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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05514  

          Wilmington Funds          

(Exact name of registrant as specified in charter)

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

(Address of principal executive offices) (Zip code)

John McDonnell

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: April 30, 2024

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

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

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

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

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

   CONTENTS

President’s Message	i
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	5
Portfolios of Investments	6
Statements of Assets and Liabilities	22
Statements of Operations	23
Statements of Changes in Net Assets	24
Financial Highlights	25
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	34
Federal Tax Information (unaudited)	35
Shareholder Proxy Results	36
Board of Trustees and Trust Officers	37
Liquidity Risk Management Program	40
Other Information	41

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the Enhanced Dividend Income Strategy Fund and Large-Cap Strategy Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2023, through April 30, 2024. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

From May 2023 through April 2024, the United States experienced steady economic growth driven by robust consumer spending, strong business investment, and supportive government policies. The labor market showed signs of normalization and unemployment reached historically low levels. However, there were challenges including inflationary pressure which remained sticky (specifically within housing and auto insurance) prompting policymakers to push back on rate cut expectations. In fact, the Federal Reserve (the “Fed”) raised interest rates twice during the period with the Fed Funds upper bound increasing 50 basis points1 to 5.5%. The beleaguered U.S. manufacturing sector finally showed signs of improvement, reaching an expansionary level (as measured by the ISM Manufacturing Index) for the first time in 16 months. The services sector, which accounts for two-thirds of the economy, remained in expansionary territory for the duration of the period, a testament to the U.S. economy’s resilience in navigating a higher interest rate environment and volatile geopolitical landscape.

Bond markets

Rates pushed higher during the fiscal year as uncertainty around inflation persisted and investors became more pessimistic about the degree to which the Fed would be able to ease policy. The benchmark 10-year Treasury yield rose 110 basis points while the two-year yield advanced around 90 basis points during the period. Volatility in the bond market subsided following the banking turmoil in March 2023 as the MOVE index, a common bond market volatility gauge, dropped closer to its five-year average. Corporate credit spreads also continued to compress, to the benefit of high yield issuers, as companies remained on strong financial footing overall. The yield curve remained inverted, most notably at two critical points: the 10y-minus-2y and the 10y-minus-3m portions of the curve. Overall, there was a wide degree of performance dispersion in the bond market, as the Bloomberg U.S. Aggregate Bond Index declined -1.5% while the Bloomberg U.S. Corporate High Yield Bond Index returned +9.0%.

For the 12-month period May 1, 2023 to April 30, 2024, 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
-2.80%	-1.47%	0.76%	2.08%	9.02%

Past performance is no guarantee of future results.

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

Equity markets

It was a strong year for U.S. large-cap equities as the S&P 500 Index advanced +22.7% while notching several new all-time high levels. The communication services and technology sectors powered the index higher as generative AI remained a major theme for investors and the “Magnificent 7” index⁸ advanced +60.4%.

Returns in international markets were less robust as the MSCI EAFE Index and MSCI Emerging Markets Index ended the year up +9.3% and +9.9%, respectively. In emerging markets, China weighed heavily on the index as deflationary pressures became increasingly embedded in both the consumer and producer sides of the economy. Concerns around the ailing property sector also led to an exodus of foreign capital out of the country.

Geopolitics also made several headlines during the year, with implications for the commodity market. Notably, in October, the terrorist group, Hamas, attacked Israel, sparking a major conflict in the Gaza Strip. Oil prices surged, with Brent crude reaching nearly $100 a barrel, following fears of a wider escalation across the Middle East and as Houthi rebels (a Yemeni extremist group) attacked ships in the Red Sea.

  

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)

ii

  

Metals, both industrial and precious, were another major storyline during the year as copper (+16.5%) and gold (+15.3%) delivered their best performances in recent history. Copper prices benefitted from the build out of data centers and the United States’ green energy transition. Lastly, cryptocurrencies were one of the best performing asset classes during the year as Bitcoin surged over +100% and notched a new all-time high (of roughly $73,500) after the SEC approved the first spot-Bitcoin ETFs (prices ended the year around $60,000).

For the 12-month period May 1, 2023 to April 30, 2024, certain stock market indices performed as follows:

S&P 500® Index9	Russell 2000® Index10	MSCI EAFE (Net) Index11	MSCI Emerging       Markets (Net)      Index12
22.66%	13.32%	9.28%	9.88%

Past performance is no guarantee of future results.

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

Sincerely,

Eric W. Taylor, CFA

President

May 15, 2024

April 30, 2024 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

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

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

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

8. The “Magnificent 7” index refers to the 7 most influential stocks in the S&P 500 index. These stocks, including NVIDIA, Meta Platforms, Tesla, Amazon, Alphabet, Microsoft, and Apple, have dominated the market, driving significant gains in the major indexes.

9. 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.

10. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 5% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $9.7 million to $11.4 billion.

11. 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.

12. 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 / April 30, 2024 (unaudited)

1

  

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2024, Wilmington Enhanced Dividend Income Strategy Fund (the “Fund”) had a total return of 10.52%* for Class A shares and 10.67%* for Class I shares, versus its benchmark, the Russell 1000^® Value Index**, which had a total return of 13.42%.

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

Inflation fears subsided as key indicators began to show meaningful improvement. As of April 2024, the annual inflation rate, as measured by the Consumer Price Index (“CPI”), stood at 3.4%, down from the peak of 9.1% in June of 2022. While these metrics remain above the Federal Reserve’s (the “Fed”) 2% target rate, the Fed appears confident in the trajectory of inflation and is expected to begin lowering its benchmark rate later in calendar year 2024.

Higher dividend yielding stocks significantly trailed the broader equity market as inflation remained above the Fed’s target level. Sector allocation and stock selection results also detracted from the Fund’s relative performance. Information Technology was the top relative performing sector aided by increased investment in Artificial Intelligence (“AI”) spending. Conversely, financials lagged as regional banks were under pressure following the sudden collapse of Silicon Valley Bank.

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

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was 4.43%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

April 30, 2024 (unaudited) / ANNUAL REPORT

2

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Enhanced Dividend Income Strategy Fund² from April 30, 2014 to April 30, 2024 compared to the Russell 1000^® Value Index.³

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT		VALUE OF A HYPOTHETICAL $100,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was 4.43%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/24
	1 Year	5 Years	10 Years
Class A^	4.43%	5.29%	4.94%
Class I	10.67%	6.76%	5.79%
Russell 1000® Value Index3	13.42%	8.60%	8.43%

^{^}  Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.76% and 0.75%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.26% and 0.50%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

²  The Fund changed its investment strategy on August 31, 2017 and on November 17, 2021. Performance for the periods shown prior to November 17, 2021 is based on prior investment strategies.

³  The performance for the Russell 1000^® Value Index assumes the reinvestment of all dividends and distributions but does not reflect the deduction of a sales charge required for the Fund’s performance by the Securities and Exchange Commission. It is not possible to invest directly in an index and the represented indices are unmanaged.

  

ANNUAL REPORT / April 30, 2024 (unaudited)

3

  

WILMINGTON LARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2024, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total net return of 22.55%* for Class I Shares, versus its benchmark, the Russell 1000^® Index**, which had a total return of 22.82%.

The Fund performed in line with the benchmark, the Russell 1000. Over the last year, the Fund has maintained a neutral position relative to the benchmark. The slight underperformance was attributable to cash position.

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

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

4

WILMINGTON LARGE-CAP STRATEGY FUND

The graph below illustrates the hypothetical investment of $100,000¹ in Class I of the Wilmington Large-Cap Strategy Fund from April 30, 2014 to April 30, 2024, compared to the Russell 1000^® Index.²

        VALUE OF A HYPOTHETICAL $100,000 INVESTMENT

 

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

	Average Annual Total Returns for the  Periods Ended 4/30/24
	1 Year			5 Years			10 Years
Class I^		22.55	%		12.71	%		12.11	%
Russell 1000® Index2		22.82	%		12.87	%		12.14	%

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

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

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

  

ANNUAL REPORT / April 30, 2024 (unaudited)

5

  

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2024.

	Beginning Account Value 11/01/23	Ending Account Value 4/30/24	Expenses Paid During Period(1)	Annualized Net   Expense Ratio
WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND
Actual
Class A	$1,000.00	$1,179.10	$4.06	0.75%
Class I	$1,000.00	$1,180.50	$2.71	0.50%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00	$1,021.13	$3.77	0.75%
Class I	$1,000.00	$1,022.38	$2.51	0.50%
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,210.30	$1.37	0.25%
Hypothetical (assuming a 5% return before expenses)
Class I	$1,000.00	$1,023.62	$1.26	0.25%

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

April 30, 2024 (unaudited) / ANNUAL REPORT

6

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Enhanced Dividend Income Strategy Fund

At April 30, 2024, the Fund’s sector classifications were as follows:

	Percentage of Total Net Assets
Common Stocks
Financials		20.4	%
Information Technology		14.0	%
Health Care		12.8	%
Industrials		12.5	%
Consumer Staples		9.8	%
Energy		8.9	%
Real Estate		5.8	%
Consumer Discretionary		4.4	%
Utilities		4.4	%
Materials		3.7	%
Communication Services		2.0	%
Cash Equivalents(1)		1.5	%
Repurchase Agreements		0.0	%(2)
Other Assets and Liabilities - Net(3)		(0.2	)%
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

April 30, 2024

Description	Number of Shares		Value
COMMON STOCKS – 98.7%
COMMUNICATION SERVICES – 2.0%
MEDIA – 2.0%
Omnicom Group, Inc.		15,630	$	1,451,089
TOTAL COMMUNICATION SERVICES			$	1,451,089
CONSUMER DISCRETIONARY – 4.4%
HOTELS, RESTAURANTS & LEISURE – 2.7%
McDonald’s Corp.		3,320		906,493
Restaurant Brands International, Inc.		1		76
Starbucks Corp.		12,075		1,068,516
			$	1,975,085
SPECIALTY RETAIL – 1.7%
Home Depot, Inc. (The)		3,825		1,278,392
TOTAL CONSUMER DISCRETIONARY			$	3,253,477
CONSUMER STAPLES – 9.8%
BEVERAGES – 1.8%
PepsiCo., Inc.		7,725		1,358,905
FOOD PRODUCTS – 1.6%
Conagra Brands, Inc.		37,725		1,161,176

Description	Number of Shares		Value
HOUSEHOLD PRODUCTS – 2.6%
Procter & Gamble Co. (The)		12,075	$	1,970,640
PERSONAL CARE PRODUCTS – 2.0%
Unilever PLC, ADR		28,000		1,451,800
TOBACCO – 1.8%
Philip Morris International, Inc.		14,075		1,336,280
TOTAL CONSUMER STAPLES			$	7,278,801
ENERGY – 8.9%
OIL, GAS & CONSUMABLE FUELS – 8.9%
Chevron Corp.		13,800		2,225,526
ConocoPhillips		7,650		960,993
Exxon Mobil Corp.		14,115		1,669,381
Valero Energy Corp.		11,140		1,780,952
TOTAL ENERGY			$	6,636,852
FINANCIALS – 20.4%
BANKS – 11.7%
Bank of America Corp.		80,375		2,974,679
JPMorgan Chase & Co.		18,875		3,619,092
Regions Financial Corp.		50,375		970,726

  

ANNUAL REPORT / April 30, 2024

7  PORTFOLIOS OF INVESTMENTS

  

Wilmington Enhanced Dividend Income Strategy Fund (continued)

Description	Number of Shares		Value
Toronto-Dominion Bank (The)		19,250	$	1,141,910
			$	8,706,407
CAPITAL MARKETS – 4.4%
BlackRock, Inc.		1,945		1,467,775
Morgan Stanley		19,975		1,814,529
			$	3,282,304
INSURANCE – 4.3%
MetLife, Inc.		23,975		1,704,143
Old Republic International Corp.		50,500		1,507,930
			$	3,212,073
TOTAL FINANCIALS			$	15,200,784
HEALTH CARE – 12.8%
BIOTECHNOLOGY – 3.7%
AbbVie, Inc.		9,450		1,536,948
Amgen, Inc.		4,490		1,229,990
			$	2,766,938
HEALTH CARE EQUIPMENT & SUPPLIES – 1.5%
Medtronic PLC		13,500		1,083,240
HEALTH CARE PROVIDERS & SERVICES – 1.7%
CVS Health Corp.		18,315		1,240,109
PHARMACEUTICALS – 5.9%
Johnson & Johnson		11,750		1,698,933
Merck & Co., Inc.		13,775		1,780,005
Pfizer, Inc.		36,850		944,097
			$	4,423,035
TOTAL HEALTH CARE			$	9,513,322
INDUSTRIALS – 12.5%
AEROSPACE & DEFENSE – 3.1%
Lockheed Martin Corp.		4,985		2,317,676
AIR FREIGHT & LOGISTICS – 2.6%
United Parcel Service, Inc., Class B		13,050		1,924,614
BUILDING PRODUCTS – 2.5%
Johnson Controls International PLC		28,925		1,882,150
ELECTRICAL EQUIPMENT – 2.4%
nVent Electric PLC		24,350		1,754,904
MACHINERY – 1.9%
Caterpillar, Inc.		4,350		1,455,380
TOTAL INDUSTRIALS			$	9,334,724
INFORMATION TECHNOLOGY – 14.0%
COMMUNICATIONS EQUIPMENT – 2.3%
Cisco Systems, Inc.		36,450		1,712,421
IT SERVICES – 2.0%
International Business Machines Corp.		8,815		1,465,053
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.7%
Broadcom, Inc.		2,515		3,270,179
QUALCOMM, Inc.		15,400		2,554,090

Description	Number of Shares		Value
Texas Instruments, Inc.		8,170	$	1,441,351
			$	7,265,620
TOTAL INFORMATION TECHNOLOGY			$	10,443,094
MATERIALS – 3.7%
CHEMICALS – 3.7%
Air Products & Chemicals, Inc.		5,015		1,185,245
Dow, Inc.		27,925		1,588,933
TOTAL MATERIALS			$	2,774,178
REAL ESTATE – 5.8%
HEALTH CARE REITS – 1.5%
Healthpeak Properties, Inc.		59,400		1,105,434
INDUSTRIAL REITS – 1.2%
Prologis, Inc.		8,950		913,348
RESIDENTIAL REITS – 1.7%
AvalonBay Communities, Inc.		6,660		1,262,536
SPECIALIZED REITS – 1.4%
VICI Properties, Inc.		37,275		1,064,201
TOTAL REAL ESTATE			$	4,345,519
UTILITIES – 4.4%
ELECTRIC UTILITIES – 4.4%
American Electric Power Co., Inc.		14,455		1,243,563
Duke Energy Corp.		10,615		1,043,030
NextEra Energy, Inc.		14,075		942,603
TOTAL UTILITIES			$	3,229,196
TOTAL COMMON STOCKS (COST $60,715,321)			$	73,461,036
MONEY MARKET FUND – 1.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^		1,135,398		1,135,398
TOTAL MONEY MARKET FUND (COST $1,135,398)			$	1,135,398
Description	Par Value
REPURCHASE AGREEMENTS – 0.0%**
Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $19, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $19.	$	19		19
BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $28, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $29.		28		28
HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $28, collateralized by U.S. Government Agency Securities, 2.50% to 3.00%, maturing 4/20/43 to 10/20/51; total market value of $29.		28		28

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 8

Wilmington Enhanced Dividend Income Strategy Fund (concluded)

Description	Par Value		Value
Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $28, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $29.	$	28	$	28
RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $28, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $29.		28		28
TOTAL REPURCHASE AGREEMENTS (COST $131)			$	131
TOTAL INVESTMENTS – 100.2% (COST $61,850,850)			$	74,596,565
OTHER ASSETS LESS LIABILITIES – (0.2)%				(112,565	)
TOTAL NET ASSETS – 100.0%			$	74,484,000

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

 The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	73,461,036		$ —		$—		$	73,461,036
Money Market Fund		1,135,398		—		—			1,135,398
Repurchase Agreements		—		131		—			131
Total	$	74,596,434		$131		$—		$	74,596,565

^ 7-Day net yield.

** Represents less than 0.05%.

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

  

ANNUAL REPORT / April 30, 2024

9

  

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At April 30, 2024, the Fund’s sector classifications were as follows:

	Percentage of Total Net Assets
Common Stocks
Information Technology		27.9	%
Financials		13.7	%
Health Care		12.1	%
Consumer Discretionary		10.4	%
Industrials		9.7	%
Communication Services		8.9	%
Consumer Staples		5.8	%
Energy		4.0	%
Materials		2.5	%
Real Estate		2.5	%
Utilities		2.3	%
Investment Companies		0.1	%
Warrants		0.0	%(1)
Preferred Stock		0.0	%(1)
Rights		0.0	%(1)
Cash Collateral Invested for Securities on Loan(2)		0.3	%
Other Assets and Liabilities - Net(3)		(0.2	)%
TOTAL		100.0	%

⁽¹⁾  Represents less than 0.05%.

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

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

 

PORTFOLIO OF INVESTMENTS

April 30, 2024

Description	Number of Shares		Value
COMMON STOCKS – 99.8%
COMMUNICATION SERVICES – 8.9%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%
AT&T, Inc.		83,912	$	1,417,274
Frontier Communications Parent, Inc.*		2,500		57,850
Iridium Communications, Inc.		1,150		35,408
Verizon Communications, Inc.		49,020		1,935,800
			$	3,446,332
ENTERTAINMENT – 1.4%
AMC Entertainment Holdings, Inc., Class A*,#		4,287		12,561
Atlanta Braves Holdings, Inc., Class C*		80		2,994
Electronic Arts, Inc.		3,160		400,751
Liberty Media Corp. - Liberty Formula One, Class C*		2,585		180,873
Liberty Media Corp. - Liberty Formula One, Class A*		105		6,538
Liberty Media Corp. - Liberty Live, Class C*		535		19,966

Description	Number of Shares		Value
Liberty Media Corp. - Liberty Live, Class A*		314	$	11,260
Live Nation Entertainment, Inc.*		1,870		166,262
Madison Square Garden Sports Corp.*		229		42,576
Netflix, Inc.*		5,000		2,753,200
Playtika Holding Corp.		100		725
ROBLOX Corp., Class A*		5,600		199,136
Roku, Inc.*		1,400		80,724
Spotify Technology SA*		1,620		454,313
Take-Two Interactive Software, Inc.*		1,868		266,769
TKO Group Holdings, Inc.		600		56,802
Walt Disney Co. (The)		21,433		2,381,206
Warner Bros Discovery, Inc.*		25,674		188,961
			$	7,225,617
INTERACTIVE MEDIA & SERVICES – 6.0%
Alphabet, Inc., Class A*		69,450		11,305,071
Alphabet, Inc., Class C*		58,550		9,639,672
IAC, Inc.*		950		45,182
Match Group, Inc.*		3,392		104,541

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 10

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Meta Platforms, Inc., Class A		25,805	$	11,100,537
Pinterest, Inc., Class A*		6,593		220,536
TripAdvisor, Inc.*		1,100		28,963
ZoomInfo Technologies, Inc.*		3,500		55,510
			$	32,500,012
MEDIA – 0.7%
Cable One, Inc.#		90		35,446
Charter Communications, Inc., Class A*		1,202		307,640
Comcast Corp., Class A		45,950		1,751,154
EchoStar Corp., Class A*		437		6,988
Fox Corp., Class A#		3,526		109,341
Fox Corp., Class B		1,100		31,548
GCI Liberty, Inc. Escrow Shares*,(1)		1,461		—
Interpublic Group of Cos., Inc. (The)		4,768		145,138
Liberty Broadband Corp., Class A*		185		9,274
Liberty Broadband Corp., Class C*		1,518		75,490
Liberty Media Corp. - Liberty SiriusXM*		1,686		40,565
Liberty Media Corp. - Liberty SiriusXM, Class A*		1,243		29,906
New York Times Co. (The), Class A		1,800		77,454
News Corp., Class A		5,007		119,167
News Corp., Class B		898		22,037
Nexstar Media Group, Inc.		300		48,018
Omnicom Group, Inc.		2,290		212,604
Sirius XM Holdings, Inc.#		7,240		21,286
Trade Desk, Inc. (The), Class A*		5,200		430,820
Paramount Global, Class B		7,146		81,393
			$	3,555,269
WIRELESS TELECOMMUNICATION SERVICES – 0.2%
T-Mobile US, Inc.		5,669		930,680
TOTAL COMMUNICATION SERVICES			$	47,657,910
CONSUMER DISCRETIONARY – 10.4%
AUTOMOBILE COMPONENTS – 0.1%
Aptiv PLC*		3,150		223,650
BorgWarner, Inc.		3,080		100,932
Gentex Corp.		2,830		97,069
Lear Corp.		700		88,109
QuantumScape Corp.*,#		3,450		18,699
			$	528,459
AUTOMOBILES – 1.3%
Ford Motor Co.		46,100		560,115
General Motors Co.		13,650		607,834
Harley-Davidson, Inc.		1,470		50,553
Lucid Group, Inc.*,#		8,850		22,568
Rivian Automotive, Inc., Class A*,#		7,400		65,860
Tesla, Inc.*		32,245		5,909,864
Thor Industries, Inc.		600		59,652
			$	7,276,446
BROADLINE RETAIL – 3.6%
Amazon.com, Inc.*		105,345		18,435,375
Coupang, Inc.*		12,800		288,000
eBay, Inc.		6,040		311,302
Etsy, Inc.*		1,350		92,704
Kohl’s Corp.		1,210		28,967

Description	Number of Shares		Value
Macy’s, Inc.		2,950	$	54,369
Nordstrom, Inc.		1,380		26,234
Ollie’s Bargain Outlet Holdings, Inc.*		673		49,223
			$	19,286,174
DISTRIBUTORS – 0.1%
Genuine Parts Co.		1,620		254,680
LKQ Corp.		3,018		130,166
Pool Corp.		450		163,139
			$	547,985
DIVERSIFIED CONSUMER SERVICES – 0.1%
ADT, Inc.		2,560		16,640
Bright Horizons Family Solutions, Inc.*		683		70,834
Grand Canyon Education, Inc.*		400		52,008
H&R Block, Inc.		1,800		85,014
Mister Car Wash, Inc.*		750		5,017
Service Corp. International		1,770		126,927
			$	356,440
HOTELS, RESTAURANTS & LEISURE – 2.2%
Airbnb, Inc., Class A*		4,800		761,136
Aramark		2,733		86,117
Booking Holdings, Inc.		430		1,484,373
Boyd Gaming Corp.		750		40,133
Caesars Entertainment, Inc.*		2,410		86,326
Carnival Corp.*		11,700		173,394
Chipotle Mexican Grill, Inc.*		350		1,105,860
Choice Hotels International, Inc.#		360		42,574
Churchill Downs, Inc.		800		103,200
Darden Restaurants, Inc.		1,350		207,103
Domino’s Pizza, Inc.		400		211,708
DoorDash, Inc., Class A*		3,570		461,458
DraftKings, Inc., Class A*		4,920		204,475
Expedia Group, Inc.*		1,602		215,677
Hilton Worldwide Holdings, Inc.		2,953		582,568
Hyatt Hotels Corp., Class A		500		74,395
Las Vegas Sands Corp.		4,220		187,199
Marriott International, Inc., Class A		2,786		657,858
Marriott Vacations Worldwide Corp.		350		33,639
McDonald’s Corp.		8,499		2,320,567
MGM Resorts International*		3,110		122,658
Norwegian Cruise Line Holdings Ltd.*		4,750		89,870
Penn Entertainment, Inc.*		2,050		33,907
Planet Fitness, Inc., Class A*		1,028		61,516
Restaurant Brands International LP		47		3,624
Royal Caribbean Cruises Ltd.*		2,730		381,190
Starbucks Corp.		12,940		1,145,061
Texas Roadhouse, Inc.		750		120,585
Travel + Leisure Co.		810		35,267
Vail Resorts, Inc.		478		90,519
Wendy’s Co. (The)		2,065		41,279
Wingstop, Inc.		350		134,677
Wyndham Hotels & Resorts, Inc.		960		70,570
Wynn Resorts Ltd.		1,168		107,047
Yum! Brands, Inc.		3,300		466,125
			$	11,943,655

  

ANNUAL REPORT / April 30, 2024

11 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

  

Description	Number of Shares		Value
HOUSEHOLD DURABLES – 0.4%
DR Horton, Inc.		3,520	$	501,565
Garmin Ltd.		1,840		265,825
Leggett & Platt, Inc.		1,070		19,335
Lennar Corp., Class A		2,960		448,795
Lennar Corp., Class B		76		10,670
Mohawk Industries, Inc.*		655		75,534
Newell Brands, Inc.		5,269		41,836
NVR, Inc.*		45		334,748
PulteGroup, Inc.		2,590		288,578
Tempur Sealy International, Inc.		1,850		92,611
Toll Brothers, Inc.		1,200		142,932
TopBuild Corp.*		350		141,634
Whirlpool Corp.		685		64,979
			$	2,429,042
LEISURE PRODUCTS – 0.1%
Brunswick Corp.		750		60,480
Hasbro, Inc.		1,490		91,337
Mattel, Inc.*		4,000		73,280
Peloton Interactive, Inc., Class A*		3,550		11,040
Polaris, Inc.		700		59,612
YETI Holdings, Inc.*		1,050		37,506
			$	333,255
SPECIALTY RETAIL – 2.0%
Advance Auto Parts, Inc.		800		58,384
AutoNation, Inc.*		330		53,180
AutoZone, Inc.*		240		709,536
Bath & Body Works, Inc.		2,710		123,088
Best Buy Co., Inc.		2,180		160,535
Burlington Stores, Inc.*		750		134,955
CarMax, Inc.*		1,800		122,346
Dick’s Sporting Goods, Inc.		600		120,564
Five Below, Inc.*		628		91,902
Floor & Decor Holdings, Inc., Class A*		1,210		133,499
GameStop Corp., Class A*,#		2,950		32,716
Gap, Inc. (The)		2,300		47,196
Home Depot, Inc. (The)		11,670		3,900,347
Lithia Motors, Inc.		300		76,314
Lowe’s Cos., Inc.		6,750		1,538,932
Murphy USA, Inc.		200		82,764
O’Reilly Automotive, Inc.*		700		709,282
Penske Automotive Group, Inc.		200		30,582
Petco Health & Wellness Co., Inc.*		1,150		1,725
RH*		190		46,940
Ross Stores, Inc.		3,890		503,949
TJX Cos., Inc. (The)		13,330		1,254,220
Tractor Supply Co.		1,250		341,350
Ulta Beauty, Inc.*		550		222,662
Valvoline, Inc.*		1,500		63,780
Victoria’s Secret & Co.*		1,003		17,673
Wayfair, Inc., Class A*		1,048		52,557
Williams-Sonoma, Inc.		760		217,953
			$	10,848,931
TEXTILES, APPAREL & LUXURY GOODS – 0.5%
Capri Holdings Ltd.*		1,400		49,672

Description	Number of Shares		Value
Carter’s, Inc.		450	$	30,785
Columbia Sportswear Co.		468		37,267
Crocs, Inc.*		650		80,840
Deckers Outdoor Corp.*		300		245,541
Lululemon Athletica, Inc.*		1,300		468,780
NIKE, Inc., Class B		13,740		1,267,652
PVH Corp.		670		72,896
Ralph Lauren Corp.		535		87,547
Skechers USA, Inc., Class A*		1,493		98,613
Tapestry, Inc.		2,580		102,994
Under Armour, Inc., Class A*		2,678		18,023
Under Armour, Inc., Class C*		2,150		14,018
VF Corp.		4,300		53,578
			$	2,628,206
TOTAL CONSUMER DISCRETIONARY			$	56,178,593
CONSUMER STAPLES – 5.8%
BEVERAGES – 1.4%
Boston Beer Co., Inc. (The), Class A*		100		27,841
Brown-Forman Corp., Class A#		450		22,082
Brown-Forman Corp., Class B		2,525		120,821
Celsius Holdings, Inc.*		1,650		117,595
Coca-Cola Co. (The)		45,200		2,792,004
Constellation Brands, Inc., Class A		1,850		468,901
Keurig Dr. Pepper, Inc.		11,050		372,385
Molson Coors Beverage Co., Class B		2,050		117,383
Monster Beverage Corp.*		8,600		459,670
PepsiCo., Inc.		16,000		2,814,560
			$	7,313,242
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.8%
Albertsons Cos., Inc., Class A		4,950		100,980
BJ’s Wholesale Club Holdings, Inc.*		1,450		108,286
Casey’s General Stores, Inc.		435		139,017
Costco Wholesale Corp.		5,150		3,722,935
Dollar General Corp.		2,550		354,934
Dollar Tree, Inc.*		2,412		285,219
Grocery Outlet Holding Corp.*		1,350		35,060
Kroger Co. (The)		7,600		420,888
Performance Food Group Co.*		1,800		122,184
Sysco Corp.		5,750		427,340
Target Corp.		5,360		862,853
U.S. Foods Holding Corp.*		2,700		135,675
Walgreens Boots Alliance, Inc.		8,550		151,592
Walmart, Inc.		49,750		2,952,662
			$	9,819,625
FOOD PRODUCTS – 0.8%
Archer-Daniels-Midland Co.		6,250		366,625
Bunge Global SA		1,645		167,395
Campbell Soup Co.		2,300		105,133
Conagra Brands, Inc.		5,600		172,368
Darling Ingredients, Inc.*		1,700		72,029
Flowers Foods, Inc.		1,850		46,139
Freshpet, Inc.*		550		58,339
General Mills, Inc.		6,600		465,036
Hershey Co. (The)		1,750		339,360
Hormel Foods Corp.		3,300		117,348

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 12

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Ingredion, Inc.		700	$	80,213
J.M. Smucker Co. (The)		1,200		137,820
Kellanova		2,950		170,687
Kraft Heinz Co. (The)		9,350		361,003
Lamb Weston Holdings, Inc.		1,750		145,845
McCormick & Co., Inc.		3,000		228,180
Mondelez International, Inc., Class A		15,700		1,129,458
Pilgrim’s Pride Corp.*		550		19,811
Post Holdings, Inc.*		588		62,416
Tyson Foods, Inc., Class A		3,250		197,113
WK Kellogg Co.		37		864
			$	4,443,182
HOUSEHOLD PRODUCTS – 1.2%
Church & Dwight Co., Inc.		2,900		312,881
Clorox Co. (The)		1,400		207,018
Colgate-Palmolive Co.		9,650		887,028
Kimberly-Clark Corp.		3,950		539,293
Procter & Gamble Co. (The)		27,350		4,463,520
Reynolds Consumer Products, Inc.		350		10,021
Spectrum Brands Holdings, Inc.		400		32,748
			$	6,452,509
PERSONAL CARE PRODUCTS – 0.1%
Coty, Inc., Class A*		3,940		45,074
Estee Lauder Cos., Inc. (The), Class A		2,650		388,781
Kenvue, Inc.		20,450		384,869
Olaplex Holdings, Inc.*		1,700		2,363
			$	821,087
TOBACCO – 0.5%
Altria Group, Inc.		20,900		915,629
Philip Morris International, Inc.		17,950		1,704,173
			$	2,619,802
TOTAL CONSUMER STAPLES			$	31,469,447
ENERGY – 4.0%
ENERGY EQUIPMENT & SERVICES – 0.3%
Baker Hughes Co.		11,750		383,285
Halliburton Co.		10,413		390,175
NOV, Inc.		4,398		81,319
Schlumberger NV		16,446		780,856
TechnipFMC PLC		5,000		128,100
			$	1,763,735
OIL, GAS & CONSUMABLE FUELS – 3.7%
Antero Midstream Corp.		3,300		45,672
Antero Resources Corp.*		3,200		108,832
APA Corp.		3,590		112,870
Cheniere Energy, Inc.		2,780		438,740
Chesapeake Energy Corp.#		1,550		139,314
Chevron Corp.		19,970		3,220,562
ConocoPhillips		13,928		1,749,635
Coterra Energy, Inc.		8,774		240,057
Devon Energy Corp.		7,386		378,015
Diamondback Energy, Inc.		2,097		421,770
DT Midstream, Inc.		1,075		66,865
EOG Resources, Inc.		6,830		902,448

Description	Number of Shares		Value
EQT Corp.		4,050	$	162,365
Exxon Mobil Corp.		46,493		5,498,727
Hess Corp.		3,190		502,393
HF Sinclair Corp.		1,740		94,395
Kinder Morgan, Inc.		22,855		417,789
Marathon Oil Corp.		6,900		185,265
Marathon Petroleum Corp.		4,250		772,310
New Fortress Energy, Inc.#		700		18,340
Occidental Petroleum Corp.		7,960		526,474
ONEOK, Inc.		6,710		530,895
Ovintiv, Inc.		2,850		146,262
Phillips 66		5,090		728,939
Pioneer Natural Resources Co.		2,726		734,166
Range Resources Corp.		2,600		93,366
Southwestern Energy Co.*		12,050		90,255
Targa Resources Corp.		2,600		296,556
Texas Pacific Land Corp.		200		115,260
Valero Energy Corp.		3,920		626,690
Williams Cos., Inc. (The)		14,320		549,315
			$	19,914,542
TOTAL ENERGY			$	21,678,277
FINANCIALS – 13.7%
BANKS – 3.4%
Bank of America Corp.		80,450		2,977,454
Bank OZK		1,200		53,580
BOK Financial Corp.		270		23,957
Citigroup, Inc.		22,382		1,372,688
Citizens Financial Group, Inc.		5,550		189,310
Columbia Banking System, Inc.		2,348		44,166
Comerica, Inc.		1,480		74,252
Commerce Bancshares, Inc.		1,225		66,983
Cullen/Frost Bankers, Inc.		590		61,561
East West Bancorp, Inc.		1,523		113,448
Fifth Third Bancorp		7,800		284,388
First Citizens BancShares, Inc., Class A		150		253,014
First Hawaiian, Inc.		1,750		36,907
First Horizon Corp.		6,450		96,234
FNB Corp.		4,250		56,695
Huntington Bancshares, Inc.		16,846		226,916
JPMorgan Chase & Co.		33,670		6,455,886
KeyCorp.		10,944		158,579
M&T Bank Corp.§		2,323		335,418
New York Community Bancorp, Inc.		9,633		25,527
NU Holdings Ltd., Class A*		27,600		299,736
Pinnacle Financial Partners, Inc.		800		61,360
PNC Financial Services Group, Inc. (The)		4,610		706,529
Popular, Inc.		838		71,222
Prosperity Bancshares, Inc.		923		57,198
Regions Financial Corp.		10,606		204,378
Synovus Financial Corp.		1,744		62,418
Truist Financial Corp.		15,357		576,655
U.S. Bancorp		18,120		736,216
Webster Financial Corp.		2,012		88,186
Wells Fargo & Co.		42,025		2,492,923
Western Alliance Bancorp		1,150		65,354
Wintrust Financial Corp.		600		57,984

  

ANNUAL REPORT / April 30, 2024

13 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

  

Description	Number of Shares		Value
Zions Bancorp NA		1,840	$	75,035
			$	18,462,157
CAPITAL MARKETS – 3.1%
Affiliated Managers Group, Inc.		370		57,757
Ameriprise Financial, Inc.		1,140		469,441
Ares Management Corp., Class A		2,000		266,180
Bank of New York Mellon Corp. (The)		9,020		509,540
BlackRock, Inc.		1,760		1,328,166
Blackstone, Inc.		8,320		970,195
Blue Owl Capital, Inc.		5,350		101,062
Carlyle Group, Inc. (The)		2,400		107,520
Cboe Global Markets, Inc.		1,200		217,380
Charles Schwab Corp. (The)		17,305		1,279,705
CME Group, Inc.		4,150		870,006
Coinbase Global, Inc., Class A*		2,000		407,860
Evercore, Inc., Class A		450		81,675
FactSet Research Systems, Inc.		440		183,432
Franklin Resources, Inc.		3,320		75,829
Goldman Sachs Group, Inc. (The)		3,690		1,574,560
Houlihan Lokey, Inc.		600		76,494
Interactive Brokers Group, Inc., Class A		1,198		137,914
Intercontinental Exchange, Inc.		6,590		848,528
Invesco Ltd.		4,620		65,465
Janus Henderson Group PLC		1,800		56,196
Jefferies Financial Group, Inc.		2,248		96,799
KKR & Co., Inc.		7,784		724,457
Lazard, Inc.		1,250		48,125
LPL Financial Holdings, Inc.		900		242,217
MarketAxess Holdings, Inc.		450		90,041
Moody’s Corp.		1,840		681,407
Morgan Stanley		13,626		1,237,786
Morningstar, Inc.		300		84,795
MSCI, Inc.		870		405,237
Nasdaq, Inc.		4,090		244,786
Northern Trust Corp.		2,280		187,849
Raymond James Financial, Inc.		2,165		264,130
Robinhood Markets, Inc., Class A*		7,350		121,202
S&P Global, Inc.		3,689		1,533,997
SEI Investments Co.		1,040		68,588
State Street Corp.		3,570		258,789
Stifel Financial Corp.		1,100		87,912
T Rowe Price Group, Inc.		2,530		277,212
TPG, Inc.		350		15,085
Tradeweb Markets, Inc., Class A		1,250		127,137
Virtu Financial, Inc., Class A		1,350		29,295
XP, Inc., Class A		3,800		77,786
			$	16,589,537
CONSUMER FINANCE – 0.6%
Ally Financial, Inc.		3,163		121,301
American Express Co.		6,740		1,577,362
Capital One Financial Corp.		4,400		631,092
Credit Acceptance Corp.*		50		25,686
Discover Financial Services		2,880		364,983
OneMain Holdings, Inc.		1,150		59,927
SLM Corp.		2,860		60,603
SoFi Technologies, Inc.*,#		10,700		72,546

Description	Number of Shares		Value
Synchrony Financial		4,800	$	211,104
			$	3,124,604
FINANCIAL SERVICES – 4.2%
Affirm Holdings, Inc.*		2,650		84,482
Apollo Global Management, Inc.		6,026		653,098
Berkshire Hathaway, Inc., Class B*		21,346		8,468,599
Block, Inc.*		6,400		467,200
Corebridge Financial, Inc.#		2,250		59,760
Corpay, Inc.*		800		241,712
Equitable Holdings, Inc.		4,043		149,227
Euronet Worldwide, Inc.*		465		47,746
Fidelity National Information Services, Inc.		6,800		461,856
Fiserv, Inc.*		6,960		1,062,583
Global Payments, Inc.		2,963		363,768
Jack Henry & Associates, Inc.		850		138,286
Mastercard, Inc., Class A		9,670		4,363,104
MGIC Investment Corp.		3,050		61,854
NCR Atleos Corp.*		310		6,178
PayPal Holdings, Inc.*		12,565		853,415
Rocket Cos., Inc., Class A*,#		1,500		18,420
Shift4 Payments, Inc., Class A*,#		550		31,823
Toast, Inc., Class A*		4,050		95,701
UWM Holdings Corp.#		1,900		11,970
Visa, Inc., Class A		18,570		4,988,088
Voya Financial, Inc.		1,130		77,021
Western Union Co. (The)		4,890		65,722
WEX, Inc.*		465		98,236
			$	22,869,849
INSURANCE – 2.3%
Aflac, Inc.		6,850		573,002
Allstate Corp. (The)		3,080		523,785
American Financial Group, Inc.		850		108,588
American International Group, Inc.		8,230		619,801
Aon PLC, Class A		2,300		648,623
Arch Capital Group Ltd.*		4,120		385,385
Arthur J. Gallagher & Co.		2,480		582,031
Assurant, Inc.		630		109,872
Assured Guaranty Ltd.		600		46,020
Axis Capital Holdings Ltd.		780		47,837
Brighthouse Financial, Inc.*		800		38,600
Brown & Brown, Inc.		2,690		219,343
Chubb Ltd.		4,747		1,180,294
Cincinnati Financial Corp.		1,756		203,152
CNA Financial Corp.		150		6,591
Everest Group Ltd.		470		172,213
Fidelity National Financial, Inc.		2,941		145,579
First American Financial Corp.		1,178		63,105
Globe Life, Inc.		1,043		79,445
Hanover Insurance Group, Inc. (The)		400		51,928
Hartford Financial Services Group, Inc. (The)		3,390		328,457
Kemper Corp.		778		45,365
Kinsale Capital Group, Inc.		250		90,813
Lincoln National Corp.		2,058		56,122
Loews Corp.		2,300		172,845
Markel Group, Inc.*		180		262,512
Marsh & McLennan Cos., Inc.		5,740		1,144,728

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MetLife, Inc.		7,301	$	518,955
Old Republic International Corp.		2,968		88,624
Primerica, Inc.		373		79,024
Principal Financial Group, Inc.		2,840		224,758
Progressive Corp. (The)		6,780		1,411,935
Prudential Financial, Inc.		4,230		467,330
Reinsurance Group of America, Inc.		790		147,722
RenaissanceRe Holdings Ltd.		578		126,727
RLI Corp.		400		56,540
Ryan Specialty Holdings, Inc.		1,200		59,208
Travelers Cos., Inc. (The)		2,680		568,589
Unum Group		2,360		119,652
W.R. Berkley Corp.		2,230		171,643
White Mountains Insurance Group Ltd.		30		53,344
Willis Towers Watson PLC		1,200		301,368
			$	12,301,455
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%
AGNC Investment Corp.#		8,385		76,723
Annaly Capital Management, Inc.		6,082		113,976
Rithm Capital Corp.		4,500		50,040
Starwood Property Trust, Inc.#		3,768		71,479
			$	312,218
TOTAL FINANCIALS			$	73,659,820
HEALTH CARE – 12.1%
BIOTECHNOLOGY – 1.9%
AbbVie, Inc.		20,561		3,344,041
Alnylam Pharmaceuticals, Inc.*		1,500		215,925
Amgen, Inc.		6,214		1,702,263
Apellis Pharmaceuticals, Inc.*		1,250		55,238
Biogen, Inc.*		1,700		365,194
BioMarin Pharmaceutical, Inc.*		2,100		169,596
Exact Sciences Corp.*		2,150		127,602
Exelixis, Inc.*		3,700		86,802
Gilead Sciences, Inc.		14,544		948,269
Incyte Corp.*		2,210		115,031
Ionis Pharmaceuticals, Inc.*		1,800		74,268
Moderna, Inc.*		3,850		424,693
Natera, Inc.*		1,200		111,456
Neurocrine Biosciences, Inc.*		1,150		158,171
Regeneron Pharmaceuticals, Inc.*		1,200		1,068,792
Roivant Sciences Ltd.*		3,000		32,700
Sarepta Therapeutics, Inc.*		965		122,227
Ultragenyx Pharmaceutical, Inc.*		950		40,413
United Therapeutics Corp.*		540		126,538
Vertex Pharmaceuticals, Inc.*		2,993		1,175,680
			$	10,464,899
HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%
Abbott Laboratories		20,145		2,134,766
Align Technology, Inc.*		910		256,966
Baxter International, Inc.		5,930		239,394
Becton Dickinson & Co.		3,334		782,156
Boston Scientific Corp.*		17,100		1,228,977
Cooper Cos., Inc. (The)		2,200		195,932
DENTSPLY SIRONA, Inc.		2,729		81,897
DexCom, Inc.*		4,550		579,624

Description	Number of Shares		Value
Edwards Lifesciences Corp.*		7,016	$	594,045
Enovis Corp.*		650		35,900
Envista Holdings Corp.*		2,250		44,280
GE HealthCare Technologies, Inc.		4,850		369,764
Globus Medical, Inc., Class A*		1,200		59,748
Hologic, Inc.*		2,690		203,821
ICU Medical, Inc.*		250		24,480
IDEXX Laboratories, Inc.*		980		482,905
Inspire Medical Systems, Inc.*		300		72,498
Insulet Corp.*		800		137,552
Integra LifeSciences Holdings Corp.*		848		24,736
Intuitive Surgical, Inc.*		4,050		1,501,011
Masimo Corp.*,#		550		73,926
Medtronic PLC		15,476		1,241,794
Novocure Ltd.*		600		7,344
Penumbra, Inc.*		450		88,412
QuidelOrtho Corp.*		668		27,087
ResMed, Inc.		1,720		368,063
Shockwave Medical, Inc.*		400		132,076
Solventum Corp.*		1,620		105,316
STERIS PLC		1,100		225,016
Stryker Corp.		4,150		1,396,475
Tandem Diabetes Care, Inc.*		900		33,021
Teleflex, Inc.		560		116,900
Zimmer Biomet Holdings, Inc.		2,410		289,875
			$	13,155,757
HEALTH CARE PROVIDERS & SERVICES – 2.5%
Acadia Healthcare Co., Inc.*		900		66,546
agilon health, Inc.*		3,400		18,700
Amedisys, Inc.*		400		36,820
Cardinal Health, Inc.		2,920		300,877
Cencora, Inc.		1,970		470,928
Centene Corp.*		6,230		455,164
Chemed Corp.		150		85,200
Cigna Group (The)		3,342		1,193,228
CVS Health Corp.		14,921		1,010,301
DaVita, Inc.*		588		81,738
Elevance Health, Inc.		2,760		1,458,881
Encompass Health Corp.		1,230		102,557
HCA Healthcare, Inc.		2,300		712,586
Henry Schein, Inc.*		1,520		105,306
Humana, Inc.		1,430		431,989
Laboratory Corp. of America Holdings		1,007		202,779
McKesson Corp.		1,550		832,675
Molina Healthcare, Inc.*		650		222,365
Premier, Inc., Class A		1,150		24,012
Quest Diagnostics, Inc.		1,300		179,634
R1 RCM, Inc.*		1,200		14,748
Tenet Healthcare Corp.*		1,100		123,519
UnitedHealth Group, Inc.		10,870		5,257,819
Universal Health Services, Inc., Class B		730		124,414
			$	13,512,786
HEALTH CARE TECHNOLOGY – 0.1%
Certara, Inc.*		1,450		24,810
Doximity, Inc., Class A*		1,550		37,650
Teladoc Health, Inc.*		2,087		26,609

  

ANNUAL REPORT / April 30, 2024

15 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

  

Description	Number of Shares		Value
Veeva Systems, Inc., Class A*		1,720	$	341,523
			$	430,592
LIFE SCIENCES TOOLS & SERVICES – 1.5%
10X Genomics, Inc., Class A*		1,240		36,307
Agilent Technologies, Inc.		3,390		464,566
Avantor, Inc.*		7,945		192,507
Azenta, Inc.*		700		36,722
Bio-Rad Laboratories, Inc., Class A*		240		64,740
Bio-Techne Corp.		1,750		110,618
Bruker Corp.		1,250		97,513
Charles River Laboratories International, Inc.*		620		141,980
Danaher Corp.		7,680		1,894,042
Fortrea Holdings, Inc.*		707		25,869
ICON PLC*		950		282,986
Illumina, Inc.*		1,890		232,564
IQVIA Holdings, Inc.*		2,130		493,670
Maravai LifeSciences Holdings, Inc., Class A*		1,500		12,300
Medpace Holdings, Inc.*		250		97,088
Mettler-Toledo International, Inc.*		270		332,019
QIAGEN NV*		2,667		112,894
Repligen Corp.*		650		106,730
Revvity, Inc.		1,520		155,754
Sotera Health Co.*		1,100		12,320
Thermo Fisher Scientific, Inc.		4,520		2,570,614
Waters Corp.*		710		219,418
West Pharmaceutical Services, Inc.		850		303,858
			$	7,997,079
PHARMACEUTICALS – 3.7%
Bristol-Myers Squibb Co.		23,926		1,051,308
Catalent, Inc.*		2,150		120,078
Elanco Animal Health, Inc.*		5,800		76,328
Eli Lilly & Co.		9,880		7,717,268
Jazz Pharmaceuticals PLC*		710		78,633
Johnson & Johnson		28,100		4,062,979
Merck & Co., Inc.		29,616		3,826,980
Organon & Co.		3,266		60,780
Perrigo Co. PLC		1,458		47,618
Pfizer, Inc.		65,853		1,687,154
Royalty Pharma PLC, Class A		4,050		112,185
Viatris, Inc.		13,455		155,674
Zoetis, Inc.		5,381		856,870
			$	19,853,855
TOTAL HEALTH CARE			$	65,414,968
INDUSTRIALS – 9.7%
AEROSPACE & DEFENSE – 1.9%
Axon Enterprise, Inc.*		800		250,928
Boeing Co. (The)*		6,540		1,097,674
BWX Technologies, Inc.		1,105		105,826
Curtiss-Wright Corp.		465		117,840
General Dynamics Corp.		2,880		826,819
General Electric Co.		12,615		2,041,359
HEICO Corp.		550		114,070
HEICO Corp., Class A		952		157,889
Hexcel Corp.		1,000		64,210
Howmet Aerospace, Inc.		4,366		291,431

Description	Number of Shares		Value
Huntington Ingalls Industries, Inc.		495	$	137,080
L3Harris Technologies, Inc.		2,232		477,760
Lockheed Martin Corp.		2,490		1,157,676
Mercury Systems, Inc.*		650		18,330
Northrop Grumman Corp.		1,670		810,000
RTX Corp.		16,754		1,700,866
Spirit AeroSystems Holdings, Inc., Class A*		1,240		39,680
Textron, Inc.		2,253		190,581
TransDigm Group, Inc.		630		786,259
Woodward, Inc.		675		109,593
			$	10,495,871
AIR FREIGHT & LOGISTICS – 0.4%
C.H. Robinson Worldwide, Inc.		1,384		98,264
Expeditors International of Washington, Inc.		1,730		192,566
FedEx Corp.		2,710		709,424
GXO Logistics, Inc.*		1,500		74,490
United Parcel Service, Inc., Class B		8,430		1,243,256
			$	2,318,000
BUILDING PRODUCTS – 0.7%
A.O. Smith Corp.		1,500		124,260
Advanced Drainage Systems, Inc.		750		117,750
Allegion PLC		1,033		125,571
Armstrong World Industries, Inc.		428		49,169
AZEK Co., Inc. (The)*		1,500		68,460
Builders FirstSource, Inc.*		1,450		265,089
Carlisle Cos., Inc.		540		209,655
Carrier Global Corp.		9,750		599,527
Fortune Brands Innovations, Inc.		1,510		110,381
Hayward Holdings, Inc.*		1,350		18,333
Johnson Controls International PLC		7,931		516,070
Lennox International, Inc.		350		162,197
Masco Corp.		2,730		186,869
Owens Corning		998		167,874
Trane Technologies PLC		2,650		840,951
Trex Co., Inc.*		1,244		110,156
			$	3,672,312
COMMERCIAL SERVICES & SUPPLIES – 0.7%
Cintas Corp.		1,020		671,507
Clean Harbors, Inc.*		550		104,197
Copart, Inc.*		10,100		548,531
Driven Brands Holdings, Inc.*		750		10,748
MSA Safety, Inc.		450		81,180
RB Global, Inc.		2,076		148,600
Republic Services, Inc.		2,390		458,163
Rollins, Inc.		3,050		135,908
Stericycle, Inc.*		1,235		55,242
Tetra Tech, Inc.		600		116,832
Veralto Corp.		2,493		233,544
Vestis Corp.		1,491		27,464
Waste Management, Inc.		4,740		986,015
			$	3,577,931
CONSTRUCTION & ENGINEERING – 0.2%
AECOM		1,575		145,467
EMCOR Group, Inc.		550		196,444
MasTec, Inc.*		700		62,083

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MDU Resources Group, Inc.		2,500	$	61,750
Quanta Services, Inc.		1,688		436,449
Valmont Industries, Inc.		260		53,248
WillScot Mobile Mini Holdings Corp.*		2,350		86,856
			$	1,042,297
ELECTRICAL EQUIPMENT – 0.9%
Acuity Brands, Inc.		350		86,905
AMETEK, Inc.		2,660		464,596
ChargePoint Holdings, Inc.*,#		3,350		4,456
Eaton Corp. PLC		4,628		1,472,907
Emerson Electric Co.		6,690		721,048
GE Vernova, Inc.*		3,216		494,331
Generac Holdings, Inc.*		697		94,764
Hubbell, Inc.		640		237,133
nVent Electric PLC		1,966		141,690
Plug Power, Inc.*,#		4,900		11,319
Regal Rexnord Corp.		800		129,096
Rockwell Automation, Inc.		1,320		357,667
Sensata Technologies Holding PLC		1,748		66,966
Sunrun, Inc.*,#		2,500		25,725
Vertiv Holdings Co., Class A		3,950		367,350
			$	4,675,953
GROUND TRANSPORTATION – 1.1%
Avis Budget Group, Inc.		250		23,863
CSX Corp.		23,150		769,043
Hertz Global Holdings, Inc.*		1,900		8,645
JB Hunt Transport Services, Inc.		980		159,319
Knight-Swift Transportation Holdings, Inc.		2,035		94,078
Landstar System, Inc.		390		68,020
Lyft, Inc., Class A*		4,300		67,252
Norfolk Southern Corp.		2,660		612,651
Old Dominion Freight Line, Inc.		2,300		417,933
Ryder System, Inc.		540		65,799
Saia, Inc.*		290		115,081
Schneider National, Inc., Class B		623		12,884
Uber Technologies, Inc.*		22,950		1,520,896
U-Haul Holding Co.*,#		213		13,468
U-Haul Holding Co.		17		1,042
Union Pacific Corp.		7,120		1,688,579
XPO, Inc.*		1,300		139,698
			$	5,778,251
INDUSTRIAL CONGLOMERATES – 0.4%
3M Co.		6,480		625,385
Honeywell International, Inc.		7,750		1,493,657
			$	2,119,042
MACHINERY – 1.9%
AGCO Corp.		745		85,072
Allison Transmission Holdings, Inc.		950		69,873
Caterpillar, Inc.		5,950		1,990,691
CNH Industrial NV		11,800		134,520
Crane Co.		500		70,005
Cummins, Inc.		1,580		446,334
Deere & Co.		2,990		1,170,316
Donaldson Co., Inc.		1,410		101,802
Dover Corp.		1,610		288,673

