01/21		20,000		20,352
Commonwealth of Pennsylvania, PA, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series 1), 5.00%, 01/01/27		660,000		828,333
York City, PA, GO Unlimited, Refunding Notes, AD Valorem Property Tax, Prerefunded/ETM, 7.25%, 11/15/41		1,000,000		1,067,630
TOTAL GENERAL OBLIGATIONS			$	1,916,315
HIGHER EDUCATION – 0.3%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,224,010
LEASE – 0.3%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34		1,000,000		1,237,910

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 30

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
MEDICAL – 0.6%
Dauphin County General Authority, PA, Revenue Bonds, (HAPSCO Group, Inc., Tax Loan Program-Western PA Hospital Project), (Series A), (NATL), Prerefunded/ETM, 5.50%, 07/01/23	$	480,000	$	518,798
Pottsville Hospital Authority, PA, Current Refunding Revenue Bonds, (Schuylkill Health System Project), Prerefunded/ETM, 6.50%, 07/01/28		1,260,000		1,520,127
TOTAL MEDICAL			$	2,038,925
WATER – 2.1%
Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		7,073,953
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33		340,000		471,301
TOTAL WATER			$	7,545,254
TOTAL PENNSYLVANIA			$	22,851,535
PUERTO RICO – 0.2%
GENERAL OBLIGATIONS – 0.2%
Puerto Rico Public Finance Corp., PR, Refunding Revenue Bonds, (Commonwealth), (Series E), (AGC-ICC), Prerefunded/ETM, 6.00%, 08/01/26		510,000		659,925
TOTAL PUERTO RICO			$	659,925
RHODE ISLAND – 0.4%
STUDENT LOAN – 0.4%
Rhode Island Student Loan Authority, RI, Revenue Bonds, (Series A), 5.00%, 12/01/23		1,200,000		1,312,308
TOTAL RHODE ISLAND			$	1,312,308
SOUTH CAROLINA – 1.6%
HOUSING – 0.4%
South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (Series B-2), 4.00%, 07/01/43		1,290,000		1,371,954
LEASE – 1.2%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30		3,000,000		4,290,960
TOTAL SOUTH CAROLINA			$	5,662,914
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		1,975,000		2,209,571
TOTAL SOUTH DAKOTA			$	2,209,571

Description	Par Value		Value
TENNESSEE – 0.0%**
MEDICAL – 0.0%**
Metropolitan Govt. Nashville & Davidson County Health & Educational Facility Board, TN, Refunding Revenue Bonds, (Series A), (NATL), 4.88%, 11/01/28	$	155,000	$	180,279
TOTAL TENNESSEE			$	180,279
TEXAS – 8.4%
DEDICATED TAX – 0.3%
Texas Transportation Commission State Highway Fund, TX, Refunding Revenue Bonds, (Series A), 5.00%, 04/01/22		915,000		976,589
GENERAL OBLIGATIONS – 1.8%
Collin County Community College District, TX, GO Limited, AD Valorem Property Tax, (Series A)
5.00%, 08/15/27		1,000,000		1,283,150
5.00%, 08/15/33		2,000,000		2,609,460
El Paso, TX, GO Limited, AD Valorem Property Tax, 4.00%, 08/15/33		2,300,000		2,662,825
TOTAL GENERAL OBLIGATIONS			$	6,555,435
HIGHER EDUCATION – 1.0%
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools)
5.00%, 08/15/27		1,000,000		1,276,300
5.00%, 08/15/29		1,000,000		1,297,270
5.00%, 08/15/31		835,000		995,637
TOTAL HIGHER EDUCATION			$	3,569,207
HOUSING – 0.9%
Texas Department of Housing & Community Affairs, TX, Revenue Bonds, (Series A), 4.00%, 03/01/50		2,690,000		3,072,706
MEDICAL – 0.1%
North Central Texas Health Facility Development Corp., TX, Refunding Revenue Bonds, (Presbyterian Healthcare System), (Series B), (NATL), Prerefunded/ETM, 5.50%, 06/01/21		25,000		25,748
Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (AMBAC), Prerefunded/ETM, 6.00%, 09/01/24		85,000		96,270
Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (FGIC), Prerefunded/ETM, 6.00%, 09/01/24		50,000		56,630
Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (NATL-IBC), Prerefunded/ETM, 6.00%, 09/01/24		25,000		28,315
TOTAL MEDICAL			$	206,963
SCHOOL DISTRICT – 1.6%
Beaumont Independent School District, TX, GO Unlimited Current Refunding, AD Valorem Property Tax, 4.00%, 02/15/31		1,000,000		1,167,270

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

31 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
Carroll Independent School District, TX, GO Unlimited, AD Valorem Property Tax, 5.00%, 02/15/23	$	250,000	$	276,900
Fort Worth Independent School District, TX, GO Unlimited, Advance Refunding, AD Valorem Property Tax, 5.00%, 02/15/24		350,000		403,806
Lewisville Independent School District, TX, GO Unlimited, AD Valorem Property Tax, 4.00%, 08/15/34		3,000,000		3,660,780
Northside Independent School District, TX, GO Unlimited, Advance Refunding, AD Valorem Property Tax, 5.00%, 08/15/23		300,000		339,021
TOTAL SCHOOL DISTRICT			$	5,847,777
TRANSPORTATION – 1.2%
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,780,964
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Series F), 5.00%, 01/01/25		1,000,000		1,145,280
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32		1,225,000		1,391,575
TOTAL TRANSPORTATION			$	4,317,819
UTILITIES – 1.5%
Austin, TX, Refunding Revenue Bonds, (BHAC-CR NATL-RE) , 5.25%, 05/15/25		5,000,000		5,567,800
TOTAL TEXAS			$	30,114,296
UTAH – 4.1%
AIRPORT – 1.8%
Salt Lake City Corp., UT, Revenue Bonds, (Series A)
5.00%, 07/01/32		3,000,000		3,614,250
5.00%, 07/01/33		2,500,000		2,995,525
TOTAL AIRPORT			$	6,609,775
GENERAL OBLIGATIONS – 0.3%
State of Utah, UT, GO Unlimited, 5.00%, 07/01/26		1,000,000		1,255,970
MEDICAL – 2.0%
Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM
5.40%, 02/15/28		2,500,000		2,934,900
5.13%, 02/15/33		3,565,000		4,145,418
TOTAL MEDICAL			$	7,080,318
TOTAL UTAH			$	14,946,063
WASHINGTON – 3.1%
DEDICATED TAX – 1.2%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28		3,835,000		4,280,704

Description	Par Value		Value
HOSPITAL – 0.6%
Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, Overlake Hospital Medical Center, 5.00%, 07/01/33	$	1,750,000	$	2,106,807
SCHOOL DISTRICT – 1.3%
Clark County School District No 114 Evergreen, WA, GO Unlimited, AD Valorem Property Tax, (SCH BD GTY), 4.00%, 12/01/33		3,000,000		3,663,750
King County School District No. 414 Lake Washington, WA, GO Limited, AD Valorem Property Tax, 4.00%, 12/01/23		1,000,000		1,115,000
TOTAL SCHOOL DISTRICT			$	4,778,750
TOTAL WASHINGTON			$	11,166,261
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		188,543
MEDICAL – 0.2%
Wisconsin Health & Educational Facilities Authority, WI, Current Refunding Revenue Bonds, (Aurora Health Care, Inc.), (Series A), Prerefunded/ETM, 5.13%, 04/15/31		500,000		557,410
TOTAL WISCONSIN			$	745,953
TOTAL MUNICIPAL BONDS
(Cost $339,781,935)			$	351,458,508
	Number of Shares
MONEY MARKET FUND – 2.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%^		9,048,081		9,048,081
TOTAL MONEY MARKET FUND
(Cost $9,048,081)			$	9,048,081
TOTAL INVESTMENTS – 100.1%
(Cost $348,830,016)			$	360,506,589
OTHER ASSETS LESS LIABILITIES – (0.1)%				(390,506	)
TOTAL NET ASSETS – 100.0%			$	360,116,083

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 32

Wilmington Municipal Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $348,831,949. The net unrealized appreciation/(depreciation) of investments was $11,674,640. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $12,363,710 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(689,070).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Municipal Bonds		$	—		$	351,458,508		$	—	$351,458,508
Money Market Fund			9,048,081			—			—	9,048,081
Total		$	9,048,081		$	351,458,508		$	—	$360,506,589

^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%.

^{^}  7-Day net yield.

The following acronyms are used throughout this Fund:
AGC	Assured Guaranty Corporation
AGM	Assured Guaranty Municipal
AMBAC	American Municipal Bond Assurance Corporation
BAM	Build America Mutual Assurance Company
BHAC	Berkshire Hathaway Assurance Corporation
CR	Custodial Receipts
ETM	Escrowed to Maturity
FGIC	Financial Guaranty Insurance Corporation
GO	General Obligation
IBC	International Bancshares Corporation
ICC	Insured Custody Certificates
LLC	Limited Liability Corporation
NATL	National Public Finance Guarantee Corporation
SCH BD GTY	School Bond Guaranty
TCRS	Tax Credit Reporting Service
UT	Unlimited Tax

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

33

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Higher Education		22.0	%
Housing		16.9	%
Dedicated Tax		14.4	%
General Obligations		10.9	%
Medical		7.3	%
Airport		6.9	%
Transportation		5.6	%
Power		3.2	%
Lease		2.6	%
Development		2.2	%
Student Housing		1.8	%
Facilities		0.2	%
Cash Equivalents(1)		4.6	%
Other Assets and Liabilities - Net(2)		1.4	%
TOTAL		100.0

	Percentage of
Credit Quality Diversification(3)	Total Net Assets
AAA / Aaa		0.2	%
AA / Aa		43.8	%
A / A		32.2	%
BBB / Baa		17.8	%
Not Rated		4.6	%
Other Assets and Liabilities - Net(2)		1.4	%
TOTAL		100.0	%

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

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

⁽³⁾  For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 94.0%
NEW YORK – 94.0%
AIRPORT – 6.9%
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	$	1,222,650
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, Port, Airport & Marina Improvements, (207th Series), 5.00%, 09/15/23		3,000,000		3,374,220
TOTAL AIRPORT			$	4,596,870
DEDICATED TAX – 14.4%
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33		1,175,000		1,385,760
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series A-1), 5.00%, 05/01/34		1,300,000		1,558,765

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	$	609,310
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (Series D), 5.00%, 02/15/27		945,000		1,167,009
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32		2,000,000		2,434,940
New York State Urban Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), 5.00%, 03/15/25		540,000		643,874
Sales Tax Asset Receivable Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 10/15/31		1,500,000		1,756,815
TOTAL DEDICATED TAX			$	9,556,473
DEVELOPMENT – 2.2%
New York Liberty Development Corp., NY, Refunding Revenue Bonds, Goldman Sachs Headquarters, 5.25%, 10/01/35		1,045,000		1,436,718

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 34

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
FACILITIES – 0.2%
United Nations Development Corp., NY, Revenue Bonds, Public Improvements, Prerefunded/ETM, 5.90%, 05/01/23	$	115,000	$	124,049
GENERAL OBLIGATIONS – 10.9%
Monroe County, NY, GO, Public Improvements, AD Valorem Property Tax, (AGM), 5.00%, 06/01/22		1,070,000		1,147,511
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C), (BAM), 5.00%, 04/01/26		1,000,000		1,222,750
New York, NY, GO Unlimited, (Series A-1), 5.00%, 08/01/31		1,000,000		1,301,140
Newburgh, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), Prerefunded/ETM, 5.25%, 06/15/27		1,010,000		1,090,396
Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM)
5.00%, 05/01/26		1,000,000		1,212,070
5.00%, 05/01/30		1,000,000		1,279,690
TOTAL GENERAL OBLIGATIONS			$	7,253,557
HIGHER EDUCATION – 22.0%
City of Albany Capital Resource Corp., NY, Refunding Revenue Bonds, Albany Law School of Union University Project
4.00%, 07/01/22		600,000		616,320
4.00%, 07/01/23		725,000		750,107
4.00%, 07/01/25		865,000		908,250
4.00%, 07/01/26		800,000		840,936
5.00%, 07/01/29		1,195,000		1,310,855
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, The Culinary Institute of America, 5.00%, 07/01/32		1,040,000		1,160,786
New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, The Juilliard School, (Series A), 5.00%, 01/01/33		1,025,000		1,308,269
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, Brooklyn Law School, (Series A), 5.00%, 07/01/33		1,200,000		1,377,216
New York State Dormitory Authority, NY, Refunding Revenue Bonds, (NATL-IBC), 5.25%, 05/15/21		5,000		5,133
New York State Dormitory Authority, NY, Refunding Revenue Bonds, School Districts Financing Program, School Improvements, (Series A), (AGM), 5.00%, 10/01/29		1,000,000		1,271,880
New York State Dormitory Authority, NY, Refunding Revenue Notes, 3rd General Resolution, (Series E), 5.00%, 05/15/27		1,740,000		1,845,096
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27		2,725,000		3,252,178
TOTAL HIGHER EDUCATION			$	14,647,026
HOUSING – 16.9%
New York City, NY, Housing Development Corp., Multi Family Revenue Bonds, (Sustainable Neighborhood Bonds), 1.75%, 05/01/59D		2,000,000		2,022,240

