Wilmington Funds NPORT-P Wilmington Real Asset Fund (Jan 2023 report)

1

Wilmington Real Asset Fund

PORTFOLIO OF INVESTMENTS

January 31, 2023 (unaudited)

Description	Number of Shares		Value
INFLATION RELATED SECURITIES – 3.8%
EXCHANGE-TRADED FUNDS – 3.8%
INFLATION-PROTECTED SECURITIES FUND – 3.8%
Schwab U.S. TIPS ETF#		310,900	$	16,418,629
TOTAL EXCHANGE-TRADED FUNDS (COST $18,936,894)			$	16,418,629
TOTAL INFLATION RELATED SECURITIES (COST $18,936,894)			$	16,418,629
REAL ESTATE RELATED SECURITIES – 46.9%
COMMON STOCKS – 6.8%
CONSTRUCTION & ENGINEERING – 0.0%**
Ashtrom Group Ltd.0		—		2
DIVERSIFIED – 0.2%
Argosy Property Ltd.		78,356		58,391
Centuria Capital Group		52,289		69,505
Nomura Real Estate Master Fund, Inc.		412		481,819
TOTAL DIVERSIFIED			$	609,715
DIVERSIFIED REAL ESTATE ACTIVITIES – 2.6%
Airport City Ltd.*		6,600		104,542
Allreal Holding AG		1,304		223,500
City Developments Ltd.		43,700		277,356
Daito Trust Construction Co. Ltd.		6,000		592,912
Daiwa House Industry Co. Ltd.		58,000		1,392,872
DIC Asset AG		5,757		55,335
Gemdale Properties & Investment Corp. Ltd.		358,000		31,035
Heiwa Real Estate Co. Ltd.		4,300		123,024
Isras Investment Co. Ltd.		124		24,200
JINUSHI Co. Ltd.		1,900		27,154	��
Kerry Properties Ltd.		65,000		164,801
Lendlease Corp. Ltd.		58,795		359,021
Mitsubishi Estate Co. Ltd.		119,600		1,537,233
Mitsui Fudosan Co. Ltd.		82,900		1,553,849
New World Development Co. Ltd.		119,000		355,680
Nomura Real Estate Holdings, Inc.		11,500		253,465
Property & Building Corp. Ltd.*		345		21,707
SAMTY Co. Ltd.		3,100		48,962
Shun Tak Holdings Ltd.*		224,000		48,463
SRE Holdings Corp.*		300		9,538
St. Joe Co. (The)		2,746		129,337
Starts Corp., Inc.		3,100		61,645
Sumitomo Realty & Development Co. Ltd.		41,500		1,011,651
Sun Frontier Fudousan Co. Ltd.		3,900		33,619
Sun Hung Kai Properties Ltd.		132,000		1,871,976
Tokyo Tatemono Co. Ltd.		17,900		221,915
Tokyu Fudosan Holdings Corp.		51,600		261,831
UOL Group Ltd.		40,500		216,091
Wharf Holdings Ltd. (The)		122,000		317,826
YH Dimri Construction & Development Ltd.		637		41,188
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	11,371,728

