UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05514

Wilmington Funds

(Exact name of registrant as specified in charter)

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

(Address of principal executive offices) (Zip code)

John McDonnell

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: April 30, 2018

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.

The Report to Shareholders is attached herewith.

WILMINGTON FUNDS April 30, 2018 PRESIDENT’S MESSAGE AND Annual Report WILMINGTON FUNDS Equity Fund Wilmington International Fund Alternatives Fund Wilmington Global Alpha Equities Fund Asset Allocation Funds Wilmington Real Asset Fund Wilmington Diversified Income Fund

Wilmington International Fund (“International Fund”), (formerly Wilmington Multi-Manager International Fund)

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

Wilmington Real Asset Fund (“Real Asset Fund”), (formerly Wilmington Multi-Manager Real Asset Fund)

Wilmington Diversified Income Fund (“Diversified Income Fund”), (formerly Wilmington Strategic Allocation Moderate Fund)

        CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	10
Portfolios of Investments	12
Statements of Assets and Liabilities	66
Statements of Operations	68
Statements of Changes in Net Assets	70
Financial Highlights	72
Notes to Financial Statements	76
Report of Independent Registered Public Accounting Firm	93
Board of Trustees and Trust Officers	94

[This Page Intentionally Left Blank]

    i

Esteemed Shareholder:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s annual fiscal year of May 1, 2017, through April 30, 2018. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The economy and financial markets in review

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

The economy

The U.S. economy has shown strength over the past year, with the second, third, and fourth quarters of 2018 exhibiting the strongest growth since 2015. Following the disappointment of Congress’s inability to pass comprehensive healthcare reform, Republicans redeemed themselves by passing the Tax Cuts and Jobs Act in December of 2017, which contributed to surging confidence from consumers and businesses alike. The Institute of Supply Management (“ISM”) Manufacturing Purchasing Managers Index (“PMI”)¹ peaked at 60.8 in February 2018—the highest level since 2004. Also in February, the Conference Board’s measure of consumer confidence reached the highest levels since 2000. Yet against this euphoric backdrop, Core Personal Consumption Expenditure (“PCE”) inflation held below the Federal Reserve’s 2% target and has only recently accelerated. As a result, the “goldilocks” (not too hot, not too cold) characterization of the U.S. economy has continued to ring true, with economic data for much of the fiscal year meeting or exceeding expectations, but not coming in so strong as to force the hand of the Federal Reserve into accelerating monetary policy tightening. In our estimation, the U.S. economy will grow at a pace of approximately 3% in 2018, with 0.5–0.75% of that attributable to tax cuts.

We are increasingly aware that the U.S. is closer to the end of the business cycle than to the beginning. The U.S. economic expansion is officially the second-longest on record. The labor market is tight by multiple measures, and the Federal Reserve is in the midst of a rate-hiking campaign (although it continues to move gradually). This has led short-maturity interest rates higher and contributed to the flattening of the yield curve; at the time of writing, the yield curve is less than 45 basis points (0.45%) away from inverting. (An inverted yield curve has preceded each of the last five recessions.) We do not view a U.S. recession as imminent but consider the U.S. economy in the later stages of the economic cycle.

Moving beyond U.S. borders, the past year has marked a period of synchronized global growth. The eurozone far surpassed growth expectations in 2017, with measures of loan growth, business expansion, and consumer confidence accelerating in the second half of 2017. Japan has printed a string of eight positive quarters of GDP growth, the longest such stretch since the 1990s. Emerging markets have also benefited from robust global demand and rising oil prices, which have increased nearly 50% over the past year. Some of this momentum cooled as the calendar turned on the new year. We still see economic growth as having legs, but the pace of growth across the board has decelerated, particularly relative to elevated expectations. We are watching carefully for signs of a more sustained slowdown, which would challenge our overall view.

Bond markets

The past year has been a challenging one for bond investors. For the fiscal year through January, bonds were holding their value and even posting modest single-digit total returns. However, inflationary fears began to emerge in the first quarter of 2018, sending the yield on the 10-year U.S. Treasury above 3% by the end of April. This was the first time the 10-year yield breached 3% since the end of 2013. The upward move in the short end of the yield curve has been even more dramatic and, as mentioned above, the yield curve has flattened alongside three rate hikes from the Fed (in June, December, and March). Higher yields have weighed on the price return of bonds, particularly for short-to-intermediate maturities. The Bloomberg Barclays U.S. Treasury Bond Index² has returned -1.07% over the period.

Investment-grade credit spreads remain tight but have increased in 2018. Spread stabilization and lower supply in coming months should support valuations. High-yield bond credit spreads to Treasuries remain quite low relative to history, despite higher volatility in 2018 and fund outflows from the asset class. Defaults are expected to remain low in the coming year.

For the 12-month period May 1, 2017 to April 30, 2018, certain Bloomberg indices performed as follows³:

Bloomberg Barclays U.S. Treasury Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index 4	Bloomberg Barclays U.S. Credit Bond Index 5	Bloomberg Barclays Municipal Bond Index 6	Bloomberg Barclays U.S. Corporate High Yield Bond Index7
-1.07%	-0.32%	0.65%	1.56%	3.26%

PRESIDENT’S MESSAGE / April 30, 2018 (unaudited)

ii    

Equity markets

The synchronized global growth discussed earlier acted as a rising tide lifting all equity boats for most of the year, and equity markets enjoyed extremely low levels of volatility through January. U.S. equities were propelled by a healthy consumer, low inflation, a weakening dollar, and tax cuts. As strong as U.S. equity returns were, those of developed international and emerging economies were even better, particularly in U.S. dollar terms. However, equity markets experienced several hiccups in recent months. Concerns have mounted regarding higher inflation, regulations on technology companies, and protectionism, all of which have weighed on global equities and contributed to higher volatility in 2018. Additionally, the positive tailwind for U.S. and emerging markets equities coming from a weaker dollar will fade, as the U.S. dollar has reversed this year’s weakness. The dollar is 0.4% stronger year to date through April and increased 2.7% in the last two weeks of April alone. Equity markets have been choppier of late, but valuations are not overly concerning (though they are higher than 10-year averages across a number of regions), and we continue to believe the economic fundamentals are encouraging going forward. Therefore, we maintain our preference for stocks over bonds.

For the 12-month period May 1, 2017 to April 30, 2018, certain stock market indices performed as follows:

S&P 500® Index8	Russell 2000® Index 9	MSCI EAFE (Net) Index10	MSCI Emerging Markets (Net) Index11
13.27%	11.54%	14.51%	21.71%

Despite growing uncertainty in financial markets, we remain focused on managing risk and growing our clients’ capital to help achieve their long-term goals.

Sincerely,

Christopher D. Randall

President

May 25, 2018

April 30, 2018 (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.  ISM Manufacturing PMI Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers Inventories, Employment, and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index. Responses are raw data and are never changed.

2.  Bloomberg Barclays 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.

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

4. Bloomberg Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays 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 Barclays 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 Barclays 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 Barclays 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 Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices. An investment cannot be made directly in an index.

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

9.  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of approximately $128 million to $1.3 billion.

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

11.  MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, 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, 2018 (unaudited)

1    

WILMINGTON INTERNATIONAL FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, Wilmington International Fund (the “Fund”) had a total return of 17.18%* for Class A Shares and 17.29%* for Class I Shares, versus its benchmark, the Morgan Stanley Capital International - All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US Net Index)** which had a total return of 15.91%. The MSCI ACWI ex-US Net Index is a free float-adjusted market capitalization index that is designed to measure developed and emerging market equity performance, excluding the United States.

For the fiscal year,Asian (excluding Japanese) stocks returned 24.01%. Chinese e-commerce and Korean and Taiwanese semi-conductor and mobile handset manufacturing stocks soared, particularly during the fiscal year’s first eight months. For the full fiscal year, Schroder Asian Opportunities, the Fund’s Asia ex-Japan strategy, returned 23.98%, which almost matched the return for the regional stock index. On an absolute return basis, the Schroders strategy was the Fund’s strongest performer. The Schroders portfolio management team is based mainly in Hong Kong.

The MSCI Japan index returned 19.19%. Japanese stocks showed particular strength during the fiscal year’s last four months, as a strengthening yen boosted Japanese market returns in U.S. terms. For the full fiscal year, Nikko Japan Active Value, the Fund’s Japan strategy, greatly outperformed the Japan stock index, returning 23.50%. On an absolute return basis, Nikko was the Fund’s second strongest performer, almost matching Schroders’ return. The Nikko portfolio management team is based in Tokyo.

For the fiscal year, MSCI Europe returned 13.65%. The asset-weighted combination of the Fund’s four European strategies returned 16.23%, greatly outperforming the European regional index. On an absolute basis, Berenberg European Equity Selection was the Fund’s strongest European performer, returning 19.70%. AXA Europe Small Cap returned 17.14%, while Allianz Europe Equity Growth Select returned 12.39%. The Fund added a fourth European strategy, Allianz High Dividend Europe, in late December 2017. During January-April 2018, this new strategy returned 2.69%, versus 0.73% for the MSCI Europe index. The Berenberg, AXA, and Allianz portfolio management teams are based in Hamburg, Paris, and Frankfurt, respectively.

As of the fiscal year’s end, the Fund’s European, Japanese, and Asia ex-Japan allocations were broadly aligned with those of the Fund’s benchmark index. This aims to protect the Fund’s benchmark relative performance against large swings in the euro-yen cross rate, as well as against adverse economic or political developments affecting one of the three regions. The Fund holds ETFs to obtain some market exposure to small markets where it has no sub-advisor coverage, namely Canada and Australia.

With the addition of the Allianz High Dividend Europe strategy, the Fund has become style neutral. The Fund is overweight consumer discretionary, technology, and financial stocks. It is underweight consumer staples, health care, and utilities. The Fund is all-cap by design, and so its stock holdings have lower median and weighted average market capitalizations than those for the benchmark index.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was 10.70%, 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 Morgan Stanley Capital International - All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US Net Index) 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, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index. The index is unmanaged and it is not possible to invest directly in an index.

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

April 30, 2018 (unaudited) / ANNUAL REPORT

    2

WILMINGTON INTERNATIONAL FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of Wilmington International Fund from April 30, 2008 to April 30, 2018, compared to the MSCI ACWI ex-US Net Index.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $1,000,000 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 Shares was 10.70%, 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 4/30/18
	1 Year	5 Years	10 Years
Class A^	10.70%	4.88%	1.19%
Class I^	17.29%	6.22%	1.93%
MSCI ACWI ex-US Net Index2	15.91%	5.46%	2.26%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.55% and 1.05%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.30% and 0.92%, 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.

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 $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

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

ANNUAL REPORT / April 30, 2018 (unaudited)

3    

WILMINGTON GLOBAL ALPHA EQUITIES FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, the Wilmington Global Alpha Equities Fund (the “Fund”) had a total return of 5.41%* for Class A Shares and 5.63%* for Class I Shares, versus its benchmark, the HFRX Equity Hedge Fund Index**, which had a total return of 6.98%.

Performance Review

During the fiscal year that ended April 30, 2018, the Fund had strong risk-adjusted performance and met its objective of providing downside protected, hedge equity exposure.

While the Fund trailed its peers slightly, it did so with substantially less risk. The Fund volatility of returns was only 55% that of peers, yet it achieved nearly 100% of the returns, leading to a Sharpe ratio of 1.25 vs 0.82 for peers. As an illustration of the benefits of this risk orientation was performance during the episodes of volatility in early 2018 – from 1/29 to 2/8 the S&P 500 declined over 10% and the Fund’s peer group averaged a decline of 6.3% while the Fund only fell 3.4%. From 3/12 to 4/2, markets also exhibited stress with the S&P dropping another 7.3% — during this time period the Fund fell only 1.3%.

The Fund is a portfolio of long only equity strategies run by Wellington’s different portfolio management teams overseen and hedged with market financial futures contracts by Wellington’s investment strategy and risk team. During the year, a Japan focused value strategy was added to take advantage of promising market conditions in the country that are a result of recent shareholder friendly corporate reforms. Allocations were reduced in other strategies to make room for the new opportunity — no strategies were removed.

For the year, the long only equity strategies in total performed roughly in line with Global Equities as represented by the MSCI ACWI Index. The Fund was helped by stock selection, though it was hurt by country selection (due to an overweight to the US) and also sector selection, where the Fund was underweight tech. Notably, the Fund was without any exposure to FAANG stocks.

From an underlying strategy perspective two Portfolio Managers (“PMs”) outperformed significantly, two portfolio managers under-performed and the rest were roughly in-line with their benchmarks. Unsurprising in a market where growth dominated, the top performer was a manager who focused on quality growth companies. The poorest performer was a manager who focuses on dividend paying companies. The PMs faced factor headwinds as the top quartile of dividend payers underperformed the bottom quartile by 1000 basis points and experienced some selection difficulties within consumer staples.

The Fund uses equity index financial futures contracts to reduce the Fund’s net long exposure to the global equity market. The use of equity index financial futures contracts detracted from absolute performance for the period due to rising markets, but allowed the Fund to achieve its desired risk and exposure profile.

* 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 -0.36%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

** The HFRX Equity Hedge Fund Index measures the performance of hedge fund strategies that primarily maintain long and short positions in equity 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.

Sharpe ratio refers to a risk-adjusted measure calculated using standard deviation and excess returns to determine reward per unit of risk. The higher the ratio, the greater the risk-adjusted performance.

FAANG is an acronym for the market’s five most popular and best-performing tech stocks, namely Facebook, Apple, Amazon, Netflix and Alphabet’s Google.

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.

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

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

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

April 30, 2018 (unaudited) / ANNUAL REPORT

    4

WILMINGTON GLOBAL ALPHA EQUITIES FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Global Alpha Equities Fund from January 12, 2012 (start of performance) to April 30, 2018 compared to the HFRX Equity Hedge Fund Index².

