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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05514             

                                                 Wilmington Funds                                             

(Exact name of registrant as specified in charter)

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

(Address of principal executive offices) (Zip code)

John McDonnell

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: October 31, 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 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
Shareholder Expense Example	1
Portfolios of Investments	2
Statements of Assets and Liabilities	6
Statements of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	13
Discussion of Renewal of Advisory and Sub-Advisory Agreements	18
Other Information	20

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

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

The economy and financial markets in review

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

The economy

The semi-annual fiscal period between May and October was turbulent. At the onset of the period, inflation concerns rattled investors as U.S. Consumer Price Index (“CPI”) accelerated in May to 8.6% and again in June, making a new cycle high of 9.1% and reaching its highest level in 40-years. U.S. consumers felt pain at the gas pump as the national average for a gallon of gasoline topped $5 in mid-June and consumer sentiment reached its lowest level on record. However, job growth in the U.S. remained strong with nearly 400,000 net new jobs added per month for the first three months of the period (May-July). The strong job reports stoked investor fears that the Federal Reserve (the “Fed”) would hike rates more aggressively due to the underlying strength of the labor market. Fears were warranted as the Fed hiked interest rates by 150 basis points¹ in just a six-week period, the most since 1982. At the same time, the U.S. posted a second consecutive quarter of negative Gross Domestic Product “GDP” (-0.9% quarter-on-quarter, for Q2) marking a “technical recession”.

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

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

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

Bond markets

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

PRESIDENT’S MESSAGE / October 31, 2022 (unaudited)

ii

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows: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
-6.34%	-6.86%	-7.57%	-4.43%	-4.69%

Past performance is no guarantee of future results.

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

Equity markets

Equity markets were down across the board during the period with U.S. small cap stocks the outperformer of the group. Overall, it was a tumultuous period for all indices. The S&P 500 made sharp moves in both directions rallying 17.4% through the summer followed by a subsequent drop of 16.7% around Powell’s Jackson Hole speech. The two corporate earnings seasons during the period were both better than expected with the energy sector masking much of the weakness in equities. Mega cap tech stocks were hit hard by higher interest rates and lower ad spending revenue. Firms like Meta, Google and Amazon made headlines by announcing plans to reduce headcount. The Russell 1000 Value Index⁸ outperformed its counterpart the Russell 1000 Growth Index⁹, declining 3.2% versus a -8.2% return for Growth. Economic weakness in Europe and China led the MSCI EAFE and MSCI Emerging Markets lower with both indices underperforming significantly.

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

S&P 500®              Index10	Russell 2000® Index11	MSCI EAFE (Net)  Index12	MSCI Emerging              Markets (Net)             Index13
-5.50%	-0.20%	-12.70%	-19.66%

Past performance is no guarantee of future results.

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

Sincerely,

Eric W. Taylor

President

November 18, 2022

October 31, 2022 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

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

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

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the money market funds, and you should not expect that the investment advisor will provide financial support to the money market funds at any time.

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

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

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

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

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

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

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

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

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

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

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

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

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

PRESIDENT’S MESSAGE / October 31, 2022 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 5/01/22		Ending Account Value 10/31/22		Expenses Paid During Period(1)		Annualized Net   Expense Ratio
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,007.00		$2.53		0.50%
Institutional Class		$1,000.00		$1,008.30		$1.27		0.25%
Select Class		$1,000.00		$1,008.00		$1.67		0.33%
Service Class		$1,000.00		$1,006.10		$3.49		0.69%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,022.68		$2.55		0.50%
Institutional Class		$1,000.00		$1,023.95		$1.28		0.25%
Select Class		$1,000.00		$1,023.54		$1.68		0.33%
Service Class		$1,000.00		$1,021.73		$3.52		0.69%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,007.00		$2.48		0.49%
Institutional Class		$1,000.00		$1,008.30		$1.27		0.25%
Select Class		$1,000.00		$1,007.90		$1.67		0.33%
Service Class		$1,000.00		$1,006.10		$3.44		0.68%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,022.74		$2.50		0.49%
Institutional Class		$1,000.00		$1,023.95		$1.28		0.25%
Select Class		$1,000.00		$1,023.54		$1.68		0.33%
Service Class		$1,000.00		$1,021.78		$3.47		0.68%

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

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

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 15.9%
FEDERAL FARM CREDIT BANK (FFCB) – 1.9%
(SOFR + 0.06%), 3.11%, 01/20/23Δ	$	9,000,000	$	9,000,000
(SOFR + 0.05%), 3.10%, 03/01/24Δ		8,000,000		8,000,000
(SOFR + 0.05%), 3.10%, 04/12/24Δ		15,000,000		15,000,000
(Prime - 3.130%), 3.12%, 05/24/24Δ		50,000,000		50,000,000
(SOFR + 0.13%), 3.17%, 11/01/24Δ		80,000,000		80,000,000
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	162,000,000
FEDERAL FARM CREDIT DISCOUNT NOTES – 3.4%
2.49%, 12/29/22‡		50,000,000		49,801,834
2.64%, 01/06/23‡		40,000,000		39,809,333
1.82%, 02/01/23‡		100,000,000		99,540,000
1.85%, 02/15/23‡		100,000,000		99,464,112
TOTAL FEDERAL FARM CREDIT DISCOUNT NOTES			$	288,615,279
FEDERAL HOME LOAN BANK (FHLB) – 9.7%
2.87%, 11/25/22‡		25,000,000		24,952,500
2.76%, 12/12/22‡		50,000,000		49,844,542
2.78%, 12/15/22‡		50,000,000		49,831,944
1.73%, 01/03/23‡		100,000,000		99,700,750
3.68%, 01/06/23‡		25,000,000		24,832,846
4.09%, 01/25/23‡		100,000,000		99,044,458
(SOFR + 0.06%), 3.11%, 11/18/22Δ		50,000,000		50,000,000
(SOFR + 0.06%), 3.11%, 12/08/22Δ		50,000,000		50,000,000
(SOFR + 0.06%), 3.11%, 12/16/22Δ		50,000,000		50,000,000
1.81%, 01/05/23		150,000,000		150,000,000
1.87%, 01/09/23		25,000,000		25,000,000
(SOFR + 0.04%), 3.09%, 01/30/23Δ		50,000,000		50,000,000
2.08%, 02/13/23		50,000,000		50,000,000
3.86%, 03/09/23		50,000,000		50,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	823,207,040

Description	Par Value		Value
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.9%
0.38%, 04/20/23	$	75,085,000	$	74,483,708
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $1,348,306,027)			$	1,348,306,027
U.S. TREASURY OBLIGATIONS – 12.2%
U.S. TREASURY BILLS – 3.1%
0.16%, 11/03/22‡		50,000,000		49,999,556
2.81%, 12/13/22‡		60,000,000		59,805,400
2.32%, 12/15/22‡		75,000,000		74,789,808
3.00%, 12/27/22‡		75,000,000		74,653,500
TOTAL U.S. TREASURY BILLS			$	259,248,264
U.S. TREASURY NOTES – 9.1%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 4.09%, 01/31/23Δ		85,000,000		85,000,859
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 04/30/23Δ		296,140,500		296,143,395
(U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 4.03%, 01/31/24Δ		120,000,000		120,000,000
(U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 3.97%, 04/30/24Δ		75,000,000		74,954,945
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 07/31/24Δ		150,000,000		149,931,016
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 4.19%, 10/31/24Δ		49,950,000		49,950,000
TOTAL U.S. TREASURY NOTES			$	775,980,215
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,035,228,479)			$	1,035,228,479

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

3                      PORTFOLIOS OF INVESTMENTS

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

Description	Number of Shares		Value
MONEY MARKET FUNDS – 3.7%
Blackrock Liquidity Funds T-Fund, Institutional Shares, 2.92%^		72,632,382	$	72,632,382
Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07%^		244,497,007		244,497,007
TOTAL MONEY MARKET FUNDS (COST $317,129,389)			$	317,129,389
	Par Value
REPURCHASE AGREEMENTS – 69.9%
Federal Reserve Bank of New York, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $5,825,493,506, collateralized by U.S. Treasury Securities, 0.25% to 1.63%, maturing 5/15/24 to 8/15/29; total market value $5,825,493,581.	$	5,825,000,000		5,825,000,000

Description	Par Value		Value
Mizuho Securities USA, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $100,008,472, collateralized by U.S. Treasury Securities, 0.63% to 2.75%, maturing 12/31/23 to 6/30/28; total market value $102,000,037.	$	100,000,000	$	100,000,000
TOTAL REPURCHASE AGREEMENTS (COST $5,925,000,000)			$	5,925,000,000
TOTAL INVESTMENTS – 101.7% (COST $8,625,663,895)			$	8,625,663,895
OTHER ASSETS LESS LIABILITIES – (1.7)%				(147,691,360	)
TOTAL NET ASSETS – 100.0%			$	8,477,972,535

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Government Agency Obligations	$	—	$	1,348,306,027		$—	$	1,348,306,027
U.S. Treasury Obligations		—		1,035,228,479		—		1,035,228,479
Money Market Funds		317,129,389		—		—		317,129,389
Repurchase Agreements		—		5,925,000,000		—		5,925,000,000
Total	$	317,129,389	$	8,308,534,506		$—	$	8,625,663,895

^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.

The following acronyms are used throughout this Portfolio of Investments:

SOFR Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

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

4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

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

	Percentage of Total Net Assets
Repurchase Agreements		76.9	%
U.S. Treasury Obligations		19.8	%
Money Market Fund		3.4	%
Other Assets and Liabilities - Net(1)		(0.1	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 19.8%
U.S. TREASURY BILLS – 5.7%
0.16%, 11/03/22‡	$	10,945,000	$	10,944,903
2.81%, 12/13/22‡		40,000,000		39,870,267
2.32%, 12/15/22‡		25,000,000		24,929,936
3.00%, 12/27/22‡		25,000,000		24,884,500
TOTAL U.S. TREASURY BILLS			$	100,629,606
U.S. TREASURY NOTES – 14.1%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 4.09%, 01/31/23Δ		15,000,000		15,000,151
2.00%, 02/15/23		25,000,000		25,007,623
1.50%, 02/28/23		15,000,000		14,977,791
0.13%, 03/31/23		20,000,000		19,829,252
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 04/30/23Δ		55,000,000		55,000,500
(U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 4.03%, 01/31/24Δ		22,975,000		22,975,000
(U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 3.97%, 04/30/24Δ		25,000,000		24,984,982
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 07/31/24Δ		50,000,000		49,977,006
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 4.19%, 10/31/24Δ		20,000,000		20,000,000
TOTAL U.S. TREASURY NOTES			$	247,752,305
TOTAL U.S. TREASURY OBLIGATIONS (COST $348,381,911)			$	348,381,911
	Number of Shares
MONEY MARKET FUND – 3.4%
Goldman Sachs Financial Square Funds Treasury Obligations Fund, Institutional Shares, 3.02%^		59,987,830		59,987,830
TOTAL MONEY MARKET FUND (COST $59,987,830)			$	59,987,830

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

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

5                      PORTFOLIOS OF INVESTMENTS

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

Description	Par Value		Value
TD Securities, Inc. 3.02%, dated 10/31/2022, due 11/1/2022, repurchase price $440,036,911, collateralized by U.S. Treasury Securities, 1.25% to 4.38%, maturing 5/15/23 to 10/31/27; total market value $448,800,051.	$	440,000,000	$	440,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,350,000,000)			$	1,350,000,000
TOTAL INVESTMENTS – 100.1% (COST $1,758,369,741)			$	1,758,369,741
OTHER ASSETS LESS LIABILITIES – (0.1)%				(2,224,350	)
TOTAL NET ASSETS – 100.0%			$	1,756,145,391

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	348,381,911		$—	$	348,381,911
Money Market Fund		59,987,830		—		—		59,987,830
Repurchase Agreements		—		1,350,000,000		—		1,350,000,000
Total	$	59,987,830	$	1,698,381,911		$—	$	1,758,369,741

^‡  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.

See Notes which are an integral part of the Financial Statements

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

STATEMENTS OF ASSETS AND LIABILITIES                        6

October 31, 2022 (unaudited)	Wilmington U.S. Government Money Market Fund				Wilmington U.S. Treasury Money Market Fund
ASSETS:
Investments, at identified cost		$	8,625,663,895			$	1,758,369,741
Investments in securities, at value (including repurchase agreements of $ 5,925,000,000 and $ 1,350,000,000, respectively)		$	8,625,663,895			$	1,758,369,741
Cash			—				2,000,000
Income receivable			3,787,953				386,919
Receivable for shares sold			100,087				11,856
Prepaid assets			76,337				41,792
TOTAL ASSETS			8,629,628,272				1,760,810,308
LIABILITIES:
Payable for investments purchased			130,000,000				—
Income distribution payable			18,311,605				3,869,222
Payable for shares redeemed			40,252				42,712
Payable for Trustees’ fees			3,978				3,978
Payable for administration fees			213,143				45,386
Payable for distribution services fees			319,057				71,658
Payable for shareholder services fees			562,657				111,974
Payable for investment advisory fees			1,331,635				261,904
Other accrued expenses			873,410				258,083
TOTAL LIABILITIES			151,655,737				4,664,917
NET ASSETS		$	8,477,972,535			$	1,756,145,391
NET ASSETS CONSIST OF:
Paid-in capital		$	8,478,070,878			$	1,756,144,237
Distributable earnings (loss)			(98,343	)			1,154
TOTAL NET ASSETS		$	8,477,972,535			$	1,756,145,391
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets		$	1,085,040,941			$	355,934,807
Shares outstanding (unlimited shares authorized)			1,085,301,651				355,973,864
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Institutional Class
Net Assets		$	2,335,964,296			$	447,335,357
Shares outstanding (unlimited shares authorized)			2,336,056,548				447,335,903
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Select Class
Net Assets		$	4,535,634,550			$	952,561,130
Shares outstanding (unlimited shares authorized)			4,536,144,775				952,575,259
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Service Class
Net Assets		$	521,332,748			$	314,097
Shares outstanding (unlimited shares authorized)			521,300,298				314,093
Net Asset Value and Offering Price per share		$	1.000			$	1.000

See Notes which are an integral part of the Financial Statements

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

7                    STATEMENTS OF OPERATIONS

Six Months Ended October 31, 2022 (unaudited)	Wilmington  U.S. Government  Money Market Fund				Wilmington  U.S. Treasury  Money Market  Fund
INVESTMENT INCOME:
Dividends		$	12,134			$	85,438
Interest			76,774,115				16,424,399
TOTAL INVESTMENT INCOME			76,786,249				16,509,837
EXPENSES:
Investment advisory fees			9,953,518				2,083,874
Administration fees			1,222,539				254,791
Portfolio accounting and administration fees			702,220				150,002
Custodian fees			63,015				18,847
Transfer and dividend disbursing agent fees and expenses			88,767				17,847
Trustees’ fees			33,571				33,571
Professional fees			89,433				58,974
Distribution services fee—Administrative Class			1,351,239				437,674
Distribution services fee—Service Class			620,148				368
Shareholder services fee—Administrative Class			1,351,239				437,674
Shareholder services fee—Select Class			5,290,431				1,154,083
Shareholder services fee—Service Class			620,148				368
Share registration costs			27,954				24,744
Printing and postage			11,616				3,990
Miscellaneous			179,281				56,281
TOTAL EXPENSES			21,605,119				4,733,088
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(2,455,525	)			(634,885	)
Waiver of distribution services fee—Administrative Class			(384,197	)			(134,933	)
Waiver of distribution services fee—Service Class			(144,844	)			(97	)
Waiver of shareholder services fee—Administrative Class			(956,138	)			(309,407	)
Waiver of shareholder services fee—Select Class			(3,671,532	)			(774,760	)
Waiver of shareholder services fee—Service Class			(7,046	)			(5	)
TOTAL WAIVERS AND REIMBURSEMENTS			(7,619,282	)			(1,854,087	)
Net expenses			13,985,837				2,879,001
Net investment income			62,800,412				13,630,836
REALIZED GAIN (LOSS):
Net realized gain (loss) on investments			(79,941	)			4,135
Net realized gain (loss)			(79,941	)			4,135
Change in net assets resulting from operations		$	62,720,471			$	13,634,971

See Notes which are an integral part of the Financial Statements

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

STATEMENTS OF CHANGES IN NET ASSETS                        8

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022				Six Months Ended October  31, 2022 (Unaudited)			Year Ended April 30, 2022
OPERATIONS:
Net investment income	$	62,800,412		$	1,698,067			$	13,630,836		$	304,729
Net realized gain (loss)		(79,941	)		6,318				4,135			1,160
Change in net assets resulting from operations		62,720,471			1,704,385				13,634,971			305,889
DISTRIBUTIONS TO SHAREHOLDERS:
Administrative Class		(7,338,734	)		(260,816	)			(2,369,032	)		(87,374	)
Institutional Class		(18,344,036	)		(448,986	)			(3,391,978	)		(78,651	)
Select Class		(34,082,577	)		(915,013	)			(7,867,975	)		(141,228	)
Service Class		(3,034,480	)		(80,375	)			(1,796	)		(35	)
Total distributions to shareholders		(62,799,827	)		(1,705,190	)			(13,630,781	)		(307,288	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		2,087,022,969			4,528,852,127				501,994,426			1,105,741,959
Institutional Class		2,292,988,410			5,251,394,571				759,004,135			1,425,405,047
Select Class		5,157,361,125			7,706,547,039				1,752,752,214			1,411,785,381
Service Class		947,857,042			2,593,425,038				22,000			179,000
Distributions reinvested
Administrative Class		650			18				4,387			82
Institutional Class		130,605			2,789				2			—
Select Class		347,565			12,445				333,345			9,674
Service Class		132,448			6,611				1,796			35
Cost of shares redeemed
Administrative Class		(2,165,708,153	)		(5,093,195,914	)			(482,198,468	)		(1,131,047,677	)
Institutional Class		(1,713,900,475	)		(5,230,085,518	)			(654,496,990	)		(1,283,734,679	)
Select Class		(4,619,212,201	)		(7,878,033,178	)			(1,416,385,000	)		(1,612,913,711	)
Service Class		(927,649,799	)		(3,283,142,270	)			—			—
Change in net assets resulting from share transactions		1,059,370,186			(1,404,216,242	)			461,031,847			(84,574,889	)
Change in net assets		1,059,290,830			(1,404,217,047	)			461,036,037			(84,576,288	)
NET ASSETS:
Beginning of period		7,418,681,705			8,822,898,752				1,295,109,354			1,379,685,642
End of period	$	8,477,972,535		$	7,418,681,705			$	1,756,145,391		$	1,295,109,354
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		2,087,022,969			4,528,852,127				501,994,426			1,105,741,959
Institutional Class		2,292,988,410			5,251,394,571				759,004,135			1,425,405,047
Select Class		5,157,361,125			7,706,547,039				1,752,752,214			1,411,785,381
Service Class		947,857,042			2,593,425,038				22,000			179,000
Distributions reinvested
Administrative Class		650			18				4,387			82
Institutional Class		130,605			2,789				2			—
Select Class		347,565			12,445				333,345			9,674
Service Class		132,448			6,611				1,796			35
Shares redeemed
Administrative Class		(2,165,708,153	)		(5,093,195,914	)			(482,198,468	)		(1,131,047,677	)
Institutional Class		(1,713,900,475	)		(5,230,085,518	)			(654,496,990	)		(1,283,734,679	)
Select Class		(4,619,212,201	)		(7,878,033,178	)			(1,416,385,000	)		(1,612,913,711	)
Service Class		(927,649,799	)		(3,283,142,270	)			—			—
Net change resulting from share transactions		1,059,370,186			(1,404,216,242	)			461,031,847			(84,574,889	)

See Notes which are an integral part of the Financial Statements

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

9                    FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.007			0.000	(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)		0.000	(a)
Total Income (Loss) From Operations		0.007			0.000			0.000			0.013			0.016			0.006
Less Distributions From:
Net Investment Income		(0.007	)		(0.000	)(a)		(0.000	)(a)		(0.013	)		(0.016	)		(0.006	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		0.70	%(b)		0.02	%		0.01	%		1.21	%		1.57	%		0.56	%
Net Assets, End of Period (000’s)	$	1,085,041		$	1,163,736		$	1,728,081		$	1,509,322		$	1,297,285		$	1,196,676
Ratios to Average Net Assets
Gross Expense(c)		0.81	%(d)		0.81	%		0.81	%		0.81	%		0.82	%		0.82	%
Net Expense(c),(e)		0.50	%(d)		0.08	%		0.15	%		0.61	%		0.62	%		0.62	%
Net Investment Income		1.36	%(d)		0.02	%		0.01	%		1.18	%		1.57	%		0.54	%
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.000	(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)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.000			0.000			0.016			0.019			0.009
Less Distributions From:
Net Investment Income		(0.008	)		(0.000	)(a)		(0.000	)(a)		(0.016	)		(0.019	)		(0.009	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		0.83	%(b)		0.02	%		0.02	%		1.56	%		1.92	%		0.91	%
Net Assets, End of Period (000’s)	$	2,335,964		$	1,756,769		$	1,735,456		$	1,745,742		$	427,114		$	704,435
Ratios to Average Net Assets
Gross Expense(c)		0.31	%(d)		0.31	%		0.31	%		0.31	%		0.32	%		0.32	%
Net Expense(c),(e)		0.25	%(d)		0.08	%		0.14	%		0.27	%		0.27	%		0.27	%
Net Investment Income		1.70	%(d)		0.02	%		0.01	%		1.39	%		1.92	%		0.97	%
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.000	(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)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.000			0.000			0.015			0.018			0.008
Less Distributions From:
Net Investment Income		(0.008	)		(0.000	)(a)		(0.000	)(a)		(0.015	)		(0.018	)		(0.008	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		0.80	%(b)		0.02	%		0.02	%		1.46	%		1.82	%		0.81	%
Net Assets, End of Period (000’s)	$	4,535,635		$	3,997,179		$	4,168,651		$	4,912,640		$	4,410,116		$	3,273,958
Ratios to Average Net Assets
Gross Expense(c)		0.56	%(d)		0.56	%		0.56	%		0.56	%		0.57	%		0.57	%
Net Expense(c),(e)		0.33	%(d)		0.08	%		0.15	%		0.37	%		0.37	%		0.37	%
Net Investment Income		1.61	%(d)		0.02	%		0.01	%		1.42	%		1.82	%		0.80	%

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

FINANCIAL HIGHLIGHTS (continued)                        10

	Six Months Ended October 31, 2022			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
SERVICE CLASS	(Unaudited)
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.006			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)		0.000	(a)
Total Income (Loss) From Operations		0.006			0.000			0.000			0.011			0.014			0.004
Less Distributions From:
Net Investment Income		(0.006	)		(0.000	)(a)		(0.000	)(a)		(0.011	)		(0.014	)		(0.004	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		0.61	%(b)		0.01	%		0.01	%		1.08	%		1.42	%		0.41	%
Net Assets, End of Period (000’s)	$	521,333		$	500,998		$	1,190,711		$	1,168,185		$	1,191,211		$	1,250,181
Ratios to Average Net Assets
Gross Expense(c)		0.81	%(d)		0.81	%		0.81	%		0.81	%		0.82	%		0.82	%
Net Expense(c),(e)		0.69	%(d)		0.08	%		0.15	%		0.74	%		0.77	%		0.77	%
Net Investment Income		1.22	%(d)		0.01	%		0.01	%		1.07	%		1.41	%		0.41	%

(a) Represents less than $0.001.

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

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

(d) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

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

11                FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

WILMINGTON U.S. TREASURY MONEY MARKET FUND
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.007			0.000	(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)		0.000	(a)
Total Income (Loss) From Operations		0.007			0.000			0.000			0.013			0.016			0.006
Less Distributions From:
Net Investment Income		(0.007	)		(0.000	)(a)		(0.000	)(a)		(0.013	)		(0.016	)		(0.006	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		0.70	%(b)		0.02	%		0.01	%		1.20	%		1.58	%		0.57	%
Net Assets, End of Period (000’s)	$	355,935		$	336,133		$	361,438		$	360,463		$	283,323		$	340,788
Ratios to Average Net Assets
Gross Expense(c)		0.82	%(d)		0.82	%		0.82	%		0.83	%		0.83	%		0.84	%
Net Expense(c),(e)		0.49	%(d)		0.07	%		0.14	%		0.59	%		0.60	%		0.60	%
Net Investment Income		1.35	%(d)		0.02	%		0.01	%		1.15	%		1.54	%		0.53	%
	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			For the Period October 16, 2019* through April 30, 2020
INSTITUTIONAL CLASS	(Unaudited)
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.000	(a)		0.000	(a)		0.007
Net Realized Gain (Loss)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.000			0.000			0.007
Less Distributions From:
Net Investment Income		(0.008	)		(0.000	)(a)		(0.000	)(a)		(0.007	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000
Total Return		0.83	%(b)		0.02	%		0.02	%		0.61	%(b)
Net Assets, End of Period (000’s)	$	447,335		$	342,827		$	201,157		$	50,788
Ratios to Average Net Assets
Gross Expense(c)		0.32	%(d)		0.32	%		0.32	%		0.32	%(d)
Net Expense(c),(e)		0.25	%(d)		0.09	%		0.12	%		0.25	%(d)
Net Investment Income		1.72	%(d)		0.02	%		0.01	%		1.18	%(d)
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.000	(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)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.000			0.000			0.015			0.018			0.008
Less Distributions From:
Net Investment Income		(0.008	)		(0.000	)(a)		(0.000	)(a)		(0.015	)		(0.018	)		(0.008	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		0.79	%(b)		0.02	%		0.02	%		1.44	%		1.83	%		0.82	%
Net Assets, End of Period (000’s)	$	952,561		$	615,858		$	816,980		$	992,205		$	1,203,639		$	790,207
Ratios to Average Net Assets
Gross Expense(c)		0.57	%(d)		0.57	%		0.57	%		0.58	%		0.58	%		0.59	%
Net Expense(c),(e)		0.33	%(d)		0.08	%		0.15	%		0.35	%		0.35	%		0.35	%
Net Investment Income		1.70	%(d)		0.02	%		0.02	%		1.45	%		1.85	%		0.89	%

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

FINANCIAL HIGHLIGHTS (concluded)                    12

	Six Months Ended October 31, 2022			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
SERVICE CLASS	(Unaudited)
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.006			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)		0.000	(a)
Total Income (Loss) From Operations		0.006			0.000			0.000			0.011			0.014			0.004
Less Distributions From:
Net Investment Income		(0.006	)		(0.000	)(a)		(0.000	)(a)		(0.011	)		(0.014	)		(0.004	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		0.61	%(b)		0.01	%		0.01	%		1.07	%		1.43	%		0.42	%
Net Assets, End of Period (000’s)	$	314		$	290		$	111		$	188		$	85		$	44
Ratios to Average Net Assets
Gross Expense(c)		0.82	%(d)		0.82	%		0.83	%		0.84	%		0.83	%		0.84	%
Net Expense(c),(e)		0.68	%(d)		0.09	%		0.17	%		0.70	%		0.75	%		0.74	%
Net Investment Income		1.22	%(d)		0.01	%		0.01	%		0.97	%		1.40	%		0.44	%

(a) Represents less than $0.001.

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

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

(d) Annualized for periods less than one year.

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

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

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

13                 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

October 31, 2022 (unaudited)

1. ORGANIZATION

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

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.

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

NOTES TO FINANCIAL STATEMENTS (continued)                    14

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

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

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

Fund/Counterparty	Repurchase Agreements		Fair Value of   Non-Cash Collateral   Received(1)			Cash Collateral Received(1)			Net Exposure(2)
U.S. Government Money Market Fund
Federal Reserve Bank of New York	$	5,825,000,000		$	5,825,000,000		$	—	$	—
Mizuho Securities USA		100,000,000			100,000,000			—		—
	$	5,925,000,000		$	5,925,000,000		$	—	$	—
U.S. Treasury Money Market Fund
CIBC World Market Corp.	$	75,000,000		$	75,000,000		$	—	$	—
Deutsche Bank Securities, Inc.		85,000,000			85,000,000			—		—
FICC Bank of New York		300,000,000			300,000,000			—		—
RBC Capital Markets		450,000,000			450,000,000			—		—
TD Securities, Inc.		440,000,000			440,000,000			—		—
	$	1,350,000,000		$	1,350,000,000		$	—	$	—

(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 six months ended October 31, 2022.

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

Cost of investments for federal income tax purposes is the same as for financial statement purposes.

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

15                NOTES TO FINANCIAL STATEMENTS (continued)

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

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

Fund	Advisory Fee     Annual Rate
U.S. Government Money Market Fund	0.25%
U.S. Treasury Money Market Fund	0.25%

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2023, so that total annual fund operating expenses paid by the Funds (not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Fund’s distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

	Current Contractual
	Expense Limitations
Fund	Administrative Class	Institutional Class	Select Class	Service Class
U.S. Government Money Market Fund*	0.60%	0.25%	0.35%	0.75%
U.S. Treasury Money Market Fund	0.60%	0.25%	0.35%	0.75%

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

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

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

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

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2022, neither WFMC nor BNYM waived any administrative fees.

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

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

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

NOTES TO FINANCIAL STATEMENTS (continued)                    16

For the six months ended October 31, 2022, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees, net of waivers, paid by the Funds as follows:

	Distribution
Fund	Fees
U.S. Government Money Market Fund	$1,417,641
U.S. Treasury Money Market Fund	299,973

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

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

	Shareholder
	Services
Fund	Fees
U.S. Government Money Market Fund	$2,538,020
U.S. Treasury Money Market Fund	490,124

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

BNYM provides custody services to the Trust.

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

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

5. MARKET RISK IN GENERAL

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

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

6. CONTRACTUAL OBLIGATIONS

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

7. LINE OF CREDIT

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

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

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

17                NOTES TO FINANCIAL STATEMENTS (concluded)

8. SUBSEQUENT EVENTS

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

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

18

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 14-15, 2022 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 25, 2022, the Board held a special meeting (the “August Meeting”) with personnel of the Adviser and Counsel to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with WFMC and with WTIA and the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

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

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

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

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

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

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

• The prospects for satisfactory investment performance were reasonable; and

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

Wilmington U.S. Government Money Market Fund

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

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

19                Semi-Annual Report

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

Wilmington U.S. Treasury Money Market Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were above the Fund’s expense group median and considered the fee waivers in place for the Fund. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2022.

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

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

20

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.

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

21

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

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

Information Collected by the Funds

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

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

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

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

Information Sharing Policy

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

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

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

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

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

Information Security

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

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

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

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

22

Employee Access to Information

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

Visiting the Funds’ Website

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

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

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

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

E-mail

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

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

What You Can Do

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

Surveys/Aggregate Data

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

Changes to Our Privacy Statement

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

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

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

[This Page Intentionally Left Blank]

[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 and Dividend Disbursing Agent
	Sub-Advisor
	Wilmington Trust Investment Advisors, Inc.	BNY Mellon Investment Servicing (U.S.) Inc.      301 Bellevue Parkway      Wilmington, DE 19809
	1100 North Market Street
	9th Floor
	Wilmington, DE 19890	Independent Registered Public Accounting Firm
	Co-Administrator	PricewaterhouseCoopers LLP      Two Commerce Square      2001 Market Street, Suite 1800      Philadelphia, PA 19103
	Wilmington Funds Management Corp.
	1100 North Market Street
	9th Floor
	Wilmington, DE 19890
	Custodian
	The Bank of New York Mellon
	240 Greenwich Street
	New York, NY 10286
WT-SAR-MM-1022
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.

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

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

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

CONTENTS

President’s Message	i
Shareholder Expense Example	1
Portfolios of Investments	2
Statements of Assets and Liabilities	19
Statements of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	24
Discussion of Renewal of Advisory and Sub-Advisory Agreements	30
Other Information.	32

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

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

The economy and financial markets in review

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

The economy

The semi-annual fiscal period between May and October was turbulent. At the onset of the period, inflation concerns rattled investors as U.S. Consumer Price Index (“CPI”) accelerated in May to 8.6% and again in June, making a new cycle high of 9.1% and reaching its highest level in 40-years. U.S. consumers felt pain at the gas pump as the national average for a gallon of gasoline topped $5 in mid-June and consumer sentiment reached its lowest level on record. However, job growth in the U.S. remained strong with nearly 400,000 net new jobs added per month for the first three months of the period (May-July). The strong job reports stoked investor fears that the Federal Reserve (the “Fed”) would hike rates more aggressively due to the underlying strength of the labor market. Fears were warranted as the Fed hiked interest rates by 150 basis points¹ in just a six-week period, the most since 1982. At the same time, the U.S. posted a second consecutive quarter of negative Gross Domestic Product “GDP” (-0.9% quarter-on-quarter, for Q2) marking a “technical recession”.

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

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

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

Bond markets

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

PRESIDENT’S MESSAGE / October 31, 2022 (unaudited)

ii

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows: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
-6.34%	-6.86%	-7.57%	-4.43%	-4.69%

Past performance is no guarantee of future results.

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

Equity markets

Equity markets were down across the board during the period with U.S. small cap stocks the outperformer of the group. Overall, it was a tumultuous period for all indices. The S&P 500 made sharp moves in both directions rallying 17.4% through the summer followed by a subsequent drop of 16.7% around Powell’s Jackson Hole speech. The two corporate earnings seasons during the period were both better than expected with the energy sector masking much of the weakness in equities. Mega cap tech stocks were hit hard by higher interest rates and lower ad spending revenue. Firms like Meta, Google and Amazon made headlines by announcing plans to reduce headcount. The Russell 1000 Value Index⁸ outperformed its counterpart the Russell 1000 Growth Index⁹, declining 3.2% versus a -8.2% return for Growth. Economic weakness in Europe and China led the MSCI EAFE and MSCI Emerging Markets lower with both indices underperforming significantly.

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

S&P 500® Index10	Russell 2000® Index11	MSCI EAFE (Net) Index12	MSCI Emerging Markets (Net) Index13
-5.50%	-0.20%	-12.70%	-19.66%

Past performance is no guarantee of future results.

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

Sincerely,

Eric W. Taylor

President

November 18, 2022

October 31, 2022 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PRESIDENT’S MESSAGE / October 31, 2022 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning     Account Value     5/01/22	Ending     Account Value     10/31/22	Expenses Paid     During Period(1)	Annualized Net     Expense Ratio
WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND
Actual
Class A	$1,000.00	$993.90	$3.77	0.75%
Class I	$1,000.00	$995.60	$2.52	0.50%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,021.42	$3.82	0.75%
Class I	$1,000.00	$1,022.68	$2.55	0.50%
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$943.10	$1.22	0.25%
Hypothetical (assuming a 5% return before expenses)
Class I	$1,000.00	$1,023.95	$1.28	0.25%

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

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

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Enhanced Dividend Income Strategy Fund

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

	Percentage of Total Net Assets
Common Stocks
Financials		17.2	%
Health Care		14.4	%
Energy		11.8	%
Industrials		10.7	%
Information Technology		10.2	%
Consumer Staples		8.2	%
Utilities		6.1	%
Real Estate		5.0	%
Communication Services		4.6	%
Consumer Discretionary		4.6	%
Materials		4.1	%
Repurchase Agreements		0.0	%(1)
Cash Equivalents(2)		3.1	%
Other Assets and Liabilities - Net(3)		(0.0	)%(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

October 31, 2022 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 96.9%
COMMUNICATION SERVICES – 4.6%
DIVERSIFIED TELECOMMUNICATION SERVICES – 3.0%
AT&T, Inc.		31,350	$	571,511
Verizon Communications, Inc.		13,125		490,481
			$	1,061,992
ENTERTAINMENT – 0.0%**
Warner Bros Discovery, Inc.*		1		13
MEDIA – 1.6%
Omnicom Group, Inc.		8,125		591,094
TOTAL COMMUNICATION SERVICES			$	1,653,099
CONSUMER DISCRETIONARY – 4.6%
HOTELS, RESTAURANTS & LEISURE – 3.0%
McDonald’s Corp.		1,730		471,702
Restaurant Brands International, Inc.		1		59
Starbucks Corp.		6,850		593,142
			$	1,064,903
SPECIALTY RETAIL – 1.6%
Home Depot, Inc. (The)		1,985		587,818
TOTAL CONSUMER DISCRETIONARY			$	1,652,721

Description	Number of Shares		Value
CONSUMER STAPLES – 8.2%
BEVERAGES – 2.0%
PepsiCo., Inc.		4,015	$	729,043
HOUSEHOLD PRODUCTS – 2.4%
Procter & Gamble Co. (The)		6,270		844,381
PERSONAL PRODUCTS – 1.9%
Unilever PLC, ADR		14,900		678,099
TOBACCO – 1.9%
Philip Morris International, Inc.		7,315		671,883
TOTAL CONSUMER STAPLES			$	2,923,406
ENERGY – 11.8%
OIL, GAS & CONSUMABLE FUELS – 11.8%
Chevron Corp.		7,175		1,297,957
ConocoPhillips		10,675		1,346,011
Exxon Mobil Corp.		7,325		811,683
Valero Energy Corp.		5,850		734,468
TOTAL ENERGY			$	4,190,119
FINANCIALS – 17.2%
BANKS – 5.9%
KeyCorp.		22,090		394,748

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

3 PORTFOLIOS OF INVESTMENTS

Wilmington Enhanced Dividend Income Strategy Fund (continued)

Description	Number of Shares		Value
Toronto-Dominion Bank (The)		9,990	$	639,260
U.S. Bancorp		14,350		609,158
United Bankshares, Inc.		10,775		456,321
			$	2,099,487
CAPITAL MARKETS – 4.2%
BlackRock, Inc.		1,010		652,369
Morgan Stanley		10,370		852,103
			$	1,504,472
DIVERSIFIED FINANCIAL SERVICES – 2.8%
JPMorgan Chase & Co.		7,925		997,599
INSURANCE – 4.3%
MetLife, Inc.		12,450		911,465
Old Republic International Corp.		26,240		609,030
			$	1,520,495
TOTAL FINANCIALS			$	6,122,053
HEALTH CARE – 14.4%
BIOTECHNOLOGY – 1.8%
Amgen, Inc.		2,345		633,971
HEALTH CARE EQUIPMENT & SUPPLIES – 1.3%
Medtronic PLC		5,150		449,801
HEALTH CARE PROVIDERS & SERVICES – 2.5%
CVS Health Corp.		9,510		900,597
PHARMACEUTICALS – 8.8%
Bristol-Myers Squibb Co.		9,210		713,499
Johnson & Johnson		6,095		1,060,347
Merck & Co., Inc.		7,150		723,580
Pfizer, Inc.		13,990		651,234
			$	3,148,660
TOTAL HEALTH CARE			$	5,133,029
INDUSTRIALS – 10.7%
AEROSPACE & DEFENSE – 3.5%
Lockheed Martin Corp.		2,585		1,258,068
AIR FREIGHT & LOGISTICS – 2.0%
United Parcel Service, Inc.		4,155		697,084
BUILDING PRODUCTS – 2.0%
Johnson Controls International PLC		12,580		727,627
ELECTRICAL EQUIPMENT – 1.7%
nVent Electric PLC		16,555		604,258
MACHINERY – 1.5%
Caterpillar, Inc.		2,490		538,985
TOTAL INDUSTRIALS			$	3,826,022
INFORMATION TECHNOLOGY – 10.2%
COMMUNICATIONS EQUIPMENT – 2.4%
Cisco Systems, Inc.		18,910		859,081
IT SERVICES – 1.8%
International Business Machines Corp.		4,560		630,603
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.0%
Broadcom, Inc.		2,545		1,196,456

Description	Number of Shares		Value
QUALCOMM, Inc.		7,990	$	940,103
			$	2,136,559
TOTAL INFORMATION TECHNOLOGY			$	3,626,243
MATERIALS – 4.1%
CHEMICALS – 4.1%
Dow, Inc.		14,505		677,964
Nutrien Ltd.		9,425		796,412
TOTAL MATERIALS			$	1,474,376
REAL ESTATE – 5.0%
REAL ESTATE INVESTMENT TRUSTS – 5.0%
AvalonBay Communities, Inc.		3,455		605,040
Crown Castle, Inc.		4,215		561,691
VICI Properties, Inc.		19,356		619,779
TOTAL REAL ESTATE			$	1,786,510
UTILITIES – 6.1%
ELECTRIC UTILITIES – 6.1%
American Electric Power Co., Inc.		7,520		661,158
Duke Energy Corp.		4,610		429,560
FirstEnergy Corp.		13,675		515,684
NextEra Energy, Inc.		7,310		566,525
TOTAL UTILITIES			$	2,172,927
TOTAL COMMON STOCKS (COST $30,503,462)			$	34,560,505
MONEY MARKET FUND – 3.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^		1,096,389		1,096,389
TOTAL MONEY MARKET FUND (COST $1,096,389)			$	1,096,389
	Par Value
REPURCHASE AGREEMENTS – 0.0%**
Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 1/01/61; total market value of $52.	$	51		51
Daiwa Capital Markets America, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $46, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.63%, maturing 11/01/22 to 11/01/52; total market value of $47.		46		46
Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $52.		51		51
National Bank Financial, 3.09%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Treasury Securities, 0.00% to 4.08%, maturing 11/01/22 to 9/09/49; total market value of $52.		51		51

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

PORTFOLIOS OF INVESTMENTS 4

Wilmington Enhanced Dividend Income Strategy Fund (concluded)

Description	Par Value		Value
RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $52.	$	51	$	51
TOTAL REPURCHASE AGREEMENTS (COST $250)			$	250
TOTAL INVESTMENTS – 100.0% (COST $31,600,101)			$	35,657,144
OTHER ASSETS LESS LIABILITIES – 0.0%**				(5,608	)
TOTAL NET ASSETS – 100.0%			$	35,651,536

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks		$	34,560,505		$	—		$	—		$	34,560,505
Money Market Fund			1,096,389			—			—			1,096,389
Repurchase Agreements			—			250			—			250
Total		$	35,656,894		$	250		$	—		$	35,657,144

** Represents less than 0.05%.

* Non-income producing security.

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

ADR	American Depositary Receipt
PLC	Public Limited Company

See Notes which are an integral part of the Financial Statements

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

5

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

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

	Percentage of Total Net Assets
Common Stocks
Information Technology		25.7	%
Health Care		14.8	%
Financials		11.7	%
Consumer Discretionary		10.8	%
Industrials		8.9	%
Communication Services		7.0	%
Consumer Staples		6.5	%
Energy		5.6	%
Real Estate		2.8	%
Utilities		2.8	%
Materials		2.7	%
Investment Companies		0.5	%
Warrants		0.0	%(1)
Preferred Stocks		0.0	%(1)
Rights		0.0	%(1)
Cash Equivalents(2)		0.1	%
Cash Collateral Invested for Securities on Loan(3)		0.5	%
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 repurchase agreements.

