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, 2023

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.

FUNDS October 31, 2023 (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, 2023, through October 31, 2023. 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 proved challenging as higher interest rates continued to pass through into the economy. There were, however, areas of improvement as consumer prices showed broad based disinflation as evidenced by the closely monitored U.S. Consumer Price Index (“CPI”) which declined from 4.9% year-over-year to 3.2% year-over-year in October (reported in November). The labor market softened as the October payrolls number declined to 150,000 and wage pressures continued to relent, boosting the likelihood of an economic soft landing. Labor unions made major headlines during the period as the Writers Guild of America (WGA) reached a labor agreement with Hollywood studios, ending a five-month strike. In addition, thousands of United Auto Workers (UAW) walked off factory floors across 20 states. In late October, UAW members reached a tentative agreement with the Detroit Three automakers (Ford, General Motors, and Stellantis) after securing 25% pay increases over the next 4 ½ years. It’s estimated that the strikes cost the automakers several billion dollars in lost production.

The Federal Reserve (the “Fed”) raised interest rates by 25 basis points1 twice during the period, in May and July, but encouragingly left rates unchanged since as inflation dropped closer to the Fed’s 2% target level and the U.S. economy showed signs of slowing. Consumers remained in focus as retail sales largely came in better-than-expected despite excess savings being drained from the economy. Signs of weakening consumers became apparent in high frequency data as delinquency rates ticked up across several categories, though not yet to alarming levels. In addition, millions of student loan borrowers resumed monthly payments starting in October. Despite much of the noise, consumer spending was the largest contributor to growth of the U.S. economy in Q3 (defined as June 30-September 30) which surged 4.9% on a quarter-over-quarter basis. The surprise Gross Domestic Product (“GDP”) print was also helped by the inventories line item which suggested that companies undertook massive restocking efforts. The inventory component of GDP is notoriously volatile, and it is the firm view that growth will likely slow sharply in Q4 as a “give back” for the strong numbers in Q3.

Abroad, the economic picture continued to deteriorate. In Europe, activity in both the services and manufacturing economies continues to lose momentum as evidenced by Purchasing Managers Index (PMI) data materially below 50 and Eurozone GDP which contracted in Q3. There was positive news on the inflationary front as the economic contraction led to the lowest inflation reading since July 2021 (2.9%). Deflationary energy prices, in part driven by base effects, and easing food price inflation were the main driver of the decline in the headline inflation rate. The positive inflationary developments are likely to cast doubt on the European Central Bank’s (ECB) “higher for longer approach” to interest rates. Risks remain across the Eurozone as the war in Ukraine showed no signs of relenting and instability across China, a major European trading partner, could prolong growth concerns. Geopolitics remained a pressing concern during the period following attacks by the terrorist organization, known as Hamas, on Israeli civilians. The Israeli Defense Forces launched counterattacks into Gaza and the conflict remains ongoing.

In Asia, China’s teetering property market continued to sap investors’ risk appetite across the region. One of China’s largest developers, Country Garden Holdings, fought to stave off default amid a slump in property sales. In addition, China’s youth unemployment rate reached a record high of 21.3% in June, after rising for the first five months of the calendar year. Following the dismal June report, the Chinese government decided to suspend future data releases indefinitely.

Bond markets

Fixed income markets declined significantly during the period as yields pushed higher across the curve. The 10-year Treasury yield advanced 136 basis points to 4.93% while the 2-year Treasury yield pushed 95 basis points higher ending the period at 5.09%. Overall, the Bloomberg U.S. Aggregate Bond Index declined 6.1% in what was a difficult environment for fixed income assets. As for yield curve slopes, the 10y-minus-2y remained negative at -16 basis points but steepened after being inverted by 106 basis points in June. The 10y-minus-3m slope ended the period in deeply inverted territory at -71 basis points. Volatility in the bond market remained heightened, as measured by the MOVE Index, a gauge in volatility in the Treasury market, ending the period at 126.9 compared to its five-year average of 83.9, but volatility decreased significantly following the banking turmoil in March.

PRESIDENT’S MESSAGE / October 31, 2023 (unaudited)

ii

For the six-month period May 1, 2023 to October 31, 2023, 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
-6.05%	-6.13%	-5.77%	-4.65%	0.02%

Past performance is no guarantee of future results.

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

Equity markets

Equity markets were a mixed bag as the performance of U.S. large-cap stocks was driven by a handful of mega cap tech companies. Overall, the S&P 500 gained 1.4% while the so called “magnificent 7” stocks increased 20.8% during the period. The magnificent 7 includes companies such as Apple, Microsoft, Nvidia, and Alphabet which benefitted from their strong balance sheets and investor enthusiasm around artificial intelligence (“AI”). Elsewhere in markets, U.S. small-cap stocks (as measured by the Russell 2000 index) declined 5.3% as higher interest rates continued to weigh on the smaller and less profitable companies. In international markets, returns were dismal with developed and emerging market equities down 7.9% and 4.8%, respectively.

For the six-month period May 1, 2023 to October 31, 2023, certain stock market indices performed as follows:

S&P 500® Index8	Russell 2000® Index9	MSCI EAFE (Net) Index10	MSCI Emerging Markets (Net) Index11
1.39%	-5.29%	-7.88%	-4.78%

Past performance is no guarantee of future results.

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

Sincerely,

Eric Taylor,

President

November 17, 2023

October 31, 2023 (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 the long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

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

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

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

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

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 24 Emerging Markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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, 2023 (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, 2023 to October 31, 2023.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

	Beginning   Account Value   05/01/23	Ending   Account Value   10/31/23	Expenses Paid   During Period(1)	Annualized Net   Expense Ratio
WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND
Actual
Class A	$1,000.00	$  937.30	$3.65	0.75%
Class I	$1,000.00	$  937.40	$2.43	0.50%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,021.37	$3.81	0.75%
Class I	$1,000.00	$1,022.62	$2.54	0.50%
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,012.60	$1.26	0.25%
Hypothetical (assuming a 5% return before expenses)
Class I	$1,000.00	$1,023.88	$1.27	0.25%

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

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Enhanced Dividend Income Strategy Fund

At October 31, 2023, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Financials		16.0	%
Health Care		14.8	%
Information Technology		12.7	%
Industrials		10.7	%
Consumer Staples		10.3	%
Energy		8.8	%
Materials		5.6	%
Consumer Discretionary		4.7	%
Utilities		4.4	%
Real Estate		4.2	%
Communication Services		1.8	%
Cash Equivalents(1)		1.0	%
Repurchase Agreements		0.0	%(2)
Other Assets and Liabilities - Net(3)		5.0	%
TOTAL		100.0	%

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

⁽²⁾  Represents less than 0.05%.

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

PORTFOLIO OF INVESTMENTS

October 31, 2023 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 94.0%
COMMUNICATION SERVICES – 1.8%
ENTERTAINMENT – 0.0%**
Warner Bros Discovery, Inc.*		1	$	10
MEDIA – 1.8%
Omnicom Group, Inc.		15,700		1,176,087
TOTAL COMMUNICATION SERVICES			$	1,176,097
CONSUMER DISCRETIONARY – 4.7%
HOTELS, RESTAURANTS & LEISURE – 3.0%
McDonald’s Corp.		3,350		878,270
Restaurant Brands International, Inc.		1		67
Starbucks Corp.		12,150		1,120,716
			$	1,999,053
SPECIALTY RETAIL – 1.7%
Home Depot, Inc. (The)		3,850		1,096,056
TOTAL CONSUMER DISCRETIONARY			$	3,095,109
CONSUMER STAPLES – 10.3%
BEVERAGES – 2.0%
PepsiCo., Inc.		7,775		1,269,502

Description	Number of Shares		Value
FOOD PRODUCTS – 1.6%
Conagra Brands, Inc.		38,025	$	1,040,364
HOUSEHOLD PRODUCTS – 2.8%
Procter & Gamble Co. (The)		12,150		1,822,865
PERSONAL CARE PRODUCTS – 2.0%
Unilever PLC, ADR		28,175		1,334,086
TOBACCO – 1.9%
Philip Morris International, Inc.		14,175		1,263,843
TOTAL CONSUMER STAPLES			$	6,730,660
ENERGY – 8.8%
OIL, GAS & CONSUMABLE FUELS – 8.8%
Chevron Corp.		13,900		2,025,647
ConocoPhillips		7,699		914,641
Exxon Mobil Corp.		14,200		1,503,070
Valero Energy Corp.		10,200		1,295,400
TOTAL ENERGY			$	5,738,758
FINANCIALS – 16.0%
BANKS – 8.1%
Bank of America Corp.		58,052		1,529,089
JPMorgan Chase & Co.		19,000		2,642,140

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

3 PORTFOLIOS OF INVESTMENTS

Wilmington Enhanced Dividend Income Strategy Fund (continued)

Description	Number of Shares		Value
Toronto-Dominion Bank (The)		19,400	$	1,083,296
			$	5,254,525
CAPITAL MARKETS – 4.0%
BlackRock, Inc.		1,960		1,200,069
Morgan Stanley		20,100		1,423,482
			$	2,623,551
INSURANCE – 3.9%
MetLife, Inc.		24,100		1,446,241
Old Republic International Corp.		39,539		1,082,578
			$	2,528,819
TOTAL FINANCIALS			$	10,406,895
HEALTH CARE – 14.8%
BIOTECHNOLOGY – 3.8%
AbbVie, Inc.		9,525		1,344,739
Amgen, Inc.		4,525		1,157,043
			$	2,501,782
HEALTH CARE EQUIPMENT & SUPPLIES – 1.5%
Medtronic PLC		13,600		959,616
HEALTH CARE PROVIDERS & SERVICES – 1.9%
CVS Health Corp.		18,450		1,273,235
PHARMACEUTICALS – 7.6%
Bristol-Myers Squibb Co.		17,875		921,099
Johnson & Johnson		11,825		1,754,120
Merck & Co., Inc.		13,850		1,422,395
Pfizer, Inc.		27,175		830,468
			$	4,928,082
TOTAL HEALTH CARE			$	9,662,715
INDUSTRIALS – 10.7%
AEROSPACE & DEFENSE – 3.1%
Lockheed Martin Corp.		4,410		2,004,962
AIR FREIGHT & LOGISTICS – 1.7%
United Parcel Service, Inc.		8,050		1,137,062
BUILDING PRODUCTS – 1.8%
Johnson Controls International PLC		24,400		1,196,088
ELECTRICAL EQUIPMENT – 2.4%
nVent Electric PLC		32,100		1,544,973
MACHINERY – 1.7%
Caterpillar, Inc.		4,850		1,096,343
TOTAL INDUSTRIALS			$	6,979,428
INFORMATION TECHNOLOGY – 12.7%
COMMUNICATIONS EQUIPMENT – 2.9%
Cisco Systems, Inc.		36,650		1,910,565
IT SERVICES – 2.0%
International Business Machines Corp.		8,875		1,283,680
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 7.8%
Broadcom, Inc.		4,025		3,386,514

Description	Number of Shares		Value
QUALCOMM, Inc.		15,500	$	1,689,345
			$	5,075,859
TOTAL INFORMATION TECHNOLOGY			$	8,270,104
MATERIALS – 5.6%
CHEMICALS – 5.6%
Air Products & Chemicals, Inc.		4,958		1,400,337
Dow, Inc.		28,100		1,358,354
International Flavors & Fragrances, Inc.		13,225		903,929
TOTAL MATERIALS			$	3,662,620
REAL ESTATE – 4.2%
RESIDENTIAL REITS – 1.4%
AvalonBay Communities, Inc.		5,500		911,570
SPECIALIZED REITS – 2.8%
Crown Castle, Inc.		8,050		748,489
VICI Properties, Inc.		37,524		1,046,920
			$	1,795,409
TOTAL REAL ESTATE			$	2,706,979
UTILITIES – 4.4%
ELECTRIC UTILITIES – 4.4%
American Electric Power Co., Inc.		14,550		1,099,107
Duke Energy Corp.		10,700		951,123
NextEra Energy, Inc.		14,175		826,403
TOTAL UTILITIES			$	2,876,633
TOTAL COMMON STOCKS (COST $58,948,288)			$	61,305,998
MONEY MARKET FUND – 1.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.23%^		670,825		670,825
TOTAL MONEY MARKET FUND (COST $670,825)			$	670,825
	Par Value
REPURCHASE AGREEMENTS – 0.0%**
Bank of America Securities, Inc., 5.31%, dated 10/31/23, due 11/01/23, repurchase price $507, collateralized by U.S. Government Agency Securities, 2.00% to 6.50%, maturing 4/01/48 to 10/01/53; total market value of $517.	$	507		507
BNP Paribas SA, 5.30%, dated 10/31/23, due 11/01/23, repurchase price $139, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/30/23 to 11/01/53; total market value of $142.		139		139
Deutsche Bank Securities, Inc., 5.31%, dated 10/31/23, due 11/01/23, repurchase price $507, collateralized by U.S. Government Agency Securities, 1.00% to 7.00%, maturing 9/01/28 to 1/01/61; total market value of $517.		507		507

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 4

Wilmington Enhanced Dividend Income Strategy Fund (concluded)

Description	Par Value		Value
HSBC Securities USA, Inc., 5.31%, dated 10/31/23, due 11/01/23, repurchase price $497, collateralized by U.S. Government Agency Securities, 2.50% to 7.00%, maturing 6/20/33 to 10/20/53; total market value of $507.	$	497	$	497
National Bank Financial, 5.34%, dated 10/31/23, due 11/01/23, repurchase price $507, collateralized by U.S. Treasury Securities, 0.00% to 4.38%, maturing 11/01/23 to 9/09/49; total market value of $517.		507		507
RBC Dominion Securities, Inc., 5.31%, dated 10/31/23, due 11/01/23, repurchase price $507, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/07/23 to 8/20/53; total market value of $517.		507		507
TOTAL REPURCHASE AGREEMENTS (COST $2,664)			$	2,664
TOTAL INVESTMENTS – 95.0% (COST $59,621,777)			$	61,979,487
COLLATERAL FOR SECURITIES ON LOAN – (0.0%)**				(2,664	)
OTHER ASSETS LESS LIABILITIES – 5.0%				3,241,848
TOTAL NET ASSETS – 100.0%			$	65,218,671

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks		$	61,305,998		$	—		$	—		$	61,305,998
Money Market Fund			670,825			—			—			670,825
Repurchase Agreements			—			2,664			—			2,664
Total		$	61,976,823		$	2,664		$	—		$	61,979,487

** 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, 2023 (unaudited)

5

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At October 31, 2023, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Information Technology		27.0	%
Financials		13.0	%
Health Care		12.8	%
Consumer Discretionary		10.6	%
Industrials		9.4	%
Communication Services		8.4	%
Consumer Staples		6.2	%
Energy		4.4	%
Real Estate		2.7	%
Materials		2.6	%
Utilities		2.3	%
Investment Companies		0.5	%
Warrants		0.0	%(1)
Preferred Stock		0.0	%(1)
Rights		0.0	%(1)
Cash Equivalents(2)		0.2	%
Cash Collateral Invested for Securities on Loan(3)		0.4	%
Other Assets and Liabilities - Net(4)		(0.5	)%
TOTAL		100.0	%

⁽¹⁾  Represents less than 0.05%.

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2023 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 99.4%
COMMUNICATION SERVICES – 8.4%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%
AT&T, Inc.		90,712	$	1,396,965
Frontier Communications Parent, Inc.*		2,500		44,800
Iridium Communications, Inc.		1,150		42,608
Lumen Technologies, Inc.*		4,885		7,132
Verizon Communications, Inc.		53,270		1,871,375
			$	3,362,880
ENTERTAINMENT – 1.2%
AMC Entertainment Holdings, Inc., Class A*		1,787		19,085
Atlanta Braves Holdings, Inc., Class C*		80		2,782
Electronic Arts, Inc.		3,410		422,124
Liberty Media Corp. - Liberty Formula One, Class C*		2,585		167,224

Description	Number of Shares		Value
Liberty Media Corp. - Liberty Formula One, Class A*		105	$	6,043
Liberty Media Corp. - Liberty Live, Class C*		535		17,050
Liberty Media Corp. - Liberty Live, Class A*		314		9,809
Live Nation Entertainment, Inc.*		1,870		149,637
Madison Square Garden Sports Corp.*		229		38,504
Netflix, Inc.*		5,450		2,243,711
Playtika Holding Corp.*		100		840
ROBLOX Corp., Class A*		5,600		178,136
Roku, Inc.*		1,600		95,312
Spotify Technology SA*		1,720		283,387
Take-Two Interactive Software, Inc.*		2,018		269,908
Walt Disney Co. (The)*		23,033		1,879,262
Warner Bros Discovery, Inc.*		28,124		279,553
			$	6,062,367

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 6

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
INTERACTIVE MEDIA & SERVICES – 5.4%
Alphabet, Inc., Class A*		74,550	$	9,250,164
Alphabet, Inc., Class C*		63,830		7,997,899
IAC, Inc.*		950		40,423
Match Group, Inc.*		3,392		117,363
Meta Platforms, Inc., Class A*		27,755		8,361,749
Pinterest, Inc., Class A*		7,693		229,867
TripAdvisor, Inc.*		1,100		16,236
ZoomInfo Technologies, Inc.*		3,500		45,360
			$	26,059,061
MEDIA – 0.9%
Altice USA, Inc., Class A*		2,700		7,803
Cable One, Inc.		90		49,488
Charter Communications, Inc., Class A*		1,302		524,446
Comcast Corp., Class A		51,950		2,145,016
DISH Network Corp., Class A*,#		1,246		6,105
Fox Corp., Class A		3,526		107,155
Fox Corp., Class B		1,550		43,261
GCI Liberty, Inc. Escrow Shares*,(1)		1,461		—
Interpublic Group of Cos., Inc. (The)		4,768		135,411
Liberty Broadband Corp., Class A*		185		15,414
Liberty Broadband Corp., Class C*		1,518		126,465
Liberty Media Corp. - Liberty SiriusXM*		1,686		41,391
Liberty Media Corp. - Liberty SiriusXM, Class A*,#		1,243		30,441
New York Times Co. (The), Class A		1,800		72,558
News Corp., Class A		5,007		103,545
News Corp., Class B#		898		19,253
Nexstar Media Group, Inc.		450		63,036
Omnicom Group, Inc.		2,490		186,526
Sirius XM Holdings, Inc.#		7,240		30,987
Trade Desk, Inc. (The), Class A*		5,450		386,732
Paramount Global, Class B#		7,146		77,748
			$	4,172,781
WIRELESS TELECOMMUNICATION SERVICES – 0.2%
T-Mobile US, Inc.*		6,719		966,595
TOTAL COMMUNICATION SERVICES			$	40,623,684
CONSUMER DISCRETIONARY – 10.6%
AUTOMOBILE COMPONENTS – 0.1%
Aptiv PLC*		3,350		292,120
BorgWarner, Inc.		3,080		113,652
Gentex Corp.		2,830		81,164
Lear Corp.		700		90,832
QuantumScape Corp.*,#		3,450		18,009
			$	595,777
AUTOMOBILES – 1.7%
Ford Motor Co.		49,550		483,112
General Motors Co.		17,600		496,320
Harley-Davidson, Inc.		1,820		48,867
Lucid Group, Inc.*,#		8,850		36,462
Rivian Automotive, Inc., Class A*		7,400		120,028
Tesla, Inc.*		35,245		7,078,606
Thor Industries, Inc.		700		61,551
			$	8,324,946

Description	Number of Shares		Value
BROADLINE RETAIL – 3.3%
Amazon.com, Inc.*		115,150	$	15,325,314
Coupang, Inc.*		13,400		227,800
eBay, Inc.		6,640		260,487
Etsy, Inc.*		1,600		99,680
Kohl’s Corp.		1,660		37,433
Macy’s, Inc.		3,550		43,239
Nordstrom, Inc.#		1,380		19,292
Ollie’s Bargain Outlet Holdings, Inc.*		673		51,983
			$	16,065,228
DISTRIBUTORS – 0.1%
Genuine Parts Co.		1,720		221,639
LKQ Corp.		3,268		143,531
Pool Corp.		500		157,885
			$	523,055
DIVERSIFIED CONSUMER SERVICES – 0.0%**
ADT, Inc.#		2,560		14,490
Bright Horizons Family Solutions, Inc.*		783		57,989
Grand Canyon Education, Inc.*		400		47,332
H&R Block, Inc.		1,800		73,890
Mister Car Wash, Inc.*,#		750		3,900
Service Corp. International		1,970		107,207
			$	304,808
HOTELS, RESTAURANTS & LEISURE – 2.2%
Airbnb, Inc., Class A*		5,000		591,450
Aramark		2,983		80,332
Booking Holdings, Inc.*		480		1,338,989
Boyd Gaming Corp.		1,000		55,250
Caesars Entertainment, Inc.*		2,660		106,107
Carnival Corp.*		12,950		148,407
Chipotle Mexican Grill, Inc.*		350		679,770
Choice Hotels International, Inc.#		360		39,780
Churchill Downs, Inc.		900		98,856
Darden Restaurants, Inc.		1,450		211,018
Domino’s Pizza, Inc.		450		152,546
DoorDash, Inc., Class A*		3,720		278,814
DraftKings, Inc., Class A*		5,120		141,414
Expedia Group, Inc.*		1,902		181,242
Hilton Worldwide Holdings, Inc.		3,203		485,351
Hyatt Hotels Corp., Class A		650		66,586
Las Vegas Sands Corp.		4,320		205,027
Marriott International, Inc., Class A		3,086		581,896
Marriott Vacations Worldwide Corp.		500		44,930
McDonald’s Corp.		9,249		2,424,810
MGM Resorts International		3,710		129,553
Norwegian Cruise Line Holdings Ltd.*,#		5,600		76,160
Penn Entertainment, Inc.*		2,050		40,447
Planet Fitness, Inc., Class A*		1,028		56,818
Restaurant Brands International LP		47		3,214
Royal Caribbean Cruises Ltd.*		2,880		244,022
Starbucks Corp.		14,290		1,318,110
Texas Roadhouse, Inc.		600		60,924
Travel + Leisure Co.		810		27,564
Vail Resorts, Inc.		528		112,068
Wendy’s Co. (The)		2,065		39,276

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

7 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Wingstop, Inc.		350	$	63,970
Wyndham Hotels & Resorts, Inc.		1,160		83,984
Wynn Resorts Ltd.		1,368		120,083
Yum! Brands, Inc.		3,700		447,182
			$	10,735,950
HOUSEHOLD DURABLES – 0.4%
DR Horton, Inc.		4,020		419,688
Garmin Ltd.		1,840		188,655
Leggett & Platt, Inc.		1,770		41,471
Lennar Corp., Class A		3,260		347,777
Lennar Corp., Class B		76		7,494
Mohawk Industries, Inc.*		655		52,649
Newell Brands, Inc.		5,269		35,408
NVR, Inc.*		45		243,568
PulteGroup, Inc.		2,840		208,996
Tempur Sealy International, Inc.		2,100		83,853
Toll Brothers, Inc.		1,450		102,529
TopBuild Corp.*		400		91,504
Whirlpool Corp.		685		71,624
			$	1,895,216
LEISURE PRODUCTS – 0.1%
Brunswick Corp.		950		65,997
Hasbro, Inc.		1,690		76,303
Mattel, Inc.*		4,600		87,768
Peloton Interactive, Inc., Class A*		3,650		17,374
Polaris, Inc.		700		60,494
YETI Holdings, Inc.*		1,050		44,646
			$	352,582
SPECIALTY RETAIL – 2.1%
Advance Auto Parts, Inc.		800		41,624
AutoNation, Inc.*		330		42,926
AutoZone, Inc.*		240		594,511
Bath & Body Works, Inc.		2,960		87,764
Best Buy Co., Inc.		2,430		162,373
Burlington Stores, Inc.*		850		102,876
CarMax, Inc.*		2,000		122,180
Dick’s Sporting Goods, Inc.		700		74,865
Five Below, Inc.*		628		109,259
Floor & Decor Holdings, Inc., Class A*		1,360		112,064
GameStop Corp., Class A*,#		3,500		48,195
Gap, Inc. (The)#		2,800		35,840
Home Depot, Inc. (The)		12,770		3,635,491
Lithia Motors, Inc.		350		84,774
Lowe’s Cos., Inc.		7,350		1,400,689
Murphy USA, Inc.		300		108,807
O’Reilly Automotive, Inc.*		750		697,830
Penske Automotive Group, Inc.		200		28,616
Petco Health & Wellness Co., Inc.*		1,150		3,979
RH*		190		41,412
Ross Stores, Inc.		4,190		485,914
TJX Cos., Inc. (The)		14,430		1,270,850
Tractor Supply Co.		1,350		259,956
Ulta Beauty, Inc.*		650		247,852
Valvoline, Inc.		2,250		66,758
Victoria’s Secret & Co.*		1,003		17,934

Description	Number of Shares		Value
Wayfair, Inc., Class A*,#		1,048	$	44,655
Williams-Sonoma, Inc.		760		114,182
			$	10,044,176
TEXTILES, APPAREL & LUXURY GOODS – 0.6%
Capri Holdings Ltd.*		1,400		71,652
Carter’s, Inc.		450		30,222
Columbia Sportswear Co.		468		34,538
Crocs, Inc.*		650		58,058
Deckers Outdoor Corp.*		350		208,971
Hanesbrands, Inc.		2,000		8,380
Lululemon Athletica, Inc.*		1,400		550,872
NIKE, Inc., Class B		14,940		1,535,384
PVH Corp.		820		60,967
Ralph Lauren Corp.		535		60,204
Skechers USA, Inc., Class A*		1,793		86,458
Tapestry, Inc.		3,230		89,019
Under Armour, Inc., Class A*		2,678		18,344
Under Armour, Inc., Class C*		2,150		13,825
VF Corp.		4,300		63,339
			$	2,890,233
TOTAL CONSUMER DISCRETIONARY			$	51,731,971
CONSUMER STAPLES – 6.2%
BEVERAGES – 1.5%
Boston Beer Co., Inc. (The), Class A*		100		33,395
Brown-Forman Corp., Class A#		550		31,581
Brown-Forman Corp., Class B		2,525		141,804
Celsius Holdings, Inc.*		550		83,650
Coca-Cola Co. (The)		48,450		2,736,940
Constellation Brands, Inc., Class A		1,950		456,592
Keurig Dr. Pepper, Inc.		12,200		370,026
Molson Coors Beverage Co., Class B		2,300		132,871
Monster Beverage Corp.*		9,600		490,560
PepsiCo., Inc.		17,150		2,800,252
			$	7,277,671
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.8%
Albertsons Cos., Inc., Class A		4,950		107,415
BJ’s Wholesale Club Holdings, Inc.*		1,700		115,804
Casey’s General Stores, Inc.		485		131,876
Costco Wholesale Corp.		5,550		3,066,042
Dollar General Corp.		2,800		333,312
Dollar Tree, Inc.*		2,712		301,276
Grocery Outlet Holding Corp.*		1,350		37,355
Kroger Co. (The)		8,050		365,229
Performance Food Group Co.*		1,800		103,968
Sysco Corp.		6,250		415,563
Target Corp.		5,860		649,229
U.S. Foods Holding Corp.*		2,950		114,873
Walgreens Boots Alliance, Inc.		9,050		190,774
Walmart, Inc.		17,750		2,900,527
			$	8,833,243
FOOD PRODUCTS – 0.9%
Archer-Daniels-Midland Co.		6,700		479,519
Bunge Ltd.		1,945		206,131
Campbell Soup Co.		2,500		101,025

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 8

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Conagra Brands, Inc.		5,950	$	162,792
Darling Ingredients, Inc.*		2,050		90,795
Flowers Foods, Inc.		2,300		50,439
Freshpet, Inc.*		550		31,570
General Mills, Inc.		7,350		479,514
Hershey Co. (The)		1,850		346,597
Hormel Foods Corp.		3,400		110,670
Ingredion, Inc.		800		74,864
J.M. Smucker Co. (The)		1,300		147,992
Kellanova		3,150		158,980
Kraft Heinz Co. (The)		9,750		306,735
Lamb Weston Holdings, Inc.		1,900		170,620
McCormick & Co., Inc.		3,000		191,700
Mondelez International, Inc., Class A		16,800		1,112,328
Pilgrim’s Pride Corp.*		550		14,025
Post Holdings, Inc.*		738		59,247
Tyson Foods, Inc., Class A		3,500		162,225
WK Kellogg Co.*		787		7,886
			$	4,465,654
HOUSEHOLD PRODUCTS – 1.3%
Church & Dwight Co., Inc.		3,150		286,461
Clorox Co. (The)		1,600		188,320
Colgate-Palmolive Co.		10,150		762,468
Kimberly-Clark Corp.		4,150		496,506
Procter & Gamble Co. (The)		29,600		4,440,888
Reynolds Consumer Products, Inc.		350		8,900
Spectrum Brands Holdings, Inc.		400		30,128
			$	6,213,671
PERSONAL CARE PRODUCTS – 0.2%
Coty, Inc., Class A*		4,890		45,819
Estee Lauder Cos., Inc. (The), Class A		2,950		380,167
Kenvue, Inc.		21,100		392,460
Olaplex Holdings, Inc.*		1,700		2,414
			$	820,860
TOBACCO – 0.5%
Altria Group, Inc.		22,050		885,749
Philip Morris International, Inc.		19,250		1,716,330
			$	2,602,079
TOTAL CONSUMER STAPLES			$	30,213,178
ENERGY – 4.4%
ENERGY EQUIPMENT & SERVICES – 0.4%
Baker Hughes Co.		12,600		433,692
Halliburton Co.		11,263		443,087
NOV, Inc.		4,398		87,784
Schlumberger NV		17,596		979,393
TechnipFMC PLC		5,000		107,600
			$	2,051,556
OIL, GAS & CONSUMABLE FUELS – 4.0%
Antero Midstream Corp.		3,300		40,722
Antero Resources Corp.*		3,200		94,208
APA Corp.		3,940		156,497
Cheniere Energy, Inc.		3,030		504,253
Chesapeake Energy Corp.#		1,550		133,424

Description	Number of Shares		Value
Chevron Corp.		21,470	$	3,128,823
ConocoPhillips		15,028		1,785,326
Coterra Energy, Inc.		9,274		255,035
Devon Energy Corp.		7,836		364,923
Diamondback Energy, Inc.		2,297		368,255
DT Midstream, Inc.		1,075		58,018
Enviva, Inc.		450		1,629
EOG Resources, Inc.		7,430		938,037
EQT Corp.		4,350		184,353
Exxon Mobil Corp.		48,693		5,154,154
Hess Corp.		3,540		511,176
HF Sinclair Corp.		1,640		90,823
Kinder Morgan, Inc.		24,405		395,361
Marathon Oil Corp.		7,450		203,459
Marathon Petroleum Corp.		5,400		816,750
New Fortress Energy, Inc.#		400		12,120
Occidental Petroleum Corp.		8,760		541,456
ONEOK, Inc.		5,510		359,252
Ovintiv, Inc.		2,850		136,800
Phillips 66		5,640		643,355
Pioneer Natural Resources Co.		2,926		699,314
Range Resources Corp.		3,050		109,312
Southwestern Energy Co.*		12,050		85,917
Targa Resources Corp.		2,750		229,927
Texas Pacific Land Corp.		100		184,595
Valero Energy Corp.		4,520		574,040
Vitesse Energy, Inc.		299		7,083
Williams Cos., Inc. (The)		14,770		508,088
			$	19,276,485
TOTAL ENERGY			$	21,328,041
FINANCIALS – 13.0%
BANKS – 2.9%
Bank of America Corp.		85,700		2,257,338
Bank OZK		1,450		51,925
BOK Financial Corp.		270		17,690
Citigroup, Inc.		23,782		939,151
Citizens Financial Group, Inc.		5,550		130,036
Columbia Banking System, Inc.		2,348		46,185
Comerica, Inc.		1,730		68,162
Commerce Bancshares, Inc.		1,358		59,562
Cullen/Frost Bankers, Inc.		490		44,585
East West Bancorp, Inc.		1,473		78,982
Fifth Third Bancorp		8,350		197,978
First Citizens BancShares, Inc., Class A		150		207,111
First Hawaiian, Inc.		1,750		31,378
First Horizon Corp.		6,450		69,337
First Republic Bank		2,400		42
FNB Corp.		4,250		45,433
Huntington Bancshares, Inc.		17,646		170,284
JPMorgan Chase & Co.		35,720		4,967,223
KeyCorp.		11,794		120,535
M&T Bank Corp.§		2,323		261,918
New York Community Bancorp, Inc.		9,633		91,321
NU Holdings Ltd., Class A*		27,600		226,320
Pinnacle Financial Partners, Inc.		1,000		62,360
PNC Financial Services Group, Inc. (The)		4,860		556,324

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

9 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Popular, Inc.		938	$	61,008
Prosperity Bancshares, Inc.		923		50,340
Regions Financial Corp.		11,806		171,541
Synovus Financial Corp.		1,744		45,466
Truist Financial Corp.		16,257		461,049
U.S. Bancorp		19,420		619,110
Webster Financial Corp.		2,012		76,396
Wells Fargo & Co.		45,075		1,792,633
Western Alliance Bancorp		1,150		47,265
Wintrust Financial Corp.		800		59,752
Zions Bancorp NA		1,840		56,764
			$	14,142,504
CAPITAL MARKETS – 2.9%
Affiliated Managers Group, Inc.		570		69,973
Ameriprise Financial, Inc.		1,340		421,524
Ares Management Corp., Class A		2,100		207,039
Bank of New York Mellon Corp. (The)		9,670		410,975
BlackRock, Inc.		1,860		1,138,841
Blackstone, Inc.		8,920		823,762
Blue Owl Capital, Inc.#		6,000		73,980
Carlyle Group, Inc. (The)		2,700		74,358
Cboe Global Markets, Inc.		1,350		221,251
Charles Schwab Corp. (The)		18,505		963,000
CME Group, Inc.		4,400		939,224
Coinbase Global, Inc., Class A*		2,100		161,952
Evercore, Inc., Class A		450		58,581
FactSet Research Systems, Inc.		490		211,626
Franklin Resources, Inc.		3,770		85,918
Goldman Sachs Group, Inc. (The)		3,990		1,211,404
Houlihan Lokey, Inc.		600		60,312
Interactive Brokers Group, Inc., Class A		1,198		95,924
Intercontinental Exchange, Inc.		7,290		783,238
Invesco Ltd.		4,620		59,921
Janus Henderson Group PLC		1,800		41,526
Jefferies Financial Group, Inc.		2,548		81,995
KKR & Co., Inc.		8,234		456,164
Lazard Ltd., Class A		1,250		34,713
LPL Financial Holdings, Inc.		950		213,294
MarketAxess Holdings, Inc.		500		106,875
Moody’s Corp.		1,990		612,920
Morgan Stanley		14,726		1,042,895
Morningstar, Inc.		300		75,972
MSCI, Inc.		970		457,403
Nasdaq, Inc.		4,340		215,264
Northern Trust Corp.		2,480		163,457
Raymond James Financial, Inc.		2,415		230,488
Robinhood Markets, Inc., Class A*		8,000		73,120
S&P Global, Inc.		4,039		1,410,863
SEI Investments Co.		1,340		71,904
State Street Corp.		3,970		256,581
Stifel Financial Corp.		1,300		74,100
T Rowe Price Group, Inc.		2,830		256,115
Tradeweb Markets, Inc., Class A		1,400		126,014
Virtu Financial, Inc., Class A		1,350		24,962
XP, Inc., Class A		4,300		86,000
			$	14,185,428

Description	Number of Shares		Value
CONSUMER FINANCE – 0.5%
Ally Financial, Inc.		3,913	$	94,655
American Express Co.		7,340		1,071,860
Capital One Financial Corp.		4,700		476,063
Credit Acceptance Corp.*		100		40,243
Discover Financial Services		3,030		248,702
OneMain Holdings, Inc.		1,550		55,692
SLM Corp.		3,510		45,630
SoFi Technologies, Inc.*		12,250		92,488
Synchrony Financial		5,500		154,275
			$	2,279,608
FINANCIAL SERVICES – 4.2%
Affirm Holdings, Inc.*,#		2,650		46,666
Apollo Global Management, Inc.		6,576		509,245
Berkshire Hathaway, Inc., Class B*		22,696		7,746,826
Block, Inc.*		6,800		273,700
Equitable Holdings, Inc.		4,443		118,051
Euronet Worldwide, Inc.*		665		51,099
Fidelity National Information Services, Inc.		7,400		363,414
Fiserv, Inc.*		7,660		871,325
FleetCor Technologies, Inc.*		950		213,911
Global Payments, Inc.		3,263		346,596
Jack Henry & Associates, Inc.		950		133,940
Mastercard, Inc., Class A		10,420		3,921,567
MGIC Investment Corp.		3,600		60,624
NCR Atleos Corp.*		810		17,869
PayPal Holdings, Inc.*		14,165		733,747
Rocket Cos., Inc., Class A*		1,500		11,085
Shift4 Payments, Inc., Class A*		750		33,390
Toast, Inc., Class A*		4,600		73,554
UWM Holdings Corp.		1,900		9,215
Visa, Inc., Class A		20,070		4,718,457
Voya Financial, Inc.		1,330		88,804
Western Union Co. (The)		5,990		67,627
WEX, Inc.*		565		94,061
			$	20,504,773
INSURANCE – 2.4%
Aflac, Inc.		7,450		581,919
Allstate Corp. (The)		3,230		413,860
American Financial Group, Inc.		950		103,892
American International Group, Inc.		8,830		541,367
Aon PLC, Class A		2,500		773,500
Arch Capital Group Ltd.*		4,620		400,462
Arthur J. Gallagher & Co.		2,680		631,113
Assurant, Inc.		730		108,697
Assured Guaranty Ltd.		750		46,800
Axis Capital Holdings Ltd.		930		53,103
Brighthouse Financial, Inc.*		950		43,035
Brown & Brown, Inc.		2,940		204,095
Chubb Ltd.		5,097		1,093,918
Cincinnati Financial Corp.		2,006		199,938
CNA Financial Corp.		150		6,060
Everest Group Ltd.		370		146,379
F&G Annuities & Life, Inc.		237		7,274
Fidelity National Financial, Inc.		3,191		124,736
First American Financial Corp.		1,328		68,312

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Globe Life, Inc.		1,043	$	121,363
Hanover Insurance Group, Inc. (The)		500		58,605
Hartford Financial Services Group, Inc. (The)		3,740		274,703
Kemper Corp.		778		31,027
Kinsale Capital Group, Inc.		250		83,478
Lincoln National Corp.		2,458		53,511
Loews Corp.		2,300		147,223
Markel Group, Inc.*		180		264,694
Marsh & McLennan Cos., Inc.		6,140		1,164,451
MetLife, Inc.		8,101		486,141
Old Republic International Corp.		3,468		94,954
Primerica, Inc.		473		90,419
Principal Financial Group, Inc.		2,840		192,211
Progressive Corp. (The)		7,280		1,150,895
Prudential Financial, Inc.		4,480		409,651
Reinsurance Group of America, Inc.		790		118,081
RenaissanceRe Holdings Ltd.		678		148,882
RLI Corp.		350		46,634
Ryan Specialty Holdings, Inc.*		1,200		51,840
Travelers Cos., Inc. (The)		2,780		465,483
Unum Group		2,360		115,404
W.R. Berkley Corp.		2,480		167,202
White Mountains Insurance Group Ltd.		30		42,923
Willis Towers Watson PLC		1,350		318,451
			$	11,646,686
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%
AGNC Investment Corp.#		8,385		61,881
Annaly Capital Management, Inc.		6,082		94,940
Starwood Property Trust, Inc.#		3,768		66,882
			$	223,703
TOTAL FINANCIALS			$	62,982,702
HEALTH CARE – 12.8%
BIOTECHNOLOGY – 2.2%
2seventy bio, Inc.*,#		16		39
AbbVie, Inc.		21,711		3,065,159
Alnylam Pharmaceuticals, Inc.*		1,550		235,290
Amgen, Inc.		6,614		1,691,200
Apellis Pharmaceuticals, Inc.*,#		1,250		60,825
Biogen, Inc.*		1,750		415,695
BioMarin Pharmaceutical, Inc.*		2,400		195,480
Exact Sciences Corp.*		2,300		141,657
Exelixis, Inc.*		4,200		86,478
Gilead Sciences, Inc.		15,294		1,201,191
Incyte Corp.*		2,410		129,971
Ionis Pharmaceuticals, Inc.*		1,800		79,686
Karuna Therapeutics, Inc.*		450		74,974
Mirati Therapeutics, Inc.*		550		30,542
Moderna, Inc.*		4,150		315,234
Natera, Inc.*		1,350		53,285
Neurocrine Biosciences, Inc.*		1,250		138,675
Novavax, Inc.*,#		880		5,861
Regeneron Pharmaceuticals, Inc.*		1,300		1,013,857
Sarepta Therapeutics, Inc.*		1,115		75,051
Seagen, Inc.*		1,750		372,417
Ultragenyx Pharmaceutical, Inc.*		950		33,630

Description	Number of Shares		Value
United Therapeutics Corp.*		540	$	120,344
Vertex Pharmaceuticals, Inc.*		3,193		1,156,217
			$	10,692,758
HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%
Abbott Laboratories		21,295		2,013,442
Align Technology, Inc.*		960		177,206
Baxter International, Inc.		6,330		205,282
Becton Dickinson & Co.		3,534		893,325
Boston Scientific Corp.*		18,400		941,896
Cooper Cos., Inc. (The)		650		202,637
DENTSPLY SIRONA, Inc.		2,729		82,989
DexCom, Inc.*		4,950		439,708
Edwards Lifesciences Corp.*		7,566		482,106
Enovis Corp.*		650		29,835
Envista Holdings Corp.*		2,250		52,358
GE HealthCare Technologies, Inc.		4,850		322,864
Globus Medical, Inc., Class A*		1,100		50,281
Hologic, Inc.*		3,190		211,082
ICU Medical, Inc.*		250		24,515
IDEXX Laboratories, Inc.*		1,030		411,454
Inspire Medical Systems, Inc.*		400		58,864
Insulet Corp.*		900		119,313
Integra LifeSciences Holdings Corp.*		848		30,494
Intuitive Surgical, Inc.*		4,400		1,153,768
Masimo Corp.*		550		44,622
Medtronic PLC		16,226		1,144,907
Novocure Ltd.*		1,350		17,955
Penumbra, Inc.*		450		86,018
QuidelOrtho Corp.*		668		40,801
ResMed, Inc.		1,870		264,081
Shockwave Medical, Inc.*		450		92,817
STERIS PLC		1,300		272,974
Stryker Corp.		4,450		1,202,479
Tandem Diabetes Care, Inc.*		900		15,570
Teleflex, Inc.		610		112,698
Zimmer Biomet Holdings, Inc.		2,660		277,731
			$	11,476,072
HEALTH CARE PROVIDERS & SERVICES – 2.9%
Acadia Healthcare Co., Inc.*		1,150		84,536
agilon health, Inc.*,#		3,400		61,200
Amedisys, Inc.*		400		36,596
Cardinal Health, Inc.		3,020		274,820
Cencora, Inc.		2,120		392,518
Centene Corp.*		6,680		460,786
Chemed Corp.		200		112,530
Cigna Group (The)		3,592		1,110,646
CVS Health Corp.		15,771		1,088,357
DaVita, Inc.*		738		56,996
Elevance Health, Inc.		2,910		1,309,762
Encompass Health Corp.		1,230		76,949
Enhabit, Inc.*		740		5,454
Guardant Health, Inc.*		135		3,494
HCA Healthcare, Inc.		2,600		587,964
Henry Schein, Inc.*		1,720		111,765
Humana, Inc.		1,530		801,246
Laboratory Corp. of America Holdings		1,157		231,088

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

11 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
McKesson Corp.		1,700	$	774,112
Molina Healthcare, Inc.*		750		249,712
Premier, Inc., Class A		1,150		22,103
Quest Diagnostics, Inc.		1,400		182,140
R1 RCM, Inc.*		1,200		14,148
Tenet Healthcare Corp.*		1,250		67,125
UnitedHealth Group, Inc.		11,470		6,142,873
Universal Health Services, Inc., Class B		830		104,489
			$	14,363,409
HEALTH CARE TECHNOLOGY – 0.1%
Certara, Inc.*		1,450		17,676
Definitive Healthcare Corp.*		450		2,592
Doximity, Inc., Class A*		1,550		31,666
Teladoc Health, Inc.*		2,087		34,519
Veeva Systems, Inc., Class A*		1,820		350,732
			$	437,185
LIFE SCIENCES TOOLS & SERVICES – 1.4%
10X Genomics, Inc., Class A*		1,240		43,747
Agilent Technologies, Inc.		3,740		386,604
Avantor, Inc.*		8,395		146,325
Azenta, Inc.*		950		43,178
Bio-Rad Laboratories, Inc., Class A*		290		79,831
Bio-Techne Corp.		2,000		109,260
Bruker Corp.		1,400		79,800
Charles River Laboratories International, Inc.*		670		112,801
Danaher Corp.		8,330		1,599,527
Fortrea Holdings, Inc.*		657		18,659
ICON PLC*		1,000		243,960
Illumina, Inc.*		2,040		223,217
IQVIA Holdings, Inc.*		2,230		403,251
Maravai LifeSciences Holdings, Inc., Class A*		1,500		10,290
Medpace Holdings, Inc.*		250		60,667
Mettler-Toledo International, Inc.*		270		266,004
QIAGEN NV*		3,000		112,290
Repligen Corp.*		650		87,464
Revvity, Inc.		1,520		125,932
Sotera Health Co.*		1,100		13,926
Thermo Fisher Scientific, Inc.		4,820		2,143,791
Waters Corp.*		760		181,283
West Pharmaceutical Services, Inc.		950		302,375
			$	6,794,182
PHARMACEUTICALS – 3.8%
AstraZeneca PLC, ADR		51		3,225
Bristol-Myers Squibb Co.		25,776		1,328,237
Catalent, Inc.*		2,400		82,536
Elanco Animal Health, Inc.*		5,800		51,098
Eli Lilly & Co.		10,430		5,777,490
Jazz Pharmaceuticals PLC*		810		102,886
Johnson & Johnson		29,700		4,405,698
Merck & Co., Inc.		31,266		3,211,018
Organon & Co.		3,266		48,304
Perrigo Co. PLC		1,458		40,299
Pfizer, Inc.		69,403		2,120,956
Royalty Pharma PLC, Class A		4,600		123,602
Viatris, Inc.		13,455		119,750

Description	Number of Shares		Value
Zoetis, Inc.		5,731	$	899,767
			$	18,314,866
TOTAL HEALTH CARE			$	62,078,472
INDUSTRIALS – 9.4%
AEROSPACE & DEFENSE – 1.7%
Axon Enterprise, Inc.*		850		173,816
Boeing Co. (The)*		6,990		1,305,872
BWX Technologies, Inc.		1,105		82,079
Curtiss-Wright Corp.		465		92,447
General Dynamics Corp.		3,130		755,300
HEICO Corp.#		550		87,125
HEICO Corp., Class A		1,052		133,741
Hexcel Corp.		1,000		61,920
Howmet Aerospace, Inc.		4,916		216,796
Huntington Ingalls Industries, Inc.		495		108,811
L3Harris Technologies, Inc.		2,432		436,325
Lockheed Martin Corp.		2,840		1,291,178
Mercury Systems, Inc.*		650		23,387
Northrop Grumman Corp.		1,820		858,003
RTX Corp.		18,554		1,510,110
Spirit AeroSystems Holdings, Inc., Class A*,#		1,240		28,024
Textron, Inc.		2,603		197,828
TransDigm Group, Inc.*		690		571,382
Woodward, Inc.		775		96,642
			$	8,030,786
AIR FREIGHT & LOGISTICS – 0.5%
C.H. Robinson Worldwide, Inc.		1,384		113,253
Expeditors International of Washington, Inc.		1,980		216,315
FedEx Corp.		2,960		710,696
GXO Logistics, Inc.*		1,500		75,765
United Parcel Service, Inc., Class B		9,230		1,303,737
			$	2,419,766
BUILDING PRODUCTS – 0.6%
A.O. Smith Corp.		1,700		118,592
Advanced Drainage Systems, Inc.		700		74,781
Allegion PLC		1,133		111,442
Armstrong World Industries, Inc.		428		32,481
AZEK Co., Inc. (The)*		1,350		35,370
Builders FirstSource, Inc.*		1,600		173,632
Carlisle Cos., Inc.		640		162,617
Carrier Global Corp.		10,600		505,196
Fortune Brands Innovations, Inc.		1,510		84,258
Hayward Holdings, Inc.*		1,350		14,175
Johnson Controls International PLC		8,731		427,994
Lennox International, Inc.		400		148,216
Masco Corp.		2,730		142,206
Masterbrand, Inc.*		160		1,778
Owens Corning		1,098		124,480
Trane Technologies PLC		2,850		542,383
Trex Co., Inc.*		1,494		83,978
			$	2,783,579
COMMERCIAL SERVICES & SUPPLIES – 0.6%
Cintas Corp.		1,120		567,975
Clean Harbors, Inc.*		650		99,886