Description	Number of Shares		Value
INDUSTRIAL – 0.0%**
Nexus Industrial REIT		3,140	$	25,369
OFFICE – 0.0%**
Precinct Properties New Zealand Ltd.		110,972		90,189
REAL ESTATE DEVELOPMENT – 0.7%
Aedas Homes SA		1,862		31,363
BUWOG AG Escrow Shares(1)		3,077		—
Cedar Woods Properties Ltd.		7,515		24,441
CK Asset Holdings Ltd.		170,000		1,086,897
DREAM Unlimited Corp., Class A		1,602		33,676
Far East Consortium International Ltd.		85,800		22,462
Forestar Group, Inc.*		1,558		23,183
Goldcrest Co. Ltd.		1,500		18,818
Greenland Hong Kong Holdings Ltd.		101,000		9,670
Henderson Land Development Co. Ltd.		111,735		412,749
Howard Hughes Corp. (The)*		3,529		301,694
Immobel SA		315		16,168
Instone Real Estate Group SE		5,505		56,174
K Wah International Holdings Ltd.		135,000		50,248
Katitas Co. Ltd.		4,100		100,534
Lifestyle Communities Ltd.		8,810		122,823
Mirarth Holdings, Inc.		11,700		34,639
Nexity SA		5,723		172,885
Sino Land Co. Ltd.		274,000		356,057
Tosei Corp.		2,300		26,259
TOTAL REAL ESTATE DEVELOPMENT			$	2,900,740
REAL ESTATE OPERATING COMPANIES – 3.2%
ADLER Group SA*		15,042		22,845
Aeon Mall Co. Ltd.		10,600		149,304
AFI Properties Ltd.*		503		16,437
Akelius Residential Property AB, Class D		21,145		40,277
Alony Hetz Properties & Investments Ltd.		12,795		137,281
Amot Investments Ltd.		20,799		122,076
Aroundtown SA		93,245		259,613
Atrium Ljungberg AB, Class B		4,173		74,604
Azrieli Group Ltd.		3,773		243,029
Big Shopping Centers Ltd.*		1,156		116,223
Blue Square Real Estate Ltd.		878		53,343
CA Immobilien Anlagen AG*		4,455		138,944
Capitaland India Trust		77,600		71,749
Capitaland Investment Ltd.		222,300		673,483
Castellum AB		24,414		334,986
Catena AB		3,309		138,435
Cibus Nordic Real Estate AB		6,754		95,742
Citycon OYJ*		7,281		54,870
CTP NV		5,776		83,422
Deutsche Wohnen SE		5,914		139,685
DigitalBridge Group, Inc.		10,460		154,808
Dios Fastigheter AB		7,746		59,027
Electra Real Estate Ltd.		2,021		22,720
Entra ASA		15,547		183,891

January 31, 2023 (unaudited)

2 PORTFOLIO OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Fabege AB		23,153	$	218,824
Fastighets AB Balder, Class B*		53,856		277,479
FRP Holdings, Inc.*		573		32,185
G City, Ltd.		8,975		35,082
Gav-Yam Lands Corp. Ltd.		5,012		40,495
Grainger PLC		65,116		208,539
Grand City Properties SA		10,219		108,916
Hang Lung Group Ltd.		79,000		145,788
Hang Lung Properties Ltd.		157,000		296,031
Helical PLC		12,067		53,573
Hongkong Land Holdings Ltd.		99,700		487,411
Hufvudstaden AB, Class A		11,486		172,981
Hulic Co. Ltd.		52,200		429,073
Hysan Development Co. Ltd.		56,001		188,412
Ichigo, Inc.		19,800		45,381
Intershop Holding AG		171		114,703
Israel Canada T.R Ltd.		9,850		25,996
Keihanshin Building Co. Ltd.		4,900		51,623
Kennedy-Wilson Holdings, Inc.		10,343		184,933
Kojamo OYJ		12,869		197,599
LEG Immobilien SE		6,371		498,047
Leopalace21 Corp.*		25,000		62,048
Mega Or Holdings Ltd.		1,802		50,035
Melisron Ltd.		2,063		144,251
Mivne Real Estate KD Ltd.		49,729		159,562
Mobimo Holding AG		620		159,428
Neobo Fastigheter AB*		6,805		12,722
Norstar Holdings, Inc.		2,349		8,688
NP3 Fastigheter AB		3,018		66,645
Nyfosa AB		13,690		119,375
Pandox AB*		7,020		96,651
Phoenix Spree Deutschland Ltd.		8,227		23,900
Platzer Fastigheter Holding AB, Class B		4,270		37,458
PSP Swiss Property AG		3,995		498,032
Sagax AB, Class D		19,966		53,616
Sagax AB, Class B		15,745		391,657
Samhallsbyggnadsbolaget i Norden AB, Class D		21,008		41,475
Samhallsbyggnadsbolaget i Norden AB		95,179		173,882
Shurgard Self Storage SA		2,600		125,461
Sirius Real Estate Ltd.		80,598		84,158
Summit Real Estate Holdings Ltd.		2,479		35,237
Swire Properties Ltd.		89,800		252,388
Swiss Prime Site AG		6,660		593,461
TAG Immobilien AG		16,504		141,338
TKP Corp.*		1,700		40,300
TOC Co. Ltd.		5,500		28,825
Tricon Residential, Inc.		22,054		191,442
VGP NV		947		94,625
Vonovia SE		67,512		1,907,072
Wallenstam AB, Class B		35,212		161,646
WeWork, Inc., Class A*,#		29,746		47,296
Wharf Real Estate Investment Co. Ltd.		132,000		755,656
Wihlborgs Fastigheter AB		22,830		187,962
TOTAL REAL ESTATE OPERATING COMPANIES			$	13,946,157
RESIDENTIAL – 0.0%**
Bluerock Homes Trust, Inc.*		675		14,587