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 99.3%
COMMUNICATION SERVICES – 7.0%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%
AT&T, Inc.		76,962	$	1,403,017
Frontier Communications Parent, Inc.*		3,350		78,457
Lumen Technologies, Inc.#		15,035		110,658
Verizon Communications, Inc.		45,120		1,686,134
			$	3,278,266
ENTERTAINMENT – 1.4%
Activision Blizzard, Inc.		10,420		758,576
AMC Entertainment Holdings, Inc., Class A*,#		6,550		43,623
Electronic Arts, Inc.		3,810		479,907
Liberty Media Corp. - Liberty Formula One, Class A*		105		5,462

Description	Number of Shares		Value
Liberty Media Corp. - Liberty Formula One, Class C*		2,835	$	163,664
Live Nation Entertainment, Inc.*		1,970		156,832
Madison Square Garden Sports Corp.		229		35,864
Netflix, Inc.*		5,900		1,722,092
Playtika Holding Corp.*		1,400		13,230
ROBLOX Corp., Class A*		5,950		266,203
Roku, Inc.*		1,600		88,864
Spotify Technology SA*		1,520		122,482
Take-Two Interactive Software, Inc.*		2,118		250,941
Walt Disney Co. (The)*		24,433		2,603,092
Warner Bros Discovery, Inc.*		25,474		331,162
World Wrestling Entertainment, Inc., Class A		550		43,389
			$	7,085,383
INTERACTIVE MEDIA & SERVICES – 3.7%
Alphabet, Inc., Class A*		81,400		7,693,114

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

PORTFOLIOS OF INVESTMENTS 6

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Alphabet, Inc., Class C*		73,430	$	6,950,884
IAC, Inc.*		950		46,246
Match Group, Inc.*		3,792		163,814
Meta Platforms, Inc., Class A*		30,830		2,872,123
Pinterest, Inc., Class A*		7,693		189,248
TripAdvisor, Inc.*		1,600		37,792
ZoomInfo Technologies, Inc.*		3,500		155,855
			$	18,109,076
MEDIA – 0.8%
Altice USA, Inc., Class A*		2,700		17,847
Cable One, Inc.		90		77,349
Charter Communications, Inc., Class A*		1,552		570,546
Comcast Corp., Class A		59,350		1,883,769
DISH Network Corp., Class A*		6,246		93,128
Fox Corp., Class A		4,376		126,335
Fox Corp., Class B		1,500		40,800
Interpublic Group of Cos., Inc. (The)		5,168		153,955
Liberty Broadband Corp., Class A*		185		15,784
Liberty Broadband Corp., Class C*		1,918		161,937
Liberty Media Corp. - Liberty SiriusXM, Class A*		1,243		52,753
Liberty Media Corp. - Liberty SiriusXM, Class C*		2,036		85,899
Loyalty Ventures, Inc.*		316		373
New York Times Co. (The), Class A		2,100		60,816
News Corp., Class A		5,007		84,468
News Corp., Class B		1,448		24,804
Nexstar Media Group, Inc., Class A		450		77,085
Omnicom Group, Inc.		2,690		195,697
Sirius XM Holdings, Inc.#		7,540		45,541
Paramount Global, Class B		8,446		154,731
			$	3,923,617
WIRELESS TELECOMMUNICATION SERVICES – 0.4%
T-Mobile US, Inc.*		12,919		1,958,004
TOTAL COMMUNICATION SERVICES			$	34,354,346
CONSUMER DISCRETIONARY – 10.8%
AUTO COMPONENTS – 0.1%
Aptiv PLC*		3,600		327,852
BorgWarner, Inc.		3,080		115,592
Gentex Corp.		3,180		84,238
Lear Corp.		800		110,968
QuantumScape Corp.*,#		3,450		28,739
			$	667,389
AUTOMOBILES – 2.0%
Ford Motor Co.		54,900		734,013
General Motors Co.		19,650		771,262
Harley-Davidson, Inc.		1,620		69,660
Lucid Group, Inc.*,#		6,900		98,601
Rivian Automotive, Inc., Class A*		6,650		232,550
Tesla, Inc.*		34,170		7,775,042
Thor Industries, Inc.#		750		61,103
			$	9,742,231
DISTRIBUTORS – 0.1%
Genuine Parts Co.		1,870		332,598

Description	Number of Shares		Value
LKQ Corp.		3,468	$	192,960
Pool Corp.		500		152,115
			$	677,673
DIVERSIFIED CONSUMER SERVICES – 0.1%
ADT, Inc.#		2,560		21,658
Bright Horizons Family Solutions, Inc.*		783		51,145
Grand Canyon Education, Inc.*		400		40,252
H&R Block, Inc.		2,200		90,530
Mister Car Wash, Inc.*,#		750		6,622
Service Corp. International		2,170		131,524
			$	341,731
HOTELS, RESTAURANTS & LEISURE – 2.1%
Airbnb, Inc., Class A*		5,150		550,587
Aramark		2,983		108,880
Booking Holdings, Inc.*		530		990,824
Boyd Gaming Corp.		1,000		57,760
Caesars Entertainment, Inc.*		2,160		94,457
Carnival Corp.*,#		9,950		90,147
Chipotle Mexican Grill, Inc.*		400		599,332
Choice Hotels International, Inc.		460		59,726
Churchill Downs, Inc.		500		103,955
Darden Restaurants, Inc.		1,650		236,181
Domino’s Pizza, Inc.		500		166,120
DraftKings, Inc., Class A*,#		4,270		67,466
Expedia Group, Inc.*		2,052		191,800
Hilton Worldwide Holdings, Inc.		3,703		500,868
Hyatt Hotels Corp., Class A*		650		61,237
Las Vegas Sands Corp.*		4,420		168,004
Marriott International, Inc., Class A		3,686		590,165
Marriott Vacations Worldwide Corp.		500		73,880
McDonald’s Corp.		9,799		2,671,795
MGM Resorts International		4,710		167,535
Norwegian Cruise Line Holdings Ltd.*,#		5,750		97,118
Penn Entertainment, Inc.*		2,050		67,855
Planet Fitness, Inc., Class A*		1,178		77,135
Restaurant Brands International LP		47		2,827
Royal Caribbean Cruises Ltd.*		3,030		161,741
Six Flags Entertainment Corp.*		1,100		24,530
Starbucks Corp.		15,440		1,336,950
Travel + Leisure Co.		1,160		44,057
Vail Resorts, Inc.		528		115,701
Wendy’s Co. (The)		2,515		52,262
Wyndham Hotels & Resorts, Inc.		1,310		99,468
Wynn Resorts Ltd.*		1,368		87,415
Yum! Brands, Inc.		3,900		461,175
			$	10,178,953
HOUSEHOLD DURABLES – 0.3%
DR Horton, Inc.		4,120		316,746
Garmin Ltd.		2,090		184,004
Leggett & Platt, Inc.		1,770		59,738
Lennar Corp., Class A		3,260		263,082
Lennar Corp., Class B		176		11,479
Mohawk Industries, Inc.*		655		62,061
Newell Brands, Inc.		5,269		72,765
NVR, Inc.*		50		211,887

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

7 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
PulteGroup, Inc.		2,890	$	115,571
Tempur Sealy International, Inc.		2,100		56,469
Toll Brothers, Inc.		1,350		58,158
TopBuild Corp.*		450		76,563
Whirlpool Corp.		735		101,606
			$	1,590,129
INTERNET & DIRECT MARKETING RETAIL – 2.6%
Amazon.com, Inc.*		119,550		12,246,702
DoorDash, Inc., Class A*		2,670		116,225
eBay, Inc.		7,440		296,410
Etsy, Inc.*		1,650		154,951
Wayfair, Inc., Class A*		1,498		56,804
			$	12,871,092
LEISURE PRODUCTS – 0.1%
Brunswick Corp.		950		67,137
Hasbro, Inc.		1,690		110,272
Mattel, Inc.*		4,600		87,216
Peloton Interactive, Inc., Class A*,#		3,200		26,880
Polaris, Inc.		800		81,280
YETI Holdings, Inc.*		1,050		33,684
			$	406,469
MULTILINE RETAIL – 0.5%
Dollar General Corp.		3,050		777,903
Dollar Tree, Inc.*		2,812		445,702
Kohl’s Corp.		2,660		79,667
Macy’s, Inc.		4,000		83,400
Nordstrom, Inc.#		1,330		27,052
Ollie’s Bargain Outlet Holdings, Inc.*		873		48,888
Target Corp.		6,210		1,019,992
			$	2,482,604
SPECIALTY RETAIL – 2.3%
Advance Auto Parts, Inc.		850		161,432
AutoNation, Inc.*		480		51,029
AutoZone, Inc.*		260		658,549
Bath & Body Works, Inc.		3,210		107,150
Best Buy Co., Inc.		2,680		183,339
Burlington Stores, Inc.*		850		121,516
CarMax, Inc.*		2,200		138,622
Carvana Co.*,#		1,200		16,236
Dick’s Sporting Goods, Inc.		800		91,008
Five Below, Inc.*		678		99,225
Floor & Decor Holdings, Inc., Class A*		1,460		107,120
GameStop Corp., Class A*,#		3,500		99,085
Gap, Inc. (The)		3,500		39,445
Home Depot, Inc. (The)		13,750		4,071,787
Leslie’s, Inc.*		2,150		30,186
Lithia Motors, Inc.		400		79,260
Lowe’s Cos., Inc.		8,750		1,705,812
O’Reilly Automotive, Inc.*		900		753,453
Penske Automotive Group, Inc.		400		44,648
Petco Health & Wellness Co., Inc.*,#		1,150		12,110
RH*		190		48,247
Ross Stores, Inc.		4,590		439,217
TJX Cos., Inc. (The)		15,580		1,123,318
Tractor Supply Co.		1,500		329,655

Description	Number of Shares		Value
Ulta Beauty, Inc.*		700	$	293,559
Victoria’s Secret & Co.*		1,253		47,113
Williams-Sonoma, Inc.		910		112,685
			$	10,964,806
TEXTILES, APPAREL & LUXURY GOODS – 0.6%
Capri Holdings Ltd.*		1,900		86,792
Carter’s, Inc.		550		37,329
Columbia Sportswear Co.		468		34,866
Deckers Outdoor Corp.*		350		122,476
Hanesbrands, Inc.#		9,500		64,790
Lululemon Athletica, Inc.*		1,500		493,560
NIKE, Inc., Class B		16,490		1,528,293
PVH Corp.		970		49,780
Ralph Lauren Corp.		635		58,858
Skechers USA, Inc., Class A*		1,843		63,454
Tapestry, Inc.		3,530		111,830
Under Armour, Inc., Class A*		3,628		27,029
Under Armour, Inc., Class C*		3,350		21,976
VF Corp.		4,750		134,188
			$	2,835,221
TOTAL CONSUMER DISCRETIONARY			$	52,758,298
CONSUMER STAPLES – 6.5%
BEVERAGES – 1.7%
Boston Beer Co., Inc. (The), Class A*,#		100		37,329
Brown-Forman Corp., Class A		550		37,824
Brown-Forman Corp., Class B		2,575		175,100
Coca-Cola Co. (The)		52,650		3,151,102
Constellation Brands, Inc., Class A		2,050		506,514
Keurig Dr. Pepper, Inc.		11,500		446,660
Molson Coors Beverage Co., Class B		2,300		115,989
Monster Beverage Corp.*		4,950		463,914
PepsiCo., Inc.		18,650		3,386,467
			$	8,320,899
FOOD & STAPLES RETAILING – 1.6%
Albertsons Cos., Inc., Class A		2,300		47,173
BJ’s Wholesale Club Holdings, Inc.*		1,700		131,580
Casey’s General Stores, Inc.		535		124,500
Costco Wholesale Corp.		6,000		3,009,000
Grocery Outlet Holding Corp.*		1,050		36,299
Kroger Co. (The)		8,750		413,787
Performance Food Group Co.*		2,100		109,284
Sysco Corp.		6,800		588,608
U.S. Foods Holding Corp.*		2,800		83,328
Walgreens Boots Alliance, Inc.		7,600		277,400
Walmart, Inc.		19,450		2,768,318
			$	7,589,277
FOOD PRODUCTS – 1.2%
Archer-Daniels-Midland Co.		7,500		727,350
Bunge Ltd.		1,895		187,037
Campbell Soup Co.		2,550		134,921
Conagra Brands, Inc.		6,200		227,540
Darling Ingredients, Inc.*		2,050		160,884
Flowers Foods, Inc.		2,300		66,033
Freshpet, Inc.*		550		32,423

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

PORTFOLIOS OF INVESTMENTS 8

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
General Mills, Inc.		8,000	$	652,640
Hershey Co. (The)		1,950		465,601
Hormel Foods Corp.		3,600		167,220
Ingredion, Inc.		850		75,752
J.M. Smucker Co. (The)		1,350		203,391
Kellogg Co.		3,300		253,506
Kraft Heinz Co. (The)		9,250		355,847
Lamb Weston Holdings, Inc.		1,900		163,818
McCormick & Co., Inc.		3,250		255,580
Mondelez International, Inc., Class A		18,500		1,137,380
Pilgrim’s Pride Corp.*		550		12,678
Post Holdings, Inc.*		638		57,688
Seaboard Corp.		50		187,319
Tyson Foods, Inc., Class A		3,750		256,312
			$	5,780,920
HOUSEHOLD PRODUCTS – 1.3%
Church & Dwight Co., Inc.		3,150		233,510
Clorox Co. (The)		1,650		240,966
Colgate-Palmolive Co.		11,100		819,624
Kimberly-Clark Corp.		4,450		553,847
Procter & Gamble Co. (The)		32,400		4,363,308
Reynolds Consumer Products, Inc.#		500		15,270
Spectrum Brands Holdings, Inc.		600		27,684
			$	6,254,209
PERSONAL PRODUCTS – 0.1%
Coty, Inc., Class A*		4,890		32,812
Estee Lauder Cos., Inc. (The), Class A		3,050		611,494
Olaplex Holdings, Inc.*		1,700		7,480
			$	651,786
TOBACCO – 0.6%
Altria Group, Inc.		24,250		1,122,048
Philip Morris International, Inc.		20,850		1,915,072
			$	3,037,120
TOTAL CONSUMER STAPLES			$	31,634,211
ENERGY – 5.6%
ENERGY EQUIPMENT & SERVICES – 0.4%
Baker Hughes Co.		13,650		377,559
Halliburton Co.		12,513		455,724
NOV, Inc.		5,698		127,635
Schlumberger NV		20,646		1,074,211
			$	2,035,129
OIL, GAS & CONSUMABLE FUELS – 5.2%
Antero Midstream Corp.		4,100		43,665
Antero Resources Corp.*		4,150		152,139
APA Corp.		4,790		217,753
Cheniere Energy, Inc.		3,580		631,548
Chesapeake Energy Corp.		1,800		184,086
Chevron Corp.		27,914		5,049,643
ConocoPhillips		18,728		2,361,414
Continental Resources, Inc.		565		41,793
Coterra Energy, Inc.		10,274		319,830
Devon Energy Corp.		9,436		729,875
Diamondback Energy, Inc.		2,397		376,593

Description	Number of Shares		Value
DT Midstream, Inc.		1,275	$	76,117
Enviva, Inc.#		450		26,928
EOG Resources, Inc.		8,480		1,157,690
EQT Corp.		5,250		219,660
Exxon Mobil Corp.		59,243		6,564,717
Hess Corp.		3,940		555,855
HF Sinclair Corp.		2,190		133,962
Kinder Morgan, Inc.		28,005		507,451
Marathon Oil Corp.		10,050		306,022
Marathon Petroleum Corp.		7,450		846,469
New Fortress Energy, Inc.		650		35,795
Occidental Petroleum Corp.		11,760		853,776
ONEOK, Inc.		6,260		371,343
Ovintiv, Inc.		3,600		182,340
PDC Energy, Inc.		1,400		100,996
Phillips 66		6,940		723,773
Pioneer Natural Resources Co.		3,476		891,281
Range Resources Corp.		3,600		102,528
Southwestern Energy Co.*		16,650		115,384
Targa Resources Corp.		3,150		215,365
Texas Pacific Land Corp.		100		230,387
Valero Energy Corp.		5,620		705,591
Williams Cos., Inc. (The)		17,370		568,520
			$	25,600,289
TOTAL ENERGY			$	27,635,418
FINANCIALS – 11.7%
BANKS – 3.8%
Bank of America Corp.		95,100		3,427,404
Bank of Hawaii Corp.		520		39,494
Bank OZK		1,450		62,321
BOK Financial Corp.		470		51,789
Citigroup, Inc.		26,032		1,193,828
Citizens Financial Group, Inc.		6,650		271,985
Comerica, Inc.		1,730		121,965
Commerce Bancshares, Inc.		1,437		101,797
Cullen/Frost Bankers, Inc.		790		122,489
East West Bancorp, Inc.		1,873		134,051
Fifth Third Bancorp		9,200		328,348
First Citizens BancShares, Inc., Class A#		200		164,424
First Hawaiian, Inc.		1,750		44,765
First Horizon Corp.		7,134		174,854
First Republic Bank		2,400		288,240
FNB Corp.		4,950		71,527
Huntington Bancshares, Inc.		19,146		290,636
JPMorgan Chase & Co.		39,520		4,974,778
KeyCorp.		12,294		219,694
M&T Bank Corp.§		2,323		391,123
PacWest Bancorp		1,539		38,260
Pinnacle Financial Partners, Inc.		1,000		82,990
PNC Financial Services Group, Inc. (The)		5,560		899,775
Popular, Inc.		1,038		73,407
Prosperity Bancshares, Inc.		1,323		94,687
Regions Financial Corp.		12,406		272,312
Signature Bank		850		134,750
SVB Financial Group*		800		184,768
Synovus Financial Corp.		1,994		79,461

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

9 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description		Number of Shares		Value
Truist Financial Corp.			17,907	$	802,055
U.S. Bancorp			18,120		769,194
Umpqua Holdings Corp.			2,850		56,658
Webster Financial Corp.			2,312		125,449
Wells Fargo & Co.			51,275		2,358,137
Western Alliance Bancorp			1,495		100,419
Wintrust Financial Corp.			800		74,896
Zions Bancorp NA			1,990		103,361
				$	18,726,091
CAPITAL MARKETS – 3.2%
Affiliated Managers Group, Inc.			470		58,355
Ameriprise Financial, Inc.			1,440		445,133
Ares Management Corp., Class A			2,000		151,660
Bank of New York Mellon Corp. (The)			9,970		419,837
BlackRock, Inc.			2,060		1,330,574
Blackstone, Inc.	��		7,520		685,373
Blue Owl Capital, Inc.#			5,150		51,603
Carlyle Group, Inc. (The)			2,750		77,770
Cboe Global Markets, Inc.			1,350		168,075
Charles Schwab Corp. (The)			20,505		1,633,633
CME Group, Inc.			4,800		831,840
Coinbase Global, Inc., Class A*,#			2,000		132,500
Evercore, Inc., Class A			550		57,805
FactSet Research Systems, Inc.			490		208,490
Franklin Resources, Inc.			4,120		96,614
Goldman Sachs Group, Inc. (The)			4,490		1,546,850
Interactive Brokers Group, Inc., Class A			1,198		96,020
Intercontinental Exchange, Inc.			7,440		711,041
Invesco Ltd.			5,220		79,970
Janus Henderson Group PLC			1,800		40,986
Jefferies Financial Group, Inc.			2,548		87,677
KKR & Co., Inc.			7,584		368,810
Lazard Ltd., Class A#			1,300		49,023
LPL Financial Holdings, Inc.			1,050		268,432
MarketAxess Holdings, Inc.			500		122,020
Moody’s Corp.			2,140		566,822
Morgan Stanley			17,026		1,399,026
Morningstar, Inc.			350		81,263
MSCI, Inc.			1,070		501,680
Nasdaq, Inc.			4,740		295,018
Northern Trust Corp.			2,680		226,058
Raymond James Financial, Inc.			2,565		303,029
Robinhood Markets, Inc., Class A*,#			7,800		91,104
S&P Global, Inc.			4,539		1,458,154
SEI Investments Co.			1,340		72,762
State Street Corp.			4,870		360,380
Stifel Financial Corp.			1,500		92,805
T Rowe Price Group, Inc.			2,980		316,357
Tradeweb Markets, Inc., Class A			1,450		79,866
Virtu Financial, Inc., Class A			1,350		30,213
				$	15,594,628
CONSUMER FINANCE – 0.6%
Ally Financial, Inc.			4,313		118,866
American Express Co.			8,140		1,208,383
Capital One Financial Corp.			5,300		561,906
Credit Acceptance Corp.*,#			100		46,562

Description	Number of Shares		Value
Discover Financial Services		3,780	$	394,859
OneMain Holdings, Inc.		1,550		59,768
SLM Corp.		3,510		58,231
SoFi Technologies, Inc.*,#		11,100		60,384
Synchrony Financial		6,650		236,474
Upstart Holdings, Inc.*,#		800		18,544
			$	2,763,977
DIVERSIFIED FINANCIAL SERVICES – 1.6%
Apollo Global Management, Inc.#		6,126		339,135
Berkshire Hathaway, Inc., Class B*		24,496		7,228,524
Equitable Holdings, Inc.		5,243		160,541
Voya Financial, Inc.		1,330		90,919
			$	7,819,119
INSURANCE – 2.5%
Aflac, Inc.		8,750		569,713
Allstate Corp. (The)		3,580		451,975
American Financial Group, Inc.		950		137,855
American International Group, Inc.		10,130		577,410
Aon PLC, Class A		2,850		802,247
Arch Capital Group Ltd.*		4,920		282,900
Arthur J. Gallagher & Co.		2,780		520,082
Assurant, Inc.		730		99,178
Assured Guaranty Ltd.		600		35,514
Axis Capital Holdings Ltd.		830		45,376
Brighthouse Financial, Inc.*		800		45,656
Brown & Brown, Inc.		3,190		187,540
Chubb Ltd.		5,597		1,202,739
Cincinnati Financial Corp.		2,156		222,758
CNA Financial Corp.		150		6,255
Erie Indemnity Co., Class A		320		82,243
Everest Re Group Ltd.		520		167,783
Fidelity National Financial, Inc.		3,491		137,476
First American Financial Corp.		1,278		64,411
Globe Life, Inc.		1,293		149,367
Hanover Insurance Group, Inc. (The)		450		65,921
Hartford Financial Services Group, Inc. (The)		4,340		314,259
Kemper Corp.		778		37,087
Lincoln National Corp.		2,458		132,412
Loews Corp.		2,700		153,954
Markel Corp.*		180		217,098
Marsh & McLennan Cos., Inc.		6,740		1,088,443
MetLife, Inc.		9,201		673,605
Old Republic International Corp.		3,468		80,492
Primerica, Inc.		523		75,678
Principal Financial Group, Inc.		3,440		303,167
Progressive Corp. (The)		7,830		1,005,372
Prudential Financial, Inc.		5,030		529,106
Reinsurance Group of America, Inc.		840		123,623
RenaissanceRe Holdings Ltd.		578		89,405
Ryan Specialty Holdings, Inc.*		1,050		47,093
Travelers Cos., Inc. (The)		3,180		586,583
Unum Group		2,760		125,828
W.R. Berkley Corp.		2,880		214,214
White Mountains Insurance Group Ltd.		60		84,969
Willis Towers Watson PLC		1,450		316,405
			$	12,053,192

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

PORTFOLIOS OF INVESTMENTS 10

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.0%**
AGNC Investment Corp.		6,385	$	52,485
Annaly Capital Management, Inc.		5,232		97,054
Rithm Capital Corp.		5,650		47,629
Starwood Property Trust, Inc.		3,368		69,583
			$	266,751
THRIFTS & MORTGAGE FINANCE – 0.0%**
MGIC Investment Corp.		4,300		58,695
New York Community Bancorp, Inc.#		5,983		55,702
Rocket Cos., Inc., Class A#		1,400		9,660
UWM Holdings Corp.#		1,900		6,232
			$	130,289
TOTAL FINANCIALS			$	57,354,047
HEALTH CARE – 14.8%
BIOTECHNOLOGY – 2.5%
2seventy bio, Inc.*		16		254
AbbVie, Inc.		24,061		3,522,531
Alnylam Pharmaceuticals, Inc.*		1,600		331,616
Amgen, Inc.		7,264		1,963,822
Biogen, Inc.*		1,950		552,708
BioMarin Pharmaceutical, Inc.*		2,500		216,575
Exact Sciences Corp.*		2,300		79,994
Exelixis, Inc.*		4,200		69,636
Gilead Sciences, Inc.		16,944		1,329,426
Horizon Therapeutics PLC*		3,000		186,960
Incyte Corp.*		2,410		179,159
Ionis Pharmaceuticals, Inc.*		2,050		90,610
Mirati Therapeutics, Inc.*		550		37,026
Moderna, Inc.*		4,550		684,002
Natera, Inc.*		1,150		54,004
Neurocrine Biosciences, Inc.*		1,300		149,656
Novavax, Inc.*,#		880		19,598
Regeneron Pharmaceuticals, Inc.*		1,400		1,048,250
Sarepta Therapeutics, Inc.*		1,115		127,132
Seagen, Inc.*		1,850		235,246
Ultragenyx Pharmaceutical, Inc.*		950		38,437
United Therapeutics Corp.*		590		136,013
Vertex Pharmaceuticals, Inc.*		3,493		1,089,816
			$	12,142,471
HEALTH CARE EQUIPMENT & SUPPLIES – 2.6%
Abbott Laboratories		23,245		2,299,860
ABIOMED, Inc.*		600		151,248
Align Technology, Inc.*		1,060		205,958
Baxter International, Inc.		6,780		368,493
Becton Dickinson & Co.		3,834		904,709
Boston Scientific Corp.*		19,150		825,556
Cooper Cos., Inc. (The)		650		177,703
DENTSPLY SIRONA, Inc.		2,729		84,108
DexCom, Inc.*		5,300		640,134
Edwards Lifesciences Corp.*		8,316		602,328
Enovis Corp.*		650		32,143
Envista Holdings Corp.*		2,250		74,273
Globus Medical, Inc., Class A*		1,050		70,350
Hologic, Inc.*		3,190		216,282
ICU Medical, Inc.*		200		29,682

Description	Number of Shares		Value
IDEXX Laboratories, Inc.*		1,130	$	406,438
Insulet Corp.*		900		232,929
Integra LifeSciences Holdings Corp.*		848		42,612
Intuitive Surgical, Inc.*		4,850		1,195,379
Masimo Corp.*		650		85,540
Medtronic PLC		18,076		1,578,758
Novocure Ltd.*		1,350		95,391
Penumbra, Inc.*		500		85,735
QuidelOrtho Corp.*		668		60,000
ResMed, Inc.		1,920		429,485
STERIS PLC		1,300		224,354
Stryker Corp.		4,750		1,088,890
Tandem Diabetes Care, Inc.*		900		50,535
Teleflex, Inc.		610		130,882
Zimmer Biomet Holdings, Inc.		2,760		312,846
			$	12,702,601
HEALTH CARE PROVIDERS & SERVICES – 3.5%
Acadia Healthcare Co., Inc.*		1,250		101,625
agilon health, Inc.*		2,400		47,640
Amedisys, Inc.*		400		39,036
AmerisourceBergen Corp.		1,970		309,723
Cardinal Health, Inc.		3,570		270,963
Centene Corp.*		7,580		645,285
Chemed Corp.		200		93,374
Cigna Corp.		4,042		1,305,809
CVS Health Corp.		17,771		1,682,914
DaVita, Inc.*		838		61,182
Elevance Health, Inc.		3,310		1,809,809
Encompass Health Corp.		1,230		66,961
Enhabit, Inc.*		740		9,191
Guardant Health, Inc.*,#		1,385		68,558
HCA Healthcare, Inc.		2,950		641,537
Henry Schein, Inc.*		1,720		117,751
Humana, Inc.		1,730		965,478
Laboratory Corp. of America Holdings		1,207		267,785
McKesson Corp.		1,950		759,271
Molina Healthcare, Inc.*		800		287,088
Oak Street Health, Inc.*		1,500		30,345
Premier, Inc., Class A		1,300		45,344
Quest Diagnostics, Inc.		1,550		222,658
Signify Health, Inc., Class A*		900		26,307
Tenet Healthcare Corp.*		1,450		64,322
UnitedHealth Group, Inc.		12,720		7,061,508
Universal Health Services, Inc., Class B		930		107,759
			$	17,109,223
HEALTH CARE TECHNOLOGY – 0.1%
Certara, Inc.*		1,450		17,733
Definitive Healthcare Corp.*		450		7,101
Doximity, Inc., Class A*	��	1,300		34,411
Teladoc Health, Inc.*		1,737		51,485
Veeva Systems, Inc., Class A*		1,870		314,048
			$	424,778
LIFE SCIENCES TOOLS & SERVICES – 1.7%
10X Genomics, Inc., Class A*		990		26,908
Agilent Technologies, Inc.		4,040		558,934

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

11 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Avantor, Inc.*		8,445	$	170,336
Azenta, Inc.		850		37,740
Bio-Rad Laboratories, Inc., Class A*		290		101,996
Bio-Techne Corp.		500		148,130
Bruker Corp.		1,400		86,576
Charles River Laboratories International, Inc.*		720		152,820
Danaher Corp.		8,780		2,209,662
Illumina, Inc.*		2,090		478,234
IQVIA Holdings, Inc.*		2,480		519,981
Maravai LifeSciences Holdings, Inc., Class A*		1,500		24,900
Mettler-Toledo International, Inc.*		320		404,778
PerkinElmer, Inc.		1,670		223,079
QIAGEN NV*		3,000		130,680
Repligen Corp.*		700		127,743
Sotera Health Co.*		1,100		7,568
Syneos Health, Inc.*		1,350		68,013
Thermo Fisher Scientific, Inc.		5,320		2,734,320
Waters Corp.*		810		242,328
West Pharmaceutical Services, Inc.		1,000		230,100
			$	8,684,826
PHARMACEUTICALS – 4.4%
AstraZeneca PLC, ADR		1		59
Bristol-Myers Squibb Co.		28,876		2,237,024
Catalent, Inc.*		2,200		144,606
Elanco Animal Health, Inc.*		5,800		76,502
Eli Lilly & Co.		11,480		4,156,793
Jazz Pharmaceuticals PLC*		860		123,659
Johnson & Johnson		35,800		6,228,126
Merck & Co., Inc.		34,366		3,477,839
Organon & Co.		3,016		78,959
Perrigo Co. PLC		1,808		72,826
Pfizer, Inc.		76,753		3,572,852
Royalty Pharma PLC, Class A		4,750		201,020
Viatris, Inc.		16,005		162,131
Zoetis, Inc.		6,381		962,127
			$	21,494,523
TOTAL HEALTH CARE			$	72,558,422
INDUSTRIALS – 8.9%
AEROSPACE & DEFENSE – 1.8%
Axon Enterprise, Inc.*		900		130,896
Boeing Co. (The)*		7,390		1,053,149
BWX Technologies, Inc.		1,255		71,510
Curtiss-Wright Corp.		465		78,041
General Dynamics Corp.		3,280		819,344
HEICO Corp.		550		89,452
HEICO Corp., Class A		1,052		133,920
Hexcel Corp.		1,150		64,055
Howmet Aerospace, Inc.		5,016		178,319
Huntington Ingalls Industries, Inc.		495		127,250
L3Harris Technologies, Inc.		2,582		636,386
Lockheed Martin Corp.		3,240		1,576,843
Mercury Systems, Inc.*		650		31,460
Northrop Grumman Corp.		1,970		1,081,550
Raytheon Technologies Corp.		20,104		1,906,261
Spirit AeroSystems Holdings, Inc., Class A		1,240		28,718

Description	Number of Shares		Value
Textron, Inc.		2,903	$	198,681
TransDigm Group, Inc.		690		397,274
Woodward, Inc.		775		71,067
			$	8,674,176
AIR FREIGHT & LOGISTICS – 0.5%
C.H. Robinson Worldwide, Inc.		1,584		154,788
Expeditors International of Washington, Inc.		2,230		218,206
FedEx Corp.		3,260		522,513
GXO Logistics, Inc.*		1,450		52,983
United Parcel Service, Inc., Class B		9,930		1,665,956
			$	2,614,446
AIRLINES – 0.2%
Alaska Air Group, Inc.*		1,625		72,247
American Airlines Group, Inc.*		8,993		127,521
Copa Holdings SA, Class A*		400		30,092
Delta Air Lines, Inc.*		8,640		293,155
JetBlue Airways Corp.*		3,750		30,150
Southwest Airlines Co.*		7,980		290,073
United Airlines Holdings, Inc.*		4,283		184,512
			$	1,027,750
BUILDING PRODUCTS – 0.6%
A.O. Smith Corp.		1,700		93,126
Advanced Drainage Systems, Inc.		850		98,498
Allegion PLC		1,133		118,704
Armstrong World Industries, Inc.		628		47,458
AZEK Co., Inc. (The)*		1,500		26,265
Builders FirstSource, Inc.*		2,300		141,818
Carlisle Cos., Inc.		690		164,772
Carrier Global Corp.		11,300		449,288
Fortune Brands Home & Security, Inc.		1,710		103,147
Hayward Holdings, Inc.*		650		6,013
Johnson Controls International PLC		9,231		533,921
Lennox International, Inc.		450		105,107
Masco Corp.		3,030		140,198
Owens Corning		1,248		106,841
Trane Technologies PLC		3,100		494,853
Trex Co., Inc.*		1,594		76,655
			$	2,706,664
COMMERCIAL SERVICES & SUPPLIES – 0.5%
Cintas Corp.		1,170		500,234
Clean Harbors, Inc.*		600		73,476
Copart, Inc.*		2,850		327,807
Driven Brands Holdings, Inc.*		450		14,391
IAA, Inc.*		1,668		63,267
MSA Safety, Inc.		450		60,408
Rentokil Initial PLC, ADR		2,485		76,886
Republic Services, Inc.		2,740		363,379
Rollins, Inc.		3,050		128,344
Stericycle, Inc.*		1,235		55,056
Tetra Tech, Inc.		700		98,896
Waste Management, Inc.		5,590		885,288
			$	2,647,432
CONSTRUCTION & ENGINEERING – 0.2%
AECOM		1,825		137,386

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

PORTFOLIOS OF INVESTMENTS 12

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MasTec, Inc.*		750	$	57,810
MDU Resources Group, Inc.		2,800		79,744
Quanta Services, Inc.		1,888		268,172
Valmont Industries, Inc.		260		82,997
WillScot Mobile Mini Holdings Corp.*		3,000		127,590
			$	753,699
ELECTRICAL EQUIPMENT – 0.7%
Acuity Brands, Inc.		400		73,428
AMETEK, Inc.		3,160		409,726
ChargePoint Holdings, Inc.*,#		2,700		37,746
Eaton Corp. PLC		5,428		814,580
Emerson Electric Co.		7,940		687,604
Generac Holdings, Inc.*		847		98,176
Hubbell, Inc.		740		175,735
nVent Electric PLC		2,216		80,884
Plug Power, Inc.*,#		6,950		111,061
Regal Rexnord Corp.		900		113,886
Rockwell Automation, Inc.		1,570		400,821
Sensata Technologies Holding PLC		2,148		86,371
Sunrun, Inc.*		2,600		58,526
Vertiv Holdings Co.		4,200		60,102
			$	3,208,646
INDUSTRIAL CONGLOMERATES – 0.8%
3M Co.		7,730		972,357
General Electric Co.		11,865		923,215
Honeywell International, Inc.		9,100		1,856,582
			$	3,752,154
MACHINERY – 1.8%
AGCO Corp.		845		104,924
Allison Transmission Holdings, Inc.		1,200		50,700
Caterpillar, Inc.		7,150		1,547,689
Crane Holdings Co.		700		70,238
Cummins, Inc.		1,880		459,679
Deere & Co.		3,790		1,500,158
Donaldson Co., Inc.		1,460		83,877
Dover Corp.		2,010		262,687
Esab Corp.		649		24,208
Flowserve Corp.		1,798		51,567
Fortive Corp.		4,890		312,471
Gates Industrial Corp. PLC*		1,200		13,380
Graco, Inc.		2,320		161,426
IDEX Corp.		1,020		226,756
Illinois Tool Works, Inc.		4,250		907,502
Ingersoll Rand, Inc.		5,444		274,922
ITT, Inc.		1,035		79,064
Lincoln Electric Holdings, Inc.		750		106,500
Middleby Corp. (The)*		750		104,895
Nordson Corp.		800		180,000
Oshkosh Corp.		790		69,520
Otis Worldwide Corp.		5,625		397,350
PACCAR, Inc.		4,540		439,608
Parker-Hannifin Corp.		1,710		496,960
Pentair PLC		1,964		84,354
Snap-on, Inc.		680		150,994
Stanley Black & Decker, Inc.		1,970		154,625

Description	Number of Shares		Value
Timken Co. (The)		800	$	57,032
Toro Co. (The)		1,380		145,493
Westinghouse Air Brake Technologies Corp.		2,365		220,607
Xylem, Inc.		2,310		236,613
			$	8,975,799
MARINE – 0.0%**
Kirby Corp.*		800		55,800
PROFESSIONAL SERVICES – 0.5%
Booz Allen Hamilton Holding Corp.		1,750		190,488
CACI International, Inc., Class A*		353		107,323
Clarivate PLC*		6,400		66,112
CoStar Group, Inc.*		5,200		430,144
Dun & Bradstreet Holdings, Inc.		3,100		39,835
Equifax, Inc.		1,610		272,959
FTI Consulting, Inc.*		400		62,252
Jacobs Solutions, Inc.		1,650		190,113
KBR, Inc.		1,900		94,563
Leidos Holdings, Inc.		1,900		193,021
ManpowerGroup, Inc.		660		51,704
Robert Half International, Inc.		1,548		118,360
Science Applications International Corp.		800		86,672
TransUnion		2,600		154,102
Verisk Analytics, Inc.		2,050		374,802
			$	2,432,450
ROAD & RAIL – 1.0%
AMERCO		113		64,996
Avis Budget Group, Inc.*		350		82,761
CSX Corp.		29,350		852,911
Hertz Global Holdings, Inc.*,#		3,250		59,800
JB Hunt Transport Services, Inc.		1,130		193,309
Knight-Swift Transportation Holdings, Inc.		2,085		100,143
Landstar System, Inc.		490		76,548
Lyft, Inc., Class A*		4,300		62,952
Norfolk Southern Corp.		3,210		732,105
Old Dominion Freight Line, Inc.		1,350		370,710
Ryder System, Inc.		640		51,526
Schneider National, Inc., Class B		323		7,183
Uber Technologies, Inc.*		25,300		672,221
Union Pacific Corp.		8,470		1,669,776
XPO Logistics, Inc.*		1,450		75,023
			$	5,071,964
TRADING COMPANIES & DISTRIBUTORS – 0.3%
Air Lease Corp.		1,450		51,171
Core & Main, Inc., Class A*		550		12,969
Fastenal Co.		7,790		376,491
MSC Industrial Direct Co., Inc., Class A		590		48,958
SiteOne Landscape Supply, Inc.*		550		63,728
United Rentals, Inc.*		970		306,239
Univar Solutions, Inc.*		2,300		58,604
Watsco, Inc.		450		121,932
WESCO International, Inc.*		600		82,662
WW Grainger, Inc.		640		373,984
			$	1,496,738
TOTAL INDUSTRIALS			$	43,417,718

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

13 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
INFORMATION TECHNOLOGY – 25.7%
COMMUNICATIONS EQUIPMENT – 0.8%
Arista Networks, Inc.*		3,400	$	410,924
Ciena Corp.*		1,973		94,507
Cisco Systems, Inc.		55,750		2,532,722
F5, Inc.*		763		109,040
Juniper Networks, Inc.		4,240		129,744
Lumentum Holdings, Inc.*		900		67,005
Motorola Solutions, Inc.		2,230		556,853
Ubiquiti, Inc.		50		17,338
Viasat, Inc.*		950		38,912
			$	3,957,045
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Amphenol Corp., Class A		7,850		595,265
Arrow Electronics, Inc.*		785		79,489
Avnet, Inc.		1,150		46,219
CDW Corp.		1,790		309,330
Cognex Corp.		2,250		104,018
Coherent Corp.*		1,718		57,742
Corning, Inc.		10,320		331,994
IPG Photonics Corp.*		500		42,830
Jabil, Inc.		1,758		112,952
Keysight Technologies, Inc.*		2,450		426,667
Littelfuse, Inc.		293		64,533
National Instruments Corp.		1,720		65,670
TD SYNNEX Corp.		493		45,114
Teledyne Technologies, Inc.*		643		255,901
Trimble, Inc.*		3,330		200,333
Vontier Corp.		1,956		37,360
Zebra Technologies Corp., Class A*		700		198,254
			$	2,973,671
IT SERVICES – 4.6%
Accenture PLC, Class A		8,500		2,413,150
Affirm Holdings, Inc.*,#		2,500		50,175
Akamai Technologies, Inc.*		2,150		189,910
Amdocs Ltd.		1,620		139,822
Automatic Data Processing, Inc.		5,580		1,348,686
Block, Inc., Class A*		6,950		417,486
Broadridge Financial Solutions, Inc.		1,530		229,592
Cloudflare, Inc., Class A*		3,650		205,568
Cognizant Technology Solutions Corp., Class A		6,960		433,260
Concentrix Corp.		593		72,482
DXC Technology Co.*		3,226		92,748
EPAM Systems, Inc.*		750		262,500
Euronet Worldwide, Inc.*		665		55,867
Fidelity National Information Services, Inc.		8,150		676,368
Fiserv, Inc.*		7,960		817,810
FleetCor Technologies, Inc.*		1,000		186,120
Gartner, Inc.*		1,050		317,016
Genpact Ltd.		2,545		123,433
Global Payments, Inc.		3,763		429,960
Globant SA*		550		103,774
GoDaddy, Inc., Class A*		2,150		172,860
International Business Machines Corp.		12,160		1,681,606
Jack Henry & Associates, Inc.		1,000		199,060
Kyndryl Holdings, Inc.*		2,412		23,324

Description	Number of Shares		Value
Mastercard, Inc., Class A		11,620	$	3,813,452
MongoDB, Inc.*		815		149,169
Okta, Inc.*		1,850		103,822
Paychex, Inc.		4,420		522,930
PayPal Holdings, Inc.*		15,465		1,292,565
Shift4 Payments, Inc., Class A*		700		32,179
Snowflake, Inc., Class A*		3,280		525,784
SS&C Technologies Holdings, Inc.		3,000		154,260
Switch, Inc., Class A		2,000		68,100
Thoughtworks Holding, Inc.*		1,150		11,052
Toast, Inc., Class A*		3,150		69,584
Twilio, Inc., Class A*		2,300		171,051
VeriSign, Inc.*		1,250		250,575
Visa, Inc., Class A		22,270		4,613,453
Western Union Co. (The)		5,190		70,117
WEX, Inc.*		615		100,946
Wix.com Ltd.*		640		53,824
			$	22,645,440
MEDIA – 0.1%
Trade Desk, Inc. (The)*		5,750		306,130
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.3%
Advanced Micro Devices, Inc.*		21,568		1,295,374
Allegro MicroSystems, Inc.*		450		11,435
Analog Devices, Inc.		6,992		997,199
Applied Materials, Inc.		11,880		1,048,885
Broadcom, Inc.		5,333		2,507,150
Cirrus Logic, Inc.*		700		46,984
Enphase Energy, Inc.*		1,750		537,250
Entegris, Inc.		1,950		154,713
First Solar, Inc.*		1,450		211,076
GLOBALFOUNDRIES, Inc.*,#		900		51,030
Intel Corp.		54,770		1,557,111
KLA Corp.		2,000		632,900
Lam Research Corp.		1,830		740,747
Lattice Semiconductor Corp.*		1,850		89,744
Marvell Technology, Inc.		11,361		450,804
Microchip Technology, Inc.		7,228		446,257
Micron Technology, Inc.		15,000		811,500
MKS Instruments, Inc.		783		64,323
Monolithic Power Systems, Inc.		580		196,881
NVIDIA Corp.		32,645		4,406,096
ON Semiconductor Corp.*		5,828		358,014
Qorvo, Inc.*		1,400		120,512
QUALCOMM, Inc.		15,030		1,768,430
Skyworks Solutions, Inc.		2,150		184,922
Teradyne, Inc.		2,050		166,768
Texas Instruments, Inc.		12,350		1,983,780
Universal Display Corp.		600		57,132
Wolfspeed, Inc.*		1,575		124,031
			$	21,021,048
SOFTWARE – 8.5%
Adobe, Inc.*		6,360		2,025,660
Alteryx, Inc., Class A*		850		41,421
ANSYS, Inc.*		1,180		260,969
AppLovin Corp., Class A*,#		2,850		48,336
Aspen Technology, Inc.*		367		88,612

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

PORTFOLIOS OF INVESTMENTS 14

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Atlassian Corp., Class A*		1,800	$	364,914
Autodesk, Inc.*		2,880		617,184
Bentley Systems, Inc., Class B		2,100		74,088
Bill.com Holdings, Inc.*		1,300		173,368
Black Knight, Inc.*		2,087		126,201
Cadence Design Systems, Inc.*		3,610		546,518
CCC Intelligent Solutions Holdings, Inc.*		2,300		21,459
Ceridian HCM Holding, Inc.*		1,875		124,106
Confluent, Inc., Class A*		1,750		47,040
Coupa Software, Inc.*		1,050		55,892
Crowdstrike Holdings, Inc., Class A*		2,769		446,363
Datadog, Inc., Class A*		3,498		281,624
DocuSign, Inc.*		2,500		120,750
Dolby Laboratories, Inc., Class A		990		66,172
DoubleVerify Holdings, Inc.*		650		19,000
Dropbox, Inc., Class A*		3,700		80,475
Dynatrace, Inc.*		2,773		97,721
Elastic NV*		1,050		67,147
Fair Isaac Corp.*		350		167,594
Five9, Inc.*		893		53,812
Fortinet, Inc.*		8,850		505,866
Guidewire Software, Inc.*		1,150		68,321
HubSpot, Inc.*		603		178,826
Informatica, Inc., Class A*,#		500		9,680
Intuit, Inc.		3,700		1,581,750
Jamf Holding Corp.*		700		16,569
Manhattan Associates, Inc.*		773		94,051
Microsoft Corp.		101,299		23,514,537
N-Able, Inc.*		436		4,722
nCino, Inc.*		800		25,184
NCR Corp.*		1,620		34,441
New Relic, Inc.*		750		44,430
NortonLifeLock, Inc.		7,520		169,426
Nutanix, Inc., Class A*		2,950		80,830
Oracle Corp.		20,310		1,585,602
Palantir Technologies, Inc., Class A*		19,520		171,581
Palo Alto Networks, Inc.*		3,920		672,633
Paycom Software, Inc.*		700		242,200
Paycor HCM, Inc.*,#		400		12,188
Paylocity Holding Corp.*		525		121,690
Pegasystems, Inc.		620		23,070
Procore Technologies, Inc.*		1,000		54,660
PTC, Inc.*		1,450		170,853
RingCentral, Inc., Class A*		1,150		40,848
Roper Technologies, Inc.		1,450		601,083
Salesforce, Inc.*		12,916		2,100,012
SentinelOne, Inc., Class A*		2,350		53,674
ServiceNow, Inc.*		2,700		1,135,998
Smartsheet, Inc., Class A*		1,705		59,539
Splunk, Inc.*		2,150		178,686
Synopsys, Inc.*		2,050		599,727
Teradata Corp.*		1,370		43,278
Tyler Technologies, Inc.*		550		177,831
UiPath, Inc., Class A*		4,700		59,455
Unity Software, Inc.*		2,110		62,245
VMware, Inc., Class A		2,819		317,222
Workday, Inc., Class A*		2,650		412,923