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 12

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Copart, Inc.*		11,200	$	487,424
Driven Brands Holdings, Inc.*		750		8,535
MSA Safety, Inc.		450		71,046
RB Global, Inc.		2,226		145,580
Rentokil Initial PLC, ADR		35		896
Republic Services, Inc.		2,590		384,589
Rollins, Inc.		3,050		114,711
Stericycle, Inc.*		1,235		50,931
Tetra Tech, Inc.		700		105,637
Veralto Corp.*		2,793		192,717
Vestis Corp.*		1,491		22,797
Waste Management, Inc.		5,140		844,656
			$	3,097,380
CONSTRUCTION & ENGINEERING – 0.2%
AECOM		1,725		132,049
EMCOR Group, Inc.		550		113,657
MasTec, Inc.*		700		41,608
MDU Resources Group, Inc.		2,500		46,525
Quanta Services, Inc.		1,788		298,810
Valmont Industries, Inc.		260		51,197
WillScot Mobile Mini Holdings Corp.*		2,700		106,407
			$	790,253
ELECTRICAL EQUIPMENT – 0.7%
Acuity Brands, Inc.		400		64,788
AMETEK, Inc.		2,810		395,564
ChargePoint Holdings, Inc.*		3,350		8,509
Eaton Corp. PLC		5,028		1,045,371
Emerson Electric Co.		7,290		648,591
Generac Holdings, Inc.*		697		58,597
Hubbell, Inc.		690		186,369
nVent Electric PLC		2,216		106,656
Plug Power, Inc.*,#		6,950		40,936
Regal Rexnord Corp.		800		94,728
Rockwell Automation, Inc.		1,470		386,331
Sensata Technologies Holding PLC		2,098		66,884
Sunrun, Inc.*		2,400		23,160
Vertiv Holdings Co.		4,400		172,788
			$	3,299,272
GROUND TRANSPORTATION – 1.1%
Avis Budget Group, Inc.*		250		40,700
CSX Corp.		25,900		773,115
Hertz Global Holdings, Inc.*		1,900		16,017
JB Hunt Transport Services, Inc.		980		168,433
Knight-Swift Transportation Holdings, Inc.		2,035		99,491
Landstar System, Inc.		390		64,264
Lyft, Inc., Class A*		4,300		39,431
Norfolk Southern Corp.		2,960		564,738
Old Dominion Freight Line, Inc.		1,250		470,825
Ryder System, Inc.		540		52,672
Saia, Inc.*		340		121,887
Schneider National, Inc., Class B		623		15,781
Uber Technologies, Inc.*		24,400		1,056,032
U-Haul Holding Co.*		213		10,462
U-Haul Holding Co.*		17		802
Union Pacific Corp.		7,770		1,613,130

Description	Number of Shares		Value
XPO, Inc.*		1,450	$	109,924
			$	5,217,704
INDUSTRIAL CONGLOMERATES – 0.8%
3M Co.		6,930		630,284
General Electric Co.		13,615		1,478,997
Honeywell International, Inc.		8,450		1,548,547
			$	3,657,828
MACHINERY – 1.8%
AGCO Corp.		845		96,888
Allison Transmission Holdings, Inc.		1,200		60,504
Caterpillar, Inc.		6,500		1,469,325
CNH Industrial NV		11,800		129,564
Crane Co.		500		48,665
Cummins, Inc.		1,780		385,014
Deere & Co.		3,390		1,238,570
Donaldson Co., Inc.		1,410		81,301
Dover Corp.		1,710		222,215
Esab Corp.		649		41,082
Flowserve Corp.		1,798		66,023
Fortive Corp.		4,390		286,579
Gates Industrial Corp. PLC*		1,200		13,104
Graco, Inc.		2,020		150,187
IDEX Corp.		920		176,097
Illinois Tool Works, Inc.		3,800		851,656
Ingersoll Rand, Inc.		4,944		300,002
ITT, Inc.		985		91,950
Lincoln Electric Holdings, Inc.		650		113,620
Middleby Corp. (The)*		700		79,009
Nordson Corp.		700		148,813
Oshkosh Corp.		790		69,307
Otis Worldwide Corp.		5,425		418,864
PACCAR, Inc.		6,710		553,776
Parker-Hannifin Corp.		1,610		593,945
Pentair PLC		2,064		119,960
RBC Bearings, Inc.*		350		76,944
Snap-on, Inc.		680		175,399
Stanley Black & Decker, Inc.		1,920		163,296
Timken Co. (The)		800		55,296
Toro Co. (The)		1,380		111,559
Westinghouse Air Brake Technologies Corp.		2,315		245,436
Xylem, Inc.		2,910		272,201
			$	8,906,151
MARINE TRANSPORTATION – 0.0%**
Kirby Corp.*		800		59,760
PASSENGER AIRLINES – 0.1%
Alaska Air Group, Inc.*		1,625		51,399
American Airlines Group, Inc.*,#		8,943		99,714
Delta Air Lines, Inc.		8,340		260,625
Southwest Airlines Co.		7,680		170,726
United Airlines Holdings, Inc.*		4,283		149,948
			$	732,412
PROFESSIONAL SERVICES – 0.9%
Automatic Data Processing, Inc.		5,230		1,141,291
Booz Allen Hamilton Holding Corp.		1,750		209,877

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

13 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Broadridge Financial Solutions, Inc.		1,530	$	261,079
CACI International, Inc., Class A*		303		98,402
Ceridian HCM Holding, Inc.*		1,875		120,019
Clarivate PLC*,#		6,400		40,832
Concentrix Corp.		543		41,382
Dun & Bradstreet Holdings, Inc.		3,100		27,156
Equifax, Inc.		1,610		273,008
FTI Consulting, Inc.*		450		95,517
Genpact Ltd.		2,245		75,297
Jacobs Solutions, Inc.		1,550		206,615
KBR, Inc.		1,900		110,485
Leidos Holdings, Inc.		1,800		178,416
ManpowerGroup, Inc.		510		35,685
Paychex, Inc.		4,120		457,526
Paycom Software, Inc.		650		159,231
Paycor HCM, Inc.*		450		9,711
Paylocity Holding Corp.*		525		94,185
Robert Half, Inc.		1,398		104,528
Science Applications International Corp.		700		76,468
SS&C Technologies Holdings, Inc.		2,800		140,700
TransUnion		2,600		114,088
Verisk Analytics, Inc.		1,800		409,248
			$	4,480,746
TRADING COMPANIES & DISTRIBUTORS – 0.4%
Air Lease Corp.		1,450		50,214
Core & Main, Inc., Class A*		1,000		30,080
Fastenal Co.		7,090		413,631
Ferguson PLC		2,550		383,010
MSC Industrial Direct Co., Inc., Class A		590		55,902
SiteOne Landscape Supply, Inc.*		550		75,773
United Rentals, Inc.		870		353,455
Watsco, Inc.#		400		139,556
WESCO International, Inc.		600		76,920
WW Grainger, Inc.		590		430,600
			$	2,009,141
TOTAL INDUSTRIALS			$	45,484,778
INFORMATION TECHNOLOGY – 27.0%
COMMUNICATIONS EQUIPMENT – 0.9%
Arista Networks, Inc.*		3,100		621,147
Ciena Corp.*		1,973		83,261
Cisco Systems, Inc.		51,150		2,666,449
F5, Inc.*		763		115,663
Juniper Networks, Inc.		4,240		114,141
Lumentum Holdings, Inc.*		900		35,289
Motorola Solutions, Inc.		2,080		579,197
Ubiquiti, Inc.		50		6,072
Viasat, Inc.*,#		950		17,518
			$	4,238,737
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
Amphenol Corp., Class A		7,300		588,015
Arrow Electronics, Inc.*		685		77,686
Avnet, Inc.		1,100		50,963
CDW Corp.		1,690		338,676
Cognex Corp.		2,250		80,978
Coherent Corp.*		1,418		41,973

Description	Number of Shares		Value
Corning, Inc.		9,620	$	257,431
Crane NXT Co.		400		20,800
IPG Photonics Corp.*		400		34,360
Jabil, Inc.		1,608		197,462
Keysight Technologies, Inc.*		2,250		274,612
Littelfuse, Inc.		293		63,484
TD SYNNEX Corp.		543		49,782
Teledyne Technologies, Inc.*		593		222,132
Trimble, Inc.*		2,930		138,091
Vontier Corp.		1,956		57,819
Zebra Technologies Corp., Class A*		650		136,130
			$	2,630,394
IT SERVICES – 1.5%
Accenture PLC, Class A		8,000		2,376,720
Akamai Technologies, Inc.*		1,900		196,327
Amdocs Ltd.		1,470		117,835
Cloudflare, Inc., Class A*		3,650		206,918
Cognizant Technology Solutions Corp., Class A		6,510		419,700
DXC Technology Co.*		2,826		57,000
EPAM Systems, Inc.*		700		152,299
Gartner, Inc.*		950		315,438
Globant SA*		500		85,145
GoDaddy, Inc., Class A*		1,900		139,137
International Business Machines Corp.		11,460		1,657,574
Kyndryl Holdings, Inc.*		2,412		35,288
MongoDB, Inc.*		815		280,841
Okta, Inc.*		1,950		131,450
Snowflake, Inc., Class A*		3,830		555,848
Thoughtworks Holding, Inc.*		1,150		3,899
Twilio, Inc., Class A*		2,100		107,646
VeriSign, Inc.*		1,100		219,626
Wix.com Ltd.*		40		3,196
			$	7,061,887
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.5%
Advanced Micro Devices, Inc.*		19,918		1,961,923
Allegro MicroSystems, Inc.*		750		19,470
Analog Devices, Inc.		6,342		997,787
Applied Materials, Inc.		10,480		1,387,028
Broadcom, Inc.		5,108		4,297,718
Cirrus Logic, Inc.*		700		46,851
Enphase Energy, Inc.*		1,700		135,286
Entegris, Inc.		1,800		158,472
First Solar, Inc.*		1,300		185,185
GLOBALFOUNDRIES, Inc.*,#		800		39,696
Intel Corp.		52,070		1,900,555
KLA Corp.		1,700		798,490
Lam Research Corp.		1,680		988,210
Lattice Semiconductor Corp.*		1,650		91,757
Marvell Technology, Inc.		10,611		501,051
Microchip Technology, Inc.		6,678		476,075
Micron Technology, Inc.		13,650		912,775
MKS Instruments, Inc.		733		48,129
Monolithic Power Systems, Inc.		580		256,209
NVIDIA Corp.		29,845		12,170,791
ON Semiconductor Corp.*		5,378		336,878
Qorvo, Inc.*		1,250		109,275

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
QUALCOMM, Inc.		13,930	$	1,518,231
Skyworks Solutions, Inc.		2,000		173,480
Teradyne, Inc.		1,900		158,213
Texas Instruments, Inc.		11,350		1,611,813
Universal Display Corp.		500		69,590
Wolfspeed, Inc.*,#		1,575		53,298
			$	31,404,236
SOFTWARE – 10.8%
Adobe, Inc.*		5,710		3,038,063
Alteryx, Inc., Class A*		850		27,209
ANSYS, Inc.*		1,080		300,521
AppLovin Corp., Class A*		2,600		94,744
Aspen Technology, Inc.*		317		56,347
Atlassian Corp., Class A*		1,800		325,152
Autodesk, Inc.*		2,680		529,648
Bentley Systems, Inc., Class B		2,300		111,872
BILL Holdings, Inc.*,#		1,300		118,677
Cadence Design Systems, Inc.*		3,360		805,896
CCC Intelligent Solutions Holdings, Inc.*		2,300		24,771
Confluent, Inc., Class A*		2,300		66,493
Crowdstrike Holdings, Inc., Class A*		2,569		454,122
Datadog, Inc., Class A*		3,348		272,762
DocuSign, Inc.*		2,550		99,144
Dolby Laboratories, Inc., Class A		640		51,802
DoubleVerify Holdings, Inc.*		1,350		37,570
Dropbox, Inc., Class A*		3,100		81,530
Dynatrace, Inc.*		2,723		121,745
Elastic NV*		1,050		78,792
Fair Isaac Corp.*		300		253,761
Five9, Inc.*		893		51,678
Fortinet, Inc.*		8,150		465,935
Gen Digital, Inc.		6,920		115,287
Gitlab, Inc., Class A*		100		4,328
Guidewire Software, Inc.*		950		85,623
HubSpot, Inc.*		553		234,345
Informatica, Inc., Class A*		500		9,590
Intuit, Inc.		3,400		1,682,830
Jamf Holding Corp.*		100		1,606
Manhattan Associates, Inc.*		773		150,720
Microsoft Corp.		93,769		31,704,237
N-Able, Inc.*		436		5,651
nCino, Inc.*		800		22,480
NCR Voyix Corp.*		1,620		24,770
New Relic, Inc.*		750		65,002
Nutanix, Inc., Class A*		2,950		106,760
Oracle Corp.		18,960		1,960,464
Palantir Technologies, Inc., Class A*		23,220		343,656
Palo Alto Networks, Inc.*		3,770		916,185
Pegasystems, Inc.		320		13,677
Procore Technologies, Inc.*		1,000		61,090
PTC, Inc.*		1,350		189,567
RingCentral, Inc., Class A*		1,050		27,909
Roper Technologies, Inc.		1,300		635,141
Salesforce, Inc.*		11,766		2,362,966
SentinelOne, Inc., Class A*		2,350		36,731
ServiceNow, Inc.*		2,550		1,483,717
Smartsheet, Inc., Class A*		1,705		67,416

Description	Number of Shares		Value
Splunk, Inc.*		1,900	$	279,604
Synopsys, Inc.*		1,900		891,936
Teradata Corp.*		1,370		58,526
Tyler Technologies, Inc.*		500		186,450
UiPath, Inc., Class A*		4,700		72,991
Unity Software, Inc.*,#		3,610		91,586
VMware, Inc., Class A*,#		2,719		396,022
Workday, Inc., Class A*		2,500		529,275
Zoom Video Communications, Inc., Class A*		3,128		187,617
Zscaler, Inc.*		1,100		174,559
			$	52,648,548
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.8%
Apple, Inc.		188,190		32,137,206
Hewlett Packard Enterprise Co.		16,090		247,464
HP, Inc.		11,140		293,316
NetApp, Inc.		2,703		196,724
Pure Storage, Inc., Class A*		3,495		118,166
Western Digital Corp.*		3,983		159,918
			$	33,152,794
TOTAL INFORMATION TECHNOLOGY			$	131,136,596
MATERIALS – 2.6%
CHEMICALS – 1.7%
Air Products & Chemicals, Inc.		2,800		790,832
Albemarle Corp.		1,500		190,170
Ashland, Inc.		600		45,978
Axalta Coating Systems Ltd.*		2,710		71,083
Celanese Corp.		1,400		160,314
CF Industries Holdings, Inc.		2,500		199,450
Chemours Co. (The)		1,850		44,604
Corteva, Inc.		9,112		438,652
Dow, Inc.		9,029		436,462
DuPont de Nemours, Inc.		5,912		430,867
Eastman Chemical Co.		1,500		112,095
Ecolab, Inc.		3,200		536,768
Element Solutions, Inc.		2,550		46,487
FMC Corp.		1,450		77,140
Ginkgo Bioworks Holdings, Inc.*,#		15,500		21,235
Huntsman Corp.		2,150		50,159
International Flavors & Fragrances, Inc.		3,190		218,036
Linde PLC		6,130		2,342,641
LyondellBasell Industries NV, Class A		3,200		288,768
Mosaic Co. (The)		4,165		135,279
NewMarket Corp.		100		48,215
Olin Corp.		1,450		61,944
PPG Industries, Inc.		2,900		356,033
RPM International, Inc.		1,500		136,905
Scotts Miracle-Gro Co. (The)		495		21,998
Sherwin-Williams Co. (The)		2,950		702,719
Westlake Corp.		400		46,144
			$	8,010,978
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		400		61,564
Knife River Corp.*		62		3,120
Martin Marietta Materials, Inc.		750		306,705

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

15 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Vulcan Materials Co.		1,650	$	324,208
			$	695,597
CONTAINERS & PACKAGING – 0.3%
Amcor PLC		17,851		158,695
AptarGroup, Inc.		815		99,650
Ardagh Metal Packaging SA		1,850		6,235
Avery Dennison Corp.		1,000		174,070
Ball Corp.		3,700		178,155
Berry Global Group, Inc.		1,393		76,615
Crown Holdings, Inc.		1,218		98,171
Graphic Packaging Holding Co.		4,055		87,223
International Paper Co.		4,350		146,725
Packaging Corp. of America		1,100		168,355
Sealed Air Corp.		1,750		53,883
Silgan Holdings, Inc.		805		32,248
Sonoco Products Co.		1,030		53,364
Westrock Co.		3,050		109,587
			$	1,442,976
METALS & MINING – 0.5%
Alcoa Corp.		2,250		57,690
Cleveland-Cliffs, Inc.*		6,700		112,426
Freeport-McMoRan, Inc.		18,000		608,040
MP Materials Corp.*,#		1,150		18,860
Newmont Corp.		13,250		496,477
Nucor Corp.		3,200		472,928
Reliance Steel & Aluminum Co.		750		190,785
Royal Gold, Inc.		758		79,082
Southern Copper Corp.		950		67,355
SSR Mining, Inc.		2,450		34,006
Steel Dynamics, Inc.		1,950		207,695
United States Steel Corp.		2,850		96,587
			$	2,441,931
PAPER & FOREST PRODUCTS – 0.0%**
Louisiana-Pacific Corp.		650		33,332
TOTAL MATERIALS			$	12,624,814
REAL ESTATE – 2.7%
DIVERSIFIED REITS – 0.0%**
WP Carey, Inc.		2,700		144,855
HEALTH CARE REITS – 0.2%
Healthcare Realty Trust, Inc.		5,030		72,180
Healthpeak Properties, Inc.		7,130		110,871
Medical Properties Trust, Inc.#		7,200		34,416
Omega Healthcare Investors, Inc.		3,200		105,920
Ventas, Inc.		4,936		209,583
Welltower, Inc.		6,270		524,235
			$	1,057,205
HOTEL & RESORT REITS – 0.1%
Host Hotels & Resorts, Inc.		9,730		150,620
Park Hotels & Resorts, Inc.		3,150		36,320
			$	186,940
INDUSTRIAL REITS – 0.3%
Americold Realty Trust, Inc.		3,440		90,197
EastGroup Properties, Inc.		500		81,625

Description	Number of Shares		Value
First Industrial Realty Trust, Inc.		1,750	$	74,025
Prologis, Inc.		11,578		1,166,483
Rexford Industrial Realty, Inc.		2,600		112,424
STAG Industrial, Inc.		2,150		71,423
			$	1,596,177
OFFICE REITS – 0.1%
Alexandria Real Estate Equities, Inc.		2,165		201,626
Boston Properties, Inc.		1,900		101,783
Cousins Properties, Inc.		1,833		32,756
Highwoods Properties, Inc.		1,290		23,078
Kilroy Realty Corp.		1,525		43,585
Vornado Realty Trust		2,176		41,779
			$	444,607
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
CBRE Group, Inc., Class A*		3,860		267,652
CoStar Group, Inc.*		5,150		378,062
Howard Hughes Holdings, Inc.*		508		33,696
Jones Lang LaSalle, Inc.*		628		80,334
Opendoor Technologies, Inc.*		1,600		3,040
WeWork, Inc., Class A*		41		93
Zillow Group, Inc., Class A*		500		17,765
Zillow Group, Inc., Class C*		2,295		83,194
			$	863,836
RESIDENTIAL REITS – 0.4%
American Homes 4 Rent, Class A		4,140		135,544
Apartment Income REIT Corp.		1,904		55,616
Apartment Investment & Management Co., Class A*		2,854		16,724
AvalonBay Communities, Inc.		1,772		293,691
Camden Property Trust		1,320		112,042
Equity LifeStyle Properties, Inc.		2,500		164,500
Equity Residential		4,700		260,051
Essex Property Trust, Inc.		823		176,056
Invitation Homes, Inc.		8,050		239,004
Mid-America Apartment Communities, Inc.		1,471		173,799
Sun Communities, Inc.		1,600		177,984
UDR, Inc.		4,280		136,147
			$	1,941,158
RETAIL REITS – 0.3%
Agree Realty Corp.		1,050		58,737
Brixmor Property Group, Inc.		4,200		87,318
Federal Realty Investment Trust		1,048		95,567
Kimco Realty Corp.		7,456		133,761
NNN REIT, Inc.		2,315		84,104
Realty Income Corp.		8,640		409,363
Regency Centers Corp.		2,233		134,561
Simon Property Group, Inc.		4,043		444,285
Spirit Realty Capital, Inc.		1,850		66,581
			$	1,514,277
SPECIALIZED REITS – 1.1%
American Tower Corp.		5,860		1,044,193
Crown Castle, Inc.		5,440		505,811
CubeSmart		2,933		99,986
Digital Realty Trust, Inc.		3,660		455,158

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
EPR Properties		1,000	$	42,700
Equinix, Inc.		1,161		847,112
Extra Space Storage, Inc.		2,712		280,936
Gaming and Leisure Properties, Inc.		3,209		145,657
Iron Mountain, Inc.		3,656		215,960
Lamar Advertising Co., Class A		1,150		94,611
National Storage Affiliates Trust		1,100		31,372
Public Storage		1,960		467,872
Rayonier, Inc.		1,965		49,597
SBA Communications Corp.		1,350		281,650
VICI Properties, Inc.		12,688		353,995
Weyerhaeuser Co.		9,392		269,456
			$	5,186,066
TOTAL REAL ESTATE			$	12,935,121
UTILITIES – 2.3%
ELECTRIC UTILITIES – 1.5%
Alliant Energy Corp.		3,000		146,370
American Electric Power Co., Inc.		6,300		475,902
Avangrid, Inc.		550		16,429
Constellation Energy Corp.		4,033		455,406
Duke Energy Corp.		9,350		831,121
Edison International		4,550		286,923
Entergy Corp.		2,650		253,313
Evergy, Inc.		2,700		132,678
Eversource Energy		4,350		233,986
Exelon Corp.		12,050		469,227
FirstEnergy Corp.		6,750		240,300
Hawaiian Electric Industries, Inc.		1,100		14,278
IDACORP, Inc.		550		52,091
NextEra Energy, Inc.		25,200		1,469,160
NRG Energy, Inc.		2,750		116,545
OGE Energy Corp.		2,213		75,685
PG&E Corp.*		22,900		373,270
Pinnacle West Capital Corp.		1,300		96,434
PPL Corp.		8,950		219,902
Southern Co. (The)		13,150		884,995
Xcel Energy, Inc.		6,850		405,999
			$	7,250,014
GAS UTILITIES – 0.1%
Atmos Energy Corp.		1,800		193,788
National Fuel Gas Co.		1,150		58,593
UGI Corp.		2,650		55,120
			$	307,501
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.0%**
AES Corp. (The)		8,100		120,690
Brookfield Renewable Corp., Class A		1,250		28,450
Vistra Corp.		4,400		143,968
			$	293,108
MULTI-UTILITIES – 0.6%
Ameren Corp.		3,250		246,058
CenterPoint Energy, Inc.		7,650		205,632
CMS Energy Corp.		3,550		192,907
Consolidated Edison, Inc.		4,250		373,107
Dominion Energy, Inc.		10,343		417,030

Description	Number of Shares		Value
DTE Energy Co.		2,600	$	250,588
NiSource, Inc.		4,800		120,768
Public Service Enterprise Group, Inc.		6,150		379,147
Sempra		7,600		532,228
WEC Energy Group, Inc.		3,800		309,282
			$	3,026,747
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		2,450		288,243
Essential Utilities, Inc.		2,900		97,034
			$	385,277
TOTAL UTILITIES			$	11,262,647
TOTAL COMMON STOCKS (COST $155,949,565)			$	482,402,004
PREFERRED STOCK – 0.0%**
REAL ESTATE – 0.0%**
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%**
Brookfield Property Preferred LP 6.25%*		400		4,800
TOTAL REAL ESTATE			$	4,800
TOTAL PREFERRED STOCK (COST $9,880)			$	4,800
RIGHTS – 0.0%**
ABIOMED, Inc. CVR, Expire 12/31/49*,(1)		150		—
Bristol-Myers Squibb Co. CVR, Expire 12/31/30*		89		10
TOTAL RIGHTS (COST $0)			$	10
WARRANTS – 0.0%**
Occidental Petroleum Corp. CW27, Expire 08/03/27*		1,645		65,570
TOTAL WARRANTS (COST $0)			$	65,570
INVESTMENT COMPANIES – 0.5%
EQUITY FUNDS – 0.5%
iShares Russell 1000 ETF		5,010		1,148,843
iShares Russell 1000 Growth ETF		2,170		568,778
iShares Russell 1000 Value ETF		3,940		576,895
TOTAL EQUITY FUNDS			$	2,294,516
TOTAL INVESTMENT COMPANIES (COST $2,283,701)			$	2,294,516
MONEY MARKET FUND – 0.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.23%^		990,618		990,618
TOTAL MONEY MARKET FUND (COST $990,618)			$	990,618
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.4%

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

17 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Par Value		Value
REPURCHASE AGREEMENTS – 0.4%
Bank of Montreal, 5.30%, dated 10/31/23, due 11/01/23, repurchase price $130,494, collateralized by U.S. Government Agency Securities, 4.50% to 6.50%, maturing 9/01/52 to 10/01/53; total market value of $133,085.	$	130,475	$	130,475
BNP Paribas SA, 5.30%, dated 10/31/23, due 11/01/23, repurchase price $419,582, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/30/23 to 11/01/53; total market value of $427,910.		419,520		419,520
HSBC Securities USA, Inc., 5.31%, dated 10/31/23, due 11/01/23, repurchase price $411,190, collateralized by U.S. Government Agency Securities, 2.50% to 7.00%, maturing 6/20/33 to 10/20/53; total market value of $419,352.		411,129		411,129
National Bank Financial, 5.34%, dated 10/31/23, due 11/01/23, repurchase price $419,582, collateralized by U.S. Treasury Securities, 0.00% to 4.38%, maturing 11/01/23 to 9/09/49; total market value of $427,912.		419,520		419,520
Nomura Securities International, Inc., 5.30%, dated 10/31/23, due 11/01/23, repurchase price $419,582, collateralized by U.S. Government Agency & Treasury Securities, 2.00% to 6.50%, maturing 4/30/25 to 10/15/58; total market value of $427,911.		419,520		419,520

Description	Par Value		Value
TD Securities, Inc., 5.32%, dated 10/31/23, due 11/01/23, repurchase price $419,582, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 2/20/38 to 10/20/53; total market value of $427,910.	$	419,520	$	419,520
TOTAL REPURCHASE AGREEMENTS (COST $2,219,684)			$	2,219,684
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,219,684)			$	2,219,684
TOTAL INVESTMENTS – 100.5% (COST $161,453,448)			$	487,977,202
COLLATERAL FOR SECURITIES ON LOAN – (0.5%)				(2,219,684	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				(380,278	)
TOTAL NET ASSETS – 100.0%			$	485,377,240

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, 2023 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3				Total
Investments in Securities
Common Stocks		$	482,402,004		$	—		$	—	(a)		$	482,402,004
Preferred Stock			4,800			—			—				4,800
Rights			10			—			—	(a)			10
Warrants			65,570			—			—				65,570
Investment Companies			2,294,516			—			—				2,294,516
Money Market Fund			990,618			—			—				990,618
Repurchase Agreements			—			2,219,684			—				2,219,684
Total		$	485,757,518		$	2,219,684		$	—			$	487,977,202

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

* Non-income producing security.

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

** Represents less than 0.05%.

^§  Affiliated company. See Note 4 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.

October 31, 2023 (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, 2023 (unaudited)

19 STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)	Wilmington Enhanced Dividend Income Strategy Fund				Wilmington Large–Cap Strategy Fund
ASSETS:
Investments, at identified cost		$	59,621,777			$	161,453,448	(a)
Investments in securities, at value		$	61,979,487			$	487,977,202	(b),(c)
Cash			31,578,922				—
Cash denominated in foreign currencies			5,884	(d)			—
Income receivable			47,027				345,188
Due from advisor			10,886				—
Receivable for shares sold			900,736				803,780
Receivable for investments sold			505,665				—
Prepaid assets			23,314				23,626
TOTAL ASSETS			95,051,921				489,149,796
LIABILITIES:
Collateral for securities on loan			—				2,219,684
Due to custodian			—26
Payable for investments purchased			29,740,845				1,179,355
Payable for shares redeemed			8,731				150,402
Payable for Trustees’ fees			2,799				2,799
Payable for administration fees			838				12,108
Payable for distribution services fees			6,417				—
Payable for investment advisory fees			—				56,674
Other accrued expenses			73,620				151,508
TOTAL LIABILITIES			29,833,250				3,772,556
NET ASSETS		$	65,218,671			$	485,377,240
NET ASSETS CONSIST OF:
Paid–in capital		$	63,382,120			$	140,036,489
Distributable earnings (loss)			1,836,551				345,340,751
TOTAL NET ASSETS		$	65,218,671			$	485,377,240
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	29,360,940			$	—
Shares outstanding (unlimited shares authorized)			2,765,364				—
Net Asset Value per share		$	10.62			$	—
Offering Price per share*		$	11.24	**		$	—
Class I
Net Assets		$	35,857,731			$	485,377,240
Shares outstanding (unlimited shares authorized)			3,366,568				19,131,025
Net Asset Value and Offering Price per share		$	10.65			$	25.37

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

^(b)  Includes $261,918 of investments in affiliated issuers.

^(c)  Including $2,180,340 of securities on loan (Note 2).

^(d)  Cost of cash denominated in foreign currencies was $5,903.

* 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, 2023 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS 20

Six Months Ended October 31, 2023 (unaudited)	Wilmington Enhanced Dividend Income Strategy Fund				Wilmington Large–Cap Strategy Fund
INVESTMENT INCOME:
Dividends		$	607,714	(a)		$	4,028,847	(a),(b)
Securities lending income, net			1,286				21,983
TOTAL INVESTMENT INCOME			609,000				4,050,830
EXPENSES:
Investment advisory fees			70,847				655,847
Administration fees			5,088				75,359
Portfolio accounting and administration fees			13,046				67,098
Custodian fees			573				11,912
Transfer and dividend disbursing agent fees and expenses			16,443				12,886
Trustees’ fees			31,346				31,346
Professional fees			52,589				50,444
Distribution services fee—Class A			40,360				—
Shareholder services fee—Class A			40,360				—
Share registration costs			11,781				11,371
Printing and postage			5,997				8,637
Miscellaneous			15,729				31,563
TOTAL EXPENSES			304,159				956,463
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(134,880	)			(300,616	)
Waiver of shareholder services fee—Class A			(40,360	)			—
TOTAL WAIVERS AND REIMBURSEMENTS			(175,240	)			(300,616	)
Net expenses			128,919				655,847
Net investment income			480,081				3,394,983
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on unaffiliated investments			(690,552	)			17,684,903
Net realized gain (loss) on foreign currency transactions			1,104				—
Net realized gain (loss)			(689,448	)			17,684,903
Net change in unrealized appreciation (depreciation) on unaffiliated investments			(1,680,449	)			(13,012,514	)
Net change in unrealized appreciation (depreciation) on affiliated investments			—				(30,316	)
Net change in unrealized appreciation (depreciation) on foreign currency transactions			26				—
Net change in unrealized appreciation (depreciation)			(1,680,423	)			(13,042,830	)
Net realized and unrealized gain (loss)			(2,369,871	)			4,642,073
Change in net assets resulting from operations		$	(1,889,790	)		$	8,037,056

^(a)  Net of foreign withholding taxes withheld of $1,070 and $287, respectively.

^(b)  Includes $6,040 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

21 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Enhanced  Dividend Income Strategy Fund						Wilmington Large–Cap  Strategy Fund
	Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023			Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	480,081		$	937,514		$	3,394,983		$	7,095,938
Net realized gain (loss)		(689,448	)		49,973			17,684,903			31,396,351
Net change in unrealized appreciation (depreciation)		(1,680,423	)		(393,821	)		(13,042,830	)		(30,364,437	)
Change in net assets resulting from operations		(1,889,790	)		593,666			8,037,056			8,127,852
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(455,800	)		(1,080,484	)		—			—
Class I		(45,819	)		(66,758	)		(3,512,282	)		(54,830,455	)
Total distributions to shareholders		(501,619	)		(1,147,242	)		(3,512,282	)		(54,830,455	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		194,833			304,275			—			—
Class I		33,056,773			2,726,284			18,249,476			51,269,312
Distributions reinvested
Class A		451,904			1,067,482			—			—
Class I		17,720			34,696			1,106,523			41,005,261
Cost of shares redeemed
Class A		(1,992,277	)		(2,865,099	)		—			—
Class I		(214,545	)		(375,061	)		(49,470,148	)		(88,254,437	)
Change in net assets resulting from share transactions		31,514,408			892,577			(30,114,149	)		4,020,136
Change in net assets		29,122,999			339,001			(25,589,375	)		(42,682,467	)
NET ASSETS:
Beginning of period		36,095,672			35,756,671			510,966,615			553,649,082
End of period	$	65,218,671		$	36,095,672		$	485,377,240		$	510,966,615
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		17,158			26,182			—			—
Class I		3,128,363			230,262			694,020			2,044,488
Distributions reinvested
Class A		39,261			94,571			—			—
Class I		1,535			3,023			41,246			1,689,136
Shares redeemed
Class A		(175,169	)		(247,041	)		—			—
Class I		(18,801	)		(31,967	)		(1,863,485	)		(3,361,913	)
Net change resulting from share transactions		2,992,347			75,030			(1,128,219	)		371,711

See Notes which are an integral part of the Financial Statements

October 31, 2023 (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, 2023 (Unaudited)				Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended     April 30, 2019
Net Asset Value, Beginning of Period		$	11.49			$	11.67			$	11.55			$	9.54			$	10.54			$	10.47
Income (Loss) From Operations:
Net Investment Income(a)			0.15				0.30				0.31				0.29				0.40				0.36
Net Realized and Unrealized Gain (Loss)			(0.86	)			(0.12	)			0.15				2.04				(1.02	)			0.11
Total Income (Loss) From Operations			(0.71	)			0.18				0.46				2.33				(0.62	)			0.47
Less Distributions From:
Net Investment Income			(0.16	)			(0.29	)			(0.34	)			(0.32	)			(0.38	)			(0.36	)
Net Realized Gains			—				(0.07	)			—				—				—				(0.04	)
Total Distributions			(0.16	)			(0.36	)			(0.34	)			(0.32	)			(0.38	)			(0.40	)
Net Asset Value, End of Period		$	10.62			$	11.49			$	11.67			$	11.55			$	9.54			$	10.54
Total Return(b)			(6.27	)%			1.69	%			3.99	%			24.86	%			(6.17	)%			4.66	%
Net Assets, End of Period (000’s)		$	29,361			$	33,151			$	35,124			$	37,388			$	32,708			$	38,943
Ratios to Average Net Assets
Gross Expense(c)			1.76	%(d)			1.76	%			1.85	%			1.69	%			1.68	%			1.67	%
Net Expense(c),(e)			0.75	%(d)			0.75	%			0.67	%			0.60	%			0.60	%			0.60	%
Net Investment Income			2.68	%(d)			2.58	%			2.61	%			2.81	%			3.86	%			3.45	%
Portfolio Turnover Rate			9	%			10	%			66	%(f)			12	%			14	%			14	%
CLASS I	Six Months Ended October 31, 2023 (Unaudited)				Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended     April 30, 2019
Net Asset Value, Beginning of Period		$	11.53			$	11.69			$	11.56			$	9.55			$	10.54			$	10.48
Income (Loss) From Operations:
Net Investment Income(a)			0.16				0.32				0.34				0.32				0.44				0.39
Net Realized and Unrealized Gain (Loss)			(0.87	)			(0.10	)			0.15				2.03				(1.02	)			0.10
Total Income (Loss) From Operations			(0.71	)			0.22				0.49				2.35				(0.58	)			0.49
Less Distributions From:
Net Investment Income			(0.17	)			(0.31	)			(0.36	)			(0.34	)			(0.41	)			(0.39	)
Net Realized Gains			—				(0.07	)			—				—				—				(0.04	)
Total Distributions			(0.17	)			(0.38	)			(0.36	)			(0.34	)			(0.41	)			(0.43	)
Net Asset Value, End of Period		$	10.65			$	11.53			$	11.69			$	11.56			$	9.55			$	10.54
Total Return(b)			(6.26	)%			2.03	%			4.25	%			25.09	%			(5.83	)%			4.82	%
Net Assets, End of Period (000’s)		$	35,858			$	2,945			$	633			$	629			$	498			$	637
Ratios to Average Net Assets
Gross Expense(c)			1.28	%(d)			1.25	%			1.37	%			1.38	%			1.44	%			1.40	%
Net Expense(c),(e)			0.50	%(d)			0.50	%			0.42	%			0.35	%			0.35	%			0.35	%
Net Investment Income			3.01	%(d)			2.78	%			2.82	%			3.06	%			4.20	%			3.72	%
Portfolio Turnover Rate			9	%			10	%			66	%(f)			12	%			14	%			14	%

^(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)  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, 2023 (unaudited)

23 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period:

WILMINGTON LARGE–CAP STRATEGY FUND

CLASS I	Six Months Ended October 31, 2023 (Unaudited)				Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended     April 30, 2019
Net Asset Value, Beginning of Period		$	25.22			$	27.84			$	30.08			$	22.08			$	23.36			$	21.98
Income (Loss) From Operations:
Net Investment Income(a)			0.17				0.36				0.33				0.35				0.39				0.37
Net Realized and Unrealized Gain (Loss)			0.16				(0.04	)			(0.80	)			10.11				(0.32	)			2.32
Total Income (Loss) From Operations			0.33				0.32				(0.47	)			10.46				0.07				2.69
Less Distributions From:
Net Investment Income			(0.18	)			(0.34	)			(0.33	)			(0.37	)			(0.41	)			(0.38	)
Net Realized Gains			—				(2.60	)			(1.44	)			(2.09	)			(0.94	)			(0.93	)
Total Distributions			(0.18	)			(2.94	)			(1.77	)			(2.46	)			(1.35	)			(1.31	)
Net Asset Value, End of Period		$	25.37			$	25.22			$	27.84			$	30.08			$	22.08			$	23.36
Total Return			1.26	%(b)			1.72	%			(2.24	)%			49.12	%			0.09	%			12.93	%
Net Assets, End of Period (000’s)		$	485,377			$	510,967			$	553,649			$	623,538			$	467,392			$	527,818
Ratios to Average Net Assets
Gross Expense(c)			0.36	%(d)			0.37	%			0.53	%			0.80	%			0.86	%			0.89	%
Net Expense(c), (e)			0.25	%(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net Investment Income			1.29	%(d)			1.42	%			1.07	%			1.34	%			1.69	%			1.65	%
Portfolio Turnover Rate			5	%			13	%			9	%			14	%			26	%			13	%

^(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, 2023 (unaudited) / SEMI–ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 24

Wilmington Funds

October 31, 2023 (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 Board of Trustees (“Trustees”) has adopted Valuation Policies and Procedures (“Valuation Procedures”) and has delegated responsibilities to Wilmington Funds Management Corporation (“WFMC” or the “Advisor”), in its role as the Trust’s investment advisor, with respect to the valuation of the Funds’ investments. The Advisor, acting through its Pricing Committee, carries out all of the functions set forth below to determine fair value in good faith with respect to a Fund’s investments. 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 by the Advisor in accordance with the Valuation Procedures.

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

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

25 NOTES TO FINANCIAL STATEMENTS (continued)

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 the Valuation Procedures. 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, 2023, 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.	$	507	$	507	$	—	$	—
BNP Paribas SA		139		139		—		—
Deutsche Bank Securities, Inc.		507		507		—		—
HSBC Securities USA, Inc.		497		497		—		—
National Bank Financial		507		507		—		—
RBC Dominion Securities, Inc.		507		507		—		—
	$	2,664	$	2,664	$	—	$	—
Large-Cap Strategy Fund
Bank of Montreal	$	130,475	$	130,475	$	—	$	—
BNP Paribas SA		419,520		419,520		—		—
HSBC Securities USA, Inc.		411,129		411,129		—		—
National Bank Financial		419,520		419,520		—		—
Nomura Securities International, Inc.		419,520		419,520		—		—
TD Securities, Inc.		419,520		419,520		—		—
	$	2,219,684	$	2,219,684	$	—	$	—

⁽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. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 26

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.

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, 2023, 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		$2,180,340		$2,180,340		$—

⁽¹⁾  Collateral with a value of $2,219,684 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 six months ended October 31, 2023.

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, 2023 (unaudited)

27 NOTES TO FINANCIAL STATEMENTS (continued)

As of October 31, 2023, 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	$  59,633,331	$    4,315,869	$  (1,969,713)	$    2,346,156
Large-Cap Strategy Fund	171,136,632	336,622,639	(19,782,069)	316,840,570

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

Investment Advisor – WFMC 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, 2024 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, 2023, 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, 2023 (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, 2023, 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
Enhanced Dividend Income Strategy Fund	$388

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

For the six months ended October 31, 2023, M&T received sales charges on the sale of Class A shares as follows:

Fund	Sales Charges
Enhanced Dividend Income Strategy Fund	$8

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, 2023, 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, 2023 are as follows:

Fund/   Affiliated Investment   Name	Value 4/30/23		Purchases		Sales		Net Realized   Gain/(Loss)		Net Change in Unrealized Appreciation/   Depreciation	Value   10/31/23		Number of   Shares 10/31/23		Dividend   Income		Capital Gain   Distributions
Large-Cap Strategy Fund
Common Stock - 0.0%*
M&T Bank Corp.		$292,234		$—		$—		$—	$(30,316)		$261,918		2,323		$6,040		$—

* As a percentage of Net Assets as of October 31, 2023.

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, 2023 were as follows:

Fund	Commissions
Large-Cap Strategy Fund	$4,300

SEMI-ANNUAL REPORT / October 31, 2023 (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, 2023 were as follows:

Fund	Purchases		Sales
Enhanced Dividend Income Strategy Fund		$ 31,682,393		$     3,480,594
Large-Cap Strategy Fund		24,509,366		53,530,046

6. MARKET RISK IN GENERAL

There is a risk that the value of a Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by a Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally.

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 27, 2024.

The Funds did not utilize the LOC during the six months ended October 31, 2023.

9. NEW REGULATORY PRONOUNCEMENT

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds. The rule and form amendments will require mutual funds to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The compliance date for the amendments is for shareholder reports filed on or after July 24, 2024.

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, 2023 (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 26-27, 2023 (the “September Meeting”), the Board 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 24, 2023, 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 Wilmington Global Alpha Equities Fund, Wilmington International Fund and Wilmington Real Asset Fund (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 that was sent 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 performance, 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. The Board generally concluded that, for each Fund, the consideration of each factor above supported the renewal of each Advisory Agreement.

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 Large-Cap Strategy Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2023.

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

31 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 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 below the peer group average for the one-, three- and five-year periods ended June 30, 2023. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be explained by the Fund’s allocation to higher-paying dividend stocks, which significantly lagged lower- and non-dividend paying stocks during the period. The Board considered that the Fund maintains a greater allocation to higher-paying dividend stocks versus its peers and tends to underperform when lower-yielding and lower quality stocks are favored.

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

October 31, 2023 (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, 2023 (unaudited)

33

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 1, 2023

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, 2023 (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 information from the Funds by e-mail, it is our policy to include instructions in all e-mail 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 Notice is March 1, 2023. We reserve the right to modify this Notice at any time. When it is revised, reviewed 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 Notice.

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

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

WT-SAR-EQ-1023

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

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

October 31, 2023 (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	30
Statements of Operations	31
Statements of Changes in Net Assets	32
Financial Highlights	34
Notes to Financial Statements	37
Discussion of Renewal of Advisory and Sub-Advisory Agreements	47
Other Information	50

[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, 2023, through October 31, 2023. 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 proved challenging as higher interest rates continued to pass through into the economy. There were, however, areas of improvement as consumer prices showed broad based disinflation as evidenced by the closely monitored U.S. Consumer Price Index (“CPI”) which declined from 4.9% year-over-year to 3.2% year-over-year in October (reported in November). The labor market softened as the October payrolls number declined to 150,000 and wage pressures continued to relent, boosting the likelihood of an economic soft landing. Labor unions made major headlines during the period as the Writers Guild of America (WGA) reached a labor agreement with Hollywood studios, ending a five-month strike. In addition, thousands of United Auto Workers (UAW) walked off factory floors across 20 states. In late October, UAW members reached a tentative agreement with the Detroit Three automakers (Ford, General Motors, and Stellantis) after securing 25% pay increases over the next 4 ¹⁄₂ years. It’s estimated that the strikes cost the automakers several billion dollars in lost production.

The Federal Reserve (the “Fed”) raised interest rates by 25 basis points¹ twice during the period, in May and July, but encouragingly left rates unchanged since as inflation dropped closer to the Fed’s 2% target level and the U.S. economy showed signs of slowing. Consumers remained in focus as retail sales largely came in better-than-expected despite excess savings being drained from the economy. Signs of weakening consumers became apparent in high frequency data as delinquency rates ticked up across several categories, though not yet to alarming levels. In addition, millions of student loan borrowers resumed monthly payments starting in October. Despite much of the noise, consumer spending was the largest contributor to growth of the U.S. economy in Q3 (defined as June 30-September 30) which surged 4.9% on a quarter-over-quarter basis. The surprise Gross Domestic Product (“GDP”) print was also helped by the inventories line item which suggested that companies undertook massive restocking efforts. The inventory component of GDP is notoriously volatile, and it is the firm view that growth will likely slow sharply in Q4 as a “give back” for the strong numbers in Q3.

Abroad, the economic picture continued to deteriorate. In Europe, activity in both the services and manufacturing economies continues to lose momentum as evidenced by Purchasing Managers Index (PMI) data materially below 50 and Eurozone GDP which contracted in Q3. There was positive news on the inflationary front as the economic contraction led to the lowest inflation reading since July 2021 (2.9%). Deflationary energy prices, in part driven by base effects, and easing food price inflation were the main driver of the decline in the headline inflation rate. The positive inflationary developments are likely to cast doubt on the European Central Bank’s (ECB) “higher for longer approach” to interest rates. Risks remain across the Eurozone as the war in Ukraine showed no signs of relenting and instability across China, a major European trading partner, could prolong growth concerns. Geopolitics remained a pressing concern during the period following attacks by the terrorist organization, known as Hamas, on Israeli civilians. The Israeli Defense Forces launched counterattacks into Gaza and the conflict remains ongoing.

In Asia, China’s teetering property market continued to sap investors’ risk appetite across the region. One of China’s largest developers, Country Garden Holdings, fought to stave off default amid a slump in property sales. In addition, China’s youth unemployment rate reached a record high of 21.3% in June, after rising for the first five months of the calendar year. Following the dismal June report, the Chinese government decided to suspend future data releases indefinitely.