Description	Number of Shares		Value
RETAIL – 0.1%
Eurocommercial Properties NV		4,984	$	124,804
Kiwi Property Group Ltd.		181,673		112,271
TOTAL RETAIL			$	237,075
TOTAL COMMON STOCKS (COST $33,014,130)			$	29,195,562
EXCHANGE-TRADED FUNDS – 8.5%
REAL ESTATE – 8.5%
Balanced Commercial Property Trust Ltd.		64,435		63,140
Schwab U.S. REIT ETF#		912,200		19,329,518
Vanguard Global ex-U.S. Real Estate ETF		389,200		17,185,126
TOTAL REAL ESTATE			$	36,577,784
TOTAL EXCHANGE-TRADED FUNDS (COST $33,954,655)			$	36,577,784
INVESTMENT COMPANY – 1.8%
EQUITY FUNDS – 1.8%
Tortoise Energy Infrastructure Total Return Fund, Institutional Class		585,069		7,956,942
TOTAL INVESTMENT COMPANY (COST $7,342,574)			$	7,956,942
REAL ESTATE INVESTMENT TRUSTS – 29.8%
DIVERSIFIED – 2.5%
Abacus Property Group		34,498		68,360
ABRDN PROPERTY INCOME TRUST, LTD.		30,168		24,566
Activia Properties, Inc.		64		191,658
AEW UK REIT PLC		21,753		28,534
Alexander & Baldwin, Inc.		7,229		144,725
American Assets Trust, Inc.		4,901		139,482
Armada Hoffler Properties, Inc.		5,648		71,617
Artis REIT		4,368		31,187
British Land Co. PLC (The)		81,828		447,835
Broadstone Net Lease, Inc.		15,059		272,718
Charter Hall Group		44,505		438,222
Charter Hall Long Wale REIT		56,185		181,827
CTO Realty Growth, Inc.		1,611		31,650
Custodian Property Income REIT PLC		42,620		47,966
Daiwa House REIT Investment Corp.		186		404,687
Empire State Realty Trust, Inc., Class A		16,562		138,127
ESCON Japan REIT Investment Corp.		25		22,158
Essential Properties Realty Trust, Inc.		12,404		316,054
Gladstone Commercial Corp.		2,455		41,710
Global Net Lease, Inc.		11,392		170,310
GPT Group (The)		166,819		540,750
Growthpoint Properties Australia Ltd.		26,398		60,974
H&R REIT		12,857		125,715
Hankyu Hanshin REIT, Inc.		53		58,439
Heiwa REIT, Inc.		110		127,931
Hulic REIT, Inc.		120		143,432
ICADE		3,089		146,728
iStar, Inc.		7,596		70,491
Land Securities Group PLC		65,429		573,211
Lar Espana Real Estate Socimi SA*		4,971		24,837
LXI REIT PLC		162,828		226,647
Merlin Properties Socimi SA		28,879		282,225

January 31, 2023 (unaudited)