Description	Number of Shares		Value
Zendesk, Inc.*		1,665	$	127,689
Zoom Video Communications, Inc., Class A*		2,628		219,280
Zscaler, Inc.*		1,150		177,215
			$	41,766,241
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.8%
Apple, Inc.		207,140		31,762,847
Dell Technologies, Inc., Class C		3,669		140,890
Hewlett Packard Enterprise Co.		17,640		251,723
HP, Inc.		14,140		390,547
NetApp, Inc.		3,053		211,481
Pure Storage, Inc., Class A*		3,845		118,657
Western Digital Corp.*		4,233		145,488
			$	33,021,633
TOTAL INFORMATION TECHNOLOGY			$	125,691,208
MATERIALS – 2.7%
CHEMICALS – 1.7%
Air Products & Chemicals, Inc.		4,900		1,226,960
Albemarle Corp.		1,500		419,805
Ashland, Inc.		550		57,706
Axalta Coating Systems Ltd.*		2,710		63,197
Celanese Corp.		1,400		134,568
CF Industries Holdings, Inc.		2,750		292,215
Chemours Co. (The)		1,850		52,966
Corteva, Inc.		9,362		611,713
Dow, Inc.		9,479		443,048
DuPont de Nemours, Inc.		6,562		375,346
Eastman Chemical Co.		1,600		122,896
Ecolab, Inc.		3,200		502,624
Element Solutions, Inc.		3,100		53,320
FMC Corp.		1,600		190,240
Ginkgo Bioworks Holdings, Inc.*,#		11,000		30,030
Huntsman Corp.		2,600		69,576
International Flavors & Fragrances, Inc.		2,590		252,810
Linde PLC		5,230		1,555,140
LyondellBasell Industries NV, Class A		3,350		256,108
Mosaic Co. (The)		4,765		256,119
NewMarket Corp.		100		30,434
Olin Corp.		1,700		90,015
PPG Industries, Inc.		3,100		353,958
RPM International, Inc.		1,700		160,769
Scotts Miracle-Gro Co. (The)		545		25,021
Sherwin-Williams Co. (The)		3,100		697,593
Valvoline, Inc.		2,250		66,060
Westlake Corp.		450		43,493
			$	8,433,730
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		500		61,155
Martin Marietta Materials, Inc.		800		268,784
Vulcan Materials Co.		1,700		278,290
			$	608,229
CONTAINERS & PACKAGING – 0.4%
Amcor PLC		20,201		233,928
AptarGroup, Inc.		865		85,765
Ardagh Metal Packaging SA		1,750		7,770

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

15 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Avery Dennison Corp.		1,000	$	169,550
Ball Corp.		4,050		200,029
Berry Global Group, Inc.*		1,693		80,113
Crown Holdings, Inc.		1,618		110,979
Graphic Packaging Holding Co.		4,055		93,103
International Paper Co.		4,750		159,647
Packaging Corp. of America		1,200		144,252
Sealed Air Corp.		2,000		95,240
Silgan Holdings, Inc.		1,155		54,701
Sonoco Products Co.		1,430		88,774
Westrock Co.		3,200		108,992
			$	1,632,843
METALS & MINING – 0.5%
Alcoa Corp.		2,250		87,817
Cleveland-Cliffs, Inc.*		6,700		87,033
Freeport-McMoRan, Inc.		18,800		595,772
MP Materials Corp.*		1,150		34,546
Newmont Corp.		10,350		438,012
Nucor Corp.		3,450		453,261
Reliance Steel & Aluminum Co.		800		161,184
Royal Gold, Inc.		858		81,476
Southern Copper Corp.		1,150		54,015
SSR Mining, Inc.		2,450		33,810
Steel Dynamics, Inc.		2,400		225,720
United States Steel Corp.		3,250		66,170
			$	2,318,816
PAPER & FOREST PRODUCTS – 0.0%**
Louisiana-Pacific Corp.		1,100		62,315
TOTAL MATERIALS			$	13,055,933
REAL ESTATE – 2.8%
REAL ESTATE INVESTMENT TRUSTS – 2.7%
Alexandria Real Estate Equities, Inc.		2,015		292,779
American Homes 4 Rent, Class A		3,590		114,665
American Tower Corp.		5,760		1,193,414
Americold Realty Trust, Inc.		3,440		83,420
Apartment Income REIT Corp.		1,904		73,171
Apartment Investment & Management Co., Class A		2,854		22,661
AvalonBay Communities, Inc.		1,772		310,313
Boston Properties, Inc.		1,950		141,765
Brixmor Property Group, Inc.		3,750		79,913
Camden Property Trust		1,320		152,526
Cousins Properties, Inc.		1,833		43,552
Crown Castle, Inc.		5,340		711,608
CubeSmart		2,733		114,431
Digital Realty Trust, Inc.		3,510		351,877
Douglas Emmett, Inc.		2,210		38,874
EastGroup Properties, Inc.		500		78,345
EPR Properties		800		30,880
Equinix, Inc.		1,131		640,644
Equity LifeStyle Properties, Inc.		2,350		150,306
Equity Residential		4,550		286,741
Essex Property Trust, Inc.		823		182,904
Extra Space Storage, Inc.		1,650		292,776
Federal Realty Investment Trust		998		98,782

Description	Number of Shares		Value
First Industrial Realty Trust, Inc.		1,600	$	76,208
Gaming and Leisure Properties, Inc.		2,959		148,305
Healthcare Realty Trust, Inc.		4,030		81,930
Healthpeak Properties, Inc.		6,480		153,770
Highwoods Properties, Inc.		1,290		36,417
Host Hotels & Resorts, Inc.		9,080		171,430
Hudson Pacific Properties, Inc.		1,303		14,385
Invitation Homes, Inc.		7,700		244,013
Iron Mountain, Inc.		3,556		178,049
JBG SMITH Properties		1,071		21,077
Kilroy Realty Corp.		1,525		65,179
Kimco Realty Corp.		7,606		162,616
Lamar Advertising Co., Class A		1,050		96,841
Life Storage, Inc.		1,025		113,375
Medical Properties Trust, Inc.		7,350		84,158
Mid-America Apartment Communities, Inc.		1,421		223,736
National Retail Properties, Inc.		2,065		86,792
National Storage Affiliates Trust		1,100		46,926
Omega Healthcare Investors, Inc.		2,900		92,162
Park Hotels & Resorts, Inc.		3,150		41,202
Prologis, Inc.		11,378		1,260,113
Public Storage		1,910		591,622
Rayonier, Inc.		1,915		64,536
Realty Income Corp.		7,440		463,289
Regency Centers Corp.		2,033		123,017
Rexford Industrial Realty, Inc.		2,150		118,852
SBA Communications Corp.		1,300		350,870
Simon Property Group, Inc.		3,993		435,157
SL Green Realty Corp.		610		24,205
Spirit Realty Capital, Inc.		1,500		58,245
STORE Capital Corp.		2,955		93,969
Sun Communities, Inc.		1,450		195,532
UDR, Inc.		3,930		156,257
Ventas, Inc.		4,886		191,189
VICI Properties, Inc.		11,788		377,452
Vornado Realty Trust		1,976		46,614
Welltower, Inc.		5,620		343,045
Weyerhaeuser Co.		9,242		285,855
WP Carey, Inc.		2,350		179,305
			$	12,984,042
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CBRE Group, Inc., Class A*		4,110		291,563
Howard Hughes Corp. (The)*		408		25,031
Jones Lang LaSalle, Inc.*		578		91,954
Opendoor Technologies, Inc.*,#		5,850		15,151
WeWork, Inc., Class A*,#		1,650		4,241
Zillow Group, Inc., Class A*		500		15,465
Zillow Group, Inc., Class C*,#		2,595		80,082
			$	523,487
TOTAL REAL ESTATE			$	13,507,529
UTILITIES – 2.8%
ELECTRIC UTILITIES – 1.7%
Alliant Energy Corp.		3,200		166,944
American Electric Power Co., Inc.		6,750		593,460
Avangrid, Inc.		850		34,578

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

PORTFOLIOS OF INVESTMENTS 16

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Constellation Energy Corp.		4,433	$	419,096
Duke Energy Corp.		10,150		945,777
Edison International		4,950		297,198
Entergy Corp.		2,600		278,564
Evergy, Inc.		2,800		171,164
Eversource Energy		4,450		339,446
Exelon Corp.		12,950		499,740
FirstEnergy Corp.		7,250		273,398
Hawaiian Electric Industries, Inc.		1,200		45,648
IDACORP, Inc.		600		62,820
NextEra Energy, Inc.		26,050		2,018,875
NRG Energy, Inc.		3,250		144,300
OGE Energy Corp.		2,713		99,377
PG&E Corp.*		20,700		309,051
Pinnacle West Capital Corp.		1,550		104,176
PPL Corp.		9,700		256,953
Southern Co. (The)		14,000		916,720
Xcel Energy, Inc.		7,100		462,281
			$	8,439,566
GAS UTILITIES – 0.1%
Atmos Energy Corp.		1,750		186,462
National Fuel Gas Co.		1,200		80,988
UGI Corp.		2,900		102,457
			$	369,907
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%
AES Corp. (The)		8,950		234,132
Brookfield Renewable Corp., Class A		1,350		41,891
Vistra Corp.		6,050		138,968
			$	414,991
MULTI-UTILITIES – 0.8%
Ameren Corp.		3,500		285,320
CenterPoint Energy, Inc.		8,750		250,337
CMS Energy Corp.		4,000		228,200
Consolidated Edison, Inc.		4,600		404,616
Dominion Energy, Inc.		10,943		765,682
DTE Energy Co.		2,700		302,697
NiSource, Inc.		5,450		140,011
Public Service Enterprise Group, Inc.		6,600		370,062
Sempra Energy		4,200		633,948
WEC Energy Group, Inc.		4,150		379,019
			$	3,759,892
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		2,450		356,083
Essential Utilities, Inc.		3,200		141,504
			$	497,587
TOTAL UTILITIES			$	13,481,943
TOTAL COMMON STOCKS (COST $170,176,745)			$	485,449,073
PREFERRED STOCKS – 0.0%**
REAL ESTATE – 0.0%**
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%**
Brookfield Property Preferred LP 6.25%		400		6,248

  Description     Number of
Shares   Value    

TOTAL REAL ESTATE			$	6,248
COMMUNICATION SERVICES – 0.0%**
ENTERTAINMENT – 0.0%**
AMC Entertainment Holdings, Inc. Preferred Equity Units 0.00%*,#		950	$	1,948
TOTAL COMMUNICATION SERVICES			$	1,948
TOTAL PREFERRED STOCKS
(COST $15,283)			$	8,196
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		83,237
TOTAL WARRANTS (COST $0)			$	83,237
INVESTMENT COMPANIES – 0.5%
EQUITY FUNDS – 0.5%
iShares Russell 1000 ETF		6,170		1,313,717
iShares Russell 1000 Growth ETF		2,895		644,369
iShares Russell 1000 Value ETF		4,465		668,589
TOTAL EQUITY FUNDS			$	2,626,675
TOTAL INVESTMENT COMPANIES (COST $2,583,066)			$	2,626,675
MONEY MARKET FUND – 0.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^		330,814		330,814
TOTAL MONEY MARKET FUND (COST $330,814)			$	330,814
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.5%
REPURCHASE AGREEMENTS – 0.5%
Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%,maturing 2/25/32 to 1/01/61; total market value of $458,530.	$	449,539		449,539
BNP Paribas SA, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577,collateralized by U.S. Government Agency & Treasury Securities, 0.38% to 6.50%, maturing 6/01/23 to 10/01/52; total market value of $458,530.		449,539		449,539
Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $458,530.		449,539		449,539

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

17 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Par Value		Value
HSBC Securities USA, Inc., 3.01%, dated 10/31/22, due 11/01/22, repurchase price $178,366, collateralized by U.S. Treasury Securities, 0.00% to 7.63%, maturing 1/15/23 to 8/15/52; total market value of $181,918.	$	178,351	$	178,351
RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $458,530.		449,539		449,539
Truist Securities, Inc., 3.07%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Government Agency Securities, 2.50% to 5.00%, maturing 1/01/30 to 10/01/52; total market value of $458,530.		449,539		449,539
TOTAL REPURCHASE AGREEMENTS (COST $2,426,046)			$	2,426,046
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,426,046)			$	2,426,046
TOTAL INVESTMENTS – 100.4% (COST $175,531,954)			$	490,924,053
COLLATERAL FOR SECURITIES ON LOAN – (0.5%)				(2,426,046	)
OTHER ASSETS LESS LIABILITIES – 0.1%				368,070
TOTAL NET ASSETS – 100.0%			$	488,866,077

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks		$	485,449,073		$	—		$	—		$	485,449,073
Preferred Stocks			8,196			—			—			8,196
Rights			12			—			—			12
Warrants			83,237			—			—			83,237
Investment Companies			2,626,675			—			—			2,626,675
Money Market Fund			330,814			—			—			330,814
Repurchase Agreements			—			2,426,046			—			2,426,046
Total		$	488,498,007		$	2,426,046		$	—		$	490,924,053

* 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%.

^ 7-Day net yield.

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

PORTFOLIOS OF INVESTMENTS 18

Wilmington Large-Cap Strategy Fund (concluded)

The following acronyms are used throughout this Portfolio of Investments:

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

See Notes which are an integral part of the Financial Statements

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

19 STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)	Wilmington Enhanced Dividend Income Strategy Fund				Wilmington Large-Cap Strategy Fund
ASSETS:
Investments, at identified cost		$	31,600,101			$	175,531,954	(a)
Investments in securities, at value		$	35,657,144			$	490,924,053	(b),(c)
Cash			—				545,183
Cash denominated in foreign currencies			5,547				—
Income receivable			49,841				357,774
Due from advisor			12,315				—
Receivable for shares sold			450				111,280
Prepaid assets			19,144				21,767
TOTAL ASSETS			35,744,441				491,960,057
LIABILITIES:
Collateral for securities on loan			—				2,426,046
Payable for investments purchased			—				343,056
Payable for shares redeemed			5,140				115,189
Payable for Trustees’ fees			3,793				3,792
Payable for administration fees			871				12,069
Payable for distribution services fees			6,826				—
Payable for investment advisory fees			—				47,650
Other accrued expenses			76,275				146,178
TOTAL LIABILITIES			92,905				3,093,980
NET ASSETS		$	35,651,536			$	488,866,077
NET ASSETS CONSIST OF:
Paid-in capital		$	31,553,429			$	134,106,551
Distributable earnings (loss)			4,098,107				354,759,526
TOTAL NET ASSETS		$	35,651,536			$	488,866,077
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	34,007,819			$	—
Shares outstanding (unlimited shares authorized)			2,971,806				—
Net Asset Value per share		$	11.44			$	—
Offering Price per share*		$	12.11	**		$	—
Class I
Net Assets		$	1,643,717			$	488,866,077
Shares outstanding (unlimited shares authorized)			143,283				18,746,275
Net Asset Value and Offering Price per share		$	11.47			$	26.08

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

^(b)  Includes $391,123 of investments in affiliated issuers.

^(c)  Including $2,346,353 of securities on loan (Note 2).

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

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

See Notes which are an integral part of the Financial Statements

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

STATEMENTS OF OPERATIONS 20

Six Months Ended October 31, 2022 (unaudited)	Wilmington Enhanced Dividend Income Strategy Fund				Wilmington Large-Cap  Strategy Fund
INVESTMENT INCOME:
Dividends		$	597,503	(a)		$	4,237,532	(a),(b)
Securities lending income, net			225				25,853
TOTAL INVESTMENT INCOME			597,728				4,263,385
EXPENSES:
Investment advisory fees			71,089				642,345
Administration fees			5,458				78,932
Portfolio accounting and administration fees			11,999				63,856
Custodian fees			1,144				12,305
Transfer and dividend disbursing agent fees and expenses			18,348				14,534
Trustees’ fees			33,571				33,571
Professional fees			54,201				51,213
Distribution services fee—Class A			42,679				—
Shareholder services fee—Class A			42,679				—
Share registration costs			11,964				12,022
Printing and postage			7,107				8,887
Miscellaneous			15,535				32,178
TOTAL EXPENSES			315,774				949,843
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(141,554	)			(307,498	)
Waiver of shareholder services fee—Class A			(42,679	)			—
TOTAL WAIVERS AND REIMBURSEMENTS			(184,233	)			(307,498	)
Net expenses			131,541				642,345
Net investment income			466,187				3,621,040
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on unaffiliated investments			(304,324	)			21,451,061
Net realized gain (loss) on foreign currency transactions			(80	)			—
Net realized gain (loss)			(304,404	)			21,451,061
Net change in unrealized appreciation (depreciation) on unaffiliated investments			(375,040	)			(54,542,940	)
Net change in unrealized appreciation (depreciation) of affiliated investments			—				4,018
Net change in unrealized appreciation (depreciation) on foreign currency transactions			141				—
Net change in unrealized appreciation (depreciation)			(374,899	)			(54,538,922	)
Net realized and unrealized gain (loss)			(679,303	)			(33,087,861	)
Change in net assets resulting from operations		$	(213,116	)		$	(29,466,821	)

^(a)  Net of foreign withholding taxes withheld of $3,360 and $824, respectively.

^(b)  Includes $5,575 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

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

21 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Enhanced  Dividend Income Strategy Fund						Wilmington Large-Cap Strategy Fund
	Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022			Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022
OPERATIONS:
Net investment income	$	466,187		$	980,587		$	3,621,040		$	6,753,988
Net realized gain (loss)		(304,404	)		951,778			21,451,061			40,473,302
Net change in unrealized appreciation (depreciation)		(374,899	)		(401,458	)		(54,538,922	)		(56,305,199	)
Change in net assets resulting from operations		(213,116	)		1,530,907			(29,466,821	)		(9,077,909	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(450,371	)		(1,062,214	)		—			—
Class I		(20,537	)		(17,047	)		(3,292,233	)		(35,623,835	)
Total distributions to shareholders		(470,908	)		(1,079,261	)		(3,292,233	)		(35,623,835	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		93,693			340,978			—			—
Class I		1,027,852			102,687			22,287,557			33,603,420
Distributions reinvested
Class A		444,971			1,019,563			—			—
Class I		7,956			15,888			1,006,830			25,436,502
Cost of shares redeemed
Class A		(992,336	)		(4,070,108	)		—			—
Class I		(3,247	)		(121,455	)		(55,318,338	)		(84,227,517	)
Change in net assets resulting from share transactions		578,889			(2,712,447	)		(32,023,951	)		(25,187,595	)
Change in net assets		(105,135	)		(2,260,801	)		(64,783,005	)		(69,889,339	)
NET ASSETS:
Beginning of period		35,756,671			38,017,472			553,649,082			623,538,421
End of period	$	35,651,536		$	35,756,671		$	488,866,077		$	553,649,082
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		8,308			28,643			—			—
Class I		88,687			8,620			853,181			1,083,160
Distributions reinvested
Class A		40,662			86,229			—			—
Class I		726			1,341			39,574			797,216
Shares redeemed
Class A		(87,566	)		(342,889	)		—			—
Class I		(283	)		(10,257	)		(2,034,013	)		(2,723,466	)
Net change resulting from share transactions		50,534			(228,313	)		(1,141,258	)		(843,090	)

See Notes which are an integral part of the Financial Statements

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

FINANCIAL HIGHLIGHTS 22

For a share outstanding throughout each period:

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

CLASS A	Six Months Ended October 31, 2022  (Unaudited)				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 Period		$	11.67			$	11.55			$	9.54			$	10.54			$	10.47			$	11.24
Income (Loss) From Operations:
Net Investment Income(a)			0.15				0.31				0.29				0.40				0.36				0.26
Net Realized and Unrealized Gain (Loss)			(0.23	)			0.15				2.04				(1.02	)			0.11				0.52
Total Income (Loss) From Operations			(0.08	)			0.46				2.33				(0.62	)			0.47				0.78
Less Distributions From:
Net Investment Income			(0.15	)			(0.34	)			(0.32	)			(0.38	)			(0.36	)			(0.23	)
Net Realized Gains			—				—				—				—				(0.04	)			(1.32	)
Total Distributions			(0.15	)			(0.34	)			(0.32	)			(0.38	)			(0.40	)			(1.55	)
Net Asset Value, End of Period		$	11.44			$	11.67			$	11.55			$	9.54			$	10.54			$	10.47
Total Return(b)			(0.61	)%			3.99	%			24.86	%			(6.17	)%			4.66	%			6.99	%
Net Assets, End of Period (000’s)		$	34,008			$	35,124			$	37,388			$	32,708			$	38,943			$	40,993
Ratios to Average Net Assets
Gross Expense(c)			1.80	%(d)			1.85	%			1.69	%			1.68	%			1.67	%			1.72	%
Net Expense(c),(e)			0.75	%(d)			0.67	%			0.60	%			0.60	%			0.60	%			0.66	%
Net Investment Income			2.61	%(d)			2.61	%			2.81	%			3.86	%			3.45	%			2.30	%
Portfolio Turnover Rate			5	%			66	%(f)			12	%			14	%			14	%			85	%
CLASS I	Six Months Ended October 31, 2022 (Unaudited)				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 Period		$	11.69			$	11.56			$	9.55			$	10.54			$	10.48			$	11.25
Income (Loss) From Operations:
Net Investment Income(a)			0.16				0.34				0.32				0.44				0.39				0.29
Net Realized and Unrealized Gain (Loss)			(0.22	)			0.15				2.03				(1.02	)			0.10				0.52
Total Income (Loss) From Operations			(0.06	)			0.49				2.35				(0.58	)			0.49				0.81
Less Distributions From:
Net Investment Income			(0.16	)			(0.36	)			(0.34	)			(0.41	)			(0.39	)			(0.26	)
Net Realized Gains			—				—				—				—				(0.04	)			(1.32	)
Total Distributions			(0.16	)			(0.36	)			(0.34	)			(0.41	)			(0.43	)			(1.58	)
Net Asset Value, End of Period		$	11.47			$	11.69			$	11.56			$	9.55			$	10.54			$	10.48
Total Return(b)			(0.44	)%			4.25	%			25.09	%			(5.83	)%			4.82	%			7.24	%
Net Assets, End of Period (000’s)		$	1,644			$	633			$	629			$	498			$	637			$	1,109
Ratios to Average Net Assets
Gross Expense(c)			1.29	%(d)			1.37	%			1.38	%			1.44	%			1.40	%			1.48	%
Net Expense(c),(e)			0.50	%(d)			0.42	%			0.35	%			0.35	%			0.35	%			0.41	%
Net Investment Income			2.89	%(d)			2.82	%			3.06	%			4.20	%			3.72	%			2.62	%
Portfolio Turnover Rate			5	%			66	%(f)			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)  Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

^(d)  Annualized for periods less than one year.

^(e)  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.

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

See Notes which are an integral part of the Financial Statements

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

23 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period:

WILMINGTON LARGE-CAP STRATEGY FUND

CLASS I	Six Months Ended October 31, 2022  (Unaudited)				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 Period		$	27.84			$	30.08			$	22.08			$	23.36			$	21.98			$	19.65
Income (Loss) From Operations:
Net Investment Income(a)			0.19				0.33				0.35				0.39				0.37				0.34
Net Realized and Unrealized Gain (Loss)			(1.78	)			(0.80	)			10.11				(0.32	)			2.32				2.34
Total Income (Loss) From Operations			(1.59	)			(0.47	)			10.46				0.07				2.69				2.68
Less Distributions From:
Net Investment Income			(0.17	)			(0.33	)			(0.37	)			(0.41	)			(0.38	)			(0.35	)
Net Realized Gains			—				(1.44	)			(2.09	)			(0.94	)			(0.93	)			—
Total Distributions			(0.17	)			(1.77	)			(2.46	)			(1.35	)			(1.31	)			(0.35	)
Net Asset Value, End of Period		$	26.08			$	27.84			$	30.08			$	22.08			$	23.36			$	21.98
Total Return			(5.69	)%(b)			(2.24	)%			49.12	%			0.09	%			12.93	%			13.71	%
Net Assets, End of Period (000’s)		$	488,866			$	553,649			$	623,538			$	467,392			$	527,818			$	504,014
Ratios to Average Net Assets
Gross Expense(c)			0.37	%(d)			0.53	%			0.80	%			0.86	%			0.89	%			0.90	%
Net Expense(c), (e)			0.25	%(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net Investment Income			1.41	%(d)			1.07	%			1.34	%			1.69	%			1.65	%			1.62	%
Portfolio Turnover Rate			7	%			9	%			14	%			26	%			13	%			15	%

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

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

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

^(d)  Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

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

NOTES TO FINANCIAL STATEMENTS 24

Wilmington Funds

October 31, 2022 (unaudited)

1. ORGANIZATION

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

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

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

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

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

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

25 NOTES TO FINANCIAL STATEMENTS (continued)

aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing (“SIFVP”)).

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

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

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

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

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

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

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

Fund/Counterparty	Repurchase 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.	$	51	$	51	$	—	$	—
Daiwa Capital Markets America		46		46		—		—
Deutsche Bank Securities, Inc.		51		51		—		—
National Bank Financial		51		51		—		—
RBC Dominion Securities, Inc.		51		51		—		—
	$	250	$	250	$	—	$	—
Large-Cap Strategy Fund
Bank of America Securities, Inc.	$	449,539	$	449,539	$	—	$	—
BNP Paribas SA		449,539		449,539		—		—
Deutsche Bank Securities, Inc.		449,539		449,539		—		—
HSBC Securities USA, Inc.		178,351		178,351		—		—
RBC Dominion Securities, Inc.		449,539		449,539		—		—
Truist Securities, Inc.		449,539		449,539		—		—
	$	2,426,046	$	2,426,046	$	—	$	—

⁽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. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Distributions received from real estate investment trusts (“REITS”) are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management’s estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the

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

NOTES TO FINANCIAL STATEMENTS (continued) 26

amounts are determined. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis and includes proceeds from litigation, if any. Withholding taxes and, where appropriate, deferred withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

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

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

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

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

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

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

At October 31, 2022, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of Securities on Loan		Cash Collateral Received(1)		Net Exposure(2)
Large-Cap Strategy Fund		$2,346,353		$2,346,353		$—

⁽¹⁾  Collateral with a value of $2,426,046 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

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

3. FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the six months ended October 31, 2022.

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

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

27 NOTES TO FINANCIAL STATEMENTS (continued)

As of October 31, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost	Tax Unrealized             Appreciation	Tax Unrealized       Depreciation	Net Tax             Unrealized             Appreciation/             (Depreciation)
Enhanced Dividend Income Strategy Fund	$  31,612,488	$    5,236,029	$  (1,191,373)	$  4,044,656
Large-Cap Strategy Fund	185,808,737	323,545,326	(18,430,010)	305,115,316

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%

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

The contractual expense limitations are as follows:

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

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

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

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2022, neither WFMC nor BNYM waived any administrative fees.

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

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

NOTES TO FINANCIAL STATEMENTS (continued) 28

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

For the six months ended October 31, 2022, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

Fund	Distribution     Fees       from Class A
Enhanced Dividend Income Strategy Fund	$372

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

For the six months ended October 31, 2022, M&T did not receive any sales charges on the sale of Class A shares.

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

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

For the six months ended October 31, 2022, M&T did not receive any shareholder service fees from the Funds.

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

BNYM provides custody services to the Trust.

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

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

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

Fund/   Affiliated Investment   Name	Value 4/30/22		Purchases		Sales		Net Realized   Gain/(Loss)		Net Change in Unrealized Appreciation/   Depreciation	Value   10/31/22		Number of   Shares 10/31/22		Dividend   Income		Capital Gain   Distributions
Large-Cap Strategy Fund
Common Stock - 0.0%*
M&T Bank Corp.		$387,105		$—		$—		$—	$4,018		$391,123		2,323		$5,575		$—

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

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

Fund	Commissions
Large-Cap Strategy Fund	$7,351

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

29 NOTES TO FINANCIAL STATEMENTS (concluded)

5. INVESTMENT TRANSACTIONS

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

Fund	Purchases		Sales
Enhanced Dividend Income Strategy Fund		$ 1,583,440		$ 1,557,209
Large-Cap Strategy Fund		37,398,671		69,534,108

6. MARKET RISK IN GENERAL

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

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

7. CONTRACTUAL OBLIGATIONS

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

8. LINE OF CREDIT

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

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

9. SUBSEQUENT EVENTS

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

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

30

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 14-15, 2022 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 25, 2022, the Board held a special meeting (the “August Meeting”) with personnel of the Adviser and Counsel to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with WFMC and with WTIA and the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

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

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

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

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

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

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

• The prospects for satisfactory investment performance were reasonable; and

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

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

31 Semi-Annual Report

Wilmington Enhanced Dividend Income Strategy Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund achieved total return performance above the peer group average for the one-year period, and below the peer group average for the three- and five-year periods, ended June 30, 2022, and that the Fund’s performance since transitioning to its current strategy in November 2021 is strong.

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

Wilmington Large-Cap Strategy Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the three- and five-year periods, and below the peer group average for the one-year period, ended June 30, 2022.

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

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

32

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.

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

33

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

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

Information Collected by the Funds

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

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

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

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

Information Sharing Policy

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

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

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

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

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

Information Security

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

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

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

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

34

Employee Access to Information

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

Visiting the Funds’ Website

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

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

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

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

E-mail

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

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

What You Can Do

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

Surveys/Aggregate Data

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

Changes to Our Privacy Statement

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

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

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

[This Page Intentionally Left Blank]

[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 19890	Wilmington, DE 19809
	Independent Registered Public Accounting Firm
Co-Administrator	PricewaterhouseCoopers LLP
Wilmington Funds Management Corp.	Two Commerce Square
1100 North Market Street	2001 Market Street, Suite 1800
9th Floor	Philadelphia, PA 19103
Wilmington, DE 19890
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

WT-SAR-EQ-1022

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

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

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

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”)

CONTENTS

President’s Message	i
Shareholder Expense Example	1
Portfolios of Investments	2
Statements of Assets and Liabilities	23
Statements of Operations	24
Statements of Changes in Net Assets	25
Financial Highlights	27
Notes to Financial Statements	30
Discussion of Renewal of Advisory and Sub-Advisory Agreements	37
Other Information.	39

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

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

The economy and financial markets in review

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

The economy

The semi-annual fiscal period between May and October was turbulent. At the onset of the period, inflation concerns rattled investors as U.S. Consumer Price Index (“CPI”) accelerated in May to 8.6% and again in June, making a new cycle high of 9.1% and reaching its highest level in 40-years. U.S. consumers felt pain at the gas pump as the national average for a gallon of gasoline topped $5 in mid-June and consumer sentiment reached its lowest level on record. However, job growth in the U.S. remained strong with nearly 400,000 net new jobs added per month for the first three months of the period (May-July). The strong job reports stoked investor fears that the Federal Reserve (the “Fed”) would hike rates more aggressively due to the underlying strength of the labor market. Fears were warranted as the Fed hiked interest rates by 150 basis points¹ in just a six-week period, the most since 1982. At the same time, the U.S. posted a second consecutive quarter of negative Gross Domestic Product “GDP” (-0.9% quarter-on-quarter, for Q2) marking a “technical recession”.

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

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

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

Bond markets

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

PRESIDENT’S MESSAGE / October 31, 2022 (unaudited)

ii

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows: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
-6.34%	-6.86%	-7.57%	-4.43%	-4.69%

Past performance is no guarantee of future results.

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

Equity markets

Equity markets were down across the board during the period with U.S. small cap stocks the outperformer of the group. Overall, it was a tumultuous period for all indices. The S&P 500 made sharp moves in both directions rallying 17.4% through the summer followed by a subsequent drop of 16.7% around Powell’s Jackson Hole speech. The two corporate earnings seasons during the period were both better than expected with the energy sector masking much of the weakness in equities. Mega cap tech stocks were hit hard by higher interest rates and lower ad spending revenue. Firms like Meta, Google and Amazon made headlines by announcing plans to reduce headcount. The Russell 1000 Value Index⁸ outperformed its counterpart the Russell 1000 Growth Index⁹, declining 3.2% versus a -8.2% return for Growth. Economic weakness in Europe and China led the MSCI EAFE and MSCI Emerging Markets lower with both indices underperforming significantly.

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

S&P 500®             Index10	Russell 2000® Index11	MSCI EAFE (Net) Index12	MSCI Emerging              Markets (Net) Index13
-5.50%	-0.20%	-12.70%	-19.66%

Past performance is no guarantee of future results.

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

Sincerely,

Eric W. Taylor

President

November 18, 2022

October 31, 2022 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PRESIDENT’S MESSAGE / October 31, 2022 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

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

	Beginning Account Value 5/01/22		Ending Account Value 10/31/22		Expenses Paid During  Period(1)		Annualized Net Expense Ratio
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A		$1,000.00		$   933.00		$3.75		0.77%(2)
Class I		$1,000.00		$   934.40		$2.10		0.43%(2)
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,021.32		$3.92		0.77%(2)
Class I		$1,000.00		$1,023.04		$2.19		0.43%(2)
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$   969.40		$3.67		0.74%
Class I		$1,000.00		$   969.90		$2.43		0.49%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,021.48		$3.77		0.74%
Class I		$1,000.00		$1,022.74		$2.50		0.49%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$   969.10		$4.07		0.82%
Class I		$1,000.00		$   970.40		$2.83		0.57%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,021.07		$4.18		0.82%
Class I		$1,000.00		$1,022.33		$2.91		0.57%

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

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

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

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

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

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

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

⁽¹⁾  Represents less than 0.05%.

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

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

October 31, 2022 (unaudited)

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 612514, (12 Month USD LIBOR + 1.72%, Cap 9.04%, Floor 1.72%), 3.47%, 05/01/33Δ	$	5,731	$	5,826
TOTAL ADJUSTABLE RATE MORTGAGE (COST $5,724)			$	5,826
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Series 2005-29, Class WC, 4.75%, 04/25/35		7,196		7,136
WHOLE LOAN – 0.0%**
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.63%, 02/25/34Δ		26,469		26,877
CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 06/01/23		4,638		4,656
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.70%, 11/25/35Δ		15,398		14,732
TOTAL WHOLE LOAN			$	46,265
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $53,346)			$	53,401

Description	Par Value		Value
CORPORATE BONDS – 46.0%
AEROSPACE & DEFENSE – 2.3%
Boeing Co. (The), Sr. Unsecured
1.17%, 02/04/23	$	250,000	$	246,797
1.95%, 02/01/24		3,050,000		2,913,625
1.43%, 02/04/24		2,500,000		2,370,121
2.75%, 02/01/26		2,000,000		1,804,710
3.20%, 03/01/29		150,000		125,180
L3Harris Technologies, Inc., Sr. Unsecured,
2.90%, 12/15/29		835,000		695,386
Northrop Grumman Corp., Sr. Unsecured
2.93%, 01/15/25		1,000,000		953,505
4.03%, 10/15/47		1,765,000		1,387,915
Raytheon Technologies Corp., Sr. Unsecured,
3.50%, 03/15/27		1,600,000		1,501,609
TOTAL AEROSPACE & DEFENSE			$	11,998,848
AUTOMOTIVE – 2.3%
Ford Motor Credit Co. LLC, Sr. Unsecured
3.37%, 11/17/23		1,000,000		967,746
5.58%, 03/18/24		1,250,000		1,234,777
5.13%, 06/16/25		1,500,000		1,450,958
2.90%, 02/16/28		250,000		203,472

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

3 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
General Motors Co., Sr. Unsecured
5.40%, 10/02/23	$	335,000	$	333,616
6.25%, 10/02/43		1,000,000		878,580
General Motors Financial Co., Inc., Sr. Unsecured
1.05%, 03/08/24		100,000		93,668
2.90%, 02/26/25		230,000		214,228
1.25%, 01/08/26		1,000,000		856,001
1.50%, 06/10/26		3,000,000		2,522,679
Mercedes-Benz Finance North America LLC, Company Guaranteed,
0.75%, 03/01/24W		3,000,000		2,824,959
TOTAL AUTOMOTIVE			$	11,580,684
BEVERAGES – 0.6%
Anheuser-Busch Cos. LLC, Company Guaranteed,
4.90%, 02/01/46		1,125,000		971,863
Keurig Dr. Pepper, Inc., Company Guaranteed
0.75%, 03/15/24		1,490,000		1,404,341
3.20%, 05/01/30		775,000		654,069
TOTAL BEVERAGES			$	3,030,273
BIOTECHNOLOGY – 0.1%
Amgen, Inc., Sr. Unsecured,
2.25%, 08/19/23		225,000		220,125
BUILDING PRODUCTS – 0.2%
Carrier Global Corp., Sr. Unsecured
2.24%, 02/15/25		418,000		388,579
2.49%, 02/15/27		56,000		49,370
Johnson Controls International PLC, Sr. Unsecured
3.63%, 07/02/24ÿ		373,000		362,599
4.63%, 07/02/44		100,000		80,434
TOTAL BUILDING PRODUCTS			$	880,982
CAPITAL MARKETS – 3.2%
Bank of New York Mellon Corp. (The), Subordinated, MTN,
3.00%, 10/30/28		775,000		667,703
Credit Suisse AG, Sr. Unsecured,
0.50%, 02/02/24		3,000,000		2,743,759
Goldman Sachs Group, Inc. (The), Sr. Unsecured
(3 Month USD LIBOR + 1.20%), 3.27%, 09/29/25Δ		1,010,000		959,037
(3 Month USD LIBOR + 1.51%), 3.69%, 06/05/28Δ		2,080,000		1,869,850
(SOFR + 1.25%), 2.38%, 07/21/32Δ		1,115,000		832,432
Morgan Stanley, Sr. Unsecured
(SOFR + 0.62%), 0.73%, 04/05/24Δ		2,250,000		2,190,989
(SOFR + 0.72%), 0.99%, 12/10/26Δ		175,000		149,650
Morgan Stanley, Sr. Unsecured, MTN
(SOFR + 0.46%), 0.53%, 01/25/24Δ		3,000,000		2,956,245
3.13%, 07/27/26		340,000		310,065
(SOFR + 3.12%), 3.62%, 04/01/31Δ		890,000		761,656
Morgan Stanley, Subordinated, GMTN,
4.35%, 09/08/26		505,000		479,853

Description	Par Value		Value
Toronto-Dominion Bank (The), Sr. Unsecured, GMTN,
3.25%, 03/11/24	$	275,000	$	267,361
U.S. Bancorp, Sr. Unsecured, (SOFRRATE + 2.09%),
5.85%, 10/21/33Δ		2,400,000		2,409,427
TOTAL CAPITAL MARKETS			$	16,598,027
CHEMICALS – 0.6%
Nutrien Ltd., Sr. Unsecured,
1.90%, 05/13/23		2,000,000		1,965,366
Sherwin-Williams Co. (The), Sr. Unsecured,
2.20%, 03/15/32#		1,480,000		1,124,273
TOTAL CHEMICALS			$	3,089,639
COMMERCIAL SERVICES & SUPPLIES – 0.7%
Global Payments, Inc., Sr. Unsecured
3.75%, 06/01/23		2,570,000		2,544,479
2.65%, 02/15/25		275,000		254,950
2.90%, 05/15/30		1,000,000		796,789
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,596,218
COMPUTERS – 0.6%
Apple, Inc., Sr. Unsecured,
0.70%, 02/08/26		110,000		96,500
Hewlett Packard Enterprise Co., Sr. Unsecured
2.25%, 04/01/23		3,000,000		2,965,134
1.45%, 04/01/24		150,000		142,047
TOTAL COMPUTERS			$	3,203,681
COSMETICS/PERSONAL CARE – 0.2%
GSK Consumer Healthcare Capital U.S. LLC, Company Guaranteed,
3.02%, 03/24/24W		1,000,000		965,451
DIVERSIFIED FINANCIAL SERVICES – 6.4%
American Express Co., Sr. Unsecured,
3.13%, 05/20/26		150,000		138,626
Bank of America Corp., Sr. Unsecured, MTN
(SOFR + 1.15%), 1.32%, 06/19/26Δ		250,000		220,848
3.25%, 10/21/27		1,095,000		976,762
(SOFR + 1.88%), 2.83%, 10/24/51Δ		250,000		147,219
Bank of America Corp., Subordinated, MTN,
4.25%, 10/22/26		1,000,000		946,895
Capital One Financial Corp., Sr. Unsecured
2.60%, 05/11/23		1,470,000		1,450,389
3.90%, 01/29/24		250,000		244,593
Citigroup, Inc., Sr. Unsecured, (SOFR + 0.77%),
1.12%, 01/28/27Δ		2,750,000		2,337,184
Citigroup, Inc., Subordinated,
4.13%, 07/25/28		1,900,000		1,713,429
Fifth Third Bancorp, Sr. Unsecured,
2.55%, 05/05/27		780,000		682,869
Fifth Third Bancorp, Subordinated,
4.30%, 01/16/24		780,000		768,898
FMR LLC, Sr. Unsecured,
6.45%, 11/15/39W		1,000,000		995,116
Huntington Bancshares, Inc., Sr. Unsecured,
2.63%, 08/06/24		4,325,000		4,125,767

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

PORTFOLIOS OF INVESTMENTS 4

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Huntington Bancshares, Inc., Subordinated,
4.35%, 02/04/23	$	150,000	$	149,485
JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month USD LIBOR + 1.00%),
3.91%, 05/15/47Δ		1,000,000		777,325
JPMorgan Chase & Co., Sr. Unsecured
(SOFR + 0.92%), 2.60%, 02/24/26Δ		6,000,000		5,570,745
(SOFR + 1.59%), 2.01%, 03/13/26Δ		150,000		136,797
KeyBank NA, Sr. Unsecured, BKNT,
1.25%, 03/10/23#		2,000,000		1,973,272
KeyCorp., Sr. Unsecured, MTN, (SOFR + 1.25%),
3.88%, 05/23/25Δ		1,980,000		1,923,068
PNC Bank NA, Subordinated, BKNT
2.95%, 01/30/23		350,000		348,742
2.70%, 10/22/29		1,125,000		909,993
PNC Financial Services Group, Inc. (The), Sr. Unsecured,
3.45%, 04/23/29		100,000		87,695
PNC Financial Services Group, Inc. (The), Subordinated,
3.90%, 04/29/24		1,700,000		1,664,544
Truist Bank, Sr. Unsecured, BKNT,
3.20%, 04/01/24		175,000		169,904
Truist Bank, Subordinated, BKNT
3.63%, 09/16/25		250,000		236,729
3.80%, 10/30/26		1,000,000		930,861
2.25%, 03/11/30		1,850,000		1,441,291
Wells Fargo & Co., Sr. Unsecured, (SOFR + 2.00%),
2.19%, 04/30/26Δ		1,170,000		1,064,206
Wells Fargo & Co., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.75%),
2.16%, 02/11/26Δ		140,000		128,768
Wells Fargo & Co., Subordinated, MTN,
4.40%, 06/14/46		1,000,000		741,142
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	33,003,162
ELECTRIC – 2.9%
American Electric Power Co., Inc., Series M, Sr. Unsecured,
0.75%, 11/01/23		1,870,000		1,785,245
Dominion Energy, Inc., Series A, Sr. Unsecured,
1.45%, 04/15/26		1,950,000		1,704,152
DTE Energy Co., Series H, Sr. Unsecured,
0.55%, 11/01/22		1,500,000		1,499,733
Entergy Arkansas LLC, 1st Mortgage,
4.95%, 12/15/44		1,000,000		860,545
Entergy Corp., Sr. Unsecured,
0.90%, 09/15/25		1,000,000		876,076
Exelon Corp., Sr. Unsecured,
4.70%, 04/15/50		2,000,000		1,615,963
FirstEnergy Corp., Series A, Sr. Unsecured,
1.60%, 01/15/26		1,250,000		1,089,675
FirstEnergy Corp., Series B, Sr. Unsecured,
4.40%, 07/15/27		800,000		755,000
NextEra Energy Capital Holdings, Inc., Company Guaranteed,
0.65%, 03/01/23		2,305,000		2,265,200