Bond markets

Fixed income markets declined significantly during the period as yields pushed higher across the curve. The 10-year Treasury yield advanced 136 basis points to 4.93% while the 2-year Treasury yield pushed 95 basis points higher ending the period at 5.09%. Overall, the Bloomberg U.S. Aggregate Bond Index declined 6.1% in what was a difficult environment for fixed income assets. As for yield curve slopes, the 10y-minus-2y remained negative at -16 basis points but steepened after being inverted by 106 basis points in June. The 10y-minus-3m slope ended the period in deeply inverted territory at -71 basis points. Volatility in the bond market remained heightened, as measured by the MOVE Index, a gauge in volatility in the Treasury market, ending the period at 126.9 compared to its five-year average of 83.9, but volatility decreased significantly following the banking turmoil in March.

PRESIDENT’S MESSAGE / October 31, 2023 (unaudited)

ii

For the six-month period May 1, 2023 to October 31, 2023, 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
-6.05%	-6.13%	-5.77%	-4.65%	0.02%

Past performance is no guarantee of future results.

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

Equity markets

Equity markets were a mixed bag as the performance of U.S. large-cap stocks was driven by a handful of mega cap tech companies. Overall, the S&P 500 gained 1.4% while the so called “magnificent 7” stocks increased 20.8% during the period. The magnificent 7 includes companies such as Apple, Microsoft, Nvidia, and Alphabet which benefitted from their strong balance sheets and investor enthusiasm around artificial intelligence (“AI”). Elsewhere in markets, U.S. small-cap stocks (as measured by the Russell 2000 index) declined 5.3% as higher interest rates continued to weigh on the smaller and less profitable companies. In international markets, returns were dismal with developed and emerging market equities down 7.9% and 4.8%, respectively.

For the six-month period May 1, 2023 to October 31, 2023, certain stock market indices performed as follows:

S&P 500® Index8	Russell 2000® Index9	MSCI EAFE (Net) Index10	MSCI Emerging Markets (Net) Index11
1.39%	-5.29%	-7.88%	-4.78%

Past performance is no guarantee of future results.

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

Sincerely,

Eric Taylor,

President

November 17, 2023

October 31, 2023 (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 the long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

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

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

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

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

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 24 Emerging Markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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, 2023 (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, 2023 to October 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 05/01/23		Ending Account Value 10/31/23		Expenses Paid During Period(1)		Annualized Net Expense Ratio(2)
WILMINGTON INTERNATIONAL FUND
Actual
Class A		$1,000.00		$   924.60		$5.22		1.08	%
Class I		$1,000.00		$   926.20		$4.02		0.83	%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,019.71		$5.48		1.08	%
Class I		$1,000.00		$1,020.96		$4.22		0.83	%
WILMINGTON GLOBAL ALPHA EQUITIES FUND
Actual
Class A		$1,000.00		$   999.10		$7.49		1.49	%
Class I		$1,000.00		$1,000.00		$6.23		1.24	%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,017.65		$7.56		1.49	%
Class I		$1,000.00		$1,018.90		$6.29		1.24	%
WILMINGTON REAL ASSET FUND
Actual
Class A		$1,000.00		$   951.30		$4.02		0.82	%
Class I		$1,000.00		$   952.10		$2.80		0.57	%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,021.01		$4.17		0.82	%
Class I		$1,000.00		$1,022.27		$2.90		0.57	%

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

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

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At October 31, 2023, the Fund’s sector classifications and country allocations were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Financials		21.4	%
Industrials		14.7	%
Consumer Discretionary		10.9	%
Information Technology		9.9	%
Health Care		9.5	%
Consumer Staples		6.3	%
Materials		5.9	%
Energy		5.7	%
Communication Services		5.4	%
Utilities		3.0	%
Real Estate		1.1	%
Exchange-Traded Funds		3.3	%
Preferred Stock		0.2	%
Rights		0.0	%(1)
Cash Equivalents(2)		2.2	%
Other Assets and Liabilities - Net(3)		0.5	%
TOTAL		100.0	%

Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		12.9	%
United Kingdom		10.3	%
China		8.1	%
France		7.5	%
Canada		6.0	%
United States		5.0	%
Germany		4.4	%
Taiwan		4.3	%
Switzerland		3.9	%
South Korea		3.3	%
Australia		3.3	%
Netherlands		2.2	%
Spain		2.0	%
Brazil		2.0	%
Hong Kong		1.8	%
South Africa		1.7	%
United Arab Emirates		1.6	%
Norway		1.4	%
Thailand		1.3	%
Austria		1.2	%
All other countries less than 1.0%		9.6	%
Exchange-Traded Funds		3.3	%
Preferred Stocks		0.2	%
Rights		0.0	%(1)
Cash Equivalents(2)		2.2	%
Other Assets and Liabilities - Net(3)		0.5	%
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, 2023 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 93.8%
AUSTRALIA – 3.3%
ANZ Group Holdings Ltd.		41,010	$	646,686
Aristocrat Leisure Ltd.		10,792		265,269
BHP Group Ltd.		67,128		1,900,224
BlueScope Steel Ltd.		9,929		119,023
Brambles Ltd.		27,196		226,971
Coles Group Ltd.		21,584		209,488
Commonwealth Bank of Australia		21,153		1,301,246
Flutter Entertainment PLC*		2,480		389,502
Fortescue Metals Group Ltd.		25,901		368,463

Description	Number of Shares		Value
Goodman Group		30,866	$	408,416
IGO Ltd.		13,598		82,341
Insurance Australia Group Ltd.		51,155		184,544
Macquarie Group Ltd.		6,044		621,263
Mineral Resources Ltd.		3,454		127,305
Mirvac Group		147,422		171,047
National Australia Bank Ltd.		40,795		730,812
Northern Star Resources Ltd.		31,945		233,926
Pilbara Minerals Ltd.		39,931		93,798
Ramsay Health Care Ltd.		4,317		133,672
REA Group Ltd.		2,806		257,604
Rio Tinto Ltd.		6,259		467,535

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

3	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Number of Shares		Value
Rio Tinto PLC		60,120	$	3,835,687
SEEK Ltd.		17,483		230,648
Stockland		78,352		176,836
Suncorp Group Ltd.		29,571		251,698
Telstra Group Ltd.		74,035		179,526
Transurban Group		47,702		359,124
Wesfarmers Ltd.		14,893		479,165
Westpac Banking Corp.		48,133		632,072
Woolworths Group Ltd.		17,699		396,188
TOTAL AUSTRALIA			$	15,480,079
AUSTRIA – 1.2%
BAWAG Group AG*		54,776		2,439,746
Erste Group Bank AG		52,599		1,883,531
Wienerberger AG		48,252		1,168,999
TOTAL AUSTRIA			$	5,492,276
BELGIUM – 0.6%
KBC Group NV		26,151		1,439,216
UCB SA		21,551		1,576,241
TOTAL BELGIUM			$	3,015,457
BRAZIL – 2.0%
Atacadao SA		363,100		646,727
Banco BTG Pactual SA		235,000		1,385,273
Cyrela Brazil Realty SA Empreendimentos e Participacoes		283,900		1,013,014
Localiza Rent a Car SA		131,100		1,325,887
Magazine Luiza SA*		1,257,200		334,139
Rede D’Or Sao Luiz SA		159,000		682,769
Vale SA		142,700		1,953,802
Vibra Energia SA		327,000		1,285,494
Wheaton Precious Metals Corp.		14,462		610,809
TOTAL BRAZIL			$	9,237,914
CANADA – 6.0%
Agnico Eagle Mines Ltd.		2,590		121,474
Alimentation Couche-Tard, Inc.		12,519		681,492
AltaGas Ltd.		9,497		176,414
ARC Resources Ltd.		21,800		350,718
Bank of Montreal		10,361		782,931
Bank of Nova Scotia (The)		78,552		3,180,598
Brookfield Asset Management Ltd., Class A		7,770		222,720
CAE, Inc.*		6,691		139,731
Canadian Imperial Bank of Commerce		14,030		494,831
Canadian National Railway Co.		7,986		844,987
Canadian Natural Resources Ltd.		19,858		1,261,003
Canadian Pacific Kansas City Ltd.		11,871		842,847
CGI, Inc.*		3,669		354,214
Constellation Software, Inc.		216		433,014
Dollarama, Inc.		4,964		338,987
Enbridge, Inc.		102,138		3,273,130
Fortis, Inc.		12,303		488,483
Franco-Nevada Corp.		2,590		315,077
GFL Environmental, Inc.		4,317		124,366
Gildan Activewear, Inc.		5,396		153,271
iA Financial Corp., Inc.		3,022		175,839
Imperial Oil Ltd.		4,749		270,642

Description	Number of Shares		Value
Ivanhoe Mines Ltd., Class A*		19,642	$	144,757
Keyera Corp.		8,634		200,791
Loblaw Cos. Ltd.		3,238		264,831
Magna International, Inc.		5,828		280,063
Manulife Financial Corp.		33,888		589,909
National Bank of Canada		3,885		241,547
Onex Corp.		5,828		326,629
Open Text Corp.		6,907		230,607
Parex Resources, Inc.		74,889		1,435,406
Pembina Pipeline Corp.		15,541		478,305
Power Corp. of Canada		6,259		150,794
Restaurant Brands International, Inc.		4,749		318,997
RioCan REIT		16,836		204,569
Rogers Communications, Inc., Class B		6,044		223,934
Royal Bank of Canada		48,420		3,867,315
Saputo, Inc.		5,828		117,674
Shopify, Inc., Class A*		16,836		795,089
Sun Life Financial, Inc.		9,281		423,911
Suncor Energy, Inc.		3,022		97,868
TC Energy Corp.		16,620		572,397
Thomson Reuters Corp.		2,374		284,366
Toronto-Dominion Bank (The)		23,095		1,290,022
Tourmaline Oil Corp.		7,986		422,292
WSP Global, Inc.		1,511		197,751
TOTAL CANADA			$	28,186,593
CAYMAN ISLANDS – 0.3%
Patria Investments Ltd.		104,060		1,341,333
CHINA – 8.1%
Alibaba Group Holding Ltd.*		48,028		494,452
Alibaba Group Holding Ltd., ADR*		41,031		3,386,699
China Pacific Insurance Group Co. Ltd., Class H		341,400		840,995
CSC Financial Co. Ltd., Class H		134,500		121,115
CSC Financial Co. Ltd., Class A		132,400		436,392
ENN Energy Holdings Ltd.		241,200		1,827,125
Fuyao Glass Industry Group Co. Ltd., Class A		254,400		1,290,141
Guangzhou Tinci Materials Technology Co. Ltd., Class A		136,400		517,230
Hangzhou Tigermed Consulting Co. Ltd., Class A		37,200		338,262
JD.com, Inc., ADR		17,771		451,739
JD.com, Inc., Class A		13,741		174,692
Kanzhun Ltd., ADR*		60,590		896,732
Kunlun Energy Co. Ltd.		708,000		589,838
Kweichow Moutai Co. Ltd., Class A		3,900		895,213
Li Ning Co. Ltd.		161,500		494,901
Meituan, Class B*		190,860		2,705,443
Midea Group Co. Ltd.*		239,200		1,724,655
NetEase, Inc., ADR		14,473		1,547,453
NetEase, Inc.		15,000		321,023
PICC Property & Casualty Co. Ltd., Class H		2,934,000		3,350,497
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		993,200		921,880
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		232,300		570,451
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		40,000		1,558,221

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS	4
Wilmington International Fund (continued)

Description	Number of Shares		Value
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd.*		18,100	$	192,875
Tencent Holdings Ltd.		149,017		5,514,934
Tsingtao Brewery Co. Ltd., Class H		86,000		652,183
Will Semiconductor Co. Ltd. Shanghai*		66,640		1,002,097
Xinyi Glass Holdings Ltd.		109,433		125,741
YTO Express Group Co. Ltd., Class A		864,000		1,599,117
Yum China Holdings, Inc.		16,818		883,954
Yum China Holdings, Inc.		17,800		932,757
ZTO Express Cayman, Inc., ADR		48,823		1,150,758
ZTO Express Cayman, Inc.		28,800		674,570
TOTAL CHINA			$	38,184,135
DENMARK – 0.9%
Novo Nordisk A/S, Class B		32,217		3,108,175
Scandinavian Tobacco Group A/S		64,012		950,481
TOTAL DENMARK			$	4,058,656
FINLAND – 0.5%
Nordea Bank Abp		55,195		581,326
Wartsila OYJ Abp		158,008		1,885,588
TOTAL FINLAND			$	2,466,914
FRANCE – 7.5%
AXA SA		173,744		5,148,108
Bureau Veritas SA		182,085		4,147,491
Capgemini SE		6,987		1,234,804
Cie de Saint-Gobain SA		30,817		1,677,497
Cie Generale des Etablissements Michelin SCA		49,939		1,483,610
Elis SA		86,599		1,420,222
Engie SA		222,457		3,538,154
LVMH Moet Hennessy Louis Vuitton SE		2,723		1,949,479
Publicis Groupe SA		22,359		1,702,489
Technip Energies NV		74,488		1,632,013
Thales SA		11,236		1,658,182
TotalEnergies SE		83,177		5,561,005
Veolia Environnement SA		62,007		1,699,017
Vinci SA		20,892		2,310,120
TOTAL FRANCE			$	35,162,191
GERMANY – 4.4%
Bayer AG		30,432		1,314,923
Brenntag SE		75,127		5,586,566
Daimler Truck Holding AG		40,644		1,277,044
Hensoldt AG		36,142		1,070,967
Jenoptik AG		31,148		739,864
Rheinmetall AG		6,978		2,003,338
SAP SE		10,505		1,409,060
Siemens AG		12,022		1,595,306
Talanx AG		64,070		4,037,645
United Internet AG		79,371		1,652,778
TOTAL GERMANY			$	20,687,491
GREECE – 0.4%
Hellenic Telecommunications Organization SA		86,232		1,208,661
Piraeus Financial Holdings SA*		305,191		904,630
TOTAL GREECE			$	2,113,291

Description	Number of Shares		Value
HONG KONG – 1.8%
AIA Group Ltd.		536,184	$	4,656,119
CK Asset Holdings Ltd.		50,939		254,610
Hong Kong &China Gas Co. Ltd.		356,143		247,914
Hong Kong Exchanges &Clearing Ltd.		17,699		619,158
Jardine Matheson Holdings Ltd.		3,454		139,960
Link REIT		49,644		227,823
Prudential PLC		148,155		1,549,166
Sun Hung Kai Properties Ltd.		22,880		234,948
Techtronic Industries Co. Ltd.		27,628		252,231
Wharf Real Estate Investment Co. Ltd.		33,240		116,275
TOTAL HONG KONG			$	8,298,204
HUNGARY – 0.5%
MOL Hungarian Oil &Gas PLC		125,415		998,320
OTP Bank Nyrt		38,765		1,442,834
TOTAL HUNGARY			$	2,441,154
INDIA – 1.0%
HDFC Bank Ltd., ADR		40,652		2,298,871
ICICI Bank Ltd., ADR		90,082		1,998,920
Infosys Ltd., ADR		29,268		480,580
TOTAL INDIA			$	4,778,371
INDONESIA – 0.7%
Bank Central Asia Tbk PT		2,772,900		1,527,648
Bank Mandiri Persero Tbk PT		2,525,900		902,383
Telkom Indonesia Persero Tbk PT		3,746,000		821,182
TOTAL INDONESIA			$	3,251,213
IRELAND – 0.6%
AIB Group PLC		295,185		1,281,552
Smurfit Kappa Group PLC		46,303		1,509,290
TOTAL IRELAND			$	2,790,842
ISRAEL – 0.2%
Bank Hapoalim BM		23,743		169,833
Bank Leumi Le-Israel BM		41,442		266,925
Check Point Software Technologies Ltd.*		2,158		289,711
Israel Discount Bank Ltd., Class A		43,385		190,692
Nice Ltd.*		1,079		165,406
TOTAL ISRAEL			$	1,082,567
ITALY – 0.6%
FinecoBank Banca Fineco SpA		243,671		2,874,501
JAPAN – 12.9%
ABC-Mart, Inc.		1,600		24,782
ADEKA Corp.		26,600		444,705
ARE Holdings, Inc.		33,300		421,572
Asahi Group Holdings Ltd.		12,400		448,513
ASKUL Corp.		48,500		633,138
Astellas Pharma, Inc.		197,356		2,496,529
BIPROGY Inc		22,800		568,684
BML, Inc.		13,200		249,801
Canon Marketing Japan, Inc.		16,800		402,873
Casio Computer Co. Ltd.		32,700		262,025
Chugai Pharmaceutical Co. Ltd.		29,200		865,972
Dai-ichi Life Holdings, Inc.		41,000		866,126

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

5	PORTFOLIOS OF INVESTMENTS
	Wilmington International Fund (continued)

Description	Number of Shares		Value
Daiichi Sankyo Co. Ltd.		30,300	$	781,261
Daito Trust Construction Co. Ltd.		5,100		547,059
Ebara Corp.		8,300		367,554
Elecom Co. Ltd.		6,900		78,237
en Japan, Inc.		28,400		423,609
Fuji Corp.		35,300		531,542
Fuso Chemical Co. Ltd.		20,800		565,178
Future Corp.		71,200		812,604
Hikari Tsushin, Inc.		4,075		587,912
Hitachi Ltd.		10,751		681,470
Honda Motor Co. Ltd.		121,659		1,246,855
Isuzu Motors Ltd.		321,500		3,584,934
ITOCHU Corp.		19,300		695,206
JGC Holdings Corp.		33,208		409,022
Kamigumi Co. Ltd.		15,400		312,413
KDDI Corp.		135,170		4,043,576
Keyence Corp.		2,232		864,049
KH Neochem Co. Ltd.		28,674		434,346
Kirin Holdings Co. Ltd.		54,500		765,906
Koa Corp.		18,500		178,274
Kokuyo Co. Ltd.		17,900		277,450
Kyocera Corp.		5,246		258,583
Kyowa Kirin Co. Ltd.		34,800		545,813
LaSalle Logiport REIT		629		616,874
Lintec Corp.		20,200		333,891
Marui Group Co. Ltd.		35,900		567,692
Maruwa Co. Ltd.		1,533		268,986
Mebuki Financial Group, Inc.		109,000		329,966
MEITEC Group Holdings, Inc.		21,700		381,922
Mitsubishi Corp.		21,776		1,015,100
Mitsubishi Estate Co. Ltd.		65,300		835,861
Mitsubishi Gas Chemical Co., Inc.		47,100		636,597
Mitsubishi UFJ Financial Group, Inc.		536,000		4,496,583
MS&AD Insurance Group Holdings, Inc.		10,403		381,172
NET One Systems Co. Ltd.		26,500		404,467
Nippon Carbon Co. Ltd.		9,400		275,346
Nippon Shinyaku Co. Ltd.		13,700		555,618
Nippon Telegraph &Telephone Corp.		780,700		918,709
Nippon Television Holdings, Inc.		23,100		224,730
NS Solutions Corp.		9,900		287,491
OKUMA Corp.		6,000		247,023
Open Up Group, Inc.		36,200		449,020
OSG Corp.		23,800		271,572
Rohm Co. Ltd.		30,000		480,659
San-In Godo Bank Ltd. (The)		62,100		427,730
Sankyu, Inc.		7,500		225,826
Sekisui House Ltd.		33,299		652,086
Shimamura Co. Ltd.		4,100		404,628
Shin-Etsu Chemical Co. Ltd.		48,884		1,461,797
Shionogi &Co. Ltd.		13,500		628,623
Sompo Holdings, Inc.		9,000		389,880
Sony Group Corp.		30,163		2,507,718
Square Enix Holdings Co. Ltd.		11,600		385,373
Sumitomo Mitsui Financial Group, Inc.		14,566		702,197
Sumitomo Mitsui Trust Holdings, Inc.		20,700		776,184
Suzuki Motor Corp.		16,800		652,042
T&D Holdings, Inc.		19,800		353,217

Description	Number of Shares		Value
THK Co. Ltd.		21,600	$	386,027
Tokio Marine Holdings, Inc.		121,500		2,718,227
Tokyo Electron Ltd.		15,007		1,982,990
Toyo Suisan Kaisha Ltd.		11,000		507,440
Toyota Motor Corp.		121,513		2,125,718
Ushio, Inc.		59,000		719,530
Yamaha Motor Co. Ltd.		62,700		1,532,191
Yamato Holdings Co. Ltd.		16,800		279,821
Yamato Kogyo Co. Ltd.		6,000		287,465
TOTAL JAPAN			$	60,763,562
KAZAKHSTAN – 0.1%
Kaspi.KZ JSC		6,860		619,919
MACAO – 0.4%
Galaxy Entertainment Group Ltd.		53,529		300,911
Sands China Ltd.*		546,800		1,472,013
TOTAL MACAO			$	1,772,924
MALAYSIA – 0.3%
Malayan Banking Bhd		783,500		1,483,603
MEXICO – 0.2%
Grupo Financiero Banorte SAB de CV		129,400		1,048,248
NETHERLANDS – 2.2%
ASML Holding NV		4,003		2,406,285
Heineken NV		18,570		1,668,393
ING Groep NV		143,464		1,839,284
Koninklijke KPN NV		582,640		1,958,358
Koninklijke Philips NV*		58,744		1,117,456
Wolters Kluwer NV		10,213		1,310,389
TOTAL NETHERLANDS			$	10,300,165
NEW ZEALAND – 0.1%
Fisher &Paykel Healthcare Corp. Ltd.		16,620		201,594
Xero Ltd.*		3,885		265,607
TOTAL NEW ZEALAND			$	467,201
NORWAY – 1.4%
DNB Bank ASA		110,463		1,992,958
Equinor ASA		140,680		4,716,046
TOTAL NORWAY			$	6,709,004
PERU – 0.3%
Credicorp Ltd.		10,416		1,301,583
SINGAPORE – 0.5%
CapitaLand Ascendas REIT		184,763		351,058
DBS Group Holdings Ltd.		28,276		679,284
Keppel Corp. Ltd.		50,292		228,293
Keppel REIT		10,058		5,840
Oversea-Chinese Banking Corp. Ltd.		59,789		554,311
Singapore Telecommunications Ltd.		191,454		332,685
TOTAL SINGAPORE			$	2,151,471
SOUTH AFRICA – 1.7%
Anglo American Platinum Ltd.		7,670		256,267
Anglo American PLC		154,233		3,929,797

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS	6
Wilmington International Fund (continued)

Description	Number of Shares		Value
Naspers Ltd., Class N		23,604	$	3,690,225
TOTAL SOUTH AFRICA			$	7,876,289
SOUTH KOREA – 3.3%
BGF retail Co. Ltd.		5,462		558,553
Coupang, Inc.*		128,071		2,177,207
Hanon Systems		162,606		829,734
Samsung Electronics Co. Ltd.		146,671		7,300,531
Samsung Engineering Co. Ltd.*		34,178		602,375
SK Hynix, Inc.		34,098		2,961,143
SK Telecom Co. Ltd.		31,886		1,162,785
TOTAL SOUTH KOREA			$	15,592,328
SPAIN – 2.0%
Bankinter SA		222,478		1,406,831
Iberdrola SA		230,343		2,561,879
Industria de Diseno Textil SA		124,359		4,292,621
Laboratorios Farmaceuticos Rovi SA		19,573		1,046,748
TOTAL SPAIN			$	9,308,079
SWEDEN – 1.2%
AAK AB		61,043		1,160,882
Alfa Laval AB		47,580		1,541,915
Trelleborg AB, Class B		46,552		1,177,258
Volvo AB, Class B		79,899		1,583,214
TOTAL SWEDEN			$	5,463,269
SWITZERLAND – 3.9%
ABB Ltd.		45,436		1,526,546
DSM-Firmenich AG		16,800		1,523,017
Novartis AG		113,494		10,625,259
UBS Group AG		197,907		4,650,111
TOTAL SWITZERLAND			$	18,324,933
TAIWAN – 4.3%
Advantech Co. Ltd.		140,000		1,437,764
ASPEED Technology, Inc.		17,000		1,358,601
China Development Financial Holding Corp.*		2,188,000		764,835
Realtek Semiconductor Corp.		208,000		2,592,278
Taiwan Semiconductor Manufacturing Co. Ltd.		660,000		10,779,462
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		25,079		2,164,568
Unimicron Technology Corp.		317,000		1,413,793
TOTAL TAIWAN			$	20,511,301
THAILAND – 1.3%
Airports of Thailand PCL*		410,900		762,884
Central Pattana PCL		632,300		1,099,976
Kasikornbank PCL		721,200		2,638,349
PTT Exploration &Production PCL		394,400		1,801,158
TOTAL THAILAND			$	6,302,367
TURKEY – 0.2%
KOC Holding AS		183,551		887,851
UNITED ARAB EMIRATES – 1.6%
Abu Dhabi Islamic Bank PJSC		1,502,593		4,210,473
Abu Dhabi National Oil Co. for Distribution PJSC		245,576		224,670

Description	Number of Shares		Value
ADNOC Drilling Co. PJSC		745,065	$	738,499
Americana Restaurants International PLC		1,788,613		1,800,513
Salik Co. PJSC		444,407		386,180
TOTAL UNITED ARAB EMIRATES			$	7,360,335
UNITED KINGDOM – 10.3%
Abcam PLC, ADR*		36,293		831,836
AstraZeneca PLC		19,407		2,429,829
Babcock International Group PLC*		423,844		2,016,662
BAE Systems PLC		394,073		5,298,856
Beazley PLC		189,689		1,188,282
British American Tobacco PLC		56,790		1,696,456
Bunzl PLC		53,325		1,902,434
CK Hutchison Holdings Ltd.		54,825		277,540
CNH Industrial NV		26,797		296,964
HSBC Holdings PLC		299,769		2,164,460
John Wood Group PLC*		933,313		1,616,292
National Grid PLC		264,847		3,157,765
Next PLC		21,270		1,783,329
Oxford Nanopore Technologies PLC*		293,880		727,411
QinetiQ Group PLC		386,806		1,559,351
Reckitt Benckiser Group PLC		57,290		3,833,100
Rotork PLC		501,227		1,792,351
RS Group PLC		306,556		2,529,832
Smith &Nephew PLC		155,411		1,739,225
Smiths Group PLC		79,847		1,566,250
Standard Chartered PLC		23,145		177,460
Standard Chartered PLC		325,250		2,449,386
Tate &Lyle PLC		210,208		1,612,969
Tesco PLC		443,639		1,455,829
Unilever PLC		60,013		2,842,257
WPP PLC		203,571		1,752,997
TOTAL UNITED KINGDOM			$	48,699,123
UNITED STATES – 5.0%
CRH PLC		29,337		1,574,425
CRH PLC		30,629		1,640,795
CSL Ltd.		5,828		861,332
Ferrovial SE		15,376		462,757
GSK PLC		156,938		2,797,698
Haleon PLC		436,976		1,751,440
James Hardie Industries PLC, CDI*		9,065		226,167
Nestle SA		26,613		2,869,913
Newmont Corp.*		8,116		310,999
Philip Morris International, Inc.		40,292		3,592,435
QIAGEN NV*		37,818		1,409,406
Roche Holding AG		12,781		3,293,787
Roche Holding AG		317		86,386
Sanofi SA		11,209		1,017,847
Schlumberger NV		24,575		1,367,844
Stellantis NV		21,208		396,215
TOTAL UNITED STATES			$	23,659,446
TOTAL COMMON STOCKS
(Cost $418,744,906)			$	441,546,183
EXCHANGE-TRADED FUNDS – 3.3%
iShares MSCI India ETF		357,600		15,462,624

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

7 PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

Description	Number of Shares		Value
TOTAL EXCHANGE-TRADED FUNDS (Cost $15,954,373)			$	15,462,624
PREFERRED STOCK – 0.2%
CHILE – 0.2%
Embotelladora Andina SA, 7.18%		595,309	$	1,210,572
TOTAL PREFERRED STOCK (Cost $1,299,697)			$	1,210,572
RIGHTS – 0.0%**
BRAZIL – 0.0%**
Localiza Rent a Car SA, Expire 11/17/23*		962		1,043
TOTAL RIGHTS (Cost $0)			$	1,043

Description	Number of Shares		Value
MONEY MARKET FUND – 2.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.23%^		10,354,379	$	10,354,379
TOTAL MONEY MARKET FUND (Cost $10,354,379)			$	10,354,379
TOTAL INVESTMENTS – 99.5% (Cost $446,353,355)			$	468,574,801
OTHER ASSETS LESS LIABILITIES – 0.5%				2,288,138
TOTAL NET ASSETS – 100.0%			$	470,862,939

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, 2023 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	$	—	$	15,480,079		$—	$	15,480,079
Austria		—		5,492,276		—		5,492,276
Belgium		—		3,015,457		—		3,015,457
Brazil		9,237,914		—		—		9,237,914
Canada		28,186,593		—		—		28,186,593
Cayman Islands		1,341,333		—		—		1,341,333
China		8,317,335		29,866,800		—		38,184,135
Denmark		—		4,058,656		—		4,058,656
Finland		—		2,466,914		—		2,466,914
France		—		35,162,191		—		35,162,191
Germany		—		20,687,491		—		20,687,491
Greece		—		2,113,291		—		2,113,291
Hong Kong		—		8,298,204		—		8,298,204
Hungary		—		2,441,154		—		2,441,154
India		4,778,371		—		—		4,778,371
Indonesia		—		3,251,213		—		3,251,213
Ireland		—		2,790,842		—		2,790,842
Israel		289,711		792,856		—		1,082,567
Italy		—		2,874,501		—		2,874,501
Japan		—		60,763,562		—		60,763,562
Kazakhstan		—		619,919		—		619,919
Macao		—		1,772,924		—		1,772,924
Malaysia		—		1,483,603		—		1,483,603
Mexico		1,048,248		—		—		1,048,248
Netherlands		—		10,300,165		—		10,300,165
New Zealand		—		467,201		—		467,201
Norway		—		6,709,004		—		6,709,004
Peru		1,301,583		—		—		1,301,583
Singapore		—		2,151,471		—		2,151,471
South Africa		—		7,876,289		—		7,876,289
South Korea		2,177,207		13,415,121		—		15,592,328
Spain		—		9,308,079		—		9,308,079

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 8

Wilmington International Fund (concluded)

	Level 1			Level 2		Level 3		Total
Sweden	$	—		$	5,463,269		$—	$	5,463,269
Switzerland		—			18,324,933		—		18,324,933
Taiwan		2,164,568			18,346,733		—		20,511,301
Thailand		—			6,302,367		—		6,302,367
Turkey		—			887,851		—		887,851
United Arab Emirates		—			7,360,335		—		7,360,335
United Kingdom		831,836			47,867,287		—		48,699,123
United States		6,912,073			16,747,373		—		23,659,446
Exchange-Traded Funds		15,462,624			—		—		15,462,624
Preferred Stock
Chile		1,210,572			—		—		1,210,572
Rights
Brazil		1,043			—		—		1,043
Money Market Fund		10,354,379			—		—		10,354,379
Total Investments in Securities	$	93,615,390		$	374,959,411		$—	$	468,574,801
Liabilities
Other Financial Instruments!
Financial Futures Contracts	$	(278,965	)	$	—		$—	$	(278,965	)
Total Liabilities - Other Financial Instruments	$	(278,965	)	$	—		$—	$	(278,965	)

^!  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.

^*  Non-income producing security.

^**  Represents less than 0.05%.

^{^}  7-Day net yield.

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

REIT Real Estate Investment Trust

SCA Limited Partnership With Share Capital

SpA Societa per Azioni

  At October 31, 2023, 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:
SPI 200 Index DEC23		December 2023		64	$	7,163,439	$	6,884,474		$—		$(278,965)
UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$—		$(278,965)

^(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, 2023. 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, 2023 (unaudited)

9

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At October 31, 2023, the Fund’s portfolio composition was as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Insurance		7.7	%
Pharmaceuticals		6.4	%
Banks		5.5	%
Software		4.0	%
Oil, Gas & Consumable Fuels		3.8	%
Interactive Media & Services		3.0	%
Health Care Providers & Services		3.0	%
Aerospace & Defense		2.7	%
Machinery		2.5	%
Semiconductors & Semiconductor Equipment		2.4	%
Capital Markets		2.4	%
Professional Services		2.2	%
Financial Services		1.9	%
Specialty Retail		1.8	%
Broadline Retail		1.7	%
Chemicals		1.7	%
Hotels, Restaurants & Leisure		1.7	%
Trading Companies & Distributors		1.7	%
Health Care Equipment & Supplies		1.6	%
Beverages		1.6	%
Commercial Services & Supplies		1.5	%
IT Services		1.4	%
Household Products		1.3	%
Ground Transportation		1.3	%
Food Products		1.2	%
Specialized REITs		1.2	%
Technology Hardware, Storage & Peripherals		1.2	%
Multi-Utilities		1.2	%
Automobiles		1.2	%
Consumer Staples Distribution & Retail		1.1	%
Electric Utilities		1.0	%
Media		1.0	%
Diversified Telecommunication Services		1.0	%
Tobacco		0.9	%
Household Durables		0.9	%
Electronic Equipment, Instruments & Components		0.9	%
Air Freight & Logistics		0.8	%
Metals & Mining		0.8	%
Communications Equipment		0.8	%
Building Products		0.8	%
Wireless Telecommunication Services		0.7	%
Entertainment		0.7	%
Gas Utilities		0.7	%
Life Sciences Tools & Services		0.6	%
Automobile Components		0.6	%
Construction & Engineering		0.6	%
Textiles, Apparel & Luxury Goods		0.5	%
Distributors		0.5	%
Personal Care Products		0.5	%
Consumer Finance		0.4	%
Energy Equipment & Services		0.4	%

Common Stocks	Percentage of Total Net Assets
Biotechnology		0.4	%
Real Estate Management & Development		0.3	%
Construction Materials		0.3	%
Passenger Airlines		0.3	%
Containers & Packaging		0.2	%
Industrial Conglomerates		0.2	%
Electrical Equipment		0.2	%
Health Care Technology		0.1	%
Paper & Forest Products		0.1	%
Diversified REITs		0.1	%
Industrial REITs		0.1	%
Water Utilities		0.1	%
Leisure Products		0.1	%
Office REITs		0.0	%(1)
Transportation Infrastructure		0.0	%(1)
Retail REITs		0.0	%(1)
Diversified Consumer Services		0.0	%(1)
Marine Transportation		0.0	%(1)
Preferred Stock		0.3	%
Exchange-Traded Funds		0.1	%
Warrants		0.0	%(1)
Cash Equivalents(2)		7.5	%
Other Assets and Liabilities - Net(3)		2.6	%
TOTAL		100.0	%

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS	10
Wilmington Global Alpha Equities Fund (continued)

Country Allocation	Percentage of Total Net Assets
Common Stocks
United States		45.6	%
Japan		10.0	%
France		5.9	%
United Kingdom		5.7	%
Canada		3.8	%
China		3.4	%
Germany		2.4	%
Switzerland		2.3	%
Netherlands		1.6	%
Hong Kong		1.1	%
Italy		1.0	%
All other countries less than 1.0%		6.7	%
Preferred Stocks		0.3	%
Exchange-Traded Funds		0.1	%
Warrants		0.0	%(1)
Cash Equivalents(2)		7.5	%
Other Assets and Liabilities - Net(3)		2.6	%
TOTAL		100.0	%

⁽¹⁾  Represents less than 0.05%.

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2023 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS – 89.5%
AEROSPACE & DEFENSE – 2.7%
Airbus SE		3,736	$	500,909
Austal Ltd.		43,562		47,039
Babcock International Group PLC*		18,281		86,981
BAE Systems PLC		119,634		1,608,644
BWX Technologies, Inc.		11,607		862,168
General Dynamics Corp.		419		101,109
Lockheed Martin Corp.		1,187		539,658
Northrop Grumman Corp.		1,110		523,287
Rheinmetall AG		2,187		627,873
RTX Corp.		5,943		483,701
Thales SA		2,134		314,931
TOTAL AEROSPACE & DEFENSE			$	5,696,300
AIR FREIGHT & LOGISTICS – 0.8%
Bpost SA		6,361		34,492
C.H. Robinson Worldwide, Inc.		200		16,366
DSV A/S		2,152		321,597
Expeditors International of Washington, Inc.		4,085		446,286
Sankyu, Inc.		1,651		49,712
SG Holdings Co. Ltd.		2,037		28,874
United Parcel Service, Inc., Class B		3,057		431,801
Yamato Holdings Co. Ltd.		12,897		214,813
ZTO Express Cayman, Inc., ADR		4,426		104,321
ZTO Express Cayman, Inc.		4,728		110,742
TOTAL AIR FREIGHT & LOGISTICS			$	1,759,004

Description	Number of Shares		Value
AUTOMOBILE COMPONENTS – 0.6%
Continental AG		1,476	$	96,366
Fuyao Glass Industry Group Co. Ltd., Class H		41,988		191,427
Hankook Tire &Technology Co. Ltd.		3,677		104,322
Hyundai Mobis Co. Ltd.		964		149,290
NOK Corp.		2,563		30,381
Nokian Renkaat OYJ		7,309		55,275
Stanley Electric Co. Ltd.		6,637		106,156
Sumitomo Electric Industries Ltd.		12,307		129,202
Sumitomo Rubber Industries Ltd.		9,561		96,993
Tachi-S Co. Ltd.		4,551		49,932
Tokai Rika Co. Ltd.		5,050		79,246
Toyota Boshoku Corp.		2,080		36,173
TS Tech Co. Ltd.		7,136		79,925
Unipres Corp.		6,981		49,205
Valeo SE		7,986		105,520
TOTAL AUTOMOBILE COMPONENTS			$	1,359,413
AUTOMOBILES – 1.2%
Dongfeng Motor Group Co. Ltd., Class H		159,344		70,147
Honda Motor Co. Ltd.		33,784		346,245
Isuzu Motors Ltd.		82,950		924,947
Mercedes-Benz Group AG		3,756		220,981
Nissan Motor Co. Ltd.		41,618		160,145
Renault SA		3,236		113,532
Subaru Corp.		6,599		114,231
Suzuki Motor Corp.		3,714		144,148

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

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

Description	Number of Shares		Value
Tesla, Inc.*		2,180	$	437,831
Yamaha Motor Co. Ltd.		2,518		61,532
TOTAL AUTOMOBILES			$	2,593,739
BANKS – 5.5%
ABN AMRO Bank NV		13,156		177,193
AIB Group PLC		28,061		121,827
Axis Bank Ltd., GDR		6,660		388,101
Banco Bradesco SA, ADR		61,657		172,023
Bank of America Corp.		19,305		508,494
Bank of Ireland Group PLC		13,476		120,768
Bank of Nova Scotia (The)		13,362		541,032
Bank of Nova Scotia (The)		15,414		623,805
BNP Paribas SA		4,068		233,926
BPER Banca		39,122		127,309
CaixaBank SA		12,780		51,958
CIMB Group Holdings Bhd		96,301		115,378
Dah Sing Financial Holdings Ltd.		16,488		37,321
DGB Financial Group, Inc.		11,894		69,273
DNB Bank ASA		29,207		526,949
Erste Group Bank AG		5,105		182,806
FinecoBank Banca Fineco SpA		90,517		1,067,797
First Citizens BancShares, Inc., Class A		219		302,382
HDFC Bank Ltd., ADR		11,960		676,338
HSBC Holdings PLC		66,909		483,111
ING Groep NV		15,390		197,308
JPMorgan Chase & Co.		3,298		458,620
Kasikornbank PCL		29,784		108,958
Kasikornbank PCL, NVDR		20,214		73,928
KB Financial Group, Inc., ADR		5,228		199,500
KBC Group NV		1,880		103,466
Mebuki Financial Group, Inc.		24,143		73,086
Mitsubishi UFJ Financial Group, Inc.		115,420		968,275
Mizuho Financial Group, Inc.		6,435		109,256
PNC Financial Services Group, Inc. (The)		2,246		257,100
Resona Holdings, Inc.		25,931		138,558
Royal Bank of Canada		5,855		467,640
San-In Godo Bank Ltd. (The)		13,763		94,796
Sberbank of Russia PJSC, ADR*,(1)		3,982		—
Security Bank Corp.		37,728		51,219
Shinhan Financial Group Co. Ltd., ADR		7,587		193,393
Societe Generale SA		8,138		182,875
Standard Chartered PLC		72,944		559,286
Sumitomo Mitsui Trust Holdings, Inc.		9,908		371,518
Tochigi Bank Ltd. (The)		9,980		23,414
U.S. Bancorp		3,244		103,419
Unicaja Banco SA		73,950		77,050
UniCredit SpA		16,737		419,590
TOTAL BANKS			$	11,760,046
BEVERAGES – 1.6%
Asahi Group Holdings Ltd.		2,763		99,939
Cia Cervecerias Unidas SA		4,806		27,322
Coca-Cola Co. (The)		6,897		389,612
Coca-Cola Icecek AS		5,292		68,845
Diageo PLC		16,718		632,208
Embotelladora Andina SA, Class B, ADR		6,176		75,471
Heineken NV		7,081		636,181

Description	Number of Shares		Value
Kirin Holdings Co. Ltd.		26,981	$	379,173
Monster Beverage Corp.*		6,980		356,678
PepsiCo., Inc.		3,012		491,799
Suntory Beverage & Food Ltd.		1,286		38,700
Tsingtao Brewery Co. Ltd., Class H		14,313		108,543
TOTAL BEVERAGES			$	3,304,471
BIOTECHNOLOGY – 0.4%
Genmab A/S*		144		40,706
Keymed Biosciences, Inc.*		5,322		39,540
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd.*		1,400		14,919
United Therapeutics Corp.*		1,167		260,078
Vertex Pharmaceuticals, Inc.*		1,122		406,287
TOTAL BIOTECHNOLOGY			$	761,530
BROADLINE RETAIL – 1.7%
Alibaba Group Holding Ltd.*		30,282		311,755
Alibaba Group Holding Ltd., ADR*		7,455		615,336
Amazon.com, Inc.*		17,043		2,268,253
ASKUL Corp.		17,156		223,961
JD.com, Inc., ADR		3,240		82,361
JD.com, Inc., Class A		4,024		51,158
Seria Co. Ltd.		5,560		77,064
TOTAL BROADLINE RETAIL			$	3,629,888
BUILDING PRODUCTS – 0.8%
AGC, Inc.		945		32,148
Assa Abloy AB, Class B		17,837		380,197
Builders FirstSource, Inc.*		2,344		254,371
Cie de Saint-Gobain SA		3,525		191,880
Geberit AG		30		13,968
Johnson Controls International PLC		6,226		305,199
Lennox International, Inc.		1,144		423,898
TOTAL BUILDING PRODUCTS			$	1,601,661
CAPITAL MARKETS – 2.4%
Ares Management Corp., Class A		9,897		975,745
Cboe Global Markets, Inc.		235		38,514
Charles Schwab Corp. (The)		4,663		242,663
CME Group, Inc.		806		172,049
CSC Financial Co. Ltd., Class H		261,779		235,728
Deutsche Boerse AG		672		110,609
Hargreaves Lansdown PLC		586		5,047
Hong Kong Exchanges & Clearing Ltd.		5,517		192,999
Houlihan Lokey, Inc.		3,620		363,882
Intercontinental Exchange, Inc.		1,313		141,069
Japan Exchange Group, Inc.		695		13,743
London Stock Exchange Group PLC		3,392		342,236
MarketAxess Holdings, Inc.		81		17,314
Moody’s Corp.		419		129,052
Morgan Stanley		4,307		305,022
MSCI, Inc.		660		311,223
Nomura Holdings, Inc.		20,919		80,819
S&P Global, Inc.		1,411		492,876
Schroders PLC		4,093		18,431
SEI Investments Co.		259		13,898

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

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

Description	Number of Shares		Value
UBS Group AG		39,687	$	932,503
TOTAL CAPITAL MARKETS			$	5,135,422
CHEMICALS – 1.7%
ADEKA Corp.		5,916		98,905
Air Liquide SA		568		97,328
BASF SE		4,326		199,892
Celanese Corp.		2,876		329,331
China BlueChemical Ltd., Class H		131,112		30,683
Croda International PLC		706		37,627
Element Solutions, Inc.		10,928		199,218
EMS-Chemie Holding AG		37		25,310
Evonik Industries AG		7,445		137,024
FMC Corp.		5,089		270,735
Fuso Chemical Co. Ltd.		4,620		125,535
Givaudan SA		24		79,885
KH Neochem Co. Ltd.		10,499		159,036
Linde PLC		2,065		789,160
Lintec Corp.		4,483		74,101
LyondellBasell Industries NV, Class A		450		40,608
Mitsubishi Gas Chemical Co., Inc.		19,151		258,842
Nissan Chemical Corp.		274		11,175
Sherwin-Williams Co. (The)		1,125		267,986
Shin-Etsu Chemical Co. Ltd.		9,649		288,538
Symrise AG		704		71,941
Tosoh Corp.		831		10,175
TOTAL CHEMICALS			$	3,603,035
COMMERCIAL SERVICES & SUPPLIES – 1.5%
Aeon Delight Co. Ltd.		2,994		66,017
Cintas Corp.		856		434,095
Clean Harbors, Inc.*		3,797		583,485
Copart, Inc.*		28,770		1,252,070
Kokuyo Co. Ltd.		3,969		61,519
Prosegur Cia de Seguridad SA		28,150		42,092
Rollins, Inc.		527		19,821
Secom Co. Ltd.		1,012		70,288
Waste Connections, Inc.		5,769		747,086
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,276,473
COMMUNICATIONS EQUIPMENT – 0.8%
Arista Networks, Inc.*		330		66,122
Cisco Systems, Inc.		14,436		752,549
Motorola Solutions, Inc.		2,141		596,183
Nokia OYJ		36,914		122,949
Telefonaktiebolaget LM Ericsson, Class B		29,099		130,355
TOTAL COMMUNICATIONS EQUIPMENT			$	1,668,158
CONSTRUCTION & ENGINEERING – 0.6%
Bouygues SA		1,097		38,591
Chiyoda Corp.*		9,211		21,654
Fugro NV*		4,229		69,850
Implenia AG		588		18,290
JGC Holdings Corp.		16,070		197,934
Obayashi Corp.		609		5,217
Vinci SA		7,561		836,053
TOTAL CONSTRUCTION & ENGINEERING			$	1,187,589

Description	Number of Shares		Value
CONSTRUCTION MATERIALS – 0.3%
Heidelberg Materials AG		3,152	$	228,814
Holcim AG*		2,134		131,941
Imerys SA		1,943		51,519
Semen Indonesia Persero Tbk PT		154,878		59,512
Taiheiyo Cement Corp.		4,006		68,654
Vicat SACA		1,702		52,257
TOTAL CONSTRUCTION MATERIALS			$	592,697
CONSUMER FINANCE – 0.4%
American Express Co.		2,393		349,450
Credit Acceptance Corp.*		869		349,712
Marui Group Co. Ltd.		7,928		125,366
Vanquis Banking Group PLC		18,114		25,464
TOTAL CONSUMER FINANCE			$	849,992
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.1%
Alimentation Couche-Tard, Inc.		12,627		687,371
Atacadao SA		53,557		95,392
Carrefour SA		9,137		160,185
Costco Wholesale Corp.		149		82,314
J Sainsbury PLC		31,163		97,503
Jeronimo Martins SGPS SA		1,454		33,522
Koninklijke Ahold Delhaize NV		3,863		114,390
Performance Food Group Co.*		13,154		759,775
Sundrug Co. Ltd.		1,259		34,235
Tesco PLC		2,579		8,463
Tsuruha Holdings, Inc.		1,722		126,492
Walmart, Inc.		1,055		172,398
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL			$	2,372,040
CONTAINERS & PACKAGING – 0.2%
Ball Corp.		3,498		168,429
Nampak Ltd.*		731		6,889
Silgan Holdings, Inc.		7,575		303,454
TOTAL CONTAINERS & PACKAGING			$	478,772
DISTRIBUTORS – 0.5%
Genuine Parts Co.		320		41,235
LKQ Corp.		24,710		1,085,263
TOTAL DISTRIBUTORS			$	1,126,498
DIVERSIFIED CONSUMER SERVICES – 0.0%**
Benesse Holdings, Inc.		592		6,999
DIVERSIFIED REITS – 0.1%
British Land Co. PLC (The)		14,231		51,592
Daiwa House REIT Investment Corp.		20		35,395
Land Securities Group PLC		9,751		67,591
Nomura Real Estate Master Fund, Inc.		39		43,035
DIVERSIFIED REITS			$	197,613
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.0%
BT Group PLC		87,783		120,564
Deutsche Telekom AG		3,274		71,058
Elisa OYJ		754		31,989
Koninklijke KPN NV		122,703		412,427
KT Corp., ADR		11,882		143,534