PORTFOLIO OF INVESTMENTS 3

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Mirvac Group		343,631	$	555,174
NIPPON REIT Investment Corp.		49		124,778
NTT UD REIT Investment Corp.		130		132,585
One Liberty Properties, Inc.		890		21,458
Picton Property Income Ltd. (The)		63,920		60,743
REIT 1 Ltd.		15,048		74,585
Schroder REIT Ltd.		45,679		26,486
Sekisui House REIT, Inc.		383		209,372
Star Asia Investment Corp.		162		65,720
Stockland		207,890		580,901
STORE Capital Corp.		22,924		738,382
Sunlight REIT		139,000		61,550
Suntec REIT		186,000		198,861
Takara Leben Real Estate Investment Corp.		43		32,236
Tokyu REIT, Inc.		96		144,655
Tosei REIT Investment Corp.		34		34,410
UK Commercial Property REIT Ltd.		66,143		47,279
United Urban Investment Corp.		266		302,682
WP Carey, Inc.		18,116		1,549,461
Yuexiu REIT		325,000		106,166
TOTAL DIVERSIFIED			$	10,662,257
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Sella Capital Real Estate Ltd.		19,590		46,548
HEALTH CARE – 2.5%
Aedifica SA		3,480		305,377
Assura PLC		251,668		173,216
CareTrust REIT, Inc.		8,198		169,863
Cofinimmo SA		2,626		238,859
Community Healthcare Trust, Inc.		1,841		78,942
Diversified Healthcare Trust		35,676		28,234
Global Medical REIT, Inc.		5,565		62,495
Health Care & Medical Investment Corp.		33		41,113
Healthcare Realty Trust, Inc.		32,829		706,808
Healthpeak Properties, Inc.		46,412		1,275,402
Impact Healthcare REIT PLC		38,181		48,929
LTC Properties, Inc.		3,817		145,618
Medical Properties Trust, Inc.#		51,540		667,443
National Health Investors, Inc.		3,914		230,261
NorthWest Healthcare Properties REIT		10,602		80,239
Omega Healthcare Investors, Inc.		20,398		600,517
Parkway Life REIT		42,700		132,160
Physicians Realty Trust		19,384		307,430
Primary Health Properties PLC		117,554		162,869
Sabra Health Care REIT, Inc.		19,520		263,520
Universal Health Realty Income Trust		1,459		79,968
Ventas, Inc.		34,641		1,794,750
Vital Healthcare Property Trust		65,633		101,492
Welltower, Inc.		41,150		3,087,896
TOTAL HEALTH CARE			$	10,783,401
HOTEL & RESORT – 1.0%
Apple Hospitality REIT, Inc.		18,128		321,409
Ashford Hospitality Trust, Inc.*		5,580		38,446
Braemar Hotels & Resorts, Inc.		5,100		27,030
CapitaLand Ascott Trust		173,500		147,082
CDL Hospitality Trusts		59,214		61,102
Chatham Lodging Trust		5,931		84,279

Description	Number of Shares		Value
DiamondRock Hospitality Co.		18,163	$	174,910
Far East Hospitality Trust		94,900		48,515
Hersha Hospitality Trust, Class A		6,231		57,325
Hoshino Resorts REIT, Inc.		27		154,682
Host Hotels & Resorts, Inc.		60,949		1,148,889
Invincible Investment Corp.		520		221,765
Japan Hotel REIT Investment Corp.		382		242,068
Mori Trust Hotel REIT, Inc.		19		19,683
Park Hotels & Resorts, Inc.		20,186		296,936
Pebblebrook Hotel Trust		10,735		176,054
RLJ Lodging Trust		14,219		178,733
Ryman Hospitality Properties, Inc.		4,700		436,583
Service Properties Trust		15,958		142,186
Summit Hotel Properties, Inc.		9,200		78,384
Sunstone Hotel Investors, Inc.		18,168		199,666
Xenia Hotels & Resorts, Inc.		9,642		143,666
TOTAL HOTEL & RESORT			$	4,399,393
INDUSTRIAL – 5.5%
Advance Logistics Investment Corp.		45		48,405
AIMS APAC REIT		43,700		45,712
Americold Realty Trust, Inc.		22,771		715,237
CapitaLand Ascendas REIT		300,800		661,950
Centuria Industrial REIT		60,763		144,475
CRE Logistics REIT, Inc.		77		104,697
Dexus Industria REIT		20,663		45,158
Dream Industrial REIT		12,380		130,262
EastGroup Properties, Inc.		3,759		632,452
ESR-LOGOS REIT		212,393		61,658
First Industrial Realty Trust, Inc.		11,323		604,082
Frasers Logistics & Commercial Trust		286,420		275,678
GLP J-REIT		410		463,940
Goodman Group		148,952		2,124,590
Goodman Property Trust		90,440		120,528
Granite REIT		2,802		171,483
Indus Realty Trust, Inc.		409		26,217
Industrial & Infrastructure Fund Investment Corp.		177		196,158
Industrial Logistics Properties Trust		8,189		36,113
Innovative Industrial Properties, Inc.		2,424		217,627
Intervest Offices & Warehouses NV		2,092		45,695
Japan Logistics Fund, Inc.		78		177,859
LaSalle Logiport REIT		152		184,164
LondonMetric Property PLC		83,533		194,637
LXP Industrial Trust		24,141		278,829
Mapletree Industrial Trust		188,570		342,698
Mapletree Logistics Trust		273,250		353,256
Mitsubishi Estate Logistics REIT Investment Corp.		46		144,592
Mitsui Fudosan Logistics Park, Inc.		46		160,543
Montea NV		1,252		100,479
Nippon Prologis REIT, Inc.		233		528,710
Plymouth Industrial REIT, Inc.		2,273		50,870
Prologis, Inc.		80,386		10,392,302
Rexford Industrial Realty, Inc.		15,980		1,014,251
Segro PLC		104,692		1,077,658
SOSiLA Logistics REIT, Inc.		61		60,721
STAG Industrial, Inc.		15,373		547,279