Description	Par Value		Value
Southern Co. (The), Series 21-B, Sr. Unsecured,
1.75%, 03/15/28	$	40,000	$	32,533
System Energy Resources, Inc., 1st Mortgage,
4.10%, 04/01/23		500,000		497,119
Union Electric Co., 1st Mortgage,
3.50%, 03/15/29		220,000		197,875
WEC Energy Group, Inc., Sr. Unsecured
1.38%, 10/15/27		750,000		614,703
1.80%, 10/15/30		1,150,000		871,022
TOTAL ELECTRIC			$	14,664,841
ENTERTAINMENT – 0.7%
Magallanes, Inc., Company Guaranteed,
5.14%, 03/15/52W		5,000,000		3,500,685
FOOD & STAPLES RETAILING – 1.9%
Campbell Soup Co., Sr. Unsecured
3.65%, 03/15/23		3,000,000		2,982,730
3.30%, 03/19/25		2,050,000		1,954,666
Conagra Brands, Inc., Sr. Unsecured
1.38%, 11/01/27		200,000		161,959
5.40%, 11/01/48#		665,000		575,210
Kroger Co. (The), Sr. Unsecured,
3.95%, 01/15/50		1,000,000		732,096
McCormick & Co., Inc., Sr. Unsecured,
0.90%, 02/15/26		3,050,000		2,631,726
Mondelez International Holdings Netherlands BV, Company Guaranteed,
0.75%, 09/24/24W		860,000		786,326
TOTAL FOOD & STAPLES RETAILING			$	9,824,713
GAS – 0.2%
Southern Co. Gas Capital Corp., Company Guaranteed,
3.95%, 10/01/46		1,425,000		1,010,505
HEALTHCARE-PRODUCTS – 1.0%
DH Europe Finance II Sarl, Company Guaranteed,
2.20%, 11/15/24		2,330,000		2,200,876
Thermo Fisher Scientific, Inc., Sr. Unsecured,
0.80%, 10/18/23		1,775,000		1,703,811
Zimmer Biomet Holdings, Inc., Sr. Unsecured,
1.45%, 11/22/24		1,480,000		1,365,090
TOTAL HEALTHCARE-PRODUCTS			$	5,269,777
HEALTHCARE-SERVICES – 1.3%
CommonSpirit Health, Sr. Secured
2.76%, 10/01/24		3,140,000		2,981,971
3.35%, 10/01/29		150,000		125,967
Elevance Health, Inc., Sr. Unsecured,
3.65%, 12/01/27		1,650,000		1,525,544
NYU Langone Hospitals, Series 2020, Secured,
3.38%, 07/01/55		1,000,000		634,650
UnitedHealth Group, Inc., Sr. Unsecured
2.95%, 10/15/27		1,350,000		1,224,893
3.95%, 10/15/42		290,000		227,951
TOTAL HEALTHCARE-SERVICES			$	6,720,976

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

5 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
HOME FURNISHINGS – 0.2%
Whirlpool Corp., Sr. Unsecured,
4.60%, 05/15/50#	$	1,405,000	$	1,015,417
INSURANCE – 2.2%
American International Group, Inc., Sr. Unsecured,
4.20%, 04/01/28		1,000,000		927,497
Aon Corp., Company Guaranteed,
2.20%, 11/15/22		3,500,000		3,496,682
Aon Global Ltd., Company Guaranteed,
4.00%, 11/27/23		1,700,000		1,679,729
Berkshire Hathaway Finance Corp., Company Guaranteed,
4.30%, 05/15/43		425,000		351,379
CNA Financial Corp., Sr. Unsecured
7.25%, 11/15/23		200,000		203,796
3.95%, 05/15/24		950,000		925,188
Lincoln National Corp., Sr. Unsecured,
3.63%, 12/12/26		1,380,000		1,284,666
Principal Life Global Funding II, Secured,
1.63%, 11/19/30W		250,000		184,089
W.R. Berkley Corp., Sr. Unsecured
4.75%, 08/01/44		1,715,000		1,415,303
4.00%, 05/12/50		1,425,000		1,023,881
TOTAL INSURANCE			$	11,492,210
INTERNET – 0.1%
Amazon.com, Inc., Sr. Unsecured
1.20%, 06/03/27#		100,000		85,134
3.25%, 05/12/61		1,000,000		641,408
TOTAL INTERNET			$	726,542
MACHINERY – 0.0%**
Caterpillar Financial Services Corp., Sr. Unsecured,
0.65%, 07/07/23		50,000		48,580
MEDIA – 1.1%
CCO Holdings LLC, Sr. Unsecured,
4.25%, 02/01/31W		3,000,000		2,388,750
Discovery Communications LLC, Company Guaranteed
3.95%, 03/20/28		1,000,000		868,479
3.63%, 05/15/30#		1,000,000		807,336
Paramount Global, Sr. Unsecured
4.60%, 01/15/45		1,100,000		736,258
4.95%, 05/19/50		1,185,000		828,423
TOTAL MEDIA			$	5,629,246
MINING – 0.2%
Barrick Gold Corp., Sr. Unsecured,
5.25%, 04/01/42		1,000,000		886,277
MISCELLANEOUS MANUFACTURING – 0.4%
Textron, Inc., Sr. Unsecured
3.88%, 03/01/25		750,000		725,675
2.45%, 03/15/31		2,000,000		1,542,260
TOTAL MISCELLANEOUS MANUFACTURING			$	2,267,935

Description	Par Value		Value
OIL & GAS – 2.2%
Canadian Natural Resources Ltd., Sr. Unsecured,
2.95%, 01/15/23	$	3,000,000	$	2,987,584
Marathon Petroleum Corp., Sr. Unsecured,
3.63%, 09/15/24		745,000		720,156
Phillips 66, Company Guaranteed
0.90%, 02/15/24		1,065,000		1,007,592
3.85%, 04/09/25		575,000		556,216
Pioneer Natural Resources Co., Sr. Unsecured
0.55%, 05/15/23		1,035,000		1,010,042
1.13%, 01/15/26		1,000,000		871,853
1.90%, 08/15/30		1,940,000		1,495,724
2.15%, 01/15/31		1,000,000		775,945
Valero Energy Corp., Sr. Unsecured
2.15%, 09/15/27		1,800,000		1,549,639
4.90%, 03/15/45#		563,000		468,181
TOTAL OIL & GAS			$	11,442,932
PHARMACEUTICALS – 2.8%
AbbVie, Inc., Sr. Unsecured
3.75%, 11/14/23		150,000		148,133
2.95%, 11/21/26		1,875,000		1,710,755
4.25%, 11/14/28		1,235,000		1,163,723
4.40%, 11/06/42		460,000		377,674
4.88%, 11/14/48		1,000,000		859,746
4.25%, 11/21/49		1,000,000		783,051
AstraZeneca Finance LLC, Company Guaranteed,
1.75%, 05/28/28		500,000		418,720
AstraZeneca PLC, Sr. Unsecured,
0.70%, 04/08/26		100,000		86,248
Becton Dickinson and Co., Sr. Unsecured,
1.96%, 02/11/31		100,000		76,808
Bristol-Myers Squibb Co., Sr. Unsecured
2.75%, 02/15/23		1,565,000		1,558,428
3.40%, 07/26/29		310,000		282,138
Cardinal Health, Inc., Sr. Unsecured
3.20%, 03/15/23		350,000		347,417
4.50%, 11/15/44		650,000		485,497
Cigna Corp., Company Guaranteed
3.75%, 07/15/23		272,000		269,202
4.80%, 07/15/46		1,000,000		832,683
Cigna Corp., Sr. Unsecured,
2.38%, 03/15/31		250,000		198,240
CVS Health Corp., Sr. Unsecured
1.30%, 08/21/27		145,000		120,500
1.88%, 02/28/31#		2,000,000		1,515,735
Elanco Animal Health, Inc., Sr. Unsecured,
6.40%, 08/28/28		2,000,000		1,822,696
Pfizer, Inc., Sr. Unsecured,
2.63%, 04/01/30		650,000		554,688
Zoetis, Inc., Sr. Unsecured
3.00%, 09/12/27		125,000		112,126
3.95%, 09/12/47		1,005,000		765,335
TOTAL PHARMACEUTICALS			$	14,489,543

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

PORTFOLIOS OF INVESTMENTS 6

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
PIPELINES – 3.4%
Enbridge, Inc., Company Guaranteed
(SOFR + 0.40%), 3.13%, 02/17/23Δ	$	1,000,000	$	998,361
0.55%, 10/04/23		1,540,000		1,468,327
(SOFR + 0.63%), 3.34%, 02/16/24Δ		3,000,000		2,968,885
Energy Transfer LP, Sr. Unsecured
3.60%, 02/01/23		870,000		866,356
3.75%, 05/15/30		715,000		609,224
5.30%, 04/15/47		1,250,000		978,340
Enterprise Products Operating LLC, Company Guaranteed
4.20%, 01/31/50		1,120,000		828,436
4.95%, 10/15/54		500,000		392,329
Kinder Morgan Energy Partners LP, Company Guaranteed,
5.40%, 09/01/44		1,000,000		838,152
Kinder Morgan, Inc., Company Guaranteed
5.20%, 03/01/48		2,040,000		1,675,403
3.60%, 02/15/51		1,315,000		855,440
MPLX LP, Sr. Unsecured
4.70%, 04/15/48		1,000,000		744,408
4.95%, 03/14/52		1,000,000		772,882
ONEOK Partners LP, Company Guaranteed,
6.20%, 09/15/43		1,000,000		854,786
Plains All American Pipeline LP, Sr. Unsecured,
3.85%, 10/15/23		866,000		850,774
Spectra Energy Partners LP, Company Guaranteed,
3.50%, 03/15/25		670,000		650,616
Williams Cos., Inc. (The), Sr. Unsecured,
3.50%, 10/15/51		1,485,000		958,684
TOTAL PIPELINES			$	17,311,403
REAL ESTATE INVESTMENT TRUSTS – 2.5%
American Tower Corp., Sr. Unsecured
5.00%, 02/15/24		665,000		662,274
3.13%, 01/15/27		1,000,000		892,290
4.05%, 03/15/32#		1,000,000		857,863
3.10%, 06/15/50		1,500,000		883,273
AvalonBay Communities, Inc., Sr. Unsecured, MTN,
3.35%, 05/15/27		1,420,000		1,291,432
Healthcare Realty Holdings LP, Company Guaranteed
3.88%, 05/01/25		1,215,000		1,159,748
3.63%, 01/15/28		1,100,000		954,272
Healthpeak Properties, Inc., Sr. Unsecured
3.25%, 07/15/26		110,000		101,473
2.88%, 01/15/31#		2,350,000		1,883,726
Ventas Realty LP, Company Guaranteed,
4.00%, 03/01/28		250,000		224,964
Welltower, Inc., Sr. Unsecured
3.63%, 03/15/24		250,000		242,870
4.00%, 06/01/25		3,000,000		2,867,004
4.95%, 09/01/48		1,000,000		796,825
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	12,818,014

Description	Par Value		Value
RETAIL – 1.1%
Lowe’s Cos., Inc., Sr. Unsecured,
3.65%, 04/05/29	$	200,000	$	179,721
Nordstrom, Inc., Sr. Unsecured,
5.00%, 01/15/44		1,000,000		635,000
Walgreens Boots Alliance, Inc., Sr. Unsecured
0.95%, 11/17/23		4,880,000		4,664,106
3.20%, 04/15/30#		150,000		125,710
TOTAL RETAIL			$	5,604,537
SEMICONDUCTORS – 0.2%
Micron Technology, Inc., Sr. Unsecured,
2.70%, 04/15/32		1,500,000		1,098,314
SOFTWARE – 0.5%
Roper Technologies, Inc., Sr. Unsecured,
2.00%, 06/30/30		1,345,000		1,021,302
Workday, Inc., Sr. Unsecured,
3.50%, 04/01/27		1,385,000		1,280,055
TOTAL SOFTWARE			$	2,301,357
TELECOMMUNICATIONS – 1.3%
AT&T, Inc., Sr. Unsecured
0.90%, 03/25/24		2,125,000		2,007,918
4.50%, 05/15/35		845,000		727,387
3.55%, 09/15/55		1,423,000		907,667
Verizon Communications, Inc., Sr. Unsecured
2.10%, 03/22/28		50,000		42,033
1.75%, 01/20/31		2,310,000		1,712,156
2.36%, 03/15/32		305,000		230,976
3.40%, 03/22/41		1,515,000		1,074,833
TOTAL TELECOMMUNICATIONS			$	6,702,970
TRANSPORTATION – 1.8%
FedEx Corp., Company Guaranteed,
2.40%, 05/15/31#		2,500,000		1,941,189
Ryder System, Inc., Sr. Unsecured, MTN
3.65%, 03/18/24		1,670,000		1,628,793
2.85%, 03/01/27		2,645,000		2,346,091
Union Pacific Corp., Sr. Unsecured
3.15%, 03/01/24		2,565,000		2,502,905
4.30%, 03/01/49		675,000		542,155
TOTAL TRANSPORTATION			$	8,961,133
TRUCKING & LEASING – 0.8%
GATX Corp., Sr. Unsecured
3.25%, 09/15/26		1,570,000		1,420,705
3.85%, 03/30/27		1,500,000		1,360,180
4.00%, 06/30/30		1,000,000		863,001
5.20%, 03/15/44		640,000		523,069
TOTAL TRUCKING & LEASING			$	4,166,955
TOTAL CORPORATE BONDS (COST $267,230,237)			$	236,121,952
GOVERNMENT AGENCIES – 3.2%
FEDERAL HOME LOAN BANK (FHLB) – 1.3%
3.25%, 11/16/28#		6,960,000		6,560,242

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

7 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.6%
0.38%, 07/21/25#	$	9,250,000	$	8,275,415
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
0.25%, 05/22/23		200,000		195,254
6.25%, 05/15/29		750,000		829,734
7.25%, 05/15/30		400,000		470,350
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,495,338
TOTAL GOVERNMENT AGENCIES (COST $18,382,558)			$	16,330,995
MORTGAGE-BACKED SECURITIES – 22.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 5.7%
Pool C00478, 8.50%, 09/01/26		3,648		3,799
Pool E09010, 2.50%, 09/01/27		217,178		198,045
Pool G18497, 3.00%, 01/01/29		31,401		29,344
Pool C01272, 6.00%, 12/01/31		7,930		8,357
Pool A13990, 4.50%, 10/01/33		8,313		7,962
Pool G01625, 5.00%, 11/01/33		23,085		22,794
Pool A18401, 6.00%, 02/01/34		17,626		17,501
Pool QN1900, 3.00%, 04/01/35		815,321		759,075
Pool G08097, 6.50%, 11/01/35		14,001		15,398
Pool G02296, 5.00%, 06/01/36		56,751		56,213
Pool G02390, 6.00%, 09/01/36		5,404		5,658
Pool G05317, 5.00%, 04/01/37		233,108		230,466
Pool G08193, 6.00%, 04/01/37		10,638		11,392
Pool G03703, 5.50%, 12/01/37		6,203		6,185
Pool G04776, 5.50%, 07/01/38		20,272		20,396
Pool G05500, 5.00%, 05/01/39		214,237		214,513
Pool A93415, 4.00%, 08/01/40		257,939		242,651
Pool A93505, 4.50%, 08/01/40		346,360		336,922
Pool A93996, 4.50%, 09/01/40		254,957		248,022
Pool G06222, 4.00%, 01/01/41		413,397		388,792
Pool A97047, 4.50%, 02/01/41		259,722		251,995
Pool G06956, 4.50%, 08/01/41		260,523		252,762
Pool C03750, 3.50%, 02/01/42		110,901		100,648
Pool C03849, 3.50%, 04/01/42		60,364		53,495
Pool Q08305, 3.50%, 05/01/42		454,945		412,833
Pool C04305, 3.00%, 11/01/42		1,238,254		1,091,468
Pool C09020, 3.50%, 11/01/42		886,189		804,272
Pool G07266, 4.00%, 12/01/42		753,218		695,531
Pool C04444, 3.00%, 01/01/43		39,463		34,402
Pool C09029, 3.00%, 03/01/43		164,710		142,569
Pool G08534, 3.00%, 06/01/43		203,544		176,192
Pool Q19476, 3.50%, 06/01/43		338,369		303,495
Pool C09044, 3.50%, 07/01/43		390,594		350,402
Pool G07889, 3.50%, 08/01/43		357,823		330,111
Pool G07624, 4.00%, 12/01/43		346,905		332,609
Pool G60038, 3.50%, 01/01/44		1,906,797		1,731,989
Pool G07680, 4.00%, 04/01/44		628,941		577,384
Pool G07943, 4.50%, 08/01/44		35,742		34,240
Pool G08607, 4.50%, 09/01/44		232,824		222,945
Pool Q33547, 3.50%, 05/01/45		300,487		266,198
Pool Q36970, 4.00%, 10/01/45		142,690		133,552
Pool G60384, 4.50%, 12/01/45		22,755		21,905
Pool Q39644, 3.50%, 03/01/46		906,323		815,494
Pool Q39438, 4.00%, 03/01/46		909,464		849,199

Description	Par Value		Value
Pool G08705, 3.00%, 05/01/46	$	82,749	$	72,541
Pool G08708, 4.50%, 05/01/46		153,563		146,211
Pool ZS4671, 3.00%, 08/01/46		535,626		469,059
Pool Q44452, 3.00%, 11/01/46		773,957		678,411
Pool ZS4693, 3.00%, 12/01/46		1,476,638		1,293,073
Pool SD8037, 2.50%, 01/01/50		2,925,636		2,420,081
Pool RA2341, 2.50%, 04/01/50		2,555,959		2,101,209
Pool SD8104, 1.50%, 11/01/50		2,533,672		1,879,565
Pool RA4349, 2.50%, 01/01/51		1,289,843		1,062,991
Pool SD8141, 2.50%, 04/01/51		1,187,986		975,825
Pool SD8190, 3.00%, 01/01/52		2,325,955		1,976,998
Pool QE2363, 3.50%, 05/01/52		3,965,901		3,491,460
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	29,376,599
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.1%
Pool 975207, 5.00%, 03/01/23		685		671
Pool AE2520, 3.00%, 01/01/26		152,615		141,243
Pool 329794, 7.00%, 02/01/26		1,843		1,771
Pool 256639, 5.00%, 02/01/27		11,207		11,149
Pool 256752, 6.00%, 06/01/27		13,522		13,744
Pool 257007, 6.00%, 12/01/27		12,512		12,718
Pool 402255, 6.50%, 12/01/27		396		404
Pool AB8997, 2.50%, 04/01/28		60,760		56,062
Pool AS4480, 2.50%, 02/01/30		323,042		296,061
Pool AS7462, 2.50%, 06/01/31		152,358		140,807
Pool 254007, 6.50%, 10/01/31		4,460		4,532
Pool 254240, 7.00%, 03/01/32		12,962		13,091
Pool 638023, 6.50%, 04/01/32		35,999		38,076
Pool 642345, 6.50%, 05/01/32		20,704		21,900
Pool 651292, 6.50%, 07/01/32		46,506		49,195
Pool 686398, 6.00%, 03/01/33		83,998		89,280
Pool BP6496, 2.00%, 07/01/35		863,052		755,994
Pool MA4095, 2.00%, 08/01/35		1,070,670		937,830
Pool 745412, 5.50%, 12/01/35		16,719		17,144
Pool 888789, 5.00%, 07/01/36		87,657		90,631
Pool 256515, 6.50%, 12/01/36		6,321		6,917
Pool AE0217, 4.50%, 08/01/40		41,634		39,724
Pool AB1796, 3.50%, 11/01/40		254,419		228,959
Pool AH5583, 4.50%, 02/01/41		112,109		108,661
Pool 890551, 4.50%, 08/01/41		26,964		26,113
Pool AL0658, 4.50%, 08/01/41		156,694		151,844
Pool AL1319, 4.50%, 10/01/41		187,257		178,073
Pool AL6302, 4.50%, 10/01/41		270,032		261,725
Pool AX5302, 4.00%, 01/01/42		474,466		445,824
Pool AK4523, 4.00%, 03/01/42		525,799		494,130
Pool AL2034, 4.50%, 04/01/42		74,054		70,411
Pool AB7936, 3.00%, 02/01/43		744,822		655,026
Pool AL3761, 4.50%, 02/01/43		76,377		72,625
Pool MA1458, 3.00%, 06/01/43		164,072		141,877
Pool AT7899, 3.50%, 07/01/43		1,122,453		991,112
Pool AS0302, 3.00%, 08/01/43		1,750,518		1,513,593
Pool AU4279, 3.00%, 09/01/43		358,646		310,130
Pool AL5537, 4.50%, 04/01/44		126,053		122,381
Pool AS3155, 4.00%, 08/01/44		17,301		16,186
Pool AX0833, 3.50%, 09/01/44		313,530		278,108
Pool AL6325, 3.00%, 10/01/44		1,126,891		975,826
Pool AS5136, 4.00%, 06/01/45		109,258		100,207

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

PORTFOLIOS OF INVESTMENTS 8

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Pool AZ7362, 4.00%, 11/01/45	$	302,145	$	282,522
Pool AZ9565, 3.50%, 12/01/45		431,529		392,309
Pool BC0326, 3.50%, 12/01/45		359,296		326,659
Pool BC0245, 3.00%, 02/01/46		229,026		198,514
Pool BC0830, 3.00%, 04/01/46		339,177		293,988
Pool AS7568, 4.50%, 07/01/46		49,076		47,036
Pool BC4764, 3.00%, 10/01/46		457,071		396,178
Pool MA2771, 3.00%, 10/01/46		136,466		118,293
Pool AS8276, 3.00%, 11/01/46		462,648		401,027
Pool BC9003, 3.00%, 11/01/46		478,153		414,453
Pool BE1899, 3.00%, 11/01/46		1,894,355		1,641,584
Pool BE3767, 3.50%, 07/01/47		427,850		383,297
Pool BH2618, 3.50%, 08/01/47		119,996		107,496
Pool MA3088, 4.00%, 08/01/47		371,485		344,914
Pool BH4010, 4.50%, 09/01/47		397,786		375,598
Pool BH9215, 3.50%, 01/01/48		598,176		535,859
Pool BJ0650, 3.50%, 03/01/48		2,483,069		2,221,004
Pool BJ0639, 4.00%, 03/01/48		144,112		133,729
Pool BJ9169, 4.00%, 05/01/48		682,214		632,965
Pool BK4764, 4.00%, 08/01/48		633,461		587,785
Pool BN1628, 4.50%, 11/01/48		321,737		309,348
Pool BM5334, 3.50%, 01/01/49		581,553		523,660
Pool MA3871, 3.00%, 12/01/49		1,514,097		1,300,313
Pool CA5306, 3.00%, 03/01/50		1,294,120		1,108,996
Pool CA5353, 3.50%, 03/01/50		1,138,559		1,009,087
Pool MA4100, 2.00%, 08/01/50		1,372,642		1,086,498
Pool FM3989, 2.50%, 08/01/50		903,541		745,110
Pool CA6983, 2.00%, 09/01/50		2,462,790		1,960,543
Pool CA7106, 2.00%, 09/01/50		1,541,216		1,226,930
Pool MA4119, 2.00%, 09/01/50		1,029,244		814,668
Pool BQ2999, 2.50%, 10/01/50		2,114,101		1,739,248
Pool CA7383, 3.00%, 10/01/50		1,522,943		1,314,896
Pool CA7734, 2.50%, 11/01/50		1,492,194		1,226,382
Pool FM5297, 3.00%, 11/01/50		1,900,486		1,628,109
Pool MA4208, 2.00%, 12/01/50		1,061,852		840,425
Pool CA8021, 2.50%, 12/01/50		4,199,573		3,458,274
Pool FM5166, 3.00%, 12/01/50		983,009		841,594
Pool BQ4495, 2.00%, 02/01/51		5,746,497		4,538,019
Pool CA8929, 2.00%, 02/01/51		2,764,112		2,186,392
Pool FM6426, 2.00%, 03/01/51		2,469,534		1,971,756
Pool BR7857, 2.50%, 05/01/51		3,754,810		3,083,568
Pool FM7188, 2.50%, 05/01/51		2,760,424		2,289,949
Pool CB0727, 2.50%, 06/01/51		6,606,079		5,433,323
Pool FM8440, 2.50%, 08/01/51		1,491,958		1,226,960
Pool FM9949, 2.00%, 12/01/51		984,590		776,386
Pool FM9871, 2.50%, 12/01/51		6,564,217		5,396,156
Pool BU1416, 3.00%, 01/01/52		2,401,595		2,066,842
Pool FS0982, 3.00%, 03/01/52		1,945,759		1,657,605
Pool FS1571, 2.00%, 04/01/52		3,978,480		3,133,027
Pool CB3334, 3.50%, 04/01/52		6,033,758		5,378,514
Pool BV7245, 4.00%, 05/01/52		6,888,124		6,274,844
Pool MA4644, 4.00%, 05/01/52		1,398,921		1,283,288
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	87,547,675
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23		649		648
Pool 354713, 7.50%, 12/15/23		535		535

Description	Par Value		Value
Pool 354765, 7.00%, 02/15/24	$	2,886	$	2,823
Pool 354827, 7.00%, 05/15/24		1,196		1,193
Pool 385623, 7.00%, 05/15/24		3,428		3,417
Pool 2077, 7.00%, 09/20/25		1,447		1,382
Pool 780825, 6.50%, 07/15/28		19,730		20,125
Pool 2616, 7.00%, 07/20/28		11,687		12,101
Pool 2701, 6.50%, 01/20/29		24,704		25,536
Pool 426727, 7.00%, 02/15/29		3,039		3,045
Pool 503405, 6.50%, 04/15/29		7,907		7,926
Pool 781231, 7.00%, 12/15/30		11,987		12,376
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	91,107
TOTAL MORTGAGE-BACKED SECURITIES (COST $140,238,590)			$	117,015,381
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		1,906,407
TOTAL MUNICIPAL BOND (COST $2,500,000)			$	1,906,407
U.S. TREASURY OBLIGATIONS – 24.1%
U.S. TREASURY BONDS – 6.9%
6.38%, 08/15/27		450,000		488,331
5.25%, 02/15/29		500,000		524,949
6.25%, 05/15/30		500,000		565,520
5.38%, 02/15/31		600,000		650,977
2.00%, 11/15/41		985,000		672,207
2.38%, 02/15/42		2,000,000		1,462,166
3.00%, 05/15/42		500,000		405,419
3.63%, 08/15/43		881,000		781,609
3.75%, 11/15/43		365,000		329,703
3.63%, 02/15/44		2,106,000		1,860,202
3.13%, 08/15/44		6,637,000		5,375,743
3.00%, 11/15/44		2,000,000		1,582,104
2.50%, 02/15/45		2,135,000		1,537,350
3.00%, 05/15/45		2,000,000		1,578,062
2.88%, 08/15/45		300,000		231,176
3.00%, 11/15/45		765,000		602,780
2.50%, 02/15/46		280,000		200,269
3.00%, 02/15/47		1,098,000		863,827
3.00%, 05/15/47		1,695,000		1,333,779
2.75%, 11/15/47		2,235,000		1,677,018
1.25%, 05/15/50		3,300,000		1,700,398
1.38%, 08/15/50		3,000,000		1,598,814
1.63%, 11/15/50		2,500,000		1,430,832
2.00%, 08/15/51		13,255,000		8,355,085
TOTAL U.S. TREASURY BONDS			$	35,808,320
U.S. TREASURY NOTES – 17.2%
1.75%, 05/15/23		1,100,000		1,083,499
2.75%, 05/31/23#		200,000		198,002
0.25%, 06/15/23		250,000		243,443
2.50%, 08/15/23#		450,000		442,508
1.63%, 10/31/23		290,000		281,477
2.00%, 04/30/24		7,195,000		6,918,821

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

9 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
1.75%, 07/31/24	$	1,900,000	$	1,809,615
2.38%, 08/15/24		6,100,000		5,867,046
2.00%, 02/15/25		4,655,000		4,403,944
0.38%, 04/30/25		250,000		226,441
2.13%, 05/15/25		2,800,000		2,642,026
2.00%, 08/15/25		945,000		884,608
2.25%, 11/15/25		730,000		684,865
1.63%, 02/15/26		8,000,000		7,319,225
1.63%, 05/15/26		5,470,000		4,978,960
2.00%, 11/15/26		4,180,000		3,816,138
2.25%, 02/15/27		30,000		27,567
1.13%, 02/28/27#		250,000		218,903
0.50%, 06/30/27		450,000		378,772
3.13%, 08/31/27		15,000,000		14,278,304
2.25%, 11/15/27		300,000		272,674
2.75%, 02/15/28		6,750,000		6,265,008
1.25%, 06/30/28		500,000		425,014
3.13%, 11/15/28		350,000		328,903
2.38%, 05/15/29		2,900,000		2,596,531
1.63%, 08/15/29		5,000,000		4,262,724
1.50%, 02/15/30		5,000,000		4,189,342
0.63%, 05/15/30		550,000		427,397
1.38%, 11/15/31		1,880,000		1,500,724
1.88%, 02/15/32		6,000,000		4,991,142
2.75%, 08/15/32#		7,000,000		6,266,052
TOTAL U.S. TREASURY NOTES			$	88,229,675
TOTAL U.S. TREASURY OBLIGATIONS (COST $144,131,986)			$	124,037,995
	Number of Shares
MONEY MARKET FUND – 2.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^		14,992,810		14,992,810
TOTAL MONEY MARKET FUND (COST $14,992,810)			$	14,992,810
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.1%
MONEY MARKET FUNDS – 1.4%
Blackrock Liquidity Fed Fund, Institutional Shares, 2.87%^		1,500,000		1,500,000
Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07%^		1,730,000		1,730,000
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^		1,800,000		1,800,000

Description	Number of Shares		Value
JPMorgan U.S. Government Money Market Fund, Capital Class, 2.80%^		810,000	$	810,000
Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 2.88%^		1,470,000		1,470,000
TOTAL MONEY MARKET FUNDS     (COST $7,310,000)			$	7,310,000
	Par Value
REPURCHASE AGREEMENTS – 3.7%
Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $4,974,487, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/2032 to 1/01/61; total market value of $5,073,547.	$	4,974,066		4,974,066
Daiwa Capital Markets America, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,908,239, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.63%, maturing 11/1/2022 to 11/01/52; total market value of $3,986,066.		3,907,908		3,907,908
National Bank Financial, 3.09%, dated 10/31/22, due 11/01/22, repurchase price $4,974,493, collateralized by U.S. Treasury Securities, 0.00% to 4.08%, maturing 11/01/22 to 9/09/49; total market value of $5,073,547.		4,974,066		4,974,066
RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $4,974,487, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $5,073,547.		4,974,066		4,974,066
TOTAL REPURCHASE AGREEMENTS     (COST $18,830,106)			$	18,830,106
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $26,140,106)			$	26,140,106
TOTAL INVESTMENTS – 104.5% (COST $613,675,357)			$	536,604,873
COLLATERAL FOR SECURITIES ON LOAN – (5.1%)				(26,140,106	)
OTHER ASSETS LESS LIABILITIES – 0.6%				2,893,952
TOTAL NET ASSETS – 100.0%			$	513,358,719

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

	Level 1			Level 2			Level 3			Total
Investments in Securities
Adjustable Rate Mortgage		$	—		$	5,826		$	—		$	5,826
Collateralized Mortgage Obligations			—			53,401			—			53,401
Corporate Bonds			—			236,121,952			—			236,121,952

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

PORTFOLIOS OF INVESTMENTS 10

Wilmington Broad Market Bond Fund (concluded)

	Level 1			Level 2			Level 3			Total
Government Agencies		$	—		$	16,330,995		$	—		$	16,330,995
Mortgage-Backed Securities			—			117,015,381			—			117,015,381
Municipal Bond			—			1,906,407			—			1,906,407
U.S. Treasury Obligations			—			124,037,995			—			124,037,995
Money Market Funds			22,302,810			—			—			22,302,810
Repurchase Agreements			—			18,830,106			—			18,830,106
Total		$	22,302,810		$	514,302,063		$	—		$	536,604,873

** 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.

^W  Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2022, these liquid restricted securities amounted to $11,645,376, representing 2.27% of total net assets.

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

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

^{^}  7-Day net yield.

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

See Notes which are an integral part of the Financial Statements

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

11

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

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

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

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

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

Description	Number of Shares		Value
EXCHANGE-TRADED FUNDS – 0.9%
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		57,750	$	2,707,320
TOTAL EXCHANGE–TRADED FUNDS (Cost $2,992,729)			$	2,707,320
	Par Value
MUNICIPAL BONDS – 94.1%
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		1,035,112
TOTAL ALABAMA			$	1,035,112

Description	Par Value		Value
ALASKA – 0.6%
HIGHER EDUCATION – 0.6%
University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29	$	1,810,000	$	1,862,112
TOTAL ALASKA			$	1,862,112
ARIZONA – 3.3%
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		123,288
EDUCATION – 1.5%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A) 5.00%, 11/01/26		1,000,000		1,043,363

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

PORTFOLIOS OF INVESTMENTS 12

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
5.00%, 11/01/30	$	1,000,000	$	1,043,149
5.00%, 11/01/32		865,000		892,229
La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 02/15/28		1,500,000		1,514,857
TOTAL EDUCATION			$	4,493,598
MEDICAL – 0.7%
Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A)
5.00%, 09/01/34		1,000,000		1,015,202
5.00%, 09/01/35		725,000		734,930
5.00%, 09/01/36		500,000		503,177
TOTAL MEDICAL			$	2,253,309
UTILITIES – 1.1%
Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36		3,000,000		3,250,480
TOTAL ARIZONA			$	10,120,675
CALIFORNIA – 1.5%
AIRPORT – 0.8%
City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds, (Series B), 5.00%, 05/15/32		800,000		821,705
City of Los Angeles Department of Airports, CA, Revenue Bonds
4.00%, 05/15/35		600,000		554,683
4.00%, 05/15/36		800,000		734,028
4.00%, 05/15/37		500,000		454,257
TOTAL AIRPORT			$	2,564,673
EDUCATION – 0.0%**
Sulphur Springs Union School District, CA, Refunding Bonds, Certificates of Participation, Prerefunded/ETM, (AGM), 6.50%, 12/01/37		5,000		5,130
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		1,008,923
GENERAL OBLIGATIONS – 0.4%
State of California, CA, GO Unlimited, Current Refunding, (AGM), 5.25%, 08/01/32		1,000,000		1,127,126
TOTAL CALIFORNIA			$	4,705,852
COLORADO – 4.3%
AIRPORT – 0.8%
City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31		2,500,000		2,551,633
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		2,149,139

Description	Par Value		Value
MEDICAL – 1.7%
Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62	$	3,000,000	$	3,189,659
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49		2,000,000		2,043,282
TOTAL MEDICAL			$	5,232,941
TRANSPORTATION – 0.5%
E-470 Public Highway Authority, CO, Current Refunding Revenue Bonds, (Series A), 5.00%, 09/01/34		1,300,000		1,375,325
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		1,764,303
TOTAL COLORADO			$	13,073,341
CONNECTICUT – 2.4%
GENERAL OBLIGATIONS – 0.8%
State of Connecticut, CT, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series 2021 A), 3.00%, 01/15/35		2,900,000		2,436,281
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		1,447,683
University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33		1,000,000		1,044,116
TOTAL HIGHER EDUCATION			$	2,491,799
MEDICAL – 0.6%
Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1)
4.00%, 07/01/28		685,000		658,499
4.00%, 07/01/29		500,000		476,659
4.00%, 07/01/30		600,000		565,267
TOTAL MEDICAL			$	1,700,425
TRANSPORTATION – 0.2%
Connecticut State Special Tax Revenue, CT, Highways Improvement Revenue Bonds, (Series A), 5.00%, 05/01/25		625,000		649,897
TOTAL CONNECTICUT			$	7,278,402
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		665,033
5.00%, 10/01/31		875,000		947,692
5.00%, 10/01/32		500,000		539,511
TOTAL GENERAL			$	2,152,236

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

13 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
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	$	2,213,536
TRANSPORTATION – 0.5%
Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,595,030
TOTAL DISTRICT OF COLUMBIA			$	5,960,802
FLORIDA – 4.3%
AIRPORT – 0.3%
Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26		1,000,000		1,033,357
GENERAL OBLIGATIONS – 0.7%
State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		1,978,462
HIGHER EDUCATION – 1.6%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)
5.00%, 04/01/28		750,000		782,260
5.00%, 04/01/30		750,000		779,747
5.00%, 04/01/31		750,000		777,685
5.00%, 04/01/33		750,000		773,040
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,617,042
TOTAL HIGHER EDUCATION			$	4,729,774
HOUSING – 0.3%
Florida Gulf Coast University Financing Corp., FL, Current Refunding Revenue Bonds, (Housing Project), (Series A)
5.00%, 02/01/25		500,000		512,232
5.00%, 02/01/26		500,000		516,333
TOTAL HOUSING			$	1,028,565
WATER – 1.4%
Miami-Dade County, FL, Current Refunding Revenue Bonds, 5.00%, 04/01/27		1,455,000		1,546,747
Miami-Dade County, FL, Water & Sewer System, Advance Refunding Revenue Bonds, (Series B), 5.00%, 10/01/30		2,645,000		2,746,396
TOTAL WATER			$	4,293,143
TOTAL FLORIDA			$	13,063,301
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		2,899,450

Description	Par Value		Value
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	$	1,330,219
TOTAL GEORGIA			$	4,229,669
ILLINOIS – 12.1%
AIRPORT – 0.7%
Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/29		2,250,000		2,258,690
GENERAL – 3.8%
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26		6,295,000		6,772,877
Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31		1,450,000		1,631,721
Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/26		2,000,000		2,064,455
Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28		1,000,000		1,038,609
TOTAL GENERAL			$	11,507,662
GENERAL OBLIGATIONS – 7.1%
Chicago Park District, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series D)
5.00%, 01/01/26		1,250,000		1,260,954
5.00%, 01/01/27		3,455,000		3,484,600
Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A)
5.00%, 01/01/25		3,000,000		3,011,221
5.00%, 01/01/32		3,000,000		2,899,482
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		5,194,623
State of Illinois, IL, GO Unlimited, Current Refunding, (Series A)
5.00%, 10/01/29		2,000,000		2,002,042
5.00%, 10/01/33		1,000,000		985,576
State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28		3,000,000		3,005,249
TOTAL GENERAL OBLIGATIONS			$	21,843,747
TRANSPORTATION – 0.5%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,539,884
TOTAL ILLINOIS			$	37,149,983

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

PORTFOLIOS OF INVESTMENTS 14

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
INDIANA – 2.3%
DEVELOPMENT – 2.1%
Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44	$	6,500,000	$	6,602,103
HOUSING – 0.2%
Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (Series C-2), 4.00%, 01/01/37		500,000		497,611
TOTAL INDIANA			$	7,099,714
KENTUCKY – 2.5%
GENERAL – 2.2%
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 08/01/52		3,000,000		2,748,514
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50		2,000,000		1,891,239
Kentucky State Property & Building Commission, KY, Revenue Bonds, Public Improvements, (Project No. 119), 5.00%, 05/01/25		2,000,000		2,065,604
TOTAL GENERAL			$	6,705,357
HIGHER EDUCATION – 0.3%
Murray State University, KY, Refunding Revenue Bonds, (Series C), (ST INTERCEPT), 4.00%, 09/01/23		880,000		880,511
TOTAL KENTUCKY			$	7,585,868
MARYLAND – 2.1%
AIRPORT – 0.8%
Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B)
5.00%, 08/01/28		730,000		753,040
5.00%, 08/01/29		500,000		515,840
5.00%, 08/01/30		515,000		529,684
5.00%, 08/01/31		650,000		668,350
TOTAL AIRPORT			$	2,466,914
GENERAL OBLIGATIONS – 1.1%
State of Maryland, MD, GO Unlimited, School Improvements, AD Valorem Property Tax, (Series A), 5.00%, 06/01/33		3,000,000		3,353,770
TRANSPORTATION – 0.2%
Maryland State Department of Transportation, MD, Highways Improvement Revenue Bonds, 4.00%, 05/01/30		500,000		511,979
TOTAL MARYLAND			$	6,332,663
MASSACHUSETTS – 2.6%
HIGHER EDUCATION – 0.7%
Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Simmons University), (Series L)

Description	Par Value		Value
5.00%, 10/01/30	$	1,180,000	$	1,212,428
5.00%, 10/01/31		1,000,000		1,021,228
TOTAL HIGHER EDUCATION			$	2,233,656
MEDICAL – 1.2%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33		1,000,000		1,027,415
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Partners Healthcare System), 5.00%, 07/01/33		2,455,000		2,571,481
TOTAL MEDICAL			$	3,598,896
STUDENT LOAN – 0.7%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Issue K), (Series A), 5.00%, 07/01/25		2,200,000		2,247,853
TOTAL MASSACHUSETTS			$	8,080,405
MICHIGAN – 4.6%
GENERAL – 1.8%
Michigan Finance Authority, MI, Revenue Bonds, (Series H-1), 5.00%, 10/01/25		5,215,000		5,356,244
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		2,088,189
Michigan Finance Authority, MI, Advance Refunding Revenue Bonds, (Beaumont Health Credit Group), (Series A), 5.00%, 08/01/31		1,655,000		1,701,596
TOTAL MEDICAL			$	3,789,785
SCHOOL DISTRICT – 1.1%
Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax
4.00%, 05/01/33		1,330,000		1,336,981
4.00%, 05/01/34		1,000,000		1,000,345
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		957,262
TOTAL SCHOOL DISTRICT			$	3,294,588
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		161,111
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34		1,450,000		1,472,392
TOTAL WATER			$	1,633,503
TOTAL MICHIGAN			$	14,074,120

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

15 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description		Par Value		Value
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		$	2,622,957	$	2,181,900
TOTAL MINNESOTA				$	2,181,900
NEBRASKA – 0.6%
HOUSING – 0.6%
Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 09/01/49			1,920,000		1,875,763
TOTAL NEBRASKA				$	1,875,763
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		1,115,300
GENERAL – 3.3%
Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28			950,000		1,014,054
New Jersey Economic Development Authority, NJ, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23			1,305,000		1,321,449
New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24			225,000		229,444
New Jersey Sports & Exposition Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 09/01/24			1,685,000		1,722,480
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System)
5.00%, 12/15/28			2,135,000		2,224,028
5.00%, 12/15/34	��		3,000,000		3,023,910
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32			500,000		511,216
TOTAL GENERAL				$	10,046,581
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		2,063,168
New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Montclair State University), (Series B), 5.00%, 07/01/30			1,000,000		1,031,159
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31			1,000,000		1,014,575
TOTAL HIGHER EDUCATION				$	4,108,902

Description	Par Value		Value
HOUSING – 0.1%
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33	$	400,000	$	362,975
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		267,077
5.00%, 07/15/29		250,000		269,442
5.00%, 07/15/30		250,000		271,317
TOTAL SCHOOL DISTRICT			$	807,836
TOTAL NEW JERSEY			$	16,441,594
NEW YORK – 6.7%
GENERAL – 2.5%
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		3,175,228
New York State Thruway Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 03/15/33		4,000,000		4,425,426
TOTAL GENERAL			$	7,600,654
GENERAL OBLIGATIONS – 0.5%
New York City, NY, GO Unlimited, (Series A), 4.00%, 08/01/37		1,500,000		1,388,621
HIGHER EDUCATION – 0.7%
New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Series C), (NATL), 5.25%, 07/01/30		1,040,000		1,104,128
Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30		990,000		1,039,461
TOTAL HIGHER EDUCATION			$	2,143,589
HOUSING – 0.6%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32		1,660,000		1,758,207
MEDICAL – 0.0%**
New York State Dormitory Authority, NY, Revenue Bonds, (Memorial Sloan-Kettering Cancer Center), (NATL), 5.50%, 07/01/23		15,000		15,222
TRANSPORTATION – 2.4%
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K), 5.00%, 01/01/30		3,000,000		3,087,866
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series)
4.00%, 03/15/30		1,000,000		992,322
5.00%, 09/15/31		2,500,000		2,543,119

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

PORTFOLIOS OF INVESTMENTS 16

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
Port Authority of New York & New Jersey, NY, Revenue Bonds, (85th Series), 5.38%, 03/01/28	$	830,000	$	875,678
TOTAL TRANSPORTATION			$	7,498,985
TOTAL NEW YORK			$	20,405,278
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		4,514,793
TRANSPORTATION – 0.4%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32		1,250,000		1,316,184
TOTAL NORTH CAROLINA			$	5,830,977
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		1,039,752
MEDICAL – 1.4%
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		3,035,000		3,121,269
Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded - Catholic Health Initiatives), Prerefunded/ETM, 5.25%, 05/01/29		10,000		10,141
State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34		1,250,000		1,197,634
TOTAL MEDICAL			$	4,329,044
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		3,211,768
TRANSPORTATION – 0.5%
Ohio Turnpike & Infrastructure Commission, OH, Refunding Revenue Bonds, (Series A), (NATL), 5.50%, 02/15/24		1,355,000		1,378,553
TOTAL OHIO			$	9,959,117
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		1,101,463
TOTAL OREGON			$	1,101,463
PENNSYLVANIA – 7.8%
AIRPORT – 1.0%
Allegheny County Airport Authority, PA, Revenue Bonds, (Series A), 5.00%, 01/01/28		1,500,000		1,536,196

Description	Par Value		Value
Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30	$	1,500,000	$	1,520,169
TOTAL AIRPORT			$	3,056,365
DEVELOPMENT – 0.9%
Pennsylvania Economic Development Financing Authority, PA, Resource Recovery Improvement Revenue Bonds, (Waste Management Inc., Project), (Series A), 1.75%, 08/01/38		3,000,000		2,858,911
HIGHER EDUCATION – 1.6%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,038,961
Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35		1,130,000		1,075,697
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A)
5.00%, 11/01/25		700,000		709,856
5.00%, 11/01/26		350,000		355,443
5.00%, 11/01/27		600,000		609,618
5.00%, 11/01/28		1,100,000		1,116,693
TOTAL HIGHER EDUCATION			$	4,906,268
MEDICAL – 0.8%
Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35		2,500,000		2,557,019
TOBACCO SETTLEMENT – 0.3%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34		1,000,000		1,027,425
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		2,100,173
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		1,148,154
WATER – 2.1%
Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		5,968,777
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33		340,000		371,035
TOTAL WATER			$	6,339,812
TOTAL PENNSYLVANIA			$	23,994,127