Description	Par Value		Value
New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33	$	2,000,000	$	2,149,060
New York City, NY, Housing Development Corp., Revenue Bonds, Sustainable Neighborhood Bonds
2.45%, 05/01/31		500,000		520,495
3.10%, 11/01/34		890,000		948,402
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		1,007,940
New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32		1,940,000		2,110,739
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (223th Series), 3.50%, 04/01/49		1,335,000		1,435,165
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (226th Series), 3.50%, 10/01/50		1,000,000		1,094,250
TOTAL HOUSING			$	11,288,291
LEASE – 2.6%
Syracuse, NY, IDA, Revenue Bonds, Syracuse City School District Project, School Improvements, (Series B), (State Aid Withholding), 5.00%, 05/01/32		1,435,000		1,759,109
MEDICAL – 7.3%
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (NYU Hospitals Center), 5.00%, 07/01/27		2,000,000		2,285,940
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29		1,000,000		1,241,390
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%, 05/01/24		1,160,000		1,334,221
TOTAL MEDICAL			$	4,861,551
POWER – 3.2%
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A), 5.00%, 09/01/33		700,000		923,265
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series B), 5.00%, 09/01/25		1,000,000		1,221,020
TOTAL POWER			$	2,144,285
STUDENT HOUSING – 1.8%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, UBF Facility Student Housing Corp., (AGM), 5.00%, 10/01/31		1,000,000		1,198,700
TRANSPORTATION – 5.6%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Series D-1), 5.00%, 09/01/22		1,500,000		1,526,100

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

35 PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund(concluded)

Description	Par Value		Value
Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/24	$	1,000,000	$	1,058,270
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K)
5.00%, 01/01/29		105,000		122,367
5.00%, 01/01/30		700,000		813,911
Triborough Bridge & Tunnel Authority, NY, Current Refunding Revenue Bonds, Highway Revenue Tools, (Series B), 5.00%, 11/15/29		200,000		217,468
TOTAL TRANSPORTATION			$	3,738,116
TOTAL NEW YORK			$	62,604,745
TOTAL MUNICIPAL BONDS
(Cost $60,952,063)			$	62,604,745

Description	Number of Shares		Value
MONEY MARKET FUND – 4.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.02%^		3,072,408	$	3,072,408
TOTAL MONEY MARKET FUND
(Cost $3,072,408)			$	3,072,408
TOTAL INVESTMENTS – 98.6%
(Cost $64,024,471)			$	65,677,153
OTHER ASSETS LESS LIABILITIES – 1.4%				945,740
TOTAL NET ASSETS – 100.0%			$	66,622,893

Cost of investments for Federal income tax purposes is $64,059,940.The net unrealized appreciation/(depreciation) of investments was $1,617,213. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,901,693 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(284,480).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2020 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Municipal Bonds		$	—		$	62,604,745		$	—		$	62,604,745
Money Market Fund			3,072,408			—			—			3,072,408
Total		$	3,072,408		$	62,604,745		$	—		$	65,677,153

^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.

^{^}  7-Day net yield.

The following acronyms are used throughout this Fund:
AGM	Assured Guaranty Municipal
BAM	Build America Mutual Assurance Company
ETM	Escrowed to Maturity
GO	General Obligation
IBC	International Bancshares Corporation
IDA	Industrial Development Authority/Agency
NATL	National Public Finance Guarantee Corporation

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 36

October 31, 2020 (unaudited)	Wilmington Broad Market Bond Fund			Wilmington Intermediate-Term Bond Fund				Wilmington Short-Term Bond Fund
ASSETS:
Investments, at identified cost	$	589,593,787			$	47,029,857		$	44,866,825
Investments in securities, at value (Including $23,947,468, $787,550 and $925,406, respectively, of securities on loan) (Note 2)	$	625,000,289			$	49,714,943		$	45,737,517
Cash		101,950				4,450			—
Income receivable		3,486,964				304,147			289,706
Due from advisor		—				2,612			4,847
Receivable for shares sold		1,084,458				9			160,003
Receivable for investments sold		4,131,819				—			—
Prepaid assets		25,647				21,194			19,696
TOTAL ASSETS		633,831,127				50,047,355			46,211,769
LIABILITIES:
Payable for investments purchased		10,943,536				249,660			249,660
Collateral for securities on loan		24,733,542				806,642			961,286
Income distribution payable		502,516				39,131			11,040
Payable for shares redeemed		141,210				317			22,839
Payable for Trustees’ fees		8,652				8,731			8,744
Payable for administration fees		15,409				1,269			1,167
Payable for distribution services fees		673				313			826
Payable for shareholder services fees		269				125			—
Payable for investment advisory fees		189,733				—			—
Other accrued expenses		142,155				74,297			76,585
TOTAL LIABILITIES		36,677,695				1,180,485			1,332,147
NET ASSETS	$	597,153,432			$	48,866,870		$	44,879,622
NET ASSETS CONSIST OF:
Paid-in capital	$	560,771,995			$	45,331,922		$	44,983,925
Distributable earnings (loss)		36,381,437				3,534,948			(104,303	)
TOTAL NET ASSETS	$	597,153,432			$	48,866,870		$	44,879,622
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	3,142,339			$	1,465,051		$	3,879,071
Shares outstanding (unlimited shares authorized)		300,162				140,912			380,638
Net Asset Value per share	$	10.47			$	10.40		$	10.19
Offering Price per share*	$	10.96	**		$	10.89	**	$	10.37	***
Class I
Net Assets	$	594,011,093			$	47,401,819		$	41,000,551
Shares outstanding (unlimited shares authorized)		57,710,692				4,555,838			4,022,254
Net Asset Value and Offering Price per share	$	10.29			$	10.40		$	10.19

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

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

^***  Computation of offering price per share: 100/98.25 of net asset value.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

37 STATEMENTS OF ASSETS AND LIABILITIES (concluded)

October 31, 2020 (unaudited)	Wilmington Municipal Bond Fund			Wilmington New York Municipal Bond Fund
ASSETS:
Investments, at identified cost	$	348,830,016			$	64,024,471
Investments in securities, at value	$	360,506,589			$	65,677,153
Income receivable		4,317,648				807,902
Receivable for shares sold		863,008				258,657
Prepaid assets		27,771				10,880
TOTAL ASSETS		365,715,016				66,754,592
LIABILITIES:
Payable for investments purchased		4,838,085				—
Income distribution payable		430,577				29,347
Payable for shares redeemed		175,910				13,151
Payable for Trustees’ fees		8,652				8,652
Payable for administration fees		9,264				1,693
Payable for distribution services fees		5,249				1,520
Payable for investment advisory fees		109,747				8,739
Other accrued expenses		21,449				68,597
TOTAL LIABILITIES		5,598,933				131,699
NET ASSETS	$	360,116,083			$	66,622,893
NET ASSETS CONSIST OF:
Paid-in capital	$	349,015,151			$	64,852,037
Distributable earnings (loss)		11,100,932				1,770,856
TOTAL NET ASSETS	$	360,116,083			$	66,622,893
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	24,563,556			$	7,128,001
Shares outstanding (unlimited shares authorized)		1,849,307				676,696
Net Asset Value per share	$	13.28			$	10.53
Offering Price per share*	$	13.91	**		$	11.03	**
Class I
Net Assets	$	335,552,527			$	59,494,892
Shares outstanding (unlimited shares authorized)		25,252,498				5,644,463
Net Asset Value and Offering Price per share	$	13.29			$	10.54

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

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

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS 38

Six Months Ended October 31, 2020 (unaudited)	Wilmington Broad Market Bond Fund				Wilmington Intermediate-Term Bond Fund				Wilmington Short-Term Bond Fund
INVESTMENT INCOME:
Dividends		$	159,968			$	2,529		$	13,481
Interest			7,412,577				598,880			460,526
Securities lending income, net			6,173				784			367
TOTAL INVESTMENT INCOME			7,578,718				602,193			474,374
EXPENSES:
Investment advisory fees			1,291,629				112,681			95,841
Administration fees			86,897				7,580			7,253
Portfolio accounting and administration fees			69,839				21,827			20,431
Custodian fees			6,171				1,492			2,085
Transfer and dividend disbursing agent fees and expenses			43,128				1,496			2,935
Trustees’ fees			30,594				30,594			30,594
Professional fees			50,376				48,285			48,243
Distribution services fee—Class A			4,084				1,879			5,864
Shareholder services fee—Class A			4,084				1,879			5,864
Shareholder services fee—Class I			713,486				60,722			54,036
Share registration costs			17,712				15,036			15,644
Printing and postage			10,148				2,061			2,039
Miscellaneous			26,001				9,570			9,392
TOTAL EXPENSES			2,354,149				315,102			300,221
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(226,134	)			(127,923	)		(119,447	)
Waiver of shareholder services fee—Class A			(2,450	)			(1,127	)		(5,864	)
Waiver of shareholder services fee—Class I			(713,486	)			(60,722	)		(54,036	)
TOTAL WAIVERS AND REIMBURSEMENTS			(942,070	)			(189,772	)		(179,347	)
Net expenses			1,412,079				125,330			120,874
Net investment income			6,166,639				476,863			353,500
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments			860,057				330,846			189,928
Net change in unrealized appreciation (depreciation) on investments			2,572,578				668,642			58,559
Net realized and unrealized gain (loss)			3,432,635				999,488			248,487
Change in net assets resulting from operations		$	9,599,274			$	1,476,351		$	601,987

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

39 STATEMENTS OF OPERATIONS (concluded)

Six Months Ended October 31, 2020 (unaudited)	Wilmington Municipal Bond Fund				Wilmington         New York         Municipal Bond         Fund
INVESTMENT INCOME:
Dividends		$	849			$	215
Interest			4,177,219				697,414
TOTAL INVESTMENT INCOME			4,178,068				697,629
EXPENSES:
Investment advisory fees			816,638				146,347
Administration fees			54,941				9,845
Portfolio accounting and administration fees			51,026				20,364
Custodian fees			2,206				664
Transfer and dividend disbursing agent fees and expenses			7,735				5,452
Trustees’ fees			30,594				30,594
Professional fees			49,785				47,470
Distribution services fee—Class A			31,281				9,213
Shareholder services fee—Class A			31,281				9,213
Shareholder services fee—Class I			422,406				72,090
Share registration costs			16,794				5,767
Printing and postage			3,752				3,124
Miscellaneous			18,100				9,885
TOTAL EXPENSES			1,536,539				370,028
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(162,343	)			(94,651	)
Waiver of shareholder services fee—Class A			(31,281	)			(9,213	)
Waiver of shareholder services fee—Class I			(422,406	)			(72,090	)
TOTAL WAIVERS AND REIMBURSEMENTS			(616,030	)			(175,954	)
Net expenses			920,509				194,074
Net investment income			3,257,559				503,555
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments			(108,773	)			(4,804	)
Net change in unrealized appreciation (depreciation) on investments			15,141,243				2,047,477
Net realized and unrealized gain (loss)			15,032,470				2,042,673
Change in net assets resulting from operations		$	18,290,029			$	2,546,228