Description	Number of Shares		Value
Esab Corp.		649	$	68,716
Flowserve Corp.		1,448		68,288
Fortive Corp.		4,190		315,381
Gates Industrial Corp. PLC*		1,200		21,144
Graco, Inc.		1,870		149,974
IDEX Corp.		870		191,800
Illinois Tool Works, Inc.		3,500		854,385
Ingersoll Rand, Inc.		4,744		442,710
ITT, Inc.		985		127,400
Lincoln Electric Holdings, Inc.		650		142,694
Middleby Corp. (The)*		600		83,382
Nordson Corp.		650		167,823
Oshkosh Corp.		790		88,693
Otis Worldwide Corp.		4,775		435,480
PACCAR, Inc.		6,010		637,721
Parker-Hannifin Corp.		1,510		822,814
Pentair PLC		2,064		163,242
RBC Bearings, Inc.*		350		85,593
Snap-on, Inc.		630		168,815
Stanley Black & Decker, Inc.		1,720		157,208
Timken Co. (The)		650		57,993
Toro Co. (The)		1,230		107,736
Westinghouse Air Brake Technologies Corp.		2,065		332,630
Xylem, Inc.		2,760		360,732
			$	10,409,640
MARINE TRANSPORTATION – 0.0%**
Kirby Corp.*		600		65,478
PASSENGER AIRLINES – 0.2%
Alaska Air Group, Inc.*		1,625		69,908
American Airlines Group, Inc.*		6,893		93,125
Delta Air Lines, Inc.		7,390		370,017
Southwest Airlines Co.		7,280		188,843
United Airlines Holdings, Inc.*		3,633		186,954
			$	908,847
PROFESSIONAL SERVICES – 0.8%
Automatic Data Processing, Inc.		4,780		1,156,234
Booz Allen Hamilton Holding Corp.		1,450		214,121
Broadridge Financial Solutions, Inc.		1,330		257,235
CACI International, Inc., Class A*		253		101,764
Clarivate PLC*,#		5,000		33,800
Concentrix Corp.		543		29,686
Dayforce, Inc.*		1,675		102,795
Dun & Bradstreet Holdings, Inc.		3,100		28,210
Equifax, Inc.		1,460		321,477
FTI Consulting, Inc.*		400		85,532
Genpact Ltd.		2,245		69,011
Jacobs Solutions, Inc.		1,450		208,118
KBR, Inc.		1,650		107,151
Leidos Holdings, Inc.		1,650		231,363
ManpowerGroup, Inc.		510		38,480
Paychex, Inc.		3,770		447,914
Paycom Software, Inc.		600		112,788
Paycor HCM, Inc.*		450		7,817
Paylocity Holding Corp.*		525		81,459
Robert Half, Inc.		1,248		86,287
Science Applications International Corp.		550		70,785

  

ANNUAL REPORT / April 30, 2024

17 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

  

Description	Number of Shares		Value
SS&C Technologies Holdings, Inc.		2,600	$	160,914
TransUnion		2,200		160,600
Verisk Analytics, Inc.		1,700		370,532
			$	4,484,073
TRADING COMPANIES & DISTRIBUTORS – 0.5%
Air Lease Corp.		1,100		55,264
Core & Main, Inc., Class A*		1,850		104,469
Fastenal Co.		6,590		447,725
Ferguson PLC		2,350		493,265
MSC Industrial Direct Co., Inc., Class A		590		53,832
SiteOne Landscape Supply, Inc.*		550		86,289
United Rentals, Inc.		770		514,352
Watsco, Inc.		400		179,088
WESCO International, Inc.		500		76,375
WW Grainger, Inc.		540		497,529
			$	2,508,188
TOTAL INDUSTRIALS			$	52,055,883
INFORMATION TECHNOLOGY – 27.9%
COMMUNICATIONS EQUIPMENT – 0.8%
Arista Networks, Inc.*		2,950		756,852
Ciena Corp.*		1,673		77,343
Cisco Systems, Inc.		47,450		2,229,201
F5, Inc.*		713		117,866
Juniper Networks, Inc.		3,890		135,450
Lumentum Holdings, Inc.*		900		39,384
Motorola Solutions, Inc.		1,930		654,559
Ubiquiti, Inc.#		50		5,379
Viasat, Inc.*,#		950		15,115
			$	4,031,149
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Amphenol Corp., Class A		6,900		833,313
Arrow Electronics, Inc.*		685		87,454
Avnet, Inc.		850		41,539
CDW Corp.		1,590		384,557
Cognex Corp.		1,950		81,003
Coherent Corp.*		1,418		77,465
Corning, Inc.		8,820		294,412
Crane NXT Co.		400		24,324
IPG Photonics Corp.*		400		33,592
Jabil, Inc.		1,508		176,979
Keysight Technologies, Inc.*		2,050		303,277
Littelfuse, Inc.		293		67,578
TD SYNNEX Corp.		593		69,879
Teledyne Technologies, Inc.*		543		207,144
Trimble, Inc.*		2,930		176,005
Vontier Corp.		1,956		79,472
Zebra Technologies Corp., Class A*		600		188,736
			$	3,126,729
IT SERVICES – 1.3%
Accenture PLC, Class A		7,400		2,226,734
Akamai Technologies, Inc.*		1,700		171,581
Amdocs Ltd.		1,470		123,465
Cloudflare, Inc., Class A*		3,450		301,530
Cognizant Technology Solutions Corp., Class A		6,010		394,737

Description	Number of Shares		Value
DXC Technology Co.*		2,326	$	45,334
EPAM Systems, Inc.*		650		152,919
Gartner, Inc.*		900		371,331
Globant SA*		500		89,295
GoDaddy, Inc., Class A*		1,700		208,046
International Business Machines Corp.		10,610		1,763,382
Kyndryl Holdings, Inc.*		2,412		47,420
MongoDB, Inc.*		765		279,362
Okta, Inc.*		1,750		162,715
Snowflake, Inc., Class A*		3,730		578,896
Twilio, Inc., Class A*		1,900		113,772
VeriSign, Inc.*		1,000		169,480
			$	7,199,999
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.2%
Advanced Micro Devices, Inc.*		18,718		2,964,557
Allegro MicroSystems, Inc.*		750		22,268
Analog Devices, Inc.		5,842		1,171,964
Applied Materials, Inc.		9,780		1,942,797
Broadcom, Inc.		5,078		6,602,771
Cirrus Logic, Inc.*		700		61,999
Enphase Energy, Inc.*		1,550		168,578
Entegris, Inc.		1,800		239,256
First Solar, Inc.*		1,200		211,560
GLOBALFOUNDRIES, Inc.*,#		800		39,104
Intel Corp.		49,570		1,510,398
KLA Corp.		1,600		1,102,864
Lam Research Corp.		1,530		1,368,447
Lattice Semiconductor Corp.*		1,650		113,190
Marvell Technology, Inc.		10,111		666,416
Microchip Technology, Inc.		6,178		568,252
Micron Technology, Inc.		12,850		1,451,536
MKS Instruments, Inc.		733		87,212
Monolithic Power Systems, Inc.		530		354,745
NVIDIA Corp.		27,810		24,028,396
ON Semiconductor Corp.*		4,978		349,256
Qorvo, Inc.*		1,100		128,524
QUALCOMM, Inc.		13,030		2,161,026
Skyworks Solutions, Inc.		1,800		191,862
Teradyne, Inc.		1,700		197,744
Texas Instruments, Inc.		10,550		1,861,231
Universal Display Corp.		500		78,990
Wolfspeed, Inc.*		1,575		42,572
			$	49,687,515
SOFTWARE – 10.4%
Adobe, Inc.*		5,260		2,434,486
ANSYS, Inc.*		1,030		334,626
AppLovin Corp., Class A*		2,350		165,840
Aspen Technology, Inc.*		317		62,408
Atlassian Corp., Class A*		1,800		310,140
Autodesk, Inc.*		2,480		527,868
Bentley Systems, Inc., Class B		2,300		120,819
BILL Holdings, Inc.*		1,300		81,068
Cadence Design Systems, Inc.*		3,160		870,991
CCC Intelligent Solutions Holdings, Inc.*		3,250		36,465
Confluent, Inc., Class A*		2,300		64,676
Crowdstrike Holdings, Inc., Class A*		2,519		736,908

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Datadog, Inc., Class A*		3,248	$	407,624
DocuSign, Inc.*		2,200		124,520
Dolby Laboratories, Inc., Class A		640		49,702
DoubleVerify Holdings, Inc.*		1,350		39,555
Dropbox, Inc., Class A*		3,100		71,796
Dynatrace, Inc.*		2,873		130,176
Elastic NV*		850		86,887
Fair Isaac Corp.*		300		339,999
Five9, Inc.*		893		51,410
Fortinet, Inc.*		7,450		470,691
Gen Digital, Inc.		6,370		128,292
Gitlab, Inc., Class A*		900		47,223
Guidewire Software, Inc.*		950		104,880
HashiCorp, Inc., Class A*		650		21,099
HubSpot, Inc.*		553		334,493
Informatica, Inc., Class A*		500		15,485
Intuit, Inc.		3,200		2,001,984
Manhattan Associates, Inc.*		723		148,981
Microsoft Corp.		87,079		33,902,467
N-Able, Inc.*		436		5,345
nCino, Inc.*		800		23,328
NCR Voyix Corp.*		220		2,695
Nutanix, Inc., Class A*		2,950		179,065
Oracle Corp.		18,110		2,060,012
Palantir Technologies, Inc., Class A*		22,370		491,469
Palo Alto Networks, Inc.*		3,570		1,038,477
Pegasystems, Inc.		320		19,014
Procore Technologies, Inc.*		1,000		68,420
PTC, Inc.*		1,350		239,544
RingCentral, Inc., Class A*		1,050		31,101
Roper Technologies, Inc.		1,250		639,325
Salesforce, Inc.		10,916		2,935,749
SentinelOne, Inc., Class A*		2,350		49,656
ServiceNow, Inc.*		2,400		1,663,992
Smartsheet, Inc., Class A*		1,455		55,043
Synopsys, Inc.*		1,800		955,062
Teradata Corp.*		1,070		39,697
Tyler Technologies, Inc.*		500		230,775
UiPath, Inc., Class A*		4,700		89,159
Unity Software, Inc.*,#		3,610		87,615
Workday, Inc., Class A*		2,350		575,116
Zoom Video Communications, Inc., Class A*		2,928		178,901
Zscaler, Inc.*		1,050		181,587
			$	56,063,706
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 5.6%
Apple, Inc.		170,620		29,061,705
Hewlett Packard Enterprise Co.		15,390		261,630
HP, Inc.		10,290		289,046
NetApp, Inc.		2,503		255,832
Pure Storage, Inc., Class A*		3,495		176,148
Western Digital Corp.*		3,733		264,408
			$	30,308,769
TOTAL INFORMATION TECHNOLOGY			$	150,417,867

Description	Number of Shares		Value
MATERIALS – 2.5%
CHEMICALS – 1.5%
Air Products & Chemicals, Inc.		2,600	$	614,484
Albemarle Corp.		1,350		162,418
Ashland, Inc.		600		57,198
Axalta Coating Systems Ltd.*		2,710		85,202
Celanese Corp.		1,100		168,971
CF Industries Holdings, Inc.		2,300		181,631
Chemours Co. (The)		1,850		49,488
Corteva, Inc.		8,212		444,516
Dow, Inc.		8,179		465,385
DuPont de Nemours, Inc.		5,012		363,370
Eastman Chemical Co.		1,300		122,772
Ecolab, Inc.		2,900		655,835
Element Solutions, Inc.		2,550		58,982
FMC Corp.		1,450		85,564
Ginkgo Bioworks Holdings, Inc.*,#		15,500		13,812
Huntsman Corp.		2,150		51,299
International Flavors & Fragrances, Inc.		3,040		257,336
Linde PLC		5,630		2,482,605
LyondellBasell Industries NV, Class A		3,000		299,910
Mosaic Co. (The)		3,715		116,614
NewMarket Corp.		50		26,346
Olin Corp.		1,450		75,806
PPG Industries, Inc.		2,750		354,750
RPM International, Inc.		1,500		160,365
Scotts Miracle-Gro Co. (The)		495		33,927
Sherwin-Williams Co. (The)		2,800		838,908
Westlake Corp.		400		58,944
			$	8,286,438
CONSTRUCTION MATERIALS – 0.2%
Eagle Materials, Inc.		400		100,284
Martin Marietta Materials, Inc.		700		410,949
Vulcan Materials Co.		1,550		399,326
			$	910,559
CONTAINERS & PACKAGING – 0.3%
Amcor PLC		17,851		159,588
AptarGroup, Inc.		815		117,670
Ardagh Metal Packaging SA		1,850		7,308
Avery Dennison Corp.		900		195,552
Ball Corp.		3,700		257,409
Berry Global Group, Inc.		1,393		78,900
Crown Holdings, Inc.		1,218		99,961
Graphic Packaging Holding Co.		3,605		93,189
International Paper Co.		4,050		141,507
Packaging Corp. of America		1,050		181,629
Sealed Air Corp.		1,750		55,090
Silgan Holdings, Inc.		805		37,561
Sonoco Products Co.		1,030		57,731
Westrock Co.		3,050		146,278
			$	1,629,373
METALS & MINING – 0.5%
Alcoa Corp.		1,950		68,523
Cleveland-Cliffs, Inc.*		6,000		101,400
Freeport-McMoRan, Inc.		16,650		831,501

  

ANNUAL REPORT / April 30, 2024

19 PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

  

Description	Number of Shares		Value
MP Materials Corp.*,#		1,150	$	18,400
Newmont Corp.		13,500		548,640
Nucor Corp.		2,850		480,310
Reliance, Inc.		650		185,068
Royal Gold, Inc.		758		91,059
Southern Copper Corp.		950		110,837
SSR Mining, Inc.		2,450		13,132
Steel Dynamics, Inc.		1,800		234,216
United States Steel Corp.		2,400		87,600
			$	2,770,686
PAPER & FOREST PRODUCTS – 0.0%**
Louisiana-Pacific Corp.		650		47,573
TOTAL MATERIALS			$	13,644,629
REAL ESTATE – 2.5%
DIVERSIFIED REITS – 0.0%**
WP Carey, Inc.		2,700		148,068
HEALTH CARE REITS – 0.2%
Healthcare Realty Trust, Inc.		5,030		71,577
Healthpeak Properties, Inc.		7,730		143,855
Medical Properties Trust, Inc.#		6,750		31,050
Omega Healthcare Investors, Inc.		2,850		86,668
Ventas, Inc.		4,736		209,710
Welltower, Inc.		6,470		616,462
			$	1,159,322
HOTEL & RESORT REITS – 0.0%**
Host Hotels & Resorts, Inc.		8,230		155,300
Park Hotels & Resorts, Inc.		2,450		39,519
			$	194,819
INDUSTRIAL REITS – 0.3%
Americold Realty Trust, Inc.		3,440		75,577
EastGroup Properties, Inc.		500		77,680
First Industrial Realty Trust, Inc.		1,750		79,485
Prologis, Inc.		10,778		1,099,895
Rexford Industrial Realty, Inc.		2,600		111,306
STAG Industrial, Inc.		2,150		73,938
			$	1,517,881
OFFICE REITS – 0.1%
Alexandria Real Estate Equities, Inc.		2,015		233,478
Boston Properties, Inc.		1,900		117,591
Cousins Properties, Inc.		1,833		42,049
Highwoods Properties, Inc.		1,290		33,798
Kilroy Realty Corp.		1,525		51,545
NET Lease Office Properties		182		4,161
Vornado Realty Trust		2,176		56,641
			$	539,263
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
CBRE Group, Inc., Class A*		3,460		300,639
CoStar Group, Inc.*		4,750		434,767
Howard Hughes Holdings, Inc.*		258		16,811
Jones Lang LaSalle, Inc.*		578		104,445
WeWork, Inc., Class A*		41		6
Zillow Group, Inc., Class A*		500		21,000

Description	Number of Shares		Value
Zillow Group, Inc., Class C*,#		1,945	$	82,799
			$	960,467
RESIDENTIAL REITS – 0.4%
American Homes 4 Rent, Class A		4,140		148,212
Apartment Income REIT Corp.		1,904		73,076
AvalonBay Communities, Inc.		1,622		307,483
Camden Property Trust		1,320		131,578
Equity LifeStyle Properties, Inc.		1,950		117,565
Equity Residential		4,200		270,480
Essex Property Trust, Inc.		773		190,351
Invitation Homes, Inc.		7,200		246,240
Mid-America Apartment Communities, Inc.		1,371		178,230
Sun Communities, Inc.		1,500		166,980
UDR, Inc.		3,880		147,750
			$	1,977,945
RETAIL REITS – 0.3%
Agree Realty Corp.		1,050		60,081
Brixmor Property Group, Inc.		3,650		80,665
Federal Realty Investment Trust		848		88,336
Kimco Realty Corp.		7,456		138,905
NNN REIT, Inc.		2,315		93,827
Realty Income Corp.		9,699		519,285
Regency Centers Corp.		1,983		117,433
Simon Property Group, Inc.		3,743		526,004
			$	1,624,536
SPECIALIZED REITS – 1.0%
American Tower Corp.		5,410		928,140
Crown Castle, Inc.		4,990		467,962
CubeSmart		2,633		106,479
Digital Realty Trust, Inc.		3,510		487,118
EPR Properties		1,000		40,590
Equinix, Inc.		1,111		790,043
Extra Space Storage, Inc.		2,412		323,883
Gaming and Leisure Properties, Inc.		2,909		124,302
Iron Mountain, Inc.		3,456		267,909
Lamar Advertising Co., Class A		1,050		121,642
National Storage Affiliates Trust		1,100		38,544
Public Storage		1,810		469,604
Rayonier, Inc.		1,915		56,799
SBA Communications Corp.		1,250		232,650
VICI Properties, Inc.		12,338		352,250
Weyerhaeuser Co.		8,692		262,238
			$	5,070,153
TOTAL REAL ESTATE			$	13,192,454
UTILITIES – 2.3%
ELECTRIC UTILITIES – 1.4%
Alliant Energy Corp.		2,850		141,930
American Electric Power Co., Inc.		6,150		529,085
Avangrid, Inc.		550		20,092
Constellation Energy Corp.		3,683		684,817
Duke Energy Corp.		8,900		874,514
Edison International		4,350		309,111
Entergy Corp.		2,400		256,008
Evergy, Inc.		2,700		141,615

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 20

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Eversource Energy		4,000	$	242,480
Exelon Corp.		11,550		434,049
FirstEnergy Corp.		6,200		237,708
Hawaiian Electric Industries, Inc.		1,100		10,835
IDACORP, Inc.		550		52,129
NextEra Energy, Inc.		23,800		1,593,886
NRG Energy, Inc.		2,500		181,675
OGE Energy Corp.		2,213		76,680
PG&E Corp.		23,600		403,796
Pinnacle West Capital Corp.		1,300		95,745
PPL Corp.		8,500		233,410
Southern Co. (The)		12,600		926,100
Xcel Energy, Inc.		6,400		343,872
			$	7,789,537
GAS UTILITIES – 0.1%
Atmos Energy Corp.		1,800		212,220
National Fuel Gas Co.		1,150		61,065
UGI Corp.		2,650		67,734
			$	341,019
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%
AES Corp. (The)		8,100		144,990
Brookfield Renewable Corp., Class A		1,250		29,050
Vistra Corp.		4,150		314,736
			$	488,776
MULTI-UTILITIES – 0.6%
Ameren Corp.		3,000		221,610
CenterPoint Energy, Inc.		7,200		209,808
CMS Energy Corp.		3,400		206,074
Consolidated Edison, Inc.		4,050		382,320
Dominion Energy, Inc.		9,743		496,698
DTE Energy Co.		2,350		259,252
NiSource, Inc.		4,800		133,728
Public Service Enterprise Group, Inc.		5,750		397,210
Sempra		7,200		515,736
WEC Energy Group, Inc.		3,650		301,636
			$	3,124,072
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		2,300		281,336
Essential Utilities, Inc.		2,900		106,082
			$	387,418
TOTAL UTILITIES			$	12,130,822
TOTAL COMMON STOCKS (COST $139,677,428)			$	537,500,670
PREFERRED STOCK – 0.0%**
REAL ESTATE – 0.0%**
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%**
Brookfield Property Preferred LP 6.25%#		400		5,804
TOTAL REAL ESTATE			$	5,804
TOTAL PREFERRED STOCK (COST $9,880)			$	5,804
RIGHTS – 0.0%**
ABIOMED, Inc. CVR, Expire 12/31/49*,(1)		150		—

Description	Number of Shares		Value
Bristol-Myers Squibb Co. CVR, Expire 12/31/30		89	$	6
Mirati Therapeutics, Inc. CVR, Expire 01/23/31*,(1)		550		—
TOTAL RIGHTS (COST $0)			$	6
WARRANTS – 0.0%**
Occidental Petroleum Corp. CW27, Expire 08/03/27*		1,645		72,874
TOTAL WARRANTS (COST $0)			$	72,874
INVESTMENT COMPANIES – 0.1%
EQUITY FUNDS – 0.1%
iShares Russell 1000 ETF		700		193,186
iShares Russell 1000 Growth ETF		310		100,080
iShares Russell 1000 Value ETF		550		94,325
TOTAL EQUITY FUNDS			$	387,591
TOTAL INVESTMENT COMPANIES (COST $344,397)			$	387,591
Description	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.3%
REPURCHASE AGREEMENTS – 0.3%
Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $80,973, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $82,580.	$	80,961		80,961
BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $260,344, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $265,512.		260,306		260,306
HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $255,138, collateralized by U.S. Government Agency Securities, 2.50% to 3.00%, maturing 4/20/43 to 10/20/51; total market value of $260,202.		255,100		255,100
Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $260,344, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $265,610.		260,306		260,306
RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $260,344, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $265,512.		260,306		260,306

  

ANNUAL REPORT / April 30, 2024

21 PORT FOLIOS OF INVESTMENTS

  

Wilmington Large-Cap Strategy Fund (concluded)

Description	Par Value		Value
TD Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $260,344, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 1/01/47 to 4/01/54; total market value of $265,512.	$	260,306	$	260,306
TOTAL REPURCHASE AGREEMENTS (COST $1,377,285)			$	1,377,285
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,377,285)			$	1,377,285
TOTAL INVESTMENTS – 100.2% (COST $141,408,990)			$	539,344,230
COLLATERAL FOR SECURITIES ON LOAN – (0.3%)				(1,377,285	)
OTHER ASSETS LESS LIABILITIES – 0.1%				547,181
TOTAL NET ASSETS – 100.0%			$	538,514,126

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	537,500,670	$	—		$—(a)	$	537,500,670
Preferred Stock		5,804		—		—		5,804
Rights		6		—		—(a)		6
Warrants		72,874		—		—		72,874
Investment Companies		387,591		—		—		387,591
Repurchase Agreements		—		1,377,285		—		1,377,285
Total	$	537,966,945	$	1,377,285		$—	$	539,344,230

(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.

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

^**  Represents less than 0.05%.

⁽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:

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

April 30, 2024 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 22

April 30, 2024		Wilmington   Enhanced Dividend   Income Strategy Fund				Wilmington    Large-Cap Strategy    Fund
ASSETS:
Investments, at identified cost			$	61,850,850			$	141,408,990	(a)
Investments in securities, at value			$	74,596,565			$	539,344,230	(b),(c)
Cash denominated in foreign currencies				12,281	(d)			—
Income receivable				95,910				318,050
Foreign tax reclaim receivable				4,726				502
Receivable for shares sold				1,843				714,433
Receivable for investments sold				1,066,125				4,318,650
Prepaid assets				17,801				20,085
TOTAL ASSETS				75,795,251				544,715,950
LIABILITIES:
Collateral for securities on loan				—				1,377,285
Due to custodian				11,984				52,352
Payable for shares redeemed				1,203,136				4,532,581
Payable for Trustees’ fees				4,862				4,862
Payable for administration fees				1,786				12,968
Payable for distribution services fees				6,851				—
Payable for investment advisory fees				3,953				57,782
Other accrued expenses				78,679				163,994
TOTAL LIABILITIES				1,311,251				6,201,824
NET ASSETS			$	74,484,000			$	538,514,126
NET ASSETS CONSIST OF:
Paid-in capital			$	61,784,915			$	123,212,131
Distributable earnings (loss)				12,699,085				415,301,995
TOTAL NET ASSETS			$	74,484,000			$	538,514,126
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets			$	33,055,050			$	—
Shares outstanding (unlimited shares authorized)				2,670,943				—
Net Asset Value per share			$	12.38			$	—
Offering Price per share*			$	13.10	**		$	—
Class I
Net Assets			$	41,428,950			$	538,514,126
Shares outstanding (unlimited shares authorized)				3,335,454				18,588,376
Net Asset Value and Offering Price per share			$	12.42			$	28.97

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

^(b)  Includes $335,418 of investments in affiliated issuers.

^(c)  Including $1,292,610 of securities on loan (Note 2).

^(d)  Cost of cash denominated in foreign currencies was $12,373.

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

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

See Notes which are an integral part of the Financial Statements

  

ANNUAL REPORT / April 30, 2024

23 STATEMENTS OF OPERATIONS

  

Year Ended April 30, 2024		Wilmington   Enhanced Dividend   Income Strategy Fund				Wilmington    Large-Cap  Strategy    Fund
INVESTMENT INCOME:
Dividends			$	1,784,418	(a)		$	8,027,789	(a),(b)
Securities lending income, net				1,614				127,443
TOTAL INVESTMENT INCOME				1,786,032				8,155,232
EXPENSES:
Investment advisory fees				216,592				1,330,455
Administration fees				15,446				152,073
Portfolio accounting and administration fees				33,341				137,068
Custodian fees				3,073				41,441
Transfer and dividend disbursing agent fees and expenses				24,121				10,538
Trustees’ fees				62,234				62,234
Professional fees				111,796				106,856
Distribution services fee—Class A				80,543				—
Shareholder services fee—Class A				80,543				—
Share registration costs				28,928				23,104
Printing and postage				17,815				30,541
Miscellaneous				21,081				51,916
TOTAL EXPENSES				695,513				1,946,226
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor				(263,546	)			(615,771	)
Waiver of shareholder services fee—Class A				(80,543	)			—
TOTAL WAIVERS AND REIMBURSEMENTS				(344,089	)			(615,771	)
Net expenses				351,424				1,330,455
Net investment income				1,434,608				6,824,777
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on unaffiliated investments				(296,735	)			42,994,124
Net realized gain (loss) on foreign currency transactions				957				—
Net realized gain (loss)				(295,778	)			42,994,124
Net change in unrealized appreciation (depreciation) on unaffiliated investments				8,707,556				58,325,472
Net change in unrealized appreciation (depreciation) on affiliated investments				—				43,184
Net change in unrealized appreciation (depreciation) on foreign currency transactions				(48	)			—
Net change in unrealized appreciation (depreciation)				8,707,508				58,368,656
Net realized and unrealized gain (loss)				8,411,730				101,362,780
Change in net assets resulting from operations			$	9,846,338			$	108,187,557

^(a)  Net of foreign withholding taxes withheld of $5,523 and $243, respectively.

^(b)  Includes $12,080 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 24

	Wilmington Enhanced Dividend Income Strategy Fund						Wilmington Large-Cap Strategy Fund
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	1,434,608		$	937,514		$	6,824,777		$	7,095,938
Net realized gain (loss)		(295,778	)		49,973			42,994,124			31,396,351
Net change in unrealized appreciation (depreciation)		8,707,508			(393,821	)		58,368,656			(30,364,437	)
Change in net assets resulting from operations		9,846,338			593,666			108,187,557			8,127,852
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(826,350	)		(1,080,484	)		—			—
Class I		(548,863	)		(66,758	)		(33,703,643	)		(54,830,455	)
Total distributions to shareholders		(1,375,213	)		(1,147,242	)		(33,703,643	)		(54,830,455	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		308,957			304,275			—			—
Class I		36,819,880			2,726,284			33,146,398			51,269,312
Distributions reinvested
Class A		819,199			1,067,482			—			—
Class I		214,970			34,696			24,031,367			41,005,261
Cost of shares redeemed
Class A		(3,592,717	)		(2,865,099	)		—			—
Class I		(4,653,086	)		(375,061	)		(104,114,168	)		(88,254,437	)
Change in net assets resulting from share transactions		29,917,203			892,577			(46,936,403	)		4,020,136
Change in net assets		38,388,328			339,001			27,547,511			(42,682,467	)
NET ASSETS:
Beginning of year		36,095,672			35,756,671			510,966,615			553,649,082
End of year	$	74,484,000		$	36,095,672		$	538,514,126		$	510,966,615
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		26,911			26,182			—			—
Class I		3,448,167			230,262			1,217,755			2,044,488
Distributions reinvested
Class A		70,098			94,571			—			—
Class I		18,081			3,023			898,130			1,689,136
Shares redeemed
Class A		(310,180	)		(247,041	)		—			—
Class I		(386,265	)		(31,967	)		(3,786,753	)		(3,361,913	)
Net change resulting from share transactions		2,866,812			75,030			(1,670,868	)		371,711

 See Notes which are an integral part of the Financial Statements

  

ANNUAL REPORT / April 30, 2024

25 FINANCIAL HIGHLIGHTS

  

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

 WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
CLASS A
Net Asset Value, Beginning of Year		$ 11.49			$ 11.67			$ 11.55			$  9.54			$ 10.54
Income (Loss) From Operations:
Net Investment Income(a)		0.30			0.30			0.31			0.29			0.40
Net Realized and Unrealized Gain (Loss)		0.89			(0.12	)		0.15			2.04			(1.02	)
Total Income (Loss) From Operations		1.19			0.18			0.46			2.33			(0.62	)
Less Distributions From:
Net Investment Income		(0.29	)		(0.29	)		(0.34	)		(0.32	)		(0.38	)
Net Realized Gains		(0.01	)		(0.07	)		—			—			—
Total Distributions		(0.30	)		(0.36	)		(0.34	)		(0.32	)		(0.38	)
Net Asset Value, End of Year		$ 12.38			$ 11.49			$ 11.67			$ 11.55			$  9.54
Total Return(b)		10.52	%		1.69	%		3.99	%		24.86	%		(6.17	)%
Net Assets, End of Year (000’s)		$33,055			$33,151			$35,124			$37,388			$32,708
Ratios to Average Net Assets
Gross Expense(c)		1.56	%		1.76	%		1.85	%		1.69	%		1.68	%
Net Expense(c),(d)		0.75	%		0.75	%		0.67	%		0.60	%		0.60	%
Net Investment Income		2.59	%		2.58	%		2.61	%		2.81	%		3.86	%
Portfolio Turnover Rate		20	%		10	%		66	%(e)		12	%		14	%
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
CLASS I
Net Asset Value, Beginning of Year		$ 11.53			$11.69			$11.56			$  9.55			$10.54
Income (Loss) From Operations:
Net Investment Income(a)		0.32			0.32			0.34			0.32			0.44
Net Realized and Unrealized Gain (Loss)		0.89			(0.10	)		0.15			2.03			(1.02	)
Total Income (Loss) From Operations		1.21			0.22			0.49			2.35			(0.58	)
Less Distributions From:
Net Investment Income		(0.31	)		(0.31	)		(0.36	)		(0.34	)		(0.41	)
Net Realized Gains		(0.01	)		(0.07	)		—			—			—
Total Distributions		(0.32	)		(0.38	)		(0.36	)		(0.34	)		(0.41	)
Net Asset Value, End of Year		$ 12.42			$11.53			$11.69			$11.56			$  9.55
Total Return(b)		10.67	%		2.03	%		4.25	%		25.09	%		(5.83	)%
Net Assets, End of Year (000’s)		$41,429			$2,945			$  633			$  629			$  498
Ratios to Average Net Assets
Gross Expense(c)		0.88	%		1.25	%		1.37	%		1.38	%		1.44	%
Net Expense(c),(d)		0.50	%		0.50	%		0.42	%		0.35	%		0.35	%
Net Investment Income		2.74	%		2.78	%		2.82	%		3.06	%		4.20	%
Portfolio Turnover Rate		20	%		10	%		66	%(e)		12	%		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) Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers.

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

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 26

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

 WILMINGTON LARGE-CAP STRATEGY FUND

	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
CLASS I
Net Asset Value, Beginning of Year		$  25.22			$  27.84			$  30.08			$  22.08			$  23.36
Income (Loss) From Operations:
Net Investment Income(a)		0.35			0.36			0.33			0.35			0.39
Net Realized and Unrealized Gain (Loss)		5.18			(0.04	)		(0.80	)		10.11			(0.32	)
Total Income (Loss) From Operations		5.53			0.32			(0.47	)		10.46			0.07
Less Distributions From:
Net Investment Income		(0.35	)		(0.34	)		(0.33	)		(0.37	)		(0.41	)
Net Realized Gains		(1.43	)		(2.60	)		(1.44	)		(2.09	)		(0.94	)
Total Distributions		(1.78	)		(2.94	)		(1.77	)		(2.46	)		(1.35	)
Net Asset Value, End of Year		$  28.97			$  25.22			$  27.84			$  30.08			$  22.08
Total Return		22.55	%		1.72	%		(2.24	)%		49.12	%		0.09	%
Net Assets, End of Year (000’s)		$538,514			$510,967			$553,649			$623,538			$467,392
Ratios to Average Net Assets
Gross Expense(b)		0.37	%		0.37	%		0.53	%		0.80	%		0.86	%
Net Expense(b),(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income		1.28	%		1.42	%		1.07	%		1.34	%		1.69	%
Portfolio Turnover Rate		7	%		13	%		9	%		14	%		26	%

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

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

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

See Notes which are an integral part of the Financial Statements

  

ANNUAL REPORT / April 30, 2024

27 NOTES TO FINANCIAL STATEMENTS

  

Wilmington Funds

April 30, 2024

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

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 that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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 Advisor, 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

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 28

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 April 30, 2024, 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.	$	19	$	19	$	—	$	—
BNP Paribas SA		28		28		—		—
HSBC Securities USA, Inc.		28		28		—		—
Nomura Securities International, Inc.		28		28		—		—
RBC Dominion Securities, Inc.		28		28		—		—
	$	131	$	131	$	—	$	—
Large-Cap Strategy Fund
Bank of America Securities, Inc.	$	80,961	$	80,961	$	—	$	—
BNP Paribas SA		260,306		260,306		—		—
HSBC Securities USA, Inc.		255,100		255,100		—		—
Nomura Securities International, Inc.		260,306		260,306		—		—
RBC Dominion Securities, Inc.		260,306		260,306		—		—
TD Securities, Inc.		260,306		260,306		—		—
	$	1,377,285	$	1,377,285	$	—	$	—

⁽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

  

ANNUAL REPORT / April 30, 2024

29 NOTES TO FINANCIAL STATEMENTS (continued)

  

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 April 30, 2024, 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	$1,292,610	$1,292,610	$—

⁽¹⁾  Collateral with a value of $1,377,285 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

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

3. FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2024.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to losses deferred due to wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2024, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 30

Fund	Paid-in    Capital	Distributable  Earnings (Loss)
Large-Cap Strategy Fund	$(2,104)	$2,104

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

	2024						2023
Fund	Ordinary  Income*			Long-Term Capital Gains			Ordinary Income*			Long-Term Capital Gains
Enhanced Dividend Income Strategy Fund	$	1,326,045		$	49,168		$	918,836		$	228,406
Large-Cap Strategy Fund		8,079,682			25,623,961			7,025,237			47,805,218

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

As of April 30, 2024, 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	$ 61,889,966	$ 13,531,154	$   (824,555)	$  12,706,599
Large-Cap Strategy Fund	149,838,238	404,303,596	(14,797,604)	389,505,992

As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income			Undistributed  Long-Term  Capital  Gains		Other Timing Differences	Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards			Late Year   Loss Deferrals	Distributable Earnings
Enhanced Dividend Income Strategy Fund		$  254,048			$        —	$ 1	$	12,706,506			$(261,470)		$—	$	12,699,085
Large-Cap Strategy Fund		1,212,755			24,583,248	—		389,505,992			—		—		415,301,995

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, 2024, character of capital loss carryforwards were as follows:

Fund	Long-Term   No Expiration	Total Capital Loss   Carryforwards
Enhanced Dividend Income Strategy Fund	$(261,470)	$(261,470)

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.

  

ANNUAL REPORT / April 30, 2024

31 NOTES TO FINANCIAL STATEMENTS (continued)

  

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 year ended April 30, 2024, neither WFMC nor BNYM waived any administrative fees.

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

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

For the year ended April 30, 2024, 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	$805

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

For the year ended April 30, 2024, 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 year ended April 30, 2024, 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.

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 32

BNYM provides custody services to the Trust.

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

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

Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Fund’s distributor. Transactions with affiliated companies during the year ended April 30, 2024 are as follows:

Fund/  Affiliated Investment  Name	Value  4/30/23		Purchases		Sales		Net Realized  Gain/(Loss)		Net Change in Unrealized  Appreciation/  Depreciation		Value   4/30/24		Number of  Shares 4/30/24		Dividend  Income		Capital Gain  Distributions
Large-Cap Strategy Fund
Common Stock - 0.0%*
M&T Bank Corp.		$292,234		$—		$—		$—		$43,184		$335,418		2,323		$12,080		$—

* As a percentage of Net Assets as of April 30, 2024.

The Funds may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2024 were as follows:

Fund	Commissions
Large-Cap Strategy Fund	$5,980

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2024 were as follows:

Fund	Purchases		Sales
Enhanced Dividend Income Strategy Fund	$	40,513,914	$	10,917,231
Large-Cap Strategy Fund		36,075,807		108,504,789

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.

  

ANNUAL REPORT / April 30, 2024

33 NOTES TO FINANCIAL STATEMENTS (concluded)

  

8. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed and became effective March 28, 2024. 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. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the statement of operations. The LOC expires on March 26, 2025.

The Funds did not utilize the LOC during the year ended April 30, 2024.

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.

April 30, 2024 / ANNUAL REPORT

34

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Enhanced Dividend Income Strategy Fund and Wilmington Large-Cap Strategy Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the five years in the period ended April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 28, 2024

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

 

ANNUAL REPORT / April 30, 2024

35

  

FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2024, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

Fund
Enhanced Dividend Income Strategy Fund	99.55%
Large-Cap Strategy Fund	87.25%

For the fiscal year ended April 30, 2024, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 20%:

Fund
Enhanced Dividend Income Strategy Fund	99.85%
Large-Cap Strategy Fund	90.43%

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

April 30, 2024 (unaudited) / ANNUAL REPORT

36

SHAREHOLDER PROXY RESULTS

A special meeting of the shareholders (the “Meeting”) of the Funds of the Wilmington Funds (the “Trust”) was held at 2:00 p.m. Eastern Time on February 15, 2024, at the principal executive offices of Wilmington Funds Management Corporation, the investment advisor to the Trust, at 1100 North Market Street, 9th Floor, Wilmington, DE 19890. The purpose of the Meeting was to vote on the following proposal:

1. To elect Gregory P. Chandler, Donald E. Foley, and Valerie J. Sill as Independent Trustees of the Trust; and Eric W. Taylor as an Interested Trustee of the Trust (together, the “Trustees”).

All shareholders of record at the close of business on December 13, 2023 were entitled to attend or submit proxies. As of the record date the Trust had 12,602,869,323 shares outstanding and 4,393,711,349 shares were voted by shareholders in person or represented by proxy entitled to vote at the Meeting. A quorum for the Meeting was met with approximately 34.9% of the shares voted at the Meeting.

At the Meeting, shareholders of the Trust approved the election of the following Trustees. The results of the voting for the proposal were as follows:

Independent Trustees	Votes For	Votes Withheld	% of Votes For
Gregory P. Chandler	4,334,311,607	59,399,742	98.65%
Donald E. Foley	4,331,740,982	61,970,367	98.59%
Valerie J. Sill	4,336,822,269	56,889,080	98.71%
Interested Trustees	Votes For	Votes Withheld	% of Votes For
Eric W. Taylor	4,392,738,859	972,490	99.98%

  

ANNUAL REPORT / April 30, 2024 (unaudited)

37

  

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND

Name Birth Year Position with Trust Date Service Began

Principal Occupations and Other Directorships Held for Past Five Years

Eric W. Taylor* Birth year: 1981 TRUSTEE Began serving: October 2022 PRESIDENT Began serving: August 2022

Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present). Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co. Other Directorships Held: None

*   Eric W. Taylor is “interested” due to his current affiliation with Wilmington Trust, N.A., a subsidiary of M&T Bank Corporation and parent company of WFMC and WTIA, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name Birth Year Position with Trust Date Service Began

Principal Occupations and Other Directorships Held for Past Five Years

Donald E. Foley Birth year: 1951 CHAIRMAN Began serving: January 2023 TRUSTEE Began serving: December 2015

Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (111 Funds) (2014 to present); Trustee, 1290 Funds (15 portfolios) (2017 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present). Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011). Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (2012 to 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).

April 30, 2024 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 38

Name Birth Year Position with Trust Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017	Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (2020 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019). Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (March 2020 to November 2020); Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).
Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020	Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to 2021); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).
H. Thomas McMeekin Birth year: 1953 TRUSTEE Began serving: April 2024	Principal Occupations: Managing Partner and Founder, Griffin Investments, LLC (asset management) (2000 to present); CEO of Blue Key Services, LLC, (2015 to present). Other Directorships Held: Trustee, EQ Advisors Trust (III Funds), 1290 Funds (15 portfolios) (registered investment companies) (2014 to present). Previous Positions: Chief Investment Officer, AIG Life & Retirement and United Guaranty Corporation; and Senior Managing Director of AIG Asset Management (2009 to 2012).
OFFICERS
Name Birth Year Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017 VICE PRESIDENT Began serving: June 2012	Principal Occupations: Chief Operations Officer, Wilmington Funds; Senior Vice President, Wilmington Funds Management Corporation (2005 to present); Senior Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Kaushik Goswami Birth year: 1973 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: October 2021	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Senior Vice President, M&T Bank. Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

  

ANNUAL REPORT / April 30, 2024 (unaudited)

39 BOARD OF TRUSTEES AND TRUST OFFICERS

  

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

April 30, 2024 (unaudited) / ANNUAL REPORT

40

Liquidity Risk Management Program

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

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 21, 2024, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2023. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third-party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third-party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended April 30, 2024. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

  

ANNUAL REPORT / April 30, 2024 (unaudited)

41

  

 

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Form N-PORT is available on the SEC’s website at www.sec.gov.

Important information about the access and delivery of shareholder reports

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

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

42

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 21, 2024

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; ensure 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 Practices

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

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

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

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

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

Information Security

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

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

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

  

ANNUAL REPORT / April 30, 2024 (unaudited)

43

  

Employee Access to Information

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

Visiting the Funds’ Website

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

● Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

● 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.

● You can find additional information in the Wilmington Trust Digital Privacy Notice.

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 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 Notice

The effective date of this Notice is March 21, 2024. 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.

April 30, 2024 (unaudited) / ANNUAL REPORT

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Wilmington International Fund (“International Fund”)

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

Wilmington Real Asset Fund (“Real Asset Fund”)

   CONTENTS

President’s Message	i
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	9
Portfolios of Investments	10
Statements of Assets and Liabilities	39
Statements of Operations	40
Statements of Changes in Net Assets	41
Financial Highlights	43
Notes to Financial Statements	46
Report of Independent Registered Public Accounting Firm	57
Federal Tax Information (unaudited)	58
Shareholder Proxy Results	59
Board of Trustees and Trust Officers	60
Liquidity Risk Management Program	63
Other Information	64

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the International Fund, Global Alpha Equities Fund, and Real Asset Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2023, through April 30, 2024. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

From May 2023 through April 2024, the United States experienced steady economic growth driven by robust consumer spending, strong business investment, and supportive government policies. The labor market showed signs of normalization and unemployment reached historically low levels. However, there were challenges including inflationary pressure which remained sticky (specifically within housing and auto insurance) prompting policymakers to push back on rate cut expectations. In fact, the Federal Reserve (the “Fed”) raised interest rates twice during the period with the Fed Funds upper bound increasing 50 basis points1 to 5.5%. The beleaguered U.S. manufacturing sector finally showed signs of improvement, reaching an expansionary level (as measured by the ISM Manufacturing Index) for the first time in 16 months. The services sector, which accounts for two-thirds of the economy, remained in expansionary territory for the duration of the period, a testament to the U.S. economy’s resilience in navigating a higher interest rate environment and volatile geopolitical landscape.

Bond markets

Rates pushed higher during the fiscal year as uncertainty around inflation persisted and investors became more pessimistic about the degree to which the Fed would be able to ease policy. The benchmark 10-year Treasury yield rose 110 basis points while the two-year yield advanced around 90 basis points during the period. Volatility in the bond market subsided following the banking turmoil in March 2023 as the MOVE index, a common bond market volatility gauge, dropped closer to its five-year average. Corporate credit spreads also continued to compress, to the benefit of high yield issuers, as companies remained on strong financial footing overall. The yield curve remained inverted, most notably at two critical points: the 10y-minus-2y and the 10y-minus-3m portions of the curve. Overall, there was a wide degree of performance dispersion in the bond market, as the Bloomberg U.S. Aggregate Bond Index declined -1.5% while the Bloomberg U.S. Corporate High Yield Bond Index returned +9.0%.

For the 12-month period May 1, 2023 to April 30, 2024, 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
-2.80%	-1.47%	0.76%	2.08%	9.02%

Past performance is no guarantee of future results.

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

Equity markets

It was a strong year for U.S. large-cap equities as the S&P 500 Index advanced +22.7% while notching several new all-time high levels. The communication services and technology sectors powered the index higher as generative AI remained a major theme for investors and the “Magnificent 7” index8 advanced +60.4%.

Returns in international markets were less robust as the MSCI EAFE Index and MSCI Emerging Markets Index ended the year up +9.3% and +9.9%, respectively. In emerging markets, China weighed heavily on the index as deflationary pressures became increasingly embedded in both the consumer and producer sides of the economy. Concerns around the ailing property sector also led to an exodus of foreign capital out of the country.

Geopolitics also made several headlines during the year, with implications for the commodity market. Notably, in October, the terrorist group, Hamas, attacked Israel, sparking a major conflict in the Gaza Strip. Oil prices surged, with Brent crude reaching nearly $100 a barrel, following fears of a wider escalation across the Middle East and as Houthi rebels (a Yemeni extremist group) attacked ships in the Red Sea.

  

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)

ii

  

Metals, both industrial and precious, were another major storyline during the year as copper (+16.5%) and gold (+15.3%) delivered their best performances in recent history. Copper prices benefitted from the build out of data centers and the United States’ green energy transition. Lastly, cryptocurrencies were one of the best performing asset classes during the year as Bitcoin surged over +100% and notched a new all-time high (of roughly $73,500) after the SEC approved the first spot-Bitcoin ETFs (prices ended the year around $60,000).

For the 12-month period May 1, 2023 to April 30, 2024, certain stock market indices performed as follows:

S&P 500® Index9	Russell 2000® Index10	MSCI EAFE (Net) Index11	MSCI Emerging Markets (Net) Index12
22.66%	13.32%	9.28%	9.88%

Past performance is no guarantee of future results.

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

Sincerely,

Eric W. Taylor, CFA

President

May 15, 2024

April 30, 2024 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

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

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

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

8. The “Magnificent 7” index refers to the 7 most influential stocks in the S&P 500 index. These stocks, including NVIDIA, Meta Platforms, Tesla, Amazon, Alphabet, Microsoft, and Apple, have dominated the market, driving significant gains in the major indexes.

9. 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.

10. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 5% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $9.7 million to $11.4 billion.

11. 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.

12. 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 / April 30, 2024 (unaudited)

1

  

WILMINGTON INTERNATIONAL FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2024, Wilmington International Fund (the “Fund”) had a total return of 7.81%* for Class A Shares and 8.10%* for Class I Shares, versus its benchmark, the MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US)** which had a total return of 9.32%.

The Fund’s performance during the fiscal year can be split into two distinct periods as the Fund underwent a significant restructure which began trading October 1st, 2023. Reasons for the restructure centered around a desire to have tighter risk controls, particularly around geographic variances and small-cap exposure, as well as improving the quality of the individual managers sub-advising for the Fund. After extensive research, the portfolio management team of the Fund determined a partnership with Wellington as a single sub-advisor with several independent teams within Wellington was the Fund’s best option. The Wellington solution offered 1) a custom blend of managers for Wilmington Trust, 2) a structure that allowed the Fund to largely retain its local managers in local markets philosophy, 3) top-level risk oversight provided by Wellington’s Fundamental Factor Team, and 4) the inclusion of tailored completion portfolios designed to integrate with the regional managers to smooth factor exposure and geographic mismatch issues.

The prior Fund structure, which was in place for the period May 1, 2023 to September 30, 2023, had negative selection within consumer discretionary, consumer staples and communication services, which was partially offset by stronger selection in industrials, technology, and materials. Sector allocation was negative overall, where underweights to energy and financials detracted, while an underweight to consumer staples was a slight positive. From a regional perspective, the Fund had positive selection in Japan, while negative selection in Emerging Asia. From a market cap perspective, the Fund’s overweight to smaller cap stocks detracted for the period; it had positive selection within the smaller cap stocks, though this was partially offset by weaker selection in mid-cap stocks.

The current Fund structure, which was in place for the period October 1, 2023 to April 30, 2024, had positive selection within materials, technology, and industrials, which was partially offset by weaker selection in energy, financials, and health care. Sector allocation was positive overall, where underweights to consumer staples and materials and overweighting to industrials were beneficial to performance, while an underweight to technology detracted. From a regional perspective, the Fund had positive selection in Europe and Emerging Markets, while negative selection in Japan and North America. From a market cap perspective, the Fund’s overweight to small and mid-cap stocks detracted for the period; it had positive selection within the small and mid-cap stocks, though this was partially offset by weaker selection in mega-cap stocks.

Over the course of the fiscal year, markets were impacted by many macro headwinds and tailwinds including a precipitous decline in China, followed by an intense rebound in the country in the final few months; the Russia/Ukraine war continuing to drag on; intensifying conflict within the Middle East; Japan performing strongly, while the Yen declined dramatically; and expectations of rates peaking around the world.

Regarding China, markets were expecting a much bigger rebound out of the zero covid policy era with much bigger stimulus efforts to support this. What they got was piecemeal stimulus efforts and a

crisis in the property market with defaults on two large companies. Added to which, an election in Taiwan stoked the flames of increased tension between the two nations, spooking investors. Eventually, the drips of stimulus and super low valuations were enough to lure market participants back to the Chinese market and it clawed back some of the steep losses seen earlier in the year.

The Russia/Ukraine war continues to plod along with Vladimir Putin recently securing a 5th term as President and promptly replacing his defense minister. The efforts to support Ukraine from Europe and particularly the U.S. are somewhat strained, as conflict in the Middle East intensifies and draws on purse strings as well. As Iran becomes more directly involved and Israel defies the U.S. stance on tactics, the situation could become much worse.

After years of stagnation, Japan’s market surged higher in the fiscal year driven by an end to negative rates and yield curve control, as well as efforts from the Japan Exchange for companies to boost their price-to-book valuations. Eyes are on the Yen’s depreciation, which dropped to a more than 30-year low, spurring intervention by the Bank of Japan.

Regarding interest rates, pundits debate whether the European Central Bank will move to ease ahead of the Federal Reserve given the potential impact on the currency; most agree though that the direction of travel is either sideways or down. Many Emerging Markets countries have already moved to cut rates or are expected to soon.

Despite these crosscurrents in the market, we continue to believe the Fund is well structured to deliver alpha. The Fund is designed to have the majority of risk be stock specific, therefore allowing the underlying manager’s fundamental efforts to drive performance. This is balanced with risk controls focused on regional variances as well as other factors, such as small-cap exposure.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was 1.84%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 46 country indices comprising 22 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Brazil, Chile, China,

April 30, 2024 (unaudited) / ANNUAL REPORT

2

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 it is not possible to invest directly in an index.

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

Alpha is a measure of performance on a risk-adjusted basis. The excess return of the Fund relative to the return of the benchmark index is a Funds alpha.

   

  

ANNUAL REPORT / April 30, 2024 (unaudited)

3

  

WILMINGTON INTERNATIONAL FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of Wilmington International Fund from April 30, 2014 to April 30, 2024, compared to the MSCI ACWI ex-US Net Index².