January 31, 2023 (unaudited)

4 PORTFOLIO OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
Summit Industrial Income REIT		9,636	$	165,700
Terreno Realty Corp.		6,445		415,251
Tritax Big Box REIT PLC		159,430		307,185
Warehouses De Pauw		13,501		428,142
TOTAL INDUSTRIAL			$	23,797,243
OFFICE – 2.8%
Alexandria Real Estate Equities, Inc.		13,004		2,090,263
Allied Properties REIT		6,285		140,197
Boston Properties, Inc.		12,246		912,817
Brandywine Realty Trust		15,708		103,044
Centuria Office REIT		38,286		43,466
Champion REIT		160,000		70,935
City Office REIT, Inc.		2,823		27,778
Corporate Office Properties Trust		9,587		269,107
Cousins Properties, Inc.		13,130		360,025
Covivio		4,040		277,323
Cromwell Property Group		136,773		70,275
Daiwa Office Investment Corp.		27		127,143
Derwent London PLC		9,577		305,504
Dexus		93,667		543,087
Douglas Emmett, Inc.		14,979		250,898
Dream Office REIT		3,839		47,261
Easterly Government Properties, Inc.#		8,265		134,224
Equity Commonwealth		9,699		247,519
Franklin Street Properties Corp.		9,107		28,050
GDI Property Group Partnership		37,938		21,659
Gecina SA		4,735		560,859
Global One Real Estate Investment Corp.		81		66,886
Great Portland Estates PLC		24,043		169,121
Highwoods Properties, Inc.		8,953		271,903
Hudson Pacific Properties, Inc.		12,391		141,134
Ichigo Office REIT Investment Corp.		138		90,333
Inmobiliaria Colonial Socimi SA		26,612		194,101
Japan Excellent, Inc.		143		136,459
Japan Prime Realty Investment Corp.		85		230,590
Japan Real Estate Investment Corp.		121		518,786
JBG SMITH Properties		9,549		192,317
Kenedix Office Investment Corp.		74		175,792
Keppel Pacific Oak U.S. REIT		91,600		49,079
Keppel REIT		160,800		118,513
Kilroy Realty Corp.		8,967		368,006
Manulife U.S. REIT		149,700		49,524
Mirai Corp.		131		44,236
Mori Hills REIT Investment Corp.		139		157,951
Mori Trust Sogo REIT, Inc.		111		125,262
Nippon Building Fund, Inc.		147		642,444
NSI NV		1,341		35,001
Office Properties Income Trust		3,636		62,394
One REIT, Inc.		24		45,493
Orion Office REIT, Inc.		6,503		62,754
Orix JREIT, Inc.		236		324,704
Paramount Group, Inc.		17,642		113,791
Piedmont Office Realty Trust, Inc., Class A		11,198		118,699
Prime U.S. REIT		75,100		39,145
Prosperity REIT		87,000		25,312
Regional REIT Ltd.		34,529		25,261
Sankei Real Estate, Inc.		41		27,923