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 40

	Wilmington Broad Market Bond Fund									Wilmington Intermediate-Term Bond Fund
		Six Months Ended October 31, 2020 (Unaudited)				Year Ended      April  30, 2020					Six Months Ended October 31, 2020 (Unaudited)				Year Ended      April  30, 2020
OPERATIONS:
Net investment income			$	6,166,639			$	12,467,103				$	476,863			$	1,310,261
Net realized gain (loss)				860,057				3,339,184					330,846				980,351
Net change in unrealized appreciation (depreciation)				2,572,578				31,263,726					668,642				1,645,505
Change in net assets resulting from operations				9,599,274				47,070,013					1,476,351				3,936,117
DISTRIBUTIONS TO SHAREHOLDERS:
Class A				(29,590	)			(64,387	)				(11,947	)			(42,342	)
Class I				(6,137,376	)			(13,059,554	)				(465,100	)			(1,594,387	)
Total distributions to shareholders				(6,166,966	)			(13,123,941	)				(477,047	)			(1,636,729	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A				10,601				535,517					—				—
Class I				85,107,552				173,643,574					2,862,057				8,082,186
Distributions reinvested
Class A				22,499				46,198					9,532				33,152
Class I				3,121,821				7,046,793					214,650				786,619
Cost of shares redeemed
Class A				(157,831	)			(1,044,490	)				(124,054	)			(312,432	)
Class I				(33,450,296	)			(222,700,202	)				(4,605,400	)			(39,612,198	)
Change in net assets resulting from share transactions				54,654,346				(42,472,610	)				(1,643,215	)			(31,022,673	)
Change in net assets				58,086,654				(8,526,538	)				(643,911	)			(28,723,285	)
NET ASSETS:
Beginning of period				539,066,778				547,593,316					49,510,781				78,234,066
End of period			$	597,153,432			$	539,066,778				$	48,866,870			$	49,510,781
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A				1,008				52,652					—				—
Class I				8,195,635				17,484,936					275,468				805,727
Distributions reinvested
Class A				2,138				4,567					915				3,303
Class I				301,670				709,331					20,607				78,410
Shares redeemed
Class A				(14,987	)			(105,610	)				(12,073	)			(31,017	)
Class I				(3,236,697	)			(22,708,456	)				(442,878	)			(3,974,501	)
Net change resulting from share transactions				5,248,767				(4,562,580	)				(157,961	)			(3,118,078	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

41 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Short-Term Bond Fund								Wilmington Municipal Bond Fund
	Six Months Ended October 31, 2020 (Unaudited)				Year Ended April 30, 2020				Six Months Ended October 31, 2020 (Unaudited)				Year Ended April 30, 2020
OPERATIONS:
Net investment income		$	353,500			$	983,177			$	3,257,559			$	6,346,416
Net realized gain (loss)			189,928				321,471				(108,773	)			6,015,567
Net change in unrealized appreciation (depreciation)			58,559				686,722				15,141,243				(12,257,840	)
Change in net assets resulting from operations			601,987				1,991,370				18,290,029				104,143
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(29,721	)			(103,114	)			(195,255	)			(897,121	)
Class I			(323,827	)			(911,687	)			(3,062,304	)			(10,143,822	)
Total distributions to shareholders			(353,548	)			(1,014,801	)			(3,257,559	)			(11,040,943	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			118,835				1,023,822				60,674				1,158,841
Class I			5,483,126				9,978,636				48,055,364				125,486,757
Distributions reinvested
Class A			17,465				55,577				135,018				612,894
Class I			245,058				683,168				588,431				4,834,614
Cost of shares redeemed
Class A			(2,384,969	)			(589,051	)			(738,332	)			(5,875,324	)
Class I			(7,655,736	)			(13,511,420	)			(43,686,303	)			(64,462,561	)
Change in net assets resulting from share transactions			(4,176,221	)			(2,359,268	)			4,414,852				61,755,221
Change in net assets			(3,927,782	)			(1,382,699	)			19,447,322				50,818,421
NET ASSETS:
Beginning of period			48,807,404				50,190,103				340,668,761				289,850,340
End of period		$	44,879,622			$	48,807,404			$	360,116,083			$	340,668,761
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			11,675				101,662				4,550				86,244
Class I			537,296				992,906				3,630,543				9,669,481
Distributions reinvested
Class A			1,711				5,524				10,177				45,846
Class I			24,003				67,892				44,338				362,237
Shares redeemed
Class A			(233,680	)			(58,587	)			(55,601	)			(438,848	)
Class I			(750,370	)			(1,341,738	)			(3,294,578	)			(4,875,090	)
Net change resulting from share transactions			(409,365	)			(232,341	)			339,429				4,849,870

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 42

	Wilmington New York Municipal Bond Fund
	Six Months Ended October 31, 2020 (Unaudited)				Year Ended April 30, 2020
OPERATIONS:
Net investment income		$	503,555			$	1,032,991
Net realized gain (loss)			(4,804	)			714,111
Net change in unrealized appreciation (depreciation)			2,047,477				(1,682,471	)
Change in net assets resulting from operations			2,546,228				64,631
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(48,539	)			(168,791	)
Class I			(455,014	)			(1,288,518	)
Total distributions to shareholders			(503,553	)			(1,457,309	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			8,145				79,147
Class I			7,542,715				13,716,192
Distributions reinvested
Class A			32,208				120,538
Class I			298,840				919,727
Cost of shares redeemed
Class A			(404,163	)			(1,430,945	)
Class I			(5,127,839	)			(11,791,130	)
Change in net assets resulting from share transactions			2,349,906				1,613,529
Change in net assets			4,392,581				220,851
NET ASSETS:
Beginning of period			62,230,312				62,009,461
End of period		$	66,622,893			$	62,230,312
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			774				7,486
Class I			714,299				1,308,297
Distributions reinvested
Class A			3,053				11,368
Class I			28,306				86,687
Shares redeemed
Class A			(38,301	)			(135,330	)
Class I			(486,399	)			(1,122,548	)
Net change resulting from share transactions			221,732				155,960

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

43 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 WILMINGTON BROAD MARKET BOND FUND

CLASS A	Six Months Ended October 31, 2020 (Unaudited)				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 Period
Income (Loss) From Operations:			$10.39				$  9.71				$  9.51				$  9.78				$  9.94				$  9.95
Net Investment Income(a)			0.10				0.21				0.21				0.18				0.16				0.18
Net Realized and Unrealized Gain (Loss)			0.08				0.69				0.21				(0.26	)			(0.14	)			0.02
Total Income (Loss) From Operations			0.18				0.90				0.42				(0.08	)			0.02				0.20
Less Distributions From:
Net Investment Income			(0.10	)			(0.22	)			(0.22	)			(0.19	)			(0.18	)			(0.20	)
Net Realized Gains			—				—				—				—				—				(0.01	)
Total Distributions			(0.10	)			(0.22	)			(0.22	)			(0.19	)			(0.18	)			(0.21	)
Net Asset Value, End of Period			$10.47				$10.39				$  9.71				$  9.51				$  9.78				$  9.94
Total Return(b)			1.69	%			9.35	%			4.45	%			(0.81	)%			0.22	%			2.03	%
Net Assets, End of Period (000’s)			$3,142				$3,242				$3,501				$4,074				$4,503				$5,206
Ratios to Average Net Assets
Gross Expense(c)			1.07	%(d)			1.07	%			1.08	%			1.09	%			1.09	%			1.10	%
Net Expense(c),(e)			0.84	%(d)			0.83	%			0.83	%			0.87	%			0.89	%			0.88	%
Net Investment Income			1.81	%(d)			2.06	%			2.18	%			1.82	%			1.62	%			1.85	%
Portfolio Turnover Rate			21	%			46	%			36	%			34	%			32	%			44	%
CLASS I	Six Months Ended October 31, 2020 (Unaudited)				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 Period		$	10.22			$	9.55			$	9.35			$	9.62			$	9.78			$	9.79
Income (Loss) From Operations:
Net Investment Income(a)			0.11				0.24				0.24				0.21				0.19				0.21
Net Realized and Unrealized Gain (Loss)			0.07				0.68				0.21				(0.26	)			(0.14	)			0.02
Total Income (Loss) From Operations			0.18				0.92				0.45				(0.05	)			0.05				0.23
Less Distributions From:
Net Investment Income			(0.11	)			(0.25	)			(0.25	)			(0.22	)			(0.21	)			(0.23	)
Net Realized Gains			—				—				—				—				—				(0.01	)
Total Distributions			(0.11	)			(0.25	)			(0.25	)			(0.22	)			(0.21	)			(0.24	)
Net Asset Value, End of Period		$	10.29			$	10.22			$	9.55			$	9.35			$	9.62			$	9.78
Total Return(b)			1.78	%			9.74	%			4.84	%			(0.52	)%			0.54	%			2.38	%
Net Assets, End of Period (000’s)		$	594,011			$	535,825			$	544,092			$	506,940			$	503,184			$	409,975
Ratios to Average Net Assets
Gross Expense(c)			0.82	%(d)			0.82	%			0.83	%			0.84	%			0.84	%			0.85	%
Net Expense(c),(e)			0.49	%(d)			0.49	%			0.49	%			0.53	%			0.55	%			0.55	%
Net Investment Income			2.15	%(d)			2.40	%			2.52	%			2.18	%			1.96	%			2.15	%
Portfolio Turnover Rate			21	%			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, 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. This ratio does not include these indirect fees and expenses.

(d) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 44

For a share outstanding throughout each period:

 WILMINGTON INTERMEDIATE-TERM BOND FUND

CLASS A	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$10.19			$  9.81			$  9.58			$  9.88			$10.01			$10.02
Income (Loss) From Operations:
Net Investment Income(a)		0.08			0.19			0.19			0.16			0.13			0.13
Net Realized and Unrealized Gain (Loss)		0.21			0.44			0.23			(0.27	)		(0.12	)		0.03
Total Income (Loss) From Operations		0.29			0.63			0.42			(0.11	)		0.01			0.16
Less Distributions From:
Net Investment Income		(0.08	)		(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		(0.08	)		(0.25	)		(0.19	)		(0.19	)		(0.14	)		(0.17	)
Net Asset Value, End of Period		$10.40			$10.19			$  9.81			$  9.58			$  9.88			$10.01
Total Return(c)		2.88	%		6.49	%		4.47	%		(1.14	)%		0.16	%		1.62	%
Net Assets, End of Period (000’s)		$1,465			$1,550			$1,763			$1,912			$2,765			$3,509
Ratios to Average Net Assets
Gross Expense(d)		1.50	%(e)		1.40	%		1.32	%		1.26	%		1.18	%		1.18	%
Net Expense(d),(f)		0.84	%(e)		0.80	%		0.80	%		0.83	%		0.86	%		0.85	%
Net Investment Income		1.56	%(e)		1.92	%		1.96	%		1.65	%		1.32	%		1.34	%
Portfolio Turnover Rate		22	%		35	%		25	%		30	%		39	%		32	%
CLASS I	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$  10.20			$    9.81			$    9.59			$    9.88			$      10.02			$     10.03
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.22			0.22			0.19			0.17			0.17
Net Realized and Unrealized Gain (Loss)		0.20			0.45			0.22			(0.26	)		(0.13	)		0.03
Total Income (Loss) From Operations		0.30			0.67			0.44			(0.07	)		0.04			0.20
Less Distributions From:
Net Investment Income		(0.10	)		(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		(0.10	)		(0.28	)		(0.22	)		(0.22	)		(0.18	)		(0.21	)
Net Asset Value, End of Period		$  10.40			$  10.20			$    9.81			$    9.59			$      9.88			$    10.02
Total Return(c)		2.95	%		6.92	%		4.68	%		(0.72	)%		0.40	%		1.94	%
Net Assets, End of Period (000’s)		$47,402			$47,961			$76,471			$82,301			$127,103			$120,406
Ratios to Average Net Assets
Gross Expense(d)		1.25	%(e)		1.15	%		1.07	%		1.01	%		0.93	%		0.93	%
Net Expense(d),(f)		0.49	%(e)		0.49	%		0.49	%		0.52	%		0.53	%		0.53	%
Net Investment Income		1.91	%(e)		2.23	%		2.26	%		1.96	%		1.66	%		1.66	%
Portfolio Turnover Rate		22	%		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, 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. This ratio does not include these indirect fees and expenses.