 

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was 1.84%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/24
	1 Year	5 Years	10 Years
Class A^	1.84%	2.17%	2.64%
Class I^	8.10%	3.54%	3.40%
MSCI ACWI ex-US Net Index2	9.32%	5.03%	3.93%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.51% and 1.10%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.01% and 0.85%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

4

WILMINGTON GLOBAL ALPHA EQUITIES FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2024, the Wilmington Global Alpha Equities Fund (the “Fund”) had a total return of 6.47%* for Class A shares and 6.73%* for Class I shares, versus its benchmark, the HFRX Equity Hedge Index**, which had a total return of 8.13%.

Performance Review

During the fiscal year ended April 30, 2024, the Fund had positive returns but underperformed its benchmark.

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

For the year, the long only equity strategies underperformed Global Equities as represented by the MSCI All Country World Index ex-US (MSCI ACWI ex-US)***. This was due in large part to underweight positions in the so called Magnificent Seven tech stocks which drove index performance. From an underlying strategy perspective, three Portfolio Managers (“PM”) outperformed the MSCI ACWI ex-US, while six underperformed. The top performer was the Fund’s growth manager, while the poorest performer was the China focused manager, which is unsurprising as China dramatically underperformed. The PM is included in the portfolio, not as a bet on China outperformance but rather to ensure that the Fund is not underweight China (which remains an engine of global growth) as well as belief in the ability to generate excess return.

The Fund uses short equity index futures positions to reduce the Fund’s net long exposure to the global equity market as well as manage overweights and underweights that arise from the Fund’s long exposure.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was 0.65%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

*** The MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 46 country indices comprising 22 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: 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 it is not possible to invest directly in an index.

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

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

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

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

  

ANNUAL REPORT / April 30, 2024 (unaudited)

5

  

The Fund is also subject to risks associated with investments in foreign markets, emerging market securities, small cap companies, and derivatives. Please see the prospectus and summary prospectus for information on these as well as other risk considerations.

     

April 30, 2024 (unaudited) / ANNUAL REPORT

6

WILMINGTON GLOBAL ALPHA EQUITIES FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Global Alpha Equities Fund from April 30, 2014 to April 30, 2024, compared to the HFRX Equity Hedge Fund Index².

 

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was 0.65%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/24
	1 Year	5 Years	10 Years
Class A^	0.65%	2.23%	2.25%
Class I^	6.73%	3.66%	3.10%
HFRX Equity Hedge Fund Index2	8.13%	5.26%	3.16%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.96% and 1.50%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.46% and 1.25%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

  

ANNUAL REPORT / April 30, 2024 (unaudited)

7

  

WILMINGTON REAL ASSET FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2024, Wilmington Real Asset Fund (the “Fund”) had a total return of 1.73%* for Class A Shares and 1.94%* for Class I Shares, versus its benchmark, the S&P Developed Property Index**, the Bloomberg U.S. Treasury Inflation Protected Securities Index (“Bloomberg U.S. TIPS Index”)***, the Bloomberg Commodity Index (Total Return)****, and the Real Asset Blended Index, which had total returns of 0.88%, -1.35%, 2.89% and 2.46%, respectively.

The Blended Index is a mix of 50.0% S&P Developed Property Index and 50.0% Bloomberg Commodity Index (Total Return). This was changed from 37.5% S&P Developed Property Index, 37.5% Bloomberg Commodity Index, and 25% Bloomberg U.S. Treasury Inflation Linked Bond Index on January 1, 2023, due to the belief that strategic long-term investment in inflation-linked bonds (“ILB”) will not be additive to portfolios. Long-term inflation-linked bond returns will be less compelling going forward.

During the year, the Fund (Class I Shares) slightly underperformed the Blended Index. Asset allocation added, due to slight overweight commodities, but was not enough to make up for fees.

Global real estate securities, as measured by the S&P Developed Property Index, were up 0.88% for the fiscal year, rebounding slightly from prior years losses but dramatically underperforming broad equity markets. Higher interest rates continued to be a major headwind, both because higher mortgage rates increase cost of owning real estate as well as some yield focused investors migrating from income paying real estate to fixed income. The Fund’s real estate allocation slightly underperformed due to some exposure to emerging markets property.

Commodities gained 2.89% during the fiscal year, after pronounced losses the prior year. Gains were most pronounced in precious and industrial metals, while agricultural commodities were down. The Fund’s commodity allocation outperformed due to exposure to commodity related equities which outperformed commodity futures.

* Performance data quoted represents past performance,

which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -3.85%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

Inflation-linked bonds, or ILBs, are securities designed to help protect investors from inflation.

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

April 30, 2024 (unaudited) / ANNUAL REPORT

8

WILMINGTON REAL ASSET FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Real Asset Fund from April 30, 2014 to April 30, 2024, compared to the S&P Developed Property Index², the Bloomberg Commodity Index², Bloomberg U.S. TIPS Index², and the Real Asset Blended Index³.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -3.85%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/24
	1 Year	5 Years	10 Years
Class A^	-3.85%	1.76%	1.75%
Class I^	1.94%	3.18%	2.59%
S&P Developed Property Index2	0.88%	-0.44%	2.55%
Bloomberg Commodity Index2	2.89%	7.04%	-1.54%
Bloomberg U.S. TIPS Index2	-1.35%	2.07%	1.90%
Real Asset Blended Index3	2.46%	3.61%	3.14%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.36% and 1.01%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.86% and 0.76%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

³  The Real Asset Blended Index is calculated by the investment advisor and is currently based on a weighting of the following indices: 50.0% S&P Developed Property Index and 50.0% Bloomberg Commodity Index.

  

ANNUAL REPORT / April 30, 2024 (unaudited)

9

  

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2024.

	Beginning Account Value 11/01/23		Ending Account Value 4/30/24		Expenses Paid During Period(1)		Annualized Net Expense  Ratio(2)
WILMINGTON INTERNATIONAL FUND
Actual
Class A		$1,000.00		$1,161.30		$5.80		1.08%
Class I		$1,000.00		$1,162.50		$4.46		0.83%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,019.49		$5.42		1.08%
Class I		$1,000.00		$1,020.74		$4.17		0.83%
WILMINGTON GLOBAL ALPHA EQUITIES FUND
Actual
Class A		$1,000.00		$1,065.60		$7.65		1.49%
Class I		$1,000.00		$1,067.30		$6.37		1.24%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,017.45		$7.47		1.49%
Class I		$1,000.00		$1,018.70		$6.22		1.24%
WILMINGTON REAL ASSET FUND
Actual
Class A		$1,000.00		$1,069.40		$4.22		0.82%
Class I		$1,000.00		$1,070.70		$2.93		0.57%
Hypothetical (assuming a 5% return before expenses)
Class A		$1,000.00		$1,020.79		$4.12		0.82%
Class I		$1,000.00		$1,022.03		$2.87		0.57%

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

10

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At April 30, 2024, the Fund’s sector classifications and country allocations were as follows:

	Percentage of Total Net Assets
Common Stocks
Financials		19.1	%
Industrials		15.2	%
Information Technology		11.1	%
Consumer Discretionary		10.8	%
Health Care		8.9	%
Consumer Staples		7.2	%
Materials		5.6	%
Communication Services		5.2	%
Energy		4.7	%
Utilities		2.5	%
Real Estate		1.4	%
Exchange-Traded Funds		4.1	%
Preferred Stock		0.3	%
Cash Equivalents(1)		2.8	%
Cash Collateral Invested for Securities on Loan(2)		2.2	%
Other Assets and Liabilities - Net(3)		(1.1	)%
TOTAL		100.0	%

Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		13.2	%
United Kingdom		10.2	%
France		8.1	%
Canada		6.4	%
China		6.2	%
Taiwan		4.9	%
Germany		4.5	%
United States		3.9	%
Switzerland		3.5	%
South Korea		3.5	%
Australia		3.1	%
Netherlands		2.4	%
South Africa		2.0	%
Spain		1.7	%
Brazil		1.4	%
Hong Kong		1.4	%
United Arab Emirates		1.4	%
Austria		1.3	%
Sweden		1.3	%
Norway		1.0	%
All other countries less than 1.0%		10.3	%
Exchange-Traded Funds		4.1	%
Preferred Stocks		0.3	%
Cash Equivalents(1)		2.8	%
Cash Collateral Invested for Securities on Loan(2)		2.2	%
Other Assets and Liabilities - Net(3)		(1.1	)%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS^¢

April 30, 2024

Description	Number of Shares		Value
COMMON STOCKS – 91.7%
AUSTRALIA – 3.1%
ANZ Group Holdings Ltd.		41,409	$	747,181
Aristocrat Leisure Ltd.		10,991		280,490
BHP Group Ltd.		68,216		1,870,900
BlueScope Steel Ltd.		9,996		145,896
Brambles Ltd.		27,684		260,442
Coles Group Ltd.		21,720		226,523
Commonwealth Bank of Australia		21,333		1,563,059
Fortescue Ltd.		25,901		429,295
Goodman Group		31,327		632,794

Description	Number of Shares		Value
Insurance Australia Group Ltd.		51,761	$	214,445
Macquarie Group Ltd.		6,072		727,052
Mineral Resources Ltd.		3,454		156,682
Mirvac Group		148,917		195,121
National Australia Bank Ltd.		41,194		892,984
Northern Star Resources Ltd.		32,474		307,812
Pilbara Minerals Ltd.#		39,931		101,661
Ramsay Health Care Ltd.		4,317		144,707
REA Group Ltd.		2,863		328,180
Rio Tinto Ltd.		6,259		520,901
Rio Tinto PLC		54,515		3,688,527
SEEK Ltd.		17,639		272,484

  

ANNUAL REPORT / April 30, 2024

11 PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

  

Description	Number of Shares		Value
Stockland		78,957	$	223,694
Suncorp Group Ltd.		29,849		318,800
Telstra Group Ltd.		74,785		176,688
Transurban Group		48,112		386,265
Wesfarmers Ltd.		14,927		639,461
Westpac Banking Corp.		48,599		807,052
Woolworths Group Ltd.		17,919		367,646
TOTAL AUSTRALIA			$	16,626,742
AUSTRIA – 1.3%
BAWAG Group AG*		49,669		2,965,775
Erste Group Bank AG		47,882		2,232,982
Wienerberger AG		47,617		1,701,609
TOTAL AUSTRIA			$	6,900,366
BELGIUM – 0.8%
KBC Group NV		28,227		2,096,819
UCB SA		17,823		2,363,511
TOTAL BELGIUM			$	4,460,330
BRAZIL – 1.4%
Atacadao SA		702,500		1,512,528
Banco BTG Pactual SA		142,529		917,877
Cyrela Brazil Realty SA Empreendimentos e Participacoes		184,500		723,773
Localiza Rent a Car SA		128,575		1,215,528
Rede D’Or Sao Luiz SA		227,700		1,146,700
Vale SA		113,900		1,387,393
Wheaton Precious Metals Corp.		14,927		777,659
TOTAL BRAZIL			$	7,681,458
CANADA – 6.4%
Agnico Eagle Mines Ltd.		4,076		258,123
Alimentation Couche-Tard, Inc.		12,679		702,726
AltaGas Ltd.		9,765		214,076
ARC Resources Ltd.		20,358		368,667
Bank of Montreal		10,282		918,445
Bank of Nova Scotia (The)		79,236		3,635,307
Brookfield Asset Management Ltd., Class A		7,860		300,263
Brookfield Corp.		11,679		468,466
CAE, Inc.*		6,691		129,091
Canadian Imperial Bank of Commerce		14,030		654,900
Canadian National Railway Co.		8,069		979,370
Canadian Natural Resources Ltd.		18,179		1,377,571
Canadian Pacific Kansas City Ltd.		12,005		941,808
Capstone Copper Corp.*		85,600		592,575
Cenovus Energy, Inc.		12,297		252,613
CGI, Inc.*		3,691		373,993
Constellation Software, Inc.		216		556,107
Dollarama, Inc.		5,048		421,104
Enbridge, Inc.		95,712		3,403,263
Fortis, Inc.		12,739		500,251
Franco-Nevada Corp.		2,590		311,782
Gildan Activewear, Inc.		5,537		191,934
iA Financial Corp., Inc.		3,022		183,210
Imperial Oil Ltd.		4,613		317,161
Ivanhoe Mines Ltd., Class A*		19,205		260,317
Keyera Corp.		8,634		221,518

Description	Number of Shares		Value
Loblaw Cos. Ltd.		3,238	$	355,071
Magna International, Inc.		5,853		279,757
Manulife Financial Corp.		33,994		792,901
National Bank of Canada		3,885		311,951
Nutrien Ltd.		5,455		287,639
Open Text Corp.		6,939		245,019
Parex Resources, Inc.		108,014		1,883,076
Pembina Pipeline Corp.		15,541		546,839
Power Corp. of Canada		6,259		166,767
Restaurant Brands International, Inc.		4,832		366,581
RioCan REIT		16,836		213,286
Rogers Communications, Inc., Class B		6,097		228,397
Royal Bank of Canada		51,601		4,992,363
Saputo, Inc.		5,963		114,656
Shopify, Inc., Class A*		15,363		1,078,585
Sun Life Financial, Inc.		9,281		473,876
Suncor Energy, Inc.		10,097		385,280
TC Energy Corp.		16,766		600,660
Thomson Reuters Corp.		2,391		361,138
Toronto-Dominion Bank (The)		23,291		1,381,743
Tourmaline Oil Corp.		8,029		392,395
WSP Global, Inc.		1,511		229,276
TOTAL CANADA			$	34,221,897
CAYMAN ISLANDS – 0.2%
Patria Investments Ltd.		81,293		1,089,326
CHINA – 6.2%
Alibaba Group Holding Ltd.		45,928		430,027
Alibaba Group Holding Ltd., ADR		47,154		3,529,477
China Tower Corp. Ltd., Class H		7,716,000		903,230
Fuyao Glass Industry Group Co. Ltd., Class H		117,472		703,312
Fuyao Glass Industry Group Co. Ltd., Class A		202,900		1,392,675
Kanzhun Ltd., ADR		81,298		1,608,887
KE Holdings, Inc., ADR		52,477		793,452
Kunlun Energy Co. Ltd.		682,000		661,117
Kweichow Moutai Co. Ltd., Class A		5,800		1,357,542
Meituan, Class B*		243,628		3,326,626
Midea Group Co. Ltd., Class A		167,900		1,612,017
NetEase, Inc., ADR		30,918		2,889,906
NetEase, Inc.		14,100		264,300
PICC Property & Casualty Co. Ltd., Class H		3,238,000		4,022,837
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		222,800		549,810
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		28,700		1,203,015
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd.*		29,400		625,328
Tencent Holdings Ltd.		122,617		5,380,826
Tsingtao Brewery Co. Ltd., Class H		84,000		605,338
Will Semiconductor Co. Ltd. Shanghai, Class A		81,740		1,140,232
Zai Lab Ltd., ADR*,#		23,704		374,523
TOTAL CHINA			$	33,374,477
DENMARK – 0.9%
Novo Nordisk A/S, Class B		31,208		4,002,186
Scandinavian Tobacco Group A/S		62,833		1,015,017
TOTAL DENMARK			$	5,017,203

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 12

 Wilmington International Fund (continued)

Description	Number of Shares		Value
FINLAND – 0.4%
Wartsila OYJ Abp		120,276	$	2,218,791
FRANCE – 8.1%
AXA SA#		139,106		4,806,333
Bureau Veritas SA		198,174		5,779,869
Capgemini SE		8,112		1,704,989
Cie de Saint-Gobain SA		32,473		2,568,050
Cie Generale des Etablissements Michelin SCA		52,656		2,022,972
Elis SA		85,004		1,908,456
Engie SA#		220,347		3,825,360
LVMH Moet Hennessy Louis Vuitton SE		2,634		2,163,663
Pernod Ricard SA		14,125		2,136,294
Publicis Groupe SA		20,830		2,298,523
Technip Energies NV		85,053		2,002,999
Thales SA		12,877		2,164,204
TotalEnergies SE		77,393		5,618,633
Veolia Environnement SA		65,378		2,032,451
Vinci SA		18,944		2,219,783
TOTAL FRANCE			$	43,252,579
GERMANY – 4.5%
Brenntag SE		69,311		5,531,254
Daimler Truck Holding AG		44,942		2,026,714
Hensoldt AG		35,477		1,397,686
Jenoptik AG		30,575		819,723
Rheinmetall AG*		4,601		2,535,357
SAP SE		10,029		1,810,907
Siemens AG		19,783		3,706,020
Talanx AG		56,462		4,246,763
United Internet AG		79,880		1,932,204
TOTAL GERMANY			$	24,006,628
GREECE – 0.5%
Hellenic Telecommunications Organization SA		117,042		1,778,061
Piraeus Financial Holdings SA*		161,437		646,709
TOTAL GREECE			$	2,424,770
HONG KONG – 1.4%
AIA Group Ltd.		586,904		4,298,695
CK Asset Holdings Ltd.		65,114		277,749
Futu Holdings Ltd., ADR*		967		62,188
Hong Kong & China Gas Co. Ltd.		356,143		270,794
Hong Kong Exchanges & Clearing Ltd.		53,017		1,684,585
Jardine Matheson Holdings Ltd.		4,668		178,640
Link REIT		49,824		213,485
Sun Hung Kai Properties Ltd.		29,717		274,138
Techtronic Industries Co. Ltd.		28,054		387,687
TOTAL HONG KONG			$	7,647,961
HUNGARY – 0.6%
MOL Hungarian Oil & Gas PLC		121,598		996,580
OTP Bank Nyrt		47,438		2,351,296
TOTAL HUNGARY			$	3,347,876
INDIA – 0.9%
HDFC Bank Ltd., ADR		26,827		1,545,235
ICICI Bank Ltd., ADR		96,520		2,657,196

Description	Number of Shares		Value
Infosys Ltd., ADR#		28,746	$	480,346
TOTAL INDIA			$	4,682,777
INDONESIA – 0.6%
Bank Central Asia Tbk PT		2,688,600		1,616,614
Bank Mandiri Persero Tbk PT		2,449,100		1,035,179
Telkom Indonesia Persero Tbk PT		3,632,000		704,094
TOTAL INDONESIA			$	3,355,887
IRELAND – 0.8%
AIB Group PLC		350,582		1,814,672
Smurfit Kappa Group PLC		53,540		2,319,865
TOTAL IRELAND			$	4,134,537
ISRAEL – 0.2%
Bank Hapoalim BM		31,734		285,874
Bank Leumi Le-Israel BM		41,848		326,085
Check Point Software Technologies Ltd.*		2,158		322,448
Nice Ltd.*		1,090		243,735
TOTAL ISRAEL			$	1,178,142
ITALY – 0.6%
FinecoBank Banca Fineco SpA		220,955		3,384,979
JAPAN – 13.2%
77 Bank Ltd. (The)		7,164		202,528
ABC-Mart, Inc.		12,068		240,374
ADEKA Corp.		26,600		552,767
ARE Holdings, Inc.		33,300		430,422
Asahi Group Holdings Ltd.		18,745		641,247
ASKUL Corp.		41,767		630,777
Astellas Pharma, Inc.		232,727		2,233,691
BIPROGY Inc.		18,948		551,224
BML, Inc.		13,200		243,816
Canon Marketing Japan, Inc.		19,682		540,810
Casio Computer Co. Ltd.		32,700		272,433
Chugai Pharmaceutical Co. Ltd.		20,398		648,735
Dai-ichi Life Holdings, Inc.		36,299		840,723
Daiichi Sankyo Co. Ltd.		56,450		1,899,978
Daito Trust Construction Co. Ltd.		5,100		546,691
Dentsu Soken, Inc.		9,270		307,097
dip Corp.		33,019		558,027
en Japan, Inc.		30,900		513,712
Fuji Corp.		35,300		592,171
Fuso Chemical Co. Ltd.		20,398		523,888
Future Corp.		76,300		769,742
Hikari Tsushin, Inc.		3,424		556,475
Hitachi Ltd.		11,922		1,099,932
Honda Motor Co. Ltd.		91,007		1,035,440
Isuzu Motors Ltd.		294,307		3,729,710
ITOCHU Corp.		19,463		878,069
Japan Post Holdings Co. Ltd.		30,350		291,460
JGC Holdings Corp.		36,608		352,871
Kamigumi Co. Ltd.		10,400		224,594
KDDI Corp.		132,092		3,665,394
Keyence Corp.		2,502		1,100,304
KH Neochem Co. Ltd.		33,874		520,127
Kirin Holdings Co. Ltd.		42,836		625,303
Koa Corp.		22,309		230,093

  

ANNUAL REPORT / April 30, 2024

13 PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

  

Description	Number of Shares		Value
Kokuyo Co. Ltd.		17,900	$	305,807
Kyowa Kirin Co. Ltd.		28,121		472,260
LaSalle Logiport REIT		629		630,875
Lintec Corp.		20,200		402,707
Marui Group Co. Ltd.		36,123		551,738
Mebuki Financial Group, Inc.		68,330		241,726
MEITEC Group Holdings, Inc.		17,609		328,408
MISUMI Group, Inc.		37,299		606,402
Mitsubishi Corp.		44,361		1,014,517
Mitsubishi Estate Co. Ltd.		28,725		526,377
Mitsubishi Gas Chemical Co., Inc.		23,274		411,815
Mitsubishi UFJ Financial Group, Inc.		429,833		4,281,720
MS&AD Insurance Group Holdings, Inc.		31,209		561,108
NET One Systems Co. Ltd.		37,400		625,800
Nichicon Corp.		29,300		248,032
Nikon Corp.		45,100		466,304
Nippon Shinyaku Co. Ltd.		14,900		412,287
Nippon Telegraph & Telephone Corp.		542,498		585,715
NOF Corp.		29,043		389,639
OKUMA Corp.		4,200		188,639
Open Up Group, Inc.		39,200		496,579
Optorun Co. Ltd.		28,320		347,906
OSG Corp.		30,000		386,889
Persol Holdings Co. Ltd.		246,700		341,262
Recruit Holdings Co. Ltd.		18,537		798,340
Rohm Co. Ltd.		43,908		631,171
Roland Corp.		14,604		397,006
San-In Godo Bank Ltd. (The)		34,522		268,907
Sankyu, Inc.		10,800		374,432
Sega Sammy Holdings, Inc.		48,194		630,810
Sekisui Chemical Co. Ltd.		36,208		526,756
Sekisui House Ltd.		24,499		562,996
Shimamura Co. Ltd.		8,549		421,439
Shin-Etsu Chemical Co. Ltd.		46,054		1,782,701
Shionogi & Co. Ltd.		9,699		452,951
SoftBank Group Corp.		13,232		650,758
Sony Group Corp.		35,269		2,915,031
Square Enix Holdings Co. Ltd.		9,708		350,917
Stanley Electric Co. Ltd.		2,500		44,242
Sumitomo Mitsui Financial Group, Inc.		16,339		928,117
Sumitomo Mitsui Trust Holdings, Inc.		39,776		836,284
Suzuki Motor Corp.		52,567		612,184
T&D Holdings, Inc.		27,294		445,365
TechnoPro Holdings, Inc.		27,087		461,384
THK Co. Ltd.		17,579		383,558
Tokio Marine Holdings, Inc.		82,406		2,604,557
Tokyo Electron Ltd.		14,785		3,243,029
Toyota Motor Corp.		136,360		3,110,180
Ushio, Inc.		48,600		639,277
Yamaha Corp.		24,259		511,215
Yamaha Motor Co. Ltd.		304,346		2,838,703
Yamato Holdings Co. Ltd.		17,600		232,438
TOTAL JAPAN			$	70,529,885
JORDAN – 0.3%
Hikma Pharmaceuticals PLC		76,392		1,834,215

Description	Number of Shares		Value
KAZAKHSTAN – 0.3%
Kaspi.KZ JSC		13,629	$	1,604,951
MACAO – 0.3%
Galaxy Entertainment Group Ltd.		52,843		237,101
Sands China Ltd.*		495,600		1,168,945
TOTAL MACAO			$	1,406,046
MALAYSIA – 0.1%
Malayan Banking Bhd		356,644		726,721
MEXICO – 0.4%
Corp Inmobiliaria Vesta SAB de CV, ADR		34,427		1,222,503
Grupo Financiero Banorte SAB de CV, Class O		82,800		821,293
TOTAL MEXICO			$	2,043,796
NETHERLANDS – 2.4%
ASML Holding NV		3,878		3,377,786
Heineken NV#		18,228		1,773,942
ING Groep NV		151,255		2,391,383
Koninklijke KPN NV		613,958		2,231,204
Koninklijke Philips NV*		70,480		1,871,680
Wolters Kluwer NV		9,545		1,428,948
TOTAL NETHERLANDS			$	13,074,943
NEW ZEALAND – 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		16,909		283,187
Xero Ltd.*		3,652		283,535
TOTAL NEW ZEALAND			$	566,722
NORWAY – 1.0%
DNB Bank ASA		100,165		1,745,792
Equinor ASA		139,399		3,709,181
TOTAL NORWAY			$	5,454,973
PERU – 0.2%
Credicorp Ltd.		7,371		1,220,711
PHILIPPINES – 0.2%
Ayala Land, Inc.		1,605,300		795,781
POLAND – 0.3%
Allegro.eu SA*		210,104		1,751,450
PORTUGAL – 0.3%
Jeronimo Martins SGPS SA		72,945		1,500,606
SINGAPORE – 0.7%
CapitaLand Ascendas REIT		185,320		351,037
DBS Group Holdings Ltd.		31,501		801,926
Grab Holdings Ltd., Class A*		346,723		1,213,531
Keppel Ltd.		50,292		251,556
Oversea-Chinese Banking Corp. Ltd.		59,789		620,704
Singapore Telecommunications Ltd.		191,454		332,034
TOTAL SINGAPORE			$	3,570,788
SOUTH AFRICA – 2.0%
Anglo American PLC		198,213		6,477,101
Naspers Ltd., Class N		22,886		4,379,869
TOTAL SOUTH AFRICA			$	10,856,970

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

Wilmington International Fund (continued)

Description	Number of Shares		Value
SOUTH KOREA – 3.5%
BGF retail Co. Ltd.		5,240	$	494,005
Coupang, Inc.*		80,537		1,812,082
Hanon Systems		156,766		627,826
HD Hyundai Marine Solution Co. Ltd.*		1,731		104,454
Hyundai Motor Co.		13,767		2,476,352
Samsung Electronics Co. Ltd.		142,207		7,904,809
SK Hynix, Inc.		33,060		4,079,792
SK Telecom Co. Ltd.		26,978		997,695
TOTAL SOUTH KOREA			$	18,497,015
SPAIN – 1.7%
Bankinter SA		222,700		1,760,257
Iberdrola SA		212,470		2,605,217
Industria de Diseno Textil SA#		105,879		4,820,769
TOTAL SPAIN			$	9,186,243
SWEDEN – 1.3%
AAK AB		60,863		1,565,490
Alfa Laval AB#		43,145		1,836,888
Trelleborg AB, Class B		45,695		1,610,403
Volvo AB, Class B		72,903		1,855,614
TOTAL SWEDEN			$	6,868,395
SWITZERLAND – 3.5%
ABB Ltd.		44,599		2,166,996
Alcon, Inc.		18,909		1,449,882
DSM-Firmenich AG*		15,631		1,753,087
Novartis AG		89,946		8,729,939
UBS Group AG		171,131		4,494,462
TOTAL SWITZERLAND			$	18,594,366
TAIWAN – 4.9%
Advantech Co. Ltd.		135,000		1,570,242
ASPEED Technology, Inc.		19,600		1,835,246
Realtek Semiconductor Corp.		192,000		3,028,831
Taiwan Semiconductor Manufacturing Co. Ltd.		690,000		16,521,200
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		13,459		1,848,459
Unimicron Technology Corp.		307,000		1,697,718
TOTAL TAIWAN			$	26,501,696
THAILAND – 0.4%
Central Pattana PCL		215,400		367,252
PTT Exploration & Production PCL		382,400		1,608,127
TOTAL THAILAND			$	1,975,379
TURKEY – 0.2%
KOC Holding AS		177,965		1,242,036
UNITED ARAB EMIRATES – 1.4%
Abu Dhabi Islamic Bank PJSC		1,611,547		4,899,561
Americana Restaurants International PLC		1,744,707		1,579,675
Burjeel Holdings PLC		1,214,589		970,482
TOTAL UNITED ARAB EMIRATES			$	7,449,718
UNITED KINGDOM – 10.2%
AstraZeneca PLC		19,999		3,024,828
Babcock International Group PLC		393,418		2,489,562

Description	Number of Shares		Value
BAE Systems PLC		316,564	$	5,265,161
Beazley PLC		194,237		1,607,072
British American Tobacco PLC		67,179		1,972,126
Bunzl PLC		52,343		2,007,239
Genuit Group PLC		260,360		1,407,179
HSBC Holdings PLC		271,823		2,356,149
John Wood Group PLC*		871,094		1,607,366
National Grid PLC		240,157		3,150,178
Next PLC		19,363		2,171,715
QinetiQ Group PLC		398,945		1,702,574
Reckitt Benckiser Group PLC		72,711		4,065,054
Rotork PLC		473,530		1,903,561
RS Group PLC		191,593		1,755,148
Serco Group PLC		583,065		1,329,798
Smith & Nephew PLC		177,198		2,146,870
Smiths Group PLC		162,822		3,282,487
Standard Chartered PLC		219,581		1,886,539
Tate & Lyle PLC		303,951		2,491,980
Tesco PLC		562,485		2,076,734
Unilever PLC		96,046		4,968,537
TOTAL UNITED KINGDOM			$	54,667,857
UNITED STATES – 3.9%
CRH PLC		19,952		1,544,684
CSL Ltd.		6,084		1,080,982
CyberArk Software Ltd.*		446		106,705
GFL Environmental, Inc.		4,375		139,610
GSK PLC		156,596		3,248,885
Haleon PLC		428,929		1,811,514
James Hardie Industries PLC, CDI*		9,265		318,512
Monday.com Ltd.*		300		56,799
Nestle SA		25,570		2,567,233
Philip Morris International, Inc.		39,359		3,736,743
QIAGEN NV*		67,527		2,819,365
Roche Holding AG		14,280		3,421,691
Roche Holding AG		307		80,759
TOTAL UNITED STATES			$	20,933,482
TOTAL COMMON STOCKS (Cost $409,589,632)			$	491,861,471
EXCHANGE-TRADED FUNDS – 4.1%
iShares MSCI India ETF		422,700		22,128,345
TOTAL EXCHANGE-TRADED FUNDS (Cost $19,146,366)			$	22,128,345
PREFERRED STOCK – 0.3%
CHILE – 0.3%
Embotelladora Andina SA, 4.82%		577,190		1,632,280
TOTAL PREFERRED STOCK (Cost $1,259,044)			$	1,632,280
MONEY MARKET FUND – 2.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^		14,900,710		14,900,710
TOTAL MONEY MARKET FUND (Cost $14,900,710)			$	14,900,710

  

ANNUAL REPORT / April 30, 2024

15 PORTFOLIOS OF INVESTMENTS

  

Wilmington International Fund (continued)

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2%
REPURCHASE AGREEMENTS – 2.2%
Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $930,371, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $948,839.	$	930,234	$	930,234
BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $2,187,018, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $2,230,429.		2,186,695		2,186,695
HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $2,143,277, collateralized by U.S. Government Agency Securities, 2.50% to 3.00%, maturing 4/20/43 to 10/20/51; total market value of $2,185,820.		2,142,961		2,142,961
Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $2,187,018, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $2,231,253.		2,186,695		2,186,695

Description	Par Value		Value
RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $2,187,018, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $2,230,429.	$	2,186,695	$	2,186,695
TD Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $2,187,018, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 1/01/47 to 4/01/54; total market value of $2,230,429.		2,186,695		2,186,695
TOTAL REPURCHASE AGREEMENTS (Cost $11,819,975)			$	11,819,975
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (Cost $11,819,975)			$	11,819,975
TOTAL INVESTMENTS – 101.1% (Cost $456,715,727)			$	542,342,781
COLLATERAL FOR SECURITIES ON LOAN – (2.2%)				(11,819,975	)
OTHER ASSETS LESS LIABILITIES – 1.1%				5,938,733
TOTAL NET ASSETS – 100.0%			$	536,461,539

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 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	$	—		$	16,626,742			$	—		$	16,626,742
Austria		—			6,900,366				—			6,900,366
Belgium		—			4,460,330				—			4,460,330
Brazil		7,681,458			—				—			7,681,458
Canada		34,221,897			—				—			34,221,897
Cayman Islands		1,089,326			—				—			1,089,326
China		9,196,245			24,178,232				—			33,374,477
Denmark		—			5,017,203				—			5,017,203
Finland		—			2,218,791				—			2,218,791
France		—			43,252,579				—			43,252,579
Germany		—			24,006,628				—			24,006,628
Greece		—			2,424,770				—			2,424,770
Hong Kong		62,188			7,585,773				—			7,647,961
Hungary		—			3,347,876				—			3,347,876
India		4,682,777			—				—			4,682,777
Indonesia		—			3,355,887				—			3,355,887
Ireland		—			4,134,537				—			4,134,537
Israel		322,448			855,694				—			1,178,142
Italy		—			3,384,979				—			3,384,979
Japan		—			70,529,885				—			70,529,885
Jordan		—			1,834,215				—			1,834,215

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

Wilmington International Fund (continued)

	Level 1				Level 2		Level 3				Total
Kazakhstan	$	1,604,951			$	—			$—		$	1,604,951
Macao		—				1,406,046			—			1,406,046
Malaysia		—				726,721			—			726,721
Mexico		2,043,796				—			—			2,043,796
Netherlands		—				13,074,943			—			13,074,943
New Zealand		—				566,722			—			566,722
Norway		—				5,454,973			—			5,454,973
Peru		1,220,711				—			—			1,220,711
Philippines		—				795,781			—			795,781
Poland		—				1,751,450			—			1,751,450
Portugal		—				1,500,606			—			1,500,606
Singapore		1,213,531				2,357,257			—			3,570,788
South Africa		—				10,856,970			—			10,856,970
South Korea		1,812,082				16,684,933			—			18,497,015
Spain		—				9,186,243			—			9,186,243
Sweden		—				6,868,395			—			6,868,395
Switzerland		—				18,594,366			—			18,594,366
Taiwan		1,848,459				24,653,237			—			26,501,696
Thailand		—				1,975,379			—			1,975,379
Turkey		—				1,242,036			—			1,242,036
United Arab Emirates		—				7,449,718			—			7,449,718
United Kingdom		—				54,667,857			—			54,667,857
United States		5,584,541				15,348,941			—			20,933,482
Exchange-Traded Funds		22,128,345				—			—			22,128,345
Preferred Stock
Chile		1,632,280				—			—			1,632,280
Money Market Fund		14,900,710				—			—			14,900,710
Repurchase Agreements		—				11,819,975			—			11,819,975
Total Investments in Securities	$	111,245,745			$	431,097,036			$—		$	542,342,781
Liabilities
Other Financial Instruments!
Financial Futures Contracts	$	(4,480	)		$	—			$—		$	(4,480	)
Total Liabilities - Other Financial Instruments	$	(4,480	)		$	—			$—		$	(4,480	)

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

¢ Country classifications are based on primary country of risk.

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

* Non-income producing security.

^ 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

  

ANNUAL REPORT / April 30, 2024

17 PORTFOLIOS OF INVESTMENTS

  

Wilmington International Fund (concluded)

At April 30, 2024, 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		June 2024		89	$	11,081,293	$	11,076,813		$—		$(4,480	)
UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$—		$(4,480	)

^(a)  The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2024. 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

April 30, 2024 / ANNUAL REPORT

18

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

	Percentage of
Common Stocks	Total Net Assets
Insurance	7.6%
Pharmaceuticals	6.8%
Banks	5.7%
Software	4.5%
Oil, Gas & Consumable Fuels	3.8%
Semiconductors & Semiconductor Equipment	3.4%
Capital Markets	3.4%
Interactive Media & Services	3.2%
Health Care Providers & Services	3.1%
Machinery	2.7%
Professional Services	2.4%
Hotels, Restaurants & Leisure	2.3%
Aerospace & Defense	2.2%
Chemicals	2.2%
Trading Companies & Distributors	2.2%
Broadline Retail	1.9%
Beverages	1.8%
Specialty Retail	1.8%
Financial Services	1.8%
Commercial Services & Supplies	1.8%
Consumer Staples Distribution & Retail	1.8%
Technology Hardware, Storage & Peripherals	1.7%
IT Services	1.7%
Health Care Equipment & Supplies	1.6%
Ground Transportation	1.5%
Multi-Utilities	1.4%
Food Products	1.3%
Household Durables	1.2%
Household Products	1.2%
Automobiles	1.1%
Media	1.1%
Electronic Equipment, Instruments & Components	1.0%
Wireless Telecommunication Services	1.0%
Diversified Telecommunication Services	1.0%
Electric Utilities	1.0%
Metals & Mining	1.0%
Tobacco	0.9%
Entertainment	0.9%
Life Sciences Tools & Services	0.9%
Specialized REITs	0.8%
Communications Equipment	0.8%
Consumer Finance	0.8%
Automobile Components	0.7%
Building Products	0.7%
Gas Utilities	0.7%
Air Freight & Logistics	0.6%
Passenger Airlines	0.6%
Textiles, Apparel & Luxury Goods	0.6%
Construction & Engineering	0.6%
Distributors	0.5%
Real Estate Management & Development	0.5%
Personal Care Products	0.4%

	Percentage of
Common Stocks	Total Net Assets
Industrial Conglomerates		0.4	%
Leisure Products		0.3	%
Construction Materials		0.3	%
Containers & Packaging		0.3	%
Retail REITs		0.2	%
Energy Equipment & Services		0.2	%
Biotechnology		0.2	%
Electrical Equipment		0.1	%
Paper & Forest Products		0.1	%
Diversified REITs		0.1	%
Water Utilities		0.1	%
Office REITs		0.1	%
Industrial REITs		0.1	%
Transportation Infrastructure		0.0	%(1)
Marine Transportation		0.0	%(1)
Preferred Stock		0.3	%
Exchange-Traded Funds		0.1	%
Warrants		0.0	%(1)
Cash Equivalents(2)		3.2	%
Other Assets and Liabilities - Net(3)		(2.3	)%
TOTAL		100.0	%

 

ANNUAL REPORT / April 30, 2024

19 PORTFOLIOS OF INVESTMENTS

  

Wilmington Global Alpha Equities Fund (continued)

	Percentage of
Country Allocation	Total Net Assets
Common Stocks
United States		51.4	%
Japan		11.9	%
United Kingdom		5.8	%
France		5.3	%
Canada		4.1	%
China		3.5	%
Germany		3.1	%
Switzerland		2.4	%
Netherlands		1.7	%
Italy		1.5	%
Hong Kong		1.2	%
All other countries less than 1.0%		6.8	%
Preferred Stocks		0.3	%
Exchange-Traded Funds		0.1	%
Warrants		0.0	%(1)
Cash Equivalents(2)		3.2	%
Other Assets and Liabilities - Net(3)		(2.3	)%
TOTAL		100.0	%

 

⁽¹⁾  Represents less than 0.05%.

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

Description	Number of Shares		Value
COMMON STOCKS – 98.7%
AEROSPACE & DEFENSE – 2.2%
Airbus SE		3,403	$	559,990
Austal Ltd.		39,976		59,128
Babcock International Group PLC		13,995		88,561
BAE Systems PLC		85,466		1,421,489
BWX Technologies, Inc.		9,589		918,338
General Dynamics Corp.		518		148,713
Lockheed Martin Corp.		1,061		493,291
Northrop Grumman Corp.		1,291		626,174
Rheinmetall AG*		788		434,223
TOTAL AEROSPACE & DEFENSE			$	4,749,907
AIR FREIGHT & LOGISTICS – 0.6%
C.H. Robinson Worldwide, Inc.		260		18,460
DSV A/S		2,525		358,725
Expeditors International of Washington, Inc.		4,063		452,252
Sankyu, Inc.		2,401		83,242
SG Holdings Co. Ltd.		3,467		40,582
United Parcel Service, Inc., Class B		742		109,430
Yamato Holdings Co. Ltd.		12,337		162,931
ZTO Express Cayman, Inc.		4,028		85,514
TOTAL AIR FREIGHT & LOGISTICS			$	1,311,136
AUTOMOBILE COMPONENTS – 0.7%
Continental AG		1,655		107,263
Fuyao Glass Industry Group Co. Ltd., Class H		68,455		409,844

Description	Number of Shares		Value
Hankook Tire & Technology Co. Ltd.		2,084	$	88,429
Hyundai Mobis Co. Ltd.		885		144,785
NOK Corp.		2,353		34,053
Nokian Renkaat OYJ		8,663		75,532
Stanley Electric Co. Ltd.		7,587		134,267
Sumitomo Electric Industries Ltd.		9,577		148,025
Sumitomo Rubber Industries Ltd.		8,771		106,461
Tachi-S Co. Ltd.		4,181		53,040
Tokai Rika Co. Ltd.		4,640		63,180
Toyota Boshoku Corp.		1,910		28,246
TS Tech Co. Ltd.		6,546		80,602
Unipres Corp.		6,411		47,431
Valeo SE		7,329		92,884
TOTAL AUTOMOBILE COMPONENTS			$	1,614,042
AUTOMOBILES – 1.1%
Dongfeng Motor Group Co. Ltd., Class H		101,471		36,798
Honda Motor Co. Ltd.		40,452		460,246
Isuzu Motors Ltd.		72,749		921,938
Mercedes-Benz Group AG		4,387		331,837
Nissan Motor Co. Ltd.		38,198		139,793
Renault SA		2,970		147,114
Subaru Corp.		6,059		135,291
Suzuki Motor Corp.		11,701		136,267
Yamaha Motor Co. Ltd.		9,554		89,112
TOTAL AUTOMOBILES			$	2,398,396

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 20

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
BANKS – 5.7%
77 Bank Ltd. (The)		1,600	$	45,233
ABN AMRO Bank NV		12,073		193,392
AIB Group PLC		25,751		133,292
Axis Bank Ltd., GDR		7,860		549,572
Banco Bradesco SA, ADR		66,489		179,520
Bank of America Corp.		16,450		608,815
Bank of Ireland Group PLC		12,367		131,949
Bank of Nova Scotia (The)		12,220		560,647
Bank of Nova Scotia (The)		10,619		487,412
BNP Paribas SA		3,733		268,634
BPER Banca SpA		35,902		186,446
CIMB Group Holdings Bhd		63,794		88,165
Dah Sing Financial Holdings Ltd.		15,131		42,381
DGB Financial Group, Inc.		10,915		66,673
DNB Bank ASA		24,888		433,777
Erste Group Bank AG		4,685		218,485
FinecoBank Banca Fineco SpA		99,406		1,522,877
First Citizens BancShares, Inc., Class A		219		369,400
HDFC Bank Ltd., ADR		16,007		922,003
HSBC Holdings PLC		57,017		494,221
ING Groep NV		14,123		223,288
JPMorgan Chase & Co.		2,868		549,910
Kasikornbank PCL		35,470		124,510
Kasikornbank PCL, NVDR		18,550		65,116
KB Financial Group, Inc., ADR		4,272		230,560
Mebuki Financial Group, Inc.		15,239		53,910
Mitsubishi UFJ Financial Group, Inc.		59,563		593,328
Mizuho Financial Group, Inc.		10,956		211,770
PNC Financial Services Group, Inc. (The)		2,067		316,788
Resona Holdings, Inc.		23,801		150,512
Royal Bank of Canada		6,051		585,430
San-In Godo Bank Ltd. (The)		7,718		60,119
Sberbank of Russia PJSC, ADR*,(1)		3,982		—
Security Bank Corp.		34,622		42,761
Shinhan Financial Group Co. Ltd., ADR		6,962		234,968
Societe Generale SA		9,370		252,475
Standard Chartered PLC		30,280		260,152
Sumitomo Mitsui Trust Holdings, Inc.		19,010		399,682
Tochigi Bank Ltd. (The)		9,160		20,608
Unicaja Banco SA		67,863		88,646
UniCredit SpA		12,175		446,876
TOTAL BANKS			$	12,414,303
BEVERAGES – 1.8%
Asahi Group Holdings Ltd.		4,109		140,565
Cia Cervecerias Unidas SA		13,053		80,081
Coca-Cola Co. (The)		6,349		392,178
Coca-Cola Icecek AS		3,645		81,696
Diageo PLC		19,109		660,401
Embotelladora Andina SA, Class B, ADR		5,668		94,939
Heineken NV		7,919		770,674
Kirin Holdings Co. Ltd.		26,835		391,727
Monster Beverage Corp.*		5,047		269,762
PepsiCo., Inc.		2,774		487,974
Pernod Ricard SA		2,875		434,821
Suntory Beverage & Food Ltd.		2,189		71,220

Description	Number of Shares		Value
Tsingtao Brewery Co. Ltd., Class H		14,313	$	103,145
TOTAL BEVERAGES			$	3,979,183
BIOTECHNOLOGY – 0.2%
Keymed Biosciences, Inc.*		9,822		42,155
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd.*		700		14,889
United Therapeutics Corp.*		1,240		290,569
Zai Lab Ltd., ADR*		2,584		40,827
TOTAL BIOTECHNOLOGY			$	388,440
BROADLINE RETAIL – 1.9%
Alibaba Group Holding Ltd.		31,884		298,532
Alibaba Group Holding Ltd., ADR		7,767		581,360
Amazon.com, Inc.*		16,942		2,964,850
ASKUL Corp.		14,336		216,506
Seria Co. Ltd.		5,100		86,451
TOTAL BROADLINE RETAIL			$	4,147,699
BUILDING PRODUCTS – 0.7%
AGC, Inc.		1,609		59,492
Assa Abloy AB, Class B		16,426		433,998
Builders FirstSource, Inc.*		1,709		312,439
Cie de Saint-Gobain SA		3,235		255,832
Lennox International, Inc.		1,093		506,518
TOTAL BUILDING PRODUCTS			$	1,568,279
CAPITAL MARKETS – 3.4%
Ares Management Corp., Class A		9,101		1,211,252
Cboe Global Markets, Inc.		235		42,570
Charles Schwab Corp. (The)		4,663		344,829
CME Group, Inc.		806		168,970
CSC Financial Co. Ltd., Class H		261,779		199,772
Deutsche Boerse AG		920		177,369
Hong Kong Exchanges & Clearing Ltd.		13,331		423,585
Houlihan Lokey, Inc.		3,447		439,458
Intercontinental Exchange, Inc.		1,279		164,684
Intermediate Capital Group PLC		17,597		458,647
Japan Exchange Group, Inc.		1,182		27,683
KKR & Co., Inc.		6,966		648,326
London Stock Exchange Group PLC		3,965		437,102
MarketAxess Holdings, Inc.		82		16,407
Moody’s Corp.		419		155,168
Morgan Stanley		5,907		536,592
Nasdaq, Inc.		4,582		274,233
S&P Global, Inc.		1,721		715,643
SEI Investments Co.		252		16,619
UBS Group AG		30,794		808,751
TOTAL CAPITAL MARKETS			$	7,267,660
CHEMICALS – 2.2%
ADEKA Corp.		5,916		122,939
Air Liquide SA		816		159,592
Asahi Kasei Corp.		4,069		28,370
BASF SE		3,970		208,014
Celanese Corp.		2,331		358,065
China BlueChemical Ltd., Class H		120,320		38,197
Element Solutions, Inc.		10,928		252,765

  

ANNUAL REPORT / April 30, 2024

21 PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

  

Description	Number of Shares		Value
EMS-Chemie Holding AG		51	$	40,690
Evonik Industries AG		6,832		142,383
FMC Corp.		7,964		469,956
Fuso Chemical Co. Ltd.		4,401		113,032
Givaudan SA		34		145,410
KH Neochem Co. Ltd.		11,295		173,432
Linde PLC		2,377		1,048,162
Lintec Corp.		4,483		89,373
LyondellBasell Industries NV, Class A		449		44,886
Mitsubishi Gas Chemical Co., Inc.		13,195		233,475
Nippon Shokubai Co. Ltd.		5,280		50,187
Nissan Chemical Corp.		466		15,885
NOF Corp.		6,459		86,653
Sherwin-Williams Co. (The)		1,125		337,061
Shin-Etsu Chemical Co. Ltd.		10,930		423,089
Symrise AG		991		106,227
TOTAL CHEMICALS			$	4,687,843
COMMERCIAL SERVICES & SUPPLIES – 1.8%
Aeon Delight Co. Ltd.		2,744		64,902
Cintas Corp.		856		563,539
Clean Harbors, Inc.*		3,242		614,197
Copart, Inc.*		29,246		1,588,350
Kokuyo Co. Ltd.		3,969		67,807
Prosegur Cia de Seguridad SA		25,833		45,802
Rollins, Inc.		528		23,528
Secom Co. Ltd.		1,723		119,684
Waste Connections, Inc.		4,646		753,070
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,840,879
COMMUNICATIONS EQUIPMENT – 0.8%
Arista Networks, Inc.*		303		77,738
Cisco Systems, Inc.		18,832		884,727
Motorola Solutions, Inc.		1,639		555,867
Nokia OYJ		33,875		123,147
Telefonaktiebolaget LM Ericsson, Class B		26,704		135,520
TOTAL COMMUNICATIONS EQUIPMENT			$	1,776,999
CONSTRUCTION & ENGINEERING – 0.6%
Bouygues SA		1,421		52,371
Chiyoda Corp.*		8,451		23,303
Ferrovial SE		472		16,976
Fugro NV		3,881		94,135
Implenia AG		540		19,746
JGC Holdings Corp.		16,160		155,769
Obayashi Corp.		1,037		11,574
Vinci SA		7,096		831,481
TOTAL CONSTRUCTION & ENGINEERING			$	1,205,355
CONSTRUCTION MATERIALS – 0.3%
Heidelberg Materials AG		2,640		265,678
Holcim AG*		1,958		163,900
Imerys SA		1,783		57,295
Semen Indonesia Persero Tbk PT		250,710		71,915
Taiheiyo Cement Corp.		3,676		84,079
Vicat SACA		1,562		57,666
TOTAL CONSTRUCTION MATERIALS			$	700,533

Description	Number of Shares		Value
CONSUMER FINANCE – 0.8%
American Express Co.		4,673	$	1,093,622
Credit Acceptance Corp.*		869		446,423
Marui Group Co. Ltd.		8,036		122,741
Vanquis Banking Group PLC		16,623		9,968
TOTAL CONSUMER FINANCE			$	1,672,754
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.8%
Alimentation Couche-Tard, Inc.		19,460		1,078,559
Atacadao SA		49,148		105,819
Carrefour SA		9,914		166,785
Costco Wholesale Corp.		137		99,037
J Sainsbury PLC		32,988		108,207
Koninklijke Ahold Delhaize NV		5,551		168,496
Performance Food Group Co.*		14,564		988,604
Tesco PLC		3,707		13,687
Tsuruha Holdings, Inc.		1,402		88,500
Walmart, Inc.		17,021		1,010,196
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL			$	3,827,890
CONTAINERS & PACKAGING – 0.3%
Ball Corp.		3,498		243,356
Nampak Ltd.*		671		6,368
Silgan Holdings, Inc.		6,901		322,001
TOTAL CONTAINERS & PACKAGING			$	571,725
DISTRIBUTORS – 0.5%
Genuine Parts Co.		315		49,521
LKQ Corp.		25,831		1,114,091
TOTAL DISTRIBUTORS			$	1,163,612
DIVERSIFIED REITS – 0.1%
British Land Co. PLC (The)		13,060		62,977
Land Securities Group PLC		8,948		72,318
Nomura Real Estate Master Fund, Inc.		68		65,003
DIVERSIFIED REITS			$	200,298
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.0%
BT Group PLC		97,592		124,801
China Tower Corp. Ltd., Class H		888,000		103,949
Deutsche Telekom AG		4,704		107,748
Elisa OYJ		1,060		47,795
Koninklijke KPN NV		125,048		454,441
KT Corp., ADR		10,904		137,826
LG Uplus Corp.		5,609		39,838
Magyar Telekom Telecommunications PLC, ADR		3,659		46,103
Nippon Telegraph & Telephone Corp.		247,396		267,104
Orange Polska SA		44,519		86,057
Orange SA		30,264		336,847
Proximus SADP		10,293		75,836
Swisscom AG		192		105,333
Telefonica Brasil SA		13,296		122,216
Telia Co. AB		13,443		30,750
Verizon Communications, Inc.		3,778		149,193
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	2,235,837
ELECTRIC UTILITIES – 1.0%
American Electric Power Co., Inc.		5,103		439,011