Description	Number of Shares		Value
SL Green Realty Corp.		4,622	$	190,195
True North Commercial REIT		3,946		18,358
Veris Residential, Inc.*		9,191		159,004
Vornado Realty Trust#		13,572		331,021
Workspace Group PLC		21,828		136,305
TOTAL OFFICE			$	12,089,231
REAL ESTATE OPERATING COMPANIES – 0.0%**
CLS Holdings PLC		25,558		47,032
Seritage Growth Properties, Class A*		5,575		67,736
TOTAL REAL ESTATE OPERATING COMPANIES			$	114,768
RESIDENTIAL – 4.3%
Advance Residence Investment Corp.		118		288,246
Altarea SCA		322		43,887
American Homes 4 Rent, Class A		25,859		886,705
Apartment Income REIT Corp.		13,631		521,522
Apartment Investment & Management Co., Class A		12,505		93,913
AvalonBay Communities, Inc.		11,981		2,125,909
Boardwalk REIT		1,785		75,422
BRT Apartments Corp.		1,574		32,975
Camden Property Trust		9,154		1,127,864
Canadian Apartment Properties REIT		7,253		268,196
Care Property Invest NV		2,766		43,368
Centerspace		1,616		109,274
Civitas Social Housing PLC		58,386		41,113
Clipper Realty, Inc.		9,929		69,900
Comforia Residential REIT, Inc.		60		133,317
Daiwa Securities Living Investments Corp.		192		160,648
Elme Communities		7,567		145,286
Empiric Student Property PLC		51,684		55,729
Equity LifeStyle Properties, Inc.		15,090		1,083,160
Equity Residential		29,354		1,868,382
Essex Property Trust, Inc.		5,607		1,267,574
Home REIT PLC		42,087		19,743
Independence Realty Trust, Inc.		19,494		367,072
Ingenia Communities Group		45,700		150,503
InterRent REIT		6,334		68,598
Invitation Homes, Inc.		52,446		1,704,495
Irish Residential Properties REIT PLC		33,709		41,939
Kenedix Residential Next Investment Corp.		94		140,104
Killam Apartment REIT		4,993		69,048
Mid-America Apartment Communities, Inc.		9,987		1,665,033
Minto Apartment REIT		1,676		21,338
Morguard North American Residential REIT		1,808		24,663
NexPoint Residential Trust, Inc.		1,731		87,415
Nippon Accommodations Fund, Inc.		43		193,002
PRS REIT PLC (The)		46,884		52,649
Samty Residential Investment Corp.		61		51,148
Starts Proceed Investment Corp.		19		33,292
Sun Communities, Inc.		10,639		1,668,834
Triple Point Social Housing REIT PLC		36,682		22,540
UDR, Inc.		26,349		1,122,204
UMH Properties, Inc.		3,166		56,735
UNITE Group PLC (The)		34,895		429,876
Xior Student Housing NV		1,779		59,769
TOTAL RESIDENTIAL			$	18,492,390

January 31, 2023 (unaudited)

PORTFOLIO OF INVESTMENTS 5

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
RETAIL – 5.6%
Acadia Realty Trust		8,750	$	135,887
AEON REIT Investment Corp.		147		162,469
Agree Realty Corp.		7,713		575,621
Alexander’s, Inc.		134		31,795
Brixmor Property Group, Inc.		25,890		609,192
BWP Trust		49,254		137,011
Capital & Counties Properties PLC		79,998		113,384
CapitaLand China Trust		120,900		115,285
CapitaLand Integrated Commercial Trust		440,747		721,121
Carmila SA		5,913		89,251
CBL & Associates Properties, Inc.		2,691		71,715
Charter Hall Retail REIT		49,743		141,260
Choice Properties REIT		15,157		170,531
Crombie REIT		4,825		59,907
CT REIT		6,101		75,429
Federal Realty Investment Trust		6,137		684,460
First Capital REIT		10,254		138,333
Fortune REIT		131,000		113,372
Frasers Centrepoint Trust		104,623		177,377
Frontier Real Estate Investment Corp.		44		169,672
Fukuoka REIT Corp.		64		82,304
Getty Realty Corp.		3,846		140,110
Hamborner REIT AG		9,415		73,690
Hammerson PLC		292,015		96,619
HMC Capital Ltd.		25,444		83,290
HomeCo Daily Needs REIT		152,785		146,653
InvenTrust Properties Corp.		5,741		142,779
Japan Metropolitan Fund Invest		610		471,582
Kenedix Retail REIT Corp.		64		119,992
Kimco Realty Corp.		53,106		1,192,761
Kite Realty Group Trust		18,694		405,660
Klepierre SA*		16,650		422,583
Lendlease Global Commercial REIT		145,125		80,371
Link REIT		183,000		1,464,799
Macerich Co. (The)		18,185		249,862
Mapletree Pan Asia Commercial Trust		187,123		260,367
Mercialys SA		4,343		48,233
National Retail Properties, Inc.		15,208		720,099
Necessity Retail REIT, Inc. (The)		15,917		108,713
NETSTREIT Corp.		2,616		52,660
NewRiver REIT PLC		17,295		18,742
Phillips Edison & Co., Inc.		10,033		336,306
Primaris REIT		2,451		28,129
Realty Income Corp.		54,233		3,678,624
Regency Centers Corp.		13,330		888,178
Region RE Ltd.		98,776		189,541
Retail Estates NV		1,199		82,773
Retail Opportunity Investments Corp.		10,776		170,584
RioCan REIT		12,827		222,500
RPT Realty		7,659		80,266
Sasseur REIT		61,100		37,950
Saul Centers, Inc.		944		40,413
Scentre Group		448,640		973,463
Shaftesbury PLC		28,319		137,924
Simon Property Group, Inc.		28,472		3,657,513
SITE Centers Corp.		15,510		211,711

