Wilmington Funds N-CSR Certified 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

(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: April 30, 2022

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

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

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

                                         Wilmington International Fund (“International Fund”)

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

                                         Wilmington Real Asset Fund (“Real Asset Fund”)

President’s Message	i
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	8
Portfolios of Investments	9
Statements of Assets and Liabilities	38
Statements of Operations	39
Statements of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	45
Report of Independent Registered Public Accounting Firm	56
Federal Tax Information (unaudited)	57
Board of Trustees and Trust Officers	58
Liquidity Risk Management Program	61
Other Information.	62

[This Page Intentionally Left Blank]

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PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the International Fund, Global Alpha Equities Fund, and Real Asset Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2021, through April 30, 2022. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

It was another historic year headlined by the first land war in Europe since World War II, the highest inflation level in the U.S. in 40 years, and heighted concerns of a recession on the horizon. Countries across the world battled the Delta and Omicron waves of COVID-19 while also transitioning to an endemic phase of the pandemic. The term “transitory inflation” was coined by the Federal Reserve (the “Fed”) to describe the idea of inflation levels being temporarily boosted by the reopening of the economy. Inflation proved to be more than transitory as readings accelerated 8.5% in March and 8.3% in April 2022 (headline Consumer Price Index (“CPI”), year over year). The period was also marked by a tight labor market and The Great Resignation. Workers with large savings voluntarily exited the workforce in droves. Companies countered by bumping wages and benefits to attract and retain workers.

As COVID-19 concerns waned, consumers--flush with cash—began to spend on in-person dining, entertainment, and travel. Although eager to spend, households found goods unavailable or more expensive due to supply-chain issues that ranged from labor shortages to port backlogs. Throughout the year, the overall labor market remained strong as jobless claims fell to pandemic lows and job openings approached record levels. The unemployment rate continued its descent to 5.9% in June and down further to 3.8% in March of 2022. To help curb inflation, the Federal Open Market Committee (FOMC) raised interest rates in March 2022 by 25 basis points¹, or 0.25%. The number and size of rate hikes priced into the market increased dramatically between December 2021 and April 2022 as Fed officials pivoted toward a more hawkish stance. In March 2022, the Fed ended its monthly bond purchases and announced a plan, beginning in June 2022, to reduce the size of its $9 trillion balance sheet via maturities of Treasuries and mortgage-backed securities. U.S. real Gross Domestic Product (“GDP”) grew by 5.9% in 2021 but contracted by 1.4% in March 2022 as inventories and net exports dragged on growth.

Economic activity outside the U.S. varied amid waves of the Delta and Omicron variants of COVID-19. The major story of the year, however, was Russia’s invasion into Ukraine in February 2022. The U.S. and EU were quick to condemn the invasion and enacted rounds of sanctions aimed to debilitate the Russian economy. Sanctions attempted to cut Russia out of international trade, apply pressure to its largest companies, and target a host of oligarchs. The eurozone, which remained heavily reliant on Russian energy, searched for alternative suppliers while it continued to import costly Russian energy. The war slowed eurozone industrial production, which fell 1.8% month over month in March 2022. German industrial production was hit particularly hard, declining 3.9% month over month in March. In the face of slowing economic activity and rising inflation, consumer sentiment slumped to near historic levels.

The virus remained a persistent threat for many developing economies, where vaccination campaigns and vaccine quality broadly lagged the developed world. In April 2022, China faced its largest COVID-19 wave yet. Officials in Shanghai locked down the city of around 25 million people. Mobility restrictions persisted as citizens were unable to leave their homes, except for mandatory COVID tests. Roadblocks slowed the arrival of food and supplies into the city. Economic activity in Shanghai and other major cities across China slowed to a crawl, further fraying the fragile supply chain. Officials in China are targeting 2022 GDP growth of 5.5%, which has been undermined by the enforcement of their zero-tolerance COVID-19 policies.

Bond markets

Fixed income performance was weak over the past year as spreads initially compressed and then expanded decisively across taxable and tax-exempt credit. Inflationary concerns and a hawkish Fed led to a surge in the U.S. 10-year Treasury yield in January–April 2022 to as high as 3.1%. A major headline from the year was shape of the yield curve, which inverted briefly in early April of 2022. Historically, all past recessions have been preceded by an inverted yield curve. Price losses rippled throughout the bond market as the fiscal year ended. The Bloomberg Aggregate Index ended the fiscal year with one of the worst quarters on record. Shorter maturity bonds tended to hold up better than long-duration assets. Overall, there were heavy outflows from the bond market due largely to high inflation and increased risks from the war in Ukraine.

PRESIDENT’S MESSAGE / April 30, 2022 (unaudited)

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For the 12-month period May 1, 2021 to April 30, 2022, certain Bloomberg indices performed as follows:²

Bloomberg U.S. Treasury Bond Index3	Bloomberg U.S. Aggregate Bond Index4	Bloomberg U.S. Credit Bond Index5	Bloomberg Municipal Bond Index6	Bloomberg U.S. Corporate High Yield Bond  Index7
-7.35%	-8.51%	-10.13%	-7.88%	-5.22%

Past performance is no guarantee of future results.

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

Equity markets

For the first seven months of the fiscal year, U.S. large-cap equities recorded strong performance. The S&P 500 hit a new all-time high in January 2022. Since then, U.S. equities have sold off significantly, dropping 12.9% as volatility escalated. High inflation and concerns around the Fed’s ability to engineer a soft landing led to increasingly bearish sentiment. Growth names, especially the tech heavy NASDAQ-100 and FAANG stocks, were hit particularly hard as higher interest rates put pressure on more highly valued stocks. U.S. small-cap stocks also suffered, given increased sensitivity to economic growth and a lesser ability to pass along higher costs to consumers. Headlines out of Ukraine and China added to the choppy market conditions and have increased the difficulty for the Fed in navigating the economy away from a recession.

Emerging markets fared poorly during the year as many regions struggled with outbreaks of COVID-19 and increased food (mainly wheat and corn) and energy costs. Chinese equities, which comprise 30% of the MSCI Emerging Markets Index, were weighed down due to a mixture of COVID-19 lockdowns, regulatory headwinds, and an unstable housing market. Valuations across emerging markets remain cheap. For international developed equities, energy policy is a key risk, particularly for Europe. The price of Brent Crude reached $128/barrel in early March 2022 and the price of natural gas increased 147% during the year, posing significant headwinds to consumers. In the long term, less globalization, fragile supply chains, and heightened geopolitical tensions could weigh on growth for years to come.

For the 12-month period May 1, 2021 to April 30, 2022, certain stock market indices performed as follows:

S&P  500®  Index8	Russel 2000® Index9	MSCI EAFE (Net) Index10	MSCI Emerging Markets (Net) Index11
0.21%	-16.87%	-8.15%	-18.33%

Past performance is no guarantee of future results.

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

Uncertainty in the outlook remains high, but our long-term focus and commitment to our clients keeps us grounded. Like a seasoned pilot during heavy turbulence, it is at times of great volatility in particular that our experience in turbulent markets helps us to remain calm. Through markets bull or bear, and economies boom or bust, our economics-led investment process has and will continue to heavily inform our route. To sidestep challenges as well as capitalize on opportunities, we comprehensively analyze monetary and policy developments, myriad other economic forces in motion, potential impacts of the continuing geopolitical turmoil, and how we believe the current trends are likely to unfold. We remain resolute that a deep understanding of and insights into the factors that have brought us to where we are today—as well as both vigilance and patience—will usher us onward and upward.

Sincerely,

Dominick J. D’Eramo, CFA

President

May 13, 2022

April 30, 2022 (unaudited) / PRESIDENT’S MESSAGE

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Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

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

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

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

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

9. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

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

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 27 Emerging Markets countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

PRESIDENT’S MESSAGE / April 30, 2022 (unaudited)

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WILMINGTON INTERNATIONAL FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2022, Wilmington International Fund (the “Fund”) had a total return of -16.31%* for Class A and -16.10%* for Class I, versus its benchmark, the MSCI – All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US)** which had a total return of -10.31%.

It should be noted that a small portion of underperformance was due to fair valuation on the last trading day of the fiscal year. Market returns were adjusted slightly downward on Friday afternoon, April 29th, to reflect U.S. market movements taking place after foreign exchanges had already closed.

The Fund’s fiscal-year performance was dominated by the first four months of 2022. The Fund’s January-April 2022 absolute return (for Class I) was -16.72%, slightly worse than the -16.10% for the entire fiscal year. As for excess return, the Fund underperformed by 5.34% in the first four months of 2022, again about the same as the 5.79% for the entire fiscal year.

Focusing on the first four months of 2022, several unfavorable macro factors drove the Fund’s negative absolute performance. The greatest impact arose from Russian President Vladimir Putin’s invasion of Ukraine. But this event merely compounded the impacts of other factors, including supply chain problems, rising inflation and interest rates, China’s lockdown of Shanghai and other cities, and fears of global recession.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -20.92%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 49 country indices comprising 22 developed and 27 emerging market country indices. The developed market country indices included are:Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and it is not possible to invest directly in an index.

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

April 30, 2022 (unaudited) / ANNUAL REPORT

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WILMINGTON INTERNATIONAL FUND

The graphs below illustrate the hypothetical investment of $10,0001 in Class A and $100,0001 in Class I of Wilmington International Fund from April 30, 2012 to April 30, 2022, compared to the MSCI ACWI ex-US Net Index².

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -20.92%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the  Periods Ended 4/30/22
	1 Year	5 Years	10 Years
Class A^	-20.92%	2.42%	3.59%
Class I^	-16.10%	3.75%	4.33%
MSCI ACWI ex-US Net Index2	-10.31%	4.94%	5.04%

^{^}  Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.50% and 1.12%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.00% and 0.87%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

¹  Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

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

ANNUAL REPORT / April 30, 2022 (unaudited)

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WILMINGTON GLOBAL ALPHA EQUITIES FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2022, the Wilmington Global Alpha Equities Fund (the “Fund”) had a total return of -1.97%* for Class A and -1.63%* for Class I, versus its benchmark, the HFRX Equity Hedge Fund Index**, which had a total return of 3.91%.

During the fiscal year ended April 30, 2022, the Fund had slightly negative returns and underperformed its benchmark but captured roughly 30% of the MSCI-All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) *** losses, outperforming what would be expected given the Fund’s target beta of 0.4.

The Fund is a portfolio of long only equity strategies run by Wellington’s different portfolio management teams overseen by Wellington’s Fundamental Factor Team, which also runs a long factor overlay sleeve and hedges the portfolio with equity index futures.

For the year, the long only equity strategies outperformed Global Equities as represented by the MSCI ACWI ex-US. From an underlying strategy perspective, five Portfolio Managers (“PM”) outperformed the MSCI ACWI ex US, while four underperformed. The top performer was the Fund’s quality manager, while the poorest performer was the China focused manager, which is unsurprising as China dramatically underperformed on a combination of China government corporate initiatives and statements, their harsh restrictive Covid response, and also potential delisting of US traded securities on non-compliance with SEC mandated auditing standards. The PM is included in the portfolio, not as a bet on China outperformance but rather to ensure that the Fund is not underweight China (which remains an engine of global growth) as well as belief in the ability to generate excess return.

The Fund uses short equity index futures positions to reduce the Fund’s net long exposure to the global equity market as well as manage overweights and underweights that arise from the Fund’s long exposure. Equity index futures performance was beneficial, underperforming long book exposure and the MSCI ACWI ex-US contributing positively as the contract prices fell. As the Fund holds short positions, fall in prices leads to gains for the Fund.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -7.38%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

*** The MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 49 country indices comprising 22 developed and 27 emerging market country indices. The developed market country indices included are:Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and it is not possible to invest directly in an index.

Beta is a measure of a portfolio’s sensitivity to market movements, or systematic risk. The larger the Beta, the more volatile the historical performance. Beta compares the portfolio’s excess return over the risk free rate, typically represented by the return of 3-month Treasury Bills, to the benchmark’s excess return over the risk free rate. A Beta of 0.85 indicates that the portfolio performed 15% worse than the market’s excess return during up markets and 15% better during down markets.

A long position is the buying of a stock, commodity, or currency with the expectation that it will rise in value in the future.

Equity Index Futures are derivatives instruments that give investors exposure to price movements on an underlying index.

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

The Fund, the Sub-Advisers, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisers are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with the

April 30, 2022 (unaudited) / ANNUAL REPORT

4

Sub-Advisers making trading decisions independently, investing in other investment companies, using a particular style or set of styles, basing investment decisions on historical relationships and correlations, trading frequently, using leverage, making short sales, being non-diversified, and investing in securities with low correlation to the market. The use of leverage may magnify losses.

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

ANNUAL REPORT / April 30, 2022 (unaudited)

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WILMINGTON GLOBAL ALPHA EQUITIES FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Global Alpha Equities Fund from April 30, 2012 to April 30, 2022 compared to the HFRX Equity Hedge Fund Index².

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $100,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -7.38%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended  4/30/22
	1 Year	5 Years	10 Years
Class A^	-7.38%	2.11%	2.09%
Class I^	-1.63%	3.53%	2.95%
HFRX Equity Hedge Fund Index2	3.91%	4.15%	3.49%

^{^}  Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 2.31% and 1.50%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.81% and 1.25%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

¹  Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

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

April 30, 2022 (unaudited) / ANNUAL REPORT

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WILMINGTON REAL ASSET FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2022, Wilmington Real Asset Fund (the “Fund”) had a total return of 16.34%* for Class A and 16.66%* for Class I, versus its benchmark, the S&P Developed Property Index**, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index (“Bloomberg Barclays U.S. TIPS Index”)***, the Bloomberg Commodity Index****, and the Real Asset Blended Index, which had total returns of 2.18%, 0.75%, 43.53% and 16.41%, respectively.

The Blended Index is a mix of 37.5% S&P Developed Property Index, 37.5% Bloomberg Commodity Index, and 25% Bloomberg U.S. TIPS Index. During the year, the Fund (Class I Shares) slightly outperformed the blended index. Asset allocation contributed, as the Fund was helped by its underweight to Treasury Inflation Protected Securities (“TIPS”) and overweight to Commodities/Other Real Assets, while an overweight to Real Estate detracted. Selection and interaction detracted, particularly within commodities/other real assets.

U.S. inflation-linked bonds (“ILB”) markets posted muted returns for the fiscal year as inflation and inflation expectations were offset by increasing yields. During the year, the Consumer Price Index (“CPI”) hit 8.5%, a level not seen for 40 years. Inflation expectations rose across the curve, concentrated in the near term as 2-year expectations nearly reached 5% before falling as the Federal Reserve (the “Fed”) became increasingly outspoken about tightening and equity markets started to fall. While gains were muted, ILBs outperformed nominals by 900 basis points (“bps”) as the Fed’s expected path or rate increases and tightening led to selloffs. The Fund ILB exposure performed largely in line with the ILB benchmark.

Global real estate securities, as measured by the S&P Developed Property Index, were up 2% for the fiscal year, outperforming broad equities. U.S. real estate outperformed international, and especially outperformed emerging markets, with China in particular experiencing poor relative performance. Selection was slightly negative as the Fund had some exposure to emerging markets real estate.

Commodities gained nearly 44% during the fiscal year. During the initial part of the fiscal year (the latter half of calendar year 2021), Commodities continued the post Covid rebound along with other risk assets and performance for most contracts, in particular industrial metals, and energy, was strong. During the latter half of the fiscal year (early part of calendar year 2022), demand remained strong and

supply tight and price increases, particularly in energy and agriculture, were turbocharged by the outbreak of war between Russia and Ukraine, two of the world’s top commodity producers. The Fund was overweight commodities throughout the year, but selection and interaction was negative due to the underperformance of commodity related equities and also curve positioning and collateral performance within futures based strategies.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was 9.92%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

ANNUAL REPORT / April 30, 2022 (unaudited)

7

WILMINGTON REAL ASSET FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Real Asset Fund from April 30, 2012 to April 30, 2022 compared to the S&P Developed Property Index², the Bloomberg Barclays U.S. TIPS Index², the Bloomberg Commodity Index², and the Real Asset Blended Index³.

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $100,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was 9.92%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended  4/30/22
	1 Year	5 Years	10 Years
Class A^	9.92%	6.50%	3.83%
Class I^	16.66%	7.98%	4.68%
Bloomberg Barclays U.S. TIPS Index2	0.75%	3.88%	2.27%
S&P Developed Property Index2	2.18%	5.31%	6.52%
Bloomberg Commodity Index2	43.53%	10.22%	-0.26%
Real Asset Blended Index3	16.41%	7.66%	5.36%

^{^}  Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.46% and 1.08%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.96% and 0.83%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

¹  Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

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

³  The Real Asset Blended Index is calculated by the investment advisor and is currently based on a weighting of the following indices: 37.5% S&P Developed Property Index, 37.5% Bloomberg Commodity Index and 25% Bloomberg Barclays U.S. TIPS Index.

April 30, 2022 (unaudited) / ANNUAL REPORT

8

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 to April 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2022.

	Beginning Account Value 11/01/21	Ending Account Value 4/30/22	Expenses Paid During Period(1)	Annualized   Net   Expense Ratio(2)
WILMINGTON INTERNATIONAL FUND
Actual
Class A	$1,000.00	$   828.45	$4.99	1.10%
Class I	$1,000.00	$   828.73	$3.85	0.85%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,019.34	$5.51	1.10%
Class I	$1,000.00	$1,020.58	$4.26	0.85%
WILMINGTON GLOBAL ALPHA EQUITIES FUND
Actual
Class A	$1,000.00	$   965.04	$7.26	1.49%
Class I	$1,000.00	$   966.20	$6.05	1.24%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,017.41	$7.45	1.49%
Class I	$1,000.00	$1,018.65	$6.21	1.24%
WILMINGTON REAL ASSET FUND
Actual
Class A	$1,000.00	$1,056.34	$4.54	0.89%
Class I	$1,000.00	$1,057.68	$3.27	0.64%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,020.38	$4.46	0.89%
Class I	$1,000.00	$1,021.62	$3.21	0.64%

⁽¹⁾  Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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.

ANNUAL REPORT / April 30, 2022 (unaudited)

9

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At April 30, 2022, the Fund’s sector classifications and country allocations were as follows:

	Percentage of Total Net Assets
Common Stocks
Industrials		14.3	%
Financials		13.4	%
Information Technology		12.5	%
Consumer Discretionary		10.3	%
Health Care		9.7	%
Materials		7.1	%
Communication Services		5.7	%
Consumer Staples		5.1	%
Real Estate		2.5	%
Energy		2.3	%
Utilities		2.0	%
Investment Companies		7.2	%
Equity-Linked Warrants		1.3	%
Preferred Stocks		0.6	%
Cash Equivalents(1)		4.8	%
Cash Collateral Invested for Securities on Loan(2)		10.8	%
Other Assets and Liabilities – Net(3)		(9.6	)%
TOTAL		100.0	%

Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		18.0	%
United Kingdom		8.3	%
France		7.2	%
China		6.2	%
Switzerland		6.1	%
Germany		4.3	%
Sweden		3.9	%
Netherlands		3.8	%
Taiwan		3.5	%
Australia		3.3	%
Denmark		3.0	%
South Korea		2.8	%
Hong Kong		2.5	%
Spain		2.1	%
United States		2.1	%
Italy		1.8	%
Belgium		1.1	%
All other countries less than 1.0%		4.9	%
Investment Companies		7.2	%
Equity-Linked Warrants		1.3	%
Preferred Stocks		0.6	%
Cash Equivalents(1)		4.8	%
Cash Collateral Invested for Securities on Loan(2)		10.8	%
Other Assets and Liabilities – Net(3)		(9.6	)%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS^¢

April 30, 2022

Description	Number of Shares		Value
COMMON STOCKS – 84.9%
AUSTRALIA – 3.3%
Australia & New Zealand Banking Group Ltd.		164,613	$	3,132,452
BHP Group Ltd.		136,360		4,556,528
Cochlear Ltd.		13,569		2,185,524
CSL Ltd.		20,008		3,818,532
Incitec Pivot Ltd.		1,065,059		2,872,487
Rio Tinto Ltd.		31,579		2,498,022
Rio Tinto PLC		19,996		1,412,841
TOTAL AUSTRALIA			$	20,476,386
AUSTRIA – 0.1%
Mondi PLC#		13,030		244,781

Description	Number of Shares		Value
OMV AG		7,984	$	408,123
TOTAL AUSTRIA			$	652,904
BELGIUM – 1.1%
Ageas SA		13,420		642,168
Anheuser-Busch InBev SA		5,720		329,126
Groupe Bruxelles Lambert SA		1,540		145,315
KBC Group NV		3,820		259,882
Lotus Bakeries NV		219		1,246,018
Montea NV		11,323		1,351,912
Proximus SADP#		9,550		166,918
UCB SA		15,200		1,727,825

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

Wilmington International Fund (continued)

Description	Number of Shares		Value
Xior Student Housing NV		21,861	$	1,167,733
TOTAL BELGIUM			$	7,036,897
BRAZIL – 0.1%
Yara International ASA		6,080		309,157
BULGARIA – 0.0%**
Petrol AD*,(1)		2,384		—
CHINA – 6.2%
Alibaba Group Holding Ltd.*		70,128		855,400
Alibaba Group Holding Ltd., ADR*		26,886		2,610,362
Baozun, Inc., Class A*,#		397,000		998,628
Budweiser Brewing Co. APAC Ltd.		702,200		1,747,212
China Mengniu Dairy Co. Ltd.*		332,000		1,791,811
China Pacific Insurance Group Co. Ltd., Class H		774,600		1,717,268
China Petroleum & Chemical Corp., Class H		5,284,000		2,586,371
China Resources Land Ltd.		388,000		1,732,891
China Resources Medical Holdings Co. Ltd.		21,000		11,653
Great Wall Motor Co. Ltd., Class H		927,000		1,298,196
Haitian International Holdings Ltd.		695,000		1,710,693
Hollysys Automation Technologies Ltd.		91,280		1,405,712
Huazhu Group Ltd., ADR		59,093		1,786,972
Hutchmed China Ltd., ADR*		90,280		1,362,325
JD.com, Inc., Class A*		98,741		3,078,602
Meituan, Class B*		66,600		1,426,999
NetEase, Inc., ADR		10,428		994,101
Shenzhou International Group Holdings Ltd.		126,800		1,720,545
Tencent Holdings Ltd.		129,600		6,107,385
Wuxi Biologics Cayman, Inc.*		185,000		1,365,451
Yum China Holdings, Inc.		24,103		1,007,505
Yum China Holdings, Inc.		17,800		736,835
TOTAL CHINA			$	38,052,917
DENMARK – 3.0%
Ambu A/S, Class B#		86,381		1,136,986
AP Moller – Maersk A/S, Class B		250		723,557
Carlsberg AS, Class B		4,530		575,461
Chr Hansen Holding A/S		7,904		615,798
Coloplast A/S, Class B		20,766		2,797,776
DSV A/S		31,867		5,224,650
Netcompany Group A/S*		17,120		952,082
Novo Nordisk A/S, Class B		57,564		6,575,322
Tryg A/S		6,240		148,369
TOTAL DENMARK			$	18,750,001
FINLAND – 0.3%
Elisa OYJ		4,630		271,417
Kesko OYJ, Class B		13,366		336,509
Nokia OYJ*		58,410		296,143
Nordea Bank Abp		43,460		433,300
Sampo OYJ, Class A		2,590		125,764
TietoEVRY OYJ		11,260		282,482
Valmet OYJ		5,654		151,418
TOTAL FINLAND			$	1,897,033
FRANCE – 7.2%
Amundi SA		3,760		226,089

Description	Number of Shares		Value
AXA SA#		109,968	$	2,909,208
BNP Paribas SA		24,394		1,264,863
Bouygues SA#		12,794		439,899
Carrefour SA		17,030		361,165
Credit Agricole SA		31,043		335,204
Dassault Systemes SE		65,112		2,879,537
Edenred		25,911		1,301,306
Engie SA		24,266		286,350
Esker SA		5,359		902,690
EssilorLuxottica SA		1,010		171,950
Eurazeo SE		16,360		1,257,088
Eutelsat Communications SA		18,950		210,599
Faurecia SE#		27,579		599,512
ID Logistics Group*		5,643		1,797,101
Kering SA		200		106,414
Legrand SA		21,726		1,925,232
L’Oreal SA#		8,527		3,102,208
LVMH Moet Hennessy Louis Vuitton SE#		9,195		5,950,409
Neoen SA*,#		30,613		1,223,164
Orange SA		206,410		2,457,392
Pernod Ricard SA		3,110		641,855
Publicis Groupe SA		12,340		740,853
Sanofi#		33,545		3,545,536
Sartorius Stedim Biotech		3,298		1,079,201
Societe BIC SA		2,440		145,593
Societe Generale SA		26,183		629,283
Somfy SA		5,644		752,277
Technip Energies NV*		119,646		1,453,919
TotalEnergies SE		35,113		1,724,153
Veolia Environnement SA		16,530		482,289
Vinci SA#		20,430		1,982,402
Virbac SA		3,640		1,469,640
TOTAL FRANCE			$	44,354,381
GERMANY – 4.3%
adidas AG		13,972		2,817,582
Aroundtown SA		69,640		350,187
BASF SE		9,730		512,411
Bayer AG		37,840		2,492,560
Bayerische Motoren Werke AG		11,088		905,510
Bertrandt AG		17,736		823,954
Covestro AG		2,959		127,401
Daimler Truck Holding AG*		7,437		200,016
Deutsche Post AG		20,930		894,182
Deutsche Telekom AG		56,226		1,035,748
E.ON SE		65,410		680,719
Evonik Industries AG		1,780		46,558
Evotec SE*		35,500		864,370
Freenet AG		10,532		291,402
Hannover Rueck SE		2,270		352,828
Hypoport SE*		1,776		490,982
Infineon Technologies AG		127,326		3,613,922
LEG Immobilien SE		3,700		379,363
Mercedes-Benz Group AG*		14,875		1,038,293
Muenchener Rueckversicherungs AG		1,100		261,955
Nemetschek SE		13,406		1,063,825
New Work SE		4,140		705,193

ANNUAL REPORT / April 30, 2022

11 PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

Description	Number of Shares		Value
Rheinmetall AG		3,320	$	748,408
SAP SE		27,837		2,821,169
Siemens AG		7,200		885,276
Telefonica Deutschland Holding AG		63,340		190,497
Vonovia SE		5,429		216,297
Zalando SE*		45,956		1,808,196
TOTAL GERMANY			$	26,618,804
HONG KONG – 2.5%
AIA Group Ltd.		549,400		5,397,174
ASM Pacific Technology Ltd.		150,400		1,515,699
Hong Kong Exchanges & Clearing Ltd.		37,300		1,582,228
Johnson Electric Holdings Ltd.		822,436		933,895
Swire Properties Ltd.		832,000		1,993,935
Techtronic Industries Co. Ltd.		295,500		3,944,365
TOTAL HONG KONG			$	15,367,296
INDIA – 0.8%
HDFC Bank Ltd., ADR		90,629		5,003,627
IRELAND – 0.9%
CRH PLC		13,490		533,191
Kerry Group PLC, Class A		11,258		1,242,486
Kingspan Group PLC		35,437		3,298,726
Smurfit Kappa Group PLC		5,370		226,914
TOTAL IRELAND			$	5,301,317
ITALY – 1.8%
A2A SpA		111,240		190,060
Amplifon SpA		14,291		570,137
Assicurazioni Generali SpA#		117,507		2,224,771
Enel SpA		175,319		1,140,081
Eni SpA		43,285		605,072
ERG SpA		9,695		334,048
FinecoBank Banca Fineco SpA		112,360		1,561,957
Intesa Sanpaolo SpA		226,978		462,517
Iren SpA		45,190		116,813
Mediobanca Banca di Credito Finanziario SpA		22,380		224,311
Moncler SpA		2,110		109,918
Prysmian SpA		34,329		1,116,547
Salvatore Ferragamo SpA*,#		60,036		1,043,464
Technoprobe SpA*		89,883		637,584
Unipol Gruppo SpA		41,260		224,975
UnipolSai Assicurazioni SpA		123,950		348,651
TOTAL ITALY			$	10,910,906
JAPAN – 18.0%
ABC-Mart, Inc.		4,500		186,615
AEON Financial Service Co. Ltd.		148,800		1,367,978
AGC, Inc.		40,100		1,503,326
Air Water, Inc.#		153,800		2,041,373
Amada Co. Ltd.		65,200		506,276
Amano Corp.		35,700		687,268
Anritsu Corp.#		51,900		652,617
Aruhi Corp.#		75,100		578,004
Asahi Group Holdings Ltd.		26,600		1,002,630
BIPROGY Inc		53,200		1,344,097
Central Japan Railway Co.		10,500		1,321,794
Chubu Electric Power Co., Inc.		84,900		857,071

Description	Number of Shares		Value
Dai-ichi Life Holdings, Inc.		65,100	$	1,303,564
Daikin Industries Ltd.		5,100		779,370
Daiseki Co. Ltd.		58,020		2,086,758
Denso Corp.		10,900		664,303
East Japan Railway Co.		15,800		823,919
ENEOS Holdings, Inc.#		577,400		2,031,649
Fuji Electric Co. Ltd.		43,800		1,920,662
FUJIFILM Holdings Corp.		10,200		560,707
Furukawa Electric Co. Ltd.		16,800		272,817
Hitachi Ltd.		71,400		3,386,250
Honda Motor Co. Ltd.		116,000		3,051,212
Ichikoh Industries Ltd.		207,300		599,203
IHI Corp.		42,500		963,678
ITOCHU Corp.		78,300		2,363,171
Iwatani Corp.		14,900		592,823
J Front Retailing Co. Ltd.		233,100		1,746,765
JAC Recruitment Co. Ltd.		65,200		917,665
JAFCO Group Co. Ltd.		92,300		1,112,783
Japan Airlines Co. Ltd.*		51,800		855,191
JGC Holdings Corp.		67,700		766,106
JSP Corp.		29,100		336,317
Kamigumi Co. Ltd.		83,400		1,416,041
Kaneka Corp.		19,400		519,097
KH Neochem Co. Ltd.		67,100		1,269,346
Kintetsu World Express, Inc.		36,500		869,522
Komatsu Ltd.		60,500		1,361,642
Kumagai Gumi Co. Ltd.		33,800		705,368
Kura Sushi, Inc.#		52,600		1,302,565
Kureha Corp.		14,400		1,081,881
Life Corp.		60,200		1,373,275
Mabuchi Motor Co. Ltd.		58,300		1,557,105
Mirait Holdings Corp.		74,000		1,037,009
Mitsubishi Chemical Holdings Corp.		96,800		590,252
Mitsubishi Corp.		70,500		2,367,074
Mitsubishi Electric Corp.		50,000		523,715
Mitsubishi Gas Chemical Co., Inc.		57,600		841,131
Mitsubishi UFJ Financial Group, Inc.		416,700		2,422,434
Mitsui Fudosan Co. Ltd.		71,400		1,513,234
Mitsui Mining & Smelting Co. Ltd.		4,900		123,900
Murata Manufacturing Co. Ltd.		19,700		1,174,268
NEC Networks & System Integration Corp.		179,600		2,550,183
Nexon Co. Ltd.		30,700		699,073
Nihon Kohden Corp.		40,100		962,646
Nintendo Co. Ltd.		2,300		1,049,699
Nippon Gas Co. Ltd.		64,300		912,440
Nippon Steel Corp.		42,600		676,428
Nippon Telegraph & Telephone Corp.		71,400		2,104,112
NOK Corp.		101,000		859,335
NTT Data Corp.		17,900		330,039
Olympus Corp.		80,600		1,418,651
Ono Pharmaceutical Co. Ltd.		73,600		1,890,825
Organo Corp.		21,400		1,468,371
ORIX Corp.		28,300		516,163
Otsuka Corp.		30,900		1,012,658
Pacific Industrial Co. Ltd.		74,900		580,723
Pan Pacific International Holdings Corp.		55,800		854,486
Recruit Holdings Co. Ltd.		9,000		326,535

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 12

Wilmington International Fund (continued)

Description	Number of Shares		Value
Relia, Inc.		55,900	$	459,535
Santen Pharmaceutical Co. Ltd.		78,500		638,573
SBI Holdings, Inc.#		22,300		498,787
SCREEN Holdings Co. Ltd.		17,300		1,413,917
Seino Holdings Co. Ltd.		57,400		468,898
Shibaura Machine Co. Ltd.		87,700		2,094,893
SoftBank Group Corp.		42,400		1,743,922
Sompo Holdings, Inc.		12,300		500,733
Sony Group Corp.		32,200		2,778,895
SUMCO Corp.		57,600		829,536
Sumitomo Electric Industries Ltd.		63,100		678,377
Sumitomo Metal Mining Co. Ltd.		32,200		1,412,187
Sumitomo Mitsui Financial Group, Inc.		66,100		1,997,142
Suzuki Motor Corp.		8,900		268,292
Tadano Ltd.		69,100		490,871
TDK Corp.		53,400		1,649,618
THK Co. Ltd.		29,600		586,567
Tokio Marine Holdings, Inc.		17,900		967,830
Tokyo Century Corp.#		22,900		705,368
Tokyu Fudosan Holdings Corp.		359,300		1,869,678
Tomy Co. Ltd.		38,600		366,221
Topcon Corp.		18,400		235,505
Torii Pharmaceutical Co. Ltd.		24,200		608,161
Toyo Tanso Co. Ltd.		27,000		586,700
Toyota Motor Corp.		256,500		4,394,797
Tsumura & Co.		53,300		1,311,436
Welcia Holdings Co. Ltd.		27,300		559,624
Yamato Holdings Co. Ltd.		68,200		1,276,158
TOTAL JAPAN			$	110,837,409
LUXEMBOURG – 0.1%
APERAM SA		4,610		177,935
Eurofins Scientific SE		7,378		685,695
TOTAL LUXEMBOURG			$	863,630
MACAO – 0.3%
Galaxy Entertainment Group Ltd.		344,000		1,962,922
NETHERLANDS – 3.8%
Aalberts NV		28,243		1,372,392
Adyen NV*		1,975		3,312,654
ASML Holding NV#		13,911		7,895,028
ASR Nederland NV		47,267		2,148,223
IMCD NV#		10,333		1,645,246
ING Groep NV		71,887		681,072
Koninklijke Ahold Delhaize NV#		77,350		2,281,514
Koninklijke KPN NV#		82,690		285,330
NN Group NV		16,739		819,903
Randstad NV		5,270		278,673
Shell PLC		106,882		2,869,343
Signify NV		2,930		123,961
TOTAL NETHERLANDS			$	23,713,339
NORWAY – 0.7%
DNB Bank ASA		80,700		1,563,749
Equinor ASA		24,900		841,610
Norsk Hydro ASA		56,230		472,193
Orkla ASA		20,390		165,458

Description	Number of Shares		Value
Telenor ASA		13,730	$	193,641
TOMRA Systems ASA		22,497		884,704
TOTAL NORWAY			$	4,121,355
PHILIPPINES – 0.4%
Ayala Land, Inc.		1,800,000		1,098,664
Converge Information and Communications
Technology Solutions, Inc.*		2,681,400		1,463,397
TOTAL PHILIPPINES			$	2,562,061
SINGAPORE – 0.6%
Oversea-Chinese Banking Corp. Ltd.		406,761		3,611,464
SOUTH AFRICA – 0.2%
Anglo American PLC		28,100		1,244,577
SOUTH KOREA – 2.8%
LG Chem Ltd.		6,505		2,664,223
LG Energy Solution*		788		261,621
NAVER Corp.		11,557		2,574,426
Samsung Electronics Co. Ltd.		187,549		9,995,157
SK Hynix, Inc.		17,721		1,552,858
TOTAL SOUTH KOREA			$	17,048,285
SPAIN – 2.1%
ACS Actividades de Construccion y Servicios SA		13,640		349,256
Banco Santander SA#		848,104		2,478,457
Bankinter SA		402,626		2,369,403
Cellnex Telecom SA		36,800		1,715,259
Enagas SA		7,870		170,171
Iberdrola SA		303,374		3,486,010
Mediaset Espana Comunicacion SA*		39,260		175,688
Telefonica SA		505,005		2,456,669
TOTAL SPAIN			$	13,200,913
SWEDEN – 3.9%
Annehem Fastigheter AB, Class B*		6,045		16,473
Assa Abloy AB, Class B#		113,953		2,879,837
Atlas Copco AB, Class A#		54,761		2,482,693
Avanza Bank Holding AB#		54,731		1,385,884
Axfood AB#		26,250		776,788
Boliden AB#		11,060		479,575
Epiroc AB, Class A#		116,234		2,356,419
Fabege AB		59,078		717,097
Fortnox AB		215,375		1,143,231
GARO AB		74,520		1,115,312
Hexagon AB, Class B#		208,852		2,694,803
Hexpol AB		73,265		629,065
JM AB		39,113		903,320
Lundin Energy AB#		6,660		275,363
Peab AB, Class B		20,089		191,920
Skandinaviska Enskilda Banken AB, Class A		19,531		219,022
Skanska AB, Class B		19,960		381,280
SKF AB, Class B		10,330		168,717
Svenska Cellulosa AB SCA, Class B		13,600		263,198
Swedish Match AB#		245,470		1,955,115
Tele2 AB, Class B#		52,040		689,753
Thule Group AB#		30,309		1,051,332
Trelleborg AB, Class B#		40,107		879,690

ANNUAL REPORT / April 30, 2022

13 PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

Description	Number of Shares		Value
Volvo AB, Class B		16,030	$	255,734
TOTAL SWEDEN			$	23,911,621
SWITZERLAND – 6.1%
ABB Ltd.		13,480		404,426
Bossard Holding AG, Class A		4,874		1,055,136
Chocoladefabriken Lindt & Spruengli AG		168		1,884,119
Cie Financiere Richemont SA, Class A		1,180		137,105
Clariant AG*,#		60,569		1,034,114
Emmi AG		1,531		1,517,474
Geberit AG		340		193,893
Holcim AG*		5,790		283,105
Kuehne + Nagel International AG		860		240,582
Lonza Group AG*		3,026		1,784,233
Nestle SA		9,170		1,183,793
Novartis AG		49,153		4,343,617
Partners Group Holding AG		3,160		3,348,012
Roche Holding AG		4,600		1,705,745
Siegfried Holding AG*		2,212		1,603,567
Sika AG		16,031		4,896,801
Straumann Holding AG		9,460		1,115,255
Swiss Life Holding AG		4,490		2,625,373
Swiss Prime Site AG		2,340		228,722
Swisscom AG		4,450		2,631,289
Temenos AG		4,861		490,697
UBS Group AG		40,610		689,421
VAT Group AG		3,122		965,671
Zurich Insurance Group AG		7,657		3,486,002
TOTAL SWITZERLAND			$	37,848,152
TAIWAN – 3.5%
Hon Hai Precision Industry Co. Ltd.		338,000		1,158,015
MediaTek, Inc.		115,000		3,170,320
Merida Industry Co. Ltd.		308,000		2,504,676
Sea Ltd., ADR*		10,225		846,221
Taiwan Semiconductor Manufacturing Co. Ltd.		787,000		14,231,053
TOTAL TAIWAN			$	21,910,285
THAILAND – 0.4%
Kasikornbank PCL		553,500		2,450,185
UNITED KINGDOM – 8.3%
3i Group PLC		49,680		813,025
Admiral Group PLC		11,780		370,802
Allfunds Group PLC		75,931		650,920
AstraZeneca PLC		16,380		2,185,767
Aviva PLC		80,083		429,656
BAE Systems PLC		183,200		1,692,156
Barclays PLC		367,860		676,179
Barratt Developments PLC		60,317		369,022
Berkeley Group Holdings PLC*		3,523		178,674
BP PLC		219,557		1,059,976
British American Tobacco PLC		75,250		3,153,904
BT Group PLC		48,025		106,500
Clipper Logistics PLC		172,040		1,861,376
Compass Group PLC		81,700		1,724,021
Croda International PLC		12,902		1,253,127
CVS Group PLC		36,598		826,192

Description	Number of Shares		Value
DCC PLC		6,837	$	518,032
Dechra Pharmaceuticals PLC		7,429		336,648
easyJet PLC*		131,793		913,259
Future PLC		36,375		996,246
GB Group PLC*		125,367		908,537
Great Portland Estates PLC		160,954		1,367,130
Hargreaves Lansdown PLC#		18,470		211,451
Hill & Smith Holdings PLC		82,834		1,432,647
HSBC Holdings PLC		515,750		3,222,988
IG Group Holdings PLC		18,600		190,093
Imperial Brands PLC		103,500		2,154,407
Intertek Group PLC		21,162		1,318,709
Kingfisher PLC		46,140		145,506
Legal & General Group PLC		256,743		800,292
Lloyds Banking Group PLC		1,105,549		627,912
Marshalls PLC		179,869		1,376,458
National Grid PLC		118,700		1,763,523
Persimmon PLC		22,291		580,553
Royal Mail PLC		21,630		92,713
Schroders PLC#		2,030		71,659
Severn Trent PLC		5,030		197,687
Smith & Nephew PLC		111,500		1,807,255
Spirax-Sarco Engineering PLC		6,753		1,018,998
Spirent Communications PLC		30,180		87,262
SSE PLC		15,473		359,373
SSP Group PLC*		423,616		1,250,356
St. James’s Place PLC		88,772		1,426,530
Standard Chartered PLC		281,400		1,910,096
Tate & Lyle PLC		29,150		283,326
Tesco PLC		613,799		2,085,272
UNITE Group PLC (The)		94,776		1,342,049
Victrex PLC		38,791		884,564
Vodafone Group PLC		1,255,360		1,900,565
WPP PLC		35,720		445,245
TOTAL UNITED KINGDOM			$	51,378,638
UNITED STATES – 2.1%
GlaxoSmithKline PLC		169,180		3,813,753
James Hardie Industries PLC, CDI		123,624		3,563,866
ResMed, Inc., CDI		95,304		1,934,332
Samsonite International SA*		1,326,286		2,906,645
Stellantis NV		44,560		599,510
TOTAL UNITED STATES			$	12,818,106
TOTAL COMMON STOCKS (Cost $483,474,264)			$	524,214,568
INVESTMENT COMPANIES – 7.2%
iShares MSCI Canada ETF#		636,000		23,563,800
iShares MSCI EAFE Value ETF#		440,500		20,970,003
TOTAL INVESTMENT COMPANIES (Cost $44,903,693)			$	44,533,803
PREFERRED STOCKS – 0.6%
GERMANY – 0.6%
Sartorius AG, 1.26%		3,103		1,163,406
Sixt SE, 0.05%		15,322		1,107,408

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

Wilmington International Fund (continued)

Description	Number of Shares		Value
Volkswagen AG, 4.86%		7,012	$	1,085,923
TOTAL PREFERRED STOCKS (Cost $4,301,334)			$	3,356,737
EQUITY-LINKED WARRANTS – 1.3%
CHINA – 1.1%
(Issuer UBS AG) Gongniu Group Co. Ltd., Strike price $0, Expire 05/20/22*		62,551		1,358,770
(Issuer UBS AG) LONGi Green Energy Technology Co. Ltd., Strike price $0, Expire 05/15/23*		50,700		522,017
(Issuer UBS AG) Midea Group Co. Ltd., Strike price $0, Expire 05/27/22*		257,050		2,223,303
(Issuer UBS AG) Shanghai Kelai Mechatronics Engineering Co. Ltd., Strike price $0, Expire 03/08/23*		435,800		961,244
(Issuer UBS AG) Zhejiang Sanhua Intelligent Controls Co. Ltd., Strike price $0, Expire 10/20/22*		745,700		1,893,482
TOTAL CHINA			$	6,958,816
VIETNAM – 0.2%
(Issuer UBS AG) Saigon Thuong Tin Commercial JSB, Strike price $0, Expire 10/19/22*		35,800	$	986,991
TOTAL EQUITY-LINKED WARRANTS (Cost $11,237,378)			$	7,945,807
MONEY MARKET FUND – 4.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%^		29,653,027		29,653,027
TOTAL MONEY MARKET FUND (Cost $29,653,027)			$	29,653,027
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 10.8%
MONEY MARKET FUNDS – 6.0%
Blackrock Liquidity Fed Fund, Institutional Shares, 0.31%^		6,503,000		6,503,000
Federated Hermes Government Obligations Fund, Premier Shares, 0.26%^		6,022,000		6,022,000
Goldman Sachs Financial Square Government Fund, Institutional Shares, 0.31%^		6,073,000		6,073,000
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^		6,412,000		6,412,000

Description	Number of Shares		Value
JPMorgan U.S. Government Money Market Fund, Capital Class, 0.32%^		5,910,000	$	5,910,000
Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 0.30%^		6,350,000		6,350,000
TOTAL MONEY MARKET FUNDS (Cost $37,270,000)			$	37,270,000
	Par Value
REPURCHASE AGREEMENTS – 4.8%
Daiwa Capital Markets America, 0.30%, dated 4/29/22, due 5/02/22, repurchase price $12,711,634, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.63%, maturing 4/30/22 to 5/01/52; total market value of $12,965,543.	$	12,711,316		12,711,316
Nomura Securities International, Inc., 0.29%, dated 4/29/22, due 5/02/22, repurchase price $4,208,808, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 9.00%, maturing 4/20/25 to 8/20/69; total market value of $4,292,887.		4,208,706		4,208,706
RBC Dominion Securities, Inc., 0.28%, dated 4/29/22, due 5/02/22, repurchase price $12,711,613, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.38%, maturing 6/30/22 to 4/01/52; total market value of $12,965,542.		12,711,316		12,711,316
TOTAL REPURCHASE AGREEMENTS (Cost $29,631,338)			$	29,631,338
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (Cost $66,901,338)			$	66,901,338
TOTAL INVESTMENTS – 109.6% (Cost $640,471,034)			$	676,605,280
COLLATERAL FOR SECURITIES ON LOAN – (10.8%)				(66,901,338	)
OTHER ASSETS LESS LIABILITIES – 1.2%				7,592,148
TOTAL NET ASSETS – 100.0%			$	617,296,090

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s assets and liabilities carried at fair value:

	Level 1		Level 2		Level 3			Total
Assets
Investments in Securities
Common Stocks
Australia	$	—	$	20,476,386	$	—		$	20,476,386
Austria		—		652,904		—			652,904
Belgium		—		7,036,897		—			7,036,897
Brazil		—		309,157		—			309,157
Bulgaria		—		—		—	(a)		—

ANNUAL REPORT / April 30, 2022

15 PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

	Level 1		Level 2		Level 3		Total
China	$	9,166,977	$	28,885,940	$	—	$	38,052,917
Denmark		—		18,750,001		—		18,750,001
Finland		—		1,897,033		—		1,897,033
France		—		44,354,381		—		44,354,381
Germany		—		26,618,804		—		26,618,804
Hong Kong		—		15,367,296		—		15,367,296
India		5,003,627		—		—		5,003,627
Ireland		—		5,301,317		—		5,301,317
Italy		637,584		10,273,322		—		10,910,906
Japan		—		110,837,409		—		110,837,409
Luxembourg		—		863,630		—		863,630
Macao		—		1,962,922		—		1,962,922
Netherlands		—		23,713,339		—		23,713,339
Norway		—		4,121,355		—		4,121,355
Philippines		—		2,562,061		—		2,562,061
Singapore		—		3,611,464		—		3,611,464
South Africa		—		1,244,577		—		1,244,577
South Korea		261,621		16,786,664		—		17,048,285
Spain		—		13,200,913		—		13,200,913
Sweden		—		23,911,621		—		23,911,621
Switzerland		—		37,848,152		—		37,848,152
Taiwan		846,221		21,064,064		—		21,910,285
Thailand		—		2,450,185		—		2,450,185
United Kingdom		—		51,378,638		—		51,378,638
United States		—		12,818,106		—		12,818,106
Investment Companies		44,533,803		—		—		44,533,803
Preferred Stocks
Germany		—		3,356,737		—		3,356,737
Equity-Linked Warrants
China		—		6,958,816		—		6,958,816
Vietnam		—		986,991		—		986,991
Money Market Funds		66,923,027		—		—		66,923,027
Repurchase Agreements		—		29,631,338		—		29,631,338
Total Investments in Securities	$	127,372,860	$	549,232,420	$	—	$	676,605,280
Other Financial Instruments!
Financial Futures Contracts	$	439,380	$	—	$	—	$	439,380
Total Assets - Other Financial Instruments	$	439,380	$	—	$	—	$	439,380

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

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

^¢  Country classifications are based on primary country of risk.

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

^**  Represents less than 0.05%.

* Non-income producing security.

^{^}  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.

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington International Fund (concluded)

The following acronyms are used throughout this Portfolio of Investments:

ADR	American Depositary Receipt
CDI	CREST Depository Interest
ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
PCL	Public Company Limited
PLC	Public Limited Company
SCA	Limited Partnership With Share Capital
SpA	Societa per Azioni

At April 30, 2022, 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:
EXCHANGE-TRADED:
MSCI India Index	June 2022		134	$	12,633,097	$	13,072,477	$	439,380	$	—
UNREALIZED APPRECIATION (DEPRECIATION)  ON FINANCIAL FUTURES CONTRACTS								$	439,380	$	—

^(a)  The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2022. Only current day variation margin is reported on the Fund’s Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

17

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At April 30, 2022, the Fund’s portfolio composition was as follows:

	Percentage of Total Net Assets
Common Stocks
Insurance		8.3	%
Pharmaceuticals		6.2	%
IT Services		4.9	%
Software		4.5	%
Capital Markets		3.0	%
Banks		2.9	%
Oil, Gas & Consumable Fuels		2.6	%
Machinery		2.4	%
Health Care Providers & Services		2.4	%
Aerospace & Defense		2.4	%
Interactive Media & Services		2.2	%
Real Estate Investment Trusts		2.2	%
Diversified Financial Services		2.2	%
Health Care Equipment & Supplies		2.1	%
Commercial Services & Supplies		2.0	%
Hotels, Restaurants & Leisure		1.9	%
Diversified Telecommunication Services		1.7	%
Professional Services		1.7	%
Food Products		1.7	%
Internet & Direct Marketing Retail		1.6	%
Technology Hardware, Storage & Peripherals		1.5	%
Trading Companies & Distributors		1.5	%
Beverages		1.4	%
Specialty Retail		1.4	%
Household Products		1.4	%
Road & Rail		1.3	%
Semiconductors & Semiconductor Equipment		1.3	%
Metals & Mining		1.3	%
Multi-Utilities		1.2	%
Electric Utilities		1.1	%
Chemicals		1.1	%
Media		1.0	%
Air Freight & Logistics		1.0	%
Food & Staples Retailing		1.0	%
Communications Equipment		1.0	%
Automobiles		1.0	%
Household Durables		0.9	%
Life Sciences Tools & Services		0.9	%
Wireless Telecommunication Services		0.8	%
Building Products		0.8	%
Construction & Engineering		0.7	%
Textiles, Apparel & Luxury Goods		0.7	%
Consumer Finance		0.7	%
Electronic Equipment, Instruments & Components		0.6	%
Distributors		0.4	%
Entertainment		0.4	%
Gas Utilities		0.4	%
Auto Components		0.4	%
Tobacco		0.3	%
Electrical Equipment		0.3	%
Real Estate Management & Development		0.3	%
Biotechnology		0.2	%

	Percentage of Total Net Assets
Common Stocks
Construction Materials		0.2	%
Containers & Packaging		0.2	%
Multiline Retail		0.1	%
Energy Equipment & Services		0.1	%
Health Care Technology		0.1	%
Water Utilities		0.1	%
Industrial Conglomerates		0.1	%
Transportation Infrastructure		0.1	%
Personal Products		0.1	%
Airlines		0.1	%
Leisure Products		0.1	%
Marine		0.0	%(1)
Diversified Consumer Services		0.0	%(1)
Investment Companies		0.7	%
Preferred Stock		0.0	%(1)
Cash Equivalents(2)		6.7	%
Other Assets and Liabilities - Net(3)		4.1	%
TOTAL		100.0	%

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

Wilmington Global Alpha Equities Fund (continued)

Country Allocation	Percentage of Total Net Assets
Common Stocks
United States		45.3%
Japan		8.6%
United Kingdom		6.4%
Canada		5.3%
France		4.8%
Switzerland		4.0%
China		2.5%
Ireland		1.9%
Netherlands		1.5%
Hong Kong		1.3%
Germany		1.1%
All other countries less than 1.0%		5.8%
Investment Companies		0.7%
Preferred Stocks		0.0%(1)
Cash Equivalents(2)		6.7%
Other Assets and Liabilities - Net(3)		4.1%
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

April 30, 2022

Description	Number of Shares		Value
COMMON STOCKS – 88.5%
AEROSPACE & DEFENSE – 2.4%
Airbus SE		1,927	$	210,952
Austal Ltd.		33,383		47,517
Babcock International Group PLC*		20,151		76,936
BAE Systems PLC		196,995		1,819,575
BWX Technologies, Inc.		12,684		658,553
CAE, Inc.*		16,639		395,689
Dassault Aviation SA		652		109,409
Lockheed Martin Corp.		2,556		1,104,499
Raytheon Technologies Corp.		6,209		589,296
TOTAL AEROSPACE & DEFENSE			$	5,012,426
AIR FREIGHT & LOGISTICS – 1.0%
Bpost SA*		5,360		32,476
DSV A/S		1,457		238,878
Expeditors International of Washington, Inc.		10,873		1,077,188
PostNL NV		14,581		47,778
SG Holdings Co. Ltd.		2,877		50,700
United Parcel Service, Inc., Class B		2,082		374,718
Yamato Holdings Co. Ltd.		4,800		89,818
ZTO Express Cayman, Inc., ADR		8,264		227,343
ZTO Express Cayman, Inc.		2,089		57,498
TOTAL AIR FREIGHT & LOGISTICS			$	2,196,397
AIRLINES – 0.1%
easyJet PLC*		8,232		57,043

Description	Number of Shares		Value
Japan Airlines Co. Ltd.*		5,670	$	93,609
TOTAL AIRLINES			$	150,652
AUTO COMPONENTS – 0.4%
Continental AG*		1,244		85,265
Hankook Tire & Technology Co. Ltd.		2,608		71,581
Hyundai Mobis Co. Ltd.		471		76,626
NOK Corp.		7,625		64,876
Stanley Electric Co. Ltd.		3,650		62,937
Sumitomo Electric Industries Ltd.		10,370		111,486
Sumitomo Rubber Industries Ltd.		6,410		55,561
Tachi-S Co. Ltd.		3,830		29,825
Tokai Rika Co. Ltd.		5,465		57,580
Toyoda Gosei Co. Ltd.		3,450		50,239
TS Tech Co. Ltd.		11,274		117,651
Unipres Corp.		5,880		33,846
TOTAL AUTO COMPONENTS			$	817,473
AUTOMOBILES – 1.0%
Dongfeng Motor Group Co. Ltd., Class H		134,223		97,915
Honda Motor Co. Ltd.		21,398		562,843
Isuzu Motors Ltd.		50,443		588,457
Li Auto, Inc., ADR*		3,716		83,350
Mercedes-Benz Group AG*		1,913		133,530
Mitsubishi Motors Corp.*		10,930		27,336
Nissan Motor Co. Ltd.*		22,910		91,721
Renault SA*		3,221		78,701
Subaru Corp.		15,050		228,379
Suzuki Motor Corp.		1,903		57,366

ANNUAL REPORT / April 30, 2022

19 PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Yamaha Motor Co. Ltd.		3,950	$	81,551
TOTAL AUTOMOBILES			$	2,031,149
BANKS – 2.9%
ABN AMRO Bank NV		8,919		110,874
AIB Group PLC		37,994		82,528
Bank Mandiri Persero Tbk PT		252,331		154,940
Bank of Ireland Group PLC*		18,308		110,959
Bank of Nova Scotia (The)		11,343		718,291
Bank of Nova Scotia (The)		9,413		596,031
BPER Banca		34,277		57,263
CaixaBank SA		57,518		185,662
Dah Sing Financial Holdings Ltd.		13,890		40,419
DGB Financial Group, Inc.		10,016		70,601
DNB Bank ASA		23,803		461,238
Erste Group Bank AG		7,350		228,848
First Citizens BancShares, Inc., Class A		516		329,920
First Republic Bank		3,245		484,219
Kasikornbank PCL		9,640		42,422
KB Financial Group, Inc., ADR		3,614		165,955
Mebuki Financial Group, Inc.		20,500		41,277
PNC Financial Services Group, Inc. (The)		4,427		735,325
Resona Holdings, Inc.		68,140		296,302
San-In Godo Bank Ltd. (The)		9,600		47,662
Sberbank of Russia PJSC, ADR(1)		3,982		—
Shinhan Financial Group Co. Ltd., ADR*		5,091		166,527
Standard Chartered PLC		81,413		556,566
Sumitomo Mitsui Trust Holdings, Inc.		4,450		138,117
Tochigi Bank Ltd. (The)		9,980		18,586
Unicaja Banco SA		75,583		71,198
UniCredit SpA		28,136		260,401
TOTAL BANKS			$	6,172,131
BEVERAGES – 1.4%
Anadolu Efes Biracilik Ve Malt Sanayii AS		25,438		50,608
Asahi Group Holdings Ltd.		2,358		88,880
Coca-Cola Co. (The)		9,622		621,677
Coca-Cola Icecek AS		7,884		65,402
Diageo PLC		13,569		676,942
Embotelladora Andina SA, Class B, ADR		7,238		77,519
Heineken NV		6,475		632,032
Kirin Holdings Co. Ltd.		11,520		167,935
PepsiCo., Inc.		3,484		598,238
Suntory Beverage & Food Ltd.		1,257		49,527
TOTAL BEVERAGES			$	3,028,760
BIOTECHNOLOGY – 0.2%
Akeso, Inc.*		14,500		27,051
Vertex Pharmaceuticals, Inc.*		1,633		446,168
TOTAL BIOTECHNOLOGY			$	473,219
BUILDING PRODUCTS – 0.8%
Assa Abloy AB, Class B		13,835		349,640
Cie de Saint-Gobain		4,059		236,795
Johnson Controls International PLC		7,563		452,797
Lennox International, Inc.		2,681		571,562
TOTAL BUILDING PRODUCTS			$	1,610,794