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 22

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Duke Energy Corp.		6,218	$	610,980
Edison International		5,980		424,939
Exelon Corp.		12,646		475,237
Iberdrola SA		16,901		207,233
Redeia Corp. SA		3,023		50,465
TOTAL ELECTRIC UTILITIES			$	2,207,865
ELECTRICAL EQUIPMENT – 0.1%
AMETEK, Inc.		327		57,114
Cosel Co. Ltd.		5,304		49,440
Ushio, Inc.		14,368		188,995
Zumtobel Group AG		2,314		14,790
TOTAL ELECTRICAL EQUIPMENT			$	310,339
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.0%
Alps Alpine Co. Ltd.		7,505		67,746
Amphenol Corp., Class A		1,338		161,590
Canon Marketing Japan, Inc.		4,378		120,296
CDW Corp.		301		72,800
Flex Ltd.*		22,665		649,352
Foxconn Technology Co. Ltd.		25,817		48,659
Halma PLC		2,713		74,355
Jabil, Inc.		3,087		362,290
Keyence Corp.		858		377,323
Koa Corp.		4,959		51,147
Maxell Ltd.		5,831		57,530
Nichicon Corp.		6,500		55,024
Nippon Chemi-Con Corp.*		4,361		44,076
PAX Global Technology Ltd.		39,767		33,272
Shimadzu Corp.		2,849		77,402
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	2,252,862
ENERGY EQUIPMENT & SERVICES – 0.2%
China Oilfield Services Ltd., Class H		290,973		311,140
John Wood Group PLC*		34,793		64,201
Trican Well Service Ltd.		12,606		38,276
TOTAL ENERGY EQUIPMENT & SERVICES			$	413,617
ENTERTAINMENT – 0.9%
Avex, Inc.		5,220		42,977
Capcom Co. Ltd.		1,749		28,793
DeNA Co. Ltd.		5,938		59,891
NetEase, Inc., ADR		1,794		167,685
NetEase, Inc.		17,736		332,455
Netflix, Inc.*		1,119		616,166
Nintendo Co. Ltd.		4,069		198,441
Spotify Technology SA*		1,504		421,782
Square Enix Holdings Co. Ltd.		2,160		78,078
Universal Music Group NV		2,490		73,244
TOTAL ENTERTAINMENT			$	2,019,512
FINANCIAL SERVICES – 1.8%
Berkshire Hathaway, Inc., Class B*		2,063		818,454
Corpay, Inc.*		1,767		533,881
Edenred SE		3,115		147,813
Fiserv, Inc.*		73		11,145
Investor AB, Class B		826		20,231

Description	Number of Shares		Value
Jack Henry & Associates, Inc.		164	$	26,681
Mastercard, Inc., Class A		2,436		1,099,123
Mitsubishi HC Capital, Inc.		10,391		67,293
Visa, Inc., Class A		4,275		1,148,308
TOTAL FINANCIAL SERVICES			$	3,872,929
FOOD PRODUCTS – 1.3%
Astral Foods Ltd.*		6,058		47,658
Barry Callebaut AG		11		17,776
Campbell Soup Co.		437		19,975
Chocoladefabriken Lindt & Spruengli AG		7		80,633
Conagra Brands, Inc.		1,075		33,088
Danone SA		738		46,189
General Mills, Inc.		1,317		92,796
Hershey Co. (The)		337		65,351
Hormel Foods Corp.		678		24,110
J.M. Smucker Co. (The)		237		27,219
JDE Peet’s NV		620		13,776
Kellanova		614		35,526
Kerry Group PLC, Class A		598		51,463
Kraft Heinz Co. (The)		1,932		74,595
McCormick & Co., Inc.		561		42,670
MEIJI Holdings Co. Ltd.		2,521		56,406
Mondelez International, Inc., Class A		2,055		147,837
Nestle SA		7,081		710,934
Nissin Foods Holdings Co. Ltd.		3,262		87,048
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		336,634		17,886
Tate & Lyle PLC		13,475		110,476
Thai Union Group PCL, Class F		174,758		70,034
Tyson Foods, Inc., Class A		9,731		590,185
Ulker Biskuvi Sanayi AS*		28,891		101,812
WH Group Ltd.		179,191		130,243
Yihai International Holding Ltd.		39,229		80,858
TOTAL FOOD PRODUCTS			$	2,776,544
GAS UTILITIES – 0.7%
Atmos Energy Corp.		7,338		865,150
China Gas Holdings Ltd.		39,259		36,760
Enagas SA		1,855		27,206
ENN Energy Holdings Ltd.		8,669		73,863
Kunlun Energy Co. Ltd.		213,264		206,734
Osaka Gas Co. Ltd.		5,953		132,370
Snam SpA		14,677		67,151
TOTAL GAS UTILITIES			$	1,409,234
GROUND TRANSPORTATION – 1.5%
ALD SA		11,977		78,767
Canadian National Railway Co.		10,633		1,290,573
Central Japan Railway Co.		5,584		127,695
East Japan Railway Co.		2,495		45,731
Knight-Swift Transportation Holdings, Inc.		12,402		573,344
TFI International, Inc.		1,395		181,670
Tobu Railway Co. Ltd.		268		5,317
Uber Technologies, Inc.*		8,637		572,374
U-Haul Holding Co.		4,713		289,001
West Japan Railway Co.		435		8,257
TOTAL GROUND TRANSPORTATION			$	3,172,729

  

ANNUAL REPORT / April 30, 2024

23 PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

  

Description	Number of Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – 1.6%
Abbott Laboratories		5,851	$	620,030
Asahi Intecc Co. Ltd.		305		4,469
Becton Dickinson & Co.		142		33,313
Coloplast A/S, Class B		890		107,303
Hoya Corp.		815		94,491
ICU Medical, Inc.*		2,843		278,387
IDEXX Laboratories, Inc.*		234		115,306
Koninklijke Philips NV*		10,237		271,856
Medtronic PLC		11,118		892,108
Paramount Bed Holdings Co. Ltd.		2,601		44,317
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		226,538		153,626
Siemens Healthineers AG		1,303		72,261
Solventum Corp.*		1		49
Stryker Corp.		2,433		818,705
Sysmex Corp.		1,966		31,437
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	3,537,658
HEALTH CARE PROVIDERS & SERVICES – 3.1%
Alfresa Holdings Corp.		5,035		74,616
BML, Inc.		5,976		110,382
Cencora, Inc.		380		90,839
Chemed Corp.		363		206,184
Fresenius SE & Co. KGaA		5,698		170,030
HCA Healthcare, Inc.		4,400		1,363,208
McKesson Corp.		1,261		677,422
Molina Healthcare, Inc.*		3,502		1,198,034
Netcare Ltd.		103,731		62,817
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		61,500		87,395
UnitedHealth Group, Inc.		5,327		2,576,670
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	6,617,597
HOTELS, RESTAURANTS & LEISURE – 2.3%
Booking Holdings, Inc.		136		469,476
Choice Hotels International, Inc.		2,464		291,393
Compass Group PLC		21,143		588,066
Darden Restaurants, Inc.		2,455		376,622
DraftKings, Inc., Class A*		10,933		454,375
Flutter Entertainment PLC*		2,060		381,633
La Francaise des Jeux SAEM		783		29,507
Marriott International, Inc., Class A		2,185		515,944
McDonald’s Corp.		3,392		926,152
McDonald’s Holdings Co. Japan Ltd.		1,408		61,936
Meituan, Class B*		44,257		604,309
Trip.com Group Ltd., ADR*		1,682		81,173
Yum! Brands, Inc.		630		88,987
TOTAL HOTELS, RESTAURANTS & LEISURE			$	4,869,573
HOUSEHOLD DURABLES – 1.2%
Casio Computer Co. Ltd.		7,268		60,552
Coway Co. Ltd.		2,357		94,437
Crest Nicholson Holdings PLC		22,271		51,410
Garmin Ltd.		343		49,553
Lennar Corp., Class A		2,316		351,152
Nikon Corp.		15,385		159,071
NVR, Inc.*		117		870,345

Description	Number of Shares		Value
Rinnai Corp.		4,970	$	107,687
Sekisui Chemical Co. Ltd.		13,280		193,198
Sekisui House Ltd.		11,920		273,926
Sony Group Corp.		4,239		350,359
TOTAL HOUSEHOLD DURABLES			$	2,561,690
HOUSEHOLD PRODUCTS – 1.2%
Church & Dwight Co., Inc.		557		60,095
Colgate-Palmolive Co.		4,141		380,641
Henkel AG & Co. KGaA		2,196		157,911
Procter & Gamble Co. (The)		5,508		898,905
Reckitt Benckiser Group PLC		18,055		1,009,401
Unicharm Corp.		1,648		48,967
TOTAL HOUSEHOLD PRODUCTS			$	2,555,920
INDUSTRIAL CONGLOMERATES – 0.4%
3M Co.		951		91,781
CK Hutchison Holdings Ltd.		23,897		116,062
Hikari Tsushin, Inc.		761		123,679
Honeywell International, Inc.		2,839		547,161
TOTAL INDUSTRIAL CONGLOMERATES			$	878,683
INDUSTRIAL REITS – 0.1%
LaSalle Logiport REIT		140		140,417
INSURANCE – 7.6%
Admiral Group PLC		1,316		44,793
Ageas SA		4,362		200,222
AIA Group Ltd.		208,069		1,523,972
Allianz SE		2,488		706,057
Arthur J. Gallagher & Co.		4,214		988,984
AXA SA		28,475		983,856
Baloise Holding AG		294		44,427
Brown & Brown, Inc.		543		44,276
Caixa Seguridade Participacoes S/A		23,028		69,404
China Pacific Insurance Group Co. Ltd., Class H		102,496		224,577
China Reinsurance Group Corp., Class H		887,141		63,156
Chubb Ltd.		2,353		585,050
Dai-ichi Life Holdings, Inc.		15,306		354,503
Enstar Group Ltd.*		1,198		347,863
Everest Group Ltd.		1,044		382,532
Gjensidige Forsikring ASA		857		13,740
Globe Life, Inc.		8,130		619,262
Intact Financial Corp.		9,826		1,615,028
Japan Post Holdings Co. Ltd.		6,790		65,206
Japan Post Insurance Co. Ltd.		4,920		92,368
Markel Group, Inc.*		407		593,569
Marsh & McLennan Cos., Inc.		3,309		659,914
MS&AD Insurance Group Holdings, Inc.		30,210		543,147
Muenchener Rueckversicherungs AG		476		209,349
NN Group NV		4,275		197,210
Old Mutual Ltd.		157,698		92,655
PICC Property & Casualty Co. Ltd., Class H		507,039		629,937
Principal Financial Group, Inc.		7,449		589,514
Progressive Corp. (The)		2,887		601,218
Prudential PLC		19,443		169,103
Sampo OYJ, Class A		3,212		130,354
Swiss Life Holding AG		44		29,689

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 24

 Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
T&D Holdings, Inc.		63,163	$	1,030,652
Talanx AG		9,981		750,716
Tokio Marine Holdings, Inc.		25,904		818,732
Tongyang Life Insurance Co. Ltd.		7,202		27,624
Travelers Cos., Inc. (The)		436		92,502
Tryg A/S		2,602		51,499
Willis Towers Watson PLC		234		58,767
Zurich Insurance Group AG		401		194,103
TOTAL INSURANCE			$	16,439,530
INTERACTIVE MEDIA & SERVICES – 3.2%
Alphabet, Inc., Class A*		17,721		2,884,624
Alphabet, Inc., Class C*		4,211		693,299
Baidu, Inc., Class A*		6,995		90,624
Kanzhun Ltd., ADR		13,335		263,900
Meta Platforms, Inc., Class A		3,277		1,409,667
Tencent Holdings Ltd.		36,135		1,585,720
TOTAL INTERACTIVE MEDIA & SERVICES			$	6,927,834
IT SERVICES – 1.7%
Accenture PLC, Class A		4,062		1,222,296
BIPROGY Inc		4,166		121,195
Capgemini SE		2,782		584,724
Cognizant Technology Solutions Corp., Class A		8,656		568,526
Dentsu Soken, Inc.		2,062		68,310
Future Corp.		17,834		179,916
Gartner, Inc.*		940		387,835
International Business Machines Corp.		1,093		181,657
NET One Systems Co. Ltd.		8,288		138,680
Nomura Research Institute Ltd.		772		18,681
Obic Co. Ltd.		609		78,236
Otsuka Corp.		1,364		27,127
TOTAL IT SERVICES			$	3,577,183
LEISURE PRODUCTS – 0.3%
Bandai Namco Holdings, Inc.		4,321		80,739
Hasbro, Inc.		292		17,899
Roland Corp.		3,257		88,541
Sega Sammy Holdings, Inc.		19,983		261,557
Shimano, Inc.		889		144,474
Yamaha Corp.		5,397		113,732
TOTAL LEISURE PRODUCTS			$	706,942
LIFE SCIENCES TOOLS & SERVICES – 0.9%
Agilent Technologies, Inc.		653		89,487
Danaher Corp.		4,362		1,075,756
ICON PLC*		1,579		470,353
Mettler-Toledo International, Inc.*		96		118,051
Thermo Fisher Scientific, Inc.		139		79,052
TOTAL LIFE SCIENCES TOOLS & SERVICES			$	1,832,699
MACHINERY – 2.7%
Amada Co. Ltd.		8,120		88,687
Daimler Truck Holding AG		5,246		236,575
Deere & Co.		1,224		479,086
Duerr AG		2,710		69,326
Fortive Corp.		2,992		225,208
Fuji Corp.		7,803		130,898

Description	Number of Shares		Value
Graco, Inc.		2,964	$	237,713
Hino Motors Ltd.*		15,212		44,406
Hisaka Works Ltd.		2,780		18,981
IDEX Corp.		1,822		401,678
Kone OYJ, Class B		14,647		713,997
Kubota Corp.		14,140		226,802
Makino Milling Machine Co. Ltd.		1,034		41,476
Makita Corp.		4,421		127,992
MISUMI Group, Inc.		8,310		135,103
Nachi-Fujikoshi Corp.		2,000		43,232
Nordson Corp.		114		29,434
OKUMA Corp.		2,113		94,903
OSG Corp.		12,858		165,821
PACCAR, Inc.		6,700		710,937
Schindler Holding AG		55		13,401
Schindler Holding AG		289		72,035
SKF AB, Class B		11,328		232,882
SMC Corp.		226		118,733
Snap-on, Inc.		88		23,580
Spirax-Sarco Engineering PLC		550		60,521
Sumitomo Heavy Industries Ltd.		3,820		106,451
Tadano Ltd.		6,210		49,832
THK Co. Ltd.		10,290		224,519
Tsubakimoto Chain Co.		1,405		48,371
Volvo AB, Class B		21,801		554,905
TOTAL MACHINERY			$	5,727,485
MARINE TRANSPORTATION – 0.0%**
Kuehne + Nagel International AG		28		7,400
MEDIA – 1.1%
Cable One, Inc.		287		113,035
Dentsu Group, Inc.		4,260		115,247
Hakuhodo DY Holdings, Inc.		11,120		103,430
Megacable Holdings SAB de CV		30,999		90,478
Metropole Television SA		4,832		68,237
Nippon Television Holdings, Inc.		9,862		143,959
Omnicom Group, Inc.		6,870		637,811
Publicis Groupe SA		5,878		648,618
RTL Group SA		2,365		72,901
Television Francaise 1 SA		11,139		101,715
TV Asahi Holdings Corp.		7,279		95,465
WPP PLC		20,368		204,152
TOTAL MEDIA			$	2,395,048
METALS & MINING – 1.0%
Anglo American PLC		4,343		141,918
ARE Holdings, Inc.		7,386		95,468
Barrick Gold Corp.		8,458		140,573
BHP Group Ltd., ADR		5,075		279,937
Centamin PLC		54,200		81,846
Centerra Gold, Inc.		10,619		64,640
Dowa Holdings Co. Ltd.		2,740		102,605
Endeavour Mining PLC		3,421		71,494
Ferrexpo PLC*		40,914		25,895
Fresnillo PLC		12,798		88,636
Maruichi Steel Tube Ltd.		2,737		70,474
Neturen Co. Ltd.		5,335		35,717

  

ANNUAL REPORT / April 30, 2024

25 PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

  

Description	Number of Shares		Value
Norsk Hydro ASA		3,686	$	22,652
OceanaGold Corp.		27,474		59,472
Rio Tinto PLC		12,184		824,379
TOTAL METALS & MINING			$	2,105,706
MULTI-UTILITIES – 1.4%
Engie SA		134,832		2,340,767
National Grid PLC		54,830		719,214
TOTAL MULTI-UTILITIES			$	3,059,981
OFFICE REITS – 0.1%
Japan Real Estate Investment Corp.		20		67,823
Nippon Building Fund, Inc.		23		87,878
TOTAL OFFICE REITS			$	155,701
OIL, GAS & CONSUMABLE FUELS – 3.8%
ARC Resources Ltd.		4,717		85,421
BP PLC		61,323		395,266
Chevron Corp.		3,980		641,855
ConocoPhillips		5,151		647,069
Coterra Energy, Inc.		39,990		1,094,126
Diamondback Energy, Inc.		2,496		502,020
Enbridge, Inc.		14,695		522,515
Eni SpA		30,450		489,079
Equinor ASA		24,073		640,543
Exxon Mobil Corp.		2,042		241,507
Shell PLC		36,662		1,303,283
TotalEnergies SE		23,014		1,670,787
Ultrapar Participacoes SA		8,109		40,556
Williams Cos., Inc. (The)		269		10,319
TOTAL OIL, GAS & CONSUMABLE FUELS			$	8,284,346
PAPER & FOREST PRODUCTS – 0.1%
Mondi PLC		7,669		145,338
UPM-Kymmene OYJ		2,609		91,433
TOTAL PAPER & FOREST PRODUCTS			$	236,771
PASSENGER AIRLINES – 0.6%
Delta Air Lines, Inc.		8,200		410,574
easyJet PLC		21,464		143,767
Japan Airlines Co. Ltd.		4,517		80,036
Ryanair Holdings PLC, ADR		3,293		448,506
Southwest Airlines Co.		7,632		197,974
TOTAL PASSENGER AIRLINES			$	1,280,857
PERSONAL CARE PRODUCTS – 0.4%
Beiersdorf AG		719		108,068
Kao Corp.		1,189		49,049
Unilever PLC		14,449		747,459
TOTAL PERSONAL CARE PRODUCTS			$	904,576
PHARMACEUTICALS – 6.8%
Almirall SA		8,369		76,380
Astellas Pharma, Inc.		22,875		219,552
AstraZeneca PLC		10,166		1,537,597
AstraZeneca PLC, ADR		5,353		406,186
Bristol-Myers Squibb Co.		2,103		92,406
Chugai Pharmaceutical Co. Ltd.		12,439		395,608
Daiichi Sankyo Co. Ltd.		7,268		244,624

Description	Number of Shares		Value
Eisai Co. Ltd.		999	$	41,028
Eli Lilly & Co.		595		464,754
Genomma Lab Internacional SAB de CV, Class B		103,501		100,415
GSK PLC		54,908		1,139,172
Johnson & Johnson		7,993		1,155,708
Kissei Pharmaceutical Co. Ltd.		1,523		34,898
Kyowa Kirin Co. Ltd.		6,252		104,995
Merck & Co., Inc.		12,878		1,664,095
Merck KGaA		4,703		747,314
Nippon Shinyaku Co. Ltd.		3,267		90,399
Novartis AG		31,516		3,058,866
Novo Nordisk A/S, Class B		1,400		179,539
Ono Pharmaceutical Co. Ltd.		5,882		84,721
Otsuka Holdings Co. Ltd.		3,641		155,678
Pfizer, Inc.		37,606		963,466
Roche Holding AG		1,966		471,082
Roche Holding AG		253		66,554
Sanofi SA		2,447		241,746
Shionogi & Co. Ltd.		2,143		100,080
Takeda Pharmaceutical Co. Ltd.		11,953		314,150
Zoetis, Inc.		3,788		603,201
TOTAL PHARMACEUTICALS			$	14,754,214
PROFESSIONAL SERVICES – 2.4%
Adecco Group AG		3,835		134,158
Automatic Data Processing, Inc.		2,549		616,578
Bureau Veritas SA		20,269		591,158
dip Corp.		7,342		124,081
en Japan, Inc.		6,839		113,698
Experian PLC		17,347		699,673
Hays PLC		65,682		75,426
MEITEC Group Holdings, Inc.		3,940		73,481
Open Up Group, Inc.		8,699		110,197
Pagegroup PLC		13,285		73,825
Paychex, Inc.		782		92,909
Persol Holdings Co. Ltd.		130,560		180,605
Recruit Holdings Co. Ltd.		12,373		532,872
RELX PLC		5,409		222,239
Science Applications International Corp.		5,621		723,423
SGS SA		1,141		100,505
SThree PLC		7,191		38,001
TechnoPro Holdings, Inc.		6,026		102,643
Transcosmos, Inc.		1,270		27,454
Wolters Kluwer NV		3,758		562,597
TOTAL PROFESSIONAL SERVICES			$	5,195,523
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.5%
CBRE Group, Inc., Class A*		2,642		229,563
CK Asset Holdings Ltd.		28,727		122,537
Daito Trust Construction Co. Ltd.		1,377		147,607
Daiwa House Industry Co. Ltd.		1,469		41,336
KE Holdings, Inc., ADR		9,295		140,541
Mitsubishi Estate Co. Ltd.		13,577		248,795
Swiss Prime Site AG		551		50,875
Wharf Holdings Ltd. (The)		28,387		91,331
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	1,072,585

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 26

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
RETAIL REITS – 0.2%
Japan Metropolitan Fund Invest		114	$	68,825
Simon Property Group, Inc.		2,605		366,081
TOTAL RETAIL REITS			$	434,906
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.4%
ams-OSRAM AG*		40,263		48,358
ASM Pacific Technology Ltd.		5,617		69,806
ASML Holding NV		680		592,288
Disco Corp.		479		136,441
Miraial Co. Ltd.		1,980		18,597
NVIDIA Corp.		3,230		2,790,785
NXP Semiconductors NV		1,629		417,334
Optorun Co. Ltd.		6,342		77,910
QUALCOMM, Inc.		2,841		471,180
Renesas Electronics Corp.		17,300		280,879
Rohm Co. Ltd.		9,799		140,859
Taiwan Semiconductor Manufacturing Co. Ltd.		24,000		574,650
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,100		563,094
Texas Instruments, Inc.		6,992		1,233,529
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	7,415,710
SOFTWARE – 4.5%
ANSYS, Inc.*		192		62,377
Cadence Design Systems, Inc.*		268		73,869
Constellation Software, Inc.		820		2,111,146
Dassault Systemes SE		3,684		144,604
Intuit, Inc.		667		417,289
Lumine Group, Inc.*		1,068		29,255
Microsoft Corp.		13,942		5,428,039
PTC, Inc.*		1,196		212,218
Roper Technologies, Inc.		239		122,239
Sage Group PLC (The)		1,049		15,212
Salesforce, Inc.		1,879		505,338
Synopsys, Inc.*		368		195,257
Topicus.com, Inc.		515		41,970
Trend Micro, Inc.		912		44,942
Tyler Technologies, Inc.*		94		43,386
Workday, Inc., Class A*		973		238,122
TOTAL SOFTWARE			$	9,685,263
SPECIALIZED REITS – 0.8%
American Tower Corp.		5,063		868,608
Crown Castle, Inc.		5,102		478,466
Public Storage		1,871		485,431
TOTAL SPECIALIZED REITS			$	1,832,505
SPECIALTY RETAIL – 1.8%
ABC-Mart, Inc.		2,675		53,281
AutoZone, Inc.*		144		425,722
CarMax, Inc.*		2,587		175,838
CECONOMY AG*		12,893		29,699
Home Depot, Inc. (The)		1,734		579,537
Industria de Diseno Textil SA		11,479		522,650
Kingfisher PLC		37,208		114,613
Nitori Holdings Co. Ltd.		1,033		138,250
O’Reilly Automotive, Inc.*		674		682,937

Description	Number of Shares		Value
Ross Stores, Inc.		2,899	$	375,565
Shimamura Co. Ltd.		1,902		93,763
TJX Cos., Inc. (The)		6,521		613,561
USS Co. Ltd.		6,693		51,130
Xebio Holdings Co. Ltd.		6,518		41,771
TOTAL SPECIALTY RETAIL			$	3,898,317
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.7%
Apple, Inc.		19,536		3,327,567
Canon, Inc.		5,698		154,218
Catcher Technology Co. Ltd.		14,221		94,992
HP, Inc.		1,257		35,309
Quadient SA		3,589		68,677
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	3,680,763
TEXTILES, APPAREL & LUXURY GOODS – 0.6%
Burberry Group PLC		8,148		116,587
Deckers Outdoor Corp.*		58		47,471
Hermes International SCA		95		227,429
Lululemon Athletica, Inc.*		126		45,436
NIKE, Inc., Class B		5,963		550,146
Sanyo Shokai Ltd.		1,290		22,804
Swatch Group AG - BR (The)		720		151,280
Yue Yuen Industrial Holdings Ltd.		33,359		59,064
TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,220,217
TOBACCO – 0.9%
British American Tobacco PLC		13,824		405,821
Japan Tobacco, Inc.		6,376		171,525
Philip Morris International, Inc.		15,476		1,469,291
TOTAL TOBACCO			$	2,046,637
TRADING COMPANIES & DISTRIBUTORS – 2.2%
AerCap Holdings NV*		13,614		1,150,247
Brenntag SE		18,421		1,470,058
Fastenal Co.		4,286		291,191
ITOCHU Corp.		13,523		610,087
Marubeni Corp.		1,145		20,400
RS Group PLC		81,322		744,976
Sumitomo Corp.		7,086		186,342
Travis Perkins PLC		9,278		86,845
WW Grainger, Inc.		96		88,449
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	4,648,595
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Kamigumi Co. Ltd.		2,318		50,059
WATER UTILITIES – 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		7,430		116,603
Severn Trent PLC		1,296		39,948
TOTAL WATER UTILITIES			$	156,551
WIRELESS TELECOMMUNICATION SERVICES – 1.0%
Empresa Nacional de Telecomunicaciones SA		16,192		55,657
KDDI Corp.		38,103		1,057,312
MTN Group Ltd.		11,602		55,606
SoftBank Corp.		14,212		171,421
T-Mobile US, Inc.		5,241		860,415

  

ANNUAL REPORT / April 30, 2024

27 PORTFOLIOS OF INVESTMENTS

  

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
VEON Ltd., ADR*		2,051	$	50,250
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	2,250,661
TOTAL COMMON STOCKS (Cost $ 165,127,767)			$	213,304,504
EXCHANGE-TRADED FUNDS – 0.1%
EQUITY FUNDS – 0.1%
iShares Core MSCI EAFE ETF		2,135		153,293
Next Funds Topix ETF		2,700		49,325
TOTAL EXCHANGE-TRADED FUNDS (Cost $ 181,796)			$	202,618
PREFERRED STOCKS – 0.3%
CONSUMER DISCRETIONARY – 0.2%
Bayerische Motoren Werke AG 9.74%		1,735		178,274
Volkswagen AG 7.28%		1,923		235,577
TOTAL CONSUMER DISCRETIONARY			$	413,851
CONSUMER STAPLES – 0.1%
Henkel AG & Co. KGaA 2.53%		1,776		141,089
ENERGY – 0.0%**
Raizen SA 6.31%		154,000		90,752

Description	Number of Shares		Value
MATERIALS – 0.0%**
Fuchs SE 3.16%		1,608	$	75,093
TOTAL PREFERRED STOCKS (Cost $ 678,306)			$	720,785
WARRANTS – 0.0%
Constellation Software, Inc., Expire 03/31/40*,(1)		905		—
TOTAL WARRANTS (Cost $ —)			$	—
MONEY MARKET FUND – 3.2%
Dreyfus Government Cash Management Fund, Institutional Shares 5.19%^		6,881,198		6,881,198
TOTAL MONEY MARKET FUND (Cost $ 6,881,198)			$	6,881,198
TOTAL INVESTMENTS – 102.3% (COST $ 172,869,067)			$	221,109,105
OTHER ASSETS LESS LIABILITIES – (2.3)%				(4,947,997	)
TOTAL NET ASSETS – 100.0%			$	216,161,108

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 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	$	2,186,516	$	2,563,391	$	—		$	4,749,907
Air Freight & Logistics		580,142		730,994		—			1,311,136
Automobile Components		—		1,614,042		—			1,614,042
Automobiles		—		2,398,396		—			2,398,396
Banks		5,045,453		7,368,850		—	(a)		12,414,303
Beverages		1,324,934		2,654,249		—			3,979,183
Biotechnology		331,396		57,044		—			388,440
Broadline Retail		3,546,210		601,489		—			4,147,699
Building Products		818,957		749,322		—			1,568,279
Capital Markets		4,734,751		2,532,909		—			7,267,660
Chemicals		2,510,895		2,176,948		—			4,687,843
Commercial Services & Supplies		3,542,684		298,195		—			3,840,879
Communications Equipment		1,518,332		258,667		—			1,776,999
Construction & Engineering		—		1,205,355		—			1,205,355
Construction Materials		—		700,533		—			700,533
Consumer Finance		1,540,045		132,709		—			1,672,754
Consumer Staples Distribution & Retail		3,282,215		545,675		—			3,827,890
Containers & Packaging		565,357		6,368		—			571,725
Distributors		1,163,612		—		—			1,163,612
Diversified REITs		—		200,298		—			200,298
Diversified Telecommunication Services		455,338		1,780,499		—			2,235,837
Electric Utilities		1,950,167		257,698		—			2,207,865
Electrical Equipment		57,114		253,225		—			310,339

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 28

Wilmington Global Alpha Equities Fund (continued)

	Level 1		Level 2		Level 3			Total
Electronic Equipment, Instruments & Components	$	1,246,032	$	1,006,830	$	—		$	2,252,862
Energy Equipment & Services		38,276		375,341		—			413,617
Entertainment		1,205,633		813,879		—			2,019,512
Financial Services		3,637,592		235,337		—			3,872,929
Food Products		1,153,352		1,623,192		—			2,776,544
Gas Utilities		865,150		544,084		—			1,409,234
Ground Transportation		2,906,962		265,767		—			3,172,729
Health Care Equipment & Supplies		2,757,898		779,760		—			3,537,658
Health Care Providers & Services		6,112,357		505,240		—			6,617,597
Hotels, Restaurants & Leisure		3,204,122		1,665,451		—			4,869,573
Household Durables		1,271,050		1,290,640		—			2,561,690
Household Products		1,339,641		1,216,279		—			2,555,920
Industrial Conglomerates		638,942		239,741		—			878,683
Industrial REITs		—		140,417		—			140,417
Insurance		7,247,883		9,191,647		—			16,439,530
Interactive Media & Services		5,251,490		1,676,344		—			6,927,834
IT Services		2,360,314		1,216,869		—			3,577,183
Leisure Products		17,899		689,043		—			706,942
Life Sciences Tools & Services		1,832,699		—		—			1,832,699
Machinery		2,107,636		3,619,849		—			5,727,485
Marine Transportation		—		7,400		—			7,400
Media		841,324		1,553,724		—			2,395,048
Metals & Mining		616,116		1,489,590		—			2,105,706
Multi-Utilities		—		3,059,981		—			3,059,981
Office REITs		—		155,701		—			155,701
Oil, Gas & Consumable Fuels		3,785,388		4,498,958		—			8,284,346
Paper & Forest Products		—		236,771		—			236,771
Passenger Airlines		1,057,054		223,803		—			1,280,857
Personal Care Products		—		904,576		—			904,576
Pharmaceuticals		5,450,231		9,303,983		—			14,754,214
Professional Services		1,432,910		3,762,613		—			5,195,523
Real Estate Management & Development		370,104		702,481		—			1,072,585
Retail REITs		366,081		68,825		—			434,906
Semiconductors & Semiconductor Equipment		5,475,922		1,939,788		—			7,415,710
Software		9,480,505		204,758		—			9,685,263
Specialized REITs		1,832,505		—		—			1,832,505
Specialty Retail		2,853,160		1,045,157		—			3,898,317
Technology Hardware, Storage & Peripherals		3,362,876		317,887		—			3,680,763
Textiles, Apparel & Luxury Goods		643,053		577,164		—			1,220,217
Tobacco		1,469,291		577,346		—			2,046,637
Trading Companies & Distributors		1,529,887		3,118,708		—			4,648,595
Transportation Infrastructure		—		50,059		—			50,059
Water Utilities		116,603		39,948		—			156,551
Wireless Telecommunication Services		966,322		1,284,339		—			2,250,661
Exchange-Traded Funds		153,293		49,325		—			202,618
Preferred Stocks		90,752		630,033		—			720,785
Warrants		—		—		—	(a)		—
Money Market Fund		6,881,198		—		—			6,881,198
Total Investments in Securities	$	129,123,621	$	91,985,484		$—		$	221,109,105
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—	$	1,109,235		$—		$	1,109,235

  

ANNUAL REPORT / April 30, 2024

29 PORTFOLIOS OF INVESTMENTS

  

Wilmington Global Alpha Equities Fund (continued)

	Level 1			Level 2			Level 3		Total
Financial Futures Contracts	$	2,502,049		$	—		$—		$	2,502,049
Total Assets - Other Financial Instruments	$	2,502,049		$	1,109,235		$—		$	3,611,284
Liabilities
Other Financial Instruments!
Financial Futures Contracts	$	(731,372	)	$	—		$—		$	(731,372	)
Total Liabilities - Other Financial Instruments	$	(731,372	)	$	—		$—		$	(731,372	)

^(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 April 30, 2024, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized (Depreciation)
CONTRACTS SOLD
6/20/2024		BNP Paribas		7,066,000 EUR	$	7,777,706	$	7,556,856	$	220,850		$—
6/18/2024		Morgan Stanley		1,285,800,000 JPY		8,739,769		8,213,864		525,905		—
6/20/2024		Morgan Stanley		5,445,000 GBP		7,018,509		6,805,620		212,889		—
6/20/2024		Citibank N.A.		8,975,000 CAD		6,666,724		6,524,951		141,773		—
6/20/2024		Morgan Stanley		42,695,000 HKD		5,474,089		5,466,271		7,818		—
UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS									$	1,109,235		$—

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 30

Wilmington Global Alpha Equities Fund (concluded)

At April 30, 2024, 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)
LONG POSITIONS:
EXCHANGE-TRADED:
SPI 200 Index		June 2024		18	$	2,299,832	$	2,240,254	$	—	$	(59,578	)
SHORT POSITIONS:
EXCHANGE-TRADED:
E-Mini Russell 2000 Index		June 2024		67		7,072,864		6,651,760		421,104		—
E-Mini S&P 500 Index		June 2024		137		35,534,471		34,708,950		825,521		—
E-Mini S&P Mid 400 Index		June 2024		21		6,272,209		6,042,120		230,089		—
Euro STOXX 50 Index		June 2024		56		2,916,053		2,926,604		—		(10,551	)
FTSE 100 Index		June 2024		41		3,927,600		4,179,726		—		(252,126	)
HSCE Index		May 2024		147		5,728,124		5,909,916		—		(181,792	)
MSCI EAFE Index		June 2024		339		39,406,705		38,434,125		972,580		—
S&P TSX 60 Index		June 2024		28		5,363,328		5,310,573		52,755		—
TOPIX Index		June 2024		43		7,262,197		7,489,522		—		(227,325	)
UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS									$	2,502,049	$	(731,372	)

^(a)  The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2024. Only current day variation margin is reported on the Fund’s Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

  

ANNUAL REPORT / April 30, 2024

31

  

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

	Percentage of Total Net Assets
Commodity Related Securities:
Investment Companies		48.0	%
Exchange-Traded Funds		1.8	%
Real Estate Related Securities:
Real Estate Investment Trusts		30.9	%
Exchange-Traded Funds		8.0	%
Common Stocks		7.3	%
Investment Companies		2.5	%
Cash Equivalents(1)		4.0	%
Cash Collateral Invested for Securities on Loan(2)		1.4	%
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

April 30, 2024

Description	Number of Shares		Value
REAL ESTATE RELATED SECURITIES – 48.7%
COMMON STOCKS – 7.3%
CONSTRUCTION & ENGINEERING – 0.0%**
Ashtrom Group Ltd.0		—	$	1
DIVERSIFIED – 0.1%
Argosy Property Ltd.		78,356		51,806
Centuria Capital Group		69,843		76,882
TOTAL DIVERSIFIED			$	128,688
DIVERSIFIED REAL ESTATE ACTIVITIES – 3.4%
Airport City Ltd.*		5,513		84,708
Allreal Holding AG		1,360		219,643
City Developments Ltd.		45,500		203,928
Daito Trust Construction Co. Ltd.		5,700		611,008
Daiwa House Industry Co. Ltd.		58,600		1,648,940
Heiwa Real Estate Co. Ltd.		4,300		118,878
Isras Investment Co. Ltd.		124		23,663
JINUSHI Co. Ltd.		1,900		30,732
Kerry Properties Ltd.		65,000		126,010
Lendlease Corp. Ltd.		58,896		242,890
Mitsubishi Estate Co. Ltd.		115,800		2,122,002
Mitsui Fudosan Co. Ltd.		250,200		2,546,301
New World Development Co. Ltd.		124,000		131,682
Nomura Real Estate Holdings, Inc.		11,500		321,967
Property & Building Corp. Ltd.*		345		18,063
SAMTY Co. Ltd.		3,800		64,824
Shun Tak Holdings Ltd.*		224,000		22,186

Description	Number of Shares		Value
St. Joe Co. (The)		3,145	$	179,894
Starts Corp., Inc.		3,100		69,933
Sumitomo Realty & Development Co. Ltd.		42,300		1,463,746
Sun Frontier Fudousan Co. Ltd.		3,900		48,506
Sun Hung Kai Properties Ltd.		129,000		1,190,020
Tokyo Tatemono Co. Ltd.		18,500		307,839
Tokyu Fudosan Holdings Corp.		53,600		392,687
UOL Group Ltd.		40,500		172,925
Wharf Holdings Ltd. (The)		89,000		286,345
YH Dimri Construction & Development Ltd.		637		49,882
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	12,699,202
OFFICE – 0.0%**
Precinct Properties Group		137,618		94,717
REAL ESTATE DEVELOPMENT – 0.5%
Aedas Homes SA		1,862		37,210
CK Asset Holdings Ltd.		161,500		688,891
DREAM Unlimited Corp., Class A		3,356		43,880
Forestar Group, Inc.*		2,103		65,172
Goldcrest Co. Ltd.		1,500		24,179
Henderson Land Development Co. Ltd.		114,735		345,906
Howard Hughes Holdings, Inc.*		2,789		181,731
Katitas Co. Ltd.		4,800		57,830
Lifestyle Communities Ltd.		9,678		73,842
Mirarth Holdings, Inc.		11,700		35,875
Nexity SA		5,635		63,203
Sino Land Co. Ltd.		274,000		292,961
Star Holdings*		1,373		16,325

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 32

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Tosei Corp.		2,300	$	35,907
TOTAL REAL ESTATE DEVELOPMENT			$	1,962,912
REAL ESTATE OPERATING COMPANIES – 3.3%
Aeon Mall Co. Ltd.		8,200		93,750
Alony Hetz Properties & Investments Ltd.		13,241		85,477
Amot Investments Ltd.		18,530		77,717
Aroundtown SA*		64,736		134,202
Atrium Ljungberg AB, Class B		6,191		109,426
Aura Investments Ltd.		18,173		70,357
Azrieli Group Ltd.		3,438		221,202
Big Shopping Centers Ltd.*		1,026		105,546
Blue Square Real Estate Ltd.		878		65,819
CA Immobilien Anlagen AG		4,455		144,907
Capitaland India Trust		86,834		63,455
Capitaland Investment Ltd.		232,400		449,428
Castellum AB*		36,293		431,232
Catena AB		2,801		122,585
Cibus Nordic Real Estate AB publ		6,754		87,965
Citycon OYJ*		7,281		29,788
CTP NV		9,505		161,240
Deutsche Wohnen SE		4,458		84,102
DigitalBridge Group, Inc.		12,599		207,128
Dios Fastigheter AB		11,065		84,540
Electra Real Estate Ltd.		5,139		49,953
Entra ASA*		6,908		63,574
Fabege AB		20,970		160,385
Fastighets AB Balder, Class B*		57,028		359,465
FRP Holdings, Inc.*		1,146		34,735
G City, Ltd.*		15,860		45,908
Gav-Yam Lands Corp. Ltd.		5,012		35,633
Grainger PLC		65,116		207,739
Grand City Properties SA*		8,002		89,364
Hang Lung Group Ltd.		79,000		93,744
Hang Lung Properties Ltd.		157,000		173,283
Hongkong Land Holdings Ltd.		99,700		318,559
Hufvudstaden AB, Class A		11,486		133,416
Hulic Co. Ltd.		52,200		481,005
Hysan Development Co. Ltd.		50,001		77,931
Ichigo, Inc.		23,500		63,301
IMMOFINANZ AG*		3,123		77,423
Intershop Holding AG		540		72,358
Israel Canada T.R Ltd.		21,299		78,458
Keihanshin Building Co. Ltd.		4,900		49,119
Kennedy-Wilson Holdings, Inc.		10,343		88,846
Kojamo OYJ*		15,835		174,926
LEG Immobilien SE*		6,349		538,956
Leopalace21 Corp.		25,000		82,742
Mega Or Holdings Ltd.		2,597		67,176
Melisron Ltd.		2,063		141,522
Mivne Real Estate KD Ltd.		51,091		122,809
Mobimo Holding AG		620		173,565
NP3 Fastigheter AB		3,830		80,217
Nyfosa AB		13,690		118,430
Pandox AB		7,952		122,973
Platzer Fastigheter Holding AB, Class B		8,600		69,521
PSP Swiss Property AG		3,919		484,472
Sagax AB, Class B		16,745		419,330

Description	Number of Shares		Value
Sirius Real Estate Ltd.		80,598	$	98,029
StorageVault Canada, Inc.		20,835		71,586
Summit Real Estate Holdings Ltd.		2,479		29,849
Swire Properties Ltd.		88,200		182,412
Swiss Prime Site AG		6,660		614,937
TAG Immobilien AG*		14,769		209,981
TKP Corp.*		1,700		15,062
TOC Co. Ltd.		5,500		27,400
Tricon Residential, Inc.		22,218		248,866
VGP NV		1,140		124,030
Vonovia SE		70,277		2,030,726
Wallenstam AB, Class B		37,691		166,611
Wharf Real Estate Investment Co. Ltd.		132,000		409,532
Wihlborgs Fastigheter AB		24,243		203,051
TOTAL REAL ESTATE OPERATING COMPANIES			$	12,612,776
RETAIL – 0.0%**
Kiwi Property Group Ltd.		162,752		77,492
TOTAL COMMON STOCKS (COST $29,857,831)			$	27,575,788
EXCHANGE-TRADED FUNDS – 8.0%
REAL ESTATE – 8.0%
Balanced Commercial Property Trust Ltd.		64,435		62,722
Schwab U.S. REIT ETF		934,000		17,512,500
Vanguard Global ex-U.S. Real Estate ETF#		318,500		12,937,470
TOTAL REAL ESTATE			$	30,512,692
TOTAL EXCHANGE-TRADED FUNDS (COST $30,492,405)			$	30,512,692
INVESTMENT COMPANY – 2.5%
EQUITY FUNDS – 2.5%
Tortoise Energy Infrastructure Total Return Fund, Institutional Class		620,446		9,685,167
TOTAL INVESTMENT COMPANY (COST $7,444,811)			$	9,685,167
REAL ESTATE INVESTMENT TRUSTS – 30.9%
DATA CENTER – 2.5%
Digital Realty Trust, Inc.		26,274		3,646,306
Equinix, Inc.		8,091		5,753,591
Keppel DC REIT		117,495		146,555
TOTAL DATA CENTER			$	9,546,452
DIVERSIFIED – 2.5%
ABRDN Property Income Trust Ltd.		30,168		18,901
Activia Properties, Inc.		61		151,399
AEW UK REIT PLC		21,753		22,881
Alexander & Baldwin, Inc.		7,229		119,062
American Assets Trust, Inc.		4,162		88,859
Armada Hoffler Properties, Inc.		5,648		59,417
Artis REIT		9,473		44,728
British Land Co. PLC (The)		80,404		387,720
Broadstone Net Lease, Inc.		15,966		232,465
Charter Hall Group		40,521		307,726
Charter Hall Long Wale REIT		60,658		131,203
Covivio SA		4,089		203,534
Cromwell European REIT		48,300		76,714

  

ANNUAL REPORT / April 30, 2024

33 PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

  

Description	Number of Shares		Value
CTO Realty Growth, Inc.		1,652	$	28,662
Custodian Property Income REIT PLC		42,620		39,235
Daiwa House REIT Investment Corp.		180		302,360
Empire State Realty Trust, Inc., Class A		11,206		101,975
Essential Properties Realty Trust, Inc.		13,366		352,060
Gladstone Commercial Corp.		4,528		60,539
Global Net Lease, Inc.		16,773		116,572
GPT Group (The)		166,819		448,648
Growthpoint Properties Australia Ltd.		26,398		40,401
H&R REIT		12,857		84,054
Hankyu Hanshin REIT, Inc.		67		59,974
Heiwa REIT, Inc.		85		76,205
Hulic REIT, Inc.		110		105,131
ICADE		2,678		71,201
KDX Realty Investment Corp.		356		351,136
Land Securities Group PLC		64,392		520,420
LondonMetric Property PLC		177,449		433,138
Merlin Properties Socimi SA		28,879		324,864
Mirvac Group		349,883		458,441
Mori Trust REIT, Inc.		222		103,001
NIPPON REIT Investment Corp.		39		88,083
Nomura Real Estate Master Fund, Inc.		403		385,236
NTT UD REIT Investment Corp.		127		97,366
One Liberty Properties, Inc.		890		20,390
Picton Property Income Ltd.		63,920		52,681
REIT 1 Ltd.		18,315		73,610
Schroder REIT Ltd.		45,679		25,226
Sekisui House REIT, Inc.		364		186,513
Sella Capital Real Estate Ltd.		19,590		39,532
Star Asia Investment Corp.		211		82,316
Stockland		211,405		598,935
Sunlight REIT		139,000		29,852
Suntec REIT		186,000		146,639
Takara Leben Real Estate Investment Corp.		82		53,144
Tokyu REIT, Inc.		79		81,285
Tosei REIT Investment Corp.		51		44,956
UK Commercial Property REIT Ltd.		66,143		55,516
United Urban Investment Corp.		265		253,921
WP Carey, Inc.		18,971		1,040,370
Yuexiu REIT		325,000		35,954
TOTAL DIVERSIFIED			$	9,314,151
HEALTH CARE – 2.8%
Aedifica SA		4,074		260,319
Assura PLC		251,668		128,847
CareTrust REIT, Inc.		11,322		279,880
Cofinimmo SA		3,001		198,791
Community Healthcare Trust, Inc.		2,215		58,764
Diversified Healthcare Trust		21,807		51,464
Global Medical REIT, Inc.		6,614		53,640
Health Care & Medical Investment Corp.		33		27,539
Healthcare Realty Trust, Inc.		32,630		464,325
Healthpeak Properties, Inc.		60,989		1,135,005
Impact Healthcare REIT PLC		38,181		39,914
LTC Properties, Inc.		3,548		117,439
Medical Properties Trust, Inc.#		51,210		235,566
National Health Investors, Inc.		3,718		234,457
NorthWest Healthcare Properties REIT		12,608		46,250

Description	Number of Shares		Value
Omega Healthcare Investors, Inc.		21,320	$	648,341
Parkway Life REIT		42,700		112,084
Primary Health Properties PLC		117,554		134,552
Sabra Health Care REIT, Inc.		19,715		274,433
Target Healthcare REIT PLC		77,461		75,044
Universal Health Realty Income Trust#		1,459		52,568
Ventas, Inc.		34,908		1,545,726
Welltower, Inc.		48,016		4,574,964
TOTAL HEALTH CARE			$	10,749,912
HOTEL & RESORT – 1.1%
Apple Hospitality REIT, Inc.		18,162		268,071
Ashford Hospitality Trust, Inc.*,#		121		142
Braemar Hotels & Resorts, Inc.		15,550		42,451
CapitaLand Ascott Trust		215,449		143,100
CDL Hospitality Trusts		59,214		42,141
Chatham Lodging Trust		5,931		54,387
DiamondRock Hospitality Co.		18,163		161,651
Far East Hospitality Trust		94,900		42,711
Hoshino Resorts REIT, Inc.		22		77,012
Host Hotels & Resorts, Inc.		61,200		1,154,844
Hotel Property Investments Ltd., REIT		17,262		36,136
Invincible Investment Corp.		578		258,967
Japan Hotel REIT Investment Corp.		412		216,505
Park Hotels & Resorts, Inc.		17,989		290,163
Pebblebrook Hotel Trust		10,735		155,979
RLJ Lodging Trust		13,351		146,861
Ryman Hospitality Properties, Inc.		5,115		539,530
Service Properties Trust		14,202		87,058
Summit Hotel Properties, Inc.		11,188		67,240
Sunstone Hotel Investors, Inc.		18,168		185,314
Xenia Hotels & Resorts, Inc.		8,888		123,277
TOTAL HOTEL & RESORT			$	4,093,540
INDUSTRIAL – 5.5%
Advance Logistics Investment Corp.		71		54,778
AIMS APAC REIT		43,700		40,303
Americold Realty Trust, Inc.		23,210		509,924
CapitaLand Ascendas REIT		322,200		610,319
Centuria Industrial REIT		60,763		124,070
Dexus Industria REIT		20,663		38,851
Dream Industrial REIT		12,380		111,601
EastGroup Properties, Inc.		4,138		642,880
ESR-LOGOS REIT		520,293		110,464
First Industrial Realty Trust, Inc.		11,332		514,699
Frasers Logistics & Commercial Trust		286,420		207,478
GLP J-REIT		397		322,885
Goodman Group		149,934		3,028,612
Goodman Property Trust		90,440		121,296
Granite REIT		2,802		138,507
Industrial & Infrastructure Fund Investment Corp.		214		176,952
Innovative Industrial Properties, Inc.		2,393		247,436
Japan Logistics Fund, Inc.		78		139,076
LaSalle Logiport REIT		161		161,480
LXP Industrial Trust		24,681		206,086
Mapletree Industrial Trust		188,570		312,241
Mapletree Logistics Trust		289,550		284,136

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 34

 Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Mitsubishi Estate Logistics REIT Investment Corp.		42	$	107,653
Mitsui Fudosan Logistics Park, Inc.		52		149,180
Montea NV		1,303		111,711
Nexus Industrial REIT		3,140		15,852
Nippon Prologis REIT, Inc.		210		362,378
Plymouth Industrial REIT, Inc.		3,225		67,338
Prologis, Inc.		80,126		8,176,858
Rexford Industrial Realty, Inc.		18,286		782,824
Segro PLC		113,523		1,194,049
SOSiLA Logistics REIT, Inc.		76		59,837
STAG Industrial, Inc.		15,433		530,741
Terreno Realty Corp.		7,830		425,561
Tritax Big Box REIT PLC		163,097		308,064
Urban Logistics REIT PLC		48,614		70,179
Warehouses De Pauw		14,035		371,146
TOTAL INDUSTRIAL			$	20,837,445
MULTI-FAMILY RESIDENTIAL – 3.2%
Advance Residence Investment Corp.		127		274,576
Altarea SCA		322		27,831
Apartment Income REIT Corp.		12,593		483,319
Apartment Investment & Management Co., Class A*		16,412		131,296
AvalonBay Communities, Inc.		12,166		2,306,309
Boardwalk REIT		2,414		124,273
BRT Apartments Corp.#		1,574		28,238
Camden Property Trust		9,263		923,336
Canadian Apartment Properties REIT		7,253		225,759
Care Property Invest NV*		2,766		41,041
Centerspace		1,362		91,595
Clipper Realty, Inc.		9,929		41,702
Comforia Residential REIT, Inc.		60		129,885
Daiwa Securities Living Investments Corp.		214		145,308
Elme Communities		7,525		114,079
Empiric Student Property PLC		51,684		58,079
Equity Residential		29,820		1,920,408
Essex Property Trust, Inc.		5,570		1,371,612
Home REIT PLC*,(1)		42,087		—
Independence Realty Trust, Inc.		19,494		307,420
Ingenia Communities Group		40,228		119,233
InterRent REIT		6,334		55,120
Irish Residential Properties REIT PLC		33,709		35,620
Killam Apartment REIT		4,993		62,347
Mid-America Apartment Communities, Inc.		10,126		1,316,380
Minto Apartment REIT		1,676		17,665
Morguard North American Residential REIT		1,808		19,963
NexPoint Residential Trust, Inc.		2,324		79,569
Nippon Accommodations Fund, Inc.		43		179,074
Samty Residential Investment Corp.		82		56,426
Starts Proceed Investment Corp.		19		24,921
UDR, Inc.		26,253		999,714
UNITE Group PLC (The)		33,973		392,746
Veris Residential, Inc.		6,873		99,040
Xior Student Housing NV		2,488		74,019
TOTAL MULTI-FAMILY RESIDENTIAL			$	12,277,903