(e) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

45 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

 WILMINGTON SHORT-TERM BOND FUND

CLASS A	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$10.14			$  9.95			$9.85			$  9.99			$10.07			$10.10
Income (Loss) From Operations:
Net Investment Income(a)		0.07			0.18			0.16			0.12			0.10			0.07
Net Realized and Unrealized Gain (Loss)		0.04			0.19			0.11			(0.12	)		(0.06	)		0.02
Total Income (Loss) From Operations		0.11			0.37			0.27			0.00	(b)		0.04			0.09
Less Distributions From:
Net Investment Income		(0.06	)		(0.18	)		(0.17	)		(0.14	)		(0.12	)		(0.10	)
Net Realized Gains		—			—			—			—			—			(0.02	)
Total Distributions		(0.06	)		(0.18	)		(0.17	)		(0.14	)		(0.12	)		(0.12	)
Net Asset Value, End of Period		$10.19			$10.14			$  9.95			$  9.85			$  9.99			$10.07
Total Return(c)		1.13	%		3.78	%		2.79	%		(0.03	)%		0.43	%		0.87	%
Net Assets, End of Period (000’s)		$3,879			$6,094			$5,494			$5,973			$6,628			$7,796
Ratios to Average Net Assets
Gross Expense(d)		1.48	%(e)		1.43	%		1.42	%		1.37	%		1.23	%		1.11	%
Net Expense(d),(f)		0.73	%(e)		0.73	%		0.73	%		0.73	%		0.73	%		0.73	%
Net Investment Income		1.27	%(e)		1.76	%		1.65	%		1.22	%		0.96	%		0.71	%
Portfolio Turnover Rate		56	%		140	%(g)		67	%		42	%		72	%		104	%
CLASS I	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$  10.14			$   9.95			$    9.85			$    9.99			$  10.07			$    10.10
Income (Loss) From Operations:
Net Investment Income(a)		0.08			0.20			0.19			0.15			0.12			0.10
Net Realized and Unrealized Gain (Loss)		0.05			0.20			0.11			(0.13	)		(0.05	)		0.01
Total Income (Loss) From Operations		0.13			0.40			0.30			0.02			0.07			0.11
Less Distributions From:
Net Investment Income		(0.08	)		(0.21	)		(0.20	)		(0.16	)		(0.15	)		(0.12	)
Net Realized Gains		—			—			—			—			—			(0.02	)
Total Distributions		(0.08	)		(0.21	)		(0.20	)		(0.16	)		(0.15	)		(0.14	)
Net Asset Value, End of Period		$  10.19			$  10.14			$    9.95			$    9.85			$    9.99			$    10.07
Total Return(c)		1.25	%		4.04	%		3.04	%		0.22	%		0.68	%		1.12	%
Net Assets, End of Period (000’s)		$41,001			$42,713			$44,696			$46,309			$64,706			$160,541
Ratios to Average Net Assets
Gross Expense(d)		1.23	%(e)		1.19	%		1.17	%		1.11	%		0.98	%		0.86	%
Net Expense(d),(f)		0.48	%(e)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net Investment Income		1.50	%(e)		2.01	%		1.90	%		1.46	%		1.19	%		0.97	%
Portfolio Turnover Rate		56	%		140	%(g)		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, 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. This ratio does not include these indirect fees and expenses.

(e) Annualized for periods less than one year.

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

(g) 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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 46

For a share outstanding throughout each period:

 WILMINGTON MUNICIPAL BOND FUND

CLASS A	Six Months Ended October 31, 2020 (Unaudited)				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 Period		$	12.72			$	13.22			$	12.78			$	13.14			$	13.54			$	13.41
Income (Loss) From Operations:
Net Investment Income(a)			0.10				0.25				0.26				0.22				0.22				0.23
Net Realized and Unrealized Gain (Loss)			0.56				(0.28	)			0.44				(0.26	)			(0.31	)			0.37
Total Income (Loss) From Operations			0.66				(0.03	)			0.70				(0.04	)			(0.09	)			0.60
Less Distributions From:
Net Investment Income			(0.10	)			(0.25	)			(0.26	)			(0.22	)			(0.22	)			(0.23	)
Net Realized Gains			—				(0.22	)			—				(0.10	)			(0.09	)			(0.24	)
Total Distributions			(0.10	)			(0.47	)			(0.26	)			(0.32	)			(0.31	)			(0.47	)
Net Asset Value, End of Period			$  13.28				$  12.72				$  13.22				$  12.78				$  13.14				$  13.54
Total Return(b)			5.23	%			(0.36	)%			5.52	%			(0.29	)%			(0.65	)%			4.55	%
Net Assets, End of Period (000’s)			$24,564				$24,052				$29,050				$29,109				$31,951				$38,182
Ratios to Average Net Assets
Gross Expense(c)			1.08	%(d)			1.09	%			1.10	%			1.10	%			1.09	%			1.09	%
Net Expense(c),(e)			0.74	%(d)			0.74	%			0.74	%			0.74	%			0.74	%			0.74	%
Net Investment Income			1.56	%(d)			1.90	%			1.99	%			1.70	%			1.62	%			1.69	%
Portfolio Turnover Rate			12	%			81	%			83	%			79	%			40	%			32	%
CLASS I	Six Months Ended October 31, 2020 (Unaudited)				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 Period		$	12.73			$	13.23			$	12.79			$	13.15			$	13.55			$	13.42
Income (Loss) From Operations:
Net Investment Income(a)			0.12				0.29				0.29				0.26				0.25				0.26
Net Realized and Unrealized Gain (Loss)			0.56				(0.28	)			0.44				(0.26	)			(0.31	)			0.37
Total Income (Loss) From Operations			0.68				0.01				0.73				0.00	(f)			(0.06	)			0.63
Less Distributions From:
Net Investment Income			(0.12	)			(0.29	)			(0.29	)			(0.26	)			(0.25	)			(0.26	)
Net Realized Gains			—				(0.22	)			—				(0.10	)			(0.09	)			(0.24	)
Total Distributions			(0.12	)			(0.51	)			(0.29	)			(0.36	)			(0.34	)			(0.50	)
Net Asset Value, End of Period		$	13.29			$	12.73			$	13.23			$	12.79			$	13.15			$	13.55
Total Return(b)			5.36	%			(0.10	)%			5.78	%			(0.03	)%			(0.39	)%			4.81	%
Net Assets, End of Period (000’s)		$	335,553			$	316,617			$	260,800			$	259,934			$	263,825			$	267,864
Ratios to Average Net Assets
Gross Expense(c)			0.83	%(d)			0.84	%			0.85	%			0.85	%			0.84	%			0.84	%
Net Expense(c),(e)			0.49	%(d)			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%
Net Investment Income			1.81	%(d)			2.14	%			2.24	%			1.95	%			1.87	%			1.94	%
Portfolio Turnover Rate			12	%			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, 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. This ratio does not include these indirect fees and expenses.

(d) Annualized for periods less than one year.

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

(f) Represents less than $0.005.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

47 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period:

 WILMINGTON NEW YORK MUNICIPAL BOND FUND

CLASS A	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$10.20			$10.43			$10.18			$  10.56			$  10.91			$  10.66
Income (Loss) From Operations:
Net Investment Income(a)		0.07			0.15			0.15			0.15			0.16			0.19
Net Realized and Unrealized Gain (Loss)		0.33			(0.16	)		0.36			(0.22	)		(0.25	)		0.27
Total Income (Loss) From Operations		0.40			(0.01	)		0.51			(0.07	)		(0.09	)		0.46
Less Distributions From:
Net Investment Income		(0.07	)		(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		(0.07	)		(0.22	)		(0.26	)		(0.31	)		(0.26	)		(0.21	)
Net Asset Value, End of Period		$10.53			$10.20			$10.43			$  10.18			$  10.56			$  10.91
Total Return(b)		3.93	%		(0.12	)%		5.16	%		(0.75	)%		(0.81	)%		4.32	%
Net Assets, End of Period (000’s)		$7,128			$7,251			$8,630			$14,863			$17,554			$20,197
Ratios to Average Net Assets
Gross Expense(c)		1.36	%(d)		1.34	%		1.33	%		1.28	%		1.24	%		1.22	%
Net Expense(c),(e)		0.82	%(d)		0.82	%		0.83	%		0.84	%		0.84	%		0.84	%
Net Investment Income		1.33	%(d)		1.43	%		1.50	%		1.43	%		1.50	%		1.76	%
Portfolio Turnover Rate		4	%		60	%		45	%		64	%		32	%		24	%
CLASS I	Six Months Ended October 31, 2020 (Unaudited)			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 Period		$  10.20			$  10.43			$  10.19			$  10.57			$  10.92			$  10.67
Income (Loss) From Operations:
Net Investment Income(a)		0.08			0.18			0.18			0.18			0.19			0.22
Net Realized and Unrealized Gain (Loss)		0.34			(0.16	)		0.35			(0.22	)		(0.25	)		0.27
Total Income (Loss) From Operations		0.42			0.02			0.53			(0.04	)		(0.06	)		0.49
Less Distributions From:
Net Investment Income		(0.08	)		(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		(0.08	)		(0.25	)		(0.29	)		(0.34	)		(0.29	)		(0.24	)
Net Asset Value, End of Period		$  10.54			$  10.20			$  10.43			$  10.19			$  10.57			$  10.92
Total Return(b)		4.16	%		0.13	%		5.32	%		(0.50	)%		(0.55	)%		4.58	%
Net Assets, End of Period (000’s)		$59,495			$54,979			$53,379			$56,626			$67,991			$63,704
Ratios to Average Net Assets
Gross Expense(c)		1.11	%(d)		1.09	%		1.09	%		1.03	%		0.99	%		0.98	%
Net Expense(c),(e)		0.57	%(d)		0.57	%		0.58	%		0.59	%		0.59	%		0.59	%
Net Investment Income		1.58	%(d)		1.68	%		1.76	%		1.68	%		1.75	%		2.01	%
Portfolio Turnover Rate		4	%		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, 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. This ratio does not include these indirect fees and expenses.

(d) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 48

Wilmington Funds

October 31, 2020 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 12 funds, 5 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 7 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Short-Term Bond Fund (“Short-Term Bond Fund”)(d)	The Fund seeks to provide current income.
Wilmington Municipal Bond Fund (“Municipal Bond Fund”)(d)	The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital.
Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”)(n)	The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.
(d)   Diversified
(n)   Non-diversified

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

Investment Valuation – The Funds utilize a fair value approach. The fair value of the Funds’ portfolio securities are determined as follows:

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

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

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

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

Pursuant to the Funds’ fair value procedures noted previously, investments in open-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

49 NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

At October 31, 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.	$	4,699,381	$	4,699,381	$	—	$	—
Citigroup Global Markets Ltd.		4,699,381		4,699,381		—		—
Daiwa Capital Markets America		4,699,381		4,699,381		—		—
National Bank Financial		4,699,381		4,699,381		—		—
Nomura Securities International, Inc.		1,236,637		1,236,637		—		—
RBC Dominion Securities, Inc.		4,699,381		4,699,381		—		—
	$	24,733,542	$	24,733,542	$	—	$	—
Intermediate-Term Bond Fund
Bank of America Securities, Inc.	$	153,262	$	153,262	$	—	$	—
Citigroup Global Markets Ltd.		153,262		153,262		—		—
Daiwa Capital Markets America		153,262		153,262		—		—
National Bank Financial		153,262		153,262		—		—
Nomura Securities International, Inc.		40,332		40,332		—		—
RBC Dominion Securities, Inc.		153,262		153,262		—		—
	$	806,642	$	806,642	$	—	$	—
Short-Term Bond Fund
Bank of America Securities, Inc.	$	182,649	$	182,649	$	—	$	—
Citigroup Global Markets Ltd.		182,649		182,649		—		—
Daiwa Capital Markets America		182,649		182,649		—		—
National Bank Financial		182,649		182,649		—		—
Nomura Securities International, Inc.		48,041		48,041		—		—
RBC Dominion Securities, Inc.		182,649		182,649		—		—
	$	961,286	$	961,286	$	—	$	—

⁽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 reporting purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

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

Each Fund offers multiple classes of shares. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Distributions are declared separately for each class. No class has preferential distribution rights;

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 50

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 six months ended October 31, 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.

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.