Description	Number of Shares		Value
CAPITAL MARKETS – 3.0%
Ares Management Corp., Class A		10,578	$	700,475
Brookfield Asset Management, Inc., Class A		7,932		395,490
Charles Schwab Corp. (The)		35,358		2,345,296
CSC Financial Co. Ltd., Class H		92,500		85,162
Deutsche Boerse AG		706		122,911
GAM Holding AG*		4,044		4,173
Hargreaves Lansdown PLC		2,617		29,960
Hong Kong Exchanges & Clearing Ltd.		8,567		363,403
Ichiyoshi Securities Co. Ltd.		5,000		22,009
Intercontinental Exchange, Inc.		2,014		233,241
Intermediate Capital Group PLC		6,702		128,253
Julius Baer Group Ltd.		602		28,768
Moody’s Corp.		983		311,100
Nomura Holdings, Inc.		11,792		45,405
S&P Global, Inc.		1,782		670,923
UBS Group AG		53,136		902,071
TOTAL CAPITAL MARKETS			$	6,388,640
CHEMICALS – 1.1%
ADEKA Corp.		3,621		69,444
Air Liquide SA		462		79,930
China BlueChemical Ltd., Class H		110,446		37,966
Croda International PLC		1,024		99,457
EMS-Chemie Holding AG		119		106,163
Givaudan SA		25		99,363
Koninklijke DSM NV		555		93,301
Linde PLC		2,099		654,804
Lintec Corp.		2,900		54,020
Mitsubishi Gas Chemical Co., Inc.		8,440		123,249
Nissan Chemical Corp.		146		7,712
Sherwin-Williams Co. (The)		2,634		724,245
Symrise AG		852		101,383
TOTAL CHEMICALS			$	2,251,037
COMMERCIAL SERVICES & SUPPLIES – 2.0%
Aeon Delight Co. Ltd.		3,913		83,636
Cintas Corp.		2,412		958,191
Clean Harbors, Inc.*		6,650		697,784
Copart, Inc.*		8,402		954,887
Kokuyo Co. Ltd.		4,400		57,306
Prosegur Cia de Seguridad SA		23,715		49,082
Rollins, Inc.		5,629		188,797
Secom Co. Ltd.		989		69,581
Toppan, Inc.		1,730		28,596
Waste Connections, Inc.		8,075		1,114,108
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	4,201,968
COMMUNICATIONS EQUIPMENT – 1.0%
Arista Networks, Inc.*		4,008		463,205
Cisco Systems, Inc.		10,541		516,298
Motorola Solutions, Inc.		4,261		910,533
Nokia OYJ*		31,098		157,669
TOTAL COMMUNICATIONS EQUIPMENT			$	2,047,705
CONSTRUCTION & ENGINEERING – 0.7%
Chiyoda Corp.*		7,750		25,624
EXEO Group, Inc.		3,314		55,171

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 20

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Fugro NV*		4,575	$	56,045
Implenia AG*		2,060		46,580
JGC Holdings Corp.		18,571		210,153
Kumagai Gumi Co. Ltd.		936		19,533
Vinci SA		11,966		1,161,107
TOTAL CONSTRUCTION & ENGINEERING			$	1,574,213
CONSTRUCTION MATERIALS – 0.2%
HeidelbergCement AG		880		50,695
Holcim AG*		4,561		223,012
Imerys SA		1,637		64,401
Taiheiyo Cement Corp.		4,230		68,440
Vicat SA		1,439		43,272
TOTAL CONSTRUCTION MATERIALS			$	449,820
CONSUMER FINANCE – 0.7%
American Express Co.		2,212		386,459
Credit Acceptance Corp.*		1,742		892,775
Marui Group Co. Ltd.		4,020		69,214
Provident Financial PLC		15,263		48,852
TOTAL CONSUMER FINANCE			$	1,397,300
CONTAINERS & PACKAGING – 0.2%
Ball Corp.		4,995		405,394
Nampak Ltd.*		56,917		10,599
TOTAL CONTAINERS & PACKAGING			$	415,993
DISTRIBUTORS – 0.4%
Genuine Parts Co.		2,093		272,195
LKQ Corp.		10,500		521,115
PALTAC Corp.		2,420		88,204
TOTAL DISTRIBUTORS			$	881,514
DIVERSIFIED CONSUMER SERVICES – 0.0%**
Benesse Holdings, Inc.		505		8,836
DIVERSIFIED FINANCIAL SERVICES – 2.2%
Bank of America Corp.		21,609		771,009
Berkshire Hathaway, Inc., Class B*		5,206		1,680,653
BNP Paribas SA		3,430		177,850
G-Resources Group Ltd.*		18,893		6,562
ING Groep NV		11,537		109,304
Investor AB, Class B		5,095		98,043
Kasikornbank PCL, NVDR		26,162		115,812
Mitsubishi UFJ Financial Group, Inc.		117,615		683,740
Royal Bank of Canada		5,439		549,340
Societe Generale SA		5,955		143,123
Sumitomo Mitsui Financial Group, Inc.		9,335		282,047
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,617,483
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.7%
AT&T, Inc.		7,674		144,732
BT Group PLC		59,067		130,986
Hellenic Telecommunications Organization SA		29,295		563,579
Koninklijke KPN NV		122,988		424,382
KT Corp., ADR		10,008		139,411
Magyar Telekom Telecommunications PLC, ADR		6,004		29,840
Nippon Telegraph & Telephone Corp.		9,029		266,079

Description	Number of Shares		Value
Orange SA		12,162	$	144,793
Proximus SADP		6,252		109,274
Swisscom AG		193		114,121
Telefonica Brasil SA		8,967		95,203
Telenor ASA		4,996		70,461
Telia Co. AB		30,285		125,701
Telkom Indonesia Persero Tbk PT		1,689,700		537,934
Turk Telekomunikasyon AS		90,264		61,164
Verizon Communications, Inc.		15,153		701,584
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	3,659,244
ELECTRIC UTILITIES – 1.1%
American Electric Power Co., Inc.		163		16,155
Chubu Electric Power Co., Inc.		6,379		64,397
Duke Energy Corp.		5,642		621,523
Edison International		6,520		448,511
Exelon Corp.		11,630		544,051
Iberdrola SA		43,211		496,529
Kansai Electric Power Co., Inc. (The)		1,153		10,107
Red Electrica Corp. SA		5,871		118,208
TOTAL ELECTRIC UTILITIES			$	2,319,481
ELECTRICAL EQUIPMENT – 0.3%
Cosel Co. Ltd.		5,190		30,262
Nippon Carbon Co. Ltd.		1,800		57,828
Schneider Electric SE		2,288		328,257
Ushio, Inc.		13,090		169,720
Zumtobel Group AG		2,522		18,216
TOTAL ELECTRICAL EQUIPMENT			$	604,283
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Ai Holdings Corp.		3,300		43,323
Alps Alpine Co. Ltd.		6,890		60,995
Amano Corp.		6,170		118,780
Amphenol Corp., Class A		2,735		195,552
Canon Marketing Japan, Inc.		3,731		81,186
Citizen Watch Co. Ltd.		10,210		38,534
Enplas Corp.		910		19,465
Foxconn Technology Co. Ltd.		31,655		62,724
Halma PLC		2,932		89,999
Hon Hai Precision Industry Co. Ltd.		28,422		97,376
Keyence Corp.		127		51,055
Kyocera Corp.		2,840		149,120
Maruwa Co. Ltd.		176		20,521
Nichicon Corp.		2,765		25,037
Nippon Chemi-Con Corp.*		4,010		55,662
PAX Global Technology Ltd.		37,787		32,574
Shimadzu Corp.		1,638		53,550
Sunny Optical Technology Group Co. Ltd.		11,200		163,228
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	1,358,681
ENERGY EQUIPMENT & SERVICES – 0.1%
China Oilfield Services Ltd., Class H		220,000		225,227
Trican Well Service Ltd.*		11,572		40,356
TOTAL ENERGY EQUIPMENT & SERVICES			$	265,583

ANNUAL REPORT / April 30, 2022

21 PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
ENTERTAINMENT – 0.4%
Capcom Co. Ltd.		674	$	17,785
DeNA Co. Ltd.*		5,455		79,065
NetEase, Inc., ADR		4,087		389,614
NetEase, Inc.		6,000		114,932
Nexon Co. Ltd.		3,003		68,382
Nintendo Co. Ltd.		153		69,828
Square Enix Holdings Co. Ltd.		2,484		99,175
Warner Bros Discovery, Inc.*		1,856		33,686
TOTAL ENTERTAINMENT			$	872,467
FOOD & STAPLES RETAILING – 1.0%
Atacadao SA		8,894		37,077
Carrefour SA		5,695		120,777
Cosmos Pharmaceutical Corp.		17		1,567
Costco Wholesale Corp.		584		310,524
Etablissements Franz Colruyt NV		2,413		88,607
J Sainsbury PLC		59,457		173,481
Jeronimo Martins SGPS SA		5,186		107,955
Koninklijke Ahold Delhaize NV		3,580		105,596
Marks & Spencer Group PLC*		10,637		18,159
Performance Food Group Co.*		13,676		673,543
Sundrug Co. Ltd.		4,473		104,141
Tesco PLC		26,505		90,046
Walmart, Inc.		1,484		227,037
TOTAL FOOD & STAPLES RETAILING			$	2,058,510
FOOD PRODUCTS – 1.7%
Astral Foods Ltd.		4,013		38,642
Barry Callebaut AG		41		94,364
China Mengniu Dairy Co. Ltd.*		19,011		102,603
Chocoladefabriken Lindt & Spruengli AG		8		89,720
General Mills, Inc.		2,884		203,985
Hormel Foods Corp.		4,535		237,589
Kellogg Co.		10,236		701,166
MEIJI Holdings Co. Ltd.		724		36,089
Nestle SA		8,619		1,112,662
Nisshin Seifun Group, Inc.		1,763		23,502
Nissin Foods Holdings Co. Ltd.		574		39,929
Nomad Foods Ltd.*		27,802		513,225
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		123,083		11,681
Toyo Suisan Kaisha Ltd.		802		24,763
Ulker Biskuvi Sanayi AS*		26,520		29,800
Viscofan SA		3,790		209,224
WH Group Ltd.		61,253		42,301
Yihai International Holding Ltd.*		12,000		33,781
TOTAL FOOD PRODUCTS			$	3,545,026
GAS UTILITIES – 0.4%
China Gas Holdings Ltd.		25,659		31,277
Enagas SA		5,262		113,779
ENN Energy Holdings Ltd.		10,400		139,309
Osaka Gas Co. Ltd.		1,656		29,847
Tokyo Gas Co. Ltd.		2,489		47,675
UGI Corp.		14,047		481,812
TOTAL GAS UTILITIES			$	843,699

Description	Number of Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – 2.1%
Abbott Laboratories		1,193	$	135,405
Asahi Intecc Co. Ltd.		1,965		37,972
Baxter International, Inc.		8,206		583,118
Boston Scientific Corp.*		12,304		518,121
Coloplast A/S, Class B		713		96,062
DiaSorin SpA		522		68,378
Hoya Corp.		512		50,812
ICU Medical, Inc.*		2,610		558,514
Koninklijke Philips NV		17,535		458,209
Medtronic PLC		9,079		947,484
Paramount Bed Holdings Co. Ltd.		3,030		50,465
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		25,000		26,634
Siemens Healthineers AG		1,962		104,908
STERIS PLC		105		23,525
Stryker Corp.		3,094		746,458
Sysmex Corp.		637		41,786
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	4,447,851
HEALTH CARE PROVIDERS & SERVICES – 2.4%
Alfresa Holdings Corp.		5,380		73,161
Anthem, Inc.		1,351		678,107
Chemed Corp.		1,295		636,350
Fresenius SE & Co. KGaA		5,132		181,406
HCA Healthcare, Inc.		3,979		853,695
Humana, Inc.		1,918		852,666
Netcare Ltd.		65,593		63,004
UnitedHealth Group, Inc.		3,400		1,729,070
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	5,067,459
HEALTH CARE TECHNOLOGY – 0.1%
AGFA-Gevaert NV*		7,727		30,934
Cerner Corp.		2,375		222,395
TOTAL HEALTH CARE TECHNOLOGY			$	253,329
HOTELS, RESTAURANTS & LEISURE – 1.9%
Airbnb, Inc., Class A*		3,022		463,001
Choice Hotels International, Inc.		6,296		884,336
Compass Group PLC		54,316		1,146,168
Evolution AB		607		62,277
Huazhu Group Ltd., ADR		4,034		121,988
La Francaise des Jeux SAEM		1,521		56,796
McDonald’s Corp.		3,819		951,542
McDonald’s Holdings Co. Japan Ltd.		723		28,684
Sands China Ltd.*		129,400		285,220
TOTAL HOTELS, RESTAURANTS & LEISURE			$	4,000,012
HOUSEHOLD DURABLES – 0.9%
Casio Computer Co. Ltd.		8,280		85,862
Coway Co. Ltd.		1,567		87,768
Garmin Ltd.		1,760		193,142
Nikon Corp.		7,455		83,771
NVR, Inc.*		270		1,181,577
Persimmon PLC		2,356		61,360
Rinnai Corp.		388		24,801
Sekisui Chemical Co. Ltd.		2,800		37,915
Sekisui House Ltd.		6,979		121,211

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 22

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Tamron Co. Ltd.		960	$	16,923
TOTAL HOUSEHOLD DURABLES			$	1,894,330
HOUSEHOLD PRODUCTS – 1.4%
Clorox Co. (The)		234		33,572
Colgate-Palmolive Co.		9,901		762,872
Procter & Gamble Co. (The)		7,076		1,136,052
Reckitt Benckiser Group PLC		11,637		907,518
Unicharm Corp.		1,665		57,929
TOTAL HOUSEHOLD PRODUCTS			$	2,897,943
INDUSTRIAL CONGLOMERATES – 0.1%
Siemens AG		1,925		236,688
INSURANCE – 8.3%
Admiral Group PLC		2,659		83,698
Ageas SA		2,431		116,327
AIA Group Ltd.		189,257		1,859,215
Aon PLC, Class A		1,239		356,820
Arthur J. Gallagher & Co.		6,576		1,107,990
Assicurazioni Generali SpA		7,404		140,181
AXA SA		53,242		1,408,519
Brown & Brown, Inc.		3,966		245,813
Caixa Seguridade Participacoes S/A		50,465		79,720
China Pacific Insurance Group Co. Ltd., Class H		17,000		37,689
China Reinsurance Group Corp., Class H		814,328		71,000
Chubb Ltd.		3,895		804,123
Dai-ichi Life Holdings, Inc.		12,845		257,208
Enstar Group Ltd.*		2,364		557,313
Gjensidige Forsikring ASA		579		12,379
Globe Life, Inc.		8,962		878,993
Intact Financial Corp.		17,544		2,454,371
Markel Corp.*		951		1,286,969
Marsh & McLennan Cos., Inc.		6,500		1,051,050
MS&AD Insurance Group Holdings, Inc.		11,304		336,489
Old Mutual Ltd.		109,662		87,976
Phoenix Group Holdings PLC		341		2,583
Progressive Corp. (The)		16,187		1,737,836
Sampo OYJ, Class A		2,299		111,634
SCOR SE		3,353		94,802
Swiss Life Holding AG		30		17,541
T&D Holdings, Inc.		68,028		874,190
Tokio Marine Holdings, Inc.		16,354		884,240
Tongyang Life Insurance Co. Ltd.		6,613		35,201
White Mountains Insurance Group Ltd.		302		316,502
Willis Towers Watson PLC		985		211,637
Zurich Insurance Group AG		274		124,744
TOTAL INSURANCE			$	17,644,753
INTERACTIVE MEDIA & SERVICES – 2.2%
Alphabet, Inc., Class A*		867		1,978,659
Alphabet, Inc., Class C*		331		761,078
Meta Platforms, Inc., Class A*		3,454		692,423
Tencent Holdings Ltd.		27,240		1,283,682
VK Co. Ltd., GDR*,(1)		7,329		—
TOTAL INTERACTIVE MEDIA & SERVICES			$	4,715,842

Description	Number of Shares		Value
INTERNET & DIRECT MARKETING RETAIL – 1.6%
Alibaba Group Holding Ltd.*		9,000	$	109,779
Alibaba Group Holding Ltd., ADR*		1,499		145,538
Amazon.com, Inc.*		798		1,983,533
ASKUL Corp.		12,600		154,294
Etsy, Inc.*		2,562		238,753
JD.com, Inc., ADR*		3,168		195,339
Meituan, Class B*		27,639		592,204
TOTAL INTERNET & DIRECT MARKETING RETAIL			$	3,419,440
IT SERVICES – 4.9%
Accenture PLC, Class A		4,955		1,488,284
Automatic Data Processing, Inc.		3,502		764,066
BIPROGY Inc		3,693		93,304
Capgemini SE		4,440		903,891
Cognizant Technology Solutions Corp., Class A		5,421		438,559
Edenred		13,244		665,142
EPAM Systems, Inc.*		355		94,071
Fidelity National Information Services, Inc.		7,257		719,532
FleetCor Technologies, Inc.*		1,887		470,844
Gartner, Inc.*		1,927		559,890
Global Payments, Inc.		2,029		277,932
GoDaddy, Inc., Class A*		13,935		1,126,087
Infocom Corp.		3,270		55,739
Mastercard, Inc., Class A		2,745		997,478
Nomura Research Institute Ltd.		1,927		54,489
NS Solutions Corp.		2,874		85,741
Obic Co. Ltd.		369		54,516
Paychex, Inc.		2,415		306,053
PayPal Holdings, Inc.*		947		83,270
Sopra Steria Group SACA		169		29,952
Transcosmos, Inc.		2,000		47,153
Visa, Inc., Class A		5,127		1,092,718
TOTAL IT SERVICES			$	10,408,711
LEISURE PRODUCTS – 0.1%
Bandai Namco Holdings, Inc.		827		55,990
Shimano, Inc.		400		70,874
TOTAL LEISURE PRODUCTS			$	126,864
LIFE SCIENCES TOOLS & SERVICES – 0.9%
Agilent Technologies, Inc.		1,614		192,502
CMIC Holdings Co. Ltd.		1,630		18,763
Danaher Corp.		2,862		718,734
ICON PLC*		2,165		489,745
Sartorius Stedim Biotech		251		82,135
Thermo Fisher Scientific, Inc.		458		253,237
Wuxi Biologics Cayman, Inc.*		13,500		99,641
TOTAL LIFE SCIENCES TOOLS & SERVICES			$	1,854,757
MACHINERY – 2.4%
Amada Co. Ltd.		8,800		68,332
CNH Industrial NV		20,800		294,659
Daimler Truck Holding AG*		3,535		95,073
Fortive Corp.		17,532		1,008,090
Hino Motors Ltd.		13,970		72,113
Hisaka Works Ltd.		3,030		17,892
IDEX Corp.		4,269		810,342

ANNUAL REPORT / April 30, 2022

23 PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Ingersoll Rand, Inc.		6,208	$	272,904
Kone OYJ, Class B		10,062		483,758
Makino Milling Machine Co. Ltd.		2,130		65,632
Middleby Corp. (The)*		1,264		194,517
MISUMI Group, Inc.		2,110		52,907
Mitsubishi Heavy Industries Ltd.		1,912		65,372
Obara Group, Inc.		1,600		35,808
OKUMA Corp.		3,590		128,312
PACCAR, Inc.		8,250		685,162
Schindler Holding AG		297		57,016
Schindler Holding AG		379		72,816
SKF AB, Class B		6,137		100,234
SMC Corp.		106		51,327
Spirax-Sarco Engineering PLC		590		89,028
Star Micronics Co. Ltd.		5,100		57,168
Sumitomo Heavy Industries Ltd.		4,270		90,359
THK Co. Ltd.		8,910		176,564
Toyota Industries Corp.		1,050		62,976
Weichai Power Co. Ltd., Class H		66,000		92,196
TOTAL MACHINERY			$	5,200,557
MARINE – 0.0%**
Kuehne + Nagel International AG		142		39,724
Pacific Basin Shipping Ltd.		63,665		29,210
TOTAL MARINE			$	68,934
MEDIA – 1.0%
Cable One, Inc.		612		713,714
Comcast Corp., Class A		10,464		416,049
Criteo SA, ADR*		978		24,235
Fuji Media Holdings, Inc.		3,695		31,913
Metropole Television SA		4,434		82,282
Nippon Television Holdings, Inc.		13,877		133,195
Publicis Groupe SA		6,412		384,955
RTL Group SA		2,175		113,095
Television Francaise 1		10,226		86,606
TV Asahi Holdings Corp.		4,655		53,171
WPP PLC		16,278		202,903
TOTAL MEDIA			$	2,242,118
METALS & MINING – 1.3%
Anglo American PLC		11,542		511,207
Asahi Holdings, Inc.		3,130		49,684
Barrick Gold Corp.		7,060		157,451
Centamin PLC		49,753		57,023
Centerra Gold, Inc.		7,370		68,213
Chubu Steel Plate Co. Ltd.		1,442		8,935
Eldorado Gold Corp.*		4,434		43,098
Endeavour Mining PLC		3,989		97,625
Glencore PLC*		63,138		389,035
Harmony Gold Mining Co. Ltd., ADR		12,136		49,636
Hitachi Metals Ltd.*		1,939		30,258
Kinross Gold Corp.		14,671		74,529
Kyoei Steel Ltd.		4,855		49,812
Maruichi Steel Tube Ltd.		3,800		81,101
Nakayama Steel Works Ltd.		6,550		21,510
Neturen Co. Ltd.		4,895		22,127
Norsk Hydro ASA		3,387		28,442

Description	Number of Shares		Value
OceanaGold Corp.*		25,219	$	62,819
Resolute Mining Ltd.*		41,732		10,302
Rio Tinto PLC		9,431		666,358
Tokyo Steel Manufacturing Co. Ltd.		1,560		16,146
Yamato Kogyo Co. Ltd.		6,428		207,452
Yodogawa Steel Works Ltd.		1,710		32,368
TOTAL METALS & MINING			$	2,735,131
MULTILINE RETAIL – 0.1%
Dollar General Corp.		1,129		268,171
Ryohin Keikaku Co. Ltd.		6,400		57,518
TOTAL MULTILINE RETAIL			$	325,689
MULTI-UTILITIES – 1.2%
Centrica PLC*		52,505		52,022
Consolidated Edison, Inc.		2,712		251,511
Dominion Energy, Inc.		2,024		165,239
Engie SA		16,133		190,377
National Grid PLC		105,052		1,560,755
WEC Energy Group, Inc.		2,628		262,932
TOTAL MULTI-UTILITIES			$	2,482,836
OIL, GAS & CONSUMABLE FUELS – 2.6%
ARC Resources Ltd.		5,562		77,110
BP PLC		73,883		356,692
Cameco Corp.		4,241		109,504
Coterra Energy, Inc.		19,279		555,042
Enbridge, Inc.		16,024		699,261
Eni SpA		18,016		251,842
Inpex Corp.		12,620		150,155
Japan Petroleum Exploration Co. Ltd.		2,720		54,221
Pioneer Natural Resources Co.		1,807		420,073
Shell PLC		20,272		544,220
TC Energy Corp.		12,155		642,924
TotalEnergies SE		31,037		1,524,009
Ultrapar Participacoes SA		24,156		64,983
YPF SA, ADR*		4,849		20,560
TOTAL OIL, GAS & CONSUMABLE FUELS			$	5,470,596
PERSONAL PRODUCTS – 0.1%
Kobayashi Pharmaceutical Co. Ltd.		484		33,006
Pola Orbis Holdings, Inc.		4,000		46,117
Unilever PLC		1,582		73,427
TOTAL PERSONAL PRODUCTS			$	152,550
PHARMACEUTICALS – 6.2%
Astellas Pharma, Inc.		7,838		119,339
AstraZeneca PLC		6,818		909,802
AstraZeneca PLC, ADR		9,163		608,423
Bristol-Myers Squibb Co.		3,488		262,542
Chugai Pharmaceutical Co. Ltd.		3,140		94,091
Daiichi Sankyo Co. Ltd.		8,250		207,726
Eisai Co. Ltd.		925		40,285
Eli Lilly & Co.		3,652		1,066,859
GlaxoSmithKline PLC		539		12,150
Johnson & Johnson		10,454		1,886,529
Kissei Pharmaceutical Co. Ltd.		2,160		42,742
Kyowa Kirin Co. Ltd.		3,380		71,239

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 24

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Merck & Co., Inc.		11,543	$	1,023,749
Novartis AG		31,783		2,808,642
Novo Nordisk A/S, Class B		1,359		155,234
Ono Pharmaceutical Co. Ltd.		11,138		286,141
Otsuka Holdings Co. Ltd.		1,859		62,467
Pfizer, Inc.		41,794		2,050,832
Roche Holding AG		1,933		716,784
Roche Holding AG		168		67,493
Sanofi		1,179		124,614
Takeda Pharmaceutical Co. Ltd.		7,192		208,687
UCB SA		2,443		277,702
TOTAL PHARMACEUTICALS			$	13,104,072
PROFESSIONAL SERVICES – 1.7%
Adecco Group AG*		3,991		154,012
BeNext-Yumeshin Group Co.		5,700		65,640
Bureau Veritas SA		43,530		1,250,474
Experian PLC		13,656		471,601
Hays PLC		49,886		76,617
Nihon M&A Center Holdings, Inc.		1,574		19,382
Pagegroup PLC		9,407		57,560
Recruit Holdings Co. Ltd.		2,818		102,242
Science Applications International Corp.		7,704		641,204
SGS SA		35		89,933
SThree PLC		6,603		30,439
Wolters Kluwer NV		5,996		605,493
TOTAL PROFESSIONAL SERVICES			$	3,564,597
REAL ESTATE INVESTMENT TRUSTS – 2.2%
American Tower Corp.		3,398		818,986
British Land Co. PLC (The)		11,991		77,239
Brixmor Property Group, Inc.		21,232		538,868
Daiwa House REIT Investment Corp.		20		48,680
Japan Real Estate Investment Corp.		11		53,238
Land Securities Group PLC		8,216		77,054
Medical Properties Trust, Inc.		78,073		1,435,763
Nippon Building Fund, Inc.		11		57,104
Nomura Real Estate Master Fund, Inc.		36		45,199
Public Storage		3,441		1,278,332
Welltower, Inc.		2,955		268,344
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	4,698,807
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%
CK Asset Holdings Ltd.		20,547		139,291
Daito Trust Construction Co. Ltd.		144		13,869
Mitsubishi Estate Co. Ltd.		19,304		281,193
Nexity SA		1,729		52,503
Swiss Prime Site AG		1,086		106,151
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	593,007
ROAD & RAIL – 1.3%
AMERCO		1,055		564,931
Canadian National Railway Co.		19,351		2,275,755
Go-Ahead Group PLC (The)*		2,320		27,526
TOTAL ROAD & RAIL			$	2,868,212
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.3%
Disco Corp.		230		56,293

Description	Number of Shares		Value
Flat Glass Group Co. Ltd., Class H		50,649	$	181,112
Intel Corp.		3,691		160,891
Marvell Technology, Inc.		6,979		405,340
Mimasu Semiconductor Industry Co. Ltd.		3,500		62,706
Miraial Co. Ltd.		2,160		27,517
Optorun Co. Ltd.		2,570		38,139
Rohm Co. Ltd.		1,440		100,600
Taiwan Semiconductor Manufacturing Co. Ltd.		25,000		452,066
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,758		442,161
Texas Instruments, Inc.		4,789		815,327
Tokyo Seimitsu Co. Ltd.		1,015		34,917
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	2,777,069
SOFTWARE – 4.5%
ANSYS, Inc.*		543		149,700
Black Knight, Inc.*		17,982		1,183,036
Constellation Software, Inc.		1,214		1,910,676
Dassault Systemes SE		2,594		114,718
Kingdee International Software Group Co. Ltd.*		76,263		155,622
Microsoft Corp.		17,013		4,721,448
Oracle Corp.		3,409		250,221
Palo Alto Networks, Inc.*		890		499,539
Topicus.com, Inc.*		1,252		77,869
Trend Micro, Inc.		1,153		64,288
Tyler Technologies, Inc.*		485		191,434
Workday, Inc., Class A*		1,202		248,453
TOTAL SOFTWARE			$	9,567,004
SPECIALTY RETAIL – 1.4%
Adastria Co. Ltd.		2,500		41,432
CarMax, Inc.*		4,854		416,376
CECONOMY AG		11,836		40,552
China Meidong Auto Holdings Ltd.		56,487		185,920
Hikari Tsushin, Inc.		607		71,076
Home Depot, Inc. (The)		1,294		388,718
Industria de Diseno Textil SA		18,818		394,562
Kingfisher PLC		18,260		57,584
K’s Holdings Corp.		5,350		52,982
Nitori Holdings Co. Ltd.		343		35,288
Shimamura Co. Ltd.		1,270		112,634
TJX Cos., Inc. (The)		7,135		437,233
Ulta Beauty, Inc.*		1,462		580,121
USS Co. Ltd.		1,984		33,030
Xebio Holdings Co. Ltd.		5,985		42,272
Zhongsheng Group Holdings Ltd.		12,500		82,598
TOTAL SPECIALTY RETAIL			$	2,972,378
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.5%
Apple, Inc.		18,219		2,872,225
Canon, Inc.		3,477		80,003
Catcher Technology Co. Ltd.		16,144		78,997
Elecom Co. Ltd.		7,300		87,537
Maxell Ltd.		5,340		47,615
Quadient SA		3,440		64,333
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	3,230,710

ANNUAL REPORT / April 30, 2022

25 PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
TEXTILES, APPAREL & LUXURY GOODS – 0.7%
Cie Financiere Richemont SA, Class A		2,943	$	341,949
Hermes International		94		115,907
Li Ning Co. Ltd.		20,500		159,780
Lululemon Athletica, Inc.*		257		91,140
NIKE, Inc., Class B		4,958		618,263
Sanyo Shokai Ltd.*		2,000		12,963
Swatch Group AG (The)		351		90,082
Yue Yuen Industrial Holdings Ltd.*		30,623		45,043
TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,475,127
TOBACCO – 0.3%
Philip Morris International, Inc.		7,026		702,600
TRADING COMPANIES & DISTRIBUTORS – 1.5%
AerCap Holdings NV*		8,899		415,672
Brenntag SE		14,622		1,128,284
Fastenal Co.		11,429		632,138
Inaba Denki Sangyo Co. Ltd.		2,300		45,109
ITOCHU Corp.		5,400		162,977
Marubeni Corp.		322		3,515
Mitsubishi Corp.		5,483		184,095
MonotaRO Co. Ltd.		2,265		38,908
Rexel SA*		3,164		64,813
SIG PLC*		25,745		13,310
Sumitomo Corp.		4,786		75,732
Triton International Ltd.		6,746		412,113
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	3,176,666
TRANSPORTATION INFRASTRUCTURE – 0.1%
Kamigumi Co. Ltd.		9,190		156,036
WATER UTILITIES – 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo		14,256		128,893
Severn Trent PLC		3,017		118,573
TOTAL WATER UTILITIES			$	247,466

Description	Number of Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 0.8%
America Movil SAB de CV, Class L, ADR		2,055	$	39,929
Empresa Nacional de Telecomunicaciones SA		14,868		54,310
KDDI Corp.		44,977		1,489,400
MTN Group Ltd.		2,488		26,388
SoftBank Corp.		5,412		62,984
Turkcell Iletisim Hizmetleri AS		35,434		51,405
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	1,724,416
TOTAL COMMON STOCKS (Cost $ 158,647,985)			$	187,759,041
INVESTMENT COMPANIES – 0.7%
EQUITY FUNDS – 0.7%
iShares Core MSCI EAFE ETF		2,369		153,535
iShares MSCI ACWI ETF		13,107		1,202,305
NEXT FUNDS TOPIX ETF		3,770		57,890
TOTAL INVESTMENT COMPANIES (Cost $ 1,514,630)			$	1,413,730
PREFERRED STOCK – 0.0%**
CONSUMER STAPLES – 0.0%**
Henkel AG & Co. KGaA 1.85%		1,631		104,729
TOTAL PREFERRED STOCK (Cost $ 126,100)			$	104,729
MONEY MARKET FUND – 6.7%
Dreyfus Government Cash Management Fund, Institutional Shares 0.24%^		14,191,913		14,191,913
TOTAL MONEY MARKET FUND (Cost $ 14,191,913)			$	14,191,913
TOTAL INVESTMENTS – 95.9% (COST $ 174,480,628)			$	203,469,413
OTHER ASSETS LESS LIABILITIES – 4.1%				8,782,495
TOTAL NET ASSETS – 100.0%			$	212,251,908

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 26

Wilmington Global Alpha Equities Fund (continued)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s assets and liabilities carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Common Stocks
Aerospace & Defense	$	2,748,037	$	2,264,389		$—	$	5,012,426
Air Freight & Logistics		1,679,249		517,148		—		2,196,397
Airlines		—		150,652		—		150,652
Auto Components		—		817,473		—		817,473
Automobiles		83,350		1,947,799		—		2,031,149
Banks		3,196,268		2,975,863		—(a)		6,172,131
Beverages		1,297,434		1,731,326		—		3,028,760
Biotechnology		446,168		27,051		—		473,219
Building Products		1,024,359		586,435		—		1,610,794
Capital Markets		4,656,525		1,732,115		—		6,388,640
Chemicals		1,379,049		871,988		—		2,251,037
Commercial Services & Supplies		3,913,767		288,201		—		4,201,968
Communications Equipment		1,890,036		157,669		—		2,047,705
Construction & Engineering		—		1,574,213		—		1,574,213
Construction Materials		—		449,820		—		449,820
Consumer Finance		1,279,234		118,066		—		1,397,300
Containers & Packaging		405,394		10,599		—		415,993
Distributors		793,310		88,204		—		881,514
Diversified Consumer Services		—		8,836		—		8,836
Diversified Financial Services		3,001,002		1,616,481		—		4,617,483
Diversified Telecommunication Services		1,110,770		2,548,474		—		3,659,244
Electric Utilities		1,630,240		689,241		—		2,319,481
Electrical Equipment		—		604,283		—		604,283
Electronic Equipment, Instruments & Components		195,552		1,163,129		—		1,358,681
Energy Equipment & Services		40,356		225,227		—		265,583
Entertainment		423,300		449,167		—		872,467
Food & Staples Retailing		1,248,181		810,329		—		2,058,510
Food Products		1,655,965		1,889,061		—		3,545,026
Gas Utilities		481,812		361,887		—		843,699
Health Care Equipment & Supplies		3,512,625		935,226		—		4,447,851
Health Care Providers & Services		4,749,888		317,571		—		5,067,459
Health Care Technology		222,395		30,934		—		253,329
Hotels, Restaurants & Leisure		2,420,867		1,579,145		—		4,000,012
Household Durables		1,374,719		519,611		—		1,894,330
Household Products		1,932,496		965,447		—		2,897,943
Industrial Conglomerates		—		236,688		—		236,688
Insurance		11,089,137		6,555,616		—		17,644,753
Interactive Media & Services		3,432,160		1,283,682		—(a)		4,715,842
Internet & Direct Marketing Retail		2,563,163		856,277		—		3,419,440
IT Services		8,418,784		1,989,927		—		10,408,711
Leisure Products		—		126,864		—		126,864
Life Sciences Tools & Services		1,654,218		200,539		—		1,854,757
Machinery		2,971,015		2,229,542		—		5,200,557
Marine		—		68,934		—		68,934
Media		1,153,998		1,088,120		—	��	2,242,118
Metals & Mining		553,371		2,181,760		—		2,735,131
Multiline Retail		268,171		57,518		—		325,689
Multi-Utilities		679,682		1,803,154		—		2,482,836
Oil, Gas & Consumable Fuels		2,589,457		2,881,139		—		5,470,596
Personal Products		—		152,550		—		152,550

ANNUAL REPORT / April 30, 2022

27 PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

	Level 1			Level 2		Level 3	Total
Pharmaceuticals	$	6,898,934		$	6,205,138	$—	$	13,104,072
Professional Services		641,204			2,923,393	—		3,564,597
Real Estate Investment Trusts		4,340,293			358,514	—		4,698,807
Real Estate Management & Development		—			593,007	—		593,007
Road & Rail		2,840,686			27,526	—		2,868,212
Semiconductors & Semiconductor Equipment		1,823,719			953,350	—		2,777,069
Software		9,232,376			334,628	—		9,567,004
Specialty Retail		1,822,448			1,149,930	—		2,972,378
Technology Hardware, Storage & Peripherals		2,872,225			358,485	—		3,230,710
Textiles, Apparel & Luxury Goods		709,403			765,724	—		1,475,127
Tobacco		702,600			—	—		702,600
Trading Companies & Distributors		1,459,923			1,716,743	—		3,176,666
Transportation Infrastructure		—			156,036	—		156,036
Water Utilities		128,893			118,573	—		247,466
Wireless Telecommunication Services		94,239			1,630,177	—		1,724,416
Investment Companies		1,355,840			57,890	—		1,413,730
Preferred Stock		—			104,729	—		104,729
Money Market Fund		14,191,913			—	—		14,191,913
Total Investments in Securities	$	133,280,200		$	70,189,213	$—	$	203,469,413
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	1,194,323	$—	$	1,194,323
Financial Futures Contracts		2,329,765			—	—		2,329,765
Total Assets - Other Financial Instruments	$	2,329,765		$	1,194,323	$—	$	3,524,088
Liabilities
Other Financial Instruments!
Financial Futures Contracts	$	(822,402	)	$	—	$—	$	(822,402	)
Total Liabilities - Other Financial Instruments	$	(822,402	)	$	—	$—	$	(822,402	)

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

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

^*  Non-income producing security.

^**  Represents less than 0.05%.

^{^}  7-Day net yield.

⁽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 Portfolio of Investments:

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

NVDR Non-Voting Depositary Receipt

OYJ Public Limited Company

PCL Public Company Limited

PLC Public Limited Company

REIT Real Estate Investment Trust

S&P Standards & Poor’s

SpA Societa per Azioni

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 28

Wilmington Global Alpha Equities Fund (concluded)

At April 30, 2022, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized  (Depreciation)
CONTRACTS SOLD
6/15/2022		TD Securities Ltd.		8,975,000 CAD	$	7,030,145	$	6,985,481		$      44,664		$—
6/15/2022		Deutsche Bank AG		3,482,000 GBP		4,672,548		4,378,776		293,772		—
6/15/2022		Deutsche Bank AG		4,431,000 EUR		4,965,467		4,685,120		280,347		—
6/15/2022		Morgan Stanley		579,600,000 JPY		5,049,493		4,473,953		575,540		—
UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$1,194,323		$—

At April 30, 2022, 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:
EXCHANGE-TRADED:
E-Mini Russell 2000 Index		June 2022		67	$	6,736,678	$	6,235,355		$  501,323	$          —
E-Mini S&P 500 Index		June 2022		120		25,596,790		24,765,000		831,790	—
E-Mini S&P Mid 400 Index		June 2022		61		15,617,866		15,220,110		397,756	—
Euro STOXX 50 Index		June 2022		101		3,920,047		3,980,706		—	(60,659)
FTSE 100 Index		June 2022		45		4,038,981		4,251,250		—	(212,269)
HSCE Index		May 2022		83		3,620,019		3,847,489		—	(227,470)
MSCI EAFE Index		June 2022		270		27,384,839		26,954,100		430,739	—
S&P TSX 60 Index		June 2022		28		5,625,830		5,457,673		168,157	—
TOPIX Index		June 2022		32		4,370,425		4,692,429		—	(322,004)
UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$2,329,765	$(822,402)

^(a)  The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2022. Only current day variation margin is reported on the Fund’s Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

29

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At April 30, 2022, the Fund’s portfolio composition was as follows:

		Percentage of Total Net Assets
Commodity Related Securities:
Investment Companies			43.1%
Exchange-Traded Funds			2.5%
Real Estate Related Securities:
Real Estate Investment Trusts	��		25.3%
Exchange-Traded Funds			7.3%
Common Stocks			5.8%
Investment Companies			1.5%
Rights			0.0%(1)
Inflation Related Securities:
Exchange-Traded Funds			12.2%
Cash Equivalents(2)			1.9%
Cash Collateral Invested for Securities on Loan(3)			0.0%(1)
Other Assets and Liabilities - Net(4)			0.4%
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 money market funds and repurchase agreements.

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

PORTFOLIO OF INVESTMENTS

April 30, 2022

Description	Number of Shares		Value
INFLATION RELATED SECURITIES – 12.2%
EXCHANGE-TRADED FUNDS – 12.2%
INFLATION-PROTECTED SECURITIES FUND – 12.2%
Schwab U.S. TIPS ETF		1,004,900	$	59,409,688
TOTAL EXCHANGE-TRADED FUNDS (COST $62,429,002)			$	59,409,688
TOTAL INFLATION RELATED SECURITIES (COST $62,429,002)			$	59,409,688
REAL ESTATE RELATED SECURITIES – 39.9%
COMMON STOCKS - 5.8%
CONSTRUCTION & ENGINEERING – 0.0%**
Ashtrom Group Ltd.0		—		3
DIVERSIFIED – 0.1%
Argosy Property Ltd.		78,356		65,649
Centuria Capital Group		52,289		101,565
Nexus Industrial REIT		3,140		31,311
Nomura Real Estate Master Fund, Inc.		353		443,205
TOTAL DIVERSIFIED			$	641,730

Description	Number of Shares		Value
DIVERSIFIED REAL ESTATE ACTIVITIES – 2.2%
Airport City Ltd.*		4,669	$	103,945
Allreal Holding AG		1,130		213,144
Capitaland Investment Ltd.*		179,400		543,977
City Developments Ltd.		37,200		228,078
CRE, Inc.		2,000		24,807
Daito Trust Construction Co. Ltd.		5,100		491,191
Daiwa House Industry Co. Ltd.		49,900		1,199,606
DIC Asset AG		5,757		80,540
Far East Consortium International Ltd.		78,000		24,308
Gemdale Properties & Investment Corp. Ltd.		358,000		37,971
Hang Lung Properties Ltd.		138,000		263,935
Heiwa Real Estate Co. Ltd.		2,900		91,481
Isras Investment Co. Ltd.		124		30,223
JINUSHI Co. Ltd.		1,900		27,955
Kerry Properties Ltd.		54,500		147,375
Lendlease Corp. Ltd.		51,612		442,127
Mitsubishi Estate Co. Ltd.		104,200		1,517,838
Mitsui Fudosan Co. Ltd.		72,400		1,534,428
Nomura Real Estate Holdings, Inc.		11,500		280,206
OUE Ltd.		24,500		24,057
Property & Building Corp. Ltd.*		345		47,850

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 30

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
SAMTY Co. Ltd.		3,100	$	50,069
Shinoken Group Co. Ltd.		3,200		24,918
Shun Tak Holdings Ltd.*		120,000		24,309
SRE Holdings Corp.*		300		6,189
St. Joe Co. (The)		2,328		123,873
Starts Corp., Inc.		3,100		57,456
Sumitomo Realty & Development Co. Ltd.		35,700		947,067
Sun Hung Kai Properties Ltd.		115,500		1,330,224
Tokyo Tatemono Co. Ltd.		15,800		222,763
Tokyu Fudosan Holdings Corp.		43,500		226,360
UOL Group Ltd.		36,500		191,791
Wharf Holdings Ltd. (The)		103,000		301,780
YH Dimri Construction & Development Ltd.		360		32,325
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	10,894,166
OFFICE – 0.0%**
Precinct Properties New Zealand Ltd.		83,188		81,295
REAL ESTATE DEVELOPMENT – 0.6%
Aedas Homes SA		962		22,504
BUWOG AG Escrow Shares(1)		3,077		—
Cedar Woods Properties Ltd.		7,515		24,599
CK Asset Holdings Ltd.		141,500		959,249
DREAM Unlimited Corp., Class A		1,023		36,790
Forestar Group, Inc.*		1,558		25,411
Goldcrest Co. Ltd.		1,500		19,509
Greenland Hong Kong Holdings Ltd.		101,000		20,996
Henderson Land Development Co. Ltd.		97,735		395,242
Howard Hughes Corp. (The)*		3,098		310,698
Immobel SA		315		22,722
Instone Real Estate Group SE*		5,505		84,513
K Wah International Holdings Ltd.		135,000		50,593
Katitas Co. Ltd.		3,600		83,977
Lifestyle Communities Ltd.		7,218		76,073
Metrovacesa SA*		3,035		24,235
Nexity SA		3,297		100,117
Road King Infrastructure Ltd.		24,000		19,619
Selvaag Bolig ASA		6,948		32,824
Sino Land Co. Ltd.		232,000		306,654
Takara Leben Co. Ltd.		11,700		26,761
Tosei Corp.		2,300		19,353
Wing Tai Holdings Ltd.		39,000		48,949
Zhuguang Holdings Group Co. Ltd.		264,000		48,128
TOTAL REAL ESTATE DEVELOPMENT			$	2,759,516
REAL ESTATE OPERATING COMPANIES – 2.8%
ADLER Group SA		4,168		31,750
Aeon Mall Co. Ltd.		6,300		76,656
AFI Properties Ltd.		503		30,332
Akelius Residential Property AB, Class D		21,145		39,193
Alony Hetz Properties & Investments Ltd.		10,189		166,756
Amot Investments Ltd.		11,366		86,277
Aroundtown SA		72,556		364,850
Ascendas India Trust		52,700		47,615
Atrium Ljungberg AB, Class B		4,173		68,236
Azrieli Group Ltd.		3,773		324,094

Description	Number of Shares		Value
Big Shopping Centers Ltd.		845	$	127,695
Blue Square Real Estate Ltd.		878		78,444
Brack Capital Properties NV*		516		79,770
CA Immobilien Anlagen AG		3,292		92,975
Castellum AB		21,431		424,406
Catena AB		2,193		114,486
Cibus Nordic Real Estate AB		3,631		83,973
Citycon OYJ*		7,281		51,750
CTP NV		3,823		54,129
Deutsche EuroShop AG		2,964		49,108
Deutsche Wohnen SE		4,469		127,991
Dios Fastigheter AB		4,885		43,618
Entra ASA		12,454		205,338
Fabege AB		20,324		246,696
Fastighets AB Balder, Class B*		7,577		375,571
Gav-Yam Lands Corp. Ltd.		5,012		55,164
Gazit-Globe Ltd.		8,975		84,138
Grainger PLC		56,503		210,178
Grand City Properties SA		7,155		126,322
Hang Lung Group Ltd.		61,000		119,102
Helical PLC		12,067		65,619
Hongkong Land Holdings Ltd.		87,500		408,184
Hufvudstaden AB, Class A		9,573		124,039
Hulic Co. Ltd.		40,200		339,425
Hysan Development Co. Ltd.		45,001		132,403
Ichigo, Inc.		19,800		44,402
IMMOFINANZ AG*		6,559		158,678
Intershop Holding AG		64		41,676
Israel Canada T.R Ltd.		5,078		25,107
Keihanshin Building Co. Ltd.		4,900		50,996
Kennedy-Wilson Holdings, Inc.		8,578		193,434
K-fast Holding AB*		5,568		25,508
Kojamo OYJ		11,296		224,714
LEG Immobilien SE		6,045		619,797
Leopalace21 Corp.*		11,500		17,298
MAS P.L.C.		20,518		27,458
Mega Or Holdings Ltd.		1,172		44,627
Melisron Ltd.*		1,612		130,761
Mivne Real Estate KD Ltd.		40,332		151,116
Mobimo Holding AG		525		150,146
Norstar Holdings, Inc.		2,349		37,469
NP3 Fastigheter AB		2,223		61,778
Nyfosa AB		11,802		130,077
Pandox AB*		7,020		97,806
Phoenix Spree Deutschland Ltd.		8,227		36,521
Platzer Fastigheter Holding AB, Class B		4,270		43,369
PSP Swiss Property AG		3,434		432,794
S IMMO AG		4,007		96,177
Sagax AB, Class D		19,966		61,421
Sagax AB, Class B		11,986		306,176
Samhallsbyggnadsbolaget i Norden AB, Class D		21,008		55,111
Samhallsbyggnadsbolaget i Norden AB		81,133		254,852
Shurgard Self Storage SA		1,837		106,301
Sirius Real Estate Ltd.		80,598		122,510

ANNUAL REPORT / April 30, 2022

31 PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Summit Real Estate Holdings Ltd.		1,437	$	33,759
Swire Properties Ltd.		81,400		195,080
Swiss Prime Site AG		5,236		511,790
TAG Immobilien AG		10,888		217,601
TKP Corp.*		1,700		24,724
TOC Co. Ltd.		5,500		28,328
Tricon Residential, Inc.		20,417		295,452
VGP NV		671		174,525
Vonovia SE		56,849		2,264,921
Wallenstam AB, Class B		15,720		173,811
WeWork, Inc., Class A*		11,782		82,592
Wharf Real Estate Investment Co. Ltd.		116,000		546,658
Wihlborgs Fastigheter AB		9,216		159,784
TOTAL REAL ESTATE OPERATING COMPANIES			$	13,513,388
RETAIL – 0.1%
Eurocommercial Properties NV		3,704		89,622
Kiwi Property Group Ltd.		149,399		101,898
TOTAL RETAIL			$	191,520
TOTAL COMMON STOCKS (COST $28,376,270)			$	28,081,618
EXCHANGE-TRADED FUNDS – 7.3%
REAL ESTATE – 7.3%
BMO Commercial Property Trust Ltd.		64,435		95,108
Schwab U.S. REIT ETF#		819,200		19,644,416
Vanguard Global ex-U.S. Real Estate ETF		322,400		15,687,984
TOTAL REAL ESTATE			$	35,427,508
TOTAL EXCHANGE-TRADED FUNDS (COST $28,954,228)			$	35,427,508
INVESTMENT COMPANY – 1.5%
EQUITY FUNDS – 1.5%
Tortoise MLP & Pipeline Fund, Institutional Class		562,022		7,435,553
TOTAL INVESTMENT COMPANY (COST $7,027,273)			$	7,435,553
REAL ESTATE INVESTMENT TRUSTS – 25.3%
DIVERSIFIED – 2.3%
Abacus Property Group		24,755		56,813
Activia Properties, Inc.		51		162,972
Alexander & Baldwin, Inc.		7,229		153,255
American Assets Trust, Inc.		3,942		144,277
Armada Hoffler Properties, Inc.		5,648		76,530
Artis REIT		4,368		44,576
British Land Co. PLC (The)		79,967		515,101
Broadstone Net Lease, Inc.		12,043		249,170
Charter Hall Group		34,900		375,085
Charter Hall Long Wale REIT		39,110		146,782
Cofinimmo SA		2,208		296,502
CTO Realty Growth, Inc.		78		4,974
Custodian REIT PLC		26,319		33,273
Daiwa House REIT Investment Corp.		159		387,006
DigitalBridge Group, Inc.*		38,475		267,786

Description	Number of Shares		Value
Empire State Realty Trust, Inc., Class A#		16,562	$	143,096
ESCON Japan REIT Investment Corp.		25		25,718
Essential Properties Realty Trust, Inc.		9,175		220,200
Gecina SA		3,910		440,454
Gladstone Commercial Corp.		2,455		51,653
Global Net Lease, Inc.		11,392		159,830
Goodman Property Trust		75,368		109,712
GPT Group (The)		137,627		489,248
Growthpoint Properties Australia Ltd.		18,802		57,832
H&R REIT		9,804		97,533
Hankyu Hanshin REIT, Inc.		53		60,230
Heiwa REIT, Inc.		76		87,059
Hulic REIT, Inc.		84		104,348
ICADE		2,206		131,711
Irongate Group		38,695		52,324
Land Securities Group PLC		56,295		527,967
Lar Espana Real Estate Socimi SA*		4,971		26,053
LondonMetric Property PLC		68,234		230,622
LXI REIT PLC		50,319		93,404
Mapletree North Asia Commercial Trust		155,600		134,388
Merlin Properties Socimi SA		24,811		269,538
Mirvac Group		282,511		477,470
NIPPON REIT Investment Corp.		32		91,725
NTT UD REIT Investment Corp.		112		129,370
One Liberty Properties, Inc.		890		25,499
Picton Property Income Ltd. (The)		63,920		81,457
PS Business Parks, Inc.		1,507		282,110
REIT 1 Ltd.		11,700		75,902
Samty Residential Investment Corp.		61		61,644
Schroder REIT Ltd.		45,679		32,706
Sekisui House REIT, Inc.		332		194,270
Standard Life Investment Property Income Trust Ltd.		30,168		31,126
Star Asia Investment Corp.		118		53,847
Stockland		178,678		517,171
STORE Capital Corp.		18,388		522,771
Sunlight REIT		139,000		67,910
Suntec REIT		165,700		218,901
Takara Leben Real Estate Investment Corp.		22		20,504
Tokyu REIT, Inc.		73		102,335
Tosei REIT Investment Corp.		15		15,201
UK Commercial Property REIT Ltd.		66,143		72,876
United Urban Investment Corp.		234		256,028
Washington REIT		6,691		161,186
WP Carey, Inc.		14,267		1,152,346
Yuexiu REIT		325,000		129,813
TOTAL DIVERSIFIED			$	11,201,190
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Sella Capital Real Estate Ltd.		19,590		66,345
HEALTH CARE – 2.1%
Aedifica SA		2,721		322,528
Arena REIT		35,122		118,860
Assura PLC		223,286		184,221
CareTrust REIT, Inc.		7,032		113,989

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 32

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Community Healthcare Trust, Inc.		1,841	$	67,786
Diversified Healthcare Trust		13,843		31,147
Global Medical REIT, Inc.		4,029		59,468
Health Care & Medical Investment Corp.		33		40,045
Healthcare Realty Trust, Inc.		11,056		299,396
Healthcare Trust of America, Inc., Class A		16,530		503,504
Healthpeak Properties, Inc.		40,392		1,325,261
Impact Healthcare REIT PLC		25,109		39,231
LTC Properties, Inc.		3,551		117,183
Medical Properties Trust, Inc.		44,680		821,665
National Health Investors, Inc.		3,223		166,081
NorthWest Healthcare Properties REIT		8,578		88,474
Omega Healthcare Investors, Inc.		17,906		456,245
Parkway Life REIT		31,100		108,367
Physicians Realty Trust		17,052		292,271
Primary Health Properties PLC		106,029		192,285
Sabra Health Care REIT, Inc.		17,135		200,137
Universal Health Realty Income Trust		1,459		73,227
Ventas, Inc.		29,910		1,661,500
Vital Healthcare Property Trust		43,421		87,459
Welltower, Inc.		32,615		2,961,769
TOTAL HEALTH CARE			$	10,332,099
HOTEL & RESORT – 0.8%
Apple Hospitality REIT, Inc.		15,913		281,501
Ascott Residence Trust		148,600		123,454
Ashford Hospitality Trust, Inc.*		3,724		26,254
Braemar Hotels & Resorts, Inc.		5,100		30,906
CDL Hospitality Trusts		53,300		51,226
Chatham Lodging Trust*		5,931		85,169
DiamondRock Hospitality Co.*		16,133		171,333
Far East Hospitality Trust		94,900		45,715
Hersha Hospitality Trust*		6,231		60,939
Hoshino Resorts REIT, Inc.		14		72,221
Host Hotels & Resorts, Inc.		53,501		1,088,745
Invincible Investment Corp.		423		137,931
Japan Hotel REIT Investment Corp.		307		155,921
Mori Trust Hotel REIT, Inc.		19		18,852
Park Hotels & Resorts, Inc.		16,887		332,843
Pebblebrook Hotel Trust		9,845		240,415
RLJ Lodging Trust		11,588		162,464
Ryman Hospitality Properties, Inc.*		4,019		375,696
Service Properties Trust		10,529		85,496
Summit Hotel Properties, Inc.*		9,200		90,804
Sunstone Hotel Investors, Inc.*		16,435		201,329
Xenia Hotels & Resorts, Inc.*		8,558		165,084
TOTAL HOTEL & RESORT			$	4,004,298
INDUSTRIAL – 4.8%
AIMS APAC REIT		23,200		23,724
Americold Realty Trust		19,989		527,310
Ascendas REIT		251,500		517,456
Centuria Industrial REIT		31,371		87,425
CRE Logistics REIT, Inc.		151		230,918
Dexus Industria REIT		20,663		49,638
Dream Industrial REIT		7,428		86,501

Description	Number of Shares		Value
Duke Realty Corp.		28,536	$	1,562,346
EastGroup Properties, Inc.		3,048		571,500
ESR-REIT		212,393		59,896
First Industrial Realty Trust, Inc.		9,763		566,254
Frasers Logistics & Commercial Trust		286,420		298,267
GLP J-REIT		336		453,390
Goodman Group		127,386		2,120,199
Granite REIT		2,345		173,669
Indus Realty Trust, Inc.		409		29,223
Industrial & Infrastructure Fund Investment Corp.		155		222,407
Industrial Logistics Properties Trust		5,680		91,789
Innovative Industrial Properties, Inc.		2,206		318,966
Itochu Advance Logistics Investment Corp.		45		55,590
Japan Logistics Fund, Inc.		60		146,430
LaSalle Logiport REIT		131		177,230
LXP Industrial Trust		20,795		260,977
Mapletree Industrial Trust		144,270		271,095
Mapletree Logistics Trust		215,850		277,221
Mitsubishi Estate Logistics REIT Investment Corp.		33		118,395
Mitsui Fudosan Logistics Park, Inc.		41		175,784
Montea NV		852		101,725
Nippon Prologis REIT, Inc.		200		553,554
Plymouth Industrial REIT, Inc.		1,334		32,176
Prologis, Inc.		55,397		8,879,584
Rexford Industrial Realty, Inc.		11,996		936,168
Segro PLC		90,098		1,508,430
SOSiLA Logistics REIT, Inc.		44		53,484
STAG Industrial, Inc.		13,114		489,414
Summit Industrial Income REIT		5,451		86,306
Terreno Realty Corp.		5,624		409,146
Tritax Big Box REIT PLC		139,952		427,227
Warehouses De Pauw		10,155		390,665
TOTAL INDUSTRIAL			$	23,341,479
OFFICE – 2.6%
Alexandria Real Estate Equities, Inc.		10,566		1,924,703
Allied Properties REIT		4,366		141,823
Befimmo SA		1,911		95,392
Boston Properties, Inc.		10,651		1,252,558
Brandywine Realty Trust		12,808		149,469
Centuria Office REIT		24,030		37,047
Champion REIT		160,000		70,068
City Office REIT, Inc.		2,823		41,893
Corporate Office Properties Trust		8,416		224,623
Cousins Properties, Inc.		11,141		399,962
Covivio		3,544		252,395
Creative Media & Community Trust Corp.		2,771		19,591
Cromwell Property Group		100,827		60,513
Daiwa Office Investment Corp.		20		113,225
Derwent London PLC		8,407		318,978
Dexus		80,506		629,442
Douglas Emmett, Inc.		13,136		386,987
Dream Office REIT		3,839		77,697
Easterly Government Properties, Inc.		6,884		131,140