Description	Number of Shares		Value
Slate Grocery REIT, Class U		2,915	$	34,944
SmartCentres REIT		7,835		166,057
Spirit Realty Capital, Inc.		11,802		517,872
Starhill Global REIT		158,600		68,990
Supermarket Income REIT PLC		106,288		126,271
Tanger Factory Outlet Centers, Inc.		9,051		172,965
Unibail-Rodamco-Westfield*		9,937		643,076
Urban Edge Properties		10,097		159,028
Urstadt Biddle Properties, Inc., Class A		3,106		58,331
Vastned Retail NV		2,088		48,131
Vicinity Ltd.		330,292		483,231
Waypoint REIT Ltd.		71,780		141,733
Wereldhave NV		2,996		45,006
Whitestone REIT		4,055		42,213
TOTAL RETAIL			$	24,318,664
SPECIALIZED – 5.6%
Arena REIT		35,122		93,171
Automotive Properties REIT		3,080		28,820
Big Yellow Group PLC		14,761		220,163
Charter Hall Social Infrastructure REIT		35,768		88,262
CubeSmart		19,399		888,280
Digital Realty Trust, Inc.		24,794		2,841,888
EPR Properties		6,385		271,235
Equinix, Inc.		8,058		5,947,851
Extra Space Storage, Inc.		11,607		1,831,933
Farmland Partners, Inc.		2,902		37,378
Four Corners Property Trust, Inc.		7,305		210,092
Gaming and Leisure Properties, Inc.		22,426		1,201,137
Gladstone Land Corp.		3,132		61,199
Hotel Property Investments Ltd., REIT		17,262		42,893
Iron Mountain, Inc.		24,715		1,348,945
Keppel DC REIT		117,495		183,135
Life Storage, Inc.		7,402		799,712
National Storage Affiliates Trust		7,434		303,307
National Storage REIT		92,338		151,964
Public Storage		13,766		4,189,544
Rural Funds Group		32,605		57,824
Safehold, Inc.		2,680		93,693
Safestore Holdings PLC		18,091		225,264
VICI Properties, Inc.		83,872		2,866,745
TOTAL SPECIALIZED			$	23,984,435
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $127,150,348)			$	128,688,330
TOTAL REAL ESTATE RELATED SECURITIES (COST $201,461,707)			$	202,418,618
COMMODITY RELATED SECURITIES – 43.7%
EXCHANGE-TRADED FUNDS – 1.7%
COMMODITY – 1.7%
SPDR S&P Global Natural Resources ETF#		119,300		7,319,055
TOTAL EXCHANGE-TRADED FUNDS (COST $5,102,945)			$	7,319,055

January 31, 2023 (unaudited)

6 PORTFOLIO OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Number of Shares		Value
INVESTMENT COMPANIES – 42.0%
COMMODITY – 42.0%
Vanguard Commodity Strategy Fund, Admiral Shares		2,006,952	$	55,130,981
DFA Commodity Strategy Portfolio, Institutional Class		23,848,653		116,619,913
Parametric Commodity Strategy Fund, Institutional Class		495,132		3,257,967
Credit Suisse Commodity Return Strategy Fund, Class I		246,276		6,151,984
TOTAL COMMODITY			$	181,160,845
TOTAL INVESTMENT COMPANIES (COST $184,683,084)			$	181,160,845
TOTAL COMMODITY RELATED SECURITIES (COST $189,786,029)			$	188,479,900
SHORT-TERM INVESTMENTS – 1.0%
MONEY MARKET FUND – 1.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%^		4,390,873		4,390,873
TOTAL SHORT-TERM INVESTMENT (COST $4,390,873)			$	4,390,873
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.8%
	Par Value
REPURCHASE AGREEMENTS – 3.8%
Bank of America Securities, Inc., 4.30%, dated 1/31/23, due 2/01/23, repurchase price $3,000,352, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 9/01/61; total market value of $3,059,994.	$	2,999,994		2,999,994
Bank of Montreal, 4.30%, dated 1/31/23, due 2/01/23, repurchase price $1,192,643, collateralized by U.S. Government Agency Securities, 2.00% to 5.50%, maturing 1/01/37 to 2/01/53; total market value of $1,216,351.		1,192,501		1,192,501