Description	Number of Shares		Value
OFFICE – 2.4%
Alexandria Real Estate Equities, Inc.		13,661	$	1,582,900
Allied Properties REIT		5,371		66,052
Boston Properties, Inc.		12,533		775,667
Brandywine Realty Trust		15,743		71,473
Centuria Office REIT		38,286		29,200
Champion REIT		160,000		35,643
City Office REIT, Inc.		9,220		42,965
CLS Holdings PLC		25,558		26,316
COPT Defense Properties		9,589		229,848
Cousins Properties, Inc.		13,003		298,289
Cromwell Property Group		136,773		35,528
Daiwa Office Investment Corp.		24		87,502
Derwent London PLC		9,547		244,624
Dexus		93,667		425,455
Douglas Emmett, Inc.		14,285		195,847
Dream Office REIT		2,526		34,679
Easterly Government Properties, Inc.		8,137		95,122
Equity Commonwealth*		8,915		166,889
GDI Property Group Partnership		37,938		14,664
Gecina SA		4,398		449,044
Global One Real Estate Investment Corp.		95		64,647
Great Portland Estates PLC		21,750		105,955
Helical PLC		17,407		44,301
Highwoods Properties, Inc.		9,055		237,241
Hudson Pacific Properties, Inc.		11,418		66,224
Ichigo Office REIT Investment Corp.		132		67,686
Inmobiliaria Colonial Socimi SA		24,501		143,299
Japan Excellent, Inc.		109		89,042
Japan Prime Realty Investment Corp.		85		183,928
Japan Real Estate Investment Corp.		122		413,719
JBG SMITH Properties		9,549		143,331
Keppel REIT		194,800		125,080
Kilroy Realty Corp.		9,140		308,932
Mirai Corp.		207		59,270
Mori Hills REIT Investment Corp.		139		120,961
NET Lease Office Properties		1,276		29,169
Nippon Building Fund, Inc.		145		554,015
NSI NV		1,341		25,426
One REIT, Inc.		30		50,507
Orix JREIT, Inc.		235		247,709
Paramount Group, Inc.		15,147		70,282
Peakstone Realty Trust		4,237		59,191
Piedmont Office Realty Trust, Inc., Class A		10,974		75,611
Prosperity REIT		87,000		13,838
SL Green Realty Corp.		5,643		281,191
Vornado Realty Trust		13,755		358,043
Workspace Group PLC		17,247		106,604
TOTAL OFFICE			$	8,952,909
OTHER SPECIALIZED – 1.7%
Arena REIT		35,122		82,867
Charter Hall Social Infrastructure REIT		35,768		58,425
EPR Properties		6,406		260,020
Farmland Partners, Inc.		3,836		41,275
Four Corners Property Trust, Inc.		7,695		180,448
Gaming and Leisure Properties, Inc.		22,876		977,491
Gladstone Land Corp.		3,854		48,869

  

ANNUAL REPORT / April 30, 2024

35 PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

  

Description	Number of Shares		Value
Iron Mountain, Inc.		25,014	$	1,939,085
Rural Funds Group		32,605		42,209
Safehold, Inc.		3,680		67,123
Uniti Group, Inc.		20,447		117,570
VICI Properties, Inc.		89,451		2,553,826
TOTAL OTHER SPECIALIZED			$	6,369,208
REAL ESTATE OPERATING COMPANIES – 0.0%**
Seritage Growth Properties, Class A*,#		5,575		52,070
RETAIL – 5.9%
Acadia Realty Trust		8,873		153,325
AEON REIT Investment Corp.		147		128,555
Agree Realty Corp.		8,192		468,746
Alexander’s, Inc.		134		28,349
Brixmor Property Group, Inc.		25,752		569,119
BWP Trust		42,243		96,668
CapitaLand China Trust		120,900		58,729
CapitaLand Integrated Commercial Trust		447,347		637,691
Carmila SA		7,784		130,775
CBL & Associates Properties, Inc.#		2,691		58,529
Charter Hall Retail REIT		49,743		106,139
Choice Properties REIT		15,157		143,351
Crombie REIT		4,825		45,038
CT REIT		6,101		59,519
Eurocommercial Properties NV		4,984		113,356
Federal Realty Investment Trust		6,294		655,646
First Capital REIT		10,254		110,089
Fortune REIT		131,000		64,357
Frasers Centrepoint Trust		104,623		165,727
Frontier Real Estate Investment Corp.		44		127,912
Fukuoka REIT Corp.		64		68,743
Getty Realty Corp.		4,149		112,438
Hamborner REIT AG		9,415		64,238
Hammerson PLC		292,015		99,050
HMC Capital Ltd.		20,904		84,682
HomeCo Daily Needs REIT		152,785		119,789
InvenTrust Properties Corp.		5,758		145,908
Japan Metropolitan Fund Invest		624		376,727
Kimco Realty Corp.		59,659		1,111,447
Kite Realty Group Trust		19,182		418,168
Klepierre SA		16,712		448,758
Lar Espana Real Estate Socimi SA		4,971		36,100
Lendlease Global Commercial REIT		145,125		57,721
Link REIT		219,500		940,513
Macerich Co. (The)		18,914		260,257
Mapletree Pan Asia Commercial Trust		200,423		183,662
Mercialys SA		8,078		87,438
NETSTREIT Corp.#		5,918		99,718
NewRiver REIT PLC		17,295		16,151
NNN REIT, Inc.		15,630		633,484
Phillips Edison & Co., Inc.		10,352		338,510
Primaris REIT		2,451		23,501
Realty Income Corp.		72,171		3,864,035
Regency Centers Corp.		14,074		833,462
Region RE Ltd.		98,776		138,469
Retail Estates NV		1,199		83,689
Retail Opportunity Investments Corp.		10,776		132,222

Description	Number of Shares		Value
RioCan REIT		12,827	$	162,498
Sasseur REIT		61,100		30,167
Saul Centers, Inc.		944		34,371
Scentre Group		444,652		900,443
Shaftesbury Capital PLC		167,331		280,096
Simon Property Group, Inc.		28,221		3,965,897
SITE Centers Corp.		15,422		208,043
Slate Grocery REIT, Class U		2,915		23,080
SmartCentres REIT		7,835		126,803
Starhill Global REIT		158,600		55,120
Supermarket Income REIT PLC		106,288		96,013
Tanger, Inc.		9,484		268,871
Unibail-Rodamco-Westfield*		9,347		778,913
Urban Edge Properties		10,097		168,923
Vastned Retail NV		2,088		46,623
Vicinity Ltd.		330,292		404,465
Waypoint REIT Ltd.		71,780		107,707
Wereldhave NV		2,996		41,595
Whitestone REIT		4,055		46,632
TOTAL RETAIL			$	22,446,760
SELF-STORAGE – 2.0%
Abacus Storage King		34,498		25,159
Big Yellow Group PLC		16,880		227,075
CubeSmart		19,508		788,904
Extra Space Storage, Inc.		18,329		2,461,218
National Storage Affiliates Trust		6,620		231,965
National Storage REIT		108,509		149,626
Public Storage		13,691		3,552,130
Safestore Holdings PLC		19,154		184,604
Shurgard Self Storage Ltd.		2,600		106,551
TOTAL SELF-STORAGE			$	7,727,232
SINGLE-FAMILY RESIDENTIAL – 1.3%
American Homes 4 Rent, Class A		27,592		987,794
Equity LifeStyle Properties, Inc.		16,174		975,130
Invitation Homes, Inc.		49,750		1,701,450
PRS REIT PLC (The)		46,884		46,208
Sun Communities, Inc.		10,797		1,201,922
UMH Properties, Inc.		5,237		83,373
TOTAL SINGLE-FAMILY RESIDENTIAL			$	4,995,877
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $125,437,576)			$	117,363,459
TOTAL REAL ESTATE RELATED SECURITIES (COST $193,232,623)			$	185,137,106
COMMODITY RELATED SECURITIES – 49.8%
EXCHANGE-TRADED FUNDS – 1.8%
COMMODITY – 1.8%
SPDR S&P Global Natural Resources ETF#		119,300		6,875,259
TOTAL EXCHANGE-TRADED FUNDS (COST $5,102,945)			$	6,875,259
INVESTMENT COMPANIES – 48.0%
COMMODITY – 48.0%
Vanguard Commodity Strategy Fund, Admiral Shares		2,404,175		62,292,180

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 36

 Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
DFA Commodity Strategy Portfolio, Institutional Class		24,180,986	$	110,990,725
Parametric Commodity Strategy Fund, Institutional Class		513,361		3,336,846
Credit Suisse Commodity Return Strategy Fund, Class I		256,736		5,933,167
TOTAL COMMODITY			$	182,552,918
TOTAL INVESTMENT COMPANIES (COST $194,272,848)			$	182,552,918
TOTAL COMMODITY RELATED SECURITIES (COST $199,375,793)			$	189,428,177
SHORT-TERM INVESTMENTS – 4.0%
MONEY MARKET FUND – 4.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^		15,036,911		15,036,911
TOTAL SHORT-TERM INVESTMENT (COST $15,036,911)			$	15,036,911
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.4%
	Par Value
REPURCHASE AGREEMENTS – 1.4%
Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $309,574, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $315,719.	$	309,528		309,528
BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $995,397, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $1,015,155.		995,250		995,250

Description	Par Value		Value
HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $975,489, collateralized by U.S. Government Agency Securities, 2.50% to 3.00%, maturing 4/20/43 to 10/20/51; total market value of $994,852.	$	975,345	$	975,345
Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $995,397, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $1,015,530.		995,250		995,250
RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $995,397, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $1,015,155.		995,250		995,250
TD Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $995,397, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 1/01/47 to 4/01/54; total market value of $1,015,155.		995,250		995,250
TOTAL REPURCHASE AGREEMENTS (COST $5,265,873)			$	5,265,873
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $5,265,873)			$	5,265,873
TOTAL INVESTMENTS – 103.9% (Cost $412,911,200)			$	394,868,067
COLLATERAL FOR SECURITIES ON LOAN – (1.4%)				(5,265,873	)
OTHER ASSETS LESS LIABILITIES – (2.5)%				(9,520,652	)
TOTAL NET ASSETS – 100.0%			$	380,081,542

  

ANNUAL REPORT / April 30, 2024

37 PORTFOLIOS OF INVESTMENTS

  

Wilmington Real Asset Fund (continued)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 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		—			128,688			—		128,688
Diversified Real Estate Activities		179,894			12,519,308			—		12,699,202
Office		—			94,717			—		94,717
Real Estate Development		307,108			1,655,804			—		1,962,912
Real Estate Operating Companies		651,161			11,961,615			—		12,612,776
Retail		—			77,492			—		77,492
Exchange-Traded Funds		30,449,970			62,722			—		30,512,692
Investment Company		9,685,167			—			—		9,685,167
Real Estate Investment Trusts
Data Center		9,399,897			146,555			—		9,546,452
Diversified		2,349,153			6,964,998			—		9,314,151
Health Care		9,772,822			977,090			—		10,749,912
Hotel & Resort		3,276,968			816,572			—		4,093,540
Industrial		12,370,307			8,467,138			—		20,837,445
Multi-Family Residential		10,719,144			1,558,759			—(a)		12,277,903
Office		5,154,267			3,798,642			—		8,952,909
Other Specialized		6,185,707			183,501			—		6,369,208
Real Estate Operating Companies		52,070			—			—		52,070
Retail		15,269,979			7,176,781			—		22,446,760
Self-Storage		7,034,217			693,015			—		7,727,232
Single-Family Residential		4,949,669			46,208			—		4,995,877
Commodity Related Securities
Exchange-Traded Funds		6,875,259			—			—		6,875,259
Investment Companies		182,552,918			—			—		182,552,918
Money Market Fund		15,036,911			—			—		15,036,911
Repurchase Agreements		—			5,265,873			—		5,265,873
Total Investments in Securities	$	332,272,588		$	62,595,479			$—	$	394,868,067

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

** Represents less than 0.05%.

⁰  Rounds to less than 1 share.

* Non-income producing security.

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

^{^}  7-Day net yield.

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

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 38

Wilmington Real Asset Fund (concluded)

The following acronyms are used throughout this Portfolio of Investments:

ETF	Exchange-Traded Fund
J-REIT	Japanese Real Estate Investment Trust
OYJ	Public Limited Company
PLC	Public Limited Company
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

  

ANNUAL REPORT / April 30, 2024

39 STATEMENTS OF ASSETS AND LIABILITIES

  

April 30, 2024		Wilmington International Fund			Wilmington Global Alpha Equities Fund			Wilmington Real Asset Fund
ASSETS:
Investments, at identified cost		$	456,715,727		$	172,869,067		$	412,911,200
Investments in securities, at value		$	542,342,781	(a)	$	221,109,105		$	394,868,067	(b)
Cash			—			253,152			—
Deposits for financial futures contracts			977,070			5,703,896			—
Cash denominated in foreign currencies			969,317	(c)		440,898	(c)		97,394	(c)
Variation margin receivable for financial futures contracts			37,534			936,174			—
Income receivable			2,404,749			587,636			478,387
Foreign tax reclaim receivable			2,051,122			450,249			154,912
Receivable for shares sold			1,992,759			161,856			1,514,448
Unrealized appreciation on forward foreign currency contracts			—			1,109,235			—
Receivable for investments sold			1,153,760			794,614			—
Prepaid and other assets			28,438			35,982			32,127
TOTAL ASSETS			551,957,530			231,582,797			397,145,335
LIABILITIES:
Collateral for securities on loan			11,819,975			—			5,265,873
Due to custodian			350,294			—			—
Deferred foreign capital gains tax payable			—			1,873			—
Payable for investments purchased			551,311			1,439,120			—
Payable for shares redeemed			2,151,575			13,558,878			11,451,697
Payable to sub-advisors			144,682			103,857			20,638
Payable for Trustees’ fees			4,952			4,951			4,445
Payable for administration fees			12,538			5,400			9,219
Payable for distribution services fees			651			47			184
Payable for investment advisory fees			170,765			110,778			124,624
Other accrued expenses			289,248			196,785			187,113
TOTAL LIABILITIES			15,495,991			15,421,689			17,063,793
NET ASSETS		$	536,461,539		$	216,161,108		$	380,081,542
NET ASSETS CONSIST OF:
Paid-in capital		$	473,890,327		$	190,764,828		$	425,145,675
Distributable earnings (loss)			62,571,212			25,396,280			(45,064,133	)
TOTAL NET ASSETS		$	536,461,539		$	216,161,108		$	380,081,542
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	3,165,671		$	204,560		$	873,205
Shares outstanding (unlimited shares authorized)			358,716			16,549			66,038
Net Asset Value per share		$	8.83		$	12.36		$	13.22
Offering Price per share*		$	9.34	**	$	13.08	**	$	13.99	**
Class I
Net Assets		$	533,295,868		$	215,956,548		$	379,208,337
Shares outstanding (unlimited shares authorized)			59,660,093			17,094,438			28,186,420
Net Asset Value and Offering Price per share		$	8.94		$	12.63		$	13.45

^(a)  Including $11,031,141 of securities on loan (Note 2).

^(b)  Including $5,007,234 of securities on loan (Note 2).

^(c)  Cost of cash denominated in foreign currencies was $976,234, $442,529 and $104,398, respectively.

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

STATEMENTS OF OPERATIONS 40

Year Ended April 30, 2024		Wilmington International Fund			Wilmington Global Alpha Equities Fund			Wilmington Real Asset Fund
INVESTMENT INCOME:
Dividends		$	14,598,258	(a)	$	5,034,746	(a)	$	12,510,890	(a)
Interest			33,022			191,380			—
Securities lending income, net			31,715			—			47,725
TOTAL INVESTMENT INCOME			14,662,995			5,226,126			12,558,615
EXPENSES:
Investment advisory fees			3,867,201			2,536,965			2,032,997
Administration fees			145,579			63,037			113,143
Portfolio accounting and administration fees			134,639			76,754			93,339
Custodian fees			264,436			109,290			52,272
Transfer and dividend disbursing agent fees and expenses			38,372			9,675			8,416
Trustees’ fees			62,234			62,234			62,234
Professional fees			211,170			167,823			158,554
Distribution services fee—Class A			7,526			722			2,236
Shareholder services fee—Class A			7,526			722			2,236
Share registration costs			31,681			28,858			33,842
Printing and postage			45,969			25,202			30,225
Miscellaneous			49,049			35,435			41,477
TOTAL EXPENSES			4,865,382			3,116,717			2,630,971
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(601,087	)		(379,761	)		(351,284	)
Waiver by sub-advisor			(20,360	)		—			(18,711	)
Waiver of shareholder services fee—Class A			(7,526	)		(722	)		(2,236	)
TOTAL WAIVERS AND REIMBURSEMENTS			(628,973	)		(380,483	)		(372,231	)
Net expenses			4,236,409			2,736,234			2,258,740
Net investment income			10,426,586			2,489,892			10,299,875
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments			24,822,479			7,601,138	(b)		(9,897,511	)
Net realized gain (loss) on forward foreign currency contracts			(706	)		261,373			—
Net realized gain (loss) on foreign currency transactions			(336,861	)		(137,989	)		(23,519	)
Net realized gain (loss) on financial futures contracts			2,299,246			(13,752,968	)		—
Net realized gain (loss)			26,784,158			(6,028,446	)		(9,921,030	)
Net change in unrealized appreciation (depreciation) on investments			3,689,270	(c)		10,184,000	(c)		6,982,831
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts			—			1,790,172			—
Net change in unrealized appreciation (depreciation) on foreign currency transactions			(36,209	)		(19,297	)		(12,876	)
Net change in unrealized appreciation (depreciation) on financial futures contracts			(481,117	)		5,827,157			—
Net change in unrealized appreciation (depreciation)			3,171,944			17,782,032			6,969,955
Net realized and unrealized gain (loss)			29,956,102			11,753,586			(2,951,075	)
Change in net assets resulting from operations		$	40,382,688		$	14,243,478		$	7,348,800

^(a)  Net of foreign withholding taxes of $1,611,006, $454,006 and $256,989, respectively.

^(b)  Net of foreign capital gains tax paid of $54.

^(c)  Net of change in deferred foreign capital gains tax accrued of $17,468 and $179, respectively.

See Notes which are an integral part of the Financial Statements

  

ANNUAL REPORT / April 30, 2024

41 STATEMENTS OF CHANGES IN NET ASSETS

  

	Wilmington International Fund						Wilmington Global  Alpha Equities Fund
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	10,426,586		$	11,339,216		$	2,489,892		$	2,327,010
Net realized gain (loss)		26,784,158			(46,448,998	)		(6,028,446	)		3,508,935
Net change in unrealized appreciation (depreciation)		3,171,944			45,978,600			17,782,032			1,667,356
Change in net assets resulting from operations		40,382,688			10,868,818			14,243,478			7,503,301
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(62,614	)		(101,891	)		(4,052	)		(8,022	)
Class I		(11,608,172	)		(20,772,925	)		(2,879,727	)		(5,525,066	)
Total distributions to shareholders		(11,670,786	)		(20,874,816	)		(2,883,779	)		(5,533,088	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		371,848			25,393			1,273			850
Class I		48,647,028			125,541,950			33,989,909			58,243,535
Distributions reinvested
Class A		56,356			94,660			4,052			8,022
Class I		2,052,008			8,676,649			1,129,722			2,030,500
Cost of shares redeemed
Class A		(257,268	)		(210,821	)		(118,812	)		(3,418	)
Class I		(60,988,455	)		(223,549,803	)		(43,535,142	)		(61,171,203	)
Change in net assets resulting from share transactions		(10,118,483	)		(89,421,972	)		(8,528,998	)		(891,714	)
Change in net assets		18,593,419			(99,427,970	)		2,830,701			1,078,499
NET ASSETS:
Beginning of year		517,868,120			617,296,090			213,330,407			212,251,908
End of year	$	536,461,539		$	517,868,120		$	216,161,108		$	213,330,407
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		44,067			3,105			106			73
Class I		5,784,755			15,579,933			2,758,884			4,928,523
Distributions reinvested
Class A		6,763			12,174			335			706
Class I		243,467			1,098,909			91,550			175,194
Shares redeemed
Class A		(30,997	)		(26,747	)		(9,647	)		(304	)
Class I		(7,211,404	)		(27,904,440	)		(3,516,851	)		(5,189,505	)
Net change resulting from share transactions		(1,163,349	)		(11,237,066	)		(675,623	)		(85,313	)

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 42

	Wilmington Real  Asset Fund
	Year Ended April 30, 2024			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	10,299,875		$	22,098,301
Net realized gain (loss)		(9,921,030	)		(6,208,975	)
Net change in unrealized appreciation (depreciation)		6,969,955			(85,159,972	)
Change in net assets resulting from operations		7,348,800			(69,270,646	)
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income and net realized gains
Class A		(18,373	)		(48,529	)
Class I		(8,514,528	)		(21,016,869	)
Tax return of capital
Class A		—			(211	)
Class I		—			(89,490	)
Total distributions to shareholders		(8,532,901	)		(21,155,099	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		25,938			138,429
Class I		61,225,286			82,657,040
Distributions reinvested
Class A		17,999			47,127
Class I		3,694,740			8,786,738
Cost of shares redeemed
Class A		(109,169	)		(194,392	)
Class I		(93,865,028	)		(78,861,084	)
Change in net assets resulting from share transactions		(29,010,234	)		12,573,858
Change in net assets		(30,194,335	)		(77,851,887	)
NET ASSETS:
Beginning of year		410,275,877			488,127,764
End of year	$	380,081,542		$	410,275,877
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		1,963			9,154
Class I		4,587,614			5,724,533
Distributions reinvested
Class A		1,342			3,487
Class I		270,986			639,668
Shares redeemed
Class A		(8,240	)		(13,389	)
Class I		(7,040,743	)		(5,437,549	)
Net change resulting from share transactions		(2,187,078	)		925,904

See Notes which are an integral part of the Financial Statements

  

ANNUAL REPORT / April 30, 2024

43 FINANCIAL HIGHLIGHTS

  

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

WILMINGTON INTERNATIONAL FUND
	Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020
CLASS A
Net Asset Value, Beginning of Year		$	8.37			$	8.44			$	10.47			$	7.35			$	8.52
Income (Loss) From Operations:
Net Investment Income(a)			0.15				0.15				0.10				0.10				0.13
Net Realized and Unrealized Gain (Loss)			0.49				0.08				(1.75	)			3.16				(1.17	)
Total Income (Loss) From Operations			0.64				0.23				(1.65	)			3.26				(1.04	)
Less Distributions From:
Net Investment Income			(0.18	)			(0.13	)			(0.16	)			(0.14	)			(0.13	)
Net Realized Gains			—				(0.17	)			(0.22	)			—				—
Total Distributions			(0.18	)			(0.30	)			(0.38	)			(0.14	)			(0.13	)
Net Asset Value, End of Year		$	8.83			$	8.37			$	8.44			$	10.47			$	7.35
Total Return(b)			7.81	%			3.01	%			(16.31	)%			44.67	%			(12.35	)%
Net Assets, End of Year (000’s)		$	3,166			$	2,836			$	2,957			$	4,015			$	3,036
Ratios to Average Net Assets
Gross Expense(c)			1.45	%			1.48	%			1.48	%			1.48	%			1.50	%
Net Expense(c),(d)			1.08	%			1.09	%			1.10	%			1.06	%			0.98	%
Net Investment Income			1.77	%			1.87	%			1.00	%			1.10	%			1.57	%
Portfolio Turnover Rate			108	%			76	%			71	%			74	%			79	%
	Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020
CLASS I
Net Asset Value, Beginning of Year		$	8.46			$	8.52			$	10.56			$	7.41			$	8.59
Income (Loss) From Operations:
Net Investment Income(a)			0.17				0.17				0.13				0.12				0.13
Net Realized and Unrealized Gain (Loss)			0.50				0.08				(1.77	)			3.18				(1.17	)
Total Income (Loss) From Operations			0.67				0.25				(1.64	)			3.30				(1.04	)
Less Distributions From:
Net Investment Income			(0.19	)			(0.14	)			(0.18	)			(0.15	)			(0.14	)
Net Realized Gains			—				(0.17	)			(0.22	)			—				—
Total Distributions			(0.19	)			(0.31	)			(0.40	)			(0.15	)			(0.14	)
Net Asset Value, End of Year		$	8.94			$	8.46			$	8.52			$	10.56			$	7.41
Total Return(b)			8.10	%			3.23	%			(16.10	)%			44.92	%			(12.28	)%
Net Assets, End of Year (000’s)		$	533,296			$	515,032			$	614,339			$	713,463			$	513,640
Ratios to Average Net Assets
Gross Expense(c)			0.95	%			0.98	%			0.99	%			1.16	%			1.25	%
Net Expense(c),(d)			0.83	%			0.84	%			0.85	%			0.85	%			0.85	%
Net Investment Income			2.05	%			2.12	%			1.27	%			1.32	%			1.58	%
Portfolio Turnover Rate			108	%			76	%			71	%			74	%			79	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 44

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

WILMINGTON GLOBAL ALPHA EQUITIES FUND
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
CLASS A
Net Asset Value, Beginning of Year		$11.76			$11.68			$11.97			$10.87			$11.28
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.10			0.01			0.02			0.07
Net Realized and Unrealized Gain (Loss)		0.66			0.30			(0.24	)		1.31			(0.35	)
Total Income (Loss) From Operations		0.76			0.40			(0.23	)		1.33			(0.28	)
Less Distributions From:
Net Investment Income		(0.16	)		(0.32	)		(0.06	)		(0.06	)		(0.13	)
Net Realized Gains		—			—			—			(0.17	)		—
Total Distributions		(0.16	)		(0.32	)		(0.06	)		(0.23	)		(0.13	)
Net Asset Value, End of Year		$12.36			$11.76			$11.68			$11.97			$10.87
Total Return(b)		6.47	%		3.51	%		(1.97	)%		12.27	%		(2.57	)%
Net Assets, End of Year (000’s)		$ 205			$ 303			$ 295			$ 324			$ 208
Ratios to Average Net Assets
Gross Expense(c)		1.92	%		2.19	%		2.30	%		2.30	%		2.29	%
Net Expense(c),(d)		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Net Investment Income		0.83	%		0.87	%		0.12	%		0.19	%		0.63	%
Portfolio Turnover Rate		43	%		68	%		44	%		58	%		84	%
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
CLASS I
Net Asset Value, Beginning of Year		$   11.99			$   11.88			$   12.14			$   11.01			$   11.40
Income (Loss) From Operations:
Net Investment Income(a)		0.14			0.13			0.05			0.05			0.09
Net Realized and Unrealized Gain (Loss)		0.66			0.30			(0.25	)		1.31			(0.34	)
Total Income (Loss) From Operations		0.80			0.43			(0.20	)		1.36			(0.25	)
Less Distributions From:
Net Investment Income		(0.16	)		(0.32	)		(0.06	)		(0.06	)		(0.14	)
Net Realized Gains		—			—			—			(0.17	)		—
Total Distributions		(0.16	)		(0.32	)		(0.06	)		(0.23	)		(0.14	)
Net Asset Value, End of Year		$   12.63			$   11.99			$   11.88			$   12.14			$   11.01
Total Return(b)		6.73	%		3.75	%		(1.63	)%		12.46	%		(2.31	)%
Net Assets, End of Year (000’s)		$215,956			$213,027			$211,957			$206,232			$211,911
Ratios to Average Net Assets
Gross Expense(c)		1.41	%		1.69	%		1.80	%		1.99	%		2.04	%
Net Expense(c),(d)		1.24	%		1.24	%		1.24	%		1.24	%		1.24	%
Net Investment Income		1.13	%		1.12	%		0.38	%		0.44	%		0.82	%
Portfolio Turnover Rate		43	%		68	%		44	%		58	%		84	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

  

ANNUAL REPORT / April 30, 2024

45 FINANCIAL HIGHLIGHTS (concluded)

  

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

WILMINGTON REAL ASSET FUND
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
CLASS A
Net Asset Value, Beginning of Year		$13.26			$16.30			$15.58			$12.33			$14.40
Income (Loss) From Operations:
Net Investment Income(a)		0.31			0.69			1.64	(b)		0.17			0.45
Net Realized and Unrealized Gain (Loss)		(0.08	)		(3.04	)		0.82			3.32			(2.03	)
Total Income (Loss) From Operations		0.23			(2.35	)		2.46			3.49			(1.58	)
Less Distributions From:
Net Investment Income		(0.27	)		(0.69	)(c)		(1.74	)		(0.24	)		(0.49	)
Total Distributions		(0.27	)		(0.69	)		(1.74	)		(0.24	)		(0.49	)
Net Asset Value, End of Year		$13.22			$13.26			$16.30			$15.58			$12.33
Total Return(d)		1.73	%		(14.44	)%		16.34	%		28.65	%		(11.35	)%
Net Assets, End of Year (000’s)		$  873			$  941			$1,169			$  995			$  932
Ratios to Average Net Assets
Gross Expense(e)		1.16	%		1.17	%		1.17	%		1.30	%		1.30	%
Net Expense(e),(f)		0.82	%		0.85	%		0.89	%		0.96	%		0.96	%
Net Investment Income		2.36	%		4.78	%		10.04	%(b)		1.25	%		3.16	%
Portfolio Turnover Rate		3	%		20	%		32	%		40	%(g)		411	%
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
CLASS I
Net Asset Value, Beginning of Year		$  13.48			$  16.54			$  15.77			$  12.47			$  14.56
Income (Loss) From Operations:					53
Net Investment Income(a)		0.35			0.74			1.65	(b)		0.17			0.49
Net Realized and Unrealized Gain (Loss)		(0.09	)		(3.09	)		0.89			3.40			(2.06	)
Total Income (Loss) From Operations		0.26			(2.35	)		2.54			3.57			(1.57	)
Less Distributions From:
Net Investment Income		(0.29	)		(0.71	)(c)		(1.77	)		(0.27	)		(0.52	)
Total Distributions		(0.29	)		(0.71	)		(1.77	)		(0.27	)		(0.52	)
Net Asset Value, End of Year		$  13.45			$  13.48			$  16.54			$  15.77			$  12.47
Total Return(d)		1.94	%		(14.21	)%		16.66	%		29.00	%		(11.13	)%
Net Assets, End of Year (000’s)		$379,209			$409,335			$486,959			$463,203			$199,115
Ratios to Average Net Assets
Gross Expense(e)		0.66	%		0.67	%		0.67	%		0.93	%		1.05	%
Net Expense(e),(f)		0.57	%		0.60	%		0.64	%		0.71	%		0.71	%
Net Investment Income		2.60	%		5.10	%		9.98	%(b)		1.18	%		3.41	%
Portfolio Turnover Rate		3	%		20	%		32	%		40	%(g)		411	%

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 46

Wilmington Funds

April 30, 2024

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 that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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.

  

ANNUAL REPORT / April 30, 2024

47 NOTES TO FINANCIAL STATEMENTS (continued)

  

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 Advisor, 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 April 30, 2024, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Exposure(2)
International Fund
Bank of America Securities, Inc.	$	930,234	$	930,234	$	—	$	—
BNP Paribas SA		2,186,695		2,186,695		—		—
HSBC Securities USA, Inc.		2,142,961		2,142,961		—		—
Nomura Securities International, Inc.		2,186,695		2,186,695		—		—
RBC Dominion Securities, Inc.		2,186,695		2,186,695		—		—
TD Securities, Inc.		2,186,695		2,186,695		—		—
	$	11,819,975	$	11,819,975	$	—	$	—
Real Asset Fund
Bank of America Securities, Inc.	$	309,528	$	309,528	$	—	$	—
BNP Paribas SA		995,250		995,250		—		—
HSBC Securities USA, Inc.		975,345		975,345		—		—

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 48

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Exposure(2)
Nomura Securities International, Inc.	$	995,250	$	995,250	$	—	$	—
RBC Dominion Securities, Inc.		995,250		995,250		—		—
TD Securities, Inc.		995,250		995,250		—		—
	$	5,265,873	$	5,265,873	$	—	$	—

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

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

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Distributions received from real estate investment trusts (“REITs”) are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management’s estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the 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.

  

ANNUAL REPORT / April 30, 2024

49 NOTES TO FINANCIAL STATEMENTS (continued)

  

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

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

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

At April 30, 2024, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of Securities on Loan	Cash Collateral Received(1)	Net Exposure(2)
International Fund	$11,031,141	$11,031,141	$—
Real Asset Fund	5,007,234	5,007,234	—

⁽¹⁾  Collateral with a value of $11,819,975 and $5,265,873, respectively, has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

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

3. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

For the year ended April 30, 2024, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities and the fair value of the Funds’ derivative investments categorized by primary risk exposure as of April 30, 2024.

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

* The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The amount presented below is the cumulative unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2024.

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

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 50

	Asset Derivatives Fair Value
							Foreign
				Equity			Exchange
Fund	Total Value			Contracts			Contracts
Global Alpha Equities Fund
Financial Futures Contracts	$	2,502,049		$	2,502,049		$	—
Forward Foreign Currency Contracts		1,109,235			—			1,109,235
Totals	$	3,611,284		$	2,502,049		$	1,109,235
	Liability Derivatives Fair Value
							Foreign
				Equity			Exchange
Fund	Total Value			Contracts			Contracts
International Fund
Financial Futures Contracts	$	(4,480	)	$	(4,480	)	$	—
Totals	$	(4,480	)	$	(4,480	)	$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	(731,372	)	$	(731,372	)	$	—
Totals	$	(731,372	)	$	(731,372	)	$	—

The following is a summary of the location of realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the year ended April 30, 2024.

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
							Foreign
				Equity			Exchange
Fund	Total			Contracts			Contracts
International Fund
Financial Futures Contracts	$	2,299,246		$	2,299,246		$	—
Forward Foreign Currency Contracts		(706	)		—			(706	)
Totals	$	2,298,540		$	2,299,246		$	(706	)
Global Alpha Equities Fund
Financial Futures Contracts	$	(13,752,968	)	$	(13,752,968	)	$	—
Forward Foreign Currency Contracts		261,373			—			261,373
Totals	$	(13,491,595	)	$	(13,752,968	)	$	261,373
	Net Change in Unrealized Appreciation (Depreciation) on  Derivatives Recognized in Results from Operations
							Foreign
				Equity			Exchange
Fund	Total			Contracts			Contracts
International Fund
Financial Futures Contracts	$	(481,117	)	$	(481,117	)	$	—
Totals	$	(481,117	)	$	(481,117	)	$	—
Global Alpha Equities Fund
Financial Futures Contracts	$	5,827,157		$	5,827,157		$	—
Forward Foreign Currency Contracts		1,790,172			—			1,790,172
Totals	$	7,617,329		$	5,827,157		$	1,790,172

  

ANNUAL REPORT / April 30, 2024

51 NOTES TO FINANCIAL STATEMENTS (continued)

  

The average quarterly volume of derivative activities for the year ended April 30, 2024 are as follows.

	Asset Derivative Volume
			Forward
	Financial		Foreign
	Futures		Currency
Fund	Contracts(1)		Contracts(2)
International Fund	$	9,918,554	$	—
Global Alpha Equities Fund		459,966		31,506,571

	Liability Derivative Volume
Fund	Financial  Futures  Contracts(1)
Global Alpha Equities Fund	$ 98,997,131

⁽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 April 30, 2024, 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:

	Derivative		Derivatives		Non-Cash		Cash		Net Exposure
Fund/Counterparty	Assets Subject to a MA		Available for Offset		Collateral Received(1)		Collateral Received(1)		of Derivative Assets(2)
Global Alpha Equities Fund
BNP Paribas		$   220,850	$	—	$	—	$	—	$	220,850
Citibank N.A.		141,773		—		—		—		141,773
Morgan Stanley		746,612		—		—		—		746,612
Total Derivative Assets		$ 1,109,235	$	—	$	—	$	—	$	1,109,235

⁽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 year ended April 30, 2024.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to foreign currency transactions, mark-to-market of futures contracts, passive foreign investment companies, and losses deferred due to wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2024, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 52

			Distributable
	Paid-in		Earnings
Fund	Capital		(Loss)
Real Asset Fund	$	25,795	$	(25,795	)

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

	2024				2023
	Ordinary		Long-Term		Ordinary		Long-Term
Fund	Income*		Capital Gains		Income*		Capital Gains
International Fund	$	11,670,786	$—		$	9,601,693	$	11,273,123
Global Alpha Equities Fund		2,883,779	—			5,533,088		—
Real Asset Fund		8,532,901	—			21,065,398		—

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

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

As of April 30, 2024, 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:

				Net Tax
				Unrealized
		Tax Unrealized	Tax Unrealized	Appreciation/
Fund	Tax Cost	Appreciation	Depreciation	(Depreciation)
International Fund	$461,643,906	$104,599,555	$(23,900,680)	$80,698,875
Global Alpha Equities Fund	177,806,728	58,169,725	(15,283,288)	42,886,437
Real Asset Fund	420,165,277	20,105,373	(45,402,583)	(25,297,210)

As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:

	Undistributed		Undistributed		Other		Unrealized						Late Year
	Ordinary		Long-Term		Timing		Appreciation/			Capital Loss			Loss		Distributable
Fund	Income		Capital Gains		Differences		(Depreciation)			Carryforwards			Deferrals		Earnings
International Fund	$	7,953,736	$	—	$	—	$	80,570,679		$	(25,953,203	)	$	—	$	62,571,212
Global Alpha Equities Fund		1,798,817		—		2		42,876,593			(19,279,132	)		—		25,396,280
Real Asset Fund		1,080,445		—		4		(25,318,310	)		(20,826,272	)		—		(45,064,133	)

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, 2024, character of capital loss carryforwards were as follows:

							Total Capital
	Short-Term			Long-Term			Loss
Fund	No Expiration			No Expiration			Carryforwards
International Fund	$	(25,953,203	)	$	—			$(25,953,203	)
Global Alpha Equities Fund		(14,866,248	)		(4,412,884	)		(19,279,132	)
Real Asset Fund		(1,505,286	)		(19,320,986	)		(20,826,272	)

For the year ended April 30, 2024, capital loss carryforwards utilized were as follows:

	Capital Loss
	Carryforwards
Fund	Utilized
International Fund	$19,107,081

  

ANNUAL REPORT / April 30, 2024

53 NOTES TO FINANCIAL STATEMENTS (continued)

  

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.

			Fees Waived/			Current Fee as a % of average net assets
Fund	Gross Fees		Reimbursed			of the Fund/Allocated Net Assets for Sub-advisors
International Fund
WFMC		$2,292,747		$(601,087	)	0.45%
Sub-advisors:
Wellington Management Company LP (effective 10/01/2023)		982,066		—		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	)	0.20% 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)		$3,867,201		$(621,447	)
Global Alpha Equities Fund
WFMC		$1,323,629		$(379,761	)	0.60%
Sub-advisors:
Wellington Management Company LP		1,213,336		—		0.55% on the first $250 million; and 0.50% on assets in excess of $250 million
Total(b)		$2,536,965		$(379,761	)
Real Asset Fund
WFMC		$1,781,451		$(351,284	)	0.45% on all Assets except Assets allocated to the inflation-protected and fixed-income securities (“TIPS”) strategy or the Enhanced Cash Strategy. The fee for assets allocated to the TIPS strategy: 0.52% of the first $25 million; 0.49% of the next $25 million; and 0.47% of Assets over $50 million. The fee for assets allocated to the Enhanced Cash strategy is 0.53% on the assets.
Sub-advisors:
Parametric Portfolio Associates LLC		251,546		(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)		$2,032,997		$(369,995	)

^(a)  The total gross advisory and sub-advisory fees during the period were 0.76% 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 for the Global Alpha Equities Fund and Real Asset Fund and September 30, 2024 for the International Fund so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 54

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 year ended April 30, 2024, neither WFMC nor BNYM waived any administrative fees.

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

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

For the year ended April 30, 2024, 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	$915
Global Alpha Equities Fund	14
Real Asset Fund	2

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

For the year ended April 30, 2024, 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.

  

ANNUAL REPORT / April 30, 2024

55 NOTES TO FINANCIAL STATEMENTS (continued)

  

For the year ended April 30, 2024, 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 year ended April 30, 2024 were as follows:

Fund	Purchases	Sales
International Fund	$531,507,049	$524,133,562
Global Alpha Equities Fund	88,656,924	89,773,999
Real Asset Fund	12,777,535	34,527,503

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.

9. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed and became effective March 28, 2024. 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. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the statement of operations. The LOC expires on March 26, 2025.

The Funds did not utilize the LOC during the year ended April 30, 2024.

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.

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (concluded) 56

11. SUBSEQUENT EVENTS

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

  

ANNUAL REPORT / April 30, 2024

57

  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington International Fund, Wilmington Global Alpha Equities Fund and Wilmington Real Asset Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the five years in the period ended April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 28, 2024

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

April 30, 2024 / ANNUAL REPORT

58

FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2024, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

Fund
International Fund	0.51%
Global Alpha Equities Fund	29.20%
Real Asset Fund	0.11%

For the fiscal year ended April 30, 2024, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 20%:

Fund
International Fund	78.48%
Global Alpha Equities Fund	95.87%
Real Asset Fund	22.84%

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

  

ANNUAL REPORT / April 30, 2024 (unaudited)

59

  

SHAREHOLDER PROXY RESULTS

A special meeting of the shareholders (the “Meeting”) of the Funds of the Wilmington Funds (the “Trust”) was held at 2:00 p.m. Eastern Time on February 15, 2024, at the principal executive offices of Wilmington Funds Management Corporation, the investment advisor to the Trust, at 1100 North Market Street, 9th Floor, Wilmington, DE 19890. The purpose of the Meeting was to vote on the following proposal:

1. To elect Gregory P. Chandler, Donald E. Foley, and Valerie J. Sill as Independent Trustees of the Trust; and Eric W. Taylor as an Interested Trustee of the Trust (together, the “Trustees”).

All shareholders of record at the close of business on December 13, 2023 were entitled to attend or submit proxies. As of the record date the Trust had 12,602,869,323 shares outstanding and 4,393,711,349 shares were voted by shareholders in person or represented by proxy entitled to vote at the Meeting. A quorum for the Meeting was met with approximately 34.9% of the shares voted at the Meeting.

At the Meeting, shareholders of the Trust approved the election of the following Trustees. The results of the voting for the proposal were as follows:

Independent Trustees	Votes For	Votes Withheld	% of Votes For
Gregory P. Chandler	4,334,311,607	59,399,742	98.65%
Donald E. Foley	4,331,740,982	61,970,367	98.59%
Valerie J. Sill	4,336,822,269	56,889,080	98.71%
Interested Trustees	Votes For	Votes Withheld	% of Votes For
Eric W. Taylor	4,392,738,859	972,490	99.98%

April 30, 2024 (unaudited) / ANNUAL REPORT

60

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND

Name  Birth Year  Position with Trust  Date Service Began

Principal Occupations and Other Directorships Held for Past Five Years

Eric W. Taylor*  Birth year: 1981  TRUSTEE  Began serving: October 2022  PRESIDENT  Began serving: August 2022

Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present). Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co. Other Directorships Held: None

*  Eric W. Taylor is “interested” due to his current affiliation with Wilmington Trust, N.A., a subsidiary of M&T Bank Corporation and parent company of WFMC and WTIA, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name  Birth Year  Position with Trust  Date Service Began

Principal Occupations and Other Directorships Held for Past Five Years

Donald E. Foley  Birth year: 1951  CHAIRMAN  Began serving: January 2023  TRUSTEE  Began serving: December 2015

Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (111 Funds) (2014 to present); Trustee, 1290 Funds (15 portfolios) (2017 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present). Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011). Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (2012 to 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).

  

ANNUAL REPORT / April 30, 2024 (unaudited)

61 BOARD OF TRUSTEES AND TRUST OFFICERS

  

Name  Birth Year  Position with Trust  Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Gregory P. Chandler  Birth year: 1966  TRUSTEE  Began serving: July 2017	Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (2020 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019). Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (March 2020 to November 2020); Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).
Valerie J. Sill  Birth year: 1962  TRUSTEE  Began serving: April 2020	Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to 2021); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).
H. Thomas McMeekin  Birth year: 1953  TRUSTEE  Began serving: April 2024	Principal Occupations: Managing Partner and Founder, Griffin Investments, LLC (asset management) (2000 to present); CEO of Blue Key Services, LLC, (2015 to present). Other Directorships Held: Trustee, EQ Advisors Trust (III Funds), 1290 Funds (15 portfolios) (registered investment companies) (2014 to present). Previous Positions: Chief Investment Officer, AIG Life & Retirement and United Guaranty Corporation; and Senior Managing Director of AIG Asset Management (2009 to 2012).
OFFICERS
Name  Birth Year  Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
John C. McDonnell  Birth year: 1966  CHIEF OPERATIONS OFFICER  Began serving: June 2017  VICE PRESIDENT  Began serving: June 2012	Principal Occupations: Chief Operations Officer, Wilmington Funds; Senior Vice President, Wilmington Funds Management Corporation (2005 to present); Senior Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
Kaushik Goswami  Birth year: 1973  CHIEF COMPLIANCE OFFICER  and AML COMPLIANCE OFFICER  Began serving: October 2021	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Senior Vice President, M&T Bank. Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

April 30, 2024 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 62

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

  

ANNUAL REPORT / April 30, 2024 (unaudited)

63

  

Liquidity Risk Management Program

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

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 21, 2024, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2023. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third-party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third-party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended April 30, 2024. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

April 30, 2024 (unaudited) / ANNUAL REPORT

64

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Form N-PORT is available on the SEC’s website at www.sec.gov.

Important information about the access and delivery of shareholder reports

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

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

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

  

ANNUAL REPORT / April 30, 2024 (unaudited)

65

  

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 21, 2024

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; ensure 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 Practices

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

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

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

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

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

Information Security

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

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

66

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 only as long as needed to fulfill the business purpose(s).

● 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.

● You can find additional information in the Wilmington Trust Digital Privacy Notice.

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 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 Notice

The effective date of this Notice is March 21, 2024. 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.

  

ANNUAL REPORT / April 30, 2024 (unaudited)

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Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)

Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)

President’s Message	i
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolios of Investments	4
Statements of Assets and Liabilities	8
Statements of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	15
Report of Independent Registered Public Accounting Firm	20
Shareholder Proxy Results	21
Board of Trustees and Trust Officers	22
Liquidity Risk Management Program	25
Other Information	26

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the U.S. Government Money Market Fund and U.S. Treasury Money Market Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2023, through April 30, 2024. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

From May 2023 through April 2024, the United States experienced steady economic growth driven by robust consumer spending, strong business investment, and supportive government policies. The labor market showed signs of normalization and unemployment reached historically low levels. However, there were challenges including inflationary pressure which remained sticky (specifically within housing and auto insurance) prompting policymakers to push back on rate cut expectations. In fact, the Federal Reserve (the “Fed”) raised interest rates twice during the period with the Fed Funds upper bound increasing 50 basis points¹ to 5.5%. The beleaguered U.S. manufacturing sector finally showed signs of improvement, reaching an expansionary level (as measured by the ISM Manufacturing Index) for the first time in 16 months. The services sector, which accounts for two-thirds of the economy, remained in expansionary territory for the duration of the period, a testament to the U.S. economy’s resilience in navigating a higher interest rate environment and volatile geopolitical landscape.

Bond markets

Rates pushed higher during the fiscal year as uncertainty around inflation persisted and investors became more pessimistic about the degree to which the Fed would be able to ease policy. The benchmark 10-year Treasury yield rose 110 basis points while the two-year yield advanced around 90 basis points during the period. Volatility in the bond market subsided following the banking turmoil in March 2023 as the MOVE index, a common bond market volatility gauge, dropped closer to its five-year average. Corporate credit spreads also continued to compress, to the benefit of high yield issuers, as companies remained on strong financial footing overall. The yield curve remained inverted, most notably at two critical points: the 10y-minus-2y and the 10y-minus-3m portions of the curve. Overall, there was a wide degree of performance dispersion in the bond market, as the Bloomberg U.S. Aggregate Bond Index declined -1.5% while the Bloomberg U.S. Corporate High Yield Bond Index returned +9.0%.

For the 12-month period May 1, 2023 to April 30, 2024, 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
-2.80%	-1.47%	0.76%	2.08%	9.02%

Past performance is no guarantee of future results.

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

Equity markets

It was a strong year for U.S. large-cap equities as the S&P 500 Index advanced +22.7% while notching several new all-time high levels. The communication services and technology sectors powered the index higher as generative AI remained a major theme for investors and the “Magnificent 7” index⁸ advanced +60.4%.

Returns in international markets were less robust as the MSCI EAFE Index and MSCI Emerging Markets Index ended the year up +9.3% and +9.9%, respectively. In emerging markets, China weighed heavily on the index as deflationary pressures became increasingly embedded in both the consumer and producer sides of the economy. Concerns around the ailing property sector also led to an exodus of foreign capital out of the country.

Geopolitics also made several headlines during the year, with implications for the commodity market. Notably, in October, the terrorist group, Hamas, attacked Israel, sparking a major conflict in the Gaza Strip. Oil prices surged, with Brent crude reaching nearly $100 a barrel, following fears of a wider escalation across the Middle East and as Houthi rebels (a Yemeni extremist group) attacked ships in the Red Sea.

  

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)

ii

  

Metals, both industrial and precious, were another major storyline during the year as copper (+16.5%) and gold (+15.3%) delivered their best performances in recent history. Copper prices benefitted from the build out of data centers and the United States’ green energy transition. Lastly, cryptocurrencies were one of the best performing asset classes during the year as Bitcoin surged over +100% and notched a new all-time high (of roughly $73,500) after the SEC approved the first spot-Bitcoin ETFs (prices ended the year around $60,000).

For the 12-month period May 1, 2023 to April 30, 2024, certain stock market indices performed as follows:

S&P 500® Index9	Russell 2000® Index10	MSCI EAFE (Net) Index11	MSCI Emerging Markets (Net) Index12
22.66%	13.32%	9.28%	9.88%

Past performance is no guarantee of future results.

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

Sincerely,

Eric W. Taylor, CFA

President

May 15, 2024

April 30, 2024 (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 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 “Magnificent 7” index refers to the 7 most influential stocks in the S&P 500 index. These stocks, including NVIDIA, Meta Platforms, Tesla, Amazon, Alphabet, Microsoft, and Apple, have dominated the market, driving significant gains in the major indexes.

9. 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.

10. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 5% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $9.7 million to $11.4 billion.

11. 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.

12. 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 / April 30, 2024 (unaudited)

1

WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

Over the past year, the Federal Reserve (the “Fed”) raised interest rates twice, in May and July of 2023 by 25 basis points at each meeting to a target of 5.25% to 5.5%. This is the highest rate since 2001. The Fed acknowledged the economy continued to expand at a moderate pace, job gains remained robust, and inflation remained elevated.

The U.S. economic growth surprised to the upside over the past year as year-over-year Gross Domestic Product (“GDP”), the broadest measure of economic growth, grew at 3% for the 12-month period ended March 31, 2024, up from 1.7% growth for the prior 12-month period ended March 31, 2023. Economic growth was driven by consumer spending. The consumer was aided by a strong labor market, while the unemployment rate remained at historically low levels. As of April 2024, the unemployment rate was 3.9% after hitting its lowest level since 1969 in May 2023 of 3.4%. Wages continue to grow at a pace that is faster than the pre-pandemic era. Average hourly earnings increased by 3.9% over the past year. The good news from an inflation point of view is that this rate is down from 5.8% a year ago.

Inflation continues to slow. The Consumer Price index (“CPI”) slowed over the past year from the prior year’s stronger pace that was fueled by the service side of the economy as consumers’ demand for travel and leisure remained strong. For the fiscal year ended April 30, 2024, the core CPI which excludes food and energy, increased by 3.6%, compared to 5.5% for fiscal year ended April 30, 2023. However, the progress has slowed over the past several months with the year-over-year rate of CPI just falling 0.3% from the start of the year. The Fed’s goal is to return inflation to a 2% level. At the start of 2024, the market was expecting the Fed to cut interest rates six times in 2024 on expectations of inflation continuing to slow and slower economic growth, while the Fed was less optimistic for rate cuts. The Fed’s forecast is for only 3 rate cuts in 2024. The market has adjusted their expectations for rate cuts to mirror the Fed’s forecast as economic growth has remained strong and inflation progress has slowed.

Over the course of the fiscal year, as the Fed tightened monetary policy, interest rates have continued to move higher. The 2-year Treasury yield rose from 4.01% to 5.04%. The 10-year Treasury yield increased from 3.42% to 4.69%. The 30-year Treasury yield also increased by 1.12% over the fiscal year resulting in -14.7% return over the year. For the fiscal year, the Bloomberg U.S. Aggregate Bond Index registered a -1.47% rate of return.

The yield curve remains inverted with short-term rates higher than longer-term rates. The yield curve has been inverted since July 2022. The inverted yield curve has been a precursor to an economic recession. However, while forecasts of a recession were commonplace last year, today there are few signs of an impending recession.

Uncertainties surrounding when and how much the Fed will be easing monetary policy and continued record treasury supply to finance government deficits may put upward pressure on interest rates especially at the longer end of the yield curve. The risks to the economy are expected to rise as the Federal Reserve remains committed to a 2% inflation target, while a 2% inflation target may prove more difficult to achieve.

The change in key interest rates over the last twelve months is presented below.

	04/30/23	10/31/23	04/30/24
Federal Fund Target	4.75% - 5.00%	5.25% -  5.50%	5.25% - 5.50%
90-Day SOFR Average	4.67%	5.34%	5.35%
2-Year Treasury Note	4.04%	5.07%	5.04%
10-Year Treasury Note	3.44%	4.88%	4.69%

The following is a comparison of the performance of the Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2024:

Wilmington U.S. Government Money Market Fund – Administrative Class	4.85	%
Wilmington U.S. Government Money Market Fund – Institutional Class	5.22	%
Wilmington U.S. Government Money Market Fund – Select Class	5.11	%
Wilmington U.S. Government Money Market Fund – Service Class	4.73	%
Wilmington U.S. Government Money Market Fund – Preferred Institutional Class*	1.79	%
iMoneyNet, Inc. Government & Agency Institutional Average	5.00	%
Lipper Institutional U.S. Government Money Market Funds Average	5.09	%
Wilmington U.S. Treasury Money Market Fund – Administrative Class	4.85	%
Wilmington U.S. Treasury Money Market Fund – Institutional Class	5.22	%
Wilmington U.S. Treasury Money Market Fund – Select Class	5.11	%
Wilmington U.S. Treasury Money Market Fund – Service Class	4.73	%
Wilmington U.S. Treasury Money Market Fund – Preferred Institutional Class*	1.79	%
iMoneyNet, Inc. Treasury and Repo Institutional Average	4.99	%
Lipper Institutional U.S. Treasury Money Market Funds Average	5.06	%

* Since Inception (December 29, 2023). Return is not annualized.