ANNUAL REPORT / April 30, 2022

33 PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Equity Commonwealth*		8,929	$	233,851
Franklin Street Properties Corp.		4,642		23,953
GDI Property Group Partnership		37,938		30,173
Global One Real Estate Investment Corp.		81		69,433
Great Portland Estates PLC		19,726		167,551
Hibernia REIT PLC		45,997		78,906
Highwoods Properties, Inc.		7,822		319,451
Hudson Pacific Properties, Inc.		11,425		265,974
Ichigo Office REIT Investment Corp.		138		88,584
Inmobiliaria Colonial Socimi SA		17,931		149,103
Intervest Offices & Warehouses NV		1,339		39,804
IREIT Global		105,618		48,789
Japan Excellent, Inc.		80		78,495
Japan Prime Realty Investment Corp.		71		215,397
Japan Real Estate Investment Corp.		104		503,345
JBG SMITH Properties		8,739		230,360
Kenedix Office Investment Corp.		33		172,481
Keppel Pacific Oak U.S. REIT		91,600		66,337
Keppel REIT		160,800		140,875
Kilroy Realty Corp.		7,854		549,780
Manulife U.S. REIT		114,200		71,147
Mirai Corp.		131		50,885
Mori Hills REIT Investment Corp.		113		128,158
Mori Trust Sogo REIT, Inc.		82		89,287
Nippon Building Fund, Inc.		123		638,531
NSI NV		1,341		52,456
Office Properties Income Trust		2,647		57,228
One REIT, Inc.		24		50,947
Orion Office REIT, Inc.		3,447		46,259
Orix JREIT, Inc.		203		274,399
Paramount Group, Inc.		12,098		115,052
Piedmont Office Realty Trust, Inc., Class A		8,927		143,725
Prime U.S. REIT		47,300		34,847
Prosperity REIT		87,000		29,830
Regional REIT Ltd.		34,529		36,882
Sankei Real Estate, Inc.		41		31,253
SL Green Realty Corp.		4,622		319,935
True North Commercial REIT		3,946		20,887
Veris Residential, Inc.*		5,633		90,184
Vornado Realty Trust		11,422		442,146
Workspace Group PLC		10,610		88,790
TOTAL OFFICE			$	12,612,976
REAL ESTATE OPERATING COMPANIES – 0.0%**
CLS Holdings PLC		27,220		69,565
RESIDENTIAL – 4.1%
Advance Residence Investment Corp.		96		262,887
Altarea SCA		322		49,284
American Campus Communities, Inc.		10,416		673,603
American Homes 4 Rent, Class A		22,102		875,460
Apartment Income REIT Corp.		11,750		577,748
Apartment Investment & Management Co., Class A*		12,505		78,782
AvalonBay Communities, Inc.		10,471		2,381,943
Bluerock Residential Growth REIT, Inc.		5,964		158,702

Description	Number of Shares		Value
Boardwalk REIT		1,785	$	78,325
Camden Property Trust		7,657		1,201,307
Canadian Apartment Properties REIT		6,196		242,699
Care Property Invest NV		2,075		52,776
Centerspace		1,365		125,935
Civitas Social Housing PLC		38,950		42,051
Clipper Realty, Inc.		9,929		88,666
Comforia Residential REIT, Inc.		44		109,640
Daiwa Securities Living Investments Corp.		170		149,616
Empiric Student Property PLC*		33,044		37,889
Equity LifeStyle Properties, Inc.		12,810		989,957
Equity Residential		25,571		2,084,037
Essex Property Trust, Inc.		4,877		1,605,850
Home REIT PLC		42,087		64,895
Independence Realty Trust, Inc.		14,090		384,093
Ingenia Communities Group		29,693		97,753
InterRent REIT		6,334		69,570
Invitation Homes, Inc.		44,715		1,780,551
Irish Residential Properties REIT PLC		33,709		51,786
Kenedix Residential Next Investment Corp.		69		110,996
Killam Apartment REIT		4,993		78,549
Mid-America Apartment Communities, Inc.		8,628		1,696,955
Minto Apartment REIT		1,676		25,649
Morguard North American Residential REIT		1,808		25,966
NexPoint Residential Trust, Inc.		1,707		152,196
Nippon Accommodations Fund, Inc.		36		177,315
Preferred Apartment Communities, Inc.		3,946		98,176
PRS REIT PLC (The)		22,166		30,131
Starts Proceed Investment Corp.		19		34,038
Sun Communities, Inc.		8,690		1,525,703
Triple Point Social Housing REIT PLC		18,395		20,288
UDR, Inc.		22,385		1,191,106
UMH Properties, Inc.		3,166		74,464
UNITE Group PLC (The)		29,896		423,334
Xior Student Housing NV		1,208		64,527
TOTAL RESIDENTIAL			$	20,045,198
RETAIL – 4.3%
Acadia Realty Trust		6,746		141,126
AEON REIT Investment Corp.		129		148,107
Agree Realty Corp.		5,228		355,086
Alexander’s, Inc.		134		33,255
Brixmor Property Group, Inc.		22,253		564,781
BWP Trust		42,243		122,783
Capital & Counties Properties PLC		61,516		127,102
CapitaLand China Trust		95,600		80,326
CapitaLand Integrated Commercial Trust		373,947		626,583
Carmila SA		5,913		91,977
Cedar Realty Trust, Inc.		1,089		30,906
Charter Hall Retail REIT		42,978		134,253
Choice Properties REIT		13,407		158,423
Crombie REIT		3,280		44,707
CT REIT		6,101		84,297
Federal Realty Investment Trust		5,296		619,950
First Capital REIT		6,984		93,073

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 34

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Fortune REIT		108,000	$	94,362
Frasers Centrepoint Trust		92,623		163,113
Frontier Real Estate Investment Corp.		38		147,233
Fukuoka REIT Corp.		64		80,042
Getty Realty Corp.		3,846		103,496
Hamborner REIT AG		9,415		87,873
Hammerson PLC		292,015		105,427
Home Consortium Ltd.		37,195		175,362
HomeCo Daily Needs REIT		152,785		153,527
InvenTrust Properties Corp.		3,415		103,440
Japan Metropolitan Fund Invest		523		415,696
Kenedix Retail REIT Corp.		46		96,841
Kimco Realty Corp.		46,188		1,169,942
Kite Realty Group Trust		16,411		365,965
Klepierre SA*		14,343		343,309
Lendlease Global Commercial REIT		145,125		82,896
Link REIT		156,800		1,354,405
Macerich Co. (The)		15,397		193,232
Mapletree Commercial Trust		167,423		225,171
Mercialys SA		4,343		41,940
National Retail Properties, Inc.		13,159		576,891
Necessity Retail REIT, Inc. (The)		10,965		81,909
NETSTREIT Corp.		2,616		56,558
NewRiver REIT PLC		17,295		19,074
Phillips Edison & Co., Inc.		9,101		308,160
Primaris REIT		2,451		26,367
Realty Income Corp.		42,392		2,940,309
Regency Centers Corp.		11,546		794,711
Retail Estates NV		1,199		91,324
Retail Opportunity Investments Corp.		9,089		169,328
RioCan REIT		11,648		217,609
RPT Realty		7,659		101,788
Sasseur REIT		61,100		36,789
Saul Centers, Inc.		944		48,720
Scentre Group		388,909		810,297
Seritage Growth Properties, Class A*		3,490		34,551
Shaftesbury PLC		22,485		168,380
Shopping Centres Australasia Property Group		83,555		178,828
Simon Property Group, Inc.		24,622		2,905,396
SITE Centers Corp.		13,438		213,664
SmartCentres REIT		7,835		190,836
SPH REIT		137,600		97,016
Spirit Realty Capital, Inc.		9,240		401,478
Starhill Global REIT		158,600		67,901
Supermarket Income REIT PLC		56,375		88,815
Tanger Factory Outlet Centers, Inc.		7,925		127,830
Unibail-Rodamco-Westfield*		8,723		615,625
Urban Edge Properties		8,212		153,482
Urstadt Biddle Properties, Inc., Class A		3,106		53,889
Vastned Retail NV		2,088		53,070
Vicinity Centres		289,631		377,915
Waypoint REIT Ltd.		62,892		118,557
Wereldhave NV		2,996		48,865
Whitestone REIT		2,390		29,039
TOTAL RETAIL			$	21,164,978

Description	Number of Shares		Value
SPECIALIZED – 4.3%
Big Yellow Group PLC		12,957	$	234,159
Charter Hall Social Infrastructure REIT		35,768		101,253
CubeSmart		16,243		771,705
Digital Realty Trust, Inc.		21,264		3,107,095
EPR Properties		5,155		270,741
Equinix, Inc.		6,746		4,850,914
Extra Space Storage, Inc.		10,033		1,906,270
Farmland Partners, Inc.		2,902		42,717
Four Corners Property Trust, Inc.		6,477		177,858
Gaming and Leisure Properties, Inc.		16,966		752,951
Gladstone Land Corp.		2,194		79,862
Hotel Property Investments, REIT		17,262		49,392
Iron Mountain, Inc.		21,695		1,165,672
Keppel DC REIT		103,295		153,991
Life Storage, Inc.		6,145		814,151
National Storage Affiliates Trust		6,140		347,524
National Storage REIT		77,357		140,113
Public Storage		11,431		4,246,616
Rural Funds Group		17,455		37,524
Safehold, Inc.		948		40,811
Safestore Holdings PLC		15,779		248,232
VICI Properties, Inc.		45,277		1,349,707
TOTAL SPECIALIZED			$	20,889,258
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $106,449,987)			$	123,727,386
RIGHTS – 0.0%**
Mobimo Holding AG, Expire 05/03/22*		525		1,830
TOTAL RIGHTS (COST $0)			$	1,830
TOTAL REAL ESTATE RELATED SECURITIES (COST $170,807,758)			$	194,673,895
COMMODITY RELATED SECURITIES – 45.6%
EXCHANGE-TRADED FUNDS – 2.5%
COMMODITY – 2.5%
SPDR S&P Global Natural Resources ETF		204,800		12,222,464
TOTAL EXCHANGE-TRADED FUNDS (COST $8,867,611)			$	12,222,464
INVESTMENT COMPANIES – 43.1%
COMMODITY – 43.1%
Vanguard Commodity Strategy Fund, Admiral Shares		1,272,380		44,978,639
DFA Commodity Strategy Portfolio, Institutional Class		23,380,724		140,985,766
Parametric Commodity Strategy Fund, Institutional Class		1,330,742		10,592,704
Credit Suisse Commodity Return Strategy Fund, Class I		428,773		13,986,561
TOTAL COMMODITY			$	210,543,670

ANNUAL REPORT / April 30, 2022

35 PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
TOTAL INVESTMENT COMPANIES (COST $174,586,866)			$	210,543,670
TOTAL COMMODITY RELATED SECURITIES (COST $183,454,477)			$	222,766,134
SHORT-TERM INVESTMENTS – 1.9%
MONEY MARKET FUND – 1.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%^		9,281,947	$	9,281,947
TOTAL SHORT-TERM INVESTMENT (COST $9,281,947)			$	9,281,947
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.0%**
REPURCHASE AGREEMENTS – 0.0%**
Bank of America Securities, Inc., 0.30%, dated 4/29/22, due 5/02/22, repurchase price $15,864, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 2/01/36 to 4/01/52; total market value of $16,181.	$	15,864		15,864
Daiwa Capital Markets America, 0.30%, dated 4/29/22, due 5/02/22, repurchase price $15,864, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.63%, maturing 4/30/22 to 5/01/52; total market value of $16,181.		15,864		15,864
HSBC Securities USA, Inc., 0.30%, dated 4/29/22, due 5/02/22, repurchase price $15,864, collateralized by U.S. Government Agency & Treasury Securities, 1.75% to 4.00%, maturing 4/30/22 to 11/20/50; total market value of $16,181.		15,864		15,864

Description	Par Value		Value
Nomura Securities International, Inc., 0.29%, dated 4/29/22, due 5/02/22, repurchase price $6,311, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 9.00%, maturing 4/20/25 to 8/20/69; total market value of $6,437.	$	6,311	$	6,311
RBC Dominion Securities, Inc., 0.28%, dated 4/29/22, due 5/02/22, repurchase price $15,864, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.38%, maturing 6/30/22 to 4/01/52; total market value of $16,181.		15,864		15,864
Truist Securities, Inc., 0.31%, dated 4/29/22, due 5/02/22, repurchase price $15,864, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 4.00%, maturing 8/15/22 to 4/01/52; total market value of $16,181.		15,864		15,864
TOTAL REPURCHASE AGREEMENTS (COST $85,631)			$	85,631
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $85,631)			$	85,631
TOTAL INVESTMENTS – 99.6% (Cost $426,058,815)			$	486,217,295
COLLATERAL FOR SECURITIES ON LOAN – (0.0%)**				(85,631	)
OTHER ASSETS LESS LIABILITIES – 0.4%				1,996,100
TOTAL NET ASSETS – 100.0%			$	488,127,764

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 36

Wilmington Real Asset Fund (continued)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Inflation Related Securities
Exchange-Traded Funds	$	59,409,688	$	—		$—	$	59,409,688
Real Estate Related Securities
Common Stocks
Construction & Engineering		—		3		—		3
Diversified		31,311		610,419		—		641,730
Diversified Real Estate Activities		123,873		10,770,293		—		10,894,166
Office		—		81,295		—		81,295
Real Estate Development		372,899		2,386,617		—(a)		2,759,516
Real Estate Operating Companies		571,478		12,941,910		—		13,513,388
Retail		—		191,520		—		191,520
Exchange-Traded Funds		35,332,400		95,108		—		35,427,508
Investment Company		7,435,553		—		—		7,435,553
Real Estate Investment Trusts
Diversified		3,756,792		7,444,398		—		11,201,190
Diversified Real Estate Activities		—		66,345		—		66,345
Health Care		9,239,103		1,092,996		—		10,332,099
Hotel & Resort		3,398,978		605,320		—		4,004,298
Industrial		15,070,967		8,270,512		—		23,341,479
Office		7,609,231		5,003,745		—		12,612,976
Real Estate Operating Companies		—		69,565		—		69,565
Residential		18,265,992		1,779,206		—		20,045,198
Retail		13,494,194		7,670,784		—		21,164,978
Specialized		19,924,594		964,664		—		20,889,258
Rights		1,830		—		—		1,830
Commodity Related Securities
Exchange-Traded Funds		12,222,464		—		—		12,222,464
Investment Companies		210,543,670		—		—		210,543,670
Money Market Fund		9,281,947		—		—		9,281,947
Repurchase Agreements		—		85,631		—		85,631
Total Investments in Securities	$	426,086,964	$	60,130,331		$—	$	486,217,295
(a) Includes internally fair valued securities currently priced at zero ($0).

^** Represents less than 0.05%.

⁰  Rounds to less than 1 share.

^*  Non-income producing security.

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

^{^}  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.

ANNUAL REPORT / April 30, 2022

37 PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (concluded)

The following acronyms are used throughout this Portfolio of Investments:

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

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 38

April 30, 2022	Wilmington International Fund			Wilmington Global Alpha Equities Fund			Wilmington Real Asset Fund
ASSETS:
Investments, at identified cost	$	640,471,034		$	174,480,628		$	426,058,815
Investments in securities, at value	$	676,605,280	(a)	$	203,469,413		$	486,217,295	(b)
Cash		—			555			—
Deposits for financial futures contracts		1,262,561			5,568,144			—
Cash denominated in foreign currencies		3,585,926	(c)		364,373	(c)		209,147	(c)
Variation margin receivable for financial futures contracts		45,869			1,759,646			—
Income receivable		2,172,507			451,211			352,926
Foreign tax reclaim receivable		1,504,300			323,611			155,637
Due from broker		208			—			—
Receivable for shares sold		455,892			112,487			1,456,271
Unrealized appreciation on forward foreign currency contracts		—			1,194,323			—
Receivable for investments sold		770,957			493,982			86,457
Prepaid and other assets		31,078			32,419			145,576
TOTAL ASSETS		686,434,578			213,770,164			488,623,309
LIABILITIES:
Collateral for securities on loan		66,901,338			—			85,631
Due to custodian		1,133			—			1,581
Deferred foreign capital gains tax payable		33,042			4,715			—
Payable for investments purchased		1,598,536			1,187,616			—
Payable for shares redeemed		22,174			9,565			14,604
Payable to sub-advisors		182,645			97,929			22,304
Payable for Trustees’ fees		7,586			7,586			7,079
Payable for administration fees		16,389			5,510			12,646
Payable for distribution services fees		637			62			234
Payable for investment advisory fees		147,568			57,771			188,007
Other accrued expenses		227,440			147,502			163,459
TOTAL LIABILITIES		69,138,488			1,518,256			495,545
NET ASSETS	$	617,296,090		$	212,251,908		$	488,127,764
NET ASSETS CONSIST OF:
Paid-in capital	$	573,430,782		$	200,190,229		$	441,583,222
Distributable earnings (loss)		43,865,308			12,061,679			46,544,542
TOTAL NET ASSETS	$	617,296,090		$	212,251,908		$	488,127,764
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	2,957,390		$	295,245		$	1,169,162
Shares outstanding (unlimited shares authorized)		350,351			25,280			71,721
Net Asset Value per share	$	8.44		$	11.68		$	16.30
Offering Price per share*	$	8.93	**	$	12.36	**	$	17.25	**
Class I
Net Assets	$	614,338,700		$	211,956,663		$	486,958,602
Shares outstanding (unlimited shares authorized)		72,068,873			17,846,643			29,441,911
Net Asset Value and Offering Price per share	$	8.52		$	11.88		$	16.54

^(a)  Including $60,615,519 of securities on loan (Note 2).

^(b)  Including $79,504 of securities on loan (Note 2).

^(c)  Cost of cash denominated in foreign currencies was $3,593,167, $365,263 and $217,032, 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

ANNUAL REPORT / April 30, 2022

39 STATEMENTS OF OPERATIONS

Year Ended April 30, 2022	Wilmington International Fund			Wilmington Global Alpha Equities Fund			Wilmington Real Asset Fund
INVESTMENT INCOME:
Dividends	$	14,759,146	(a)	$	3,451,829	(a)	$	52,240,358	(a)
Interest		3,494			235			2,320
Securities lending income, net		145,707			—			85,315
TOTAL INVESTMENT INCOME		14,908,347			3,452,064			52,327,993
EXPENSES:
Investment advisory fees		5,671,387			3,190,301			2,444,132
Administration fees		211,398			64,058			148,396
Portfolio accounting and administration fees		367,368			102,917			138,381
Custodian fees		238,982			99,429			74,851
Transfer and dividend disbursing agent fees and expenses		95,370			58,273			60,018
Trustees’ fees		57,654			57,654			57,654
Professional fees		157,643			171,500			167,119
Distribution services fee—Class A		9,298			801			2,617
Shareholder services fee—Class A		9,298			801			2,617
Share registration costs		35,722			36,846			35,548
Printing and postage		15,438			12,019			7,641
Excise tax		—			—			111,764
Miscellaneous		64,943			37,681			50,150
TOTAL EXPENSES		6,934,501			3,832,280			3,300,888
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(948,058	)		(1,193,362	)		(24,338	)
Reimbursement by administrator		—			—			(111,764	)
Waiver of shareholder services fee—Class A		(9,298	)		(801	)		(2,617	)
TOTAL WAIVERS AND REIMBURSEMENTS		(957,356	)		(1,194,163	)		(138,719	)
Net expenses		5,977,145			2,638,117			3,162,169
Net investment income		8,931,202			813,947			49,165,824
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		34,582,038			7,009,751	(b)		21,671,155
Net realized gain (loss) on forward foreign currency contracts		(3,857	)		710,317			(168	)
Net realized gain (loss) on foreign currency transactions		(648,027	)		218,336			25,031
Net realized gain (loss) on financial futures contracts		683,363			1,891,925			—
Net realized gain (loss)		34,613,517			9,830,329			21,696,018
Net change in unrealized appreciation (depreciation) on investments		(161,547,119	)(c)		(20,251,894	)(c)		5,660,247
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		—			1,399,311			—
Net change in unrealized appreciation (depreciation) on foreign currency transactions		(325,895	)		(44,149	)		(41,065	)
Net change in unrealized appreciation (depreciation) on financial futures contracts		1,048,655			4,424,561			—
Net change in unrealized appreciation (depreciation)		(160,824,359	)		(14,472,171	)		5,619,182
Net realized and unrealized gain (loss)		(126,210,842	)		(4,641,842	)		27,315,200
Change in net assets resulting from operations	$	(117,279,640	)	$	(3,827,895	)	$	76,481,024

^(a)  Net of foreign withholding taxes of $2,075,204, $678,205 and $269,862, respectively.

^(b)  Net of foreign capital gains tax paid of $304.

^(c)  Net of change in deferred foreign capital gains tax accrued of $9,454 and $2,325, respectively.

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 40

	Wilmington International Fund						Wilmington Global Alpha Equities Fund
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2022			Year Ended April 30, 2021
OPERATIONS:
Net investment income	$	8,931,202		$	8,241,235		$	813,947		$	951,583
Net realized gain (loss)		34,613,517			28,615,935			9,830,329			(33,359,390	)
Net change in unrealized appreciation (depreciation)		(160,824,359	)		188,274,824			(14,472,171	)		57,473,000
Change in net assets resulting from operations		(117,279,640	)		225,131,994			(3,827,895	)		25,065,193
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(140,818	)		(53,943	)		(1,534	)		(5,953	)
Class I		(27,489,939	)		(10,011,086	)		(1,127,043	)		(4,303,804	)
Total distributions to shareholders		(27,630,757	)		(10,065,029	)		(1,128,577	)		(4,309,757	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		14,806			67,944			979			101,389
Class I		97,632,573			90,361,155			44,382,799			60,797,169
Distributions reinvested
Class A		129,098			46,666			1,534			5,059
Class I		12,890,244			2,180,439			347,409			3,105,237
Cost of shares redeemed
Class A		(475,838	)		(377,606	)		(24,737	)		(19,709	)
Class I		(65,462,154	)		(106,543,959	)		(34,055,348	)		(90,307,965	)
Change in net assets resulting from share transactions		44,728,729			(14,265,361	)		10,652,636			(26,318,820	)
Change in net assets		(100,181,668	)		200,801,604			5,696,164			(5,563,384	)
NET ASSETS:
Beginning of year		717,477,758			516,676,154			206,555,744			212,119,128
End of year	$	617,296,090		$	717,477,758		$	212,251,908		$	206,555,744
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		1,466			6,920			81			9,228
Class I		9,786,405			9,862,310			3,621,891			5,264,052
Distributions reinvested
Class A		12,730			5,369			127			438
Class I		1,264,315			248,495			28,245			264,726
Shares redeemed
Class A		(47,287	)		(41,741	)		(2,033	)		(1,713	)
Class I		(6,524,942	)		(11,852,417	)		(2,784,677	)		(7,794,856	)
Net change resulting from share transactions		4,492,687			(1,771,064	)		863,634			(2,258,125	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

41 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Real Asset Fund
	Year Ended April 30, 2022			Year Ended April 30, 2021
OPERATIONS:
Net investment income	$	49,165,824		$	3,190,541
Net realized gain (loss)		21,696,018			(8,261,466	)
Net change in unrealized appreciation (depreciation)		5,619,182			79,219,009
Change in net assets resulting from operations		76,481,024			74,148,084
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(110,221	)		(17,371	)
Class I		(50,543,503	)		(5,009,481	)
Total distributions to shareholders		(50,653,724	)		(5,026,852	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		125,187			74,933
Class I		93,457,658			229,046,473
Distributions reinvested
Class A		106,501			11,639
Class I		19,610,932			2,115,796
Cost of shares redeemed
Class A		(101,368	)		(240,445	)
Class I		(115,096,412	)		(35,979,010	)
Change in net assets resulting from share transactions		(1,897,502	)		195,029,386
Change in net assets		23,929,798			264,150,618
NET ASSETS:
Beginning of year		464,197,966			200,047,348
End of year	$	488,127,764		$	464,197,966
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		7,512			5,600
Class I		5,648,957			15,928,941
Distributions reinvested
Class A		6,699			879
Class I		1,216,232			154,311
Shares redeemed
Class A		(6,323	)		(18,291	)
Class I		(6,788,203	)		(2,687,031	)
Net change resulting from share transactions		84,874			13,384,409

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 42

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

WILMINGTON INTERNATIONAL FUND
	Year Ended       April 30, 2022				Year Ended       April 30, 2021				Year Ended       April 30, 2020				Year Ended       April 30, 2019				Year Ended       April 30, 2018
CLASS A
Net Asset Value, Beginning of Year		$	10.47			$	7.35			$	8.52			$	9.11			$	7.86
Income (Loss) From Operations:
Net Investment Income(a)			0.10				0.10				0.13				0.14				0.08
Net Realized and Unrealized Gain (Loss)			(1.75	)			3.16				(1.17	)			(0.51	)			1.26
Total Income (Loss) From Operations			(1.65	)			3.26				(1.04	)			(0.37	)			1.34
Less Distributions From:
Net Investment Income			(0.16	)			(0.14	)			(0.13	)			(0.14	)			(0.09	)
Net Realized Gains			(0.22	)			—				—				(0.08	)			—
Total Distributions			(0.38	)			(0.14	)			(0.13	)			(0.22	)			(0.09	)
Net Asset Value, End of Year		$	8.44			$	10.47			$	7.35			$	8.52			$	9.11
Total Return(b)			(16.31	)%			44.67	%			(12.35	)%			(4.07	)%			17.18	%
Net Assets, End of Year (000’s)		$	2,957			$	4,015			$	3,036			$	4,871			$	5,473
Ratios to Average Net Assets
Gross Expense(c)			1.48	%			1.48	%			1.50	%			1.50	%			1.48	%
Net Expense(c),(d)			1.10	%			1.06	%			0.98	%			1.00	%			1.04	%
Net Investment Income			1.00	%			1.10	%			1.57	%			1.69	%			0.93	%
Portfolio Turnover Rate			71	%			74	%			79	%			70	%			75	%
	Year Ended       April 30, 2022				Year Ended       April 30, 2021				Year Ended       April 30, 2020				Year Ended       April 30, 2019				Year Ended       April 30, 2018
CLASS I
Net Asset Value, Beginning of Year		$	10.56			$	7.41			$	8.59			$	9.18			$	7.92
Income (Loss) From Operations:
Net Investment Income(a)			0.13				0.12				0.13				0.17				0.09
Net Realized and Unrealized Gain (Loss)			(1.77	)			3.18				(1.17	)			(0.53	)			1.27
Total Income (Loss) From Operations			(1.64	)			3.30				(1.04	)			(0.36	)			1.36
Less Distributions From:
Net Investment Income			(0.18	)			(0.15	)			(0.14	)			(0.15	)			(0.10	)
Net Realized Gains			(0.22	)			—				—				(0.08	)			—
Total Distributions			(0.40	)			(0.15	)			(0.14	)			(0.23	)			(0.10	)
Net Asset Value, End of Year		$	8.52			$	10.56			$	7.41			$	8.59			$	9.18
Total Return(b)			(16.10	)%			44.92	%			(12.28	)%			(3.91	)%			17.29	%
Net Assets, End of Year (000’s)		$	614,339			$	713,463			$	513,640			$	570,749			$	655,810
Ratios to Average Net Assets
Gross Expense(c)			0.99	%			1.16	%			1.25	%			1.26	%			1.23	%
Net Expense(c),(d)			0.85	%			0.85	%			0.85	%			0.87	%			0.91	%
Net Investment Income			1.27	%			1.32	%			1.58	%			1.95	%			1.06	%
Portfolio Turnover Rate			71	%			74	%			79	%			70	%			75	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

43 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON GLOBAL ALPHA EQUITIES FUND
	Year Ended       April 30, 2022				Year Ended       April 30, 2021				Year Ended       April 30, 2020				Year Ended       April 30, 2019				Year Ended       April 30, 2018
CLASS A
Net Asset Value, Beginning of Year		$	11.97			$	10.87			$	11.28			$	10.99			$	10.54
Income (Loss) From Operations:
Net Investment Income(a)			0.01				0.02				0.07				0.09				0.05
Net Realized and Unrealized Gain (Loss)			(0.24	)			1.31				(0.35	)			0.33				0.52
Total Income (Loss) From Operations			(0.23	)			1.33				(0.28	)			0.42				0.57
Less Distributions From:
Net Investment Income			(0.06	)			(0.06	)			(0.13	)			(0.13	)			(0.12	)
Net Realized Gains			—				(0.17	)			—				—				—
Total Distributions			(0.06	)			(0.23	)			(0.13	)			(0.13	)			(0.12	)
Net Asset Value, End of Year		$	11.68			$	11.97			$	10.87			$	11.28			$	10.99
Total Return(b)			(1.97	)%			12.27	%			(2.57	)%			3.87	%			5.41	%
Net Assets, End of Year (000’s)		$	295			$	324			$	208			$	125			$	132
Ratios to Average Net Assets
Gross Expense(c)			2.30	%			2.30	%			2.29	%			2.36	%			2.46	%
Net Expense(c),(d)			1.49	%			1.49	%			1.49	%			1.49	%			1.50	%
Net Investment Income			0.12	%			0.19	%			0.63	%			0.78	%			0.42	%
Portfolio Turnover Rate			44	%			58	%			84	%			61	%			58	%
	Year Ended       April 30, 2022				Year Ended       April 30, 2021				Year Ended       April 30, 2020				Year Ended       April 30, 2019				Year Ended       April 30, 2018
CLASS I
Net Asset Value, Beginning of Year		$	12.14			$	11.01			$	11.40			$	11.08			$	10.61
Income (Loss) From Operations:
Net Investment Income(a)			0.05				0.05				0.09				0.11				0.11
Net Realized and Unrealized Gain (Loss)			(0.25	)			1.31				(0.34	)			0.34				0.49
Total Income (Loss) From Operations			(0.20	)			1.36				(0.25	)			0.45				0.60
Less Distributions From:
Net Investment Income			(0.06	)			(0.06	)			(0.14	)			(0.13	)			(0.13	)
Net Realized Gains			—				(0.17	)			—				—				—
Total Distributions			(0.06	)			(0.23	)			(0.14	)			(0.13	)			(0.13	)
Net Asset Value, End of Year		$	11.88			$	12.14			$	11.01			$	11.40			$	11.08
Total Return(b)			(1.63	)%			12.46	%			(2.31	)%			4.18	%			5.63	%
Net Assets, End of Year (000’s)		$	211,957			$	206,232			$	211,911			$	168,199			$	156,369
Ratios to Average Net Assets
Gross Expense(c)			1.80	%			1.99	%			2.04	%			2.11	%			2.21	%
Net Expense(c),(d)			1.24	%			1.24	%			1.24	%			1.24	%			1.25	%
Net Investment Income			0.38	%			0.44	%			0.82	%			1.02	%			1.03	%
Portfolio Turnover Rate			44	%			58	%			84	%			61	%			58	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 44

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

WILMINGTON REAL ASSET FUND
	Year Ended       April 30, 2022				Year Ended       April 30, 2021				Year Ended       April 30, 2020				Year Ended       April 30, 2019				Year Ended       April 30, 2018
CLASS A
Net Asset Value, Beginning of Year		$	15.58			$	12.33			$	14.40			$	14.48			$	13.87
Income (Loss) From Operations:
Net Investment Income(a)			1.64	(b)			0.17				0.45				0.34				0.35
Net Realized and Unrealized Gain (Loss)			0.82				3.32				(2.03	)			(0.07	)			0.63
Total Income (Loss) From Operations			2.46				3.49				(1.58	)			0.27				0.98
Less Distributions From:
Net Investment Income			(1.74	)			(0.24	)			(0.49	)			(0.35	)			(0.37	)
Total Distributions			(1.74	)			(0.24	)			(0.49	)			(0.35	)			(0.37	)
Net Asset Value, End of Year		$	16.30			$	15.58			$	12.33			$	14.40			$	14.48
Total Return(c)			16.34	%			28.65	%			(11.35	)%			2.05	%			7.11	%
Net Assets, End of Year (000’s)		$	1,169			$	995			$	932			$	1,173			$	1,297
Ratios to Average Net Assets
Gross Expense(d)			1.17	%			1.30	%			1.30	%			1.32	%			1.32	%
Net Expense(d),(e)			0.89	%			0.96	%			0.96	%			0.96	%			0.99	%
Net Investment Income			10.04	%(b)			1.25	%			3.16	%			2.44	%			2.46	%
Portfolio Turnover Rate			32	%			40	%(f)			411	%			347	%			438	%
	Year Ended       April 30, 2022				Year Ended       April 30, 2021				Year Ended       April 30, 2020				Year Ended       April 30, 2019				Year Ended       April 30, 2018
CLASS I
Net Asset Value, Beginning of Year		$	15.77			$	12.47			$	14.56			$	14.63			$	14.01
Income (Loss) From Operations:
Net Investment Income(a)			1.65	(b)			0.17				0.49				0.38				0.40
Net Realized and Unrealized Gain (Loss)			0.89				3.40				(2.06	)			(0.07	)			0.62
Total Income (Loss) From Operations			2.54				3.57				(1.57	)			0.31				1.02
Less Distributions From:
Net Investment Income			(1.77	)			(0.27	)			(0.52	)			(0.38	)			(0.40	)
Total Distributions			(1.77	)			(0.27	)			(0.52	)			(0.38	)			(0.40	)
Net Asset Value, End of Year		$	16.54			$	15.77			$	12.47			$	14.56			$	14.63
Total Return(c)			16.66	%			29.00	%			(11.13	)%			2.29	%			7.31	%
Net Assets, End of Year (000’s)		$	486,959			$	463,203			$	199,115			$	309,654			$	307,734
Ratios to Average Net Assets
Gross Expense(d)			0.67	%			0.93	%			1.05	%			1.07	%			1.07	%
Net Expense(d),(e)			0.64	%			0.71	%			0.71	%			0.71	%			0.74	%
Net Investment Income			9.98	%(b)			1.18	%			3.41	%			2.69	%			2.74	%
Portfolio Turnover Rate			32	%			40	%(f)			411	%			347	%			438	%

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

(b) The net investment income earned by the Fund increased significantly during the fiscal year ended April 30, 2022 due to larger than usual net investment income distributions from the commodity-related investments in its portfolio.

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

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

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

(f) In 2020, the Fund transitioned to a single sub-advisor strategy. As a result, the portfolio turnover rate for the year ended April 30, 2021 was significantly lower than that of previous fiscal years.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

45 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2022

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 3 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 7 funds are presented in separate reports.

Fund	Investment Goal
Wilmington International Fund (“International Fund”)(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.

^(d) Diversified

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

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

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

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

Trading in foreign securities may be completed at times which vary from the closing of the NYSE. In computing their NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign 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 securi-

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 46

ties, 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 4:00 pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing (“SIFVP”)).

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

Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. The 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 April 30, 2022, 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
Daiwa Capital Markets America	$	12,711,316	$	12,711,316	$	—	$	—
Nomura Securities International, Inc.		4,208,706		4,208,706		—		—
RBC Dominion Securities, Inc.		12,711,316		12,711,316		—		—
	$	29,631,338	$	29,631,338	$	—	$	—
Real Asset Fund
Bank of America Securities, Inc.	$	15,864	$	15,864	$	—	$	—
Daiwa Capital Markets America		15,864		15,864		—		—
HSBC Securities USA, Inc.		15,864		15,864		—		—
Nomura Securities International, Inc.		6,311		6,311		—		—
RBC Dominion Securities, Inc.		15,864		15,864		—		—
Truist Securities, Inc.		15,864		15,864		—		—
	$	85,631	$	85,631	$	—	$	—

⁽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 due from the counterparty in the event of default.

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Gains and losses realized on principal payment

ANNUAL REPORT / April 30, 2022

47 NOTES TO FINANCIAL STATEMENTS (continued)

of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Distributions received from real estate investment trusts (“REITs”) are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management’s estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the amounts are determined. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis and includes proceeds from litigation, if any. Withholding taxes and, where appropriate, deferred withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

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

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

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

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

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

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

In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds are required to maintain margin cash balances at the prime broker sufficiently to satisfy their short sales positions on a daily basis. The Funds are charged interest expense at the Fed Funds open rate plus 50 basis points on the amount of any shortfall in the required cash margin. The Funds record these prime broker charges on a net basis as Prime Broker interest expense on securities sold short on the Statements of Operations. During the year ended April 30, 2022, there were no short sales transactions.

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

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 48

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 April 30, 2022, 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	$	60,615,519	$	60,615,519	$—
Real Asset Fund		79,504		79,504	—

⁽¹⁾  Collateral with a value of $66,901,338 and $85,631, 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 due from the counterparty in the event of default.

3. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

For the year ended April 30, 2022, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities and the fair value of the Funds’ derivative investments categorized by primary risk exposure as of April 30, 2022.

	Location on the Statements 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 April 30, 2022.

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

ANNUAL REPORT / April 30, 2022

49 NOTES TO FINANCIAL STATEMENTS (continued)

	Asset Derivatives Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts
International Fund
Financial Futures Contracts	$	439,380		$	439,380		$	—
Totals	$	439,380		$	439,380		$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	2,329,765		$	2,329,765		$	—
Forward Foreign Currency Contracts		1,194,323			—			1,194,323
Totals	$	3,524,088		$	2,329,765		$	1,194,323
	Liability Derivatives Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts
Global Alpha Equities Fund
Financial Futures Contracts	$	(822,402	)	$	(822,402	)	$	—
Totals	$	(822,402	)	$	(822,402	)	$	—

The following is a summary of the location of realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the year ended April 30, 2022.

Derivative Type	Location on the Statements of Operations
Equity contracts	Net realized gain (loss) on financial futures contracts.
	Net change in unrealized appreciation (depreciation) on financial futures contracts.
Foreign exchange contracts	Net realized gain (loss) on forward foreign currency contracts.
	Net change in unrealized appreciation (depreciation) on forward foreign currency contracts.

	Net Realized Gain (Loss) on Derivatives Recognized in Results from Operations
Fund	Total			Equity Contracts		Foreign Exchange Contracts
International Fund
Financial Futures Contracts	$	683,363		$	683,363	$	—
Forward Foreign Currency Contracts		(3,857	)		—		(3,857	)
Totals	$	679,506		$	683,363	$	(3,857	)
Global Alpha Equities Fund
Financial Futures Contracts	$	1,891,925		$	1,891,925	$	—
Forward Foreign Currency Contracts		710,317			—		710,317
Totals	$	2,602,242		$	1,891,925	$	710,317
Real Asset Fund
Forward Foreign Currency Contracts	$	(168	)	$	—	$	(168	)
Totals	$	(168	)	$	—	$	(168	)

	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	$	1,048,655	$	1,048,655	$	—
Totals	$	1,048,655	$	1,048,655	$	—

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 50

	Net Change in Unrealized Appreciation (Depreciation) on Derivatives          Recognized in Results from Operations
Fund	Total		Equity Contracts		Foreign Exchange Contracts
Global Alpha Equities Fund
Financial Futures Contracts	$	4,424,561	$	4,424,561	$	—
Forward Foreign Currency Contracts		1,399,311		—		1,399,311
Totals	$	5,823,872	$	4,424,561	$	1,399,311

The average quarterly volume of derivative activities for the year ended April 30, 2022 are as follows.

		Asset Derivative Volume
Fund	Financial Futures Contracts(1)		Forward         Foreign         Currency         Contracts(2)
International Fund	$	12,587,554		$              —
Global Alpha Equities Fund		—		19,633,782

Fund	Liability Derivative Volume Financial Futures Contracts(1)
Global Alpha Equities Fund		$100,118,607

    ⁽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 April 30, 2022, derivative assets and liabilities by counterparty net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:

Fund/Counterparty	Derivative 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
TD Securities Ltd.	$	44,664	$	—	$	—	$	—	$	44,664
Deutsche Bank AG		574,119		—		—		—		574,119
Morgan Stanley		575,540		—		—		—		575,540
Total Derivative Assets	$	1,194,323	$	—	$	—	$	—	$	1,194,323

⁽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.

4. FEDERAL TAX INFORMATION

No provision for federal income taxes has been made, as it is each Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, and to distribute to shareholders each year all of its taxable income and realized gains.

To avoid a 4% excise tax, applicable to regulated investment companies, the Funds must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of net realized gains for the one-year period ended on October 31 of such calendar year, and (3) any prior year undistributed ordinary income and net realized gains. During the fiscal year ended April 30, 2022, the Real Asset Fund incurred $111,764 of Federal excise tax as a result of not distributing the minimum excise requirement, which was reimbursed to the Fund by the Bank of New York Mellon.

ANNUAL REPORT / April 30, 2022

51 NOTES TO FINANCIAL STATEMENTS (continued)

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2022.

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 primarily due to foreign currency transactions, mark-to-market of futures contracts, passive foreign investment companies, and losses deferred due to wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2022, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:

Fund	Paid-in Capital			Distributable         Earnings         (Loss)
Global Alpha Equities Fund	$	4,689		$    (4,689)
Real Asset Fund		(110,748	)	110,748

The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:

	2022				2021
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
International Fund	$	12,538,556	$	15,092,201	$	10,065,029	$	—
Global Alpha Equities Fund		1,128,577		—		1,218,173		3,091,584
Real Asset Fund		50,653,724		—		5,026,852		—

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

Certain Funds may also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

As of April 30, 2022, the cost of investments and derivatives for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments and derivatives for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments and derivatives for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost	Tax Unrealized Appreciation	Tax Unrealized Depreciation	Net Tax Unrealized Appreciation/ (Depreciation)
International Fund	$647,360,348	$110,235,871	$(80,990,939)	$29,244,932
Global Alpha Equities Fund	178,420,532	39,325,769	(14,658,205)	24,667,564
Real Asset Fund	433,979,635	72,407,444	(20,169,784)	52,237,660

As of April 30, 2022, 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			Distributable Earnings
International Fund	$	3,569,080	$	11,273,123	$	—	$	29,023,105	$	—		$	—			$43,865,308
Global Alpha Equities Fund		2,131,226		—		2		24,630,166		(14,699,715	)		—			12,061,679
Real Asset Fund		—		—		3		52,204,964		(5,637,928	)		(22,497	)		46,544,542

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2022, character of capital loss carryforwards were as follows:

Fund	Short-Term No Expiration			Long-Term No Expiration			Total Capital Loss Carryforwards
Global Alpha Equities Fund	$	(6,363,234	)	$	(8,336,481	)	$	(14,699,715	)
Real Asset Fund		—			(5,637,928	)		(5,637,928	)

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 52

For the year ended April 30, 2022, capital loss carryforwards utilized were as follows:

Fund	Capital Loss     Carryforwards     Utilized
International Fund	$9,506,155
Global Alpha Equities Fund	13,002,907
Real Asset Fund	21,370,558

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

Fund	Ordinary Losses			Short-Term Capital Losses		Long-Term Capital Losses
Real Asset Fund	$	(22,497	)	$	—	$	—

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

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

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

Fund	Gross Fees		Fees Waived/ Reimbursed			Current Fee as a % of average net assets of the Fund/ Allocated Net Assets for Sub-advisors
International Fund
WFMC	$	3,159,447	$	(948,058	)	0.45%
Sub-advisors:
Allianz Global investors U.S. LLC		383,963		—		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.
		216,078		—		0.25% on assets allocated to the High Dividend Europe
						Strategy.
AXA Investment Managers, Inc.		369,497		—		0.43% on the first $150 million; and 0.41% on assets in excess
						of $150 million
Berenberg Asset Management LLC		154,132		—		0.27%
Nikko Asset Management Americas, Inc.		416,878		—		0.32%
Schroder Investment Management North             America, Inc.		971,392		—		0.50%
Total(a)	$	5,671,387	$	(948,058	)
Global Alpha Equities Fund
WFMC	$	2,020,512	$	(1,193,362	)	0.95%
Sub-advisors:
Wellington Management Company LP		1,169,789		—		0.55% on the first $250 million; and 0.50% on assets in excess of $250 million
Total(b)	$	3,190,301	$	(1,193,362	)
Real Asset Fund
WFMC	$	2,216,975	$	(24,338	)	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.

ANNUAL REPORT / April 30, 2022

53 NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Gross Fees		Fees Waived/ Reimbursed		Current Fee as a % of average net assets          of the Fund/Allocated Net Assets for Sub-advisors
Sub-advisors:
Parametric Portfolio Associates LLC		$      227,157		$                 —	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)		$  2,444,132		$        (24,338)

^(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 0.50% 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, 2022 so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

	Current Contractual      Expense Limitations
Fund	Class A	Class I
International Fund	1.10%	0.85%
Global Alpha Equities Fund	1.49%	1.24%
Real Asset Fund*	0.89%	0.64%

* Prior to August 31, 2021, the Real Asset Fund’s contractual expense limitation was 0.96% and 0.71% for Class A and Class I, respectively.

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

Administrator	Maximum Fee		Average Aggregate Daily Net                      Assets of the Trust
WFMC		0.040%	on the first $5 billion
		0.030%	on the next $2 billion
		0.025%	on the next $3 billion
		0.018%	on assets in excess of $10 billion
BNYM		0.0175%	on the first $15 billion
		0.0150%	on the next $10 billion
		0.0125%	on assets in excess of $25 billion

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2022, neither WFMC nor BNYM waived any administrative fees.

Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A shares, for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates) may voluntarily waive or reduce any fees to which they are entitled.

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 54

For the year ended April 30, 2022, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

Fund	Distribution Fees from Class A
International Fund		$1,764
Global Alpha Equities Fund		52
Real Asset Fund		257

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

For the year ended April 30, 2022, M&T received sales charges on the sale of Class A shares as follows:

Fund	Sales Charges from Class A
International Fund		$12
Real Asset Fund		11

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of the Funds’ Class A shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.

M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds’ Class A shares. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the year ended April 30, 2022, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

Fund	Shareholder Services Fees
International Fund		$—
Global Alpha Equities Fund		—
Real Asset Fund		—

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

BNYM provides custody services to the Trust.

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

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

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2022 were as follows:

Fund	Purchases		Sales
International Fund		$484,444,899	$	469,524,316
Global Alpha Equities Fund		95,650,083		84,410,259
Real Asset Fund		153,905,408		149,041,166

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

ANNUAL REPORT / April 30, 2022

55 NOTES TO FINANCIAL STATEMENTS (concluded)

or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on a Fund and its investments.

Beginning in late February 2022, global financial markets experienced and continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and the rising cost of commodities, such as oil and natural gas. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Funds’ overall performance. In addition, the global pandemic outbreak of COVID-19 continues to have a substantial impact on market volatility and global business, 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 unknown and may exacerbate other types of risks that apply to the Funds and negatively impact the Funds’ performance.

The principal risks of investing in the Funds are described more fully in the Funds’ prospectus.

8. CONTRACTUAL OBLIGATIONS

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

9. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed effective April 1, 2022. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. The LOC expires on March 31, 2023.

The Funds did not utilize the LOC during the year ended April 30, 2022.

10. SUBSEQUENT EVENTS

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

On May 17, 2022, Allianz Global Investors U.S. LLC (“AllianzGI”) pleaded guilty to a single count of securities fraud related to misconduct involving the management of its Structured Products Group. The misconduct did not involve any of the management personnel of AllianzGI involved in the managing of the assets on behalf of the International Fund. Nonetheless, due to the guilty plea by AllianzGI the firm will no longer be eligible to serve as a sub-advisor for the International Fund effective July 26, 2022 due to U.S. Securities and Exchange Commission regulations. In anticipation of AllianzGI no longer being eligible to serve as a sub-advisor WFMC and WTIA has recommended and the Board of Trustees has approved Parametric Portfolio Associates LLC (“PPA”) as a sub-advisor to take over the management of the assets currently managed by AllianzGI. It is expected the transition from Allianz to PPA will take place on or around the end of June 2022.

April 30, 2022 / ANNUAL REPORT

56

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington International Fund, Wilmington Global Alpha Equities Fund and Wilmington Real Asset Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended April 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2022 and each of the financial highlights for each of the three years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2022

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

ANNUAL REPORT / April 30, 2022

57

FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2022, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

Fund
International Fund	0.29%
Global Alpha Equities Fund	33.13%
Real Asset Fund	0.61%

For the fiscal year ended April 30, 2022, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 20%:

Fund
International Fund	83.49%
Global Alpha Equities Fund	100.00%
Real Asset Fund	3.98%

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

April 30, 2022 (unaudited) / ANNUAL REPORT

58

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 10 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 1100 North Market Street, 9th Floor, Wilmington, DE 19890. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Dominick J. D’Eramo* Birth year: 1964 TRUSTEE Began serving: November 2018 PRESIDENT Began serving: June 2018	Principal Occupations: Executive Vice President, Wilmington Trust N.A. and Senior Director of Investment Oversight. Previous Positions: Head of Fixed Income, Wilmington Trust Investment Advisors, Inc. (WTIA) (2012 – 2021); Senior Vice President, WTIA (2017 – 2021); Group Vice President, WTIA (2014-2017); Administrative Vice President, WTIA (2012-2014).
William J. Farrell, II* Birth year: 1958 TRUSTEE Began serving: June 2022	Principal Occupations: Senior Executive Advisor, Manufactures and Traders Trust Co. Other Directorships Held Positions: Trustee, Hagley Museum and Library (2018 to present); and Trustee, Grand Opera House (2020 to present). Previous Positions: Executive Vice President, Wilmington Trust Company and Wilmington Trust, N.A., Wealth and Institutional Services Division (2012 – 2022).

*        Dominick J. D’Eramo and William J. Farrell, II are “interested” due to their current or prior affiliation with Wilmington Trust, N.A. a subsidiary of M&T Bank Corporation and parent company of WFMC and WTIA, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano Birth year: 1943 CHAIRMAN and TRUSTEE Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products). Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).
Robert H. Arnold Birth year: 1944 TRUSTEE Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: None. Previous Positions: Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to 12/17); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).

ANNUAL REPORT / April 30, 2022 (unaudited)

59 BOARD OF TRUSTEES AND TRUST OFFICERS

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017	Principal Occupations: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/20 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019); Previous Positions: Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).
Donald E. Foley Birth year: 1951 TRUSTEE Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (2014 to present); Trustee, 1290 Funds (retail funds) (2014 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present). Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011). Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).
Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020	Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS

Name Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017 VICE PRESIDENT Began serving: June 2012	Principal Occupations: Chief Operations Officer, Wilmington Funds; Administrative Vice President, Wilmington Funds Management Corporation (2005 to present); Administrative Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Kaushik Goswami Birth year: 1973 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: October 2021	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Vice President, M&T Bank. Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

April 30, 2022 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 60

Name Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016	Principal Occupations: President of Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
Robert L. Tuleya Birth year: 1974 VICE PRESIDENT and ASSISTANT SECRETARY Began serving: September 2018	Principal Occupations: Vice President and Assistant Secretary, Wilmington Funds; Vice President and Assistant Secretary, Wilmington Funds Management Corporation (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Vice President and Assistant General Counsel, M&T Bank (2018 to present). Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).
Charles S. Todd Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1971 CHIEF EXECUTIVE OFFICER Began serving: June 2022	Principal Occupation: Senior Managing Director, Regulatory Advisory Solutions, ACA Group, previously Foreside Financial Group (2008 to present). Previous Positions: Vice-President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).
Arthur W. Jasion Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: October 2020	Principal Occupation: Senior Director and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present). Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).
Lisa R. Grosswirth 240 Greenwich Street, 22nd Floor New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007	Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

ANNUAL REPORT / April 30, 2022 (unaudited)

61

Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended. The rule requires every registered open-end management company to establish a liquidity risk management program that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 9, 2022, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2021. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve month period ended April 30, 2022. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

April 30, 2022 (unaudited) / ANNUAL REPORT

62

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.

Important information about the access and delivery of shareholder reports

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

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

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

ANNUAL REPORT / April 30, 2022 (unaudited)

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PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure. In accordance with current regulations, the Funds will: collect from customers only the non-public personal information needed to conduct the Funds’ business; insure the security and confidentiality of customer records and information; protect against unauthorized access to or use of customer records and information; protect against any anticipated threats or hazards to the security or integrity of customer records and information; and require companies that service the Funds to have an information security program in place that is reasonably designed to safeguard customer records and information.

Information Collected by the Funds

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

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

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting, or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and direct such third parties to only use your information for the purpose it was provided. We require these third parties to treat your personal information with the same high degree of confidentiality that we do.

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

Information Security

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

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

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

April 30, 2022 (unaudited) / ANNUAL REPORT

64

Employee Access to Information

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

Visiting the Funds’ Website

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

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

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

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

E-mail

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

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to the Funds or its agents. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

What You Can Do

The safety and security of your Personal Information also depends on you. You are responsible for keeping your account information, such as your account number and login information for our website, confidential. For your protection, we recommend that you do not provide your account information, username, or password to anyone except a representative of the Funds as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

Surveys/Aggregate Data

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

Changes to Our Privacy Statement

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

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

ANNUAL REPORT / April 30, 2022 (unaudited)

Wilmington Enhanced Dividend Income Strategy Fund (“Enhanced Dividend Income Strategy Fund”) (formerly Wilmington Diversified Income Fund)

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

President’s Message	i
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	5
Portfolios of Investments	6
Statements of Assets and Liabilities	22
Statements of Operations	23
Statements of Changes in Net Assets	24
Financial Highlights	25
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	35
Federal Tax Information (unaudited)	36
Board of Trustees and Trust Officers	37
Liquidity Risk Management Program	40
Other Information.	41

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the Enhanced Dividend Income Strategy Fund and Large-Cap Strategy Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2021, through April 30, 2022. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

It was another historic year headlined by the first land war in Europe since World War II, the highest inflation level in the U.S. in 40 years, and heighted concerns of a recession on the horizon. Countries across the world battled the Delta and Omicron waves of COVID-19 while also transitioning to an endemic phase of the pandemic. The term “transitory inflation” was coined by the Federal Reserve (the “Fed”) to describe the idea of inflation levels being temporarily boosted by the reopening of the economy. Inflation proved to be more than transitory as readings accelerated 8.5% in March and 8.3% in April 2022 (headline Consumer Price Index (“CPI”), year over year). The period was also marked by a tight labor market and The Great Resignation. Workers with large savings voluntarily exited the workforce in droves. Companies countered by bumping wages and benefits to attract and retain workers.

As COVID-19 concerns waned, consumers--flush with cash—began to spend on in-person dining, entertainment, and travel. Although eager to spend, households found goods unavailable or more expensive due to supply-chain issues that ranged from labor shortages to port backlogs. Throughout the year, the overall labor market remained strong as jobless claims fell to pandemic lows and job openings approached record levels. The unemployment rate continued its descent to 5.9% in June and down further to 3.8% in March of 2022. To help curb inflation, the Federal Open Market Committee (FOMC) raised interest rates in March 2022 by 25 basis points¹, or 0.25%. The number and size of rate hikes priced into the market increased dramatically between December 2021 and April 2022 as Fed officials pivoted toward a more hawkish stance. In March 2022, the Fed ended its monthly bond purchases and announced a plan, beginning in June 2022, to reduce the size of its $9 trillion balance sheet via maturities of Treasuries and mortgage-backed securities. U.S. real Gross Domestic Product (“GDP”) grew by 5.9% in 2021 but contracted by 1.4% in March 2022 as inventories and net exports dragged on growth.

Economic activity outside the U.S. varied amid waves of the Delta and Omicron variants of COVID-19. The major story of the year, however, was Russia’s invasion into Ukraine in February 2022. The U.S. and EU were quick to condemn the invasion and enacted rounds of sanctions aimed to debilitate the Russian economy. Sanctions attempted to cut Russia out of international trade, apply pressure to its largest companies, and target a host of oligarchs. The eurozone, which remained heavily reliant on Russian energy, searched for alternative suppliers while it continued to import costly Russian energy. The war slowed eurozone industrial production, which fell 1.8% month over month in March 2022. German industrial production was hit particularly hard, declining 3.9% month over month in March. In the face of slowing economic activity and rising inflation, consumer sentiment slumped to near historic levels.

The virus remained a persistent threat for many developing economies, where vaccination campaigns and vaccine quality broadly lagged the developed world. In April 2022, China faced its largest COVID-19 wave yet. Officials in Shanghai locked down the city of around 25 million people. Mobility restrictions persisted as citizens were unable to leave their homes, except for mandatory COVID tests. Roadblocks slowed the arrival of food and supplies into the city. Economic activity in Shanghai and other major cities across China slowed to a crawl, further fraying the fragile supply chain. Officials in China are targeting 2022 GDP growth of 5.5%, which has been undermined by the enforcement of their zero-tolerance COVID-19 policies.

Bond markets

Fixed income performance was weak over the past year as spreads initially compressed and then expanded decisively across taxable and tax-exempt credit. Inflationary concerns and a hawkish Fed led to a surge in the U.S. 10-year Treasury yield in January–April 2022 to as high as 3.1%. A major headline from the year was shape of the yield curve, which inverted briefly in early April of 2022. Historically, all past recessions have been preceded by an inverted yield curve. Price losses rippled throughout the bond market as the fiscal year ended. The Bloomberg Aggregate Index ended the fiscal year with one of the worst quarters on record. Shorter maturity bonds tended to hold up better than long-duration assets. Overall, there were heavy outflows from the bond market due largely to high inflation and increased risks from the war in Ukraine.

PRESIDENT’S MESSAGE / April 30, 2022 (unaudited)

ii

For the 12-month period May 1, 2021 to April 30, 2022, certain Bloomberg indices performed as follows:²

Bloomberg U.S. Treasury Bond Index3	Bloomberg U.S. Aggregate Bond Index4	Bloomberg U.S. Credit Bond Index5	Bloomberg Municipal Bond Index6	Bloomberg U.S. Corporate High Yield Bond Index7
-7.35%	-8.51%	-10.13%	-7.88%	-5.22%

Past performance is no guarantee of future results.

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

Equity markets

For the first seven months of the fiscal year, U.S. large-cap equities recorded strong performance. The S&P 500 hit a new all-time high in January 2022. Since then, U.S. equities have sold off significantly, dropping 12.9% as volatility escalated. High inflation and concerns around the Fed’s ability to engineer a soft landing led to increasingly bearish sentiment. Growth names, especially the tech heavy NASDAQ-100 and FAANG stocks, were hit particularly hard as higher interest rates put pressure on more highly valued stocks. U.S. small-cap stocks also suffered, given increased sensitivity to economic growth and a lesser ability to pass along higher costs to consumers. Headlines out of Ukraine and China added to the choppy market conditions and have increased the difficulty for the Fed in navigating the economy away from a recession.

Emerging markets fared poorly during the year as many regions struggled with outbreaks of COVID-19 and increased food (mainly wheat and corn) and energy costs. Chinese equities, which comprise 30% of the MSCI Emerging Markets Index, were weighed down due to a mixture of COVID-19 lockdowns, regulatory headwinds, and an unstable housing market. Valuations across emerging markets remain cheap. For international developed equities, energy policy is a key risk, particularly for Europe. The price of Brent Crude reached $128/barrel in early March 2022 and the price of natural gas increased 147% during the year, posing significant headwinds to consumers. In the long term, less globalization, fragile supply chains, and heightened geopolitical tensions could weigh on growth for years to come.