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $1,000,000 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 Shares was -0.36%, 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 4/30/18
			Start of Performance
	1 Year	5 Year	(1/12/2012)
Class A^	-0.36%	0.91%	1.77%
Class I^	5.63%	2.32%	2.95%
HFRX Equity Hedge Fund Index2	6.98%	2.89%	3.78%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 2.57% and 1.50%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 2.32% 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.

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 $1,000,000 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, 2018 (unaudited)

5

WILMINGTON REAL ASSET FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, Wilmington Real Asset Fund (the “Fund”) had a total return of 7.11%* for Class A Shares and 7.31%* for Class I Shares, versus its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (“Bloomberg Barclays U.S. TIPS Index”)** and the Real Asset Blended Index, which had total returns of 0.27% and 3.37%, respectively.

The Blended Index is currently a mix of 50% Bloomberg Barclays U.S. TIPS Index, 35% S&P Developed Property Index***, and 15% Bloomberg Commodity Index (Total Return)****. During this period, the Fund’s relative outperformance was due to both the Fund’s tactical asset allocation as well as positive manager selection.

U.S. Inflation-Linked Bond (“ILB”) markets posted flat returns for the year. Adding to returns was a pickup in inflation, as shown by 5-year inflation expectations increasing from around 1.8% to 2.2%. At the same time, real yields fell as the U.S. economy continued on a steady growth path, and the Federal Reserve (“the Fed”) hiked rates three times with more increases expected. The Fund’s underweight position to U.S. Treasury Inflation Protected Securities (“TIPS”) contributed to returns and our allocation outperformed the index through curve positioning and trading positions.

Global real estate securities, as measured by the S&P Developed Property Index, were up mid-single digits for the year, with significant dispersion by geography. The U.S. underperformed on high valuations and interest rate increases, which decreased the attractiveness of dividend payers. Performance was stronger abroad with particular strength in certain European and Asian markets which were helped by strong fundamental performance, lower valuations as well as tailwinds from a weakening dollar. The Fund benefited from an overweight position to the sector in general, and positioning within real estate that was overweight international companies.

Commodities performance was positive following a multi-year period of price declines. Within commodities, energy and industrial metals saw double digit price increases on increased demand combined with restraint on the supply side. Precious metals and agricultural commodities were more mixed. Our Fund had an equal weight allocation but outperformed the index due primarily to exposure to commodity related equities.

The Fund uses derivatives, which include interest rate/inflation options, interest rate financial futures contracts, interest rate/inflation swap agreements, and credit default swap agreements, to enhance returns of the Fund and to hedge (or protect) against adverse movements in interest rates and movements in the bond markets. During the fiscal year, the Fund’s use of derivatives had a positive impact on the relative performance of the Fund’s exposure to inflation protected securities versus the asset class benchmark.

* 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 1.20%, 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 Bloomberg Barclays U.S. TIPS Index measures the performance of the U.S. Treasury Inflation Protected Securities market. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index.

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

**** 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 financial futures contracts on 20 physical commodities.

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

April 30, 2018 (unaudited) / ANNUAL REPORT

    6

WILMINGTON REAL ASSET FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Real Asset Fund from April 30, 2008 to April 30, 2018 compared to the Bloomberg Barclays U.S. TIPS Index.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $1,000,000 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 Shares was 1.20%, 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 4/30/18
	1 Year	5 Years	10 Years
Class A^	1.20%	-0.52%	0.82%
Class I^	7.31%	0.87%	1.65%
Bloomberg Barclays U.S. TIPS Index2	0.27%	-0.12%	3.14%
Real Asset Blended Index3	3.37%	1.73%	3.27%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.44% and 1.10%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.19% 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.

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 $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Bloomberg Barclays U.S. TIPS Index 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% Bloomberg Barclays World GILB Index, 35% S&P Developed Property Index and 15% Bloomberg Commodity Index (Total Return).

ANNUAL REPORT / April 30, 2018 (unaudited)

7    

WILMINGTON DIVERSIFIED INCOME FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, Wilmington Diversified Income Fund (the “Fund”), formerly the Wilmington Strategic Allocation Moderate Fund, had a total return of 6.99%* for Class A Shares and 7.24%* for Class I Shares, versus its new benchmarks, the Russell 1000^® Value Index**, the Bloomberg Barclays U.S. Aggregate Bond Index**, and the Diversified Blended Index***, which had total returns of 7.50%, -0.32% and 5.79%, respectively, and the old benchmark, the Russell 3000^® Index****, which had a total return of 13.05%. The Russell 1000^®Value Index**, is a more appropriate, broad-based securities market index against which to compare the Fund given its change in investment strategy. The Fund maintains the Bloomberg Barclays Capital U.S. Aggregate Bond Index as its secondary broad-based market index.

The Fund was transitioned during the fiscal year, from the process employed by the Wilmington Strategic Allocation Moderate Fund, to the new structure of the Wilmington Diversified Income Fund. The Fund was officially transitioned on August 31, 2017. The process employed by the Moderate Fund involved replicating the tactical asset allocation decisions made by the Wilmington Trust Investment Advisors, Inc. Investment Committee and then overlaying upon the asset allocation framework, active and passive managers that were closely benchmarked against the tactical asset allocations. The portfolio managers sought to add value through the combination of tactical asset allocation and manager selection. Post the transition, the new structure of the Wilmington Diversified Income Fund represents a much more stable and simplified allocation profile, with a goal to provide a high level of income and the potential for growth of capital.

Over the past year, the Class I Shares outperformed the Diversified Blended Index. The Fund’s positioning early in the fiscal year was beneficial, as the more balanced exposure between growth and value equities that existed prior to the Fund’s repositioning provided an advantage over the value-oriented equity components of the Diversified Blended Index. The returns of growth equities have enjoyed an outsized advantage over value equities for a lengthy period, an advantage to the Fund in the early months of the fiscal year.

Following the Fund’s transition, primary contributors to performance were led by the Wilmington Enhanced Dividend Income Strategy (“EDIS”). EDIS is the largest component of the Fund, and outperformed the benchmark by a comfortable margin in the period.

Leading detractors included the iShares International Select Dividend ETF (“IDV”), which underperformed the MSCI EAFE component of the Diversified Blended Index. IDV focuses on international stocks that are high dividend payers, and has a natural underweight to Japan, a market that offers few opportunities for high yielding equities. The Japanese market had a very strong year, and IDV’s substantial underweight to that market detracted from relative performance.

With regard to the outlook, the path forward is certainly shaping up as an interesting one. The first quarter of 2018 marked the return of volatility to the U.S. equity market. The S&P 500 finished the quarter slightly down -0.8%, its worst first quarter result in eight years. February was the first negative month for the S&P 500 since October

2016, ending a streak of 15 consecutive months with a positive total return. A tight labor market and rising input prices have stoked fears of a Fed that may become more aggressive in interest rate hikes, to the detriment of equity markets. Further clouding the picture is the threat of tariffs and trade wars, unwelcome developments that threaten the synchronized global recovery that has underpinned strong equity returns.

Balancing these negatives is the positive of continued strength in corporate earnings, strength that is anticipated to continue in 2018. As an income-oriented strategy, the Diversified Income Fund will need to balance the traditional defensive benefits of dividends, with the difficulties that yield-oriented products face in a rising rate environment. We are confident that our managers have the experience to deal effectively in this environment.

* 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 1.14%, 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. The Bloomberg Barclays 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 Diversified Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 36.0% Russell 1000^® Value Index; 24.0% Bloomberg Barclays U.S. Aggregate Bond Index; 17.0% MSCI EAFE Index; 7.0% Bloomberg Barclays U.S. Corporate High Yield Bond Index; 7.0%, Bloomberg Barclays U.S. Government Inflation-Linked Bond Index; 4.5% Dow Jones Global ex-U.S. Select Real Estate Securities Index; 2.5% S&P U.S. REIT Index; and 2.0% Ibbotson Associates SBBI 30-Day U.S. T-Bill Index.

**** 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.

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

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

Due to its strategy of investing in other mutual funds, this Fund may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds.

April 30, 2018 (unaudited) / ANNUAL REPORT

    8

WILMINGTON DIVERSIFIED INCOME FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Diversified Income Fund from April 30, 2008 to April 30, 2018 and June 11, 2010 (start of performance) to April 30, 2018, respectively, compared to the Russell 1000^® Value Index², the Russell 3000^® Index², the Bloomberg Barclays U.S. Aggregate Bond Index² and the Diversified Blended Index.^2,3

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $1,000,000 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 Shares was 1.14%, 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 4/30/18
	1 Year	5 Years	10 Years
Class A^	1.14%	3.94%	3.20%4
Class I^	7.24%	5.41%	6.73%4
Russell 3000®Index2	13.05%	12.75%	9.13%
Russell 1000®Value Index2	7.50%	10.52%	7.30%
Bloomberg Barclays U.S. Aggregate Bond Index2	-0.32%	1.47%	3.57%
Diversified Blended Index2,3	5.79%	5.85%	5.37%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.72% and 0.75%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.47% 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.

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 $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Russell 1000^® Value Index, the Russell 3000^® Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the Diversified Blended 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

ANNUAL REPORT / April 30, 2018 (unaudited)

9    

represented indices are unmanaged. The Russell 1000^® Value Index is the current appropriate broad-based index used by the Fund and the Russell 3000^® Index was the old index which will be no longer shown in future reports.

3 The Diversified Blended Index is calculated by the investment advisor and represents the weighted returns of the following indices: 36.0% Russell 1000^® Value Index; 24.0% Bloomberg Barclays U.S. Aggregate Bond Index; 17.0% MSCI EAFE Index; 7.0% Bloomberg Barclays U.S. Corporate High Yield Bond Index; 7.0%, Bloomberg Barclays U.S. Government Inflation-Linked Bond Index; 4.5% Dow Jones Global ex-U.S. Select Real Estate Securities Index; 2.5% S&P U.S. REIT Index; and 2.0% Ibbotson Associates SBBI 30-Day U.S T-Bill Index.

4 Represents the average total return for Class A Shares and Class I Shares from April 30, 2008 to April 30, 2018 and June 11, 2010 (start of performance) to April 30, 2018, respectively.

April 30, 2018 (unaudited) / ANNUAL REPORT

    10

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you 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, 2017 to April 30, 2018.

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 Fund’s actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund’s 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, 2018.

	Beginning Account  Value 11/01/17	Ending Account  Value 4/30/18	Expenses Paid During Period1	Annualized Net Expense Ratio2
WILMINGTON INTERNATIONAL FUND
Actual
Class A	$1,000.00	$1,023.30	$5.22	1.04%
Class I	$1,000.00	$1,024.60	$4.57	0.91%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,019.64	$5.21	1.04%
Class I	$1,000.00	$1,020.28	$4.56	0.91%
WILMINGTON GLOBAL ALPHA EQUITIES FUND
Actual
Class A	$1,000.00	$1,009.10	$7.47	1.50%
Class I	$1,000.00	$1,009.70	$6.23	1.25%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,017.36	$7.50	1.50%
Class I	$1,000.00	$1,018.60	$6.26	1.25%
WILMINGTON REAL ASSET FUND3
Actual
Class A	$1,000.00	$1,029.90	$4.83	0.96%
Class I	$1,000.00	$1,031.00	$3.58	0.71%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,020.03	$4.81	0.96%
Class I	$1,000.00	$1,021.27	$3.56	0.71%

ANNUAL REPORT / April 30, 2018 (unaudited)

11    

	Beginning Account  Value 11/01/17	Ending Account  Value 4/30/18	Expenses Paid During Period1	Annualized Net Expense Ratio2
WILMINGTON DIVERSIFIED INCOME FUND
Actual
Class A	$1,000.00	$1,014.20	$3.10	0.62%
Class I	$1,000.00	$1,015.40	$1.85	0.37%
Hypothetical (assuming a 5% return before expense)
Class A	$1,000.00	$1,021.72	$3.11	0.62%
Class I	$1,000.00	$1,022.96	$1.86	0.37%

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

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

(3) For Real Asset Fund, the expense ratio includes the impact of interest expense on reverse repurchase agreements.

April 30, 2018 (unaudited) / ANNUAL REPORT

    12

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At April 30, 2018, the Fund’s sector classifications and country allocations were as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Financials		20.1	%
Information Technology		15.2	%
Consumer Discretionary		13.8	%
Industrials		13.4	%
Materials		5.1	%
Consumer Staples		4.6	%
Energy		4.5	%
Health Care		3.9	%
Telecommunication Services		3.8	%
Real Estate		2.9	%
Utilities		2.6	%
Investment Companies		4.4	%
Warrants		1.1	%
Preferred Stock		0.0	%3
Rights		0.0	%3
Cash Equivalents1		9.8	%
Other Assets and Liabilities – Net2		(5.2	)%
TOTAL		100.0	%

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

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

(3) Represents less than 0.05%.

Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		17.8	%
Germany		9.3	%
France		8.9	%
United Kingdom		8.3	%
China		6.5	%
Italy		5.5	%
Netherlands		5.3	%
Hong Kong		4.8	%
Switzerland		3.3	%
South Korea		2.6	%
Taiwan		2.6	%
Sweden		2.2	%
Spain		1.8	%
Ireland		1.8	%
India		1.4	%
Denmark		1.3	%
Finland		1.2	%
Norway		1.0	%
Luxembourg		1.0	%
All other countries less than 1.0%		3.3	%
Investment Companies		4.4	%
Warrants		1.1	%
Preferred Stock		0.0	%3
Rights		0.0	%3
Cash Equivalents1		9.8	%
Other Assets and Liabilities – Net2		(5.2	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Number of Shares		Value
COMMON STOCKS – 89.9%
AUSTRALIA – 0.1%
BHP Billiton PLC		21,552	$	459,544
AUSTRIA – 0.7%
Erste Group Bank AG		97,100		4,748,345
BELGIUM – 0.3%
Anheuser-Busch InBev SA/NV#		10,513		1,044,293
bpost SA		12,683		278,148
KBC Group NV		7,520		653,702
TOTAL BELGIUM			$	1,976,143

Description	Number of Shares		Value
BERMUDA – 0.3%
Hiscox Ltd.		95,557	$	1,954,015
BULGARIA – 0.0%**
Petrol AD*		2,384		1,766
CHINA – 6.5%
Alibaba Group Holding Ltd. ADR*		49,121		8,770,063
China Lodging Group Ltd. ADR		11,801		1,648,128
China Mobile Ltd.		275,000		2,619,786
China Pacific Insurance Group Co. Ltd.		904,400		3,990,827
China Resources Phoenix Healthcare Holdings Co. Ltd.		21,000		27,448

ANNUAL REPORT / April 30, 2018

13    PORTFOLIOS OF INVESTMENTS

        Wilmington International Fund (continued)

Description	Number of Shares		Value
CNOOC Ltd.		1,814,000	$	3,068,769
Ctrip.com International Ltd. ADR*		12,161		497,385
Haitian International Holdings Ltd.		594,000		1,580,813
Hollysys Automation Technologies Ltd.		72,687		1,603,475
NetEase, Inc. ADR		5,403		1,388,949
New Oriental Education & Technology Group, Inc. ADR		27,023		2,427,746
Ping An Insurance Group Co. of China Ltd., Class H#		276,500		2,701,792
Shenzhou International Group Holdings Ltd.		229,000		2,499,818
Tencent Holdings Ltd.		205,400		10,098,065
TOTAL CHINA			$	42,923,064
DENMARK – 1.3%
Coloplast A/S, Class B		18,702		1,584,315
Danske Bank A/S		27,829		968,509
DSV A/S		33,189		2,628,429
Novo Nordisk A/S, Class B		65,249		3,068,527
Sydbank A/S		764		28,244
TOTAL DENMARK			$	8,278,024
FINLAND – 1.2%
DNA Oyj		74,313		1,739,171
Fortum OYJ		17,767		408,690
Kesko OYJ, Class B		3,319		194,891
Nokia OYJ		854,900		5,129,579
UPM-Kymmene OYJ		11,908		424,896
Valmet OYJ		12,634		239,492
TOTAL FINLAND			$	8,136,719
FRANCE – 8.9%
Amundi SAW		2,603		221,371
AXA SA		41,448		1,185,355
BNP Paribas SA		27,044		2,087,776
Bouygues SA		8,284		422,526
Casino Guichard Perrachon SA		5,118		265,479
Cie de Saint-Gobain		89,300		4,672,264
Cie Generale des Etablissements Michelin		36,629		5,150,870
CNP Assurances		16,606		425,341
Credit Agricole SA		27,353		450,431
Dassault Systemes SA		8,472		1,097,885
Edenred		79,748		2,747,353
Electricite de France SA		4,816		67,586
Elior Group SAW		63,165		1,289,766
Engie SA		54,556		956,992
ID Logistics Group*		7,864		1,402,746
Ingenico SA		12,470		1,090,788
Legrand SA		9,973		776,027
L’Oreal SA		5,514		1,327,713
LVMH Moet Hennessy Louis Vuitton SA		14,953		5,203,818

Description	Number of Shares		Value
Natixis SA		69,393	$	569,920
Orange SA		70,576		1,283,044
Renault SA		46,314		5,019,577
Safran SA		44,600		5,231,134
Sanofi		15,335		1,212,419
Sartorius Stedim Biotech		22,113		2,061,333
SCOR SE		49,339		2,000,848
Societe BIC SA		296		30,200
Societe Generale SA		22,873		1,251,810
SPIE SA		46,043		1,041,813
TOTAL SA		48,923		3,074,892
Veolia Environnement SA		202,000		4,779,035
Vinci SA		2,443		244,260
TOTAL FRANCE			$	58,642,372
GERMANY – 9.3%
Aareal Bank AG		4,886		244,393
adidas AG		18,600		4,571,306
AIXTRON SE*		70,069		994,538
AURELIUS Equity Opportunities SE & Co. KGaA#		26,346		1,991,064
BASF SE		10,478		1,090,166
Bayerische Motoren Werke AG		12,028		1,337,294
Continental AG		16,900		4,501,053
Covestro AG W		1,799		163,466
Daimler AG		24,155		1,899,018
Deutsche Lufthansa AG		11,193		325,327
Deutsche Post AG		6,287		272,883
Deutsche Telekom AG		292,536		5,120,432
Deutsche Wohnen SE		101,400		4,785,527
Fielmann AG		17,727		1,455,722
Freenet AG		4,352		138,149
Fresenius SE & Co. KGaA		23,483		1,788,329
Hannover Rueck SE		3,050		428,359
HeidelbergCement AG		754		73,731
HUGO BOSS AG		20,381		1,910,630
Infineon Technologies AG		133,923		3,429,189
Jenoptik AG		73,400		2,662,830
LANXESS AG		24,887		1,843,486
METRO AG		20,350		294,405
Muenchener Rueckversicherungs AG		3,556		813,834
SAP SE		41,107		4,567,214
Scout24 AGW		10,943		565,514
Siemens AG		8,581		1,089,742
Sixt SE		28,478		3,351,000
TAG Immobilien AG		4,745		100,271
Telefonica Deutschland Holding AG		63,375		302,458
thyssenkrupp AG		175,300		4,559,674

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     14

Wilmington International Fund (continued)

Description	Number of Shares		Value
TLG Immobilien AG		1,903	$	54,747
TUI AG		6,946		157,048
XING SE		7,375		2,286,025
Zalando SE*,W		22,739		1,170,072
zooplus AG#, *		5,970		1,237,840
TOTAL GERMANY			$	61,576,736
GHANA – 0.0%**
Produce Buying Co. Ltd.*,††		288,000		—
HONG KONG – 4.8%
AIA Group Ltd.		859,600		7,682,417
ASM Pacific Technology Ltd.		82,200		1,126,414
BOC Hong Kong Holdings Ltd.		652,000		3,370,531
Brilliance China Automotive Holdings Ltd.#		612,000		1,089,676
CK Hutchison Holdings Ltd.		97,000		1,147,011
Hongkong Land Holdings Ltd.		271,700		1,963,641
Jardine Matheson Holdings Ltd.		50,800		3,076,130
Johnson Electric Holdings Ltd.		455,000		1,584,096
Sands China Ltd.		141,200		816,049
Sun Hung Kai Properties Ltd.		121,000		1,948,638
Swire Properties Ltd.		936,400		3,323,743
Techtronic Industries Co. Ltd.		789,000		4,622,113
TOTAL HONG KONG			$	31,750,459
INDIA – 1.4%
HDFC Bank Ltd. ADR		68,280		6,541,907
Infosys Ltd. ADR		93,685		1,655,414
Suzlon Energy Ltd. GDR - Reg S*,††		77,213		—
Tata Motors Ltd. ADR*		39,727		997,942
TOTAL INDIA			$	9,195,263
INDONESIA – 0.0%**
PP Persero Tbk PT††		19		—
Sugih Energy Tbk PT*,††		1,327,300		—
TOTAL INDONESIA			$	—
IRELAND – 1.8%
DCC PLC		15,916		1,527,703
Glanbia PLC		81,791		1,381,472
Kerry Group PLC, Class A		15,188		1,548,266
Kingspan Group PLC		71,362		3,230,479
Ryanair Holdings PLC ADR*		14,433		1,587,197
UDG Healthcare PLC		201,884		2,536,468
TOTAL IRELAND			$	11,811,585
ITALY – 5.5%
Assicurazioni Generali SpA#		272,097		5,490,628
Atlantia SpA		6,171		204,259
Credito Emiliano SpA		260,780		2,293,378

Description	Number of Shares		Value
Enel SpA		933,249	$	5,920,264
Eni SpA		334,955		6,547,829
FinecoBank Banca Fineco SpA#		216,903		2,582,829
Intesa Sanpaolo SpA		1,520,788		5,785,005
Italgas SpA		82,056		530,993
Poste Italiane SpAW		52,420		511,802
Salvatore Ferragamo SpA#		47,088		1,391,365
Snam SpA		43,949		211,002
UniCredit SpA		222,700		4,828,115
UnipolSai Assicurazioni SpA#		99,244		266,714
TOTAL ITALY			$	36,564,183
JAPAN – 17.8%
77 Bank Ltd. (The)		38,400		948,769
Adastria Holdings Co. Ltd.		8,100		140,521
Aeon Mall Co. Ltd.		61,500		1,243,618
Ahresty Corp.		121,400		1,101,923
Ajinomoto Co., Inc.		88,000		1,612,379
Alpine Electronics, Inc.		33,400		631,592
Anritsu Corp.		40,300		527,221
AOI TYO Holdings, Inc.		96,700		1,344,433
Ariake Japan Co. Ltd.		4,300		368,846
Asics Corp.		61,300		1,158,360
Bandai Namco Holdings, Inc.		31,400		1,062,538
Cosmos Pharmaceutical Corp.		5,200		1,169,302
Credit Saison Co. Ltd.		18,800		336,699
Daihatsu Diesel Manufacturing Co. Ltd.		124,000		1,011,067
Dai-ichi Life Holdings, Inc.		110,200		2,187,751
Daiki Aluminium Industry Co. Ltd.		105,300		725,202
Daikin Industries Ltd.		20,000		2,336,315
Daiwa House Industry Co. Ltd.		24,900		910,376
Daiwa Securities Group, Inc.		57,000		349,669
DeNA Co. Ltd.		34,200		651,841
Denka Co. Ltd.		45,800		1,630,541
Denki Kogyo Co. Ltd.		29,600		894,549
Ebara Corp.		62,800		2,398,677
Electric Power Development Co. Ltd.		23,000		625,497
ESPEC Corp.		29,900		703,325
Hino Motors Ltd.		232,900		2,841,481
Hitachi Chemical Co. Ltd.		42,400		929,993
Hitachi Ltd.		213,000		1,554,593
Hitachi Metals Ltd.		45,200		516,562
Honda Motor Co. Ltd.		29,200		1,004,070
Inpex Corp.		51,800		662,201
Isetan Mitsukoshi Holdings Ltd.		150,700		1,676,569
ITOCHU Corp.		58,600		1,171,908
Jafco Co. Ltd.		9,400		412,266
Japan Securities Finance Co. Ltd.		104,000		683,392

ANNUAL REPORT / April 30, 2018

15     PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

Description	Number of Shares		Value
Japan Tobacco, Inc.		59,100	$	1,588,679
JFE Holdings, Inc.		38,900		798,319
JXTG Holdings, Inc.		167,500		1,091,893
Komatsu Ltd.		18,800		640,868
K’s Holdings Corp.		29,200		421,154
Macromill, Inc.		27,000		729,547
Maeda Corp.		46,500		573,896
Mimasu Semiconductor Industry Co. Ltd.		57,000		1,003,748
Mirait Holdings Corp.		65,000		1,030,862
Mitsubishi Corp.		32,600		898,963
Mitsubishi Electric Corp.		67,000		1,027,147
Mitsubishi Estate Co. Ltd.		19,700		359,969
Mitsubishi Heavy Industries Ltd.		9,500		375,552
Mitsubishi Logistics Corp.		46,200		1,065,608
Mitsubishi UFJ Financial Group, Inc.		445,600		2,986,119
Mitsui & Co. Ltd.		23,800		428,952
Mitsui Fudosan Co. Ltd.		46,900		1,201,364
Mitsui OSK Lines Ltd.		9,800		290,292
Mizuho Financial Group, Inc.		609,400		1,102,549
NET One Systems Co. Ltd.		69,300		1,115,358
Nintendo Co. Ltd.		7,400		3,109,306
Nippon Electric Glass Co. Ltd.		23,600		680,106
Nippon Sheet Glass Co. Ltd.*		133,100		1,086,557
Nippon Telegraph & Telephone Corp.		31,500		1,494,838
Nippon Yusen KK		18,900		402,013
Nishimatsu Construction Co. Ltd.		17,800		489,304
Nissan Shatai Co. Ltd.		27,500		294,438
Nissin Kogyo Co. Ltd.		269,800		4,734,096
Nitori Holdings Co. Ltd.		5,800		978,082
Nitto Denko Corp.		5,300		394,028
Nomura Holdings, Inc.		70,200		404,321
Noritz Corp.		27,500		501,066
NTT DOCOMO, Inc.		27,800		718,185
ORIX Corp.		48,800		855,896
OSJB Holdings Corp.		357,900		1,048,727
Pacific Industrial Co. Ltd.		55,000		780,120
Persol Holdings Co. Ltd.		8,300		197,292
Recruit Holdings Co. Ltd.		54,100		1,247,382
Ryobi Ltd.		49,300		1,259,542
San-A Co. Ltd.		17,100		911,875
Santen Pharmaceutical Co. Ltd.		58,100		975,750
SEC Carbon Ltd.#		19,100		1,152,569
Seikagaku Corp.		36,900		609,948
Seino Holdings Co. Ltd.		97,100		1,818,757
Sekisui Chemical Co. Ltd.		49,700		879,197
Senshu Electric Co. Ltd.		28,200		834,367
Seven & i Holdings Co. Ltd.		18,100		797,501
Shimamura Co. Ltd.		8,600		1,000,810