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

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

Description	Number of Shares		Value
Magyar Telekom Telecommunications PLC, ADR		6,004	$	47,311
Nippon Telegraph & Telephone Corp.		247,400		291,134
Orange Polska SA		48,512		89,985
Orange SA		27,181		319,704
Proximus SADP		13,863		114,904
Swisscom AG		138		82,688
Telefonica Brasil SA		16,978		152,075
Telia Co. AB		13,345		28,291
Verizon Communications, Inc.		3,777		132,686
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	2,038,350
ELECTRIC UTILITIES – 1.0%
American Electric Power Co., Inc.		3,346		252,757
Chubu Electric Power Co., Inc.		301		3,637
Duke Energy Corp.		7,297		648,630
Edison International		7,017		442,492
Exelon Corp.		14,841		577,909
Iberdrola SA		11,801		131,251
Kansai Electric Power Co., Inc. (The)		1,180		15,109
Redeia Corp. SA		2,044		31,876
TOTAL ELECTRIC UTILITIES			$	2,103,661
ELECTRICAL EQUIPMENT – 0.2%
AMETEK, Inc.		163		22,945
Cosel Co. Ltd.		5,774		42,999
Nippon Carbon Co. Ltd.		2,094		61,338
Ushio, Inc.		16,988		207,176
Zumtobel Group AG		2,522		15,379
TOTAL ELECTRICAL EQUIPMENT			$	349,837
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.9%
Alps Alpine Co. Ltd.		8,175		67,086
Amphenol Corp., Class A		1,367		110,112
Canon Marketing Japan, Inc.		3,712		89,016
CDW Corp.		310		62,124
Foxconn Technology Co. Ltd.		37,581		60,976
Halma PLC		1,888		42,458
Hon Hai Precision Industry Co. Ltd.		29,136		86,963
Jabil, Inc.		7,448		914,614
Keyence Corp.		129		49,938
Koa Corp.		4,100		39,509
Kyocera Corp.		1,167		57,523
Maruwa Co. Ltd.		399		70,010
Maxell Ltd.		6,351		67,929
Nippon Chemi-Con Corp.*		4,751		40,282
PAX Global Technology Ltd.		43,334		29,911
Shimadzu Corp.		1,675		39,608
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	1,828,059
ENERGY EQUIPMENT & SERVICES – 0.4%
China Oilfield Services Ltd., Class H		320,500		378,933
Schlumberger NV		6,838		380,603
Trican Well Service Ltd.		13,737		46,459
TOTAL ENERGY EQUIPMENT & SERVICES			$	805,995
ENTERTAINMENT – 0.7%
Capcom Co. Ltd.		514		16,545

Description	Number of Shares		Value
DeNA Co. Ltd.		6,468	$	63,187
NetEase, Inc., ADR		4,869		520,594
NetEase, Inc.		13,323		285,133
Netflix, Inc.*		1,050		432,275
Nintendo Co. Ltd.		1,728		71,391
Square Enix Holdings Co. Ltd.		2,592		86,111
Universal Music Group NV		1,733		42,439
TOTAL ENTERTAINMENT			$	1,517,675
FINANCIAL SERVICES – 1.9%
Berkshire Hathaway, Inc., Class B*		2,061		703,481
Edenred SE		17,509		932,030
FleetCor Technologies, Inc.*		2,085		469,480
Investor AB, Class B		2,134		39,174
Jack Henry & Associates, Inc.		166		23,404
Mastercard, Inc., Class A		2,141		805,766
Mitsubishi HC Capital, Inc.		6,106		40,252
Visa, Inc., Class A		4,570		1,074,407
Worldline SA*		2,833		36,024
TOTAL FINANCIAL SERVICES			$	4,124,018
FOOD PRODUCTS – 1.2%
Astral Foods Ltd.		6,601		51,777
Barry Callebaut AG		19		28,808
Campbell Soup Co.		437		17,659
Chocoladefabriken Lindt & Spruengli AG		5		55,356
Conagra Brands, Inc.		1,077		29,467
Danone SA		513		30,519
General Mills, Inc.		1,327		86,573
Hershey Co. (The)		336		62,950
Hormel Foods Corp.		678		22,069
J.M. Smucker Co. (The)		236		26,866
JDE Peet’s NV		431		11,970
Kellanova		6,732		339,764
Kerry Group PLC, Class A		416		32,133
Kraft Heinz Co. (The)		1,186		37,312
McCormick & Co., Inc.		573		36,615
MEIJI Holdings Co. Ltd.		1,482		36,478
Mondelez International, Inc., Class A		1,569		103,883
Nestle SA		6,111		659,003
Nisshin Seifun Group, Inc.		1,804		27,211
Nissin Foods Holdings Co. Ltd.		575		50,030
Nomad Foods Ltd.*		9,567		132,216
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		366,830		21,130
Thai Union Group PCL, Class F		190,433		71,526
Toyo Suisan Kaisha Ltd.		2,427		111,960
Tyson Foods, Inc., Class A		5,972		276,802
Ulker Biskuvi Sanayi AS*		31,482		80,668
WH Group Ltd.		235,038		140,372
Yihai International Holding Ltd.*		39,229		71,393
TOTAL FOOD PRODUCTS			$	2,652,510
GAS UTILITIES – 0.7%
Atmos Energy Corp.		8,572		922,861
China Gas Holdings Ltd.		39,259		35,294
Enagas SA		1,244		20,810
ENN Energy Holdings Ltd.		32,269		244,442

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS	14
Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Kunlun Energy Co. Ltd.		140,000	$	116,635
Osaka Gas Co. Ltd.		3,498		65,965
Snam SpA		10,214		46,837
TOTAL GAS UTILITIES			$	1,452,844
GROUND TRANSPORTATION – 1.3%
ALD SA		9,258		62,272
Canadian National Railway Co.		13,658		1,445,133
Central Japan Railway Co.		3,280		73,828
East Japan Railway Co.		488		25,345
Knight-Swift Transportation Holdings, Inc.		7,805		381,586
Tobu Railway Co. Ltd.		158		3,803
Uber Technologies, Inc.*		10,852		469,675
U-Haul Holding Co.*		4,713		222,501
West Japan Railway Co.		128		4,879
TOTAL GROUND TRANSPORTATION			$	2,689,022
HEALTH CARE EQUIPMENT & SUPPLIES – 1.6%
Abbott Laboratories		6,283		594,058
Asahi Intecc Co. Ltd.		179		3,008
Becton Dickinson & Co.		146		36,906
Coloplast A/S, Class B		619		64,552
DiaSorin SpA		129		11,561
Hologic, Inc.*		3,060		202,480
Hoya Corp.		479		46,113
ICU Medical, Inc.*		3,259		319,577
IDEXX Laboratories, Inc.*		234		93,476
Koninklijke Philips NV*		11,155		212,196
Medtronic PLC		11,532		813,698
Paramount Bed Holdings Co. Ltd.		2,831		48,234
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		139,991		129,938
Siemens Healthineers AG		907		44,621
Stryker Corp.		2,907		785,529
Sysmex Corp.		385		18,443
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	3,424,390
HEALTH CARE PROVIDERS & SERVICES – 3.0%
Alfresa Holdings Corp.		6,385		101,142
BML, Inc.		2,916		55,183
Cencora, Inc.		185		34,253
Chemed Corp.		1,091		613,851
Fresenius SE & Co. KGaA		6,209		159,716
HCA Healthcare, Inc.		2,831		640,202
Humana, Inc.		281		147,157
McKesson Corp.		1,546		703,987
Molina Healthcare, Inc.*		4,253		1,416,037
Netcare Ltd.		113,036		78,343
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		61,500		89,470
UnitedHealth Group, Inc.		4,455		2,385,920
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	6,425,261
HEALTH CARE TECHNOLOGY – 0.1%
Veeva Systems, Inc., Class A*		1,546		297,930
HOTELS, RESTAURANTS & LEISURE – 1.7%
Choice Hotels International, Inc.		2,464		272,272
Compass Group PLC		22,202		559,743

Description	Number of Shares		Value
Darden Restaurants, Inc.		2,880	$	419,126
Evolution AB		40		3,564
Flutter Entertainment PLC*		2,112		332,145
H World Group Ltd., ADR*		4,595		173,048
La Francaise des Jeux SAEM		569		18,354
McDonald’s Corp.		3,611		946,696
McDonald’s Holdings Co. Japan Ltd.		806		31,360
Meituan, Class B*		41,291		585,301
Sands China Ltd.*		66,200		178,214
Yum! Brands, Inc.		611		73,845
TOTAL HOTELS, RESTAURANTS & LEISURE			$	3,593,668
HOUSEHOLD DURABLES – 0.9%
Casio Computer Co. Ltd.		7,268		58,239
Coway Co. Ltd.		2,568		82,178
Crest Nicholson Holdings PLC		24,269		47,237
De’ Longhi SpA		3,481		77,888
Garmin Ltd.		352		36,091
Lennar Corp., Class A		2,146		228,935
Nikon Corp.		5,865		55,685
NVR, Inc.*		117		633,276
Persimmon PLC		1,655		20,495
Rinnai Corp.		5,420		99,562
Sekisui Chemical Co. Ltd.		3,073		42,090
Sekisui House Ltd.		11,209		219,503
Sony Group Corp.		3,468		288,326
TOTAL HOUSEHOLD DURABLES			$	1,889,505
HOUSEHOLD PRODUCTS – 1.3%
Church & Dwight Co., Inc.		375		34,102
Clorox Co. (The)		167		19,656
Colgate-Palmolive Co.		5,957		447,490
Henkel AG & Co. KGaA		1,498		94,674
Procter & Gamble Co. (The)		5,861		879,326
Reckitt Benckiser Group PLC		17,795		1,190,609
Unicharm Corp.		969		32,926
TOTAL HOUSEHOLD PRODUCTS			$	2,698,783
INDUSTRIAL CONGLOMERATES – 0.2%
3M Co.		1,245		113,233
CK Hutchison Holdings Ltd.		26,040		131,822
Hikari Tsushin, Inc.		906		130,711
Honeywell International, Inc.		378		69,272
TOTAL INDUSTRIAL CONGLOMERATES			$	445,038
INDUSTRIAL REITS – 0.1%
LaSalle Logiport REIT		140		137,301
INSURANCE – 7.7%
Admiral Group PLC		916		27,217
Ageas SA		4,304		165,329
AIA Group Ltd.		199,209		1,729,893
Allianz SE		226		52,939
Arch Capital Group Ltd.*		4,222		365,963
Arthur J. Gallagher & Co.		6,223		1,465,454
AXA SA		47,178		1,397,904
Baloise Holding AG		205		29,435
Brown & Brown, Inc.		555		38,528
Caixa Seguridade Participacoes S/A		49,265		105,824

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

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

Description	Number of Shares		Value
China Pacific Insurance Group Co. Ltd., Class H		103,606	$	255,220
China Reinsurance Group Corp., Class H		966,716		54,423
Chubb Ltd.		5,154		1,106,152
Dai-ichi Life Holdings, Inc.		18,103		382,426
Enstar Group Ltd.*		1,623		384,602
Gjensidige Forsikring ASA		596		8,938
Globe Life, Inc.		6,293		732,254
Intact Financial Corp.		11,262		1,582,324
Markel Group, Inc.*		407		598,502
Marsh & McLennan Cos., Inc.		3,503		664,344
MS&AD Insurance Group Holdings, Inc.		9,953		364,683
Muenchener Rueckversicherungs AG		19		7,625
NN Group NV		4,658		149,393
Old Mutual Ltd.		171,843		109,286
Phoenix Group Holdings PLC		751		4,148
PICC Property & Casualty Co. Ltd., Class H		517,039		590,435
Principal Financial Group, Inc.		5,609		379,617
Progressive Corp. (The)		2,887		456,406
Sampo OYJ, Class A		2,235		87,900
Sompo Holdings, Inc.		1,751		75,853
Swiss Life Holding AG		31		19,911
T&D Holdings, Inc.		72,228		1,288,492
Talanx AG		11,712		738,082
Tokio Marine Holdings, Inc.		30,527		682,957
Tongyang Life Insurance Co. Ltd.*		7,848		25,530
Travelers Cos., Inc. (The)		436		73,004
Tryg A/S		1,932		37,727
Willis Towers Watson PLC		243		57,321
Zurich Insurance Group AG		279		132,523
TOTAL INSURANCE			$	16,428,564
INTERACTIVE MEDIA & SERVICES – 3.0%
Alphabet, Inc., Class A*		22,963		2,849,249
Alphabet, Inc., Class C*		4,050		507,465
Baidu, Inc., Class A*		1,342		17,619
Kanzhun Ltd., ADR*		11,150		165,020
Meta Platforms, Inc., Class A*		5,472		1,648,549
Tencent Holdings Ltd.		34,112		1,262,443
TOTAL INTERACTIVE MEDIA & SERVICES			$	6,450,345
IT SERVICES – 1.4%
Accenture PLC, Class A		2,535		753,123
BIPROGY Inc		5,047		125,884
Capgemini SE		3,021		533,898
Cognizant Technology Solutions Corp., Class A		6,187		398,876
EPAM Systems, Inc.*		68		14,795
Future Corp.		15,234		173,865
Gartner, Inc.*		1,700		564,468
International Business Machines Corp.		662		95,752
Itochu Techno-Solutions Corp.		185		5,306
NET One Systems Co. Ltd.		5,874		89,654
Nomura Research Institute Ltd.		454		11,918
NS Solutions Corp.		2,197		63,800
Obic Co. Ltd.		358		52,918
Otsuka Corp.		401		16,078
TOTAL IT SERVICES			$	2,900,335

Description	Number of Shares		Value
LEISURE PRODUCTS – 0.1%
Bandai Namco Holdings, Inc.		2,538	$	52,583
Hasbro, Inc.		304		13,726
Shimano, Inc.		247		35,545
TOTAL LEISURE PRODUCTS			$	101,854
LIFE SCIENCES TOOLS & SERVICES – 0.6%
Agilent Technologies, Inc.		672		69,465
CMIC Holdings Co. Ltd.		3,030		34,355
Danaher Corp.		3,102		595,646
Hangzhou Tigermed Consulting Co. Ltd., Class H		15,158		85,177
ICON PLC*		1,694		413,268
Mettler-Toledo International, Inc.*		96		94,579
Thermo Fisher Scientific, Inc.		182		80,948
TOTAL LIFE SCIENCES TOOLS & SERVICES			$	1,373,438
MACHINERY – 2.5%
Amada Co. Ltd.		8,850		85,849
Daimler Truck Holding AG		5,717		179,629
Duerr AG		2,953		60,760
Ebara Corp.		1,840		81,482
Fortive Corp.		11,696		763,515
Fuji Corp.		7,803		117,496
Graco, Inc.		2,803		208,403
Hino Motors Ltd.*		16,572		48,235
Hisaka Works Ltd.		3,030		18,972
IDEX Corp.		1,822		348,749
Kone OYJ, Class B		14,941		646,996
Kubota Corp.		10,620		142,831
Makino Milling Machine Co. Ltd.		1,124		46,903
Makita Corp.		4,821		124,608
Nordson Corp.		117		24,873
OKUMA Corp.		2,483		102,226
OSG Corp.		12,008		137,018
PACCAR, Inc.		6,705		553,364
Schindler Holding AG		201		40,667
SKF AB, Class B		12,344		200,127
SMC Corp.		133		61,414
Spirax-Sarco Engineering PLC		384		38,328
Sumitomo Heavy Industries Ltd.		4,160		95,221
Tadano Ltd.		5,100		38,342
THK Co. Ltd.		11,728		209,599
Volvo AB, Class B		16,646		329,844
Wartsila OYJ Abp		4,394		52,436
Westinghouse Air Brake Technologies Corp.		5,697		603,996
TOTAL MACHINERY			$	5,361,883
MARINE TRANSPORTATION – 0.0%**
Kuehne + Nagel International AG		20		5,393
MEDIA – 1.0%
Cable One, Inc.		287		157,813
Hakuhodo DY Holdings, Inc.		9,320		75,634
Megacable Holdings SAB de CV		33,780		66,233
Metropole Television SA		5,265		65,991
Nippon Television Holdings, Inc.		15,878		154,470
Omnicom Group, Inc.		5,521		413,578
Publicis Groupe SA		4,033		307,086

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS	16
Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
RTL Group SA		2,577	$	90,133
Television Francaise 1 SA		12,138		85,633
TV Asahi Holdings Corp.		7,929		85,475
WPP PLC		62,572		538,822
TOTAL MEDIA			$	2,040,868
METALS & MINING – 0.8%
Anglo American PLC		4,733		120,595
ARE Holdings, Inc.		7,386		93,506
Barrick Gold Corp.		9,217		147,220
Centamin PLC		59,062		59,196
Centerra Gold, Inc.		11,571		58,825
Dowa Holdings Co. Ltd.		2,990		91,405
Endeavour Mining PLC		3,728		76,267
Fresnillo PLC		10,481		70,543
Kyoei Steel Ltd.		1,856		23,544
Maruichi Steel Tube Ltd.		3,577		88,768
Neturen Co. Ltd.		5,815		38,667
Norsk Hydro ASA		4,017		22,908
OceanaGold Corp.		29,938		50,086
Rio Tinto PLC		11,696		746,211
Yamato Kogyo Co. Ltd.		1,332		63,817
TOTAL METALS & MINING			$	1,751,558
MULTI-UTILITIES – 1.2%
Engie SA		122,214		1,943,800
National Grid PLC		58,579		698,436
TOTAL MULTI-UTILITIES			$	2,642,236
OFFICE REITS – 0.0%**
Japan Real Estate Investment Corp.		12		44,572
Nippon Building Fund, Inc.		12		48,215
TOTAL OFFICE REITS			$	92,787
OIL, GAS & CONSUMABLE FUELS – 3.8%
ARC Resources Ltd.		5,140		82,692
BP PLC		66,824		408,029
Chevron Corp.		4,711		686,534
ConocoPhillips		4,167		495,040
Coterra Energy, Inc.		20,485		563,337
Diamondback Energy, Inc.		2,644		423,886
Enbridge, Inc.		17,246		552,668
Eni SpA		28,951		473,281
Equinor ASA		25,290		847,802
Exxon Mobil Corp.		1,847		195,505
Shell PLC		21,486		692,426
TotalEnergies SE		30,595		2,045,505
TotalEnergies SE, ADR		8,881		591,475
Ultrapar Participacoes SA		16,756		67,765
TOTAL OIL, GAS & CONSUMABLE FUELS			$	8,125,945
PAPER & FOREST PRODUCTS – 0.1%
Mondi PLC		8,278		133,901
Oji Holdings Corp.		1,550		6,629
UPM-Kymmene OYJ		1,816		61,156
TOTAL PAPER & FOREST PRODUCTS			$	201,686

Description	Number of Shares		Value
PASSENGER AIRLINES – 0.3%
easyJet PLC*		23,389	$	104,338
Japan Airlines Co. Ltd.		4,917		90,393
Southwest Airlines Co.		17,408		386,980
TOTAL PASSENGER AIRLINES			$	581,711
PERSONAL CARE PRODUCTS – 0.5%
Beiersdorf AG		335		44,059
Kenvue, Inc.		18,593		345,830
Kobayashi Pharmaceutical Co. Ltd.		473		19,527
Unilever PLC		13,129		621,798
TOTAL PERSONAL CARE PRODUCTS			$	1,031,214
PHARMACEUTICALS – 6.4%
Almirall SA		9,120		83,033
Astellas Pharma, Inc.		13,334		168,673
AstraZeneca PLC		10,353		1,296,234
AstraZeneca PLC, ADR		12,862		813,264
Bristol-Myers Squibb Co.		2,128		109,656
Chugai Pharmaceutical Co. Ltd.		6,500		192,768
Daiichi Sankyo Co. Ltd.		6,728		173,476
Eisai Co. Ltd.		1,089		57,693
Eli Lilly & Co.		1,277		707,369
Genomma Lab Internacional SAB de CV, Class B		112,785		83,952
GSK PLC		23,737		423,154
Johnson & Johnson		9,462		1,403,593
Kissei Pharmaceutical Co. Ltd.		1,663		35,174
Kyowa Kirin Co. Ltd.		7,737		121,349
Merck & Co., Inc.		13,234		1,359,132
Merck KGaA		3,686		556,728
Nippon Shinyaku Co. Ltd.		3,032		122,966
Novartis AG		32,358		3,029,342
Novo Nordisk A/S, Class B		974		93,968
Ono Pharmaceutical Co. Ltd.		6,412		110,732
Otsuka Holdings Co. Ltd.		2,138		71,935
Pfizer, Inc.		34,837		1,064,619
Roche Holding AG		1,964		506,142
Roche Holding AG		176		47,962
Sandoz Group AG*		1,012		26,311
Sanofi SA		1,637		148,650
Shionogi & Co. Ltd.		2,993		139,368
Takeda Pharmaceutical Co. Ltd.		8,334		226,224
UCB SA		1,630		119,218
Zoetis, Inc.		1,969		309,133
TOTAL PHARMACEUTICALS			$	13,601,818
PROFESSIONAL SERVICES – 2.2%
Adecco Group AG		4,179		158,148
Automatic Data Processing, Inc.		2,686		586,139
BayCurrent Consulting, Inc.		7,900		198,343
Bureau Veritas SA		42,609		970,538
en Japan, Inc.		6,339		94,551
Experian PLC		15,706		476,501
Hays PLC		71,574		83,874
MEITEC Group Holdings, Inc.		4,830		85,008
Open Up Group, Inc.		7,999		99,219
Pagegroup PLC		14,477		66,344

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

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

Description	Number of Shares		Value
Paychex, Inc.		742	$	82,399
Recruit Holdings Co. Ltd.		1,336		38,307
RELX PLC		2,993		104,539
Science Applications International Corp.		6,400		699,136
SGS SA		771		62,968
SThree PLC		7,836		33,453
TransUnion		2,137		93,772
Wolters Kluwer NV		5,196		666,678
TOTAL PROFESSIONAL SERVICES			$	4,599,917
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%
CK Asset Holdings Ltd.		24,387		121,894
Daito Trust Construction Co. Ltd.		1,274		136,657
Daiwa House Industry Co. Ltd.		863		23,737
Mitsubishi Estate Co. Ltd.		25,531		326,805
Swiss Prime Site AG		384		35,692
Wharf Holdings Ltd. (The)		28,387		72,031
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	716,816
RETAIL REITS – 0.0%**
Japan Metropolitan Fund Invest		16		10,326
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.4%
ams-OSRAM AG*		11,700		41,750
ASM Pacific Technology Ltd.		10,105		85,585
Broadcom, Inc.		655		551,097
Disco Corp.		486		85,827
Intel Corp.		13,453		491,034
KLA Corp.		869		408,169
Miraial Co. Ltd.		2,160		19,592
NVIDIA Corp.		3,165		1,290,687
QUALCOMM, Inc.		2,921		318,360
Rohm Co. Ltd.		6,672		106,899
Taiwan Semiconductor Manufacturing Co. Ltd.		27,000		440,978
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,426		382,008
Texas Instruments, Inc.		6,486		921,077
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	5,143,063
SOFTWARE – 4.0%
ANSYS, Inc.*		196		54,539
Cadence Design Systems, Inc.*		269		64,520
Constellation Software, Inc.		905		1,814,248
Dassault Systemes SE		2,658		109,492
Intuit, Inc.		167		82,657
Lumine Group, Inc.*		1,068		13,431
Microsoft Corp.		15,040		5,085,174
Roper Technologies, Inc.		242		118,234
Sage Group PLC (The)		730		8,624
Salesforce, Inc.*		3,153		633,217
Synopsys, Inc.*		349		163,835
Topicus.com, Inc.*		515		33,910
Trend Micro, Inc.		537		20,237
Tyler Technologies, Inc.*		96		35,798
Workday, Inc., Class A*		1,673		354,191
TOTAL SOFTWARE			$	8,592,107

Description	Number of Shares		Value
SPECIALIZED REITS – 1.2%
American Tower Corp.		5,242	$	934,072
Crown Castle, Inc.		5,034		468,062
Public Storage		2,344		559,536
VICI Properties, Inc.		24,697		689,046
TOTAL SPECIALIZED REITS			$	2,650,716
SPECIALTY RETAIL – 1.8%
AutoZone, Inc.*		161		398,818
CarMax, Inc.*		2,587		158,040
CECONOMY AG*		14,050		26,733
China Meidong Auto Holdings Ltd.		102,315		54,871
Home Depot, Inc. (The)		2,449		697,206
Industria de Diseno Textil SA		15,086		520,738
Kingfisher PLC		40,546		103,535
Nitori Holdings Co. Ltd.		553		59,887
O’Reilly Automotive, Inc.*		549		510,811
Ross Stores, Inc.		3,505		406,475
Shimamura Co. Ltd.		905		89,314
TJX Cos., Inc. (The)		7,084		623,888
USS Co. Ltd.		1,918		33,524
Xebio Holdings Co. Ltd.		7,098		45,683
TOTAL SPECIALTY RETAIL			$	3,729,523
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.2%
Apple, Inc.		14,039		2,397,440
Canon, Inc.		3,347		79,125
Catcher Technology Co. Ltd.		15,497		86,937
Quadient SA		3,911		81,768
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	2,645,270
TEXTILES, APPAREL & LUXURY GOODS – 0.5%
Deckers Outdoor Corp.*		60		35,824
Hermes International SCA		69		128,742
Li Ning Co. Ltd.		19,207		58,858
Lululemon Athletica, Inc.*		214		84,205
NIKE, Inc., Class B		5,843		600,485
Sanyo Shokai Ltd.		1,400		25,269
Swatch Group AG - BR (The)		625		159,985
Yue Yuen Industrial Holdings Ltd.		36,351		42,501
TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,135,869
TOBACCO – 0.9%
British American Tobacco PLC		12,862		384,219
Japan Tobacco, Inc.		4,108		95,630
Philip Morris International, Inc.		16,912		1,507,874
TOTAL TOBACCO			$	1,987,723
TRADING COMPANIES & DISTRIBUTORS – 1.7%
AerCap Holdings NV*		14,755		916,581
Brenntag SE		17,309		1,287,125
Fastenal Co.		4,314		251,679
ITOCHU Corp.		5,697		205,212
Marubeni Corp.		2,025		29,609
Mitsubishi Corp.		4,421		206,087
RS Group PLC		53,768		443,717
Sumitomo Corp.		4,163		81,835
Travis Perkins PLC		8,779		79,100

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
WW Grainger, Inc.		76	$	55,467
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	3,556,412
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Kamigumi Co. Ltd.		3,418		69,339
WATER UTILITIES – 0.1%
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP		8,097		93,709
Severn Trent PLC		902		29,142
TOTAL WATER UTILITIES			$	122,851
WIRELESS TELECOMMUNICATION SERVICES – 0.7%
Empresa Nacional de Telecomunicaciones SA		17,644		59,445
KDDI Corp.		42,815		1,280,800
MTN Group Ltd.		12,643		61,773
SoftBank Corp.		8,701		98,381
T-Mobile US, Inc.*		204		29,347
VEON Ltd., ADR*		2,051		32,242
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	1,561,988
TOTAL COMMON STOCKS (Cost $ 163,400,402)			$	190,648,742
EXCHANGE-TRADED FUNDS – 0.1%
EQUITY FUNDS – 0.1%
iShares Core MSCI EAFE ETF		1,969		122,787
Next Funds Topix ETF		190		2,990
TOTAL EXCHANGE-TRADED FUNDS (Cost $ 119,799)			$	125,777
PREFERRED STOCKS – 0.3%
CONSUMER DISCRETIONARY – 0.1%
Bayerische Motoren Werke AG 8.84%		1,208		102,716

Description	Number of Shares		Value
Volkswagen AG 8.76%		1,860	$	197,254
TOTAL CONSUMER DISCRETIONARY			$	299,970
CONSUMER STAPLES – 0.1%
Henkel AG & Co. KGaA 2.64%		1,935		139,582
ENERGY – 0.1%
Raizen SA 6.01%		167,800		120,148
MATERIALS – 0.0%**
Fuchs SE 3.05%		2,275		92,399
TOTAL PREFERRED STOCKS (Cost $ 653,119)			$	652,099
WARRANTS – 0.0%
Constellation Software, Inc., Expire 03/31/40*		905		—
TOTAL WARRANTS (Cost $ —)			$	—
MONEY MARKET FUND – 7.5%
Dreyfus Government Cash Management Fund, Institutional Shares 5.23%^		16,045,841		16,045,841
TOTAL MONEY MARKET FUND (Cost $ 16,045,841)			$	16,045,841
TOTAL INVESTMENTS – 97.4% (COST $ 180,219,161)			$	207,472,459
OTHER ASSETS LESS LIABILITIES – 2.6%				5,618,465
TOTAL NET ASSETS – 100.0%			$	213,090,924

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, 2023 in valuing the Fund’s assets and liabilities carried at fair value:

	Level 1		Level 2		Level 3			Total
Assets
Investments in Securities
Common Stocks
Aerospace & Defense	$	2,509,923	$	3,186,377		$—		$	5,696,300
Air Freight & Logistics		998,774		760,230		—			1,759,004
Automobile Components		—		1,359,413		—			1,359,413
Automobiles		437,831		2,155,908		—			2,593,739
Banks		4,503,746		7,256,300		—	(a)		11,760,046
Beverages		1,340,882		1,963,589		—			3,304,471
Biotechnology		666,365		95,165		—			761,530
Broadline Retail		2,965,950		663,938		—			3,629,888
Building Products		983,468		618,193		—			1,601,661
Capital Markets		3,203,307		1,932,115		—			5,135,422
Chemicals		1,897,038		1,705,997		—			3,603,035
Commercial Services & Supplies		3,036,557		239,916		—			3,276,473
Communications Equipment		1,414,854		253,304		—			1,668,158

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

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

	Level 1		Level 2		Level 3		Total
Construction & Engineering	$	—	$	1,187,589		$—	$	1,187,589
Construction Materials		—		592,697		—		592,697
Consumer Finance		699,162		150,830		—		849,992
Consumer Staples Distribution & Retail		1,797,250		574,790		—		2,372,040
Containers & Packaging		471,883		6,889		—		478,772
Distributors		1,126,498		—		—		1,126,498
Diversified Consumer Services		—		6,999		—		6,999
Diversified REITs		—		197,613		—		197,613
Diversified Telecommunication Services		475,606		1,562,744		—		2,038,350
Electric Utilities		1,921,788		181,873		—		2,103,661
Electrical Equipment		22,945		326,892		—		349,837
Electronic Equipment, Instruments & Components		1,086,850		741,209		—		1,828,059
Energy Equipment & Services		427,062		378,933		—		805,995
Entertainment		952,869		564,806		—		1,517,675
Financial Services		3,076,538		1,047,480		—		4,124,018
Food Products		1,172,176		1,480,334		—		2,652,510
Gas Utilities		922,861		529,983		—		1,452,844
Ground Transportation		2,518,895		170,127		—		2,689,022
Health Care Equipment & Supplies		2,845,724		578,666		—		3,424,390
Health Care Providers & Services		5,941,407		483,854		—		6,425,261
Health Care Technology		297,930		—		—		297,930
Hotels, Restaurants & Leisure		1,884,987		1,708,681		—		3,593,668
Household Durables		898,302		991,203		—		1,889,505
Household Products		1,380,574		1,318,209		—		2,698,783
Industrial Conglomerates		182,505		262,533		—		445,038
Industrial REITs		—		137,301		—		137,301
Insurance		8,010,295		8,418,269		—		16,428,564
Interactive Media & Services		5,170,283		1,280,062		—		6,450,345
IT Services		1,827,014		1,073,321		—		2,900,335
Leisure Products		13,726		88,128		—		101,854
Life Sciences Tools & Services		1,253,906		119,532		—		1,373,438
Machinery		2,502,900		2,858,983		—		5,361,883
Marine Transportation		—		5,393		—		5,393
Media		637,624		1,403,244		—		2,040,868
Metals & Mining		332,398		1,419,160		—		1,751,558
Multi-Utilities		—		2,642,236		—		2,642,236
Office REITs		—		92,787		—		92,787
Oil, Gas & Consumable Fuels		3,658,902		4,467,043		—		8,125,945
Paper & Forest Products		—		201,686		—		201,686
Passenger Airlines		386,980		194,731		—		581,711
Personal Care Products		345,830		685,384		—		1,031,214
Pharmaceuticals		5,877,029		7,724,789		—		13,601,818
Professional Services		1,461,446		3,138,471		—		4,599,917
Real Estate Management & Development		—		716,816		—		716,816
Retail REITs		—		10,326		—		10,326
Semiconductors & Semiconductor Equipment		4,362,432		780,631		—		5,143,063
Software		8,453,754		138,353		—		8,592,107
Specialized REITs		2,650,716		—		—		2,650,716
Specialty Retail		2,795,238		934,285		—		3,729,523
Technology Hardware, Storage & Peripherals		2,397,440		247,830		—		2,645,270
Textiles, Apparel & Luxury Goods		720,514		415,355		—		1,135,869
Tobacco		1,507,874		479,849		—		1,987,723
Trading Companies & Distributors		1,223,727		2,332,685		—		3,556,412
Transportation Infrastructure		—		69,339		—		69,339
Water Utilities		93,709		29,142		—		122,851
Wireless Telecommunication Services		121,034		1,440,954		—		1,561,988

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS	20
Wilmington Global Alpha Equities Fund (continued)

	Level 1			Level 2		Level 3		Total
Exchange-Traded Funds	$	122,787		$	2,990		$—	$	125,777
Preferred Stocks		120,148			531,951		—		652,099
Warrants		—			—		—		—
Money Market Fund		16,045,841			—		—		16,045,841
Total Investments in Securities	$	126,156,054		$	81,316,405		$—	$	207,472,459
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	683,443		$—	$	683,443
Financial Futures Contracts		6,034,704			—		—		6,034,704
Total Assets - Other Financial Instruments	$	6,034,704		$	683,443		$—	$	6,718,147
Liabilities
Other Financial Instruments!
Financial Futures Contracts	$	(19,628	)	$	—		$—	$	(19,628	)
Total Liabilities - Other Financial Instruments	$	(19,628	)	$	—		$—	$	(19,628	)

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

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

* Non-income producing security.

** Represents less than 0.05%.

^ 7-Day net yield.

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

The following acronyms are used throughout this Portfolio of Investments:

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

At October 31, 2023, 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
12/20/2023		Morgan Stanley		8,975,000 CAD	$	6,618,439	$	6,477,740		$140,699		$—
12/20/2023		Deutsche Bank AG		7,066,000 EUR		7,600,166		7,494,401		105,765		—
12/20/2023		UBS AG		938,700,000 JPY		6,507,727		6,246,627		261,100		—
12/20/2023		Hong Kong & Shanghai Bank		42,695,000 HKD		5,464,065		5,460,472		3,593		—

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

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

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized  (Depreciation)
CONTRACTS SOLD
12/20/2023		Morgan Stanley		5,445,000 GBP	$	6,793,127	$	6,620,841		$172,286		$—
UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS										$683,443		$—

    At October 31, 2023, 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 2023		67	$	6,287,274	$	5,589,140	$	698,134	$—
E-Mini S&P 500 Index		December 2023		94		21,202,206		19,797,575		1,404,631	—
E-Mini S&P Mid 400 Index		December 2023		37		9,625,160		8,787,870		837,290	—
Euro STOXX 50 Index		December 2023		56		2,531,200		2,411,622		119,578	—
FTSE 100 Index		December 2023		41		3,784,041		3,651,795		132,246	—
HSCE Index		November 2023		147		5,511,716		5,531,344		—	(19,628)
MSCI EAFE Index		December 2023		324		34,219,772		31,980,420		2,239,352	—
S&P TSX 60 Index		December 2023		28		4,875,642		4,583,378		292,264	—
TOPIX Index		December 2023		57		8,787,409		8,476,200		311,209	—
UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS									$	6,034,704	$(19,628)

^(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, 2023. 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

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

22

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At October 31, 2023, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Commodity Related Securities:
Investment Companies	49.5%
Exchange-Traded Funds	1.6%
Real Estate Related Securities:
Real Estate Investment Trusts	28.2%
Exchange-Traded Funds	11.0%
Common Stocks	6.4%
Investment Companies	2.1%
Cash Equivalents(1)	1.2%
Cash Collateral Invested for Securities on Loan(2)	3.9%
Other Assets and Liabilities -Net(3)	(3.9)%
TOTAL	100.0%

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2023 (unaudited)

Description	Number of Shares		Value
REAL ESTATE RELATED SECURITIES – 47.7%
COMMON STOCKS – 6.4%
CONSTRUCTION & ENGINEERING – 0.0%**
Ashtrom Group Ltd.0		—	$	1
DIVERSIFIED – 0.0%**
Argosy Property Ltd.		78,356		48,432
Centuria Capital Group		52,289		38,255
Star Holdings*		1,373		15,721
TOTAL DIVERSIFIED			$	102,408
DIVERSIFIED REAL ESTATE ACTIVITIES – 2.9%
Airport City Ltd.*		6,600		86,910
Allreal Holding AG		1,360		218,233
City Developments Ltd.		45,500		210,019
Daito Trust Construction Co. Ltd.		6,100		654,325
Daiwa House Industry Co. Ltd.		58,600		1,611,833
Heiwa Real Estate Co. Ltd.		4,300		110,075
Isras Investment Co. Ltd.		124		20,971
JINUSHI Co. Ltd.		1,900		25,170
Kerry Properties Ltd.		65,000		109,381
Lendlease Corp. Ltd.		60,928		241,305
Mitsubishi Estate Co. Ltd.		119,600		1,530,918
Mitsui Fudosan Co. Ltd.		84,000		1,820,688
New World Development Co. Ltd.		124,000		227,580
Nomura Real Estate Holdings, Inc.		11,500		268,595
Property & Building Corp. Ltd.*		345		10,594
SAMTY Co. Ltd.		3,100		50,975

Description	Number of Shares		Value
Shun Tak Holdings Ltd.*		224,000	$	29,217
St. Joe Co. (The)		3,145		146,683
Starts Corp., Inc.		3,100		58,877
Sumitomo Realty & Development Co. Ltd.		42,100		1,056,455
Sun Frontier Fudousan Co. Ltd.		3,900		37,842
Sun Hung Kai Properties Ltd.		133,000		1,365,738
Tokyo Tatemono Co. Ltd.		17,900		237,682
Tokyu Fudosan Holdings Corp.		53,600		312,291
UOL Group Ltd.		40,500		174,427
Wharf Holdings Ltd. (The)		122,000		309,569
YH Dimri Construction & Development Ltd.		637		34,208
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	10,960,561
OFFICE – 0.0%**
Precinct Properties Group		110,972		71,835
REAL ESTATE DEVELOPMENT – 0.6%
Aedas Homes SA		1,862		29,719
CK Asset Holdings Ltd.		172,000		859,712
DREAM Unlimited Corp., Class A		3,356		40,971
Forestar Group, Inc.*		2,103		49,946
Goldcrest Co. Ltd.		1,500		21,391
Henderson Land Development Co. Ltd.		114,735		300,200
Howard Hughes Holdings, Inc.*		3,529		234,079
Katitas Co. Ltd.		4,800		64,068
Lifestyle Communities Ltd.		11,047		109,898
Mirarth Holdings, Inc.		11,700		34,105
Nexity SA		4,592		64,162
Sino Land Co. Ltd.		274,000		273,542

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

23	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Tosei Corp.		2,300	$	27,178
TOTAL REAL ESTATE DEVELOPMENT			$	2,108,971
REAL ESTATE OPERATING COMPANIES – 2.9%
Aeon Mall Co. Ltd.		10,600		120,536
Alony Hetz Properties & Investments Ltd.		15,256		74,422
Amot Investments Ltd.		22,738		95,223
Aroundtown SA*		64,736		146,292
Atrium Ljungberg AB, Class B		6,191		95,204
Azrieli Group Ltd.		3,773		162,455
Big Shopping Centers Ltd.*		1,300		91,120
Blue Square Real Estate Ltd.		878		43,024
CA Immobilien Anlagen AG		4,455		150,638
Capitaland India Trust		86,834		60,866
Capitaland Investment Ltd.		232,400		499,005
Castellum AB		37,419		358,615
Catena AB		3,309		109,615
Cibus Nordic Real Estate AB publ		6,754		63,386
Citycon OYJ*		7,281		38,513
CTP NV		9,505		138,577
Deutsche Wohnen SE		5,914		127,260
DigitalBridge Group, Inc.		12,599		199,694
Dios Fastigheter AB		11,065		59,900
Electra Real Estate Ltd.		5,139		41,437
Entra ASA		13,038		101,901
Fabege AB		23,153		172,746
Fastighets AB Balder, Class B*		43,542		185,001
FRP Holdings, Inc.*		573		30,822
G City, Ltd.		15,860		38,414
Gav-Yam Lands Corp. Ltd.		5,012		28,353
Grainger PLC		65,116		180,223
Grand City Properties SA*		8,002		71,555
Hang Lung Group Ltd.		79,000		105,223
Hang Lung Properties Ltd.		157,000		206,370
Hongkong Land Holdings Ltd.		99,700		316,221
Hufvudstaden AB, Class A		11,486		122,457
Hulic Co. Ltd.		52,200		478,577
Hysan Development Co. Ltd.		56,001		103,084
Ichigo, Inc.		19,800		43,328
Intershop Holding AG		171		113,464
Israel Canada T.R Ltd.		21,299		44,816
Keihanshin Building Co. Ltd.		4,900		44,960
Kennedy-Wilson Holdings, Inc.		10,343		133,114
Kojamo OYJ		15,835		135,276
LEG Immobilien SE*		6,546		409,201
Leopalace21 Corp.*		25,000		53,777
Mega Or Holdings Ltd.		1,802		24,723
Melisron Ltd.		2,063		111,822
Mivne Real Estate KD Ltd.		54,842		118,333
Mobimo Holding AG		620		171,252
NP3 Fastigheter AB		3,830		51,181
Nyfosa AB		13,690		66,249
Pandox AB		7,952		78,272
Platzer Fastigheter Holding AB, Class B		8,600		45,159
PSP Swiss Property AG		3,995		491,542
Sagax AB, Class D		19,966		44,949
Sagax AB, Class B		19,108		345,911
Sirius Real Estate Ltd.		80,598		78,313

Description	Number of Shares		Value
StorageVault Canada, Inc.		20,835	$	64,605
Summit Real Estate Holdings Ltd.		2,479		23,761
Swire Properties Ltd.		93,400		180,842
Swiss Prime Site AG		6,660		619,033
TAG Immobilien AG*		15,501		169,488
TKP Corp.*		1,700		23,134
TOC Co. Ltd.		5,500		23,197
Tricon Residential, Inc.		24,106		159,751
VGP NV		1,230		100,130
Vonovia SE		73,297		1,687,450
Wallenstam AB, Class B		29,894		101,109
WeWork, Inc., Class A*,#		725		1,653
Wharf Real Estate Investment Co. Ltd.		140,000		489,726
Wihlborgs Fastigheter AB		24,243		157,144
TOTAL REAL ESTATE OPERATING COMPANIES			$	11,223,394
RETAIL – 0.0%**
Kiwi Property Group Ltd.		181,673		82,063
TOTAL COMMON STOCKS (COST $31,154,158)			$	24,549,233
EXCHANGE-TRADED FUNDS – 11.0%
REAL ESTATE – 11.0%
Balanced Commercial Property Trust Ltd.		64,435		49,540
Schwab U.S. REIT ETF#		1,423,000		24,489,830
Vanguard Global ex-U.S. Real Estate ETF		480,700		17,973,373
TOTAL REAL ESTATE			$	42,512,743
TOTAL EXCHANGE-TRADED FUNDS (COST $48,797,260)			$	42,512,743
INVESTMENT COMPANY – 2.1%
EQUITY FUNDS – 2.1%
Tortoise Energy Infrastructure Total Return Fund, Institutional Class		600,533		8,209,288
TOTAL INVESTMENT COMPANY (COST $7,285,652)			$	8,209,288
REAL ESTATE INVESTMENT TRUSTS – 28.2%
DATA CENTER – 2.5%
Digital Realty Trust, Inc.		26,872		3,341,802
Equinix, Inc.		8,265		6,030,475
Keppel DC REIT		117,495		145,000
TOTAL DATA CENTER			$	9,517,277
DIVERSIFIED – 2.2%
ABRDN Property Income Trust Ltd.		30,168		17,109
Activia Properties, Inc.		64		173,151
AEW UK REIT PLC		21,753		24,809
Alexander & Baldwin, Inc.		7,229		114,218
American Assets Trust, Inc.		4,901		86,993
Armada Hoffler Properties, Inc.		5,648		56,254
Artis REIT		9,473		42,079
British Land Co. PLC (The)		91,984		333,468
Broadstone Net Lease, Inc.		16,554		234,239
Charter Hall Group		44,505		246,557
Charter Hall Long Wale REIT		60,658		116,532
Cromwell European REIT		48,300		58,755
CTO Realty Growth, Inc.		1,616		26,163

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS	24
Wilmington Real Asset Fund (continued)

Description	Number ofShares		Value
Custodian Property Income REIT PLC		42,620	$	42,616
Daiwa House REIT Investment Corp.		186		329,173
Empire State Realty Trust, Inc., Class A		16,562		133,987
ESCON Japan REIT Investment Corp.		25		19,585
Essential Properties Realty Trust, Inc.		13,843		303,854
Gladstone Commercial Corp.		4,528		54,110
Global Net Lease, Inc.		22,056		175,125
GPT Group (The)		166,819		384,990
Growthpoint Properties Australia Ltd.		26,398		33,143
H&R REIT		12,857		79,084
Hankyu Hanshin REIT, Inc.		53		49,795
Heiwa REIT, Inc.		110		102,830
Hulic REIT, Inc.		120		122,411
ICADE		3,089		100,934
Land Securities Group PLC		66,809		463,100
Lar Espana Real Estate Socimi SA		4,971		28,859
LXI REIT PLC		162,828		170,174
Merlin Properties Socimi SA		28,879		240,787
Mirvac Group		349,883		405,953
Mori Trust REIT, Inc.		256		124,804
NIPPON REIT Investment Corp.		49		113,206
Nomura Real Estate Master Fund, Inc.		412		454,625
NTT UD REIT Investment Corp.		141		116,235
One Liberty Properties, Inc.		890		16,376
Picton Property Income Ltd.		63,920		50,578
REIT 1 Ltd.		18,315		66,238
Schroder REIT Ltd.		45,679		22,518
Sekisui House REIT, Inc.		383		201,717
Sella Capital Real Estate Ltd.		19,590		34,814
Star Asia Investment Corp.		162		61,038
Stockland		211,405		477,129
Sunlight REIT		139,000		38,445
Suntec REIT		186,000		149,471
Takara Leben Real Estate Investment Corp.		43		28,159
Tokyu REIT, Inc.		96		114,556
Tosei REIT Investment Corp.		34		30,641
UK Commercial Property REIT Ltd.		66,143		42,428
United Urban Investment Corp.		276		278,255
WP Carey, Inc.		18,985		1,018,545
Yuexiu REIT		325,000		46,524
TOTAL DIVERSIFIED			$	8,257,139
HEALTH CARE – 2.5%
Aedifica SA		4,276		233,280
Assura PLC		251,668		125,359
CareTrust REIT, Inc.		8,743		188,149
Cofinimmo SA		3,001		186,619
Community Healthcare Trust, Inc.		2,215		63,504
Diversified Healthcare Trust		35,676		73,849
Global Medical REIT, Inc.		6,614		57,277
Health Care & Medical Investment Corp.		33		30,901
Healthcare Realty Trust, Inc.		33,984		487,670
Healthpeak Properties, Inc.		48,382		752,340
Impact Healthcare REIT PLC		38,181		38,505
LTC Properties, Inc.		4,111		129,949
Medical Properties Trust, Inc.#		53,254		254,554
National Health Investors, Inc.		3,914		195,857
NorthWest Healthcare Properties REIT		12,608		36,458