For the 12-month period May 1, 2021 to April 30, 2022, certain stock market indices performed as follows:

S&P 500® Index8	Russell 2000® Index9	MSCI EAFE (Net) Index10	MSCI Emerging Markets (Net) Index11
0.21%	-16.87%	-8.15%	-18.33%

Past performance is no guarantee of future results.

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

Uncertainty in the outlook remains high, but our long-term focus and commitment to our clients keeps us grounded. Like a seasoned pilot during heavy turbulence, it is at times of great volatility in particular that our experience in turbulent markets helps us to remain calm. Through markets bull or bear, and economies boom or bust, our economics-led investment process has and will continue to heavily inform our route. To sidestep challenges as well as capitalize on opportunities, we comprehensively analyze monetary and policy developments, myriad other economic forces in motion, potential impacts of the continuing geopolitical turmoil, and how we believe the current trends are likely to unfold. We remain resolute that a deep understanding of and insights into the factors that have brought us to where we are today—as well as both vigilance and patience—will usher us onward and upward.

Sincerely,

Dominick J. D’Eramo, CFA

President

May 13, 2022

April 30, 2022 (unaudited) / PRESIDENT’S MESSAGE

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Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

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

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

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

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

9. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

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

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 27 Emerging Markets countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

PRESIDENT’S MESSAGE / April 30, 2022 (unaudited)

1

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2022, Wilmington Enhanced Dividend Income Strategy Fund (the “Fund”)(formerly, the Wilmington Diversified Income Fund) had a total return of 3.99%* for Class A and 4.25%* for Class I, versus its benchmark, the Russell 1000^® Value Index**, which had a total return of 1.32%.

The Fund seeks to achieve a high level of total return consistent with a moderate level of risk, with added emphasis on providing an attractive level of current income. The Fund invests at least 80% of the value of its net assets in securities that produce dividend income. The Fund’s strategy targets a portfolio level dividend yield of two times the S&P 500 dividend yield and seeks capital appreciation over a multi-year investment horizon principally through investment in U.S. large-cap stocks, while maintaining low volatility versus the broader U.S. large-cap equity market.

In November, the Fund transitioned to the equity focused Wilmington Enhanced Dividend Income Strategy Fund from the Wilmington Diversified Income Fund. Prior to conversion, the Enhanced Dividend Income Strategy (“EDIS”) accounted for 43% of the Fund’s asset allocation.

Domestic equity markets finished 2021 on a high note with a re-acceleration of U.S. economic growth, pent-up consumer demand, and continued vaccine rollout worldwide. U.S. stocks were resilient as numerous political events, debt ceiling concerns, and high inflation threatened U.S. businesses and financial markets. Major supply chain concerns eased slightly heading into the holiday season but remained given the continued uncertainty surrounding the virus.

During the first four months of 2022, equities reversed course posting notable declines across most major indices. In January, the Omicron variant moved quickly across the country as daily covid cases surpassed prior peak levels. While the Omicron variant was more transmissible, average symptoms were milder, reducing the burden on the healthcare system. Market volatility spiked following Russia’s invasion of Ukraine marking the first land war in Europe since World War II. Risk of energy supply shocks resulted in a spike in energy prices and weighed heavily on consumers sentiment in the U.S. and Europe. The conflict in Ukraine is expected to sustain pressure on energy and commodity prices, potentially pushing inflation higher.

Inflation remains a major area of concern for the market as key indicators hit their highest level since the 1980s as a hawkish pivot from the Federal Reserve (the “Fed”) reverberated throughout financial markets. The Fed began its rate-hike cycle at their March meeting, raising the policy rate by 25 basis points with further rate hikes expected throughout 2022.

During the first half of the fiscal year, prior to conversion, the Fund benefitted from strong performance from the domestic equity portfolio. In particular, strong stock selection results drove upside versus the

benchmark. The Fund’s international equity allocation detracted from performance. China curtailed steel production precipitating declines in metals and mining stocks held in the international equity allocation.

Post transition, the Fund’s performance remained strong on both a relative and absolute basis. The Fund benefited from its factor exposures to dividend yield, quality, and size with each factor outperforming during the second half of the Fund’s fiscal year.

Sector allocation and stock selection results were both additive to the Fund’s relative performance. The energy and materials sectors were the top absolute as well as relative performing sectors. Both areas of the market benefitted from rising commodity prices as demand returns to pre-pandemic levels. Conversely, Financials lagged as bank stocks moved lower on concerns a recession may be on the horizon.

Moving forward, as we navigate the current market volatility, we’ll continue to pursue our goals for your Fund, achieve a high level of total return consistent with a moderate level of risk, with added emphasis on providing an attractive level of current income.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -1.71%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The Russell 1000^® Value Index measures the performance of those Russell 1000^® Index companies with lower price-to-book ratios and lower forecasted growth values.

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

April 30, 2022 (unaudited) / ANNUAL REPORT

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WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Enhanced Dividend Income³ Strategy Fund from April 30, 2012 to April 30, 2022 compared to the Russell 1000^® Value Index²and Bloomberg U.S. Aggregate Bond Index².

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -1.71%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended  4/30/22
	1 Year	5 Years	10 Years
Class A^	-1.71%	5.22%	5.27%
Class I^	4.25%	6.66%	6.14%
Russell 1000® Value Index2	1.32%	9.06%	11.17%
Bloomberg U.S. Aggregate Bond Index2	-8.51%	1.20%	1.73%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.69% and 0.75%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.19% and 0.50%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

¹  Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

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

³  Effective November 17, 2021, in connection with the transition to the equity focused Enhanced Dividend Income Strategy, the Fund changed its benchmark to the Russell 1000^®Value Index. Previously, the Fund’s benchmark was a blend of the Russell 1000^® Value Index and the Bloomberg U.S. Aggregate Bond Index.

ANNUAL REPORT / April 30, 2022 (unaudited)

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WILMINGTON LARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2022, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of -2.24%* for Class I, versus its benchmark, the Russell 1000 Index**, which had a total return of -2.10%.

The Fund outperformed by approximately 10 basis points versus the Russell 1000 gross of fees. Over the last year, the Fund has generally had an overweight to cyclical sectors of the market with an over-weighted cyclical position emphasizing industrials, energy, and materials. The slight outperformance was attributable to an overweight to energy throughout the year and an overweight to financials for most of the year. Underweights to defensive utilities and consumer staples dragged on relative performance.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Mutual

fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

April 30, 2022 (unaudited) / ANNUAL REPORT

4

WILMINGTON LARGE-CAP STRATEGY FUND

The graph below illustrates the hypothetical investment of $100,000¹ in Class I of the Wilmington Large-Cap Strategy Fund from April 30, 2012 to April 30, 2022, compared to the Russell 1000^® Index.²

Performance data quoted represents past performance which is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual Funds are not obligations of or guaranteed by any bank and are not federally insured. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended  4/30/22
	1 Year	5 Years	10 Years
Class I^	-2.24%	13.38%	13.39%
Russell 1000® Index2	-2.10%	13.44%	13.53%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.37% and 0.25%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

¹  Represents a hypothetical investment of $100,000 in Class I and assumes the reinvestment of all dividends and distributions.

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

ANNUAL REPORT / April 30, 2022 (unaudited)

5

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 to April 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2022.

	Beginning Account Value     11/01/21	Ending Account Value     4/30/22	Expenses     Paid During Period(1)	Annualized Net Expense Ratio
WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND
Actual
Class A	$1,000.00	$1,004.70	$3.68	0.74%
Class I	$1,000.00	$1,005.50	$2.44	0.49%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,021.12	$3.71	0.74%
Class I	$1,000.00	$1,022.36	$2.46	0.49%
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$   886.20	$1.17	0.25%
Hypothetical (assuming a 5% return before expenses)
Class I	$1,000.00	$1,023.55	$1.25	0.25%

⁽¹⁾  Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period).

April 30, 2022 (unaudited) / ANNUAL REPORT

6

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Enhanced Dividend Income Strategy Fund

At April 30, 2022, the Fund’s sector classifications were as follows:

	Percentage of Total Net Assets
Common Stocks
Financials		16.8	%
Health Care		14.3	%
Information Technology		11.3	%
Energy		10.5	%
Industrials		10.4	%
Consumer Staples		6.8	%
Utilities		6.6	%
Real Estate		5.6	%
Communication Services		5.5	%
Consumer Discretionary		5.4	%
Materials		5.3	%
Cash Equivalents(1)		1.5	%
Cash Collateral Invested for Securities on Loan(2)		0.4	%
Other Assets and Liabilities - Net(3)		(0.4	)%
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

April 30, 2022

Description	Number of Shares		Value
COMMON STOCKS – 98.5%
COMMUNICATION SERVICES – 5.5%
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.6%
AT&T, Inc.		27,205	$	513,086
Verizon Communications, Inc.		9,490		439,387
			$	952,473
ENTERTAINMENT – 0.0%**
Warner Bros Discovery, Inc.*		1		18
MEDIA – 2.9%
Comcast Corp., Class A		10,265		408,137
Omnicom Group, Inc.		8,125		618,556
			$	1,026,693
TOTAL COMMUNICATION SERVICES			$	1,979,184
CONSUMER DISCRETIONARY – 5.4%
HOTELS, RESTAURANTS & LEISURE – 2.5%
McDonald’s Corp.		1,730		431,047
Restaurant Brands International, Inc.		8,205		468,423
			$	899,470
SPECIALTY RETAIL – 1.7%
Home Depot, Inc. (The)		1,985		596,294

Description	Number of Shares		Value
TEXTILES, APPAREL & LUXURY GOODS – 1.2%
VF Corp.		8,490	$	441,480
TOTAL CONSUMER DISCRETIONARY			$	1,937,244
CONSUMER STAPLES – 6.8%
BEVERAGES – 1.9%
PepsiCo., Inc.		4,015		689,416
HOUSEHOLD PRODUCTS – 2.8%
Procter & Gamble Co. (The)		6,270		1,006,648
TOBACCO – 2.1%
Philip Morris International, Inc.		7,315		731,500
TOTAL CONSUMER STAPLES			$	2,427,564
ENERGY – 10.5%
OIL, GAS & CONSUMABLE FUELS – 10.5%
Chevron Corp.		7,175		1,124,108
ConocoPhillips		12,935		1,235,551
Exxon Mobil Corp.		7,325		624,456
Valero Energy Corp.		7,025		783,147
TOTAL ENERGY			$	3,767,262

ANNUAL REPORT / April 30, 2022

7 PORTFOLIOS OF INVESTMENTS

Wilmington Enhanced Dividend Income Strategy Fund (continued)

Description	Number of Shares		Value
FINANCIALS – 16.8%
BANKS – 6.2%
KeyCorp.		22,090	$	426,558
Toronto-Dominion Bank (The)#		9,990		721,678
U.S. Bancorp		14,350		696,836
United Bankshares, Inc.		10,775		358,376
			$	2,203,448
CAPITAL MARKETS – 4.1%
BlackRock, Inc.		1,010		630,927
Morgan Stanley		10,370		835,718
			$	1,466,645
DIVERSIFIED FINANCIAL SERVICES – 2.6%
JPMorgan Chase & Co.		7,925		945,928
INSURANCE – 3.9%
MetLife, Inc.		12,450		817,716
Old Republic International Corp.		26,240		577,543
			$	1,395,259
TOTAL FINANCIALS			$	6,011,280
HEALTH CARE – 14.3%
BIOTECHNOLOGY – 1.5%
Amgen, Inc.		2,345		546,831
HEALTH CARE EQUIPMENT & SUPPLIES – 1.5%
Medtronic PLC		5,150		537,454
HEALTH CARE PROVIDERS & SERVICES – 2.6%
CVS Health Corp.		9,510		914,196
PHARMACEUTICALS – 8.7%
Bristol-Myers Squibb Co.		9,210		693,237
Johnson & Johnson		6,095		1,099,904
Merck & Co., Inc.		7,150		634,133
Pfizer, Inc.		13,990		686,489
			$	3,113,763
TOTAL HEALTH CARE			$	5,112,244
INDUSTRIALS – 10.4%
AEROSPACE & DEFENSE – 3.1%
Lockheed Martin Corp.		2,585		1,117,030
AIR FREIGHT & LOGISTICS – 2.1%
United Parcel Service, Inc.		4,155		747,817
BUILDING PRODUCTS – 2.1%
Johnson Controls International PLC		12,580		753,164
ELECTRICAL EQUIPMENT – 1.6%
nVent Electric PLC		16,555		559,228
MACHINERY – 1.5%
Caterpillar, Inc.		2,490		524,245
TOTAL INDUSTRIALS			$	3,701,484
INFORMATION TECHNOLOGY – 11.3%
COMMUNICATIONS EQUIPMENT – 2.6%
Cisco Systems, Inc.		18,910		926,212

Description	Number of Shares		Value
IT SERVICES – 1.7%
International Business Machines Corp.		4,560	$	602,877
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 7.0%
Broadcom, Inc.		2,545		1,410,923
QUALCOMM, Inc.		7,990		1,116,123
			$	2,527,046
TOTAL INFORMATION TECHNOLOGY			$	4,056,135
MATERIALS – 5.3%
CHEMICALS – 5.3%
Dow, Inc.		14,505		964,583
Nutrien Ltd.		9,425		926,006
TOTAL MATERIALS			$	1,890,589
REAL ESTATE – 5.6%
REAL ESTATE INVESTMENT TRUSTS – 5.6%
AvalonBay Communities, Inc.		3,455		785,944
Crown Castle International Corp.		3,345		619,528
VICI Properties, Inc.		19,356		577,002
TOTAL REAL ESTATE			$	1,982,474
UTILITIES – 6.6%
ELECTRIC UTILITIES – 6.6%
American Electric Power Co., Inc.		7,520		745,307
Duke Energy Corp.		4,610		507,838
FirstEnergy Corp.		13,675		592,264
NextEra Energy, Inc.		7,310		519,156
TOTAL UTILITIES			$	2,364,565
TOTAL COMMON STOCKS (COST $30,797,942)			$	35,230,025
MONEY MARKET FUND – 1.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%^		518,975		518,975
TOTAL MONEY MARKET FUND (COST $518,975)			$	518,975
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.4%
REPURCHASE AGREEMENTS – 0.4%
Bank of America Securities, Inc., 0.30%, dated 4/29/22, due 5/02/22, repurchase price $29,105, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 2/01/36 to 4/01/52; total market value of $29,686.		$  29,104		29,104
Daiwa Capital Markets America, 0.30%, dated 4/29/22, due 5/02/22, repurchase price $29,105, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.63%, maturing 4/30/22 to 5/01/52; total market value of $29,686.		29,104		29,104

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 8

Wilmington Enhanced Dividend Income Strategy Fund (concluded)

Description	Par Value		Value
HSBC Securities USA, Inc., 0.30%, dated 4/29/22, due 5/02/22, repurchase price $29,105, collateralized by U.S. Government Agency & Treasury Securities, 1.75% to 4.00%, maturing 4/30/22 to 11/20/50; total market value of $29,686.	$	29,104	$	29,104
Nomura Securities International, Inc., 0.29%,dated 4/29/22, due 5/02/22, repurchase price $11,555, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 9.00%, maturing 4/20/25 to 8/20/69; total market value of $11,786.		11,555		11,555
RBC Dominion Securities, Inc., 0.28%, dated 4/29/22, due 5/02/22, repurchase price $29,105, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.38%, maturing 6/30/22 to 4/01/52; total market value of $29,686.		29,104		29,104
Truist Securities, Inc., 0.31%, dated 4/29/22, due 5/02/22, repurchase price $29,105,collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 4.00%,maturing 8/15/22 to 4/01/52; total market value of $29,686.		29,104		29,104
TOTAL REPURCHASE AGREEMENTS (COST $157,075)			$	157,075
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $157,075)			$	157,075
TOTAL INVESTMENTS – 100.4% (COST $31,473,992)			$	35,906,075
COLLATERAL FOR SECURITIES ON LOAN – (0.4%)				(157,075	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				7,671
TOTAL NET ASSETS – 100.0%			$	35,756,671

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	35,230,025	$	—	$	—	$	35,230,025
Money Market Fund		518,975		—		—		518,975
Repurchase Agreements		—		157,075		—		157,075
Total	$	35,749,000	$	157,075	$	—	$	35,906,075

** Represents less than 0.05%.

* Non-income producing security.

# 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 Portfolio of Investments:

PLC Public Limited Company

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

9

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At April 30, 2022, the Fund’s sector classifications were as follows:

	Percentage of Total Net Assets
Common Stocks
Information Technology		27.1	%
Health Care		13.9	%
Consumer Discretionary		11.4	%
Financials		11.2	%
Industrials		9.0	%
Communication Services		8.2	%
Consumer Staples		6.5	%
Energy		4.3	%
Real Estate		3.1	%
Materials		2.8	%
Utilities		2.3	%
Investment Companies		0.2	%
Warrants		0.0	%(1)
Preferred Stock		0.0	%(1)
Rights		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 Statements of Assets and Liabilities.

PORTFOLIO OF INVESTMENTS

April 30, 2022

Description	Number of Shares		Value
COMMON STOCKS – 99.8%
COMMUNICATION SERVICES – 8.2%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.9%
AT&T, Inc.		101,002	$	1,904,898
EchoStar Corp., Class A*		170		3,969
Lumen Technologies, Inc.#		14,635		147,228
Verizon Communications, Inc.		59,550		2,757,165
			$	4,813,260
ENTERTAINMENT – 1.3%
Activision Blizzard, Inc.		10,870		821,772
Electronic Arts, Inc.		4,010		473,380
Liberty Media Corp. – Liberty Formula One, Class A*		105		6,029
Liberty Media Corp. – Liberty Formula One, Class C*		2,685		167,356
Lions Gate Entertainment Corp., Class A*,#		150		2,024
Live Nation Entertainment, Inc.*		2,020		211,858

Description	Number of Shares		Value
Madison Square Garden Entertainment Corp.*		329	$	24,099
Madison Square Garden Sports Corp.*		229		37,123
Netflix, Inc.*		6,100		1,161,196
Playtika Holding Corp.*		1,400		24,612
Roku, Inc.*		1,650		153,285
Spotify Technology SA*		2,050		208,382
Take-Two Interactive Software, Inc.*		1,650		197,192
Walt Disney Co. (The)*		25,683		2,866,993
Warner Bros Discovery, Inc.*		31,284		567,805
World Wrestling Entertainment, Inc., Class A		550		32,115
Zynga, Inc., Class A*		14,000		115,780
			$	7,071,001
INTERACTIVE MEDIA & SERVICES – 4.9%
Alphabet, Inc., Class A*		4,395		10,030,225
Alphabet, Inc., Class C*		4,029		9,264,001
IAC/InterActiveCorp*		1,150		95,312
Match Group, Inc.*		4,042		319,924
Meta Platforms, Inc., Class A*		33,230		6,661,618

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Pinterest, Inc., Class A*		8,243	$	169,146
TripAdvisor, Inc.*		1,600		41,072
Twitter, Inc.*		10,860		532,357
Vimeo, Inc.*		2,000		20,380
			$	27,134,035
MEDIA – 0.9%
Altice USA, Inc., Class A*		2,700		25,056
Cable One, Inc.		90		104,958
Charter Communications, Inc., Class A*		1,752		750,714
Comcast Corp., Class A		64,750		2,574,460
DISH Network Corp., Class A*		3,546		101,096
Fox Corp., Class A		4,376		156,836
Fox Corp., Class B		1,900		63,156
Interpublic Group of Cos., Inc. (The)		5,268		171,842
John Wiley & Sons, Inc., Class A		200		10,178
Liberty Broadband Corp., Class A*		285		30,683
Liberty Broadband Corp., Class C*		2,218		248,017
Liberty Media Corp. - Liberty SiriusXM, Class A*		1,243		51,995
Liberty Media Corp. - Liberty SiriusXM, Class C*		2,486		104,114
Loyalty Ventures, Inc.*		316		4,042
New York Times Co. (The), Class A		2,550		97,716
News Corp., Class A		5,807		115,327
News Corp., Class B		1,448		28,830
Nexstar Media Group, Inc., Class A		550		87,131
Omnicom Group, Inc.		2,790		212,403
Sirius XM Holdings, Inc.#		10,840		65,040
Paramount Global, Class B		8,046		234,299
			$	5,237,893
WIRELESS TELECOMMUNICATION SERVICES – 0.2%
T-Mobile US, Inc.*		8,269		1,018,245
TOTAL COMMUNICATION SERVICES			$	45,274,434
CONSUMER DISCRETIONARY – 11.4%
AUTO COMPONENTS – 0.1%
Aptiv PLC*		4,100		436,240
BorgWarner, Inc.		3,380		124,485
Gentex Corp.		3,580		105,073
Lear Corp.		900		115,146
QuantumScape Corp.*,#		3,450		51,543
			$	832,487
AUTOMOBILES – 2.2%
Ford Motor Co.		56,500		800,040
General Motors Co.*		19,800		750,618
Harley-Davidson, Inc.		2,270		82,742
Rivian Automotive, Inc., Class A*,#		2,000		60,480
Tesla, Inc.*		11,940		10,396,874
Thor Industries, Inc.#		750		57,413
			$	12,148,167
DISTRIBUTORS – 0.1%
Genuine Parts Co.		2,120		275,706
LKQ Corp.		3,718		184,524
Pool Corp.		550		222,871
			$	683,101

Description	Number of Shares		Value
DIVERSIFIED CONSUMER SERVICES – 0.1%
ADT, Inc.		2,560	$	17,536
Bright Horizons Family Solutions, Inc.*		883		100,874
Chegg, Inc.*		2,126		52,597
frontdoor, Inc.*		1,100		34,001
Grand Canyon Education, Inc.*		600		57,582
H&R Block, Inc.		2,500		65,175
Mister Car Wash, Inc.*		750		10,800
Service Corp. International		2,170		142,374
Terminix Global Holdings, Inc.*		1,668		76,544
			$	557,483
HOTELS, RESTAURANTS & LEISURE – 2.0%
Aramark		3,333		120,821
Booking Holdings, Inc.*		580		1,281,980
Boyd Gaming Corp.		1,200		72,696
Caesars Entertainment, Inc.*		2,950		195,526
Carnival Corp.*,#		21,350		369,355
Chipotle Mexican Grill, Inc.*		400		582,244
Choice Hotels International, Inc.		410		57,589
Churchill Downs, Inc.		500		101,470
Darden Restaurants, Inc.		1,750		230,527
Domino’s Pizza, Inc.		500		169,000
DraftKings, Inc., Class A*,#		4,550		62,244
Expedia Group, Inc.*		2,052		358,587
Hilton Worldwide Holdings, Inc.*		3,953		613,861
Hyatt Hotels Corp., Class A*		650		61,724
Las Vegas Sands Corp.*		4,720		167,230
Marriott International, Inc., Class A*		3,886		689,843
Marriott Vacations Worldwide Corp.		600		89,598
McDonald’s Corp.		10,699		2,665,763
MGM Resorts International		5,510		226,130
Norwegian Cruise Line Holdings Ltd.*,#		5,750		115,173
Penn National Gaming, Inc.*		2,400		87,768
Planet Fitness, Inc., Class A*		1,178		94,275
Restaurant Brands International LP		47		2,756
Royal Caribbean Cruises Ltd.*		3,030		235,522
Six Flags Entertainment Corp.*		1,100		42,097
Starbucks Corp.		16,590		1,238,278
Travel + Leisure Co.		1,160		64,357
Vail Resorts, Inc.		578		146,904
Wendy’s Co. (The)		2,515		49,696
Wyndham Hotels & Resorts, Inc.		1,310		115,228
Wynn Resorts Ltd.*		1,568		110,513
Yum China Holdings, Inc.		6,300		263,340
Yum! Brands, Inc.		4,300		503,143
			$	11,185,238
HOUSEHOLD DURABLES – 0.3%
DR Horton, Inc.		4,720		328,465
Garmin Ltd.		2,090		229,357
Leggett & Platt, Inc.		2,070		73,754
Lennar Corp., Class A		3,610		276,129
Lennar Corp., Class B		176		11,475
Mohawk Industries, Inc.*		755		106,500
Newell Brands, Inc.		5,269		121,977
NVR, Inc.*		50		218,811
PulteGroup, Inc.		3,590		149,918

ANNUAL REPORT / April 30, 2022

11 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Tempur Sealy International, Inc.		2,500	$	67,775
Toll Brothers, Inc.		1,600		74,192
TopBuild Corp.*		450		81,513
Whirlpool Corp.		835		151,569
			$	1,891,435
INTERNET & DIRECT MARKETING RETAIL – 3.0%
Amazon.com, Inc.*		6,235		15,497,903
DoorDash, Inc., Class A*		2,150		175,075
eBay, Inc.		9,090		471,953
Etsy, Inc.*,#		1,800		167,742
Just Eat Takeaway.com NV, ADR*		4,730		25,542
Qurate Retail, Inc., Class A		5,900		24,839
Wayfair, Inc., Class A*		1,048		80,633
			$	16,443,687
LEISURE PRODUCTS – 0.1%
Brunswick Corp.		1,100		83,171
Hasbro, Inc.		1,840		162,030
Mattel, Inc.*		5,050		122,765
Peloton Interactive, Inc., Class A*		4,000		70,240
Polaris, Inc.		800		75,952
YETI Holdings, Inc.*		1,250		61,088
			$	575,246
MULTILINE RETAIL – 0.6%
Dollar General Corp.		3,350		795,725
Dollar Tree, Inc.*		3,262		529,912
Kohl’s Corp.		2,110		122,127
Nordstrom, Inc.#		1,780		45,746
Ollie’s Bargain Outlet Holdings, Inc.*		873		41,948
Target Corp.		6,860		1,568,539
			$	3,103,997
SPECIALTY RETAIL – 2.2%
Advance Auto Parts, Inc.		850		169,686
AutoNation, Inc.*		630		73,023
AutoZone, Inc.*		310		606,196
Bath & Body Works, Inc.		3,510		185,644
Best Buy Co., Inc.		3,580		321,949
Burlington Stores, Inc.*		900		183,204
CarMax, Inc.*		2,350		201,583
Carvana Co.*,#		1,100		63,756
Dick’s Sporting Goods, Inc.#		800		77,136
Five Below, Inc.*		778		122,224
Floor & Decor Holdings, Inc., Class A*		1,510		120,377
Foot Locker, Inc.		1,310		38,396
GameStop Corp., Class A*,#		900		112,563
Gap, Inc. (The)		2,900		36,018
Home Depot, Inc. (The)		15,000		4,506,000
Leslie’s, Inc.*		1,550		30,380
Lithia Motors, Inc.		400		113,252
Lowe’s Cos., Inc.		9,650		1,908,094
O’Reilly Automotive, Inc.*		950		576,223
Penske Automotive Group, Inc.		400		41,928
Petco Health & Wellness Co., Inc.*,#		550		10,593
RH*		250		84,030
Ross Stores, Inc.		5,040		502,841
TJX Cos., Inc. (The)		17,030		1,043,598

Description	Number of Shares		Value
Tractor Supply Co.		1,600	$	322,320
Ulta Beauty, Inc.*		750		297,600
Victoria’s Secret & Co.*		1,003		47,261
Vroom, Inc.*,#		1,600		2,496
Williams-Sonoma, Inc.		960		125,261
			$	11,923,632
TEXTILES, APPAREL & LUXURY GOODS – 0.7%
Capri Holdings Ltd.*		2,150		102,555
Carter’s, Inc.		550		46,332
Columbia Sportswear Co.		468		38,451
Deckers Outdoor Corp.*		400		106,300
Hanesbrands, Inc.		5,200		68,952
Lululemon Athletica, Inc.*		1,600		567,408
NIKE, Inc., Class B		17,640		2,199,708
PVH Corp.		820		59,680
Ralph Lauren Corp.		535		55,822
Skechers USA, Inc., Class A*		1,843		70,587
Tapestry, Inc.		3,880		127,730
Under Armour, Inc., Class A*		2,428		37,294
Under Armour, Inc., Class C*		3,350		47,536
VF Corp.		4,400		228,800
			$	3,757,155
TOTAL CONSUMER DISCRETIONARY			$	63,101,628
CONSUMER STAPLES – 6.5%
BEVERAGES – 1.6%
Boston Beer Co., Inc. (The), Class A*		100		37,500
Brown-Forman Corp., Class A		700		43,694
Brown-Forman Corp., Class B		2,575		173,658
Coca-Cola Co. (The)		56,150		3,627,851
Constellation Brands, Inc., Class A		2,200		541,398
Keurig Dr. Pepper, Inc.		10,000		374,000
Molson Coors Beverage Co., Class B		2,500		135,350
Monster Beverage Corp.*		5,300		454,104
PepsiCo., Inc.		20,000		3,434,200
			$	8,821,755
FOOD & STAPLES RETAILING – 1.5%
Albertsons Cos., Inc., Class A		2,300		71,944
Casey’s General Stores, Inc.		535		107,696
Costco Wholesale Corp.		6,400		3,403,008
Grocery Outlet Holding Corp.*,#		1,100		37,037
Kroger Co. (The)		10,650		574,674
Sysco Corp.		7,400		632,552
U.S. Foods Holding Corp.*		3,150		118,503
Walgreens Boots Alliance, Inc.		10,200		432,480
Walmart, Inc.		20,350		3,113,346
			$	8,491,240
FOOD PRODUCTS – 1.1%
Archer-Daniels-Midland Co.		7,900		707,524
Beyond Meat, Inc.*,#		700		25,816
Bunge Ltd.		1,895		214,362
Campbell Soup Co.		2,850		134,577
Conagra Brands, Inc.		6,700		234,031
Darling Ingredients, Inc.*		2,350		172,467
Flowers Foods, Inc.		2,300		60,996

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 12

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Freshpet, Inc.*		550	$	51,343
General Mills, Inc.		8,750		618,887
Hain Celestial Group, Inc. (The)*		1,200		40,248
Hershey Co. (The)		2,100		474,117
Hormel Foods Corp.		3,950		206,940
Ingredion, Inc.		850		72,344
J.M. Smucker Co. (The)		1,450		198,548
Kellogg Co.		3,500		239,750
Kraft Heinz Co. (The)		9,900		422,037
Lamb Weston Holdings, Inc.		2,050		135,505
McCormick & Co., Inc.		3,500		351,995
Mondelez International, Inc., Class A		20,150		1,299,272
Pilgrim’s Pride Corp.*		550		15,593
Post Holdings, Inc.*		788		58,619
TreeHouse Foods, Inc.*		50		1,575
Tyson Foods, Inc., Class A		4,150		386,614
			$	6,123,160
HOUSEHOLD PRODUCTS – 1.4%
Church & Dwight Co., Inc.		3,500		341,460
Clorox Co. (The)		1,750		251,073
Colgate-Palmolive Co.		12,000		924,600
Kimberly-Clark Corp.		4,800		666,384
Procter & Gamble Co. (The)		34,700		5,571,085
Reynolds Consumer Products, Inc.		900		26,631
Spectrum Brands Holdings, Inc.		600		51,042
			$	7,832,275
PERSONAL PRODUCTS – 0.2%
BellRing Brands, Inc.*		399		8,550
Coty, Inc., Class A*		4,890		39,658
Estee Lauder Cos., Inc. (The), Class A		3,300		871,398
Herbalife Nutrition Ltd.*		1,250		33,225
Olaplex Holdings, Inc.*		1,050		15,435
			$	968,266
TOBACCO – 0.7%
Altria Group, Inc.		26,050		1,447,599
Philip Morris International, Inc.		22,350		2,235,000
			$	3,682,599
TOTAL CONSUMER STAPLES			$	35,919,295
ENERGY – 4.3%
ENERGY EQUIPMENT & SERVICES – 0.3%
Baker Hughes Co.		11,450		355,179
ChampionX Corp.		80		1,688
Halliburton Co.		13,413		477,771
NOV, Inc.		5,698		103,305
Schlumberger NV		21,296		830,757
			$	1,768,700
OIL, GAS & CONSUMABLE FUELS – 4.0%
Antero Midstream Corp.		4,200		43,134
APA Corp.		5,740		234,938
Cheniere Energy, Inc.		3,630		492,990
Chevron Corp.		29,714		4,655,292
ConocoPhillips		20,228		1,932,179
Continental Resources, Inc.#		1,115		61,961

Description	Number of Shares		Value
Coterra Energy, Inc.		12,074	$	347,611
Devon Energy Corp.		10,186		592,520
Diamondback Energy, Inc.		2,797		353,065
DT Midstream, Inc.		1,325		71,219
EOG Resources, Inc.		8,880		1,036,829
EQT Corp.		4,800		190,800
Exxon Mobil Corp.		65,193		5,557,703
Hess Corp.		4,290		442,170
HF Sinclair Corp.*		2,190		83,264
Kinder Morgan, Inc.		29,205		530,071
Marathon Oil Corp.		12,100		301,532
Marathon Petroleum Corp.		9,300		811,518
New Fortress Energy, Inc.		350		13,573
Occidental Petroleum Corp.		12,760		702,948
ONEOK, Inc.		6,610		418,611
Phillips 66		7,040		610,790
Pioneer Natural Resources Co.		3,276		761,572
Targa Resources Corp.		3,300		242,253
Texas Pacific Land Corp.		100		136,660
Valero Energy Corp.		6,320		704,554
Williams Cos., Inc. (The)		18,470		633,336
			$	21,963,093
TOTAL ENERGY			$	23,731,793
FINANCIALS – 11.2%
BANKS – 3.6%
Bank of America Corp.		101,500		3,621,520
Bank of Hawaii Corp.		520		38,657
Bank OZK		1,750		67,235
BOK Financial Corp.		470		38,977
Citigroup, Inc.		28,232		1,361,065
Citizens Financial Group, Inc.		6,650		262,010
Comerica, Inc.		1,880		153,972
Commerce Bancshares, Inc.		1,637		111,922
Cullen/Frost Bankers, Inc.		790		104,509
East West Bancorp, Inc.		2,023		144,240
Fifth Third Bancorp		9,900		371,547
First Citizens BancShares, Inc., Class A		150		95,907
First Hawaiian, Inc.		1,750		41,318
First Horizon Corp.		7,784		174,206
First Republic Bank		2,550		380,511
FNB Corp.		4,950		57,024
Huntington Bancshares, Inc.		20,796		273,467
JPMorgan Chase & Co.		41,820		4,991,635
KeyCorp.		13,494		260,569
M&T Bank Corp.§		2,323		387,105
PacWest Bancorp		1,689		55,551
Pinnacle Financial Partners, Inc.		1,000		77,550
PNC Financial Services Group, Inc. (The)		5,960		989,956
Popular, Inc.		1,188		92,652
Prosperity Bancshares, Inc.		1,323		86,498
Regions Financial Corp.		13,956		289,168
Signature Bank		850		205,913
SVB Financial Group*		800		390,112
Synovus Financial Corp.		1,994		82,831
Truist Financial Corp.		18,807		909,319
U.S. Bancorp		19,170		930,895

ANNUAL REPORT / April 30, 2022

13 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Umpqua Holdings Corp.		2,850	$	47,139
Webster Financial Corp.		2,562		128,074
Wells Fargo & Co.		55,475		2,420,374
Western Alliance Bancorp		1,495		113,784
Wintrust Financial Corp.		850		74,222
Zions Bancorp NA		2,240		126,582
			$	19,958,016
CAPITAL MARKETS – 3.0%
Affiliated Managers Group, Inc.		570		71,575
Ameriprise Financial, Inc.		1,590		422,129
Ares Management Corp., Class A		2,000		132,440
Bank of New York Mellon Corp. (The)		11,020		463,501
BlackRock, Inc.		2,060		1,286,841
Blackstone, Inc.		10,000		1,015,700
Brookfield Asset Management, Inc., Class A		7		349
Carlyle Group, Inc. (The)		2,400		87,096
Cboe Global Markets, Inc.		1,500		169,470
Charles Schwab Corp. (The)		21,405		1,419,794
CME Group, Inc.		5,050		1,107,667
Evercore, Inc., Class A		550		58,163
FactSet Research Systems, Inc.		540		217,885
Franklin Resources, Inc.		4,120		101,311
Goldman Sachs Group, Inc. (The)		4,640		1,417,474
Interactive Brokers Group, Inc., Class A		1,048		62,419
Intercontinental Exchange, Inc.		8,090		936,903
Invesco Ltd.		5,370		98,701
Jefferies Financial Group, Inc.		3,148		96,832
KKR & Co., Inc.		8,034		409,493
Lazard Ltd., Class A		1,600		52,432
LPL Financial Holdings, Inc.		1,150		216,050
MarketAxess Holdings, Inc.		550		144,985
Moody’s Corp.		2,340		740,563
Morgan Stanley		18,826		1,517,187
Morningstar, Inc.		350		88,630
MSCI, Inc.		1,170		492,862
Nasdaq, Inc.		1,680		264,382
Northern Trust Corp.		2,980		307,089
Raymond James Financial, Inc.		2,665		259,731
S&P Global, Inc.		4,939		1,859,533
SEI Investments Co.		1,590		88,595
State Street Corp.		5,270		352,932
Stifel Financial Corp.		1,500		92,775
T Rowe Price Group, Inc.		3,280		403,571
Tradeweb Markets, Inc., Class A		1,500		106,785
Virtu Financial, Inc., Class A		1,350		38,988
			$	16,602,833
CONSUMER FINANCE – 0.6%
Ally Financial, Inc.		5,013		200,320
American Express Co.		8,740		1,526,965
Capital One Financial Corp.		5,900		735,258
Credit Acceptance Corp.*,#		100		51,250
Discover Financial Services		3,980		447,591
OneMain Holdings, Inc.		1,350		62,006
SLM Corp.		4,210		70,433
Synchrony Financial		7,400		272,394

Description	Number of Shares		Value
Upstart Holdings, Inc.*,#		650	$	48,763
			$	3,414,980
DIVERSIFIED FINANCIAL SERVICES – 1.6%
Apollo Global Management, Inc.		5,326		265,022
Berkshire Hathaway, Inc., Class B*		26,096		8,424,571
Equitable Holdings, Inc.		5,243		151,156
Voya Financial, Inc.		1,580		99,761
			$	8,940,510
INSURANCE – 2.3%
Aflac, Inc.		9,200		526,976
Alleghany Corp.*		176		147,224
Allstate Corp. (The)		3,930		497,302
American Financial Group, Inc.		1,050		145,404
American International Group, Inc.		11,880		695,099
American National Group, Inc.		50		9,431
Aon PLC, Class A		3,250		935,968
Arch Capital Group Ltd.*		5,120		233,830
Arthur J. Gallagher & Co.		2,930		493,676
Assurant, Inc.		830		150,960
Assured Guaranty Ltd.		900		49,635
Axis Capital Holdings Ltd.		1,480		84,848
Brighthouse Financial, Inc.*		1,000		51,360
Brown & Brown, Inc.		3,440		213,211
Chubb Ltd.		6,347		1,310,338
Cincinnati Financial Corp.		2,156		264,455
CNA Financial Corp.		150		7,116
Erie Indemnity Co., Class A		320		51,290
Everest Re Group Ltd.		620		170,320
Fidelity National Financial, Inc.		3,941		156,931
First American Financial Corp.		1,478		86,182
Globe Life, Inc.		1,493		146,433
GoHealth, Inc., Class A*		750		560
Hanover Insurance Group, Inc. (The)		500		73,410
Hartford Financial Services Group, Inc. (The)		4,590		320,979
Kemper Corp.		778		35,912
Lemonade, Inc.*,#		650		13,559
Lincoln National Corp.		2,608		156,871
Loews Corp.		3,100		194,804
Markel Corp.*		230		311,254
Marsh & McLennan Cos., Inc.		7,190		1,162,623
Mercury General Corp.		300		15,129
MetLife, Inc.		9,951		653,582
Old Republic International Corp.		3,868		85,135
Primerica, Inc.		623		80,716
Principal Financial Group, Inc.		3,840		261,658
Progressive Corp. (The)		8,230		883,573
Prudential Financial, Inc.		5,330		578,358
Reinsurance Group of America, Inc.		940		100,881
RenaissanceRe Holdings Ltd.		578		82,955
Travelers Cos., Inc. (The)		3,380		578,183
Unum Group		2,760		84,235
W.R. Berkley Corp.		2,880		191,491
White Mountains Insurance Group Ltd.		60		62,881
Willis Towers Watson PLC		1,750		376,005
			$	12,732,743

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%
AGNC Investment Corp.		7,135	$	78,342
Annaly Capital Management, Inc.		20,130		129,235
New Residential Investment Corp.		5,900		61,360
Starwood Property Trust, Inc.		4,168		95,364
			$	364,301
THRIFTS & MORTGAGE FINANCE – 0.0%**
MGIC Investment Corp.		4,300		56,158
New York Community Bancorp, Inc.		6,533		60,365
Rocket Cos., Inc., Class A#		1,900		16,815
TFS Financial Corp.		955		14,315
UWM Holdings Corp.#		1,900		7,049
			$	154,702
TOTAL FINANCIALS			$	62,168,085
HEALTH CARE – 13.9%
BIOTECHNOLOGY – 2.1%
2seventy bio, Inc.*		16		215
AbbVie, Inc.		25,161		3,695,648
ACADIA Pharmaceuticals, Inc.*		100		1,844
Alnylam Pharmaceuticals, Inc.*		1,750		233,502
Amgen, Inc.		8,014		1,868,785
Biogen, Inc.*		2,100		435,624
BioMarin Pharmaceutical, Inc.*		2,650		215,577
Bluebird Bio, Inc.*,#		50		182
CureVac NV*,#		500		8,545
Exact Sciences Corp.*		2,550		140,378
Exelixis, Inc.*		4,700		104,998
Gilead Sciences, Inc.		18,194		1,079,632
Global Blood Therapeutics, Inc.*		50		1,535
Horizon Therapeutics PLC*		3,050		300,608
Incyte Corp.*		2,560		191,898
Ionis Pharmaceuticals, Inc.*		2,050		75,358
Iovance Biotherapeutics, Inc.*		2,050		31,058
Mirati Therapeutics, Inc.*		550		33,985
Moderna, Inc.*		4,850		651,888
Natera, Inc.*		1,150		40,388
Neurocrine Biosciences, Inc.*		1,300		117,039
Novavax, Inc.*,#		1,100		49,577
Regeneron Pharmaceuticals, Inc.*		1,450		955,709
Sage Therapeutics, Inc.*		800		25,216
Sarepta Therapeutics, Inc.*		1,115		80,637
Seagen, Inc.*		1,950		255,469
Ultragenyx Pharmaceutical, Inc.*		950		67,156
United Therapeutics Corp.*		640		113,638
Vertex Pharmaceuticals, Inc.*		3,643		995,340
			$	11,771,429
HEALTH CARE EQUIPMENT & SUPPLIES – 2.7%
Abbott Laboratories		25,045		2,842,607
ABIOMED, Inc.*		650		186,277
Align Technology, Inc.*		1,110		321,800
Baxter International, Inc.		7,230		513,764
Becton Dickinson & Co.		4,134		1,021,883
Boston Scientific Corp.*		20,400		859,044
Cooper Cos., Inc. (The)		700		252,728
DENTSPLY SIRONA, Inc.		3,229		129,128

Description	Number of Shares		Value
DexCom, Inc.*		1,350	$	551,583
Edwards Lifesciences Corp.*		8,716		921,978
Embecta Corp.*		816		24,831
Enovis Corp.*		650		42,166
Envista Holdings Corp.*		2,250		89,145
Figs, Inc., Class A*,#		1,300		20,358
Globus Medical, Inc., Class A*		1,050		69,531
Hologic, Inc.*		3,640		262,044
ICU Medical, Inc.*		300		64,197
IDEXX Laboratories, Inc.*		1,230		529,490
Insulet Corp.*		950		227,041
Integra LifeSciences Holdings Corp.*		1,048		64,096
Intuitive Surgical, Inc.*		5,050		1,208,465
Masimo Corp.*		750		84,728
Medtronic PLC		19,476		2,032,515
Novocure Ltd.*		1,500		114,870
Penumbra, Inc.*		500		86,280
Quidel Corp.*		568		57,152
ResMed, Inc.		2,070		413,938
STERIS PLC		1,200		268,860
Stryker Corp.		5,100		1,230,426
Tandem Diabetes Care, Inc.*		900		86,832
Teleflex, Inc.		710		202,790
Zimmer Biomet Holdings, Inc.		3,010		363,457
Zimvie, Inc.*		301		6,773
			$	15,150,777
HEALTH CARE PROVIDERS & SERVICES – 3.1%
Acadia Healthcare Co., Inc.*		1,250		84,850
agilon health, Inc.*		2,400		42,648
Amedisys, Inc.*		500		63,825
AmerisourceBergen Corp.		2,120		320,735
Anthem, Inc.		3,510		1,761,774
Cardinal Health, Inc.		3,770		218,849
Centene Corp.*		8,280		666,954
Chemed Corp.		200		98,278
Cigna Corp.		4,742		1,170,231
CVS Health Corp.		19,121		1,838,102
DaVita, Inc.*		838		90,814
Encompass Health Corp.		1,480		101,868
Guardant Health, Inc.*		1,385		85,455
HCA Healthcare, Inc.		3,550		761,652
Henry Schein, Inc.*		2,070		167,877
Humana, Inc.		1,880		835,773
Laboratory Corp. of America Holdings*		1,307		314,046
McKesson Corp.		2,200		681,142
Molina Healthcare, Inc.*		800		250,760
Oak Street Health, Inc.*,#		1,500		27,135
Premier, Inc., Class A		1,700		61,557
Quest Diagnostics, Inc.		1,800		240,912
Signify Health, Inc., Class A*		900		12,420
UnitedHealth Group, Inc.		13,420		6,824,741
Universal Health Services, Inc., Class B		1,080		132,332
			$	16,854,730
HEALTH CARE TECHNOLOGY – 0.2%
American Well Corp., Class A*,#		600		1,878
Cerner Corp.		4,290		401,716

ANNUAL REPORT / April 30, 2022

15 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Certara, Inc.*		1,450	$	26,607
Change Healthcare, Inc.*		3,600		84,816
Teladoc Health, Inc.*		2,177		73,496
Veeva Systems, Inc., Class A*		1,970		358,441
			$	946,954
LIFE SCIENCES TOOLS & SERVICES – 1.8%
10X Genomics, Inc., Class A*		1,250		59,700
Adaptive Biotechnologies Corp.*		1,600		13,200
Agilent Technologies, Inc.		4,440		529,559
Avantor, Inc.*		8,795		280,385
Azenta, Inc.		1,050		78,708
Berkeley Lights, Inc.*,#		150		746
Bio-Rad Laboratories, Inc., Class A*		290		148,497
Bio-Techne Corp.		550		208,830
Bruker Corp.		1,600		91,984
Charles River Laboratories International, Inc.*		720		173,887
Danaher Corp.		9,030		2,267,704
ICON PLC*		102		23,073
Illumina, Inc.*		2,090		619,998
IQVIA Holdings, Inc.*		2,780		606,012
Maravai LifeSciences Holdings, Inc., Class A*		1,500		46,095
Mettler-Toledo International, Inc.*		320		408,810
PerkinElmer, Inc.		1,770		259,500
QIAGEN NV*		3,000		136,110
Repligen Corp.*		800		125,792
Sotera Health Co.*		1,100		22,418
Syneos Health, Inc.*		1,500		109,635
Thermo Fisher Scientific, Inc.		5,620		3,107,410
Waters Corp.*		910		275,748
West Pharmaceutical Services, Inc.		1,050		330,813
			$	9,924,614
PHARMACEUTICALS – 4.0%
AstraZeneca PLC, ADR		1		66
Bristol-Myers Squibb Co.		31,826		2,395,543
Catalent, Inc.*		2,500		226,400
Elanco Animal Health, Inc.*		6,750		170,843
Eli Lilly & Co.		12,080		3,528,930
Jazz Pharmaceuticals PLC*		860		137,789
Johnson & Johnson		37,750		6,812,365
Merck & Co., Inc.		36,416		3,229,735
Nektar Therapeutics*		2,900		11,977
Organon & Co.		3,966		128,221
Perrigo Co. PLC		1,808		62,014
Pfizer, Inc.		79,953		3,923,294
Reata Pharmaceuticals, Inc., Class A*,#		50		1,269
Royalty Pharma PLC, Class A		4,350		185,223
Viatris, Inc.		17,255		178,244
Zoetis, Inc.		6,731		1,193,070
			$	22,184,983
TOTAL HEALTH CARE			$	76,833,487
INDUSTRIALS – 9.0%
AEROSPACE & DEFENSE – 1.7%
Axon Enterprise, Inc.*		900		100,980
Boeing Co. (The)*		8,090		1,204,116
BWX Technologies, Inc.		1,505		78,140

Description	Number of Shares		Value
Curtiss-Wright Corp.		565	$	80,744
General Dynamics Corp.		3,780		894,083
HEICO Corp.		650		91,799
HEICO Corp., Class A		1,202		140,201
Hexcel Corp.		1,350		73,386
Howmet Aerospace, Inc.		5,716		195,030
Huntington Ingalls Industries, Inc.		545		115,943
L3Harris Technologies, Inc.		2,982		692,599
Lockheed Martin Corp.		3,700		1,598,844
Mercury Systems, Inc.*		850		47,422
Northrop Grumman Corp.		2,220		975,468
Raytheon Technologies Corp.		22,654		2,150,091
Spirit AeroSystems Holdings, Inc., Class A		1,540		64,742
Textron, Inc.		3,403		235,658
TransDigm Group, Inc.*		790		469,900
Virgin Galactic Holdings, Inc.*,#		2,100		15,729
Woodward, Inc.		875		96,670
			$	9,321,545
AIR FREIGHT & LOGISTICS – 0.6%
C.H. Robinson Worldwide, Inc.		1,984		210,602
Expeditors International of Washington, Inc.		2,580		255,601
FedEx Corp.		3,760		747,262
GXO Logistics, Inc.*		1,450		85,826
United Parcel Service, Inc., Class B		10,980		1,976,180
			$	3,275,471
AIRLINES – 0.3%
Alaska Air Group, Inc.*		1,875		101,981
American Airlines Group, Inc.*		9,643		180,999
Copa Holdings SA, Class A*		550		41,454
Delta Air Lines, Inc.*		9,740		419,112
JetBlue Airways Corp.*		4,850		53,399
Southwest Airlines Co.*		8,680		405,530
United Airlines Holdings, Inc.*		4,783		241,541
			$	1,444,016
BUILDING PRODUCTS – 0.6%
A.O. Smith Corp.		1,900		111,017
Advanced Drainage Systems, Inc.		850		87,091
Allegion PLC		1,433		163,706
Armstrong World Industries, Inc.		778		65,865
AZEK Co., Inc. (The)*		1,500		31,860
Builders FirstSource, Inc.*		2,900		178,553
Carlisle Cos., Inc.		740		191,926
Carrier Global Corp.		12,900		493,683
Fortune Brands Home & Security, Inc.		1,910		136,088
Hayward Holdings, Inc.*		650		10,335
Johnson Controls International PLC		11,431		684,374
Lennox International, Inc.		500		106,595
Masco Corp.		3,530		185,996
Owens Corning		1,398		127,120
Trane Technologies PLC		3,850		538,576
Trex Co., Inc.*		1,794		104,393
			$	3,217,178
COMMERCIAL SERVICES & SUPPLIES – 0.5%
Cintas Corp.		1,320		524,383
Clean Harbors, Inc.*		750		78,697

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Copart, Inc.*		3,150	$	357,997
Driven Brands Holdings, Inc.*		800		22,312
IAA, Inc.*		2,268		83,122
MSA Safety, Inc.		550		66,380
Republic Services, Inc.		3,140		421,608
Rollins, Inc.		3,450		115,713
Stericycle, Inc.*		1,485		74,532
Waste Management, Inc.		6,390		1,050,772
			$	2,795,516
CONSTRUCTION & ENGINEERING – 0.1%
AECOM		2,025		142,884
MasTec, Inc.*		900		64,809
MDU Resources Group, Inc.		2,350		60,536
Quanta Services, Inc.		2,088		242,166
Valmont Industries, Inc.		260		64,691
			$	575,086
ELECTRICAL EQUIPMENT – 0.7%
Acuity Brands, Inc.		500		86,240
AMETEK, Inc.		3,610		455,799
ChargePoint Holdings, Inc.*,#		3,350		43,349
Eaton Corp. PLC		6,278		910,436
Emerson Electric Co.		8,990		810,718
Generac Holdings, Inc.*		947		207,753
GrafTech International Ltd.		150		1,362
Hubbell, Inc.		840		164,102
nVent Electric PLC		2,216		74,856
Plug Power, Inc.*,#		7,450		156,599
Regal Rexnord Corp.		1,000		127,240
Rockwell Automation, Inc.		1,770		447,226
Sensata Technologies Holding PLC*		2,398		108,893
Shoals Technologies Group, Inc., Class A*		1,200		11,976
Sunrun, Inc.*,#		2,950		58,941
Vertiv Holdings Co.		4,200		52,626
			$	3,718,116
INDUSTRIAL CONGLOMERATES – 0.9%
3M Co.		8,710		1,256,156
General Electric Co.		16,515		1,231,194
Honeywell International, Inc.		10,320		1,997,023
Roper Technologies, Inc.		1,600		751,872
			$	5,236,245
MACHINERY – 1.7%
AGCO Corp.		995		126,763
Allison Transmission Holdings, Inc.		1,850		69,264
Caterpillar, Inc.		8,200		1,726,428
Crane Co.		650		62,550
Cummins, Inc.		2,180		412,434
Deere & Co.		4,240		1,600,812
Donaldson Co., Inc.		1,660		81,406
Dover Corp.		2,210		294,593
Esab Corp.*		649		30,503
Flowserve Corp.		2,148		70,261
Fortive Corp.		4,890		281,175
Gates Industrial Corp. PLC*		1,200		15,300
Graco, Inc.		2,520		156,290
IDEX Corp.		1,120		212,598

Description	Number of Shares		Value
Illinois Tool Works, Inc.		4,750	$	936,273
Ingersoll Rand, Inc.		6,144		270,090
ITT, Inc.		1,335		93,744
Lincoln Electric Holdings, Inc.		900		121,257
Middleby Corp. (The)*		850		130,807
Nordson Corp.		850		183,337
Oshkosh Corp.		1,090		100,760
Otis Worldwide Corp.		6,525		475,281
PACCAR, Inc.		5,040		418,572
Parker-Hannifin Corp.		1,960		530,807
Pentair PLC		2,564		130,123
Snap-on, Inc.		780		165,742
Stanley Black & Decker, Inc.		2,470		296,771
Timken Co. (The)		1,000		57,640
Toro Co. (The)		1,580		126,605
Trinity Industries, Inc.		100		2,774
Westinghouse Air Brake Technologies Corp.		2,665		239,610
Xylem, Inc.		2,760		222,180
			$	9,642,750
MARINE – 0.0%**
Kirby Corp.*		1,000		65,200
PROFESSIONAL SERVICES – 0.5%
Booz Allen Hamilton Holding Corp.		2,050		167,342
CACI International, Inc., Class A*		353		93,651
Clarivate PLC*		6,400		100,352
CoStar Group, Inc.*		6,050		384,901
Dun & Bradstreet Holdings, Inc.*		2,150		33,949
Equifax, Inc.		1,860		378,547
FTI Consulting, Inc.*		500		78,855
Jacobs Engineering Group, Inc.		1,900		263,245
Leidos Holdings, Inc.		2,050		212,195
ManpowerGroup, Inc.		810		73,062
Nielsen Holdings PLC		5,600		150,136
Robert Half International, Inc.		1,548		152,184
Science Applications International Corp.		800		66,584
TransUnion		2,950		258,184
Verisk Analytics, Inc.		2,350		479,517
			$	2,892,704
ROAD & RAIL – 1.1%
AMERCO		113		60,509
CSX Corp.		33,500		1,150,390
JB Hunt Transport Services, Inc.		1,230		210,145
Knight-Swift Transportation Holdings, Inc.		2,335		111,823
Landstar System, Inc.		590		91,391
Lyft, Inc., Class A*		4,300		140,180
Norfolk Southern Corp.		3,660		943,841
Old Dominion Freight Line, Inc.		1,550		434,186
Ryder System, Inc.		790		55,221
Schneider National, Inc., Class B		323		7,632
TuSimple Holdings, Inc., Class A*,#		1,950		20,222
Uber Technologies, Inc.*		24,550		772,834
Union Pacific Corp.		9,720		2,277,299
XPO Logistics, Inc.*		1,450		77,996
			$	6,353,669

ANNUAL REPORT / April 30, 2022

17 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
TRADING COMPANIES & DISTRIBUTORS – 0.3%
Air Lease Corp.		1,700	$	68,476
Core & Main, Inc., Class A*		550		13,068
Fastenal Co.		8,540		472,347
MSC Industrial Direct Co., Inc., Class A		740		61,316
SiteOne Landscape Supply, Inc.*		650		91,670
United Rentals, Inc.*		1,070		338,676
Univar Solutions, Inc.*		2,700		78,624
Watsco, Inc.		500		133,390
WW Grainger, Inc.		690		345,021
			$	1,602,588
TOTAL INDUSTRIALS			$	50,140,084
INFORMATION TECHNOLOGY – 27.1%
COMMUNICATIONS EQUIPMENT – 0.8%
Arista Networks, Inc.*		3,450		398,716
Ciena Corp.*		2,223		122,643
Cisco Systems, Inc.		60,600		2,968,188
CommScope Holding Co., Inc.*		3,250		19,598
F5, Inc.*		863		144,475
Juniper Networks, Inc.		4,640		146,253
Lumentum Holdings, Inc.*		1,050		85,270
Motorola Solutions, Inc.		2,380		508,582
Ubiquiti, Inc.#		100		28,225
Viasat, Inc.*		950		34,970
			$	4,456,920
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Amphenol Corp., Class A		8,350		597,025
Arrow Electronics, Inc.*		1,035		121,985
Avnet, Inc.		1,650		72,039
CDW Corp.		1,990		324,728
Cognex Corp.		2,550		172,457
Coherent, Inc.*		350		93,765
Corning, Inc.		10,870		382,515
IPG Photonics Corp.*		550		51,964
Jabil, Inc.		1,958		113,035
Keysight Technologies, Inc.*		2,550		357,689
Littelfuse, Inc.		293		67,170
National Instruments Corp.		2,020		73,003
TD SYNNEX Corp.		643		64,358
Teledyne Technologies, Inc.*		693		299,064
Trimble, Inc.*		3,580		238,786
Vontier Corp.		2,406		61,642
Zebra Technologies Corp., Class A*		750		277,245
			$	3,368,470
IT SERVICES – 4.6%
Accenture PLC, Class A		9,250		2,778,330
Akamai Technologies, Inc.*		2,300		258,244
Amdocs Ltd.		1,920		153,005
Automatic Data Processing, Inc.		6,030		1,315,625
BigCommerce Holdings, Inc.*		50		894
Block, Inc., Class A*		6,800		676,872
Bread Financial Holdings, Inc.		40		2,192
Broadridge Financial Solutions, Inc.		1,680		242,138
Cloudflare, Inc., Class A*		3,700		318,718
Cognizant Technology Solutions Corp., Class A		7,710		623,739