Source: iMoneyNet, Inc. and Lipper

April 30, 2024 (unaudited) / ANNUAL REPORT

2

Performance shown represents past performance and does not guarantee future results. Investment return will fluctuate. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. You should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. A prospectus with this and other information may be obtained by calling 1-800-836-2211 or visiting the Funds’ web site at www.wilmingtonfunds.com. The prospectus should be read before investing.

The Funds’ shares are not bank deposits and are not insured by, guaranteed by, endorsed by or obligations of the Federal Deposit Insurance Corporation, the Federal Reserve Board, any government

agency or any bank. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

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.

Secured Overnight Financing Rate (SOFR) is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR).

 

ANNUAL REPORT / April 30, 2024 (unaudited)

3

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2024.

	Beginning		Ending		Expenses		Annualized
	Account Value		Account Value		Paid		Net
	11/01/23		4/30/24		During  Period(1)		Expense Ratio
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,024.20		$  3.02		0.60%
Institutional Class		$1,000.00		$1,025.90		$  1.26		0.25%
Select Class		$1,000.00		$1,025.40		$  1.76		0.35%
Service Class		$1,000.00		$1,023.70		$  3.47		0.69%
Preferred Institutional Class		$1,000.00		$1,017.90		$0.55(2)		0.16%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,021.88		$  3.02		0.60%
Institutional Class		$1,000.00		$1,023.62		$  1.26		0.25%
Select Class		$1,000.00		$1,023.12		$  1.76		0.35%
Service Class		$1,000.00		$1,021.43		$  3.47		0.69%
Preferred Institutional Class		$1,000.00		$1,024.07		$  0.81		0.16%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,024.20		$  3.02		0.60%
Institutional Class		$1,000.00		$1,025.90		$  1.26		0.25%
Select Class		$1,000.00		$1,025.40		$  1.76		0.35%
Service Class		$1,000.00		$1,023.70		$  3.47		0.69%
Preferred Institutional Class		$1,000.00		$1,017.90		$0.55(2)		0.16%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,021.88		$  3.02		0.60%
Institutional Class		$1,000.00		$1,023.62		$  1.26		0.25%
Select Class		$1,000.00		$1,023.12		$  1.76		0.35%
Service Class		$1,000.00		$1,021.43		$  3.47		0.69%
Preferred Institutional Class		$1,000.00		$1,024.07		$  0.81		0.16%

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

⁽²⁾  Actual expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 124/366 (to reflect the period from December 29, 2023 (commencement of operations) to April 30, 2024).

April 30, 2024 (unaudited) / ANNUAL REPORT

4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

	Percentage of Total Net Assets
U.S. Treasury Obligations		63.6	%
Repurchase Agreements		27.9	%
U.S. Government Agency Obligations		9.8	%
Money Market Funds		0.5	%
Other Assets and Liabilities - Net(1)		(1.8	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 9.8%
FEDERAL FARM CREDIT BANK (FFCB) – 1.3%
(Prime - 3.13%), 5.37%, 05/24/24Δ	$	50,000,000	$	50,000,000
(SOFR + 0.13%), 5.45%, 11/01/24Δ		80,000,000		80,000,000
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	130,000,000
FEDERAL HOME LOAN BANK (FHLB) – 8.5%
5.00%, 02/10/25‡		25,000,000		24,057,917
(SOFR + 0.01%), 5.33%, 08/27/24Δ		50,000,000		50,000,000
(SOFR + 0.01%), 5.33%, 09/03/24Δ		100,000,000		100,000,000
(SOFR + 0.01%), 5.33%, 09/05/24Δ		50,000,000		50,000,000
(SOFR + 0.01%), 5.33%, 09/12/24Δ		75,000,000		75,000,000
(SOFR + 0.01%), 5.33%, 09/23/24Δ		50,000,000		50,000,000
(SOFR + 0.01%), 5.33%, 09/24/24Δ		25,000,000		25,000,000
(SOFR + 0.01%), 5.33%, 10/25/24Δ		75,000,000		75,000,000
(SOFR + 0.01%), 5.33%, 11/04/24Δ		100,000,000		100,000,000
5.00%, 02/24/25		25,000,000		25,000,000
5.15%, 03/17/25		25,000,000		25,000,000
5.50%, 05/13/25		25,000,000		25,000,000
(SOFR + 0.16%), 5.48%, 09/02/25Δ		25,000,000		25,000,000
(SOFR + 0.16%), 5.48%, 09/11/25Δ		25,000,000		25,000,000
(SOFR + 0.16%), 5.48%, 10/16/25Δ		100,000,000		100,000,000
(SOFR + 0.20%), 5.52%, 11/13/25Δ		25,000,000		25,000,000
(SOFR + 0.20%), 5.52%, 01/07/26Δ		25,000,000		25,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	824,057,917
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $954,057,917)			$	954,057,917
U.S. TREASURY OBLIGATIONS – 63.6%
U.S. TREASURY BILLS – 55.4%
5.47%, 05/02/24‡		160,000,000		159,976,355
5.28%, 05/28/24‡		400,000,000		398,444,500
5.33%, 05/30/24‡		345,000,000		343,539,548
5.27%, 06/04/24‡		240,000,000		238,825,224
5.32%, 06/06/24‡		105,380,000		104,823,067

Description	Par Value		Value
5.27%, 06/11/24‡	$	320,000,000	$	318,112,177
5.32%, 06/13/24‡		600,000,000		596,237,500
5.30%, 06/20/24‡		485,000,000		481,492,465
5.31%, 06/25/24‡		560,000,000		555,538,278
5.30%, 07/16/24‡		400,000,000		395,600,446
5.31%, 07/23/24‡		175,000,000		172,895,892
5.33%, 07/25/24‡		36,200,000		35,750,844
5.30%, 07/30/24‡		255,000,000		251,681,812
5.17%, 08/01/24‡		305,000,000		301,016,258
5.29%, 08/06/24‡		246,000,000		242,553,267
5.24%, 08/22/24‡		315,000,000		309,957,376
5.33%, 08/27/24‡		340,000,000		334,160,311
5.24%, 09/12/24‡		160,000,000		156,962,667
TOTAL U.S. TREASURY BILLS			$	5,397,567,987
U.S. TREASURY NOTES – 8.2%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.36%, 07/31/24Δ		150,000,000		149,990,161
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.46%, 10/31/24Δ		129,950,000		129,987,780
(U.S. Treasury 3 Month Bill Money Market Yield + 0.20%), 5.52%, 01/31/25Δ		160,000,000		159,995,382
(U.S. Treasury 3 Month Bill Money Market Yield + 0.13%), 5.45%, 07/31/25Δ		200,000,000		199,905,632
(U.S. Treasury 3 Month Bill Money Market Yield + 0.17%), 5.49%, 10/31/25Δ		80,000,000		79,963,235
(U.S. Treasury 3 Month Bill Money Market Yield + 0.25%), 5.57%, 01/31/26Δ		80,000,000		80,057,677
TOTAL U.S. TREASURY NOTES			$	799,899,867
TOTAL U.S. TREASURY OBLIGATIONS (COST $6,197,467,854)			$	6,197,467,854

 

ANNUAL REPORT / April 30, 2024

5    PORTFOLIOS OF INVESTMENTS

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

Description	Number of Shares		Value
MONEY MARKET FUNDS – 0.5%
Blackrock Liquidity Funds T-Fund, Institutional Shares, 5.18%^		22,131,193	$	22,131,193
Goldman Sachs Financial Square Government Fund, Institutional Shares, 5.21%^		30,000,000		30,000,000
TOTAL MONEY MARKET FUNDS (COST $52,131,193)			$	52,131,193
	Par Value
REPURCHASE AGREEMENTS – 27.9%
Deutsche Bank Securities, Inc., 5.30%, dated 04/30/24, due 05/01/24, repurchase price $415,061,097, collateralized by U.S. Treasury Securities, 0.50% to 4.00%, maturing 04/30/27 to 02/15/34; total market value $423,300,077.	$	415,000,000		415,000,000
Federal Reserve Bank of New York, 5.30%, dated 04/30/24, due 05/01/24, repurchase price $1,075,158,264, collateralized by U.S. Treasury Securities, 0.38% to 2.88%, maturing 08/15/24 to 05/15/32; total market value $1,075,158,318.		1,075,000,000		1,075,000,000

Description	Par Value		Value
FICC Bank of New York, 5.31%, dated 04/30/24, due 05/01/24, repurchase price $425,062,688, collateralized by U.S. Treasury Security, 3.63%, maturing 05/31/28; total market value $433,500,065.	$	425,000,000	$	425,000,000
FICC Mizuho Securities USA, 5.32%, dated 04/30/24, due 05/01/24, repurchase price $450,066,500, collateralized by U.S. Treasury Securities, 0.00% to 4.63%, maturing 07/09/24 to 08/15/42; total market value $459,000,040.		450,000,000		450,000,000
TD Securities, Inc., 5.31%, dated 04/30/24, due 05/01/24, repurchase price $350,051,625, collateralized by U.S. Treasury Securities, 0.38% to 5.00%, maturing 04/30/25 to 10/31/25; total market value $357,000,091.		350,000,000		350,000,000
TOTAL REPURCHASE AGREEMENTS (COST $2,715,000,000)			$	2,715,000,000
TOTAL INVESTMENTS – 101.8% (COST $9,918,656,964)			$	9,918,656,964
OTHER ASSETS LESS LIABILITIES – (1.8)%				(179,953,256	)
TOTAL NET ASSETS – 100.0%			$	9,738,703,708

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 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	$	—		$	954,057,917			$—	$	954,057,917
U.S. Treasury Obligations		—			6,197,467,854			—		6,197,467,854
Money Market Funds		52,131,193			—			—		52,131,193
Repurchase Agreements		—			2,715,000,000			—		2,715,000,000
Total	$	52,131,193		$	9,866,525,771			$—	$	9,918,656,964

^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

April 30, 2024 / ANNUAL REPORT

6

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

	Percentage of Total Net Assets
U.S. Treasury Obligations		79.6	%
Repurchase Agreements		20.9	%
Money Market Fund		1.3	%
Other Assets and Liabilities - Net(1)		(1.8	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 79.6%
U.S. TREASURY BILLS – 67.8%
5.47%, 05/02/24‡	$	39,580,000	$	39,574,151
5.28%, 05/28/24‡		100,000,000		99,611,125
5.33%, 05/30/24‡		84,720,000		84,361,364
5.27%, 06/04/24‡		60,000,000		59,706,306
5.32%, 06/06/24‡		19,000,000		18,899,585
5.27%, 06/11/24‡		80,000,000		79,528,044
5.32%, 06/13/24‡		150,000,000		149,059,375
5.30%, 06/20/24‡		119,950,000		119,082,586
5.31%, 06/25/24‡		140,000,000		138,884,569
5.30%, 07/16/24‡		100,000,000		98,900,111
5.31%, 07/23/24‡		33,890,000		33,482,525
5.33%, 07/25/24‡		10,000,000		9,875,924
5.30%, 07/30/24‡		45,000,000		44,414,437
5.17%, 08/01/24‡		66,000,000		65,140,091
5.29%, 08/06/24‡		52,400,000		51,665,818
5.24%, 08/22/24‡		77,900,000		76,652,951
5.33%, 08/27/24‡		60,000,000		58,969,467
5.24%, 09/12/24‡		40,000,000		39,240,667
TOTAL U.S. TREASURY BILLS			$	1,267,049,096
U.S. TREASURY NOTES – 11.8%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.36%, 07/31/24Δ		50,000,000		49,996,720
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.46%, 10/31/24Δ		40,000,000		40,009,445
(U.S. Treasury 3 Month Bill Money Market Yield + 0.20%), 5.52%, 01/31/25Δ		40,000,000		39,998,846
(U.S. Treasury 3 Month Bill Money Market Yield + 0.13%), 5.45%, 07/31/25Δ		50,000,000		49,976,408
(U.S. Treasury 3 Month Bill Money Market Yield + 0.17%), 5.49%, 10/31/25Δ		20,000,000		19,990,809

Description	Par Value		Value
(U.S. Treasury 3 Month Bill Money Market Yield + 0.25%), 5.57%, 01/31/26Δ	$	20,000,000	$	20,014,419
TOTAL U.S. TREASURY NOTES			$	219,986,647
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,487,035,743)			$	1,487,035,743
	Number of Shares
MONEY MARKET FUND – 1.3%
Blackrock Liquidity Funds T-Fund, Institutional Shares, 5.18%^		25,011,288		25,011,288
TOTAL MONEY MARKET FUND (COST $25,011,288)			$	25,011,288
	Par Value
REPURCHASE AGREEMENTS – 20.9%
Deutsche Bank Securities, Inc., 5.30%, dated 04/30/24, due 05/01/24, repurchase price $90,013,250, collateralized by U.S. Treasury Securities, 2.75% to 4.88%, maturing 10/15/25 to 10/31/30; total market value $91,800,033.	$	90,000,000		90,000,000
FICC Bank of New York, 5.31%, dated 04/30/24, due 05/01/24, repurchase price $75,011,063, collateralized by U.S. Treasury Security, 3.63%, maturing 05/31/28; total market value $76,500,080.		75,000,000		75,000,000
FICC Mizuho Securities USA, 5.32%, dated 04/30/24, due 05/01/24, repurchase price $150,022,167, collateralized by U.S. Treasury Securities, 0.00% to 4.88%, maturing 06/04/24 to 05/15/32; total market value $153,000,056.		150,000,000		150,000,000

 

ANNUAL REPORT / April 30, 2024

7    PORTFOLIOS OF INVESTMENTS

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

Description	Par Value		Value
TD Securities, Inc., 5.31%, dated 04/30/24, due 05/01/24, repurchase price $75,011,063, collateralized by U.S. Treasury Securities, 1.50% to 4.38%, maturing 05/15/24 to 11/30/28; total market value $76,500,074.	$	75,000,000	$	75,000,000
TOTAL REPURCHASE AGREEMENTS (COST $390,000,000)			$	390,000,000
TOTAL INVESTMENTS – 101.8% (COST $1,902,047,031)			$	1,902,047,031
OTHER ASSETS LESS LIABILITIES – (1.8)%				(34,005,467	)
TOTAL NET ASSETS – 100.0%			$	1,868,041,564

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	1,487,035,743		$—	$	1,487,035,743
Money Market Fund		25,011,288		—		—		25,011,288
Repurchase Agreements		—		390,000,000		—		390,000,000
Total	$	25,011,288	$	1,877,035,743		$—	$	1,902,047,031

^‡  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

April 30, 2024 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES     8

April 30, 2024	Wilmington U.S. Government Money Market Fund				Wilmington U.S. Treasury Money Market Fund
ASSETS:
Investments, at identified cost		$	9,918,656,964			$	1,902,047,031
Investments in securities, at value (including repurchase agreements of $2,715,000,000 and $390,000,000, respectively)		$	9,918,656,964			$	1,902,047,031
Cash			55				17
Income receivable			7,216,928				233,271
Receivable for shares sold			429,987				22,937
Prepaid assets			85,542				43,072
TOTAL ASSETS			9,926,389,476				1,902,346,328
LIABILITIES:
Payable for investments purchased			143,075,730				25,654,958
Income distribution payable			40,811,222				7,841,290
Payable for shares redeemed			51,478				—
Payable for Trustees’ fees			5,047				5,047
Payable for administration fees			234,414				45,919
Payable for distribution services fees			251,321				50,118
Payable for shareholder services fees			1,323,447				252,361
Payable for investment advisory fees			834,384				112,357
Other accrued expenses			1,098,725				342,714
TOTAL LIABILITIES			187,685,768				34,304,764
NET ASSETS		$	9,738,703,708			$	1,868,041,564
NET ASSETS CONSIST OF:
Paid-in capital		$	9,738,866,178			$	1,868,049,756
Distributable earnings (loss)			(162,470	)			(8,192	)
TOTAL NET ASSETS		$	9,738,703,708			$	1,868,041,564
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets		$	819,608,860			$	243,126,588
Shares outstanding (unlimited shares authorized)			819,875,505				243,163,348
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Institutional Class
Net Assets		$	2,691,292,515			$	520,749,486
Shares outstanding (unlimited shares authorized)			2,691,413,086				520,753,136
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Select Class
Net Assets		$	5,515,810,917			$	1,086,463,818
Shares outstanding (unlimited shares authorized)			5,516,356,570				1,086,486,456
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Service Class
Net Assets		$	436,533,592			$	247,014
Shares outstanding (unlimited shares authorized)			436,506,666				246,988
Net Asset Value and Offering Price per share		$	1.000			$	1.000
Preferred Institutional Class
Net Assets		$	275,457,824			$	17,454,658
Shares outstanding (unlimited shares authorized)			275,446,745				17,454,710
Net Asset Value and Offering Price per share		$	1.000			$	1.000

See Notes which are an integral part of the Financial Statements

 

ANNUAL REPORT / April 30, 2024

9   STATEMENTS OF OPERATIONS

Year Ended April 30, 2024	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
INVESTMENT INCOME:
Dividends		$	5,075,025					$	2,261,686
Interest			528,578,009						109,490,649
TOTAL INVESTMENT INCOME			533,653,034						111,752,335
EXPENSES:
Investment advisory fees			24,937,776						5,230,396
Administration fees			2,854,286						598,611
Portfolio accounting and administration fees			1,764,040						381,867
Custodian fees			216,505						60,890
Transfer and dividend disbursing agent fees and expenses			154,239						29,562
Trustees’ fees			62,234						62,234
Professional fees			201,222						144,583
Distribution services fee—Administrative Class			2,103,727						726,399
Distribution services fee—Service Class			1,337,853						483
Shareholder services fee—Administrative Class			2,103,727						726,399
Shareholder services fee—Institutional Class			884,480						231,449
Shareholder services fee—Select Class			15,096,333						2,949,738
Shareholder services fee—Service Class			1,337,853						483
Share registration costs			70,192						66,046
Printing and postage			79,525						29,672
Miscellaneous			376,551						107,548
TOTAL EXPENSES			53,580,543						11,346,360
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(8,852,859	)					(2,115,365	)
Waiver of shareholder services fee—Administrative Class			(997,072	)					(363,520	)
Waiver of shareholder services fee—Institutional Class			(88,448	)					(23,145	)
Waiver of shareholder services fee—Select Class			(7,210,111	)					(1,419,433	)
TOTAL WAIVERS AND REIMBURSEMENTS			(17,148,490	)					(3,921,463	)
Net expenses			36,432,053						7,424,897
Net investment income			497,220,981						104,327,438
REALIZED GAIN (LOSS):
Net realized gain (loss) on investments			(3,374	)					(1	)
Net realized gain (loss)			(3,374	)					(1	)
Change in net assets resulting from operations		$	497,217,607					$	104,327,437

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS    10

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	497,220,981		$	237,470,507		$	104,327,438		$	50,061,916
Net realized gain (loss)		(3,374	)		(143,767	)		(1	)		4,134
Change in net assets resulting from operations		497,217,607			237,326,740			104,327,437			50,066,050
DISTRIBUTIONS TO SHAREHOLDERS:
Administrative Class		(40,012,011	)		(23,684,619	)		(13,792,810	)		(7,575,585	)
Institutional Class		(129,657,330	)		(67,361,005	)		(31,517,876	)		(13,181,142	)
Select Class		(301,841,380	)		(133,401,248	)		(58,880,507	)		(29,245,861	)
Service Class		(24,733,045	)		(13,029,293	)		(8,916	)		(5,385	)
Preferred Institutional Class*		(967,899	)		—			(190,561	)		—
Total distributions to shareholders		(497,211,665	)		(237,476,165	)		(104,390,670	)		(50,007,973	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		5,367,402,078			4,327,979,078			1,118,921,512			1,037,004,831
Institutional Class		5,454,324,251			4,860,190,455			2,117,234,228			1,529,792,034
Select Class		12,009,125,854			11,030,810,421			2,159,483,112			3,092,875,204
Service Class		1,832,598,086			1,807,227,793			72,192			22,000
Preferred Institutional Class*		483,701,302			—			40,240,631			—
Distributions reinvested
Administrative Class		4,856			2,486			18,746			11,321
Institutional Class		654,629			393,739			—			27
Select Class		2,629,165			1,275,369			1,869,739			1,113,247
Service Class		516,218			396,269			8,916			5,095
Preferred Institutional Class*		1,787			—			1,787			—
Cost of shares redeemed
Administrative Class		(5,321,131,950	)		(4,718,367,228	)		(1,114,178,013	)		(1,134,788,568	)
Institutional Class		(5,233,343,840	)		(4,147,644,156	)		(2,108,291,905	)		(1,360,810,004	)
Select Class		(12,558,672,087	)		(8,966,460,438	)		(2,197,529,154	)		(2,587,200,392	)
Service Class		(2,042,554,035	)		(1,662,638,272	)		—			(151,512	)
Preferred Institutional Class*		(208,256,344	)		—			(22,787,708	)		—
Change in net assets resulting from share transactions		(213,000,030	)		2,533,165,516			(4,935,917	)		577,873,283
Change in net assets		(212,994,088	)		2,533,016,091			(4,999,150	)		577,931,360
NET ASSETS:
Beginning of year		9,951,697,796			7,418,681,705			1,873,040,714			1,295,109,354
End of year	$	9,738,703,708		$	9,951,697,796		$	1,868,041,564		$	1,873,040,714
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		5,367,402,078			4,327,979,078			1,118,921,512			1,037,004,831
Institutional Class		5,454,324,251			4,860,190,455			2,117,234,228			1,529,792,034
Select Class		12,009,125,854			11,030,810,421			2,159,483,112			3,092,875,204
Service Class		1,832,598,086			1,807,227,793			72,192			22,000
Preferred Institutional Class*		483,701,302			—			40,240,631			—
Distributions reinvested
Administrative Class		4,856			2,486			18,746			11,321
Institutional Class		654,629			393,739			—			27
Select Class		2,629,165			1,275,369			1,869,739			1,113,247
Service Class		516,218			396,269			8,916			5,095
Preferred Institutional Class*		1,787			—			1,787			—
Shares redeemed
Administrative Class		(5,321,131,950	)		(4,718,367,228	)		(1,114,178,013	)		(1,134,788,568	)
Institutional Class		(5,233,343,840	)		(4,147,644,156	)		(2,108,291,905	)		(1,360,810,004	)
Select Class		(12,558,672,087	)		(8,966,460,438	)		(2,197,529,154	)		(2,587,200,392	)
Service Class		(2,042,554,035	)		(1,662,638,272	)		—			(151,512	)
Preferred Institutional Class*		(208,256,344	)		—			(22,787,708	)		—
Net change resulting from share transactions		(213,000,030	)		2,533,165,516			(4,935,917	)		577,873,283

* The Preferred Institutional Class for each Fund commenced operations on December 29, 2023.

See Notes which are an integral part of the Financial Statements

 

ANNUAL REPORT / April 30, 2024

11 FINANCIAL HIGHLIGHTS

 

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

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
	Year Ended April 30, 2024			Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended   April 30,  2020
ADMINISTRATIVE CLASS
Net Asset Value, Beginning of Year		$  1.000				$  1.000			$	1.000			$	1.000			$    1.000
Income (Loss) From Operations:
Net Investment Income		0.047				0.026				0.000	(a)			0.000	(a)		0.013
Net Realized Gain (Loss)		0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.047				0.026				0.000				0.000			0.013
Less Distributions From:
Net Investment Income		(0.047	)			(0.026	)			(0.000	)(a)			(0.000	)(a)		(0.013	)
Net Asset Value, End of Year		$  1.000				$  1.000			$	1.000			$	1.000			$    1.000
Total Return		4.85	%			2.59	%			0.02	%			0.01	%		1.21	%
Net Assets, End of Year (000’s)		$819,609				$773,332			$	1,163,736			$	1,728,081			$1,509,322
Ratios to Average Net Assets
Gross Expense(b)		0.81	%			0.81	%			0.81	%			0.81	%		0.81	%
Net Expense(b),(c)		0.60	%			0.54	%			0.08	%			0.15	%		0.61	%
Net Investment Income		4.77	%			2.42	%			0.02	%			0.01	%		1.18	%
	Year Ended April 30, 2024			Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended   April 30,  2020
INSTITUTIONAL CLASS
Net Asset Value, Beginning of Year		$    1.000			$	1.000			$	1.000			$	1.000			$    1.000
Income (Loss) From Operations:
Net Investment Income		0.051				0.029				0.000	(a)			0.000	(a)		0.016
Net Realized Gain (Loss)		0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.051				0.029				0.000				0.000			0.016
Less Distributions From:
Net Investment Income		(0.051	)			(0.029	)			(0.000	)(a)			(0.000	)(a)		(0.016	)
Net Asset Value, End of Year		$    1.000			$	1.000			$	1.000			$	1.000			$    1.000
Total Return		5.22	%			2.90	%			0.02	%			0.02	%		1.56	%
Net Assets, End of Year (000’s)		$2,691,292			$	2,469,665			$	1,756,769			$	1,735,456			$1,745,742
Ratios to Average Net Assets
Gross Expense(b)		0.34	%			0.31	%			0.31	%			0.31	%		0.31	%
Net Expense(b),(c)		0.25	%			0.25	%			0.08	%			0.14	%		0.27	%
Net Investment Income		5.10	%			2.96	%			0.02	%			0.01	%		1.39	%
	Year Ended April 30, 2024			Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended   April 30,  2020
SELECT CLASS
Net Asset Value, Beginning of Year		$    1.000			$	1.000			$	1.000			$	1.000			$    1.000
Income (Loss) From Operations:
Net Investment Income		0.050				0.028				0.000	(a)			0.000	(a)		0.015
Net Realized Gain (Loss)		0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.050				0.028				0.000				0.000			0.015
Less Distributions From:
Net Investment Income		(0.050	)			(0.028	)			(0.000	)(a)			(0.000	)(a)		(0.015	)
Net Asset Value, End of Year		$    1.000			$	1.000			$	1.000			$	1.000			$    1.000
Total Return		5.11	%			2.81	%			0.02	%			0.02	%		1.46	%
Net Assets, End of Year (000’s)		$5,515,811			$	6,062,727			$	3,997,179			$	4,168,651			$4,912,640
Ratios to Average Net Assets
Gross Expense(b)		0.56	%			0.56	%			0.56	%			0.56	%		0.56	%
Net Expense(b),(c)		0.35	%			0.34	%			0.08	%			0.15	%		0.37	%
Net Investment Income		5.00	%			2.91	%			0.02	%			0.01	%		1.42	%

April 30, 2024 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued)    12

	Year Ended April 30, 2024			Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended  April 30, 2020
SERVICE CLASS
Net Asset Value, Beginning of Year		$  1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income		0.046				0.024				0.000	(a)			0.000	(a)			0.011
Net Realized Gain (Loss)		0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)
Total Income (Loss) From Operations		0.046				0.024				0.000				0.000				0.011
Less Distributions From:
Net Investment Income		(0.046	)			(0.024	)			(0.000	)(a)			(0.000	)(a)			(0.011	)
Net Asset Value, End of Year		$  1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return		4.73	%			2.43	%			0.01	%			0.01	%			1.08	%
Net Assets, End of Year (000’s)		$436,534			$	645,974			$	500,998			$	1,190,711			$	1,168,185
Ratios to Average Net Assets
Gross Expense(b)		0.81	%			0.81	%			0.81	%			0.81	%			0.81	%
Net Expense(b),(c)		0.72	%			0.72	%			0.08	%			0.15	%			0.74	%
Net Investment Income		4.62	%			2.49	%			0.01	%			0.01	%			1.07	%
	For the Period December  29, 2023* through April 30, 2024
PREFERRED INSTITUTIONAL CLASS
Net Asset Value, Beginning of Year		$  1.000
Income (Loss) From Operations:
Net Investment Income		0.018
Net Realized Gain (Loss)		0.000	(a)
Total Income (Loss) From Operations		0.018
Less Distributions From:
Net Investment Income		(0.018	)
Net Asset Value, End of Year		$  1.000
Total Return		1.79	%(d)
Net Assets, End of Year (000’s)		$275,458
Ratios to Average Net Assets
Gross Expense(b)		0.31	%(e)
Net Expense(b),(c)		0.16	%(e)
Net Investment Income		5.29	%(e)

(a) Represents less than $0.001.

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

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

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

(e) Annualized for periods less than one year.

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

 

ANNUAL REPORT / April 30, 2024

13 FINANCIAL HIGHLIGHTS (continued)

 

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

WILMINGTON U.S. TREASURY MONEY MARKET FUND
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended  April 30, 2020
ADMINISTRATIVE CLASS
Net Asset Value, Beginning of Year		$  1.000			$  1.000			$  1.000			$  1.000			$  1.000
Income (Loss) From Operations:
Net Investment Income		0.047			0.026			0.000	(a)		0.000	(a)		0.013
Net Realized Gain (Loss)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.047			0.026			0.000			0.000			0.013
Less Distributions From:
Net Investment Income		(0.047	)		(0.026	)		(0.000	)(a)		(0.000	)(a)		(0.013	)
Net Asset Value, End of Year		$  1.000			$  1.000			$  1.000			$  1.000			$  1.000
Total Return		4.85	%		2.59	%		0.02	%		0.01	%		1.20	%
Net Assets, End of Year (000’s)		$243,127			$238,372			$336,133			$361,438			$360,463
Ratios to Average Net Assets
Gross Expense(b)		0.82	%		0.83	%		0.82	%		0.82	%		0.83	%
Net Expense(b),(c)		0.60	%		0.54	%		0.07	%		0.14	%		0.59	%
Net Investment Income		4.74	%		2.40	%		0.02	%		0.01	%		1.15	%
	Year Ended April 30, 2024			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
Net Asset Value, Beginning of Year		$  1.000			$  1.000			$  1.000			$  1.000			$ 1.000
Income (Loss) From Operations:
Net Investment Income		0.051			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		0.051			0.029			0.000			0.000			0.007
Less Distributions From:
Net Investment Income		(0.051	)		(0.029	)		(0.000	)(a)		(0.000	)(a)		(0.007	)
Net Asset Value, End of Year		$  1.000			$  1.000			$  1.000			$  1.000			$ 1.000
Total Return		5.22	%		2.90	%		0.02	%		0.02	%		0.61	%(d)
Net Assets, End of Year (000’s)		$520,749			$511,825			$342,827			$201,157			$50,788
Ratios to Average Net Assets
Gross Expense(b)		0.36	%		0.33	%		0.32	%		0.32	%		0.32	%(e)
Net Expense(b),(c)		0.25	%		0.25	%		0.09	%		0.12	%		0.25	%(e)
Net Investment Income		5.10	%		3.04	%		0.02	%		0.01	%		1.18	%(e)
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
SELECT CLASS
Net Asset Value, Beginning of Year		$    1.000			$    1.000			$  1.000			$  1.000			$  1.000
Income (Loss) From Operations:
Net Investment Income		0.050			0.028			0.000	(a)		0.000	(a)		0.015
Net Realized Gain (Loss)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.050			0.028			0.000			0.000			0.015
Less Distributions From:
Net Investment Income		(0.050	)		(0.028	)		(0.000	)(a)		(0.000	)(a)		(0.015	)
Net Asset Value, End of Year		$    1.000			$    1.000			$  1.000			$  1.000			$  1.000
Total Return		5.11	%		2.81	%		0.02	%		0.02	%		1.44	%
Net Assets, End of Year (000’s)		$1,086,464			$1,122,678			$615,858			$816,980			$992,205
Ratios to Average Net Assets
Gross Expense(b)		0.57	%		0.58	%		0.57	%		0.57	%		0.58	%
Net Expense(b),(c)		0.35	%		0.34	%		0.08	%		0.15	%		0.35	%
Net Investment Income		4.99	%		2.95	%		0.02	%		0.02	%		1.45	%

April 30, 2024 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded)   14

	Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended  April 30, 2020
SERVICE CLASS
Net Asset Value, Beginning of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.046				0.024				0.000	(a)			0.000	(a)			0.011
Net Realized Gain (Loss)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)			0.000	(a)
Total Income (Loss) From Operations			0.046				0.024				0.000				0.000				0.011
Less Distributions From:
Net Investment Income			(0.046	)			(0.024	)			(0.000	)(a)			(0.000	)(a)			(0.011	)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Total Return			4.73	%			2.43	%			0.01	%			0.01	%			1.07	%
Net Assets, End of Year (000’s)		$	247			$	166			$	290			$	111			$	188
Ratios to Average Net Assets
Gross Expense(b)			0.82	%			0.83	%			0.82	%			0.83	%			0.84	%
Net Expense(b),(c)			0.72	%			0.71	%			0.09	%			0.17	%			0.70	%
Net Investment Income			4.63	%			2.16	%			0.01	%			0.01	%			0.97	%
	For the Period December  29, 2023* through April 30, 2024
PREFERRED INSTITUTIONAL CLASS
Net Asset Value, Beginning of Year		$	1.000
Income (Loss) From Operations:
Net Investment Income			0.018
Net Realized Gain (Loss)			0.000	(a)
Total Income (Loss) From Operations			0.018
Less Distributions From:
Net Investment Income			(0.018	)
Net Asset Value, End of Year		$	1.000
Total Return			1.79	%(d)
Net Assets, End of Year (000’s)		$	17,455
Ratios to Average Net Assets
Gross Expense(b)			0.33	%(e)
Net Expense(b),(c)			0.16	%(e)
Net Investment Income			5.22	%(e)

(a) Represents less than $0.001.

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

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

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

(e) Annualized for periods less than one year.

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

 

ANNUAL REPORT / April 30, 2024

15 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2024

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, Institutional Class and Preferred Institutional Class shares. The Preferred Institutional Class for each Fund commenced operations on December 29, 2023. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)     16

the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

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

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

At April 30, 2024, 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.		$	415,000,000			$	415,000,000			$	—			$	—
Federal Reserve Bank of New York			1,075,000,000				1,075,000,000				—				—
FICC Bank of New York			425,000,000				425,000,000				—				—
FICC Mizuho Securities USA			450,000,000				450,000,000				—				—
TD Securities, Inc.			350,000,000				350,000,000				—				—
		$	2,715,000,000			$	2,715,000,000			$	—			$	—
U.S. Treasury Money Market Fund
Deutsche Bank Securities, Inc.		$	90,000,000			$	90,000,000			$	—			$	—
FICC Bank of New York			75,000,000				75,000,000				—				—
FICC Mizuho Securities USA			150,000,000				150,000,000				—				—
TD Securities, Inc.			75,000,000				75,000,000				—				—
		$	390,000,000			$	390,000,000			$	—			$	—

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

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

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Dividends and distributions to shareholders are recorded on the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

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

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

3. FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2024.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to dividend redesignation. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2024, there were no such reclassifications.

 

ANNUAL REPORT / April 30, 2024

17 NOTES TO FINANCIAL STATEMENTS (continued)

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

	2024						2023
Fund	Ordinary Income*			Long-Term Capital  Gains			Ordinary Income*			Long-Term   Capital Gains
U.S. Government Money Market Fund		$	497,211,665		$	—		$	237,476,165		$	—
U.S. Treasury Money Market Fund			104,390,670			—			50,007,973			—

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

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

As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Other Timing Differences				Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards				Late Year Loss Deferrals			Distributable  Earnings
U.S. Government Money Market Fund		$	40,795,893		$	—		$	(40,811,222	)		$	—		$	(147,141	)		$	—	$(162,470)
U.S. Treasury Money Market Fund			7,833,099			—			(7,841,290	)			—			(1	)			—	(8,192)

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, 2024, character of capital loss carryforwards were as follows:

Fund	Short-Term No  Expiration			Total Capital Loss Carryforwards
U.S. Government Money Market Fund		$(147,141	)		$(147,141)
U.S. Treasury Money Market Fund		(1	)		(1)

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*	Preferred Institutional Class
U.S. Government Money Market Fund	0.60%	0.25%	0.35%	0.66%	0.16%
U.S. Treasury Money Market Fund	0.60%	0.25%	0.35%	0.66%	0.16%

* Prior to December 29, 2023, the expense limitation for each Fund’s Service Class was 0.75%.

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)   18

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

	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 year ended April 30, 2024, neither WFMC nor BNYM waived any administrative fees.

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

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

For the year ended April 30, 2024, 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	$3,424,339
U.S. Treasury Money Market Fund	727,430

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 and, effective December 29, 2023, up to 0.10% of the average daily net assets of each Fund’s Institutional Class 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 shareholder servicing fees for each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2024, 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	$11,038,944
U.S. Treasury Money Market Fund	2,052,047

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

BNYM provides custody services to the Trust.

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

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

 

ANNUAL REPORT / April 30, 2024

19 NOTES TO FINANCIAL STATEMENTS (concluded)

5. MARKET RISK IN GENERAL

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

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

6. CONTRACTUAL OBLIGATIONS

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

7. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed and became effective March 28, 2024. 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. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the statement of operations. The LOC expires on March 26, 2025.

The Funds did not utilize the LOC during the year ended April 30, 2024.

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, except as follows:

Effective May 1, 2024, each Fund’s advisory fee was reduced to 0.15%. Additionally, effective May 1, 2024, the contractual expense limitation was extended to May 31, 2025 for each Fund and reduced to 0.32% for each Fund’s Select Class.

April 30, 2024 / ANNUAL REPORT

20

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 28, 2024

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

 

ANNUAL REPORT / April 30, 2024

21

SHAREHOLDER PROXY RESULTS

A special meeting of the shareholders (the “Meeting”) of the Funds of the Wilmington Funds (the “Trust”) was held at 2:00 p.m. Eastern Time on February 15, 2024, at the principal executive offices of Wilmington Funds Management Corporation, the investment advisor to the Trust, at 1100 North Market Street, 9th Floor, Wilmington, DE 19890. The purpose of the Meeting was to vote on the following proposal:

1. To elect Gregory P. Chandler, Donald E. Foley, and Valerie J. Sill as Independent Trustees of the Trust; and Eric W. Taylor as an Interested Trustee of the Trust (together, the “Trustees”).

All shareholders of record at the close of business on December 13, 2023 were entitled to attend or submit proxies. As of the record date the Trust had 12,602,869,323 shares outstanding and 4,393,711,349 shares were voted by shareholders in person or represented by proxy entitled to vote at the Meeting. A quorum for the Meeting was met with approximately 34.9% of the shares voted at the Meeting.

At the Meeting, shareholders of the Trust approved the election of the following Trustees. The results of the voting for the proposal were as follows:

Independent Trustees	Votes For			Votes Withheld			% of Votes For
Gregory P. Chandler		4,334,311,607			59,399,742			98.65	%
Donald E. Foley		4,331,740,982			61,970,367			98.59	%
Valerie J. Sill		4,336,822,269			56,889,080			98.71	%
Interested Trustees	Votes For			Votes Withheld			% of Votes For
Eric W. Taylor		4,392,738,859			972,490			99.98	%

April 30, 2024 (unaudited) / ANNUAL REPORT

22

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND

Name  Birth Year  Position with Trust  Date Service Began

Principal Occupations and Other Directorships Held for Past Five Years

Eric W. Taylor* Birth year: 1981 TRUSTEE Began serving: October 2022 PRESIDENT Began serving: August 2022

Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present). Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co. Other Directorships Held: None

*   Eric W. Taylor is “interested” due to his current affiliation with Wilmington Trust, N.A., a subsidiary of M&T Bank Corporation and parent company of WFMC and WTIA, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name  Birth Year  Position with Trust  Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley Birth year: 1951 CHAIRMAN Began serving: January 2023 TRUSTEE Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (111 Funds) (2014 to present); Trustee, 1290 Funds (15 portfolios) (2017 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present).
	Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011).
	Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (2012 to 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).

 

ANNUAL REPORT / April 30, 2024 (unaudited)

23 BOARD OF TRUSTEES AND TRUST OFFICERS  

 

Name  Birth Year  Position with Trust  Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017	Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (2020 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present).
	Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019).
	Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (March 2020 to November 2020); Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).
Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020	Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present).
	Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to 2021); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013).
	Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).
H. Thomas McMeekin Birth year: 1953 TRUSTEE Began serving: April 2024	Principal Occupations: Managing Partner and Founder, Griffin Investments, LLC (asset management) (2000 to present); CEO of Blue Key Services, LLC, (2015 to present).
	Other Directorships Held: Trustee, EQ Advisors Trust (III Funds), 1290 Funds (15 portfolios) (registered investment companies) (2014 to present).
	Previous Positions: Chief Investment Officer, AIG Life & Retirement and United Guaranty Corporation; and Senior Managing Director of AIG Asset Management (2009 to 2012).

OFFICERS

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

April 30, 2024 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS   24

 

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

ANNUAL REPORT / April 30, 2024 (unaudited)

25

Liquidity Risk Management Program

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

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 21, 2024, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2023. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third-party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third-party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended April 30, 2024. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

April 30, 2024 (unaudited) / ANNUAL REPORT

26

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.

 

ANNUAL REPORT / April 30, 2024 (unaudited)

27

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 21, 2024

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; ensure 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 Practices

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

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

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

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

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

Information Security

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

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

28

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 only as long as needed to fulfill the business purpose(s).

● 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.

● You can find additional information in the Wilmington Trust Digital Privacy Notice.

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 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 Notice

The effective date of this Notice is March 21, 2024. 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.

 

ANNUAL REPORT / April 30, 2024 (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 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-AR-MM-0424 Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

FUNDS April 30, 2024 PRESIDENT’S MESSAGE AND Annual Report WILMINGTON FUNDS Fixed Income Funds Wilmington Broad Market Bond Fund Wilmington Municipal Bond Fund Wilmington New York Municipal Bond Fund

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

Wilmington Municipal Bond Fund (“Municipal Bond Fund”)

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

CONTENTS

President’s Message	i
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	9
Portfolios of Investments	10
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
Report of Independent Registered Public Accounting Firm	44
Shareholder Proxy Results	45
Board of Trustees and Trust Officers	46
Liquidity Risk Management Program	49
Other Information	50

[This Page Intentionally Left Blank]

i

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the Broad Market Bond Fund, Municipal Bond Fund and New York Municipal Bond Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2023, through April 30, 2024. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

From May 2023 through April 2024, the United States experienced steady economic growth driven by robust consumer spending, strong business investment, and supportive government policies. The labor market showed signs of normalization and unemployment reached historically low levels. However, there were challenges including inflationary pressure which remained sticky (specifically within housing and auto insurance) prompting policymakers to push back on rate cut expectations. In fact, the Federal Reserve (the “Fed”) raised interest rates twice during the period with the Fed Funds upper bound increasing 50 basis points¹ to 5.5%. The beleaguered U.S. manufacturing sector finally showed signs of improvement, reaching an expansionary level (as measured by the ISM Manufacturing Index) for the first time in 16 months. The services sector, which accounts for two-thirds of the economy, remained in expansionary territory for the duration of the period, a testament to the U.S. economy’s resilience in navigating a higher interest rate environment and volatile geopolitical landscape.

Bond markets

Rates pushed higher during the fiscal year as uncertainty around inflation persisted and investors became more pessimistic about the degree to which the Fed would be able to ease policy. The benchmark 10-year Treasury yield rose 110 basis points while the two-year yield advanced around 90 basis points during the period. Volatility in the bond market subsided following the banking turmoil in March 2023 as the MOVE index, a common bond market volatility gauge, dropped closer to its five-year average. Corporate credit spreads also continued to compress, to the benefit of high yield issuers, as companies remained on strong financial footing overall. The yield curve remained inverted, most notably at two critical points: the 10y-minus-2y and the 10y-minus-3m portions of the curve. Overall, there was a wide degree of performance dispersion in the bond market, as the Bloomberg U.S. Aggregate Bond Index declined -1.5% while the Bloomberg U.S. Corporate High Yield Bond Index returned +9.0%.

For the 12-month period May 1, 2023 to April 30, 2024, 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
-2.80%	-1.47%	0.76%	2.08%	9.02%

Past performance is no guarantee of future results.

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

Equity markets

It was a strong year for U.S. large-cap equities as the S&P 500 Index advanced +22.7% while notching several new all-time high levels. The communication services and technology sectors powered the index higher as generative AI remained a major theme for investors and the “Magnificent 7” index⁸ advanced +60.4%.

Returns in international markets were less robust as the MSCI EAFE Index and MSCI Emerging Markets Index ended the year up +9.3% and +9.9%, respectively. In emerging markets, China weighed heavily on the index as deflationary pressures became increasingly embedded in both the consumer and producer sides of the economy. Concerns around the ailing property sector also led to an exodus of foreign capital out of the country.

Geopolitics also made several headlines during the year, with implications for the commodity market. Notably, in October, the terrorist group, Hamas, attacked Israel, sparking a major conflict in the Gaza Strip. Oil prices surged, with Brent crude reaching nearly $100 a barrel, following fears of a wider escalation across the Middle East and as Houthi rebels (a Yemeni extremist group) attacked ships in the Red Sea.

 

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)

ii

 

 

Metals, both industrial and precious, were another major storyline during the year as copper (+16.5%) and gold (+15.3%) delivered their best performances in recent history. Copper prices benefitted from the build out of data centers and the United States’ green energy transition. Lastly, cryptocurrencies were one of the best performing asset classes during the year as Bitcoin surged over +100% and notched a new all-time high (of roughly $73,500) after the SEC approved the first spot-Bitcoin ETFs (prices ended the year around $60,000).

For the 12-month period May 1, 2023 to April 30, 2024, certain stock market indices performed as follows:

S&P 500®    Index9	Russell 2000® Index10	MSCI EAFE (Net) Index11	MSCI Emerging    Markets (Net) Index12
22.66%	13.32%	9.28%	9.88%

Past performance is no guarantee of future results.

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

Sincerely,

Eric W. Taylor, CFA

President

May 15, 2024

April 30, 2024 (unaudited) / PRESIDENT’S MESSAGE

iii

 

Must be preceded or accompanied by a prospectus.

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

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

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

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

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

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

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

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

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

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

8. The “Magnificent 7” index refers to the 7 most influential stocks in the S&P 500 index. These stocks, including NVIDIA, Meta Platforms, Tesla, Amazon, Alphabet, Microsoft, and Apple, have dominated the market, driving significant gains in the major indexes.

9. 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.

10. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 5% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $9.7 million to $11.4 billion.

11. 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.

12. 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 / April 30, 2024 (unaudited)

1  

 

 

WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2024, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of -1.46%* for Class A shares and -1.09%* for Class I shares, versus its benchmark, the Bloomberg U.S. Aggregate Bond Index**, which had a total return of -1.47%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of -1.77%.

Over the past year the Federal Reserve (the “Fed”) raised interest rates twice, in May and July of 2023 by 25 basis points at each meeting to a target of 5.25% to 5.5%. This is the highest rate since 2001. The Fed acknowledged the economy continued to expand at a moderate pace, job gains remained robust, and inflation remained elevated.

The U.S. economic growth surprised to the upside over the past year as year-over-year Gross Domestic Product (“GDP”), the broadest measure of economic growth, grew at 3% for the 12-month period ended March 31, 2024, up from 1.7% growth for the prior 12-month period ended March 31, 2023. Economic growth was driven by consumer spending. The consumer was aided by a strong labor market, while the unemployment rate remained at historically low levels. As of April 2024, the unemployment rate was 3.9% after hitting its lowest level since 1969 in May 2023 of 3.4%. Wages continue to grow at a pace that is faster than the pre-pandemic era. Average hourly earnings increased by 3.9% over the past year. The good news from an inflation point of view is that this rate is down from 5.8% a year ago.

Inflation continues to slow. The Consumer Price index (“CPI”) slowed over the past year from the prior year’s stronger pace that was fueled by the service side of the economy as consumers’ demand for travel and leisure remained strong. For the fiscal year ended April 30, 2024, the core CPI which excludes food and energy, increased by 3.6%, compared to 5.5% for fiscal year ended April 30, 2023. However, the progress has slowed over the past several months with the year-over-year rate of CPI just falling 0.3% from the start of the year. The Fed’s goal is to return inflation to a 2% level. At the start of 2024, the market was expecting the Fed to cut interest rates by six times in 2024 on expectations of inflation continuing to slow and slower economic growth, while the Fed was less optimistic for rate cuts. The Fed’s forecast is for only 3 rate cuts in 2024. The market has adjusted their expectations for rate cuts to mirror the Fed’s forecast as economic growth has remained strong and inflation progress has slowed.

Over the course of the fiscal year, as the Fed tightened monetary policy, interest rates have continued to move higher. The 2-year Treasury yield rose from 4.04% to 5.04%. The 10-year Treasury yield increased from 3.44% to 4.69%. The 30-year Treasury yield also increased by 1.12% over the fiscal year resulting in -14.7% return over the year. For the fiscal year, the Bloomberg U.S. Aggregate Bond Index registered a -1.47% rate of return.

The yield curve remains inverted with short-term rates higher than longer-term rates. The yield curve has been inverted since July 2022. The inverted yield curve has been a precursor to an economic recession. However, while forecasts of a recession were commonplace last year, today there are few signs of an impending recession.

The Fund has maintained a shorter overall duration versus the Bloomberg U.S. Aggregate Bond Index which contributed positively to our relative performance as interest rates rose during the fiscal year. We have been less optimistic on the Fed cutting rates by as much as the market

was anticipating. The Fund was also overweight the credit sector, which generated an excess return over the fiscal year of 4.95%. Our credit analysis revealed that corporate profit growth has remained solid. We viewed net corporate supply versus the demand for corporates as also favoring the sector. Relative to its index, the Fund was overweight longer maturing corporate bonds which outperformed shorter maturing corporates. Our overweight and positioning in the credit sector contributed positively to our relative performance. The Fund continued to be underweighted the mortgage-backed sector. Our expectations for a continued inverted yield curve, higher levels of interest rate volatility, and less demand for mortgage-backed securities by the Fed were principal reasons for having a lower allocation to mortgage-backed securities. Having a lower allocation to the sector contributed positively towards our relative performance.

Uncertainties surrounding when and how much the Fed will be easing monetary policy and continued record treasury supply to finance government deficits may put upward pressure on interest rates especially at the longer end of the yield curve. We are also becoming more selective when adding corporate risk to the portfolio given that risk premiums have declined to their lowest levels since 2021. The risks to the economy are expected to rise as the Federal Reserve remains committed to a 2% inflation target, while a 2% inflation target may prove more difficult to achieve. As such, we will maintain our shorter duration strategy for now. We will continue to utilize our disciplined relative value investment process in managing the fund.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -5.88%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

  2

 

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

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

 

ANNUAL REPORT / April 30, 2024 (unaudited)

3  

 

 

WILMINGTON BROAD MARKET BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Broad Market Bond Fund; from April 30, 2014 to April 30, 2024, compared to the Bloomberg U.S. Aggregate Bond Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -5.88%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/24
	1 Year	5 Years	10 Years
Class A^	-5.88%	-1.21%	0.34%
Class I^	-1.09%	0.05%	1.15%
Bloomberg U.S. Aggregate Bond Index2	-1.47%	-0.16%	1.20%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.08% and 0.79%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.58% and 0.44%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

  4

 

WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2024, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 1.42%* for Class A shares and 1.60%* for Class I shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, and the S&P Municipal Bond Investment Grade Intermediate Index***, which had a total return of 1.70% and 1.53%, respectively, and its peer group, the Lipper Intermediate Municipal Debt Funds Average****, which had a total return of 2.52%.

The fiscal year ended April 30, 2024 was fairly volatile for bonds as investors continued to grapple with “sticky inflation”, a tight employment market and a Federal Reserve (the “Fed”) that continues to hold rates steady until signs of declining inflation close to their target inflation rate of 2.0%. The Fed raised rates twice during the fiscal year ending at 5.50% — which is the highest target rate since 2001. Inflation continued to slow as core Consumer Price Index (“CPI”) increased by 3.6% from an average of 5.5% the year before. While on the downward trend, inflation is still far away from the 2.0% threshold, and the last few months of the fiscal year the pace of inflation has flattened.

Consequently, bond yields increased from the period from April to October as investors believed the Fed would cut rates eventually. Shorter duration, high quality bonds performed better during this period, but as yields peaked in October 2023, the bond market rallied as investors believed rate cuts were imminent. During the 4th Quarter of 2023, the S&P Municipal Bond Investment Grade Intermediate Index return was 6.71%. Longer duration, lower quality municipal bonds performed better during the period.

As we headed into 2024, the bond market was signaling six rate cuts, however, as more data became available the Fed indicated they would continue to hold rates steady until further signs of a downward trend in inflation. In response, bond yields shifted back up again, during the first four months of 2024, as the 10-year U.S. Treasury hit a high of 4.70% in late April.

Municipal yields moved higher — following the same direction as U.S. Treasuries. Bond prices, which move inversely from yields, moved lower and municipal bond returns were negative across the investment grade market. During the first four months of 2024, the S&P Municipal Bond Investment Grade Intermediate Index returned -1.45%.