Description	Number of Shares		Value
Shionogi & Co. Ltd.		19,100	$	981,581
Showa Corp.		96,300		1,447,476
Sinko Industries Ltd.		52,100		844,364
SMC Corp.		2,300		873,984
SoftBank Group Corp		18,900		1,444,125
Sony Corp.		42,800		1,999,022
Sumitomo Electric Industries Ltd.		49,400		756,268
Sumitomo Heavy Industries Ltd.		27,000		1,031,678
Sumitomo Metal Mining Co. Ltd.		14,800		631,373
Sumitomo Mitsui Financial Group, Inc.		49,300		2,054,739
Sumitomo Warehouse Co Ltd. (The)		76,000		519,957
Suruga Bank Ltd.		23,400		316,987
Suzuki Motor Corp.		9,000		483,731
T&D Holdings, Inc.		97,900		1,662,732
Taiheiyo Cement Corp.		17,300		653,247
Taiyo Nippon Sanso Corp.		64,600		957,743
Take And Give Needs Co. Ltd.#		13,200		138,274
Takeei Corp.		41,400		505,221
Teikoku Electric Manufacturing Co. Ltd.		93,300		1,388,875
Terumo Corp.		33,200		1,878,484
Tokio Marine Holdings, Inc.		19,300		910,907
Tokyo Ohka Kogyo Co. Ltd.		16,400		576,188
Tokyu Fudosan Holdings Corp.		107,300		844,398
Toray Industries, Inc.		93,800		875,583
Toyobo Co. Ltd.		29,200		568,800
Toyota Motor Corp.		24,500		1,606,524
Tsurumi Manufacturing Co. Ltd.		37,600		730,508
Ube Industries Ltd.		19,700		600,144
West Japan Railway Co.		14,900		1,053,151
Xebio Holdings Co. Ltd.		31,400		591,571
Yahoo Japan Corp.#		463,300		1,904,016
Yamato Kogyo Co. Ltd.		19,400		571,886
Yaoko Co. Ltd.		10,200		565,698
TOTAL JAPAN			$	117,880,193
JERSEY – 0.2%
Shire PLC		22,170		1,180,559
LUXEMBOURG – 1.0%
ArcelorMittal*		148,300		5,026,423
RTL Group SA		367		30,200
Samsonite International SA		288,000		1,299,080
SES SA#		17,183		265,114
TOTAL LUXEMBOURG			$	6,620,817
MALAYSIA – 0.0%**
RHB Bank Bhd*,††		18,000		—
NETHERLANDS – 5.3%
ABN AMRO Group NVW		12,972		402,277

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     16

Wilmington International Fund (continued)

Description	Number of Shares		Value
Aegon NV		130,920	$	959,484
ASML Holding NV#		34,769		6,619,445
ASR Nederland NV		1,447		68,246
BE Semiconductor Industries NV*		2,185		151,012
IMCD NV		39,350		2,421,328
ING Groep NV#		51,317		864,717
Koninklijke Ahold Delhaize NV		205,092		4,947,734
Koninklijke KPN NV#		1,579,600		4,916,079
NN Group NV		122,064		5,849,877
Royal Dutch Shell PLC, Class A		87,776		3,071,608
Royal Dutch Shell PLC, Class B		69,592		2,484,371
Wessanen#		126,926		2,560,830
TOTAL NETHERLANDS			$	35,317,008
NORWAY – 1.0%
DNB ASA#		39,231		733,673
Marine Harvest ASA		18,842		410,150
Norsk Hydro ASA#		49,857		311,405
Salmar ASA		2,041		95,113
Sbanken ASAW		194,367		1,754,708
Telenor ASA		14,243		315,253
TGS Nopec Geophysical Co. ASA		59,345		1,871,381
Tomra Systems ASA		72,848		1,351,407
TOTAL NORWAY			$	6,843,090
PHILIPPINES – 0.2%
Ayala Land, Inc.		1,694,300		1,331,367
RUSSIA – 0.0%**
Polymetal International PLC		4,638		46,554
SINGAPORE – 0.8%
Jardine Cycle & Carriage Ltd.		53,000		1,363,628
Oversea-Chinese Banking Corp. Ltd.		350,500		3,620,170
TOTAL SINGAPORE			$	4,983,798
SOUTH AFRICA – 0.0%**
African Phoenix Investments Ltd.*		36,266		1,926
Investec PLC		35,259		278,928
TOTAL SOUTH AFRICA			$	280,854
SOUTH KOREA – 2.6%
Mando Corp.		9,012		1,906,639
NAVER Corp.		1,341		894,236
Samsung Electronics Co. Ltd.††		4,371		10,833,997
Samsung Fire & Marine Insurance Co. Ltd.		8,479		2,117,121
SK Materials Co. Ltd.		11,613		1,667,854
TOTAL SOUTH KOREA			$	17,419,847
SPAIN – 1.8%
Abertis Infraestructuras SA		10,449		230,368

Description	Number of Shares		Value
Acciona SA		1,172	$	98,033
Amadeus IT Group SA		31,892		2,326,831
Banco Bilbao Vizcaya Argentaria SA		37,323		302,019
Banco Santander SA#		239,742		1,548,953
Bankinter SA		220,480		2,304,264
CaixaBank SA		66,702		324,363
Enagas SA		1,814		52,726
Iberdrola SA		175,432		1,355,376
Industria de Diseno Textil SA#		38,023		1,178,643
Mapfre SA		51,242		177,757
Repsol SA		54,168		1,033,677
Telefonica SA		96,249		980,823
TOTAL SPAIN			$	11,913,833
SWEDEN – 2.2%
Assa Abloy AB		92,948		1,947,904
Atlas Copco AB, Class A		44,036		1,722,087
Avanza Bank Holding AB#		36,689		1,724,673
Hemfosa Fastigheter AB		8,597		106,492
Hexagon AB		40,693		2,349,570
Hexpol AB		2,004		20,738
Munters Group AB#,*,W		132,491		765,211
Nordea Bank AB		71,847		730,731
Peab AB		5,679		50,278
Skandinaviska Enskilda Banken AB, Class A		55,201		518,229
Sweco AB, Class B		71,419		1,454,599
Swedbank AB		17,004		369,383
Tele2 AB, Class B		152,796		1,980,529
Trelleborg AB, Class B		32,984		770,795
Volvo AB, Class B		13,577		230,081
TOTAL SWEDEN			$	14,741,300
SWITZERLAND – 3.3%
Aryzta AG#, *		54,941		1,157,932
Chocoladefabriken Lindt & Spruengli AG		125		803,506
Cie Financiere Richemont SA		28,739		2,731,893
Clariant AG*		29,899		690,228
Comet Holding AG*		10,140		1,328,964
Huber + Suhner AG#		30,855		1,762,347
Julius Baer Group Ltd.*		14,933		886,249
Nestle SA		11,322		877,116
Novartis AG		39,113		3,010,697
Oriflame Holding AG		1,289		61,082
Partners Group Holding AG		2,582		1,883,235
Roche Holding AG		6,795		1,509,764
STMicroelectronics NV		10,577		230,887
Straumann Holding AG		2,483		1,685,527
Swiss Life Holding AG*		2,095		732,871

ANNUAL REPORT / April 30, 2018

17     PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

Description	Number of Shares		Value
Swiss Re AG		11,849	$	1,128,846
UBS Group AG*		30,660		514,625
Zurich Insurance Group AG		1,947		621,941
TOTAL SWITZERLAND			$	21,617,710
TAIWAN – 2.6%
Far EasTone Telecommunications Co. Ltd.		203,000		537,083
Hon Hai Precision Industry Co. Ltd.		881,000		2,450,398
Largan Precision Co. Ltd.		17,000		1,977,240
Merida Industry Co. Ltd.		355,000		1,580,536
Taiwan Semiconductor Manufacturing Co.
Ltd.		1,386,000		10,557,637
TOTAL TAIWAN			$	17,102,894
THAILAND – 0.4%
Kasikornbank PCL		465,700		2,871,782
UNITED KINGDOM – 8.3%
AstraZeneca PLC		5,532		387,256
Aviva PLC		79,653		578,736
Barratt Developments PLC		30,257		232,014
Berkeley Group Holdings PLC		4,797		268,557
BP PLC		297,127		2,207,063
British American Tobacco PLC		39,170		2,148,391
BT Group PLC		123,005		422,198
Capital & Counties Properties PLC		269,738		1,067,574
Centrica PLC		213,285		450,201
Compass Group PLC		75,907		1,628,427
Crest Nicholson Holdings PLC		4,232		28,376
Croda International PLC		42,283		2,586,579
Dignity PLC		53,054		795,861
Direct Line Insurance Group PLC		154,498		793,860
Galliford Try PLC#		13,759		173,343
GlaxoSmithKline PLC		58,710		1,177,564
HSBC Holdings PLC		618,230		6,156,945
Hunting PLC*		239,856		2,650,756
International Consolidated Airlines Group SA		27,898		240,740
Legal & General Group PLC		162,423		601,577
Lloyds Banking Group PLC		1,888,139		1,674,690
National Grid PLC		94,862		1,097,556
NEX Group PLC		118,930		1,613,897
Persimmon PLC		17,251		644,423
Prudential PLC		137,553		3,537,069
Reckitt Benckiser Group PLC		32,697		2,565,033
Rio Tinto Ltd.		48,363		2,878,275
Rio Tinto PLC		29,556		1,610,988
Royal Mail PLC		121,882		972,010
RSA Insurance Group PLC		19,753		178,232
Serco Group PLC*		925,203		1,222,641

Description	Number of Shares		Value
SSE PLC		29,547	$	560,764
SSP Group PLC		164,482		1,471,888
St James’s Place PLC		186,230		2,900,975
Tate & Lyle PLC		5,114		40,390
Taylor Wimpey PLC		104,958		276,413
Tullow Oil PLC*		569,293		1,781,598
Unilever NV#		34,107		1,955,303
Vodafone Group PLC		389,036		1,135,298
Weir Group PLC (The)		63,057		1,845,175
TOTAL UNITED KINGDOM			$	54,558,636
UNITED STATES – 0.3%
Cognizant Technology Solutions Corp.,
Class A		22,873		1,871,469
TOTAL COMMON STOCKS (COST $506,943,671)			$	594,599,929
INVESTMENT COMPANIES – 4.4%
iShares MSCI Australia ETF		576,900		12,801,411
iShares S&P/TSX 60 Index ETF#		892,000		16,138,604
TOTAL INVESTMENT COMPANIES (COST $30,524,307)			$	28,940,015
PREFERRED STOCK – 0.0%**
GERMANY – 0.0%**
Volkswagen AG		1,212		249,956
TOTAL PREFERRED STOCK (COST $248,806)			$	249,956
MONEY MARKET FUND – 3.0%
Dreyfus Government Cash Management
Fund, Institutional Shares, 1.60%^		19,505,936		19,505,936
TOTAL MONEY MARKET FUND (COST $19,505,936)			$	19,505,936
RIGHTS – 0.0%**
TUNISIA – 0.0%**
Societe D’Articles Hygieniques SA*,††		2,800		—
TOTAL RIGHTS (COST $0)			$	—
WARRANTS – 1.1%
CHINA – 0.3%
China International Travel Service Corp. Ltd., Class A*		149,261		1,227,226
Zhejiang Sanhua Intelligent Controls Co.,
Ltd., Class A*		333,331		823,722
TOTAL CHINA			$	2,050,948
SWITZERLAND – 0.8%
Hangzhou Hikvision Digital Technology Co.
Ltd.*		459,711		2,794,706

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    18

Wilmington International Fund (continued)

Description	Number of Shares		Value
Midea Group Co., Ltd.*	$	310,149	$	2,530,949
TOTAL SWITZERLAND			$	5,325,655
TOTAL WARRANTS (COST $5,250,497)			$	7,376,603
TOTAL INVESTMENTS IN SECURITIES – 98.4% (COST $562,473,217)			$	650,672,439
Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 6.8%
REPURCHASE AGREEMENTS – 6.8%
Barclays Capital, Inc., 1.71%, dated 4/30/18, due 5/01/18, repurchase price $2,256,470, collateralized by U.S. Treasury Securities, 0.00% to 3.00%, maturing 7/31/19 to 9/09/49; total market value of $2,301,490.	$	2,256,363	$	2,256,363
Daiwa Capital Markets America, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $8,599,996, collateralized by U.S. Government & Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 12/01/51; total market value of $8,771,577.		8,599,585		8,599,585
NBC Global Finance Ltd., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $8,600,001, collateralized by U.S. Treasury Securities, 0.00% to 3.63%, maturing 6/30/19 to 9/09/49; total market value of $8,771,556.		8,599,585		8,599,585
Nomura Securities International, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $8,600,001, collateralized by U.S. Government Securities, 0.00% to 10.50%, maturing 5/01/18 to 3/20/68; total market value of $8,771,577.		8,599,585		8,599,585
RBC Dominion Securities, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $8,599,996, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 10/31/18 to 9/09/49; total market value of $8,771,577.		8,599,585		8,599,585
TD Securities, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $8,600,001, collateralized by U.S. Government Securities, 4.00% to 4.50%, maturing 3/01/47 to 3/01/48; total market value of $8,771,577.		8,599,585		8,599,585
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $45,254,288)			$	45,254,288
TOTAL INVESTMENTS – 105.2%ø (COST $607,727,505)			$	695,926,727
COLLATERAL FOR SECURITIES ON LOAN – (6.8%)				(45,254,288	)
OTHER ASSETS LESS LIABILITIES – 1.6%				10,610,160
TOTAL NET ASSETS – 100.0%			$	661,282,599

ANNUAL REPORT / April 30, 2018

19    PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

Cost of investments for Federal income tax purposes is $609,947,321. The net unrealized appreciation/(depreciation) of investments was $86,095,881. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $100,910,278 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(14,814,397).