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

17 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
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	$	1,214,119
TOTAL RHODE ISLAND			$	1,214,119
SOUTH CAROLINA – 1.6%
HOUSING – 0.2%
South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (Series B-2), 4.00%, 07/01/43		705,000		695,868
TOBACCO SETTLEMENT – 1.4%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30		3,600,000		4,169,371
TOTAL SOUTH CAROLINA			$	4,865,239
TENNESSEE – 0.4%
AIRPORT – 0.4%
Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32		1,100,000		1,120,959
TOTAL TENNESSEE			$	1,120,959
TEXAS – 8.2%
AIRPORT – 0.3%
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35		1,000,000		921,252
EDUCATION – 1.0%
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools)
5.00%, 08/15/27		1,000,000		1,054,992
5.00%, 08/15/29		1,000,000		1,064,377
5.00%, 08/15/31		835,000		863,236
TOTAL EDUCATION			$	2,982,605
GENERAL – 0.6%
Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax
4.00%, 08/15/31		1,000,000		955,105
4.00%, 08/15/32		1,000,000		944,634
TOTAL GENERAL			$	1,899,739
GENERAL OBLIGATIONS – 2.8%
Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax
4.00%, 04/01/23		100,000		100,203
4.00%, 04/01/24		100,000		100,394
4.00%, 04/01/25		100,000		100,958
4.00%, 04/01/26		100,000		100,694
4.00%, 04/01/27		100,000		100,660
4.00%, 04/01/28		535,000		538,106
4.00%, 04/01/29		100,000		100,266
4.00%, 04/01/30		100,000		99,822
4.00%, 04/01/31		350,000		345,480
4.00%, 04/01/32		100,000		98,135

Description	Par Value		Value
4.00%, 04/01/33	$	100,000	$	96,146
4.00%, 04/01/34		100,000		94,707
4.00%, 04/01/35		100,000		93,562
4.00%, 04/01/36		380,000		352,624
State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29		2,125,000		2,192,233
State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29		3,735,000		3,994,724
TOTAL GENERAL OBLIGATIONS			$	8,508,714
MEDICAL – 0.9%
Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, School Health Care System (Series B), 6.25%, 07/01/27		1,150,000		1,229,604
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32		1,465,000		1,521,656
TOTAL MEDICAL			$	2,751,260
SCHOOL DISTRICT – 0.3%
Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37		1,000,000		977,437
TRANSPORTATION – 1.2%
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,515,828
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Series F), 5.00%, 01/01/25		1,000,000		1,015,583
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32		1,225,000		1,238,559
TOTAL TRANSPORTATION			$	3,769,970
UTILITIES – 1.1%
Austin, TX, Refunding Revenue Bonds, (BHAC-CR NATL-RE), 5.25%, 05/15/25		3,205,000		3,291,695
TOTAL TEXAS			$	25,102,672
UTAH – 4.3%
AIRPORT – 1.8%
Salt Lake City, UT, Revenue Bonds, (Series A)
5.00%, 07/01/32		3,000,000		3,029,476
5.00%, 07/01/33		2,500,000		2,505,517
TOTAL AIRPORT			$	5,534,993
MEDICAL – 2.5%
Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM
5.40%, 02/15/28		2,500,000		2,592,272
5.13%, 02/15/33		4,990,000		5,145,868
TOTAL MEDICAL			$	7,738,140
TOTAL UTAH			$	13,273,133

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

PORTFOLIOS OF INVESTMENTS 18

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
WASHINGTON – 5.3%
GENERAL – 2.2%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28	$	6,815,000	$	6,924,417
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		1,786,300
POWER – 1.1%
Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33		3,000,000		3,298,061
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		3,030,125
WATER – 0.4%
King County, Sewer, WA, Advance Refunding Revenue Bonds, 5.00%, 07/01/32		1,100,000		1,158,701
TOTAL WASHINGTON			$	16,197,604
WISCONSIN – 0.9%
MEDICAL – 0.3%

Description	Par Value		Value
Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.)
4.00%, 01/01/32	$	500,000	$	463,552
4.00%, 01/01/33		500,000		456,816
TOTAL MEDICAL			$	920,368
POWER – 0.6%
Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46		1,750,000		1,710,419
TOTAL WISCONSIN			$	2,630,787
TOTAL MUNICIPAL BONDS (Cost $316,689,310)			$	287,846,751
	Number of Shares
MONEY MARKET FUND – 4.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^		13,363,765		13,363,765
TOTAL MONEY MARKET FUND (Cost $13,363,765)			$	13,363,765
TOTAL INVESTMENTS – 99.4% (Cost $333,045,804)			$	303,917,836
OTHER ASSETS LESS LIABILITIES – 0.6%				1,868,866
TOTAL NET ASSETS – 100.0%			$	305,786,702

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

	Level 1			Level 2			Level 3		Total
Investments in Securities
Exchange-Traded Funds		$	2,707,320		$	—		$—		$	2,707,320
Municipal Bonds			—			287,846,751		—			287,846,751
Money Market Fund			13,363,765			—		—			13,363,765
Total		$	16,071,085		$	287,846,751		$—		$	303,917,836

** Represents less than 0.05%.

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

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

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

19 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (concluded)

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

See Notes which are an integral part of the Financial Statements

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

20

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

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

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

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

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 97.0%
NEW YORK – 97.0%
AIRPORT – 2.2%
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, Port, Airport & Marina Improvements, (205th Series), 5.00%, 11/15/32	$	1,000,000	$	1,053,580
DEDICATED TAX – 14.0%
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33		1,175,000		1,224,665
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		1,336,853
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32		2,000,000		2,090,080
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37		1,000,000		933,745

Description	Par Value		Value
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (Series D), 5.00%, 02/15/27	$	945,000	$	1,001,500
TOTAL DEDICATED TAX			$	6,586,843
DEVELOPMENT – 2.4%
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		1,095,000		1,133,421
EDUCATION – 4.9%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33		1,200,000		1,215,967
New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29		5,000		5,424

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

21 PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
New York State Dormitory Authority, NY, Unrefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29	$	995,000	$	1,072,253
TOTAL EDUCATION			$	2,293,644
FACILITIES – 0.1%
United Nations Development Corp., NY, Revenue Bonds, Public Improvements, Prerefunded/ETM, 5.90%, 05/01/23		40,000		40,544
GENERAL – 3.2%
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		1,492,408
GENERAL OBLIGATIONS – 11.3%
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series B), (BAM-TCRS), 5.00%, 04/01/32		415,000		436,520
Nassau County, NY, GO, General Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 10/01/31		545,000		575,915
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 04/01/26		1,000,000		1,049,164
New York City, NY, GO Unlimited, Current Refunding, (Series A-1), 5.00%, 08/01/31		1,000,000		1,096,464
Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM)
5.00%, 05/01/26		1,000,000		1,049,603
5.00%, 05/01/30		1,000,000		1,080,980
TOTAL GENERAL OBLIGATIONS			$	5,288,646
HIGHER EDUCATION – 18.7%
Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A)
4.00%, 07/01/25		865,000		858,555
4.00%, 07/01/26		800,000		789,398
5.00%, 07/01/29		1,195,000		1,226,963
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32		1,040,000		1,048,679
Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33		725,000		757,956
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		1,099,619
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27		2,050,000		2,174,366
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John’s University), (Series A) , 5.00%, 07/01/30		800,000		833,195
TOTAL HIGHER EDUCATION			$	8,788,731

Description	Par Value		Value
HOUSING – 14.7%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (UBF Facility Student Housing Corp.), (AGM), (Series A), 5.00%, 10/01/31	$	1,000,000	$	1,061,336
New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33		1,890,000		1,691,425
New York City, NY, Housing Development Corp., Revenue Bonds, (Sustainable Neighborhood Bonds), (Series B-1A)
2.45%, 05/01/31		500,000		424,293
3.10%, 11/01/34		890,000		746,455
New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32		1,480,000		1,422,084
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (223th Series), 3.50%, 04/01/49		770,000		750,854
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (226th Series), 3.50%, 10/01/50		820,000		786,928
TOTAL HOUSING			$	6,883,375
LEASE – 3.2%
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		1,504,251
MEDICAL – 8.9%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29		1,000,000		979,487
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		1,182,386
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (NYU Hospitals Center), 5.00%, 07/01/27		2,000,000		2,032,384
TOTAL MEDICAL			$	4,194,257
POWER – 5.5%
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A)
5.00%, 09/01/33		700,000		744,444
5.00%, 09/01/34		750,000		795,002
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series B), 5.00%, 09/01/25		1,000,000		1,044,990
TOTAL POWER			$	2,584,436
TRANSPORTATION – 4.4%
Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/24		1,000,000		1,021,366
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K)
5.00%, 01/01/29		105,000		108,141
5.00%, 01/01/30		700,000		720,502

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

PORTFOLIOS OF INVESTMENTS 22

Wilmington New York Municipal Bond Fund (concluded)

Description	Par Value		Value
Triborough Bridge & Tunnel Authority, NY, Current Refunding Revenue Bonds, Highway Revenue Tools, (Series B), 5.00%, 11/15/29	$	200,000	$	200,292
TOTAL TRANSPORTATION			$	2,050,301
WATER – 3.5%
Buffalo Sewer Authority, NY, Sewer Improvements, Revenue Green Bonds, (BAM)
5.00%, 06/15/30		150,000		162,957
5.00%, 06/15/31		165,000		178,797
5.00%, 06/15/32		150,000		162,128
5.00%, 06/15/33		150,000		161,536
4.00%, 06/15/34		155,000		153,438
New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), 5.00%, 06/15/31		750,000		833,986
TOTAL WATER			$	1,652,842
TOTAL NEW YORK			$	45,547,279
TOTAL MUNICIPAL BONDS (Cost $50,165,431)			$	45,547,279

Description	Number of Shares		Value
MONEY MARKET FUND – 2.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^		924,505	$	924,505
TOTAL MONEY MARKET FUND (Cost $924,505)			$	924,505
TOTAL INVESTMENTS – 99.0% (Cost $51,089,936)			$	46,471,784
OTHER ASSETS LESS LIABILITIES – 1.0%				453,579
TOTAL NET ASSETS – 100.0%			$	46,925,363

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

	Level 1			Level 2			Level 3			Total
Investments in Securities
Municipal Bonds		$	—		$	45,547,279		$	—		$	45,547,279
Money Market Fund			924,505			—			—			924,505
Total		$	924,505		$	45,547,279		$	—		$	46,471,784

^ 7-Day net yield.

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

See Notes which are an integral part of the Financial Statements

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

23 STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022 (unaudited)	Wilmington Broad Market Bond Fund				Wilmington Municipal Bond Fund				Wilmington New York Municipal Bond Fund
ASSETS:
Investments, at identified cost		$	613,675,357			$	333,045,804		$	51,089,936
Investments in securities, at value		$	536,604,873	(a)		$	303,917,836		$	46,471,784
Income receivable			3,285,630				4,213,748			631,226
Foreign tax reclaim receivable			2,485				—			—
Due from advisor			—				—			1,884
Receivable for shares sold			698,264				221,259			1,474
Prepaid assets			32,747				27,548			14,631
TOTAL ASSETS			540,623,999				308,380,391			47,120,999
LIABILITIES:
Collateral for securities on loan			26,140,106				—			—
Due to custodian			—				31,406			—
Income distribution payable			584,196				417,942			20,290
Payable for shares redeemed			234,944				1,934,789			102,237
Payable for Trustees’ fees			4,168				3,792			3,793
Payable for administration fees			13,285				8,073			1,221
Payable for distribution services fees			475				3,488			1,100
Payable for shareholder services fees			190				—			—
Payable for investment advisory fees			132,012				86,909			—
Other accrued expenses			155,904				107,290			66,995
TOTAL LIABILITIES			27,265,280				2,593,689			195,636
NET ASSETS		$	513,358,719			$	305,786,702		$	46,925,363
NET ASSETS CONSIST OF:
Paid-in capital		$	593,414,541			$	339,224,406		$	51,680,760
Distributable earnings (loss)			(80,055,822	)			(33,437,704	)		(4,755,397	)
TOTAL NET ASSETS		$	513,358,719			$	305,786,702		$	46,925,363
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	2,208,691			$	16,233,356		$	5,088,405
Shares outstanding (unlimited shares authorized)			259,161				1,393,932			544,724
Net Asset Value per share		$	8.52			$	11.65		$	9.34
Offering Price per share*		$	8.92	**		$	12.20	**	$	9.78	**
Class I
Net Assets		$	511,150,028			$	289,553,346		$	41,836,958
Shares outstanding (unlimited shares authorized)			61,005,978				24,853,153			4,475,775
Net Asset Value and Offering Price per share		$	8.38			$	11.65		$	9.35

^(a)  Including $25,261,917 of securities on loan (Note 2).

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

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

See Notes which are an integral part of the Financial Statements

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

STATEMENTS OF OPERATIONS 24

Six Months Ended October 31, 2022 (unaudited)	Wilmington Broad Market Bond Fund			Wilmington Municipal Bond Fund			Wilmington New York Municipal Bond Fund
INVESTMENT INCOME:
Dividends	$	132,394		$	135,778		$	7,244
Interest		7,288,700			3,740,401			575,024
Securities lending income, net		39,963			—			—
TOTAL INVESTMENT INCOME		7,461,057			3,876,179			582,268
EXPENSES:
Investment advisory fees		1,215,608			720,009			114,007
Administration fees		82,978			49,133			7,783
Portfolio accounting and administration fees		68,807			48,960			16,674
Custodian fees		6,865			2,469			471
Transfer and dividend disbursing agent fees and expenses		13,527			14,083			2,299
Trustees’ fees		34,048			33,571			33,571
Professional fees		54,307			53,897			52,560
Distribution services fee—Class A		3,121			21,839			6,828
Shareholder services fee—Class A		3,121			21,839			6,828
Share registration costs		24,216			18,469			8,282
Printing and postage		7,667			4,122			3,043
Miscellaneous		32,542			25,000			16,125
TOTAL EXPENSES		1,546,807			1,013,391			268,471
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(379,885	)		(185,702	)		(110,405	)
Waiver of shareholder services fee—Class A		(2,055	)		(21,839	)		(6,828	)
TOTAL WAIVERS AND REIMBURSEMENTS		(381,940	)		(207,541	)		(117,233	)
Net expenses		1,164,867			805,850			151,238
Net investment income		6,296,190			3,070,329			431,030
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		(670,439	)		(2,486,298	)		(128,418	)
Net change in unrealized appreciation (depreciation) on investments		(41,077,965	)		(10,267,993	)		(1,716,913	)
Net realized and unrealized gain (loss)		(41,748,404	)		(12,754,291	)		(1,845,331	)
Change in net assets resulting from operations	$	(35,452,214	)	$	(9,683,962	)	$	(1,414,301	)

See Notes which are an integral part of the Financial Statements

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

25 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Broad Market Bond Fund									Wilmington Municipal Bond Fund
		Six Months Ended October 31, 2022 (Unaudited)				Year Ended April 30, 2022					Six Months Ended October 31, 2022 (Unaudited)				Year Ended April 30, 2022
OPERATIONS:
Net investment income			$	6,296,190			$	10,937,052				$	3,070,329			$	5,878,184
Net realized gain (loss)				(670,439	)			1,094,694					(2,486,298	)			(1,044,058	)
Net change in unrealized appreciation (depreciation)				(41,077,965	)			(61,777,845	)				(10,267,993	)			(33,214,530	)
Change in net assets resulting from operations				(35,452,214	)			(49,746,099	)				(9,683,962	)			(28,380,404	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A				(26,177	)			(48,194	)				(146,696	)			(372,407	)
Class I				(6,556,302	)			(12,665,533	)				(2,923,653	)			(6,463,700	)
Total distributions to shareholders				(6,582,479	)			(12,713,727	)				(3,070,349	)			(6,836,107	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A				389				43,283					36,997				335,534
Class I				64,900,207				91,298,568					60,040,545				73,900,909
Net assets from reorganization (Note 6)
Class A				—				1,020,482					—				—
Class I				—				25,685,831					—				—
Distributions reinvested
Class A				24,998				43,603					124,263				298,591
Class I				3,223,315				6,280,797					618,289				1,935,631
Cost of shares redeemed
Class A				(317,145	)			(339,962	)				(1,209,606	)			(4,351,607	)
Class I				(85,954,618	)			(113,846,417	)				(62,718,579	)			(77,921,229	)
Change in net assets resulting from share transactions				(18,122,854	)			10,186,185					(3,108,091	)			(5,802,171	)
Change in net assets				(60,157,547	)			(52,273,641	)				(15,862,402	)			(41,018,682	)
NET ASSETS:
Beginning of period				573,516,266				625,789,907					321,649,104				362,667,786
End of period			$	513,358,719			$	573,516,266				$	305,786,702			$	321,649,104
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A				44				4,460					3,065				25,879
Class I				7,350,867				9,280,136					4,961,214				5,658,585
Shares issued from reorganization (Note 6)
Class A				—				98,320					—				—
Class I				—				2,517,137					—				—
Distributions reinvested
Class A				2,788				4,344					10,340				22,739
Class I				365,901				634,376					51,434				146,902
Shares redeemed
Class A				(35,104	)			(33,543	)				(99,829	)			(336,504	)
Class I				(9,586,460	)			(11,408,912	)				(5,206,767	)			(6,019,751	)
Net change resulting from share transactions				(1,901,964	)			1,096,318					(280,543	)			(502,150	)

See Notes which are an integral part of the Financial Statements

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 26

	Wilmington New York Municipal Bond Fund
	Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022
OPERATIONS:
Net investment income	$	431,030		$	916,989
Net realized gain (loss)		(128,418	)		81,896
Net change in unrealized appreciation (depreciation)		(1,716,913	)		(5,530,467	)
Change in net assets resulting from operations		(1,414,301	)		(4,531,582	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(40,403	)		(99,720	)
Class I		(390,628	)		(1,015,512	)
Total distributions to shareholders		(431,031	)		(1,115,232	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		5,587			11,200
Class I		947,814			7,521,728
Distributions reinvested
Class A		34,979			78,300
Class I		273,879			736,158
Cost of shares redeemed
Class A		(287,311	)		(766,220	)
Class I		(5,690,408	)		(15,124,450	)
Change in net assets resulting from share transactions		(4,715,460	)		(7,543,284	)
Change in net assets		(6,560,792	)		(13,190,098	)
NET ASSETS:
Beginning of period		53,486,155			66,676,253
End of period	$	46,925,363		$	53,486,155
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		580			1,065
Class I		98,391			716,412
Distributions reinvested
Class A		3,630			7,479
Class I		28,402			70,145
Shares redeemed
Class A		(29,619	)		(73,456	)
Class I		(586,370	)		(1,449,178	)
Net change resulting from share transactions		(484,986	)		(727,533	)

See Notes which are an integral part of the Financial Statements

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

27 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON BROAD MARKET BOND FUND
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	9.23		$	10.25		$	10.39		$	9.71		$	9.51		$	9.78
Income (Loss) From Operations:
Net Investment Income(a)		0.09			0.15			0.15			0.21			0.21			0.18
Net Realized and Unrealized Gain (Loss)		(0.70	)		(0.99	)		(0.10	)		0.69			0.21			(0.26	)
Total Income (Loss) From Operations		(0.61	)		(0.84	)		0.05			0.90			0.42			(0.08	)
Less Distributions From:
Net Investment Income		(0.10	)		(0.18	)		(0.18	)		(0.22	)		(0.22	)		(0.19	)
Net Realized Gains		—			—			(0.01	)		—			—			—
Total Distributions		(0.10	)		(0.18	)		(0.19	)		(0.22	)		(0.22	)		(0.19	)
Net Asset Value, End of Period	$	8.52		$	9.23		$	10.25		$	10.39		$	9.71		$	9.51
Total Return(b)		(6.70	)%		(8.37	)%		0.51	%		9.35	%		4.45	%		(0.81	)%
Net Assets, End of Period (000’s)	$	2,209		$	2,691		$	2,234		$	3,242		$	3,501		$	4,074
Ratios to Average Net Assets
Gross Expense(c)		1.07	%(d)		1.06	%		1.06	%		1.07	%		1.08	%		1.09	%
Net Expense(c),(e)		0.77	%(d)		0.77	%		0.81	%		0.83	%		0.83	%		0.87	%
Net Investment Income		1.99	%(d)		1.45	%		1.46	%		2.06	%		2.18	%		1.82	%
Portfolio Turnover Rate		13	%		26	%		34	%		46	%		36	%		34	%
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	9.08		$	10.08		$	10.22		$	9.55		$	9.35		$	9.62
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.18			0.18			0.24			0.24			0.21
Net Realized and Unrealized Gain (Loss)		(0.69	)		(0.97	)		(0.09	)		0.68			0.21			(0.26	)
Total Income (Loss) From Operations		(0.59	)		(0.79	)		0.09			0.92			0.45			(0.05	)
Less Distributions From:
Net Investment Income		(0.11	)		(0.21	)		(0.22	)		(0.25	)		(0.25	)		(0.22	)
Net Realized Gains		—			—			(0.01	)		—			—			—
Total Distributions		(0.11	)		(0.21	)		(0.23	)		(0.25	)		(0.25	)		(0.22	)
Net Asset Value, End of Period	$	8.38		$	9.08		$	10.08		$	10.22		$	9.55		$	9.35
Total Return(b)		(6.56	)%		(8.02	)%		0.83	%		9.74	%		4.84	%		(0.52	)%
Net Assets, End of Period (000’s)	$	511,150		$	570,825		$	623,556		$	535,825		$	544,092		$	506,940
Ratios to Average Net Assets
Gross Expense(c)		0.57	%(d)		0.56	%		0.75	%		0.82	%		0.83	%		0.84	%
Net Expense(c),(e)		0.43	%(d)		0.43	%		0.47	%		0.49	%		0.49	%		0.53	%
Net Investment Income		2.33	%(d)		1.79	%		1.79	%		2.40	%		2.52	%		2.18	%
Portfolio Turnover Rate		13	%		26	%		34	%		46	%		36	%		34	%

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

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

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

(d) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

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

FINANCIAL HIGHLIGHTS (continued) 28

For a share outstanding throughout each period:

WILMINGTON MUNICIPAL BOND FUND
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	12.12		$	13.41		$	12.72		$	13.22		$	12.78		$	13.14
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.19			0.20			0.25			0.26			0.22
Net Realized and Unrealized Gain (Loss)		(0.47	)		(1.25	)		0.70			(0.28	)		0.44			(0.26	)
Total Income (Loss) From Operations		(0.37	)		(1.06	)		0.90			(0.03	)		0.70			(0.04	)
Less Distributions From:
Net Investment Income		(0.10	)		(0.19	)		(0.21	)		(0.25	)		(0.26	)		(0.22	)
Net Realized Gains		—			(0.04	)		—			(0.22	)		—			(0.10	)
Total Distributions		(0.10	)		(0.23	)		(0.21	)		(0.47	)		(0.26	)		(0.32	)
Net Asset Value, End of Period	$	11.65		$	12.12		$	13.41		$	12.72		$	13.22		$	12.78
Total Return(b)		(3.06	)%		(8.08	)%		7.05	%		(0.36	)%		5.52	%		(0.29	)%
Net Assets, End of Period (000’s)	$	16,233		$	17,942		$	23,716		$	24,052		$	29,050		$	29,109
Ratios to Average Net Assets
Gross Expense(c)		1.11	%(d)		1.08	%		1.10	%		1.09	%		1.10	%		1.10	%
Net Expense(c),(e)		0.74	%(d)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net Investment Income		1.68	%(d)		1.42	%		1.53	%		1.90	%		1.99	%		1.70	%
Portfolio Turnover Rate		11	%		23	%		24	%		81	%		83	%		79	%
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	12.13		$	13.42		$	12.73		$	13.23		$	12.79		$	13.15
Income (Loss) From Operations:
Net Investment Income(a)		0.12			0.22			0.24			0.29			0.29			0.26
Net Realized and Unrealized Gain (Loss)		(0.48	)		(1.25	)		0.69			(0.28	)		0.44			(0.26	)
Total Income (Loss) From Operations		(0.36	)		(1.03	)		0.93			0.01			0.73			0.00	(f)
Less Distributions From:
Net Investment Income		(0.12	)		(0.22	)		(0.24	)		(0.29	)		(0.29	)		(0.26	)
Net Realized Gains		—			(0.04	)		—			(0.22	)		—			(0.10	)
Total Distributions		(0.12	)		(0.26	)		(0.24	)		(0.51	)		(0.29	)		(0.36	)
Net Asset Value, End of Period	$	11.65		$	12.13		$	13.42		$	12.73		$	13.23		$	12.79
Total Return(b)		(3.01	)%		(7.83	)%		7.32	%		(0.10	)%		5.78	%		(0.03	)%
Net Assets, End of Period (000’s)	$	289,554		$	303,707		$	338,952		$	316,617		$	260,800		$	259,934
Ratios to Average Net Assets
Gross Expense(c)		0.61	%(d)		0.59	%		0.79	%		0.84	%		0.85	%		0.85	%
Net Expense(c),(e)		0.49	%(d)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income		1.93	%(d)		1.67	%		1.78	%		2.14	%		2.24	%		1.95	%
Portfolio Turnover Rate		11	%		23	%		24	%		81	%		83	%		79	%

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

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

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

(d) Annualized for periods less than one year.

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

(f) Represents less than $0.005.

See Notes which are an integral part of the Financial Statements

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

29 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period:

WILMINGTON NEW YORK MUNICIPAL BOND FUND
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	9.71		$	10.69		$	10.20		$	10.43		$	10.18		$	10.56
Income (Loss) From Operations:
Net Investment Income(a)		0.07			0.13			0.14			0.15			0.15			0.15
Net Realized and Unrealized Gain (Loss)		(0.37	)		(0.95	)		0.51			(0.16	)		0.36			(0.22	)
Total Income (Loss) From Operations		(0.30	)		(0.82	)		0.65			(0.01	)		0.51			(0.07	)
Less Distributions From:
Net Investment Income		(0.07	)		(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		(0.07	)		(0.16	)		(0.16	)		(0.22	)		(0.26	)		(0.31	)
Net Asset Value, End of Period	$	9.34		$	9.71		$	10.69		$	10.20		$	10.43		$	10.18
Total Return(b)		(3.09	)%		(7.74	)%		6.38	%		(0.12	)%		5.16	%		(0.75	)%
Net Assets, End of Period (000’s)	$	5,088		$	5,536		$	6,789		$	7,251		$	8,630		$	14,863
Ratios to Average Net Assets
Gross Expense(c)		1.51	%(d)		1.37	%		1.34	%		1.34	%		1.33	%		1.28	%
Net Expense(c),(e)		0.82	%(d)		0.82	%		0.82	%		0.82	%		0.83	%		0.84	%
Net Investment Income		1.48	%(d)		1.24	%		1.31	%		1.43	%		1.50	%		1.43	%
Portfolio Turnover Rate		0	%		7	%		14	%		60	%		45	%		64	%
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period	$	9.72		$	10.70		$	10.20		$	10.43		$	10.19		$	10.57
Income (Loss) From Operations:
Net Investment Income(a)		0.08			0.16			0.16			0.18			0.18			0.18
Net Realized and Unrealized Gain (Loss)		(0.37	)		(0.95	)		0.53			(0.16	)		0.35			(0.22	)
Total Income (Loss) From Operations		(0.29	)		(0.79	)		0.69			0.02			0.53			(0.04	)
Less Distributions From:
Net Investment Income		(0.08	)		(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		(0.08	)		(0.19	)		(0.19	)		(0.25	)		(0.29	)		(0.34	)
Net Asset Value, End of Period	$	9.35		$	9.72		$	10.70		$	10.20		$	10.43		$	10.19
Total Return(b)		(2.96	)%		(7.50	)%		6.74	%		0.13	%		5.32	%		(0.50	)%
Net Assets, End of Period (000’s)	$	41,837		$	47,950		$	59,887		$	54,979		$	53,379		$	56,626
Ratios to Average Net Assets
Gross Expense(c)		1.01	%(d)		0.87	%		1.03	%		1.09	%		1.09	%		1.03	%
Net Expense(c),(e)		0.57	%(d)		0.57	%		0.57	%		0.57	%		0.58	%		0.59	%
Net Investment Income		1.73	%(d)		1.49	%		1.55	%		1.68	%		1.76	%		1.68	%
Portfolio Turnover Rate		0	%		7	%		14	%		60	%		45	%		64	%

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

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

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

(d) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

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

NOTES TO FINANCIAL STATEMENTS 30

Wilmington Funds

October 31, 2022 (unaudited)

1. ORGANIZATION

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

Fund	Investment Goal
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

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

31 NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Exposure(2)
Broad Market Bond Fund
Bank of America Securities, Inc.	$	4,974,066	$	4,974,066	$	—	$	—
Daiwa Capital Markets America		3,907,908		3,907,908		—		—
National Bank Financial		4,974,066		4,974,066		—		—
RBC Dominion Securities, Inc.		4,974,066		4,974,066		—		—
	$	18,830,106	$	18,830,106	$	—	$	—

⁽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

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

NOTES TO FINANCIAL STATEMENTS (continued) 32

instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities loaned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day.

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

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

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

At October 31, 2022, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of       Securities       on Loan			Cash Collateral       Received(1)			Net Exposure(2)
Broad Market Bond Fund		$	25,261,917		$	25,261,917		$	—

⁽¹⁾ Collateral with a value of $26,140,106 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽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 six months ended October 31, 2022.

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

As of October 31, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized       Appreciation		Tax Unrealized         Depreciation		Net Tax       Unrealized       Appreciation/       (Depreciation)
Broad Market Bond Fund		$613,675,362		$115,412		$(77,185,901)		$(77,070,489)
Municipal Bond Fund		333,062,134		3,194		(29,147,492)		(29,144,298)
New York Municipal Bond Fund		51,089,936		571		(4,618,723)		(4,618,152)

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)

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

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

33 NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Ordinary     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, 2023 so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

	Current Contractual     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%

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 six months ended October 31, 2022, neither WFMC nor BNYM waived any administrative fees.

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

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

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

NOTES TO FINANCIAL STATEMENTS (continued) 34

For the six months ended October 31, 2022, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

Fund	Distribution   Fees   from Class A
Broad Market Bond Fund		$    59
Municipal Bond Fund		1,991
New York Municipal Bond Fund		35

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

For the six months ended October 31, 2022, M&T did not receive any sales charges on the sale of Class A shares.

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

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

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

Fund	Shareholder   Services   Fees
Broad Market Bond Fund	$24

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

BNYM provides custody services to the Trust.

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

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

5. INVESTMENT TRANSACTIONS

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

Fund	Purchases		Sales
Broad Market Bond Fund		$26,075,350		$43,134,968
Municipal Bond Fund		33,503,929		40,433,123
New York Municipal Bond Fund		—		3,745,500

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

Fund	Purchases		Sales
Broad Market Bond Fund		$39,456,209		$43,037,967

6. REORGANIZATION

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

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

35 NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

	Acquired Fund 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.

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)	$	175,203
Net realized gain (loss) on investments		526,653
Net change in unrealized appreciation (depreciation)		(426,249	)
Net increase (decrease) in net assets resulting from operations	$	275,607

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

7. MARKET RISK IN GENERAL

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

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

8. CONTRACTUAL OBLIGATIONS

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

9. LINE OF CREDIT

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

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

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

NOTES TO FINANCIAL STATEMENTS (concluded) 36

10. RECENT ACCOUNTING PRONOUNCEMENTS

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

11. SUBSEQUENT EVENTS

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

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

37

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 14-15, 2022 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 25, 2022, the Board held a special meeting (the “August Meeting”) with personnel of the Adviser and Counsel to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with WFMC and with WTIA and the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

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

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

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

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

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

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

• The prospects for satisfactory investment performance were reasonable; and

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

Wilmington Broad Market Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratios were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one- and three-year periods, and below the peer group average for the five-year period, ended June 30, 2022.

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

Semi-Annual Report 38

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

Wilmington Municipal Bond Fund

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

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

Wilmington New York Municipal Bond Fund

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

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

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

39

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.

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

40

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

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

Information Collected by the Funds

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

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

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

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

Information Sharing Policy

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

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

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

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

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

Information Security

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

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

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

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

41

Employee Access to Information

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

Visiting the Funds’ Website

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

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

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

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

E-mail

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

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

What You Can Do

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

Surveys/Aggregate Data

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

Changes to Our Privacy Statement

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

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

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

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

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

WT-SAR-FI-1022

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.

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

                                                         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
Shareholder Expense Example	1
Portfolios of Investments	2
Statements of Assets and Liabilities	32
Statements of Operations	33
Statements of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	39
Discussion of Renewal of Advisory and Sub-Advisory Agreements	50
Other Information	52

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

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

The economy and financial markets in review

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

The economy

The semi-annual fiscal period between May and October was turbulent. At the onset of the period, inflation concerns rattled investors as U.S. Consumer Price Index (“CPI”) accelerated in May to 8.6% and again in June, making a new cycle high of 9.1% and reaching its highest level in 40-years. U.S. consumers felt pain at the gas pump as the national average for a gallon of gasoline topped $5 in mid-June and consumer sentiment reached its lowest level on record. However, job growth in the U.S. remained strong with nearly 400,000 net new jobs added per month for the first three months of the period (May-July). The strong job reports stoked investor fears that the Federal Reserve (the “Fed”) would hike rates more aggressively due to the underlying strength of the labor market. Fears were warranted as the Fed hiked interest rates by 150 basis points¹ in just a six-week period, the most since 1982. At the same time, the U.S. posted a second consecutive quarter of negative Gross Domestic Product “GDP” (-0.9% quarter-on-quarter, for Q2) marking a “technical recession”.

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

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

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

Bond markets

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

PRESIDENT’S MESSAGE / October 31, 2022 (unaudited)

ii

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows: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
-6.34%	-6.86%	-7.57%	-4.43%	-4.69%

Past performance is no guarantee of future results.

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

Equity markets

Equity markets were down across the board during the period with U.S. small cap stocks the outperformer of the group. Overall, it was a tumultuous period for all indices. The S&P 500 made sharp moves in both directions rallying 17.4% through the summer followed by a subsequent drop of 16.7% around Powell’s Jackson Hole speech. The two corporate earnings seasons during the period were both better than expected with the energy sector masking much of the weakness in equities. Mega cap tech stocks were hit hard by higher interest rates and lower ad spending revenue. Firms like Meta, Google and Amazon made headlines by announcing plans to reduce headcount. The Russell 1000 Value Index⁸ outperformed its counterpart the Russell 1000 Growth Index⁹, declining 3.2% versus a -8.2% return for Growth. Economic weakness in Europe and China led the MSCI EAFE and MSCI Emerging Markets lower with both indices underperforming significantly.

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

S&P 500® Index10	Russell 2000® Index11	MSCI EAFE (Net) Index12	MSCI Emerging Markets (Net) Index13
-5.50%	-0.20%	-12.70%	-19.66%

Past performance is no guarantee of future results.

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

Sincerely,

Eric W. Taylor

President

November 18, 2022

October 31, 2022 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PRESIDENT’S MESSAGE / October 31, 2022 (unaudited)

1

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 5/01/22		Ending Account Value 10/31/22		Expenses Paid During Period(1)		Annualized Net Expense Ratio(2)
WILMINGTON INTERNATIONAL FUND
Actual
Class A		$1,000.00		$   850.80		$5.08		1.09	%
Class I		$1,000.00		$   851.80		$3.92		0.84	%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,019.71		$5.55		1.09	%
Class I		$1,000.00		$1,020.97		$4.28		0.84	%
WILMINGTON GLOBAL ALPHA EQUITIES FUND
Actual
Class A		$1,000.00		$   979.40		$7.43		1.49	%
Class I		$1,000.00		$   979.80		$6.19		1.24	%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,017.69		$7.58		1.49	%
Class I		$1,000.00		$1,018.95		$6.31		1.24	%
WILMINGTON REAL ASSET FUND
Actual
Class A		$1,000.00		$   850.70		$4.06		0.87	%
Class I		$1,000.00		$   851.80		$2.89		0.62	%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,020.82		$4.43		0.87	%
Class I		$1,000.00		$1,022.08		$3.16		0.62	%

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

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

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

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

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

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

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

October 31, 2022 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 89.8%
AUSTRALIA – 3.0%
Australia & New Zealand Banking Group Ltd.		175,587	$	2,870,752
BHP Group Ltd.		136,360		3,258,639
Cochlear Ltd.		13,569		1,733,365
Glencore PLC		173,201		992,141
Incitec Pivot Ltd.		952,783		2,285,429
Rio Tinto Ltd.		31,579		1,781,597
Rio Tinto PLC		19,996		1,040,398
Woodside Energy Group Ltd.		37,004		851,632
TOTAL AUSTRALIA			$	14,813,953

Description	Number of Shares		Value
AUSTRIA – 0.1%
Erste Group Bank AG		13,717	$	338,353
voestalpine AG		9,611		208,768
TOTAL AUSTRIA			$	547,121
BELGIUM – 1.1%
Ageas SA		4,060		140,551
Anheuser-Busch InBev SA		7,249		362,490
D’ieteren Group		478		79,502
Groupe Bruxelles Lambert NV		4,425		326,226
Lotus Bakeries NV		199		1,107,206
Montea NV		11,702		799,107
Solvay SA		3,446		310,719

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

3	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Number of Shares		Value
UCB SA		18,257	$	1,377,002
Umicore SA		10,011		329,944
Warehouses De Pauw		2,385		61,234
Xior Student Housing NV		19,275		541,930
TOTAL BELGIUM			$	5,435,911
BERMUDA – 0.1%
Hiscox Ltd.		25,743		265,462
BULGARIA – 0.0%**
Petrol AD*,(1)		2,384		—
CHINA – 5.5%
Alibaba Group Holding Ltd.*		106,028		830,027
Alibaba Group Holding Ltd., ADR*		20,090		1,277,322
Baozun, Inc., Class A*		463,100		608,841
Budweiser Brewing Co. APAC Ltd.		702,200		1,477,817
China Mengniu Dairy Co. Ltd.*		401,000		1,284,790
China Pacific Insurance Group Co. Ltd., Class H		848,200		1,367,986
China Petroleum & Chemical Corp., Class H		4,972,000		1,963,552
China Resources Land Ltd.		352,000		1,103,132
China Resources Medical Holdings Co. Ltd.		21,000		10,032
China Tourism Group Duty Free Corp. Ltd., Class H*		10,900		215,649
Great Wall Motor Co. Ltd., Class H		927,000		1,012,069
H World Group Ltd., ADR		59,093		1,600,238
Haitian International Holdings Ltd.		695,000		1,391,833
Hollysys Automation Technologies Ltd.		91,280		1,455,003
Hutchmed China Ltd., ADR*,#		90,280		798,075
JD.com, Inc., Class A		107,741		1,991,582
Meituan, Class B*		76,900		1,222,618
Prosus NV*		7,729		336,386
Shenzhou International Group Holdings Ltd.		153,200		1,061,714
Tencent Holdings Ltd.		129,600		3,394,516
Wuxi Biologics Cayman, Inc.*		230,000		1,040,174
Yum China Holdings, Inc.		24,103		996,659
Yum China Holdings, Inc.		17,800		719,288
TOTAL CHINA			$	27,159,303
DENMARK – 2.1%
AP Moller – Maersk A/S, Class B		144		301,214
Carlsberg AS, Class B		629		74,135
Chr Hansen Holding A/S		5,704		316,759
Coloplast A/S, Class B		3,252		362,566
Demant A/S*		22,215		607,099
DSV A/S		5,533		749,062
Genmab A/S*		4,512		1,739,093
Netcompany Group A/S*,#		17,693		607,277
Novo Nordisk A/S, Class B		41,707		4,534,224
ROCKWOOL A/S, Class B		931		185,352
Royal Unibrew A/S		13,948		796,600
Tryg A/S		3,060		66,222
TOTAL DENMARK			$	10,339,603
FINLAND – 0.9%
Elisa OYJ		6,735		325,538
Fortum OYJ		22,505		316,817
Kesko OYJ, Class B		10,725		208,800

Description	Number of Shares		Value
Kone OYJ, Class B		782	$	32,033
Neste OYJ		9,423		412,907
Nokia OYJ		84,522		376,465
Nordea Bank Abp		78,247		747,801
Orion OYJ, Class B		2,637		121,310
Sampo OYJ, Class A		5,129		234,581
UPM-Kymmene OYJ		44,908		1,504,937
TOTAL FINLAND			$	4,281,189
FRANCE – 8.6%
Accor SA*		8,048		192,791
Adevinta ASA*		15,666		107,292
Aeroports de Paris*		1,580		213,995
Air Liquide SA		5,930		775,321
Airbus SE		9,805		1,061,807
Alstom SA		16,958		349,587
AXA SA		42,444		1,048,632
BNP Paribas SA		17,010		798,397
Bollore SE		10,661		53,363
Capgemini SE		3,155		518,356
Carrefour SA		1,947		31,334
Cie de Saint-Gobain		13,595		556,220
Cie Generale des Etablissements Michelin SCA		20,330		518,552
Danone SA		29,054		1,445,393
Dassault Systemes SE		14,902		499,978
Edenred		28,093		1,442,561
Electricite de France SA		22,338		263,803
Engie SA		47,289		614,731
Esker SA		5,538		727,352
EssilorLuxottica SA		6,135		972,188
Eurazeo SE		14,515		829,109
Faurecia SE*		37,052		553,644
Hermes International		687		889,735
ID Logistics Group*		5,832		1,567,665
Ipsen SA		1,018		104,628
Kering SA		515		236,000
Legrand SA		6,377		486,142
L’Oreal SA		4,482		1,408,972
LVMH Moet Hennessy Louis Vuitton SE		7,097		4,481,697
Neoen SA#		31,730		1,107,535
Orange SA		186,536		1,775,419
Pernod Ricard SA		3,930		690,155
Publicis Groupe SA		3,870		217,004
Remy Cointreau SA		607		93,039
Renault SA*		11,485		353,781
Safran SA		6,825		760,275
Sanofi		34,465		2,974,463
Sartorius Stedim Biotech		3,368		1,069,090
Societe Generale SA		22,929		526,269
Sodexo SA		1,772		157,151
Somfy SA		5,833		621,409
SPIE SA		30,684		718,060
Technip Energies NV		123,648		1,596,479
Thales SA		11,000		1,398,522
TotalEnergies SE		45,377		2,470,894
Veolia Environnement SA		21,025		469,374
Vinci SA		19,430		1,789,214

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

PORTFOLIOS OF INVESTMENTS	4
Wilmington International Fund (continued)

Description	Number of Shares		Value
Virbac SA		3,762	$	922,013
Vivendi SA		9,487		77,667
Worldline SA*		4,100		179,577
TOTAL FRANCE			$	42,716,635
GERMANY – 4.3%
adidas AG		223		21,813
Allianz SE		6,711		1,208,377
Aroundtown SA		107,306		212,939
BASF SE		20,240		908,799
Bayer AG		34,086		1,792,742
Bayerische Motoren Werke AG		6,268		492,575
Beiersdorf AG		1,552		149,051
Bertrandt AG		10,721		319,440
Brenntag SE		1,966		119,372
Carl Zeiss Meditec AG		948		114,812
Commerzbank AG*		27,413		219,328
Continental AG		4,178		216,685
Covestro AG		5,498		187,126
Deutsche Boerse AG		2,909		473,339
Deutsche Lufthansa AG*		27,931		191,646
Deutsche Post AG		8,870		314,779
Deutsche Telekom AG		134,079		2,539,298
E.ON SE		62,021		519,513
Evotec SE*		36,688		700,302
Fresenius Medical Care AG & Co. KGaA		9,695		268,079
Fresenius SE & Co. KGaA		12,326		283,821
GEA Group AG		3,347		117,092
Hannover Rueck SE		1,004		163,515
HeidelbergCement AG		3,986		183,762
HelloFresh SE*		6,073		121,593
Henkel AG & Co. KGaA		2,366		139,006
Infineon Technologies AG		27,354		666,083
Mercedes-Benz Group AG		6,956		402,832
Merck KGaA		3,393		553,267
Muenchener Rueckversicherungs AG		6,653		1,758,109
Nemetschek SE		3,306		158,000
New Work SE		4,278		536,077
Rheinmetall AG		1,040		169,070
RWE AG		15,847		610,615
SAP SE		19,797		1,910,854
Siemens AG		14,749		1,612,655
Siemens Healthineers AG		654		30,105
Symrise AG		1,762		179,963
Telefonica Deutschland Holding AG		76,883		167,611
Uniper SE		52,510		157,340
Vonovia SE		21,429		474,369
TOTAL GERMANY			$	21,365,754
HONG KONG – 2.5%
AIA Group Ltd.		583,600		4,419,945
ASM Pacific Technology Ltd.		150,400		827,716
Hong Kong Exchanges & Clearing Ltd.		46,000		1,224,768
Johnson Electric Holdings Ltd.		822,436		847,618
Prudential PLC		65,335		607,502
Swire Properties Ltd.		832,000		1,598,359