The Fund outperformed the S&P Municipal Bond Investment Grade Intermediate Index due to its slight overweight to duration and lower quality investment grade bias (A/BBB-rated) versus the index which helped during the late 2023 rally. The Fund also increased its allocation to a municipal ETF (high yield municipal bonds), which invests roughly 70% of its assets in non-investment grade municipal bonds (“high yield”). The allocation was increased from 2% to 5% (the limit set by the prospectus is 10%) during 2024 as municipal high yield significantly outpaced investment grade returns, mostly due to strong inflows (demand) relative to low supply. The high yield municipal market is estimated to be between 5% to 7% of the total municipal market ($4 trillion), so the performance of high yield municipals is very reliant on fund flows since most investors use ETFs/mutual funds to buy the sub asset class.

One of the largest issues facing the municipal market in 2023 was the lack of supply (down 10-15%). However, as interest rates peaked, municipalities needed to finance longer-term capital projects that were delayed during the rising rate period, so supply has increased year-over-year.

Additionally, municipal issuers have increased the pace of new issue deals in the beginning of 2024 due to the uncertainty of the federal election environment in the fall and concerns that inflation could rise. Projects that could be financed later on in the calendar year are being funded earlier than their normal funding schedule.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -3.16%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

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

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

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

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

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

Income may be subject to the federal alternative minimum tax.

 

ANNUAL REPORT / April 30, 2024 (unaudited)

5  

 

 

WILMINGTON MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,0001 in Class I of the Wilmington Municipal Bond Fund from April 30, 2014 to April 30, 2024 compared to the S&P Municipal Bond Intermediate Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -3.16%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for the Periods Ended 4/30/24
	1 Year	5 Years	10 Years
Class A^	-3.16%	-0.45%	0.95%
Class I^	1.60%	0.72%	1.68%
S&P Municipal Bond Intermediate Index2	1.70%	1.39%	2.28%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.13% and 0.74%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.63% and 0.49%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

6

 

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2024, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 0.90%* for Class A shares and 1.15%* for Class I shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, and the S&P Intermediate Term New York AMT-Free Municipal Bond Index***, which had a total return of 1.70% and 2.14%, respectively, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average****, which had a total return of 1.87%.

The fiscal year ended April 30, 2024 was fairly volatile for bonds as investors continued to grapple with “sticky inflation”, a tight employment market and a Federal Reserve (the “Fed”) that continues to hold rates steady until signs of declining inflation close to their target inflation rate of 2.0%. The Fed raised rates twice during the fiscal year ending at 5.50% — which is the highest target rate since 2001. Inflation continued to slow as core Consumer Price Index (“CPI”) increased by 3.6% from an average of 5.5% the year before. While on the downward trend, inflation is still far away from the 2.0% threshold, and the last few months of the fiscal year the pace of inflation has flattened.

Consequently, bond yields increased from the period from April to October as investors believed the Fed would cut rates eventually. Shorter duration, high quality bonds performed better during this period, but as yields peaked in October 2023, the bond market rallied as investors believed rate cuts were imminent. During the 4th Quarter of 2023, the S&P Municipal Bond Intermediate Index return was 6.63%. Longer duration, lower quality municipal bonds performed better during the period.

As we headed into 2024, the bond market was signaling six rate cuts, however, as more data became available the Fed indicated they would continue to hold rates steady until further signs of a downward trend in inflation. In response, bond yields shifted back up again, during the first four months of 2024, as the 10-year U.S. Treasury hit a high of 4.70% in late April.

Municipal yields moved higher — following the same direction as U.S. Treasuries. Bond prices, which move inversely from yields, moved lower and municipal bond returns were negative across the investment grade market. During the first four months of the 2024, the S&P Municipal Bond Intermediate Index returned -1.32%.

The Fund underperformed the S&P Municipal Bond Intermediate Index due to its slight overweight to duration and investment in NY only municipals. The index contains municipals from across the country and currently holds 12% in NY domiciled bonds. Additionally, the index holds 3.8% in high yield municipals which have significantly outperformed investment grade municipals due to the lack of supply and large fund inflows (increasing demand) over the first 4 months of 2024. The Fund underperformed the S&P Intermediate Term New York AMT-Free Municipal Bond Index due to a slight overweight in duration, an overweight to the higher education and multifamily sectors (which underperformed during the time period), and an underweight to the local GO sector in NY.

One of the largest issues facing the municipal market in 2023 was the lack of supply (down 10-15%). However, as interest rates peaked, municipalities needed to finance longer-term capital projects that were delayed during the rising rate period, so supply has increased year-over-year. Additionally, municipal issuers have increased the pace of new issue

deals in the beginning of 2024 due to the uncertainty of the federal election environment in the fall and concerns that inflation could rise. Projects that could be financed later on in the calendar year are being funded earlier than their normal funding schedule.

The fiscal health of the State of New York continues to be strong relative to other states. Moody’s rating service maintains a healthy Aa1 credit rating while S&P rates the State as a AA+ stable credit. The State’s general fund cash and investments is a very strong 59.4% of general fund revenues (fiscal year 2023) and the employment level is 98% of pre-pandemic levels. One of the challenges facing the State is the outmigration of wealthy taxpayers to Florida, Texas and other tax-friendlier states.

The City of New York also continues to perform well. Moody’s rates the City Aa2 stable, while S&P rates the City AA stable. City unemployment is slightly elevated at 5.4% but employment levels are now close to 95% of pre-pandemic levels. The City’s general fund cash and investments were at 16% of general fund revenues – which is relatively positive when compared to the average State balance.

Continued challenges for the City include the influx of 150,000 immigrants with limited funding attached, a Manhattan primary office vacancy rate of 22.4 %, and a major crime rate still up 33% over the last 3 years. Despite the high office vacancy rates, the market value of the City’s real property tax base increased by over 12% over the last fiscal year – an encouraging sign.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -3.61%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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

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

 

ANNUAL REPORT / April 30, 2024 (unaudited)

7

 

 

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

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

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

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

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

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

Income may be subject to the federal alternative minimum tax.

April 30, 2024 (unaudited) / ANNUAL REPORT

8

 

WILMINGTON NEW YORK MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington New York Municipal Bond Fund from April 30, 2014 to April 30, 2024 compared to the S&P Municipal Bond Intermediate Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -3.61%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

	Average Annual Total Returns for  the Periods Ended 4/30/24
	1 Year	5 Years	10 Years
Class A^	-3.61%	-0.59%	0.76%
Class I^	1.15%	0.60%	1.48%
S&P Municipal Bond Intermediate Index2	1.70%	1.39%	2.28%

^ Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.54% and 0.82%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.04% and 0.57%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

 

ANNUAL REPORT / April 30, 2024 (unaudited)

9

 

 

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2024.

	Beginning Account Value 11/01/23		Ending Account Value 4/30/24		Expenses Paid During Period(1)		Annualized Net Expense Ratio(2)
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A	$1,000.00		$1,046.60		$3.92		0.77%
Class I	$1,000.00		$1,049.00		$2.19		0.43%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00		$1,021.03		$3.87		0.77%
Class I	$1,000.00		$1,022.73		$2.16		0.43%
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A	$1,000.00		$1,059.80		$3.69		0.72%
Class I	$1,000.00		$1,060.30		$2.41		0.47%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00		$1,021.28		$3.62		0.72%
Class I	$1,000.00		$1,022.53		$2.36		0.47%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A	$1,000.00		$1,057.20		$4.14		0.81%
Class I	$1,000.00		$1,059.60		$2.87		0.56%
Hypothetical (assuming a 5% return before expenses)
Class A	$1,000.00		$1,020.84		$4.07		0.81%
Class I	$1,000.00		$1,022.08		$2.82		0.56%

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

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

April 30, 2024 (unaudited) / ANNUAL REPORT

10

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

	Percentage of
	Total Net Assets
Corporate Bonds		38.3	%
U.S. Treasury Obligations		30.1	%
Mortgage-Backed Securities		23.6	%
Government Agencies		1.3	%
Municipal Bond		0.4	%
Collateralized Mortgage Obligations		0.0	%(1)
Adjustable Rate Mortgage		0.0	%(1)
Cash Equivalents(2)		4.1	%
Cash Collateral Invested for Securities on Loan(3)		3.9	%
Other Assets and Liabilities - Net(4)		(1.7	)%
TOTAL		100.0	%

Credit Quality Diversification(5)	Percentage of Total Net Assets
U.S. Government Agency Securities		24.9	%
U.S. Treasury Obligations		30.1	%
AA / Aa		0.1	%
A / A		8.3	%
BBB / Baa		29.1	%
BB / Ba		0.8	%
B / B		0.4	%
Not Rated		8.0	%
Other Assets and Liabilities - Net(4)		(1.7	)%
TOTAL		100.0	%

⁽¹⁾  Represents less than 0.05%.

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

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

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	$	5,098	$	5,228
TOTAL ADJUSTABLE RATE MORTGAGE (COST $5,091)			$	5,228
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Series 2005-29, Class WC, 4.75%, 04/25/35		4,385		4,287
WHOLE LOAN – 0.0%**
Bank of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 5.63%, 02/25/34Δ		21,585		19,940
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 5.35%, 11/25/35Δ		14,360		14,691
TOTAL WHOLE LOAN			$	34,631
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $40,137)			$	38,918

Description	Par Value		Value
CORPORATE BONDS – 38.3%
AEROSPACE & DEFENSE – 1.8%
Boeing Co. (The), Sr. Unsecured
2.75%, 02/01/26	$	2,000,000	$	1,886,261
3.20%, 03/01/29		150,000		130,829
5.81%, 05/01/50		3,000,000		2,674,766
L3Harris Technologies, Inc., Sr. Unsecured
2.90%, 12/15/29		835,000		728,196
5.35%, 06/01/34		2,900,000		2,808,881
Northrop Grumman Corp., Sr. Unsecured
2.93%, 01/15/25		1,000,000		980,890
4.03%, 10/15/47		1,765,000		1,369,917
TOTAL AEROSPACE & DEFENSE			$	10,579,740
AUTOMOTIVE – 1.6%
Ford Motor Credit Co. LLC, Sr. Unsecured
5.13%, 06/16/25		1,500,000		1,484,924
5.80%, 03/05/27		3,000,000		2,980,687
2.90%, 02/16/28		250,000		222,632
General Motors Co., Sr. Unsecured, 6.25%, 10/02/43		1,000,000		976,714
General Motors Financial Co., Inc., Sr. Unsecured
2.90%, 02/26/25		230,000		224,732

 

ANNUAL REPORT / April 30, 2024

11 PORTFOLIOS OF INVESTMENTS

 

  Wilmington Broad Market Bond Fund (continued)  

 

Description	Par Value		Value
1.25%, 01/08/26	$	1,000,000	$	930,296
1.50%, 06/10/26		3,000,000		2,751,618
TOTAL AUTOMOTIVE			$	9,571,603
BEVERAGES – 1.0%
Anheuser-Busch Cos. LLC, Company Guaranteed,
4.90%, 02/01/46		1,125,000		1,012,882
Keurig Dr Pepper, Inc., Company Guaranteed,
5.10%, 03/15/27		4,200,000		4,174,521
Keurig Dr. Pepper, Inc., Company Guaranteed,
3.20%, 05/01/30		775,000		686,809
TOTAL BEVERAGES			$	5,874,212
BIOTECHNOLOGY – 0.2%
Amgen, Inc., Sr. Unsecured,
5.65%, 03/02/53		1,280,000		1,228,065
BUILDING PRODUCTS – 0.2%
Carrier Global Corp., Sr. Unsecured
2.24%, 02/15/25		418,000		406,648
2.49%, 02/15/27		56,000		51,681
Johnson Controls International PLC, Sr. Unsecured
3.63%, 07/02/24ÿ		373,000		371,721
4.63%, 07/02/44		100,000		83,575
TOTAL BUILDING PRODUCTS			$	913,625
CAPITAL MARKETS – 1.1%
Bank of New York Mellon Corp. (The), Subordinated, MTN,
3.00%, 10/30/28		775,000		699,467
Goldman Sachs Group, Inc. (The), Sr. Unsecured
(3 Month Term SOFR + 1.46%), 3.27%, 09/29/25Δ		1,010,000		999,257
(3 Month Term SOFR + 1.77%), 3.69%, 06/05/28Δ		2,080,000		1,966,880
(SOFR + 1.25%), 2.38%, 07/21/32Δ		1,115,000		895,525
Morgan Stanley, Sr. Unsecured, (SOFR + 0.72%),
0.99%, 12/10/26Δ		175,000		161,720
Morgan Stanley, Sr. Unsecured, MTN
3.13%, 07/27/26		340,000		323,163
(SOFR + 3.12%), 3.62%, 04/01/31Δ		890,000		796,787
Morgan Stanley, Subordinated, GMTN,
4.35%, 09/08/26		505,000		490,689
TOTAL CAPITAL MARKETS			$	6,333,488
CHEMICALS – 0.2%
Sherwin-Williams Co. (The), Sr. Unsecured,
2.20%, 03/15/32		1,480,000		1,174,236
COMMERCIAL SERVICES & SUPPLIES – 0.2%
Global Payments, Inc., Sr. Unsecured
2.65%, 02/15/25		275,000		268,153
2.90%, 05/15/30		1,000,000		853,290
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	1,121,443

Description	Par Value		Value
COMPUTERS – 0.9%
Apple, Inc., Sr. Unsecured,
0.70%, 02/08/26	$	110,000	$	101,782
Hewlett Packard Enterprise Co., Sr. Unsecured,
6.10%, 04/01/26		5,000,000		4,995,385
TOTAL COMPUTERS			$	5,097,167
DIVERSIFIED FINANCIAL SERVICES – 8.2%
American Express Co., Sr. Unsecured, 3.13%, 05/20/26		150,000		143,115
Bank of America Corp., Sr. Unsecured, MTN
(SOFR + 1.15%), 1.32%, 06/19/26Δ		250,000		237,523
3.25%, 10/21/27		1,095,000		1,026,203
(SOFR + 1.88%), 2.83%, 10/24/51Δ		250,000		153,263
Bank of America Corp., Subordinated, MTN, 4.25%, 10/22/26		1,000,000		967,976
Charles Schwab Corp. (The), Sr. Unsecured, 3.20%, 03/02/27		2,894,000		2,724,820
Citigroup, Inc., Sr. Unsecured, (SOFR + 0.77%), 1.12%, 01/28/27Δ		2,750,000		2,540,963
Citigroup, Inc., Subordinated, 4.13%, 07/25/28		1,900,000		1,788,505
Comerica, Inc., Sr. Unsecured, (SOFR + 2.16%), 5.98%, 01/30/30Δ		2,515,000		2,451,521
Fifth Third Bancorp, Sr. Unsecured
2.55%, 05/05/27		780,000		712,452
3.95%, 03/14/28		3,000,000		2,821,647
(SOFR + 1.84%), 5.63%, 01/29/32Δ		1,250,000		1,214,966
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39W		1,000,000		1,030,483
Huntington Bancshares, Inc., Sr. Unsecured, 2.63%, 08/06/24#		4,325,000		4,287,928
JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month Term SOFR + 1.26%), 6.57%, 05/15/47Δ		1,000,000		882,445
JPMorgan Chase & Co., Sr. Unsecured
(SOFR + 0.92%), 2.60%, 02/24/26Δ		6,000,000		5,843,643
(3 Month Term SOFR + 1.59%), 2.01%, 03/13/26Δ		150,000		145,231
KeyBank NA, Sr. Unsecured, 5.85%, 11/15/27		2,000,000		1,965,863
KeyCorp., Sr. Unsecured, MTN, (SOFR + 1.25%), 3.88%, 05/23/25Δ		1,980,000		1,968,367
PNC Bank NA, Subordinated, BKNT, 2.70%, 10/22/29		1,125,000		956,658
PNC Financial Services Group, Inc. (The), Sr. Unsecured
(SOFR + 1.32%), 5.81%, 06/12/26Δ		1,125,000		1,123,013
3.45%, 04/23/29		100,000		91,358
(SOFR + 1.90%), 5.68%, 01/22/35Δ		2,000,000		1,967,403
Truist Bank, Subordinated, BKNT
3.63%, 09/16/25		250,000		242,096
3.80%, 10/30/26		1,000,000		952,793
2.25%, 03/11/30		1,850,000		1,500,080
Truist Financial Corp., Sr. Unsecured, MTN, (SOFR + 2.36%),
5.87%, 06/08/34Δ		1,500,000		1,466,975

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 12

 

Wilmington Broad Market Bond Fund (continued)

 

Description	Par Value		Value
U.S. Bancorp, Sr. Unsecured, (SOFR + 2.09%), 5.85%, 10/21/33Δ	$	4,400,000	$	4,353,967
Wells Fargo & Co., Sr. Unsecured, (SOFR + 2.00%), 2.19%, 04/30/26Δ		1,170,000		1,128,227
Wells Fargo & Co., Sr. Unsecured, MTN, (3 Month Term SOFR + 1.01%),
2.16%, 02/11/26Δ		140,000		135,936
Wells Fargo & Co., Subordinated, MTN, 4.40%, 06/14/46		1,000,000		793,337
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	47,618,757
ELECTRIC – 2.4%
Ameren Corp., Sr. Unsecured, 5.70%, 12/01/26		1,450,000		1,455,120
Dominion Energy, Inc., Series A, Sr. Unsecured,
1.45%, 04/15/26		1,950,000		1,802,842
Entergy Arkansas LLC, 1st Mortgage, 4.95%, 12/15/44		1,000,000		845,569
Entergy Corp., Sr. Unsecured, 0.90%, 09/15/25		1,000,000		936,830
Exelon Corp., Sr. Unsecured
5.15%, 03/15/29		2,015,000		1,982,054
4.70%, 04/15/50		2,000,000		1,667,320
FirstEnergy Corp., Series B, Sr. Unsecured, 4.15%, 07/15/27		800,000		755,093
Southern Co. (The), Series 21-B, Sr. Unsecured,
1.75%, 03/15/28		40,000		34,860
Southern Power Co., Sr. Unsecured, 0.90%, 01/15/26		3,000,000		2,769,711
Union Electric Co., 1st Mortgage, 3.50%, 03/15/29		220,000		202,968
WEC Energy Group, Inc., Sr. Unsecured
1.38%, 10/15/27		750,000		655,051
1.80%, 10/15/30		1,150,000		924,462
TOTAL ELECTRIC			$	14,031,880
ENTERTAINMENT – 0.7%
Warnermedia Holdings, Inc., Company Guaranteed,
5.14%, 03/15/52		5,000,000		3,846,163
FOOD & STAPLES RETAILING – 1.2%
Campbell Soup Co., Sr. Unsecured, 3.30%, 03/19/25		2,050,000		2,006,854
Conagra Brands, Inc., Sr. Unsecured
1.38%, 11/01/27		200,000		172,857
5.40%, 11/01/48		665,000		595,011
Kroger Co. (The), Sr. Unsecured, 3.95%, 01/15/50		1,000,000		751,396
McCormick & Co., Inc., Sr. Unsecured, 0.90%, 02/15/26		3,050,000		2,816,181
Mondelez International Holdings Netherlands BV, Company Guaranteed,
0.75%, 09/24/24W		860,000		842,895
TOTAL FOOD & STAPLES RETAILING			$	7,185,194

Description	Par Value		Value
GAS – 0.2%
Southern Co. Gas Capital Corp., Company Guaranteed,
3.95%, 10/01/46	$	1,425,000	$	1,062,341
HEALTHCARE-PRODUCTS – 0.9%
DH Europe Finance II Sarl, Company Guaranteed,
2.20%, 11/15/24		2,330,000		2,286,421
Solventum Corp., Company Guaranteed, 5.45%, 02/25/27W		1,750,000		1,737,231
Zimmer Biomet Holdings, Inc., Sr. Unsecured,
1.45%, 11/22/24		1,480,000		1,445,091
TOTAL HEALTHCARE-PRODUCTS			$	5,468,743
HEALTHCARE-SERVICES – 2.4%
Cardinal Health, Inc., Sr. Unsecured, 4.50%, 11/15/44		650,000		527,938
Cigna Group (The), Company Guaranteed, 4.80%, 07/15/46		1,000,000		851,617
Cigna Group (The), Sr. Unsecured
5.69%, 03/15/26		2,740,000		2,740,960
2.38%, 03/15/31		250,000		204,003
CommonSpirit Health, Sr. Secured
2.76%, 10/01/24		3,140,000		3,096,243
3.35%, 10/01/29		150,000		135,093
Elevance Health, Inc., Sr. Unsecured, 3.65%, 12/01/27		1,650,000		1,557,909
McKesson Corp., Sr. Unsecured, 5.25%, 02/15/26		2,745,000		2,736,168
NYU Langone Hospitals, Series 2020, Secured,
3.38%, 07/01/55		1,000,000		673,455
UnitedHealth Group, Inc., Sr. Unsecured
2.95%, 10/15/27		1,350,000		1,256,172
3.95%, 10/15/42		290,000		234,171
TOTAL HEALTHCARE-SERVICES			$	14,013,729
HOME FURNISHINGS – 0.2%
Whirlpool Corp., Sr. Unsecured, 4.60%, 05/15/50#		1,405,000		1,078,686
INSURANCE – 0.9%
Berkshire Hathaway Finance Corp., Company Guaranteed,
4.30%, 05/15/43		425,000		368,939
CNA Financial Corp., Sr. Unsecured, 3.95%, 05/15/24		950,000		949,552
Lincoln National Corp., Sr. Unsecured, 3.63%, 12/12/26#		1,380,000		1,312,225
Principal Life Global Funding II, Secured, 1.63%, 11/19/30W		250,000		191,841
W.R. Berkley Corp., Sr. Unsecured
4.75%, 08/01/44		1,715,000		1,445,691
4.00%, 05/12/50		1,425,000		1,043,824
TOTAL INSURANCE			$	5,312,072
MEDIA – 0.7%
CCO Holdings LLC, Sr. Unsecured, 4.25%, 02/01/31W		3,000,000		2,358,750

 

ANNUAL REPORT / April 30, 2024

13 PORTFOLIOS OF INVESTMENTS

 

  Wilmington Broad Market Bond Fund (continued)  

 

Description	Par Value		Value
Discovery Communications LLC, Company Guaranteed
3.95%, 03/20/28	$	1,000,000	$	931,193
3.63%, 05/15/30		1,000,000		867,343
TOTAL MEDIA			$	4,157,286
MISCELLANEOUS MANUFACTURING – 0.4%
Textron, Inc., Sr. Unsecured
3.88%, 03/01/25		750,000		739,079
2.45%, 03/15/31#		2,000,000		1,638,481
TOTAL MISCELLANEOUS MANUFACTURING			$	2,377,560
OIL & GAS – 1.4%
Diamondback Energy, Inc., Company Guaranteed,
5.40%, 04/18/34		1,245,000		1,212,492
Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 09/15/24		745,000		738,044
Phillips 66, Company Guaranteed, 3.85%, 04/09/25		575,000		565,032
Pioneer Natural Resources Co., Sr. Unsecured
1.13%, 01/15/26		1,000,000		929,115
1.90%, 08/15/30		1,940,000		1,587,556
2.15%, 01/15/31		1,000,000		824,795
Valero Energy Corp., Sr. Unsecured
2.15%, 09/15/27		1,800,000		1,623,728
4.90%, 03/15/45		563,000		493,868
TOTAL OIL & GAS			$	7,974,630
ONLINE RETAILER – 0.1%
Amazon.com, Inc., Sr. Unsecured
1.20%, 06/03/27		100,000		89,116
3.25%, 05/12/61		1,000,000		653,302
TOTAL ONLINE RETAILER			$	742,418
PHARMACEUTICALS – 1.7%
AbbVie, Inc., Sr. Unsecured 2.95%, 11/21/26		1,875,000		1,770,163
4.25%, 11/14/28#		1,235,000		1,189,503
4.40%, 11/06/42		460,000		395,673
4.88%, 11/14/48		1,000,000		903,178
4.25%, 11/21/49		1,000,000		815,821
AstraZeneca Finance LLC, Company Guaranteed,
1.75%, 05/28/28		500,000		437,154
AstraZeneca PLC, Sr. Unsecured, 0.70%, 04/08/26		100,000		91,632
Becton Dickinson & Co., Sr. Unsecured, 1.96%, 02/11/31		100,000		79,972
Bristol-Myers Squibb Co., Sr. Unsecured, 3.40%, 07/26/29		310,000		284,879
CVS Health Corp., Sr. Unsecured
1.30%, 08/21/27		145,000		127,033
5.13%, 02/21/30		910,000		890,841
1.88%, 02/28/31		2,000,000		1,588,441
Pfizer, Inc., Sr. Unsecured, 2.63%, 04/01/30		650,000		565,366
Zoetis, Inc., Sr. Unsecured 3.00%, 09/12/27		125,000		115,685

Description	Par Value		Value
3.95%, 09/12/47	$	1,005,000	$	764,472
TOTAL PHARMACEUTICALS			$	10,019,813
PIPELINES – 4.0%
Enbridge, Inc., Company Guaranteed, 5.63%, 04/05/34		5,000,000		4,885,912
Energy Transfer LP, Sr. Unsecured
4.00%, 10/01/27		3,000,000		2,849,879
3.75%, 05/15/30		715,000		643,914
5.30%, 04/15/47		1,250,000		1,080,381
Enterprise Products Operating LLC, Company Guaranteed
4.20%, 01/31/50		1,120,000		886,036
4.95%, 10/15/54		500,000		436,696
Kinder Morgan Energy Partners LP, Company Guaranteed,
5.40%, 09/01/44		1,000,000		897,464
Kinder Morgan, Inc., Company Guaranteed
5.20%, 03/01/48		2,040,000		1,780,887
3.60%, 02/15/51		1,315,000		876,736
MPLX LP, Sr. Unsecured
4.70%, 04/15/48		1,000,000		819,470
4.95%, 03/14/52		1,000,000		838,369
ONEOK Partners LP, Company Guaranteed, 6.20%, 09/15/43		1,000,000		993,503
ONEOK, Inc., Company Guaranteed, 6.10%, 11/15/32		335,000		339,710
Spectra Energy Partners LP, Company Guaranteed,
3.50%, 03/15/25		670,000		657,316
Targa Resources Corp., Company Guaranteed,
6.13%, 03/15/33		2,900,000		2,941,911
Targa Resources Partners LP, Company Guaranteed,
4.88%, 02/01/31		1,245,000		1,170,300
Williams Cos., Inc. (The), Sr. Unsecured, 3.50%, 10/15/51		1,485,000		994,798
TOTAL PIPELINES			$	23,093,282
REAL ESTATE INVESTMENT TRUSTS – 2.1%
American Tower Corp., Sr. Unsecured
3.13%, 01/15/27#		1,000,000		936,840
4.05%, 03/15/32		1,000,000		891,915
3.10%, 06/15/50		1,500,000		934,206
AvalonBay Communities, Inc., Sr. Unsecured, MTN,
3.35%, 05/15/27		1,420,000		1,341,928
Healthcare Realty Holdings LP, Company Guaranteed
3.88%, 05/01/25		1,215,000		1,184,914
3.63%, 01/15/28		1,100,000		1,000,063
Healthpeak OP LLC, Company Guaranteed
3.25%, 07/15/26		110,000		104,603
2.88%, 01/15/31		2,350,000		1,975,065
Ventas Realty LP, Company Guaranteed, 4.00%, 03/01/28		250,000		235,055
Welltower OP LLC, Company Guaranteed 4.00%, 06/01/25		3,000,000		2,944,063

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 14

 

Wilmington Broad Market Bond Fund (continued)

 

Description	Par Value		Value
4.95%, 09/01/48	$	1,000,000	$	877,633
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	12,426,285
RETAIL – 0.2%
Lowe’s Cos., Inc., Sr. Unsecured,
3.65%, 04/05/29		200,000		185,667
Nordstrom, Inc., Sr. Unsecured,
5.00%, 01/15/44		1,000,000		760,000
TOTAL RETAIL			$	945,667
SEMICONDUCTORS – 0.2%
Micron Technology, Inc., Sr. Unsecured,
2.70%, 04/15/32		1,500,000		1,211,583
SOFTWARE – 0.4%
Roper Technologies, Inc., Sr. Unsecured,
2.00%, 06/30/30		1,345,000		1,096,916
Workday, Inc., Sr. Unsecured,
3.50%, 04/01/27		1,385,000		1,317,242
TOTAL SOFTWARE			$	2,414,158
TELECOMMUNICATIONS – 1.1%
AT&T, Inc., Sr. Unsecured
4.50%, 05/15/35		845,000		757,476
3.55%, 09/15/55		1,423,000		937,395
T-Mobile USA, Inc., Company Guaranteed,
5.75%, 01/15/34		1,275,000		1,288,526
Verizon Communications, Inc., Sr. Unsecured
2.10%, 03/22/28		50,000		44,356
1.75%, 01/20/31		2,310,000		1,829,161
2.36%, 03/15/32		305,000		244,554
3.40%, 03/22/41		1,515,000		1,134,477
TOTAL TELECOMMUNICATIONS			$	6,235,945
TRANSPORTATION – 0.9%
FedEx Corp., Company Guaranteed,
2.40%, 05/15/31#		2,500,000		2,067,631
Ryder System, Inc., Sr. Unsecured, MTN,
2.85%, 03/01/27		2,645,000		2,458,979
Union Pacific Corp., Sr. Unsecured,
4.30%, 03/01/49		675,000		547,578
TOTAL TRANSPORTATION			$	5,074,188
TRUCKING & LEASING – 0.8%
GATX Corp., Sr. Unsecured
3.25%, 09/15/26		1,570,000		1,487,340
3.85%, 03/30/27		1,500,000		1,432,050
4.00%, 06/30/30		1,000,000		908,221
5.20%, 03/15/44		640,000		564,012
TOTAL TRUCKING & LEASING			$	4,391,623
TOTAL CORPORATE BONDS (COST $243,442,782)			$	222,575,582
GOVERNMENT AGENCIES – 1.3%
FEDERAL HOME LOAN BANK (FHLB) – 1.1%
3.25%, 11/16/28#		6,960,000		6,540,577
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%
6.25%, 05/15/29#		750,000		797,885

Description	Par Value		Value
7.25%, 05/15/30	$	400,000	$	450,244
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,248,129
TOTAL GOVERNMENT AGENCIES (COST $8,752,742)			$	7,788,706
MORTGAGE-BACKED SECURITIES – 23.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 8.1%
Pool C00478, 8.50%, 09/01/26		2,271		2,315
Pool E09010, 2.50%, 09/01/27		126,361		119,562
Pool G18497, 3.00%, 01/01/29		20,164		18,832
Pool C01272, 6.00%, 12/01/31		6,078		5,971
Pool A13990, 4.50%, 10/01/33		4,167		3,841
Pool G01625, 5.00%, 11/01/33		17,700		17,512
Pool A18401, 6.00%, 02/01/34		7,071		7,206
Pool QN1900, 3.00%, 04/01/35		598,594		552,137
Pool G08097, 6.50%, 11/01/35		10,474		11,278
Pool G02296, 5.00%, 06/01/36		46,241		45,013
Pool G02390, 6.00%, 09/01/36		4,437		4,630
Pool G05317, 5.00%, 04/01/37		183,752		178,869
Pool G08193, 6.00%, 04/01/37		8,225		8,466
Pool G03703, 5.50%, 12/01/37		5,192		5,267
Pool G04776, 5.50%, 07/01/38		17,541		17,126
Pool G05500, 5.00%, 05/01/39		167,690		163,860
Pool A93415, 4.00%, 08/01/40		232,640		215,680
Pool A93505, 4.50%, 08/01/40		288,681		273,748
Pool A93996, 4.50%, 09/01/40		218,468		207,166
Pool G06222, 4.00%, 01/01/41		347,929		324,226
Pool A97047, 4.50%, 02/01/41		223,983		213,459
Pool G06956, 4.50%, 08/01/41		223,644		213,135
Pool C03750, 3.50%, 02/01/42		97,822		86,777
Pool C03849, 3.50%, 04/01/42		53,054		47,487
Pool Q08305, 3.50%, 05/01/42		393,464		349,635
Pool C04305, 3.00%, 11/01/42		1,054,079		940,970
Pool C09020, 3.50%, 11/01/42		763,337		677,360
Pool G07266, 4.00%, 12/01/42		658,560		611,705
Pool C04444, 3.00%, 01/01/43		33,566		28,798
Pool C09029, 3.00%, 03/01/43		144,172		122,228
Pool G08534, 3.00%, 06/01/43		177,120		150,163
Pool Q19476, 3.50%, 06/01/43		284,737		252,168
Pool C09044, 3.50%, 07/01/43		343,701		304,384
Pool G07889, 3.50%, 08/01/43		306,298		272,881
Pool G07624, 4.00%, 12/01/43		314,560		294,258
Pool G60038, 3.50%, 01/01/44		1,656,000		1,475,246
Pool G07680, 4.00%, 04/01/44		546,224		501,943
Pool G07943, 4.50%, 08/01/44		29,221		27,856
Pool G08607, 4.50%, 09/01/44		193,781		185,869
Pool Q33547, 3.50%, 05/01/45		266,537		231,645
Pool Q36970, 4.00%, 10/01/45		125,934		115,381
Pool G60384, 4.50%, 12/01/45		19,289		18,341
Pool Q39644, 3.50%, 03/01/46		793,774		696,003
Pool Q39438, 4.00%, 03/01/46		781,365		713,944
Pool G08705, 3.00%, 05/01/46		72,584		61,633
Pool G08708, 4.50%, 05/01/46		125,819		119,167
Pool ZS4671, 3.00%, 08/01/46		470,803		399,835
Pool Q44452, 3.00%, 11/01/46		686,623		583,025
Pool ZS4693, 3.00%, 12/01/46		1,305,424		1,102,702
Pool SD8037, 2.50%, 01/01/50		2,620,592		2,103,740

 

ANNUAL REPORT / April 30, 2024

15 PORTFOLIOS OF INVESTMENTS

 

  Wilmington Broad Market Bond Fund (continued)  

 

Description	Par Value		Value
Pool RA2341, 2.50%, 04/01/50	$	2,239,898	$	1,790,459
Pool SD8104, 1.50%, 11/01/50		2,327,697		1,674,754
Pool RA4349, 2.50%, 01/01/51		1,156,699		927,791
Pool SD8141, 2.50%, 04/01/51		1,077,761		860,231
Pool SD8190, 3.00%, 01/01/52		2,081,487		1,732,767
Pool QE2363, 3.50%, 05/01/52		3,650,641		3,152,352
Pool SD3139, 3.50%, 07/01/52		992,964		857,979
Pool RA7777, 4.50%, 08/01/52		3,158,540		2,916,146
Pool SD2066, 4.00%, 12/01/52		623,698		560,684
Pool SD3238, 5.50%, 12/01/52		2,005,276		1,949,896
Pool SD2617, 5.00%, 03/01/53		5,744,085		5,454,234
Pool RA8647, 4.50%, 05/01/53		2,305,787		2,129,016
Pool SD3786, 5.00%, 05/01/53		1,282,736		1,218,206
Pool RA9431, 5.50%, 07/01/53		3,321,897		3,247,581
Pool SD3745, 6.00%, 09/01/53		3,633,568		3,601,627
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	47,158,166
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 15.5%
Pool AE2520, 3.00%, 01/01/26		61,130		59,759
Pool 329794, 7.00%, 02/01/26		991		996
Pool 256639, 5.00%, 02/01/27		6,734		6,756
Pool 256752, 6.00%, 06/01/27		7,366		7,338
Pool 257007, 6.00%, 12/01/27		7,290		7,260
Pool 402255, 6.50%, 12/01/27		23		23
Pool AB8997, 2.50%, 04/01/28		36,798		34,426
Pool AS4480, 2.50%, 02/01/30		224,155		210,395
Pool AS7462, 2.50%, 06/01/31		114,888		103,576
Pool 254007, 6.50%, 10/01/31		2,933		3,015
Pool 254240, 7.00%, 03/01/32		9,435		9,372
Pool 638023, 6.50%, 04/01/32		26,863		27,534
Pool 642345, 6.50%, 05/01/32		17,754		18,217
Pool 651292, 6.50%, 07/01/32		38,146		38,974
Pool 686398, 6.00%, 03/01/33		44,224		45,192
Pool BP6496, 2.00%, 07/01/35		705,037		614,258
Pool MA4095, 2.00%, 08/01/35		888,497		774,078
Pool 745412, 5.50%, 12/01/35		13,247		13,405
Pool 888789, 5.00%, 07/01/36		74,742		73,319
Pool 256515, 6.50%, 12/01/36		5,249		5,371
Pool AE0217, 4.50%, 08/01/40		35,565		33,714
Pool AB1796, 3.50%, 11/01/40		217,634		195,933
Pool AH5583, 4.50%, 02/01/41		92,486		88,140
Pool 890551, 4.50%, 08/01/41		22,774		21,697
Pool AL0658, 4.50%, 08/01/41		132,341		126,079
Pool AL1319, 4.50%, 10/01/41		162,873		154,962
Pool AL6302, 4.50%, 10/01/41		237,919		226,739
Pool AX5302, 4.00%, 01/01/42		402,037		367,969
Pool AK4523, 4.00%, 03/01/42		458,459		421,457
Pool AL2034, 4.50%, 04/01/42		58,865		56,080
Pool AB7936, 3.00%, 02/01/43		641,417		544,994
Pool AL3761, 4.50%, 02/01/43		67,101		64,335
Pool MA1458, 3.00%, 06/01/43		141,495		123,054
Pool AT7899, 3.50%, 07/01/43		980,946		873,434
Pool AS0302, 3.00%, 08/01/43		1,538,430		1,337,876
Pool AU4279, 3.00%, 09/01/43		316,642		275,364
Pool AL5537, 4.50%, 04/01/44		108,111		102,997
Pool AS3155, 4.00%, 08/01/44		15,402		14,135
Pool AX0833, 3.50%, 09/01/44		267,915		238,573

Description	Par Value		Value
Pool AL6325, 3.00%, 10/01/44	$	976,490	$	845,200
Pool AS5136, 4.00%, 06/01/45		92,152		83,916
Pool AZ7362, 4.00%, 11/01/45		261,806		239,041
Pool AZ9565, 3.50%, 12/01/45		360,600		318,274
Pool BC0326, 3.50%, 12/01/45		316,246		279,117
Pool BC0245, 3.00%, 02/01/46		195,731		166,228
Pool BC0830, 3.00%, 04/01/46		292,597		248,490
Pool AS7568, 4.50%, 07/01/46		40,826		38,455
Pool BC4764, 3.00%, 10/01/46		401,710		341,151
Pool MA2771, 3.00%, 10/01/46		119,805		100,609
Pool AS8276, 3.00%, 11/01/46		406,284		345,029
Pool BC9003, 3.00%, 11/01/46		417,962		354,948
Pool BE1899, 3.00%, 11/01/46		1,626,196		1,380,980
Pool BE3767, 3.50%, 07/01/47		364,594		321,039
Pool BH2618, 3.50%, 08/01/47		108,133		95,217
Pool MA3088, 4.00%, 08/01/47		319,072		290,610
Pool BH4010, 4.50%, 09/01/47		312,271		293,593
Pool BH9215, 3.50%, 01/01/48		525,332		459,732
Pool BJ0650, 3.50%, 03/01/48		2,176,703		1,914,825
Pool BJ0639, 4.00%, 03/01/48		123,863		112,170
Pool BJ9169, 4.00%, 05/01/48		582,694		527,723
Pool BK4764, 4.00%, 08/01/48		535,208		484,652
Pool BN1628, 4.50%, 11/01/48		268,533		252,135
Pool BM5334, 3.50%, 01/01/49		490,844		431,365
Pool MA3871, 3.00%, 12/01/49		1,335,728		1,122,044
Pool CA5306, 3.00%, 03/01/50		1,146,010		951,606
Pool CA5353, 3.50%, 03/01/50		998,423		866,985
Pool MA4100, 2.00%, 08/01/50		1,252,592		956,450
Pool FM3989, 2.50%, 08/01/50		814,174		651,339
Pool CA6983, 2.00%, 09/01/50		2,215,433		1,696,786
Pool CA7106, 2.00%, 09/01/50		1,422,448		1,089,433
Pool MA4119, 2.00%, 09/01/50		938,023		716,238
Pool BQ2999, 2.50%, 10/01/50		1,869,604		1,488,485
Pool CA7383, 3.00%, 10/01/50		1,227,581		1,016,488
Pool CA7734, 2.50%, 11/01/50		1,292,591		1,032,027
Pool FM5297, 3.00%, 11/01/50		1,707,931		1,433,258
Pool MA4208, 2.00%, 12/01/50		968,129		740,120
Pool CA8021, 2.50%, 12/01/50		3,803,884		3,029,153
Pool FM5166, 3.00%, 12/01/50		865,045		717,079
Pool BQ4495, 2.00%, 02/01/51		5,270,455		4,013,260
Pool CA8929, 2.00%, 02/01/51		2,490,786		1,894,382
Pool FM6426, 2.00%, 03/01/51		2,147,575		1,658,791
Pool CB0199, 3.00%, 04/01/51		665,777		555,652
Pool BR7857, 2.50%, 05/01/51		3,347,203		2,661,924
Pool FM7188, 2.50%, 05/01/51		2,335,802		1,905,293
Pool CB0727, 2.50%, 06/01/51		5,887,003		4,721,524
Pool FM8440, 2.50%, 08/01/51		1,333,854		1,069,888
Pool FM9949, 2.00%, 12/01/51		870,585		667,879
Pool FM9871, 2.50%, 12/01/51		5,941,207		4,764,908
Pool BU1416, 3.00%, 01/01/52		2,122,036		1,761,319
Pool FS0982, 3.00%, 03/01/52		1,770,984		1,477,503
Pool FS1571, 2.00%, 04/01/52		3,707,225		2,806,461
Pool CB3334, 3.50%, 04/01/52		5,493,902		4,774,899
Pool BV7245, 4.00%, 05/01/52		6,322,700		5,658,087
Pool MA4644, 4.00%, 05/01/52		1,255,488		1,129,296
Pool CB4818, 4.00%, 10/01/52		1,077,019		968,607
Pool CB4800, 4.50%, 10/01/52		6,323,992		5,838,214

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 16

 

Wilmington Broad Market Bond Fund (continued)

 

Description	Par Value		Value
Pool FS5676, 5.00%, 12/01/52	$	6,654,131	$	6,318,279
Pool FS5113, 5.50%, 07/01/53		667,347		648,090
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	90,047,042
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354827, 7.00%, 05/15/24		22		22
Pool 2077, 7.00%, 09/20/25		575		578
Pool 780825, 6.50%, 07/15/28		12,546		12,712
Pool 2616, 7.00%, 07/20/28		7,428		7,565
Pool 2701, 6.50%, 01/20/29		15,520		15,769
Pool 426727, 7.00%, 02/15/29		1,857		1,849
Pool 503405, 6.50%, 04/15/29		6,296		6,191
Pool 781231, 7.00%, 12/15/30		8,058		8,151
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	52,837
TOTAL MORTGAGE-BACKED SECURITIES (COST $161,191,531)			$	137,258,045
MUNICIPAL BOND – 0.4%
GENERAL – 0.4%
New Jersey Transportation Trust Fund Authority, Current Refunding Revenue Bonds, (Series B), 4.13%, 06/15/42		2,500,000		2,024,981
TOTAL MUNICIPAL BOND (COST $2,500,000)			$	2,024,981
U.S. TREASURY OBLIGATIONS – 30.1%
U.S. TREASURY BONDS – 8.7%
6.38%, 08/15/27#		450,000		470,126
5.25%, 02/15/29#		12,500,000		12,730,121
6.25%, 05/15/30		500,000		538,505
5.38%, 02/15/31		600,000		623,995
2.00%, 11/15/41		985,000		651,080
2.38%, 02/15/42		2,000,000		1,403,610
3.00%, 05/15/42		500,000		386,551
3.63%, 08/15/43		881,000		738,906
3.75%, 11/15/43		365,000		311,322
3.63%, 02/15/44		2,106,000		1,761,731
3.13%, 08/15/44		6,637,000		5,115,105
3.00%, 11/15/44		2,000,000		1,506,070
2.50%, 02/15/45		2,135,000		1,465,564
3.00%, 05/15/45		2,000,000		1,498,580
2.88%, 08/15/45		300,000		219,442
3.00%, 11/15/45		765,000		571,060
2.50%, 02/15/46		280,000		189,933
3.00%, 02/15/47		1,098,000		810,903
3.00%, 05/15/47		1,695,000		1,249,159
2.75%, 11/15/47		2,235,000		1,563,981
1.25%, 05/15/50		3,300,000		1,559,650
1.38%, 08/15/50		3,000,000		1,464,287
1.63%, 11/15/50		2,500,000		1,306,987
2.00%, 08/15/51		13,255,000		7,613,379
3.63%, 05/15/53		3,035,000		2,481,254
4.13%, 08/15/53		3,000,000		2,687,058
TOTAL U.S. TREASURY BONDS			$	50,918,359
U.S. TREASURY NOTES – 21.4%
1.63%, 02/15/26		7,000,000		6,587,274

Description	Par Value		Value
1.63%, 05/15/26	$	5,470,000	$	5,111,658
4.50%, 07/15/26		3,000,000		2,968,510
2.00%, 11/15/26		4,180,000		3,889,296
2.25%, 02/15/27		5,030,000		4,686,537
1.13%, 02/28/27		250,000		225,351
0.50%, 06/30/27		450,000		393,193
3.13%, 08/31/27		15,000,000		14,215,264
2.25%, 11/15/27		300,000		275,120
2.75%, 02/15/28		6,750,000		6,271,503
4.00%, 02/29/28		10,000,000		9,720,878
1.25%, 06/30/28		500,000		433,958
2.88%, 08/15/28		5,000,000		4,634,926
4.38%, 08/31/28		5,500,000		5,416,415
1.38%, 10/31/28		8,000,000		6,915,884
4.88%, 10/31/28		3,000,000		3,014,424
3.13%, 11/15/28		350,000		326,908
2.38%, 05/15/29		7,900,000		7,073,956
1.63%, 08/15/29		5,000,000		4,288,137
1.50%, 02/15/30		5,000,000		4,192,869
3.50%, 04/30/30		3,500,000		3,280,045
0.63%, 05/15/30		550,000		433,016
1.13%, 02/15/31		4,000,000		3,186,758
1.63%, 05/15/31		5,000,000		4,092,069
1.38%, 11/15/31		1,880,000		1,487,221
1.88%, 02/15/32		6,000,000		4,904,927
2.75%, 08/15/32		7,000,000		6,071,409
4.13%, 11/15/32		4,000,000		3,840,680
3.38%, 05/15/33		7,000,000		6,326,972
TOTAL U.S. TREASURY NOTES			$	124,265,158
TOTAL U.S. TREASURY OBLIGATIONS (COST $199,756,949)			$	175,183,517
	Number of Shares
MONEY MARKET FUND – 4.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^		23,852,153		23,852,153
TOTAL MONEY MARKET FUND (COST $23,852,153)			$	23,852,153

 

ANNUAL REPORT / April 30, 2024

17 PORTFOLIOS OF INVESTMENTS

 

  Wilmington Broad Market Bond Fund (continued)

 

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.9%
REPURCHASE AGREEMENTS – 3.9%
Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $4,163,569, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $4,246,213.	$	4,162,954	$	4,162,954
Bank of Montreal, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $1,771,211, collateralized by U.S. Government Agency Securities, 1.50% to 7.60%, maturing 10/01/25 to 5/01/54; total market value of $1,806,368.		1,770,949		1,770,949
BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $4,163,569, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $4,246,213.		4,162,954		4,162,954
HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $4,080,297, collateralized by U.S. Government Agency Securities, 2.50% to 3.00%, maturing 4/20/43 to 10/20/51; total market value of $4,161,289.		4,079,695		4,079,695
Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $4,163,568, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $4,247,781.		4,162,954		4,162,954
RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $4,163,569, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $4,246,213.		4,162,954		4,162,954
TOTAL REPURCHASE AGREEMENTS  (COST $22,502,460)			$	22,502,460
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $22,502,460)			$	22,502,460
TOTAL INVESTMENTS – 101.7% (COST $662,043,845)			$	591,229,590
COLLATERAL FOR SECURITIES ON LOAN – (3.9%)				(22,502,460	)
OTHER ASSETS LESS LIABILITIES – 2.2%				12,589,097
TOTAL NET ASSETS – 100.0%			$	581,316,227

   

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 18

 

Wilmington Broad Market Bond Fund (concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	5,228		$—	$	5,228
Collateralized Mortgage Obligations		—		38,918		—		38,918
Corporate Bonds		—		222,575,582		—		222,575,582
Government Agencies		—		7,788,706		—		7,788,706
Mortgage-Backed Securities		—		137,258,045		—		137,258,045
Municipal Bond		—		2,024,981		—		2,024,981
U.S. Treasury Obligations		—		175,183,517		—		175,183,517
Money Market Fund		23,852,153		—		—		23,852,153
Repurchase Agreements		—		22,502,460		—		22,502,460
Total	$	23,852,153	$	567,377,437		$—	$	591,229,590

** 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.

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

^W  Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2024, these liquid restricted securities amounted to $6,161,200, representing 1.06% of total net assets.

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

^ 7-Day net yield.