Description	Number of Shares		Value
Concentrix Corp.		593	$	93,386
DXC Technology Co.*		3,526		101,196
EPAM Systems, Inc.*		750		198,742
Euronet Worldwide, Inc.*		765		93,062
Fastly, Inc., Class A*		1,600		25,440
Fidelity National Information Services, Inc.		8,600		852,690
Fiserv, Inc.*		8,660		847,987
FleetCor Technologies, Inc.*		1,150		286,948
Gartner, Inc.*		1,150		334,132
Genpact Ltd.		2,345		94,433
Global Payments, Inc.		3,963		542,852
Globant SA*		700		151,193
GoDaddy, Inc., Class A*		2,350		189,904
International Business Machines Corp.		12,760		1,687,000
Jack Henry & Associates, Inc.		1,000		189,580
Kyndryl Holdings, Inc.*		3,462		41,163
Mastercard, Inc., Class A		12,370		4,495,011
MongoDB, Inc.*		915		324,761
Okta, Inc.*		1,850		220,723
Paychex, Inc.		4,620		585,493
PayPal Holdings, Inc.*		16,815		1,478,543
Sabre Corp.*,#		4,100		42,927
Shift4 Payments, Inc., Class A*		700		36,722
Snowflake, Inc., Class A*		2,850		488,604
SolarWinds Corp.		437		5,406
StoneCo Ltd., Class A*		2,100		19,782
Switch, Inc., Class A		1,350		40,311
Thoughtworks Holding, Inc.*		500		9,255
Twilio, Inc., Class A*		2,350		262,777
VeriSign, Inc.*		1,450		259,100
Visa, Inc., Class A		23,720		5,055,444
Western Union Co. (The)		5,840		97,878
WEX, Inc.*		615		102,238
Wix.com Ltd.*		650		49,049
			$	25,673,489
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 5.1%
Advanced Micro Devices, Inc.*		23,418		2,002,707
Allegro MicroSystems, Inc.*		450		10,940
Analog Devices, Inc.		7,542		1,164,334
Applied Materials, Inc.		12,630		1,393,720
Broadcom, Inc.		5,783		3,206,037
Cirrus Logic, Inc.*		850		64,430
Enphase Energy, Inc.*		1,850		298,590
Entegris, Inc.		1,950		217,211
First Solar, Inc.*		1,600		116,848
GLOBALFOUNDRIES, Inc.*,#		700		36,603
Intel Corp.		57,870		2,522,553
KLA Corp.		2,200		702,372
Lam Research Corp.		2,030		945,493
Marvell Technology, Inc.		11,961		694,695
Microchip Technology, Inc.		7,628		497,346
Micron Technology, Inc.		15,900		1,084,221
MKS Instruments, Inc.		783		89,246
Monolithic Power Systems, Inc.		630		247,111
NVIDIA Corp.		34,295		6,360,694
NXP Semiconductors NV		3,800		649,420
ON Semiconductor Corp.*		6,028		314,119

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Qorvo, Inc.*		1,650	$	187,737
QUALCOMM, Inc.		16,130		2,253,200
Skyworks Solutions, Inc.		2,250		254,925
SolarEdge Technologies, Inc.*		25		6,260
Teradyne, Inc.		2,350		247,831
Texas Instruments, Inc.		13,200		2,247,300
Universal Display Corp.		600		76,638
Wolfspeed, Inc.*		1,575		144,443
			$	28,037,024
SOFTWARE – 9.4%
Adobe, Inc.*		6,760		2,676,622
Alteryx, Inc., Class A*		850		54,570
Anaplan, Inc.*		2,068		134,399
ANSYS, Inc.*		1,280		352,883
Aspen Technology, Inc.*		993		157,430
Atlassian Corp. PLC, Class A*		2,000		449,660
Autodesk, Inc.*		3,130		592,446
Avalara, Inc.*		1,183		89,991
Bentley Systems, Inc., Class B#		2,100		89,019
Bill.com Holdings, Inc.*		1,300		221,923
Black Knight, Inc.*		2,087		137,304
C3.ai, Inc., Class A*,#		800		13,592
Cadence Design Systems, Inc.*		3,860		582,281
CDK Global, Inc.		1,926		104,794
Ceridian HCM Holding, Inc.*		1,875		105,244
Citrix Systems, Inc.		1,740		174,174
Coupa Software, Inc.*		950		81,985
Crowdstrike Holdings, Inc., Class A*		2,869		570,242
Datadog, Inc., Class A*		3,648		440,605
DocuSign, Inc.*		2,700		218,700
Dolby Laboratories, Inc., Class A		990		76,695
DoubleVerify Holdings, Inc.*		650		14,138
Dropbox, Inc., Class A*		4,150		90,263
Duck Creek Technologies, Inc.*		850		13,541
Dynatrace, Inc.*		2,773		106,372
Elastic NV*		950		72,333
Everbridge, Inc.*		400		17,240
Fair Isaac Corp.*		350		130,728
Five9, Inc.*		993		109,329
Fortinet, Inc.*		1,900		549,119
Guidewire Software, Inc.*		1,300		113,022
HubSpot, Inc.*		653		247,768
Informatica, Inc., Class A*,#		500		9,730
Intuit, Inc.		3,800		1,591,250
Jamf Holding Corp.*		700		21,560
Mandiant, Inc.*		3,400		74,732
Manhattan Associates, Inc.*		873		113,970
Microsoft Corp.		107,899		29,944,130
N-Able, Inc.*		436		4,360
nCino, Inc.*		800		29,992
NCR Corp.*		1,970		69,009
New Relic, Inc.*		550		34,799
NortonLifeLock, Inc.		7,970		199,569
Nutanix, Inc., Class A*		2,950		73,839
Oracle Corp.		23,210		1,703,614
Palantir Technologies, Inc., Class A*		23,550		244,920
Palo Alto Networks, Inc.*		1,390		780,179

Description	Number of Shares		Value
Paycom Software, Inc.*		700	$	197,029
Paycor HCM, Inc.*		400		9,852
Paylocity Holding Corp.*		575		109,037
Pegasystems, Inc.		620		47,486
Procore Technologies, Inc.*		800		44,376
PTC, Inc.*		1,550		177,025
RingCentral, Inc., Class A*		1,150		97,577
Salesforce, Inc.*		13,416		2,360,411
ServiceNow, Inc.*		2,850		1,362,585
Smartsheet, Inc., Class A*		1,705		82,403
Splunk, Inc.*		2,300		280,646
SS&C Technologies Holdings, Inc.		3,250		210,145
Synopsys, Inc.*		2,200		630,938
Teradata Corp.*		1,670		69,055
Trade Desk, Inc. (The), Class A*		6,250		368,250
Tyler Technologies, Inc.*		600		236,826
Unity Software, Inc.*		2,200		146,102
VMware, Inc., Class A		3,169		342,379
Workday, Inc., Class A*		2,750		568,425
Zendesk, Inc.*		1,665		203,197
Zoom Video Communications, Inc., Class A*		3,038		302,494
Zscaler, Inc.*		1,100		223,014
			$	51,753,317
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.6%
Apple, Inc.		221,040		34,846,956
Dell Technologies, Inc., Class C		3,919		184,232
Hewlett Packard Enterprise Co.		19,290		297,259
HP, Inc.		15,540		569,230
NetApp, Inc.		3,203		234,620
Pure Storage, Inc., Class A*		3,845		112,658
Western Digital Corp.*		4,483		237,913
Xerox Holdings Corp.		2,300		40,020
			$	36,522,888
TOTAL INFORMATION TECHNOLOGY			$	149,812,108
MATERIALS – 2.8%
CHEMICALS – 1.5%
Air Products & Chemicals, Inc.		3,450		807,541
Albemarle Corp.		1,750		337,453
Ashland Global Holdings, Inc.		800		83,976
Axalta Coating Systems Ltd.*		2,710		68,753
Celanese Corp.		1,650		242,451
CF Industries Holdings, Inc.		3,350		324,381
Chemours Co. (The)		2,450		81,022
Corteva, Inc.		11,112		641,051
Dow, Inc.		11,079		736,753
DuPont de Nemours, Inc.		7,712		508,452
Eastman Chemical Co.		2,000		205,340
Ecolab, Inc.		3,900		660,426
Element Solutions, Inc.		3,700		76,294
FMC Corp.		2,050		271,707
Huntsman Corp.		3,000		101,610
International Flavors & Fragrances, Inc.		3,900		473,070
Linde PLC		150		46,794
LyondellBasell Industries NV, Class A		3,850		408,216
Mosaic Co. (The)		5,665		353,609

ANNUAL REPORT / April 30, 2022

19 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
NewMarket Corp.		100	$	32,461
Olin Corp.		2,200		126,280
PPG Industries, Inc.		3,650		467,163
RPM International, Inc.		1,900		157,510
Scotts Miracle-Gro Co. (The)		695		72,231
Sherwin-Williams Co. (The)		3,700		1,017,352
Valvoline, Inc.		3,050		92,202
Westlake Corp.		400		50,620
			$	8,444,718
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		600		73,992
Martin Marietta Materials, Inc.		950		336,509
Vulcan Materials Co.		2,000		344,580
			$	755,081
CONTAINERS & PACKAGING – 0.5%
Amcor PLC		22,751		269,827
AptarGroup, Inc.		1,065		122,294
Avery Dennison Corp.		1,300		234,780
Ball Corp.		4,950		401,742
Berry Global Group, Inc.*		2,093		117,941
Crown Holdings, Inc.		1,918		211,057
Graphic Packaging Holding Co.		4,555		99,299
International Paper Co.		5,800		268,424
Packaging Corp. of America		1,450		233,696
Sealed Air Corp.		2,450		157,315
Silgan Holdings, Inc.		955		42,373
Sonoco Products Co.		1,430		88,531
Westrock Co.		3,850		190,690
			$	2,437,969
METALS & MINING – 0.7%
Alcoa Corp.		2,800		189,840
Cleveland-Cliffs, Inc.*		6,650		169,508
Freeport-McMoRan, Inc.		22,200		900,210
Newmont Corp.		12,150		885,127
Nucor Corp.		4,100		634,598
Reliance Steel & Aluminum Co.		900		178,425
Royal Gold, Inc.		1,058		138,048
Southern Copper Corp.		1,150		71,611
Steel Dynamics, Inc.		2,750		235,812
United States Steel Corp.		4,150		126,534
			$	3,529,713
PAPER & FOREST PRODUCTS – 0.0%**
Louisiana-Pacific Corp.		1,300		83,876
Sylvamo Corp.*		609		27,192
			$	111,068
TOTAL MATERIALS			$	15,278,549
REAL ESTATE – 3.1%
REAL ESTATE INVESTMENT TRUSTS – 3.0%
Alexandria Real Estate Equities, Inc.		2,065		376,160
American Campus Communities, Inc.		1,850		119,640
American Homes 4 Rent, Class A		3,990		158,044
American Tower Corp.		5,760		1,388,275
Americold Realty Trust		3,040		80,195

Description	Number of Shares		Value
Apartment Income REIT Corp.		1,854	$	91,161
Apartment Investment & Management Co., Class A*		2,854		17,980
AvalonBay Communities, Inc.		1,822		414,469
Boston Properties, Inc.		2,050		241,080
Brandywine Realty Trust		250		2,918
Brixmor Property Group, Inc.		3,750		95,175
Camden Property Trust		1,270		199,250
Cousins Properties, Inc.		1,833		65,805
Crown Castle International Corp.		5,540		1,026,063
CubeSmart		2,583		122,718
Digital Realty Trust, Inc.		3,560		520,187
Douglas Emmett, Inc.		2,210		65,107
Duke Realty Corp.		4,960		271,560
Empire State Realty Trust, Inc., Class A		400		3,456
EPR Properties		1,000		52,520
Equinix, Inc.		1,131		813,279
Equity LifeStyle Properties, Inc.		2,350		181,608
Equity Residential		4,750		387,125
Essex Property Trust, Inc.		823		270,989
Extra Space Storage, Inc.		1,700		323,000
Federal Realty Investment Trust		998		116,826
First Industrial Realty Trust, Inc.		1,600		92,800
Gaming and Leisure Properties, Inc.		2,959		131,320
Healthcare Trust of America, Inc., Class A		2,930		89,248
Healthpeak Properties, Inc.		6,880		225,733
Highwoods Properties, Inc.		1,040		42,474
Host Hotels & Resorts, Inc.		9,080		184,778
Hudson Pacific Properties, Inc.		2,053		47,794
Invitation Homes, Inc.		7,650		304,623
Iron Mountain, Inc.		3,806		204,496
JBG SMITH Properties		1,171		30,868
Kilroy Realty Corp.		1,525		106,750
Kimco Realty Corp.		7,606		192,660
Lamar Advertising Co., Class A		1,100		121,451
Life Storage, Inc.		975		129,178
Medical Properties Trust, Inc.		7,100		130,569
Mid-America Apartment Communities, Inc.		1,521		299,150
National Retail Properties, Inc.		2,315		101,490
Omega Healthcare Investors, Inc.		3,000		76,440
Orion Office REIT, Inc.		724		9,716
Paramount Group, Inc.		350		3,329
Park Hotels & Resorts, Inc.		3,150		62,087
Prologis, Inc.		9,467		1,517,465
Public Storage		1,910		709,565
Rayonier, Inc.		1,515		65,448
Realty Income Corp.		7,240		502,166
Regency Centers Corp.		2,233		153,697
Rexford Industrial Realty, Inc.		1,900		148,276
SBA Communications Corp.		1,400		485,954
Simon Property Group, Inc.		4,043		477,074
SL Green Realty Corp.		710		49,146
Spirit Realty Capital, Inc.		1,450		63,003
STORE Capital Corp.		2,955		84,011
Sun Communities, Inc.		1,450		254,577
UDR, Inc.		3,930		209,115
Ventas, Inc.		4,986		276,972

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 20

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
VICI Properties, Inc.		7,688	$	229,179
Vornado Realty Trust		2,326		90,039
Welltower, Inc.		5,570		505,812
Weyerhaeuser Co.		9,192		378,894
WP Carey, Inc.		2,300		185,771
			$	16,377,708
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CBRE Group, Inc., Class A*		4,310		357,902
Howard Hughes Corp. (The)*		558		55,962
Jones Lang LaSalle, Inc.*		628		137,362
Opendoor Technologies, Inc.*,#		5,850		40,892
Zillow Group, Inc., Class A*		100		3,865
Zillow Group, Inc., Class C*,#		2,095		83,423
			$	679,406
TOTAL REAL ESTATE			$	17,057,114
UTILITIES – 2.3%
ELECTRIC UTILITIES – 1.4%
Alliant Energy Corp.		2,850		167,609
American Electric Power Co., Inc.		6,000		594,660
Avangrid, Inc.#		450		19,958
Constellation Energy Corp.		3,983		235,833
Duke Energy Corp.		9,300		1,024,488
Edison International		4,350		299,236
Entergy Corp.		2,350		279,298
Evergy, Inc.		2,700		183,195
Eversource Energy		4,150		362,710
Exelon Corp.		11,950		559,021
FirstEnergy Corp.		6,450		279,349
Hawaiian Electric Industries, Inc.		1,200		49,332
IDACORP, Inc.		500		52,590
NextEra Energy, Inc.		23,550		1,672,521
NRG Energy, Inc.		2,900		104,110
OGE Energy Corp.		2,213		85,599
PG&E Corp.*		22,350		282,727
Pinnacle West Capital Corp.		1,200		85,440
PPL Corp.		9,100		257,621
Southern Co. (The)		12,700		932,053
Xcel Energy, Inc.		6,500		476,190
			$	8,003,540
GAS UTILITIES – 0.0%**
Atmos Energy Corp.		1,600		181,440
Macquarie Infrastructure Holdings LLC		200		750
National Fuel Gas Co.		1,050		73,636
UGI Corp.		2,300		78,890
			$	334,716
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%
AES Corp. (The)		7,750		158,255
Brookfield Renewable Corp., Class A		1,450		52,055
Vistra Corp.		5,750		143,865
			$	354,175
MULTI-UTILITIES – 0.7%
Ameren Corp.		3,000		278,700
CenterPoint Energy, Inc.		7,350		224,984

Description	Number of Shares		Value
CMS Energy Corp.		3,450	$	236,980
Consolidated Edison, Inc.		4,300		398,782
Dominion Energy, Inc.		9,693		791,337
DTE Energy Co.		2,350		307,944
NiSource, Inc.		5,050		147,056
Public Service Enterprise Group, Inc.		6,100		424,926
Sempra Energy		3,850		621,236
WEC Energy Group, Inc.		3,700		370,185
			$	3,802,130
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		2,200		338,976
Essential Utilities, Inc.		2,850		127,566
			$	466,542
TOTAL UTILITIES			$	12,961,103
TOTAL COMMON STOCKS
(COST $182,326,347)			$	552,277,680
PREFERRED STOCK – 0.0%**
REAL ESTATE – 0.0%**
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%**
Brookfield Property Preferred LP 6.25%		400		8,348
TOTAL REAL ESTATE			$	8,348
TOTAL PREFERRED STOCK
(COST $9,880)			$	8,348
RIGHTS – 0.0%**
Bristol-Myers Squibb Co. CVR, Expire 12/31/30		89		12
TOTAL RIGHTS
(COST $0)			$	12
WARRANTS – 0.0%**
Occidental Petroleum Corp. CW27, Expire 08/03/27*		1,645		55,503
TOTAL WARRANTS
(COST $0)			$	55,503
INVESTMENT COMPANIES – 0.2%
EQUITY FUNDS – 0.2%
iShares Russell 1000 ETF		2,500		569,775
iShares Russell 1000 Growth ETF#		1,140		277,875
iShares Russell 1000 Value ETF		1,840		287,831
TOTAL EQUITY FUNDS			$	1,135,481
TOTAL INVESTMENT COMPANIES
(COST $1,209,776)			$	1,135,481
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.5%
REPURCHASE AGREEMENTS – 0.5%
Bank of America Securities, Inc., 0.30%, dated 4/29/22, due 5/02/22, repurchase price $510,683, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 2/01/36 to 4/01/52; total market value of $520,883.		$510,670		510,670

ANNUAL REPORT / April 30, 2022

21 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (concluded)

Description	Par Value		Value
Daiwa Capital Markets America, 0.30%, dated 4/29/22, due 5/02/22, repurchase price $510,683, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.63%, maturing 4/30/22 to 5/01/52; total market value of $520,883.	$	510,670	$	510,670
HSBC Securities USA, Inc., 0.30%, dated 4/29/22, due 5/02/22, repurchase price $510,683, collateralized by U.S. Government Agency & Treasury Securities, 1.75% to 4.00%, maturing 4/30/22 to 11/20/50; total market value of $520,883.		510,670		510,670
Nomura Securities International, Inc., 0.29%, dated 4/29/22, due 5/02/22, repurchase price $203,287, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 9.00%, maturing 4/20/25 to 8/20/69; total market value of $207,348.		203,282		203,282
RBC Dominion Securities, Inc., 0.28%, dated 4/29/22, due 5/02/22, repurchase price $510,682, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.38%, maturing 6/30/22 to 4/01/52; total market value of $520,883.		510,670		510,670

Description	Par Value		Value
Truist Securities, Inc., 0.31%, dated 4/29/22, due 5/02/22, repurchase price $510,683, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 4.00%, maturing 8/15/22 to 4/01/52; total market value of $520,883.	$	510,670	$	510,670
TOTAL REPURCHASE AGREEMENTS
(COST $2,756,632)			$	2,756,632
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,756,632)			$	2,756,632
TOTAL INVESTMENTS – 100.5%
(COST $186,302,635)			$	556,233,656
COLLATERAL FOR SECURITIES ON LOAN – (0.5%)				(2,756,632	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				172,058
TOTAL NET ASSETS – 100.0%			$	553,649,082

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	552,277,680	$	—		$—	$	552,277,680
Preferred Stock		8,348		—		—		8,348
Rights		12		—		—		12
Warrants		55,503		—		—		55,503
Investment Companies		1,135,481		—		—		1,135,481
Repurchase Agreements		—		2,756,632		—		2,756,632
Total	$	553,477,024	$	2,756,632		$—	$	556,233,656

* 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 Portfolio of Investments:

ADR	American Depositary Receipt
CVR	Contingent Value Rights
ETF	Exchange-Traded Fund
LLC	Limited Liability Corporation
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

April 30, 2022 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 22

April 30, 2022	Wilmington Enhanced Dividend Income Strategy Fund			Wilmington Large-Cap Strategy Fund
ASSETS:
Investments, at identified cost	$	31,473,992		$	186,302,635	(a)
Investments in securities, at value	$	35,906,075	(b)	$	556,233,656	(b),(c)
Cash		5,497			—
Income receivable		48,532			380,185
Due from advisor		30,988			—
Receivable for shares sold		450			110,527
Prepaid assets		18,686			21,754
TOTAL ASSETS		36,010,228			556,746,122
LIABILITIES:
Collateral for securities on loan		157,075			2,756,632
Due to custodian		—			104,415
Payable for shares redeemed		—			23,025
Payable for Trustees’ fees		7,587			7,587
Payable for administration fees		956			15,111
Payable for distribution services fees		7,593			—
Payable for investment advisory fees		—			84,762
Other accrued expenses		80,346			105,508
TOTAL LIABILITIES		253,557			3,097,040
NET ASSETS	$	35,756,671		$	553,649,082
NET ASSETS CONSIST OF:
Paid-in capital	$	30,974,540		$	166,130,502
Distributable earnings (loss)		4,782,131			387,518,580
TOTAL NET ASSETS	$	35,756,671		$	553,649,082
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	35,123,493		$	—
Shares outstanding (unlimited shares authorized)		3,010,402			—
Net Asset Value per share	$	11.67		$	—
Offering Price per share*	$	12.35	**	$	—
Class I
Net Assets	$	633,178		$	553,649,082
Shares outstanding (unlimited shares authorized)		54,153			19,887,533
Net Asset Value and Offering Price per share	$	11.69		$	27.84

^(a)  Includes $197,846 of investments in affiliated issuers.

^(b)  Including $151,704 and $2,584,265, respectively, of securities on loan (Note 2).

^(c)  Includes $387,105 of investments in affiliated issuers.

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

23 STATEMENTS OF OPERATIONS

Year Ended April 30, 2022	Wilmington Enhanced Dividend Income Strategy Fund			Wilmington Large-Cap Strategy Fund
INVESTMENT INCOME:
Dividends	$	1,090,162	(a)	$	8,325,542	(a),(b)
Interest		113,276			—
Securities lending income, net		26,217			13,264
TOTAL INVESTMENT INCOME		1,229,655			8,338,806
EXPENSES:
Investment advisory fees		150,115			2,668,689
Administration fees		11,302			190,892
Portfolio accounting and administration fees		23,002			153,237
Custodian fees		3,845			15,508
Transfer and dividend disbursing agent fees and expenses		42,008			60,430
Trustees’ fees		57,654			57,654
Professional fees		144,153			94,957
Distribution services fee—Class A		92,387			—
Shareholder services fee—Class A		92,387			—
Share registration costs		22,589			23,623
Printing and postage		26,416			8,492
Miscellaneous		27,461			59,389
TOTAL EXPENSES		693,319			3,332,871
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(351,864	)		(1,748,053	)
Waiver of shareholder services fee—Class A		(92,387	)		—
TOTAL WAIVERS AND REIMBURSEMENTS		(444,251	)		(1,748,053	)
Net expenses		249,068			1,584,818
Net investment income		980,587			6,753,988
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on unaffiliated investments		951,798			40,473,263
Net realized gain (loss) on affiliated investments		—			39
Net realized gain (loss) on foreign currency transactions		(20	)		—
Net realized gain (loss)		951,778			40,473,302
Net change in unrealized appreciation (depreciation) on unaffiliated investments		(401,310	)		(56,367,870	)
Net change in unrealized appreciation (depreciation) of affiliated investments		—			62,671
Net change in unrealized appreciation (depreciation) on foreign currency transactions		(148	)		—
Net change in unrealized appreciation (depreciation)		(401,458	)		(56,305,199	)
Net realized and unrealized gain (loss)		550,320			(15,831,897	)
Change in net assets resulting from operations	$	1,530,907		$	(9,077,909	)

^(a)  Net of foreign withholding taxes of $7,336 and $1,638, respectively.

^(b)  Includes $7,406 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 24

	Wilmington Enhanced Dividend Income Strategy Fund							Wilmington Large-Cap Strategy Fund
	Year Ended April 30, 2022			Year Ended April 30, 2021				Year Ended April 30, 2022			Year Ended April 30, 2021
OPERATIONS:
Net investment income	$	980,587		$	993,003			$	6,753,988		$	7,192,341
Net realized gain (loss)		951,778			367,883				40,473,302			39,471,050
Net change in unrealized appreciation (depreciation)		(401,458	)		6,475,486				(56,305,199	)		167,901,197
Change in net assets resulting from operations		1,530,907			7,836,372				(9,077,909	)		214,564,588
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,062,214	)		(1,056,510	)			—			—
Class I		(17,047	)		(18,230	)			(35,623,835	)		(48,612,170	)
Total distributions to shareholders		(1,079,261	)		(1,074,740	)			(35,623,835	)		(48,612,170	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		340,978			451,605		��		—			—
Class I		102,687			21,568				33,603,420			45,492,298
Distributions reinvested
Class A		1,019,563			969,611				—			—
Class I		15,888			14,082				25,436,502			35,222,149
Cost of shares redeemed
Class A		(4,070,108	)		(3,393,587	)			—			—
Class I		(121,455	)		(13,359	)			(84,227,517	)		(90,520,711	)
Change in net assets resulting from share transactions		(2,712,447	)		(1,950,080	)			(25,187,595	)		(9,806,264	)
Change in net assets		(2,260,801	)		4,811,552				(69,889,339	)		156,146,154
NET ASSETS:
Beginning of year		38,017,472			33,205,920				623,538,421			467,392,267
End of year	$	35,756,671		$	38,017,472			$	553,649,082		$	623,538,421
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		28,643			42,975				—			—
Class I		8,620			2,244				1,083,160			1,709,202
Distributions reinvested
Class A		86,229			95,193				—			—
Class I		1,341			1,378				797,216			1,334,155
Shares redeemed
Class A		(342,889	)		(326,521	)			—			—
Class I		(10,257	)		(1,265	)			(2,723,466	)		(3,476,828	)
Net change resulting from share transactions		(228,313	)		(185,996	)			(843,090	)		(433,471	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

25 FINANCIAL HIGHLIGHTS

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

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND
	Year Ended   April 30, 2022			Year Ended   April 30, 2021			Year Ended   April 30, 2020			Year Ended   April 30, 2019			Year Ended   April 30, 2018
CLASS A
Net Asset Value, Beginning of Year	$	11.55		$	9.54		$	10.54		$	10.47		$	11.24
Income (Loss) From Operations:
Net Investment Income(a)		0.31			0.29			0.40			0.36			0.26
Net Realized and Unrealized Gain (Loss)		0.15			2.04			(1.02	)		0.11			0.52
Total Income (Loss) From Operations		0.46			2.33			(0.62	)		0.47			0.78
Less Distributions From:
Net Investment Income		(0.34	)		(0.32	)		(0.38	)		(0.36	)		(0.23	)
Net Realized Gains		—			—			—			(0.04	)		(1.32	)
Total Distributions		(0.34	)		(0.32	)		(0.38	)		(0.40	)		(1.55	)
Net Asset Value, End of Year	$	11.67		$	11.55		$	9.54		$	10.54		$	10.47
Total Return(b)		3.99	%		24.86	%		(6.17	)%		4.66	%		6.99	%
Net Assets, End of Year (000’s)	$	35,124		$	37,388		$	32,708		$	38,943		$	40,993
Ratios to Average Net Assets
Gross Expense(c)		1.85	%		1.69	%		1.68	%		1.67	%		1.72	%
Net Expense(c),(d)		0.67	%		0.60	%		0.60	%		0.60	%		0.66	%
Net Investment Income		2.61	%		2.81	%		3.86	%		3.45	%		2.30	%
Portfolio Turnover Rate		66	%(e)		12	%		14	%		14	%		85	%

	Year Ended   April 30, 2022			Year Ended   April 30, 2021			Year Ended   April 30, 2020			Year Ended   April 30, 2019			Year Ended   April 30, 2018
CLASS I
Net Asset Value, Beginning of Year	$	11.56		$	9.55		$	10.54		$	10.48		$	11.25
Income (Loss) From Operations:
Net Investment Income(a)		0.34			0.32			0.44			0.39			0.29
Net Realized and Unrealized Gain (Loss)		0.15			2.03			(1.02	)		0.10			0.52
Total Income (Loss) From Operations		0.49			2.35			(0.58	)		0.49			0.81
Less Distributions From:
Net Investment Income		(0.36	)		(0.34	)		(0.41	)		(0.39	)		(0.26	)
Net Realized Gains		—			—			—			(0.04	)		(1.32	)
Total Distributions		(0.36	)		(0.34	)		(0.41	)		(0.43	)		(1.58	)
Net Asset Value, End of Year	$	11.69		$	11.56		$	9.55		$	10.54		$	10.48
Total Return(b)		4.25	%		25.09	%		(5.83	)%		4.82	%		7.24	%
Net Assets, End of Year (000’s)	$	633		$	629		$	498		$	637		$	1,109
Ratios to Average Net Assets
Gross Expense(c)		1.37	%		1.38	%		1.44	%		1.40	%		1.48	%
Net Expense(c),(d)		0.42	%		0.35	%		0.35	%		0.35	%		0.41	%
Net Investment Income		2.82	%		3.06	%		4.20	%		3.72	%		2.62	%
Portfolio Turnover Rate		66	%(e)		12	%		14	%		14	%		85	%

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

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

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

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

(e) In November 2021, the Fund transitioned to the equity focused Wilmington Enhanced Dividend Income Strategy Fund from the Wilmington Diversified Income Fund. As a result, the portfolio turnover rate for the year ended April 30, 2022 was significantly higher than that of previous fiscal years.

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS    (concluded) 26

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

WILMINGTON LARGE-CAP STRATEGY FUND
CLASS I	Year Ended       April 30, 2022	Year Ended       April 30, 2021	Year Ended       April 30, 2020	Year Ended       April 30, 2019	Year Ended       April 30, 2018
Net Asset Value, Beginning of Year	$    30.08	$    22.08	$    23.36	$    21.98	$    19.65
Income (Loss) From Operations:
Net Investment Income(a)	0.33	0.35	0.39	0.37	0.34
Net Realized and Unrealized Gain (Loss)	(0.80)	10.11	(0.32)	2.32	2.34
Total Income (Loss) From Operations	(0.47)	10.46	0.07	2.69	2.68
Less Distributions From:
Net Investment Income	(0.33)	(0.37)	(0.41)	(0.38)	(0.35)
Net Realized Gains	(1.44)	(2.09)	(0.94)	(0.93)	—
Total Distributions	(1.77)	(2.46)	(1.35)	(1.31)	(0.35)
Net Asset Value, End of Year	$    27.84	$    30.08	$    22.08	$    23.36	$    21.98
Total Return	(2.24)%	49.12%	0.09%	12.93%	13.71%
Net Assets, End of Year (000’s)	$553,649	$623,538	$467,392	$527,818	$504,014
Ratios to Average Net Assets
Gross Expense(b)	0.53%	0.80%	0.86%	0.89%	0.90%
Net Expense(b), (c)	0.25%	0.25%	0.25%	0.25%	0.25%
Net Investment Income	1.07%	1.34%	1.69%	1.65%	1.62%
Portfolio Turnover Rate	9%	14%	26%	13%	15%

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

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

27 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2022

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 2 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 8 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Enhanced Dividend Income Strategy Fund (“Enhanced Dividend Income Strategy Fund”)(d)	The Fund seeks a high level of total return consistent with a moderate level of risk.
Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”)(d)	The Fund seeks to achieve long-term capital appreciation.
(d) Diversified

Effective November 17, 2021, the Enhanced Dividend Income Strategy Fund (formerly, the Wilmington Diversified Income Fund) changed its investment strategy to invest entirely in a portfolio of dividend-yielding equities implementing Wilmington Trust Investment Advisors’ Enhanced Dividend Income Strategy (“EDIS”). The Fund previously invested in a portfolio of dividend-yielding equities implementing EDIS, fixed income securities, and real assets.

The Enhanced Dividend Income Strategy Fund offers Class A and Class I shares, and the Large-Cap Strategy Fund offers Class I shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

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

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

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (continued) 28

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

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

Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. The Funds may utilize SIFVP which could result in certain equity securities being categorized as Level 2. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

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

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

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

At April 30, 2022, 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)
Enhanced Dividend Income Strategy Fund
Bank of America Securities, Inc.	$	29,104	$	29,104	$	—	$	—
Daiwa Capital Markets America		29,104		29,104		—		—
HSBC Securities USA, Inc.		29,104		29,104		—		—
Nomura Securities International, Inc.		11,555		11,555		—		—
RBC Dominion Securities, Inc.		29,104		29,104		—		—
Truist Securities, Inc.		29,104		29,104		—		—
	$	157,075	$	157,075	$	—	$	—
Large-Cap Strategy Fund
Bank of America Securities, Inc.	$	510,670	$	510,670	$	—	$	—
Daiwa Capital Markets America		510,670		510,670		—		—
HSBC Securities USA, Inc.		510,670		510,670		—		—
Nomura Securities International, Inc.		203,282		203,282		—		—
RBC Dominion Securities, Inc.		510,670		510,670		—		—
Truist Securities, Inc.		510,670		510,670		—		—
	$	2,756,632	$	2,756,632	$	—	$	—

⁽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 due from the counterparty in the event of default.

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Gains and losses realized on principal payment

ANNUAL REPORT / April 30, 2022

29 NOTES TO FINANCIAL STATEMENTS    (continued)

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 Fund is informed of the ex-dividend date. Distributions received from real estate investment trusts (“REITS”) are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management’s estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the amounts are determined. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis and includes proceeds from litigation, if any. Withholding taxes and, where appropriate, deferred withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

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

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

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

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

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

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

At April 30, 2022, 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)
Enhanced Dividend Income Strategy Fund	$	151,704	$	151,704	$—
Large-Cap Strategy Fund		2,584,265		2,584,265	—

⁽¹⁾ Collateral with a value of $157,075 and $2,756,632, 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 due from the counterparty in the event of default.

3. FEDERAL TAX INFORMATION

No provision for federal income taxes has been made, as it is each Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, and to distribute to shareholders each year all of its taxable income and realized gains.

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2022.

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 primarily due to losses deferred due to wash sales. For financial reporting purposes, any permanent

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (continued) 30

differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2022, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:

Fund	Paid-in       Capital	Distributable     Earnings (Loss)
Enhanced Dividend Income Strategy Fund	$(595)	$595

The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:

	2022				2021
Fund	Ordinary        Income*		Long-Term     Capital Gains		Ordinary        Income*		Long-Term     Capital Gains
Enhanced Dividend Income Strategy Fund		$1,079,261		$              —		$1,074,740		$              —
Large-Cap Strategy Fund		8,971,414		26,652,421		7,821,252		40,790,918

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

As of April 30, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost	Tax Unrealized     Appreciation	Tax Unrealized     Depreciation	Net Tax Unrealized Appreciation/     (Depreciation)
Enhanced Dividend Income Strategy Fund	$ 31,469,799	$    5,183,056	$    (746,780)	$    4,436,276
Large-Cap Strategy Fund	196,425,497	377,899,834	(18,091,675)	359,808,159

As of April 30, 2022, 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	Distributable Earnings
Enhanced Dividend Income Strategy Fund	$115,663	$    230,339	$  1	$    4,436,128	$—	$—	$    4,782,131
Large-Cap Strategy Fund	692,577	27,017,844	—	359,808,159	—	—	387,518,580

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses.

For the year ended April 30, 2022, capital loss carryforwards utilized were as follows:

Fund	Capital Loss     Carryforwards     Utilized
Enhanced Dividend Income Strategy Fund	$712,100

ANNUAL REPORT / April 30, 2022

31 NOTES TO FINANCIAL STATEMENTS    (continued)

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
Enhanced Dividend Income Strategy Fund	0.40%
Large-Cap Strategy Fund*	0.25%

* Prior to January 1, 2022, the Large-Cap Strategy Fund’s advisory fee rate was 0.50%.

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through November 30, 2022 for the Enhanced Dividend Income Fund and January 31, 2023 for the Large-Cap Strategy Fund so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

	Current Contractual Expense Limitations
Fund	Class A	Class I
Enhanced Dividend Income Strategy Fund*	0.75%	0.50%
Large-Cap Strategy Fund	—	0.25%

* Prior to November 17, 2021, the Enhanced Dividend Income Strategy Fund’s contractual expense limitation was 0.60% and 0.35% for Class A and Class I, respectively.

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

Administrator	Maximum Fee			Average Aggregate Daily Net Assets of the Trust
WFMC		0.040	%	on the first $5 billion
		0.030	%	on the next $2 billion
		0.025	%	on the next $3 billion
		0.018	%	on assets in excess of $10 billion
BNYM		0.0175	%	on the first $15 billion
		0.0150	%	on the next $10 billion
		0.0125	%	on assets in excess of $25 billion

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2022, neither WFMC nor BNYM waived any administrative fees.

Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A shares, as applicable, for the sale, distribution, administration, customer servicing and record keeping of these shares.

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.

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (continued) 32

For the year ended April 30, 2022, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

Fund	Distribution Fees from Class A
Enhanced Dividend Income Strategy Fund	$12,238

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

For the year ended April 30, 2022, M&T received sales charges on the sale of Class A shares as follows:

Fund	Sales Charges from Class A
Enhanced Dividend Income Strategy Fund	$1,275

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of the Funds’ Class A shares, as applicable, to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.

M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds’ Class A shares, as applicable. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the year ended April 30, 2022, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

Fund	Shareholder Services Fees
Enhanced Dividend Income Strategy Fund	$—

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

BNYM provides custody services to the Trust.

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

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

Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Fund’s distributor. Transactions with affiliated companies during the year ended April 30, 2022 are as follows:

Fund/   Affiliated Investment   Name	Value 4/30/21		Purchases		Sales		Net Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ Depreciation		Value 4/30/22		Number of Shares 4/30/22		Dividend Income		Capital Gain Distributions
Large-Cap Strategy Fund
Common Stock - 0.0%
M&T Bank Corp.*		$253,881		$70,661		$147		$39		$62,671		$387,105		2,323		$7,406		$—

* As a percentage of Net Assets as of April 30, 2022.

ANNUAL REPORT / April 30, 2022

33 NOTES TO FINANCIAL STATEMENTS    (continued)

The Funds may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2022 were as follows:

Fund	Commissions
Large-Cap Strategy Fund	$11,763

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2022 were as follows:

Fund	Purchases		Sales
Enhanced Dividend Income Strategy Fund	$	23,791,901	$	23,754,096
Large-Cap Strategy Fund		54,037,304		107,669,862

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2022 were as follows:

Fund	Purchases		Sales
Enhanced Dividend Income Strategy Fund	$	291,363	$	2,838,580

6. MARKET RISK IN GENERAL

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

Beginning in late February 2022, global financial markets experienced and continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and the rising cost of commodities, such as oil and natural gas. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Funds’ overall performance. In addition, the global pandemic outbreak of COVID-19 continues to have a substantial impact on market volatility and global business, 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 unknown and may exacerbate other types of risks that apply to the Funds and negatively impact the Funds’ performance.

The principal risks of investing in the Funds are described more fully in the Funds’ prospectus.

7. CONTRACTUAL OBLIGATIONS

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

8. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed effective April 1, 2022. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. The LOC expires on March 31, 2023.

The Funds did not utilize the LOC during the year ended April 30, 2022.

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    (concluded) 34

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.

ANNUAL REPORT / April 30, 2022

35

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington Large-Cap Strategy Fund and Wilmington Enhanced Dividend Income Strategy Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Large-Cap Strategy Fund and Wilmington Enhanced Dividend Income Strategy Fund (formerly known as Wilmington Diversified Income Fund) (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended April 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2022 and each of the financial highlights for each of the three years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2022

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

April 30, 2022 / ANNUAL REPORT

36

FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2022, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

Fund
Enhanced Dividend Income Strategy Fund	67.29	%
Large-Cap Strategy Fund	92.15	%

For the fiscal year ended April 30, 2022, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 20%:

Fund
Enhanced Dividend Income Strategy Fund	89.00	%
Large-Cap Strategy Fund	96.09	%

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

ANNUAL REPORT / April 30, 2022 (unaudited)

37

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 10 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 1100 North Market Street, 9th Floor, Wilmington, DE 19890. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Dominick J. D’Eramo* Birth year: 1964 TRUSTEE Began serving: November 2018 PRESIDENT Began serving: June 2018	Principal Occupations: Executive Vice President, Wilmington Trust N.A. and Senior Director of Investment Oversight. Previous Positions: Head of Fixed Income, Wilmington Trust Investment Advisors, Inc. (WTIA) (2012 – 2021); Senior Vice President, WTIA (2017 – 2021); Group Vice President, WTIA (2014-2017); Administrative Vice President, WTIA (2012-2014).
William J. Farrell, II* Birth year: 1958 TRUSTEE Began serving: June 2022	Principal Occupations: Senior Executive Advisor, Manufactures and Traders Trust Co. Other Directorships Held Positions: Trustee, Hagley Museum and Library (2018 to present); and Trustee, Grand Opera House (2020 to present). Previous Positions: Executive Vice President, Wilmington Trust Company and Wilmington Trust, N.A., Wealth and Institutional Services Division (2012 – 2022).

* Dominick J. D’Eramo and William J. Farrell, II are “interested” due to their current or prior affiliation with Wilmington Trust, N.A. a subsidiary of M&T Bank Corporation and parent company of WFMC and WTIA, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano Birth year: 1943 CHAIRMAN and TRUSTEE Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products). Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).
Robert H. Arnold Birth year: 1944 TRUSTEE Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: None. Previous Positions: Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to 12/17); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).

April 30, 2022 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 38

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017	Principal Occupations: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/20 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019); Previous Positions: Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).
Donald E. Foley Birth year: 1951 TRUSTEE Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (2014 to present); Trustee, 1290 Funds (retail funds) (2014 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present). Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011). Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).
Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020	Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS

Name Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017 VICE PRESIDENT Began serving: June 2012	Principal Occupations: Chief Operations Officer, Wilmington Funds; Administrative Vice President, Wilmington Funds Management Corporation (2005 to present); Administrative Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Kaushik Goswami Birth year: 1973 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: October 2021	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Vice President, M&T Bank. Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

ANNUAL REPORT / April 30, 2022 (unaudited)

39 BOARD OF TRUSTEES AND TRUST OFFICERS

Name Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016	Principal Occupations: President of Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
Robert L. Tuleya Birth year: 1974 VICE PRESIDENT and ASSISTANT SECRETARY Began serving: September 2018	Principal Occupations: Vice President and Assistant Secretary, Wilmington Funds; Vice President and Assistant Secretary, Wilmington Funds Management Corporation (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Vice President and Assistant General Counsel, M&T Bank (2018 to present). Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).
Charles S. Todd Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1971 CHIEF EXECUTIVE OFFICER Began serving: June 2022	Principal Occupation: Senior Managing Director, Regulatory Advisory Solutions, ACA Group, previously Foreside Financial Group (2008 to present). Previous Positions: Vice-President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).
Arthur W. Jasion Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: October 2020	Principal Occupation: Senior Director and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present). Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).
Lisa R. Grosswirth 240 Greenwich Street, 22nd Floor New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007	Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

April 30, 2022 (unaudited) / ANNUAL REPORT

40

Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended. The rule requires every registered open-end management company to establish a liquidity risk management program that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 9, 2022, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2021. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve month period ended April 30, 2022. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

ANNUAL REPORT / April 30, 2022 (unaudited)

41

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.

Important information about the access and delivery of shareholder reports

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

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

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

April 30, 2022 (unaudited) / ANNUAL REPORT

42

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure. In accordance with current regulations, the Funds will: collect from customers only the non-public personal information needed to conduct the Funds’ business; insure the security and confidentiality of customer records and information; protect against unauthorized access to or use of customer records and information; protect against any anticipated threats or hazards to the security or integrity of customer records and information; and require companies that service the Funds to have an information security program in place that is reasonably designed to safeguard customer records and information.

Information Collected by the Funds

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

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

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting, or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and direct such third parties to only use your information for the purpose it was provided. We require these third parties to treat your personal information with the same high degree of confidentiality that we do.

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

Information Security

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

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

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

ANNUAL REPORT / April 30, 2022 (unaudited)

43

Employee Access to Information

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

Visiting the Funds’ Website

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

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

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

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

E-mail

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

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to the Funds or its agents. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

What You Can Do

The safety and security of your Personal Information also depends on you. You are responsible for keeping your account information, such as your account number and login information for our website, confidential. For your protection, we recommend that you do not provide your account information, username, or password to anyone except a representative of the Funds as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

Surveys/Aggregate Data

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

Changes to Our Privacy Statement

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

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

April 30, 2022 (unaudited) / ANNUAL REPORT

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

Wilmington Municipal Bond Fund (“Municipal Bond Fund”)

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

President’s Message	i
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	10
Portfolios of Investments	11
Statements of Assets and Liabilities	34
Statements of Operations	35
Statements of Changes in Net Assets	36
Financial Highlights	38
Notes to Financial Statements	41
Report of Independent Registered Public Accounting Firm	49
Board of Trustees and Trust Officers	50
Liquidity Risk Management Program	53
Other Information	54

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i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the Broad Market Bond Fund, Municipal Bond Fund and New York Municipal Bond Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2021, through April 30, 2022. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

It was another historic year headlined by the first land war in Europe since World War II, the highest inflation level in the U.S. in 40 years, and heighted concerns of a recession on the horizon. Countries across the world battled the Delta and Omicron waves of COVID-19 while also transitioning to an endemic phase of the pandemic. The term “transitory inflation” was coined by the Federal Reserve (the “Fed”) to describe the idea of inflation levels being temporarily boosted by the reopening of the economy. Inflation proved to be more than transitory as readings accelerated 8.5% in March and 8.3% in April 2022 (headline Consumer Price Index (“CPI”), year over year). The period was also marked by a tight labor market and The Great Resignation. Workers with large savings voluntarily exited the workforce in droves. Companies countered by bumping wages and benefits to attract and retain workers.

As COVID-19 concerns waned, consumers--flush with cash—began to spend on in-person dining, entertainment, and travel. Although eager to spend, households found goods unavailable or more expensive due to supply-chain issues that ranged from labor shortages to port backlogs. Throughout the year, the overall labor market remained strong as jobless claims fell to pandemic lows and job openings approached record levels. The unemployment rate continued its descent to 5.9% in June and down further to 3.8% in March of 2022. To help curb inflation, the Federal Open Market Committee (FOMC) raised interest rates in March 2022 by 25 basis points1, or 0.25%. The number and size of rate hikes priced into the market increased dramatically between December 2021 and April 2022 as Fed officials pivoted toward a more hawkish stance. In March 2022, the Fed ended its monthly bond purchases and announced a plan, beginning in June 2022, to reduce the size of its $9 trillion balance sheet via maturities of Treasuries and mortgage-backed securities. U.S. real Gross Domestic Product (“GDP”) grew by 5.9% in 2021 but contracted by 1.4% in March 2022 as inventories and net exports dragged on growth.

Economic activity outside the U.S. varied amid waves of the Delta and Omicron variants of COVID-19. The major story of the year, however, was Russia’s invasion into Ukraine in February 2022. The U.S. and EU were quick to condemn the invasion and enacted rounds of sanctions aimed to debilitate the Russian economy. Sanctions attempted to cut Russia out of international trade, apply pressure to its largest companies, and target a host of oligarchs. The eurozone, which remained heavily reliant on Russian energy, searched for alternative suppliers while it continued to import costly Russian energy. The war slowed eurozone industrial production, which fell 1.8% month over month in March 2022. German industrial production was hit particularly hard, declining 3.9% month over month in March. In the face of slowing economic activity and rising inflation, consumer sentiment slumped to near historic levels.

The virus remained a persistent threat for many developing economies, where vaccination campaigns and vaccine quality broadly lagged the developed world. In April 2022, China faced its largest COVID-19 wave yet. Officials in Shanghai locked down the city of around 25 million people. Mobility restrictions persisted as citizens were unable to leave their homes, except for mandatory COVID tests. Roadblocks slowed the arrival of food and supplies into the city. Economic activity in Shanghai and other major cities across China slowed to a crawl, further fraying the fragile supply chain. Officials in China are targeting 2022 GDP growth of 5.5%, which has been undermined by the enforcement of their zero-tolerance COVID-19 policies.

Bond markets

Fixed income performance was weak over the past year as spreads initially compressed and then expanded decisively across taxable and tax-exempt credit. Inflationary concerns and a hawkish Fed led to a surge in the U.S. 10-year Treasury yield in January–April 2022 to as high as 3.1%. A major headline from the year was shape of the yield curve, which inverted briefly in early April of 2022. Historically, all past recessions have been preceded by an inverted yield curve. Price losses rippled throughout the bond market as the fiscal year ended. The Bloomberg Aggregate Index ended the fiscal year with one of the worst quarters on record. Shorter maturity bonds tended to hold up better than long-duration assets. Overall, there were heavy outflows from the bond market due largely to high inflation and increased risks from the war in Ukraine.

PRESIDENT’S MESSAGE / April 30, 2022 (unaudited)

ii

For the 12-month period May 1, 2021 to April 30, 2022, certain Bloomberg indices performed as follows:²

Bloomberg U.S. Treasury Bond Index3	Bloomberg         U.S. Aggregate         Bond Index4	Bloomberg U.S. Credit Bond Index5	Bloomberg Municipal Bond Index6	Bloomberg       U.S.  Corporate       High Yield Bond       Index7
-7.35%	-8.51%	-10.13%	-7.88%	-5.22%

Past performance is no guarantee of future results.

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

Equity markets

For the first seven months of the fiscal year, U.S. large-cap equities recorded strong performance. The S&P 500 hit a new all-time high in January 2022. Since then, U.S. equities have sold off significantly, dropping 12.9% as volatility escalated. High inflation and concerns around the Fed’s ability to engineer a soft landing led to increasingly bearish sentiment. Growth names, especially the tech heavy NASDAQ-100 and FAANG stocks, were hit particularly hard as higher interest rates put pressure on more highly valued stocks. U.S. small-cap stocks also suffered, given increased sensitivity to economic growth and a lesser ability to pass along higher costs to consumers. Headlines out of Ukraine and China added to the choppy market conditions and have increased the difficulty for the Fed in navigating the economy away from a recession.

Emerging markets fared poorly during the year as many regions struggled with outbreaks of COVID-19 and increased food (mainly wheat and corn) and energy costs. Chinese equities, which comprise 30% of the MSCI Emerging Markets Index, were weighed down due to a mixture of COVID-19 lockdowns, regulatory headwinds, and an unstable housing market. Valuations across emerging markets remain cheap. For international developed equities, energy policy is a key risk, particularly for Europe. The price of Brent Crude reached $128/barrel in early March 2022 and the price of natural gas increased 147% during the year, posing significant headwinds to consumers. In the long term, less globalization, fragile supply chains, and heightened geopolitical tensions could weigh on growth for years to come.

For the 12-month period May 1, 2021 to April 30, 2022, certain stock market indices performed as follows:

S&P 500® Index8	Russell                  2000®                 Index9	MSCI EAFE (Net) Index10	MSCI Emerging                  Markets (Net)                 Index11
0.21%	-16.87%	-8.15%	-18.33%

Past performance is no guarantee of future results.

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

Uncertainty in the outlook remains high, but our long-term focus and commitment to our clients keeps us grounded. Like a seasoned pilot during heavy turbulence, it is at times of great volatility in particular that our experience in turbulent markets helps us to remain calm. Through markets bull or bear, and economies boom or bust, our economics-led investment process has and will continue to heavily inform our route. To sidestep challenges as well as capitalize on opportunities, we comprehensively analyze monetary and policy developments, myriad other economic forces in motion, potential impacts of the continuing geopolitical turmoil, and how we believe the current trends are likely to unfold. We remain resolute that a deep understanding of and insights into the factors that have brought us to where we are today—as well as both vigilance and patience—will usher us onward and upward.

Sincerely,

Dominick J. D’Eramo, CFA

President

May 13, 2022

April 30, 2022 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

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

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

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

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

9.   The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

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

11.  MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 27 Emerging Markets countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

PRESIDENT’S MESSAGE / April 30, 2022 (unaudited)

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WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2022, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of -8.37%* for Class A and -8.02%* for Class I, versus its benchmark, the Bloomberg U.S. Aggregate Bond Index**, which had a total return of -8.51%, and its peer group, the Lipper CorporateA-Rated Debt FundsAverage***, which had a total return of -9.31%.

The economy continues to rebound from the pandemic; however, inflation has proven to not be “transitory” and has led to the Fed initiating a tightening of monetary policy. Interest rates have responded by moving much higher over the past year. Your fixed income team has returned to the office and continues to meet daily to review current events and set strategy. We continue to utilize our disciplined relative value investment process. We emphasize our guiding philosophies of maintaining a well-diversified portfolio. We conduct our own independent credit analysis. Most importantly in this high inflation and rising interest rate environment, we draw upon our experienced team. As always, our disciplined risk management efforts guide our investment decisions.

At this time last year, the Federal Reserve (the “Fed”) expected to maintain the zero-interest rate policy through 2023. The Fed had communicated that they expected the rise in inflation to be “transitory.” Inflation as measured by the Consumer Price Index (“CPI”) has proven to not be short lived. CPI has increased by 8.3% over the past year while the core CPI, which excludes food and energy, has increased by 6.2% over the past year which are the highest inflation readings since the 1980’s! For example, airfares rose by 18% last month on higher jet fuel costs and strong demand to travel given the better news on the pandemic. The unemployment rate has fallen from 6.1% to 3.6%, as the economy created over 6 million jobs over the past fiscal year. Wage growth has been robust as employers have been forced to pay higher earnings to attract workers. Average hourly earnings are up 5.5% over the past year which has fueled strong consumer spending. Economic growth as measured by Gross Domestic Product (“GDP”) has fully rebounded to pre-pandemic levels and increased by 3.6% over the past year.

The Fed raised short-term interest rates by ^1⁄₂ of 1 percent in early May in response to the high inflation. This was the largest interest rate increase since 2000. The Fed has signaled that they expect to raise rates by an additional 50 basis points at their June and July meetings with the goal of slowing inflation. Interest rates have moved much higher on the expectations for the Fed to continue to tighten monetary policy. The 10-year Treasury yield at fiscal year-end was 2.93%, up 1.30% over the past year. The total return for the 10-year Treasury for the fiscal year was -9.08% given the rise in interest rates. Short-term interest rates also have moved higher over the past year. The 2- year Treasury had a yield of 2.71% on April 30, 2022, its highest yield since 2018, up from 0.16% on April 30, 2021.

The Corporate sector has underperformed for the fiscal year. For the fiscal year the sector produced -2.28% of excess return. The average risk premium for the Bloomberg U.S. Investment Grade Corporate Index**** widened from 88 basis points on April 30, 2021, to 135 basis points on April 30, 2022. The underperformance can be attributed to continued strong new issuance, mutual fund outflows resulting

from the move to higher interest rates and the historically low risk premiums to start the fiscal year. The Mortgage-Backed sector has also underperformed as the Fed will begin tapering their holdings of these securities.

The Fund’s outperformance versus the Bloomberg Aggregate Bond Index can be attributed to our Fund maintaining a shorter duration than the index, especially as interest rates have moved higher. Our overweight allocation to the corporate sector detracted from performance versus the index as the corporate sector underperformed. However, we did reduce our degree of overweight earlier this year. Our underweight to the Mortgage-Backed sector aided performance as the sector underperformed.

Looking forward the expectation is for the Fed to continue to raise interest rates until inflation moves much lower. The market is anticipating the Fed Funds target to peak at over 3% in 2023. Longer-term interest rates will be determined by inflation expectations and how high the Fed moves the short-term rate. Currently, we remain short duration with the expectation for higher interest rates.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -12.46%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

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

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

April 30, 2022 (unaudited) / ANNUAL REPORT

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Duration is a measure of a security’s price sensitivity to changes in

interest rates. Securities with longer durations are more sensitive to

changes in interest rates than securities of shorter durations.

ANNUAL REPORT / April 30, 2022 (unaudited)

3

WILMINGTON BROAD MARKET BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Broad Market Bond Fund; from April 30, 2012 to April 30, 2022, compared to the Bloomberg U.S. Aggregate Bond Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -12.46%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/22
	1 Year	5 Years	10 Years
Class A^	-12.46%	-0.07%	0.94%
Class I^	-8.02%	1.20%	1.75%
Bloomberg U.S. Aggregate Bond Index2	-8.51%	1.20%	1.73%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.07% and 0.79%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.57% and 0.44%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

¹  Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

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

April 30, 2022 (unaudited) / ANNUAL REPORT

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WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2022, Wilmington Municipal Bond Fund (the “Fund”) had a total return of -8.08%* for Class A and -7.83%* for Class I, versus its benchmark, the S&P Municipal Bond Intermediate Index** and the S&P Municipal Bond Investment Grade Intermediate Index***, which had a total return of -7.02%, and -7.16%, respectively, and its peer group, the Lipper Intermediate Municipal Debt Funds Average****, which had a total return of -6.85%.

The fiscal year ended April 30, 2022, was a tale of two very different municipal markets. During 2021, yields continued to remain low as investors poured over $100 Billion in new monies into the municipal market – overwhelming the available supply of bonds available for purchase. Record demand caused returns from lower quality duration bonds to outperform through the end of 2021. Municipal high yield and BBB-rated bonds outperformed higher investment grade bonds by almost a 5 to 1 rate during the year.

As we headed into 2022, the municipal market was far behind the taxable markets in terms of preparing for the Federal Reserve (the “Fed”) rate hiking cycle., Consequently, yields increased dramatically from extremely low levels during the first 4 months of the fiscal year. At the end of 2021, the 2-year AAA bond yield was 0.24%, the 5-year AAA bond yield was 0.59% and the 10-year AAA bond yield was 1.03%. By the end of April of 2022, the 2-year AAA bond yield ended at 2.22%, the 5-year AAA bond yield ended at 2.45% and the 10-year AAA bond yield ended at 2.72% -- causing bond prices to dramatically decrease (Source: Thomson Reuters).