Description	Number ofShares		Value
Omega Healthcare Investors, Inc.		21,729	$	719,230
Parkway Life REIT		42,700		104,754
Physicians Realty Trust		20,954		227,560
Primary Health Properties PLC		117,554		128,442
Sabra Health Care REIT, Inc.		20,424		278,583
Target Healthcare REIT PLC		77,461		67,969
Universal Health Realty Income Trust		1,459		56,084
Ventas, Inc.		35,705		1,516,034
Welltower, Inc.		45,508		3,804,924
TOTAL HEALTH CARE			$	9,757,851
HOTEL & RESORT – 1.0%
Apple Hospitality REIT, Inc.		18,758		294,125
Ashford Hospitality Trust, Inc.*,#		14,238		30,042
Braemar Hotels & Resorts, Inc.		15,550		40,741
CapitaLand Ascott Trust		186,749		122,789
CDL Hospitality Trusts		59,214		41,867
Chatham Lodging Trust		5,931		54,862
DiamondRock Hospitality Co.		18,163		140,400
Far East Hospitality Trust		94,900		40,977
Hersha Hospitality Trust, Class A		6,231		61,812
Hoshino Resorts REIT, Inc.		27		106,229
Host Hotels & Resorts, Inc.		62,856		973,011
Hotel Property Investments Ltd., REIT		17,262		28,040
Invincible Investment Corp.		578		222,299
Japan Hotel REIT Investment Corp.		382		173,670
Park Hotels & Resorts, Inc.		20,186		232,745
Pebblebrook Hotel Trust		10,735		128,069
RLJ Lodging Trust		14,219		133,659
Ryman Hospitality Properties, Inc.		5,274		451,454
Service Properties Trust		15,958		115,696
Summit Hotel Properties, Inc.		11,188		63,100
Sunstone Hotel Investors, Inc.		18,168		168,962
Xenia Hotels & Resorts, Inc.		9,642		112,136
TOTAL HOTEL & RESORT			$	3,736,685
INDUSTRIAL – 5.1%
Advance Logistics Investment Corp.		45		36,657
AIMS APAC REIT		43,700		38,296
Americold Realty Trust, Inc.		22,771		597,056
CapitaLand Ascendas REIT		314,500		597,564
Centuria Industrial REIT		60,763		109,971
CRE Logistics REIT, Inc.		77		80,908
Dexus Industria REIT		20,663		31,232
Dream Industrial REIT		12,380		104,539
EastGroup Properties, Inc.		3,904		637,328
ESR-LOGOS REIT		212,393		42,602
First Industrial Realty Trust, Inc.		11,753		497,152
Frasers Logistics & Commercial Trust		286,420		217,567
GLP J-REIT		420		376,176
Goodman Group		152,560		2,018,660
Goodman Property Trust		90,440		105,927
Granite REIT		2,802		127,598
Industrial & Infrastructure Fund Investment Corp.		187		168,076
Innovative Industrial Properties, Inc.		2,496		179,288
Intervest Offices & Warehouses NV		2,822		59,919
Japan Logistics Fund, Inc.		83		153,740

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

25	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number ofShares		Value
LaSalle Logiport REIT		161	$	157,896
LondonMetric Property PLC		87,894		177,120
LXP Industrial Trust		25,717		203,421
Mapletree Industrial Trust		188,570		296,414
Mapletree Logistics Trust		273,250		293,430
Mitsubishi Estate Logistics REIT Investment Corp.		46		115,769
Mitsui Fudosan Logistics Park, Inc.		49		148,138
Montea NV		1,482		104,744
Nexus Industrial REIT		3,140		14,718
Nippon Prologis REIT, Inc.		242		430,609
Plymouth Industrial REIT, Inc.		3,225		64,306
Prologis, Inc.		81,727		8,233,995
Rexford Industrial Realty, Inc.		18,235		788,481
Segro PLC		108,176		940,282
SOSiLA Logistics REIT, Inc.		61		48,328
STAG Industrial, Inc.		15,691		521,255
Terreno Realty Corp.		6,445		343,390
Tritax Big Box REIT PLC		170,697		284,197
Urban Logistics REIT PLC		57,207		72,544
Warehouses De Pauw		13,501		334,049
TOTAL INDUSTRIAL			$	19,753,342
MULTI-FAMILY RESIDENTIAL – 2.9%
Advance Residence Investment Corp.		123		267,427
Altarea SCA		322		22,926
Apartment Income REIT Corp.		13,631		398,162
Apartment Investment & Management Co., Class A*		16,412		96,174
AvalonBay Communities, Inc.		12,437		2,061,308
Boardwalk REIT		2,414		112,732
BRT Apartments Corp.		1,574		25,546
Camden Property Trust		9,650		819,092
Canadian Apartment Properties REIT		7,253		213,497
Care Property Invest NV		2,766		34,182
Centerspace		1,616		78,505
Clipper Realty, Inc.		9,929		47,163
Comforia Residential REIT, Inc.		60		127,336
Daiwa Securities Living Investments Corp.		192		141,967
Elme Communities		8,533		108,881
Empiric Student Property PLC		51,684		53,113
Equity Residential		30,156		1,668,532
Essex Property Trust, Inc.		5,669		1,212,712
Home REIT PLC(1)		42,087		15,551
Independence Realty Trust, Inc.		19,494		241,531
Ingenia Communities Group		45,700		113,747
InterRent REIT		6,334		53,714
Irish Residential Properties REIT PLC		33,709		32,468
Killam Apartment REIT		4,993		56,420
Mid-America Apartment Communities, Inc.		10,317		1,218,954
Minto Apartment REIT		1,676		15,712
Morguard North American Residential REIT		1,808		17,105
NexPoint Residential Trust, Inc.		2,726		73,575
Nippon Accommodations Fund, Inc.		43		173,238
Samty Residential Investment Corp.		61		45,545
Starts Proceed Investment Corp.		19		26,100
Triple Point Social Housing REIT PLC		36,682		24,214
UDR, Inc.		27,362		870,385

Description	Number ofShares		Value
UNITE Group PLC (The)		34,895	$	369,277
Veris Residential, Inc.		9,191		123,068
Xior Student Housing NV		2,488		71,587
TOTAL MULTI-FAMILY RESIDENTIAL			$	11,031,446
OFFICE – 2.3%
Alexandria Real Estate Equities, Inc.		13,922		1,296,556
Allied Properties REIT		6,285		71,835
Boston Properties, Inc.		13,394		717,517
Centuria Office REIT		38,286		26,655
Champion REIT		160,000		50,542
City Office REIT, Inc.		9,220		35,128
CLS Holdings PLC		25,558		26,999
COPT Defense Properties		9,985		227,658
Cousins Properties, Inc.		15,320		273,768
Covivio SA		4,282		183,502
Cromwell Property Group		136,773		27,893
Daiwa Office Investment Corp.		30		131,234
Derwent London PLC		9,890		219,795
Dexus		93,667		386,862
Douglas Emmett, Inc.		15,127		169,574
Dream Office REIT		5,053		27,693
Easterly Government Properties, Inc.		8,883		95,581
Equity Commonwealth		9,699		183,699
GDI Property Group Partnership		37,938		12,427
Gecina SA		4,735		464,934
Global One Real Estate Investment Corp.		81		61,445
Great Portland Estates PLC		24,043		114,146
Helical PLC		17,407		40,659
Highwoods Properties, Inc.		9,851		176,234
Hudson Pacific Properties, Inc.		10,581		47,191
Ichigo Office REIT Investment Corp.		168		94,254
Inmobiliaria Colonial Socimi SA		26,612		149,301
Japan Excellent, Inc.		143		125,514
Japan Prime Realty Investment Corp.		89		208,464
Japan Real Estate Investment Corp.		125		464,290
JBG SMITH Properties		9,549		122,896
KDX Realty Investment Corp.		381		397,879
Keppel REIT		160,800		93,371
Kilroy Realty Corp.		10,577		302,291
Mirai Corp.		131		39,557
Mori Hills REIT Investment Corp.		139		130,097
Nippon Building Fund, Inc.		150		602,690
NSI NV		1,341		24,223
One REIT, Inc.		24		41,581
Orix JREIT, Inc.		244		280,420
Paramount Group, Inc.		17,642		75,508
Peakstone Realty Trust		4,798		61,990
Prosperity REIT		87,000		15,031
Sankei Real Estate, Inc.		41		24,838
SL Green Realty Corp.		7,490		219,382
Vornado Realty Trust		11,182		214,694
Workspace Group PLC		21,828		128,292
TOTAL OFFICE			$	8,886,090
OTHER SPECIALIZED – 1.5%
Arena REIT		35,122		71,052
Charter Hall Social Infrastructure REIT		35,768		54,200

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS	26
Wilmington Real Asset Fund (continued)

Description	Number ofShares		Value
EPR Properties		6,617	$	282,546
Farmland Partners, Inc.		3,836		39,971
Four Corners Property Trust, Inc.		7,695		163,903
Gaming and Leisure Properties, Inc.		23,087		1,047,919
Gladstone Land Corp.		3,854		52,646
Iron Mountain, Inc.		25,796		1,523,770
Rural Funds Group		32,605		37,167
Safehold, Inc.		4,115		66,951
Uniti Group, Inc.		24,080		110,768
VICI Properties, Inc.		88,268		2,462,677
TOTAL OTHER SPECIALIZED			$	5,913,570
REAL ESTATE OPERATING COMPANIES – 0.0%**
Seritage Growth Properties, Class A*,#		5,575		40,363
Shurgard Self Storage Ltd.		2,600		97,304
TOTAL REAL ESTATE OPERATING COMPANIES			$	137,667
RETAIL – 5.2%
Acadia Realty Trust		8,750		125,300
AEON REIT Investment Corp.		157		149,463
Agree Realty Corp.		8,192		458,261
Alexander’s, Inc.		134		25,191
Brixmor Property Group, Inc.		26,404		548,939
BWP Trust		49,254		101,858
CapitaLand China Trust		120,900		69,749
CapitaLand Integrated Commercial Trust		447,347		574,940
Carmila SA*		7,784		109,073
CBL & Associates Properties, Inc.#		2,691		55,785
Charter Hall Retail REIT		49,743		96,657
Choice Properties REIT		15,157		131,596
Crombie REIT		4,825		42,379
CT REIT		6,101		55,654
Eurocommercial Properties NV		4,984		106,998
Federal Realty Investment Trust		6,499		592,644
First Capital REIT		10,254		96,421
Fortune REIT		131,000		73,293
Frasers Centrepoint Trust		104,623		158,269
Frontier Real Estate Investment Corp.		44		131,632
Fukuoka REIT Corp.		64		68,906
Getty Realty Corp.		4,149		110,446
Hamborner REIT AG		9,415		62,291
Hammerson PLC		292,015		78,355
HMC Capital Ltd.		32,361		87,912
HomeCo Daily Needs REIT		152,785		104,190
InvenTrust Properties Corp.		6,157		154,541
Japan Metropolitan Fund Invest		610		393,662
Kimco Realty Corp.		55,027		987,184
Kite Realty Group Trust		19,182		408,960
Klepierre SA		17,223		418,239
Lendlease Global Commercial REIT		145,125		54,053
Link REIT		224,800		1,031,639
Macerich Co. (The)		18,914		183,844
Mapletree Pan Asia Commercial Trust		187,123		181,866
Mercialys SA		4,343		36,995
NETSTREIT Corp.		5,918		84,332
NewRiver REIT PLC		17,295		16,437
NNN REIT, Inc.		15,976		580,408
Phillips Edison & Co., Inc.		10,352		365,529

Description	Number of Shares		Value
Primaris REIT		2,451	$	21,969
Realty Income Corp.		62,290		2,951,300
Regency Centers Corp.		14,717		886,846
Region RE Ltd.		98,776		123,509
Retail Estates NV		1,199		73,003
Retail Opportunity Investments Corp.		10,776		126,510
RioCan REIT		12,827		155,857
RPT Realty		7,659		82,641
Sasseur REIT		61,100		27,897
Saul Centers, Inc.		944		32,823
Scentre Group		454,429		703,998
Shaftesbury Capital PLC		175,036		221,893
Simon Property Group, Inc.		29,033		3,190,436
SITE Centers Corp.		16,242		189,382
Slate Grocery REIT, Class U		2,915		20,705
SmartCentres REIT		7,835		121,416
Spirit Realty Capital, Inc.		12,494		449,659
Starhill Global REIT		158,600		51,597
Supermarket Income REIT PLC		106,288		93,843
Tanger Factory Outlet Centers, Inc.		9,484		213,864
Unibail-Rodamco-Westfield*		9,347		463,136
Urban Edge Properties		10,097		160,138
Vastned Retail NV		2,088		41,836
Vicinity Ltd.		330,292		357,750
Waypoint REIT Ltd.		71,780		96,942
Wereldhave NV		2,996		45,178
Whitestone REIT		4,055		40,347
TOTAL RETAIL			$	20,058,366
SELF-STORAGE – 1.7%
Abacus Storage King*		34,498		21,818
Big Yellow Group PLC		15,433		179,487
CubeSmart		19,878		677,641
Extra Space Storage, Inc.		18,802		1,947,699
National Storage Affiliates Trust		7,434		212,018
National Storage REIT		108,509		138,347
Public Storage		13,908		3,319,979
Safestore Holdings PLC		19,154		159,390
TOTAL SELF-STORAGE			$	6,656,379
SINGLE-FAMILY RESIDENTIAL – 1.3%
American Homes 4 Rent, Class A		27,617		904,181
Equity LifeStyle Properties, Inc.		16,007		1,053,261
Invitation Homes, Inc.		52,446		1,557,122
PRS REIT PLC (The)		46,884		41,151
Sun Communities, Inc.		11,002		1,223,862
UMH Properties, Inc.		5,237		72,323
TOTAL SINGLE-FAMILY RESIDENTIAL			$	4,851,900
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $129,942,412)			$	108,557,712
TOTAL REAL ESTATE RELATED SECURITIES (COST $217,179,482)			$	183,828,976

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

27	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

Description	Number ofShares		Value
COMMODITY RELATED SECURITIES – 51.1%
EXCHANGE-TRADED FUNDS – 1.6%
COMMODITY – 1.6%
SPDR S&P Global Natural Resources ETF#		119,300	$	6,349,146
TOTAL EXCHANGE-TRADED FUNDS (COST $5,102,946)			$	6,349,146
INVESTMENT COMPANIES – 49.5%
COMMODITY – 49.5%
Vanguard Commodity Strategy Fund, Admiral Shares		2,385,740		62,076,961
DFA Commodity Strategy Portfolio, Institutional Class		25,627,731		119,681,503
Parametric Commodity Strategy Fund, Institutional Class		495,132		3,129,233
Credit Suisse Commodity Return Strategy Fund, Class I		252,514		5,886,101
TOTAL COMMODITY			$	190,773,798
TOTAL INVESTMENT COMPANIES (COST $203,274,280)			$	190,773,798
TOTAL COMMODITY RELATED SECURITIES (COST $208,377,226)			$	197,122,944
SHORT-TERM INVESTMENTS – 1.2%
MONEY MARKET FUND – 1.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.23%^		4,675,534		4,675,534
TOTAL SHORT-TERM INVESTMENT (COST $4,675,534)			$	4,675,534
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.9%
	Par Value
REPURCHASE AGREEMENTS – 3.9%
Bank of Montreal, 5.30%, dated 10/31/23, due 11/01/23, repurchase price $884,799, collateralized by U.S. Government Agency Securities, 4.50% to 6.50%, maturing 9/01/52 to 10/01/53; total market value of $902,362.	$	884,669		884,669

Description	Par Value		Value
BNP Paribas SA, 5.30%, dated 10/31/23, due 11/01/23, repurchase price $2,844,957, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/30/23 to 11/01/53; total market value of $2,901,429.	$	2,844,538	$	2,844,538
HSBC Securities USA, Inc., 5.31%, dated 10/31/23, due 11/01/23, repurchase price $2,788,059, collateralized by U.S. Government Agency Securities, 2.50% to 7.00%, maturing 6/20/33 to 10/20/53; total market value of $2,843,401.		2,787,648		2,787,648
National Bank Financial, 5.34%, dated 10/31/23, due 11/01/23, repurchase price $2,844,960, collateralized by U.S. Treasury Securities, 0.00% to 4.38%, maturing 11/01/23 to 9/09/49; total market value of $2,901,439.		2,844,538		2,844,538
Nomura Securities International, Inc., 5.30%, dated 10/31/23, due 11/01/23, repurchase price $2,844,957, collateralized by U.S. Government Agency & Treasury Securities, 2.00% to 6.50%, maturing 4/30/25 to 10/15/58; total market value of $2,901,432.		2,844,538		2,844,538
TD Securities, Inc., 5.32%, dated 10/31/23, due 11/01/23, repurchase price $2,844,958, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 2/20/38 to 10/20/53; total market value of $2,901,429.		2,844,538		2,844,538
TOTAL REPURCHASE AGREEMENTS (COST $15,050,469)			$	15,050,469
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $15,050,469)			$	15,050,469
TOTAL INVESTMENTS –103.9%
(Cost $445,282,711)			$	400,677,923
COLLATERAL FOR SECURITIES ON LOAN – (3.9%)				(15,050,469	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				(3,680	)
TOTAL NET ASSETS – 100.0%			$	385,623,774

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS	28
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, 2023 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Real Estate Related Securities
Common Stocks
Construction & Engineering	$	—	$	1	$	—	$	1
Diversified		15,721		86,687		—		102,408
Diversified Real Estate Activities		146,683		10,813,878		—		10,960,561
Office		—		71,835		—		71,835
Real Estate Development		324,996		1,783,975		—		2,108,971
Real Estate Operating Companies		589,639		10,633,755		—		11,223,394
Retail		—		82,063		—		82,063
Exchange-Traded Funds		42,463,203		49,540		—		42,512,743
Investment Company		8,209,288		—		—		8,209,288
Real Estate Investment Trusts
Data Center		9,372,277		145,000		—		9,517,277
Diversified		2,341,027		5,916,112		—		8,257,139
Health Care		8,842,022		915,829		—		9,757,851
Hotel & Resort		3,000,814		735,871		—		3,736,685
Industrial		12,312,527		7,440,815		—		19,753,342
Multi-Family Residential		9,512,768		1,503,127		15,551		11,031,446
Office		4,319,195		4,566,895		—		8,886,090
Other Specialized		5,751,151		162,419		—		5,913,570
Real Estate Operating Companies		40,363		97,304		—		137,667
Retail		13,651,307		6,407,059		—		20,058,366
Self-Storage		6,157,337		499,042		—		6,656,379
Single-Family Residential		4,810,749		41,151		—		4,851,900
Commodity Related Securities
Exchange-Traded Funds		6,349,146		—		—		6,349,146
Investment Companies		190,773,798		—		—		190,773,798
Money Market Fund		4,675,534		—		—		4,675,534
Repurchase Agreements		—		15,050,469		—		15,050,469
Total Investments in Securities	$	333,659,545	$	67,002,827	$	15,551	$	400,677,923

** Represents less than 0.05%.

⁰  Rounds to less than 1 share.

* Non-income producing security.

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

^ 7-Day net yield.

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

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

29	PORTFOLIOS OF INVESTMENTS
	Wilmington Real Asset Fund (continued)

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
RE	Reinsurance
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, 2023 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 30

October 31, 2023 (unaudited)	Wilmington International Fund			Wilmington Global Alpha Equities Fund			Wilmington Real Asset Fund
ASSETS:
Investments, at identified cost	$	446,353,355		$	180,219,161		$	445,282,711
Investments in securities, at value	$	468,574,801		$	207,472,459		$	400,677,923	(a)
Cash		—			181			—
Deposits for financial futures contracts		650,000			4,739,207			—
Cash denominated in foreign currencies		—			395,117	(b)		48,966	(b)
Variation margin receivable for financial futures contracts		2,089			—			—
Income receivable		1,173,402			382,148			320,277
Foreign tax reclaim receivable		2,038,839			389,433			201,367
Due from broker		—			60			167
Receivable for shares sold		431,917			100,442			147,685
Unrealized appreciation on forward foreign currency contracts		—			683,443			—
Receivable for investments sold		22,879			1,026,281			—
Prepaid and other assets		30,768			22,960			20,930
TOTAL ASSETS		472,924,695			215,211,731			401,417,315
LIABILITIES:
Collateral for securities on loan		—			—			15,050,469
Due to custodian		1,131,622			—			—
Deferred foreign capital gains tax payable		26,903			2,516			—
Variation margin payable for financial futures contracts		—			336,673			—
Payable for investments purchased		197,706			914,636			—
Payable for shares redeemed		106,419			456,837			344,680
Payable to sub-advisors		132,815			100,092			19,891
Payable for Trustees’ fees		2,889			2,888			2,382
Payable for administration fees		11,540			5,210			9,482
Payable for distribution services fees		616			64			181
Payable for investment advisory fees		108,203			73,240			123,644
Other accrued expenses		343,043			228,651			242,812
TOTAL LIABILITIES		2,061,756			2,120,807			15,793,541
NET ASSETS	$	470,862,939		$	213,090,924		$	385,623,774
NET ASSETS CONSIST OF:
Paid-in capital	$	482,207,734		$	199,156,330		$	450,834,492
Distributable earnings (loss)		(11,344,795	)		13,934,594			(65,210,718	)
TOTAL NET ASSETS	$	470,862,939		$	213,090,924		$	385,623,774
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	2,863,632		$	302,182		$	849,113
Shares outstanding (unlimited shares authorized)		375,302			25,726			67,533
Net Asset Value per share	$	7.63		$	11.75		$	12.57
Offering Price per share*	$	8.07	**	$	12.43	**	$	13.30	**
Class I
Net Assets	$	467,999,307		$	212,788,742		$	384,774,661
Shares outstanding (unlimited shares authorized)		60,596,841			17,746,117			30,098,591
Net Asset Value and Offering Price per share	$	7.72		$	11.99		$	12.78

^(a)  Including $14,772,824 of securities on loan (Note 2).

^(b)  Cost of cash denominated in foreign currencies was $398,472 and $55,057, 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, 2023 (unaudited)

31 STATEMENTS OF OPERATIONS

Six Months Ended October 31, 2023 (unaudited)	Wilmington International Fund			Wilmington Global Alpha Equities Fund			Wilmington Real Asset Fund
INVESTMENT INCOME:
Dividends	$	7,388,442	(a)	$	2,514,672	(a)	$	4,256,228	(a)
Interest		9,870			95,821			195
Securities lending income, net		31,715			—			22,588
TOTAL INVESTMENT INCOME		7,430,027			2,610,493			4,279,011
EXPENSES:
Investment advisory fees		1,858,723			1,246,956			1,035,151
Administration fees		72,358			31,135			58,108
Portfolio accounting and administration fees		111,375			49,074			62,729
Custodian fees		139,002			57,697			35,065
Transfer and dividend disbursing agent fees and expenses		29,613			11,834			11,930
Trustees’ fees		31,346			31,346			31,346
Professional fees		100,861			88,606			76,943
Distribution services fee—Class A		3,684			383			1,132
Shareholder services fee—Class A		3,684			383			1,132
Share registration costs		18,516			16,195			18,264
Printing and postage		9,591			7,130			8,173
Miscellaneous		28,968			21,324			24,928
TOTAL EXPENSES		2,407,721			1,562,063			1,364,901
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(289,279	)		(217,153	)		(190,752	)
Waiver by sub-advisor		(20,360	)		—			(18,711	)
Waiver of shareholder services fee—Class A		(3,684	)		(383	)		(1,132	)
TOTAL WAIVERS AND REIMBURSEMENTS		(313,323	)		(217,536	)		(210,595	)
Net expenses		2,094,398			1,344,527			1,154,306
Net investment income		5,335,629			1,265,966			3,124,705
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		18,639,291			2,134,966			(3,115,760	)
Net realized gain (loss) on forward foreign currency contracts		(706	)		324,106			—
Net realized gain (loss) on foreign currency transactions		(386,965	)		(108,356	)		(19,515	)
Net realized gain (loss) on financial futures contracts		1,435,210			(4,342,155	)		—
Net realized gain (loss)		19,686,830			(1,991,439	)		(3,135,275	)
Net change in unrealized appreciation (depreciation) on investments		(59,743,241	)(b)		(10,803,383	)(b)		(19,578,824	)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		—			1,364,380			—
Net change in unrealized appreciation (depreciation) on foreign currency transactions		(34,565	)		(9,067	)		(14,336	)
Net change in unrealized appreciation (depreciation) on financial futures contracts		(755,602	)		10,071,556			—
Net change in unrealized appreciation (depreciation)		(60,533,408	)		623,486			(19,593,160	)
Net realized and unrealized gain (loss)		(40,846,578	)		(1,367,953	)		(22,728,435	)
Change in net assets resulting from operations	$	(35,510,949	)	$	(101,987	)	$	(19,603,730	)

^(a)  Net of foreign withholding taxes of $752,621, $229,859 and $120,189, respectively.

^(b)  Net of change in deferred foreign capital gains tax accrued of $(9,435) and $(464), respectively.

See Notes which are an integral part of the Financial Statements

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 32

	Wilmington International Fund						Wilmington Global Alpha Equities Fund
	Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023			Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	5,335,629		$	11,339,216		$	1,265,966		$	2,327,010
Net realized gain (loss)		19,686,830			(46,448,998	)		(1,991,439	)		3,508,935
Net change in unrealized appreciation (depreciation)		(60,533,408	)		45,978,600			623,486			1,667,356
Change in net assets resulting from operations		(35,510,949	)		10,868,818			(101,987	)		7,503,301
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(51,868	)		(101,891	)		—			(8,022	)
Class I		(9,641,288	)		(20,772,925	)		—			(5,525,066	)
Total distributions to shareholders		(9,693,156	)		(20,874,816	)		—			(5,533,088	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		367,230			25,393			673			850
Class I		24,627,806			125,541,950			15,568,749			58,243,535
Distributions reinvested
Class A		47,385			94,660			—			8,022
Class I		1,701,407			8,676,649			—			2,030,500
Cost of shares redeemed
Class A		(104,035	)		(210,821	)		(1,010	)		(3,418	)
Class I		(28,440,869	)		(223,549,803	)		(15,705,908	)		(61,171,203	)
Change in net assets resulting from share transactions		(1,801,076	)		(89,421,972	)		(137,496	)		(891,714	)
Change in net assets		(47,005,181	)		(99,427,970	)		(239,483	)		1,078,499
NET ASSETS:
Beginning of period		517,868,120			617,296,090			213,330,407			212,251,908
End of period	$	470,862,939		$	517,868,120		$	213,090,924		$	213,330,407
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		43,518			3,105			57			73
Class I		3,000,813			15,579,933			1,288,139			4,928,523
Distributions reinvested
Class A		5,684			12,174			—			706
Class I		201,778			1,098,909			—			175,194
Shares redeemed
Class A		(12,783	)		(26,747	)		(86	)		(304	)
Class I		(3,449,025	)		(27,904,440	)		(1,302,877	)		(5,189,505	)
Net change resulting from share transactions		(210,015	)		(11,237,066	)		(14,767	)		(85,313	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

33 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Real Asset Fund
	Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	3,124,705		$	22,098,301
Net realized gain (loss)		(3,135,275	)		(6,208,975	)
Net change in unrealized appreciation (depreciation)		(19,593,160	)		(85,159,972	)
Change in net assets resulting from operations		(19,603,730	)		(69,270,646	)
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income and net realized gains
Class A		(3,189	)		(48,529	)
Class I		(1,749,562	)		(21,016,869	)
Tax return of capital
Class A		—			(211	)
Class I		—			(89,490	)
Total distributions to shareholders		(1,752,751	)		(21,155,099	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		15,594			138,429
Class I		31,478,378			82,657,040
Distributions reinvested
Class A		3,119			47,127
Class I		722,014			8,786,738
Cost of shares redeemed
Class A		(64,200	)		(194,392	)
Class I		(35,450,527	)		(78,861,084	)
Change in net assets resulting from share transactions		(3,295,622	)		12,573,858
Change in net assets		(24,652,103	)		(77,851,887	)
NET ASSETS:
Beginning of period		410,275,877			488,127,764
End of period	$	385,623,774		$	410,275,877
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		1,179			9,154
Class I		2,360,410			5,724,533
Distributions reinvested
Class A		234			3,487
Class I		53,337			639,668
Shares redeemed
Class A		(4,853	)		(13,389	)
Class I		(2,683,719	)		(5,437,549	)
Net change resulting from share transactions		(273,412	)		925,904

See Notes which are an integral part of the Financial Statements

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS 34

For a share outstanding throughout each period:

WILMINGTON INTERNATIONAL FUND
CLASS A	Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	8.37		$	8.44		$	10.47		$	7.35		$	8.52		$	9.11
Income (Loss) From Operations:
Net Investment Income(a)		0.07			0.15			0.10			0.10			0.13			0.14
Net Realized and Unrealized Gain (Loss)		(0.66	)		0.08			(1.75	)		3.16			(1.17	)		(0.51	)
Total Income (Loss) From Operations		(0.59	)		0.23			(1.65	)		3.26			(1.04	)		(0.37	)
Less Distributions From:
Net Investment Income		(0.15	)		(0.13	)		(0.16	)		(0.14	)		(0.13	)		(0.14	)
Net Realized Gains		—			(0.17	)		(0.22	)		—			—			(0.08	)
Total Distributions		(0.15	)		(0.30	)		(0.38	)		(0.14	)		(0.13	)		(0.22	)
Net Asset Value, End of Period	$	7.63		$	8.37		$	8.44		$	10.47		$	7.35		$	8.52
Total Return(b)		(7.17	)%		3.01	%		(16.31	)%		44.67	%		(12.35	)%		(4.07	)%
Net Assets, End of Period (000’s)	$	2,864		$	2,836		$	2,957		$	4,015		$	3,036		$	4,871
Ratios to Average Net Assets
Gross Expense(c)		1.45	%(d)		1.48	%		1.48	%		1.48	%		1.50	%		1.50	%
Net Expense(c),(e)		1.08	%(d)		1.09	%		1.10	%		1.06	%		0.98	%		1.00	%
Net Investment Income		1.82	%(d)		1.87	%		1.00	%		1.10	%		1.57	%		1.69	%
Portfolio Turnover Rate		90	%		76	%		71	%		74	%		79	%		70	%
CLASS I	Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	8.46		$	8.52		$	10.56		$	7.41		$	8.59		$	9.18
Income (Loss) From Operations:
Net Investment Income(a)		0.09			0.17			0.13			0.12			0.13			0.17
Net Realized and Unrealized Gain (Loss)		(0.67	)		0.08			(1.77	)		3.18			(1.17	)		(0.53	)
Total Income (Loss) From Operations		(0.58	)		0.25			(1.64	)		3.30			(1.04	)		(0.36	)
Less Distributions From:
Net Investment Income		(0.16	)		(0.14	)		(0.18	)		(0.15	)		(0.14	)		(0.15	)
Net Realized Gains		—			(0.17	)		(0.22	)		—			—			(0.08	)
Total Distributions		(0.16	)		(0.31	)		(0.40	)		(0.15	)		(0.14	)		(0.23	)
Net Asset Value, End of Period	$	7.72		$	8.46		$	8.52		$	10.56		$	7.41		$	8.59
Total Return(b)		(7.02	)%		3.23	%		(16.10	)%		44.92	%		(12.28	)%		(3.91	)%
Net Assets, End of Period (000’s)	$	467,999		$	515,032		$	614,339		$	713,463		$	513,640		$	570,749
Ratios to Average Net Assets
Gross Expense(c)		0.95	%(d)		0.98	%		0.99	%		1.16	%		1.25	%		1.26	%
Net Expense(c),(e)		0.83	%(d)		0.84	%		0.85	%		0.85	%		0.85	%		0.87	%
Net Investment Income		2.12	%(d)		2.12	%		1.27	%		1.32	%		1.58	%		1.95	%
Portfolio Turnover Rate		90	%		76	%		71	%		74	%		79	%		70	%

(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, 2023 (unaudited)

35 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

WILMINGTON GLOBAL ALPHA EQUITIES FUND
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS A	(Unaudited)
Net Asset Value, Beginning of Period	$	11.76		$	11.68		$	11.97		$	10.87		$	11.28		$	10.99
Income (Loss) From Operations:
Net Investment Income(a)		0.05			0.10			0.01			0.02			0.07			0.09
Net Realized and Unrealized Gain (Loss)		(0.06	)		0.30			(0.24	)		1.31			(0.35	)		0.33
Total Income (Loss) From Operations		(0.01	)		0.40			(0.23	)		1.33			(0.28	)		0.42
Less Distributions From:
Net Investment Income		—			(0.32	)		(0.06	)		(0.06	)		(0.13	)		(0.13	)
Net Realized Gains		—			—			—			(0.17	)		—			—
Total Distributions		—			(0.32	)		(0.06	)		(0.23	)		(0.13	)		(0.13	)
Net Asset Value, End of Period	$	11.75		$	11.76		$	11.68		$	11.97		$	10.87		$	11.28
Total Return(b)		(0.09	)%		3.51	%		(1.97	)%		12.27	%		(2.57	)%		3.87	%
Net Assets, End of Period (000’s)	$	302		$	303		$	295		$	324		$	208		$	125
Ratios to Average Net Assets
Gross Expense(c)		1.94	%(d)		2.19	%		2.30	%		2.30	%		2.29	%		2.36	%
Net Expense(c),(e)		1.49	%(d)		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Net Investment Income		0.92	%(d)		0.87	%		0.12	%		0.19	%		0.63	%		0.78	%
Portfolio Turnover Rate		18	%		68	%		44	%		58	%		84	%		61	%
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS I	(Unaudited)
Net Asset Value, Beginning of Period	$	11.99		$	11.88		$	12.14		$	11.01		$	11.40		$	11.08
Income (Loss) From Operations:
Net Investment Income(a)		0.07			0.13			0.05			0.05			0.09			0.11
Net Realized and Unrealized Gain (Loss)		(0.07	)		0.30			(0.25	)		1.31			(0.34	)		0.34
Total Income (Loss) From Operations		—			0.43			(0.20	)		1.36			(0.25	)		0.45
Less Distributions From:
Net Investment Income		—			(0.32	)		(0.06	)		(0.06	)		(0.14	)		(0.13	)
Net Realized Gains		—			—			—			(0.17	)		—			—
Total Distributions		—			(0.32	)		(0.06	)		(0.23	)		(0.14	)		(0.13	)
Net Asset Value, End of Period	$	11.99		$	11.99		$	11.88		$	12.14		$	11.01		$	11.40
Total Return(b)		0.00	%		3.75	%		(1.63	)%		12.46	%		(2.31	)%		4.18	%
Net Assets, End of Period (000’s)	$	212,789		$	213,027		$	211,957		$	206,232		$	211,911		$	168,199
Ratios to Average Net Assets
Gross Expense(c)		1.44	%(d)		1.69	%		1.80	%		1.99	%		2.04	%		2.11	%
Net Expense(c),(e)		1.24	%(d)		1.24	%		1.24	%		1.24	%		1.24	%		1.24	%
Net Investment Income		1.17	%(d)		1.12	%		0.38	%		0.44	%		0.82	%		1.02	%
Portfolio Turnover Rate		18	%		68	%		44	%		58	%		84	%		61	%

(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, 2023 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 36

For a share outstanding throughout each period:

WILMINGTON REAL ASSET FUND
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS A	(Unaudited)
Net Asset Value, Beginning of Period	$	13.26		$	16.30		$	15.58		$	12.33		$	14.40		$	14.48
Income (Loss) From Operations:
Net Investment Income(a)		0.09			0.69			1.64	(b)		0.17			0.45			0.34
Net Realized and Unrealized Gain (Loss)		(0.73	)		(3.04	)		0.82			3.32			(2.03	)		(0.07	)
Total Income (Loss) From Operations		(0.64	)		(2.35	)		2.46			3.49			(1.58	)		0.27
Less Distributions From:
Net Investment Income		(0.05	)		(0.69	)(c)		(1.74	)		(0.24	)		(0.49	)		(0.35	)
Total Distributions		(0.05	)		(0.69	)		(1.74	)		(0.24	)		(0.49	)		(0.35	)
Net Asset Value, End of Period	$	12.57		$	13.26		$	16.30		$	15.58		$	12.33		$	14.40
Total Return(d)		(4.87	)%		(14.44	)%		16.34	%		28.65	%		(11.35	)%		2.05	%
Net Assets, End of Period (000’s)	$	849		$	941		$	1,169		$	995		$	932		$	1,173
Ratios to Average Net Assets
Gross Expense(e)		1.17	%(f)		1.17	%		1.17	%		1.30	%		1.30	%		1.32	%
Net Expense(e),(g)		0.82	%(f)		0.85	%		0.89	%		0.96	%		0.96	%		0.96	%
Net Investment Income		1.30	%(f)		4.78	%		10.04	%(b)		1.25	%		3.16	%		2.44	%
Portfolio Turnover Rate		0	%(h)		20	%		32	%		40	%(i)		411	%		347	%
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS I	(Unaudited)
Net Asset Value, Beginning of Period	$	13.48		$	16.54		$	15.77		$	12.47		$	14.56		$	14.63
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.74			1.65	(b)		0.17			0.49			0.38
Net Realized and Unrealized Gain (Loss)		(0.74	)		(3.09	)		0.89			3.40			(2.06	)		(0.07	)
Total Income (Loss) From Operations		(0.64	)		(2.35	)		2.54			3.57			(1.57	)		0.31
Less Distributions From:
Net Investment Income		(0.06	)		(0.71	)(c)		(1.77	)		(0.27	)		(0.52	)		(0.38	)
Total Distributions		(0.06	)		(0.71	)		(1.77	)		(0.27	)		(0.52	)		(0.38	)
Net Asset Value, End of Period	$	12.78		$	13.48		$	16.54		$	15.77		$	12.47		$	14.56
Total Return(d)		(4.79	)%		(14.21	)%		16.66	%		29.00	%		(11.13	)%		2.29	%
Net Assets, End of Period (000’s)	$	384,775		$	409,335		$	486,959		$	463,203		$	199,115		$	309,654
Ratios to Average Net Assets
Gross Expense(e)		0.67	%(f)		0.67	%		0.67	%		0.93	%		1.05	%		1.07	%
Net Expense(e),(g)		0.57	%(f)		0.60	%		0.64	%		0.71	%		0.71	%		0.71	%
Net Investment Income		1.55	%(f)		5.10	%		9.98	%(b)		1.18	%		3.41	%		2.69	%
Portfolio Turnover Rate		0	%(h)		20	%		32	%		40	%(i)		411	%		347	%

(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) A portion of this distribution amounting to less than $0.005 per share was a tax return of capital.

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

(e) The Fund 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) Annualized for periods less than one year.

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

(h) Represents less than 0.5%.

(i) 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, 2023 (unaudited)

37 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

October 31, 2023 (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 Board of Trustees (“Trustees”) has adopted Valuation Policies and Procedures (“Valuation Procedures”) and has delegated responsibilities to Wilmington Funds Management Corporation (“WFMC” or the “Advisor”), in its role as the Trust’s investment advisor, with respect to the valuation of the Funds’ investments. The Advisor, acting through its Pricing Committee, carries out all of the functions set forth below to determine fair value in good faith with respect to a Fund’s investments. 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 Advisor 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 by the Advisor in accordance with the Valuation Procedures.

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 38

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, 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 the Valuation Procedures. 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, 2023, 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)
Real Asset Fund
Bank of Montreal	$	884,669	$	884,669	$	—	$	—
BNP Paribas SA		2,844,538		2,844,538		—		—
HSBC Securities USA, Inc.		2,787,648		2,787,648		—		—
National Bank Financial		2,844,538		2,844,538		—		—
Nomura Securities International, Inc.		2,844,538		2,844,538		—		—
TD Securities, Inc.		2,844,538		2,844,538		—		—
	$	15,050,469	$	15,050,469	$	—	$	—

⁽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, 2023 (unaudited)

39 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 share-holders 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 the Valuation Procedures.

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.

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 40

At October 31, 2023, 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)
Real Asset Fund	$14,772,824	$14,772,824	$—

⁽¹⁾  Collateral with a value of $15,050,469 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 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, 2023, 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, 2023.

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Equity contracts	Variation margin receivable for financial futures contracts*	Variation margin payable for financial futures contracts*
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts**	Unrealized depreciation on forward foreign currency contracts**

* The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The amount presented below is the cumulative unrealized appreciation (depreciation) from the date the contract was opened until October 31, 2023.

** 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	$	6,034,704	$	6,034,704	$	—
Forward Foreign Currency Contracts		683,443		—		683,443
Totals	$	6,718,147	$	6,034,704	$	683,443

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

41 NOTES TO FINANCIAL STATEMENTS (continued)

	Liability Derivatives Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts
International Fund
Financial Futures Contracts	$	(278,965	)	$	(278,965	)	$	—
Totals	$	(278,965	)	$	(278,965	)	$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	(19,628	)	$	(19,628	)	$	—
Totals	$	(19,628	)	$	(19,628	)	$	—

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, 2023.

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	$	1,435,210		$	1,435,210		$	—
Forward Foreign Currency Contracts		(706	)		—			(706	)
Totals	$	1,434,504		$	1,435,210		$	(706	)
Global Alpha Equities Fund
Financial Futures Contracts	$	(4,342,155	)	$	(4,342,155	)	$	—
Forward Foreign Currency Contracts		324,106			—			324,106
Totals	$	(4,018,049	)	$	(4,342,155	)	$	324,106

	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	$	(755,602	)	$	(755,602	)	$	—
Totals	$	(755,602	)	$	(755,602	)	$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	10,071,556		$	10,071,556		$	—
Forward Foreign Currency Contracts		1,364,380			—			1,364,380
Totals	$	11,435,936		$	10,071,556		$	1,364,380

The average quarterly volume of derivative activities for the six months ended October 31, 2023 are as follows.

	Asset Derivative Volume
Fund	Financial Futures Contracts(1)		Forward Foreign Currency Contracts(2)
International Fund	$	8,543,879	$	—
Global Alpha Equities Fund		—		29,500,612

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 42

Fund	Liability Derivative  Volume Financial Futures Contracts(1)
Global Alpha Equities Fund	$    95,572,827

(1) Notional Amount.

(2) Contract Amount.

The International Fund 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, 2023, 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
Deutsche Bank AG	$	105,765	$	—	$	—	$	—	$	105,765
Hong Kong & Shanghai Bank		3,593		—		—		—		3,593
Morgan Stanley		312,985		—		—		—		312,985
UBS AG		261,100		—		—		—		261,100
Total Derivative Assets	$	683,443	$	—	$	—	$	—	$	683,443

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

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

4. FEDERAL TAX INFORMATION

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

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, 2023.

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, 2023, 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	$455,060,503	$39,154,157	$(25,918,824)	$13,235,333
Global Alpha Equities Fund	185,482,634	43,852,874	(15,164,531)	28,688,343
Real Asset Fund	452,249,834	6,583,680	(58,155,591)	(51,571,911)

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

43 NOTES TO FINANCIAL STATEMENTS (continued)

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, 2023, character of capital loss carryforwards were as follows:

Fund	Short-Term No Expiration			Long-Term No Expiration		Total Capital Loss Carryforwards
International Fund		$(35,791,619)			$(9,311,401)		$(45,103,020)
Global Alpha Equities Fund		(11,689,760)			(6,205,310)		(17,895,070)
Real Asset Fund		(1,242,447	)		(10,681,253)		(11,923,700)

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, 2023, late year loss deferrals were as follows:

Fund	Ordinary Losses		Short-Term Capital Losses		Long-Term Capital Losses
Global Alpha Equities Fund	$	(464,295)		$—		$—

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

Investment Advisor – WFMC 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		$1,133,520		$(289,279)	0.45%
Sub-advisors:
Wellington Management Company LP (effective 10/01/2023)		132,815		—	0.33%
AXA Investment Managers, Inc. (terminated 9/15/23)		70,595		—	0.43% on the first $150 million; and 0.41% on assets in excess of $150 million.
Berenberg Asset Management LLC (terminated 9/15/23)		40,308		—	0.27%
Nikko Asset Management Americas, Inc. (terminated 9/15/23)		115,685		—	0.32%
Parametric Portfolio Associates LLC (terminated 9/15/23)		100,238		(20,360)	0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; and 0.15% of assets in excess of $110 million; and 0.10% of assets in excess of $150 million.
Schroder Investment Management North America, Inc.               (terminated 9/15/23)		265,562		—	0.50%
Total(a)		$1,858,723		$(309,639)
Global Alpha Equities Fund
WFMC		$   650,387		$(217,153)	0.60%
Sub-advisors:
Wellington Management Company LP		596,569		—	0.55%
Total(b)
		$1,246,956		$(217,153)
Real Asset Fund
WFMC		$   910,395		$(190,752)	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.

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 44

Fund	Gross Fees		Fees Waived/ Reimbursed		Current Fee as a % of average net assets of the Fund/Allocated Net Assets for Sub-advisors
Sub-advisors:
Parametric Portfolio Associates LLC		$   124,756		$  (18,711)	0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; and 0.15% of assets in excess of $110 million; and 0.10% of assets in excess of $150 million.
Total(c)		$1,035,151		$(209,463)

(a) The total gross advisory and sub-advisory fees during the period were 0.74% for the International Fund.

(b) The total gross advisory and sub-advisory fees during the period were 1.15% 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, 2024 so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

	Current Contractual  Expense Limitations
Fund	Class A	Class I
International Fund	1.08%	0.83%
Global Alpha Equities Fund	1.49%	1.24%
Real Asset 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, 2023, 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, 2023, 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
International Fund		$454
Global Alpha Equities Fund		3
Real Asset Fund		1

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

45 NOTES TO FINANCIAL STATEMENTS (continued)

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

For the six months ended October 31, 2023, M&T received sales charges on the sale of Class A shares as follows:

Fund	Sales Charges
Global Alpha Equities Fund	$27

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, 2023, 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, 2023 were as follows:

Fund	Purchases		Sales
International Fund		$444,948,969	$	424,988,269
Global Alpha Equities Fund		38,398,212		35,880,984
Real Asset Fund		5,564,314		1,698,072

7. MARKET RISK IN GENERAL

There is a risk that the value of a Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by a Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally.

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.

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (concluded) 46

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 27, 2024.

The Funds did not utilize the LOC during the six months ended October 31, 2023.

10. NEW REGULATORY PRONOUNCEMENTS

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds. The rule and form amendments will require mutual funds to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The compliance date for the amendments is for shareholder reports filed with the SEC on or after July 24, 2024.

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, 2023 (unaudited)

47

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Approval of New Sub-Advisory Agreement for the Wilmington International Fund

At a meeting held on August 24, 2023 (the “August Meeting”), the Board of Trustees of the Trust (the “Board”), including the Independent Trustees, discussed and approved, for the Wilmington International Fund (the “Fund”), a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) with Wellington Management Company LLP (the “New Sub-Adviser”). The Trustees were provided with detailed materials relating to the New Sub-Adviser in advance of and at the meeting. The material factors and conclusions that formed the basis for the approval are discussed below.

At the August Meeting, the Trustees met in person with personnel from the New Sub-Adviser, Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and together with WFMC, the “Adviser”), independent counsel to the Independent Trustees (“Counsel”), and others. The Independent Trustees met with and were advised by Counsel in executive session.

In evaluating the New Sub-Advisory Agreement, the Trustees took into account management style, investment strategy, and prevailing market conditions as well as the New Sub-Adviser’s investment philosophy and process, past performance, and personnel. The Trustees also took into account the Adviser’s evaluation and recommendation of the approval of the New Sub-Adviser and the Trustees’ general familiarity with the New Sub-Adviser in light of its role as a sub-adviser to the Wilmington Global Alpha Equities Fund. The Trustees also reviewed information concerning, among other things: (i) the nature, extent and quality of the services to be provided by the New Sub-Adviser to the Fund; (ii) the New Sub-Adviser’s expected ongoing profitability as an investment advisory firm; (iii) possible fall-out benefits to the New Sub-Adviser due to its position with the Fund; (iv) whether the Fund may benefit from possible economies of scale realized by the Adviser in the event of growth of assets of the Fund; (v) the proposed fee of the New Sub-Adviser; and (vi) the Adviser’s recommendation that the Independent Trustees approve the New Sub-Advisory Agreement and the Adviser’s view that the fee payable to the New Sub-Adviser was fair and reasonable.