Under the terms of the agreement, cash collateral received is invested in one or more approved investments. Investment purchased with cash collateral are presented on the portfolios of investments under the caption “Cash Collateral Invested for Securities on Loan.”

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

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

At October 31, 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		$	23,947,468		$	23,947,468		$	—
Intermediate-Term Bond Fund			787,550			787,550			—
Short-Term Bond Fund			925,406			925,406			—

⁽¹⁾ Collateral with a value of $24,733,542, $806,642 and $961,286, respectively, has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

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

3. FEDERAL TAX INFORMATION

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

51 NOTES TO FINANCIAL STATEMENTS (continued)

As of October 31, 2020, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed or to be filed for the years ended 2020, 2019, 2018 and 2017, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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

Fund	Short-Term   No Expiration			Long-Term   No Expiration			Total Capital  Loss  Carryforwards
Short-Term Bond Fund		$	244,634		$	926,171		$	1,170,805

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	%

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 52

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2021 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
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%

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
		0.018%	on assets in excess of $10 billion
BNYM		0.0175%	on the first $15 billion
		0.0150%	on the next $10 billion
		0.0125%	on assets in excess of $25 billion

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 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 six months ended October 31, 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	$  3,387
Intermediate-Term Bond Fund	909
Short-Term Bond Fund	4,229
Municipal Bond Fund	26,261
New York Municipal Bond Fund	7,566

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

53 NOTES TO FINANCIAL STATEMENTS (continued)

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

For the six months ended October 31, 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	$275
Short-Term Bond Fund	61
New York Municipal Bond Fund	386

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

For the six months ended October 31, 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	$1,275
Intermediate-Term Bond Fund	336

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

BNYM provides custody services to the Trust.

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

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

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 the six months ended October 31, 2020 were as follows:

Fund	Commissions
Broad Market Bond Fund	$1,483
Intermediate-Term Bond Fund	390
Short-Term Bond Fund	390

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the six months ended October 31, 2020 were as follows:

	Investments
Fund	Purchases		Sales
Broad Market Bond Fund		$149,212,176		$104,875,195
Intermediate-Term Bond Fund		8,443,315		12,173,096
Short-Term Bond Fund		21,719,847		11,673,351
Municipal Bond Fund		49,587,787		39,639,404
New York Municipal Bond Fund		4,473,754		2,289,280

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 54

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2020 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Broad Market Bond Fund		$8,837,990		$11,224,508
Intermediate-Term Bond Fund		2,100,845		1,221,697
Short-Term Bond Fund		2,003,679		12,036,778

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.

Recently, the global pandemic outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption, impacting the global economy and the financial health of individual companies in significant and unforeseen ways. The duration and future impact of COVID-19 are currently unknown, which may exacerbate other types of risks that apply to the Funds and negatively impact 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.

At October 31, 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
Assured Guaranty Corporation		0.22%		—
Assured Guaranty Municipal		3.66%		5.43%
American Municipal Bond Assurance Corporation		2.28%		—
Build America Mutual Assurance Company		0.96%		5.58%
National Public Finance Guarantee Corporation		4.60%		4.89%
Total		11.72%		15.90%

8. CONTRACTUAL OBLIGATIONS

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

9. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The LOC expires on April 1, 2021.

The Trust did not utilize the LOC during the six months ended October 31, 2020.

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

55 NOTES TO FINANCIAL STATEMENTS (concluded)

10. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2018-13, which changes certain fair value measurement disclosure requirements. 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. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. As of October 31, 2020, ASU 2018-13 has been fully adopted and the implementation did not have a material impact on the Funds’ financial statements.

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 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.

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.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

56

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 9, 2020 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 18, 2020, the Board held a special telephonic meeting (the “August Meeting”) with personnel of Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and, together with WFMC, the “Adviser”) and independent counsel to the Independent Trustees (“Counsel”), to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the WFMC and with WTIA and the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

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

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

• The financial stability of the Adviser and each Sub-Adviser and their parent companies, when relevant.

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment, compliance and operational matters; brokerage and portfolio transactions; allocation of soft dollars for research products and services; portfolio turnover rates; and other benefits from the allocation of transactions to certain brokers. The Board took into account information provided by the Adviser with respect to the effect on performance of asset allocations required by a Fund’s investment strategy or implemented by the Adviser at its discretion. The Board also considered the Adviser’s profitability in providing services under the Advisory Agreements and concluded that, for each Fund, the level of profitability did not appear unreasonably high.

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

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

• The prospects for satisfactory investment performance were reasonable; and

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

57 Semi-Annual Report

Wilmington Broad Market Bond Fund

The Board considered that the Fund’s net management fee rate was above the Fund’s expense group median and that the Fund’s total expense ratio was below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one- and three-year periods and below the peer group average for the five-year period ended June 30, 2020.

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

Wilmington Intermediate-Term Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2020.

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

Wilmington Short-Term Bond Fund

The Board considered that the Fund’s net management fee rate was below the Fund’s expense group median and that the Fund’s total expense ratio was above the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one- and three-year periods and below the peer group average for the five-year period ended June 30, 2020.

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

Wilmington Municipal Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2020. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be attributed to the Fund’s overweight in the health care, higher education and revenue sectors, which underperformed due to the COVID-19 pandemic.

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

Wilmington New York Municipal Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the five-year period and below the peer group average for the one- and three-year periods ended June 30, 2020. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be attributed to the underperformance of New York general obligation bonds versus revenue bonds; the underperformance of New York state credits versus other state credits due to the COVID-19 pandemic; and the general contraction of all New York credit.

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

58

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

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.

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

59

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.

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

60

• 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.

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

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

WT-SAR-FI-1020

Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com

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

Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)

Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	1
Portfolios of Investments	2
Statements of Assets and Liabilities	7
Statements of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	14
Discussion of Renewal of Advisory and Sub-Advisory Agreements	19

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the semi-annual fiscal year period of May 1, 2020, through October 31, 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 semi-annual fiscal year.

The economy

The last six months revealed both the economic toll of the pandemic’s first wave, and the subsequent rebound as activity reverted toward more normal levels. U.S. gross domestic product (“GDP”) declined by a record -31.4% annualized in 2Q, as strict lockdown measures imposed across much of the world to contain the virus brought consumer activity to a near halt. GDP bounced back strongly in 3Q, gaining 31.4% annualized as initial outbreaks stabilized and economies began to reopen. The labor market recovered considerably over the period, adding back 12 of the 22 million jobs lost in March and April, although momentum began to wane with the unemployment rate still historically elevated. The federal government delivered a healthy volume of fiscal stimulus, more than offsetting wages lost by low income consumer and helping to fuel a robust rebound in spending on goods. Retail sales snapped back sharply to pre-pandemic levels by June, although the pace of gains decelerated in the months that followed as critical supplemental unemployment benefits expired without replacement. Relative to goods, spending on services saw more modest improvement, due to social distancing measures and persistent virus concerns. With the economic outlook still clouded by the pandemic, the Federal Reserve (the “Fed”) guided for rates to remain at the lower bound for years to come. The Fed’s shift to average inflation targeting, allowing inflation to run above 2% for extended periods, signaled that it is likely to remain accommodative for the time being.

Economic activity outside the U.S. varied between regions depending on the success of virus containment efforts. In China, where infection rates have been well controlled relative to much of the world, indicators of both manufacturing and services activity returned to expansion, while activity in the virus-sensitive transportation, hotel, and restaurant industries showed continued improvement. Eurozone economies began plotting their path to recovery, before moderating towards the end of the period. With outbreaks well contained from May-August, the Euro zone services sector returned to expansion in July before contracting in September and October as governments tightened mobility restrictions to curb an accelerating second wave of cases.

Bond markets

Fixed income markets recorded solid returns over the period, with both taxable and tax-exempt credit outperforming treasuries materially. The U.S. 10-year yield compressed to a record low and traded in a tight range for much of the period, before rising moderately in October. The Fed remained an active buyer of investment-grade and recently downgraded high-yield credit through its purchasing facilities. Fed support and improving economic trends helped fuel robust volumes of new issuance, alongside a steady appetite for yield from global investors. High yield taxable outperformed investment grade as spreads continued to normalize from elevated levels, and investors embraced riskier assets. After recording strong gains from May through July, municipal bonds saw more muted returns over the following months as issuance picked up pace and spreads widened moderately in September and October.

For the six-month period May 1, 2020 to October 31, 2020, certain Bloomberg Barclays indices performed as follows:¹

Bloomberg       Barclays U.S.       Treasury Bond       Index2	Bloomberg Barclays U.S. Aggregate Bond Index3	Bloomberg Barclays U.S. Credit Bond Index4	Bloomberg Barclays Municipal Bond Index5	Bloomberg     Barclays U.S.     Corporate High Yield     Bond Index6
-0.93%	1.27%	4.80%	4.99%	10.83%

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.

PRESIDENT’S MESSAGE / October 31, 2020 (unaudited)

ii

Equity markets

Global equities extended gains in the period as the continued recovery in the broader economy, better than expected corporate earnings and optimism over the development of COVID-19 treatments and vaccines, boosted risk sentiment. The S&P 500 led the way for much of the period, thanks to the dominant performance of mega-cap technology stocks with business models that benefitted most from the stay-at-home environment. Leadership began to shift from safe to more cyclical areas of the market in September, as large technology stocks, which had seen valuations inflate significantly, suffered a sharp sell-off. U.S. small cap equities logged strong gains over the period, after rebounding from depressed levels and maintaining a strong bid throughout the tech led unwind in September. Emerging markets equities outperformed, benefitting from economic momentum in China, which contributes over 1/3 of index market cap, and receiving some support from a weakening U.S. dollar. International developed equities started off on strong footing but lagged towards the end of the period as renewed COVID outbreaks and mobility restrictions fueled growth concerns.

For the six-month period May 1, 2020 to October 31, 2020, certain stock market indices performed as follows:

S&P 500®             Index7	Russel 2000® Index8	MSCI EAFE (Net)  Index9	MSCI Emerging              Markets (Net)              Index10
13.29%	18.13%	8.57%	20.96%

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.

Sincerely,

Dominick J. D’Eramo, CFA

President

November 19, 2020

October 31, 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.

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the money market funds, and you should not expect that the investment advisor will provide financial support to the money market funds at any time.

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

2. 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.

3. Bloomberg Barclays U.S. Aggregate Bond Index is a 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.

4. 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.

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

6. 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.

7. 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.

8. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. As of its latest reconstitution, the index had a total market capitalization range of approximately $128 million to $1.3 billion. The index is unmanaged and investments cannot be made directly in an index.

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

10. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

PRESIDENT’S MESSAGE / October 31, 2020 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

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

period and held for the entire period from May 1, 2020 to October 31, 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.