The resultant increase in bond yields (and subsequent decrease in bond prices) caused municipal investors to sell municipal bond funds – leading to an outflow situation. Through April 30, municipal outflows reached $42 Billion over 16 straight weeks – very close to reaching the pandemic total outflows of $50 Billion, but far below the 2013 taper tantrum total of $70 Billion (Source: JP Morgan). Outflow cycles create additional pressure on municipal investors as mutual fund complexes are forced to sell existing bonds to meet redemptions. The longer the cycle, the more pressure is applied to existing bond prices – in addition to the increase in yields from the Fed.

As we discussed in our last shareholder letter, one market-wide measure of valuation is to compare the yield on AAA-rated municipals to the yield available on a Treasury maturing in the same timeframe. Generally, tax-exempt municipal yields trade at a discount to U.S. Treasuries due to the preferential tax treatment. Due to the rise in municipal yields relative to U.S. Treasury yields, the ratio was 84% of the equivalent at the end of April 2022. The same 5-year ratio was down to 50% at the end of April 2021. As municipal ratios become more attractive relative to Treasuries and corporates, crossover buyers such as banks, insurance companies and overseas investors, become more interested in the yield advantage and can provide support to limit further price erosion – although their participation has yet to cause municipal prices to stabilize.

Despite the volatility in municipal returns, unlike other outflow cycles, municipal credits are generally at their strongest level of fiscal health as state and local government revenue collections post pandemic reached record levels throughApril 2022. Cash balances as a percent of expenditures for States reached an average of 16% as States benefited from both

increased collections as well as the additional $1.5 Trillion in federal dollars dedicated for COVID-19 and other relief measures. California announced a record cash surplus of close to $100 Billion.

The Fund underperformed the S&P Municipal Intermediate indices due to an overweight in the A-rated and BBB-rated category and the Fund’s security selection in revenue sectors such as healthcare and airports. Those sectors were particularly affected by COVID-19 and the global pandemic and have not yet fully recovered in value. The Fund also underperformed in the State General Obligation sector due to the holdings of state credits (California, Texas, Connecticut) that were longer in duration than the indices. Longer duration bonds underperformed. The Fund underperformed the Lipper average manager during the fiscal year due to the duration neutral approach (duration is managed close to the index).

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -12.20%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

*** Standard & Poor’s (S&P) Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings.All bonds must have a minimum maturity of 3 years and a maximum maturity of up to but not including 15 years as measured from the Rebalancing Date. Please note that an investor cannot invest directly in an index.

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

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

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

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

ANNUAL REPORT / April 30, 2022 (unaudited)

5

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

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

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

Income may be subject to the federal alternative minimum tax.

April 30, 2022 (unaudited) / ANNUAL REPORT

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WILMINGTON MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Municipal Bond Fund from April 30, 2012 to April 30, 2022 compared to the S&P Municipal Bond Intermediate Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -12.20%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended  4/30/22
	1 Year	5 Years	10 Years
Class A^	-12.20%	-0.30%	0.92%
Class I^	-7.83%	0.88%	1.65%
S&P Municipal Bond Intermediate Index2	-7.02%	1.67%	2.32%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.10% and 0.74%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.60% and 0.49%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

¹  Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

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

ANNUAL REPORT / April 30, 2022 (unaudited)

7

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2022, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of -7.74%* for Class A and -7.50%* for Class I, versus its benchmark, the S&P Municipal Bond Intermediate Index** and the S&P Intermediate Term New York AMT-Free Municipal Bond Index***, which had a total return of -7.02% and -6.07%, respectively, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average****, which had a total return of -6.92%.

The fiscal year ended April 30, 2022, was a tale of two very different municipal markets. During 2021, yields continued to remain low as investors poured over $100 Billion in new monies into the municipal market – overwhelming the available supply of bonds available for purchase. Record demand caused returns from lower quality duration bonds to outperform through the end of 2021. Municipal high yield and BBB-rated bonds outperformed higher investment grade bonds by almost a 5 to 1 rate during the year.

As we headed into 2022, the municipal market was far behind the taxable markets in terms of preparing for the Federal Reserve (the “Fed”) rate hiking cycle. Consequently, yields increased dramatically from extremely low levels during the first 4 months of the fiscal year. At the end of 2021, the 2-year AAA bond yield was .24%, the 5-year AAA bond yield was .59% and the 10-year AAA bond yield was 1.03%. By the end of April of 2022, the 2-year AAA bond yield ended at 2.22%, the 5-year AAA bond yield ended at 2.45% and the 10-year AAA bond yield ended at 2.72% -- causing bond prices to dramatically decrease (Source: Thomson Reuters).

The resultant increase in bond yields (and subsequent decrease in bond prices) caused municipal investors to sell municipal bond funds –leading to an outflow situation. Through April 30, municipal outflows reached $42 Billion over 16 straight weeks – very close to reaching the pandemic total outflows of $50 Billion, but far below the 2013 taper tantrum total of $70 Billion (Source: JP Morgan). Outflow cycles create additional pressure on municipal investors as mutual fund complexes are forced to sell existing bonds to meet redemptions. The longer the cycle, the more pressure is applied to existing bond prices – in addition to the increase in yields from the Fed.

As we discussed in our last shareholder letter, one market-wide measure of valuation is to compare the yield on AAA-rated municipals to the yield available on a Treasury maturing in the same timeframe. Generally, tax-exempt municipal yields trade at a discount to U.S. Treasuries due to the preferential tax treatment. Due to the rise in municipal yields relative to U.S. Treasury yields, the ratio was 84% of the equivalent at the end of April 2022. The same 5-year ratio was down to 50% at the end of April 2021. As municipal ratios become more attractive relative to Treasuries and corporates, crossover buyers such as banks, insurance companies and overseas investors, become more interested in the yield advantage and can provide support to limit further price erosion – although their participation has yet to cause to municipal prices to stabilize.

Despite the volatility in municipal returns, unlike other outflow cycles, municipal credits are generally at their strongest level of fiscal health as state and local government revenue collections post pandemic reached record levels through April 2022. Cash balances as a percent of expenditures for States reached an average of 16% as States benefited from both

increased collections as well as the additional $1.5 Trillion in federal dollars dedicated for COVID-19 and other relief measures. California announced a record cash surplus of close to $100 Billion.

The State of New York also benefited from the recovering economy as the State experienced one of the fastest growing personal income tax collections in the country – at well over 30%. The State’s annual revenue base is well over $200 Billion and continues to grow. Moody’s rating service maintains a healthy Aa1 credit rating while S&P rates the State as a AA+ stable credit. The City of New York also continues to recover from the economic effects of COVID as employment is up over 2% and Moody’s maintains a Aa2 stable rating while S&P rates the City AA stable.

The Fund underperformed the S&P Municipal Intermediate indices due to an overweight in the A-rated and BBB-rated category – especially in higher education credits. Additionally, the Fund underperformed due to security selection in longer duration corporate- supported debt and dedicated taxes, but benefited from an underweight in Local General Obligation sectors in New York. The Fund underperformed the Lipper average manager during the fiscal year due to the duration neutral approach (duration is managed close to the index).

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -11.86%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

*** Standard & Poor’s (S&P) Intermediate Term New York AMT-Free Municipal Bond Index includes all bonds in the S&P National AMT-Free Municipal Bond Index that have a state code of New York (NY) and an effective maturity as measured from the first business day of the month, that is at least 1 month and less than 20 years. Please note that an investor cannot invest directly in an index.

**** Lipper figures represent the average of the total returns reported by all

April 30, 2022 (unaudited) / ANNUAL REPORT

8

of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

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

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

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

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

Credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All Fund securities except for those labeled “Not Rated” and “Other” have been rated by Moody’s, S&P or Fitch, which are each a Nationally Recognized Statistical Rating Organization (“NRSRO”). All Index securities except for those labeled “Not Rated” have been rated by Moody’s or S&P. Credit ratings are subject to change. One cannot invest directly into an index.

Income may be subject to the federal alternative minimum tax.

ANNUAL REPORT / April 30, 2022 (unaudited)

9

WILMINGTON NEW YORK MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington New York Municipal Bond Fund from April 30, 2012 to April 30, 2022 compared to the S&P Municipal Bond Intermediate Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -11.86%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended  4/30/22
	1 Year	5 Years	10 Years
Class A^	-11.86%	-0.47%	0.75%
Class I^	-7.50%	0.71%	1.47%
S&P Municipal Bond Intermediate Index2	-7.02%	1.67%	2.32%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.34% and 0.82%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.84% and 0.57%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

¹  Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

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

April 30, 2022 (unaudited) / ANNUAL REPORT

10

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 to April 30, 2022.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2022.

	Beginning Account Value 11/01/21		Ending Account Value 4/30/22		Expenses Paid During Period(1)		Annualized     Net       Expense Ratio
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A		$1,000.00		$   907.89		$3.64		0.77%(2)
Class I		$1,000.00		$   909.73		$2.04		0.43%(2)
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,020.98		$3.86		0.77%(2)
Class I		$1,000.00		$1,022.66		$2.16		0.43%(2)
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$   922.33		$3.53		0.74%
Class I		$1,000.00		$   923.58		$2.34		0.49%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,021.12		$3.71		0.74%
Class I		$1,000.00		$1,022.36		$2.46		0.49%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$925.74		$3.92		0.82%
Class I		$1,000.00		$926.99		$2.72		0.57%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,020.73		$4.11		0.82%
Class I		$1,000.00		$1,021.97		$2.86		0.57%

⁽¹⁾  Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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.

ANNUAL REPORT / April 30, 2022 (unaudited)

11

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2022, the Fund’s portfolio composition was as follows:

	Percentage of Total Net Assets
Corporate Bonds		46.7	%
U.S. Treasury Obligations		24.4	%
Mortgage-Backed Securities		22.0	%
Government Agencies		3.0	%
Commercial Paper		1.0	%
Investment Company		0.9	%
Municipal Bond		0.4	%
Collateralized Mortgage Obligations		0.0	%(1)
Adjustable Rate Mortgage		0.0	%(1)
Cash Equivalents(2)		1.7	%
Cash Collateral Invested for Securities on Loan(3)		4.6	%
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		25.0	%
U.S. Treasury		24.4	%
AA / Aa		0.1	%
A/ A		6.4	%
BBB / Baa		38.5	%
BB / Ba		1.2	%
B/B		0.8	%
Not Rated		8.3	%
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 money market funds and 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

April 30, 2022

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 9.04%, Floor 1.72%), 1.97%, 05/01/33Δ	$	5,952	$	6,099
TOTAL ADJUSTABLE RATE MORTGAGE
(COST $5,944)			$	6,099
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Series 2005-29, Class WC, 4.75%, 04/25/35		8,381		8,634
WHOLE LOAN – 0.0%**
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.63%, 02/25/34Δ		27,359		27,204
CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 06/01/22 Series 2004-8, Class 2A1, 4.50%, 06/01/22		4,713		4,725
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1, 3.13%, 11/25/35Δ		15,944		15,325

Description	Par Value		Value
TOTAL WHOLE LOAN			$	47,254
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $56,025)			$	55,888
COMMERCIAL PAPER – 1.0%◆
Eaton Corp.,
0.70%, 05/04/22W	$	6,000,000	$	5,999,400
TOTAL COMMERCIAL PAPER (COST $5,999,650)			$	5,999,400
CORPORATE BONDS – 46.7%
AEROSPACE & DEFENSE – 2.2%
Boeing Co. (The), Sr. Unsecured
1.17%, 02/04/23		250,000		246,663
1.95%, 02/01/24		3,050,000		2,966,232
1.43%, 02/04/24		2,500,000		2,399,386
2.75%, 02/01/26		2,000,000		1,889,449
3.20%, 03/01/29		150,000		134,581
L3Harris Technologies, Inc., Sr. Unsecured,
2.90%, 12/15/29		835,000		761,432
Northrop Grumman Corp., Sr. Unsecured
2.93%, 01/15/25		1,000,000		983,442

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 12

Description	Par Value		Value
4.03%, 10/15/47	$	1,765,000	$	1,631,714
Raytheon Technologies Corp., Sr.Unsecured, 3.50%, 03/15/27		1,600,000		1,582,327
TOTAL AEROSPACE & DEFENSE			$	12,595,226
AUTOMOTIVE – 2.7%
Daimler Finance North America LLC, Company Guaranteed, 0.75%, 03/01/24W		3,000,000		2,870,502
Ford Motor Credit Co. LLC, Sr. Unsecured 4.25%, 09/20/22		450,000		451,864
3.37%, 11/17/23		1,000,000		984,022
5.58%, 03/18/24		1,250,000		1,267,428
5.13%, 06/16/25		1,500,000		1,499,280
2.90%, 02/16/28		250,000		215,265
General Motors Co., Sr. Unsecured 5.40%, 10/02/23		335,000		344,465
6.25%, 10/02/43		1,000,000		1,036,817
General Motors Financial Co., Inc., Sr. Unsecured 1.05%, 03/08/24		100,000		95,970
2.90%, 02/26/25		230,000		222,687
1.25%, 01/08/26		1,000,000		897,044
1.50%, 06/10/26		3,000,000		2,659,164
PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 05/10/22		3,045,000		3,045,038
TOTAL AUTOMOTIVE			$	15,589,546
BEVERAGES – 0.6%
Anheuser-Busch Cos., LLC, Company Guaranteed, 4.90%, 02/01/46		1,125,000		1,110,803
Keurig Dr. Pepper, Inc., Company Guaranteed 0.75%, 03/15/24		1,490,000		1,422,633
3.20%, 05/01/30		775,000		711,700
TOTAL BEVERAGES			$	3,245,136
BIOTECHNOLOGY – 0.0%**
Amgen, Inc., Sr. Unsecured, 2.25%, 08/19/23		225,000		223,302
BUILDING PRODUCTS – 0.2%
Carrier Global Corp., Sr. Unsecured 2.24%, 02/15/25		418,000		401,016
2.49%, 02/15/27		56,000		52,113
Johnson Controls International PLC, Sr. Unsecured 3.63%, 07/02/24ÿ		373,000		373,910
4.63%, 07/02/44		100,000		97,196
TOTAL BUILDING PRODUCTS			$	924,235
CAPITAL MARKETS – 2.6%
Bank of America Corp., Sr. Unsecured, MTN, (SOFR + 1.15%), 1.32%, 06/19/26Δ		250,000		229,040
Bank of New York Mellon Corp. (The), Subordinated, MTN, 3.00%, 10/30/28		775,000		728,602
Credit Suisse AG, Sr. Unsecured, 0.50%, 02/02/24		3,000,000		2,856,272

Description	Par Value		Value
Goldman Sachs Group, Inc. (The), Sr. Unsecured
(3 Month USD LIBOR + 1.20%), 3.27%, 09/29/25Δ	$	1,010,000	$	996,586
(3 Month USD LIBOR + 1.51%), 3.69%, 06/05/28Δ		2,080,000		1,996,164
(SOFR + 1.25%), 2.38%, 07/21/32Δ		1,115,000		922,401
Morgan Stanley, Sr. Unsecured
(SOFR + 0.62%), 0.73%, 04/05/24Δ		2,250,000		2,188,153
(SOFR + 0.72%), 0.99%, 12/10/26Δ		175,000		156,399
Morgan Stanley, Sr. Unsecured, MTN (SOFR + 0.46%), 0.53%, 01/25/24Δ		3,000,000		2,936,682
3.13%, 07/27/26		340,000		326,068
(SOFR + 3.12%), 3.62%, 04/01/31Δ		890,000		834,971
Morgan Stanley, Subordinated, GMTN, 4.35%, 09/08/26		505,000		505,898
Toronto-Dominion Bank (The), Sr. Unsecured, GMTN, 3.25%, 03/11/24		275,000		275,179
TOTAL CAPITAL MARKETS			$	14,952,415
CHEMICALS – 0.6%
Nutrien Ltd., Sr. Unsecured, 1.90%, 05/13/23		2,000,000		1,980,113
Sherwin-Williams Co. (The), Sr. Unsecured, 2.20%, 03/15/32		1,480,000		1,237,472
TOTAL CHEMICALS			$	3,217,585
COMMERCIAL SERVICES & SUPPLIES – 0.7%
Global Payments, Inc., Sr. Unsecured 3.75%, 06/01/23		2,570,000		2,583,509
2.65%, 02/15/25		275,000		265,669
2.90%, 05/15/30		1,000,000		880,309
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,729,487
COMPUTERS – 0.6%
Apple, Inc., Sr. Unsecured, 0.70%, 02/08/26		110,000		100,539
Hewlett Packard Enterprise Co., Sr. Unsecured 2.25%, 04/01/23		3,000,000		2,984,584
1.45%, 04/01/24		150,000		144,510
TOTAL COMPUTERS			$	3,229,633
COSMETICS/PERSONAL CARE – 0.2%
GSK Consumer Healthcare Capital U.S. LLC, Company Guaranteed, 3.02%, 03/24/24W		1,000,000		990,052
DIVERSIFIED FINANCIAL SERVICES – 6.7%
American Express Co., Sr. Unsecured, 3.13%, 05/20/26		150,000		147,252
Bank of America Corp., Sr. Unsecured, MTN 3.25%, 10/21/27		1,095,000		1,041,227
(SOFR + 1.88%), 2.83%, 10/24/51Δ		250,000		182,238
Bank of America Corp., Subordinated, MTN, 4.25%, 10/22/26		1,000,000		1,004,562
Capital One Financial Corp., Sr. Unsecured 2.60%, 05/11/23		1,470,000		1,466,709
3.90%, 01/29/24		250,000		251,412

ANNUAL REPORT / April 30, 2022

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

Description	Par Value		Value
Citigroup, Inc., Sr. Unsecured (3 Month USD LIBOR + 0.95%), 2.88%, 07/24/23Δ	$	2,060,000	$	2,059,851
(SOFR + 0.77%), 1.12%, 01/28/27Δ		2,750,000		2,453,914
Citigroup, Inc., Subordinated, 4.13%, 07/25/28		1,900,000		1,848,039
Fifth Third Bancorp, Sr. Unsecured, 2.55%, 05/05/27		780,000		731,440
Fifth Third Bancorp, Subordinated, 4.30%, 01/16/24		780,000		789,459
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39W		1,000,000		1,210,801
Huntington Bancshares, Inc., Sr. Unsecured, 2.63%, 08/06/24		4,325,000		4,243,653
Huntington Bancshares, Inc., Subordinated, 4.35%, 02/04/23		150,000		152,091
JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month USD LIBOR + 1.00%), 1.51%, 05/15/47Δ		1,000,000		830,019
JPMorgan Chase & Co., Sr. Unsecured
(SOFR + 0.92%), 2.60%, 02/24/26Δ		6,000,000		5,763,051
(SOFR + 1.59%), 2.01%, 03/13/26Δ		150,000		141,182
KeyBank NA, Sr. Unsecured, BKNT, 1.25%, 03/10/23		2,000,000		1,977,473
Lloyds Banking Group PLC, Sr.Unsecured, (UST Yield Curve CMT 1 Year + 1.10%), 1.33%, 06/15/23Δ		2,000,000		1,996,129
PNC Bank NA, Subordinated, BKNT
2.95%, 01/30/23		350,000		351,627
2.70%, 10/22/29		1,125,000		1,011,413
PNC Financial Services Group, Inc. (The), Sr. Unsecured, 3.45%, 04/23/29		100,000		96,301
PNC Financial Services Group, Inc. (The), Subordinated, 3.90%, 04/29/24		1,700,000		1,718,653
Truist Bank, Sr. Unsecured, BKNT, 3.20%, 04/01/24		175,000		175,120
Truist Bank, Subordinated, BKNT 3.63%, 09/16/25		250,000		249,272
3.80%, 10/30/26		1,000,000		990,736
2.25%, 03/11/30		1,850,000		1,598,320
U.S. Bancorp, Subordinated, MTN, 2.95%, 07/15/22		2,000,000		2,004,443
Wells Fargo & Co., Sr. Unsecured, (SOFR + 2.00%), 2.19%, 04/30/26Δ		1,170,000		1,105,723
Wells Fargo & Co., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.75%), 2.16%, 02/11/26Δ		140,000		132,969
Wells Fargo & Co., Subordinated, MTN, 4.40%, 06/14/46		1,000,000		929,906
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	38,654,985
ELECTRIC – 2.7%
American Electric Power Co., Inc., Series M, Sr. Unsecured, 0.75%, 11/01/23		1,870,000		1,799,736
Dominion Energy, Inc., Series A, Sr. Unsecured, 1.45%, 04/15/26		1,950,000		1,780,845

Description	Par Value		Value
DTE Energy Co., Series H, Sr. Unsecured, 0.55%, 11/01/22	$	1,500,000	$	1,490,641
Entergy Arkansas LLC, 1st Mortgage, 4.95%, 12/15/44		1,000,000		1,017,539
Entergy Corp., Sr. Unsecured, 0.90%, 09/15/25		1,000,000		907,073
Exelon Corp., Sr. Unsecured, 4.70%, 04/15/50		2,000,000		1,948,363
FirstEnergy Corp., Series A, Sr. Unsecured, 1.60%, 01/15/26		1,250,000		1,134,811
FirstEnergy Corp., Series B, Sr. Unsecured, 4.40%, 07/15/27		800,000		779,189
NextEra Energy Capital Holdings, Inc., Company Guaranteed, 0.65%, 03/01/23		2,305,000		2,259,320
Southern Co. (The), Series 21-B, Sr. Unsecured, 1.75%, 03/15/28		40,000		34,884
System Energy Resources, Inc., 1st Mortgage, 4.10%, 04/01/23		500,000		503,756
Union Electric Co., 1st Mortgage, 3.50%, 03/15/29		220,000		214,277
WEC Energy Group, Inc., Sr. Unsecured 1.38%, 10/15/27		750,000		655,413
1.80%, 10/15/30		1,150,000		943,555
TOTAL ELECTRIC			$	15,469,402
ELECTRONICS – 0.0%**
Honeywell International, Inc., Sr. Unsecured, 0.48%, 08/19/22		33,000		32,914
ENTERTAINMENT – 0.8%
Magallanes, Inc., Company Guaranteed, 5.14%, 03/15/52W		5,000,000		4,481,050
FOOD & STAPLES RETAILING – 2.2%
Campbell Soup Co., Sr. Unsecured 3.65%, 03/15/23		3,000,000		3,029,265
3.30%, 03/19/25		2,050,000		2,026,731
Conagra Brands, Inc., Sr. Unsecured 1.38%, 11/01/27		200,000		170,282
5.40%, 11/01/48		665,000		666,062
Kroger Co. (The), Sr. Unsecured 2.80%, 08/01/22		2,060,000		2,064,839
3.95%, 01/15/50		1,000,000		888,712
McCormick & Co., Inc., Sr. Unsecured, 0.90%, 02/15/26		3,050,000		2,744,890
Mondelez International Holdings Netherlands BV, Company Guaranteed, 0.75%, 09/24/24W		860,000		808,765
TOTAL FOOD & STAPLES RETAILING			$	12,399,546
GAS – 0.2%
Southern Co. Gas Capital Corp., Company Guaranteed, 3.95%, 10/01/46		1,425,000		1,217,148
HEALTHCARE-PRODUCTS – 0.9%
DH Europe Finance II Sarl, Company Guaranteed, 2.20%, 11/15/24		2,330,000		2,260,492
Thermo Fisher Scientific, Inc., Sr. Unsecured, 0.80%, 10/18/23		1,775,000		1,721,555

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 14

Description	Par Value		Value
Zimmer Biomet Holdings, Inc., Sr.
Unsecured,
1.45%, 11/22/24	$	1,480,000	$	1,402,601
TOTAL HEALTHCARE-PRODUCTS			$	5,384,648
HEALTHCARE-SERVICES – 1.3%
Anthem, Inc., Sr. Unsecured,
3.65%, 12/01/27		1,650,000		1,618,505
CommonSpirit Health, Sr. Secured
2.76%, 10/01/24		3,140,000		3,081,405
3.35%, 10/01/29		150,000		139,313
NYU Langone Hospitals, Series 2020,
Secured, 3.38%, 07/01/55		1,000,000		784,580
UnitedHealth Group, Inc., Sr. Unsecured
2.38%, 10/15/22		300,000		300,168
2.95%, 10/15/27		1,350,000		1,302,089
3.95%, 10/15/42		290,000		270,178
TOTAL HEALTHCARE-SERVICES			$	7,496,238
HOME FURNISHINGS – 0.5%
Whirlpool Corp., Sr. Unsecured
4.70%, 06/01/22		1,500,000		1,504,340
4.60%, 05/15/50		1,405,000		1,305,311
TOTAL HOME FURNISHINGS			$	2,809,651
HOUSEHOLD PRODUCTS/WARES – 0.0%**
Church & Dwight Co., Inc., Sr. Unsecured,
2.45%, 08/01/22		225,000		225,391
INSURANCE – 2.2%
American International Group, Inc., Sr.
Unsecured,
4.20%, 04/01/28		1,000,000		1,007,922
Aon Corp., Company Guaranteed,
2.20%, 11/15/22		3,500,000		3,495,875
Aon Global Ltd., Company Guaranteed,
4.00%, 11/27/23		1,700,000		1,715,570
Berkshire Hathaway Finance Corp.,
Company Guaranteed,
4.30%, 05/15/43		425,000		412,888
CNA Financial Corp., Sr. Unsecured
7.25%, 11/15/23		200,000		211,017
3.95%, 05/15/24		950,000		954,967
Lincoln National Corp., Sr. Unsecured,
3.63%, 12/12/26		1,380,000		1,370,412
Principal Financial Group, Inc.,
Company Guaranteed,
3.30%, 09/15/22		250,000		250,949
Principal Life Global Funding II, Secured,
1.63%, 11/19/30W		250,000		208,428
W.R. Berkley Corp., Sr. Unsecured
4.75%, 08/01/44		1,715,000		1,720,430
4.00%, 05/12/50		1,425,000		1,266,747
TOTAL INSURANCE			$	12,615,205
INTERNET – 0.2%
Amazon.com, Inc., Sr. Unsecured
1.20%, 06/03/27		100,000		89,379
3.25%, 05/12/61		1,000,000		812,017
TOTAL INTERNET			$	901,396

Description	Par Value		Value
MACHINERY – 0.0%**
Caterpillar Financial Services Corp., Sr. Unsecured,
0.65%, 07/07/23	$	50,000	$	48,822
MEDIA – 1.1%
CCO Holdings LLC, Sr. Unsecured,
4.25%, 02/01/31W		3,000,000		2,538,750
Discovery Communications LLC, Company Guaranteed
3.95%, 03/20/28		1,000,000		961,655
3.63%, 05/15/30#		1,000,000		920,197
Paramount Global, Sr. Unsecured
4.60%, 01/15/45		1,100,000		967,652
4.95%, 05/19/50		1,185,000		1,078,826
TOTAL MEDIA			$	6,467,080
MINING – 0.2%
Barrick Gold Corp., Sr. Unsecured,
5.25%, 04/01/42		1,000,000		1,046,625
MISCELLANEOUS MANUFACTURING – 0.4%
Textron, Inc., Sr. Unsecured
3.88%, 03/01/25		750,000		754,084
2.45%, 03/15/31		2,000,000		1,710,619
TOTAL MISCELLANEOUS MANUFACTURING			$	2,464,703
OIL & GAS – 2.3%
Canadian Natural Resources Ltd., Sr. Unsecured,
2.95%, 01/15/23		3,000,000		3,005,976
Marathon Petroleum Corp., Sr. Unsecured,
3.63%, 09/15/24		745,000		742,109
Phillips 66, Company Guaranteed
0.90%, 02/15/24		1,065,000		1,024,043
3.85%, 04/09/25		575,000		578,300
Pioneer Natural Resources Co., Sr. Unsecured
0.55%, 05/15/23		1,035,000		1,010,016
1.13%, 01/15/26		1,000,000		907,032
1.90%, 08/15/30		1,940,000		1,611,662
2.15%, 01/15/31		1,000,000		844,827
Valero Energy Corp., Sr. Unsecured
2.15%, 09/15/27		1,800,000		1,631,492
4.00%, 04/01/29#		1,580,000		1,539,508
4.90%, 03/15/45		563,000		540,538
TOTAL OIL & GAS			$	13,435,503
PHARMACEUTICALS – 2.9%
AbbVie, Inc., Sr. Unsecured
3.75%, 11/14/23		150,000		151,698
2.95%, 11/21/26		1,875,000		1,799,236
4.25%, 11/14/28		1,235,000		1,237,324
4.40%, 11/06/42		460,000		436,341
4.88%, 11/14/48		1,000,000		1,004,621
4.25%, 11/21/49		1,000,000		921,815
AstraZeneca Finance LLC, Company Guaranteed,
1.75%, 05/28/28		500,000		445,972

ANNUAL REPORT / April 30, 2022

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

Description	Par Value		Value
AstraZeneca PLC, Sr. Unsecured,
0.70%, 04/08/26	$	100,000	$	89,501
Becton Dickinson and Co., Sr.Unsecured,
1.96%, 02/11/31		100,000		82,717
Bristol-Myers Squibb Co., Sr. Unsecured
(3 Month USD LIBOR + 0.38%), 0.84%, 05/16/22Δ		665,000		665,001
2.75%, 02/15/23		1,565,000		1,572,039
3.40%, 07/26/29		310,000		300,218
Cardinal Health, Inc., Sr. Unsecured
3.20%, 03/15/23		350,000		351,819
4.50%, 11/15/44		650,000		583,604
Cigna Corp., Company Guaranteed
3.75%, 07/15/23		272,000		274,114
4.80%, 07/15/46		1,000,000		1,008,089
Cigna Corp., Sr. Unsecured,
2.38%, 03/15/31		250,000		214,964
CVS Health Corp., Sr. Unsecured
1.30%, 08/21/27		145,000		127,018
1.88%, 02/28/31		2,000,000		1,642,781
Elanco Animal Health, Inc., Sr. Unsecured,
6.40%, 08/28/28		2,000,000		2,075,000
Pfizer, Inc., Sr. Unsecured,
2.63%, 04/01/30		650,000		600,391
Zoetis, Inc., Sr. Unsecured
3.00%, 09/12/27		125,000		120,491
3.95%, 09/12/47		1,005,000		913,677
TOTAL PHARMACEUTICALS			$	16,618,431
PIPELINES – 3.3%
Enbridge, Inc., Company Guaranteed
(SOFR + 0.40%), 0.60%, 02/17/23Δ		1,000,000		998,249
0.55%, 10/04/23		1,540,000		1,484,037
(SOFR + 0.63%), 0.83%, 02/16/24Δ		3,000,000		3,001,948
Energy Transfer LP, Sr. Unsecured
3.60%, 02/01/23		870,000		872,387
3.75%, 05/15/30#		715,000		658,919
5.30%, 04/15/47		1,250,000		1,136,558
Enterprise Products Operating LLC,
Company Guaranteed
4.20%, 01/31/50		1,120,000		982,459
4.95%, 10/15/54		500,000		483,947
Kinder Morgan Energy Partners LP,
Company Guaranteed,
5.40%, 09/01/44		1,000,000		975,358
Kinder Morgan, Inc., Company Guaranteed
5.20%, 03/01/48		2,040,000		1,982,721
3.60%, 02/15/51		1,315,000		1,008,642
MPLX LP, Sr. Unsecured
4.70%, 04/15/48		1,000,000		894,431
4.95%, 03/14/52		1,000,000		909,886
ONEOK Partners LP, Company     Guaranteed,
6.20%, 09/15/43		1,000,000		1,007,354
Plains All American Pipeline LP, Sr.
Unsecured,
3.85%, 10/15/23		866,000		867,909
Spectra Energy Partners LP, Company
Guaranteed,
3.50%, 03/15/25		670,000		665,528

Description		Par Value		Value
Williams Cos., Inc. (The), Sr. Unsecured,
3.50%, 10/15/51		$	1,485,000	$	1,141,186
TOTAL PIPELINES				$	19,071,519
REAL ESTATE INVESTMENT TRUSTS –2.5%
American Tower Corp., Sr. Unsecured
5.00%, 02/15/24			665,000		681,982
3.13%, 01/15/27			1,000,000		946,062
4.05%, 03/15/32			1,000,000		938,107
3.10%, 06/15/50			1,500,000		1,062,627
AvalonBay Communities, Inc., Sr. Unsecured, MTN,
3.35%, 05/15/27			1,420,000		1,383,306
Healthcare Realty Trust, Inc., Sr. Unsecured
3.88%, 05/01/25			1,215,000		1,220,582
3.63%, 01/15/28			1,100,000		1,058,779
Healthpeak Properties, Inc., Sr. Unsecured
3.25%, 07/15/26			110,000		107,574
2.88%, 01/15/31			2,350,000		2,103,487
Ventas Realty LP, Company Guaranteed,
4.00%, 03/01/28			250,000		245,692
Welltower, Inc., Sr. Unsecured
3.63%, 03/15/24			250,000		250,086
4.00%, 06/01/25			3,000,000		3,005,631
4.95%, 09/01/48			1,000,000		1,027,827
TOTAL REAL ESTATE INVESTMENT TRUSTS				$	14,031,742
RETAIL – 1.0%	��
Lowe’s Cos., Inc., Sr. Unsecured,
3.65%, 04/05/29			200,000		192,223
Nordstrom, Inc., Sr. Unsecured,
5.00%, 01/15/44#			1,000,000		827,500
Walgreens Boots Alliance, Inc., Sr.
Unsecured
0.95%, 11/17/23			4,880,000		4,727,420
3.20%, 04/15/30			150,000		138,366
TOTAL RETAIL				$	5,885,509
SEMICONDUCTORS – 0.2%
Micron Technology, Inc., Sr. Unsecured,
2.70%, 04/15/32			1,500,000		1,255,488
SOFTWARE – 0.7%
Roper Technologies, Inc., Sr. Unsecured
0.45%, 08/15/22			1,500,000		1,493,937
3.13%, 11/15/22			125,000		125,444
2.00%, 06/30/30			1,345,000		1,129,575
Workday, Inc., Sr. Unsecured,
3.50%, 04/01/27			1,385,000		1,353,946
TOTAL SOFTWARE				$	4,102,902
TELECOMMUNICATIONS – 1.3%
AT&T, Inc., Sr. Unsecured
0.90%, 03/25/24			2,125,000		2,040,800
4.50%, 05/15/35			845,000		833,259
3.55%, 09/15/55			1,423,000		1,106,459
Verizon Communications, Inc., Sr.     Unsecured
2.10%, 03/22/28			50,000		44,750
1.75%, 01/20/31			2,310,000		1,886,148
2.36%, 03/15/32W			305,000		255,341

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 16

Description	Par Value		Value
3.40%, 03/22/41	$	1,515,000	$	1,279,262
TOTAL TELECOMMUNICATIONS			$	7,446,019
TRANSPORTATION – 1.9%
FedEx Corp., Company Guaranteed,
2.40%, 05/15/31		2,500,000		2,143,110
Ryder System, Inc., Sr. Unsecured, MTN
2.50%, 09/01/22		1,245,000		1,247,575
3.65%, 03/18/24		1,670,000		1,673,398
2.85%, 03/01/27		2,645,000		2,500,447
Union Pacific Corp., Sr. Unsecured
3.15%, 03/01/24		2,565,000		2,569,283
4.30%, 03/01/49		675,000		655,199
TOTAL TRANSPORTATION			$	10,789,012
TRUCKING & LEASING – 0.8%
GATX Corp., Sr. Unsecured
3.25%, 09/15/26		1,570,000		1,526,082
3.85%, 03/30/27		1,500,000		1,482,198
4.00%, 06/30/30		1,000,000		958,784
5.20%, 03/15/44		640,000		646,136
TOTAL TRUCKING & LEASING			$	4,613,200
TOTAL CORPORATE BONDS
(COST $282,094,309)			$	267,660,746
GOVERNMENT AGENCIES – 3.0%
FEDERAL HOME LOAN BANK (FHLB) – 1.2%
3.25%, 11/16/28#		6,960,000		7,039,984
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.5%
0.38%, 07/21/25#		9,250,000		8,531,261
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
0.25%, 05/22/23		200,000		195,966
6.25%, 05/15/29		750,000		898,461
7.25%, 05/15/30		400,000		515,120
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,609,547
TOTAL GOVERNMENT AGENCIES
(COST $18,444,351)			$	17,180,792
MORTGAGE-BACKED SECURITIES – 22.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 5.4%
Pool G12709, 5.00%, 07/01/22		170		170
Pool C00478, 8.50%, 09/01/26		4,626		4,998
Pool E09010, 2.50%, 09/01/27		258,488		250,153
Pool G18497, 3.00%, 01/01/29		36,562		36,016
Pool C01272, 6.00%, 12/01/31		8,858		9,838
Pool A13990, 4.50%, 10/01/33		8,597		9,185
Pool G01625, 5.00%, 11/01/33		25,453		26,908
Pool A18401, 6.00%, 02/01/34		18,537		20,616
Pool QN1900, 3.00%, 04/01/35		944,306		933,403
Pool G08097, 6.50%, 11/01/35		14,984		16,900
Pool G02296, 5.00%, 06/01/36		64,947		68,960
Pool G02390, 6.00%, 09/01/36		6,041		6,995
Pool G05317, 5.00%, 04/01/37		267,525		284,297
Pool G08193, 6.00%, 04/01/37		11,838		13,566
Pool G03703, 5.50%, 12/01/37		6,937		7,537
Pool G04776, 5.50%, 07/01/38		22,559		24,361

Description	Par Value		Value
Pool G05500, 5.00%, 05/01/39	$	228,116	$	245,363
Pool A93415, 4.00%, 08/01/40		305,229		310,274
Pool A93505, 4.50%, 08/01/40		374,826		388,822
Pool A93996, 4.50%, 09/01/40		282,490		292,996
Pool G06222, 4.00%, 01/01/41		439,234		447,650
Pool A97047, 4.50%, 02/01/41		286,018		297,291
Pool G06956, 4.50%, 08/01/41		284,387		295,597
Pool C03750, 3.50%, 02/01/42		119,919		118,291
Pool C03849, 3.50%, 04/01/42		65,039		64,006
Pool Q08305, 3.50%, 05/01/42		489,151		480,620
Pool C04305, 3.00%, 11/01/42		1,316,260		1,258,040
Pool C09020, 3.50%, 11/01/42		962,499		948,219
Pool G07266, 4.00%, 12/01/42		814,432		826,466
Pool C04444, 3.00%, 01/01/43		42,295		40,751
Pool C09029, 3.00%, 03/01/43		175,721		169,277
Pool G08534, 3.00%, 06/01/43		218,276		210,267
Pool Q19476, 3.50%, 06/01/43		363,120		359,908
Pool C09044, 3.50%, 07/01/43		427,928		424,146
Pool G07889, 3.50%, 08/01/43		404,515		398,961
Pool G07624, 4.00%, 12/01/43		415,010		422,709
Pool G60038, 3.50%, 01/01/44		2,038,092		2,010,044
Pool G07680, 4.00%, 04/01/44		664,844		675,096
Pool G07943, 4.50%, 08/01/44		39,393		41,243
Pool G08607, 4.50%, 09/01/44		245,663		256,501
Pool Q33547, 3.50%, 05/01/45		335,139		328,361
Pool Q36970, 4.00%, 10/01/45		161,525		162,778
Pool G60384, 4.50%, 12/01/45		25,249		26,354
Pool Q39644, 3.50%, 03/01/46		969,642		954,171
Pool Q39438, 4.00%, 03/01/46		1,019,849		1,024,429
Pool G08705, 3.00%, 05/01/46		89,673		85,912
Pool G08708, 4.50%, 05/01/46		181,589		185,626
Pool ZS4671, 3.00%, 08/01/46		579,907		555,322
Pool Q44452, 3.00%, 11/01/46		829,119		794,337
Pool ZS4693, 3.00%, 12/01/46		1,593,988		1,526,361
Pool SD8037, 2.50%, 01/01/50		3,108,368		2,838,707
Pool RA2341, 2.50%, 04/01/50		2,733,009		2,500,489
Pool SD8104, 1.50%, 11/01/50		2,634,605		2,219,980
Pool RA4349, 2.50%, 01/01/51		1,387,481		1,266,243
Pool SD8141, 2.50%, 04/01/51		1,258,487		1,151,004
Pool SD8190, 3.00%, 01/01/52		2,445,309		2,308,859
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	30,625,374
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 16.6%
Pool 975207, 5.00%, 03/01/23		3,282		3,312
Pool AE2520, 3.00%, 01/01/26		193,997		190,502
Pool 329794, 7.00%, 02/01/26		2,106		2,127
Pool 256639, 5.00%, 02/01/27		12,737		12,832
Pool 256752, 6.00%, 06/01/27		16,770		18,358
Pool 257007, 6.00%, 12/01/27		14,760		16,249
Pool 402255, 6.50%, 12/01/27		512		529
Pool AB8997, 2.50%, 04/01/28		69,467		66,908
Pool AS4480, 2.50%, 02/01/30		369,571		357,529
Pool AS7462, 2.50%, 06/01/31		169,575		163,470
Pool 254007, 6.50%, 10/01/31		4,966		5,504
Pool 254240, 7.00%, 03/01/32		15,626		16,548
Pool 638023, 6.50%, 04/01/32		38,742		41,690
Pool 642345, 6.50%, 05/01/32		21,654		23,301

ANNUAL REPORT / April 30, 2022

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

Description	Par Value		Value
Pool 651292, 6.50%, 07/01/32	$	49,102	$	52,850
Pool 686398, 6.00%, 03/01/33		88,193		97,742
Pool BP6496, 2.00%, 07/01/35		938,791		880,896
Pool MA4095, 2.00%, 08/01/35		1,157,432		1,086,042
Pool 745412, 5.50%, 12/01/35		18,566		20,371
Pool 888789, 5.00%, 07/01/36		98,366		106,794
Pool 256515, 6.50%, 12/01/36		6,521		7,123
Pool AE0217, 4.50%, 08/01/40		45,603		47,346
Pool AB1796, 3.50%, 11/01/40		273,721		271,659
Pool AH5583, 4.50%, 02/01/41		123,271		128,060
Pool 890551, 4.50%, 08/01/41		29,497		30,772
Pool AL0658, 4.50%, 08/01/41		171,413		178,278
Pool AL1319, 4.50%, 10/01/41		215,528		223,929
Pool AL6302, 4.50%, 10/01/41		295,664		307,143
Pool AX5302, 4.00%, 01/01/42		507,621		516,824
Pool AK4523, 4.00%, 03/01/42		579,563		588,552
Pool AL2034, 4.50%, 04/01/42		80,729		83,969
Pool AB7936, 3.00%, 02/01/43		789,270		765,679
Pool AL3761, 4.50%, 02/01/43		84,583		88,370
Pool MA1458, 3.00%, 06/01/43		176,209		169,676
Pool AT7899, 3.50%, 07/01/43		1,208,592		1,193,887
Pool AS0302, 3.00%, 08/01/43		1,861,531		1,792,508
Pool AU4279, 3.00%, 09/01/43		385,881		371,552
Pool AL5537, 4.50%, 04/01/44		140,180		147,873
Pool AS3155, 4.00%, 08/01/44		19,499		19,665
Pool AX0833, 3.50%, 09/01/44		327,766		320,588
Pool AL6325, 3.00%, 10/01/44		1,212,665		1,167,709
Pool AS5136, 4.00%, 06/01/45		119,289		119,805
Pool AZ7362, 4.00%, 11/01/45		345,721		348,570
Pool AZ9565, 3.50%, 12/01/45		475,392		469,392
Pool BC0326, 3.50%, 12/01/45		395,195		390,180
Pool BC0245, 3.00%, 02/01/46		243,082		232,781
Pool BC0830, 3.00%, 04/01/46		364,579		349,102
Pool AS7568, 4.50%, 07/01/46		56,736		57,848
Pool BC4764, 3.00%, 10/01/46		493,301		472,375
Pool MA2771, 3.00%, 10/01/46		148,114		141,837
Pool AS8276, 3.00%, 11/01/46		498,257		477,119
Pool BC9003, 3.00%, 11/01/46		518,247		496,251
Pool BE1899, 3.00%, 11/01/46		2,000,460		1,915,545
Pool BE3767, 3.50%, 07/01/47		470,568		461,638
Pool BH2618, 3.50%, 08/01/47		133,051		130,531
Pool MA3088, 4.00%, 08/01/47		417,888		419,173
Pool BH4010, 4.50%, 09/01/47		465,669		477,745
Pool BH9215, 3.50%, 01/01/48		654,083		641,688
Pool BJ0650, 3.50%, 03/01/48		2,689,824		2,635,164
Pool BJ0639, 4.00%, 03/01/48		162,824		163,178
Pool BJ9169, 4.00%, 05/01/48		761,785		763,446
Pool BK4764, 4.00%, 08/01/48		710,403		711,954
Pool BN1628, 4.50%, 11/01/48		373,636		381,922
Pool BM5334, 3.50%, 01/01/49		632,654		620,858
Pool MA3871, 3.00%, 12/01/49		1,648,539		1,567,717
Pool CA5306, 3.00%, 03/01/50		1,423,329		1,345,350
Pool CA5353, 3.50%, 03/01/50		1,235,616		1,200,956
Pool MA4100, 2.00%, 08/01/50		1,439,927		1,270,583
Pool FM3989, 2.50%, 08/01/50		963,583		883,630
Pool CA6983, 2.00%, 09/01/50		2,580,761		2,276,728
Pool CA7106, 2.00%, 09/01/50		1,614,085		1,424,001

Description	Par Value		Value
Pool MA4119, 2.00%, 09/01/50	$	1,078,897	$	951,985
Pool BQ2999, 2.50%, 10/01/50		2,274,433		2,072,783
Pool CA7383, 3.00%, 10/01/50		1,711,291		1,617,483
Pool CA7734, 2.50%, 11/01/50		1,564,797		1,430,815
Pool FM5297, 3.00%, 11/01/50		2,062,102		1,958,095
Pool MA4208, 2.00%, 12/01/50		1,111,418		980,627
Pool CA8021, 2.50%, 12/01/50		4,479,391		4,107,461
Pool FM5166, 3.00%, 12/01/50		1,081,697		1,022,261
Pool BQ4495, 2.00%, 02/01/51		5,981,389		5,275,909
Pool CA8929, 2.00%, 02/01/51		2,899,519		2,557,674
Pool FM6426, 2.00%, 03/01/51		2,634,089		2,327,321
Pool BR7857, 2.50%, 05/01/51		3,907,918		3,562,441
Pool FM7188, 2.50%, 05/01/51		3,049,884		2,810,250
Pool CB0727, 2.50%, 06/01/51		6,905,357		6,294,883
Pool FM8440, 2.50%, 08/01/51		1,574,359		1,437,511
Pool FM9949, 2.00%, 12/01/51		1,024,707		906,425
Pool FM9871, 2.50%, 12/01/51		6,860,676		6,252,487
Pool BU1416, 3.00%, 01/01/52		2,479,181		2,368,460
Pool FS0982, 3.00%, 03/01/52		2,004,879		1,892,961
Pool CB3334, 3.50%, 04/01/52		6,206,081		6,025,390
Pool MA4644, 4.00%, 05/01/52		1,443,000		1,436,604
Pool TBA, 2.00%, 06/01/52‡		4,000,000		3,522,500
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	95,244,109
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23		1,534		1,533
Pool 354713, 7.50%, 12/15/23		850		850
Pool 354765, 7.00%, 02/15/24		4,350		4,468
Pool 354827, 7.00%, 05/15/24		1,696		1,695
Pool 385623, 7.00%, 05/15/24		4,807		5,029
Pool 360869, 7.50%, 05/15/24		5,090		5,228
Pool 2077, 7.00%, 09/20/25		1,750		1,765
Pool 780825, 6.50%, 07/15/28		23,611		25,359
Pool 2616, 7.00%, 07/20/28		13,780		14,998
Pool 2701, 6.50%, 01/20/29		28,729		31,337
Pool 426727, 7.00%, 02/15/29		3,419		3,437
Pool 503405, 6.50%, 04/15/29		8,715		8,737
Pool 781231, 7.00%, 12/15/30		13,663		14,783
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	119,219
TOTAL MORTGAGE-BACKED SECURITIES
(COST $137,855,419)			$	125,988,702
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		2,230,516
TOTAL MUNICIPAL BOND
(COST $2,500,000)			$	2,230,516
U.S. TREASURY OBLIGATIONS – 24.4%
U.S. TREASURY BONDS – 7.4%
6.38%, 08/15/27		450,000		524,088
5.25%, 02/15/29		500,000		569,848
6.25%, 05/15/30		500,000		618,851
5.38%, 02/15/31		600,000		714,410
2.00%, 11/15/41		985,000		815,762

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 18

Description	Par Value		Value
3.00%, 05/15/42	$	500,000	$	486,528
3.63%, 08/15/43		881,000		938,835
3.75%, 11/15/43		365,000		396,211
3.63%, 02/15/44		2,106,000		2,245,602
3.13%, 08/15/44		6,637,000		6,544,731
3.00%, 11/15/44		2,000,000		1,931,247
2.50%, 02/15/45		2,135,000		1,889,383
3.00%, 05/15/45		2,000,000		1,933,466
2.88%, 08/15/45		300,000		284,112
3.00%, 11/15/45		765,000		741,716
2.50%, 02/15/46		280,000		248,190
3.00%, 02/15/47		1,098,000		1,069,257
3.00%, 05/15/47		1,695,000		1,652,693
2.75%, 11/15/47		2,235,000		2,087,706
1.25%, 05/15/50		3,300,000		2,199,055
1.38%, 08/15/50		3,000,000		2,064,329
1.63%, 11/15/50		2,500,000		1,837,120
2.00%, 08/15/51		13,255,000		10,702,649
TOTAL U.S. TREASURY BONDS			$	42,495,789
U.S. TREASURY NOTES – 17.0%
1.88%, 07/31/22		125,000		125,295
1.50%, 08/15/22		150,000		150,166
1.63%, 08/15/22#		3,500,000		3,505,519
1.63%, 11/15/22#		1,928,000		1,929,006
2.00%, 02/15/23		200,000		200,141
2.50%, 03/31/23		7,150,000		7,177,458
1.75%, 05/15/23		2,000,000		1,991,141
1.63%, 05/31/23		9,400,000		9,339,305
2.75%, 05/31/23		200,000		201,115
0.25%, 06/15/23		250,000		244,519
2.50%, 08/15/23		450,000		450,549
1.63%, 10/31/23		290,000		286,190
2.00%, 04/30/24		10,195,000		10,054,444
1.75%, 07/31/24#		1,900,000		1,857,504
2.38%, 08/15/24		6,100,000		6,037,928
2.00%, 02/15/25		4,655,000		4,545,207
0.25%, 04/30/25		250,000		232,065
2.13%, 05/15/25		2,800,000		2,736,524
2.00%, 08/15/25		945,000		917,681
2.25%, 11/15/25		730,000		713,125
1.63%, 02/15/26		8,000,000		7,620,135
1.63%, 05/15/26		5,470,000		5,194,084
2.00%, 11/15/26		4,180,000		4,007,782
2.25%, 02/15/27		30,000		29,055
1.13%, 02/28/27		250,000		229,663
0.50%, 06/30/27		450,000		397,295
2.25%, 11/15/27		300,000		289,153
2.75%, 02/15/28		6,750,000		6,671,616
1.25%, 06/30/28		500,000		451,472
3.13%, 11/15/28		350,000		353,224
2.38%, 05/15/29		2,900,000		2,794,417
1.63%, 08/15/29		5,000,000		4,575,776
1.50%, 02/15/30		5,000,000		4,510,192
0.63%, 05/15/30		550,000		460,112
1.38%, 11/15/31		1,880,000		1,642,057

Description	Par Value		Value
1.88%, 02/15/32	$	6,000,000	$	5,479,716
TOTAL U.S. TREASURY NOTES			$	97,400,631
TOTAL U.S. TREASURY OBLIGATIONS
(COST $147,419,705)			$	139,896,420
	Number of Shares
INVESTMENT COMPANY – 0.9%
EXCHANGE-TRADED FUND – 0.9%
iShares iBoxx High Yield Corporate Bond ETF#		68,340		5,366,740
TOTAL INVESTMENT COMPANY
(COST $6,002,419)			$	5,366,740
MONEY MARKET FUND – 1.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%^		9,629,825		9,629,825
TOTAL MONEY MARKET FUND
(COST $9,629,825)			$	9,629,825
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.6%
MONEY MARKET FUNDS – 2.3%
Blackrock Liquidity Fed Fund, Institutional Shares, 0.31%^		2,036,000		2,036,000
Federated Hermes Government Obligations Fund, Premier Shares, 0.26%^		2,295,000		2,295,000
Goldman Sachs Financial Square Government Fund, Institutional Shares, 0.31%^		2,041,000		2,041,000
Invesco Government & Agency Portfolio, Institutional Class, 0.35%^		2,295,000		2,295,000
JPMorgan U.S. Government Money Market Fund, Capital Class, 0.32%^		2,340,000		2,340,000
Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 0.30%^		2,295,000		2,295,000
TOTAL MONEY MARKET FUNDS (COST $13,302,000)			$	13,302,000
	Par Value
REPURCHASE AGREEMENTS – 2.3%
Bank of America Securities, Inc., 0.30%,dated 4/29/22, due 5/02/22, repurchase price $5,058,002, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 2/01/36 to 4/01/52; total market value of $5,159,034.	$	5,057,876		5,057,876
Bank of Montreal, 0.29%, dated 4/29/22,due 5/02/22, repurchase price $3,199,818, collateralized by U.S. Government Agency Securities, 1.18% to 4.50%, maturing 3/01/25 to 3/20/72; total market value of $3,263,736.		3,199,741		3,199,741

ANNUAL REPORT / April 30, 2022

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

Description	Par Value			Value
RBC Dominion Securities, Inc., 0.28%, dated     4/29/22, due 5/02/22, repurchase price     $5,057,994, collateralized by     U.S. Government Agency & Treasury     Securities, 0.00% to 6.38%, maturing     6/30/22 to 4/01/52; total market value of     $5,159,034.		$	5,057,876		$	5,057,876
TOTAL REPURCHASE AGREEMENTS (COST $13,315,493)					$	13,315,493
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $26,617,493)					$	26,617,493
TOTAL INVESTMENTS – 104.7% (COST $636,625,140)					$	600,632,621
COLLATERAL FOR SECURITIES ON LOAN – (4.6%)						(26,617,493	)
OTHER ASSETS LESS LIABILITIES – (0.1)%						(498,862	)
TOTAL NET ASSETS – 100.0%					$	573,516,266

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	6,099		$—	$	6,099
Collateralized Mortgage Obligations		—		55,888		—		55,888
Commercial Paper		—		5,999,400		—		5,999,400
Corporate Bonds		—		267,660,746		—		267,660,746
Government Agencies		—		17,180,792		—		17,180,792
Mortgage-Backed Securities		—		125,988,702		—		125,988,702
Municipal Bond		—		2,230,516		—		2,230,516
U.S. Treasury Obligations		—		139,896,420		—		139,896,420
Investment Company		5,366,740		—		—		5,366,740
Money Market Funds		22,931,825		—		—		22,931,825
Repurchase Agreements		—		13,315,493		—		13,315,493
Total	$	28,298,565	$	572,334,056		$—	$	600,632,621

** Represents less than 0.05%.

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

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

^W  Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2022, these liquid restricted securities amounted to $19,363,089, representing 3.38% 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.

^‡  Delayed delivery security.