After discussion and consideration among themselves, and with Counsel and the Adviser, the Board, including the Independent Trustees, determined that the fee to be paid by the Fund to the New Sub-Adviser under the New Sub-Advisory Agreement appeared to be fair and reasonable in light of the information provided. Based on all relevant information and factors, none of which was individually determinative of the outcome, the Board, including the Independent Trustees, concluded that the approval of the New Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and approved the New Sub-Advisory Agreement.

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 26-27, 2023 (the “September Meeting”), the Board 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.

At the August Meeting, the Board met 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 Wilmington Global Alpha Equities Fund, Wilmington International Fund and Wilmington Real Asset Fund (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 that was sent 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;

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

Semi-Annual Report 48

• 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 performance, 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. The Board generally concluded that, for each Fund, the consideration of each factor above supported the renewal of each Advisory Agreement.

At the September Meeting, the Board approved the renewal of each of the Advisory Agreements, with the exception of the New Sub-Advisory Agreement which had been approved at the August Meeting, 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

Prior to September 29, 2023, the Fund was 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. (the “Former Sub-Advisers”).

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, 2023. 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 overexposure to emerging markets, particularly China, drove performance down as emerging markets trailed developed markets. Long-term performance was impacted by the war in Ukraine coupled with 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 with WFMC and WTIA and the approval of the Fund’s Sub-Advisory agreements with the Former Sub-Advisers. The Board acknowledged the pending replacement of the Former Sub-Advisers with the New Sub-Adviser (see the discussion above under “Approval of New Sub-Advisory Agreement for the Wilmington International Fund”), and agreed to renew the Fund’s Sub-Advisory agreements in order to allow for an appropriate transition to the New Sub-Adviser, which would be complete on or about September 29, 2023.

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 (which included both the Adviser and the Sub-Adviser fees) and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2023.

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 (which included both the Adviser and the Sub-Adviser fees) 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, 2023. The Board considered management’s explanation of the Fund’s underperformance and, in addition, its view that peer group comparisons are difficult due to differences in asset allocations among the funds in the peer group. The Board noted that the Fund had significantly lower exposure to non-real estate equities than its peers during a time period when non-real estate equities outperformed the asset classes in which the Fund invests over the relevant time periods, which led to the Fund’s underperformance as compared to its peers.

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

49 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.

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

50

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, 2023 (unaudited)

51

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 1, 2023

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, 2023 (unaudited) / SEMI-ANNUAL REPORT

52

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 information from the Funds by e-mail, it is our policy to include instructions in all e-mail 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 Notice is March 1, 2023. We reserve the right to modify this Notice at any time. When it is revised, reviewed 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 Notice.

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

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
Wellington Management Company LLP
280 Congress Street
Boston, Massachusetts 02210
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-1023
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.

WILLMINGTON FUNDS October 31, 2023 (unaudited) PRESIDENT’S MESSAGE AND Semi-Annual Report WILMINGTON FUNDS Money Market Funds Wilmington U.S. Government Money Market Fund Wilmington U.S. Treasury Money Market Fund

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	7
Statements of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	14
Discussion of Renewal of Advisory and Sub-Advisory Agreements	19
Other Information	21

[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, 2023, through October 31, 2023. 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 proved challenging as higher interest rates continued to pass through into the economy. There were, however, areas of improvement as consumer prices showed broad based disinflation as evidenced by the closely monitored U.S. Consumer Price Index (“CPI”) which declined from 4.9% year-over-year to 3.2% year-over-year in October (reported in November). The labor market softened as the October payrolls number declined to 150,000 and wage pressures continued to relent, boosting the likelihood of an economic soft landing. Labor unions made major headlines during the period as the Writers Guild of America (WGA) reached a labor agreement with Hollywood studios, ending a five-month strike. In addition, thousands of United Auto Workers (UAW) walked off factory floors across 20 states. In late October, UAW members reached a tentative agreement with the Detroit Three automakers (Ford, General Motors, and Stellantis) after securing 25% pay increases over the next 4 ½ years. It’s estimated that the strikes cost the automakers several billion dollars in lost production.

The Federal Reserve (the “Fed”) raised interest rates by 25 basis points1 twice during the period, in May and July, but encouragingly left rates unchanged since as inflation dropped closer to the Fed’s 2% target level and the U.S. economy showed signs of slowing. Consumers remained in focus as retail sales largely came in better-than-expected despite excess savings being drained from the economy. Signs of weakening consumers became apparent in high frequency data as delinquency rates ticked up across several categories, though not yet to alarming levels. In addition, millions of student loan borrowers resumed monthly payments starting in October. Despite much of the noise, consumer spending was the largest contributor to growth of the U.S. economy in Q3 (defined as June 30-September 30) which surged 4.9% on a quarter-over-quarter basis. The surprise Gross Domestic Product (“GDP”) print was also helped by the inventories line item which suggested that companies undertook massive restocking efforts. The inventory component of GDP is notoriously volatile, and it is the firm view that growth will likely slow sharply in Q4 as a “give back” for the strong numbers in Q3.

Abroad, the economic picture continued to deteriorate. In Europe, activity in both the services and manufacturing economies continues to lose momentum as evidenced by Purchasing Managers Index (PMI) data materially below 50 and Eurozone GDP which contracted in Q3. There was positive news on the inflationary front as the economic contraction led to the lowest inflation reading since July 2021 (2.9%). Deflationary energy prices, in part driven by base effects, and easing food price inflation were the main driver of the decline in the headline inflation rate. The positive inflationary developments are likely to cast doubt on the European Central Bank’s (ECB) “higher for longer approach” to interest rates. Risks remain across the Eurozone as the war in Ukraine showed no signs of relenting and instability across China, a major European trading partner, could prolong growth concerns. Geopolitics remained a pressing concern during the period following attacks by the terrorist organization, known as Hamas, on Israeli civilians. The Israeli Defense Forces launched counterattacks into Gaza and the conflict remains ongoing.

In Asia, China’s teetering property market continued to sap investors’ risk appetite across the region. One of China’s largest developers, Country Garden Holdings, fought to stave off default amid a slump in property sales. In addition, China’s youth unemployment rate reached a record high of 21.3% in June, after rising for the first five months of the calendar year. Following the dismal June report, the Chinese government decided to suspend future data releases indefinitely.

Bond markets

Fixed income markets declined significantly during the period as yields pushed higher across the curve. The 10-year Treasury yield advanced 136 basis points to 4.93% while the 2-year Treasury yield pushed 95 basis points higher ending the period at 5.09%. Overall, the Bloomberg U.S. Aggregate Bond Index declined 6.1% in what was a difficult environment for fixed income assets. As for yield curve slopes, the 10y-minus-2y remained negative at -16 basis points but steepened after being inverted by 106 basis points in June. The 10y-minus-3m slope ended the period in deeply inverted territory at -71 basis points. Volatility in the bond market remained heightened, as measured by the MOVE Index, a gauge in volatility in the Treasury market, ending the period at 126.9 compared to its five-year average of 83.9, but volatility decreased significantly following the banking turmoil in March.

PRESIDENT’S MESSAGE / October 31, 2023 (unaudited)

ii

For the six-month period May 1, 2023 to October 31, 2023, 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
-6.05%	-6.13%	-5.77%	-4.65%	0.02%

Past performance is no guarantee of future results.

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

Equity markets

Equity markets were a mixed bag as the performance of U.S. large-cap stocks was driven by a handful of mega cap tech companies. Overall, the S&P 500 gained 1.4% while the so called “magnificent 7” stocks increased 20.8% during the period. The magnificent 7 includes companies such as Apple, Microsoft, Nvidia, and Alphabet which benefitted from their strong balance sheets and investor enthusiasm around artificial intelligence (“AI”). Elsewhere in markets, U.S. small-cap stocks (as measured by the Russell 2000 index) declined 5.3% as higher interest rates continued to weigh on the smaller and less profitable companies. In international markets, returns were dismal with developed and emerging market equities down 7.9% and 4.8%, respectively.

For the six-month period May 1, 2023 to October 31, 2023, certain stock market indices performed as follows:

S&P 500®             Index8	Russell 2000® Index9	MSCI EAFE (Net)  Index10	MSCI Emerging              Markets (Net)             Index11
1.39%	-5.29%	-7.88%	-4.78%

Past performance is no guarantee of future results.

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

Sincerely,

Eric Taylor,

President

November 17, 2023

October 31, 2023 (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, they cannot guarantee they 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 the long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

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

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

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

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

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 24 Emerging Markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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, 2023 (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, 2023 to October 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 05/01/23		Ending Account Value 10/31/23		Expenses Paid During  Period(1)		Annualized Net   Expense Ratio
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,023.80		$3.05		0.60%
Institutional Class		$1,000.00		$1,025.60		$1.27		0.25%
Select Class		$1,000.00		$1,025.10		$1.78		0.35%
Service Class		$1,000.00		$1,023.00		$3.81		0.75%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,022.12		$3.05		0.60%
Institutional Class		$1,000.00		$1,023.88		$1.27		0.25%
Select Class		$1,000.00		$1,023.38		$1.78		0.35%
Service Class		$1,000.00		$1,021.37		$3.81		0.75%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,023.80		$3.05		0.60%
Institutional Class		$1,000.00		$1,025.60		$1.27		0.25%
Select Class		$1,000.00		$1,025.00		$1.78		0.35%
Service Class		$1,000.00		$1,023.00		$3.81		0.75%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,022.12		$3.05		0.60%
Institutional Class		$1,000.00		$1,023.88		$1.27		0.25%
Select Class		$1,000.00		$1,023.38		$1.78		0.35%
Service Class		$1,000.00		$1,021.37		$3.81		0.75%

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

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At October 31, 2023, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Obligations		53.6	%
Repurchase Agreements		31.7	%
U.S. Government Agency Obligations		21.3	%
Money Market Funds		0.5	%
Other Assets and Liabilities - Net(1)		(7.1	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2023 (unaudited)

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 21.3%
FEDERAL FARM CREDIT BANK (FFCB) – 1.4%
(SOFR + 0.05%), 5.36%, 04/12/24Δ	$	15,000,000	$	15,000,000
(Prime - 3.13%), 5.37%, 05/24/24Δ		50,000,000		50,000,000
(SOFR + 0.13%), 5.44%, 11/01/24Δ		80,000,000		80,000,000
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	145,000,000
FEDERAL HOME LOAN BANK (FHLB) – 18.9%
5.40%, 12/11/23‡		100,000,000		99,405,555
5.43%, 01/17/24‡		76,000,000		75,133,579
5.00%, 11/01/23		25,000,000		25,000,000
(SOFR + 0.03%), 5.34%, 11/10/23Δ		50,000,000		50,000,000
(SOFR + 0.04%), 5.35%, 11/16/23Δ		75,000,000		75,000,000
(SOFR + 0.03%), 5.34%, 11/17/23Δ		200,000,000		200,000,000
(SOFR + 0.06%), 5.37%, 11/28/23Δ		25,000,000		25,000,000
(SOFR + 0.04%), 5.35%, 12/18/23Δ		100,000,000		100,000,000
(SOFR + 0.09%), 5.40%, 12/27/23Δ		75,000,000		75,000,000
(SOFR + 0.03%), 5.34%, 12/29/23 Δ		25,000,000		25,000,000
(SOFR + 0.03%), 5.34%, 01/05/24Δ		100,000,000		100,000,000
(SOFR + 0.03%), 5.34%, 01/12/24Δ		50,000,000		50,000,000
(SOFR + 0.04%), 5.35%, 01/23/24Δ		80,000,000		80,000,000
(SOFR + 0.04%), 5.35%, 01/26/24Δ		50,000,000		50,000,000
(SOFR + 0.04%), 5.35%, 01/26/24Δ		100,000,000		100,000,000
(SOFR + 0.04%), 5.35%, 02/01/24Δ		75,000,000		75,000,000
(SOFR + 0.04%), 5.35%, 02/05/24Δ		25,000,000		25,000,000
(SOFR + 0.04%), 5.35%, 02/16/24Δ		100,000,000		100,000,000
(SOFR + 0.08%), 5.39%, 02/26/24Δ		25,000,000		25,000,000
(SOFR + 0.04%), 5.35%, 02/27/24Δ		50,000,000		50,000,000
(SOFR + 0.05%), 5.36%, 03/08/24Δ		50,000,000		50,000,000
5.35%, 05/03/24		50,000,000		50,000,000
5.28%, 05/10/24		50,000,000		50,000,000
5.30%, 05/17/24		50,000,000		50,000,000
5.25%, 05/17/24		50,000,000		50,000,000
5.37%, 05/21/24		25,000,000		25,000,000
5.40%, 05/30/24		25,000,000		25,000,000
5.62%, 08/26/24		50,000,000		50,000,000

Description	Par Value		Value
5.71%, 11/15/24	$	25,000,000	$	25,000,000
(SOFR + 0.16%), 5.47%, 09/02/25Δ		25,000,000		25,000,000
(SOFR + 0.16%), 5.47%, 09/11/25Δ		25,000,000		25,000,000
(SOFR + 0.16%), 5.47%, 10/16/25Δ		100,000,000		100,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	1,929,539,134
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.0%
0.25%, 11/06/23		52,000,000		51,963,477
5.42%, 06/17/24		25,000,000		25,000,000
5.50%, 06/18/24		25,000,000		25,000,000
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	101,963,477
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $2,176,502,611)			$	2,176,502,611
U.S. TREASURY OBLIGATIONS – 53.6%
U.S. TREASURY BILLS – 47.7%
5.29%, 11/02/23‡		450,000,000		449,934,472
5.34%, 11/07/23‡		125,000,000		124,889,771
5.32%, 11/09/23‡		327,000,000		326,615,593
5.34%, 11/14/23‡		160,000,000		159,694,067
5.36%, 11/21/23‡		100,000,000		99,707,222
5.37%, 11/24/23‡		315,000,000		313,926,986
5.38%, 11/28/23‡		80,000,000		79,680,200
5.36%, 11/30/23‡		480,000,000		477,941,471
5.40%, 12/05/23‡		160,000,000		159,199,111
5.33%, 12/07/23‡		263,000,000		261,606,100
5.39%, 12/12/23‡		150,000,000		149,087,322
5.33%, 12/14/23‡		380,000,000		377,652,550
5.37%, 12/19/23‡		320,000,000		317,728,001
5.40%, 12/28/23‡		160,000,000		158,649,733
5.41%, 01/11/24‡		155,000,000		153,367,592
5.43%, 01/16/24‡		160,000,000		158,199,645
5.47%, 02/01/24‡		160,000,000		157,846,333
5.45%, 02/13/24‡		240,000,000		236,287,200
5.45%, 02/20/24‡		240,000,000		236,037,300

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

3                      PORTFOLIOS OF INVESTMENTS

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

Description	Par Value		Value
5.43%, 02/27/24‡	$	320,000,000	$	314,404,178
5.56%, 05/02/24‡		160,000,000		155,696,711
TOTAL U.S. TREASURY BILLS			$	4,868,151,558
U.S. TREASURY NOTES – 5.9%
(U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 5.37%, 01/31/24Δ		120,000,000		120,000,000
(U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 5.31%, 04/30/24Δ		75,000,000		74,985,064
(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.42%, 07/31/24Δ		150,000,000		149,970,482
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.52%, 10/31/24Δ		129,950,000		130,025,354
(U.S. Treasury 3 Month Bill Money Market Yield + 0.13%), 5.51%, 07/31/25Δ		120,000,000		119,911,877
TOTAL U.S. TREASURY NOTES			$	594,892,777
TOTAL U.S. TREASURY OBLIGATIONS (COST $5,463,044,335)			$	5,463,044,335
	Number of Shares
MONEY MARKET FUNDS – 0.5%
Blackrock Liquidity Funds T-Fund, Institutional Shares, 5.24%^		10,992,805		10,992,805
Goldman Sachs Financial Square Government Fund, Institutional Shares, 5.26%^		40,487,678		40,487,678
TOTAL MONEY MARKET FUNDS (COST $51,480,483)			$	51,480,483
	Par Value
REPURCHASE AGREEMENTS – 31.7%
Deutsche Bank Securities, Inc., 5.30%, dated 10/31/23, due 11/01/23, repurchase price $165,024,292, collateralized by U.S. Treasury Securities, 3.13% to 4.88%, maturing 10/31/27 to 10/31/30; total market value $168,300,031.	$	165,000,000		165,000,000

Description	Par Value		Value
Federal Reserve Bank of New York, 5.30%, dated 10/31/23, due 11/01/23, repurchase price $2,575,379,097, collateralized by U.S. Treasury Securities, 0.25% to 4.00%, maturing 08/31/24 to 05/15/47; total market value $2,575,379,177.	$	2,575,000,000	$	2,575,000,000
FICC Bank of New York, 5.30%, dated 10/31/23, due 11/01/23, repurchase price $200,029,444, collateralized by U.S. Treasury Security, 4.00%, maturing 11/15/42; total market value $204,000,008.		200,000,000		200,000,000
TD Securities, Inc., 5.30%, dated 10/31/23, due 11/01/23, repurchase price $290,042,694, collateralized by U.S. Treasury Securities, 1.13% to 1.38%, maturing 05/31/28 to 12/31/28; total market value $295,800,030.		290,000,000		290,000,000
TOTAL REPURCHASE AGREEMENTS (COST $3,230,000,000)			$	3,230,000,000
TOTAL INVESTMENTS – 107.1% (COST $10,921,027,429)			$	10,921,027,429
OTHER ASSETS LESS LIABILITIES – (7.1)%				(719,941,238	)
TOTAL NET ASSETS – 100.0%			$	10,201,086,191

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS        4

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

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Government Agency Obligations	$	—	$	2,176,502,611		$—	$	2,176,502,611
U.S. Treasury Obligations		—		5,463,044,335		—		5,463,044,335
Money Market Funds		51,480,483		—		—		51,480,483
Repurchase Agreements		—		3,230,000,000		—		3,230,000,000
Total	$	51,480,483	$	10,869,546,946		$—	$	10,921,027,429

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

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

5

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At October 31, 2023, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Obligations		83.0	%
Repurchase Agreements		25.4	%
Money Market Funds		2.0	%
Other Assets and Liabilities - Net(1)		(10.4	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2023 (unaudited)

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 83.0%
U.S. TREASURY BILLS – 74.6%
5.17%, 11/02/23‡	$	200,000,000	$	199,971,708
5.34%, 11/07/23‡		115,000,000		114,898,589
5.33%, 11/09/23‡		103,780,000		103,658,001
5.34%, 11/14/23‡		40,000,000		39,923,517
5.36%, 11/21/23‡		31,240,000		31,148,536
5.37%, 11/24/23‡		85,000,000		84,710,583
5.38%, 11/28/23‡		20,000,000		19,920,050
5.36%, 11/30/23‡		120,000,000		119,485,368
5.40%, 12/05/23‡		40,000,000		39,799,778
5.33%, 12/07/23‡		90,000,000		89,523,000
5.39%, 12/12/23‡		50,000,000		49,695,774
5.33%, 12/14/23‡		120,000,000		119,258,700
5.37%, 12/19/23‡		80,000,000		79,432,000
5.40%, 12/28/23‡		40,000,000		39,662,433
5.41%, 01/11/24‡		41,320,000		40,884,832
5.43%, 01/16/24‡		40,000,000		39,549,911
5.47%, 02/01/24‡		40,000,000		39,461,583
5.45%, 02/13/24‡		60,000,000		59,071,800
5.45%, 02/20/24‡		60,000,000		59,009,325
5.43%, 02/27/24‡		80,000,000		78,601,045
5.56%, 05/02/24‡		39,580,000		38,515,474
TOTAL U.S. TREASURY BILLS			$	1,486,182,007
U.S. TREASURY NOTES – 8.4%
(U.S. Treasury 3 Month Bill Money Market Yield -0.02%), 5.37%, 01/31/24Δ		22,975,000		22,975,000
(U.S. Treasury 3 Month Bill Money Market Yield -0.08%), 5.31%, 04/30/24Δ		25,000,000		24,995,021
(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.42%, 07/31/24Δ		50,000,000		49,990,161
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.52%, 10/31/24Δ		40,000,000		40,018,839

Description	Par Value		Value
(U.S. Treasury 3 Month Bill Money Market Yield + 0.13%), 5.51%, 07/31/25Δ	$	30,000,000	$	29,977,969
TOTAL U.S. TREASURY NOTES			$	167,956,990
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,654,138,997)			$	1,654,138,997
	Number of Shares
MONEY MARKET FUNDS – 2.0%
Blackrock Liquidity Funds T-Fund, Institutional Shares, 5.24%^		23,328,049		23,328,049
Goldman Sachs Financial Square Treasury Obligations Fund, Institutional Shares, 5.26%^		16,565,558		16,565,558
TOTAL MONEY MARKET FUNDS (COST $39,893,607)			$	39,893,607
	Par Value
REPURCHASE AGREEMENTS – 25.4%
Deutsche Bank Securities, Inc., 5.30%, dated 10/31/23, due 11/1/23, repurchase price $55,008,097, collateralized by U.S. Treasury Securities, 3.00% to 4.25%, maturing 11/15/40 to 11/15/52; total market value $56,100,027.	$	55,000,000		55,000,000
FICC Bank of New York, 5.30%, dated 10/31/23, due 11/1/23, repurchase price $200,029,444, collateralized by U.S. Treasury Security, 4.00%, maturing 11/15/42; total market value $204,000,008.		200,000,000		200,000,000

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS        6

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

Description	Par Value		Value
Mizuho Securities USA, 5.30%, dated 10/31/23, due 11/1/23, repurchase price $100,014,722, collateralized by U.S. Treasury Securities, 0.25% to 4.63%, maturing 11/15/23 to 09/30/30; total market value $102,000,024.	$	100,000,000	$	100,000,000
TD Securities, Inc., 5.30%, dated 10/31/23, due 11/1/23, repurchase price $150,022,083, collateralized by U.S. Treasury Securities, 2.00% to 4.00%, maturing 11/15/24 to 2/28/30; total market value $153,000,097.		150,000,000		150,000,000
TOTAL REPURCHASE AGREEMENTS (COST $505,000,000)			$	505,000,000
TOTAL INVESTMENTS – 110.4% (COST $2,199,032,604)			$	2,199,032,604
OTHER ASSETS LESS LIABILITIES – (10.4)%				(206,776,420	)
TOTAL NET ASSETS – 100.0%			$	1,992,256,184

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, 2023 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	1,654,138,997		$—	$	1,654,138,997
Money Market Funds		39,893,607		—		—		39,893,607
Repurchase Agreements		—		505,000,000		—		505,000,000
Total	$	39,893,607	$	2,159,138,997		$—	$	2,199,032,604

‡ 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

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

7        STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)	Wilmington U.S. Government Money Market Fund				Wilmington U.S. Treasury Money Market Fund
ASSETS:
Investments, at identified cost		$	10,921,027,429			$	2,199,032,604
Investments in securities, at value (including repurchase agreements of $ 3,230,000,000 and $ 505,000,000, respectively)		$	10,921,027,429			$	2,199,032,604
Income receivable			16,026,488				241,972
Receivable for shares sold			1,694,307				7,767
Prepaid assets			85,846				46,440
TOTAL ASSETS			10,938,834,070				2,199,328,783
LIABILITIES:
Payable for investments purchased			691,195,594				197,235,757
Income distribution payable			42,381,493				8,873,447
Payable for shares redeemed			312,046				22,109
Payable for Trustees’ fees			2,984				2,984
Payable for administration fees			242,748				51,760
Payable for distribution services fees			290,508				90,203
Payable for shareholder services fees			690,675				128,388
Payable for investment advisory fees			1,630,983				326,334
Other accrued expenses			1,000,848				341,617
TOTAL LIABILITIES			737,747,879				207,072,599
NET ASSETS		$	10,201,086,191			$	1,992,256,184
NET ASSETS CONSIST OF:
Paid-in capital		$	10,201,254,103			$	1,992,260,181
Distributable earnings (loss)			(167,912	)			(3,997	)
TOTAL NET ASSETS		$	10,201,086,191			$	1,992,256,184
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets		$	933,476,364			$	266,836,780
Shares outstanding (unlimited shares authorized)			933,741,130				266,873,151
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Institutional Class
Net Assets		$	2,692,341,532			$	612,074,964
Shares outstanding (unlimited shares authorized)			2,692,456,885				612,077,242
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Select Class
Net Assets		$	5,986,525,466			$	1,113,150,383
Shares outstanding (unlimited shares authorized)			5,987,072,868				1,113,170,619
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Service Class
Net Assets		$	588,742,829			$	194,057
Shares outstanding (unlimited shares authorized)			588,715,614				194,051
Net Asset Value and Offering Price per share		$	1.000			$	1.000

See Notes which are an integral part of the Financial Statements

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS        8

Six Months Ended October 31, 2023 (unaudited)	Wilmington  U.S. Government  Money Market Fund				Wilmington  U.S. Treasury  Money Market  Fund
INVESTMENT INCOME:
Dividends		$	3,438,617			$	942,202
Interest			257,928,229				55,262,572
TOTAL INVESTMENT INCOME			261,366,846				56,204,774
EXPENSES:
Investment advisory fees			12,358,528				2,663,780
Administration fees			1,421,600				306,489
Portfolio accounting and administration fees			873,130				191,855
Custodian fees			68,460				37,745
Transfer and dividend disbursing agent fees and expenses			83,901				16,445
Trustees’ fees			31,346				31,346
Professional fees			88,475				60,303
Distribution services fee—Administrative Class			1,044,218				426,236
Distribution services fee—Service Class			712,155				230
Shareholder services fee—Administrative Class			1,044,218				426,236
Shareholder services fee—Select Class			7,504,964				1,530,978
Shareholder services fee—Service Class			712,155				230
Share registration costs			25,419				23,224
Printing and postage			18,031				6,466
Miscellaneous			189,308				57,881
TOTAL EXPENSES			26,175,908				5,779,444
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(2,799,671	)			(731,754	)
Waiver of shareholder services fee—Administrative Class			(626,531	)			(255,741	)
Waiver of shareholder services fee—Select Class			(4,502,979	)			(918,587	)
TOTAL WAIVERS AND REIMBURSEMENTS			(7,929,181	)			(1,906,082	)
Net expenses			18,246,727				3,873,362
Net investment income			243,120,119				52,331,412
REALIZED GAIN (LOSS):
Net realized gain (loss) on investments			—				(1	)
Net realized gain (loss)			—				(1	)
Change in net assets resulting from operations		$	243,120,119			$	52,331,411

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

9        STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023				Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	243,120,119		$	237,470,507			$	52,331,412		$	50,061,916
Net realized gain (loss)		—			(143,767	)			(1	)		4,134
Change in net assets resulting from operations		243,120,119			237,326,740				52,331,411			50,066,050
DISTRIBUTIONS TO SHAREHOLDERS:
Administrative Class		(19,624,464	)		(23,684,619	)			(8,015,921	)		(7,575,585	)
Institutional Class		(62,431,083	)		(67,361,005	)			(14,211,314	)		(13,181,142	)
Select Class		(148,149,160	)		(133,401,248	)			(30,159,043	)		(29,245,861	)
Service Class		(12,914,912	)		(13,029,293	)			(4,171	)		(5,385	)
Total distributions to shareholders		(243,119,619	)		(237,476,165	)			(52,390,449	)		(50,007,973	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		2,781,872,695			4,327,979,078				689,855,655			1,037,004,831
Institutional Class		3,415,966,129			4,860,190,455				1,133,913,882			1,529,792,034
Select Class		6,015,812,875			11,030,810,421				1,155,028,096			3,092,875,204
Service Class		989,417,795			1,807,227,793				24,000			22,000
Distributions reinvested
Administrative Class		2,372			2,486				9,113			11,321
Institutional Class		334,996			393,739				—			27
Select Class		1,275,045			1,275,369				950,371			1,113,247
Service Class		264,619			396,269				4,171			5,095
Cost of shares redeemed
Administrative Class		(2,621,734,458	)		(4,718,367,228	)			(661,392,720	)		(1,134,788,568	)
Institutional Class		(3,193,622,286	)		(4,147,644,156	)			(1,033,647,453	)		(1,360,810,004	)
Select Class		(6,093,288,690	)		(8,966,460,438	)			(1,165,470,607	)		(2,587,200,392	)
Service Class		(1,046,913,197	)		(1,662,638,272	)			—			(151,512	)
Change in net assets resulting from share transactions		249,387,895			2,533,165,516				119,274,508			577,873,283
Change in net assets		249,388,395			2,533,016,091				119,215,470			577,931,360
NET ASSETS:
Beginning of period		9,951,697,796			7,418,681,705				1,873,040,714			1,295,109,354
End of period	$	10,201,086,191		$	9,951,697,796			$	1,992,256,184		$	1,873,040,714
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		2,781,872,695			4,327,979,078				689,855,655			1,037,004,831
Institutional Class		3,415,966,129			4,860,190,455				1,133,913,882			1,529,792,034
Select Class		6,015,812,875			11,030,810,421				1,155,028,096			3,092,875,204
Service Class		989,417,795			1,807,227,793				24,000			22,000
Distributions reinvested
Administrative Class		2,372			2,486				9,113			11,321
Institutional Class		334,996			393,739				—			27
Select Class		1,275,045			1,275,369				950,371			1,113,247
Service Class		264,619			396,269				4,171			5,095
Shares redeemed
Administrative Class		(2,621,734,458	)		(4,718,367,228	)			(661,392,720	)		(1,134,788,568	)
Institutional Class		(3,193,622,286	)		(4,147,644,156	)			(1,033,647,453	)		(1,360,810,004	)
Select Class		(6,093,288,690	)		(8,966,460,438	)			(1,165,470,607	)		(2,587,200,392	)
Service Class		(1,046,913,197	)		(1,662,638,272	)			—			(151,512	)
Net change resulting from share transactions		249,387,895			2,533,165,516				119,274,508			577,873,283

See Notes which are an integral part of the Financial Statements

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS        10

For a share outstanding throughout each period:

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended      April 30, 2019
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		0.024			0.026			0.000	(a)		0.000	(a)		0.013			0.016
Net Realized Gain (Loss)		0.000			0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.024			0.026			0.000			0.000			0.013			0.016
Less Distributions From:
Net Investment Income		(0.024	)		(0.026	)		(0.000	)(a)		(0.000	)(a)		(0.013	)		(0.016	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		2.38	%(b)		2.59	%		0.02	%		0.01	%		1.21	%		1.57	%
Net Assets, End of Period (000’s)	$	933,476		$	773,332		$	1,163,736		$	1,728,081		$	1,509,322		$	1,297,285
Ratios to Average Net Assets
Gross Expense(c)		0.81	%(d)		0.81	%		0.81	%		0.81	%		0.81	%		0.82	%
Net Expense(c),(e)		0.60	%(d)		0.54	%		0.08	%		0.15	%		0.61	%		0.62	%
Net Investment Income		4.70	%(d)		2.42	%		0.02	%		0.01	%		1.18	%		1.57	%
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended      April 30, 2019
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		0.025			0.029			0.000	(a)		0.000	(a)		0.016			0.019
Net Realized Gain (Loss)		0.000			0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.025			0.029			0.000			0.000			0.016			0.019
Less Distributions From:
Net Investment Income		(0.025	)		(0.029	)		(0.000	)(a)		(0.000	)(a)		(0.016	)		(0.019	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		2.56	%(b)		2.90	%		0.02	%		0.02	%		1.56	%		1.92	%
Net Assets, End of Period (000’s)	$	2,692,342		$	2,469,665		$	1,756,769		$	1,735,456		$	1,745,742		$	427,114
Ratios to Average Net Assets
Gross Expense(c)		0.31	%(d)		0.31	%		0.31	%		0.31	%		0.31	%		0.32	%
Net Expense(c),(e)		0.25	%(d)		0.25	%		0.08	%		0.14	%		0.27	%		0.27	%
Net Investment Income		5.04	%(d)		2.96	%		0.02	%		0.01	%		1.39	%		1.92	%
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended      April 30, 2019
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		0.025			0.028			0.000	(a)		0.000	(a)		0.015			0.018
Net Realized Gain (Loss)		0.000			0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.025			0.028			0.000			0.000			0.015			0.018
Less Distributions From:
Net Investment Income		(0.025	)		(0.028	)		(0.000	)(a)		(0.000	)(a)		(0.015	)		(0.018	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		2.51	%(b)		2.81	%		0.02	%		0.02	%		1.46	%		1.82	%
Net Assets, End of Period (000’s)	$	5,986,525		$	6,062,727		$	3,997,179		$	4,168,651		$	4,912,640		$	4,410,116
Ratios to Average Net Assets
Gross Expense(c)		0.56	%(d)		0.56	%		0.56	%		0.56	%		0.56	%		0.57	%
Net Expense(c),(e)		0.35	%(d)		0.34	%		0.08	%		0.15	%		0.37	%		0.37	%
Net Investment Income		4.94	%(d)		2.91	%		0.02	%		0.01	%		1.42	%		1.82	%

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

11                    FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended     April 30, 2019
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		0.023			0.024			0.000	(a)		0.000	(a)		0.011			0.014
Net Realized Gain (Loss)		0.000			0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.023			0.024			0.000			0.000			0.011			0.014
Less Distributions From:
Net Investment Income		(0.023	)		(0.024	)		(0.000	)(a)		(0.000	)(a)		(0.011	)		(0.014	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		2.30	%(b)		2.43	%		0.01	%		0.01	%		1.08	%		1.42	%
Net Assets, End of Period (000’s)	$	588,743		$	645,974		$	500,998		$	1,190,711		$	1,168,185		$	1,191,211
Ratios to Average Net Assets
Gross Expense(c)		0.81	%(d)		0.81	%		0.81	%		0.81	%		0.81	%		0.82	%
Net Expense(c),(e)		0.75	%(d)		0.72	%		0.08	%		0.15	%		0.74	%		0.77	%
Net Investment Income		4.53	%(d)		2.49	%		0.01	%		0.01	%		1.07	%		1.41	%

(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

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued)                    12

For a share outstanding throughout each period:

WILMINGTON U.S. TREASURY MONEY MARKET FUND
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
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		0.024			0.026			0.000	(a)		0.000	(a)		0.013			0.016
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		0.024			0.026			0.000			0.000			0.013			0.016
Less Distributions From:
Net Investment Income		(0.024	)		(0.026	)		(0.000	)(a)		(0.000	)(a)		(0.013	)		(0.016	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		2.38	%(b)		2.59	%		0.02	%		0.01	%		1.20	%		1.58	%
Net Assets, End of Period (000’s)	$	266,837		$	238,372		$	336,133		$	361,438		$	360,463		$	283,323
Ratios to Average Net Assets
Gross Expense(c)		0.82	%(d)		0.83	%		0.82	%		0.82	%		0.83	%		0.83	%
Net Expense(c),(e)		0.60	%(d)		0.54	%		0.07	%		0.14	%		0.59	%		0.60	%
Net Investment Income		4.70	%(d)		2.40	%		0.02	%		0.01	%		1.15	%		1.54	%

	Six Months Ended October 31, 2023			Year Ended April 30, 2023			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		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.025			0.029			0.000	(a)		0.000	(a)		0.007
Net Realized Gain (Loss)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.025			0.029			0.000			0.000			0.007
Less Distributions From:
Net Investment Income		(0.025	)		(0.029	)		(0.000	)(a)		(0.000	)(a)		(0.007	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		2.56	%(b)		2.90	%		0.02	%		0.02	%		0.61	%(b)
Net Assets, End of Period (000’s)	$	612,075		$	511,825		$	342,827		$	201,157		$	50,788
Ratios to Average Net Assets
Gross Expense(c)		0.32	%(d)		0.33	%		0.32	%		0.32	%		0.32	%(d)
Net Expense(c),(e)		0.25	%(d)		0.25	%		0.09	%		0.12	%		0.25	%(d)
Net Investment Income		5.02	%(d)		3.04	%		0.02	%		0.01	%		1.18	%(d)

	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
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		0.025			0.028			0.000	(a)		0.000	(a)		0.015			0.018
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		0.025			0.028			0.000			0.000			0.015			0.018
Less Distributions From:
Net Investment Income		(0.025	)		(0.028	)		(0.000	)(a)		(0.000	)(a)		(0.015	)		(0.018	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		2.50	%(b)		2.81	%		0.02	%		0.02	%		1.44	%		1.83	%
Net Assets, End of Period (000’s)	$	1,113,150		$	1,122,678		$	615,858		$	816,980		$	992,205		$	1,203,639
Ratios to Average Net Assets
Gross Expense(c)		0.57	%(d)		0.58	%		0.57	%		0.57	%		0.58	%		0.58	%
Net Expense(c),(e)		0.35	%(d)		0.34	%		0.08	%		0.15	%		0.35	%		0.35	%
Net Investment Income		4.92	%(d)		2.95	%		0.02	%		0.02	%		1.45	%		1.85	%

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

13                FINANCIAL HIGHLIGHTS (concluded)

	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended     April 30, 2019
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		0.023			0.024			0.000	(a)		0.000	(a)		0.011			0.014
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		0.023			0.024			0.000			0.000			0.011			0.014
Less Distributions From:
Net Investment Income		(0.023	)		(0.024	)		(0.000	)(a)		(0.000	)(a)		(0.011	)		(0.014	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return		2.30	%(b)		2.43	%		0.01	%		0.01	%		1.07	%		1.43	%
Net Assets, End of Period (000’s)	$	194		$	166		$	290		$	111		$	188		$	85
Ratios to Average Net Assets
Gross Expense(c)		0.82	%(d)		0.83	%		0.82	%		0.83	%		0.84	%		0.83	%
Net Expense(c),(e)		0.75	%(d)		0.71	%		0.09	%		0.17	%		0.70	%		0.75	%
Net Investment Income		4.53	%(d)		2.16	%		0.01	%		0.01	%		0.97	%		1.40	%

(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

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS         14

Wilmington Funds

October 31, 2023 (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, 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.

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

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

15        NOTES TO FINANCIAL STATEMENTS (continued)

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

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

At October 31, 2023, 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
Deutsche Bank Securities, Inc.	$	165,000,000		$	165,000,000		$	—	$	—
Federal Reserve Bank of New York		2,575,000,000			2,575,000,000			—		—
FICC Bank of New York		200,000,000			200,000,000			—		—
TD Securities, Inc.		290,000,000			290,000,000			—		—
	$	3,230,000,000		$	3,230,000,000		$	—	$	—
U.S. Treasury Money Market Fund
Deutsche Bank Securities, Inc.	$	55,000,000		$	55,000,000		$	—	$	—
FICC Bank of New York		200,000,000			200,000,000			—		—
Mizuho Securities USA		100,000,000			100,000,000			—		—
TD Securities, Inc.		150,000,000			150,000,000			—		—
	$	505,000,000		$	505,000,000		$	—	$	—

⁽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, 2023.

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.

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)        16

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 provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2024, 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 Funds’ 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%

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, 2023, 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.

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

17        NOTES TO FINANCIAL STATEMENTS (continued)

For the six months ended October 31, 2023, 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	$1,748,260
U.S. Treasury Money Market Fund	427,192

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 Shareholder 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, 2023, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

	Shareholder
	Services
Fund	Fees
U.S. Government Money Market Fund	$4,107,486
U.S. Treasury Money Market Fund	766,028

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 27, 2024.

The Funds did not utilize the LOC during the six months ended October 31, 2023.

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (concluded)        18

8. NEW REGULATORY PRONOUNCEMENT

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds. The rule and form amendments will require mutual funds to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The compliance date for the amendments is for shareholder reports filed on or after July 24, 2024.

9. SUBSEQUENT EVENTS

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

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

19

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 26-27, 2023 (the “September Meeting”), the Board 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 24, 2023, 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 Wilmington Global Alpha Equities Fund, Wilmington International Fund and Wilmington Real Asset Fund (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 that was sent on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

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

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

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

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment performance, 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. The Board generally concluded that, for each Fund, the consideration of each factor above supported the renewal of each Advisory Agreement.

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 outperformed the Lipper Institutional U.S. Government Money Market Funds peer group average for each of the one-, three- and five-year periods ended June 30, 2023. The Board also

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

Semi-Annual Report        20

considered that the Fund outperformed the iMoneyNet, Inc. Government and Agency Institutional Average for each of the one- and three-year periods ended June 30, 2023, and underperformed by one basis point in the five-year period.

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 outperformed the Lipper Institutional U.S. Treasury Money Market Funds peer group average for each of the one-, three- and five-year periods ended June 30, 2023. The Board also considered that the Fund outperformed the iMoneyNet, Inc. Treasury and Repo Institutional Average for each of the one- and three-year periods ended June 30, 2023, and matched the performance in the five-year period.

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, 2023 (unaudited)

21

Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.

PORTFOLIO SCHEDULE

The Funds file a complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Funds’ Form N-MFPs are available on the SEC’s website at www.sec.gov.

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, 2023 (unaudited) / SEMI-ANNUAL REPORT

22

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 1, 2023

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, 2023 (unaudited)

23

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 information from the Funds by e-mail, it is our policy to include instructions in all e-mail 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 Notice is March 1, 2023. We reserve the right to modify this Notice at any time. When it is revised, reviewed 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 Notice.

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

[This Page Intentionally Left Blank]

	Investment Advisor	Distributor
	Wilmington Funds Management Corp.	ALPS Distributors, Inc.
	1100 North Market Street	1290 Broadway, Suite 1100
	9th Floor	Denver, CO 80203
	Wilmington, DE 19890	Fund Accountant, Co-Administrator, Transfer Agent 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-1023
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 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	36
Other Information	38

[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, 2023, through October 31, 2023. 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 proved challenging as higher interest rates continued to pass through into the economy. There were, however, areas of improvement as consumer prices showed broad based disinflation as evidenced by the closely monitored U.S. Consumer Price Index (“CPI”) which declined from 4.9% year-over-year to 3.2% year-over-year in October (reported in November). The labor market softened as the October payrolls number declined to 150,000 and wage pressures continued to relent, boosting the likelihood of an economic soft landing. Labor unions made major headlines during the period as the Writers Guild of America (WGA) reached a labor agreement with Hollywood studios, ending a five-month strike. In addition, thousands of United Auto Workers (UAW) walked off factory floors across 20 states. In late October, UAW members reached a tentative agreement with the Detroit Three automakers (Ford, General Motors, and Stellantis) after securing 25% pay increases over the next 4¹⁄₂ years. It’s estimated that the strikes cost the automakers several billion dollars in lost production.

The Federal Reserve (the “Fed”) raised interest rates by 25 basis points1 twice during the period, in May and July, but encouragingly left rates unchanged since as inflation dropped closer to the Fed’s 2% target level and the U.S. economy showed signs of slowing. Consumers remained in focus as retail sales largely came in better-than-expected despite excess savings being drained from the economy. Signs of weakening consumers became apparent in high frequency data as delinquency rates ticked up across several categories, though not yet to alarming levels. In addition, millions of student loan borrowers resumed monthly payments starting in October. Despite much of the noise, consumer spending was the largest contributor to growth of the U.S. economy in Q3 (defined as June 30-September 30) which surged 4.9% on a quarter-over-quarter basis. The surprise Gross Domestic Product (“GDP”) print was also helped by the inventories line item which suggested that companies undertook massive restocking efforts. The inventory component of GDP is notoriously volatile, and it is the firm view that growth will likely slow sharply in Q4 as a “give back” for the strong numbers in Q3.

Abroad, the economic picture continued to deteriorate. In Europe, activity in both the services and manufacturing economies continues to lose momentum as evidenced by Purchasing Managers Index (PMI) data materially below 50 and Eurozone GDP which contracted in Q3. There was positive news on the inflationary front as the economic contraction led to the lowest inflation reading since July 2021 (2.9%). Deflationary energy prices, in part driven by base effects, and easing food price inflation were the main driver of the decline in the headline inflation rate. The positive inflationary developments are likely to cast doubt on the European Central Bank’s (ECB) “higher for longer approach” to interest rates. Risks remain across the Eurozone as the war in Ukraine showed no signs of relenting and instability across China, a major European trading partner, could prolong growth concerns. Geopolitics remained a pressing concern during the period following attacks by the terrorist organization, known as Hamas, on Israeli civilians. The Israeli Defense Forces launched counterattacks into Gaza and the conflict remains ongoing.

In Asia, China’s teetering property market continued to sap investors’ risk appetite across the region. One of China’s largest developers, Country Garden Holdings, fought to stave off default amid a slump in property sales. In addition, China’s youth unemployment rate reached a record high of 21.3% in June, after rising for the first five months of the calendar year. Following the dismal June report, the Chinese government decided to suspend future data releases indefinitely.

Bond markets

Fixed income markets declined significantly during the period as yields pushed higher across the curve. The 10-year Treasury yield advanced 136 basis points to 4.93% while the 2-year Treasury yield pushed 95 basis points higher ending the period at 5.09%. Overall, the Bloomberg U.S. Aggregate Bond Index declined 6.1% in what was a difficult environment for fixed income assets. As for yield curve slopes, the 10y-minus-2y remained negative at -16 basis points but steepened after being inverted by 106 basis points in June. The 10y-minus-3m slope ended the period in deeply inverted territory at -71 basis points. Volatility in the bond market remained heightened, as measured by the MOVE Index, a gauge in volatility in the Treasury market, ending the period at 126.9 compared to its five-year average of 83.9, but volatility decreased significantly following the banking turmoil in March.

PRESIDENT’S MESSAGE / October 31, 2023 (unaudited)

ii

For the six-month period May 1, 2023 to October 31, 2023, 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
-6.05%	-6.13%	-5.77%	-4.65%	0.02%

Past performance is no guarantee of future results.

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

Equity markets

Equity markets were a mixed bag as the performance of U.S. large-cap stocks was driven by a handful of mega cap tech companies. Overall, the S&P 500 gained 1.4% while the so called “magnificent 7” stocks increased 20.8% during the period. The magnificent 7 includes companies such as Apple, Microsoft, Nvidia, and Alphabet which benefitted from their strong balance sheets and investor enthusiasm around artificial intelligence (“AI”). Elsewhere in markets, U.S. small-cap stocks (as measured by the Russell 2000 index) declined 5.3% as higher interest rates continued to weigh on the smaller and less profitable companies. In international markets, returns were dismal with developed and emerging market equities down 7.9% and 4.8%, respectively.

For the six-month period May 1, 2023 to October 31, 2023, certain stock market indices performed as follows:

S&P 500®             Index8	Russell 2000® Index9	MSCI EAFE (Net) Index10	MSCI Emerging              Markets (Net) Index11
1.39%	-5.29%	-7.88%	-4.78%

Past performance is no guarantee of future results.

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

Sincerely,

Eric Taylor,

President

November 17, 2023

October 31, 2023 (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 the long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

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

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

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

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

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 24 Emerging Markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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, 2023 (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, 2023 to October 31, 2023.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

	Beginning Account Value 05/01/23	Ending Account Value 10/31/23	Expenses Paid During  Period(1)	Annualized Net Expense Ratio(2)
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A	$1,000.00	$   941.50	$3.71	0.76%
Class I	$1,000.00	$   943.00	$2.10	0.43%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,021.32	$3.86	0.76%
Class I	$1,000.00	$1,022.97	$2.19	0.43%
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A	$1,000.00	$   957.00	$3.59	0.73%
Class I	$1,000.00	$   958.30	$2.36	0.48%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,021.47	$3.71	0.73%
Class I	$1,000.00	$1,022.72	$2.44	0.48%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A	$1,000.00	$   954.40	$4.03	0.82%
Class I	$1,000.00	$   954.70	$2.80	0.57%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,021.01	$4.17	0.82%
Class I	$1,000.00	$1,022.27	$2.90	0.57%

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

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

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

2

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At October 31, 2023, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		39.0	%
U.S. Treasury Obligations		32.6	%
Mortgage-Backed Securities		22.8	%
Government Agencies		3.0	%
Municipal Bond		0.3	%
Collateralized Mortgage Obligations		0.0	%(1)
Adjustable Rate Mortgage		0.0	%(1)
Cash Equivalents(2)		1.5	%
Cash Collateral Invested for Securities on Loan(3)		3.3	%
Other Assets and Liabilities - Net(4)		(2.5	)%
TOTAL		100.0	%

Credit Quality Diversification(5)	Percentage of Total Net Assets
U.S. Government Agency Securities		22.8	%
U.S. Treasury		32.6	%
AA / Aa		3.1	%
A / A		7.9	%
BBB / Baa		30.0	%
BB / Ba		0.9	%
B / B		0.4	%
Not Rated		4.8	%
Other Assets and Liabilities - Net(4)		(2.5	)%
TOTAL		100.0	%

⁽¹⁾  Represents less than 0.05%.