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level  1		Level  2		Level  3		Total
Assets
Investments in Securities
Common Stocks
Australia	$	—	$	459,544	$	—	$	459,544
Austria		—		4,748,345		—		4,748,345
Belgium		—		1,976,143		—		1,976,143
Bermuda		—		1,954,015		—		1,954,015
Bulgaria		1,766		—		—		1,766
China		16,335,746		26,587,318		—		42,923,064
Denmark		—		8,278,024		—		8,278,024
Finland		—		8,136,719		—		8,136,719
France		—		58,642,372		—		58,642,372
Germany		—		61,576,736		—		61,576,736
Ghana		—		—		—		—
Hong Kong		—		31,750,459		—		31,750,459
India		9,195,263		—		—		9,195,263
Indonesia		—		—		—		—
Ireland		1,587,197		10,224,388		—		11,811,585
Italy		—		36,564,183		—		36,564,183
Japan		—		117,880,193		—		117,880,193
Jersey		—		1,180,559		—		1,180,559
Luxembourg		—		6,620,817		—		6,620,817
Malaysia		—		—		—		—
Netherlands		—		35,317,008		—		35,317,008
Norway		—		6,843,090		—		6,843,090
Philippines		—		1,331,367		—		1,331,367
Russia		—		46,554		—		46,554
Singapore		—		4,983,798		—		4,983,798
South Africa		—		280,854		—		280,854
South Korea		—		17,419,847		—		17,419,847
Spain		—		11,913,833		—		11,913,833
Sweden		—		14,741,300		—		14,741,300
Switzerland		—		21,617,710		—		21,617,710
Taiwan		—		17,102,894		—		17,102,894
Thailand		—		2,871,782		—		2,871,782
United Kingdom		—		54,558,636		—		54,558,636
United States		1,871,469		—		—		1,871,469
Investment Companies		28,940,015		—		—		28,940,015
Preferred Stocks
Germany		—		249,956		—		249,956
Money Market Fund		19,505,936		—		—		19,505,936

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     20

Wilmington International Fund (continued)

	Level  1		Level  2			Level 3		Total
Rights
Tunisia	$	—	$	—		$	—	$	—
Warrants
China		—		2,050,948			—		2,050,948
Switzerland		—		5,325,655			—		5,325,655
Repurchase Agreements		—		45,254,288			—		45,254,288
Total Investments in Securities		77,437,392		618,489,335			—		695,926,727
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—	$	839		$	—	$	839
Financial Futures Contracts		117,414		—			—		117,414
Total Assets - Other Financial Instruments	$	117,414	$	839		$	—	$	118,253
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—	$	(1,890	)	$	—	$	(1,890	)
Total Liabilities - Other Financial Instruments	$	—	$	(1,890	)	$	—	$	(1,890	)

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

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

* Non-income producing security.

^ 7-Day net yield.

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2018, the value of these securities amounted to $10,833,997 representing 1.64% of total net assets.

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, 2018, these liquid restricted securities amounted to $6,844,187 representing 1.03% of total net assets.

ø On April 30, 2018, the Fund utilized International Fair Value Pricing, as defined in Note 2 in Notes to Financial Statements. The value of these securities amounted to $565,858,444 representing 85.57% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:		Currency Code	Currency
ADR	American Depositary Receipt	CHF	Swiss Franc
ETF	Exchange Traded Fund	EUR	Euro
GDR	Global Depositary Receipt	GBP	British Pound Sterling
MSCI	Morgan Stanley Capital International	HKD	Hong Kong Dollar
PLC	Public Limited Company	SEK	Swedish Krona
Reg S	Regulation S

At April 30, 2018, the International 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 PURCHASED
5/3/2018	Bank of New York	181,432 SEK	$	20,883	$	20,719		$    —		$(164)
5/3/2018	Bank of New York	83,119 EUR		100,310		100,374		64		—
5/3/2018	Bank of New York	56,459 EUR		68,136		68,180		44		—
5/3/2018	Bank of New York	13,968 EUR		16,857		16,868		11		—
5/3/2018	Bank of New York	13,282 EUR		16,029		16,040		11		—
CONTRACTS SOLD
5/1/2018	Bank of New York	35,523 GBP		49,432		48,904		528		—
5/2/2018	Bank of New York	1,105,101 HKD		140,799		140,801		—		(2)

ANNUAL REPORT / April 30, 2018

21    PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (concluded)

Settlement Date	Counterparty	Contracts  to Deliver/Receive	Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized (Depreciation)
CONTRACTS SOLD (continued)
5/2/2018	Bank of New York	340,253 HKD	$	43,351	$	43,352	$	—	$	(1)
5/2/2018	Bank of New York	223,113 GBP		306,223		307,162		—		(939)
5/2/2018	Bank of New York	101,128 GBP		138,798		139,224		—		(426)
5/2/2018	Bank of New York	12,916 GBP		17,727		17,781		—		(54)
5/2/2018	Bank of New York	12,664 EUR		15,322		15,292		30		—
5/2/2018	Bank of New York	10,528 EUR		12,700		12,714		—		(14)
5/2/2018	Bank of New York	8,292 EUR		10,002		10,013		—		(11)
5/2/2018	Bank of New York	7,230 EUR		8,748		8,731		17		—
5/2/2018	Bank of New York	6,990 EUR		8,432		8,442		—		(10)
5/2/2018	Bank of New York	2,351 EUR		2,836		2,839		—		(3)
5/2/2018	Bank of New York	1,510 EUR		1,822		1,824		—		(2)
5/2/2018	Bank of New York	1,426 EUR		1,720		1,722		—		(2)
5/2/2018	Bank of New York	1,176 EUR		1,418		1,420		—		(2)
5/2/2018	Bank of New York	502 EUR		606		607		—		(1)
5/3/2018	Bank of New York	259,204 HKD		33,024		33,025		—		(1)
5/3/2018	Bank of New York	148,597 SEK		17,104		16,970		134		—
5/3/2018	Bank of New York	120,644 EUR		145,596		145,689		—		(93)
5/3/2018	Bank of New York	83,529 EUR		100,805		100,869		—		(64)
5/3/2018	Bank of New York	28,283 CHF		28,515		28,539		—		(24)
5/3/2018	Bank of New York	22,516 EUR		27,162		27,196		—		(34)
5/3/2018	Bank of New York	17,758 EUR		21,430		21,444		—		(14)
5/3/2018	Bank of New York	14,425 EUR		17,408		17,420		—		(12)
5/3/2018	Bank of New York	10,369 EUR		12,514		12,522		—		(8)
5/3/2018	Bank of New York	8,170 EUR		9,859		9,865		—		(6)
5/3/2018	Bank of New York	3,457 EUR		4,172		4,175		—		(3)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS								$839		$(1,890)

At April 30, 2018, the International Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date	Number  of Contracts		Notional Amount		Contract Amount		Contract at Value		Unrealized Appreciation (a)		Unrealized (Depreciation) (a)
LONG POSITIONS:
SGX Nifty 50 Index	May 2018		384	$	8,282,880	$	8,165,466	$	8,282,880	$	117,414	$	—
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$	117,414	$	—

(a) The variation margin shown on the Statement of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open until April 30, 2018. If variation margin settles the same day, then no amount may be shown in the Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

22

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At April 30, 2018, the Fund’s portfolio composition was as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Insurance		8.3	%
Diversified Financial Services		6.6	%
Oil, Gas & Consumable Fuels		3.9	%
IT Services		3.6	%
Pharmaceuticals		3.4	%
Real Estate Investment Trusts		3.2	%
Machinery		2.7	%
Commercial Services & Supplies		2.5	%
Health Care Providers & Services		2.5	%
Containers & Packaging		2.3	%
Health Care Equipment & Supplies		2.3	%
Electric Utilities		2.1	%
Commercial Banks		2.1	%
Road & Rail		2.1	%
Diversified Telecommunication Services		2.1	%
Specialty Retail		2.1	%
Food Products		1.8	%
Hotels, Restaurants & Leisure		1.8	%
Software		1.8	%
Chemicals		1.8	%
Capital Markets		1.7	%
Household Durables		1.7	%
Internet Software & Services		1.6	%
Semiconductors & Semiconductor Equipment		1.6	%
Construction & Engineering		1.5	%
Metals & Mining		1.4	%
Communications Equipment		1.3	%
Wireless Telecommunication Services		1.2	%
Beverages		1.2	%
Textiles, Apparel & Luxury Goods		1.1	%
Auto Components		1.0	%
Trading Companies & Distributors		1.0	%
Tobacco		0.9	%
Food & Staples Retailing		0.9	%
Multi-Utilities		0.9	%
Electronic Equipment, Instruments & Components		0.9	%
Building Products		0.9	%
Aerospace & Defense		0.9	%
Automobiles		0.8	%
Electrical Equipment		0.8	%
Computers & Peripherals		0.7	%
Media		0.7	%
Gas Utilities		0.7	%
Professional Services		0.6	%
Consumer Finance		0.6	%
Air Freight & Logistics		0.6	%
Industrial Conglomerates		0.5	%
Household Products		0.5	%
Airlines		0.4	%

Common Stocks	Percentage of Total Net Assets
Multiline Retail		0.4	%
Real Estate Management & Development		0.4	%
Construction Materials		0.4	%
Personal Products		0.4	%
Paper & Forest Products		0.3	%
Transportation Infrastructure		0.3	%
Diversified Consumer Services		0.3	%
Marine		0.3	%
Water Utilities		0.2	%
Leisure Equipment & Products		0.2	%
Internet & Catalog Retail		0.1	%
Distributors		0.1	%
Energy Equipment & Services		0.1	%
Biotechnology		0.1	%
Health Care Technology		0.0	%3
Life Sciences Tools & Services		0.0	%3
Investment Companies		0.1	%
Preferred Stocks		0.1	%
Cash Equivalents1		5.5	%
Other Assets and Liabilities – Net2		3.1	%
TOTAL		100.0	%

ANNUAL REPORT / April 30, 2018

23     PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Common Stocks	Percentage of Total Net Assets
Common Stocks
United States		43.5	%
Japan		12.2	%
United Kingdom		5.8	%
Canada		4.9	%
France		3.8	%
Switzerland		2.7	%
Netherlands		1.8	%
Germany		1.8	%
China		1.4	%
Sweden		1.3	%
Taiwan		1.2	%
Italy		1.2	%
Hong Kong		1.2	%
Ireland		1.0	%
Spain		1.0	%
All other countries less than 1.0%		6.4	%
Investment Companies		0.1	%
Preferred Stocks		0.1	%
Cash Equivalents1		5.5	%
Other Assets and Liabilities – Net2		3.1	%
TOTAL		100.0	%

(1) Cash Equivalent includes investment in a money market fund.

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

(3) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Number of Shares		Value
COMMON STOCKS – 91.2%
AEROSPACE & DEFENSE – 0.9%
BAE Systems PLC		7,734	$	64,890
Huntington Ingalls Industries, Inc.		145		35,265
L3 Technologies, Inc.		1,042		204,107
Lockheed Martin Corp.		706		226,513
Moog, Inc., Class A*		2,900		237,713
Safran SA		3,032		355,623
United Technologies Corp.		1,695		203,654
TOTAL AEROSPACE & DEFENSE			$	1,327,765
AIR FREIGHT & LOGISTICS – 0.6%
CTT-Correios de Portugal SA		12,487		46,047
Deutsche Post AG		6,729		292,068
PostNL NV		29,261		113,590

Description	Number of Shares		Value
Royal Mail PLC		5,243	$	41,813
United Parcel Service, Inc., Class B		3,258		369,783
TOTAL AIR FREIGHT & LOGISTICS			$	863,301
AIRLINES – 0.4%
Hawaiian Holdings, Inc.		6,905		284,486
Japan Airlines Co. Ltd.		4,357		171,947
JetBlue Airways Corp.*		7,805		149,778
SAS AB*		26,277		65,577
Southwest Airlines Co.		548		28,951
TOTAL AIRLINES			$	700,739
AUTO COMPONENTS – 1.0%
Aisan Industry Co. Ltd.		3,835		39,567
Autoliv, Inc.		211		28,285
Bridgestone Corp.		4,256		177,912
Cie Generale des Etablissements Michelin		529		74,389
Exedy Corp.		3,245		109,901

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     24

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Keihin Corp.		4,975	$	98,276
NGK Spark Plug Co. Ltd.		5,297		135,851
Nissin Kogyo Co. Ltd.		5,105		89,576
NOK Corp.		4,985		101,950
Showa Corp.		1,685		25,327
Sumitomo Electric Industries Ltd.		11,457		175,396
Sumitomo Riko Co. Ltd.		5,580		58,330
Tokai Rika Co. Ltd.		11,647		232,673
Toyoda Gosei Co. Ltd.		4,295		108,444
Toyota Industries Corp.		2,214		130,562
TOTAL AUTO COMPONENTS			$	1,586,439
AUTOMOBILES – 0.8%
Dongfeng Motor Group Co. Ltd., Class H		110,000		121,642
Harley-Davidson, Inc.		2,352		96,738
Honda Motor Co. Ltd.		8,815		303,112
Isuzu Motors Ltd.		8,996		137,318
Kia Motors Corp.		4,181		129,087
Mitsubishi Motors Corp.		5,565		41,414
Nissan Motor Co. Ltd.		15,103		158,891
Renault SA		543		58,851
Suzuki Motor Corp.		3,572		191,987
TOTAL AUTOMOBILES			$	1,239,040
BEVERAGES – 1.2%
Anheuser-Busch InBev SA/NV		1,905		189,230
Asahi Group Holdings Ltd.		4,511		228,192
Coca-Cola Co. (The)		7,693		332,415
Coca-Cola European Partners		1,100		43,418
Diageo PLC		11,971		427,064
Heineken Holding NV		502		50,958
Heineken NV		2,543		267,715
PepsiCo, Inc.		2,944		297,167
TOTAL BEVERAGES			$	1,836,159
BIOTECHNOLOGY – 0.1%
Exact Sciences Corp.*		2,457		122,875
BUILDING PRODUCTS – 0.9%
Assa Abloy AB, Class B		10,077		211,183
Cie de Saint-Gobain		3,808		199,238
Lennox International, Inc.		4,581		885,828
Noritz Corp.		3,303		60,183
TOTAL BUILDING PRODUCTS			$	1,356,432
CAPITAL MARKETS – 1.7%
Banca Generali SpA		5,686		184,449
CI Financial Corp.		1,426		30,009
FactSet Research Systems, Inc.		2,643		499,818
GAM Holding AG*		6,536		104,329
Ichiyoshi Securities Co. Ltd.		4,280		52,376