^{^}  7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

BKNT	Bank Notes
CMT	Constant Maturity Treasury

April 30, 2022 / ANNUAL REPORT

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

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
SOFR	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

ANNUAL REPORT / April 30, 2022

21

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At April 30, 2022, the Fund’s portfolio composition was as follows:

	Percentage of
	Total Net Assets
General		17.1	%
General Obligations		15.5%
Medical		11.2%
Higher Education		8.6%
Housing		7.3%
Airport		7.1%
Transportation		6.6%
Water		6.4%
School District		4.2%
Development		3.1%
Power		2.8%
Education		2.8%
Utilities		1.8%
Tobacco Settlement		1.6%
Student Loan		1.1%
Cash Equivalents(1)		1.6%
Other Assets and Liabilities – Net(2)		1.2%
TOTAL		100.0	%

	Percentage of
Credit Quality Diversification(3)	Total Net Assets
AAA / Aaa		14.7	%
AA / Aa		26.5	%
A/ A		37.4	%
BBB / Baa		14.3	%
Not Rated		5.9	%
Other Assets and Liabilities – Net(2)		1.2	%
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

April 30, 2022

Description	Par Value		Value
MUNICIPAL BONDS – 97.2%
ALABAMA – 0.3%
HIGHER EDUCATION – 0.3%
University of South Alabama, AL, Advance Refunding Revenue Bonds, (AGM), 5.00%, 11/01/31	$	1,000,000	$	1,081,394
TOTAL ALABAMA			$	1,081,394
ALASKA – 0.6%
HIGHER EDUCATION – 0.6%
University of Alaska, AK, Revenue Bonds,
(Series T), 5.00%, 10/01/29		1,810,000		1,940,305
TOTAL ALASKA			$	1,940,305

Description	Par Value		Value
ARIZONA – 2.2%
DEVELOPMENT– 0.0%**
Industrial Development Authority of the City of Phoenix, AZ, IDA, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), Prerefunded/ETM, 6.85%, 12/01/25	$	120,000	$	127,979
EDUCATION – 1.4%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A)
5.00%, 11/01/26		1,000,000		1,077,472
5.00%, 11/01/30		1,000,000		1,083,397
5.00%, 11/01/32		865,000		936,657
La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions – Harmony Public Schools Project), (Series A), 5.00%, 02/15/28		1,300,000		1,355,929
TOTAL EDUCATION			$	4,453,455

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 22

Description	Par Value		Value
MEDICAL – 0.8%
Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A)
5.00%, 09/01/34	$	1,000,000	$	1,120,803
5.00%, 09/01/35		725,000		811,513
5.00%, 09/01/36		500,000		558,991
TOTAL MEDICAL			$	2,491,307
TOTAL ARIZONA			$	7,072,741
ARKANSAS – 1.0%
WATER – 1.0%
Fort Smith, Water & Sewer, AR, Advance Refunding Revenue Bonds, (BAM), 5.00%,10/01/28		2,815,000		3,090,620
TOTAL ARKANSAS			$	3,090,620
CALIFORNIA – 1.8%
AIRPORT – 0.9%
City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds,(Series B), 5.00%, 05/15/32		800,000		864,500
City of Los Angeles Department of Airports, CA, Revenue Bonds 4.00%, 05/15/35 4.00%, 05/15/36 4.00%, 05/15/37		600,000 800,000 500,000		606,069 807,050 503,665
TOTAL AIRPORT			$	2,781,284
EDUCATION – 0.0%**
Sulphur Springs Union School District, CA, Refunding Bonds, Certificates of Participation, Prerefunded/ETM, (AGM),6.50%, 12/01/37		5,000		5,274
GENERAL – 0.3%
Salinas Public Facilities, Inc., CA, Revenue Bonds, (City of Salinas Public Safety Building Project), 4.00%, 12/01/29		1,000,000		1,048,479
GENERAL OBLIGATIONS – 0.4%
State of California, CA, GO Unlimited, CurrentRefunding, (AGM), 5.25%, 08/01/32		1,000,000		1,185,790
POWER – 0.2%
M-S-R Public Power Agency, CA, Revenue Bonds, (Series E), (NATL), Prerefunded/ETM, 6.00%, 07/01/22		60,000		60,457
Redding, CA, Electric System Revenue Bonds, (NATL), Prerefunded/ETM, 6.37%, 07/01/22		270,000		272,377
Sacramento Municipal Utility District, CA, Revenue Bonds, (Series K-BHAC-CR), (BHAC-CR AMBAC), 5.25%, 07/01/24		460,000		475,264
TOTAL POWER			$	808,098
TOTAL CALIFORNIA			$	5,828,925
COLORADO – 3.4%
AIRPORT – 0.9%
City & County of Denver, CO, Airport SystemRevenue Bonds, (Sub-Series A), 5.00%,12/01/31		2,500,000		2,696,864

Description	Par Value		Value
HIGHER EDUCATION – 0.7%
Colorado Educational & Cultural Facilities Authority, CO, Refunding Revenue Bonds, (University of Denver Project), (NATL), 5.00%, 03/01/35	$	2,000,000	$	2,330,998
HOUSING – 0.5%
Colorado Housing and Finance Authority, CO, Single Family Revenue Bonds, (Series B), 3.75%, 05/01/50		1,650,000		1,670,596
MEDICAL – 0.7%
Colorado Health Facilities Authority, CO, Advance Refunding Revenue Bonds, (NCMC, Inc. Project), Prerefunded/ETM, 5.00%, 05/15/26		100,000		109,209
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49		2,000,000		2,142,019
TOTAL MEDICAL			$	2,251,228
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		1,879,432
TOTAL COLORADO			$	10,829,118
CONNECTICUT – 3.7%
GENERAL OBLIGATIONS – 1.0%
State of Connecticut, CT, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series 2021 A), 3.00%, 01/15/35		2,900,000		2,675,948
State of Connecticut, CT, GO Unlimited, Refunding Notes, (Series E), 5.00%, 09/15/27		500,000		556,648
TOTAL GENERAL OBLIGATIONS			$	3,232,596
HIGHER EDUCATION – 0.8%
Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Fairfield University), (Series R), 5.00%, 07/01/31		1,385,000		1,497,160
University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33		1,000,000		1,083,529
TOTAL HIGHER EDUCATION			$	2,580,689
HOUSING – 1.1%
Connecticut Housing Finance Authority, CT, Current Refunding Revenue Bonds, (Home Mortgage Finance Program), (Sub-Series D-1), 4.00%, 11/15/49		2,440,000		2,493,552
Connecticut Housing Finance Authority, CT, Revenue Bonds, (Sub-Series A-2), 4.00%, 11/15/41		1,095,000		1,110,524
TOTAL HOUSING			$	3,604,076
MEDICAL – 0.6%
Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1) 4.00%, 07/01/28 4.00%, 07/01/29		685,000 500,000		712,064 520,889

ANNUAL REPORT / April 30, 2022

23 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
4.00%, 07/01/30	$	600,000	$	625,710
TOTAL MEDICAL			$	1,858,663
TRANSPORTATION – 0.2%
Connecticut State Special Tax Revenue, CT, Highways Improvement Revenue Bonds, (Series A), 5.00%, 05/01/25		625,000		669,084
TOTAL CONNECTICUT			$	11,945,108
DISTRICT OF COLUMBIA – 1.9%
GENERAL – 0.7%
Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A)
5.00%, 10/01/30		610,000		702,210
5.00%, 10/01/31		875,000		1,003,680
5.00%, 10/01/32		500,000		571,547
TOTAL GENERAL			$	2,277,437
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		2,279,402
TRANSPORTATION – 0.5%
Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,654,516
TOTAL DISTRICT OF COLUMBIA			$	6,211,355
FLORIDA – 5.1%
AIRPORT – 0.3%
Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26		1,000,000		1,075,446
GENERAL OBLIGATIONS – 0.6%
State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		2,101,535
HIGHER EDUCATION – 1.6%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)
5.00%, 04/01/28		750,000		830,232
5.00%, 04/01/30		750,000		829,356
5.00%, 04/01/31		750,000		829,317
5.00%, 04/01/33		750,000		826,699
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,728,290
TOTAL HIGHER EDUCATION			$	5,043,894
HOUSING – 1.2%
Florida Gulf Coast University Financing Corp., FL, Current Refunding Revenue Bonds, (Housing Project), (Series A)
5.00%, 02/01/25		500,000		529,240
5.00%, 02/01/26		500,000		537,710

Description	Par Value		Value
Pinellas County Housing Finance Authority, FL, Single Family Revenue Bonds, (Series A), 4.00%, 03/01/50	$	2,620,000	$	2,669,275
TOTAL HOUSING			$	3,736,225
WATER – 1.4%
Miami-Dade County, FL, Current Refunding Revenue Bonds, 5.00%, 04/01/27		1,455,000		1,607,843
Miami-Dade County, FL, Water & Sewer System, Advance Refunding Revenue Bonds, (Series B), 5.00%, 10/01/30		2,645,000		2,824,418
TOTAL WATER			$	4,432,261
TOTAL FLORIDA			$	16,389,361
GEORGIA – 1.4%
GENERAL – 1.0%
Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 07/01/52		3,000,000		3,082,488
HOUSING – 0.4%
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		1,392,265
TOTAL GEORGIA			$	4,474,753
ILLINOIS – 14.4%
AIRPORT – 0.7%
Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/29		2,250,000		2,311,167
GENERAL – 4.2%
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26		7,620,000		8,362,893
Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31		1,450,000		1,711,809
Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/26		2,000,000		2,139,288
Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28		1,000,000		1,107,768
Village of Matteson, IL, Revenue Bonds, Public Improvements, (Capital Appreciation Debt Certificates), Prerefunded/ETM, 8.00%, 12/01/29		220,000		221,118
TOTAL GENERAL			$	13,542,876
GENERAL OBLIGATIONS – 7.9%
Chicago Park District, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series D)
5.00%, 01/01/26		1,250,000		1,293,111
5.00%, 01/01/27		3,455,000		3,573,558
Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A) 5.00%, 01/01/25		3,000,000		3,142,948

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 24

Description	Par Value		Value
5.00%, 01/01/32		$3,000,000	$	3,216,941
Cook County, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), (AGM), 5.00%, 11/15/26		2,050,000		2,262,736
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		5,040,000		5,347,555
State of Illinois, IL, GO Unlimited, Current Refunding, (Series A) 5.00%, 10/01/29		2,000,000		2,162,536
5.00%, 10/01/33		1,000,000		1,056,289
State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28		3,000,000		3,223,157
TOTAL GENERAL OBLIGATIONS			$	25,278,831
HOUSING – 1.1%
Illinois Housing Development Authority, IL, Multi Family Revenue Bonds, (Marshall Field Garden Apartment Homes), 1.44%, 05/15/50Δ		925,000		933,736
Illinois Housing Development Authority, IL, Single Family Revenue Bonds, (Series A), 3.75%, 04/01/50		2,395,000		2,425,802
TOTAL HOUSING			$	3,359,538
MEDICAL – 0.0%**
Illinois Health Facilities Authority, IL, Revenue Bonds, (Ancilla Systems Inc.), (Series B), (NATL), Prerefunded/ETM, 5.25%, 07/01/22		45,000		45,283
TRANSPORTATION – 0.5%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,638,573
TOTAL ILLINOIS			$	46,176,268
INDIANA – 2.4%
DEVELOPMENT – 2.2%
Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44		6,500,000		6,932,065
HOUSING – 0.2%
Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (Series C-2), 4.00%, 01/01/37		690,000		696,740
TOTAL INDIANA			$	7,628,805
KENTUCKY – 2.3%
GENERAL – 2.3%
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 08/01/52		3,000,000		3,056,871
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50		2,000,000		2,040,494

Description	Par Value		Value
Kentucky State Property & Building Commission, KY, Revenue Bonds, Public Improvements, (Project No. 119), 5.00%, 05/01/25		$2,000,000	$	2,135,104
TOTAL KENTUCKY			$	7,232,469
MARYLAND – 1.0%
AIRPORT – 0.8%
Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B) 5.00%, 08/01/28		730,000		796,032
5.00%, 08/01/29		500,000		549,838
5.00%, 08/01/30		515,000		568,401
5.00%, 08/01/31		650,000		720,286
TOTAL AIRPORT			$	2,634,557
TRANSPORTATION – 0.2%
Maryland State Department of Transportation, MD, Highways Improvement Revenue Bonds, 4.00%, 05/01/30		500,000		531,038
TOTAL MARYLAND			$	3,165,595
MASSACHUSETTS – 4.0%
GENERAL OBLIGATIONS – 1.0%
Commonwealth of Massachusetts, MA, GO Limited, (Series B), 5.00%, 01/01/31		3,000,000		3,344,999
HIGHER EDUCATION – 0.7%
Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Simmons University), (Series L) 5.00%, 10/01/30		1,180,000		1,287,437
5.00%, 10/01/31		1,000,000		1,089,179
TOTAL HIGHER EDUCATION			$	2,376,616
MEDICAL – 1.2%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33		1,000,000		1,078,866
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Partners Healthcare System), 5.00%, 07/01/33		2,455,000		2,664,933
TOTAL MEDICAL			$	3,743,799
STUDENT LOAN – 0.7%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Issue K), (Series A), 5.00%, 07/01/25		2,200,000		2,325,135
WATER – 0.4%
Massachusetts Water Resources Authority, MA, Refunding Revenue Bonds, (Series B), (AGM), 5.25%, 08/01/33		1,000,000		1,213,244
TOTAL MASSACHUSETTS			$	13,003,793
MICHIGAN – 4.5%
GENERAL – 1.7%
Michigan Finance Authority, MI, Revenue Bonds, (Series H-1), 5.00%, 10/01/25		5,215,000		5,532,401

ANNUAL REPORT / April 30, 2022

25 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
MEDICAL – 1.2%
Kalamazoo Hospital Finance Authority, MI, Advance Refunding Revenue Bonds, (Unrefunded – Bronson Health), Prerefunded/ETM, 5.00%, 05/15/30	$	2,045,000	$	2,187,766
Michigan Finance Authority, MI, Advance Refunding Revenue Bonds, (Beaumont Health Credit Group), (Series A), 5.00%, 08/01/31		1,655,000		1,734,181
TOTAL MEDICAL			$	3,921,947
SCHOOL DISTRICT – 1.1%
Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax 4.00%, 05/01/33		1,330,000		1,383,511
4.00%, 05/01/34		1,000,000		1,036,299
Saginaw City School District, MI, GO Unlimited, School Improvements, AD Valorem Property Tax, (Qualified School Bond Loan Fund), 4.00%, 05/01/35		1,000,000		1,007,026
TOTAL SCHOOL DISTRICT			$	3,426,836
WATER – 0.5%
Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC , 5.50%, 07/01/29		150,000		167,200
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34		1,450,000		1,543,281
TOTAL WATER			$	1,710,481
TOTAL MICHIGAN			$	14,591,665
MINNESOTA – 0.7%
HOUSING – 0.7%
Coon Rapids, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 08/01/35		2,643,923		2,402,218
TOTAL MINNESOTA			$	2,402,218
NEBRASKA – 0.7%
HOUSING – 0.7%
Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 09/01/49		2,195,000		2,215,107
TOTAL NEBRASKA			$	2,215,107
NEW JERSEY – 5.4%
EDUCATION – 0.4%
New Jersey Economic Development Authority, NJ, Revenue Bonds, School Improvements, (Series DDD), 5.00%, 06/15/33		1,100,000		1,173,490
GENERAL – 3.3%
Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28		950,000		1,078,193
New Jersey Economic Development Authority, NJ, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23		1,305,000		1,350,583

Description	Par Value		Value
New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24	$	225,000	$	235,057
New Jersey Sports & Exposition Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 09/01/24		1,685,000		1,767,037
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System) 5.00%, 12/15/28		2,135,000		2,340,281
5.00%, 12/15/34		3,000,000		3,216,376
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32		500,000		543,469
TOTAL GENERAL			$	10,530,996
HIGHER EDUCATION – 1.3%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Rowan University Project), (Series B), 5.00%, 07/01/27		2,000,000		2,129,070
New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Montclair State University), (Series B), 5.00%, 07/01/30		1,000,000		1,086,467
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31		1,000,000		1,076,062
TOTAL HIGHER EDUCATION			$	4,291,599
HOUSING – 0.1%
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33		400,000		400,071
SCHOOL DISTRICT – 0.3%
Newark Board of Education, NJ, GO Unlimited, AD Valorem Property Tax, (Sustainability Bonds), (BAM) 5.00%, 07/15/28		250,000		279,317
5.00%, 07/15/29		250,000		282,653
5.00%, 07/15/30		250,000		285,589
TOTAL SCHOOL DISTRICT			$	847,559
TOTAL NEW JERSEY			$	17,243,715
NEW YORK – 5.2%
GENERAL – 1.0%
New York City Transitional Finance Authority Building Aid Revenue, NY, Advance Refunding Revenue Bonds, Ad Valorem Property Tax (Series S), (State Aid Withholding), 5.00%, 07/15/33		3,000,000		3,281,826
GENERAL OBLIGATIONS – 0.5%
New York City, NY, GO Unlimited, (Series A), 4.00%, 08/01/37		1,500,000		1,514,867
HIGHER EDUCATION – 0.7%
New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Series C), (NATL), 5.25%, 07/01/30		1,040,000		1,158,443

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 26

Description	Par Value		Value
Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30	$	990,000	$	1,087,498
TOTAL HIGHER EDUCATION			$	2,245,941
HOUSING – 0.5%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32		1,660,000		1,829,901
MEDICAL – 0.0%**
New York State Dormitory Authority, NY, Revenue Bonds, (Memorial Sloan-Kettering Cancer Center), (NATL), 5.50%, 07/01/23		35,000		35,794
TRANSPORTATION – 2.5%
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K), 5.00%, 01/01/30		3,000,000		3,164,473
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series) 4.00%, 03/15/30		1,000,000		1,023,159
5.00%, 09/15/31		2,500,000		2,736,561
Port Authority of New York & New Jersey, NY, Revenue Bonds, (85th Series), 5.38%, 03/01/28		945,000		1,027,947
TOTAL TRANSPORTATION			$	7,952,140
TOTAL NEW YORK			$	16,860,469
NORTH CAROLINA – 1.9%
POWER – 1.5%
North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32		4,250,000		4,807,643
TRANSPORTATION – 0.4%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32		1,250,000		1,408,341
TOTAL NORTH CAROLINA			$	6,215,984
OHIO – 3.3%
HIGHER EDUCATION – 0.3%
Ohio Higher Educational Facility Commission, OH, Current Refunding Revenue Bonds, University & College Improvements, (University of Dayton 2020), 5.00%, 02/01/34		1,000,000		1,105,812
MEDICAL – 1.5%
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		3,035,000		3,385,934
Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded - Catholic Health Initiatives), Prerefunded/ETM, 5.25%, 05/01/29		10,000		10,403
State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34		1,250,000		1,265,760
TOTAL MEDICAL			$	4,662,097

Description	Par Value		Value
POWER – 1.1%
American Municipal Power, Inc., OH, Current Refunding Revenue Bonds, (Prairie State Energy Campus Project), (Series A), 5.00%, 02/15/32	$	3,000,000	$	3,402,832
TRANSPORTATION – 0.4%
Ohio Turnpike & Infrastructure Commission, OH, Refunding Revenue Bonds, (Series A), (NATL), 5.50%, 02/15/24		1,355,000		1,410,002
TOTAL OHIO			$	10,580,743
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		1,162,507
TOTAL OREGON			$	1,162,507
PENNSYLVANIA – 8.5%
AIRPORT – 1.0%
Allegheny County Airport Authority, PA, Revenue Bonds, (Series A), 5.00%, 01/01/28		1,500,000		1,627,399
Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,602,850
TOTAL AIRPORT			$	3,230,249
DEVELOPMENT – 0.9%
Pennsylvania Economic Development Financing Authority, PA, Revenue Bonds, (Waste Management Inc., Project), 1.75%, 08/01/38		3,000,000		2,898,881
GENERAL OBLIGATIONS – 0.2%
Commonwealth of Pennsylvania, PA, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series 1), 5.00%, 01/01/27		660,000		727,947
HIGHER EDUCATION – 1.6%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,082,137
Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35		1,130,000		1,162,547
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A) 5.00%, 11/01/25		700,000		729,808
5.00%, 11/01/26		350,000		367,227
5.00%, 11/01/27		600,000		633,071
5.00%, 11/01/28		1,100,000		1,161,519
TOTAL HIGHER EDUCATION			$	5,136,309
MEDICAL – 1.3%
Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35		2,500,000		2,777,719

ANNUAL REPORT / April 30, 2022

27 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
Pottsville Hospital Authority, PA, Current Refunding Revenue Bonds, (Schuylkill Health System Project), Prerefunded/ETM, 6.50%, 07/01/28	$	1,260,000	$	1,356,818
TOTAL MEDICAL			$	4,134,537
TOBACCO SETTLEMENT – 0.3%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34		1,000,000		1,080,964
TRANSPORTATION – 0.7%
Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32		2,000,000		2,215,552
UTILITIES – 0.4%
Philadelphia Gas Works Co., PA, Revenue Bonds, Natural Gas Utility Improvements, (1998 General Ordinance), (15th Series), 5.00%, 08/01/26		1,100,000		1,195,033
WATER – 2.1%
Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		6,252,188
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33		340,000		396,246
TOTAL WATER			$	6,648,434
TOTAL PENNSYLVANIA			$	27,267,906
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		1,246,339
TOTAL RHODE ISLAND			$	1,246,339
SOUTH CAROLINA – 1.6%
HOUSING – 0.3%
South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (Series B-2), 4.00%, 07/01/43		840,000		850,584
TOBACCO SETTLEMENT – 1.3%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30		3,560,000		4,339,212
TOTAL SOUTH CAROLINA			$	5,189,796
SOUTH DAKOTA – 0.5%
HOUSING – 0.5%
South Dakota Housing Development Authority, SD, Single Family Refunding Revenue Bonds, (Series A), 3.75%, 11/01/50		1,710,000		1,732,237
TOTAL SOUTH DAKOTA			$	1,732,237

Description	Par Value		Value
TENNESSEE – 0.4%
AIRPORT – 0.4%
Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32	$	1,100,000	$	1,206,663
TOTAL TENNESSEE			$	1,206,663
TEXAS – 9.7%
AIRPORT – 0.3%
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35		1,000,000		1,015,538
EDUCATION – 1.0%
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools) 5.00%, 08/15/27		1,000,000		1,101,654
5.00%, 08/15/29		1,000,000		1,131,718
5.00%, 08/15/31		835,000		893,534
TOTAL EDUCATION			$	3,126,906
GENERAL – 0.7%
Dallas TX Hotel Occupancy Tax Revenue, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax 4.00%, 08/15/31		1,000,000		1,037,152
4.00%, 08/15/32		1,000,000		1,034,305
TOTAL GENERAL			$	2,071,457
GENERAL OBLIGATIONS – 2.8%
Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax 4.00%, 04/01/23		100,000		101,542
4.00%, 04/01/24		100,000		102,270
4.00%, 04/01/25		100,000		102,898
4.00%, 04/01/26		100,000		103,336
4.00%, 04/01/27		100,000		103,464
4.00%, 04/01/28		535,000		552,613
4.00%, 04/01/29		100,000		103,013
4.00%, 04/01/30		100,000		102,447
4.00%, 04/01/31		350,000		357,574
4.00%, 04/01/32		100,000		101,820
4.00%, 04/01/33		100,000		101,673
4.00%, 04/01/34		100,000		101,659
4.00%, 04/01/35		100,000		101,455
4.00%, 04/01/36		380,000		385,119
State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29		2,125,000		2,355,398
State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29		3,735,000		4,261,477
TOTAL GENERAL OBLIGATIONS			$	9,037,758
MEDICAL – 0.5%
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32		1,465,000		1,606,396

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 28

Description	Par Value		Value
SCHOOL DISTRICT – 1.8%
Beaumont Independent School District, TX, GO Unlimited, Current Refunding, AD Valorem Property Tax, 4.00%, 02/15/31	$	1,000,000	$	1,045,377
Judson Independent School District, TX, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 4.00%, 02/01/33		1,525,000		1,580,745
Lewisville Independent School District, TX, GO Unlimited, AD Valorem Property Tax, 4.00%, 08/15/34		3,000,000		3,194,315
TOTAL SCHOOL DISTRICT			$	5,820,437
TRANSPORTATION – 1.2%
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,585,003
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Series F), 5.00%, 01/01/25		1,000,000		1,035,671
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32		1,225,000		1,266,738
TOTAL TRANSPORTATION			$	3,887,412
UTILITIES – 1.4%
Austin, TX, Refunding Revenue Bonds, (BHAC-CR NATL-RE), 5.25%, 05/15/25		4,315,000		4,483,148
TOTAL TEXAS			$	31,049,052
UTAH – 4.3%
AIRPORT – 1.8%
Salt Lake City, UT, Revenue Bonds, (Series A) 5.00%, 07/01/32		3,000,000		3,221,601
5.00%, 07/01/33		2,500,000		2,680,420
TOTAL AIRPORT			$	5,902,021
MEDICAL – 2.5%
Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM 5.40%, 02/15/28		2,500,000		2,671,129
5.13%, 02/15/33		4,990,000		5,296,583
TOTAL MEDICAL			$	7,967,712
TOTAL UTAH			$	13,869,733
WASHINGTON – 3.9%
GENERAL – 1.9%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28		5,955,000		6,231,346

Description	Par Value		Value
MEDICAL – 0.6%
Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, (Overlake Hospital Medical Center), 5.00%, 07/01/33	$	1,750,000	$	1,913,816
SCHOOL DISTRICT – 1.0%
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		3,214,144
WATER – 0.4%
King County, Sewer, WA, Advance Refunding Revenue Bonds, 5.00%, 07/01/32		1,100,000		1,215,537
TOTAL WASHINGTON			$	12,574,843
WISCONSIN – 0.3%
MEDICAL – 0.3%
Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.) 4.00%, 01/01/32		500,000		510,032
4.00%, 01/01/33		500,000		508,344
TOTAL WISCONSIN			$	1,018,376
TOTAL MUNICIPAL BONDS
(Cost $331,357,938)			$	312,497,963
	Number of Shares
MONEY MARKET FUND – 1.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%^		5,255,428		5,255,428
TOTAL MONEY MARKET FUND
(Cost $5,255,428)			$	5,255,428
TOTAL INVESTMENTS – 98.8%
(Cost $336,613,366)			$	317,753,391
OTHER ASSETS LESS LIABILITIES – 1.2%				3,895,713
TOTAL NET ASSETS – 100.0%			$	321,649,104

ANNUAL REPORT / April 30, 2022

29 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	312,497,963		$—	$	312,497,963
Money Market Fund		5,255,428		—		—		5,255,428
Total	$	5,255,428	$	312,497,963		$—	$	317,753,391

** Represents less than 0.05%.

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

^{^}  7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

AGC	Assured Guaranty Corporation
AGM	Assured Guaranty Municipal
AMBAC	American Municipal Bond Assurance Corporation
BAM	Build America Mutual Assurance Company
BHAC	Berkshire Hathaway Assurance Corporation
CR	Custodial Receipts
ETM	Escrowed to Maturity
FGIC	Financial Guaranty Insurance Corporation
GO	General Obligation
ICC	Insured Custody Certificates
IDA	Industrial Development Authority/Agency
LLC	Limited Liability Corporation
NATL	National Public Finance Guarantee Corporation
RE	Reinsurance
SCH BD GTY	School Bond Guaranty

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

30

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2022, the Fund’s portfolio composition was as follows:

	Percentage of
	Total Net Assets
Higher Education		19.2	%
Housing		14.4	%
Dedicated Tax		13.9	%
General Obligations		10.3	%
Medical		8.2	%
Transportation		5.3	%
Power		5.1	%
Education		4.6	%
Airport		4.0	%
Water		3.2	%
General		3.1	%
Lease		2.9	%
Development		2.3	%
Facilities		0.1	%
Cash Equivalents(1)		2.3	%
Other Assets and Liabilities – Net(2)		1.1	%
TOTAL		100.0	%

	Percentage of
Credit Quality Diversification(3)	Total Net Assets
AAA / Aaa		0.2	%
AA / Aa		45.3	%
A / A		33.3	%
BBB / Baa		17.8	%
Not Rated		2.3	%
Other Assets and Liabilities – Net(2)		1.1	%
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

April 30, 2022

Description	Par Value		Value
MUNICIPAL BONDS – 96.6%
NEW YORK – 96.6%
AIRPORT – 4.0%
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	$	1,100,196
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, Port, Airport & Marina Improvements, (207th Series), 5.00%, 09/15/23		1,000,000		1,036,605
TOTAL AIRPORT			$	2,136,801
DEDICATED TAX – 13.9%
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33		1,175,000		1,286,924
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		1,403,237

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	$	540,882
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32		2,000,000		2,171,759
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37		1,000,000		1,012,692
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (Series D), 5.00%, 02/15/27		945,000		1,033,249
TOTAL DEDICATED TAX			$	7,448,743
DEVELOPMENT – 2.3%
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		1,095,000		1,244,138

ANNUAL REPORT / April 30, 2022

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

Description	Par Value		Value
EDUCATION – 4.6%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33	$	1,200,000	$	1,313,943
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		1,124,972
TOTAL EDUCATION			$	2,438,915
FACILITIES – 0.1%
United Nations Development Corp., NY, Revenue Bonds, Public Improvements, Prerefunded/ETM, 5.90%, 05/01/23		80,000		81,637
GENERAL – 3.1%
New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, (Lincoln Center For Performing Arts), (Series A), 4.00%, 12/01/34		1,600,000		1,662,600
GENERAL OBLIGATIONS – 10.3%
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series B), (BAM-TCRS), 5.00%, 04/01/32		415,000		454,593
Nassau County, NY, GO, General Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 10/01/31		545,000		603,080
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 04/01/26		1,000,000		1,084,515
New York City, NY, GO Unlimited, Current Refunding, (Series A-1), 5.00%, 08/01/31		1,000,000		1,139,360
Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM) 5.00%, 05/01/26		1,000,000		1,081,375
5.00%, 05/01/30		1,000,000		1,122,248
TOTAL GENERAL OBLIGATIONS			$	5,485,171
HIGHER EDUCATION – 19.2%
Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A)
4.00%, 07/01/23		725,000		734,368
4.00%, 07/01/25		865,000		882,590
4.00%, 07/01/26		800,000		816,887
5.00%, 07/01/29		1,195,000		1,275,499
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32		1,040,000		1,115,635
Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33		725,000		818,102
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		1,165,448
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27		2,395,000		2,586,742

Description	Par Value		Value
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John’s University), (Series A) , 5.00%, 07/01/30	$	800,000	$	871,393
TOTAL HIGHER EDUCATION			$	10,266,664
HOUSING – 14.4%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (UBF Facility Student Housing Corp.), (AGM), (Series A), 5.00%, 10/01/31		1,000,000		1,103,403
New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33		1,890,000		1,855,495
New York City, NY, Housing Development Corp., Revenue Bonds, (Sustainable Neighborhood Bonds), (Series B-1A) 2.45%, 05/01/31		500,000		462,503
3.10%, 11/01/34		890,000		839,795
New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32		1,620,000		1,620,229
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (223th Series), 3.50%, 04/01/49		900,000		905,658
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (226th Series), 3.50%, 10/01/50		890,000		889,986
TOTAL HOUSING			$	7,677,069
LEASE – 2.9%
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		1,560,827
MEDICAL – 8.2%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29		1,000,000		1,063,699
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (North Shore-Long Island Jewish Obligated Group), (Series A), 5.00%, 05/01/24		1,160,000		1,212,017
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (NYU Hospitals Center), 5.00%, 07/01/27		2,000,000		2,101,973
TOTAL MEDICAL			$	4,377,689
POWER – 5.1%
Long Island Power Authority, NY, Electric, Lightand Power Improvements, Revenue Bonds, (Series A)
5.00%, 09/01/33		700,000		795,674
5.00%, 09/01/34		750,000		850,112
Long Island Power Authority, NY, Electric, Lightand Power Improvements, Revenue Bonds, (Series B), 5.00%, 09/01/25		1,000,000		1,082,218
TOTAL POWER			$	2,728,004
TRANSPORTATION – 5.3%
Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/24		1,000,000		1,053,678

April 30, 2022 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington New York Municipal Bond Fund (continued) 32

Description	Par Value		Value
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K)
5.00%, 01/01/29	$	105,000	$	110,839
5.00%, 01/01/30		700,000		738,377
Triborough Bridge & Tunnel Authority, NY, Advance Refunding Revenue Bonds, Highway Revenue Tools, (Series A), 5.00%, 11/15/26		650,000		711,627
Triborough Bridge & Tunnel Authority, NY, Current Refunding Revenue Bonds, Highway Revenue Tools, (Series B), 5.00%, 11/15/29		200,000		203,326
TOTAL TRANSPORTATION			$	2,817,847
WATER – 3.2%
Buffalo Sewer Authority, NY, Sewer Improvements, Revenue Green Bonds, (BAM)
5.00%, 06/15/30		150,000		170,125
5.00%, 06/15/31		165,000		186,764
5.00%, 06/15/32		150,000		169,615
5.00%, 06/15/33		150,000		169,252
4.00%, 06/15/34		155,000		162,015
New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), 5.00%, 06/15/31		750,000		870,182
TOTAL WATER			$	1,727,953
TOTAL NEW YORK			$	51,654,058
TOTAL MUNICIPAL BONDS
(Cost $54,555,297)			$	51,654,058

Description	Number of Shares		Value
MONEY MARKET FUND – 2.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%^		1,253,622	$	1,253,622
TOTAL MONEY MARKET FUND
(Cost $1,253,622)			$	1,253,622
TOTAL INVESTMENTS – 98.9%
(Cost $55,808,919)			$	52,907,680
OTHER ASSETS LESS LIABILITIES – 1.1%				578,475
TOTAL NET ASSETS – 100.0%			$	53,486,155

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3	Total
Investments in Securities
Municipal Bonds	$	—	$	51,654,058	$—	$	51,654,058
Money Market Fund		1,253,622		—	—		1,253,622
Total	$	1,253,622	$	51,654,058	$—	$	52,907,680

^{^}  7-Day net yield.

ANNUAL REPORT / April 30, 2022

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

  The following acronyms are used throughout this Portfolio of Investments:

AGM	Assured Guaranty Municipal
BAM	Build America Mutual Assurance Company
ETM	Escrowed to Maturity
GO	General Obligation
IDA	Industrial Development Authority/Agency
NATL	National Public Finance Guarantee Corporation
TCRS	Tax Credit Reporting Service

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 34

April 30, 2022	Wilmington Broad Market Bond Fund				Wilmington     Municipal Bond     Fund				Wilmington New York Municipal Bond Fund
ASSETS:
Investments, at identified cost		$	636,625,140			$	336,613,366			$	55,808,919
Investments in securities, at value		$	600,632,621	(a)		$	317,753,391			$	52,907,680
Cash			146,880				—				—
Income receivable			3,299,327				4,154,456				676,638
Foreign tax reclaim receivable			2,485				—				—
Receivable for shares sold			710,537				354,369				—
Receivable for investments sold			3,536,663				—				—
Prepaid assets			33,392				28,932				18,339
TOTAL ASSETS			608,361,905				322,291,148				53,602,657
LIABILITIES:
Collateral for securities on loan			26,617,493				—				—
Due to custodian			—				1,808				2,381
Payable for investments purchased			7,225,111				—				—
Income distribution payable			535,119				374,763				20,868
Payable for shares redeemed			100,782				53,350				2,577
Payable for Trustees’ fees			7,587				7,587				7,587
Payable for administration fees			14,819				8,532				1,405
Payable for distribution services fees			563				3,762				1,150
Payable for shareholder services fees			225				—				—
Payable for investment advisory fees			191,088				101,739				4,483
Other accrued expenses			152,852				90,503				76,051
TOTAL LIABILITIES			34,845,639				642,044				116,502
NET ASSETS		$	573,516,266			$	321,649,104			$	53,486,155
NET ASSETS CONSIST OF:
Paid-in capital		$	611,537,395			$	342,332,497			$	56,396,220
Distributable earnings (loss)			(38,021,129	)			(20,683,393	)			(2,910,065	)
TOTAL NET ASSETS		$	573,516,266			$	321,649,104			$	53,486,155
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	2,691,153			$	17,942,301			$	5,535,603
Shares outstanding (unlimited shares authorized)			291,433				1,480,356				570,133
Net Asset Value per share		$	9.23			$	12.12			$	9.71
Offering Price per share*		$	9.66	**		$	12.69	**		$	10.17	**
Class I
Net Assets		$	570,825,113			$	303,706,803			$	47,950,552
Shares outstanding (unlimited shares authorized)			62,875,670				25,047,272				4,935,352
Net Asset Value and Offering Price per share		$	9.08			$	12.13			$	9.72

^(a)  Including $25,866,716 of securities on loan (Note 2).

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

35 STATEMENTS OF OPERATIONS

	Wilmington Broad Market Bond Fund				Wilmington Municipal Bond Fund				Wilmington
									New York
Year Ended April 30, 2022									Municipal Bond Fund
INVESTMENT INCOME:
Dividends		$	245,442			$	3,381			$	726
Interest			13,218,158				7,667,557				1,290,256
Securities lending income, net			119,196				—				—
TOTAL INVESTMENT INCOME			13,582,796				7,670,938				1,290,982
EXPENSES:
Investment advisory fees			2,759,112				1,595,750				282,572
Administration fees			184,630				106,780				18,906
Portfolio accounting and administration fees			146,615				100,931				33,561
Custodian fees			13,271				5,058				972
Transfer and dividend disbursing agent fees and expenses			64,599				28,704				7,693
Trustees’ fees			57,552				57,654				57,654
Professional fees			108,472				97,748				96,568
Distribution services fee—Class A			6,881				55,159				16,067
Shareholder services fee—Class A			6,881				55,159				16,067
Share registration costs			43,266				37,632				14,953
Printing and postage			12,647				—				5,808
Miscellaneous			67,703				44,590				28,295
TOTAL EXPENSES			3,471,629				2,185,165				579,116
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(821,382	)			(337,252	)			(189,056	)
Waiver of shareholder services fee—Class A			(4,503	)			(55,159	)			(16,067	)
TOTAL WAIVERS AND REIMBURSEMENTS			(825,885	)			(392,411	)			(205,123	)
Net expenses			2,645,744				1,792,754				373,993
Net investment income			10,937,052				5,878,184				916,989
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments			1,094,694				(1,044,058	)			81,896
Net change in unrealized appreciation (depreciation) on investments			(61,777,845	)			(33,214,530	)			(5,530,467	)
Net realized and unrealized gain (loss)			(60,683,151	)			(34,258,588	)			(5,448,571	)
Change in net assets resulting from operations		$	(49,746,099	)		$	(28,380,404	)		$	(4,531,582	)

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 36

	Wilmington						Wilmington
	Broad Market                Bond Fund						Municipal Bond                    Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	April 30,			April 30,			April 30,			April 30,
	2022			2021			2022			2021
OPERATIONS:
Net investment income	$	10,937,052		$	10,566,259		$	5,878,184		$	6,391,089
Net realized gain (loss)		1,094,694			1,034,695			(1,044,058	)		645,351
Net change in unrealized appreciation (depreciation)		(61,777,845	)		(8,079,861	)		(33,214,530	)		17,819,225
Change in net assets resulting from operations		(49,746,099	)		3,521,093			(28,380,404	)		24,855,665
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(48,194	)		(57,237	)		(372,407	)		(375,628	)
Class I		(12,665,533	)		(13,005,551	)		(6,463,700	)		(6,015,381	)
Total distributions to shareholders		(12,713,727	)		(13,062,788	)		(6,836,107	)		(6,391,009	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		43,283			10,983			335,534			96,944
Class I		91,298,568			161,501,172			73,900,909			91,294,870
Net assets from reorganization (Note 6)
Class A		1,020,482			—			—			—
Class I		25,685,831			—			—			—
Distributions reinvested
Class A		43,603			43,241			298,591			258,476
Class I		6,280,797			6,841,724			1,935,631			1,159,039
Cost of shares redeemed
Class A		(339,962	)		(1,023,382	)		(4,351,607	)		(1,984,181	)
Class I		(113,846,417	)		(71,108,914	)		(77,921,229	)		(87,290,779	)
Change in net assets resulting from share transactions		10,186,185			96,264,824			(5,802,171	)		3,534,369
Change in net assets		(52,273,641	)		86,723,129			(41,018,682	)		21,999,025
NET ASSETS:
Beginning of year		625,789,907			539,066,778			362,667,786			340,668,761
End of year	$	573,516,266		$	625,789,907		$	321,649,104		$	362,667,786
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		4,460			1,045			25,879			7,247
Class I		9,280,136			15,668,630			5,658,585			6,855,359
Shares issued from reorganization (Note 6)
Class A		98,320			—			—			—
Class I		2,517,137			—			—			—
Distributions reinvested
Class A		4,344			4,124			22,739			19,390
Class I		634,376			664,400			146,902			86,913
Shares redeemed
Class A		(33,543	)		(99,320	)		(336,504	)		(148,576	)
Class I		(11,408,912	)		(6,930,181	)		(6,019,751	)		(6,552,931	)
Net change resulting from share transactions		1,096,318			9,308,698			(502,150	)		267,402

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

37 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington New York     Municipal Bond Fund
	Year Ended   April 30, 2022				Year Ended   April 30, 2021
OPERATIONS:
Net investment income		$	916,989			$	987,740
Net realized gain (loss)			81,896				107,719
Net change in unrealized appreciation (depreciation)			(5,530,467	)			3,024,023
Change in net assets resulting from operations			(4,531,582	)			4,119,482
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(99,720	)			(106,060	)
Class I			(1,015,512	)			(1,004,854	)
Total distributions to shareholders			(1,115,232	)			(1,110,914	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			11,200				15,098
Class I			7,521,728				15,938,527
Distributions reinvested
Class A			78,300				72,107
Class I			736,158				677,063
Cost of shares redeemed
Class A			(766,220	)			(894,498	)
Class I			(15,124,450	)			(14,370,924	)
Change in net assets resulting from share transactions			(7,543,284	)			1,437,373
Change in net assets			(13,190,098	)			4,445,941
NET ASSETS:
Beginning of year			66,676,253				62,230,312
End of year		$	53,486,155			$	66,676,253
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			1,065				1,425
Class I			716,412				1,500,629
Distributions reinvested
Class A			7,479				6,798
Class I			70,145				63,777
Shares redeemed
Class A			(73,456	)			(84,348	)
Class I			(1,449,178	)			(1,354,690	)
Net change resulting from share transactions			(727,533	)			133,591

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 38

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

WILMINGTON BROAD MARKET BOND FUND

	Year Ended   April 30, 2022	Year Ended   April 30, 2021	Year Ended   April 30, 2020	Year Ended   April 30, 2019	Year Ended   April 30, 2018
CLASS A
Net Asset Value, Beginning of Year	$10.25	$10.39	$  9.71	$  9.51	$  9.78
Income (Loss) From Operations:
Net Investment Income(a)	0.15	0.15	0.21	0.21	0.18
Net Realized and Unrealized Gain (Loss)	(0.99)	(0.10)	0.69	0.21	(0.26)
Total Income (Loss) From Operations	(0.84)	0.05	0.90	0.42	(0.08)
Less Distributions From:
Net Investment Income	(0.18)	(0.18)	(0.22)	(0.22)	(0.19)
Net Realized Gains	—	(0.01)	—	—	—
Total Distributions	(0.18)	(0.19)	(0.22)	(0.22)	(0.19)
Net Asset Value, End of Year	$  9.23	$10.25	$10.39	$  9.71	$  9.51
Total Return(b)	(8.37)%	0.51%	9.35%	4.45%	(0.81)%
Net Assets, End of Year (000’s)	$2,691	$2,234	$3,242	$3,501	$4,074
Ratios to Average Net Assets
Gross Expense(c)	1.06%	1.06%	1.07%	1.08%	1.09%
Net Expense(c),(d)	0.77%	0.81%	0.83%	0.83%	0.87%
Net Investment Income	1.45%	1.46%	2.06%	2.18%	1.82%
Portfolio Turnover Rate	26%	34%	46%	36%	34%
	Year Ended April 30, 2022	Year Ended April 30, 2021	Year Ended April 30, 2020	Year Ended April 30, 2019	Year Ended April 30, 2018
CLASS I
Net Asset Value, Beginning of Year	$    10.08	$    10.22	$      9.55	$      9.35	$      9.62
Income (Loss) From Operations:
Net Investment Income(a)	0.18	0.18	0.24	0.24	0.21
Net Realized and Unrealized Gain (Loss)	(0.97)	(0.09)	0.68	0.21	(0.26)
Total Income (Loss) From Operations	(0.79)	0.09	0.92	0.45	(0.05)
Less Distributions From:
Net Investment Income	(0.21)	(0.22)	(0.25)	(0.25)	(0.22)
Net Realized Gains	—	(0.01)	—	—	—
Total Distributions	(0.21)	(0.23)	(0.25)	(0.25)	(0.22)
Net Asset Value, End of Year	$      9.08	$    10.08	$    10.22	$      9.55	$      9.35
	0.83%	9.74%	4.84%	(0.52)%	0.54%
Total Return(b)	(8.02)%	0.83%	9.74%	4.84%	(0.52)%
Net Assets, End of Year (000’s)	$570,825	$623,556	$535,825	$544,092	$506,940
Ratios to Average Net Assets
Gross Expense(c)	0.56%	0.75%	0.82%	0.83%	0.84%
Net Expense(c),(d)	0.43%	0.47%	0.49%	0.49%	0.53%
Net Investment Income	1.79%	1.79%	2.40%	2.52%	2.18%
Portfolio Turnover Rate	26%	34%	46%	36%	34%

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

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

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

39 FINANCIAL HIGHLIGHTS (continued)

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

 WILMINGTON MUNICIPAL BOND FUND

	Year Ended   April 30, 2022	Year Ended   April 30, 2021	Year Ended   April 30, 2020	Year Ended   April 30, 2019	Year Ended   April 30, 2018
CLASS A
Net Asset Value, Beginning of Year	$13.41	$12.72	$13.22	$12.78	$13.14
Income (Loss) From Operations:
Net Investment Income(a)	0.19	0.20	0.25	0.26	0.22
Net Realized and Unrealized Gain (Loss)	(1.25)	0.70	(0.28)	0.44	(0.26)
Total Income (Loss) From Operations	(1.06)	0.90	(0.03)	0.70	(0.04)
Less Distributions From:
Net Investment Income	(0.19)	(0.21)	(0.25)	(0.26)	(0.22)
Net Realized Gains	(0.04)	—	(0.22)	—	(0.10)
Total Distributions	(0.23)	(0.21)	(0.47)	(0.26)	(0.32)
Net Asset Value, End of Year	$12.12	$13.41	$12.72	$13.22	$12.78
Total Return(b)	(8.08)%	7.05%	(0.36)%	5.52%	(0.29)%
Net Assets, End of Year (000’s)	$17,942	$23,716	$24,052	$29,050	$29,109
Ratios to Average Net Assets
Gross Expense(c)	1.08%	1.10%	1.09%	1.10%	1.10%
Net Expense(c),(d)	0.74%	0.74%	0.74%	0.74%	0.74%
Net Investment Income	1.42%	1.53%	1.90%	1.99%	1.70%
Portfolio Turnover Rate	23%	24%	81%	83%	79%
	Year Ended April 30, 2022	Year Ended April 30, 2021	Year Ended April 30, 2020	Year Ended April 30, 2019	Year Ended April 30, 2018
CLASS I
Net Asset Value, Beginning of Year	$    13.42	$    12.73	$    13.23	$    12.79	$    13.15
Income (Loss) From Operations:
Net Investment Income(a)	0.22	0.24	0.29	0.29	0.26
Net Realized and Unrealized Gain (Loss)	(1.25)	0.69	(0.28)	0.44	(0.26)
Total Income (Loss) From Operations	(1.03)	0.93	0.01	0.73	0.00(e)
Less Distributions From:
Net Investment Income	(0.22)	(0.24)	(0.29)	(0.29)	(0.26)
Net Realized Gains	(0.04)	—	(0.22)	—	(0.10)
Total Distributions	(0.26)	(0.24)	(0.51)	(0.29)	(0.36)
Net Asset Value, End of Year	$    12.13	$    13.42	$    12.73	$    13.23	$    12.79
Total Return(b)	(7.83)%	7.32%	(0.10)%	5.78%	(0.03)%
Net Assets, End of Year (000’s)	$303,707	$338,952	$316,617	$260,800	$259,934
Ratios to Average Net Assets
Gross Expense(c)	0.59%	0.79%	0.84%	0.85%	0.85%
Net Expense(c),(d)	0.49%	0.49%	0.49%	0.49%	0.49%
Net Investment Income	1.67%	1.78%	2.14%	2.24%	1.95%
Portfolio Turnover Rate	23%	24%	81%	83%	79%

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

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

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

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

(e) Represents less than $0.005.

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 40

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

 WILMINGTON NEW YORK MUNICIPAL BOND FUND

	Year Ended   April 30, 2022	Year Ended   April 30, 2021	Year Ended   April 30, 2020	Year Ended   April 30, 2019	Year Ended   April 30, 2018
CLASS A
Net Asset Value, Beginning of Year	$10.69	$10.20	$10.43	$10.18	$10.56
Income (Loss) From Operations:
Net Investment Income(a)	0.13	0.14	0.15	0.15	0.15
Net Realized and Unrealized Gain (Loss)	(0.95)	0.51	(0.16)	0.36	(0.22)
Total Income (Loss) From Operations	(0.82)	0.65	(0.01)	0.51	(0.07)
Less Distributions From:
Net Investment Income	(0.13)	(0.14)	(0.15)	(0.15)	(0.15)
Net Realized Gains	(0.03)	(0.02)	(0.07)	(0.11)	(0.16)
Total Distributions	(0.16)	(0.16)	(0.22)	(0.26)	(0.31)
Net Asset Value, End of Year	$  9.71	$10.69	$10.20	$10.43	$10.18
Total Return(b)	(7.74)%	6.38%	(0.12)%	5.16%	(0.75)%
Net Assets, End of Year (000’s)	$5,536	$6,789	$7,251	$8,630	$14,863
Ratios to Average Net Assets
Gross Expense(c)	1.37%	1.34%	1.34%	1.33%	1.28%
Net Expense(c),(d)	0.82%	0.82%	0.82%	0.83%	0.84%
Net Investment Income	1.24%	1.31%	1.43%	1.50%	1.43%
Portfolio Turnover Rate	7%	14%	60%	45%	64%
	Year Ended April 30, 2022	Year Ended April 30, 2021	Year Ended April 30, 2020	Year Ended April 30, 2019	Year Ended April 30, 2018
CLASS I
Net Asset Value, Beginning of Year	$  10.70	$  10.20	$  10.43	$  10.19	$  10.57
Income (Loss) From Operations:
Net Investment Income(a)	0.16	0.16	0.18	0.18	0.18
Net Realized and Unrealized Gain (Loss)	(0.95)	0.53	(0.16)	0.35	(0.22)
Total Income (Loss) From Operations	(0.79)	0.69	0.02	0.53	(0.04)
Less Distributions From:
Net Investment Income	(0.16)	(0.17)	(0.18)	(0.18)	(0.18)
Net Realized Gains	(0.03)	(0.02)	(0.07)	(0.11)	(0.16)
Total Distributions	(0.19)	(0.19)	(0.25)	(0.29)	(0.34)
Net Asset Value, End of Year	$    9.72	$  10.70	$  10.20	$  10.43	$  10.19
Total Return(b)	(7.50)%	6.74%	0.13%	5.32%	(0.50)%
Net Assets, End of Year (000’s)	$47,950	$59,887	$54,979	$53,379	$56,626
Ratios to Average Net Assets
Gross Expense(c)	0.87%	1.03%	1.09%	1.09%	1.03%
Net Expense(c),(d)	0.57%	0.57%	0.57%	0.58%	0.59%
Net Investment Income	1.49%	1.55%	1.68%	1.76%	1.68%
Portfolio Turnover Rate	7%	14%	60%	45%	64%

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

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

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

41 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2022

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 3 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 7 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, capital growth.
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 Funds offer Class A and Class I shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

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

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

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 42

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

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

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

At April 30, 2022, 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.	$	5,057,876	$	5,057,876	$	—	$	—
Bank of Montreal		3,199,741		3,199,741		—		—
RBC Dominion Securities, Inc.		5,057,876		5,057,876		—		—
	$	13,315,493	$	13,315,493	$	—	$	—

(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 due from the counterparty in the event of default.

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

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

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

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

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

Lending of Portfolio Securities – The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Funds. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market 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

ANNUAL REPORT / April 30, 2022

43 NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

At April 30, 2022, 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	$25,866,716	$25,866,716	$—

⁽¹⁾  Collateral with a value of $26,617,493 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 due from the counterparty in the event of default.

3. FEDERAL TAX INFORMATION

No provision for federal income taxes has been made, as it is each Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, and to distribute to shareholders each year all of its taxable income and realized gains.

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the for the year ended April 30, 2022.

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 primarily due to paydown gains (losses) on mortgage-backed securities, premium amortization on callable debt securities and wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2022, there were no such reclassifications.

The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:

Fund	Ordinary     Income*	2022   Tax Exempt       Income	Long-Term     Capital Gains	Ordinary      Income*	2021   Tax Exempt   Income	Long-Term     Capital  Gains
Broad Market Bond Fund	$12,713,727	$              —	$              —	$12,325,968	$              —	$736,820
Municipal Bond Fund	2,730	5,883,155	950,222	43,993	6,347,016	—
New York Municipal Bond Fund	24,890	916,361	173,981	997	986,746	123,171

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

As of April 30, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost	Tax Unrealized Appreciation	Tax Unrealized Depreciation	Net Tax Unrealized Appreciation/ (Depreciation)
Broad Market Bond Fund	$636,633,882	$1,344,710	$(37,345,971)	$(36,001,261)
Municipal Bond Fund	336,629,696	482,633	(19,358,938)	(18,876,305)
New York Municipal Bond Fund	55,808,922	41,939	(2,943,181)	(2,901,242)

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 44

As of April 30, 2022, 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	Distributable   Earnings
Broad Market Bond Fund	$625,987	$          —	$—	$(535,119)	$(36,001,261)	$(2,110,736)	$          —	$(38,021,129)
Municipal Bond Fund	—	363,885	—	(374,763)	(18,876,305)	—	(1,796,210)	(20,683,393)
New York Municipal Bond Fund	—	20,676	—	(20,869)	(2,901,242)	—	(8,630)	(2,910,065)

 * Other timing differences are comprised primarily of dividends payable to Fund shareholders, which for tax reporting purposes are not recognized until paid.

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2022, character of capital loss carryforwards were as follows:

Fund	Short-Term     No Expiration	Long-Term     No Expiration	Total Capital Loss     Carryforwards
Broad Market Bond Fund	$(2,034,959)	$(75,777)	$(2,110,736)

For the year ended April 30, 2022, the Funds did not utilize any capital loss carryforwards.

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

Fund	Ordinary     Losses	Short-Term     Capital Losses	Long-Term     Capital Losses
Municipal Bond Fund	$—	$(809,230)	$(986,980)
New York Municipal Bond Fund	—	—	(8,630)

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%
Municipal Bond Fund	0.45%
New York Municipal Bond Fund	0.45%

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2022 so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

	Current Contractual         Expense Limitations
Fund	Class A	Class I
Broad Market Bond Fund	0.78%	0.43%
Municipal Bond Fund	0.74%	0.49%
New York Municipal Bond Fund	0.82%	0.57%

ANNUAL REPORT / April 30, 2022

45 NOTES TO FINANCIAL STATEMENTS (continued)

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

Administrator	Maximum         Fee	Average Aggregate Daily  Net                Assets of the Trust
WFMC	0.040%	on the first $5 billion
	0.030%	on the next $2 billion
	0.025%	on the next $3 billion
	0.018%	on assets in excess of $10 billion
BNYM	0.0175%	on the first $15 billion
	0.0150%	on the next $10 billion
	0.0125%	on assets in excess of $25 billion

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2022, neither WFMC nor BNYM waived any administrative fees.

Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Class A shares, for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates) may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2022, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

Fund	Distribution Fees     from Class A
Broad Market Bond Fund	$     755
Municipal Bond Fund	15,177
New York Municipal Bond Fund	1,748

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

For the year ended April 30, 2022, M&T received sales charges on the sale of Class A shares as follows:

Fund	Sales Charges     from Class A
Broad Market Bond Fund	$143
New York Municipal Bond Fund	61

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of the Funds’ Class A shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.

M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds’ Class A shares. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the year ended April 30, 2022, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

Fund	Shareholder     Services Fee
Broad Market Bond Fund	$296

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 46

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

BNYM provides custody services to the Trust.

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

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

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2022 were as follows:

Fund	Purchases	Sales
Broad Market Bond Fund	$137,033,403	$146,901,027
Municipal Bond Fund	80,353,823	85,121,471
New York Municipal Bond Fund	3,956,431	8,828,777

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2022 were as follows:

Fund	Purchases	Sales
Broad Market Bond Fund	$21,079,678	$13,623,526

6. REORGANIZATION

At a meeting held on June 3, 2021, the Board of Trustees approved a Plan of Reorganization (the “Reorganization”) providing for: (i) the acquisition by the Wilmington Broad Market Bond Fund (the “Acquiring Fund”) of substantially all of the Assets of the Wilmington Intermediate-Term Bond Fund (the “Acquired Fund”), a series of the Trust, in exchange solely for Class A and Class I shares of the Acquiring Fund (“Acquiring Fund Shares”); (ii) the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund; (iii) the distribution of the Acquiring Fund Shares to shareholders of the Acquired Fund holding the corresponding class of shares of the Acquired Fund; and (iv) the liquidation and dissolution of the Acquired Fund. The purpose of the transaction was to combine two funds managed by the Investment Advisor with comparable investment objectives and strategies.

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

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

	Acquired Fund Net Assets	Acquired Fund Shares Outstanding	Shares Converted to Acquiring Fund	Conversion Ratio
Class A	$  1,020,482	105,144	98,320	0.93509
Class I	25,685,831	2,645,223	2,517,137	0.95158

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

ANNUAL REPORT / April 30, 2022

47 NOTES TO FINANCIAL STATEMENTS (continued)

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

Net investment income (loss)		$11,112,255
Net realized gain (loss) on investments		1,621,347
Net change in unrealized appreciation (depreciation)		(62,204,094	)
Net increase (decrease) in net assets resulting from operations	$	(49,470,492	)

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

7. MARKET RISK IN GENERAL

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

Beginning in late February 2022, global financial markets experienced and continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and the rising cost of commodities, such as oil and natural gas. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Funds’ overall performance. In addition, the global pandemic outbreak of COVID-19 continues to have a substantial impact on market volatility and global business, 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 unknown and may exacerbate other types of risks that apply to the Funds and negatively impact the Funds’ performance.

The principal risks of investing in the Funds are described more fully in the Funds’ prospectus.

8. CONTRACTUAL OBLIGATIONS

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

9. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed effective April 1, 2022. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. The LOC expires on March 31, 2023.

The Funds did not utilize the LOC during the year ended April 30, 2022.

10. RECENT ACCOUNTING PRONOUNCEMENTS

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

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (concluded) 48

11. SUBSEQUENT EVENTS

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

ANNUAL REPORT / April 30, 2022

49

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended April 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2022 and each of the financial highlights for each of the three years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2022

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

April 30, 2022 / ANNUAL REPORT

50

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 10 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 1100 North Market Street, 9th Floor, Wilmington, DE 19890. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Dominick J. D’Eramo* Birth year: 1964	Principal Occupations: Executive Vice President, Wilmington Trust N.A. and Senior Director of Investment Oversight.
TRUSTEE Began serving: November 2018 PRESIDENT Began serving: June 2018	Previous Positions: Head of Fixed Income, Wilmington Trust Investment Advisors, Inc. (WTIA) (2012 – 2021); Senior Vice President, WTIA (2017 – 2021); Group Vice President, WTIA (2014-2017); Administrative Vice President, WTIA (2012-2014).
William J. Farrell, II*	Principal Occupations: Senior Executive Advisor, Manufactures and Traders Trust Co.
Birth year: 1958	Other Directorships Held Positions: Trustee, Hagley Museum and Library (2018 to present);
TRUSTEE	and Trustee, Grand Opera House (2020 to present).
Began serving: June 2022
	Previous Positions: Executive Vice President, Wilmington Trust Company and Wilmington Trust, N.A., Wealth and Institutional Services Division (2012 – 2022).

* Dominick J. D’Eramo and William J. Farrell, II are “interested” due to their current or prior affiliation with Wilmington Trust, N.A. a subsidiary of M&T Bank Corporation and parent company of WFMC and WTIA, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano Birth year: 1943 CHAIRMAN and TRUSTEE Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products). Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).
Robert H. Arnold Birth year: 1944 TRUSTEE Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: None. Previous Positions: Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to 12/17); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).