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

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

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

⁽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, 2023 (unaudited)

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 612514, (RFUCCT1Y + 1.72%, Cap 9.04%, Floor 1.72%), 5.47%, 05/01/33Δ	$	5,306	$	5,371
TOTAL ADJUSTABLE RATE MORTGAGE (COST $5,298)			$	5,371
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Series 2005-29, Class WC, 4.75%, 04/25/35		5,211		5,113
WHOLE LOAN – 0.0%**
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 4.17%, 02/25/34Δ		23,767		22,663
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.81%, 11/25/35Δ		14,649		14,884
TOTAL WHOLE LOAN			$	37,547
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $43,426)			$	42,660

Description	Par Value		Value
CORPORATE BONDS – 39.0%
AEROSPACE & DEFENSE – 1.9%
Boeing Co. (The), Sr. Unsecured 1.95%, 02/01/24	$	3,050,000	$	3,020,008
1.43%, 02/04/24		2,500,000		2,470,627
2.75%, 02/01/26		2,000,000		1,864,088
3.20%, 03/01/29		150,000		129,795
L3Harris Technologies, Inc., Sr. Unsecured,
2.90%, 12/15/29		835,000		701,990
Northrop Grumman Corp., Sr. Unsecured
2.93%, 01/15/25		1,000,000		966,110
4.03%, 10/15/47		1,765,000		1,283,346
TOTAL AEROSPACE & DEFENSE			$	10,435,964
AUTOMOTIVE – 2.1%
Ford Motor Credit Co. LLC, Sr. Unsecured 3.37%, 11/17/23		1,000,000		998,932
5.58%, 03/18/24		1,250,000		1,244,230
5.13%, 06/16/25		1,500,000		1,461,137
2.90%, 02/16/28		250,000		213,497
General Motors Co., Sr. Unsecured, 6.25%, 10/02/43		1,000,000		858,095

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

3 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
General Motors Financial Co., Inc., Sr.
Unsecured
1.05%, 03/08/24	$	100,000	$	98,152
2.90%, 02/26/25		230,000		219,625
1.25%, 01/08/26		1,000,000		895,521
1.50%, 06/10/26		3,000,000		2,646,220
Mercedes-Benz Finance North America LLC, Company Guaranteed,
0.75%, 03/01/24W		3,000,000		2,950,228
TOTAL AUTOMOTIVE			$	11,585,637
BEVERAGES – 0.6%
Anheuser-Busch Cos. LLC, Company
Guaranteed,
4.90%, 02/01/46		1,125,000		934,506
Keurig Dr. Pepper, Inc., Company Guaranteed
0.75%, 03/15/24		1,490,000		1,461,195
3.20%, 05/01/30		775,000		654,037
TOTAL BEVERAGES			$	3,049,738
BIOTECHNOLOGY – 0.2%
Amgen, Inc., Sr. Unsecured,
5.65%, 03/02/53		1,280,000		1,129,788
BUILDING PRODUCTS – 0.2%
Carrier Global Corp., Sr. Unsecured
2.24%, 02/15/25		418,000		397,856
2.49%, 02/15/27		56,000		50,093
Johnson Controls International PLC, Sr.
Unsecured
3.63%, 07/02/24ÿ		373,000		366,787
4.63%, 07/02/44		100,000		77,106
TOTAL BUILDING PRODUCTS			$	891,842
CAPITAL MARKETS – 2.9%
Bank of New York Mellon Corp. (The),
Subordinated, MTN,
3.00%, 10/30/28		775,000		668,841
Goldman Sachs Group, Inc. (The), Sr.
Unsecured
(3 Month Term SOFR + 1.46%), 3.27%, 09/29/25Δ		1,010,000		980,546
(3 Month Term SOFR + 1.77%), 3.69%, 06/05/28Δ		2,080,000		1,899,292
(SOFR + 1.25%), 2.38%, 07/21/32Δ		1,115,000		832,570
Morgan Stanley, Sr. Unsecured, (SOFR + 0.72%),
0.99%, 12/10/26Δ		175,000		155,036
Morgan Stanley, Sr. Unsecured, MTN
(SOFR + 0.46%), 5.80%, 01/25/24Δ		3,000,000		2,996,563
3.13%, 07/27/26		340,000		313,852
(SOFR + 3.12%), 3.62%, 04/01/31Δ		890,000		756,787
Morgan Stanley, Subordinated, GMTN,
4.35%, 09/08/26		505,000		477,740
PNC Financial Services Group, Inc. (The), Sr. Unsecured, (SOFR + 1.32%),
5.81%, 06/12/26Δ		1,125,000		1,108,665
Toronto-Dominion Bank (The), Sr.
Unsecured, GMTN,
3.25%, 03/11/24#		275,000		272,282

Description	Par Value		Value
Truist Financial Corp., Sr. Unsecured, MTN, (SOFR + 2.36%),
5.87%, 06/08/34Δ	$	1,500,000	$	1,367,588
U.S. Bancorp, Sr. Unsecured, (SOFR +
2.09%),
5.85%, 10/21/33Δ		4,400,000		4,050,420
TOTAL CAPITAL MARKETS			$	15,880,182
CHEMICALS – 0.2%
Sherwin-Williams Co. (The), Sr. Unsecured,
2.20%, 03/15/32#		1,480,000		1,101,297
COMMERCIAL SERVICES & SUPPLIES – 0.2%
Global Payments, Inc., Sr. Unsecured
2.65%, 02/15/25		275,000		262,350
2.90%, 05/15/30		1,000,000		803,515
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	1,065,865
COMPUTERS – 1.0%
Apple, Inc., Sr. Unsecured,
0.70%, 02/08/26		110,000		99,457
Hewlett Packard Enterprise Co., Sr.
Unsecured
1.45%, 04/01/24		150,000		147,198
6.10%, 04/01/26		5,000,000		4,993,487
TOTAL COMPUTERS			$	5,240,142
COSMETICS/PERSONAL CARE – 0.2%
Haleon U.S. Capital LLC, Company
Guaranteed,
3.02%, 03/24/24		1,000,000		989,028
DIVERSIFIED FINANCIAL SERVICES – 5.9%
American Express Co., Sr. Unsecured,
3.13%, 05/20/26		150,000		140,628
Bank of America Corp., Sr. Unsecured, MTN
(SOFR + 1.15%), 1.32%, 06/19/26Δ		250,000		230,002
3.25%, 10/21/27		1,095,000		988,872
(SOFR + 1.88%), 2.83%, 10/24/51Δ		250,000		137,261
Bank of America Corp., Subordinated, MTN,
4.25%, 10/22/26		1,000,000		944,311
Capital One Financial Corp., Sr. Unsecured,
3.90%, 01/29/24		250,000		248,506
Charles Schwab Corp. (The), Sr. Unsecured,
3.20%, 03/02/27		2,894,000		2,620,107
Citigroup, Inc., Sr. Unsecured, (SOFR + 0.77%),
1.12%, 01/28/27Δ		2,750,000		2,436,507
Citigroup, Inc., Subordinated,
4.13%, 07/25/28		1,900,000		1,705,254
Fifth Third Bancorp, Sr. Unsecured,
2.55%, 05/05/27		780,000		672,745
Fifth Third Bancorp, Subordinated,
4.30%, 01/16/24		780,000		775,460
FMR LLC, Sr. Unsecured,
6.45%, 11/15/39W		1,000,000		944,989
Huntington Bancshares, Inc., Sr. Unsecured,
2.63%, 08/06/24		4,325,000		4,202,432
JPMorgan Chase & Co., Series W, Jr.
Subordinated, (3 Month Term SOFR + 1.26%),
6.63%, 05/15/47Δ		1,000,000		851,488

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 4

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
JPMorgan Chase & Co., Sr. Unsecured
(SOFR + 0.92%), 2.60%, 02/24/26Δ	$	6,000,000	$	5,715,651
(3 Month Term SOFR + 1.59%), 2.01%,
03/13/26Δ		150,000		141,300
KeyCorp., Sr. Unsecured, MTN, (SOFR +
1.25%),
3.88%, 05/23/25Δ		1,980,000		1,900,986
PNC Bank NA, Subordinated, BKNT,
2.70%, 10/22/29		1,125,000		894,146
PNC Financial Services Group, Inc. (The), Sr. Unsecured,
3.45%, 04/23/29		100,000		86,453
PNC Financial Services Group, Inc. (The),
Subordinated,
3.90%, 04/29/24		1,700,000		1,678,698
Truist Bank, Sr. Unsecured, BKNT,
3.20%, 04/01/24		175,000		172,842
Truist Bank, Subordinated, BKNT
3.63%, 09/16/25		250,000		235,719
3.80%, 10/30/26		1,000,000		913,407
2.25%, 03/11/30		1,850,000		1,361,890
Wells Fargo & Co., Sr. Unsecured, (SOFR +
2.00%),
2.19%, 04/30/26Δ		1,170,000		1,102,224
Wells Fargo & Co., Sr. Unsecured, MTN,
(3 Month Term SOFR + 1.01%),
2.16%, 02/11/26Δ		140,000		132,451
Wells Fargo & Co., Subordinated, MTN,
4.40%, 06/14/46		1,000,000		701,102
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	31,935,431
ELECTRIC – 1.7%
American Electric Power Co., Inc., Series M,
Sr. Unsecured,
0.75%, 11/01/23		1,870,000		1,871,169
Dominion Energy, Inc., Series A, Sr.
Unsecured,
1.45%, 04/15/26		1,950,000		1,757,085
Entergy Arkansas LLC, 1st Mortgage,
4.95%, 12/15/44		1,000,000		802,237
Entergy Corp., Sr. Unsecured,
0.90%, 09/15/25		1,000,000		911,768
Exelon Corp., Sr. Unsecured,
4.70%, 04/15/50		2,000,000		1,513,135
FirstEnergy Corp., Series B, Sr. Unsecured,
4.15%, 07/15/27		800,000		740,707
Southern Co. (The), Series 21-B, Sr.
Unsecured,
1.75%, 03/15/28#		40,000		33,690
Union Electric Co., 1st Mortgage,
3.50%, 03/15/29		220,000		197,217
WEC Energy Group, Inc., Sr. Unsecured
1.38%, 10/15/27		750,000		634,043
1.80%, 10/15/30		1,150,000		863,622
TOTAL ELECTRIC			$	9,324,673
ENTERTAINMENT – 0.7%
Warnermedia Holdings, Inc., Company
Guaranteed,
5.14%, 03/15/52		5,000,000		3,539,725

Description	Par Value		Value
FOOD & STAPLES RETAILING – 1.3%
Campbell Soup Co., Sr. Unsecured,
3.30%, 03/19/25	$	2,050,000	$	1,971,220
Conagra Brands, Inc., Sr. Unsecured
1.38%, 11/01/27		200,000		166,660
5.40%, 11/01/48		665,000		533,185
Kroger Co. (The), Sr. Unsecured,
3.95%, 01/15/50#		1,000,000		676,790
McCormick & Co., Inc., Sr. Unsecured,
0.90%, 02/15/26		3,050,000		2,732,115
Mondelez International Holdings Netherlands
BV, Company Guaranteed,
0.75%, 09/24/24W		860,000		821,082
TOTAL FOOD & STAPLES RETAILING			$	6,901,052
GAS – 0.2%
Southern Co. Gas Capital Corp., Company
Guaranteed,
3.95%, 10/01/46		1,425,000		934,764
HEALTHCARE-PRODUCTS – 0.7%
DH Europe Finance II Sarl, Company
Guaranteed,
2.20%, 11/15/24		2,330,000		2,245,363
Zimmer Biomet Holdings, Inc., Sr.
Unsecured,
1.45%, 11/22/24		1,480,000		1,410,182
TOTAL HEALTHCARE-PRODUCTS			$	3,655,545
HEALTHCARE-SERVICES – 2.5%
Cardinal Health, Inc., Sr. Unsecured,
4.50%, 11/15/44		650,000		473,203
Cigna Group (The), Company Guaranteed,
4.80%, 07/15/46		1,000,000		799,709
Cigna Group (The), Sr. Unsecured
5.69%, 03/15/26		2,740,000		2,726,461
2.38%, 03/15/31		250,000		195,413
CommonSpirit Health, Sr. Secured
2.76%, 10/01/24		3,140,000		3,046,202
3.35%, 10/01/29		150,000		128,725
Elevance Health, Inc., Sr. Unsecured,
3.65%, 12/01/27		1,650,000		1,520,091
McKesson Corp., Sr. Unsecured,
5.25%, 02/15/26		2,745,000		2,713,132
NYU Langone Hospitals, Series 2020,
Secured,
3.38%, 07/01/55		1,000,000		598,110
UnitedHealth Group, Inc., Sr. Unsecured
2.95%, 10/15/27		1,350,000		1,228,704
3.95%, 10/15/42		290,000		215,968
TOTAL HEALTHCARE-SERVICES			$	13,645,718
HOME FURNISHINGS – 0.2%
Whirlpool Corp., Sr. Unsecured,
4.60%, 05/15/50#		1,405,000		1,011,707
INSURANCE – 1.3%
Aon Global Ltd., Company Guaranteed,
4.00%, 11/27/23		1,700,000		1,692,545
Berkshire Hathaway Finance Corp.,
Company Guaranteed,
4.30%, 05/15/43		425,000		342,029

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

5 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
CNA Financial Corp., Sr. Unsecured
7.25%, 11/15/23	$	200,000	$	200,000
3.95%, 05/15/24		950,000		937,031
Lincoln National Corp., Sr. Unsecured,
3.63%, 12/12/26#		1,380,000		1,255,621
Principal Life Global Funding II, Secured,
1.63%, 11/19/30W		250,000		183,960
W.R. Berkley Corp., Sr. Unsecured
4.75%, 08/01/44		1,715,000		1,315,585
4.00%, 05/12/50		1,425,000		958,604
TOTAL INSURANCE			$	6,885,375
MEDIA – 1.0%
CCO Holdings LLC, Sr. Unsecured,
4.25%, 02/01/31W		3,000,000		2,340,000
Discovery Communications LLC, Company
Guaranteed
3.95%, 03/20/28		1,000,000		902,778
3.63%, 05/15/30		1,000,000		833,208
Paramount Global, Sr. Unsecured
4.60%, 01/15/45		1,100,000		661,358
4.95%, 05/19/50		1,185,000		749,587
TOTAL MEDIA			$	5,486,931
MISCELLANEOUS MANUFACTURING – 0.4%
Textron, Inc., Sr. Unsecured
3.88%, 03/01/25		750,000		729,252
2.45%, 03/15/31#		2,000,000		1,557,161
TOTAL MISCELLANEOUS MANUFACTURING			$	2,286,413
OIL & GAS – 1.4%
Marathon Petroleum Corp., Sr. Unsecured,
3.63%, 09/15/24		745,000		729,571
Phillips 66, Company Guaranteed
0.90%, 02/15/24		1,065,000		1,049,293
3.85%, 04/09/25		575,000		559,378
Pioneer Natural Resources Co., Sr.
Unsecured
1.13%, 01/15/26		1,000,000		908,623
1.90%, 08/15/30		1,940,000		1,511,251
2.15%, 01/15/31		1,000,000		786,672
Valero Energy Corp., Sr. Unsecured
2.15%, 09/15/27		1,800,000		1,575,811
4.90%, 03/15/45#		563,000		441,654
TOTAL OIL & GAS			$	7,562,253
ONLINE RETAILER – 0.1%
Amazon.com, Inc., Sr. Unsecured
1.20%, 06/03/27		100,000		86,789
3.25%, 05/12/61		1,000,000		600,367
TOTAL ONLINE RETAILER			$	687,156
PHARMACEUTICALS – 1.8%
AbbVie, Inc., Sr. Unsecured
3.75%, 11/14/23		150,000		149,813
2.95%, 11/21/26		1,875,000		1,737,231
4.25%, 11/14/28		1,235,000		1,162,709
4.40%, 11/06/42		460,000		364,452
4.88%, 11/14/48		1,000,000		826,707

Description	Par Value		Value
4.25%, 11/21/49	$	1,000,000	$	752,797
AstraZeneca Finance LLC, Company
Guaranteed,
1.75%, 05/28/28		500,000		425,672
AstraZeneca PLC, Sr. Unsecured,
0.70%, 04/08/26		100,000		89,509
Becton Dickinson & Co., Sr. Unsecured,
1.96%, 02/11/31		100,000		76,060
Bristol-Myers Squibb Co., Sr. Unsecured,
3.40%, 07/26/29		310,000		278,528
CVS Health Corp., Sr. Unsecured
1.30%, 08/21/27		145,000		122,481
5.13%, 02/21/30		910,000		858,686
1.88%, 02/28/31		2,000,000		1,491,371
Pfizer, Inc., Sr. Unsecured,
2.63%, 04/01/30		650,000		543,141
Zoetis, Inc., Sr. Unsecured
3.00%, 09/12/27		125,000		113,613
3.95%, 09/12/47		1,005,000		718,640
TOTAL PHARMACEUTICALS			$	9,711,410
PIPELINES – 3.2%
Enbridge, Inc., Company Guaranteed, (SOFR
+0.63%),
5.97%, 02/16/24Δ		3,000,000		3,001,369
Energy Transfer LP, Sr. Unsecured
3.75%, 05/15/30		715,000		613,409
5.30%, 04/15/47		1,250,000		970,112
Enterprise Products Operating LLC,
Company Guaranteed
4.20%, 01/31/50		1,120,000		823,374
4.95%, 10/15/54		500,000		405,812
Kinder Morgan Energy Partners LP, Company
Guaranteed,
5.40%, 09/01/44		1,000,000		802,555
Kinder Morgan, Inc., Company Guaranteed
5.20%, 03/01/48		2,040,000		1,589,488
3.60%, 02/15/51		1,315,000		790,865
MPLX LP, Sr. Unsecured
4.70%, 04/15/48		1,000,000		724,221
4.95%, 03/14/52		1,000,000		742,426
ONEOK Partners LP, Company Guaranteed,
6.20%, 09/15/43		1,000,000		896,112
ONEOK, Inc., Company Guaranteed,
6.10%, 11/15/32		335,000		325,159
Spectra Energy Partners LP, Company
Guaranteed,
3.50%, 03/15/25		670,000		646,349
Targa Resources Corp., Company
Guaranteed,
6.13%, 03/15/33		2,900,000		2,778,306
Targa Resources Partners LP, Company
Guaranteed,
4.88%, 02/01/31		1,245,000		1,100,269
Williams Cos., Inc. (The), Sr. Unsecured,
3.50%, 10/15/51		1,485,000		898,176
TOTAL PIPELINES			$	17,108,002
REAL ESTATE INVESTMENT TRUSTS – 2.4%
American Tower Corp., Sr. Unsecured
5.00%, 02/15/24		665,000		662,621

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 6

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
3.13%, 01/15/27	$	1,000,000	$	908,052
4.05%, 03/15/32		1,000,000		839,216
3.10%, 06/15/50		1,500,000		827,257
AvalonBay Communities, Inc., Sr. Unsecured, MTN,
3.35%, 05/15/27		1,420,000		1,309,476
Healthcare Realty Holdings LP, Company
Guaranteed
3.88%, 05/01/25		1,215,000		1,146,982
3.63%, 01/15/28		1,100,000		973,309
Healthpeak OP LLC, Company Guaranteed
3.25%, 07/15/26		110,000		103,060
2.88%, 01/15/31		2,350,000		1,854,746
Ventas Realty LP, Company Guaranteed,
4.00%, 03/01/28		250,000		227,301
Welltower OP LLC, Company Guaranteed
3.63%, 03/15/24		250,000		247,197
4.00%, 06/01/25		3,000,000		2,905,497
4.95%, 09/01/48		1,000,000		779,287
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	12,784,001
RETAIL – 0.1%
Lowe’s Cos., Inc., Sr. Unsecured,
3.65%, 04/05/29		200,000		179,432
Nordstrom, Inc., Sr. Unsecured,
5.00%, 01/15/44		1,000,000		597,500
TOTAL RETAIL			$	776,932
SEMICONDUCTORS – 0.2%
Micron Technology, Inc., Sr. Unsecured,
2.70%, 04/15/32		1,500,000		1,115,704
SOFTWARE – 0.4%
Roper Technologies, Inc., Sr. Unsecured,
2.00%, 06/30/30		1,345,000		1,042,091
Workday, Inc., Sr. Unsecured,
3.50%, 04/01/27		1,385,000		1,287,122
TOTAL SOFTWARE			$	2,329,213
TELECOMMUNICATIONS – 1.5%
AT&T, Inc., Sr. Unsecured
0.90%, 03/25/24		2,125,000		2,077,893
4.50%, 05/15/35		845,000		700,734
3.55%, 09/15/55		1,423,000		826,549
T-Mobile USA, Inc., Company Guaranteed,
5.75%, 01/15/34		1,275,000		1,207,195
Verizon Communications, Inc., Sr. Unsecured
2.10%, 03/22/28		50,000		42,789
1.75%, 01/20/31		2,310,000		1,712,677
2.36%, 03/15/32		305,000		228,710
3.40%, 03/22/41		1,515,000		1,022,436
TOTAL TELECOMMUNICATIONS			$	7,818,983
TRANSPORTATION – 1.7%
FedEx Corp., Company Guaranteed,
2.40%, 05/15/31#		2,500,000		1,955,026
Ryder System, Inc., Sr. Unsecured, MTN
3.65%, 03/18/24		1,670,000		1,654,522
2.85%, 03/01/27		2,645,000		2,390,256
Union Pacific Corp., Sr. Unsecured
3.15%, 03/01/24		2,565,000		2,542,955

Description	Par Value		Value
4.30%, 03/01/49	$	675,000	$	506,017
TOTAL TRANSPORTATION			$	9,048,776
TRUCKING & LEASING – 0.8%
GATX Corp., Sr. Unsecured
3.25%, 09/15/26		1,570,000		1,452,758
3.85%, 03/30/27		1,500,000		1,385,272
4.00%, 06/30/30		1,000,000		861,341
5.20%, 03/15/44		640,000		507,153
TOTAL TRUCKING & LEASING			$	4,206,524
TOTAL CORPORATE BONDS (COST $240,006,399)			$	210,125,771
GOVERNMENT AGENCIES – 3.0%
FEDERAL HOME LOAN BANK (FHLB) – 1.2%
3.25%, 11/16/28#		6,960,000		6,445,360
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.6%
0.38%, 07/21/25#		9,250,000		8,522,057
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%
6.25%, 05/15/29#		750,000		794,117
7.25%, 05/15/30		400,000		445,953
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,240,070
TOTAL GOVERNMENT AGENCIES (COST $18,057,843)			$	16,207,487
MORTGAGE-BACKED SECURITIES – 22.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 8.6%
Pool C00478, 8.50%, 09/01/26		2,750		2,813
Pool E09010, 2.50%, 09/01/27		153,861		143,850
Pool G18497, 3.00%, 01/01/29		23,723		21,900
Pool C01272, 6.00%, 12/01/31		6,653		6,555
Pool A13990, 4.50%, 10/01/33		4,338		3,958
Pool G01625, 5.00%, 11/01/33		19,395		18,191
Pool A18401, 6.00%, 02/01/34		7,689		7,822
Pool QN1900, 3.00%, 04/01/35		657,958		598,493
Pool G08097, 6.50%, 11/01/35		12,068		12,826
Pool G02296, 5.00%, 06/01/36		49,235		47,579
Pool G02390, 6.00%, 09/01/36		4,594		4,712
Pool G05317, 5.00%, 04/01/37		195,900		188,581
Pool G08193, 6.00%, 04/01/37		9,034		9,136
Pool G03703, 5.50%, 12/01/37		5,522		5,512
Pool G04776, 5.50%, 07/01/38		18,320		17,622
Pool G05500, 5.00%, 05/01/39		184,351		177,123
Pool A93415, 4.00%, 08/01/40		239,349		212,759
Pool A93505, 4.50%, 08/01/40		306,849		282,954
Pool A93996, 4.50%, 09/01/40		231,533		213,502
Pool G06222, 4.00%, 01/01/41		365,462		329,836
Pool A97047, 4.50%, 02/01/41		233,507		209,588
Pool G06956, 4.50%, 08/01/41		233,025		209,157
Pool C03750, 3.50%, 02/01/42		101,259		86,947
Pool C03849, 3.50%, 04/01/42		55,144		49,336
Pool Q08305, 3.50%, 05/01/42		411,061		353,323
Pool C04305, 3.00%, 11/01/42		1,111,589		963,723
Pool C09020, 3.50%, 11/01/42		796,521		684,101
Pool G07266, 4.00%, 12/01/42		684,673		609,039
Pool C04444, 3.00%, 01/01/43		35,333		29,363

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

7 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Pool C09029, 3.00%, 03/01/43	$	150,093	$	123,473
Pool G08534, 3.00%, 06/01/43		184,995		152,187
Pool Q19476, 3.50%, 06/01/43		299,354		256,370
Pool C09044, 3.50%, 07/01/43		355,194		304,192
Pool G07889, 3.50%, 08/01/43		323,559		279,608
Pool G07624, 4.00%, 12/01/43		324,221		293,849
Pool G60038, 3.50%, 01/01/44		1,725,063		1,491,150
Pool G07680, 4.00%, 04/01/44		580,644		516,524
Pool G07943, 4.50%, 08/01/44		31,230		28,902
Pool G08607, 4.50%, 09/01/44		201,707		187,749
Pool Q33547, 3.50%, 05/01/45		272,005		228,481
Pool Q36970, 4.00%, 10/01/45		129,904		114,802
Pool G60384, 4.50%, 12/01/45		20,157		18,604
Pool Q39644, 3.50%, 03/01/46		842,562		714,787
Pool Q39438, 4.00%, 03/01/46		839,324		739,145
Pool G08705, 3.00%, 05/01/46		75,621		61,690
Pool G08708, 4.50%, 05/01/46		129,366		118,147
Pool ZS4671, 3.00%, 08/01/46		489,310		398,714
Pool Q44452, 3.00%, 11/01/46		711,972		580,792
Pool ZS4693, 3.00%, 12/01/46		1,355,458		1,104,454
Pool SD8037, 2.50%, 01/01/50		2,705,380		2,092,753
Pool RA2341, 2.50%, 04/01/50		2,338,350		1,800,707
Pool SD8104, 1.50%, 11/01/50		2,389,683		1,665,749
Pool RA4349, 2.50%, 01/01/51		1,204,233		939,636
Pool SD8141, 2.50%, 04/01/51		1,108,915		853,553
Pool SD8190, 3.00%, 01/01/52		2,154,395		1,736,974
Pool QE2363, 3.50%, 05/01/52		3,748,212		3,124,982
Pool RA7777, 4.50%, 08/01/52		3,217,801		2,879,289
Pool SD2066, 4.00%, 12/01/52		635,213		549,967
Pool SD3238, 5.50%, 12/01/52		2,067,055		1,962,428
Pool SD2617, 5.00%, 03/01/53		5,937,875		5,475,180
Pool RA8647, 4.50%, 05/01/53		2,345,322		2,096,515
Pool SD3786, 5.00%, 05/01/53		1,294,101		1,196,021
Pool RA9431, 5.50%, 07/01/53		3,437,611		3,271,922
Pool SD3745, 6.00%, 09/01/53		3,711,278		3,611,576
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	46,471,173
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 14.2%
Pool AE2520, 3.00%, 01/01/26		86,360		79,751
Pool 329794, 7.00%, 02/01/26		1,286		1,295
Pool 256639, 5.00%, 02/01/27		8,018		8,050
Pool 256752, 6.00%, 06/01/27		9,599		9,558
Pool 257007, 6.00%, 12/01/27		8,933		8,894
Pool 402255, 6.50%, 12/01/27		152		152
Pool AB8997, 2.50%, 04/01/28		44,644		41,331
Pool AS4480, 2.50%, 02/01/30		258,538		233,329
Pool AS7462, 2.50%, 06/01/31		125,897		110,813
Pool 254007, 6.50%, 10/01/31		3,266		3,355
Pool 254240, 7.00%, 03/01/32		10,381		10,274
Pool 638023, 6.50%, 04/01/32		29,833		30,569
Pool 642345, 6.50%, 05/01/32		18,794		19,265
Pool 651292, 6.50%, 07/01/32		41,032		41,937
Pool 686398, 6.00%, 03/01/33		47,792		48,794
Pool BP6496, 2.00%, 07/01/35		751,505		641,698
Pool MA4095, 2.00%, 08/01/35		946,479		808,162
Pool 745412, 5.50%, 12/01/35		14,529		14,562
Pool 888789, 5.00%, 07/01/36		78,971		75,703

Description	Par Value		Value
Pool 256515, 6.50%, 12/01/36	$	5,427	$	5,618
Pool AE0217, 4.50%, 08/01/40		37,563		34,493
Pool AB1796, 3.50%, 11/01/40		229,268		198,184
Pool AH5583, 4.50%, 02/01/41		100,525		92,571
Pool 890551, 4.50%, 08/01/41		23,728		22,005
Pool AL0658, 4.50%, 08/01/41		137,885		128,427
Pool AL1319, 4.50%, 10/01/41		167,170		153,998
Pool AL6302, 4.50%, 10/01/41		248,371		228,718
Pool AX5302, 4.00%, 01/01/42		421,475		373,206
Pool AK4523, 4.00%, 03/01/42		480,647		427,529
Pool AL2034, 4.50%, 04/01/42		63,085		58,758
Pool AB7936, 3.00%, 02/01/43		666,005		548,455
Pool AL3761, 4.50%, 02/01/43		69,332		64,534
Pool MA1458, 3.00%, 06/01/43		147,938		121,426
Pool AT7899, 3.50%, 07/01/43		1,022,949		881,071
Pool AS0302, 3.00%, 08/01/43		1,590,729		1,305,641
Pool AU4279, 3.00%, 09/01/43		330,343		271,133
Pool AL5537, 4.50%, 04/01/44		113,108		104,827
Pool AS3155, 4.00%, 08/01/44		16,173		14,361
Pool AX0833, 3.50%, 09/01/44		279,763		240,985
Pool AL6325, 3.00%, 10/01/44		1,018,096		835,489
Pool AS5136, 4.00%, 06/01/45		93,760		82,585
Pool AZ7362, 4.00%, 11/01/45		277,173		244,951
Pool AZ9565, 3.50%, 12/01/45		373,111		317,447
Pool BC0326, 3.50%, 12/01/45		329,342		280,198
Pool BC0245, 3.00%, 02/01/46		202,110		164,691
Pool BC0830, 3.00%, 04/01/46		305,621		249,037
Pool AS7568, 4.50%, 07/01/46		42,806		39,847
Pool BC4764, 3.00%, 10/01/46		418,338		340,869
Pool MA2771, 3.00%, 10/01/46		124,399		101,363
Pool AS8276, 3.00%, 11/01/46		423,643		345,185
Pool BC9003, 3.00%, 11/01/46		436,178		355,412
Pool BE1899, 3.00%, 11/01/46		1,680,206		1,369,054
Pool BE3767, 3.50%, 07/01/47		381,120		322,714
Pool BH2618, 3.50%, 08/01/47		110,970		93,964
Pool MA3088, 4.00%, 08/01/47		335,046		293,877
Pool BH4010, 4.50%, 09/01/47		328,455		300,532
Pool BH9215, 3.50%, 01/01/48		545,351		461,605
Pool BJ0650, 3.50%, 03/01/48		2,257,657		1,906,017
Pool BJ0639, 4.00%, 03/01/48		128,483		112,600
Pool BJ9169, 4.00%, 05/01/48		608,056		532,848
Pool BK4764, 4.00%, 08/01/48		557,622		488,646
Pool BN1628, 4.50%, 11/01/48		282,021		255,526
Pool BM5334, 3.50%, 01/01/49		527,474		448,537
Pool MA3871, 3.00%, 12/01/49		1,384,127		1,116,854
Pool CA5306, 3.00%, 03/01/50		1,185,613		956,397
Pool CA5353, 3.50%, 03/01/50		1,044,922		877,523
Pool MA4100, 2.00%, 08/01/50		1,286,444		948,150
Pool FM3989, 2.50%, 08/01/50		836,710		647,700
Pool CA6983, 2.00%, 09/01/50		2,280,344		1,697,303
Pool CA7106, 2.00%, 09/01/50		1,465,881		1,091,101
Pool MA4119, 2.00%, 09/01/50		964,496		710,800
Pool BQ2999, 2.50%, 10/01/50		1,953,982		1,518,414
Pool CA7383, 3.00%, 10/01/50		1,272,313		1,020,205
Pool CA7734, 2.50%, 11/01/50		1,383,954		1,072,032
Pool FM5297, 3.00%, 11/01/50		1,763,998		1,442,856
Pool MA4208, 2.00%, 12/01/50		995,028		733,324

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 8

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Pool CA8021, 2.50%, 12/01/50	$	3,918,419	$	3,027,483
Pool FM5166, 3.00%, 12/01/50		898,041		720,910
Pool BQ4495, 2.00%, 02/01/51		5,441,868		4,015,106
Pool CA8929, 2.00%, 02/01/51		2,568,733		1,899,662
Pool FM6426, 2.00%, 03/01/51		2,238,605		1,668,615
Pool BR7857, 2.50%, 05/01/51		3,436,332		2,645,190
Pool FM7188, 2.50%, 05/01/51		2,417,209		1,895,619
Pool CB0727, 2.50%, 06/01/51		6,103,240		4,746,697
Pool FM8440, 2.50%, 08/01/51		1,381,873		1,074,330
Pool FM9949, 2.00%, 12/01/51		901,354		672,041
Pool FM9871, 2.50%, 12/01/51		6,171,869		4,800,218
Pool BU1416, 3.00%, 01/01/52		2,205,132		1,772,511
Pool FS0982, 3.00%, 03/01/52		1,836,663		1,478,934
Pool FS1571, 2.00%, 04/01/52		3,776,592		2,775,242
Pool CB3334, 3.50%, 04/01/52		5,641,421		4,724,079
Pool BV7245, 4.00%, 05/01/52		6,505,677		5,663,488
Pool MA4644, 4.00%, 05/01/52		1,302,126		1,127,263
Pool FS5113, 5.50%, 07/01/53		683,015		648,230
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	76,594,703
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354765, 7.00%, 02/15/24		296		296
Pool 354827, 7.00%, 05/15/24		156		155
Pool 385623, 7.00%, 05/15/24		741		741
Pool 2077, 7.00%, 09/20/25		868		870
Pool 780825, 6.50%, 07/15/28		14,590		14,598
Pool 2616, 7.00%, 07/20/28		8,563		8,744
Pool 2701, 6.50%, 01/20/29		17,833		18,149
Pool 426727, 7.00%, 02/15/29		2,199		2,184
Pool 503405, 6.50%, 04/15/29		6,852		6,751
Pool 781231, 7.00%, 12/15/30		9,203		9,309
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	61,797
TOTAL MORTGAGE-BACKED SECURITIES (COST $151,245,564)			$	123,127,673
MUNICIPAL BOND – 0.3%
GENERAL – 0.3%
New Jersey Transportation Trust Fund Authority, Current Refunding Revenue Bonds, (Series B), 4.13%, 06/15/42		2,500,000		1,908,086
TOTAL MUNICIPAL BOND (COST $2,500,000)			$	1,908,086
U.S. TREASURY OBLIGATIONS – 32.6%
U.S. TREASURY BONDS – 8.6%
6.38%, 08/15/27		450,000		471,494
5.25%, 02/15/29		12,500,000		12,666,382
6.25%, 05/15/30		500,000		535,868
5.38%, 02/15/31#		600,000		616,611
2.00%, 11/15/41		985,000		610,231
2.38%, 02/15/42		2,000,000		1,321,619
3.00%, 05/15/42#		500,000		366,449
3.63%, 08/15/43		881,000		702,600
3.75%, 11/15/43		365,000		296,293
3.63%, 02/15/44		2,106,000		1,671,718
3.13%, 08/15/44		6,637,000		4,830,564
3.00%, 11/15/44		2,000,000		1,420,636

Description	Par Value		Value
2.50%, 02/15/45	$	2,135,000	$	1,377,686
3.00%, 05/15/45		2,000,000		1,413,772
2.88%, 08/15/45		300,000		206,626
3.00%, 11/15/45		765,000		538,022
2.50%, 02/15/46		280,000		178,101
3.00%, 02/15/47		1,098,000		763,141
3.00%, 05/15/47		1,695,000		1,176,223
2.75%, 11/15/47		2,235,000		1,470,946
1.25%, 05/15/50		3,300,000		1,451,000
1.38%, 08/15/50		3,000,000		1,365,049
1.63%, 11/15/50		2,500,000		1,223,906
2.00%, 08/15/51		13,255,000		7,168,798
3.63%, 05/15/53		3,035,000		2,365,703
TOTAL U.S. TREASURY BONDS			$	46,209,438
U.S. TREASURY NOTES – 24.0%
2.38%, 08/15/24		600,000		585,674
0.38%, 04/30/25		250,000		232,682
2.13%, 05/15/25		2,800,000		2,673,422
2.00%, 08/15/25		945,000		894,765
2.25%, 11/15/25		730,000		690,635
1.63%, 02/15/26		8,000,000		7,418,724
1.63%, 05/15/26		5,470,000		5,038,448
4.75%, 07/15/26		3,000,000		2,967,278
2.00%, 11/15/26		4,180,000		3,841,860
2.25%, 02/15/27		5,030,000		4,633,396
1.13%, 02/28/27		250,000		221,616
0.50%, 06/30/27		450,000		384,712
3.13%, 08/31/27		15,000,000		14,092,029
2.25%, 11/15/27		300,000		271,343
2.75%, 02/15/28		6,750,000		6,202,301
4.00%, 02/29/28		10,000,000		9,671,449
1.25%, 06/30/28		500,000		425,213
2.88%, 08/15/28		5,000,000		4,576,383
4.38%, 08/31/28		5,500,000		5,394,993
1.38%, 10/31/28		8,000,000		6,768,776
3.13%, 11/15/28		350,000		322,770
2.38%, 05/15/29		7,900,000		6,943,534
1.63%, 08/15/29		5,000,000		4,193,091
1.50%, 02/15/30		5,000,000		4,088,217
3.50%, 04/30/30		3,500,000		3,225,473
0.63%, 05/15/30		550,000		419,282
1.13%, 02/15/31		4,000,000		3,098,133
1.63%, 05/15/31		10,000,000		7,964,147
1.38%, 11/15/31		1,880,000		1,443,220
1.88%, 02/15/32		6,000,000		4,769,190
2.75%, 08/15/32		7,000,000		5,922,909
4.13%, 11/15/32		4,000,000		3,768,683
3.38%, 05/15/33		7,000,000		6,190,514
TOTAL U.S. TREASURY NOTES			$	129,334,862
TOTAL U.S. TREASURY OBLIGATIONS (COST $204,462,506)			$	175,544,300

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

9 PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Number of Shares		Value
MONEY MARKET FUND – 1.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.23%^		7,840,384	$	7,840,384
TOTAL MONEY MARKET FUND (COST $7,840,384)			$	7,840,384
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.3%
REPURCHASE AGREEMENTS – 3.3%
Bank of America Securities, Inc., 5. 31%, dated 10/31/23, due 11/01/23, repurchase price $3,339,576, collateralized by U.S. Government Agency Securities, 2.00% to 6.50%, maturing 4/01/48 to 10/01/53; total market value of $3,405,865.	$	3,339,083		3,339,083
BNP Paribas SA, 5.30%, dated 10/31/23, due 11/01/23, repurchase price $1,420,676, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/30/23 to 11/01/53; total market value of $1,448,876.		1,420,467		1,420,467
Deutsche Bank Securities, Inc., 5.31%, dated 10/31/23, due 11/01/23, repurchase price $3,339,576, collateralized by U.S. Government Agency Securities, 1.00% to 7.00%, maturing 9/01/28 to 1/01/61; total market value of $3,405,865.		3,339,083		3,339,083

Description	Par Value		Value
HSBC Securities USA, Inc., 5.31%, dated 10/31/23, due 11/01/23, repurchase price $3,272,784, collateralized by U.S. Government Agency Securities, 2.50% to 7.00%, maturing 6/20/33 to 10/20/53; total market value of $3,337,747.	$	3,272,301	$	3,272,301
National Bank Financial, 5.34%, dated 10/31/23, due 11/01/23, repurchase price $3,339,578, collateralized by U.S. Treasury Securities, 0.00% to 4.38%, maturing 11/01/23 to 9/09/49; total market value of $3,405,877.		3,339,083		3,339,083
RBC Dominion Securities, Inc., 5.31%, dated 10/31/23, due 11/01/23, repurchase price $3,339,576, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/07/23 to 8/20/53; total market value of $3,405,865.		3,339,083		3,339,083
TOTAL REPURCHASE AGREEMENTS   (COST $18,049,100)			$	18,049,100
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $18,049,100)			$	18,049,100
TOTAL INVESTMENTS – 102.5% (COST $642,210,520)			$	552,850,832
COLLATERAL FOR SECURITIES ON LOAN – (3.3%)				(18,049,100	)
OTHER ASSETS LESS LIABILITIES – 0.8%				4,312,027
TOTAL NET ASSETS – 100.0%			$	539,113,759

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, 2023 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	5,371	$	—	$	5,371
Collateralized Mortgage Obligations		—		42,660		—		42,660
Corporate Bonds		—		210,125,771		—		210,125,771
Government Agencies		—		16,207,487		—		16,207,487
Mortgage-Backed Securities		—		123,127,673		—		123,127,673
Municipal Bond		—		1,908,086		—		1,908,086
U.S. Treasury Obligations		—		175,544,300		—		175,544,300
Money Market Fund		7,840,384		—		—		7,840,384
Repurchase Agreements		—		18,049,100		—		18,049,100
Total	$	7,840,384	$	545,010,448	$	—	$	552,850,832

** 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.

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

Wilmington Broad Market Bond Fund (concluded)

^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, 2023, these liquid restricted securities amounted to $7,240,259, representing 1.34% 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
LLC	Limited Liability Corporation
LP	Limited Partnership
MTN	Medium Term Note
NA	National Association
PLC	Public Limited Company
RFUCCT1Y	Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year
SOFR	Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

11

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At October 31, 2023, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
General		20.8	%
General Obligations		12.8	%
Medical		10.4	%
Higher Education		9.6	%
Airport		7.9	%
Transportation		5.2	%
Water		4.8	%
Development		4.3	%
Multifamily Hsg		4.3	%
Power		3.9	%
Education		3.2	%
School District		2.6	%
Student Loan		2.4	%
Tobacco Settlement		2.1	%
Utilities		1.4	%
Housing		0.8	%
Pollution		0.8	%
Exchange-Traded Funds		1.7	%
Cash Equivalents(1)		1.2	%
Other Assets and Liabilities - Net(2)		(0.2	)%
TOTAL		100.0	%

Credit Quality Diversification(3)	Percentage of Total Net Assets
AAA / Aaa		11.8	%
AA / Aa		28.0	%
A / A		41.2	%
BBB / Baa		11.7	%
Not Rated		7.5	%
Other Assets and Liabilities - Net(2)		(0.2	)%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2023 (unaudited)

Description	Number of Shares		Value
EXCHANGE-TRADED FUNDS – 1.7%
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		235,500	$	5,444,760
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,994,679)			$	5,444,760
	Par Value
MUNICIPAL BONDS – 97.3%
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		1,017,740
TOTAL ALABAMA			$	1,017,740

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	$	1,821,429
TOTAL ALASKA			$	1,821,429
ARIZONA – 3.4%
DEVELOPMENT – 0.4%
Chandler Industrial Development Authority, AZ, Revenue Bonds, (Intel Corp. Project), 4.10%, 12/01/37		1,000,000		972,816

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 12

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
Industrial Development Authority of the City of Phoenix Arizona, IDA, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), Prerefunded/ETM, 6.85%, 12/01/25	$	90,000	$	90,426
TOTAL DEVELOPMENT			$	1,063,242
EDUCATION – 1.3%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A) 5.00%, 11/01/26		1,000,000		1,015,778
5.00%, 11/01/30		1,000,000		1,027,548
5.00%, 11/01/32		865,000		886,112
La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 02/15/28		1,300,000		1,293,775
TOTAL EDUCATION			$	4,223,213
MEDICAL – 0.7%
Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A)
5.00%, 09/01/34		1,000,000		1,023,655
5.00%, 09/01/35		725,000		738,067
5.00%, 09/01/36		500,000		504,767
TOTAL MEDICAL			$	2,266,489
UTILITIES – 1.0%
Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36		3,000,000		3,199,751
TOTAL ARIZONA			$	10,752,695
CALIFORNIA – 0.8%
AIRPORT – 0.8%
City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds, (Series B), 5.00%, 05/15/32		800,000		812,334
City of Los Angeles Department of Airports, CA, Revenue Bonds 4.00%, 05/15/35		600,000		562,761
4.00%, 05/15/36		800,000		735,046
4.00%, 05/15/37		500,000		450,492
TOTAL CALIFORNIA			$	2,560,633
COLORADO – 4.7%
AIRPORT – 0.8%
City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31		2,500,000		2,531,426
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		2,090,942
MEDICAL – 1.6%
Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62		3,000,000		3,124,574

Description	Par Value		Value
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49	$	2,000,000	$	2,018,707
TOTAL MEDICAL			$	5,143,281
MULTIFAMILY HSG – 0.3%
Colorado Housing and Finance Authority, CO, Revenue Bonds, (Wintergreen Ridge Apartments Project), 4.00%, 05/01/41		1,000,000		984,621
TRANSPORTATION – 0.8%
E-470 Public Highway Authority, CO, Current Refunding Revenue Bonds, (Series A) 5.00%, 09/01/27		1,000,000		1,041,476
5.00%, 09/01/34		1,300,000		1,379,757
TOTAL TRANSPORTATION			$	2,421,233
WATER – 0.5%
City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33		1,750,000		1,749,141
TOTAL COLORADO			$	14,920,644
CONNECTICUT – 2.1%
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		2,445,211
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		1,424,302
University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33		1,000,000		1,022,888
TOTAL HIGHER EDUCATION			$	2,447,190
MEDICAL – 0.5%
Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1)
4.00%, 07/01/28		685,000		663,471
4.00%, 07/01/29		500,000		480,444
4.00%, 07/01/30		600,000		571,549
TOTAL MEDICAL			$	1,715,464
TOTAL CONNECTICUT			$	6,607,865
DISTRICT OF COLUMBIA – 1.1%
GENERAL – 0.6%
Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A)
5.00%, 10/01/30		610,000		649,930
5.00%, 10/01/31		875,000		930,281
5.00%, 10/01/32		500,000		529,365
TOTAL GENERAL			$	2,109,576

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

13 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
TRANSPORTATION – 0.5%
Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30	$	1,500,000	$	1,538,126
TOTAL DISTRICT OF COLUMBIA			$	3,647,702
FLORIDA – 3.8%
AIRPORT – 0.3%
Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26		1,000,000		1,016,235
GENERAL OBLIGATIONS – 0.9%
Miami-Dade County, FL, GO Unlimited, AD Valorem Property Tax, 5.00%, 07/01/33		1,000,000		1,020,759
State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		1,961,698
TOTAL GENERAL OBLIGATIONS			$	2,982,457
HIGHER EDUCATION – 1.5%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project) 5.00%, 04/01/28		750,000		767,891
5.00%, 04/01/30		750,000		765,737
5.00%, 04/01/31		750,000		765,857
5.00%, 04/01/33		750,000		766,556
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,611,527
TOTAL HIGHER EDUCATION			$	4,677,568
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		504,114
5.00%, 02/01/26		500,000		506,489
TOTAL HOUSING			$	1,010,603
MULTIFAMILY HSG – 0.8%
Miami-Dade County Housing Finance Authority, FL, Revenue Bonds, (HUD SECT 8), 5.00%, 10/01/26		2,500,000		2,531,427
TOTAL FLORIDA			$	12,218,290
GEORGIA – 3.1%
GENERAL – 3.1%
Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28		3,085,000		3,054,538
Main Street Natural Gas, Inc., GA, Revenue Bonds, (Series B), 5.00%, 07/01/53		1,000,000		993,968
Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A) 4.00%, 07/01/52		3,000,000		2,887,382
5.00%, 06/01/53		3,000,000		2,951,814
TOTAL GEORGIA			$	9,887,702