Description	Par Value		Value
Citigroup Global Markets Ltd., 4.30%, dated 1/31/23, due 2/01/23, repurchase price $3,000,352, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.69%, maturing 8/15/24 to 12/20/72; total market value of $3,059,994.	$	2,999,994	$	2,999,994
Deutsche Bank Securities, Inc., 4.30%, dated 1/31/23, due 2/01/23, repurchase price $3,000,352, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.25%, maturing 2/01/23 to 1/01/53; total market value of $3,059,994.		2,999,994		2,999,994
RBC Dominion Securities, Inc., 4.30%, dated 1/31/23, due 2/01/23, repurchase price $3,000,352, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 2/07/23 to 12/20/52; total market value of $3,059,994.		2,999,994		2,999,994
Truist Securities, Inc., 4.33%, dated 1/31/23, due 2/01/23, repurchase price $3,000,355, collateralized by U.S. Government Agency Securities, 4.00% to 5.50%, maturing 1/01/50 to 2/01/53; total market value of $3,059,994.		2,999,994		2,999,994
TOTAL REPURCHASE AGREEMENTS (COST $16,192,471)			$	16,192,471
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $16,192,471)			$	16,192,471
TOTAL INVESTMENTS – 99.2% (Cost $430,767,974)			$	427,900,491
COLLATERAL FOR SECURITIES ON LOAN – (3.8%)				(16,192,471	)
OTHER ASSETS LESS LIABILITIES – 4.6%				19,777,657
TOTAL NET ASSETS – 100.0%			$	431,485,677

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)

January 31, 2023 (unaudited)

PORTFOLIO OF INVESTMENTS 7

Wilmington Real Asset Fund (continued)

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

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Inflation Related Securities
Exchange-Traded Funds	$	16,418,629	$	—		$—	$	16,418,629
Real Estate Related Securities
Common Stocks
Construction & Engineering		—		2		—		2
Diversified		—		609,715		—		609,715
Diversified Real Estate Activities		129,337		11,242,391		—		11,371,728
Industrial		25,369		—		—		25,369
Office		—		90,189		—		90,189
Real Estate Development		358,553		2,542,187		—(a)		2,900,740
Real Estate Operating Companies		610,664		13,335,493		—		13,946,157
Residential		14,587		—		—		14,587
Retail		—		237,075		—		237,075
Exchange-Traded Funds		36,514,644		63,140		—		36,577,784
Investment Company		7,956,942		—		—		7,956,942
Real Estate Investment Trusts
Diversified		3,863,087		6,799,170		—		10,662,257
Diversified Real Estate Activities		—		46,548		—		46,548
Health Care		9,579,386		1,204,015		—		10,783,401
Hotel & Resort		3,504,496		894,897		—		4,399,393
Industrial		15,397,955		8,399,288		—		23,797,243
Office		6,640,759		5,448,472		—		12,089,231
Real Estate Operating Companies		67,736		47,032		—		114,768
Residential		16,551,260		1,941,130		—		18,492,390
Retail		16,031,148		8,287,516		—		24,318,664
Specialized		22,921,759		1,062,676		—		23,984,435
Commodity Related Securities
Exchange-Traded Funds		7,319,055		—		—		7,319,055
Investment Companies		181,160,845		—		—		181,160,845
Money Market Fund		4,390,873		—		—		4,390,873
Repurchase Agreements		—		16,192,471		—		16,192,471
Total Investments in Securities	$	349,457,084	$	78,443,407		$—	$	427,900,491

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

The inputs or techniques used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Additional information on the Fund’s valuation policy is included in the most recent shareholder report.

# Security, or a portion thereof, is on loan.

** Represents less than 0.05%.

0 Rounds to less than 1 share.

* Non-income producing security.

^ 7-Day net yield.

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

January 31, 2023 (unaudited)

8 PORTFOLIO OF INVESTMENTS

Wilmington Real Asset Fund (concluded)

The following acronyms are used throughout this Portfolio of Investments:

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

For additional information about significant accounting policies, refer to Fund’s most recent semi-annual or annual report.

January 31, 2023 (unaudited)