Description	Number of Shares			Value
Techtronic Industries Co. Ltd.		295,500		$	2,798,905
TOTAL HONG KONG				$	12,324,813
INDIA – 1.1%
HDFC Bank Ltd., ADR		87,312			5,440,411
INDONESIA – 0.5%
Bank Mandiri Persero Tbk PT		3,371,600			2,280,518
IRELAND – 0.3%
AerCap Holdings NV*		4,905			261,976
CRH PLC		13,409			483,412
Flutter Entertainment PLC*		2,480			328,170
Kerry Group PLC, Class A		4,156			361,431
Kingspan Group PLC		4,896			247,246
TOTAL IRELAND				$	1,682,235
ITALY – 2.2%
Amplifon SpA		6,445			160,123
Assicurazioni Generali SpA		12,425			186,518
Atlantia SpA		12,971			289,444
Coca-Cola HBC AG*		3,316			72,348
Enel SpA		56,765			253,507
Eni SpA		35,670			467,215
ERG SpA		28,108			881,665
Ferrari NV		3,167			624,393
FinecoBank Banca Fineco SpA		116,119			1,565,253
Infrastrutture Wireless Italiane SpA		149,322			1,318,073
Intesa Sanpaolo SpA		330,856			630,722
Mediobanca Banca di Credito Finanziario SpA		35,359			320,502
Moncler SpA		3,636			156,990
Nexi SpA*		30,183			261,595
Poste Italiane SpA		17,786			155,029
Prysmian SpA		37,967			1,237,814
Salvatore Ferragamo SpA#		62,044			912,367
Technoprobe SpA*		92,890			638,918
UniCredit SpA		50,339			624,232
TOTAL ITALY				$	10,756,708
JAPAN – 20.5%
AEON Financial Service Co. Ltd.		125,200			1,225,940
AGC, Inc.		40,300			1,264,330
Air Water, Inc.		171,700			1,920,287
Amano Corp.		93,800			1,606,702
Anritsu Corp.#		42,000			423,404
Ariake Japan Co. Ltd.		7,600			263,223
Asahi Group Holdings Ltd.		26,600			744,897
BIPROGY Inc		72,700			1,571,879
Chubu Electric Power Co., Inc.		79,700			649,092
Dai-ichi Life Holdings, Inc.		69,500			1,101,895
Daikin Industries Ltd.		9,100			1,369,942
Daiseki Co. Ltd.		50,820			1,572,158
Daiwa House Industry Co. Ltd.		80,100			1,622,524
East Japan Railway Co.		23,000			1,243,619
ENEOS Holdings, Inc.		473,000			1,558,058
Fuji Electric Co. Ltd.		50,400			1,952,345
FUJIFILM Holdings Corp.		27,300			1,251,950
Hitachi Ltd.		72,900			3,314,193
Honda Motor Co. Ltd.		132,000	��		2,994,290

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

5	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Number of Shares		Value
Ichikoh Industries Ltd.		236,700	$	676,536
IHI Corp.		47,700		1,065,026
ITOCHU Corp.		75,800		1,962,098
Iwatani Corp.		14,900		549,124
J Front Retailing Co. Ltd.		128,500		1,038,750
JAC Recruitment Co. Ltd.		75,600		1,286,311
JAFCO Group Co. Ltd.		61,800		948,851
Japan Airlines Co. Ltd.*		61,400		1,145,869
JGC Holdings Corp.		54,300		654,397
JSP Corp.		29,100		284,356
Kamigumi Co. Ltd.		73,400		1,395,980
Kaneka Corp.		18,200		451,649
KH Neochem Co. Ltd.		109,700		1,873,152
Komatsu Ltd.		35,600		681,857
Kumagai Gumi Co. Ltd.		63,700		1,076,982
Kura Sushi, Inc.#		39,100		915,081
Kureha Corp.		9,200		591,493
Life Corp.		29,400		438,543
Lion Corp.		204,400		2,067,437
Mabuchi Motor Co. Ltd.		73,500		1,996,974
Mitsubishi Corp.		75,100		2,035,900
Mitsubishi Gas Chemical Co., Inc.		55,400		704,911
Mitsubishi UFJ Financial Group, Inc.		546,200		2,569,467
Mitsui Fudosan Co. Ltd.		80,100		1,534,987
Murata Manufacturing Co. Ltd.		20,500		1,006,423
Nabtesco Corp.		50,300		1,070,645
NEC Networks & System Integration Corp.		177,900		1,907,076
Nexon Co. Ltd.		25,900		434,933
Nihon Kohden Corp.		13,800		309,513
Nippon Gas Co. Ltd.		29,000		421,460
Nippon Telegraph & Telephone Corp.		82,200		2,263,202
NOK Corp.		81,800		668,945
Olympus Corp.		86,400		1,824,513
Ono Pharmaceutical Co. Ltd.		91,100		2,141,872
Organo Corp.		22,700		393,103
Pacific Industrial Co. Ltd.		91,300		642,867
Pan Pacific International Holdings Corp.		50,100		822,449
Recruit Holdings Co. Ltd.		17,700		546,373
Relia, Inc.		76,800		515,461
Rengo Co. Ltd.		375,300		2,082,266
Santen Pharmaceutical Co. Ltd.		72,400		495,667
SBI Holdings, Inc.		28,800		520,625
SCREEN Holdings Co. Ltd.		9,000		495,713
Seino Holdings Co. Ltd.		57,400		441,613
Septeni Holdings Co. Ltd.		430,400		1,285,165
Shibaura Machine Co. Ltd.		75,000		1,458,691
SoftBank Group Corp.		41,300		1,777,598
Sompo Holdings, Inc.		20,500		853,805
Sony Group Corp.		38,700		2,599,520
SUMCO Corp.		52,500		666,952
Sumitomo Electric Industries Ltd.		73,300		766,053
Sumitomo Metal Mining Co. Ltd.		31,100		874,678
Sumitomo Mitsui Financial Group, Inc.		66,100		1,855,041
Tadano Ltd.		90,200		552,016
TDK Corp.		37,900		1,186,486
Terumo Corp.		27,300		830,594
THK Co. Ltd.		45,400		793,229

Description	Number of Shares		Value
Tokyo Century Corp.		38,800	$	1,322,950
Tokyu Fudosan Holdings Corp.		438,800		2,228,010
Tomy Co. Ltd.		38,600		339,027
Torii Pharmaceutical Co. Ltd.		24,200		491,503
Toyo Tanso Co. Ltd.		27,000		677,292
Toyota Motor Corp.		258,400		3,578,969
Tsumura & Co.		50,500		1,054,524
Welcia Holdings Co. Ltd.		24,600		514,516
Yamato Holdings Co. Ltd.		84,500		1,252,483
TOTAL JAPAN			$	101,560,280
JORDAN – 0.0%**
Hikma Pharmaceuticals PLC		11,058		158,390
MACAO – 0.3%
Galaxy Entertainment Group Ltd.		289,000		1,319,887
NETHERLANDS – 3.9%
Aalberts NV		29,188		1,014,769
ABN AMRO Bank NV		18,397		181,008
Adyen NV*		116		166,522
Aegon NV		65,543		303,461
Akzo Nobel NV		2,531		156,179
Arcadis NV		24,701		839,242
Argenx SE*		729		284,427
ASM International NV		449		99,749
ASML Holding NV		7,135		3,370,456
ASR Nederland NV		34,474		1,519,134
EXOR NV*		4,080		274,180
Heineken Holding NV		1,960		133,845
Heineken NV		19,976		1,670,112
IMCD NV		11,699		1,518,030
ING Groep NV		63,790		627,505
Koninklijke Ahold Delhaize NV		65,193		1,820,062
Koninklijke DSM NV		225		26,527
Koninklijke Philips NV		27,487		348,188
NN Group NV		9,677		409,787
OCI NV		3,055		116,900
Shell PLC		135,610		3,738,642
Universal Music Group NV		11,460		224,831
Wolters Kluwer NV		4,417		469,466
TOTAL NETHERLANDS			$	19,313,022
NORWAY – 0.8%
Aker BP ASA		7,896		251,702
DNB Bank ASA		89,177		1,578,331
Equinor ASA		20,365		745,067
Norsk Hydro ASA		15,183		96,360
Orkla ASA		31,060		209,613
Telenor ASA		32,988		299,858
TOMRA Systems ASA		38,255		618,268
TOTAL NORWAY			$	3,799,199
PHILIPPINES – 0.3%
Ayala Land, Inc.		1,800,000		792,062
Converge Information and Communications Technology Solutions, Inc.*		2,982,000		633,965
TOTAL PHILIPPINES			$	1,426,027

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

PORTFOLIOS OF INVESTMENTS	6
Wilmington International Fund (continued)

Description	Number of Shares		Value
PORTUGAL – 0.3%
EDP-Energias de Portugal SA		367,099	$	1,605,326
SINGAPORE – 0.9%
Oversea-Chinese Banking Corp. Ltd.		444,661		3,810,214
Sea Ltd., ADR*		10,225		507,978
STMicroelectronics NV		9,166		286,242
TOTAL SINGAPORE			$	4,604,434
SOUTH AFRICA – 0.1%
Anglo American PLC		21,860		653,926
SOUTH KOREA – 2.6%
Delivery Hero SE*		3,305		108,927
LG Chem Ltd.		6,505		2,858,738
NAVER Corp.		11,557		1,375,205
Samsung Electronics Co. Ltd.		184,629		7,699,086
SK Hynix, Inc.		13,151		763,514
TOTAL SOUTH KOREA			$	12,805,470
SPAIN – 2.3%
Acciona SA		1,540		277,139
ACS Actividades de Construccion y Servicios SA		12,621		323,667
Amadeus IT Group SA*		593		30,907
Banco Bilbao Vizcaya Argentaria SA#		418,863		2,156,221
Banco Santander SA		365,024		945,847
Bankinter SA#		315,503		1,906,943
CaixaBank SA		496,936		1,646,648
EDP Renovaveis SA		14,160		298,204
Ferrovial SA		16,649		406,563
Iberdrola SA		196,899		1,999,365
Industria de Diseno Textil SA		27,605		625,818
Repsol SA		20,679		280,893
Siemens Gamesa Renewable Energy SA*		15,431		273,884
Telefonica SA		8,072		27,801
TOTAL SPAIN			$	11,199,900
SWEDEN – 2.4%
Alfa Laval AB		3,564		87,831
Alleima AB*		3,640		12,402
Assa Abloy AB, Class B		23,431		473,238
Atlas Copco AB, Class A		82,423		881,173
Avanza Bank Holding AB#		38,525		769,370
Axfood AB		39,473		977,423
Boliden AB		8,878		258,592
Embracer Group AB*		24,314		117,086
Epiroc AB, Class A		25,577		391,605
EQT AB		7,675		151,259
Essity AB, Class B		3,978		84,091
Evolution AB		3,138		293,587
Fortnox AB		191,269		814,277
GARO AB#		62,585		631,450
Getinge AB, Class B		5,114		103,890
H & M Hennes & Mauritz AB, Class B		15,844		159,571
Hexagon AB, Class B		45,972		454,674
Holmen AB, Class B		4,433		160,839
Industrivarden AB		7,754		174,235
Investor AB, Class B		23,976		391,652

Description	Number of Shares		Value
L E Lundbergforetagen AB, Class B		5,211	$	205,869
Nibe Industrier AB, Class B		22,525		179,732
Securitas AB, Class B		15,037		123,034
Skandinaviska Enskilda Banken AB, Class A		33,465		353,102
SKF AB, Class B		5,282		76,447
Svenska Handelsbanken AB		50,545		469,917
Swedbank AB, Class A		32,048		477,910
Swedish Match AB		141,232		1,453,099
Thule Group AB		31,323		617,314
Volvo AB, Class B		22,499		368,422
Volvo Car AB, Class B*		59,151		251,204
TOTAL SWEDEN			$	11,964,295
SWITZERLAND – 4.8%
ABB Ltd.		26,057		724,449
Accelleron Industries AG*		1,302		22,078
Alcon, Inc.		2,837		172,654
Bossard Holding AG, Class A#		5,037		1,000,006
Chocoladefabriken Lindt & Spruengli AG		51		488,940
Cie Financiere Richemont SA, Class A		10,715		1,048,012
Clariant AG*,#		70,402		1,132,647
Emmi AG		1,582		1,262,314
EMS-Chemie Holding AG		156		98,070
Givaudan SA		46		137,354
Holcim AG*		39,975		1,815,612
Julius Baer Group Ltd.		3,374		161,633
Lonza Group AG		1,638		843,087
Novartis AG		47,293		3,820,845
Partners Group Holding AG		534		479,632
SGS SA		85		187,512
Siegfried Holding AG*		2,286		1,360,619
SIG Group AG*		3,952		75,934
Sika AG		3,387		763,753
Sonova Holding AG		981		231,890
Straumann Holding AG		2,456		233,937
Swatch Group AG (The)		902		203,037
Swatch Group AG (The)		2,251		94,055
Swiss Life Holding AG		3,520		1,704,547
Swisscom AG		3,463		1,709,453
UBS Group AG		71,989		1,142,363
VAT Group AG		1,042		238,088
Zurich Insurance Group AG		5,824		2,485,240
TOTAL SWITZERLAND			$	23,637,761
TAIWAN – 2.6%
MediaTek, Inc.		115,000		2,105,671
Merida Industry Co. Ltd.		308,000		1,682,303
Taiwan Semiconductor Manufacturing Co. Ltd.		759,000		9,186,438
TOTAL TAIWAN			$	12,974,412
THAILAND – 0.4%
Kasikornbank PCL		553,500		2,123,253
UNITED KINGDOM – 9.7%
3i Group PLC		14,100		187,651
Allfunds Group PLC		78,471		495,150
Ashtead Group PLC		11,558		603,090
Associated British Foods PLC		20,060		310,450

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

7	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Number of Shares		Value
AstraZeneca PLC		33,574	$	3,948,063
AVEVA Group PLC		6,263		224,091
Aviva PLC		6,772		32,470
BAE Systems PLC		192,742		1,800,121
Barclays PLC		76,720		130,003
Berkeley Group Holdings PLC		7,157		284,887
BP PLC		261,794		1,440,481
British American Tobacco PLC		64,950		2,557,431
British Land Co. PLC (The)		67,490		283,198
BT Group PLC		28,410		42,290
Bunzl PLC		3,379		110,090
Burberry Group PLC		12,036		250,522
CNH Industrial NV		26,797		347,048
Compass Group PLC		98,898		2,082,889
Croda International PLC		18,357		1,423,102
CVS Group PLC		37,822		820,207
DCC PLC		3,678		204,148
Diageo PLC		42,967		1,772,898
Experian PLC		21,920		697,324
Future PLC		37,592		525,086
GB Group PLC*		144,666		630,763
Great Portland Estates PLC		166,338		980,488
Haleon PLC*		149,434		459,274
Halma PLC		12,087		293,168
Hargreaves Lansdown PLC		8,587		75,157
Hill & Smith Holdings PLC		85,605		969,938
HSBC Holdings PLC		272,366		1,397,139
Imperial Brands PLC		76,802		1,870,746
InterContinental Hotels Group PLC		4,999		269,215
Intertek Group PLC		31,744		1,330,203
J Sainsbury PLC		133,731		298,137
Just Eat Takeaway.com NV*		3,600		61,762
Kingfisher PLC		113,437		284,766
Lloyds Banking Group PLC		464,118		223,652
London Stock Exchange Group PLC		5,001		433,921
Marshalls PLC		185,886		538,051
National Grid PLC		28,518		310,169
Pearson PLC		24,629		271,261
Persimmon PLC		4,264		63,814
Reckitt Benckiser Group PLC		6,905		457,698
RELX PLC		40,059		1,075,447
Rentokil Initial PLC		42,708		266,634
Sage Group PLC (The)		17,967		149,754
Schroders PLC		28,853		129,608
Severn Trent PLC		11,772		337,908
Smith & Nephew PLC		139,540		1,648,252
Smiths Group PLC		7,456		133,431
Spirax-Sarco Engineering PLC		9,579		1,180,909
SSE PLC		88,653		1,581,943
SSP Group PLC*		437,787		1,015,655
St. James’s Place PLC		19,374		236,623
Standard Chartered PLC		426,400		2,550,366
Tate & Lyle PLC		1		8
Unilever PLC		73,934		3,369,880
UNITE Group PLC (The)		97,946		1,000,811
Victrex PLC		40,089		759,951
Vodafone Group PLC		154,194		179,730

Description	Number of Shares		Value
WPP PLC		40,618	$	356,808
TOTAL UNITED KINGDOM			$	47,765,730
UNITED STATES – 5.6%
CSL Ltd.		20,008		3,589,616
Ferguson PLC		5,382		586,965
GSK PLC		158,025		2,589,315
James Hardie Industries PLC, CDI		129,813		2,823,186
Nestle SA		48,892		5,323,996
QIAGEN NV*		2,804		121,095
ResMed, Inc., CDI		95,304		2,075,729
Roche Holding AG		16,036		5,325,582
Roche Holding AG		215		87,215
Samsonite International SA*		1,326,286		2,852,064
Schneider Electric SE		10,728		1,359,806
Stellantis NV		21,208		286,297
Stellantis NV		8,207		110,959
Swiss Re AG		7,259		539,342
Tenaris SA		9,413		146,094
TOTAL UNITED STATES			$	27,817,261
TOTAL COMMON STOCKS (Cost $457,985,518)			$	444,138,189
INVESTMENT COMPANY – 1.0%
iShares MSCI Canada ETF#		160,000		5,284,800
TOTAL INVESTMENT COMPANY (Cost $5,747,528)			$	5,284,800
PREFERRED STOCKS – 0.5%
GERMANY – 0.5%
Henkel AG & Co. KGaA, 1.85%		25,498		1,607,154
Sartorius AG, 1.26%		827		291,852
Sixt SE, 3.92%		5,034		293,516
Volkswagen AG, 7.56%		1,113		142,264
TOTAL PREFERRED STOCKS (Cost $2,497,683)			$	2,334,786
EQUITY-LINKED WARRANTS – 1.5%
CHINA – 1.5%
(Issuer UBS AG) China Tourism Group Duty Free Corp. Ltd. Strike price $0, Expire 10/23/23*		42,000		922,796
(Issuer UBS AG) Gongniu Group Co. Ltd., Strike price $0, Expire 06/21/23*		70,100		1,151,904
(Issuer UBS AG) LONGi Green Energy Technology Co. Ltd., Strike price $0, Expire 05/15/23*		224,720		1,480,523
(Issuer UBS AG) Midea Group Co. Ltd., Strikeprice $0, Expire 06/21/23*		257,100		1,415,378
(Issuer UBS AG) Shanghai Kelai Mechatronics Engineering Co. Ltd., Strike price $0, Expire 03/08/23*		435,800		1,245,909
(Issuer UBS AG) Zhejiang Sanhua Intelligent Controls Co. Ltd. Strike price $0, Expire 10/23/23*		418,800		1,219,343
TOTAL EQUITY-LINKED WARRANTS (Cost $9,534,002)			$	7,435,853

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

PORTFOLIOS OF INVESTMENTS 8

Wilmington International Fund (continued)

Description	Number of Shares		Value
MONEY MARKET FUND – 5.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^		27,623,134	$	27,623,134
TOTAL MONEY MARKET FUND (Cost $27,623,134)			$	27,623,134
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.7%
MONEY MARKET FUNDS – 0.7%
Blackrock Liquidity Fed Fund, Institutional Shares, 2.87%^		760,000		760,000
Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07%^		1,070,000		1,070,000
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^		1,070,000		1,070,000
Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 2.88%^		780,000		780,000
TOTAL MONEY MARKET FUNDS (Cost $3,680,000)			$	3,680,000
	Par Value
REPURCHASE AGREEMENTS – 2.0%
Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $2,568,104, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 1/01/61; total market value of $2,619,244.	$	2,567,886		2,567,886
Daiwa Capital Markets America, 3.05%,dated 10/31/22, due 11/01/22, repurchase price $2,128,940, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.63%, maturing 11/01/22 to 11/01/52; totalmarket value of $2,171,335.		2,128,760		2,128,760

Description	Par Value		Value
Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $2,568,104, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $2,619,244.	$	2,567,886	$	2,567,886
RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchaseprice $2,568,104, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market valueof $2,619,244.		2,567,886		2,567,886
TOTAL REPURCHASE AGREEMENTS (Cost $9,832,418)			$	9,832,418
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (Cost $13,512,418)			$	13,512,418
TOTAL INVESTMENTS – 101.1% (Cost $516,900,283)			$	500,329,180
COLLATERAL FOR SECURITIES ON LOAN – (2.7%)				(13,512,418	)
OTHER ASSETS LESS LIABILITIES – 1.6%				7,931,581
TOTAL NET ASSETS – 100.0%			$	494,748,343

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

	Level 1		Level 2		Level 3			Total
Assets
Investments in Securities
Common Stocks
Australia	$	14,813,953	$	—		$—		$	14,813,953
Austria		547,121		—		—			547,121
Belgium		5,435,911		—		—			5,435,911
Bermuda		265,462		—		—			265,462
Bulgaria		—		—		—	(a)		—
China		27,159,303		—		—			27,159,303
Denmark		10,339,603		—		—			10,339,603
Finland		4,281,189		—		—			4,281,189
France		42,716,635		—		—			42,716,635
Germany		21,365,754		—		—			21,365,754
Hong Kong		12,324,813		—		—			12,324,813
India		5,440,411		—		—			5,440,411

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

9 PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

	Level 1				Level 2			Level 3		Total
Indonesia		$	2,280,518			$	—		$—		$	2,280,518
Ireland			1,682,235				—		—			1,682,235
Italy			10,756,708				—		—			10,756,708
Japan			101,560,280				—		—			101,560,280
Jordan			158,390				—		—			158,390
Macao			1,319,887				—		—			1,319,887
Netherlands			19,313,022				—		—			19,313,022
Norway			3,799,199				—		—			3,799,199
Philippines			1,426,027				—		—			1,426,027
Portugal			1,605,326				—		—			1,605,326
Singapore			4,604,434				—		—			4,604,434
South Africa			653,926				—		—			653,926
South Korea			12,805,470				—		—			12,805,470
Spain			11,199,900				—		—			11,199,900
Sweden			11,964,295				—		—			11,964,295
Switzerland			23,637,761				—		—			23,637,761
Taiwan			12,974,412				—		—			12,974,412
Thailand			2,123,253				—		—			2,123,253
United Kingdom			47,765,730				—		—			47,765,730
United States			27,817,261				—		—			27,817,261
Investment Company			5,284,800				—		—			5,284,800
Preferred Stocks
Germany			2,334,786				—		—			2,334,786
Equity-Linked Warrants
China			—				7,435,853		—			7,435,853
Money Market Funds			31,303,134				—		—			31,303,134
Repurchase Agreements			—				9,832,418		—			9,832,418
Total Investments in Securities		$	483,060,909			$	17,268,271		$—		$	500,329,180
Liabilities
Other Financial Instruments!
Financial Futures Contracts		$	(815,809	)		$	—		$—		$	(815,809	)
Total Liabilities - Other Financial Instruments		$	(815,809	)		$	—		$—		$	(815,809	)

^(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.

^**  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.

⁽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

CDI CREST Depository Interest

ETF Exchange-Traded Fund

MSCI Morgan Stanley Capital International

OYJ Public Limited Company

PCL Public Company Limited

PLC Public Limited Company

SCA Limited Partnership With Share Capital

SpA Societa per Azioni

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

PORTFOLIOS OF INVESTMENTS 10

Wilmington International Fund (concluded)

   At October 31, 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		December 2022		134	$	13,403,367	$	12,587,558		$—		$(815,809)
UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$—		$(815,809)

^(a)  The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through October 31, 2022. Only current day variation margin is reported on the Fund’s Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

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

11

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

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

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

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

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

PORTFOLIOS OF INVESTMENTS	12
Wilmington Global Alpha Equities Fund (continued)

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

⁽¹⁾  Represents less than 0.05%.

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 91.9%
AEROSPACE & DEFENSE – 2.4%
Austal Ltd.		24,883	$	39,632
Babcock International Group PLC*		24,442		77,251
BAE Systems PLC		158,849		1,483,576
BWX Technologies, Inc.		13,980		796,580
CAE, Inc.*		17,049		325,375
Dassault Aviation SA		795		118,163
General Dynamics Corp.		86		21,483
Lockheed Martin Corp.		2,488		1,210,860
Raytheon Technologies Corp.		6,103		578,686
Thales SA		3,568		453,630
TOTAL AEROSPACE & DEFENSE			$	5,105,236
AIR FREIGHT & LOGISTICS – 0.7%
Bpost SA		6,501		32,123
Expeditors International of Washington, Inc.		7,128		697,475
PostNL NV		17,691		27,746
SG Holdings Co. Ltd.		2,810		37,266
United Parcel Service, Inc., Class B		2,047		343,425
Yamato Holdings Co. Ltd.		13,045		193,357
ZTO Express Cayman, Inc., ADR		12,198		206,024
ZTO Express Cayman, Inc.		2,039		34,262
TOTAL AIR FREIGHT & LOGISTICS			$	1,571,678
AIRLINES – 0.3%
easyJet PLC*		23,902		95,499
Japan Airlines Co. Ltd.*		5,027		93,816

Description	Number of Shares		Value
Southwest Airlines Co.*		10,962	$	398,469
TOTAL AIRLINES			$	587,784
AUTO COMPONENTS – 0.5%
Continental AG		1,509		78,262
Hankook Tire & Technology Co. Ltd.		3,160		81,083
Hyundai Mobis Co. Ltd.		694		106,698
NOK Corp.		9,253		75,669
Stanley Electric Co. Ltd.		6,777		115,218
Sumitomo Electric Industries Ltd.		12,577		131,441
Sumitomo Rubber Industries Ltd.		7,781		66,771
Tachi-S Co. Ltd.		4,641		34,426
Tokai Rika Co. Ltd.		6,620		69,096
Toyoda Gosei Co. Ltd.		4,178		66,760
TS Tech Co. Ltd.		12,060		126,119
Unipres Corp.		7,131		41,723
TOTAL AUTO COMPONENTS			$	993,266
AUTOMOBILES – 1.0%
Dongfeng Motor Group Co. Ltd., Class H		162,842		73,645
Honda Motor Co. Ltd.		22,838		518,058
Isuzu Motors Ltd.		65,886		772,758
Li Auto, Inc., ADR*		3,069		41,800
Mercedes-Benz Group AG		2,324		134,586
Nissan Motor Co. Ltd.		27,788		88,655
Renault SA*		3,908		120,381
Subaru Corp.		11,209		174,548
Suzuki Motor Corp.		2,823		95,306

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

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

Description	Number of Shares		Value
Yamaha Motor Co. Ltd.		3,120	$	64,416
TOTAL AUTOMOBILES			$	2,084,153
BANKS – 3.6%
ABN AMRO Bank NV		16,299		160,366
AIB Group PLC		38,357		111,065
Bank Mandiri Persero Tbk PT		162,134		109,666
Bank of Ireland Group PLC		13,771		99,293
Bank of Nova Scotia (The)		13,967		675,103
Bank of Nova Scotia (The)		13,505		652,562
BPER Banca		55,676		103,028
CaixaBank SA		31,353		103,891
Dah Sing Financial Holdings Ltd.		16,850		33,358
DGB Financial Group, Inc.		12,156		57,945
DNB Bank ASA		29,310		518,754
Erste Group Bank AG		5,217		128,686
FinecoBank Banca Fineco SpA		67,983		916,392
First Citizens BancShares, Inc., Class A		281		231,016
First Republic Bank		2,111		253,531
HSBC Holdings PLC		90,607		464,781
Kasikornbank PCL		14,959		57,580
KB Financial Group, Inc., ADR		5,342		179,171
Mebuki Financial Group, Inc.		22,600		43,925
Mizuho Financial Group, Inc.		7,780		84,029
PNC Financial Services Group, Inc. (The)		4,353		704,446
Resona Holdings, Inc.		74,351		279,863
San-In Godo Bank Ltd. (The)		13,600		64,755
Sberbank of Russia PJSC, ADR*,(1)		3,982		—
Security Bank Corp.		38,556		57,485
Shinhan Financial Group Co. Ltd., ADR		6,591		166,686
Standard Chartered PLC		33,720		201,162
Sumitomo Mitsui Trust Holdings, Inc.		4,861		139,820
Tochigi Bank Ltd. (The)		9,980		20,336
U.S. Bancorp		4,624		196,289
Unicaja Banco SA		91,701		81,199
UniCredit SpA		51,360		636,893
TOTAL BANKS			$	7,533,076
BEVERAGES – 1.3%
Anadolu Efes Biracilik Ve Malt Sanayii AS		12,057		31,065
Asahi Group Holdings Ltd.		2,458		68,833
Cia Cervecerias Unidas SA		7,378		40,468
Coca-Cola Co. (The)		9,460		566,181
Coca-Cola Icecek AS		7,582		70,059
Diageo PLC		13,340		550,433
Embotelladora Andina SA, Class B, ADR		8,782		90,455
Heineken NV		6,366		532,235
Kirin Holdings Co. Ltd.		15,061		221,770
PepsiCo., Inc.		3,426		622,093
Suntory Beverage & Food Ltd.		1,331		44,577
TOTAL BEVERAGES			$	2,838,169
BIOTECHNOLOGY – 0.4%
Genmab A/S*		458		176,530
Vertex Pharmaceuticals, Inc.*		1,972		615,264
TOTAL BIOTECHNOLOGY			$	791,794

Description	Number of Shares		Value
BUILDING PRODUCTS – 1.1%
Assa Abloy AB, Class B		13,602	$	274,721
Builders FirstSource, Inc.*		3,824		235,788
Cie de Saint-Gobain		4,924		201,458
Johnson Controls International PLC		22,997		1,330,147
Lennox International, Inc.		1,460		341,012
TOTAL BUILDING PRODUCTS			$	2,383,126
CAPITAL MARKETS – 3.2%
Ares Management Corp., Class A		13,921		1,055,629
Brookfield Asset Management, Inc., Class A		3,875		153,489
Cboe Global Markets, Inc.		225		28,012
Charles Schwab Corp. (The)		33,419		2,662,492
CME Group, Inc.		487		84,397
CSC Financial Co. Ltd., Class H		140,000		101,482
Deutsche Boerse AG		767		124,803
Hargreaves Lansdown PLC		1,970		17,242
Hong Kong Exchanges & Clearing Ltd.		5,592		148,889
Ichiyoshi Securities Co. Ltd.		6,062		24,583
Intercontinental Exchange, Inc.		1,845		176,327
London Stock Exchange Group PLC		3,467		300,821
MarketAxess Holdings, Inc.		25		6,101
Moody’s Corp.		535		141,705
Morgan Stanley		3,370		276,913
Nomura Holdings, Inc.		14,309		46,364
S&P Global, Inc.		975		313,219
SEI Investments Co.		235		12,761
UBS Group AG		62,433		990,723
TOTAL CAPITAL MARKETS			$	6,665,952
CHEMICALS – 1.3%
ADEKA Corp.		5,661		84,747
Air Liquide SA		589		77,009
Celanese Corp.		3,198		307,392
China BlueChemical Ltd., Class H		133,990		25,604
Croda International PLC		773		59,926
Element Solutions, Inc.		13,949		239,923
EMS-Chemie Holding AG		39		24,517
FMC Corp.		2,444		290,592
Givaudan SA		27		80,621
Koninklijke DSM NV		588		69,324
Linde PLC		2,064		613,730
Lintec Corp.		4,000		60,042
Mitsubishi Gas Chemical Co., Inc.		9,340		118,843
Nissan Chemical Corp.		155		6,984
Sherwin-Williams Co. (The)		1,435		322,918
Shin-Etsu Chemical Co. Ltd.		1,660		173,485
Sumitomo Bakelite Co. Ltd.		1,990		53,934
Symrise AG		736		75,172
TOTAL CHEMICALS			$	2,684,763
COMMERCIAL SERVICES & SUPPLIES – 1.5%
Aeon Delight Co. Ltd.		3,054		61,082
Cintas Corp.		1,091		466,457
Clean Harbors, Inc.*		7,346		899,591
Copart, Inc.*		5,877		675,973
Kokuyo Co. Ltd.		4,000		49,659
Prosegur Cia de Seguridad SA		28,768		53,647

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

PORTFOLIOS OF INVESTMENTS	14
Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Rollins, Inc.		726	$	30,550
Secom Co. Ltd.		1,047		59,787
Waste Connections, Inc.		7,014		925,217
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,221,963
COMMUNICATIONS EQUIPMENT – 1.0%
Cisco Systems, Inc.		24,008		1,090,684
Motorola Solutions, Inc.		3,516		877,980
Nokia OYJ		37,724		168,024
TOTAL COMMUNICATIONS EQUIPMENT			$	2,136,688
CONSTRUCTION & ENGINEERING – 0.8%
Bouygues SA		1,271		36,275
Chiyoda Corp.*		9,401		23,329
EXEO Group, Inc.		3,614		52,960
Fugro NV*		4,322		56,167
Implenia AG*		1,382		51,893
JGC Holdings Corp.		15,318		184,605
Obayashi Corp.		630		4,046
Vinci SA		13,044		1,201,159
TOTAL CONSTRUCTION & ENGINEERING			$	1,610,434
CONSTRUCTION MATERIALS – 0.2%
HeidelbergCement AG		3,590		165,506
Holcim AG*		3,652		165,869
Imerys SA		1,986		81,372
Taiheiyo Cement Corp.		5,126		69,670
Vicat SA		1,740		39,894
TOTAL CONSTRUCTION MATERIALS			$	522,311
CONSUMER FINANCE – 0.6%
American Express Co.		5,040		748,188
Credit Acceptance Corp.*		949		441,873
Marui Group Co. Ltd.		3,670		60,568
Provident Financial PLC		18,512		34,668
TOTAL CONSUMER FINANCE			$	1,285,297
CONTAINERS & PACKAGING – 0.1%
Ball Corp.		4,463		220,428
Nampak Ltd.*		56,917		5,825
TOTAL CONTAINERS & PACKAGING			$	226,253
DISTRIBUTORS – 0.4%
Genuine Parts Co.		465		82,705
LKQ Corp.		11,400		634,296
PALTAC Corp.		1,576		44,833
TOTAL DISTRIBUTORS			$	761,834
DIVERSIFIED CONSUMER SERVICES – 0.0%**
Benesse Holdings, Inc.		612		9,030
DIVERSIFIED FINANCIAL SERVICES – 2.2%
Bank of America Corp.		26,608		958,952
Berkshire Hathaway, Inc., Class B*		3,220		950,190
BNP Paribas SA		4,157		195,117
G-Resources Group Ltd.		18,893		4,790
ING Groep NV		17,538		172,522
Investor AB, Class B		5,402		88,243
JPMorgan Chase & Co.		3,421		430,635

Description	Number of Shares		Value
Kasikornbank PCL, NVDR		22,822	$	87,546
Mitsubishi HC Capital, Inc.		6,197		26,589
Mitsubishi UFJ Financial Group, Inc.		139,620		656,809
Royal Bank of Canada		6,698		619,725
Societe Generale SA		7,229		165,921
Sumitomo Mitsui Financial Group, Inc.		11,078		310,895
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,667,934
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.7%
AT&T, Inc.		7,501		136,743
BT Group PLC		71,659		106,668
Hellenic Telecommunications Organization SA		30,324		476,486
Koninklijke KPN NV		138,774		388,253
KT Corp., ADR		12,142		154,325
Magyar Telekom Telecommunications PLC, ADR		6,004		20,684
Nippon Telegraph & Telephone Corp.		11,800		324,888
Orange SA		25,065		238,565
Proximus SADP		3,764		39,467
Swisscom AG		205		101,195
Telefonica Brasil SA		10,879		87,255
Telenor ASA		3,875		35,223
Telia Co. AB		14,721		38,998
Telkom Indonesia Persero Tbk PT		1,788,800		503,467
Turk Telekomunikasyon AS		87,767		58,419
Verizon Communications, Inc.		20,761		775,839
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	3,486,475
ELECTRIC UTILITIES – 1.2%
American Electric Power Co., Inc.		165		14,507
Chubu Electric Power Co., Inc.		4,011		32,666
Duke Energy Corp.		6,014		560,385
Edison International		8,029		482,061
Eversource Energy		3,701		282,312
Exelon Corp.		12,952		499,818
Iberdrola SA		51,836		526,357
Kansai Electric Power Co., Inc. (The)		1,221		9,254
Red Electrica Corp. SA		2,248		36,323
TOTAL ELECTRIC UTILITIES			$	2,443,683
ELECTRICAL EQUIPMENT – 0.3%
Cosel Co. Ltd.		5,774		33,123
Nippon Carbon Co. Ltd.		2,100		59,528
Schneider Electric SE		2,726		345,529
Ushio, Inc.		17,487		181,814
Zumtobel Group AG		2,522		15,228
TOTAL ELECTRICAL EQUIPMENT			$	635,222
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Ai Holdings Corp.		3,600		53,360
Alps Alpine Co. Ltd.		8,355		71,922
Amano Corp.		6,430		110,140
Amphenol Corp., Class A		2,048		155,300
Canon Marketing Japan, Inc.		3,011		63,583
Citizen Watch Co. Ltd.		4,288		18,023
Foxconn Technology Co. Ltd.		38,407		53,875
Halma PLC		2,102		50,984
Hon Hai Precision Industry Co. Ltd.		29,775		94,715

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

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

Description	Number of Shares		Value
Keyence Corp.		134	$	50,754
Kyocera Corp.		2,250		112,595
Maruwa Co. Ltd.		449		52,873
Maxell Ltd.		6,481		53,829
Nippon Chemi-Con Corp.*		4,861		61,263
PAX Global Technology Ltd.		23,846		18,743
Shimadzu Corp.		1,734		45,771
Sunny Optical Technology Group Co. Ltd.		18,053		156,505
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	1,224,235
ENERGY EQUIPMENT & SERVICES – 0.5%
China Oilfield Services Ltd., Class H		318,000		358,120
Schlumberger NV		11,229		584,245
Trican Well Service Ltd.*		14,039		37,304
TOTAL ENERGY EQUIPMENT & SERVICES			$	979,669
ENTERTAINMENT – 0.3%
Capcom Co. Ltd.		714		19,904
DeNA Co. Ltd.		6,608		86,258
NetEase, Inc., ADR		5,247		291,838
NetEase, Inc.		9,216		100,500
Nexon Co. Ltd.		1,733		29,102
Nintendo Co. Ltd.		1,620		66,131
Square Enix Holdings Co. Ltd.		1,304		58,230
TOTAL ENTERTAINMENT			$	651,963
FOOD & STAPLES RETAILING – 1.1%
Atacadao SA		10,792		40,699
Carrefour SA		9,109		146,597
Costco Wholesale Corp.		572		286,858
J Sainsbury PLC		54,030		120,453
Jeronimo Martins SGPS SA		2,321		48,122
Koninklijke Ahold Delhaize NV		4,473		124,878
Marks & Spencer Group PLC*		12,904		15,612
Performance Food Group Co.*		14,658		762,802
Sundrug Co. Ltd.		6,479		150,761
Tesco PLC		37,100		91,517
Tsuruha Holdings, Inc.		2,751		160,033
Walmart, Inc.		3,158		449,478
TOTAL FOOD & STAPLES RETAILING			$	2,397,810
FOOD PRODUCTS – 1.5%
Astral Foods Ltd.		4,870		46,678
Barry Callebaut AG		20		37,829
Campbell Soup Co.		694		36,720
Chocoladefabriken Lindt & Spruengli AG		8		76,697
General Mills, Inc.		1,986		162,018
Hormel Foods Corp.		1,938		90,020
Kellogg Co.		11,742		902,020
MEIJI Holdings Co. Ltd.		767		31,568
Nestle SA		9,293		1,011,943
Nisshin Seifun Group, Inc.		1,867		20,190
Nissin Foods Holdings Co. Ltd.		608		39,376
Nomad Foods Ltd.*		31,881		490,967
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		149,321		10,818
Ulker Biskuvi Sanayi AS*		32,173		45,457

Description	Number of Shares		Value
WH Group Ltd.		105,166	$	53,188
Yihai International Holding Ltd.*		19,276		31,727
TOTAL FOOD PRODUCTS			$	3,087,216
GAS UTILITIES – 0.4%
China Gas Holdings Ltd.		39,059		34,632
Enagas SA		5,579		90,559
ENN Energy Holdings Ltd.		35,918		357,137
Osaka Gas Co. Ltd.		1,753		25,960
Snam SpA		10,479		46,622
Tokyo Gas Co. Ltd.		1,488		26,589
UGI Corp.		6,343		224,098
TOTAL GAS UTILITIES			$	805,597
HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%
Abbott Laboratories		1,157		114,474
Asahi Intecc Co. Ltd.		1,955		33,316
Baxter International, Inc.		8,069		438,550
Becton Dickinson & Co.		11		2,596
Boston Scientific Corp.*		12,692		547,152
Coloplast A/S, Class B		658		73,361
DexCom, Inc.*		2,896		349,779
DiaSorin SpA		140		18,304
Hoya Corp.		542		50,575
ICU Medical, Inc.*		3,398		504,297
Insulet Corp.*		687		177,803
Koninklijke Philips NV		28,153		356,625
Medtronic PLC		15,829		1,382,505
Paramount Bed Holdings Co. Ltd.		1,971		35,100
Siemens Healthineers AG		1,562		71,903
Stryker Corp.		3,635		833,287
Sysmex Corp.		674		36,389
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	5,026,016
HEALTH CARE PROVIDERS & SERVICES – 2.8%
Alfresa Holdings Corp.		6,525		75,082
BML, Inc.		2,840		64,270
Chemed Corp.		1,351		630,741
Elevance Health, Inc.		1,642		897,796
Fresenius SE & Co. KGaA		6,345		146,101
HCA Healthcare, Inc.		4,423		961,870
Humana, Inc.		1,910		1,065,933
McKesson Corp.		1,422		553,684
Netcare Ltd.		79,577		67,496
UnitedHealth Group, Inc.		2,621		1,455,048
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	5,918,021
HOTELS, RESTAURANTS & LEISURE – 1.6%
Choice Hotels International, Inc.		3,430		445,351
Compass Group PLC		26,361		555,189
Evolution AB		644		60,252
H World Group Ltd., ADR		7,444		201,584
Hilton Worldwide Holdings, Inc.		3,097		418,900
La Francaise des Jeux SAEM		582		18,980
McDonald’s Corp.		4,911		1,339,033
McDonald’s Holdings Co. Japan Ltd.		765		26,547
Sands China Ltd.*		165,400		288,673
TOTAL HOTELS, RESTAURANTS & LEISURE			$	3,354,509

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

PORTFOLIOS OF INVESTMENTS	16
Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
HOUSEHOLD DURABLES – 0.7%
Casio Computer Co. Ltd.		9,180	$	79,888
Coway Co. Ltd.		1,902		73,840
De’ Longhi SpA		4,303		74,290
Garmin Ltd.		1,111		97,812
Nikon Corp.		7,225		69,920
NVR, Inc.*		149		631,425
Persimmon PLC		2,420		36,217
Sekisui Chemical Co. Ltd.		3,181		39,791
Sekisui House Ltd.		8,502		141,514
Sony Group Corp.		2,070		139,044
TOTAL HOUSEHOLD DURABLES			$	1,383,741
HOUSEHOLD PRODUCTS – 1.4%
Clorox Co. (The)		226		33,005
Colgate-Palmolive Co.		14,541		1,073,707
Henkel AG & Co. KGaA		1,582		92,945
Procter & Gamble Co. (The)		6,940		934,610
Reckitt Benckiser Group PLC		11,777		780,639
Unicharm Corp.		1,387		42,274
TOTAL HOUSEHOLD PRODUCTS			$	2,957,180
INDUSTRIAL CONGLOMERATES – 0.2%
3M Co.		1,819		228,812
Honeywell International, Inc.		514		104,866
TOTAL INDUSTRIAL CONGLOMERATES			$	333,678
INSURANCE – 8.3%
Admiral Group PLC		996		23,038
Ageas SA		2,949		102,090
AIA Group Ltd.		285,372		2,161,289
Arch Capital Group Ltd.*		9,252		531,990
Arthur J. Gallagher & Co.		6,256		1,170,372
Assicurazioni Generali SpA		8,981		134,818
AXA SA		60,891		1,504,388
Baloise Holding AG		213		29,099
Brown & Brown, Inc.		783		46,033
Caixa Seguridade Participacoes S/A		61,224		104,420
China Pacific Insurance Group Co. Ltd., Class H		51,800		83,544
China Reinsurance Group Corp., Class H		987,937		52,231
Chubb Ltd.		3,829		822,814
Dai-ichi Life Holdings, Inc.		17,024		269,909
Enstar Group Ltd.*		2,065		414,074
Gjensidige Forsikring ASA		614		11,216
Globe Life, Inc.		9,156		1,057,701
Intact Financial Corp.		16,915		2,570,246
Markel Corp.*		518		624,760
Marsh & McLennan Cos., Inc.		4,403		711,040
MetLife, Inc.		8,927		653,546
MS&AD Insurance Group Holdings, Inc.		11,777		312,137
Old Mutual Ltd.		133,038		75,613
Phoenix Group Holdings PLC		362		2,252
Principal Financial Group, Inc.		6,786		598,050
Progressive Corp. (The)		10,357		1,329,839
Sampo OYJ, Class A		2,437		111,459
SCOR SE		5,326		80,135
Swiss Life Holding AG		32		15,496
T&D Holdings, Inc.		82,898		817,858