The following acronyms are used throughout this 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

 

ANNUAL REPORT / April 30, 2024

19  

 

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

	Percentage of
	Total Net Assets
General		19.9	%
General Obligations		13.0	%
Medical		11.4	%
Airport		9.0	%
Higher Education		8.8	%
Transportation		4.9	%
Power		4.2	%
Multifamily Housing		3.6	%
Development		3.5	%
School District		3.2	%
Education		3.0	%
Student Loan		2.7	%
Tobacco Settlement		2.2	%
Water		2.0	%
Utilities		1.1	%
Housing		0.3	%
Exchange-Traded Funds		4.8	%
Cash Equivalents(1)		1.6	%
Other Assets and Liabilities - Net(2)		0.8	%
TOTAL		100.0	%

	Percentage of
Credit Quality Diversification(3)	Total Net Assets
AAA / Aaa		11.9	%
AA / Aa		26.3	%
A / A		40.2	%
BBB / Baa		9.6	%
Not Rated		11.2	%
Other Assets and Liabilities - Net(2)		0.8	%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

Description	Number of Shares		Value
EXCHANGE-TRADED FUNDS – 4.8%
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		597,700	$	15,044,109
TOTAL EXCHANGE-TRADED FUNDS (Cost $15,279,104)			$	15,044,109
	Par Value
MUNICIPAL BONDS – 92.8%
ALABAMA – 1.0%
GENERAL – 1.0%
Southeast Alabama Gas Supply District (The), AL, Current Refunding Revenue Bonds, (Series A), 5.00%, 08/01/54	$	3,000,000		3,169,908
TOTAL ALABAMA			$	3,169,908

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	$	1,832,435
TOTAL ALASKA			$	1,832,435
ARIZONA – 3.5%
DEVELOPMENT – 0.3%
Chandler Industrial Development Authority, AZ, Revenue Bonds, (Intel Corp. Project), 4.10%, 12/01/37		1,000,000		998,649
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		60,000		60,237
TOTAL DEVELOPMENT			$	1,058,886

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 20

 

Wilmington Municipal Bond Fund (continued)

 

Description	Par Value		Value
EDUCATION – 1.3%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A)
5.00%, 11/01/26	$	1,000,000	$	1,032,695
5.00%, 11/01/30		1,000,000		1,071,081
5.00%, 11/01/32		865,000		928,431
La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 02/15/28		1,100,000		1,113,912
TOTAL EDUCATION			$	4,146,119
MEDICAL – 0.8%
Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A)
5.00%, 09/01/34		1,000,000		1,078,172
5.00%, 09/01/35		725,000		778,819
5.00%, 09/01/36		500,000		533,916
TOTAL MEDICAL			$	2,390,907
UTILITIES – 1.1%
Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36		3,000,000		3,501,010
TOTAL ARIZONA			$	11,096,922
CALIFORNIA – 0.9%
AIRPORT – 0.9%
City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds, (Series B), 5.00%, 05/15/32		800,000		840,157
City of Los Angeles Department of Airports, CA, Revenue Bonds
4.00%, 05/15/35		600,000		603,436
4.00%, 05/15/36		800,000		796,079
4.00%, 05/15/37		500,000		494,885
TOTAL CALIFORNIA			$	2,734,557
COLORADO – 4.1%
AIRPORT – 0.8%
City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31		2,500,000		2,630,539
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		2,246,624
MEDICAL – 1.7%
Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62		3,000,000		3,185,019
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49		2,000,000		2,038,699
TOTAL MEDICAL			$	5,223,718

Description	Par Value		Value
MULTIFAMILY HOUSING – 0.3%
Colorado Housing and Finance Authority, CO, Revenue Bonds, (Wintergreen Ridge Apartments Project), 4.00%, 05/01/41	$	1,000,000	$	995,178
WATER – 0.6%
City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33		1,750,000		1,840,093
TOTAL COLORADO			$	12,936,152
CONNECTICUT – 2.2%
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		2,701,667
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		1,440,712
University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33		1,000,000		1,040,049
TOTAL HIGHER EDUCATION			$	2,480,761
MEDICAL – 0.6%
Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1)
4.00%, 07/01/28		685,000		689,490
4.00%, 07/01/29		500,000		504,295
4.00%, 07/01/30		600,000		606,246
TOTAL MEDICAL			$	1,800,031
TOTAL CONNECTICUT			$	6,982,459
DISTRICT OF COLUMBIA – 1.2%
GENERAL – 0.7%
Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A)
5.00%, 10/01/30		610,000		674,047
5.00%, 10/01/31		875,000		963,982
5.00%, 10/01/32		500,000		550,762
TOTAL GENERAL			$	2,188,791
TRANSPORTATION – 0.5%
Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,579,185
TOTAL DISTRICT OF COLUMBIA			$	3,767,976
FLORIDA – 3.6%
AIRPORT – 0.3%
Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26		1,000,000		1,031,523
GENERAL OBLIGATIONS – 0.7%
State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		2,036,396

 

ANNUAL REPORT / April 30, 2024

21 PORTFOLIOS OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (continued)  

 

Description	Par Value		Value
HIGHER EDUCATION – 1.5%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)
5.00%, 04/01/28	$	750,000	$	793,647
5.00%, 04/01/30		750,000		794,457
5.00%, 04/01/31		750,000		794,097
5.00%, 04/01/33		750,000		793,155
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,640,647
TOTAL HIGHER EDUCATION			$	4,816,003
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		503,275
5.00%, 02/01/26		500,000		508,573
TOTAL HOUSING			$	1,011,848
MULTIFAMILY HOUSING – 0.8%
Miami-Dade County Housing Finance Authority, FL, Revenue Bonds, (HUD SECT 8), 5.00%, 10/01/26		2,500,000		2,536,231
TOTAL FLORIDA			$	11,432,001
GEORGIA – 4.0%
GENERAL – 3.3%
Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28		3,305,000		3,348,565
Main Street Natural Gas, Inc., GA, Revenue Bonds, (Series B), 5.00%, 07/01/53		1,000,000		1,050,303
Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A)
4.00%, 07/01/52		3,000,000		2,995,928
5.00%, 06/01/53		3,000,000		3,117,323
TOTAL GENERAL			$	10,512,119
TRANSPORTATION – 0.7%
Georgia Ports Authority, GA, Revenue Bonds
4.00%, 07/01/37		1,000,000		1,030,360
4.00%, 07/01/39		1,000,000		1,016,274
TOTAL TRANSPORTATION			$	2,046,634
TOTAL GEORGIA			$	12,558,753
IDAHO – 1.0%
HIGHER EDUCATION – 1.0%
Idaho Housing & Finance Association, ID, Current Refunding Revenue Bonds, (The College of IDAHO Project) , 5.00%, 11/01/33		3,000,000		3,051,996
TOTAL IDAHO			$	3,051,996

Description	Par Value		Value
ILLINOIS – 7.3%
GENERAL – 2.4%
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26	$	4,875,000	$	5,042,800
Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31		1,450,000		1,654,874
Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28		1,000,000		1,060,654
TOTAL GENERAL			$	7,758,328
GENERAL OBLIGATIONS – 4.1%
Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 01/01/32		3,000,000		3,230,555
State of Illinois, IL, GO Unlimited, Current Refunding, (Series A)
5.00%, 10/01/29		2,000,000		2,120,282
5.00%, 10/01/33		1,000,000		1,052,451
State of Illinois, IL, (Series C), 5.00%, 06/15/41		3,000,000		3,269,078
State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28		3,000,000		3,131,910
TOTAL GENERAL OBLIGATIONS			$	12,804,276
MULTIFAMILY HOUSING – 0.3%
Illinois Housing Development Authority, IL, Revenue Bonds, Ogden Commons, 4.00%, 07/01/43		1,000,000		995,270
TRANSPORTATION – 0.5%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,541,611
TOTAL ILLINOIS			$	23,099,485
INDIANA – 2.1%
DEVELOPMENT – 2.1%
Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44		6,500,000		6,611,964
TOTAL INDIANA			$	6,611,964
IOWA – 1.0%
EDUCATION – 1.0%
Waterloo Community School District Infrastructure Sales Services & Use Tax, IA, Revenue Bonds, (AGM), 4.00%, 07/01/29		3,000,000		3,068,156
TOTAL IOWA			$	3,068,156
KENTUCKY – 2.5%
GENERAL – 2.5%
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A)
4.00%, 08/01/52		3,000,000		2,965,143
5.00%, 05/01/55		1,000,000		1,040,177

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 22

 

Wilmington Municipal Bond Fund (continued)

 

Description	Par Value		Value
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50	$	4,000,000	$	3,989,970
TOTAL KENTUCKY			$	7,995,290
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		765,727
5.00%, 08/01/29		500,000		531,188
5.00%, 08/01/30		515,000		553,561
5.00%, 08/01/31		650,000		705,566
TOTAL MARYLAND			$	2,556,042
MASSACHUSETTS – 1.2%
MEDICAL – 0.3%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33		1,000,000		1,027,093
STUDENT LOAN – 0.9%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Series B)
5.00%, 07/01/33		1,800,000		1,904,274
4.25%, 07/01/44		1,000,000		966,895
TOTAL STUDENT LOAN			$	2,871,169
TOTAL MASSACHUSETTS			$	3,898,262
MICHIGAN – 3.1%
AIRPORT – 0.1%
Gerald R Ford International Airport Authority, MI, Revenue Bonds, (CNTY GTD) , 5.00%, 01/01/41		500,000		539,260
MULTIFAMILY HOUSING – 1.4%
Michigan State Housing Development Authority, MI, Revenue Bonds, (Clark Road Senior Apartment Project), 4.50%, 12/01/42		4,300,000		4,326,536
SCHOOL DISTRICT – 1.1%
Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax
4.00%, 05/01/33		1,330,000		1,367,646
4.00%, 05/01/34		1,000,000		1,026,594
Saginaw City School District, MI, GO Unlimited, School Improvements, AD Valorem Property Tax, (Qualified School Bond Loan Fund), 4.00%, 05/01/35		1,000,000		1,032,529
TOTAL SCHOOL DISTRICT			$	3,426,769
WATER – 0.5%
Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC, 5.50%, 07/01/29		145,000		150,030

Description	Par Value		Value
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34	$	1,450,000	$	1,464,715
TOTAL WATER			$	1,614,745
TOTAL MICHIGAN			$	9,907,310
MINNESOTA – 1.6%
GENERAL OBLIGATIONS – 0.6%
State of Minnesota, MN, GO Unlimited, AD Valorem Property Tax, (Series A), 4.00%, 09/01/38		2,000,000		2,044,592
MEDICAL – 1.0%
Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39		3,000,000		3,095,476
TOTAL MINNESOTA			$	5,140,068
NEVADA – 1.4%
GENERAL OBLIGATIONS – 1.4%
Las Vegas Valley Water District, NV, GO Limited, AD Valorem Property Tax, (Series A), 4.00%, 06/01/46		1,250,000		1,205,148
Las Vegas Valley Water District, NV, GO Limited, Current Refunding, AD Valorem Property Tax, (Series C), 4.00%, 06/01/37		3,000,000		3,079,300
TOTAL NEVADA			$	4,284,448
NEW JERSEY – 5.0%
GENERAL – 2.6%
Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28		3,000,000		3,172,101
New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24		225,000		225,209
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System)
5.00%, 12/15/28		1,135,000		1,216,571
5.00%, 12/15/34		3,000,000		3,197,175
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32		500,000		543,744
TOTAL GENERAL			$	8,354,800
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		2,028,839
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31		1,000,000		1,041,595
TOTAL HIGHER EDUCATION			$	3,070,434
MULTIFAMILY HOUSING – 0.1%
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33		400,000		385,404

 

ANNUAL REPORT / April 30, 2024

23 PORTFOLIOS OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (continued)  

 

Description	Par Value		Value
SCHOOL DISTRICT – 0.3%
Newark Board of Education, NJ, GO Unlimited, AD Valorem Property Tax, (Sustainability Bonds), (BAM)
5.00%, 07/15/28	$	250,000	$	265,788
5.00%, 07/15/29		250,000		269,378
5.00%, 07/15/30		250,000		272,509
TOTAL SCHOOL DISTRICT			$	807,675
STUDENT LOAN – 1.0%
New Jersey Higher Education Student Assistance Authority, NJ, Current Refunding Revenue Bonds, (Series B)
5.00%, 12/01/26		2,000,000		2,044,832
4.00%, 12/01/44		1,000,000		954,007
TOTAL STUDENT LOAN			$	2,998,839
TOTAL NEW JERSEY			$	15,617,152
NEW YORK – 6.1%
AIRPORT – 1.7%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series)
4.00%, 03/15/30		1,000,000		1,009,954
5.00%, 09/15/31		2,500,000		2,611,987
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (222nd Series ), (BAM-TCRS), 4.00%, 07/15/39		1,840,000		1,858,108
TOTAL AIRPORT			$	5,480,049
DEVELOPMENT – 1.1%
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		3,000,000		3,456,437
GENERAL – 1.5%
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		2,538,340
New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38		2,005,000		2,033,783
TOTAL GENERAL			$	4,572,123
GENERAL OBLIGATIONS – 1.1%
New York City, NY, GO Unlimited, AD Valorem Property Tax, (Series A)
5.00%, 09/01/36		1,600,000		1,798,721
4.00%, 08/01/37		1,500,000		1,517,285
TOTAL GENERAL OBLIGATIONS			$	3,316,006
HIGHER EDUCATION – 0.3%
Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30		990,000		1,043,760
MULTIFAMILY HOUSING – 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		1,401,524
TOTAL NEW YORK			$	19,269,899

Description	Par Value		Value
NORTH CAROLINA – 1.9%
POWER – 1.5%
North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32	$	4,250,000	$	4,645,890
TRANSPORTATION – 0.4%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32		1,250,000		1,340,632
TOTAL NORTH CAROLINA			$	5,986,522
OHIO – 4.1%
GENERAL OBLIGATIONS – 0.7%
State of Ohio, OH, GO Unlimited, Public Improvements, (Series A)
5.00%, 03/01/34		1,000,000		1,154,783
5.00%, 03/01/35		1,000,000		1,147,762
TOTAL GENERAL OBLIGATIONS			$	2,302,545
HIGHER EDUCATION – 1.0%
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		1,083,482
Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), 4.00%, 12/01/43		2,000,000		1,966,390
TOTAL HIGHER EDUCATION			$	3,049,872
MEDICAL – 1.4%
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		3,035,000		3,158,188
State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34		1,250,000		1,276,621
TOTAL MEDICAL			$	4,434,809
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		3,269,279
TOTAL OHIO			$	13,056,505
OKLAHOMA – 1.4%
GENERAL – 1.4%
Canadian County Educational Facilities Authority, OK, Revenue Bonds, (Mustang Public Schools Project), (Series A), 5.25%, 09/01/34		3,000,000		3,388,240
Oklahoma County Finance Authority, OK, Revenue Bonds, (Midwest City-Del City Public Schools Project), (BAM), 5.00%, 10/01/40		1,000,000		1,091,653
TOTAL OKLAHOMA			$	4,479,893

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 24

 

Wilmington Municipal Bond Fund (continued)

 

Description	Par Value		Value
OREGON – 0.4%
GENERAL – 0.4%
Oregon State Lottery, OR, Revenue Bonds, (Series A), (MORAL OBLG), 5.00%, 04/01/39	$	1,000,000	$	1,123,897
TOTAL OREGON			$	1,123,897
PENNSYLVANIA – 8.7%
AIRPORT – 1.5%
Allegheny County Airport Authority, PA, Revenue Bonds, (Series A)
5.00%, 01/01/28		1,500,000		1,560,945
4.00%, 01/01/38		1,500,000		1,471,588
Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,552,738
TOTAL AIRPORT			$	4,585,271
GENERAL – 1.9%
Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A), 4.00%, 03/01/35		3,000,000		3,058,645
Sports & Exhibition Authority of Pittsburgh and Allegheny County, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 02/01/26		2,930,000		3,005,668
TOTAL GENERAL			$	6,064,313
HIGHER EDUCATION – 1.9%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,048,909
Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35		1,130,000		1,149,947
Montgomery County Industrial Development Authority, PA, Revenue Bonds, (AICUP Financing Program – Gwynedd Mercy University Project), 5.25%, 05/01/38		1,000,000		1,008,400
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A)
5.00%, 11/01/25		700,000		703,022
5.00%, 11/01/26		350,000		353,441
5.00%, 11/01/27		600,000		609,975
5.00%, 11/01/28		1,100,000		1,125,097
TOTAL HIGHER EDUCATION			$	5,998,791
MEDICAL – 0.9%
Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35		2,500,000		2,701,847
STUDENT LOAN – 0.1%
Pennsylvania Higher Education Assistance Agency, PA, Revenue Bonds, 4.13%, 06/01/45		500,000		481,294

Description	Par Value		Value
TOBACCO SETTLEMENT – 0.3%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34	$	1,000,000	$	1,057,065
TRANSPORTATION – 1.2%
Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32		2,000,000		2,105,373
Pennsylvania Turnpike Commission, PA, Refunding Revenue Bonds, Public Improvements, (Series B)
5.00%, 12/01/35		500,000		565,574
5.00%, 12/01/36		500,000		563,114
5.00%, 12/01/37		500,000		557,934
TOTAL TRANSPORTATION			$	3,791,995
WATER – 0.9%
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (First Lien), (Series B), (AGM)
5.00%, 09/01/38		1,250,000		1,394,242
5.00%, 09/01/39		1,000,000		1,110,213
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33		340,000		394,042
TOTAL WATER			$	2,898,497
TOTAL PENNSYLVANIA			$	27,579,073
SOUTH CAROLINA – 1.9%
TOBACCO SETTLEMENT – 1.9%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30		5,215,000		6,008,858
TOTAL SOUTH CAROLINA			$	6,008,858
TENNESSEE – 0.4%
AIRPORT – 0.4%
Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32		1,100,000		1,186,928
TOTAL TENNESSEE			$	1,186,928
TEXAS – 9.5%
AIRPORT – 0.7%
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35		1,000,000		1,024,792
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series B), 5.00%, 11/01/38		1,000,000		1,117,780
TOTAL AIRPORT			$	2,142,572
EDUCATION – 0.7%
Arlington Higher Education Finance Corp., TX, Revenue Bonds, (Trinity Basin Preparatory, Inc.), (PSF-GTD)
5.00%, 08/15/39		500,000		538,907
5.00%, 08/15/40		500,000		535,262

 

ANNUAL REPORT / April 30, 2024

25 PORTFOLIOS OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (continued)  

 

Description	Par Value		Value
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools), 5.00%, 08/15/29	$	1,000,000	$	1,066,184
TOTAL EDUCATION			$	2,140,353
GENERAL – 0.6%
Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax
4.00%, 08/15/31		1,000,000		1,001,663
4.00%, 08/15/32		1,000,000		1,001,087
TOTAL GENERAL			$	2,002,750
GENERAL OBLIGATIONS – 3.6%
Dallas, TX, GO Limited, AD Valorem Property Tax, (Series A)
5.00%, 02/15/40		1,250,000		1,372,980
5.00%, 02/15/41		1,000,000		1,093,222
Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax
4.00%, 04/01/25		100,000		100,184
4.00%, 04/01/26		100,000		100,364
4.00%, 04/01/27		100,000		100,935
4.00%, 04/01/28		535,000		542,957
4.00%, 04/01/29		100,000		101,889
4.00%, 04/01/30		100,000		102,420
4.00%, 04/01/31		350,000		360,553
4.00%, 04/01/32		100,000		102,612
4.00%, 04/01/33		495,000		506,084
4.00%, 04/01/34		100,000		102,049
4.00%, 04/01/35		100,000		101,862
4.00%, 04/01/36		380,000		384,085
State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29		2,125,000		2,192,936
State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29		3,735,000		3,980,820
TOTAL GENERAL OBLIGATIONS			$	11,245,952
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		1,067,307
6.25%, 07/01/27		1,100,000		1,140,486
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32		1,465,000		1,562,836
TOTAL MEDICAL			$	3,770,629
MULTIFAMILY HOUSING – 0.3%
El Paso Housing Finance Corp., TX, Revenue Bonds, (HUD SECT 8), 4.50%, 03/01/26		1,000,000		1,000,202
SCHOOL DISTRICT – 0.8%
Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37		1,000,000		1,031,492

Description	Par Value		Value
Royal Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/48	$	1,475,000	$	1,410,908
TOTAL SCHOOL DISTRICT			$	2,442,400
STUDENT LOAN – 0.7%
Brazos Higher Education Authority, Inc., TX, Revenue Bonds, (Series 1A), 5.13%, 04/01/43		2,295,000		2,373,974
TRANSPORTATION – 0.9%
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,550,508
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32		1,225,000		1,228,131
TOTAL TRANSPORTATION			$	2,778,639
TOTAL TEXAS			$	29,897,471
UTAH – 4.4%
AIRPORT – 1.8%
Salt Lake City, UT, Revenue Bonds, (Series A)
5.00%, 07/01/32		3,000,000		3,139,421
5.00%, 07/01/33		2,500,000		2,615,377
TOTAL AIRPORT			$	5,754,798
MEDICAL – 2.6%
Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM
5.40%, 02/15/28		2,850,000		2,876,713
5.13%, 02/15/33		5,090,000		5,128,640
TOTAL MEDICAL			$	8,005,353
TOTAL UTAH			$	13,760,151
WASHINGTON – 5.0%
GENERAL – 1.6%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28		5,125,000		5,146,891
MEDICAL – 0.6%
Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, (Overlake Hospital Medical Center), 5.00%, 07/01/33		1,750,000		1,781,508
POWER – 1.1%
Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33		3,000,000		3,433,409
SCHOOL DISTRICT – 1.0%
Clark County School District No. 114 Evergreen, WA, GO Unlimited, AD Valorem Property Tax, (SCH BD GTY), 4.00%, 12/01/33		3,000,000		3,121,520
TRANSPORTATION – 0.7%
Port of Seattle, WA, Revenue Bonds, 5.00%, 04/01/29		2,090,000		2,203,605
TOTAL WASHINGTON			$	15,686,933

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 26

 

Wilmington Municipal Bond Fund (concluded)

Description	Par Value		Value
WISCONSIN – 0.9%
MEDICAL – 0.3%
Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.)
4.00%, 01/01/32	$	500,000	$	493,530
4.00%, 01/01/33		500,000		492,553
TOTAL MEDICAL			$	986,083
POWER – 0.6%
Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46		1,750,000		1,721,524
TOTAL WISCONSIN			$	2,707,607
TOTAL MUNICIPAL BONDS (Cost $305,440,817)			$	292,485,073

Description	Number of Shares		Value
MONEY MARKET FUND – 1.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^		5,171,504	$	5,171,504
TOTAL MONEY MARKET FUND (Cost $5,171,504)			$	5,171,504
TOTAL INVESTMENTS – 99.2% (Cost $325,891,425)			$	312,700,686
OTHER ASSETS LESS LIABILITIES – 0.8%				2,424,866
TOTAL NET ASSETS – 100.0%			$	315,125,552

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

Level 1 – quoted prices in active markets for identical securities

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

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

 The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Exchange-Traded Funds	$	15,044,109		$	—			$—		$	15,044,109
Municipal Bonds		—			292,485,073			—			292,485,073
Money Market Fund		5,171,504			—			—			5,171,504
Total	$	20,215,613		$	292,485,073			$—		$	312,700,686

^{^}  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
TCRS	Tax Credit Reporting Service

See Notes which are an integral part of the Financial Statements

 

ANNUAL REPORT / April 30, 2024

27  

 

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

	Percentage of Total Net Assets
General		26.7	%
Higher Education		17.4	%
Transportation		10.7	%
General Obligations		8.7	%
Multifamily Housing		7.5	%
Medical		6.4	%
Education		6.2	%
Development		4.7	%
Airport		2.8	%
Power		2.7	%
Water		2.2	%
Utilities		2.1	%
Cash Equivalents(1)		0.5	%
Other Assets and Liabilities - Net(2)		1.4	%
TOTAL		100.0	%

Credit Quality Diversification(3)	Percentage of Total Net Assets
AAA / Aaa		5.9	%
AA / Aa		49.4	%
A / A		27.9	%
BBB / Baa		14.9	%
Not Rated		0.5	%
Other Assets and Liabilities - Net(2)		1.4	%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

Description	Par Value		Value
MUNICIPAL BONDS – 98.1%
NEW YORK – 98.1%
AIRPORT – 2.8%
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (Series 231ST), 5.00%, 08/01/31	$	1,000,000	$	1,083,499
DEVELOPMENT – 4.7%
Battery Park City Authority, NY, Revenue Bonds, 5.00%, 11/01/41		500,000		562,379
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		1,095,000		1,261,600
TOTAL DEVELOPMENT			$	1,823,979
EDUCATION – 6.2%
New York State Dormitory Authority, NY, Revenue Bonds, (AMG St. Aid Withhldg), 5.00%, 10/01/32		1,000,000		1,154,630
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33		1,200,000		1,261,133

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	$	5,400
TOTAL EDUCATION			$	2,421,163
GENERAL – 26.7%
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33		1,175,000		1,228,738
New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, 5.00%, 07/01/31		565,000		637,114
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		1,667,664
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Cash Flow Management, (Series A-1), 5.25%, 08/01/42		800,000		886,083
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		821,338

April 30, 2024 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 28

 

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	$	665,045
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32		2,000,000		2,064,280
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37		1,000,000		1,019,290
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		1,478,304
TOTAL GENERAL			$	10,467,856
GENERAL OBLIGATIONS – 8.7%
Binghamton, NY, GO, Public Facilities, AD Valorem Property Tax, (BAM), 4.00%, 04/15/32		500,000		528,286
New York, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series A-1), 5.00%, 09/01/38		1,000,000		1,107,793
North Hempstead, NY, GO, Public Improvements, AD Valorem Property Tax, (Series A), (BAM), 4.00%, 03/15/42		650,000		664,720
Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM), 5.00%, 05/01/30		1,000,000		1,094,886
TOTAL GENERAL OBLIGATIONS			$	3,395,685
HIGHER EDUCATION – 17.4%
Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A), 5.00%, 07/01/29		1,195,000		1,221,052
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32		1,040,000		1,076,169
Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33		725,000		799,459
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		1,115,133
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27		1,685,000		1,751,605
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John’s University), (Series A) , 5.00%, 07/01/30		800,000		834,796
TOTAL HIGHER EDUCATION			$	6,798,214
MEDICAL – 6.4%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29		1,000,000		1,022,111

Description	Par Value		Value
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (North Shore-Long Island Jewish Obligated Group), (Series A), 5.00%, 05/01/24	$	500,000	$	500,000
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (NYU Hospitals Center), 5.00%, 07/01/27		1,000,000		1,001,879
TOTAL MEDICAL			$	2,523,990
MULTIFAMILY HOUSING – 7.5%
New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33		1,890,000		1,800,627
New York City, NY, Housing Development Corp., Revenue Bonds, (Sustainable Neighborhood Bonds), (Series B-1A)
2.45%, 05/01/31		390,000		345,391
3.10%, 11/01/34		890,000		809,394
TOTAL MULTIFAMILY HOUSING			$	2,955,412
POWER – 2.7%
Utility Debt Securitization Authority, NY, Refunding Revenue Bonds, (Series TE), 5.00%, 12/15/38		950,000		1,074,131
TRANSPORTATION – 10.7%
Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/29		1,530,000		1,620,764
New York State Thruway Authority, NY, Current Refunding Revenue Bonds, (Series P)
5.00%, 01/01/27		500,000		523,430
4.00%, 01/01/45		1,000,000		965,466
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (Series 242), 5.00%, 12/01/39		1,000,000		1,076,571
TOTAL TRANSPORTATION			$	4,186,231
UTILITIES – 2.1%
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A), 5.00%, 09/01/34		750,000		838,453
WATER – 2.2%
New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), 5.00%, 06/15/31		750,000		851,383
TOTAL NEW YORK			$	38,419,996
TOTAL MUNICIPAL BONDS (Cost $40,168,956)			$	38,419,996

 

ANNUAL REPORT / April 30, 2024

29 PORTFOLIOS OF INVESTMENTS

 

  Wilmington New York Municipal Bond Fund (concluded)  

 

Description	Number of Shares		Value
MONEY MARKET FUND – 0.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^		190,111	$	190,111
TOTAL MONEY MARKET FUND (Cost $ 190,111)			$	190,111
TOTAL INVESTMENTS – 98.6% (Cost $ 40,359,067)			$	38,610,107
OTHER ASSETS LESS LIABILITIES – 1.4%				544,281
TOTAL NET ASSETS – 100.0%			$	39,154,388

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	38,419,996		$—	$	38,419,996
Money Market Fund		190,111		—		—		190,111
Total	$	190,111	$	38,419,996		$—	$	38,610,107

^ 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

April 30, 2024 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 30

 

April 30, 2024	Wilmington  Broad Market  Bond Fund				Wilmington Municipal Bond Fund				Wilmington New York Municipal Bond Fund
ASSETS:
Investments, at identified cost		$	662,043,845			$	325,891,425			$	40,359,067
Investments in securities, at value		$	591,229,590	(a)		$	312,700,686			$	38,610,107
Income receivable			4,182,719				4,014,729				593,704
Foreign tax reclaim receivable			1,561				—				—
Due from advisor			—				—				1,642
Receivable for shares sold			9,705,311				2,553,900				26,000
Prepaid assets			31,665				28,261				18,761
TOTAL ASSETS			605,150,846				319,297,576				39,250,214
LIABILITIES:
Collateral for securities on loan			22,502,460				—				—
Payable for investments purchased			—				1,027,025				—
Income distribution payable			908,857				507,783				13,179
Payable for shares redeemed			92,124				2,420,966				3,606
Payable for Trustees’ fees			4,760				4,862				4,862
Payable for administration fees			13,396				7,404				928
Payable for distribution services fees			372				3,042				952
Payable for shareholder services fees			149				—				—
Payable for investment advisory fees			153,084				81,985				—
Other accrued expenses			159,417				118,957				72,299
TOTAL LIABILITIES			23,834,619				4,172,024				95,826
NET ASSETS		$	581,316,227			$	315,125,552			$	39,154,388
NET ASSETS CONSIST OF:
Paid-in capital		$	658,773,210			$	335,957,800			$	42,010,779
Distributable earnings (loss)			(77,456,983	)			(20,832,248	)			(2,856,391	)
TOTAL NET ASSETS		$	581,316,227			$	315,125,552			$	39,154,388
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	1,797,989			$	14,789,465			$	4,589,289
Shares outstanding (unlimited shares authorized)			209,545				1,216,396				471,031
Net Asset Value per share		$	8.58			$	12.16			$	9.74
Offering Price per share*		$	8.98	**		$	12.73	**		$	10.20	**
Class I
Net Assets		$	579,518,238			$	300,336,087			$	34,565,099
Shares outstanding (unlimited shares authorized)			68,700,845				24,691,589				3,545,332
Net Asset Value and Offering Price per share		$	8.44			$	12.16			$	9.75

^(a)  Including $21,542,679 of securities on loan (Note 2).

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

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

See Notes which are an integral part of the Financial Statements

 

ANNUAL REPORT / April 30, 2024

31 STATEMENTS OF OPERATIONS

 

 

Year Ended April 30, 2024	Wilmington  Broad Market  Bond Fund				Wilmington Municipal Bond Fund				Wilmington New York Municipal Bond Fund
INVESTMENT INCOME:
Dividends		$	272,808			$	487,536				$	34,875
Interest			19,661,881				8,889,397					1,082,960
Securities lending income, net			48,158				—					—
TOTAL INVESTMENT INCOME			19,982,847				9,376,933					1,117,835
EXPENSES:
Investment advisory fees			2,508,647				1,466,882					191,847
Administration fees			159,299				93,168					11,387
Portfolio accounting and administration fees			156,784				104,125					34,645
Custodian fees			13,818				5,397					1,897
Transfer and dividend disbursing agent fees and expenses			14,532				15,052					2,516
Trustees’ fees			62,234				62,234					62,234
Professional fees			117,256				114,135					112,196
Distribution services fee—Class A			4,773				38,807					12,406
Shareholder services fee—Class A			4,773				38,807					12,406
Share registration costs			37,068				34,906					12,290
Printing and postage			25,935				14,845					9,485
Miscellaneous			45,080				40,579					19,574
TOTAL EXPENSES			3,150,199				2,028,937					482,883
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(743,770	)			(396,812	)				(217,813	)
Waiver of shareholder services fee—Class A			(2,864	)			(38,807	)				(12,406	)
TOTAL WAIVERS AND REIMBURSEMENTS			(746,634	)			(435,619	)				(230,219	)
Net expenses			2,403,565				1,593,318					252,664
Net investment income			17,579,282				7,783,615					865,171
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments			(2,523,943	)			(2,310,318	)				(817,609	)
Net change in unrealized appreciation (depreciation) on investments			(21,110,292	)			(505,555	)				365,622
Net realized and unrealized gain (loss)			(23,634,235	)			(2,815,873	)				(451,987	)
Change in net assets resulting from operations		$	(6,054,953	)		$	4,967,742				$	413,184

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 32

 

	Wilmington Broad Market Bond Fund							Wilmington Municipal Bond Fund
		Year Ended April 30, 2024			Year Ended April 30, 2023				Year Ended April 30, 2024			Year Ended April 30, 2023
OPERATIONS:
Net investment income		$	17,579,282		$	13,422,643			$	7,783,615		$	6,455,599
Net realized gain (loss)			(2,523,943	)		(1,389,476	)			(2,310,318	)		(3,507,838	)
Net change in unrealized appreciation (depreciation)			(21,110,292	)		(13,711,445	)			(505,555	)		6,174,791
Change in net assets resulting from operations			(6,054,953	)		(1,678,278	)			4,967,742			9,122,552
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(54,551	)		(51,252	)			(333,396	)		(307,455	)
Class I			(17,796,340	)		(13,800,456	)			(7,450,225	)		(6,148,073	)
Total distributions to shareholders			(17,850,891	)		(13,851,708	)			(7,783,621	)		(6,455,528	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			13,466			4,398				120,565			74,402
Class I			130,977,839			138,135,255				81,437,324			156,929,028
Distributions reinvested
Class A			51,931			48,598				281,011			259,919
Class I			8,094,941			6,652,102				1,489,172			1,292,031
Cost of shares redeemed
Class A			(202,286	)		(644,010	)			(2,202,749	)		(1,709,134	)
Class I			(85,819,233	)		(150,077,210	)			(102,733,901	)		(141,612,365	)
Change in net assets resulting from share transactions			53,116,658			(5,880,867	)			(21,608,578	)		15,233,881
Change in net assets			29,210,814			(21,410,853	)			(24,424,457	)		17,900,905
NET ASSETS:
Beginning of year			552,105,413			573,516,266				339,550,009			321,649,104
End of year		$	581,316,227		$	552,105,413			$	315,125,552		$	339,550,009
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			1,532			491				9,808			6,166
Class I			15,306,672			15,779,027				6,706,119			12,922,540
Distributions reinvested
Class A			5,957			5,450				23,177			21,476
Class I			944,555			759,267				122,751			106,705
Shares redeemed
Class A			(23,135	)		(72,183	)			(183,516	)		(141,071	)
Class I			(9,984,221	)		(16,980,125	)			(8,477,952	)		(11,735,846	)
Net change resulting from share transactions			6,251,360			(508,073	)			(1,799,613	)		1,179,970

See Notes which are an integral part of the Financial Statements

 

ANNUAL REPORT / April 30, 2024

33 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

 

 

	Wilmington New York Municipal Bond Fund
	Year Ended April 30, 2024			Year Ended April 30, 2023
OPERATIONS:
Net investment income	$	865,171		$	829,574
Net realized gain (loss)		(817,609	)		(280,917	)
Net change in unrealized appreciation (depreciation)		365,622			786,657
Change in net assets resulting from operations		413,184			1,335,314
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(89,825	)		(81,040	)
Class I		(775,417	)		(748,542	)
Total distributions to shareholders		(865,242	)		(829,582	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		3,482			8,739
Class I		2,743,903			4,392,474
Distributions reinvested
Class A		81,846			70,051
Class I		603,091			544,724
Cost of shares redeemed
Class A		(664,946	)		(467,287	)
Class I		(8,792,523	)		(12,908,995	)
Change in net assets resulting from share transactions		(6,025,147	)		(8,360,294	)
Change in net assets		(6,477,205	)		(7,854,562	)
NET ASSETS:
Beginning of year		45,631,593			53,486,155
End of year	$	39,154,388		$	45,631,593
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		357			901
Class I		280,573			448,846
Distributions reinvested
Class A		8,418			7,213
Class I		61,992			56,051
Shares redeemed
Class A		(67,975	)		(48,016	)
Class I		(906,631	)		(1,330,851	)
Net change resulting from share transactions		(623,266	)		(865,856	)

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 34

 

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

WILMINGTON BROAD MARKET BOND FUND
	Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020
CLASS A
Net Asset Value, Beginning of Year		$ 8.96				$ 9.23				$10.25				$10.39				$ 9.71
Income (Loss) From Operations:
Net Investment Income(a)		0.25				0.19				0.15				0.15				0.21
Net Realized and Unrealized Gain (Loss)		(0.38	)			(0.26	)			(0.99	)			(0.10	)			0.69
Total Income (Loss) From Operations		(0.13	)			(0.07	)			(0.84	)			0.05				0.90
Less Distributions From:
Net Investment Income		(0.25	)			(0.20	)			(0.18	)			(0.18	)			(0.22	)
Net Realized Gains		—				—				—				(0.01	)			—
Total Distributions		(0.25	)			(0.20	)			(0.18	)			(0.19	)			(0.22	)
Net Asset Value, End of Year		$ 8.58				$ 8.96				$ 9.23				$10.25				$10.39
Total Return(b)		(1.46	)%			(0.71	)%			(8.37	)%			0.51	%			9.35	%
Net Assets, End of Year (000’s)		$1,798				$2,018				$2,691				$2,234				$3,242
Ratios to Average Net Assets
Gross Expense(c)		1.06	%			1.07	%			1.06	%			1.06	%			1.07	%
Net Expense(c),(d)		0.77	%			0.77	%			0.77	%			0.81	%			0.83	%
Net Investment Income		2.81	%			2.16	%			1.45	%			1.46	%			2.06	%
Portfolio Turnover Rate		18	%			24	%			26	%			34	%			46	%
	Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020
CLASS I
Net Asset Value, Beginning of Year		$   8.81				$   9.08				$  10.08				$  10.22				$   9.55
Income (Loss) From Operations:
Net Investment Income(a)		0.27				0.22				0.18				0.18				0.24
Net Realized and Unrealized Gain (Loss)		(0.37	)			(0.26	)			(0.97	)			(0.09	)			0.68
Total Income (Loss) From Operations		(0.10	)			(0.04	)			(0.79	)			0.09				0.92
Less Distributions From:
Net Investment Income		(0.27	)			(0.23	)			(0.21	)			(0.22	)			(0.25	)
Net Realized Gains		—				—				—				(0.01	)			—
Total Distributions		(0.27	)			(0.23	)			(0.21	)			(0.23	)			(0.25	)
Net Asset Value, End of Year		$   8.44				$   8.81				$   9.08				$  10.08				$  10.22
Total Return(b)		(1.09	)%			(0.42	)%			(8.02	)%			0.83	%			9.74	%
Net Assets, End of Year (000’s)		$579,518				$550,087				$570,825				$623,556				$535,825
Ratios to Average Net Assets
Gross Expense(c)		0.56	%			0.57	%			0.56	%			0.75	%			0.82	%
Net Expense(c),(d)		0.43	%			0.43	%			0.43	%			0.47	%			0.49	%
Net Investment Income		3.15	%			2.51	%			1.79	%			1.79	%			2.40	%
Portfolio Turnover Rate		18	%			24	%			26	%			34	%			46	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

 

ANNUAL REPORT / April 30, 2024

35 FINANCIAL HIGHLIGHTS (continued)

 

 

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

WILMINGTON MUNICIPAL BOND FUND
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
CLASS A
Net Asset Value, Beginning of Year		$ 12.25			$ 12.12			$ 13.41			$ 12.72			$ 13.22
Income (Loss) From Operations:
Net Investment Income(a)		0.26			0.22			0.19			0.20			0.25
Net Realized and Unrealized Gain (Loss)		(0.09	)		0.13			(1.25	)		0.70			(0.28	)
Total Income (Loss) From Operations		0.17			0.35			(1.06	)		0.90			(0.03	)
Less Distributions From:
Net Investment Income		(0.26	)		(0.22	)		(0.19	)		(0.21	)		(0.25	)
Net Realized Gains		—			—			(0.04	)		—			(0.22	)
Total Distributions		(0.26	)		(0.22	)		(0.23	)		(0.21	)		(0.47	)
Net Asset Value, End of Year		$ 12.16			$ 12.25			$ 12.12			$ 13.41			$ 12.72
Total Return(b)		1.42	%		2.92	%		(8.08	)%		7.05	%		(0.36	)%
Net Assets, End of Year (000’s)		$14,790			$16,745			$17,942			$23,716			$24,052
Ratios to Average Net Assets
Gross Expense(c)		1.10	%		1.11	%		1.08	%		1.10	%		1.09	%
Net Expense(c),(d)		0.73	%		0.74	%		0.74	%		0.74	%		0.74	%
Net Investment Income		2.15	%		1.81	%		1.42	%		1.53	%		1.90	%
Portfolio Turnover Rate		19	%		28	%		23	%		24	%		81	%
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
CLASS I
Net Asset Value, Beginning of Year		$  12.26			$  12.13			$  13.42			$  12.73			$  13.23
Income (Loss) From Operations:
Net Investment Income(a)		0.29			0.25			0.22			0.24			0.29
Net Realized and Unrealized Gain (Loss)		(0.10	)		0.13			(1.25	)		0.69			(0.28	)
Total Income (Loss) From Operations		0.19			0.38			(1.03	)		0.93			0.01
Less Distributions From:
Net Investment Income		(0.29	)		(0.25	)		(0.22	)		(0.24	)		(0.29	)
Net Realized Gains		—			—			(0.04	)		—			(0.22	)
Total Distributions		(0.29	)		(0.25	)		(0.26	)		(0.24	)		(0.51	)
Net Asset Value, End of Year		$  12.16			$  12.26			$  12.13			$  13.42			$  12.73
Total Return(b)		1.60	%		3.18	%		(7.83	)%		7.32	%		(0.10	)%
Net Assets, End of Year (000’s)		$300,336			$322,805			$303,707			$338,952			$316,617
Ratios to Average Net Assets
Gross Expense(c)		0.60	%		0.61	%		0.59	%		0.79	%		0.84	%
Net Expense(c),(d)		0.48	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income		2.40	%		2.06	%		1.67	%		1.78	%		2.14	%
Portfolio Turnover Rate		19	%		28	%		23	%		24	%		81	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

April 30, 2024 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded) 36

 

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

WILMINGTON NEW YORK MUNICIPAL BOND FUND
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
CLASS A
Net Asset Value, Beginning of Year		$ 9.83			$ 9.71			$ 10.69			$10.20			$10.43
Income (Loss) From Operations:
Net Investment Income(a)		0.18			0.15			0.13			0.14			0.15
Net Realized and Unrealized Gain (Loss)		(0.09	)		0.12			(0.95	)		0.51			(0.16	)
Total Income (Loss) From Operations		0.09			0.27			(0.82	)		0.65			(0.01	)
Less Distributions From:
Net Investment Income		(0.18	)		(0.15	)		(0.13	)		(0.14	)		(0.15	)
Net Realized Gains		—			—			(0.03	)		(0.02	)		(0.07	)
Total Distributions		(0.18	)		(0.15	)		(0.16	)		(0.16	)		(0.22	)
Net Asset Value, End of Year		$ 9.74			$ 9.83			$ 9.71			$10.69			$10.20
Total Return(b)		0.90	%		2.79	%		(7.74	)%		6.38	%		(0.12	)%
Net Assets, End of Year (000’s)		$4,589			$5,212			$5,536			$6,789			$7,251
Ratios to Average Net Assets
Gross Expense(c)		1.57	%		1.53	%		1.37	%		1.34	%		1.34	%
Net Expense(c),(d)		0.81	%		0.82	%		0.82	%		0.82	%		0.82	%
Net Investment Income		1.81	%		1.52	%		1.24	%		1.31	%		1.43	%
Portfolio Turnover Rate		29	%		6	%		7	%		14	%		60	%
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
CLASS I
Net Asset Value, Beginning of Year		$  9.84			$  9.72			$ 10.70			$ 10.20			$ 10.43
Income (Loss) From Operations:
Net Investment Income(a)		0.20			0.17			0.16			0.16			0.18
Net Realized and Unrealized Gain (Loss)		(0.09	)		0.12			(0.95	)		0.53			(0.16	)
Total Income (Loss) From Operations		0.11			0.29			(0.79	)		0.69			0.02
Less Distributions From:
Net Investment Income		(0.20	)		(0.17	)		(0.16	)		(0.17	)		(0.18	)
Net Realized Gains		—			—			(0.03	)		(0.02	)		(0.07	)
Total Distributions		(0.20	)		(0.17	)		(0.19	)		(0.19	)		(0.25	)
Net Asset Value, End of Year		$  9.75			$  9.84			$  9.72			$ 10.70			$ 10.20
Total Return(b)		1.15	%		3.04	%		(7.50	)%		6.74	%		0.13	%
Net Assets, End of Year (000’s)		$34,565			$40,420			$47,950			$59,887			$54,979
Ratios to Average Net Assets
Gross Expense(c)		1.07	%		1.03	%		0.87	%		1.03	%		1.09	%
Net Expense(c),(d)		0.56	%		0.57	%		0.57	%		0.57	%		0.57	%
Net Investment Income		2.06	%		1.77	%		1.49	%		1.55	%		1.68	%
Portfolio Turnover Rate		29	%		6	%		7	%		14	%		60	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

 

ANNUAL REPORT / April 30, 2024

37 NOTES TO FINANCIAL STATEMENTS

 

 

Wilmington Funds

April 30, 2024

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 that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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.

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 38

 

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

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

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

At April 30, 2024, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Exposure(2)
Broad Market Bond Fund
Bank of America Securities, Inc.	$	4,162,954	$	4,162,954	$	—	$	—
Bank of Montreal		1,770,949		1,770,949		—		—
BNP Paribas SA		4,162,954		4,162,954		—		—
HSBC Securities USA, Inc.		4,079,695		4,079,695		—		—
Nomura Securities International, Inc.		4,162,954		4,162,954		—		—
RBC Dominion Securities, Inc.		4,162,954		4,162,954		—		—
	$	22,502,460	$	22,502,460	$	—	$	—

⁽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

 

ANNUAL REPORT / April 30, 2024

39 NOTES TO FINANCIAL STATEMENTS (continued)

 

 

Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day.

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

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

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

At April 30, 2024, 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	$21,542,679	$21,542,679	$—

⁽¹⁾  Collateral with a value of $22,502,460 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

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

3.  FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the for the year ended April 30, 2024.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to paydown gains (losses) on mortgage-backed securities, premium amortization on callable debt securities and wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2024, there were no such reclassifications.

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

Fund	Ordinary Income*		2024 Tax Exempt Income		Long-Term Capital  Gains	Ordinary Income*		2023 Tax Exempt Income		Long-Term Capital Gains
Broad Market Bond Fund		$17,850,891		$       —	$—		$13,851,708		$       —	$—
Municipal Bond Fund		204,585		7,579,036	—		292,933		6,162,595	—
New York Municipal Bond Fund		30,275		834,967	—		18,276		811,306	—

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

As of April 30, 2024, 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		$662,049,607		$355,636		$(71,175,653	)		$(70,820,017)
Municipal Bond Fund		325,924,464		903,958		(14,127,736	)		(13,223,778)
New York Municipal Bond Fund		40,359,070		52,985		(1,801,948	)		(1,748,963)

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 40

 

As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed  Ordinary Income		Undistributed  Tax-Exempt Income		Undistributed  Long-Term Capital Gains		Other Timing Differences*		Unrealized Appreciation/ (Depreciation)		Capital Loss Carryforwards		Late Year  Loss Deferrals		Distributable Earnings
Broad Market Bond Fund		$1,116,605		$    —		$—		$(908,857)		$(70,820,017)		$(6,844,714)		$—		$(77,456,983)
Municipal Bond Fund		—		496,970		—		(507,783)		(13,223,778)		(7,597,657)		—		(20,832,248)
New York Municipal Bond Fund		—		12,907		—		(13,179)		(1,748,963)		(1,107,156)		—		(2,856,391)

* Other timing differences are comprised primarily of dividends payable to Fund shareholders, which for tax reporting purposes are not recognized until paid.

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2024, character of capital loss carryforwards were as follows:

Fund	Short-Term  No Expiration		Long-Term  No Expiration		Total Capital  Loss  Carryforwards
Broad Market Bond Fund		$(2,029,235)		$(4,815,479)		$(6,844,714)
Municipal Bond Fund		(1,239,101)		(6,358,556)		(7,597,657)
New York Municipal Bond Fund		(91,419)		(1,015,737)		(1,107,156)

For the year ended April 30, 2024, the Funds did not utilize any capital loss carryforwards.

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.

 

ANNUAL REPORT / April 30, 2024

41 NOTES TO FINANCIAL STATEMENTS (continued)

 

 

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

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

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2024, neither WFMC nor BNYM waived any administrative fees.

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

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

For the year ended April 30, 2024, 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		$  57
Municipal Bond Fund		4,737
New York Municipal Bond Fund		57

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

For the year ended April 30, 2024, 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 year ended April 30, 2024, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

Fund	Shareholder  Services  Fees
Broad Market Bond Fund	$23

During the year ended April 30, 2024, unaffliated financial intermediaries waived $269 of shareholder servicing fees to which they were entitled.

April 30, 2024 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 42

 

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

BNYM provides custody services to the Trust.

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

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

5.  INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2024 were as follows:

Fund	Purchases		Sales
Broad Market Bond Fund		$44,490,683		$53,181,688
Municipal Bond Fund		62,346,288		77,800,103
New York Municipal Bond Fund		12,006,075		16,296,661

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2024 were as follows:

Fund	Purchases		Sales
Broad Market Bond Fund		$90,808,214		$45,712,830

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, which was renewed and became effective March 28, 2024. 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. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the statement of operations. The LOC expires on March 26, 2025.

The Funds did not utilize the LOC during the year ended April 30, 2024.

 

ANNUAL REPORT / April 30, 2024

43 NOTES TO FINANCIAL STATEMENTS (concluded)

 

 

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.

April 30, 2024 / ANNUAL REPORT

44

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the five years in the period ended April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 28, 2024

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

 

ANNUAL REPORT / April 30, 2024

45

 

 

SHAREHOLDER PROXY RESULTS

A special meeting of the shareholders (the “Meeting”) of the Funds of the Wilmington Funds (the “Trust”) was held at 2:00 p.m. Eastern Time on February 15, 2024, at the principal executive offices of Wilmington Funds Management Corporation, the investment advisor to the Trust, at 1100 North Market Street, 9th Floor, Wilmington, DE 19890. The purpose of the Meeting was to vote on the following proposal:

1. To elect Gregory P. Chandler, Donald E. Foley, and Valerie J. Sill as Independent Trustees of the Trust; and Eric W. Taylor as an Interested Trustee of the Trust (together, the “Trustees”).

All shareholders of record at the close of business on December 13, 2023 were entitled to attend or submit proxies. As of the record date the Trust had 12,602,869,323 shares outstanding and 4,393,711,349 shares were voted by shareholders in person or represented by proxy entitled to vote at the Meeting. A quorum for the Meeting was met with approximately 34.9% of the shares voted at the Meeting.

At the Meeting, shareholders of the Trust approved the election of the following Trustees. The results of the voting for the proposal were as follows:

Independent Trustees	Votes For	Votes Withheld	% of Votes  For
Gregory P. Chandler	4,334,311,607	59,399,742	98.65%
Donald E. Foley	4,331,740,982	61,970,367	98.59%
Valerie J. Sill	4,336,822,269	56,889,080	98.71%
Interested Trustees	Votes For	Votes Withheld	% of Votes  For
Eric W. Taylor	4,392,738,859	972,490	99.98%

April 30, 2024 (unaudited) / ANNUAL REPORT

46

 

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began

Principal Occupations and Other Directorships Held for Past Five Years

Eric W. Taylor* Birth year: 1981 TRUSTEE Began serving: October 2022 PRESIDENT Began serving: August 2022

Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present). Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co. Other Directorships Held: None

*  Eric W. Taylor is “interested” due to his current affiliation with Wilmington Trust, N.A., a subsidiary of M&T Bank Corporation and parent company of WFMC and WTIA, investment Advisors to the Funds.

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley Birth year: 1951 CHAIRMAN Began serving: January 2023 TRUSTEE Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (111 Funds) (2014 to present); Trustee, 1290 Funds (15 portfolios) (2017 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present).
	Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011).
	Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (2012 to 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).

 

ANNUAL REPORT / April 30, 2024 (unaudited)

47 BOARD OF TRUSTEES AND TRUST OFFICERS

 

 

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017	Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (2020 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019). Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (March 2020 to November 2020); Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).
Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020	Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to 2021); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).
H. Thomas McMeekin Birth year: 1953 TRUSTEE Began serving: April 2024	Principal Occupations: Managing Partner and Founder, Griffin Investments, LLC (asset management) (2000 to present); CEO of Blue Key Services, LLC, (2015 to present). Other Directorships Held: Trustee, EQ Advisors Trust (III Funds), 1290 Funds (15 portfolios) (registered investment companies) (2014 to present). Previous Positions: Chief Investment Officer, AIG Life & Retirement and United Guaranty Corporation; and Senior Managing Director of AIG Asset Management (2009 to 2012).

OFFICERS

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

April 30, 2024 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 48

 

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

 

ANNUAL REPORT / April 30, 2024 (unaudited)

49

 

 

Liquidity Risk Management Program

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

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 21, 2024, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2023. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third-party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third-party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended April 30, 2024. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

April 30, 2024 (unaudited) / 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.

 

ANNUAL REPORT / April 30, 2024 (unaudited)

51

 

 

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 21, 2024

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; ensure 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 Practices

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

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

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

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

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

Information Security

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

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

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

April 30, 2024 (unaudited) / 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 only as long as needed to fulfill the business purpose(s).

● 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.

● You can find additional information in the Wilmington Trust Digital Privacy Notice.

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 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 Notice

The effective date of this Notice is March 21, 2024. 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.

 

ANNUAL REPORT / April 30, 2024 (unaudited)

Investment Advisor Distributor Wilmington Funds Management Corp. ALPS Distributors, Inc. 1100 North Market Street 1290 Broadway, Suite 1100 9th Floor Denver, CO 80203 Wilmington, DE 19890 Fund Accountant, Co-Administrator, Transfer Agent Sub-Advisor and Dividend Disbursing Agent Wilmington Trust Investment Advisors, Inc. BNY Mellon Investment Servicing (U.S.) Inc. 1100 North Market Street 301 Bellevue Parkway 9th Floor Wilmington, DE 19809 Wilmington, DE 19890 Independent Registered Public Accounting Firm Co-Administrator PricewaterhouseCoopers LLP Wilmington Funds Management Corp. Two Commerce Square 1100 North Market Street 2001 Market Street, Suite 1800 9th Floor Philadelphia, PA 19103 Wilmington, DE 19890 Custodian The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 WT-AR-FI-0424 Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

(b) Not applicable

Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer

(b) There have been no amendments to the registrant’s code of ethics that apply to its Principal Executive Officer or Principal Financial Officer.

(c) There have been no amendments to the Funds’ code of ethics during the reporting period for this
Form N-CSR.

(d) The registrant has not granted any waivers, including an implicit waiver, from any provisions of its code of ethics during the reporting period for this Form N-CSR.

(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-836-2211, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board has determined that each of the following members of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item: Gregory P. Chandler, Donald E. Foley and Valerie J. Sill.

Item 4. Principal Accountant Fees and Services.

(a) The Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were as follows:

Fiscal year ended 2024 - $433,285

Fiscal year ended 2023 - $408,843

(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were as follows:

Fiscal year ended 2024 - $0

Fiscal year ended 2023 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $,0 respectively.

(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were as follows:

Fiscal year ended 2024 - $208,485

Fiscal year ended 2023 - $90,778

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item were as follows:

Fiscal year ended 2024 - $0

Fiscal year ended 2023 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.

(e)(1) Audit Committee Policies regarding Pre-approval of Services.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre- approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit

Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

AUDIT SERVICES

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.

AUDIT-RELATED SERVICES

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.

TAX SERVICES

The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

ALL OTHER SERVICES

With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:

(1) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant or to its accountant during the fiscal year in which the services are provided;

(2) Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and

(3) Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee.

The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

PROCEDURES

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

(e)(2) No services identified in items 4(b) through 4(d) were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for the fiscal years ended April 30, 2024 and 2023.

(f) Not Applicable.

(g) Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant:

Fiscal year ended 2024 – $208,485

Fiscal year ended 2023 – $90,778

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, 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 (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act.

(b) There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant):  Wilmington Funds

By (Signature and Title)*	/s/ Charles S. Todd
	Charles S. Todd
	(Principal Executive Officer)
Date:   July 8, 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:   July 8, 2024

By (Signature and Title)*	/s/ Arthur W. Jasion
	Arthur W. Jasion
	(Principal Financial Officer)
Date:   July 8, 2024

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