Description	Number of Shares		Value
IG Group Holdings PLC		19,182	$	219,031
IGM Financial, Inc.		733		22,499
Intercontinental Exchange Group, Inc.		7,602		550,841
Julius Baer Group Ltd.*		1,803		107,005
Moody’s Corp.		1,350		218,970
TD Ameritrade Holding Corp.		7,457		433,177
UBS Group AG*		14,843		249,138
Uranium Participation Corp.*		9,066		27,397
TOTAL CAPITAL MARKETS			$	2,699,039
CHEMICALS – 1.8%
ADEKA Corp.		8,171		145,097
BASF SE		1,290		134,216
China BlueChemical Ltd., Class H		218,000		57,296
Daicel Corp.		19,163		221,108
DowDuPont, Inc.		3,185		201,419
Eastman Chemical Co.		1,669		170,372
Formosa Chemicals & Fibre Corp.		22,000		80,831
Formosa Plastics Corp.		26,000		91,240
Fujimi, Inc.		2,662		57,627
Fuso Chemical Co. Ltd.		1,504		38,117
Johnson Matthey PLC		923		41,715
JSR Corp.		12,592		237,209
LyondellBasell Industries NV, Class A		2,197		232,289
Nan Ya Plastics Corp.		33,000		90,387
Nutrien Ltd.		3,544		161,358
Praxair, Inc.		1,794		273,621
Sanyo Chemical Industries Ltd.		1,745		82,344
Sherwin-Williams Co. (The)		1,228		451,486
TOTAL CHEMICALS			$	2,767,732
COMMERCIAL BANKS – 2.1%
Bank of Ireland Group PLC		11,240		100,838
Bank of the Ozarks		7,662		358,582
First Citizens BancShares, Inc., Class A		545		235,598
First Republic Bank		5,051		469,086
Huntington Bancshares, Inc.		47,116		702,500
Itau Unibanco Holding SA ADR		19,061		276,956
KeyCorp		7,744		154,260
People’s United Financial, Inc.		4,583		83,823
PNC Financial Services Group, Inc. (The)		4,012		584,187
San-In Godo Bank Ltd. (The)		9,515		89,459
Tochigi Bank Ltd. (The)		9,300		35,240
Toronto-Dominion Bank (The)		2,540		142,653
Unicaja Banco SA*,W		43,572		79,027
TOTAL COMMERCIAL BANKS			$	3,312,209
COMMERCIAL SERVICES & SUPPLIES – 2.5%
ADT, Inc.		25,651		228,550

ANNUAL REPORT / April 30, 2018

25     PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Aeon Delight Co. Ltd.		2,212	$	77,389
Babcock International Group PLC		1,888		19,057
Cintas Corp.		9,084		1,547,005
Clean Harbors, Inc.*		10,058		460,656
ISS A/S		923		32,189
Prosegur Cia de Seguridad SA		24,975		188,791
Relia, Inc.		4,275		54,351
Republic Services, Inc.		4,522		292,483
Securitas AB, Class B		1,875		30,297
Toppan Forms Co. Ltd.		6,135		68,529
UniFirst Corp.		2,112		339,187
Waste Connections, Inc.		8,721		630,528
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,969,012
COMMUNICATIONS EQUIPMENT – 1.3%
Cisco Systems, Inc.		9,014		399,230
Motorola Solutions, Inc.		10,784		1,184,407
Nokia OYJ		55,469		332,826
Telefonaktiebolaget LM Ericsson, Class B		22,079		168,319
TOTAL COMMUNICATIONS EQUIPMENT			$	2,084,782
COMPUTERS & PERIPHERALS – 0.7%
Acer, Inc.*		112,420		85,736
Asustek Computer, Inc.		5,000		46,728
Canon, Inc.		3,615		124,353
Catcher Technology Co. Ltd. GDR		3,913		218,884
Compal Electronics, Inc. GDR		33,900		111,141
Melco Holdings, Inc.		1,035		38,045
Neopost SA		2,913		78,602
NetApp, Inc.		6,139		408,735
TOTAL COMPUTERS & PERIPHERALS			$	1,112,224
CONSTRUCTION & ENGINEERING – 1.5%
China Machinery Engineering Corp., Class H		70,000		40,668
Chiyoda Corp.		6,490		66,638
Hazama Ando Corp.		20,430		164,153
JGC Corp.		10,508		257,540
Kinden Corp.		5,272		91,948
Kumagai Gumi Co. Ltd.		3,671		124,918
Raubex Group Ltd.		22,011		36,557
Skanska AB, Class B		1,589		30,947
Taisei Corp.		3,130		168,851
Toshiba Plant Systems & Services Corp.		5,855		122,187
Toyo Engineering Corp.*		4,769		49,615
Vinci SA		11,626		1,162,409
TOTAL CONSTRUCTION & ENGINEERING			$	2,316,431
CONSTRUCTION MATERIALS – 0.4%
Anhui Conch Cement Co. Ltd., Class H		20,528		128,125

Description	Number of Shares		Value
Imerys SA		285	$	26,013
LafargeHolcim Ltd.*		3,103		172,376
Vicat SA		1,031		75,983
Vulcan Materials Co.		1,731		193,335
TOTAL CONSTRUCTION MATERIALS			$	595,832
CONSUMER FINANCE – 0.6%
American Express Co.		4,084		403,295
Credit Acceptance Corp.*		1,603		530,337
TOTAL CONSUMER FINANCE			$	933,632
CONTAINERS & PACKAGING – 2.3%
AMVIG Holdings Ltd.		56,000		14,397
Ball Corp.		24,122		967,051
Graphic Packaging Holding Co.		15,163		216,831
International Paper Co.		8,942		461,050
Nampak Ltd.*		69,034		76,815
Packaging Corp. of America		6,475		749,093
RPC Group PLC		66,430		720,828
Silgan Holdings, Inc.		9,429		264,672
WestRock Co.		2,105		124,532
TOTAL CONTAINERS & PACKAGING			$	3,595,269
DISTRIBUTORS – 0.1%
Genuine Parts Co.		1,866		164,805
DIVERSIFIED CONSUMER SERVICES – 0.3%
Benesse Holdings, Inc.		1,485		54,089
New Oriental Education & Technology
Group, Inc. ADR		2,029		182,285
Service Corp. International		7,186		262,361
TOTAL DIVERSIFIED CONSUMER SERVICES			$	498,735
DIVERSIFIED FINANCIAL SERVICES – 6.6%
Ackermans & van Haaren NV		1,152		207,873
AMP Ltd.		11,641		35,239
Australia & New Zealand Banking Group Ltd.		4,754		95,566
Banco Santander SA		37,858		244,597
Bank Hapoalim BM		5,460		37,289
Bank Leumi Le-Israel BM		7,811		46,082
Bank of America Corp.		10,973		328,312
Bank of Montreal		1,237		93,944
Bank of Nova Scotia (The)		3,829		235,330
Bank of Nova Scotia (The)		1,901		116,848
Bank of the Philippine Islands		29,270		59,244
BDO Unibank, Inc.		30,340		76,956
Berkshire Hathaway, Inc., Class B*		5,669		1,098,255
BNP Paribas SA		6,223		480,411
BOC Hong Kong Holdings Ltd.		13,000		67,204
BPER Banca		17,065		98,507
CaixaBank SA		31,108		151,274

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     26

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Canadian Imperial Bank of Commerce		896	$	78,040
Cerved Group SpA		18,026		218,131
Commonwealth Bank of Australia		2,200		118,457
CTBC Financial Holding Co. Ltd.		129,000		91,998
Dah Sing Financial Holdings Ltd.		6,015		40,166
DBS Group Holdings Ltd.		4,952		114,253
E.Sun Financial Holding Co. Ltd.		114,778		81,166
G-Resources Group Ltd.*		1,433,400		11,829
Grupo de Inversiones Suramericana SA		5,490		76,029
Hang Seng Bank Ltd.		2,600		65,858
HDFC Bank Ltd. ADR		2,205		211,261
HSBC Holdings PLC		42,585		423,978
Hua Nan Financial Holdings Co. Ltd.		151,950		91,889
ING Groep NV		27,913		470,348
Intesa Sanpaolo SpA		61,296		233,167
JPMorgan Chase & Co.		3,612		392,913
KB Financial Group, Inc. ADR		2,251		126,956
Mega Financial Holding Co. Ltd.		100,000		88,281
Mitsubishi UFJ Financial Group, Inc.		89,774		601,606
Mizrahi Tefahot Bank Ltd.		1,264		23,102
Mizuho Financial Group, Inc.		117,910		213,327
National Australia Bank Ltd.		4,496		97,738
National Bank of Canada		1,195		56,755
Nordea Bank AB		38,099		387,492
OTP Bank Nyrt		5,065		220,851
Oversea-Chinese Banking Corp. Ltd.		9,220		95,230
Royal Bank of Canada		1,915		145,629
Sberbank of Russia PJSC ADR		4,487		66,273
Shinhan Financial Group Co. Ltd.		2,439		108,601
Shinhan Financial Group Co. Ltd. ADR		2,436		108,694
SinoPac Financial Holdings Co. Ltd.		283,875		102,157
Skandinaviska Enskilda Banken AB, Class A		4,274		40,124
Societe Generale SA		3,368		184,326
Standard Chartered PLC		15,677		164,673
Sumitomo Mitsui Financial Group, Inc.		5,915		246,527
Sumitomo Mitsui Trust Holdings, Inc.		7,495		317,841
Svenska Handelsbanken AB, Class A		4,628		51,613
Swedbank AB, Class A		3,036		65,952
Taishin Financial Holding Co. Ltd.		131,995		64,139
UniCredit SpA		10,095		218,859
United Overseas Bank Ltd.		3,941		89,241
Wells Fargo & Co.		3,850		200,046
Westpac Banking Corp.		5,043		108,326
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	10,386,773
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.1%
AT&T, Inc.		14,179		463,653

Description	Number of Shares		Value
BCE, Inc.		761	$	32,296
Bezeq The Israeli Telecommunication Corp. Ltd.		14,209		17,925
BT Group PLC		88,192		302,707
China Telecom Corp. Ltd., Class H		322,000		156,084
China Unicom Hong Kong Ltd.*		110,800		156,677
Deutsche Telekom AG		5,719		100,103
Hellenic Telecommunications
Organization SA		9,096		132,423
HKT Trust & HKT Ltd.		20,000		26,314
KT Corp. ADR		9,715		130,472
Magyar Telekom Telecommunications PLC
ADR		9,280		80,365
Nippon Telegraph & Telephone Corp.		21,310		1,011,270
Orange SA		4,646		84,462
Proximus SADP		951		29,143
Rostelecom PJSC ADR		1,650		10,088
Singapore Telecommunications Ltd.		22,700		60,044
Spark New Zealand Ltd.		11,152		27,082
Swisscom AG		95		45,565
Telenor ASA		3,908		86,499
Telia Co. AB		10,460		51,502
Telstra Corp. Ltd.		13,882		33,006
TELUS Corp.		1,005		35,967
Verizon Communications, Inc.		2,915		143,855
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	3,217,502
ELECTRIC UTILITIES – 2.1%
Avangrid, Inc.		12,771		673,159
China Longyuan Power Group Corp. Ltd.,
Class H		462,000		453,786
CLP Holdings Ltd.		5,500		57,112
Edison International		8,046		527,174
EDP – Energias de Portugal SA		45,541		168,955
Emera, Inc.		502		15,635
Endesa SA		1,616		37,612
Eversource Energy		1,806		108,811
Fortis, Inc.		1,481		49,715
Iberdrola SA		12,727		98,328
OGE Energy Corp.		7,260		238,636
Pinnacle West Capital Corp.		811		65,285
Power Assets Holdings Ltd.		31,365		233,382
Red Electrica Corp. SA		2,010		41,869
Southern Co. (The)		6,839		315,415
SSE PLC		12,338		234,160
TOTAL ELECTRIC UTILITIES			$	3,319,034
ELECTRICAL EQUIPMENT – 0.8%
AMETEK, Inc.		7,376		514,845

ANNUAL REPORT / April 30, 2018

27     PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Eaton Corp. PLC		3,753	$	281,588
Nissin Electric Co. Ltd.		6,850		68,679
Rockwell Automation, Inc.		1,205		198,259
Ushio, Inc.		6,135		86,482
Zumtobel Group AG		4,981		45,139
TOTAL ELECTRICAL EQUIPMENT			$	1,194,992
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.9%
Citizen Watch Co. Ltd.		11,580		86,280
Enplas Corp.		2,463		70,842
Hitachi High-Technologies Corp.		3,382		157,739
Hon Hai Precision Industry Co. Ltd.		27,000		75,097
Hosiden Corp.		3,295		39,284
Kyocera Corp.		3,571		228,163
Nichicon Corp.		6,965		78,588
Simplo Technology Co. Ltd.		11,440		63,960
TE Connectivity Ltd.		3,155		289,471
Zebra Technologies Corp., Class A*		2,576		347,322
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS			$	1,436,746
ENERGY EQUIPMENT & SERVICES – 0.1%
Fugro NV*		4,206		66,514
Saipem SpA*		19,669		75,120
TOTAL ENERGY EQUIPMENT & SERVICES			$	141,634
FOOD & STAPLES RETAILING – 0.9%
Alimentation Couche Tard, Inc., Class B		1,237		53,480
Cawachi Ltd.		1,420		33,016
Costco Wholesale Corp.		1,046		206,229
CVS Health Corp.		532		37,150
George Weston Ltd.		326		26,708
ICA Gruppen AB		666		20,680
J Sainsbury PLC		35,849		152,114
Koninklijke Ahold Delhaize NV		3,260		78,646
Kroger Co. (The)		879		22,142
Loblaw Cos. Ltd.		856		43,535
Matsumotokiyoshi Holdings Co. Ltd.		9,080		404,479
METRO AG		5,857		84,734
Metro, Inc.		1,127		35,760
SPAR Group Ltd. (The)		1,536		26,024
Walgreens Boots Alliance, Inc.		2,203		146,389
Wesfarmers Ltd.		2,512		82,644
TOTAL FOOD & STAPLES RETAILING			$	1,453,730
FOOD PRODUCTS – 1.8%
Archer-Daniels-Midland Co.		10,700		485,566
Bunge Ltd.		284		20,513
Ebro Foods SA		9,828		237,001