	Beginning Account Value 05/01/20		Ending Account Value 10/31/20		Expenses Paid During  Period(1)		Annualized Net Expense  Ratio(2)
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,000.10		$1.06		0.21%
Institutional Class		$1,000.00		$1,000.10		$1.01		0.20%
Select Class		$1,000.00		$1,000.10		$1.01		0.20%
Service Class		$1,000.00		$1,000.10		$1.01		0.20%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,024.15		$1.07		0.21%
Institutional Class		$1,000.00		$1,024.20		$1.02		0.20%
Select Class		$1,000.00		$1,024.20		$1.02		0.20%
Service Class		$1,000.00		$1,024.20		$1.02		0.20%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,000.10		$1.06		0.21%
Institutional Class		$1,000.00		$1,000.10		$0.91		0.18%
Select Class		$1,000.00		$1,000.10		$1.06		0.21%
Service Class		$1,000.00		$1,000.10		$1.16		0.23%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,024.15		$1.07		0.21%
Institutional Class		$1,000.00		$1,024.30		$0.92		0.18%
Select Class		$1,000.00		$1,024.15		$1.07		0.21%
Service Class		$1,000.00		$1,024.05		$1.17		0.23%

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

⁽²⁾ Expense ratio does not reflect the indirect expenses of the underlying funds in which the Funds’ invest.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Obligations		45.9	%
U.S. Government Agency Obligations		33.2	%
Repurchase Agreements		18.0	%
Money Market Fund		2.2	%
Other Assets and Liabilities - Net(1)		0.7	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 33.2%
FEDERAL FARM CREDIT BANK (FFCB) – 7.5%
(3 Month USD LIBOR - 0.13%), 0.15%, 11/16/20D	$	50,000,000	$	49,999,846
(1 Month USD LIBOR + 0.01%), 0.15%, 01/12/21D		50,000,000		49,999,512
(SOFRRATE + 0.11%), 0.20%, 01/15/21D		20,000,000		20,000,000
(SOFRRATE + 0.28%), 0.37%, 04/01/21D		50,000,000		50,000,000
(U.S. Treasury 3 Month Bill Money Market Yield + 0.23%), 0.33%, 05/26/21D		25,000,000		25,000,000
(U.S. Treasury 3 Month Bill Money Market Yield + 0.30%), 0.40%, 08/02/21D		25,000,000		25,000,000
(1 Month USD LIBOR + 0.02%), 0.17%, 11/26/21D		25,000,000		25,000,000
(SOFRRATE + 0.20%), 0.29%, 06/23/22D		40,000,000		40,000,000
0.54%, 11/18/20‡		50,000,000		49,987,486
1.58%, 11/25/20‡		41,000,000		40,958,180
0.31%, 01/27/21‡		125,000,000		124,909,375
0.49%, 02/05/21‡		90,000,000		89,884,800
0.49%, 02/17/21‡		75,000,000		74,892,000
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	665,631,199
FEDERAL HOME LOAN BANK (FHLB) – 22.0%
0.10%, 11/13/20‡		39,000,000		38,998,700
0.08%, 11/19/20‡		40,000,000		39,998,500
0.07%, 11/20/20‡		147,000,000		146,993,380
0.10%, 11/25/20‡		30,000,000		29,998,000
0.10%, 11/27/20‡		50,000,000		49,996,389
0.09%, 12/02/20‡		45,000,000		44,996,396
0.09%, 12/09/20‡		130,000,000		129,987,281
0.43%, 12/14/20‡		100,000,000		99,949,833
0.09%, 12/16/20‡		50,000,000		49,994,688
0.09%, 12/18/20‡		40,000,000		39,995,405
0.12%, 12/21/20‡		28,760,000		28,755,406
0.09%, 12/23/20‡		205,000,000		204,972,556
0.09%, 12/28/20‡		122,000,000		121,981,649

Description	Par Value		Value
0.10%, 01/13/21‡	$	160,000,000	$	159,966,744
0.10%, 01/15/21‡		25,000,000		24,994,792
0.10%, 01/20/21‡		25,000,000		24,994,444
0.09%, 01/22/21‡		29,584,000		29,577,935
0.10%, 01/29/21‡		91,000,000		90,978,257
0.12%, 02/26/21‡		25,000,000		24,990,494
(3 Month USD LIBOR - 0.20%), 0.09%, 11/16/20D		50,000,000		50,000,000
(1 Month USD LIBOR - 0.02%), 0.14%, 11/27/20D		100,000,000		100,000,000
(SOFRRATE + 0.10%), 0.19%, 12/23/20D		90,400,000		90,400,000
(3 Month USD LIBOR - 0.17%), 0.06%, 01/08/21D		100,000,000		100,000,000
(SOFRRATE + 0.04%), 0.13%, 02/09/21D		30,000,000		30,000,000
(SOFRRATE + 0.04%), 0.13%, 03/19/21D		100,000,000		100,000,000
(SOFRRATE + 0.23%), 0.32%, 04/13/21D		25,000,000		25,000,000
(3 Month USD LIBOR - 0.14%), 0.07%, 04/23/21D		50,000,000		50,000,000
(SOFRRATE + 0.15%), 0.24%, 09/03/21D		23,000,000		23,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	1,950,520,849
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.0%
(SOFRRATE + 0.04%), 0.13%, 12/04/20D		50,000,000		50,000,000
(SOFRRATE + 0.05%), 0.14%, 03/05/21D		25,000,000		25,000,000
(SOFRRATE + 0.32%), 0.41%, 09/23/21D		50,000,000		50,000,000
(SOFRRATE + 0.19%), 0.28%, 06/02/22D		50,000,000		50,000,000
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	175,000,000
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.7%
(SOFRRATE + 0.30%), 0.39%, 01/07/22D		25,000,000		25,000,000
(SOFRRATE + 0.39%), 0.48%, 04/15/22D		50,000,000		50,000,000

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

3        PORTFOLIOS OF INVESTMENTS

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

Description	Par Value		Value
(SOFRRATE + 0.32%), 0.41%, 04/27/22D	$	25,000,000	$	25,000,000
(SOFRRATE + 0.20%), 0.29%, 06/15/22D		50,000,000		50,000,000
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	150,000,000
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $2,941,152,048)			$	2,941,152,048
U.S. TREASURY OBLIGATIONS – 45.9%
U.S. TREASURY BILLS – 43.9%
0.12%, 11/05/20‡		330,000,000		329,996,314
0.08%, 11/10/20‡		375,000,000		374,990,275
0.11%, 11/12/20‡		65,000,000		64,997,915
0.09%, 11/17/20‡		50,000,000		49,998,058
0.11%, 11/19/20‡		150,000,000		149,993,037
0.11%, 11/27/20‡		200,000,000		199,985,808
0.17%, 12/03/20‡		550,000,000		549,941,311
0.13%, 12/08/20‡		50,000,000		49,995,067
0.10%, 12/10/20‡		50,000,000		49,993,771
0.09%, 12/15/20‡		100,000,000		99,988,633
0.09%, 12/17/20‡		200,000,000		199,974,668
0.09%, 12/22/20‡		100,000,000		99,987,250
0.18%, 12/24/20‡		75,000,000		74,980,677
0.11%, 01/05/21‡		100,000,000		99,980,410
0.11%, 01/12/21‡		96,000,000		95,979,310
0.10%, 01/21/21‡		410,000,000		409,908,425
0.13%, 01/26/21‡		125,000,000		124,967,959
0.10%, 01/28/21‡		100,000,000		99,975,556
0.11%, 02/02/21‡		350,000,000		349,902,221
0.10%, 02/04/21‡		200,000,000		199,947,090
0.13%, 02/09/21‡		50,000,000		49,987,361
0.10%, 02/16/21‡		65,000,000		64,980,681
0.10%, 02/18/21‡		100,000,000		99,970,933
TOTAL U.S. TREASURY BILLS			$	3,890,422,730
U.S. TREASURY NOTES – 2.0%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 0.24%, 04/30/21D		125,000,000		124,996,769
(U.S. Treasury 3 Month Bill Money Market Yield + 0.22%), 0.32%, 07/31/21D		49,934,000		49,939,467
TOTAL U.S. TREASURY NOTES			$	174,936,236
TOTAL U.S. TREASURY OBLIGATIONS (COST $4,065,358,966)			$	4,065,358,966
	Number of Shares
MONEY MARKET FUND – 2.2%
Blackrock Liquidity FedFund Institutional Shares, 0.04%^		199,113,477		199,113,477
TOTAL MONEY MARKET FUND (COST $199,113,477)			$	199,113,477

Description	Par Value		Value
REPURCHASE AGREEMENTS – 18.0%
Credit Suisse First Boston LLC, 0.07%, dated 10/30/20, due 11/02/20, repurchase price $89,000,519 collateralized by U.S. Treasury Securities, 0.00% to 5.50%, maturing 11/15/20 to 8/15/28; total market value of $90,780,549.	$	89,000,000		89,000,000
Deutsche Bank Securities, Inc., 0.07%, dated 10/30/20, due 11/02/20, repurchase price $55,000,321, collateralized by U.S. Treasury Security, 0.00%, maturing 12/10/20; total market value of $56,100,077.		55,000,000		55,000,000
Mizuho Securities USA, 0.09%, dated 10/30/20, due 11/02/20, repurchase price $200,001,500, collateralized by U.S. Treasury Securities, 0.50% to 2.00%, maturing 10/31/20 to 3/31/27; total market value of $204,000,034.		200,000,000		200,000,000
RBC Capital Markets LLC, 0.09%, dated 10/30/20, due 11/02/20, repurchase price $700,005,250 collateralized by U.S. Government Agency Securities, 1.93% to 5.00%, maturing 3/01/33 to 8/01/59; total market value of $714,000,000.		700,000,000		700,000,000
TD Securities, Inc., 0.09%, dated 10/30/20, due 11/02/20, repurchase price $550,004,125 collateralized by U.S. Government Agency Securities, 2.00% to 4.50%, maturing 10/01/35 to 10/01/50; total market value of $566,500,000.		550,000,000		550,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,594,000,000)			$	1,594,000,000
TOTAL INVESTMENTS – 99.3% (COST $8,799,624,491)			$	8,799,624,491
OTHER ASSETS LESS LIABILITIES – 0.7%				59,341,838
TOTAL NET ASSETS – 100.0%			$	8,858,966,329

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS        4

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

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 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	$	—	$	2,941,152,048		$—	$	2,941,152,048
U.S. Treasury Obligations		—		4,065,358,966		—		4,065,358,966
Money Market Fund		199,113,477		—		—		199,113,477
Repurchase Agreements		—		1,594,000,000		—		1,594,000,000
Total	$	199,113,477	$	8,600,511,014		$—	$	8,799,624,491

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.

^ 7-Day net yield.

The following acronyms are used throughout this Fund:
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Corporation
SOFRRATE	Secured Overnight Financing Rate
USD	United States Dollar

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

5

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At October 31, 2020, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Obligations		92.6	%
Repurchase Agreements		5.0	%
Money Market Fund		2.0	%
Other Assets and Liabilities – Net(1)		0.4	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2020 (unaudited)

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 92.6%
U.S. TREASURY BILLS – 75.5%
0.09%, 11/03/20‡	$	9,960,000	$	9,959,945
0.12%, 11/05/20‡		191,780,000		191,777,946
0.08%, 11/10/20‡		100,000,000		99,997,375
0.11%, 11/12/20‡		35,000,000		34,998,877
0.17%, 12/03/20‡		100,000,000		99,986,267
0.10%, 12/10/20‡		125,000,000		124,984,427
0.09%, 12/17/20‡		50,000,000		49,992,972
0.09%, 12/22/20‡		100,000,000		99,987,250
0.18%, 12/24/20‡		25,000,000		24,993,559
0.11%, 01/12/21‡		25,000,000		24,994,600
0.10%, 01/21/21‡		18,760,000		18,755,990
0.13%, 01/26/21‡		100,000,000		99,976,111
0.10%, 01/28/21‡		25,000,000		24,993,889
0.11%, 02/02/21‡		36,200,000		36,189,713
0.10%, 02/04/21‡		50,000,000		49,987,465
TOTAL U.S. TREASURY BILLS			$	991,576,386
U.S. TREASURY NOTES – 17.1%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 0.24%, 04/30/21D		150,000,000		150,004,135
(U.S. Treasury 3 Month Bill Money Market Yield + 0.15%), 0.25%, 01/31/22D		25,000,000		25,010,738
(U.S. Treasury 3 Month Bill Money Market Yield + 0.06%), 0.16%, 07/31/22D		50,000,000		49,999,998
TOTAL U.S. TREASURY NOTES			$	225,014,871
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,216,591,257)			$	1,216,591,257

Description	Number of Shares		Value
MONEY MARKET FUND – 2.0%
Blackrock Liquidity Funds T-Fund Institutional Shares, 0.04%^		25,812,418	$	25,812,418
TOTAL MONEY MARKET FUND (COST $25,812,418)			$	25,812,418
	Par Value
REPURCHASE AGREEMENTS – 5.0%
Credit Suisse First Boston LLC, 0.07%, dated 10/30/20, due 11/2/20, repurchase price $16,000,093 collateralized by U.S. Treasury Securities, 0.00% to 3.63%, maturing 11/15/20 to 8/31/25; total market value of $16,320,100.	$	16,000,000		16,000,000
RBC Capital Markets LLC, 0.07%, dated 10/30/20, due 11/2/20, repurchase price $50,000,292 collateralized by U.S. Treasury Securities, 0.63% to 1.75%, maturing 5/31/22 to 10/31/23; total market value of $51,000,021.		50,000,000		50,000,000
TOTAL REPURCHASE AGREEMENTS (COST $66,000,000)			$	66,000,000
TOTAL INVESTMENTS – 99.6% (COST $1,308,403,675)			$	1,308,403,675
OTHER ASSETS LESS LIABILITIES – 0.4%				5,806,859
TOTAL NET ASSETS – 100.0%			$	1,314,210,534

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS        6

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

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 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	$	—	$	1,216,591,257		$—	$	1,216,591,257
Money Market Fund		25,812,418		—		—		25,812,418
Repurchase Agreements		—		66,000,000		—		66,000,000
Total	$	25,812,418	$	1,282,591,257		$—	$	1,308,403,675

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

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.