Description	Par Value		Value
IDAHO – 0.9%
HIGHER EDUCATION – 0.9%
Idaho Housing & Finance Association, ID, Current Refunding Revenue Bonds, (The College of Idaho Project), 5.38%, 11/01/38	$	3,000,000	$	2,894,387
TOTAL IDAHO			$	2,894,387
ILLINOIS – 8.1%
GENERAL – 3.1%
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26		4,875,000		5,082,055
Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31		1,450,000		1,619,908
Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/26		2,000,000		2,036,344
Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28		1,000,000		1,035,351
TOTAL GENERAL			$	9,773,658
GENERAL OBLIGATIONS – 4.2%
Chicago Park District, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series D), 5.00%, 01/01/26		1,250,000		1,246,094
Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A) 5.00%, 01/01/25		3,000,000		3,015,965
5.00%, 01/01/32		3,000,000		3,050,485
State of Illinois, IL, GO Unlimited, Current Refunding, (Series A) 5.00%, 10/01/29		2,000,000		2,053,459
5.00%, 10/01/33		1,000,000		1,012,933
State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28		3,000,000		3,067,975
TOTAL GENERAL OBLIGATIONS			$	13,446,911
MULTIFAMILY HSG – 0.3%
Illinois Housing Development Authority, IL, Revenue Bonds, Ogden Commons, 4.00%, 07/01/43		1,000,000		983,266
TRANSPORTATION – 0.5%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,521,001
TOTAL ILLINOIS			$	25,724,836
INDIANA – 2.0%
DEVELOPMENT – 2.0%
Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44		6,500,000		6,491,893
TOTAL INDIANA			$	6,491,893

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
IOWA – 0.9%
EDUCATION – 0.9%
Waterloo Community School District Infrastructure Sales Services & Use Tax, IA, Revenue Bonds, (AGM), 4.00%, 07/01/29	$	3,000,000	$	2,970,418
TOTAL IOWA			$	2,970,418
KENTUCKY – 1.5%
GENERAL – 1.5%
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 08/01/52		3,000,000		2,773,035
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50		2,000,000		1,898,174
TOTAL KENTUCKY			$	4,671,209
MARYLAND – 0.8%
AIRPORT – 0.8%
Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B) 5.00%, 08/01/28		730,000		743,922
5.00%, 08/01/29		500,000		511,011
5.00%, 08/01/30		515,000		526,528
5.00%, 08/01/31		650,000		666,061
TOTAL MARYLAND			$	2,447,522
MASSACHUSETTS – 2.8%
GENERAL – 1.0%
Commonwealth of Massachusetts, MA, Refunding Revenue Bonds, (BHAC-CR FGIC), 5.50%, 01/01/34		2,790,000		3,120,126
HIGHER EDUCATION – 0.7%
Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Simmons University), (Series L) 5.00%, 10/01/30		1,180,000		1,186,082
5.00%, 10/01/31		1,000,000		1,003,534
TOTAL HIGHER EDUCATION			$	2,189,616
MEDICAL – 0.3%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33		1,000,000		1,007,107
STUDENT LOAN – 0.8%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Series B) 5.00%, 07/01/33		1,800,000		1,804,391
4.25%, 07/01/44		1,000,000		915,237
TOTAL STUDENT LOAN			$	2,719,628
TOTAL MASSACHUSETTS			$	9,036,477

Description	Par Value		Value
MICHIGAN – 4.0%
MULTIFAMILY HSG – 1.4%
Michigan State Housing Development Authority, MI, Revenue Bonds, (Clark Road Senior Apartment Project), 4.50%, 12/01/42	$	4,300,000	$	4,268,840
SCHOOL DISTRICT – 1.0%
Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax 4.00%, 05/01/33		1,330,000		1,304,199
4.00%, 05/01/34		1,000,000		964,119
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		952,972
TOTAL SCHOOL DISTRICT			$	3,221,290
WATER – 1.6%
Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC, 5.50%, 07/01/29		145,000		147,806
Great Lakes Water Authority Sewage Disposal System Revenue, MI, Advance Refunding Revenue Bonds, (Senior Lien), (Series B), 5.00%, 07/01/30		3,500,000		3,581,320
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34		1,450,000		1,460,676
TOTAL WATER			$	5,189,802
TOTAL MICHIGAN			$	12,679,932
MINNESOTA – 2.1%
GENERAL OBLIGATIONS – 0.6%
State of Minnesota, MN, GO Unlimited, AD Valorem Property Tax, (Series A), 4.00%, 09/01/38		2,000,000		1,874,973
MEDICAL – 0.8%
Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39		3,000,000		2,699,946
MULTIFAMILY HSG – 0.7%
Coon Rapids, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 08/01/35		2,583,378		2,146,457
TOTAL MINNESOTA			$	6,721,376
NEVADA – 1.2%
GENERAL OBLIGATIONS – 1.2%
Las Vegas Valley Water District, NV, GO Limited, AD Valorem Property Tax, (Series A), 4.00%, 06/01/46		1,250,000		1,071,789
Las Vegas Valley Water District, NV, GO Limited, Current Refunding, AD Valorem Property Tax, (Series C), 4.00%, 06/01/37		3,000,000		2,827,875
TOTAL NEVADA			$	3,899,664

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

15 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
NEW HAMPSHIRE – 0.8%
POLLUTION – 0.8%
New Hampshire Business Finance Authority, NH, Revenue Bonds, (Waste Management), 3.13%, 08/01/24	$	2,750,000	$	2,711,323
TOTAL NEW HAMPSHIRE			$	2,711,323
NEW JERSEY – 5.1%
GENERAL – 2.9%
Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28		3,000,000		3,131,687
New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24		225,000		226,344
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System)
5.00%, 12/15/28		2,135,000		2,231,448
5.00%, 12/15/34		3,000,000		3,076,705
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32		500,000		520,577
TOTAL GENERAL			$	9,186,761
HIGHER EDUCATION – 1.0%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Rowan University Project), (Series B), ETM, 5.00%, 07/01/27		2,000,000		2,020,128
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31		1,000,000		1,013,107
TOTAL HIGHER EDUCATION			$	3,033,235
MULTIFAMILY HSG – 0.1%
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33		400,000		360,142
SCHOOL DISTRICT – 0.2%
Newark Board of Education, NJ, GO Unlimited, AD Valorem Property Tax, (Sustainability Bonds), (BAM)
5.00%, 07/15/28		250,000		259,643
5.00%, 07/15/29		250,000		260,451
5.00%, 07/15/30		250,000		261,880
TOTAL SCHOOL DISTRICT			$	781,974
STUDENT LOAN – 0.9%
New Jersey Higher Education Student Assistance Authority, NJ, Current Refunding Revenue Bonds, (Series B)
5.00%, 12/01/26		2,000,000		2,014,880
4.00%, 12/01/44		1,000,000		886,690
TOTAL STUDENT LOAN			$	2,901,570
TOTAL NEW JERSEY			$	16,263,682

Description	Par Value		Value
NEW YORK – 7.6%
AIRPORT – 1.1%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series)
4.00%, 03/15/30	$	1,000,000	$	960,114
5.00%, 09/15/31		2,500,000		2,535,399
TOTAL AIRPORT			$	3,495,513
DEVELOPMENT – 1.0%
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		3,000,000		3,147,432
GENERAL – 2.9%
New York City Transitional Finance Authority Future Tax Secured Revenue, NY, Revenue Bonds, (Series D), 4.00%, 11/01/46		990,000		846,952
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series E-1), 4.00%, 02/01/38		2,500,000		2,285,484
New York State Thruway Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 03/15/33		4,000,000		4,347,740
New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38		2,005,000		1,839,605
TOTAL GENERAL			$	9,319,781
GENERAL OBLIGATIONS – 1.0%
New York City, NY, GO Unlimited, AD Valorem Property Tax, (Series A)
5.00%, 09/01/36		1,600,000		1,694,006
4.00%, 08/01/37		1,500,000		1,394,020
TOTAL GENERAL OBLIGATIONS			$	3,088,026
HIGHER EDUCATION – 0.7%
New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Series C), (NATL), 5.25%, 07/01/30		1,040,000		1,083,303
Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30		990,000		1,011,867
TOTAL HIGHER EDUCATION			$	2,095,170
HOUSING – 0.5%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32		1,660,000		1,733,006
MULTIFAMILY HSG – 0.4%
New York State Housing Finance Agency, NY, Revenue Bonds, (Series A), (SONYMA HUD SECT 8), 3.75%, 11/01/62		1,405,000		1,341,924
TOTAL NEW YORK			$	24,220,852
NORTH CAROLINA – 1.8%
POWER – 1.4%
North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32		4,250,000		4,463,770

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
TRANSPORTATION – 0.4%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32	$	1,250,000	$	1,297,793
TOTAL NORTH CAROLINA			$	5,761,563
OHIO – 3.9%
GENERAL OBLIGATIONS – 0.7%
State of Ohio, OH, GO Unlimited, Public Improvements, (Series A) 5.00%, 03/01/34		1,000,000		1,094,377
5.00%, 03/01/35		1,000,000		1,089,788
TOTAL GENERAL OBLIGATIONS			$	2,184,165
HIGHER EDUCATION – 0.9%
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		1,036,984
Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), 4.00%, 12/01/43		2,000,000		1,767,401
TOTAL HIGHER EDUCATION			$	2,804,385
MEDICAL – 1.3%
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		3,035,000		3,083,523
Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded - Catholic Health Initiatives), Prerefunded/ETM, 5.25%, 05/01/29		5,000		5,002
State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34		1,250,000		1,184,718
TOTAL MEDICAL			$	4,273,243
POWER – 1.0%
American Municipal Power, Inc., OH, Current Refunding Revenue Bonds, (Prairie State Energy Campus Project), (Series A), 5.00%, 02/15/32		3,000,000		3,145,677
TOTAL OHIO			$	12,407,470
OKLAHOMA – 1.0%
GENERAL – 1.0%
Canadian County Educational Facilities Authority, OK, Revenue Bonds, (Mustang Public Schools Project), (Series A), 5.25%, 09/01/34		3,000,000		3,156,671
TOTAL OKLAHOMA			$	3,156,671
OREGON – 0.3%
GENERAL – 0.3%
Oregon State Lottery, OR, Revenue Bonds, (Series A), (MORAL OBLG), 5.00%, 04/01/39		1,000,000		1,046,786
TOTAL OREGON			$	1,046,786

Description	Par Value		Value
PENNSYLVANIA – 10.9%
AIRPORT – 1.4%
Allegheny County Airport Authority, PA, Revenue Bonds, (Series A)
5.00%, 01/01/28	$	1,500,000	$	1,524,281
4.00%, 01/01/38		1,500,000		1,321,341
Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,509,444
TOTAL AIRPORT			$	4,355,066
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		2,934,397
GENERAL – 1.8%
Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A), 4.00%, 03/01/35		3,000,000		2,856,652
Sports & Exhibition Authority of Pittsburgh and Allegheny County, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 02/01/26		2,930,000		2,991,306
TOTAL GENERAL			$	5,847,958
HIGHER EDUCATION – 1.5%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,023,603
Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35		1,130,000		1,073,130
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A)
5.00%, 11/01/25		700,000		698,885
5.00%, 11/01/26		350,000		349,403
5.00%, 11/01/27		600,000		599,081
5.00%, 11/01/28		1,100,000		1,097,173
TOTAL HIGHER EDUCATION			$	4,841,275
MEDICAL – 0.8%
Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35		2,500,000		2,559,133
TOBACCO SETTLEMENT – 0.3%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34		1,000,000		1,021,823
TRANSPORTATION – 1.1%
Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32		2,000,000		2,071,310
Pennsylvania Turnpike Commission, PA, Refunding Revenue Bonds, Public Improvements, (Series B) 5.00%, 12/01/35		500,000		535,127

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

17 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
5.00%, 12/01/36	$	500,000	$	525,592
5.00%, 12/01/37		500,000		522,320
TOTAL TRANSPORTATION			$	3,654,349
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		1,125,617
WATER – 2.7%
Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		5,849,769
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (First Lien), (Series B), (AGM)
5.00%, 09/01/38		1,250,000		1,305,405
5.00%, 09/01/39		1,000,000		1,037,901
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33		340,000		365,138
TOTAL WATER			$	8,558,213
TOTAL PENNSYLVANIA			$	34,897,831
SOUTH CAROLINA – 1.8%
TOBACCO SETTLEMENT – 1.8%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30		5,215,000		5,858,300
TOTAL SOUTH CAROLINA			$	5,858,300
TENNESSEE – 0.4%
AIRPORT – 0.4%
Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32		1,100,000		1,123,152
TOTAL TENNESSEE			$	1,123,152
TEXAS – 9.5%
AIRPORT – 0.6%
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35		1,000,000		961,812
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series B), 5.00%, 11/01/38		1,000,000		1,029,508
TOTAL AIRPORT			$	1,991,320
EDUCATION – 1.0%
Arlington Higher Education Finance Corp., TX, Revenue Bonds, (Trinity Basin Preparatory, Inc.), (PSF-GTD)
5.00%, 08/15/39		500,000		511,329
5.00%, 08/15/40		500,000		509,145
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools)
5.00%, 08/15/27		1,000,000		1,037,344
5.00%, 08/15/29		1,000,000		1,042,232
TOTAL EDUCATION			$	3,100,050

Description	Par Value		Value
GENERAL – 0.6%
Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax
4.00%, 08/15/31	$	1,000,000	$	944,933
4.00%, 08/15/32		1,000,000		933,376
TOTAL GENERAL			$	1,878,309
GENERAL OBLIGATIONS – 3.4%
Dallas, TX, GO Limited, AD Valorem Property Tax, (Series A)
5.00%, 02/15/40		1,250,000		1,281,949
5.00%, 02/15/41		1,000,000		1,021,380
Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax
4.00%, 04/01/24		100,000		99,806
4.00%, 04/01/25		100,000		99,907
4.00%, 04/01/26		100,000		99,231
4.00%, 04/01/27		100,000		99,420
4.00%, 04/01/28		535,000		530,958
4.00%, 04/01/29		100,000		98,847
4.00%, 04/01/30		100,000		98,511
4.00%, 04/01/31		350,000		338,442
4.00%, 04/01/32		100,000		95,481
4.00%, 04/01/33		495,000		466,533
4.00%, 04/01/34		100,000		93,144
4.00%, 04/01/35		100,000		92,020
4.00%, 04/01/36		380,000		341,647
State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29		2,125,000		2,147,530
State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29		3,735,000		3,863,042
TOTAL GENERAL OBLIGATIONS			$	10,867,848
MEDICAL – 1.2%
Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, School Health Care System (Series B) 5.75%, 07/01/27		1,035,000		1,066,971
6.25%, 07/01/27		1,100,000		1,141,784
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32		1,465,000		1,498,835
TOTAL MEDICAL			$	3,707,590
MULTIFAMILY HSG – 0.3%
El Paso Housing Finance Corp., TX, Revenue Bonds, (HUD SECT 8), 4.50%, 03/01/26		1,000,000		995,772
SCHOOL DISTRICT – 0.5%
Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37		1,000,000		949,320
Royal Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/48		1,000,000		837,316
TOTAL SCHOOL DISTRICT			$	1,786,636

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
STUDENT LOAN – 0.7%
Brazos Higher Education Authority, Inc., TX, Revenue Bonds, (Series 1A), 5.13%, 04/01/43	$	2,295,000	$	2,224,377
TRANSPORTATION – 1.2%
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,514,321
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Series F), 5.00%, 01/01/25		1,000,000		1,003,944
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32		1,225,000		1,207,002
TOTAL TRANSPORTATION			$	3,725,267
TOTAL TEXAS			$	30,277,169
UTAH – 4.1%
AIRPORT – 1.7%
Salt Lake City, UT, Revenue Bonds, (Series A)
5.00%, 07/01/32		3,000,000		3,028,460
5.00%, 07/01/33		2,500,000		2,522,898
TOTAL AIRPORT			$	5,551,358
MEDICAL – 2.4%
Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM
5.40%, 02/15/28		2,500,000		2,535,527
5.13%, 02/15/33		5,090,000		5,146,601
TOTAL MEDICAL			$	7,682,128
TOTAL UTAH			$	13,233,486
WASHINGTON – 5.1%
GENERAL – 2.0%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28		6,245,000		6,241,586
MEDICAL – 0.5%
Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, (Overlake Hospital Medical Center), 5.00%, 07/01/33		1,750,000		1,710,952
POWER – 1.0%
Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33		3,000,000		3,268,021

Description	Par Value		Value
SCHOOL DISTRICT – 0.9%
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	$	2,971,397
TRANSPORTATION – 0.7%
Port of Seattle, WA, Revenue Bonds, 5.00%, 04/01/29		2,090,000		2,136,627
TOTAL WASHINGTON			$	16,328,583
WISCONSIN – 0.8%
MEDICAL – 0.3%
Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.)
4.00%, 01/01/32		500,000		467,171
4.00%, 01/01/33		500,000		463,515
TOTAL MEDICAL			$	930,686
POWER – 0.5%
Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46		1,750,000		1,705,831
TOTAL WISCONSIN			$	2,636,517
TOTAL MUNICIPAL BONDS (Cost $339,686,276)			$	310,895,799
	Number of Shares
MONEY MARKET FUND – 1.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.23%^		3,833,145		3,833,145
TOTAL MONEY MARKET FUND (Cost $3,833,145)			$	3,833,145
TOTAL INVESTMENTS – 100.2% (Cost $349,514,100)			$	320,173,704
OTHER ASSETS LESS LIABILITIES – (0.2)%				(596,116	)
TOTAL NET ASSETS – 100.0%			$	319,577,588

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

19 PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3		Total
Investments in Securities
Exchange-Traded Funds		$	5,444,760		$	—		$—		$	5,444,760
Municipal Bonds			—			310,895,799		—			310,895,799
Money Market Fund			3,833,145			—		—			3,833,145
Total		$	9,277,905		$	310,895,799		$—		$	320,173,704

^ 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
ETM	Escrowed to Maturity
FGIC	Financial Guaranty Insurance Corporation
GO	General Obligation
ICC	Insured Custody Certificates
IDA	Industrial Development Authority/Agency
NATL	National Public Finance Guarantee Corporation
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, 2023 (unaudited) / SEMI-ANNUAL REPORT

20

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At October 31, 2023, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
General		22.6	%
Higher Education		18.2	%
General Obligations		9.1	%
Medical		7.7	%
Multifamily Hsg		6.8	%
Transportation		6.2	%
Education		5.6	%
Development		4.1	%
Utilities		3.8	%
Housing		2.5	%
Power		2.5	%
Airport		2.5	%
School District		2.1	%
Water		2.0	%
Cash Equivalents(1)		3.0	%
Other Assets and Liabilities - Net(2)		1.3	%
TOTAL		100.0	%

	Percentage of
Credit Quality Diversification(3)	Total Net Assets
AAA / Aaa		5.2	%
AA / Aa		45.4	%
A / A		29.7	%
BBB / Baa		15.4	%
Not Rated		3.0	%
Other Assets and Liabilities - Net(2)		1.3	%
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, 2023 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS – 95.7%
NEW YORK – 95.7%
AIRPORT – 2.5%
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (Series 231ST), 5.00%, 08/01/31	$	1,000,000	$	1,029,305
DEVELOPMENT – 4.1%
Battery Park City Authority, NY, Revenue Bonds, 5.00%, 11/01/41		500,000		520,888
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		1,095,000		1,148,812
TOTAL DEVELOPMENT			$	1,669,700
EDUCATION – 5.6%
New York State Dormitory Authority, NY, Revenue Bonds, (AMG St. Aid Withhldg), 5.00%, 10/01/32		1,000,000		1,079,802
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33		1,200,000		1,197,460

Description	Par Value		Value
New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29	$	5,000	$	5,298
TOTAL EDUCATION			$	2,282,560
GENERAL – 22.6%
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33		1,175,000		1,204,477
New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, 5.00%, 07/01/31		565,000		611,822
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		1,542,043
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series A-1), 5.00%, 05/01/34		800,000		814,863

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

21 PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series E-1), 4.00%, 02/01/38	$	655,000	$	598,797
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32		2,000,000		2,045,587
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37		1,000,000		933,881
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		1,472,782
TOTAL GENERAL			$	9,224,252
GENERAL OBLIGATIONS – 9.1%
Binghamton, NY, GO, Public Facilities, AD Valorem Property Tax, (BAM), 4.00%, 04/15/32		500,000		501,683
New York City, NY, GO Unlimited, Current Refunding, (Series A-1), 5.00%, 08/01/31		1,000,000		1,066,731
North Hempstead, NY, GO, Public Improvements, AD Valorem Property Tax, (Series A), (BAM), 4.00%, 03/15/42		650,000		591,458
Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM) 5.00%, 05/01/26		500,000		513,525
5.00%, 05/01/30		1,000,000		1,051,344
TOTAL GENERAL OBLIGATIONS			$	3,724,741
HIGHER EDUCATION – 18.2%
Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A) 4.00%, 07/01/26		800,000		779,853
5.00%, 07/01/29		1,195,000		1,206,201
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32		1,040,000		1,043,826
Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33		725,000		759,382
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		1,087,972
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27		1,685,000		1,739,159
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John’s University), (Series A) , 5.00%, 07/01/30		800,000		816,612
TOTAL HIGHER EDUCATION			$	7,433,005
HOUSING – 2.5%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (UBF Facility Student Housing Corp.), (AGM), (Series A), 5.00%, 10/01/31		1,000,000		1,043,702

Description	Par Value		Value
MEDICAL – 7.7%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29	$	1,000,000	$	994,894
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		1,164,999
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (NYU Hospitals Center), 5.00%, 07/01/27		1,000,000		998,749
TOTAL MEDICAL			$	3,158,642
MULTIFAMILY HSG – 6.8%
New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33		1,890,000		1,688,242
New York City, NY, Housing Development Corp., Revenue Bonds, (Sustainable Neighborhood Bonds), (Series B-1A) 2.45%, 05/01/31		390,000		331,442
3.10%, 11/01/34		890,000		758,730
TOTAL MULTIFAMILY HSG			$	2,778,414
POWER – 2.5%
Utility Debt Securitization Authority, NY, Refunding Revenue Bonds, (Series TE), 5.00%, 12/15/38		950,000		1,008,674
SCHOOL DISTRICT – 2.1%
Genesee Valley Central School District, NY, GO Unlimited, Current Refunding, AD Valorem Property Tax, 5.00%, 06/15/29		825,000		878,270
TRANSPORTATION – 6.2%
Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/29		1,530,000		1,560,151
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (Series 242), 5.00%, 12/01/39		1,000,000		995,861
TOTAL TRANSPORTATION			$	2,556,012
UTILITIES – 3.8%
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A) 5.00%, 09/01/33		700,000		747,096
5.00%, 09/01/34		750,000		797,708
TOTAL UTILITIES			$	1,544,804
WATER – 2.0%
New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), 5.00%, 06/15/31		750,000		817,574
TOTAL NEW YORK			$	39,149,655
TOTAL MUNICIPAL BONDS (Cost $43,052,622)			$	39,149,655

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 22

Wilmington New York Municipal Bond Fund (concluded)

Description	Number of Shares		Value
MONEY MARKET FUND – 3.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.23%^		1,234,511	$	1,234,511
TOTAL MONEY MARKET FUND (Cost $1,234,511)			$	1,234,511
TOTAL INVESTMENTS – 98.7% (Cost $44,287,133)			$	40,384,166
OTHER ASSETS LESS LIABILITIES – 1.3%				511,305
TOTAL NET ASSETS – 100.0%			$	40,895,471

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, 2023 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3		Total
Investments in Securities
Municipal Bonds		$	—		$	39,149,655		$—		$	39,149,655
Money Market Fund			1,234,511			—		—			1,234,511
Total		$	1,234,511		$	39,149,655		$—		$	40,384,166

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

AGM	Assured Guaranty Municipal
BAM	Build America Mutual Assurance Company
GO	General Obligation
IDA	Industrial Development Authority/Agency
NATL	National Public Finance Guarantee Corporation

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

23 STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2023 (unaudited)	Wilmington Broad Market Bond Fund				Wilmington Municipal Bond Fund				Wilmington New York Municipal Bond Fund
ASSETS:
Investments, at identified cost		$	642,210,520			$	349,514,100		$	44,287,133
Investments in securities, at value		$	552,850,832	(a)		$	320,173,704		$	40,384,166
Income receivable			3,974,851				4,350,930			603,409
Foreign tax reclaim receivable			1,561				—			—
Due from advisor			—				—			2,753
Receivable for shares sold			1,914,199				58,965			—
Receivable for investments sold			—				1,093,858			—
Prepaid assets			42,408				33,081			16,382
TOTAL ASSETS			558,783,851				325,710,538			41,006,710
LIABILITIES:
Collateral for securities on loan			18,049,100				—			—
Due to custodian			—				3,765			—
Payable for investments purchased			—				5,200,304			—
Income distribution payable			817,165				527,727			16,237
Payable for shares redeemed			474,647				186,626			24,477
Payable for Trustees’ fees			2,697				2,799			2,799
Payable for administration fees			13,044				7,880			1,017
Payable for distribution services fees			392				3,163			1,034
Payable for shareholder services fees			156				—			—
Payable for investment advisory fees			141,369				88,763			—
Other accrued expenses			171,522				111,923			65,675
TOTAL LIABILITIES			19,670,092				6,132,950			111,239
NET ASSETS		$	539,113,759			$	319,577,588		$	40,895,471
NET ASSETS CONSIST OF:
Paid-in capital		$	633,275,186			$	355,540,133		$	45,723,503
Distributable earnings (loss)			(94,161,427	)			(35,962,545	)		(4,828,032	)
TOTAL NET ASSETS		$	539,113,759			$	319,577,588		$	40,895,471
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	1,837,942			$	14,454,505		$	4,849,533
Shares outstanding (unlimited shares authorized)			220,882				1,245,636			521,620
Net Asset Value per share		$	8.32			$	11.60		$	9.30
Offering Price per share*		$	8.71	**		$	12.15	**	$	9.74	**
Class I
Net Assets		$	537,275,817			$	305,123,083		$	36,045,938
Shares outstanding (unlimited shares authorized)			65,679,849				26,283,543			3,874,592
Net Asset Value and Offering Price per share		$	8.18			$	11.61		$	9.30

^(a)  Including $17,350,310 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, 2023 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS 24

Six Months Ended October 31, 2023 (unaudited)	Wilmington Broad Market Bond Fund			Wilmington Municipal Bond Fund			Wilmington New York Municipal Bond Fund
INVESTMENT INCOME:
Dividends	$	128,530		$	229,921		$	18,164
Interest		9,274,290			4,487,797			550,039
Securities lending income, net		27,654			—			—
TOTAL INVESTMENT INCOME		9,430,474			4,717,718			568,203
EXPENSES:
Investment advisory fees		1,235,351			751,390			100,252
Administration fees		78,852			47,962			6,400
Portfolio accounting and administration fees		77,098			50,452			16,223
Custodian fees		8,710			2,172			644
Transfer and dividend disbursing agent fees and expenses		14,875			9,351			2,077
Trustees’ fees		31,346			31,346			31,346
Professional fees		55,646			53,879			52,820
Distribution services fee—Class A		2,439			20,082			6,392
Shareholder services fee—Class A		2,439			20,082			6,392
Share registration costs		18,804			16,672			6,748
Printing and postage		7,429			4,865			3,703
Miscellaneous		33,348			25,692			15,191
TOTAL EXPENSES		1,566,337			1,033,945			248,188
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(381,013	)		(186,561	)		(109,130	)
Waiver of shareholder services fee—Class A		(1,645	)		(20,082	)		(6,392	)
TOTAL WAIVERS AND REIMBURSEMENTS		(382,658	)		(206,643	)		(115,522	)
Net expenses		1,183,679			827,302			132,666
Net investment income		8,246,795			3,890,416			435,537
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		(783,894	)		(1,290,906	)		(635,310	)
Net change in unrealized appreciation (depreciation) on investments		(39,655,725	)		(16,655,212	)		(1,788,384	)
Net realized and unrealized gain (loss)		(40,439,619	)		(17,946,118	)		(2,423,694	)
Change in net assets resulting from operations	$	(32,192,824	)	$	(14,055,702	)	$	(1,988,157	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

25 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Broad Market Bond Fund						Wilmington Municipal Bond Fund
	Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023			Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	8,246,795		$	13,422,643		$	3,890,416		$	6,455,599
Net realized gain (loss)		(783,894	)		(1,389,476	)		(1,290,906	)		(3,507,838	)
Net change in unrealized appreciation (depreciation)		(39,655,725	)		(13,711,445	)		(16,655,212	)		6,174,791
Change in net assets resulting from operations		(32,192,824	)		(1,678,278	)		(14,055,702	)		9,122,552
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(26,645	)		(51,252	)		(167,794	)		(307,455	)
Class I		(8,390,819	)		(13,800,456	)		(3,722,680	)		(6,148,073	)
Total distributions to shareholders		(8,417,464	)		(13,851,708	)		(3,890,474	)		(6,455,528	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		48			4,398			65,627			74,402
Class I		62,671,469			138,135,255			39,680,650			156,929,028
Distributions reinvested
Class A		25,250			48,598			141,253			259,919
Class I		3,836,917			6,652,102			725,778			1,292,031
Cost of shares redeemed
Class A		(62,445	)		(644,010	)		(1,648,985	)		(1,709,134	)
Class I		(38,852,605	)		(150,077,210	)		(40,990,568	)		(141,612,365	)
Change in net assets resulting from share transactions		27,618,634			(5,880,867	)		(2,026,245	)		15,233,881
Change in net assets		(12,991,654	)		(21,410,853	)		(19,972,421	)		17,900,905
NET ASSETS:
Beginning of period		552,105,413			573,516,266			339,550,009			321,649,104
End of period	$	539,113,759		$	552,105,413		$	319,577,588		$	339,550,009
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		6			491			5,374			6,166
Class I		7,342,283			15,779,027			3,302,115			12,922,540
Distributions reinvested
Class A		2,920			5,450			11,805			21,476
Class I		451,482			759,267			60,653			106,705
Shares redeemed
Class A		(7,235	)		(72,183	)		(138,470	)		(141,071	)
Class I		(4,547,755	)		(16,980,125	)		(3,419,896	)		(11,735,846	)
Net change resulting from share transactions		3,241,701			(508,073	)		(178,419	)		1,179,970

See Notes which are an integral part of the Financial Statements

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 26

	Wilmington New York Municipal Bond Fund
	Six Months Ended October 31, 2023 (Unaudited)			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	435,537		$	829,574
Net realized gain (loss)		(635,310	)		(280,917	)
Net change in unrealized appreciation (depreciation)		(1,788,384	)		786,657
Change in net assets resulting from operations		(1,988,157	)		1,335,314
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(44,353	)		(81,040	)
Class I		(391,189	)		(748,542	)
Total distributions to shareholders		(435,542	)		(829,582	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		1,737			8,739
Class I		1,181,329			4,392,474
Distributions reinvested
Class A		39,701			70,051
Class I		298,803			544,724
Cost of shares redeemed
Class A		(124,613	)		(467,287	)
Class I		(3,709,380	)		(12,908,995	)
Change in net assets resulting from share transactions		(2,312,423	)		(8,360,294	)
Change in net assets		(4,736,122	)		(7,854,562	)
NET ASSETS:
Beginning of period		45,631,593			53,486,155
End of period	$	40,895,471		$	45,631,593
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		179			901
Class I		121,723			448,846
Distributions reinvested
Class A		4,141			7,213
Class I		31,125			56,051
Shares redeemed
Class A		(12,931	)		(48,016	)
Class I		(387,654	)		(1,330,851	)
Net change resulting from share transactions		(243,417	)		(865,856	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

27 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON BROAD MARKET BOND FUND
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended     April 30, 2019
CLASS A	(Unaudited)
Net Asset Value, Beginning of Period		$  8.96			$  9.23			$10.25			$10.39			$  9.71			$  9.51
Income (Loss) From Operations:
Net Investment Income(a)		0.12			0.19			0.15			0.15			0.21			0.21
Net Realized and Unrealized Gain (Loss)		(0.64	)		(0.26	)		(0.99	)		(0.10	)		0.69			0.21
Total Income (Loss) From Operations		(0.52	)		(0.07	)		(0.84	)		0.05			0.90			0.42
Less Distributions From:
Net Investment Income		(0.12	)		(0.20	)		(0.18	)		(0.18	)		(0.22	)		(0.22	)
Net Realized Gains		—			—			—			(0.01	)		—			—
Total Distributions		(0.12	)		(0.20	)		(0.18	)		(0.19	)		(0.22	)		(0.22	)
Net Asset Value, End of Period		$  8.32			$  8.96			$  9.23			$10.25			$10.39			$  9.71
Total Return(b)		(5.85	)%		(0.71	)%		(8.37	)%		0.51	%		9.35	%		4.45	%
Net Assets, End of Period (000’s)		$1,838			$2,018			$2,691			$2,234			$3,242			$3,501
Ratios to Average Net Assets
Gross Expense(c)		1.07	%(d)		1.07	%		1.06	%		1.06	%		1.07	%		1.08	%
Net Expense(c),(e)		0.76	%(d)		0.77	%		0.77	%		0.81	%		0.83	%		0.83	%
Net Investment Income		2.67	%(d)		2.16	%		1.45	%		1.46	%		2.06	%		2.18	%
Portfolio Turnover Rate		7	%		24	%		26	%		34	%		46	%		36	%
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended     April 30, 2019
CLASS I	(Unaudited)
Net Asset Value, Beginning of Period		$      8.81			$      9.08			$    10.08			$    10.22			$      9.55			$      9.35
Income (Loss) From Operations:
Net Investment Income(a)		0.13			0.22			0.18			0.18			0.24			0.24
Net Realized and Unrealized Gain (Loss)		(0.63	)		(0.26	)		(0.97	)		(0.09	)		0.68			0.21
Total Income (Loss) From Operations		(0.50	)		(0.04	)		(0.79	)		0.09			0.92			0.45
Less Distributions From:
Net Investment Income		(0.13	)		(0.23	)		(0.21	)		(0.22	)		(0.25	)		(0.25	)
Net Realized Gains		—			—			—			(0.01	)		—			—
Total Distributions		(0.13	)		(0.23	)		(0.21	)		(0.23	)		(0.25	)		(0.25	)
Net Asset Value, End of Period		$      8.18			$      8.81			$      9.08			$    10.08			$    10.22			$      9.55
Total Return(b)		(5.70	)%		(0.42	)%		(8.02	)%		0.83	%		9.74	%		4.84	%
Net Assets, End of Period (000’s)		$537,276			$550,087			$570,825			$623,556			$535,825			$544,092
Ratios to Average Net Assets
Gross Expense(c)		0.57	%(d)		0.57	%		0.56	%		0.75	%		0.82	%		0.83	%
Net Expense(c),(e)		0.43	%(d)		0.43	%		0.43	%		0.47	%		0.49	%		0.49	%
Net Investment Income		3.01	%(d)		2.51	%		1.79	%		1.79	%		2.40	%		2.52	%
Portfolio Turnover Rate		7	%		24	%		26	%		34	%		46	%		36	%

(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, 2023 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 28

For a share outstanding throughout each period:

WILMINGTON MUNICIPAL BOND FUND
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended     April 30, 2019
CLASS A	(Unaudited)
Net Asset Value, Beginning of Period		$  12.25			$  12.12			$  13.41			$  12.72			$  13.22			$  12.78
Income (Loss) From Operations:
Net Investment Income(a)		0.13			0.22			0.19			0.20			0.25			0.26
Net Realized and Unrealized Gain (Loss)		(0.65	)		0.13			(1.25	)		0.70			(0.28	)		0.44
Total Income (Loss) From Operations		(0.52	)		0.35			(1.06	)		0.90			(0.03	)		0.70
Less Distributions From:
Net Investment Income		(0.13	)		(0.22	)		(0.19	)		(0.21	)		(0.25	)		(0.26	)
Net Realized Gains		—			—			(0.04	)		—			(0.22	)		—
Total Distributions		(0.13	)		(0.22	)		(0.23	)		(0.21	)		(0.47	)		(0.26	)
Net Asset Value, End of Period		$  11.60			$  12.25			$  12.12			$  13.41			$  12.72			$  13.22
Total Return(b)		(4.30	)%		2.92	%		(8.08	)%		7.05	%		(0.36	)%		5.52	%
Net Assets, End of Period (000’s)		$14,455			$16,745			$17,942			$23,716			$24,052			$29,050
Ratios to Average Net Assets
Gross Expense(c)		1.09	%(d)		1.11	%		1.08	%		1.10	%		1.09	%		1.10	%
Net Expense(c),(e)		0.73	%(d)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net Investment Income		2.09	%(d)		1.81	%		1.42	%		1.53	%		1.90	%		1.99	%
Portfolio Turnover Rate		9	%		28	%		23	%		24	%		81	%		83	%
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended     April 30, 2019
CLASS I	(Unaudited)
Net Asset Value, Beginning of Period		$    12.26			$    12.13			$    13.42			$    12.73			$    13.23			$    12.79
Income (Loss) From Operations:
Net Investment Income(a)		0.14			0.25			0.22			0.24			0.29			0.29
Net Realized and Unrealized Gain (Loss)		(0.65	)		0.13			(1.25	)		0.69			(0.28	)		0.44
Total Income (Loss) From Operations		(0.51	)		0.38			(1.03	)		0.93			0.01			0.73
Less Distributions From:
Net Investment Income		(0.14	)		(0.25	)		(0.22	)		(0.24	)		(0.29	)		(0.29	)
Net Realized Gains		—			—			(0.04	)		—			(0.22	)		—
Total Distributions		(0.14	)		(0.25	)		(0.26	)		(0.24	)		(0.51	)		(0.29	)
Net Asset Value, End of Period		$    11.61			$    12.26			$    12.13			$    13.42			$    12.73			$    13.23
Total Return(b)		(4.17	)%		3.18	%		(7.83	)%		7.32	%		(0.10	)%		5.78	%
Net Assets, End of Period (000’s)		$305,123			$322,805			$303,707			$338,952			$316,617			$260,800
Ratios to Average Net Assets
Gross Expense(c)		0.60	%(d)		0.61	%		0.59	%		0.79	%		0.84	%		0.85	%
Net Expense(c),(e)		0.48	%(d)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income		2.34	%(d)		2.06	%		1.67	%		1.78	%		2.14	%		2.24	%
Portfolio Turnover Rate		9	%		28	%		23	%		24	%		81	%		83	%

(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, 2023 (unaudited)

29 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period:

WILMINGTON NEW YORK MUNICIPAL BOND FUND
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended     April 30, 2019
CLASS A	(Unaudited)
Net Asset Value, Beginning of Period		$  9.83			$  9.71			$10.69			$10.20			$10.43			$10.18
Income (Loss) From Operations:
Net Investment Income(a)		0.08			0.15			0.13			0.14			0.15			0.15
Net Realized and Unrealized Gain (Loss)		(0.53	)		0.12			(0.95	)		0.51			(0.16	)		0.36
Total Income (Loss) From Operations		(0.45	)		0.27			(0.82	)		0.65			(0.01	)		0.51
Less Distributions From:
Net Investment Income		(0.08	)		(0.15	)		(0.13	)		(0.14	)		(0.15	)		(0.15	)
Net Realized Gains		—			—			(0.03	)		(0.02	)		(0.07	)		(0.11	)
Total Distributions		(0.08	)		(0.15	)		(0.16	)		(0.16	)		(0.22	)		(0.26	)
Net Asset Value, End of Period		$  9.30			$  9.83			$  9.71			$10.69			$10.20			$10.43
Total Return(b)		(4.56	)%		2.79	%		(7.74	)%		6.38	%		(0.12	)%		5.16	%
Net Assets, End of Period (000’s)		$4,850			$5,212			$5,536			$6,789			$7,251			$8,630
Ratios to Average Net Assets
Gross Expense(c)		1.56	%(d)		1.53	%		1.37	%		1.34	%		1.34	%		1.33	%
Net Expense(c),(e)		0.82	%(d)		0.82	%		0.82	%		0.82	%		0.82	%		0.83	%
Net Investment Income		1.73	%(d)		1.52	%		1.24	%		1.31	%		1.43	%		1.50	%
Portfolio Turnover Rate		20	%		6	%		7	%		14	%		60	%		45	%
	Six Months Ended October 31, 2023			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended     April 30, 2019
CLASS I	(Unaudited)
Net Asset Value, Beginning of Period		$    9.84			$    9.72			$  10.70			$  10.20			$  10.43			$  10.19
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.17			0.16			0.16			0.18			0.18
Net Realized and Unrealized Gain (Loss)		(0.54	)		0.12			(0.95	)		0.53			(0.16	)		0.35
Total Income (Loss) From Operations		(0.44	)		0.29			(0.79	)		0.69			0.02			0.53
Less Distributions From:
Net Investment Income		(0.10	)		(0.17	)		(0.16	)		(0.17	)		(0.18	)		(0.18	)
Net Realized Gains		—			—			(0.03	)		(0.02	)		(0.07	)		(0.11	)
Total Distributions		(0.10	)		(0.17	)		(0.19	)		(0.19	)		(0.25	)		(0.29	)
Net Asset Value, End of Period		$    9.30			$    9.84			$    9.72			$  10.70			$  10.20			$  10.43
Total Return(b)		(4.53	)%		3.04	%		(7.50	)%		6.74	%		0.13	%		5.32	%
Net Assets, End of Period (000’s)		$36,046			$40,420			$47,950			$59,887			$54,979			$53,379
Ratios to Average Net Assets
Gross Expense(c)		1.06	%(d)		1.03	%		0.87	%		1.03	%		1.09	%		1.09	%
Net Expense(c),(e)		0.57	%(d)		0.57	%		0.57	%		0.57	%		0.57	%		0.58	%
Net Investment Income		1.98	%(d)		1.77	%		1.49	%		1.55	%		1.68	%		1.76	%
Portfolio Turnover Rate		20	%		6	%		7	%		14	%		60	%		45	%

(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, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 30

Wilmington Funds

October 31, 2023 (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 Board of Trustees (“Trustees”) has adopted Valuation Policies and Procedures (“Valuation Procedures”) and has delegated responsibilities to Wilmington Funds Management Corporation (“WFMC” or the “Advisor”), in its role as the Trust’s investment advisor, with respect to the valuation of the Funds’ investments. The Advisor, acting through its Pricing Committee, carries out all of the functions set forth below to determine fair value in good faith with respect to a Fund’s investments. 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 by the Advisor in accordance with the Valuation Procedures.

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 the Valuation Procedures. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

31 NOTES TO FINANCIAL STATEMENTS (continued)

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, 2023, 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.	$	3,339,083	$	3,339,083	$	—	$	—
BNP Paribas SA		1,420,467		1,420,467		—		—
Deutsche Bank Securities, Inc.		3,339,083		3,339,083		—		—
HSBC Securities USA, Inc.		3,272,301		3,272,301		—		—
National Bank Financial		3,339,083		3,339,083		—		—
RBC Dominion Securities, Inc.		3,339,083		3,339,083		—		—
	$	18,049,100	$	18,049,100	$	—	$	—

⁽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.

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 the Valuation Procedures.

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

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 32

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, 2023, 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	$17,350,310	$17,350,310	$—

⁽¹⁾  Collateral with a value of $18,049,100 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, 2023.

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, 2023, 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	$642,210,525	$30,694	$(89,390,387)	$(89,359,693)
Municipal Bond Fund	349,545,914	—	(29,372,210)	(29,372,210)
New York Municipal Bond Fund	44,287,133	—	(3,902,967)	(3,902,967)

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, 2023, 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	$(1,755,876)	$(2,236,176)	$(3,992,052)
Municipal Bond Fund	(1,053,201)	(4,235,363)	(5,288,564)
New York Municipal Bond Fund	—	(289,547)	(289,547)

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

33 NOTES TO FINANCIAL STATEMENTS (continued)

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

Investment Advisor – WFMC 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, 2024 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*		0.72%		0.47%
New York Municipal Bond Fund**		0.81%		0.56%

* Prior to August 31, 2023, the Municipal Bond Fund’s contractual expense limitation was 0.74% and 0.49% for Class A and Class I, respectively.

** Prior to August 31, 2023, the New York Municipal Bond Fund’s contractual expense limitation was 0.82% and 0.57% 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, 2023, 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, 2023 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 34

For the six months ended October 31, 2023, 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
Broad Market Bond Fund	$    25
Municipal Bond Fund	2,178
New York Municipal Bond Fund	28

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

For the six months ended October 31, 2023, M&T received sales charges on the sale of Class A shares as follows:

Fund	Sales   Charges
Municipal Bond Fund	$23
New York Municipal Bond Fund	22

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, 2023, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

Fund	Shareholder   Services   Fees
Broad Market Bond Fund	$10

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, 2023 were as follows:

Fund	Purchases	Sales
Broad Market Bond Fund	$26,473,678	$22,751,047
Municipal Bond Fund	35,407,470	29,393,740
New York Municipal Bond Fund	8,432,747	10,378,241

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2023 were as follows:

Fund	Purchases	Sales
Broad Market Bond Fund	$45,195,514	$13,457,605

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

35 NOTES TO FINANCIAL STATEMENTS (concluded)

6. MARKET RISK IN GENERAL

There is a risk that the value of a Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by a Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets.

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 27, 2024.

The Funds did not utilize the LOC during the six months ended October 31, 2023.

9. NEW REGULATORY PRONOUNCEMENTS

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds. The rule and form amendments will require mutual funds to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The compliance date for the amendments is for shareholder reports filed with the SEC on or after July 24, 2024.

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, 2023 (unaudited) / SEMI-ANNUAL REPORT

36

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 26-27, 2023 (the “September Meeting”), the Board 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 24, 2023, 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 Wilmington Global Alpha Equities Fund, Wilmington International Fund and Wilmington Real Asset Fund (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 that was sent 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 performance, 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. The Board generally concluded that, for each Fund, the consideration of each factor above supported the renewal of each Advisory Agreement.

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 was equal to 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 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, 2023.

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

37 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 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 equal to 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, 2023. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be explained by the Fund’s allocation to investment grade tax-exempt municipal securities, while the Fund’s peers invest in fixed income securities and derivatives that outperformed relative to the Fund’s holdings. In March 2022, to diversify the Fund’s investments, the Board approved an up to 10% investment in high yield municipal securities, generally through ETFs.

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 was below the Fund’s expense group median and net total expense ratio was slightly above the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one-year period, and below the peer group average for the three- and five-year periods, ended June 30, 2023. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be explained by the Fund’s allocation to investment grade tax-exempt municipal securities, while the Fund’s peers invest in fixed income securities and derivatives that outperformed relative to the Fund’s holdings.

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

October 31, 2023 (unaudited) / SEMI-ANNUAL REPORT

38

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, 2023 (unaudited)

39

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 1, 2023

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, 2023 (unaudited) / SEMI-ANNUAL REPORT

40

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 information from the Funds by e-mail, it is our policy to include instructions in all e-mail 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 Notice is March 1, 2023. We reserve the right to modify this Notice at any time. When it is revised, reviewed 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 Notice.

SEMI-ANNUAL REPORT / October 31, 2023 (unaudited)

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

WT-SAR-FI-1023

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) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, 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.

(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 5, 2024

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 5, 2024

By (Signature and Title)*	/s/ Arthur W. Jasion
	Arthur W. Jasion
	(Principal Financial Officer)

Date: January 5, 2024

^* Print the name and title of each signing officer under his or her signature.