Description	Number of Shares		Value
Hershey Co. (The)		3,270	$	300,644
Hormel Foods Corp.		8,258		299,352
Ingredion, Inc.		2,741		331,908
JM Smucker Co. (The)		420		47,914
Kellogg Co.		998		58,782
Marine Harvest ASA		1,943		42,295
Nestle SA		4,829		374,103
Pinnacle Foods, Inc.		3,773		227,889
Tate & Lyle PLC		3,083		24,349
Tiger Brands Ltd.		992		31,003
Viscofan SA		4,364		289,205
Wilmar International Ltd.		11,190		27,376
TOTAL FOOD PRODUCTS			$	2,797,900
GAS UTILITIES –0.7%
Gas Natural SDG SA		2,350		59,238
Rubis SCA		8,646		672,712
UGI Corp.		6,431		311,196
TOTAL GAS UTILITIES			$	1,043,146
HEALTH CARE EQUIPMENT & SUPPLIES – 2.3%
Baxter International, Inc.		6,807		473,087
Becton Dickinson & Co.		2,060		477,652
DENTSPLY SIRONA, Inc.		1,052		52,958
Hologic, Inc.*		6,635		257,372
Insulet Corp.*		4,147		356,642
Medtronic PLC		4,559		365,313
Smith & Nephew PLC		3,205		61,379
Steris PLC		11,070		1,046,336
Stryker Corp.		2,526		427,955
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	3,518,694
HEALTH CARE PROVIDERS & SERVICES – 2.5%
AmerisourceBergen Corp.		4,841		438,498
BML, Inc.		4,762		120,524
Cardinal Health, Inc.		3,255		208,873
HCA Healthcare, Inc.		8,410		805,173
Laboratory Corp. of America Holdings*		3,420		583,965
McKesson Corp.		1,762		275,242
Quest Diagnostics, Inc.		2,507		253,708
Suzuken Co. Ltd.		2,415		103,841
UnitedHealth Group, Inc.		2,484		587,218
Universal Health Services, Inc., Class B		4,328		494,258
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,871,300
HEALTH CARE TECHNOLOGY – 0.0%**
AGFA-Gevaert NV*		13,808		49,228
HOTELS, RESTAURANTS & LEISURE – 1.8%
Choice Hotels International, Inc.		10,336		827,397

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     28

Wilmington Global Alpha Equities Fund (continued)

Description	Number  of Shares		Value
Compass Group PLC		10,274	$	220,407
Hilton Worldwide Holdings, Inc.		6,672		526,020
Marriott International, Inc., Class A		530		72,440
McDonald’s Corp.		2,118		354,638
Melco Resorts & Entertainment Ltd. ADR		8,781		274,055
Royal Caribbean Cruises Ltd.		1,362		147,355
Wyndham Worldwide Corp.		398		45,456
Yum! Brands, Inc.		3,648		317,741
TOTAL HOTELS, RESTAURANTS & LEISURE			$	2,785,509
HOUSEHOLD DURABLES – 1.7%
Alpine Electronics, Inc.		5,229		98,880
Casio Computer Co. Ltd.		4,535		67,550
Funai Electric Co. Ltd.*		6,830		47,245
Husqvarna AB, Class B		3,097		29,787
Newell Brands, Inc.		18,713		517,040
Nikon Corp.		3,735		64,991
NVR, Inc.*		329		1,019,900
Persimmon PLC		5,913		220,884
Pioneer Corp.*		46,510		72,551
Sekisui Chemical Co. Ltd.		9,885		174,866
Token Corp.		780		74,280
Toll Brothers, Inc.		5,996		252,791
Whirlpool Corp.		115		17,819
TOTAL HOUSEHOLD DURABLES			$	2,658,584
HOUSEHOLD PRODUCTS – 0.5%
Colgate-Palmolive Co.		3,950		257,659
Essity AB, Class B		1,943		49,285
Henkel AG & Co. KGaA		421		50,117
Procter & Gamble Co. (The)		3,483		251,960
Reckitt Benckiser Group PLC		2,439		191,336
TOTAL HOUSEHOLD PRODUCTS			$	800,357
INDUSTRIAL CONGLOMERATES – 0.5%
CK Hutchison Holdings Ltd.		6,000		70,949
Far Eastern New Century Corp.		67,000		63,948
Koninklijke Philips NV		6,176		261,406
Rheinmetall AG		168		21,954
Siemens AG		2,905		368,920
Smiths Group PLC		1,915		41,960
TOTAL INDUSTRIAL CONGLOMERATES			$	829,137
INSURANCE – 8.3%
Admiral Group PLC		1,290		35,303
Aflac, Inc.		6,954		316,894
Ageas		2,977		159,247
AIA Group Ltd.		18,735		167,438
Alleghany Corp.		449		258,027

Description	Number  of Shares		Value
Allianz SE		893	$	211,216
Allstate Corp. (The)		1,017		99,483
Arthur J Gallagher & Co.		3,399		237,896
Assicurazioni Generali SpA		20,703		417,765
Baloise Holding AG		259		41,053
Cathay Financial Holding Co. Ltd.		35,000		62,781
Chubb Ltd.		2,419		328,186
Cincinnati Financial Corp.		3,186		224,103
CNO Financial Group, Inc.		14,263		305,799
Coface SA*		1,062		13,455
Dai-ichi Life Holdings, Inc.		7,305		145,023
Direct Line Insurance Group		7,430		38,178
Enstar Group Ltd.*		2,015		423,452
Fairfax Financial Holdings Ltd.		2,086		1,154,867
FNF Group		7,906		291,178
Gjensidige Forsikring ASA		1,467		23,220
Great-West Lifeco, Inc.		1,372		36,577
Hannover Rueck SE		312		43,819
Industrial Alliance Insurance & Financial Services, Inc.		653		27,428
Insurance Australia Group Ltd.		9,698		57,411
Intact Financial Corp.		10,219		779,189
Lincoln National Corp.		1,744		123,196
Markel Corp.*		1,355		1,531,204
Marsh & McLennan Cos., Inc.		2,534		206,521
MetLife, Inc.		4,347		207,221
MS&AD Insurance Group Holdings, Inc.		7,027		236,783
Muenchener Rueckversicherungs AG		381		87,196
Ping An Insurance Group Co. of China Ltd., Class H		22,800		222,788
Power Corp. of Canada		1,671		39,707
Power Financial Corp.		1,290		33,467
Rand Merchant Investment Holdings Ltd.		17,427		57,714
RenaissanceRe Holdings Ltd.		574		78,087
RSA Insurance Group PLC		4,985		44,980
Sampo Oyj, Class A		1,383		74,795
Shin Kong Financial Holding Co. Ltd.		217,990		88,596
Sony Financial Holdings, Inc.		34,746		633,902
Storebrand ASA		6,461		55,217
Sun Life Financial, Inc.		1,629		67,243
Suncorp Group Ltd.		4,727		49,717
Swiss Life Holding AG*		135		47,226
Swiss Re AG		774		73,738
T&D Holdings, Inc.		20,330		345,284
Tokio Marine Holdings, Inc.		10,509		495,996
Tongyang Life Insurance Co. Ltd.		8,114		62,415
Torchmark Corp.		4,998		433,527
Travelers Cos., Inc. (The)		586		77,118

ANNUAL REPORT / April 30, 2018

29    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number of Shares		Value
Unum Group		2,683	$	129,804
White Mountains Insurance Group Ltd.		395		341,790
Willis Towers Watson PLC		3,958		587,803
Zurich Insurance Group AG		2,040		651,649
TOTAL INSURANCE			$	12,983,672
INTERNET & CATALOG RETAIL – 0.1%
Qliro Group AB*		18,138		21,950
Wayfair, Inc., Class A*		3,145		195,933
TOTAL INTERNET & CATALOG RETAIL			$	217,883
INTERNET SOFTWARE & SERVICES – 1.6%
Alibaba Group Holding Ltd. ADR*		831		148,367
Alphabet, Inc., Class C*		208		211,605
Cimpress NV*		1,155		166,101
DeNA Co. Ltd.		10,352		197,306
Facebook, Inc., Class A*		1,574		270,728
GoDaddy, Inc., Class A*		3,281		211,821
Gree, Inc.		14,190		78,404
Mimecast Ltd.*		4,769		181,460
Shopify, Inc., Class A*		1,515		202,449
Spotify Technology SA*		2,511		405,953
Tencent Holdings Ltd.		353		17,355
Wix.com Ltd.*		2,812		231,287
Yahoo Japan Corp.		16,400		67,399
Yandex NV, Class A*		5,116		170,670
TOTAL INTERNET SOFTWARE & SERVICES			$	2,560,905
IT SERVICES – 3.6%
Accenture PLC, Class A		4,441		671,479
Amdocs Ltd.		6,572		441,967
Automatic Data Processing, Inc.		4,408		520,497
Black Knight, Inc.*		9,842		478,813
Booz Allen Hamilton Holding Corp.		7,202		285,415
Capgemini SE		2,460		338,412
CGI Group, Inc., Class A*		870		50,413
DTS Corp.		2,798		101,405
DXC Technology Co.		8,023		826,850
Fidelity National Information Services, Inc.		4,489		426,320
FleetCor Technologies, Inc.*		1,114		230,910
Fujitsu Ltd.		23,485		142,377
Genpact Ltd.		7,549		240,738
International Business Machines Corp.		1,176		170,473
PayPal Holdings, Inc.*		3,199		238,677
Sopra Steria Group		383		81,754
Visa, Inc., Class A		2,516		319,230
TOTAL IT SERVICES			$	5,565,730
LEISURE EQUIPMENT & PRODUCTS – 0.2%
Bandai Namco Holdings, Inc.		4,568		154,576

Description	Number of Shares		Value
Sankyo Co. Ltd.		2,850	$	99,913
TOTAL LEISURE EQUIPMENT & PRODUCTS			$	254,489
LIFE SCIENCES TOOLS & SERVICES – 0.0%**
CMIC Holdings Co. Ltd.		1,500		34,398
MACHINERY – 2.7%
Allison Transmission Holdings, Inc.		6,398		249,458
Alstom SA		2,299		104,670
Amada Holdings Co. Ltd.		11,266		135,240
Caterpillar, Inc.		2,289		330,440
Cummins, Inc.		395		63,145
Deere & Co.		3,914		529,682
Dover Corp.		457		42,364
Hisaka Works Ltd.		2,200		23,405
IDEX Corp.		6,904		922,789
Ingersoll-Rand PLC		2,254		189,088
Japan Steel Works Ltd. (The)		1,995		65,347
Middleby Corp.*		3,253		409,358
Mitsubishi Heavy Industries Ltd.		4,382		173,228
PACCAR, Inc.		7,480		476,252
SMC Corp.		305		115,898
Tadano Ltd.		7,200		110,801
Takuma Co. Ltd.		8,280		90,722
Toshiba Machine Co. Ltd.		9,720		64,385
Wabtec Corp.		245		21,758
Xylem, Inc.		2,503		182,469
TOTAL MACHINERY			$	4,300,499
MARINE – 0.3%
AP Moeller - Maersk A/S, Class B		37		59,274
D/S Norden A/S*		4,551		83,028
Kuehne + Nagel International AG		1,212		188,704
Pacific Basin Shipping Ltd.*		304,160		80,874
TOTAL MARINE			$	411,880
MEDIA – 0.7%
Avex, Inc.		5,105		70,469
CBS Corp., Non-Voting		789		38,819
Fuji Media Holdings, Inc.		4,195		68,777
Gendai Agency, Inc.		1,400		6,907
Lagardere SCA		870		24,883
Metropole Television SA		1,070		26,344
Nippon Television Holdings, Inc.		19,457		341,039
Proto Corp.		1,050		15,072
Publicis Groupe SA		690		51,598
RTL Group SA		299		24,773
SES SA		13,422		207,086
Television Francaise 1		5,982		74,783
TV Asahi Holdings Corp.		4,599		107,854

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     30

Wilmington Global Alpha Equities Fund (continued)