Description	Number of Shares		Value
Tokio Marine Holdings, Inc.		41,866	$	757,668
Tongyang Life Insurance Co. Ltd.		8,020		28,827
Travelers Cos., Inc. (The)		601		110,860
Willis Towers Watson PLC		367		80,083
Zurich Insurance Group AG		290		123,750
TOTAL INSURANCE			$	17,522,645
INTERACTIVE MEDIA & SERVICES – 2.0%
Alphabet, Inc., Class A*		18,420		1,740,874
Alphabet, Inc., Class C*		7,729		731,627
Baidu, Inc., Class A*		6,986		66,837
Meta Platforms, Inc., Class A*		3,884		361,834
Tencent Holdings Ltd.		38,424		1,006,411
ZoomInfo Technologies, Inc.*		6,075		270,520
TOTAL INTERACTIVE MEDIA & SERVICES			$	4,178,103
INTERNET & DIRECT MARKETING RETAIL – 1.8%
Alibaba Group Holding Ltd.*		13,853		108,447
Alibaba Group Holding Ltd., ADR*		4,950		314,721
Amazon.com, Inc.*		20,769		2,127,576
ASKUL Corp.		17,549		183,521
JD.com, Inc., ADR		9,407		350,787
Meituan, Class B*		48,439		770,122
TOTAL INTERNET & DIRECT MARKETING RETAIL			$	3,855,174
IT SERVICES – 5.2%
Accenture PLC, Class A		4,297		1,219,918
Automatic Data Processing, Inc.		3,260		787,942
BIPROGY Inc		2,673		57,794
Capgemini SE		5,400		887,201
Cognizant Technology Solutions Corp., Class A		6,124		381,219
Edenred		11,951		613,677
EPAM Systems, Inc.*		185		64,750
Fidelity National Information Services, Inc.		12,931		1,073,144
FleetCor Technologies, Inc.*		1,707		317,707
Gartner, Inc.*		2,236		675,093
Global Payments, Inc.		3,561		406,880
GoDaddy, Inc., Class A*		17,518		1,408,447
International Business Machines Corp.		717		99,154
Jack Henry & Associates, Inc.		242		48,172
Mastercard, Inc., Class A		3,012		988,478
Nomura Research Institute Ltd.		470		10,447
NS Solutions Corp.		3,884		89,463
Obic Co. Ltd.		369		55,513
Paychex, Inc.		1,080		127,775
Sopra Steria Group SACA		201		26,618
Visa, Inc., Class A		7,187		1,488,859
Western Union Co. (The)		1,258		16,996
TOTAL IT SERVICES			$	10,845,247
LEISURE PRODUCTS – 0.1%
Bandai Namco Holdings, Inc.		876		57,982
Sega Sammy Holdings, Inc.		3,050		39,075
Shimano, Inc.		411		63,780
TOTAL LEISURE PRODUCTS			$	160,837
LIFE SCIENCES TOOLS & SERVICES – 0.7%
Agilent Technologies, Inc.		983		135,998

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

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

Description	Number of Shares		Value
CMIC Holdings Co. Ltd.		1,630	$	18,427
Danaher Corp.		2,915		733,618
ICON PLC*		1,799		355,914
Sartorius Stedim Biotech		153		48,566
Thermo Fisher Scientific, Inc.		449		230,773
TOTAL LIFE SCIENCES TOOLS & SERVICES			$	1,523,296
MACHINERY – 2.5%
Amada Co. Ltd.		9,800		69,004
CNH Industrial NV		36,164		468,360
Daimler Truck Holding AG*		6,618		176,586
Duerr AG		2,921		77,305
Fortive Corp.		14,568		930,895
Graco, Inc.		2,822		196,355
Hino Motors Ltd.*		16,942		70,414
Hisaka Works Ltd.		3,030		17,219
IDEX Corp.		2,325		516,871
Kone OYJ, Class B		9,988		409,138
Makino Milling Machine Co. Ltd.		2,579		79,697
Makita Corp.		5,771		105,566
MISUMI Group, Inc.		2,234		47,776
Mitsubishi Heavy Industries Ltd.		1,827		62,909
Nordson Corp.		100		22,500
OKUMA Corp.		3,480		116,784
OSG Corp.		5,490		69,892
Otis Worldwide Corp.		7,387		521,818
PACCAR, Inc.		5,849		566,359
Schindler Holding AG		353		57,550
SKF AB, Class B		10,655		154,210
SMC Corp.		182		73,586
Spirax-Sarco Engineering PLC		408		50,299
Sumitomo Heavy Industries Ltd.		5,170		98,153
THK Co. Ltd.		9,431		164,778
Toyota Industries Corp.		1,625		83,712
Wartsila OYJ Abp		13,784		93,992
TOTAL MACHINERY			$	5,301,728
MARINE – 0.0%**
Kuehne + Nagel International AG		151		32,180
MEDIA – 1.4%
Cable One, Inc.		366		314,551
Comcast Corp., Class A		20,788		659,811
Criteo SA, ADR*		561		14,306
Fuji Media Holdings, Inc.		4,480		31,183
Hakuhodo DY Holdings, Inc.		6,617		55,893
Megacable Holdings SAB de CV		26,500		55,199
Metropole Television SA		5,381		55,677
Nippon Television Holdings, Inc.		17,424		130,069
Omnicom Group, Inc.		5,626		409,291
Publicis Groupe SA		8,058		451,839
RTL Group SA		2,634		89,389
Television Francaise 1		12,404		78,698
TV Asahi Holdings Corp.		6,669		62,521
WPP PLC		53,588		470,743
TOTAL MEDIA			$	2,879,170

Description	Number of Shares		Value
METALS & MINING – 1.3%
Anglo American PLC		17,191	$	514,256
Asahi Holdings, Inc.		4,830		61,685
Barrick Gold Corp.		8,564		128,804
Centamin PLC		60,359		61,412
Centerra Gold, Inc.		11,825		54,944
Eldorado Gold Corp.*		9,477		52,976
Endeavour Mining PLC		4,840		86,082
Fresnillo PLC		5,181		43,314
Glencore PLC		88,762		508,452
Harmony Gold Mining Co. Ltd., ADR		14,723		41,224
Hitachi Metals Ltd.*		2,053		29,988
Kinross Gold Corp.		6,097		22,132
Kyoei Steel Ltd.		5,891		52,019
Maruichi Steel Tube Ltd.		3,657		69,134
Nakayama Steel Works Ltd.		4,017		17,209
Neturen Co. Ltd.		5,935		26,702
Norsk Hydro ASA		4,106		26,059
OceanaGold Corp.*		30,595		44,466
Resolute Mining Ltd.*		50,624		6,476
Rio Tinto PLC		12,779		664,895
Yamato Kogyo Co. Ltd.		3,703		107,582
Yodogawa Steel Works Ltd.		2,073		33,752
TOTAL METALS & MINING			$	2,653,563
MULTILINE RETAIL – 0.1%
Dollar General Corp.		747		190,522
Ryohin Keikaku Co. Ltd.		8,500		80,087
TOTAL MULTILINE RETAIL			$	270,609
MULTI-UTILITIES – 0.9%
Centrica PLC		21,459		18,855
Consolidated Edison, Inc.		1,180		103,793
Dominion Energy, Inc.		5,198		363,704
Engie SA		19,575		254,464
National Grid PLC		89,576		974,251
WEC Energy Group, Inc.		1,048		95,714
TOTAL MULTI-UTILITIES			$	1,810,781
OIL, GAS & CONSUMABLE FUELS – 3.7%
ARC Resources Ltd.		5,253		73,955
BP PLC		83,252		458,081
Cameco Corp.		3,950		93,680
Chevron Corp.		2,714		490,962
ConocoPhillips		3,497		440,937
Coterra Energy, Inc.		11,903		370,540
Diamondback Energy, Inc.		2,518		395,603
Enbridge, Inc.		19,732		768,800
Eni SpA		29,846		390,931
Exxon Mobil Corp.		2,559		283,563
Inpex Corp.		11,379		116,166
Japan Petroleum Exploration Co. Ltd.		1,430		37,122
Shell PLC		22,629		623,860
TC Energy Corp.		15,669		688,247
TotalEnergies SE		38,241		2,082,321
TotalEnergies SE, ADR		6,862		375,832
Ultrapar Participacoes SA		35,495		92,491

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

PORTFOLIOS OF INVESTMENTS	18
Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
YPF SA, ADR*		3,996	$	30,529
TOTAL OIL, GAS & CONSUMABLE FUELS			$	7,813,620
PERSONAL PRODUCTS – 0.1%
Haleon PLC*		571		1,755
Kobayashi Pharmaceutical Co. Ltd.		512		27,202
Unilever PLC		3,739		170,422
TOTAL PERSONAL PRODUCTS			$	199,379
PHARMACEUTICALS – 7.0%
Astellas Pharma, Inc.		7,838		107,875
AstraZeneca PLC		14,010		1,647,476
AstraZeneca PLC, ADR		17,314		1,018,236
Bristol-Myers Squibb Co.		3,411		264,250
Chugai Pharmaceutical Co. Ltd.		6,270		145,476
Daiichi Sankyo Co. Ltd.		3,325		106,596
Eisai Co. Ltd.		1,119		67,534
Eli Lilly & Co.		3,404		1,232,554
GSK PLC		456		7,472
Johnson & Johnson		10,872		1,891,402
Kissei Pharmaceutical Co. Ltd.		2,613		46,199
Kyowa Kirin Co. Ltd.		4,040		95,230
Merck & Co., Inc.		12,316		1,246,379
Nippon Shinyaku Co. Ltd.		1,917		106,231
Novartis AG		35,566		2,873,410
Novo Nordisk A/S, Class B		1,441		156,660
Ono Pharmaceutical Co. Ltd.		6,552		154,045
Otsuka Holdings Co. Ltd.		1,968		63,079
Pfizer, Inc.		42,629		1,984,380
Roche Holding AG		2,197		729,627
Roche Holding AG		178		72,206
Sanofi		1,447		124,882
Takeda Pharmaceutical Co. Ltd.		8,351		220,043
UCB SA		4,366		329,298
TOTAL PHARMACEUTICALS			$	14,690,540
PROFESSIONAL SERVICES – 1.9%
Adecco Group AG*		4,844		151,606
BeNext-Yumeshin Group Co.		8,159		98,658
Bureau Veritas SA		47,819		1,184,736
en Japan, Inc.		4,000		69,646
Experian PLC		15,332		487,745
Hays PLC		73,145		92,187
Nihon M&A Center Holdings, Inc.		1,666		18,857
Pagegroup PLC		14,794		71,629
Recruit Holdings Co. Ltd.		2,983		92,081
RELX PLC		1,141		30,632
Science Applications International Corp.		7,889		854,694
SGS SA		35		77,211
SThree PLC		8,009		34,167
Wolters Kluwer NV		6,269		666,309
TOTAL PROFESSIONAL SERVICES			$	3,930,158
REAL ESTATE INVESTMENT TRUSTS – 1.6%
American Tower Corp.		4,783		990,990
British Land Co. PLC (The)		14,543		61,024
Brixmor Property Group, Inc.		22,007		468,969
Daiwa House REIT Investment Corp.		21		42,369

Description	Number of Shares		Value
Japan Real Estate Investment Corp.		12	$	50,277
Land Securities Group PLC		9,965		65,185
LaSalle Logiport REIT		75		80,046
Medical Properties Trust, Inc.		16,534		189,314
Nippon Building Fund, Inc.		12		53,344
Nomura Real Estate Master Fund, Inc.		38		43,317
Public Storage		2,638		817,121
VICI Properties, Inc.		10,087		322,986
Welltower, Inc.		2,836		173,109
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	3,358,051
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%
CK Asset Holdings Ltd.		24,922		137,792
Daito Trust Construction Co. Ltd.		152		15,037
Daiwa House Industry Co. Ltd.		893		18,089
Mitsubishi Estate Co. Ltd.		23,780		299,539
Swiss Prime Site AG		1,151		92,875
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	563,332
ROAD & RAIL – 1.2%
AMERCO		645		370,997
Canadian National Railway Co.		16,197		1,918,887
Uber Technologies, Inc.*		12,945		343,949
TOTAL ROAD & RAIL			$	2,633,833
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.0%
ams-OSRAM AG*		9,655		54,728
ASM Pacific Technology Ltd.		14,680		80,790
Disco Corp.		276		66,265
Intel Corp.		7,291		207,283
Mimasu Semiconductor Industry Co. Ltd.		4,000		61,979
Miraial Co. Ltd.		2,160		23,024
Optorun Co. Ltd.		3,970		56,495
Rohm Co. Ltd.		1,370		96,465
Taiwan Semiconductor Manufacturing Co. Ltd.		31,000		375,204
Texas Instruments, Inc.		6,146		987,232
Tokyo Seimitsu Co. Ltd.		1,229		37,070
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	2,046,535
SOFTWARE – 3.8%
ANSYS, Inc.*		287		63,473
Autodesk, Inc.*		1,560		334,308
Black Knight, Inc.*		14,638		885,160
Constellation Software, Inc.		944		1,364,977
Dassault Systemes SE		2,750		92,265
Kingdee International Software Group Co. Ltd.*		115,263		188,540
Microsoft Corp.		19,185		4,453,414
Palo Alto Networks, Inc.*		2,247		385,563
Roper Technologies, Inc.		347		143,845
Topicus.com, Inc.*		683		35,445
Trend Micro, Inc.		555		28,031
Tyler Technologies, Inc.*		136		43,973
TOTAL SOFTWARE			$	8,018,994
SPECIALTY RETAIL – 1.6%
Adastria Co. Ltd.		3,032		41,230
CarMax, Inc.*		3,302		208,059
CECONOMY AG		14,358		23,398

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

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

Description	Number of Shares		Value
China Meidong Auto Holdings Ltd.		61,861	$	81,329
China Tourism Group Duty Free Corp. Ltd., Class H*		1,182		23,385
Hikari Tsushin, Inc.		886		107,074
Home Depot, Inc. (The)		2,021		598,479
Industria de Diseno Textil SA		25,710		582,858
Kingfisher PLC		22,155		55,617
K’s Holdings Corp.		7,420		58,184
Nitori Holdings Co. Ltd.		363		33,042
Shimamura Co. Ltd.		387		31,310
TJX Cos., Inc. (The)		16,941		1,221,446
Ulta Beauty, Inc.*		708		296,914
USS Co. Ltd.		2,101		31,749
Xebio Holdings Co. Ltd.		7,258		49,251
TOTAL SPECIALTY RETAIL			$	3,443,325
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.8%
Apple, Inc.		22,475		3,446,317
Canon, Inc.		3,463		73,454
Catcher Technology Co. Ltd.		15,837		83,307
Elecom Co. Ltd.		5,840		54,200
Quadient SA		4,169		58,669
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	3,715,947
TEXTILES, APPAREL & LUXURY GOODS – 0.7%
Hermes International		100		129,510
Li Ning Co. Ltd.		16,500		85,341
Lululemon Athletica, Inc.*		1,003		330,027
NIKE, Inc., Class B		7,924		734,396
Sanyo Shokai Ltd.*		2,000		15,831
Swatch Group AG (The)		619		139,335
Yue Yuen Industrial Holdings Ltd.		37,149		37,766
TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,472,206
TOBACCO – 0.8%
British American Tobacco PLC		14,390		566,612
Philip Morris International, Inc.		13,041		1,197,816
TOTAL TOBACCO			$	1,764,428
TRADING COMPANIES & DISTRIBUTORS – 1.5%
AerCap Holdings NV*		13,818		738,019
Brenntag SE		15,314		929,837
Fastenal Co.		7,063		341,355
Inaba Denki Sangyo Co. Ltd.		2,700		50,443
ITOCHU Corp.		7,556		195,589
Marubeni Corp.		2,096		18,367
Mitsubishi Corp.		6,050		164,010
MonotaRO Co. Ltd.		364		5,552
Rexel SA*		3,841		68,724
SIG PLC*		31,231		11,121
Sumitomo Corp.		5,067		64,592
Triton International Ltd.		8,307		504,152
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	3,091,761

Description	Number of Shares		Value
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Kamigumi Co. Ltd.		5,638	$	107,228
WATER UTILITIES – 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo		10,354		120,588
Severn Trent PLC		1,386		39,784
TOTAL WATER UTILITIES			$	160,372
WIRELESS TELECOMMUNICATION SERVICES – 1.2%
Empresa Nacional de Telecomunicaciones SA		18,032		56,292
KDDI Corp.		54,448		1,609,328
MTN Group Ltd.		3,017		21,326
SoftBank Corp.		5,730		56,473
T-Mobile US, Inc.*		5,049		765,226
Turkcell Iletisim Hizmetleri AS		42,989		59,215
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	2,567,860
TOTAL COMMON STOCKS (Cost $ 177,643,281)			$	192,976,658
EXCHANGE-TRADED FUNDS – 0.4%
EQUITY FUNDS – 0.4%
iShares Core MSCI EAFE ETF		2,198		122,473
iShares MSCI ACWI ETF		7,843		649,165
NEXT FUNDS TOPIX ETF		3,340		45,081
TOTAL EXCHANGE-TRADED FUNDS (Cost $ 910,011)			$	816,719
PREFERRED STOCKS – 0.2%
CONSUMER STAPLES – 0.1%
Henkel AG & Co. KGaA 1.85%		1,978		124,675
FINANCIALS – 0.1%
Banco Bradesco SA 4.17%		66,900		256,695
MATERIALS – 0.0%**
Fuchs Petrolub SE 1.02%		3,380		96,868
TOTAL PREFERRED STOCKS (Cost $ 497,989)			$	478,238
MONEY MARKET FUND – 4.3%
Dreyfus Government Cash Management Fund, Institutional Shares 2.91%^		9,044,910		9,044,910
TOTAL MONEY MARKET FUND (Cost $ 9,044,910)			$	9,044,910
TOTAL INVESTMENTS – 96.8% (COST $ 188,096,191)			$	203,316,525
OTHER ASSETS LESS LIABILITIES – 3.2%				6,713,905
TOTAL NET ASSETS – 100.0%			$	210,030,430

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

PORTFOLIOS OF INVESTMENTS	20
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 October 31, 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	$	5,105,236	$	—		$—		$	5,105,236
Air Freight & Logistics		1,571,678		—		—			1,571,678
Airlines		587,784		—		—			587,784
Auto Components		993,266		—		—			993,266
Automobiles		2,084,153		—		—			2,084,153
Banks		7,533,076		—		—	(a)		7,533,076
Beverages		2,838,169		—		—			2,838,169
Biotechnology		791,794		—		—			791,794
Building Products		2,383,126		—		—			2,383,126
Capital Markets		6,665,952		—		—			6,665,952
Chemicals		2,684,763		—		—			2,684,763
Commercial Services & Supplies		3,221,963		—		—			3,221,963
Communications Equipment		2,136,688		—		—			2,136,688
Construction & Engineering		1,610,434		—		—			1,610,434
Construction Materials		522,311		—		—			522,311
Consumer Finance		1,285,297		—		—			1,285,297
Containers & Packaging		226,253		—		—			226,253
Distributors		761,834		—		—			761,834
Diversified Consumer Services		9,030		—		—			9,030
Diversified Financial Services		4,667,934		—		—			4,667,934
Diversified Telecommunication Services		3,486,475		—		—			3,486,475
Electric Utilities		2,443,683		—		—			2,443,683
Electrical Equipment		635,222		—		—			635,222
Electronic Equipment, Instruments & Components		1,224,235		—		—			1,224,235
Energy Equipment & Services		979,669		—		—			979,669
Entertainment		651,963		—		—			651,963
Food & Staples Retailing		2,397,810		—		—			2,397,810
Food Products		3,087,216		—		—			3,087,216
Gas Utilities		805,597		—		—			805,597
Health Care Equipment & Supplies		5,026,016		—		—			5,026,016
Health Care Providers & Services		5,918,021		—		—			5,918,021
Hotels, Restaurants & Leisure		3,354,509		—		—			3,354,509
Household Durables		1,383,741		—		—			1,383,741
Household Products		2,957,180		—		—			2,957,180
Industrial Conglomerates		333,678		—		—			333,678
Insurance		17,522,645		—		—			17,522,645
Interactive Media & Services		4,178,103		—		—			4,178,103
Internet & Direct Marketing Retail		3,855,174		—		—			3,855,174
IT Services		10,845,247		—		—			10,845,247
Leisure Products		160,837		—		—			160,837
Life Sciences Tools & Services		1,523,296		—		—			1,523,296
Machinery		5,301,728		—		—			5,301,728
Marine		32,180		—		—			32,180
Media		2,879,170		—		—			2,879,170
Metals & Mining		2,653,563		—		—			2,653,563
Multiline Retail		270,609		—		—			270,609
Multi-Utilities		1,810,781		—		—			1,810,781
Oil, Gas & Consumable Fuels		7,813,620		—		—			7,813,620
Personal Products		199,379		—		—			199,379
Pharmaceuticals		14,690,540		—		—			14,690,540

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

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

	Level 1			Level 2			Level 3		Total
Professional Services	$	3,930,158			$          —			$—	$	3,930,158
Real Estate Investment Trusts		3,358,051			—			—		3,358,051
Real Estate Management & Development		563,332			—			—		563,332
Road & Rail		2,633,833			—			—		2,633,833
Semiconductors & Semiconductor Equipment		2,046,535			—			—		2,046,535
Software		8,018,994			—			—		8,018,994
Specialty Retail		3,443,325			—			—		3,443,325
Technology Hardware, Storage & Peripherals		3,715,947			—			—		3,715,947
Textiles, Apparel & Luxury Goods		1,472,206			—			—		1,472,206
Tobacco		1,764,428			—			—		1,764,428
Trading Companies & Distributors		3,091,761			—			—		3,091,761
Transportation Infrastructure		107,228			—			—		107,228
Water Utilities		160,372			—			—		160,372
Wireless Telecommunication Services		2,567,860			—			—		2,567,860
Exchange-Traded Funds		816,719			—			—		816,719
Preferred Stocks		478,238			—			—		478,238
Money Market Fund		9,044,910			—			—		9,044,910
Total Investments in Securities	$	203,316,525			$         —			$—	$	203,316,525
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—			$470,552			$—	$	470,552
Financial Futures Contracts		3,893,335			—			—		3,893,335
Total Assets - Other Financial Instruments	$	3,893,335			$470,552			$—	$	4,363,887
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—			$(16,366	)		$—	$	(16,366	)
Financial Futures Contracts		(89,703	)		—			—		(89,703	)
Total Liabilities - Other Financial Instruments	$	(89,703	)		$(16,366	)		$—	$	(106,069	)

^(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
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depositary Receipt
OYJ	Public Limited Company
PCL	Public Company Limited
PLC	Public Limited Company
REIT	Real Estate Investment Trust
S&P	Standards & Poor’s
SpA	Societa per Azioni

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

PORTFOLIOS OF INVESTMENTS	22
Wilmington Global Alpha Equities Fund (concluded)

At October 31, 2022, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized  (Depreciation)
CONTRACTS SOLD
12/21/2022		Citibank N.A.		1,704,000 EUR	$	1,685,322	$	1,691,327		$          —		$(6,005)
12/21/2022		BMO Capital Markets		151,700,000 JPY		1,055,066		1,027,104		27,962		—
12/21/2022		Deutsche Bank AG		5,362,000 EUR		5,397,979		5,322,122		75,857		—
12/21/2022		TD Securities Ltd.		8,975,000 CAD		6,750,836		6,591,979		158,857		—
12/21/2022		Morgan Stanley		787,000,000 JPY		5,523,242		5,328,483		194,759		—
12/21/2022		Hong Kong & Shanghai Bank		373,000 GBP		418,180		428,541		—		(10,361)
12/21/2022		TD Securities Ltd.		5,072,000 GBP		5,840,357		5,827,240		13,117		—
UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$470,552		$(16,366)

At October 31, 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		December 2022		67	$	6,331,401	$	6,207,550		$  123,851	$        —
E-Mini S&P 500 Index		December 2022		131		26,507,992		25,433,650		1,074,342	—
E-Mini S&P Mid 400 Index		December 2022		56		14,030,662		13,661,760		368,902	—
Euro STOXX 50 Index		December 2022		112		4,037,000		4,004,547		32,453	—
FTSE 100 Index		December 2022		51		4,379,999		4,156,949		223,050	—
HSCE Index		November 2022		146		4,884,020		4,593,160		290,860	—
MSCI EAFE Index		December 2022		323		30,137,662		28,357,785		1,779,877	—
S&P TSX 60 Index		December 2022		37		6,358,931		6,396,477		—	(37,546)
TOPIX Index		December 2022		36		4,610,811		4,662,968		—	(52,157)
UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$3,893,335	$(89,703)

^(a)  The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through October 31, 2022. Only current day variation margin is reported on the Fund’s Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

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

23

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

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

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

(1) Represents less than 0.05%.

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)

Description	Number of Shares		Value
INFLATION RELATED SECURITIES – 13.2%
EXCHANGE-TRADED FUNDS – 13.2%
INFLATION-PROTECTED SECURITIES FUND – 13.2%
Schwab U.S. TIPS ETF#		1,057,900	$	55,317,591
TOTAL EXCHANGE-TRADED FUNDS (COST $65,429,430)			$	55,317,591
TOTAL INFLATION RELATED SECURITIES (COST $65,429,430)			$	55,317,591
REAL ESTATE RELATED SECURITIES – 42.8%
COMMON STOCKS – 5.9%
CONSTRUCTION & ENGINEERING – 0.0%**
Ashtrom Group Ltd.0		—		2
DIVERSIFIED – 0.1%
Argosy Property Ltd.		78,356		53,984
Centuria Capital Group		52,289		56,357
Nomura Real Estate Master Fund, Inc.		403		459,387
TOTAL DIVERSIFIED			$	569,728
DIVERSIFIED REAL ESTATE ACTIVITIES—2.5%
Airport City Ltd.*		6,600		109,360

Description	Number of Shares		Value
Allreal Holding AG		1,304	$	186,742
City Developments Ltd.		43,700		235,540
Daito Trust Construction Co. Ltd.		5,900		583,671
Daiwa House Industry Co. Ltd.		57,200		1,158,656
DIC Asset AG		5,757		39,712
Gemdale Properties & Investment Corp. Ltd.		358,000		19,611
Heiwa Real Estate Co. Ltd.		4,300		119,432
Isras Investment Co. Ltd.		124		23,354
JINUSHI Co. Ltd.		1,900		26,195
Kerry Properties Ltd.		65,000		102,845
Lendlease Corp. Ltd.		58,795		326,816
Mitsubishi Estate Co. Ltd.		119,600		1,506,512
Mitsui Fudosan Co. Ltd.		82,900		1,588,645
New World Development Co. Ltd.		119,000		243,468
Nomura Real Estate Holdings, Inc.		11,500		260,248
Property & Building Corp. Ltd.*		345		25,590
SAMTY Co. Ltd.		3,100		49,014
Shun Tak Holdings Ltd.*		224,000		29,107
SRE Holdings Corp.*		300		7,647
St. Joe Co. (The)		2,746		97,565
Starts Corp., Inc.		3,100		54,830
Sumitomo Realty & Development Co. Ltd.		41,100		943,922

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

PORTFOLIOS OF INVESTMENTS	24
Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Sun Frontier Fudousan Co. Ltd.		3,900	$	30,136
Sun Hung Kai Properties Ltd.		132,000		1,420,114
Tokyo Tatemono Co. Ltd.		17,900		246,660
Tokyu Fudosan Holdings Corp.		51,600		261,999
UOL Group Ltd.		40,500		177,095
Wharf Holdings Ltd. (The)		122,000		348,920
YH Dimri Construction & Development Ltd.		637		38,759
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	10,262,165
INDUSTRIAL – 0.0%**
Nexus Industrial REIT		3,140		20,421
OFFICE – 0.0%**
Precinct Properties New Zealand Ltd.		110,972		79,681
REAL ESTATE DEVELOPMENT – 0.6%
Aedas Homes SA		1,862		24,179
BUWOG AG Escrow Shares(1)		3,077		—
Cedar Woods Properties Ltd.		7,515		18,988
CK Asset Holdings Ltd.		170,000		939,914
DREAM Unlimited Corp., Class A		1,602		29,221
Far East Consortium International Ltd.		85,800		19,347
Forestar Group, Inc.*		1,558		18,042
Goldcrest Co. Ltd.		1,500		17,654
Greenland Hong Kong Holdings Ltd.		101,000		5,211
Henderson Land Development Co. Ltd.		111,735		273,585
Howard Hughes Corp. (The)*		3,529		216,504
Immobel SA		315		12,888
Instone Real Estate Group SE		5,505		40,095
K Wah International Holdings Ltd.		135,000		37,836
Katitas Co. Ltd.		4,100		91,957
Lifestyle Communities Ltd.		8,810		98,900
Mirarth Holdings, Inc.		11,700		31,474
Nexity SA		5,723		114,699
Sino Land Co. Ltd.		274,000		292,861
Tosei Corp.		2,300		21,995
TOTAL REAL ESTATE DEVELOPMENT			$	2,305,350
REAL ESTATE OPERATING COMPANIES –2.7%
ADLER Group SA*		15,042		22,328
Aeon Mall Co. Ltd.		10,600		115,271
AFI Properties Ltd.		503		15,089
Akelius Residential Property AB, Class D		21,145		36,569
Alony Hetz Properties & Investments Ltd.		12,795		150,272
Amot Investments Ltd.		20,799		125,964
Aroundtown SA		93,245		185,036
Atrium Ljungberg AB, Class B		4,173		55,823
Azrieli Group Ltd.		3,773		279,861
Big Shopping Centers Ltd.		1,156		129,748
Blue Square Real Estate Ltd.		878		58,367
CA Immobilien Anlagen AG		4,455		140,665
Capitaland India Trust		77,600		61,396
Capitaland Investment Ltd.		212,900		452,691
Castellum AB		24,414		279,271
Catena AB		3,309		112,506
Cibus Nordic Real Estate AB		6,754		92,276
Citycon OYJ*		7,281		45,367

Description	Number of Shares		Value
CTP NV		5,776	$	59,935
Deutsche Wohnen SE		5,914		119,345
DigitalBridge Group, Inc.		10,460		133,888
Dios Fastigheter AB		7,746		50,898
Electra Real Estate Ltd.		2,021		24,851
Entra ASA		15,547		141,395
Fabege AB		23,153		168,135
Fastighets AB Balder, Class B*		53,856		202,401
FRP Holdings, Inc.*		573		34,741
G City, Ltd.		8,975		29,006
Gav-Yam Lands Corp. Ltd.		5,012		42,552
Grainger PLC		65,116		169,512
Grand City Properties SA		10,219		99,474
Hang Lung Group Ltd.		79,000		102,453
Hang Lung Properties Ltd.		157,000		197,409
Helical PLC		12,067		45,667
Hongkong Land Holdings Ltd.		99,700		383,845
Hufvudstaden AB, Class A		11,486		136,902
Hulic Co. Ltd.		50,500		366,791
Hysan Development Co. Ltd.		56,001		122,138
Ichigo, Inc.		19,800		44,608
Intershop Holding AG		171		103,999
Israel Canada T.R Ltd.		9,850		28,433
Keihanshin Building Co. Ltd.		4,900		43,597
Kennedy-Wilson Holdings, Inc.		10,343		171,797
Kojamo OYJ		12,869		167,493
LEG Immobilien SE		6,371		416,301
Leopalace21 Corp.*		25,000		47,581
Mega Or Holdings Ltd.		1,802		52,425
Melisron Ltd.		2,063		153,198
Mivne Real Estate KD Ltd.		49,729		154,807
Mobimo Holding AG		620		144,575
Norstar Holdings, Inc.		2,349		12,205
NP3 Fastigheter AB		3,018		47,998
Nyfosa AB		13,690		81,771
Pandox AB*		7,020		85,960
Phoenix Spree Deutschland Ltd.		8,227		24,908
Platzer Fastigheter Holding AB, Class B		4,270		26,491
PSP Swiss Property AG		3,915		418,340
Sagax AB, Class D		19,966		48,101
Sagax AB, Class B		15,337		282,815
Samhallsbyggnadsbolaget i Norden AB, Class D		21,008		34,553
Samhallsbyggnadsbolaget i Norden AB		68,059		93,571
Shurgard Self Storage SA		2,600		113,184
Sirius Real Estate Ltd.		80,598		65,163
Summit Real Estate Holdings Ltd.		2,479		34,601
Swire Properties Ltd.		89,800		172,515
Swiss Prime Site AG		6,660		537,403
TAG Immobilien AG		10,868		68,147
TKP Corp.*		1,700		34,470
TOC Co. Ltd.		5,500		28,629
Tricon Residential, Inc.		22,054		185,841
VGP NV		947		71,875
Vonovia SE		66,878		1,480,465

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

25	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Wallenstam AB, Class B		35,212	$	124,313
WeWork, Inc., Class A*,#		19,874		51,076
Wharf Real Estate Investment Co. Ltd.		132,000		520,456
Wihlborgs Fastigheter AB		22,830		149,702
TOTAL REAL ESTATE OPERATING COMPANIES			$	11,313,205
RESIDENTIAL – 0.0%**
Bluerock Homes Trust, Inc.*		675		17,077
RETAIL – 0.0%**
Eurocommercial Properties NV		4,984		109,640
Kiwi Property Group Ltd.		181,673		95,591
TOTAL RETAIL			$	205,231
TOTAL COMMON STOCKS (COST $32,634,484)			$	24,772,860
EXCHANGE-TRADED FUNDS – 7.7%
REAL ESTATE – 7.7%
Balanced Commercial Property Trust Ltd.		64,435		61,701
Schwab U.S. REIT ETF#		912,200		17,614,582
Vanguard Global ex-U.S. Real Estate ETF		389,200		14,548,296
TOTAL REAL ESTATE			$	32,224,579
TOTAL EXCHANGE-TRADED FUNDS (COST $33,954,655)			$	32,224,579
INVESTMENT COMPANY – 1.9%
EQUITY FUNDS – 1.9%
Tortoise MLP & Pipeline Fund, Institutional Class		573,591		7,760,692
TOTAL INVESTMENT COMPANY (COST $7,188,284)			$	7,760,692
REAL ESTATE INVESTMENT TRUSTS – 27.3%
DIVERSIFIED – 2.2%
Abacus Property Group		34,498		61,787
ABRDN PROPERTY INCOME TRUST, LTD.		30,168		19,167
Activia Properties, Inc.		64		189,596
AEW UK REIT PLC		21,753		22,202
Alexander & Baldwin, Inc.		7,229		140,821
American Assets Trust, Inc.		4,901		134,679
Armada Hoffler Properties, Inc.		5,648		66,025
Artis REIT		4,368		30,619
British Land Co. PLC (The)		79,967		335,553
Broadstone Net Lease, Inc.		15,059		258,111
Charter Hall Group		44,505		368,371
Charter Hall Long Wale REIT		56,185		156,334
CTO Realty Growth, Inc.#		1,579		31,738
Custodian REIT PLC		42,620		43,256
Daiwa House REIT Investment Corp.		181		365,177
Empire State Realty Trust, Inc., Class A		16,562		122,062
ESCON Japan REIT Investment Corp.		25		19,369
Essential Properties Realty Trust, Inc.		11,993		258,089
Gladstone Commercial Corp.		2,455		43,183
Global Net Lease, Inc.		11,392		139,552
GPT Group (The)		163,511		450,782
Growthpoint Properties Australia Ltd.		26,398		56,060

Description	Number of Shares		Value
H&R REIT		12,857	$	105,793
Hankyu Hanshin REIT, Inc.		53		54,998
Heiwa REIT, Inc.		110		113,998
Hulic REIT, Inc.		120		140,502
ICADE		3,089		114,965
iStar, Inc.		7,596		79,606
Land Securities Group PLC		64,131		419,503
Lar Espana Real Estate Socimi SA		4,971		19,380
LXI REIT PLC		162,828		227,439
Merlin Properties Socimi SA		28,879		244,585
Mirvac Group		336,549		445,616
NIPPON REIT Investment Corp.		49		120,939
NTT UD REIT Investment Corp.		130		127,294
One Liberty Properties, Inc.		890		20,061
Picton Property Income Ltd. (The)		63,920		63,041
REIT 1 Ltd.		15,048		78,997
Schroder REIT Ltd.		45,679		23,730
Sekisui House REIT, Inc.		383		206,317
Star Asia Investment Corp.		162		61,773
Stockland		203,766		469,220
STORE Capital Corp.		22,924		728,983
Sunlight REIT		139,000		44,270
Suntec REIT		186,000		169,497
Takara Leben Real Estate Investment Corp.		43		29,323
Tokyu REIT, Inc.		96		136,677
Tosei REIT Investment Corp.		34		31,372
UK Commercial Property REIT Ltd.		66,143		46,270
United Urban Investment Corp.		266		281,215
WP Carey, Inc.		17,905		1,366,152
Yuexiu REIT		325,000		55,894
TOTAL DIVERSIFIED			$	9,339,943
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Sella Capital Real Estate Ltd.		19,590		50,406
HEALTH CARE – 2.2%
Aedifica SA		3,480		265,499
Assura PLC		251,668		161,479
CareTrust REIT, Inc.		8,198		153,139
Cofinimmo SA		2,516		208,736
Community Healthcare Trust, Inc.		1,841		63,699
Diversified Healthcare Trust		35,676		48,519
Global Medical REIT, Inc.		5,565		50,864
Health Care & Medical Investment Corp.		33		45,385
Healthcare Realty Trust, Inc.		32,829		667,414
Healthpeak Properties, Inc.		46,412		1,101,357
Impact Healthcare REIT PLC		38,181		45,888
LTC Properties, Inc.		3,551		137,317
Medical Properties Trust, Inc.		51,540		590,133
National Health Investors, Inc.		3,914		221,924
NorthWest Healthcare Properties REIT		10,602		83,580
Omega Healthcare Investors, Inc.		20,398		648,248
Parkway Life REIT		42,700		120,656
Physicians Realty Trust		19,384		291,923
Primary Health Properties PLC		117,554		149,775
Sabra Health Care REIT, Inc.		19,520		266,643

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

PORTFOLIOS OF INVESTMENTS	26
Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Universal Health Realty Income Trust		1,459	$	71,009
Ventas, Inc.		34,641		1,355,502
Vital Healthcare Property Trust		65,633		89,292
Welltower, Inc.		39,974		2,440,013
TOTAL HEALTH CARE			$	9,277,994
HOTEL & RESORT – 1.0%
Apple Hospitality REIT, Inc.		18,128		310,351
Ashford Hospitality Trust, Inc.*		5,580		45,310
Braemar Hotels & Resorts, Inc.		5,100		25,143
CapitaLand Ascott Trust		173,500		117,048
CDL Hospitality Trusts		59,214		48,522
Chatham Lodging Trust*		5,931		76,925
DiamondRock Hospitality Co.		18,163		169,643
Far East Hospitality Trust		94,900		38,547
Hersha Hospitality Trust, Class A		6,231		57,014
Hoshino Resorts REIT, Inc.		27		128,195
Host Hotels & Resorts, Inc.		60,949		1,150,717
Invincible Investment Corp.		520		163,314
Japan Hotel REIT Investment Corp.		382		201,154
Mori Trust Hotel REIT, Inc.		19		18,030
Park Hotels & Resorts, Inc.		20,186		264,033
Pebblebrook Hotel Trust		10,735		172,190
RLJ Lodging Trust		14,219		173,045
Ryman Hospitality Properties, Inc.		4,700		417,924
Service Properties Trust		15,958		129,419
Summit Hotel Properties, Inc.		9,200		79,488
Sunstone Hotel Investors, Inc.		18,168		202,573
Xenia Hotels & Resorts, Inc.		9,642		164,685
TOTAL HOTEL & RESORT			$	4,153,270
INDUSTRIAL – 4.8%
Advance Logistics Investment Corp.		45		44,003
AIMS APAC REIT		43,700		37,970
Americold Realty Trust, Inc.		22,771		552,197
CapitaLand Ascendas REIT		300,800		556,722
Centuria Industrial REIT		60,763		117,767
CRE Logistics REIT, Inc.		77		105,950
Dexus Industria REIT		20,663		35,025
Dream Industrial REIT		12,380		99,505
EastGroup Properties, Inc.		3,759		588,998
ESR-LOGOS REIT		212,393		51,013
First Industrial Realty Trust, Inc.		11,323		539,314
Frasers Logistics & Commercial Trust		286,420		222,564
GLP J-REIT		383		396,922
Goodman Group		147,340		1,602,183
Goodman Property Trust		90,440		108,844
Granite REIT		2,802		143,190
Indus Realty Trust, Inc.		409		21,182
Industrial & Infrastructure Fund Investment Corp.		177		186,886
Industrial Logistics Properties Trust		8,189		38,325
Innovative Industrial Properties, Inc.		2,424		262,034
Intervest Offices & Warehouses NV		2,092		45,380
Japan Logistics Fund, Inc.		78		167,074
LaSalle Logiport REIT		152		162,227

Description	Number of Shares		Value
LondonMetric Property PLC		83,533	$	179,042
LXP Industrial Trust		24,141		233,685
Mapletree Industrial Trust		188,570		293,059
Mapletree Logistics Trust		273,250		293,402
Mitsubishi Estate Logistics REIT Investment Corp.		41		121,322
Mitsui Fudosan Logistics Park, Inc.		46		152,514
Montea NV		1,252		85,497
Nippon Prologis REIT, Inc.		228		477,635
Plymouth Industrial REIT, Inc.		2,273		41,914
Prologis, Inc.		80,013		8,861,440
Rexford Industrial Realty, Inc.		14,758		815,822
Segro PLC		104,692		942,477
SOSiLA Logistics REIT, Inc.		61		58,459
STAG Industrial, Inc.		15,373		485,633
Summit Industrial Income REIT		9,636		123,142
Terreno Realty Corp.		6,445		368,267
Tritax Big Box REIT PLC		159,430		256,517
Warehouses De Pauw		11,987		307,763
TOTAL INDUSTRIAL			$	20,182,865
OFFICE – 2.7%
Alexandria Real Estate Equities, Inc.		12,838		1,865,361
Allied Properties REIT		5,736		111,112
Boston Properties, Inc.		12,246		890,284
Brandywine Realty Trust		15,708		103,044
Centuria Office REIT		38,286		36,857
Champion REIT		160,000		47,900
City Office REIT, Inc.		2,823		29,980
Corporate Office Properties Trust		9,587		255,494
Cousins Properties, Inc.		13,130		311,969
Covivio		4,040		216,395
Cromwell Property Group		136,773		61,241
Daiwa Office Investment Corp.		27		127,469
Derwent London PLC		9,577		237,670
Dexus		91,809		455,711
Douglas Emmett, Inc.		14,979		263,481
Dream Office REIT		3,839		43,424
Easterly Government Properties, Inc.		8,265		143,728
Equity Commonwealth		9,699		253,726
Franklin Street Properties Corp.		9,107		26,228
GDI Property Group Partnership		37,938		19,171
Gecina SA		4,641		413,929
Global One Real Estate Investment Corp.		81		62,536
Great Portland Estates PLC		24,043		141,723
Highwoods Properties, Inc.		8,953		252,743
Hudson Pacific Properties, Inc.		12,391		136,797
Ichigo Office REIT Investment Corp.		138		77,865
Inmobiliaria Colonial Socimi SA		26,612		140,307
Japan Excellent, Inc.		143		132,234
Japan Prime Realty Investment Corp.		85		230,657
Japan Real Estate Investment Corp.		121		506,964
JBG SMITH Properties		9,549		187,924
Kenedix Office Investment Corp.		74		168,459
Keppel Pacific Oak U.S. REIT		91,600		49,464

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

27	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Keppel REIT		160,800	$	101,664
Kilroy Realty Corp.		8,967		383,250
Manulife U.S. REIT		149,700		54,641
Mirai Corp.		131		42,200
Mori Hills REIT Investment Corp.		139		152,092
Mori Trust Sogo REIT, Inc.		100		99,734
Nippon Building Fund, Inc.		147		653,465
NSI NV		1,341		32,071
Office Properties Income Trust		3,636		55,631
One REIT, Inc.		24		40,012
Orion Office REIT, Inc.		6,503		60,933
Orix JREIT, Inc.		236		316,635
Paramount Group, Inc.		17,642		114,144
Piedmont Office Realty Trust, Inc., Class A		11,198		117,019
Prime U.S. REIT		75,100		35,297
Prosperity REIT		87,000		18,398
Regional REIT Ltd.		34,529		26,451
Sankei Real Estate, Inc.		41		25,726
SL Green Realty Corp.		4,622		183,401
True North Commercial REIT		3,946		17,871
Veris Residential, Inc.*		9,191		145,494
Vornado Realty Trust		13,572		320,163
Workspace Group PLC		21,828		102,482
TOTAL OFFICE			$	11,100,621
REAL ESTATE OPERATING COMPANIES – 0.0%**
CLS Holdings PLC		25,558		42,030
Seritage Growth Properties, Class A*,#		5,575		59,820
TOTAL REAL ESTATE OPERATING COMPANIES			$	101,850
RESIDENTIAL – 4.2%
Advance Residence Investment Corp.		118		274,576
Altarea SCA		322		42,896
American Homes 4 Rent, Class A		25,859		825,936
Apartment Income REIT Corp.		13,631		523,839
Apartment Investment & Management Co., Class A		12,505		99,290
AvalonBay Communities, Inc.		11,981		2,098,113
Boardwalk REIT		1,785		63,520
BRT Apartments Corp.		1,574		34,880
Camden Property Trust		9,154		1,057,745
Canadian Apartment Properties REIT		7,253		224,615
Care Property Invest NV		2,075		33,712
Centerspace		1,616		111,989
Civitas Social Housing PLC		58,386		39,906
Clipper Realty, Inc.		9,929		70,397
Comforia Residential REIT, Inc.		60		127,308
Daiwa Securities Living Investments Corp.		192		149,008
Elme Communities		7,567		144,454
Empiric Student Property PLC		51,684		48,602
Equity LifeStyle Properties, Inc.		15,090		965,156
Equity Residential		29,354		1,849,889
Essex Property Trust, Inc.		5,607		1,246,100
Home REIT PLC		42,087		40,591
Independence Realty Trust, Inc.		18,837		315,708
Ingenia Communities Group		45,700		114,589