ANNUAL REPORT / April 30, 2022 (unaudited)

51 BOARD OF TRUSTEES AND TRUST OFFICERS

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017	Principal Occupations: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/20 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019); Previous Positions: Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).
Donald E. Foley Birth year: 1951 TRUSTEE Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (2014 to present); Trustee, 1290 Funds (retail funds) (2014 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present). Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011). Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).
Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020	Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS

Name Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017 VICE PRESIDENT Began serving: June 2012	Principal Occupations: Chief Operations Officer, Wilmington Funds; Administrative Vice President, Wilmington Funds Management Corporation (2005 to present); Administrative Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Kaushik Goswami Birth year: 1973 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: October 2021	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Vice President, M&T Bank. Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

April 30, 2022 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 52

Name Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016	Principal Occupations: President of Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
Robert L. Tuleya Birth year: 1974 VICE PRESIDENT and ASSISTANT SECRETARY Began serving: September 2018	Principal Occupations: Vice President and Assistant Secretary, Wilmington Funds; Vice President and Assistant Secretary, Wilmington Funds Management Corporation (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Vice President and Assistant General Counsel, M&T Bank (2018 to present). Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).
Charles S. Todd Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1971 CHIEF EXECUTIVE OFFICER Began serving: June 2022	Principal Occupation: Senior Managing Director, Regulatory Advisory Solutions, ACA Group, previously Foreside Financial Group (2008 to present). Previous Positions: Vice-President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).
Arthur W. Jasion Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: October 2020	Principal Occupation: Senior Director and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present). Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).
Lisa R. Grosswirth 240 Greenwich Street, 22nd Floor New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007	Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

ANNUAL REPORT / April 30, 2022 (unaudited)

53

Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended. The rule requires every registered open-end management company to establish a liquidity risk management program that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 9, 2022, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2021. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve month period ended April 30, 2022. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

April 30, 2022 (unaudited) / ANNUAL REPORT

54

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.

Important information about the access and delivery of shareholder reports

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

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

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

ANNUAL REPORT/ April 30, 2022 (unaudited)

55

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure. In accordance with current regulations, the Funds will: collect from customers only the non-public personal information needed to conduct the Funds’ business; insure the security and confidentiality of customer records and information; protect against unauthorized access to or use of customer records and information; protect against any anticipated threats or hazards to the security or integrity of customer records and information; and require companies that service the Funds to have an information security program in place that is reasonably designed to safeguard customer records and information.

Information Collected by the Funds

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

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

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting, or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and direct such third parties to only use your information for the purpose it was provided. We require these third parties to treat your personal information with the same high degree of confidentiality that we do.

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

Information Security

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

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

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

April 30, 2022 (unaudited) / ANNUAL REPORT

56

Employee Access to Information

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

Visiting the Funds’ Website

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

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

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

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

E-mail

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

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to the Funds or its agents. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

What You Can Do

The safety and security of your Personal Information also depends on you. You are responsible for keeping your account information, such as your account number and login information for our website, confidential. For your protection, we recommend that you do not provide your account information, username, or password to anyone except a representative of the Funds as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

Surveys/Aggregate Data

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

Changes to Our Privacy Statement

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

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

ANNUAL REPORT / April 30, 2022 (unaudited)

                                             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	i
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolios of Investments	4
Statements of Assets and Liabilities	8
Statements of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	15
Report of Independent Registered Public Accounting Firm	20
Board of Trustees and Trust Officers	21
Liquidity Risk Management Program	24
Other Information	25

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the U.S. Government Money Market Fund and U.S. Treasury Money Market Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2021, through April 30, 2022. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

It was another historic year headlined by the first land war in Europe since World War II, the highest inflation level in the U.S. in 40 years, and heighted concerns of a recession on the horizon. Countries across the world battled the Delta and Omicron waves of COVID-19 while also transitioning to an endemic phase of the pandemic. The term “transitory inflation” was coined by the Federal Reserve (the “Fed”) to describe the idea of inflation levels being temporarily boosted by the reopening of the economy. Inflation proved to be more than transitory as readings accelerated 8.5% in March and 8.3% in April 2022 (headline Consumer Price Index (“CPI”), year over year). The period was also marked by a tight labor market and The Great Resignation. Workers with large savings voluntarily exited the workforce in droves. Companies countered by bumping wages and benefits to attract and retain workers.

As COVID-19 concerns waned, consumers--flush with cash—began to spend on in-person dining, entertainment, and travel. Although eager to spend, households found goods unavailable or more expensive due to supply-chain issues that ranged from labor shortages to port backlogs. Throughout the year, the overall labor market remained strong as jobless claims fell to pandemic lows and job openings approached record levels. The unemployment rate continued its descent to 5.9% in June and down further to 3.8% in March of 2022. To help curb inflation, the Federal Open Market Committee (FOMC) raised interest rates in March 2022 by 25 basis points1, or 0.25%. The number and size of rate hikes priced into the market increased dramatically between December 2021 and April 2022 as Fed officials pivoted toward a more hawkish stance. In March 2022, the Fed ended its monthly bond purchases and announced a plan, beginning in June 2022, to reduce the size of its $9 trillion balance sheet via maturities of Treasuries and mortgage-backed securities. U.S. real Gross Domestic Product (“GDP”) grew by 5.9% in 2021 but contracted by 1.4% in March 2022 as inventories and net exports dragged on growth.

Economic activity outside the U.S. varied amid waves of the Delta and Omicron variants of COVID-19. The major story of the year, however, was Russia’s invasion into Ukraine in February 2022. The U.S. and EU were quick to condemn the invasion and enacted rounds of sanctions aimed to debilitate the Russian economy. Sanctions attempted to cut Russia out of international trade, apply pressure to its largest companies, and target a host of oligarchs. The eurozone, which remained heavily reliant on Russian energy, searched for alternative suppliers while it continued to import costly Russian energy. The war slowed eurozone industrial production, which fell 1.8% month over month in March 2022. German industrial production was hit particularly hard, declining 3.9% month over month in March. In the face of slowing economic activity and rising inflation, consumer sentiment slumped to near historic levels.

The virus remained a persistent threat for many developing economies, where vaccination campaigns and vaccine quality broadly lagged the developed world. In April 2022, China faced its largest COVID-19 wave yet. Officials in Shanghai locked down the city of around 25 million people. Mobility restrictions persisted as citizens were unable to leave their homes, except for mandatory COVID tests. Roadblocks slowed the arrival of food and supplies into the city. Economic activity in Shanghai and other major cities across China slowed to a crawl, further fraying the fragile supply chain. Officials in China are targeting 2022 GDP growth of 5.5%, which has been undermined by the enforcement of their zero-tolerance COVID-19 policies.

Bond markets

Fixed income performance was weak over the past year as spreads initially compressed and then expanded decisively across taxable and tax-exempt credit. Inflationary concerns and a hawkish Fed led to a surge in the U.S. 10-year Treasury yield in January–April 2022 to as high as 3.1%. A major headline from the year was shape of the yield curve, which inverted briefly in early April of 2022. Historically, all past recessions have been preceded by an inverted yield curve. Price losses rippled throughout the bond market as the fiscal year ended. The Bloomberg Aggregate Index ended the fiscal year with one of the worst quarters on record. Shorter maturity bonds tended to hold up better than long-duration assets. Overall, there were heavy outflows from the bond market due largely to high inflation and increased risks from the war in Ukraine.

PRESIDENT’S MESSAGE / April 30, 2022 (unaudited)

ii

For the 12-month period May 1, 2021 to April 30, 2022, certain Bloomberg indices performed as follows:²

Bloomberg U.S. Treasury Bond Index3	Bloomberg U.S. Aggregate Bond Index4	Bloomberg U.S. Credit Bond Index5	Bloomberg Municipal Bond Index6	Bloomberg U.S. Corporate High Yield Bond Index7
-7.35%	-8.51%	-10.13%	-7.88%	-5.22%

Past performance is no guarantee of future results.

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

Equity markets

For the first seven months of the fiscal year, U.S. large-cap equities recorded strong performance. The S&P 500 hit a new all-time high in January 2022. Since then, U.S. equities have sold off significantly, dropping 12.9% as volatility escalated. High inflation and concerns around the Fed’s ability to engineer a soft landing led to increasingly bearish sentiment. Growth names, especially the tech heavy NASDAQ-100 and FAANG stocks, were hit particularly hard as higher interest rates put pressure on more highly valued stocks. U.S. small-cap stocks also suffered, given increased sensitivity to economic growth and a lesser ability to pass along higher costs to consumers. Headlines out of Ukraine and China added to the choppy market conditions and have increased the difficulty for the Fed in navigating the economy away from a recession.

Emerging markets fared poorly during the year as many regions struggled with outbreaks of COVID-19 and increased food (mainly wheat and corn) and energy costs. Chinese equities, which comprise 30% of the MSCI Emerging Markets Index, were weighed down due to a mixture of COVID-19 lockdowns, regulatory headwinds, and an unstable housing market. Valuations across emerging markets remain cheap. For international developed equities, energy policy is a key risk, particularly for Europe. The price of Brent Crude reached $128/barrel in early March 2022 and the price of natural gas increased 147% during the year, posing significant headwinds to consumers. In the long term, less globalization, fragile supply chains, and heightened geopolitical tensions could weigh on growth for years to come.

For the 12-month period May 1, 2021 to April 30, 2022, certain stock market indices performed as follows:

S&P 500® Index8	Russell 2000® Index9	MSCI EAFE (Net)  Index10	MSCI Emerging Markets (Net) Index11
0.21%	-16.87%	-8.15%	-18.33%

Past performance is no guarantee of future results.

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

Uncertainty in the outlook remains high, but our long-term focus and commitment to our clients keeps us grounded. Like a seasoned pilot during heavy turbulence, it is at times of great volatility in particular that our experience in turbulent markets helps us to remain calm. Through markets bull or bear, and economies boom or bust, our economics-led investment process has and will continue to heavily inform our route. To sidestep challenges as well as capitalize on opportunities, we comprehensively analyze monetary and policy developments, myriad other economic forces in motion, potential impacts of the continuing geopolitical turmoil, and how we believe the current trends are likely to unfold. We remain resolute that a deep understanding of and insights into the factors that have brought us to where we are today—as well as both vigilance and patience—will usher us onward and upward.

Sincerely,

Dominick J. D’Eramo, CFA

President

May 13, 2022

April 30, 2022 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

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

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

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the money market funds, and you should not expect that the investment advisor will provide financial support to the money market funds at any time.

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

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

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

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

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

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

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

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

9. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

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

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 27 Emerging Markets countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

PRESIDENT’S MESSAGE / April 30, 2022 (unaudited)

1

WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

The economy continues to rebound from the pandemic; however, inflation has proven to not be “transitory” and has led to the Fed initiating a tightening of monetary policy. Interest rates have responded by moving much higher over the past year.

At this time last year, the Federal Reserve (the “Fed”) expected to maintain the zero-interest rate policy through 2023. The Fed had communicated that they expected the rise in inflation to be “transitory.” Inflation as measured by the Consumer Price Index (“CPI”) has proven to not be short lived. CPI has increased by 8.3% over the past year while the core CPI, which excludes food and energy, has increased by 6.2% over the past year which are the highest inflation readings since the 1980’s! For example, airfares rose by 18% last month on higher jet fuel costs and strong demand to travel given the better news on the pandemic. The unemployment rate has fallen from 6.1% to 3.6%, as the economy created over 6 million jobs over the past fiscal year. Wage growth has been robust as employers have been forced to pay higher earnings to attract workers. Average hourly earnings are up 5.5% over the past year which has fueled strong consumer spending. Economic growth as measured by Gross Domestic Product (“GDP”) has fully rebounded to pre-pandemic levels and increased by 3.6% over the past year.

The Fed raised short-term interest rates by ¹⁄₂ of 1 percent in early May in response to the high inflation. This was the largest interest rate increase since 2000. The Fed has signaled that they expect to raise rates by an additional 50 basis points at their June and July meetings with the goal of slowing inflation. Interest rates have moved much higher on the expectations for the Fed to continue to tighten monetary policy. The 10-year Treasury yield at fiscal year-end was 2.93%, up 1.28% over the past year. The total return for the 10-year Treasury for the fiscal year was -9.08% given the rise in interest rates. Short-term interest rates also have moved higher over the past year. The 2-year Treasury had a yield of 2.71% on April 30, 2022, its highest yield since 2018, up from 0.16% on April 30, 2021.

Looking forward, the expectation is for the Fed to continue to raise interest rates until inflation moves much lower. The market is anticipating the Fed Funds target to peak at over 3% in 2023. After nearly two years of negligible returns, money market fund investors are poised to benefit from an aggressive Federal Reserve hiking cycle.

The change in key interest rates over the last twelve months is presented below.

	04/30/21	10/31/21	04/30/22
Federal Fund Target	0.00% - 0.25%	0.00% - 0.25%	0.25% - 0.50%
3-Month LIBOR	0.18%	0.14%	1.34%
2-Year Treasury Note	0.16%	0.51%	2.71%
10-Year Treasury Note	1.65%	1.56%	2.93%

The following is a comparison of the performance of the Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2022:

Wilmington U.S. Government Money Market Fund – Administrative Class	0.02%
Wilmington U.S. Government Money Market Fund – Institutional Class	0.02%
Wilmington U.S. Government Money Market Fund – Select Class	0.02%
Wilmington U.S. Government Money Market Fund – Service Class	0.01%
iMoneyNet, Inc. Government & Agency Institutional Average	0.03%
Lipper U.S. Government Money Market Funds Average	0.03%
Wilmington U.S. Treasury Money Market Fund – Administrative Class	0.02%
Wilmington U.S. Treasury Money Market Fund – Institutional Class	0.02%
Wilmington U.S. Treasury Money Market Fund – Select Class	0.02%
Wilmington U.S. Treasury Money Market Fund – Service Class	0.01%
iMoneyNet, Inc. Treasury and Repo Institutional Average	0.02%
Lipper U.S. Treasury Money Market Funds Average	0.02%

Source: iMoneyNet, Inc. and Lipper

April 30, 2022 (unaudited) / ANNUAL REPORT

2

Performance shown represents past performance and does not guarantee future results. Investment return will fluctuate. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. You should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. A prospectus with this and other information may be obtained by calling 1-800-836-2211 or visiting the Funds’ web site at www.wilmingtonfunds.com. The prospectus should be read before investing.

The Funds’ shares are not bank deposits and are not insured by, guaranteed by, endorsed by or obligations of the Federal Deposit Insurance Corporation, the Federal Reserve Board, any government agency or any bank. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

During the fiscal year ended April 30, 2022, Wilmington Funds Management Corporation has voluntarily agreed to reduce their advisory fee and/or reimburse certain of the Funds’ operating expenses, and/or certain class-specific fees and expenses, in an effort to maintain the current yield of each share class at or above zero. The fee waiver does not take into consideration acquired fund fees and expenses, taxes or extraordinary items. Any such waiver or expense reimbursement may be modified or discontinued at any time without notice.

London Interbank Offered Rate (LIBOR) is a benchmark rate that some of the world’s leading banks charge each other for short-term loans. It serves as the first step to calculating interest rates on various loans throughout the world.

ANNUAL REPORT / April 30, 2022 (unaudited)

3

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 to April 30, 2022.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2022.

	Beginning Account Value 11/01/21		Ending Account Value 4/30/22		Expenses Paid During Period(1)		Annualized Net Expense Ratio
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,000.18		$0.60		0.12%
Institutional Class		$1,000.00		$1,000.18		$0.60		0.12%
Select Class		$1,000.00		$1,000.18		$0.60		0.12%
Service Class		$1,000.00		$1,000.08		$0.64		0.13%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,024.20		$0.60		0.12%
Institutional Class		$1,000.00		$1,024.20		$0.60		0.12%
Select Class		$1,000.00		$1,024.20		$0.60		0.12%
Service Class		$1,000.00		$1,024.15		$0.65		0.13%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,000.18		$0.55		0.11%
Institutional Class		$1,000.00		$1,000.18		$0.64		0.13%
Select Class		$1,000.00		$1,000.18		$0.64		0.13%
Service Class		$1,000.00		$1,000.08		$0.74		0.15%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,024.25		$0.55		0.11%
Institutional Class		$1,000.00		$1,024.15		$0.65		0.13%
Select Class		$1,000.00		$1,024.15		$0.65		0.13%
Service Class		$1,000.00		$1,024.05		$0.75		0.15%

⁽¹⁾ Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period).

April 30, 2022 (unaudited) / ANNUAL REPORT

4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2022, the Fund’s portfolio composition was as follows:

	Percentage of Total Net Assets
U.S. Treasury Obligations		46.2	%
Repurchase Agreements		36.7	%
U.S. Government Agency Obligations		14.3	%
Money Market Funds		2.8	%
Other Assets and Liabilities - Net(1)		(0.0	)%(2)
TOTAL		100.0	%

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

⁽²⁾ Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2022

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 14.3%
FEDERAL FARM CREDIT BANK (FFCB) – 1.1%
(SOFR + 0.20%), 0.48%, 06/23/22Δ	$	40,000,000	$	40,000,000
(SOFR + 0.06%), 0.34%, 10/21/22Δ		10,000,000		10,000,000
(SOFR + 0.06%), 0.34%, 01/20/23Δ		9,000,000		9,000,000
(SOFR + 0.05%), 0.33%, 03/01/24Δ		8,000,000		8,000,000
(SOFR + 0.05%), 0.33%, 04/12/24Δ		15,000,000		15,000,000
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	82,000,000
FEDERAL FARM CREDIT DISCOUNT NOTES – 0.3%
0.09%, 09/14/22‡		20,000,000		19,993,200
FEDERAL HOME LOAN BANK (FHLB) – 11.5%
0.40%, 05/13/22‡		155,000,000		154,979,483
0.42%, 05/18/22‡		100,000,000		99,980,403
0.40%, 05/20/22‡		125,000,000		124,973,611
0.37%, 05/26/22‡		50,000,000		49,987,153
(SOFR + 0.01%), 0.29, 08/02/22Δ		100,000,000		100,000,000
(SOFR + 0.01%), 0.23, 08/04/22Δ		50,000,000		50,000,000
(SOFR + 0.01%), 0.26, 08/11/22Δ		75,000,000		75,000,000
(SOFR + 0.01%), 0.21, 08/22/22Δ		50,000,000		50,000,000
(SOFR + 0.06%), 0.34%, 11/18/22Δ		50,000,000		50,000,000
(SOFR + 0.06%), 0.34%, 12/08/22Δ		50,000,000		50,000,000
(SOFR + 0.06%), 0.34%, 12/16/22Δ		50,000,000		50,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	854,920,650
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.7%
(SOFR + 0.19%), 0.47%, 06/02/22Δ		50,000,000		50,000,000
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.7%
(SOFR + 0.20%), 0.48%, 06/15/22Δ		50,000,000		50,000,000
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $1,056,913,850)			$	1,056,913,850

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 46.2%
U.S. TREASURY BILLS – 38.5%
0.07%, 05/12/22‡	$	230,000,000	$	229,995,432
0.36%, 05/19/22‡		195,000,000		194,964,600
0.28%, 05/31/22‡		170,000,000		169,960,333
0.09%, 06/02/22‡		185,000,000		184,985,200
0.34%, 06/07/22‡		300,000,000		299,895,167
0.43%, 06/14/22‡		55,000,000		54,971,094
0.32%, 06/16/22‡		430,000,000		429,824,305
0.55%, 06/21/22‡		200,000,000		199,844,167
0.48%, 06/23/22‡		170,000,000		169,879,867
0.57%, 06/28/22‡		200,000,000		199,816,333
0.21%, 06/30/22‡		125,000,000		124,956,250
0.16%, 07/14/22‡		300,000,000		299,902,361
0.86%, 07/21/22‡		250,000,000		249,516,250
0.16%, 11/03/22‡		50,000,000		49,958,667
TOTAL U.S. TREASURY BILLS			$	2,858,470,026
U.S. TREASURY NOTES – 7.7%
1.88%, 08/31/22		70,000,000		70,420,661
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 0.94%, 01/31/23Δ		85,000,000		85,002,595
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 0.93%, 04/30/23Δ		296,140,500		296,146,356
(U.S. Treasury 3 Month Bill Money Market Yield – 0.02%), 0.88%, 01/31/24Δ		120,000,000		120,000,000
TOTAL U.S. TREASURY NOTES			$	571,569,612
TOTAL U.S. TREASURY OBLIGATIONS (COST $3,430,039,638)			$	3,430,039,638

ANNUAL REPORT / April 30, 2022

5 PORTFOLIOS OF INVESTMENTS

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

Description	Number of Shares		Value
MONEY MARKET FUNDS – 2.8%
Blackrock Liquidity Fed Fund, Institutional Shares, 0.31%^		69,941,629	$	69,941,629
Blackrock Liquidity Funds T-Fund, Institutional Shares, 0.29%^		23,250,226		23,250,226
Goldman Sachs Financial Square Government Fund, Institutional Shares, 0.31%^		114,624,934		114,624,934
TOTAL MONEY MARKET FUNDS (COST $207,816,789)			$	207,816,789

	Par Value
REPURCHASE AGREEMENTS – 36.7%
Federal Reserve Bank of New York, 0.30%, dated 4/29/22, due 5/02/22, repurchase price $2,225,055,625, collateralized by U.S. Treasury Securities, 0.25% to 2.00%, maturing 5/15/24 to 8/15/30; total market value $2,225,055,663.	$	2,225,000,000	2,225,000,000
FICC Bank of New York, 0.30%, dated 4/29/22, due 5/02/22, repurchase price $200,005,000, collateralized by U.S. Treasury Security, 0.13%, maturing 4/15/27; total market value $204,000,085.		200,000,000	200,000,000

Description	Par Value		Value
Mizuho Securities USA, 0.30%, dated 4/29/22, due 5/02/22, repurchase price $100,002,500, collateralized by U.S. Treasury Securities, 0.25% to 2.50%, maturing 3/31/23 to 8/15/29; total market value $102,000,064.	$	100,000,000	$	100,000,000
TD Securities, Inc., 0.30%, dated 4/29/22, due 5/02/22, repurchase price $165,004,125, collateralized by U.S. Government Agency Securities, 3.50% to 4.00%, maturing 1/01/43 to 5/01/52; total market value $169,950,000.		165,000,000		165,000,000
TD Securities, Inc., 0.30%, dated 4/29/22, due 5/02/22, repurchase price $35,000,875, collateralized by U.S. Treasury Securities, 0.25% to 2.13%, maturing 4/15/23 to 5/31/28; total market value $35,700,091.		35,000,000		35,000,000
TOTAL REPURCHASE AGREEMENTS (COST $2,725,000,000)			$	2,725,000,000
TOTAL INVESTMENTS – 100.0% (COST $7,419,770,277)			$	7,419,770,277
OTHER ASSETS LESS LIABILITIES – (0.0)%**				(1,088,572	)
TOTAL NET ASSETS – 100.0%			$	7,418,681,705

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 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	$	—	$	1,056,913,850		$—	$	1,056,913,850
U.S. Treasury Obligations		—		3,430,039,638		—		3,430,039,638
Money Market Funds		207,816,789		—		—		207,816,789
Repurchase Agreements		—		2,725,000,000		—		2,725,000,000
Total	$	207,816,789	$	7,211,953,488		$—	$	7,419,770,277

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

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

^ 7-Day net yield.

** Represents less than 0.05%.

The following acronyms are used throughout this Portfolio of Investments:

SOFR Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

6

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At April 30, 2022, the Fund’s portfolio composition was as follows:

	Percentage of Total Net Assets
U.S. Treasury Obligations		52.1	%
Repurchase Agreements		45.3	%
Money Market Fund		2.6	%
Other Assets and Liabilities – Net(1)		(0.0	)%(2)
TOTAL		100.0	%

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

⁽²⁾ Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2022

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 52.1%
U.S. TREASURY BILLS – 38.0%
0.07%, 05/12/22‡	$	20,000,000	$	19,999,603
0.37%, 05/19/22‡		38,280,000		38,272,883
0.28%, 05/31/22‡		30,000,000		29,993,000
0.09%, 06/02/22‡		15,000,000		14,998,800
0.34%, 06/07/22‡		50,000,000		49,982,528
0.43%, 06/14/22‡		10,940,000		10,934,251
0.34%, 06/16/22‡		70,000,000		69,969,972
0.55%, 06/21/22‡		50,000,000		49,961,042
0.48%, 06/23/22‡		30,000,000		29,978,800
0.57%, 06/28/22‡		50,000,000		49,954,083
0.21%, 06/30/22‡		25,000,000		24,991,250
0.23%, 07/14/22‡		32,440,000		32,424,721
0.86%, 07/21/22‡		50,000,000		49,903,250
0.08%, 08/11/22‡		9,300,000		9,297,892
0.16%, 11/03/22‡		10,945,000		10,935,952
TOTAL U.S. TREASURY BILLS			$	491,598,027
U.S. TREASURY NOTES – 14.1%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.06%), 0.95%, 07/31/22Δ		50,000,000		50,000,000
1.88%, 08/31/22		15,000,000		15,090,142
(U.S. Treasury 3 Month Bill Money Market Yield + 0.06%), 0.95%, 10/31/22Δ		25,000,000		25,001,586
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 0.94%, 01/31/23Δ		15,000,000		15,000,458
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 0.93%, 04/30/23Δ		55,000,000		55,001,010
(U.S. Treasury 3 Month Bill Money Market Yield – 0.02%), 0.88%, 01/31/24Δ		22,975,000		22,975,000
TOTAL U.S. TREASURY NOTES			$	183,068,196
TOTAL U.S. TREASURY OBLIGATIONS (COST $674,666,223)			$	674,666,223

Description	Number of Shares		Value
MONEY MARKET FUND – 2.6%
Blackrock Liquidity Funds T-Fund, Institutional Shares, 0.29%^		33,684,908	$	33,684,908
TOTAL MONEY MARKET FUND (COST $33,684,908)			$	33,684,908

	Par Value
REPURCHASE AGREEMENTS – 45.3%
CIBC World Market Corp., 0.30%, dated 4/29/2022, due 5/2/2022, repurchase price $75,001,875, collateralized by U.S. Treasury Securities, 0.00% to 3.63%, maturing 7/14/22 to 5/15/51; total market value $75,000,028.	$	75,000,000	75,000,000
Deutsche Bank Securities Inc., 0.30%, dated 4/29/2022, due 5/2/2022, repurchase price $82,002,050, collateralized by U.S. Treasury Securities, 1.13% to 6.38%, maturing 8/15/27 to 2/15/52; total market value $83,640,057.		82,000,000	82,000,000
FICC Bank of New York, 0.30%, dated 4/29/2022, due 5/2/2022, repurchase price $300,007,500, collateralized by U.S. Treasury Security, 0.75%, maturing 2/15/42; total market value $306,000,021.		300,000,000	300,000,000

ANNUAL REPORT / April 30, 2022

7 PORTFOLIOS OF INVESTMENTS

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

Description	Par Value		Value
TD Securities, Inc., 0.30%, dated 4/29/2022, due 5/2/2022, repurchase price $130,003,250, collateralized by U.S. Treasury Securities, 0.13% to 2.25%, maturing 9/30/22 to 11/15/27; total market value $132,600,072.	$	130,000,000	$	130,000,000
TOTAL REPURCHASE AGREEMENTS (COST $587,000,000)			$	587,000,000
TOTAL INVESTMENTS – 100.0% (COST $1,295,351,131)			$	1,295,351,131
OTHER ASSETS LESS LIABILITIES – (0.0)%**				(241,777	)
TOTAL NET ASSETS – 100.0%			$	1,295,109,354

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	674,666,223		$—	$	674,666,223
Money Market Fund		33,684,908		—		—		33,684,908
Repurchase Agreements		—		587,000,000		—		587,000,000
Total	$	33,684,908	$	1,261,666,223		$—	$	1,295,351,131

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

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

^ 7-Day net yield.

** Represents less than 0.05%.

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 8

April 30, 2022	WilmingtonU.S. GovernmentMoney MarketFund			WilmingtonU.S. TreasuryMoney MarketFund
ASSETS:
Investments, at identified cost	$	7,419,770,277		$	1,295,351,131
Investments in securities, at value (including repurchase agreements of $ 2,725,000,000 and $ 587,000,000, respectively)	$	7,419,770,277		$	1,295,351,131
Cash		677,804			228,321
Income receivable		572,736			67,855
Receivable for shares sold		9,115			16,603
Prepaid assets		106,156			45,488
TOTAL ASSETS		7,421,136,088			1,295,709,398
LIABILITIES:
Income distribution payable		801,663			137,270
Payable for shares redeemed		5,021			86,495
Payable for Trustees’ fees		7,681			7,681
Payable for administration fees		195,361			33,945
Payable for shareholder services fees		47,396			29
Payable for investment advisory fees		964,033			196,845
Other accrued expenses		433,228			137,779
TOTAL LIABILITIES		2,454,383			600,044
NET ASSETS	$	7,418,681,705		$	1,295,109,354
NET ASSETS CONSIST OF:
Paid-in capital	$	7,418,700,692		$	1,295,112,390
Distributable earnings (loss)		(18,987	)		(3,036	)
TOTAL NET ASSETS	$	7,418,681,705		$	1,295,109,354
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	1,163,735,967		$	336,133,128
Shares outstanding (unlimited shares authorized)		1,163,986,185			336,173,519
Net Asset Value and Offering Price per share	$	1.000		$	1.000
Institutional Class
Net Assets	$	1,756,768,770		$	342,827,499
Shares outstanding (unlimited shares authorized)		1,756,838,008			342,828,756
Net Asset Value and Offering Price per share	$	1.000		$	1.000
Select Class
Net Assets	$	3,997,178,835		$	615,858,427
Shares outstanding (unlimited shares authorized)		3,997,648,286			615,874,700
Net Asset Value and Offering Price per share	$	1.000		$	1.000
Service Class
Net Assets	$	500,998,133		$	290,300
Shares outstanding (unlimited shares authorized)		500,960,607			290,297
Net Asset Value and Offering Price per share	$	1.000		$	1.000

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

9 STATEMENTS OF OPERATIONS

Year Ended April 30, 2022	Wilmington U.S. Government Money Market Fund			Wilmington U.S. Treasury Money Market Fund
INVESTMENT INCOME:
Dividends	$	6,974		$	11,450
Interest		8,387,999			1,445,261
TOTAL INVESTMENT INCOME		8,394,973			1,456,711
EXPENSES:
Investment advisory fees		20,491,339			3,653,563
Administration fees		2,471,427			440,839
Portfolio accounting and administration fees		1,448,799			252,720
Custodian fees		134,460			34,604
Transfer and dividend disbursing agent fees and expenses		134,715			26,394
Trustees’ fees		57,654			57,654
Professional fees		180,349			108,648
Distribution services fee—Administrative Class		3,173,949			1,173,097
Distribution services fee—Service Class		1,714,842			659
Shareholder services fee—Administrative Class		3,173,949			1,173,097
Shareholder services fee—Select Class		10,461,410			1,643,753
Shareholder services fee—Service Class		1,714,842			659
Share registration costs		53,523			52,248
Printing and postage		3,269			—
Miscellaneous		354,488			91,874
TOTAL EXPENSES		45,569,015			8,709,809
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(18,680,458	)		(3,566,590	)
Waiver of distribution services fee—Administrative Class		(3,173,949	)		(1,173,097	)
Waiver of distribution services fee—Service Class		(1,714,842	)		(659	)
Waiver of shareholder services fee—Administrative Class		(3,173,949	)		(1,173,097	)
Waiver of shareholder services fee—Select Class		(10,461,410	)		(1,643,753	)
Waiver of shareholder services fee—Service Class		(1,667,501	)		(631	)
TOTAL WAIVERS AND REIMBURSEMENTS		(38,872,109	)		(7,557,827	)
Net expenses		6,696,906			1,151,982
Net investment income		1,698,067			304,729
REALIZED GAIN (LOSS):
Net realized gain (loss) on investments		6,318			1,160
Net realized gain (loss)		6,318			1,160
Change in net assets resulting from operations	$	1,704,385		$	305,889

See Notes which are an integral part of the Financial Statements

April 30, 2022 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 10

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2022			Year Ended April 30, 2021
OPERATIONS:
Net investment income	$	1,698,067		$	1,041,200		$	304,729		$	195,750
Net realized gain (loss)		6,318			7,426			1,160			2,545
Change in net assets resulting from operations		1,704,385			1,048,626			305,889			198,295
DISTRIBUTIONS TO SHAREHOLDERS:
Administrative Class		(260,816	)		(152,116	)		(87,374	)		(39,384	)
Institutional Class		(448,986	)		(217,432	)		(78,651	)		(26,740	)
Select Class		(915,013	)		(581,212	)		(141,228	)		(135,783	)
Service Class		(80,375	)		(116,012	)		(35	)		(14	)
Total distributions to shareholders		(1,705,190	)		(1,066,772	)		(307,288	)		(201,921	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		4,528,852,127			4,472,553,609			1,105,741,959			1,029,083,011
Institutional Class		5,251,394,571			3,861,185,995			1,425,405,047			726,904,905
Select Class		7,706,547,039			7,402,591,546			1,411,785,381			1,884,749,795
Service Class		2,593,425,038			2,526,880,455			179,000			25,100
Distributions reinvested
Administrative Class		18			8			82			265
Institutional Class		2,789			1,945			—			—
Select Class		12,445			58,331			9,674			19,429
Service Class		6,611			41,767			35			14
Cost of shares redeemed
Administrative Class		(5,093,195,914	)		(4,253,791,340	)		(1,131,047,677	)		(1,028,105,266	)
Institutional Class		(5,230,085,518	)		(3,871,471,223	)		(1,283,734,679	)		(576,535,436	)
Select Class		(7,878,033,178	)		(8,146,628,742	)		(1,612,913,711	)		(2,059,994,955	)
Service Class		(3,283,142,270	)		(2,504,394,230	)		—			(102,000	)
Change in net assets resulting from share transactions		(1,404,216,242	)		(512,971,879	)		(84,574,889	)		(23,955,138	)
Change in net assets		(1,404,217,047	)		(512,990,025	)		(84,576,288	)		(23,958,764	)
NET ASSETS:
Beginning of year		8,822,898,752			9,335,888,777			1,379,685,642			1,403,644,406
End of year	$	7,418,681,705		$	8,822,898,752		$	1,295,109,354		$	1,379,685,642
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		4,528,852,127			4,472,553,609			1,105,741,959			1,029,083,011
Institutional Class		5,251,394,571			3,861,185,995			1,425,405,047			726,904,905
Select Class		7,706,547,039			7,402,591,546			1,411,785,381			1,884,749,795
Service Class		2,593,425,038			2,526,880,455			179,000			25,100
Distributions reinvested
Administrative Class		18			8			82			265
Institutional Class		2,789			1,945			—			—
Select Class		12,445			58,331			9,674			19,429
Service Class		6,611			41,767			35			14
Shares redeemed
Administrative Class		(5,093,195,914	)		(4,253,791,340	)		(1,131,047,677	)		(1,028,105,266	)
Institutional Class		(5,230,085,518	)		(3,871,471,223	)		(1,283,734,679	)		(576,535,436	)
Select Class		(7,878,033,178	)		(8,146,628,742	)		(1,612,913,711	)		(2,059,994,955	)
Service Class		(3,283,142,270	)		(2,504,394,230	)		—			(102,000	)
Net change resulting from share transactions		(1,404,216,242	)		(512,971,879	)		(84,574,889	)		(23,955,138	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

11 FINANCIAL HIGHLIGHTS

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

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
	Year EndedApril 30, 2022					Year Ended April 30, 2021					Year Ended April 30, 2020					Year Ended April 30, 2019					Year Ended April 30, 2018
ADMINISTRATIVE CLASS
Net Asset Value, Beginning of Year			$	1.000				$	1.000				$	1.000				$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income				0.000	(a)				0.000	(a)				0.013					0.016				0.006
Net Realized Gain (Loss)				0.000	(a)				0.000	(a)				0.000	(a)				0.000	(a)			0.000	(a)
Total Income (Loss) From Operations				0.000					0.000					0.013					0.016				0.006
Less Distributions From:
Net Investment Income				(0.000	)(a)				(0.000	)(a)				(0.013	)				(0.016	)			(0.006	)
Net Asset Value, End of Year			$	1.000				$	1.000				$	1.000				$	1.000			$	1.000
Total Return				0.02	%				0.01	%				1.21	%				1.57	%			0.56	%
Net Assets, End of Year (000’s)			$	1,163,736				$	1,728,081				$	1,509,322				$	1,297,285			$	1,196,676
Ratios to Average Net Assets
Gross Expense(b)				0.81	%				0.81	%				0.81	%				0.82	%			0.82	%
Net Expense(b),(c)				0.08	%				0.15	%				0.61	%				0.62	%			0.62	%
Net Investment Income				0.02	%				0.01	%				1.18	%				1.57	%			0.54	%
		Year Ended April 30, 2022					Year Ended April 30, 2021					Year Ended April 30, 2020					Year Ended April 30, 2019				Year Ended April 30, 2018
INSTITUTIONAL CLASS
Net Asset Value, Beginning of Year			$	1.000				$	1.000				$	1.000				$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income				0.000	(a)				0.000	(a)				0.016					0.019				0.009
Net Realized Gain (Loss)				0.000	(a)				0.000	(a)				0.000	(a)				0.000	(a)			0.000	(a)
Total Income (Loss) From Operations				0.000					0.000					0.016					0.019				0.009
Less Distributions From:
Net Investment Income				(0.000	)(a)				(0.000	)(a)				(0.016	)				(0.019	)			(0.009	)
Net Asset Value, End of Year			$	1.000				$	1.000				$	1.000				$	1.000			$	1.000
Total Return				0.02	%				0.02	%				1.56	%				1.92	%			0.91	%
Net Assets, End of Year (000’s)			$	1,756,769				$	1,735,456				$	1,745,742				$	427,114			$	704,435
Ratios to Average Net Assets
Gross Expense(b)				0.31	%				0.31	%				0.31	%				0.32	%			0.32	%
Net Expense(b),(c)				0.08	%				0.14	%				0.27	%				0.27	%			0.27	%
Net Investment Income				0.02	%				0.01	%				1.39	%				1.92	%			0.97	%
		Year Ended April 30, 2022					Year Ended April 30, 2021					Year Ended April 30, 2020					Year Ended April 30, 2019				Year Ended April 30, 2018
SELECT CLASS
Net Asset Value, Beginning of Year			$	1.000				$	1.000				$	1.000				$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income				0.000	(a)				0.000	(a)				0.015					0.018				0.008
Net Realized Gain (Loss)				0.000	(a)				0.000	(a)				0.000	(a)				0.000	(a)			0.000	(a)
Total Income (Loss) From Operations				0.000					0.000					0.015					0.018				0.008
Less Distributions From:
Net Investment Income				(0.000	)(a)				(0.000	)(a)				(0.015	)				(0.018	)			(0.008	)
Net Asset Value, End of Year			$	1.000				$	1.000				$	1.000				$	1.000			$	1.000
Total Return				0.02	%				0.02	%				1.46	%				1.82	%			0.81	%
Net Assets, End of Year (000’s)			$	3,997,179				$	4,168,651				$	4,912,640				$	4,410,116			$	3,273,958
Ratios to Average Net Assets
Gross Expense(b)				0.56	%				0.56	%				0.56	%				0.57	%			0.57	%
Net Expense(b),(c)				0.08	%				0.15	%				0.37	%				0.37	%			0.37	%
Net Investment Income				0.02	%				0.01	%				1.42	%				1.82	%			0.80	%

April 30, 2022 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 12

	Year Ended April 30, 2022				Year Ended April 30, 2021				Year EndedApril 30, 2020				Year EndedApril 30, 2019				Year Ended April 30, 2018
SERVICE CLASS
Net Asset Value, Beginning of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.000	(a)			0.000	(a)			0.011				0.014				0.004
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)
Total Income (Loss) From Operations			0.000				0.000				0.011				0.014				0.004
Less Distributions From:
Net Investment Income			(0.000	)(a)			(0.000	)(a)			(0.011	)			(0.014	)			(0.004	)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return			0.01	%			0.01	%			1.08	%			1.42	%			0.41	%
Net Assets, End of Year (000’s)		$	500,998			$	1,190,711			$	1,168,185			$	1,191,211			$	1,250,181
Ratios to Average Net Assets
Gross Expense(b)			0.81	%			0.81	%			0.81	%			0.82	%			0.82	%
Net Expense(b),(c)			0.08	%			0.15	%			0.74	%			0.77	%			0.77	%
Net Investment Income			0.01	%			0.01	%			1.07	%			1.41	%			0.41	%

(a) Represents less than $0.001.

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

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

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

13 FINANCIAL HIGHLIGHTS (continued)

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

WILMINGTON U.S. TREASURY MONEY MARKET FUND
	Year Ended April 30, 2022					Year Ended April 30, 2021					Year Ended April 30, 2020					Year Ended April 30, 2019					Year Ended April 30, 2018
ADMINISTRATIVE CLASS
Net Asset Value, Beginning of Year			$	1.000				$	1.000				$	1.000				$	1.000				$	1.000
Income (Loss) From Operations:
Net Investment Income				0.000	(a)				0.000	(a)				0.013					0.016					0.006
Net Realized Gain (Loss)				0.000	(a)				0.000	(a)				0.000	(a)				0.000	(a)				0.000	(a)
Total Income (Loss) From Operations				0.000					0.000					0.013					0.016					0.006
Less Distributions From:
Net Investment Income				(0.000	)(a)				(0.000	)(a)				(0.013	)				(0.016	)				(0.006	)
Net Asset Value, End of Year			$	1.000				$	1.000				$	1.000				$	1.000				$	1.000
Total Return				0.02	%				0.01	%				1.20	%				1.58	%				0.57	%
Net Assets, End of Year (000’s)			$	336,133				$	361,438				$	360,463				$	283,323				$	340,788
Ratios to Average Net Assets
Gross Expense(b)				0.82	%				0.82	%				0.83	%				0.83	%				0.84	%
Net Expense(b),(c)				0.07	%				0.14	%				0.59	%				0.60	%				0.60	%
Net Investment Income				0.02	%				0.01	%				1.15	%				1.54	%				0.53	%
		Year Ended April 30, 2022					Year Ended April 30, 2021					For the Period October 16, 2019* through April 30, 2020
INSTITUTIONAL CLASS
Net Asset Value, Beginning of Year			$	1.000				$	1.000				$	1.000
Income (Loss) From Operations:
Net Investment Income				0.000	(a)				0.000	(a)				0.007
Net Realized Gain (Loss)				0.000	(a)				0.000	(a)				0.000	(a)
Total Income (Loss) From Operations				0.000					0.000					0.007
Less Distributions From:
Net Investment Income				(0.000	)(a)				(0.000	)(a)				(0.007	)
Net Asset Value, End of Year			$	1.000				$	1.000				$	1.000
Total Return				0.02	%				0.02	%				0.61	%(d)
Net Assets, End of Year (000’s)			$	342,827				$	201,157				$	50,788
Ratios to Average Net Assets
Gross Expense(b)				0.32	%				0.32	%				0.32	%(e)
Net Expense(b),(c)				0.09	%				0.12	%				0.25	%(e)
Net Investment Income				0.02	%				0.01	%				1.18	%(e)
		Year Ended April 30, 2022					Year EndedApril 30, 2021					Year Ended April 30, 2020					Year Ended April 30, 2019					Year EndedApril 30, 2018
SELECT CLASS
Net Asset Value, Beginning of Year			$	1.000				$	1.000				$	1.000				$	1.000				$	1.000
Income (Loss) From Operations:
Net Investment Income				0.000	(a)				0.000	(a)				0.015					0.018					0.008
Net Realized Gain (Loss)				0.000	(a)				0.000	(a)				0.000	(a)				0.000	(a)				0.000	(a)
Total Income (Loss) From Operations				0.000					0.000					0.015					0.018					0.008
Less Distributions From:
Net Investment Income				(0.000	)(a)				(0.000	)(a)				(0.015	)				(0.018	)				(0.008	)
Net Asset Value, End of Year			$	1.000				$	1.000				$	1.000				$	1.000				$	1.000
Total Return				0.02	%				0.02	%				1.44	%				1.83	%				0.82	%
Net Assets, End of Year (000’s)			$	615,858				$	816,980				$	992,205				$	1,203,639				$	790,207
Ratios to Average Net Assets
Gross Expense(b)				0.57	%				0.57	%				0.58	%				0.58	%				0.59	%
Net Expense(b),(c)				0.08	%				0.15	%				0.35	%				0.35	%				0.35	%
Net Investment Income				0.02	%				0.02	%				1.45	%				1.85	%				0.89	%

April 30, 2022 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 14

SERVICE CLASS	Year EndedApril 30, 2022				Year EndedApril 30, 2021				Year EndedApril 30, 2020				Year EndedApril 30, 2019				Year EndedApril 30, 2018
Net Asset Value, Beginning of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.000	(a)			0.000	(a)			0.011				0.014				0.004
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)
Total Income (Loss) From Operations			0.000				0.000				0.011				0.014				0.004
Less Distributions From:
Net Investment Income			(0.000	)(a)			(0.000	)(a)			(0.011	)			(0.014	)			(0.004	)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return			0.01	%			0.01	%			1.07	%			1.43	%			0.42	%
Net Assets, End of Year (000’s)		$	290			$	111			$	188			$	85			$	44
Ratios to Average Net Assets
Gross Expense(b)			0.82	%			0.83	%			0.84	%			0.83	%			0.84	%
Net Expense(b),(c)			0.09	%			0.17	%			0.70	%			0.75	%			0.74	%
Net Investment Income			0.01	%			0.01	%			0.97	%			1.40	%			0.44	%

(a) Represents less than $0.001.

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

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

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

(e) Annualized for periods less than one year.

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2022

15         NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2022

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 2 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 8 funds are presented in separate reports.

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Computation of Net Asset Value – It is each Fund’s policy to maintain a continuous net asset value of $1.00 per share for each class. Each Fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that each Fund will be able to maintain a stable net asset value of $1.00 per share. The net asset value (‘‘NAV’’) per share for each class of a Fund is computed by dividing the total current value of the assets of the Fund, less its liabilities, attributable to the class by the total number of shares of the class outstanding at the time of such computation. The NAV per share for each class of a Fund is computed as of 4:00 p.m. (Eastern Time) on days when the New York Stock Exchange (“NYSE”) is open for regular trading and the Federal Reserve Bank of New York (the ‘‘Fed’’) is open. In addition, the Funds may elect, in their discretion if it is determined to be in shareholders’ best interests, to be open on days when the NYSE is open but the Fed is closed or to be open on days when the Fed is open but the NYSE is closed, except for Good Friday.

Investment Valuation – The Funds use the amortized cost method to value their portfolio securities, when it represents the best estimate of fair value in accordance with Rule 2a-7 under the Act.

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

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

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

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)         16

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

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

At April 30, 2022, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	RepurchaseAgreements		Fair Value of Non-Cash CollateralReceived(1)		Cash CollateralReceived(1)		Net Exposure(2)
U.S. Government Money Market Fund
Federal Reserve Bank of New York	$	2,225,000,000	$	2,225,000,000	$	—	$	—
FICC Bank of New York		200,000,000		200,000,000		—		—
Mizuho Securities USA		100,000,000		100,000,000		—		—
TD Securities, Inc.		165,000,000		165,000,000		—		—
TD Securities, Inc.		35,000,000		35,000,000		—		—
	$	2,725,000,000	$	2,725,000,000	$	—	$	—
U.S. Treasury Money Market Fund
CIBC World Market Corp.	$	75,000,000	$	75,000,000	$	—	$	—
Deutsche Bank Securities, Inc.		82,000,000		82,000,000		—		—
FICC Bank of New York		300,000,000		300,000,000		—		—
TD Securities, Inc.		130,000,000		130,000,000		—		—
	$	587,000,000	$	587,000,000	$	—	$	—

⁽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 due from the counterparty in the event of default.

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

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

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

3. FEDERAL TAX INFORMATION

No provision for federal income taxes has been made, as it is each Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, and to distribute to shareholders each year all of its taxable income and realized gains.

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2022.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2022, there were no such reclassifications.

ANNUAL REPORT / April 30, 2022

17         NOTES TO FINANCIAL STATEMENTS (continued)

The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:

	��	2022						2021
Fund		OrdinaryIncome*			Long-TermCapital  Gains				OrdinaryIncome*			Long-TermCapital Gains
U.S. Government Money Market Fund			$	1,705,190		$	—			$	1,066,772		$	—
U.S. Treasury Money Market Fund				307,288			—				199,920			2,001

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

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

As of April 30, 2022, the components of distributable earnings on a tax basis were as follows:

Fund	UndistributedOrdinaryIncome			UndistributedLong-TermCapital Gains			OtherTimingDifferences				UnrealizedAppreciation/(Depreciation)			Capital LossCarryforwards			Late YearLossDeferrals			DistributableEarnings
U.S. Government Money Market Fund		$	782,676		$	—		$	(801,663	)		$	—		$	—		$	—		$	(18,987	)
U.S. Treasury Money Market Fund			134,234			—			(137,270	)			—			—			—			(3,036	)

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 FeeAnnual  Rate
U.S. Government Money Market Fund	0.25%
U.S. Treasury Money Market Fund	0.25%

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2022, so that total annual fund operating expenses paid by the Funds (not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Fund’s distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

				Current ContractualExpense 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	%

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

April 30, 2022 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)         18

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

Administrator	MaximumFee		Average  Aggregate Daily Net         Assets of the Trust
WFMC		0.040%	on the first $5 billion
		0.030%	on the next $2 billion
		0.025%	on the next $3 billion
		0.018%	on assets in excess of $10 billion
BNYM		0.0175%	on the first $15 billion
		0.0150%	on the next $10 billion
		0.0125%	on assets in excess of $25 billion

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2022, neither WFMC nor BNYM waived any administrative fees.

Distribution Services Fee – The Trust has adopted a Distribution Services Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan allows the Funds to pay fees to financial intermediaries, which may be paid through ALPS Distributors, Inc. (“ALPS”), the principal distributor, at an annual rate of up to 0.25% of the average daily net assets of the Funds’ Administrative Class and Service Class shares for the sale, distribution, administration, customer servicing and record keeping of these shares.

The Trust may reduce the maximum amount of distribution services fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including ALPS, the Advisor or their affiliates) may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2022, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees, net of waivers, paid by the Funds as follows:

Fund	DistributionFees
U.S. Government Money Market Fund		$	—
U.S. Treasury Money Market Fund			—

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

For the year ended April 30, 2022, M&T received shareholder services fees, net of waivers, paid by the Funds as follows:

Fund	ShareholderServices Fees
U.S. Government Money Market Fund		$	38,561
U.S. Treasury Money Market Fund			—

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.

ANNUAL REPORT / April 30, 2022

19         NOTES TO FINANCIAL STATEMENTS (concluded)

5. MARKET RISK IN GENERAL

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

Beginning in late February 2022, global financial markets experienced and continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and the rising cost of commodities, such as oil and natural gas. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Funds’ overall performance. In addition, the global pandemic outbreak of COVID-19 continues to have a substantial impact on market volatility and global business, 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 unknown and may exacerbate other types of risks that apply to the Funds and negatively impact the Funds’ performance.

The principal risks of investing in the Funds are described more fully in the Funds’ prospectus.

6. CONTRACTUAL OBLIGATIONS

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

7. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed effective April 1, 2022. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. The LOC expires on March 31, 2023.

The Funds did not utilize the LOC during the year ended April 30, 2022.

8. SUBSEQUENT EVENTS

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

April 30, 2022 / ANNUAL REPORT

20

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein ended on or subsequent to April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2022 and each of the financial highlights for each of the periods indicated therein ended on or subsequent to April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2022

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

ANNUAL REPORT / April 30, 2022

21

BOARD OF TRUSTEES AND TRUST OFFICERS

The following tables give information about each Trustee and the senior officers of the Trust. The tables separately list Trustee members who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). The Trust is comprised of 10 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 1100 North Market Street, 9th Floor, Wilmington, DE 19890. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge and upon request, by calling 1-800-836-2211.

INTERESTED TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Dominick J. D’Eramo*     Birth year: 1964     TRUSTEE     Began serving: November 2018     PRESIDENT     Began serving: June 2018	Principal Occupations: Executive Vice President, Wilmington Trust N.A. and Senior Director of Investment Oversight. Previous Positions: Head of Fixed Income, Wilmington Trust Investment Advisors, Inc. (WTIA) (2012 – 2021); Senior Vice President, WTIA (2017 – 2021); Group Vice President, WTIA (2014-2017); Administrative Vice President, WTIA (2012-2014).
William J. Farrell, II*     Birth year: 1958     TRUSTEE     Began serving: June 2022	Principal Occupations: Senior Executive Advisor, Manufactures and Traders Trust Co. Other Directorships Held Positions: Trustee, Hagley Museum and Library (2018 to present); and Trustee, Grand Opera House (2020 to present). Previous Positions: Executive Vice President, Wilmington Trust Company and Wilmington Trust, N.A., Wealth and Institutional Services Division (2012 – 2022).
*     Dominick J. D’Eramo and William J. Farrell, II are “interested” due to their current or prior affiliation with Wilmington Trust, N.A. a subsidiary of M&T Bank Corporation and parent company of WFMC and WTIA, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano     Birth year: 1943     CHAIRMAN and TRUSTEE     Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products). Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).
Robert H. Arnold     Birth year: 1944     TRUSTEE     Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: None. Previous Positions: Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to 12/17); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).

April 30, 2022 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 22

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Gregory P. Chandler     Birth year: 1966     TRUSTEE     Began serving: July 2017	Principal Occupations: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/20 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019); Previous Positions: Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).
Donald E. Foley     Birth year: 1951     TRUSTEE     Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (2014 to present); Trustee, 1290 Funds (retail funds) (2014 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present). Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011). Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).
Valerie J. Sill     Birth year: 1962     TRUSTEE     Began serving: April 2020	Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS

Name   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell     Birth year: 1966     CHIEF OPERATIONS OFFICER     Began serving: June 2017     VICE PRESIDENT     Began serving: June 2012	Principal Occupations: Chief Operations Officer, Wilmington Funds; Administrative Vice President, Wilmington Funds Management Corporation (2005 to present); Administrative Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Kaushik Goswami     Birth year: 1973     CHIEF COMPLIANCE OFFICER     and AML COMPLIANCE OFFICER     Began serving: October 2021	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Vice President, M&T Bank. Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

ANNUAL REPORT / April 30, 2022 (unaudited)

23 BOARD OF TRUSTEES AND TRUST OFFICERS

Name   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John J. Kelley     Birth year: 1959     VICE PRESIDENT     Began serving: December 2016	Principal Occupations: President of Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).
Robert L. Tuleya     Birth year: 1974     VICE PRESIDENT and ASSISTANT SECRETARY     Began serving: September 2018	Principal Occupations: Vice President and Assistant Secretary, Wilmington Funds; Vice President and Assistant Secretary, Wilmington Funds Management Corporation (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Vice President and Assistant General Counsel, M&T Bank (2018 to present). Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).
Charles S. Todd     Three Canal Plaza, Suite 100     Portland, ME 04101     Birth year: 1971     CHIEF EXECUTIVE OFFICER     Began serving: June 2022	Principal Occupation: Senior Managing Director, Regulatory Advisory Solutions, ACA Group, previously Foreside Financial Group (2008 to present). Previous Positions: Vice-President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).
Arthur W. Jasion     Three Canal Plaza, Suite 100     Portland, ME 04101     Birth year: 1965     CHIEF FINANCIAL OFFICER AND TREASURER     Began serving: October 2020	Principal Occupation: Senior Director and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present). Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).
Lisa R. Grosswirth     240 Greenwich Street, 22nd Floor     New York, NY 10286     Birth year: 1963     SECRETARY     Began serving: September 2007	Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

April 30, 2022 (unaudited) / ANNUAL REPORT

24

Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the Securities and Exchange Commission (the “Commission”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended. The rule requires every registered open-end management company to establish a liquidity risk management program that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the Commission adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the Commission when certain liquidity-related events occur.

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 9, 2022, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2021. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve month period ended April 30, 2022. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

ANNUAL REPORT / April 30, 2022 (unaudited)

25

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.

Important information about the access and delivery of shareholder reports

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

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

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

April 30, 2022 (unaudited) / ANNUAL REPORT

26

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure. In accordance with current regulations, the Funds will: collect from customers only the non-public personal information needed to conduct the Funds’ business; insure the security and confidentiality of customer records and information; protect against unauthorized access to or use of customer records and information; protect against any anticipated threats or hazards to the security or integrity of customer records and information; and require companies that service the Funds to have an information security program in place that is reasonably designed to safeguard customer records and information.

Information Collected by the Funds

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

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

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

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

Information Sharing Policy

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

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

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

· We may disclose some or all the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting, or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and direct such third parties to only use your information for the purpose it was provided. We require these third parties to treat your personal information with the same high degree of confidentiality that we do.

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

Information Security

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

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

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

ANNUAL REPORT / April 30, 2022 (unaudited)

27

Employee Access to Information

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

Visiting the Funds’ Website

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

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

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

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

E-mail

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

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to the Funds or its agents. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

What You Can Do

The safety and security of your Personal Information also depends on you. You are responsible for keeping your account information, such as your account number and login information for our website, confidential. For your protection, we recommend that you do not provide your account information, username, or password to anyone except a representative of the Funds as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

Surveys/Aggregate Data

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

Changes to Our Privacy Statement

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

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

April 30, 2022 (unaudited) / ANNUAL REPORT

[This Page Intentionally Left Blank]

	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-AR-MM-0422     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.

(b) Not applicable

Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

(b) There have been no amendments to the registrant’s code of ethics that apply to its Principal Executive Officer or Principal Financial Officer.

(c) There have been no amendments to the Funds’ code of ethics during the reporting period for this Form N-CSR.

(d) The registrant has not granted any waivers, including an implicit waiver, from any provisions of its code of ethics during the reporting period for this Form N-CSR.

(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-836-2211, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board has determined that Gregory P. Chandler, Nicholas A. Giordano, and Donald E. Foley, each member of the Board’s Audit Committee, is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item.

Item 4. Principal Accountant Fees and Services.

(a) The Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were as follows:

Fiscal year ended 2022 - $396,560

Fiscal year ended 2021 - $460,000

(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were as follows:

Fiscal year ended 2022 - $0

Fiscal year ended 2021 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.

(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were as follows:

Fiscal year ended 2022 - $131,920

Fiscal year ended 2021 - $138,100

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item were as follows:

Fiscal year ended 2022 - $0

Fiscal year ended 2021 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.

(e)(1) Audit Committee Policies regarding Pre-approval of Services.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre- approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that

may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

AUDIT SERVICES

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.

AUDIT-RELATED SERVICES

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.

TAX SERVICES

The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

ALL OTHER SERVICES

With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:

(1) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by

another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant or to its accountant during the fiscal year in which the services are provided;

(2) Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and

(3) Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee.

The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

PROCEDURES

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

(e)(2) No services included in 4(b) through 4(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant:

Fiscal year ended 2022 – $131,920

Fiscal year ended 2021 – $138,100

(h) Not applicable.

(i) Not applicable.

(j) 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 directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act.

(b) There has been no change 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.
(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/ Charles S. Todd
	Charles S. Todd
	(Principal Executive Officer)

Date: July 5, 2022

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/ Charles S. Todd
	Charles S. Todd
	(Principal Executive Officer)

Date: July 5, 2022

By (Signature and Title)*	/s/ Arthur W. Jasion
	Arthur W. Jasion
	(Principal Financial Officer)

Date: July 5, 2022

^*  Print the name and title of each signing officer under his or her signature.