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

LLC    Limited Liability Corporation

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

7          STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2020 (unaudited)	Wilmington U.S. Government Money Market Fund		Wilmington U.S. Treasury Money Market Fund
ASSETS:
Investments, at identified cost	$	8,799,624,491	$	1,308,403,675
Investments in securities, at value	$	7,205,624,491	$	1,242,403,675
Investments in repurchase agreements, at value		1,594,000,000		66,000,000
TOTAL INVESTMENTS		8,799,624,491		1,308,403,675
Cash		60,711,475		6,131,686
Income receivable		282,927		2,580
Receivable for shares sold		8,975		29,624
Prepaid assets		66,889		25,510
TOTAL ASSETS		8,860,694,757		1,314,593,075
LIABILITIES:
Income distribution payable		64,566		9,632
Payable for shares redeemed		20,804		36,444
Payable for Trustees’ fees		8,661		8,661
Payable for administration fees		242,652		52,243
Payable for investment advisory fees		535,754		14,914
Other accrued expenses		855,991		260,647
TOTAL LIABILITIES		1,728,428		382,541
NET ASSETS	$	8,858,966,329	$	1,314,210,534
NET ASSETS CONSIST OF:
Paid-in capital	$	8,858,962,371	$	1,314,207,126
Distributable earnings (loss)		3,958		3,408
TOTAL NET ASSETS	$	8,858,966,329	$	1,314,210,534
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	1,713,030,204	$	304,631,475
Shares outstanding (unlimited shares authorized)		1,713,275,385		304,670,942
Net Asset Value and Offering Price per share	$	1.000	$	1.000
Institutional Class
Net Assets	$	1,668,922,268	$	325,890,160
Shares outstanding (unlimited shares authorized)		1,668,988,237		325,890,634
Net Asset Value and Offering Price per share	$	1.000	$	1.000
Select Class
Net Assets	$	4,333,597,897	$	683,586,741
Shares outstanding (unlimited shares authorized)		4,334,057,403		683,598,276
Net Asset Value and Offering Price per share	$	1.000	$	1.000
Service Class
Net Assets	$	1,143,415,960	$	102,158
Shares outstanding (unlimited shares authorized)		1,143,373,740		102,156
Net Asset Value and Offering Price per share	$	1.000	$	1.000

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS          8

Six Months Ended October 31, 2020 (unaudited)	Wilmington     U.S. Government     Money  Market Fund				Wilmington U.S. Treasury     Money Market     Fund
INVESTMENT INCOME:
Interest		$	9,371,864			$	1,485,816
TOTAL INVESTMENT INCOME			9,371,864				1,485,816
EXPENSES:
Investment advisory fees			10,877,167				1,657,734
Administration fees			1,320,529				200,832
Portfolio accounting and administration fees			769,537				122,905
Custodian fees			92,322				35,061
Transfer and dividend disbursing agent fees and expenses			32,590				6,388
Trustees’ fees			30,594				30,594
Professional fees			87,761				73,652
Distribution services fee—Administrative Class			1,781,165				422,142
Distribution services fee—Service Class			1,383,506				179
Shareholder services fee—Administrative Class			1,781,165				422,142
Shareholder services fee—Select Class			5,753,681				1,038,213
Shareholder services fee—Service Class			1,383,506				179
Share registration costs			21,478				31,411
Printing and postage			100,309				12,667
Miscellaneous			109,166				62,612
TOTAL EXPENSES			25,524,476				4,116,711
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(4,810,670	)			(912,589	)
Waiver of distribution services fee—Administrative Class			(1,777,353	)			(408,922	)
Waiver of distribution services fee—Service Class			(1,375,729	)			(157	)
Waiver of shareholder services fee—Administrative Class			(1,781,165	)			(394,782	)
Waiver of shareholder services fee—Select Class			(5,753,681	)			(1,038,213	)
Waiver of shareholder services fee—Service Class			(1,272,239	)			(159	)
TOTAL WAIVERS AND REIMBURSEMENTS			(16,770,837	)			(2,754,822	)
Net expenses			8,753,639				1,361,889
Net investment income			618,225				123,927
REALIZED GAIN (LOSS):
Net realized gain (loss) on investments			5,326				1,419
Net realized gain (loss)			5,326				1,419
Change in net assets resulting from operations		$	623,551			$	125,346

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

9             STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington U.S. Government Money Market Fund								Wilmington U.S. Treasury Money Market Fund
	Six Months Ended October  31, 2020 (Unaudited)				Year Ended April 30, 2020				Six Months Ended October  31, 2020 (Unaudited)				Year Ended April 30, 2020
OPERATIONS:
Net investment income		$	618,225			$	105,479,150			$	123,927			$	22,817,630
Net realized gain (loss)			5,326				26,362				1,419				9,003
Change in net assets resulting from operations			623,551				105,505,512				125,346				22,826,633
DISTRIBUTIONS TO SHAREHOLDERS:
Administrative Class			(72,190	)			(15,638,028	)			(17,116	)			(3,367,609	)
Institutional Class			(129,738	)			(16,010,624	)			(12,969	)			(449,968	)
Select Class			(361,260	)			(61,857,851	)			(93,834	)			(19,005,385	)
Service Class			(56,369	)			(12,003,710	)			(8	)			(1,108	)
Total distributions to shareholders			(619,557	)			(105,510,213	)			(123,927	)			(22,824,070	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class			2,154,916,626				5,654,548,559				398,542,712				1,037,961,294
Institutional Class			1,711,538,872				3,880,022,217				384,261,906				1,100,749,168
Select Class			3,592,225,730				9,865,138,562				946,949,331				2,938,441,833
Service Class			891,724,981				2,868,472,912				16,000				203,585
Distributions reinvested
Administrative Class			4				741				222				35,569
Institutional Class			1,241				187,667				—				—
Select Class			36,354				5,448,805				12,522				1,329,643
Service Class			20,179				3,850,166				8				1,108
Cost of shares redeemed
Administrative Class			(1,951,208,922	)			(5,442,512,780	)			(454,373,137	)			(960,858,127	)
Institutional Class			(1,788,361,325	)			(2,561,580,453	)			(109,160,191	)			(1,049,960,250	)
Select Class			(4,171,305,526	)			(9,368,060,263	)			(1,255,582,664	)			(3,151,207,591	)
Service Class			(916,514,656	)			(2,895,348,366	)			(102,000	)			(101,585	)
Change in net assets resulting from share transactions			(476,926,442	)			2,010,167,767				(89,435,291	)			(83,405,353	)
Change in net assets			(476,922,448	)			2,010,163,066				(89,433,872	)			(83,402,790	)
NET ASSETS:
Beginning of period			9,335,888,777				7,325,725,711				1,403,644,406				1,487,047,196
End of period		$	8,858,966,329			$	9,335,888,777			$	1,314,210,534			$	1,403,644,406
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class			2,154,916,626				5,654,548,559				398,542,712				1,037,961,293
Institutional Class			1,711,538,872				3,880,022,217				384,261,906				1,100,749,168
Select Class			3,592,225,730				9,865,138,562				946,949,331				2,938,441,833
Service Class			891,724,981				2,868,472,911				16,000				203,585
Distributions reinvested
Administrative Class			4				741				222				35,569
Institutional Class			1,241				187,667				—				—
Select Class			36,354				5,448,805				12,522				1,329,643
Service Class			20,179				3,850,166				8				1,108
Shares redeemed
Administrative Class			(1,951,208,922	)			(5,442,512,780	)			(454,373,137	)			(960,858,127	)
Institutional Class			(1,788,361,325	)			(2,561,580,453	)			(109,160,191	)			(1,049,960,249	)
Select Class			(4,171,305,526	)			(9,368,060,263	)			(1,255,582,664	)			(3,151,207,591	)
Service Class			(916,514,656	)			(2,895,348,366	)			(102,000	)			(101,585	)
Net change resulting from share transactions			(476,926,442	)			2,010,167,766				(89,435,291	)			(83,405,353	)

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS         10

    For a share outstanding throughout each period:

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
ADMINISTRATIVE CLASS	Six Months     Ended     October 31,     2020     (Unaudited)				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   Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.000	(a)			0.013				0.016				0.006				0.000	(a)			0.000	(a)
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			(0.000	)(a)			0.000	(a)
Total Income (Loss) From Operations			0.000				0.013				0.016				0.006				0.000				0.000
Less Distributions From:
Net Investment Income			(0.000	)(a)			(0.013	)			(0.016	)			(0.006	)			(0.000	)(a)			(0.000	)(a)
Net Asset Value, End of Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return			0.01	%(b)			1.21	%			1.57	%			0.56	%			0.04	%			0.02	%
Net Assets, End of Period (000’s)		$	1,713,030			$	1,509,322			$	1,297,285			$	1,196,676			$	1,516,147			$	1,619,679
Ratios to Average Net Assets
Gross Expense(c)			0.82	%(d)			0.81	%			0.82	%			0.82	%			0.89	%			0.97	%
Net Expense(c),(e)			0.21	%(d)			0.61	%			0.62	%			0.62	%			0.42	%			0.18	%
Net Investment Income			0.01	%(d)			1.18	%			1.57	%			0.54	%			0.04	%			0.02	%
INSTITUTIONAL CLASS	Six Months     Ended     October 31,     2020     (Unaudited)				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 Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.000	(a)			0.016				0.019				0.009				0.001				0.000	(a)
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			(0.000	)(a)			0.000	(a)
Total Income (Loss) From Operations			0.000				0.016				0.019				0.009				0.001				0.000
Less Distributions From:
Net Investment Income			(0.000	)(a)			(0.016	)			(0.019	)			(0.009	)			(0.001	)			(0.000	)(a)
Net Asset Value, End of Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return			0.01	%(b)			1.56	%			1.92	%			0.91	%			0.17	%			0.02	%
Net Assets, End of Period (000’s)		$	1,668,922			$	1,745,742			$	427,114			$	704,435			$	359,524			$	12,840
Ratios to Average Net Assets
Gross Expense(c)			0.31	%(d)			0.31	%			0.32	%			0.32	%			0.34	%			0.47	%
Net Expense(c),(e)			0.20	%(d)			0.27	%			0.27	%			0.27	%			0.27	%			0.13	%
Net Investment Income			0.02	%(d)			1.39	%			1.92	%			0.97	%			0.21	%			0.01	%
SELECT CLASS	Six Months     Ended     October 31,     2020     (Unaudited)				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 Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.000	(a)			0.015				0.018				0.008				0.001				0.000	(a)
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			(0.000	)(a)			0.000	(a)
Total Income (Loss) From Operations			0.000				0.015				0.018				0.008				0.001				0.000
Less Distributions From:
Net Investment Income			(0.000	)(a)			(0.015	)			(0.018	)			(0.008	)			(0.001	)			(0.000	)(a)
Net Asset Value, End of Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return			0.01	%(b)			1.46	%			1.82	%			0.81	%			0.13	%			0.02	%
Net Assets, End of Period (000’s)		$	4,333,598			$	4,912,640			$	4,410,116			$	3,273,958			$	3,671,694			$	976,287
Ratios to Average Net Assets
Gross Expense(c)			0.56	%(d)			0.56	%			0.57	%			0.57	%			0.61	%			0.72	%
Net Expense(c),(e)			0.20	%(d)			0.37	%			0.37	%			0.37	%			0.33	%			0.18	%
Net Investment Income			0.02	%(d)			1.42	%			1.82	%			0.80	%			0.15	%			0.02	%

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

11          FINANCIAL HIGHLIGHTS (continued)

SERVICE CLASS	Six Months     Ended     October 31,     2020     (Unaudited)				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 Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.000	(a)			0.011				0.014				0.004				0.000	(a)			0.000	(a)
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			(0.000	)(a)			0.000	(a)
Total Income (Loss) From Operations			0.000				0.011				0.014				0.004				0.000				0.000
Less Distributions From:
Net Investment Income			(0.000	)(a)			(0.011	)			(0.014	)			(0.004	)			(0.000	)(a)			(0.000	)(a)
Net Asset Value, End of Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return			0.01	%(b)			1.08	%			1.42	%			0.41	%			0.01	%			0.01	%
Net Assets, End of Period (000’s)		$	1,143,416			$	1,168,185			$	1,191,211			$	1,250,181			$	1,364,106			$	794,950
Ratios to Average Net Assets
Gross Expense(c)			0.80	%(d)			0.81	%			0.82	%			0.82	%			0.88	%			0.97	%
Net Expense(c),(e)			0.20	%(d)			0.74	%			0.77	%			0.77	%			0.46	%			0.18	%
Net Investment Income			0.01	%(d)			1.07	%			1.41	%			0.41	%			0.01	%			0.01	%

(a) Represents less than $0.001.