Description	Number of Shares		Value
InterRent REIT		6,334	$	53,328
Invitation Homes, Inc.		52,446		1,662,014
Irish Residential Properties REIT PLC		33,709		36,444
Kenedix Residential Next Investment Corp.		94		137,686
Killam Apartment REIT		4,993		57,870
Mid-America Apartment Communities, Inc.		9,987		1,572,453
Minto Apartment REIT		1,676		16,399
Morguard North American Residential REIT		1,808		21,101
NexPoint Residential Trust, Inc.		1,717		78,295
Nippon Accommodations Fund, Inc.		43		183,053
PRS REIT PLC (The)		46,884		47,315
Samty Residential Investment Corp.		61		49,269
Starts Proceed Investment Corp.		19		30,296
Sun Communities, Inc.		10,639		1,434,669
Triple Point Social Housing REIT PLC		36,682		27,848
UDR, Inc.		26,349		1,047,636
UMH Properties, Inc.		3,166		55,532
UNITE Group PLC (The)		34,069		348,117
Xior Student Housing NV		1,779		50,018
TOTAL RESIDENTIAL			$	17,412,162
RETAIL – 5.0%
Acadia Realty Trust		8,750		122,238
AEON REIT Investment Corp.		147		158,176
Agree Realty Corp.		6,887		473,137
Alexander’s, Inc.		134		31,475
Brixmor Property Group, Inc.		25,890		551,716
BWP Trust		42,243		110,245
Capital & Counties Properties PLC		79,998		98,255
CapitaLand China Trust		120,900		82,843
CapitaLand Integrated Commercial Trust		434,347		576,838
Carmila SA		5,913		82,744
CBL & Associates Properties, Inc.		2,691		77,312
Charter Hall Retail REIT		49,743		127,591
Choice Properties REIT		15,157		145,634
Crombie REIT		4,825		52,806
CT REIT		6,101		69,414
Federal Realty Investment Trust		6,137		607,440
First Capital REIT		8,708		101,312
Fortune REIT		131,000		83,610
Frasers Centrepoint Trust		104,623		153,727
Frontier Real Estate Investment Corp.		44		155,352
Fukuoka REIT Corp.		64		74,719
Getty Realty Corp.		3,846		121,111
Hamborner REIT AG		9,415		67,178
Hammerson PLC		292,015		64,046
Home Consortium Ltd.		25,444		78,121
HomeCo Daily Needs REIT		152,785		125,093
InvenTrust Properties Corp.		5,741		144,673
Japan Metropolitan Fund Invest		596		438,898
Kenedix Retail REIT Corp.		64		115,049
Kimco Realty Corp.		53,106		1,135,406
Kite Realty Group Trust		18,694		367,150
Klepierre SA*		16,650		334,846
Lendlease Global Commercial REIT		145,125		71,763

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

PORTFOLIOS OF INVESTMENTS	28
Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Link REIT		183,000	$	1,081,730
Macerich Co. (The)		18,185		202,399
Mapletree Pan Asia Commercial Trust		187,123		210,176
Mercialys SA		4,343		37,619
National Retail Properties, Inc.		15,208		639,192
Necessity Retail REIT, Inc. (The)		15,917		108,872
NETSTREIT Corp.		2,616		49,233
NewRiver REIT PLC		17,295		13,884
Phillips Edison & Co., Inc.		10,033		302,395
Primaris REIT		2,451		25,241
Realty Income Corp.		51,999		3,237,978
Regency Centers Corp.		13,330		806,598
Retail Estates NV		1,199		70,621
Retail Opportunity Investments Corp.		10,776		156,037
RioCan REIT		12,827		182,752
RPT Realty		7,659		71,229
Sasseur REIT		61,100		30,645
Saul Centers, Inc.		944		38,657
Scentre Group		448,640		832,220
Shaftesbury PLC		28,319		119,383
Shopping Centres Australasia Property Group		93,331		162,382
Simon Property Group, Inc.		28,370		3,091,763
SITE Centers Corp.		15,510		192,014
Slate Grocery REIT, Class U		2,915		30,298
SmartCentres REIT		7,835		153,554
Spirit Realty Capital, Inc.		11,802		458,272
Starhill Global REIT		158,600		57,699
Supermarket Income REIT PLC		106,288		124,938
Tanger Factory Outlet Centers, Inc.		9,051		163,009
Unibail-Rodamco-Westfield*		9,937		470,193
Urban Edge Properties		10,097		142,570
Urstadt Biddle Properties, Inc., Class A		3,106		58,206
Vastned Retail NV		2,088		42,404
Vicinity Ltd.		330,292		410,923
Waypoint REIT Ltd.		71,780		125,345
Wereldhave NV		2,996		36,714
Whitestone REIT		4,055		38,158
TOTAL RETAIL			$	20,975,221
SPECIALIZED – 5.2%
Arena REIT		35,122		88,291
Automotive Properties REIT		3,080		26,949
Big Yellow Group PLC		14,761		190,608
Charter Hall Social Infrastructure REIT		35,768		79,390
CubeSmart		19,399		812,236
Digital Realty Trust, Inc.		24,794		2,485,599
EPR Properties		6,385		246,461
Equinix, Inc.		7,893		4,470,911
Extra Space Storage, Inc.		11,607		2,059,546
Farmland Partners, Inc.		2,902		40,657
Four Corners Property Trust, Inc.		6,869		175,984
Gaming and Leisure Properties, Inc.		22,142		1,109,757
Gladstone Land Corp.		3,132		63,736
Hotel Property Investments Ltd., REIT		17,262		34,340
Iron Mountain, Inc.		24,715		1,237,480

Description	Number of Shares		Value
Keppel DC REIT		117,495	$	146,080
Life Storage, Inc.		7,292		806,568
National Storage Affiliates Trust		7,434		317,134
National Storage REIT		92,338		154,157
Public Storage		13,692		4,241,097
Rural Funds Group		32,605		53,182
Safehold, Inc.		2,099		61,396
Safestore Holdings PLC		18,091		187,447
VICI Properties, Inc.		83,237		2,665,249
TOTAL SPECIALIZED			$	21,754,255
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $125,826,731)			$	114,348,587
RIGHTS – 0.0%**
S IMMO AG*, Expire 12/30/22		5,122		—
TOTAL RIGHTS (COST $0)			$	—
TOTAL REAL ESTATE RELATED SECURITIES (COST $199,604,154)			$	179,106,718
COMMODITY RELATED SECURITIES – 41.0%
EXCHANGE-TRADED FUNDS – 1.6%
COMMODITY – 1.6%
SPDR S&P Global Natural Resources ETF#		119,300		6,535,254
TOTAL EXCHANGE-TRADED FUNDS (COST $5,102,945)			$	6,535,254
INVESTMENT COMPANIES – 39.4%
COMMODITY – 39.4%
Vanguard Commodity Strategy Fund, Admiral Shares		1,272,380		39,049,348
DFA Commodity Strategy Portfolio, Institutional Class		22,293,035		116,592,574
Parametric Commodity Strategy Fund, Institutional Class		429,841		3,008,886
Credit Suisse Commodity Return Strategy Fund, Class I		225,985		6,164,871
TOTAL COMMODITY			$	164,815,679
TOTAL INVESTMENT COMPANIES (COST $156,028,359)			$	164,815,679
TOTAL COMMODITY RELATED SECURITIES (COST $161,131,304)			$	171,350,933
SHORT-TERM INVESTMENTS – 3.0%
MONEY MARKET FUND – 3.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^		12,417,300		12,417,300
TOTAL SHORT-TERM INVESTMENT (COST $12,417,300)			$	12,417,300

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

29	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.5%
MONEY MARKET FUNDS – 0.8%
Blackrock Liquidity Fed Fund, Institutional Shares, 2.87%^		1,070,000	$	1,070,000
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^		779,000		779,000
JPMorgan U.S. Government Money Market Fund, Capital Class, 2.80%^		580,000		580,000
Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 2.88%^		1,130,000		1,130,000
TOTAL MONEY MARKET FUNDS (COST $3,559,000)			$	3,559,000
	Par Value
REPURCHASE AGREEMENTS – 3.7%
Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,490,125, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 1/01/61; total market value of $3,559,626.	$	3,489,829		3,489,829
Citigroup Global Markets Ltd., 3.00%, dated 10/31/22, due 11/01/22, repurchase price $1,316,579, collateralized by U.S. Treasury Securities, 0.13% to 4.38%, maturing 11/15/31 to 2/15/52; total market value of $1,343,586.		1,316,469		1,316,469
Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,490,125, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $3,559,626.		3,489,829		3,489,829

Description	Par Value		Value
National Bank Financial, 3.09%, dated 10/31/22, due 11/01/22, repurchase price $3,490,129, collateralized by U.S. Treasury Securities, 0.00% to 4.08%, maturing 11/01/22 to 9/09/49; total market value of $3,559,626.	$	3,489,829	$	3,489,829
RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,490,125, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $3,559,626.		3,489,829		3,489,829
TOTAL REPURCHASE AGREEMENTS (COST $15,275,785)			$	15,275,785
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $18,834,785)			$	18,834,785
TOTAL INVESTMENTS – 104.5% (Cost $457,416,973)			$	437,027,327
COLLATERAL FOR SECURITIES ON LOAN – (4.5%)				(18,834,785	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				200,261
TOTAL NET ASSETS – 100.0%			$	418,392,803

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

PORTFOLIOS OF INVESTMENTS	30
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 October 31, 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	$	55,317,591	$	—			$—	$	55,317,591
Real Estate Related Securities
Common Stocks
Construction & Engineering		2		—			—		2
Diversified		569,728		—			—		569,728
Diversified Real Estate Activities		10,262,165		—			—		10,262,165
Industrial		20,421		—			—		20,421
Office		79,681		—			—		79,681
Real Estate Development		2,305,350		—			—(a)		2,305,350
Real Estate Operating Companies		11,313,205		—			—		11,313,205
Residential		17,077		—			—		17,077
Retail		205,231		—			—		205,231
Exchange-Traded Funds		32,224,579		—			—		32,224,579
Investment Company		7,760,692		—			—		7,760,692
Real Estate Investment Trusts
Diversified		9,339,943		—			—		9,339,943
Diversified Real Estate Activities		50,406		—			—		50,406
Health Care		9,277,994		—			—		9,277,994
Hotel & Resort		4,153,270		—			—		4,153,270
Industrial		20,182,865		—			—		20,182,865
Office		11,100,621		—			—		11,100,621
Real Estate Operating Companies		101,850		—			—		101,850
Residential		17,412,162		—			—		17,412,162
Retail		20,975,221		—			—		20,975,221
Specialized		21,754,255		—			—		21,754,255
Rights		—		—	(a)		—		—
Commodity Related Securities
Exchange-Traded Funds		6,535,254		—			—		6,535,254
Investment Companies		164,815,679		—			—		164,815,679
Money Market Funds		15,976,300		—			—		15,976,300
Repurchase Agreements		—		15,275,785			—		15,275,785
Total Investments in Securities	$	421,751,542	$	15,275,785			$—	$	437,027,327
(a) Includes internally fair valued securities currently priced at zero ($ 0).

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

** Represents less than 0.05%.

⁰  Rounds to less than 1 share.

* 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.

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

31	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

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

STATEMENTS OF ASSETS AND LIABILITIES 32

October 31, 2022 (unaudited)	Wilmington International Fund			Wilmington Global Alpha Equities Fund			Wilmington Real Asset Fund
ASSETS:
Investments, at identified cost	$	516,900,283		$	188,096,191		$	457,416,973
Investments in securities, at value	$	500,329,180	(a)	$	203,316,525		$	437,027,327	(b)
Cash		679			—			652
Deposits for financial futures contracts		1,071,089			5,806,685			—
Cash denominated in foreign currencies		4,463,072	(c)		367,155	(c)		42,598	(c)
Variation margin receivable for financial futures contracts		377,014			417,718			—
Income receivable		1,220,353			371,948			293,817
Foreign tax reclaim receivable		1,626,592			342,880			167,330
Due from broker		208			—			—
Receivable for shares sold		195,274			170,276			574,154
Unrealized appreciation on forward foreign currency contracts		—			470,552			—
Receivable for investments sold		583,511			665,446			—
Prepaid and other assets		30,204			20,917			20,579
TOTAL ASSETS		509,897,176			211,950,102			438,126,457
LIABILITIES:
Collateral for securities on loan		13,512,418			—			18,834,785
Due to custodian		—			8,717			—
Deferred foreign capital gains tax payable		24,058			2,976			—
Payable for investments purchased		888,663			1,198,253			—
Unrealized depreciation on forward foreign currency contracts		—			16,366			—
Payable for shares redeemed		111,263			335,160			526,101
Payable to sub-advisors		130,871			97,035			15,916
Payable for Trustees’ fees		3,883			3,883			3,376
Payable for administration fees		12,686			5,364			10,610
Payable for distribution services fees		509			60			205
Payable for investment advisory fees		150,374			71,042			120,506
Other accrued expenses		314,108			180,816			222,155
TOTAL LIABILITIES		15,148,833			1,919,672			19,733,654
NET ASSETS	$	494,748,343		$	210,030,430		$	418,392,803
NET ASSETS CONSIST OF:
Paid-in capital	$	547,899,490		$	202,303,555		$	446,421,791
Distributable earnings (loss)		(53,151,147	)		7,726,875			(28,028,988	)
TOTAL NET ASSETS	$	494,748,343		$	210,030,430		$	418,392,803
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	2,418,280		$	287,195		$	974,120
Shares outstanding (unlimited shares authorized)		342,014			25,112			70,570
Net Asset Value per share	$	7.07		$	11.44		$	13.80
Offering Price per share*	$	7.48	**	$	12.11	**	$	14.60	**
Class I
Net Assets	$	492,330,063		$	209,743,235		$	417,418,683
Shares outstanding (unlimited shares authorized)		68,911,480			18,011,740			29,789,522
Net Asset Value and Offering Price per share	$	7.14		$	11.64		$	14.01

^(a)  Including $11,685,937 of securities on loan (Note 2).

^(b)  Including $18,389,799 of securities on loan (Note 2).

^(c)  Cost of cash denominated in foreign currencies was $4,496,338, $372,047 and $48,436, respectively .

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

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

See Notes which are an integral part of the Financial Statements

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

33 STATEMENTS OF OPERATIONS

Six Months Ended October 31, 2022 (unaudited)	Wilmington International Fund			Wilmington Global Alpha Equities Fund			Wilmington Real Asset Fund
INVESTMENT INCOME:
Dividends	$	9,140,234	(a)	$	2,347,031	(a)	$	6,480,252	(a)
Interest		17,183			27,562			—
Securities lending income, net		68,681			—			60,575
TOTAL INVESTMENT INCOME		9,226,098			2,374,593			6,540,827
EXPENSES:
Investment advisory fees		2,162,900			1,610,387			1,147,650
Administration fees		85,455			32,966			69,509
Portfolio accounting and administration fees		127,504			44,791			69,356
Custodian fees		103,888			44,207			39,532
Transfer and dividend disbursing agent fees and expenses		32,444			13,700			13,446
Trustees’ fees		33,571			33,571			33,571
Professional fees		85,928			85,078			76,434
Distribution services fee—Class A		3,406			367			1,338
Shareholder services fee—Class A		3,406			367			1,338
Share registration costs		18,730			17,596			18,890
Printing and postage		10,423			7,956			9,498
Miscellaneous		34,704			19,462			27,675
TOTAL EXPENSES		2,702,359			1,910,448			1,508,237
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(305,100	)		(578,461	)		(90,702	)
Waiver by sub-advisor		(43,367	)		—			(17,092	)
Waiver of shareholder services fee—Class A		(3,406	)		(367	)		(1,338	)
TOTAL WAIVERS AND REIMBURSEMENTS		(351,873	)		(578,828	)		(109,132	)
Net expenses		2,350,486			1,331,620			1,399,105
Net investment income		6,875,612			1,042,973			5,141,722
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		(40,899,192	)		(869,704	)		3,367,980
Net realized gain (loss) on forward foreign currency contracts		(9,707	)		2,962,287			(181	)
Net realized gain (loss) on foreign currency transactions		(789,689	)		(152,164	)		(60,946	)
Net realized gain (loss) on financial futures contracts		606,023			4,900,196			—
Net realized gain (loss)		(41,092,565	)		6,840,615			3,306,853
Net change in unrealized appreciation (depreciation) on investments		(52,696,365	)(b)		(13,766,713	)(b)		(80,548,126	)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		—			(740,137	)		—
Net change in unrealized appreciation (depreciation) on foreign currency transactions		(57,551	)		(7,811	)		(1,833	)
Net change in unrealized appreciation (depreciation) on financial futures contracts		(1,255,189	)		2,296,269			—
Net change in unrealized appreciation (depreciation)		(54,009,105	)		(12,218,392	)		(80,549,959	)
Net realized and unrealized gain (loss)		(95,101,670	)		(5,377,777	)		(77,243,106	)
Change in net assets resulting from operations	$	(88,226,058	)	$	(4,334,804	)	$	(72,101,384	)

^(a)  Net of foreign withholding taxes of $860,756, $186,149 and $136,420, respectively.

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

See Notes which are an integral part of the Financial Statements

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

STATEMENTS OF CHANGES IN NET ASSETS 34

	Wilmington International Fund						Wilmington Global Alpha Equities Fund
	Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022			Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022
OPERATIONS:
Net investment income	$	6,875,612		$	8,931,202		$	1,042,973		$	813,947
Net realized gain (loss)		(41,092,565	)		34,613,517			6,840,615			9,830,329
Net change in unrealized appreciation (depreciation)		(54,009,105	)		(160,824,359	)		(12,218,392	)		(14,472,171	)
Change in net assets resulting from operations		(88,226,058	)		(117,279,640	)		(4,334,804	)		(3,827,895	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(42,001	)		(140,818	)		—			(1,534	)
Class I		(8,748,396	)		(27,489,939	)		—			(1,127,043	)
Total distributions to shareholders		(8,790,397	)		(27,630,757	)		—			(1,128,577	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		6,076			14,806			284			979
Class I		77,867,717			97,632,573			32,443,160			44,382,799
Distributions reinvested
Class A		38,845			129,098			—			1,534
Class I		1,705,483			12,890,244			—			347,409
Cost of shares redeemed
Class A		(111,149	)		(475,838	)		(2,150	)		(24,737	)
Class I		(105,038,264	)		(65,462,154	)		(30,327,968	)		(34,055,348	)
Change in net assets resulting from share transactions		(25,531,292	)		44,728,729			2,113,326			10,652,636
Change in net assets		(122,547,747	)		(100,181,668	)		(2,221,478	)		5,696,164
NET ASSETS:
Beginning of period		617,296,090			717,477,758			212,251,908			206,555,744
End of period	$	494,748,343		$	617,296,090		$	210,030,430		$	212,251,908
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		765			1,466			25			81
Class I		9,773,551			9,786,405			2,737,758			3,621,891
Distributions reinvested
Class A		5,067			12,730			—			127
Class I		220,588			1,264,315			—			28,245
Shares redeemed
Class A		(14,169	)		(47,287	)		(192	)		(2,033	)
Class I		(13,151,532	)		(6,524,942	)		(2,572,661	)		(2,784,677	)
Net change resulting from share transactions		(3,165,730	)		4,492,687			164,930			863,634

See Notes which are an integral part of the Financial Statements

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

35 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Real Asset Fund
	Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022
OPERATIONS:
Net investment income	$	5,141,722		$	49,165,824
Net realized gain (loss)		3,306,853			21,696,018
Net change in unrealized appreciation (depreciation)		(80,549,959	)		5,619,182
Change in net assets resulting from operations		(72,101,384	)		76,481,024
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5,072	)		(110,221	)
Class I		(2,467,074	)		(50,543,503	)
Total distributions to shareholders		(2,472,146	)		(50,653,724	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		108,577			125,187
Class I		37,205,342			93,457,658
Distributions reinvested
Class A		4,969			106,501
Class I		1,013,779			19,610,932
Cost of shares redeemed
Class A		(127,122	)		(101,368	)
Class I		(33,366,976	)		(115,096,412	)
Change in net assets resulting from share transactions		4,838,569			(1,897,502	)
Change in net assets		(69,734,961	)		23,929,798
NET ASSETS:
Beginning of period		488,127,764			464,197,966
End of period	$	418,392,803		$	488,127,764
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		7,025			7,512
Class I		2,473,595			5,648,957
Distributions reinvested
Class A		340			6,699
Class I		68,186			1,216,232
Shares redeemed
Class A		(8,516	)		(6,323	)
Class I		(2,194,170	)		(6,788,203	)
Net change resulting from share transactions		346,460			84,874

See Notes which are an integral part of the Financial Statements

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

FINANCIAL HIGHLIGHTS 36

For a share outstanding throughout each period:

WILMINGTON INTERNATIONAL FUND
CLASS A	Six Months Ended October 31, 2022 (Unaudited)			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 Period	$	8.44		$	10.47		$	7.35		$	8.52		$	9.11		$	7.86
Income (Loss) From Operations:
Net Investment Income(a)		0.09			0.10			0.10			0.13			0.14			0.08
Net Realized and Unrealized Gain (Loss)		(1.34	)		(1.75	)		3.16			(1.17	)		(0.51	)		1.26
Total Income (Loss) From Operations		(1.25	)		(1.65	)		3.26			(1.04	)		(0.37	)		1.34
Less Distributions From:
Net Investment Income		(0.12	)		(0.16	)		(0.14	)		(0.13	)		(0.14	)		(0.09	)
Net Realized Gains		—			(0.22	)		—			—			(0.08	)		—
Total Distributions		(0.12	)		(0.38	)		(0.14	)		(0.13	)		(0.22	)		(0.09	)
Net Asset Value, End of Period	$	7.07		$	8.44		$	10.47		$	7.35		$	8.52		$	9.11
Total Return(b)		(14.92	)%		(16.31	)%		44.67	%		(12.35	)%		(4.07	)%		17.18	%
Net Assets, End of Period (000’s)	$	2,418		$	2,957		$	4,015		$	3,036		$	4,871		$	5,473
Ratios to Average Net Assets
Gross Expense(c)		1.47	%(d)		1.48	%		1.48	%		1.50	%		1.50	%		1.48	%
Net Expense(c),(e)		1.09	%(d)		1.10	%		1.06	%		0.98	%		1.00	%		1.04	%
Net Investment Income		2.22	%(d)		1.00	%		1.10	%		1.57	%		1.69	%		0.93	%
Portfolio Turnover Rate		51	%		71	%		74	%		79	%		70	%		75	%
CLASS I	Six Months Ended October 31, 2022 (Unaudited)			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 Period	$	8.52		$	10.56		$	7.41		$	8.59		$	9.18		$	7.92
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.13			0.12			0.13			0.17			0.09
Net Realized and Unrealized Gain (Loss)		(1.35	)		(1.77	)		3.18			(1.17	)		(0.53	)		1.27
Total Income (Loss) From Operations		(1.25	)		(1.64	)		3.30			(1.04	)		(0.36	)		1.36
Less Distributions From:
Net Investment Income		(0.13	)		(0.18	)		(0.15	)		(0.14	)		(0.15	)		(0.10	)
Net Realized Gains		—			(0.22	)		—			—			(0.08	)		—
Total Distributions		(0.13	)		(0.40	)		(0.15	)		(0.14	)		(0.23	)		(0.10	)
Net Asset Value, End of Period		$  7.14		$	8.52		$	10.56		$	7.41			$  8.59		$	9.18
Total Return(b)		(14.82	)%		(16.10	)%		44.92	%		(12.28	)%		(3.91	)%		17.29	%
Net Assets, End of Period (000’s)	$	492,330		$	614,339		$	713,463		$	513,640		$	570,749		$	655,810
Ratios to Average Net Assets
Gross Expense(c)		0.97	%(d)		0.99	%		1.16	%		1.25	%		1.26	%		1.23	%
Net Expense(c),(e)		0.84	%(d)		0.85	%		0.85	%		0.85	%		0.87	%		0.91	%
Net Investment Income		2.47	%(d)		1.27	%		1.32	%		1.58	%		1.95	%		1.06	%
Portfolio Turnover Rate		51	%		71	%		74	%		79	%		70	%		75	%

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

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

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

(d) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

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

37 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

WILMINGTON GLOBAL ALPHA EQUITIES FUND
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period		$11.68			$11.97			$10.87			$11.28			$10.99			$10.54
Income (Loss) From Operations:
Net Investment Income(a)		0.04			0.01			0.02			0.07			0.09			0.05
Net Realized and Unrealized Gain (Loss)		(0.28	)		(0.24	)		1.31			(0.35	)		0.33			0.52
Total Income (Loss) From Operations		(0.24	)		(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 Period		$11.44			$11.68			$11.97			$10.87			$11.28			$10.99
Total Return(b)		(2.06	)%		(1.97	)%		12.27	%		(2.57	)%		3.87	%		5.41	%
Net Assets, End of Period (000’s)		$   287			$   295			$   324			$   208			$   125			$   132
Ratios to Average Net Assets
Gross Expense(c)		2.28	%(d)		2.30	%		2.30	%		2.29	%		2.36	%		2.46	%
Net Expense(c),(e)		1.49	%(d)		1.49	%		1.49	%		1.49	%		1.49	%		1.50	%
Net Investment Income		0.73	%(d)		0.12	%		0.19	%		0.63	%		0.78	%		0.42	%
Portfolio Turnover Rate		30	%		44	%		58	%		84	%		61	%		58	%
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period		$    11.88			$    12.14			$    11.01			$    11.40			$    11.08			$    10.61
Income (Loss) From Operations:
Net Investment Income(a)		0.06			0.05			0.05			0.09			0.11			0.11
Net Realized and Unrealized Gain (Loss)		(0.30	)		(0.25	)		1.31			(0.34	)		0.34			0.49
Total Income (Loss) From Operations		(0.24	)		(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 Period		$    11.64			$    11.88			$    12.14			$    11.01			$    11.40			$    11.08
Total Return(b)		(2.02	)%		(1.63	)%		12.46	%		(2.31	)%		4.18	%		5.63	%
Net Assets, End of Period (000’s)		$209,743			$211,957			$206,232			$211,911			$168,199			$156,369
Ratios to Average Net Assets
Gross Expense(c)		1.78	%(d)		1.80	%		1.99	%		2.04	%		2.11	%		2.21	%
Net Expense(c),(e)		1.24	%(d)		1.24	%		1.24	%		1.24	%		1.24	%		1.25	%
Net Investment Income		0.97	%(d)		0.38	%		0.44	%		0.82	%		1.02	%		1.03	%
Portfolio Turnover Rate		30	%		44	%		58	%		84	%		61	%		58	%

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

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

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

(d) Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

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

FINANCIAL HIGHLIGHTS (concluded) 38

For a share outstanding throughout each period:

WILMINGTON REAL ASSET FUND
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period		$16.30			$15.58			$12.33			$14.40			$14.48			$13.87
Income (Loss) From Operations:
Net Investment Income(a)		0.15			1.64	(b)		0.17			0.45			0.34			0.35
Net Realized and Unrealized Gain (Loss)		(2.58	)		0.82			3.32			(2.03	)		(0.07	)		0.63
Total Income (Loss) From Operations		(2.43	)		2.46			3.49			(1.58	)		0.27			0.98
Less Distributions From:
Net Investment Income		(0.07	)		(1.74	)		(0.24	)		(0.49	)		(0.35	)		(0.37	)
Total Distributions		(0.07	)		(1.74	)		(0.24	)		(0.49	)		(0.35	)		(0.37	)
Net Asset Value, End of Period		$13.80			$16.30			$15.58			$12.33			$14.40			$14.48
Total Return(c)		(14.93	)%		16.34	%		28.65	%		(11.35	)%		2.05	%		7.11	%
Net Assets, End of Period (000’s)		$   974			$1,169			$   995			$   932			$1,173			$1,297
Ratios to Average Net Assets
Gross Expense(d)		1.17	%(e)		1.17	%		1.30	%		1.30	%		1.32	%		1.32	%
Net Expense(d),(f)		0.87	%(e)		0.89	%		0.96	%		0.96	%		0.96	%		0.99	%
Net Investment Income		2.02	%(e)		10.04	%(b)		1.25	%		3.16	%		2.44	%		2.46	%
Portfolio Turnover Rate		7	%		32	%		40	%(g)		411	%		347	%		438	%
	Six Months Ended October 31, 2022			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	(Unaudited)
Net Asset Value, Beginning of Period		$    16.54			$    15.77			$    12.47			$    14.56			$    14.63			$    14.01
Income (Loss) From Operations:
Net Investment Income(a)		0.17			1.65	(b)		0.17			0.49			0.38			0.40
Net Realized and Unrealized Gain (Loss)		(2.62	)		0.89			3.40			(2.06	)		(0.07	)		0.62
Total Income (Loss) From Operations		(2.45	)		2.54			3.57			(1.57	)		0.31			1.02
Less Distributions From:
Net Investment Income		(0.08	)		(1.77	)		(0.27	)		(0.52	)		(0.38	)		(0.40	)
Total Distributions		(0.08	)		(1.77	)		(0.27	)		(0.52	)		(0.38	)		(0.40	)
Net Asset Value, End of Period		$    14.01			$    16.54			$    15.77			$    12.47			$    14.56			$    14.63
Total Return(c)		(14.82	)%		16.66	%		29.00	%		(11.13	)%		2.29	%		7.31	%
Net Assets, End of Period (000’s)		$417,419			$486,959			$463,203			$199,115			$309,654			$307,734
Ratios to Average Net Assets
Gross Expense(d)		0.67	%(e)		0.67	%		0.93	%		1.05	%		1.07	%		1.07	%
Net Expense(d),(f)		0.62	%(e)		0.64	%		0.71	%		0.71	%		0.71	%		0.74	%
Net Investment Income		2.27	%(e)		9.98	%(b)		1.18	%		3.41	%		2.69	%		2.74	%
Portfolio Turnover Rate		7	%		32	%		40	%(g)		411	%		347	%		438	%

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

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

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

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

(e) Annualized for periods less than one year.

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

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

See Notes which are an integral part of the Financial Statements

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

39 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

October 31, 2022 (unaudited)

1.    ORGANIZATION

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

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

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

NOTES TO FINANCIAL STATEMENTS (continued) 40

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

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

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

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

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

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

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

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

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net  Exposure(2)
International Fund
Bank of America Securities, Inc.	$	2,567,886	$	2,567,886	$	—	$	—
Daiwa Capital Markets America		2,128,760		2,128,760		—		—
Deutsche Bank Securities, Inc.		2,567,886		2,567,886		—		—
RBC Dominion Securities, Inc.		2,567,886		2,567,886		—		—
	$	9,832,418	$	9,832,418	$	—	$	—
Real Asset Fund
Bank of America Securities, Inc.	$	3,489,829	$	3,489,829	$	—	$	—
Citigroup Global Markets Ltd.		1,316,469		1,316,469		—		—
Deutsche Bank Securities, Inc.		3,489,829		3,489,829		—		—
National Bank Financial		3,489,829		3,489,829		—		—
RBC Dominion Securities, Inc.		3,489,829		3,489,829		—		—
	$	15,275,785	$	15,275,785	$	—	$	—

⁽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.

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

41 NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

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

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

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

In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds are required to maintain margin cash balances at the prime broker sufficiently to satisfy their short sales positions on a daily basis. The Funds are charged interest expense at the Fed Funds open rate plus 50 basis points on the amount of any shortfall in the required cash margin. The Funds record these prime broker charges on a net basis as Prime Broker interest expense on securities sold short on the Statements of Operations. During the six months ended October 31, 2022, there were no short sales transactions.

Lending of Portfolio Securities – The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Funds. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market

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

NOTES TO FINANCIAL STATEMENTS (continued) 42

instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities loaned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day.

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

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

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

At October 31, 2022, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of       Securities        on Loan	Cash Collateral       Received(1)	Net Exposure(2)
International Fund	$11,685,937	$11,685,937	$—
Real Asset Fund	18,389,799	18,389,799	—

⁽¹⁾  Collateral with a value of $13,512,418 and $18,834,785, respectively, has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽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 six months ended October 31, 2022, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities and the fair value of the Funds’ derivative investments categorized by primary risk exposure as of October 31, 2022.

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Equity contracts	Variation margin receivable for financial futures contracts*	Variation margin payable for financial futures contracts*

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

43 NOTES TO FINANCIAL STATEMENTS (continued)

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts**	Unrealized depreciation on forward foreign currency contracts**

* The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The amount presented below is the cumulative unrealized appreciation (depreciation) from the date the contract was opened until October 31, 2022.

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

	Asset Derivatives Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts
Global Alpha Equities Fund
Financial Futures Contracts	$	3,893,335		$	3,893,335		$	—
Forward Foreign Currency Contracts		470,552			—			470,552
Totals	$	4,363,887		$	3,893,335		$	470,552
	Liability Derivatives Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts
International Fund
Financial Futures Contracts	$	(815,809	)	$	(815,809	)	$	—
Totals	$	(815,809	)	$	(815,809	)	$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	(89,703	)	$	(89,703	)	$	—
Forward Foreign Currency Contracts		(16,366	)		—			(16,366	)
Totals	$	(106,069	)	$	(89,703	)	$	(16,366	)

The following is a summary of the location of realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the six months ended October 31, 2022.

Derivative Type	Location on the Statements of Operations
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	$	606,023		$	606,023	$	—
Forward Foreign Currency Contracts		(9,707	)		—		(9,707	)
Totals	$	596,316		$	606,023	$	(9,707	)
Global Alpha Equities Fund
Financial Futures Contracts	$	4,900,196		$	4,900,196	$	—
Forward Foreign Currency Contracts		2,962,287			—		2,962,287
Totals	$	7,862,483		$	4,900,196	$	2,962,287
Real Asset Fund
Forward Foreign Currency Contracts	$	(181	)	$	—	$	(181	)
Totals	$	(181	)	$	—	$	(181	)

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

NOTES TO FINANCIAL STATEMENTS (continued) 44

	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	$	(1,255,189	)	$	(1,255,189	)	$	—
Totals	$	(1,255,189	)	$	(1,255,189	)	$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	2,296,269		$	2,296,269		$	—
Forward Foreign Currency Contracts		(740,137	)		—			(740,137	)
Totals	$	1,556,132		$	2,296,269		$	(740,137	)

The average quarterly volume of derivative activities for the six months ended October 31, 2022 are as follows.

	Asset Derivative Volume
Fund	Financial Futures Contracts(1)		Forward Foreign Currency Contracts(2)
International Fund	$	12,578,093	$	—
Global Alpha Equities Fund		—		24,565,368

Fund	Liability Derivative Volume Financial Futures Contracts(1)
Global Alpha Equities Fund	$    99,308,626

⁽¹⁾  Notional Amount.

⁽²⁾  Contract Amount.

The International and Real Asset Funds had forward foreign currency activity during the period but did not have open positions at any quarter-end.

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

At October 31, 2022, derivative assets and liabilities by counterparty net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:

Fund/Counterparty	Derivative 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
Bank of Montreal	$	27,962	$	—	$	—	$	—	$	27,962
TD Securities Ltd.		171,974		—		—		—		171,974
Deutsche Bank AG		75,857	��	—		—		—		75,857
Morgan Stanley		194,759		—		—		—		194,759
Total Derivative Assets	$	470,552	$	—	$	—	$	—	$	470,552

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

45 NOTES TO FINANCIAL STATEMENTS (continued)

Fund/Counterparty	Derivative Liabilities Subject to a MA			Derivatives Available for Offset		Non-Cash Collateral Pledged(3)		Cash Collateral Pledged(3)		Net Exposure         of Derivative         Liabilities(2)
Global Alpha Equities Fund (continued)
Citigroup Global Markets	$	(6,005	)	$	—	$	—	$	—	$	(6,005	)
Hong Kong Shanghai Bank		(10,361	)		—		—		—		(10,361	)
Total Derivative Liabilities	$	(16,366	)	$	—	$	—	$	—	$	(16,366	)

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

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

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

4. FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the six months ended October 31, 2022.

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

As of October 31, 2022, the cost of investments and derivatives for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments and derivatives for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments and derivatives for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost	Tax Unrealized Appreciation	Tax Unrealized Depreciation	Net Tax Unrealized Appreciation/ (Depreciation)
International Fund	$523,789,597	$48,757,968	$(73,034,194)	$(24,276,226)
Global Alpha Equities Fund	192,048,430	34,134,885	(18,608,972)	15,525,913
Real Asset Fund	465,684,020	18,248,168	(46,904,861)	(28,656,693)

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)

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)		$—		$—

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

NOTES TO FINANCIAL STATEMENTS (continued) 46

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		$1,251,589		$(305,100	)	0.45%
Sub-advisors:
Allianz Global investors U.S. LLC (terminated 6/20/22)		26,483		(16,368	)	0.38% on the first $100 million; 0.33% on the next $100 million; and 0.28% on assets in excess of $200 million allocated to the Europe Equity Growth Select Strategy.
		17,289		(10,685	)	0.25% on assets allocated to the High Dividend Europe
						Strategy.
AXA Investment Managers, Inc.		127,417		—		0.43% on the first $150 million; and 0.41% on assets in excess
						of $150 million
Berenberg Asset Management LLC		66,493		—		0.27%
Nikko Asset Management Americas, Inc.		179,189		—		0.32%
Parametric Portfolio Associates LLC (effective 6/16/2022)		109,721		(16,314	)***	0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; 0.15% on the next $110 million; and 0.10% of assets in excess of $150 million.
Schroder Investment Management North America, Inc.		384,719		—		0.50%
Total(a)		$2,162,900		$(348,467	)
Global Alpha Equities Fund
WFMC		$1,019,912		$(578,461	)	0.95%
Sub-advisors:
Wellington Management Company LP		590,475		—		0.55% on the first $250 million; and 0.50% on assets in excess of $250 million
Total(b)		$1,610,387		$(578,461	)
Real Asset Fund
WFMC		$1,018,192		$(90,702	)	0.45% on all Assets, except Assets allocated to the inflation- protected and fixed-income securities (“TIPS”) strategy or the Enhanced Cash Strategy. The fee for assets allocated to the TIPS strategy: 0.52% of the first $25 million; 0.49% of the next $25 million; and 0.47% of Assets over $50 million. The fee for assets allocated to the Enhanced Cash strategy is 0.53% on the assets.
Sub-advisors:
Parametric Portfolio Associates LLC**		129,458		(17,092	)***	0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; 0.15% on the next $110 million; and 0.10% of assets in excess of $150 million.
Total(c)		$1,147,650		$(107,794	)

** Parametric Portfolio Associates LLC (“Parametric”) fee changed effective July 1, 2022. Prior to July 1, 2022, the fee for assets in excess of $40 million was 0.15%.

*** Effective July 1, 2022, Parametric agreed to the aggregating of assets managed for the International Fund and the Real Asset Fund when calculating fees under the new fees schedule which results in a lower aggregate fee being paid to Parametric. The resulting fee reduction is allocated pro rata to each Fund and is shown as a fee waiver for each Fund.

(a) The total gross advisory and sub-advisory fees during the period were 0.78% for the International Fund.

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

(c) The total gross advisory and sub-advisory fees during the period were 0.51% for the Real Asset Fund.

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

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

47 NOTES TO FINANCIAL STATEMENTS (continued)

The contractual expense limitations are as follows:

	Current Contractual  Expense Limitations
Fund	Class A	Class I
International Fund*	1.08%	0.83%
Global Alpha Equities Fund	1.49%	1.24%
Real Asset Fund**	0.82%	0.57%

* Prior to August 31, 2022, the International Fund’s contractual expense limitation was 1.10% and 0.85% for Class A and Class I, respectively.

** Prior to August 31, 2022, the Real Asset Fund’s contractual expense limitation was 0.89% and 0.64% for Class A and Class I, respectively.

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

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

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2022, neither WFMC nor BNYM waived any administrative fees.

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

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

For the six months ended October 31, 2022, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

Fund	Distribution   Fees   from Class A
International Fund		$424
Global Alpha Equities Fund		—
Real Asset Fund		1

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

For the six months ended October 31, 2022, M&T did not receive any sales charges on the sale of Class A shares.

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

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

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

NOTES TO FINANCIAL STATEMENTS (continued) 48

For the six months ended October 31, 2022, M&T did not receive any shareholder service fees from the Funds.

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

BNYM provides custody services to the Trust.

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

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

6. INVESTMENT TRANSACTIONS

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

Fund	Purchases		Sales
International Fund		$258,899,297	$	281,968,801
Global Alpha Equities Fund		77,599,877		57,937,315
Real Asset Fund		35,516,190		28,847,613

7. MARKET RISK IN GENERAL

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

Global financial markets continue to experience volatility partially related to the military action by Russia in Ukraine. As a result of this military action, the US and many other countries continue to have sanctions against Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have adverse effect on the region’s economies and more globally, including negative impact on markets for certain securities and the rising cost of commodities, such as oil and natural gas. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict, but could be prolonged and impact the Funds’ overall performance. In addition, the global outbreak of COVID-19 continues to have an impact on market volatility and global business, impacting the global economy and the financial health of individual companies in unforeseen ways.

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

8. CONTRACTUAL OBLIGATIONS

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

9. LINE OF CREDIT

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

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

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

49 NOTES TO FINANCIAL STATEMENTS (concluded)

10. SUBSEQUENT EVENTS

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

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

50

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 14-15, 2022 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 25, 2022, the Board held a special meeting (the “August Meeting”) with personnel of the Adviser and Counsel to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with WFMC and with WTIA and the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

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

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

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

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

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

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

• The prospects for satisfactory investment performance were reasonable; and

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

Wilmington International Fund

The Fund is sub-advised by AXA Investment Managers, Inc.; Berenberg Asset Management LLC; Nikko Asset Management Americas, Inc.; Parametric Portfolio Associates, LLC; and Schroder Investment Management North America, Inc.

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

51 Semi-Annual Report

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered the performance of each Sub-Adviser against an appropriate benchmark and that the Fund had achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2022. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be explained by sector allocation, with some additional underperformance attributed to style positioning. The Fund’s underexposure to energy and more defensive stocks, combined with excess exposure to technology and cyclical stocks, drove performance down. This positioning was impacted by the outbreak of the war in Ukraine, which caused energy prices to rise dramatically, and has been exacerbated by the rising interest rate environment, which put pressure on the Fund’s longer-duration growth holdings.

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

Wilmington Global Alpha Equities Fund

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

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one- and five-year periods, and below the peer group average for the three-year period, ended June 30, 2022, and that the Fund has a defensive strategy that will under-perform in rising markets, and has strong risk-adjusted performance.

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

Wilmington Real Asset Fund

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

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one- and five-year periods, and below the peer group average for the three-year period, ended June 30, 2022.

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

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

52

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.

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

53

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

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

Information Collected by the Funds

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

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

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

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

Information Sharing Policy

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

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

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

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

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

Information Security

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

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

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

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

54

Employee Access to Information

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

Visiting the Funds’ Website

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

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

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

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

E-mail

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

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

What You Can Do

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

Surveys/Aggregate Data

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

Changes to Our Privacy Statement

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

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

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

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

Investment Advisor
Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890
Sub-Advisor
Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9th Floor Wilmington, DE 19890
Additional Sub-Advisors to the Wilmington International Fund
AXA Investment Managers, Inc. 100 West Putnam Avenue Greenwich, Connecticut 06830 Berenberg
Asset Management LLC 1251 Avenue of the Americas, 53rd Floor New York, NY 10020 Nikko Asset Management Americas, Inc. 605 3rd Avenue, 38th Floor New York, New York 10158 Parametric Portfolio Associates, LLC 800 Fifth Avenue, Suite 2800 Seattle, WA 98104
Schroder Investment Management North America, Inc.
7 Bryant Park
New York, New York 10018
Additional Sub-Advisors to the
Wilmington Global Alpha Equities Fund
Wellington Management Company LLP 280 Congress Street Boston, Massachusetts 02210
Additional Sub-Advisors to the Wilmington Real Asset Fund
Parametric Portfolio Associates, LLC 800 Fifth Avenue, Suite 2800 Seattle, WA 98104
Co-Administrator
Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890
Custodian
The Bank of New York Mellon 240 Greenwich Street New York, NY 10286
Distributor
ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203
Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent
BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103
WT-SAR-MMgr-1022
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.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) No applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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, where those changes were implemented after the

registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c)) under the Investment Company Act of 1940, as amended (the “1940 Act”) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

There was no change in the Registrant’s independent registered public accountant during the period covered by the report.

(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        January 3, 2023

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        January 3, 2023
By (Signature and Title)*	/s/ Arthur W. Jasion
	Arthur W. Jasion
	(Principal Financial Officer)
Date        January 3, 2023

^* Print the name and title of each signing officer under his or her signature.