(b) Total return is not annualized for periods less than one year.

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

(d) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued)        12

For a share outstanding throughout each period:

WILMINGTON U.S. TREASURY MONEY MARKET FUND
ADMINISTRATIVE CLASS	Six Months Ended October 31, 2020 (Unaudited)				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 Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.000	(a)			0.013				0.016				0.006				0.000	(a)			0.000	(a)
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)
Total Income (Loss) From Operations			0.000				0.013				0.016				0.006				0.000				0.000
Less Distributions From:
Net Investment Income			(0.000	)(a)			(0.013	)			(0.016	)			(0.006	)			(0.000	)(a)			(0.000	)(a)
Net Asset Value, End of Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return			0.01	%(b)			1.20	%			1.58	%			0.57	%			0.03	%			0.01	%
Net Assets, End of Period (000’s)		$	304,632			$	360,463			$	283,323			$	340,788			$	479,284			$	646,349
Ratios to Average Net Assets
Gross Expense(c)			0.83	%(d)			0.83	%			0.83	%			0.84	%			0.91	%			0.99	%
Net Expense(c),(e)			0.21	%(d)			0.59	%			0.60	%			0.60	%			0.39	%			0.15	%
Net Investment Income			0.01	%(d)			1.15	%			1.54	%			0.53	%			0.03	%			0.01	%
INSTITUTIONAL CLASS	Six Months Ended October 31, 2020 (Unaudited)				For the Period October 16, 2019* through April 30, 2020
Net Asset Value, Beginning of Period			$1.000				$1.000
Income (Loss) From Operations:
Net Investment Income			0.000	(a)			0.007
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)
Total Income (Loss) From Operations			0.000				0.007
Less Distributions From:
Net Investment Income			(0.000	)(a)			(0.007	)
Net Asset Value, End of Period			$1.000				$1.000
Total Return			0.01	%(b)			0.61	%(b)
Net Assets, End of Period (000’s)			$325,890				$50,788
Ratios to Average Net Assets
Gross Expense(c)			0.32	%(d)			0.32	%(d)
Net Expense(c),(e)			0.18	%(d)			0.25	%(d)
Net Investment Income			0.02	%(d)			1.18	%(d)
SELECT CLASS	Six Months Ended October 31, 2020 (Unaudited)				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 Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.000	(a)			0.015				0.018				0.008				0.001				0.000	(a)
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)
Total Income (Loss) From Operations			0.000				0.015				0.018				0.008				0.001				0.000
Less Distributions From:
Net Investment Income			(0.000	)(a)			(0.015	)			(0.018	)			(0.008	)			(0.001	)			(0.000	)(a)
Net Asset Value, End of Period		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return			0.01	%(b)			1.44	%			1.83	%			0.82	%			0.12	%			0.01	%
Net Assets, End of Period (000’s)		$	683,587			$	992,205			$	1,203,639			$	790,207			$	311,815			$	242,597
Ratios to Average Net Assets
Gross Expense(c)			0.59	%(d)			0.58	%			0.58	%			0.59	%			0.66	%			0.74	%
Net Expense(c),(e)			0.21	%(d)			0.35	%			0.35	%			0.35	%			0.31	%			0.15	%
Net Investment Income			0.02	%(d)			1.45	%			1.85	%			0.89	%			0.13	%			0.01	%

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

13          FINANCIAL HIGHLIGHTS (concluded)

SERVICE CLASS	Six MonthsEndedOctober 31,2020(Unaudited)			Year EndedApril 30, 2020			Year EndedApril 30, 2019			Year EndedApril 30, 2018			Year EndedApril 30, 2017			Year EndedApril 30, 2016
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.011			0.014			0.004			0.000	(a)		0.000	(a)
Net Realized Gain (Loss)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.000			0.011			0.014			0.004			0.000			0.000
Less Distributions From:
Net Investment Income		(0.000	)(a)		(0.011	)		(0.014	)		(0.004	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		0.01	%(b)		1.07	%		1.43	%		0.42	%		0.01	%		0.01	%
Net Assets, End of Period (000’s)	$	102		$	188		$	85		$	44		$	31		$	26
Ratios to Average Net Assets
Gross Expense(c)		0.82	%(d)		0.84	%		0.83	%		0.84	%		0.90	%		0.97	%
Net Expense(c),(e)		0.23	%(d)		0.70	%		0.75	%		0.74	%		0.42	%		0.17	%
Net Investment Income		0.01	%(d)		0.97	%		1.40	%		0.44	%		0.01	%		0.01	%

(a) Represents less than $0.001.

(b) Total return for periods of less than one year 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. This ratio does not include these indirect fees and expenses.

(d) Annualized for periods less than one year.

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

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS         14

Wilmington Funds

October 31, 2020 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 12 funds, 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 fund are segregated and a shareholder’s interest is limited to the fund in which shares are held.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Computation of Net Asset Value – It is each Fund’s policy to maintain a continuous net asset value of $1.00 per share for each class. Each Fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that each Fund will be able to maintain a stable net asset value of $1.00 per share. The net asset value (‘‘NAV’’) per share for each class of a Fund is computed by dividing the total current value of the assets of the Fund, less its liabilities, attributable to the class by the total number of shares of the class outstanding at the time of such computation. The NAV per share for each class of a Fund is computed as of 4:00 p.m. (Eastern Time) on days when the New York Stock Exchange (“NYSE”) is open for regular trading and the Federal Reserve Bank of New York (the ‘‘Fed’’) is open. In addition, the Funds may elect, in their discretion if it is determined to be in shareholders’ best interests, to be open on days when the NYSE is open but the Fed is closed or to be open on days when the Fed is open but the NYSE is closed, except for Good Friday.

Investment Valuation – The Funds use the amortized cost method to value their portfolio securities, when it represents the best estimate of fair value in accordance with Rule 2a-7 under the Act.

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

Pursuant to the Funds’ fair value procedures noted previously, open-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

15        NOTES TO FINANCIAL STATEMENTS (continued)

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

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

At October 31, 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
Credit Suisse First Boston LLC	$	89,000,000		$          89,000,000	$	—	$	—
Deutsche Bank Securities, Inc.		55,000,000		55,000,000		—		—
Mizuho Securities USA		200,000,000		200,000,000		—		—
RBC Capital Markets LLC		700,000,000		700,000,000		—		—
TD Securities, Inc.		550,000,000		550,000,000		—		—
	$	1,594,000,000		$    1,594,000,000	$	—	$	—
U.S. Treasury Money Market Fund
Credit Suisse First Boston LLC	$	16,000,000		$          16,000,000	$	—	$	—
RBC Capital Markets LLC		50,000,000		50,000,000		—		—
	$	66,000,000		$         66,000,000	$	—	$	—

⁽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 reporting purposes. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

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

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

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 six months ended October 31, 2020, the Funds did not incur any interest or penalties.

3. FEDERAL TAX INFORMATION

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

As of October 31, 2020, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The federal tax returns filed or to be filed for the years ended 2020, 2019, 2018 and 2017, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)        16

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	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)	—	—

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
U.S. Government Money Market Fund	0.25%
U.S. Treasury Money Market Fund	0.25%

During the six months ended October 31, 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, 2021, 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%

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.”

	Maximum	Average Aggregate Daily  Net
Administrator	Fee	Assets of the Trust
WFMC	0.040%	on the first $5 billion
	0.030%	on the next $2 billion
	0.025%	on the next $3 billion
	0.018%	on assets in excess of $10 billion
BNYM	0.0175%	on the first $15 billion
	0.0150%	on the next $10 billion
	0.0125%	on assets in excess of $25 billion

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 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’ Administrative Class and Service Class shares for the sale, distribution, administration, customer servicing and record keeping of these shares.

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

17        NOTES TO FINANCIAL STATEMENTS (continued)

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates), may voluntarily waive or reduce any fees to which they are entitled.

For the six months ended October 31, 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:

	Distribution
Fund	Fees
U.S. Government Money Market Fund	$    —
U.S. Treasury Money Market Fund	1,800

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

For the six months ended October 31, 2020, M&T received a portion of the fees paid by the following Funds which are listed below:

	Shareholder
	Services
Fund	Fee
U.S. Government Money Market Fund	$88,842
U.S. Treasury Money Market Fund	26,011

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

BNYM provides custody services to the Trust.

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

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

5. MARKET RISK IN GENERAL

Market risk is the risk that one or more markets in which a Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes

in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on a Fund and its investments.

Recently, the global pandemic outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in substantial market volatility and global business disruption, impacting the global economy and the financial health of individual companies in significant and unforeseen ways. The duration and future impact of COVID-19 are currently unknown, which may exacerbate other types of risks that apply to the Funds and negatively impact Fund performance.

6. CONTRACTUAL OBLIGATIONS

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

7. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (concluded)        18

1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The LOC expires on April 1, 2021.

The Trust did not utilize the LOC during the six months ended October 31, 2020.

8. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued an Accounting Standards Update (“ASU”), ASU 2018-13, which changes certain fair value measurement disclosure requirements. 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. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. As of October 31, 2020, ASU 2018-13 has been fully adopted and the implementation did not have a material impact on the Funds’ financial statements.

9. SUBSEQUENT EVENTS

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

19        

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 9, 2020 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 18, 2020, the Board held a special telephonic meeting (the “August Meeting”) with personnel of Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and, together with WFMC, the “Adviser”) and independent counsel to the Independent Trustees (“Counsel”), to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the WFMC and with WTIA and the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

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

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

• The financial stability of the Adviser and each Sub-Adviser and their parent companies, when relevant.

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment, compliance and operational matters; brokerage and portfolio transactions; allocation of soft dollars for research products and services; portfolio turnover rates; and other benefits from the allocation of transactions to certain brokers. The Board took into account information provided by the Adviser with respect to the effect on performance of asset allocations required by a Fund’s investment strategy or implemented by the Adviser at its discretion. The Board also considered the Adviser’s profitability in providing services under the Advisory Agreements and concluded that, for each Fund, the level of profitability did not appear unreasonably high.

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

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

• The prospects for satisfactory investment performance were reasonable; and

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

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

Semi-Annual Report         20

Wilmington U.S. Government Money Market Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were above the Fund’s expense group median and considered the fee waivers in place for the Fund. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2020.

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

Wilmington U.S. Treasury Money Market Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were above the Fund’s expense group median and considered the fee waivers in place for the Fund. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2020.

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

21

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.

PORTFOLIO SCHEDULE

The Funds file a complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Funds’ Form N-MFPs are available on the SEC’s website at 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.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

22

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.

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

SEMI-ANNUAL REPORT / October 31, 2020 (unaudited)

23

• 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.

October 31, 2020 (unaudited) / SEMI-ANNUAL REPORT

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	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
	240 Greenwich Street
	New York, NY 10286
WT-SAR-MM-1020
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.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c)) under the Investment Company Act of 1940, as amended (the “1940 Act”) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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/ Christopher W. Roleke
	Christopher W. Roleke
	(Principal Executive Officer)

Date December 29, 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/ Christopher W. Roleke
	Christopher W. Roleke
	(Principal Executive Officer)

Date December 29, 2020

By (Signature and Title)*	/s/ Arthur W. Jasion
	Arthur W. Jasion
	(Principal Financial Officer)

Date December 29, 2020

^*  Print the name and title of each signing officer under his or her signature.