Description	Number  of Shares		Value
WPP PLC		3,110	$	53,368
TOTAL MEDIA			$	1,111,772
METALS & MINING – 1.4%
Acacia Mining PLC*		25,155		49,628
Anglo American Platinum Ltd.		2,601		69,798
Anglo American PLC		6,723		158,188
ArcelorMittal ADR*		5,361		181,416
Barrick Gold Corp.		7,731		104,047
Centerra Gold, Inc.*		13,662		83,422
Chubu Steel Plate Co. Ltd.		2,000		13,869
Compass Minerals International, Inc.		3,642		245,107
Eldorado Gold Corp.*		28,084		26,680
Gerdau SA ADR		35,308		164,888
Gold Fields Ltd.		25,730		97,685
Impala Platinum Holdings Ltd.*		15,595		27,776
Kinross Gold Corp.*		14,557		56,481
Kyoei Steel Ltd.		4,275		89,020
Nakayama Steel Works Ltd.		6,490		45,596
Neturen Co. Ltd.		2,165		21,833
Northern Dynasty Minerals Ltd.*		2,500		2,259
Nucor Corp.		2,292		141,233
Pacific Metals Co. Ltd.*		2,297		80,592
Petra Diamonds Ltd.*		40,561		38,113
Resolute Mining Ltd.		35,849		30,616
Salzgitter AG		1,291		70,896
Tokyo Steel Manufacturing Co. Ltd.		9,640		80,445
Western Areas Ltd.		34,065		87,719
Yamato Kogyo Co. Ltd.		8,105		238,925
TOTAL METALS & MINING			$	2,206,232
MULTILINE RETAIL – 0.4%
Canadian Tire Corp. Ltd., Class A		339		46,200
Dollar Tree, Inc.*		3,579		343,190
Harvey Norman Holdings Ltd.		5,175		13,641
Marks & Spencer Group PLC		24,533		97,005
Marui Group Co. Ltd.		9,320		193,433
TOTAL MULTILINE RETAIL			$	693,469
MULTI-UTILITIES – 0.9%
Atco Ltd., Class I		611		18,488
Canadian Utilities Ltd., Class A		870		22,157
Centrica PLC		65,212		137,649
CMS Energy Corp.		1,862		87,868
Dominion Energy, Inc.		1,908		126,996
E.ON SE		33,100		362,437
Engie SA		8,052		141,244
Innogy SEW		1,279		56,199
National Grid PLC		33,721		390,153

Description	Number  of Shares		Value
RWE AG		4,036	$	96,467
TOTAL MULTI-UTILITIES			$	1,439,658
OIL, GAS & CONSUMABLE FUELS – 3.9%
Advantage Oil & Gas Ltd.*		12,700		40,456
ARC Resources Ltd.		4,048		45,148
BP PLC		60,881		452,225
Cameco Corp.		4,477		47,143
Canadian Natural Resources Ltd.		13,239		477,663
Chevron Corp.		3,398		425,124
Enagas SA		1,237		35,955
Eni SpA		17,565		343,367
EOG Resources, Inc.		3,731		440,892
Gazprom PJSC ADR		32,105		146,399
Imperial Oil Ltd.		7,069		219,841
Inpex Corp.		7,990		102,143
Inter Pipeline Ltd.		5,175		93,307
Japan Petroleum Exploration Co. Ltd.		3,840		99,926
Kinder Morgan, Inc.		8,083		127,873
LUKOIL PJSC ADR		2,555		168,349
Lundin Petroleum AB		9,072		250,087
Painted Pony Energy Ltd.*		15,214		33,178
Pembina Pipeline Corp.		9,000		286,740
Petroleo Brasileiro SA ADR*		24,464		344,698
Royal Dutch Shell PLC, Class B		20,178		720,336
Statoil ASA		1,514		38,717
Surgutneftegas OJSC ADR		23,005		107,810
TOTAL SA		14,902		936,615
Tourmaline Oil Corp.		2,711		50,992
TOTAL OIL, GAS & CONSUMABLE FUELS			$	6,034,984
PAPER & FOREST PRODUCTS – 0.3%
Domtar Corp.		8,333		365,819
Louisiana-Pacific Corp.		5,200		147,316
Svenska Cellulosa AB, Class B		1,943		21,518
TOTAL PAPER & FOREST PRODUCTS			$	534,653
PERSONAL PRODUCTS – 0.4%
Unilever NV		5,069		290,598
Unilever NV ADR		4,727		270,006
TOTAL PERSONAL PRODUCTS			$	560,604
PHARMACEUTICALS – 3.4%
Almirall SA		3,989		49,584
AstraZeneca PLC		9,097		636,816
AstraZeneca PLC ADR		6,519		231,620
Bristol-Myers Squibb Co.		4,519		235,575
Eisai Co. Ltd.		5,200		348,759
GlaxoSmithKline PLC		6,629		132,960
Hikma Pharmaceuticals PLC		12,534		221,007

ANNUAL REPORT / April 30, 2018

31    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number  of Shares		Value
Johnson & Johnson		2,642	$	334,187
Merck & Co., Inc.		5,432		319,782
Merck KGaA		449		43,863
Novartis AG		8,887		684,071
Ono Pharmaceutical Co. Ltd.		20,168		466,189
Pfizer, Inc.		13,282		486,254
Roche Holding AG		3,408		757,215
Sanofi		1,706		134,880
Takeda Pharmaceutical Co. Ltd.		4,295		180,863
TOTAL PHARMACEUTICALS			$	5,263,625
PROFESSIONAL SERVICES – 0.6%
Adecco Group AG		1,348		89,272
CoStar Group, Inc.*		956		350,527
Equifax, Inc.		1,255		140,623
Experian PLC		6,553		150,145
Hays PLC		38,310		94,409
RELX NV		3,220		68,512
SThree PLC		4,332		19,289
Wolters Kluwer NV		1,195		64,661
TOTAL PROFESSIONAL SERVICES			$	977,438
REAL ESTATE INVESTMENT TRUSTS – 3.2%
American Tower Corp.		10,613		1,447,189
Ascendas Real Estate Investment Trust		15,520		31,135
AvalonBay Communities, Inc.		1,316		214,508
Brixmor Property Group, Inc.		24,577		365,952
CapitaLand Mall Trust		17,640		27,857
Dexus		5,026		35,743
Federal Realty Investment Trust		268		31,048
Fonciere Des Regions		259		28,966
Goodman Group		7,851		53,414
GPT Group (The)		9,373		33,987
Growthpoint Properties Ltd.		13,678		31,928
H&R Real Estate Investment Trust		1,195		19,191
ICADE		299		29,713
Kimco Realty Corp.		4,356		63,206
Klepierre SA		1,005		41,133
LaSalle Logiport REIT		183		187,911
Mid-America Apartment Communities, Inc.		376		34,389
Mirvac Group		20,701		34,740
Park Hotels & Resorts, Inc.		8,851		254,732
Public Storage		3,544		715,108
SL Green Realty Corp.		201		19,646
Stockland		11,369		35,339
STORE Capital Corp.		12,049		303,996
UDR, Inc.		1,866		67,456
Unibail-Rodamco SE		978		234,788

Description	Number  of Shares		Value
Vicinity Centres		16,613	$	30,418
Welltower, Inc.		3,052		163,099
Weyerhaeuser Co.		11,001		404,617
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	4,941,209
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.4%
CapitaLand Ltd.		14,270		40,239
City Developments Ltd.		3,410		32,405
CK Asset Holdings Ltd.		10,000		86,330
Henderson Land Development Co. Ltd.		5,400		34,239
Hongkong Land Holdings Ltd.		5,480		39,605
Hysan Development Co. Ltd.		5,000		29,101
LendLease Group		3,070		41,173
Nexity SA		2,789		174,397
Sun Hung Kai Properties Ltd.		5,000		80,522
Swire Pacific Ltd., Class A		3,500		34,585
Swire Properties Ltd.		8,600		30,526
UOL Group Ltd.		4,463		29,476
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	652,598
ROAD & RAIL – 2.1%
AMERCO		1,986		670,315
Canadian National Railway Co.		18,506		1,429,370
ComfortDelGro Corp. Ltd.		14,660		24,743
Genesee & Wyoming, Inc., Class A*		10,311		734,143
Go-Ahead Group PLC		3,973		105,643
Kansas City Southern		1,657		176,686
Localiza Rent a Car SA		20,500		162,680
TOTAL ROAD & RAIL			$	3,303,580
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.6%
Intel Corp.		9,532		492,042
Marvell Technology Group Ltd.		22,349		448,321
Maxim Integrated Products, Inc.		4,547		247,811
MediaTek, Inc.		4,065		46,234
Microchip Technology, Inc.		537		44,925
Micron Technology, Inc.*		3,072		141,251
Miraial Co. Ltd.		1,500		20,935
QUALCOMM, Inc.		6,441		328,555
Shinko Electric Industries Co. Ltd.		10,210		79,432
Skyworks Solutions, Inc.		2,446		212,215
Taiwan Semiconductor Manufacturing Co. Ltd.		26,000		198,051
Tokyo Seimitsu Co. Ltd.		4,715		179,082
United Microelectronics Corp.		128,000		69,027
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	2,507,881
SOFTWARE – 1.8%
Alpha Systems, Inc.		500		10,374

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     32

Wilmington Global Alpha Equities Fund (continued)

Description	Number  of Shares		Value
Guidewire Software, Inc.*		2,375	$	200,972
Microsoft Corp.		8,177		764,713
Nexon Co. Ltd.*		15,370		223,655
NHN Entertainment Corp.*		1,130		64,774
Nice Ltd.*		394		37,327
NSD Co. Ltd.		3,299		68,781
Open Text Corp.		1,195		42,190
salesforce.com, Inc.*		2,098		253,837
ServiceNow, Inc.*		1,098		182,422
SS&C Technologies Holdings, Inc.		12,732		632,144
Workday, Inc., Class A*		2,428		303,112
TOTAL SOFTWARE			$	2,784,301
SPECIALTY RETAIL – 2.1%
Camping World Holdings, Inc., Class A		10,812		309,548
CarMax, Inc.*		7,344		459,000
CECONOMY AG		6,912		77,455
Halfords Group PLC		16,778		87,438
Hikari Tsushin, Inc.		580		94,020
Home Depot, Inc. (The)		2,870		530,376
Honeys Holdings Co. Ltd.		2,555		24,430
Kingfisher PLC		9,413		39,257
L Brands, Inc.		4,355		152,033
Nishimatsuya Chain Co. Ltd.		10,535		129,501
PAL GROUP Holdings Co. Ltd.		1,640		44,926
Ross Stores, Inc.		3,293		266,239
Shimamura Co. Ltd.		943		109,740
TJX Cos., Inc. (The)		6,529		553,986
Tractor Supply Co.		1,524		103,632
Via Varejo SA		18,100		152,624
Xebio Holdings Co. Ltd.		4,335		81,671
TOTAL SPECIALTY RETAIL			$	3,215,876
TEXTILES, APPAREL & LUXURY GOODS – 1.1%
361 Degrees International Ltd.		147,130		46,522
adidas AG		783		192,437
Daphne International Holdings Ltd.*		195,140		10,011
Geox SpA		13,724		46,160
Hanesbrands, Inc.		11,500		212,405
NIKE, Inc., Class B		9,588		655,723
Sanyo Shokai Ltd.		2,670		61,852
Under Armour, Inc., Class A*		12,653		224,717
Under Armour, Inc., Class C*		1,738		26,678
VF Corp.		2,877		232,663
Xtep International Holdings Ltd.		106,540		61,897
TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,771,065
TOBACCO – 0.9%
Altria Group, Inc.		7,388		414,541

Description	Number  of Shares		Value
British American Tobacco PLC		9,691	$	531,531
Imperial Brands PLC		1,970		70,486
Japan Tobacco, Inc.		8,392		225,587
Philip Morris International, Inc.		2,229		182,778
Swedish Match AB		1,032		46,296
TOTAL TOBACCO			$	1,471,219
TRADING COMPANIES & DISTRIBUTORS – 1.0%
Brenntag AG		8,611		493,169
Fastenal Co.		6,036		301,740
ITOCHU Corp.		26,525		530,458
Rexel SA		7,750		120,139
SIG PLC		28,432		55,583
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	1,501,089
TRANSPORTATION INFRASTRUCTURE – 0.3%
Hamburger Hafen und Logistik AG		1,683		40,413
Jiangsu Expressway Co. Ltd., Class H		225,000		308,503
Sydney Airport		30,686		164,295
TOTAL TRANSPORTATION INFRASTRUCTURE			$	513,211
WATER UTILITIES – 0.2%
Guangdong Investment Ltd.		205,640		318,296
WIRELESS TELECOMMUNICATION SERVICES – 1.2%
China Mobile Ltd.		26,810		255,405
KDDI Corp.		33,446		897,811
Millicom International Cellular SA		5,023		332,717
NTT DOCOMO, Inc.		11,880		306,908
Orange Belgium SA		2,823		58,596
Rogers Communications, Inc., Class B		1,277		60,282
StarHub Ltd.		6,870		11,720
Vodacom Group Ltd.		2,390		29,880
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	1,953,319
TOTAL COMMON STOCKS (COST $130,999,057)			$	142,672,253
INVESTMENT COMPANIES – 0.1%
EQUITY FUNDS – 0.1%
iShares Core MSCI EAFE ETF		1,415		94,296
Nomura TOPIX ETF		5,836		98,469
TOTAL EQUITY FUNDS			$	192,765
TOTAL INVESTMENT COMPANIES (COST $187,791)			$	192,765
PREFERRED STOCKS – 0.1%
TELECOMMUNICATION SERVICES – 0.0%**
Telefonica Brasil SA 2.41%		3,700		52,165

ANNUAL REPORT / April 30, 2018

33    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

Description	Number  of Shares		Value
UTILITIES – 0.1%
Cia Paranaense de Energia 3.73%		12,400	$	95,216
TOTAL PREFERRED STOCKS (COST $158,165)			$	147,381
MONEY MARKET FUND – 5.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.60%^		8,605,950	$	8,605,950
TOTAL MONEY MARKET FUND (COST $8,605,950)			$	8,605,950
TOTAL INVESTMENTS – 96.9%ø (COST $139,950,963)			$	151,618,349
OTHER ASSETS LESS LIABILITIES – 3.1%				4,882,486
TOTAL NET ASSETS – 100.0%			$	156,500,835

Cost of investments for Federal income tax purposes is $140,627,727. The net unrealized appreciation/(depreciation) of investments was $10,738,150. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $15,202,539 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(4,464,389).

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level  1		Level  2		Level  3		Total
Assets
Investments in Securities
Common Stocks
Aerospace & Defense	$	907,252	$	420,513	$	—	$	1,327,765
Air Freight & Logistics		369,783		493,518		—		863,301
Airlines		463,215		237,524		—		700,739
Auto Components		28,285		1,558,154		—		1,586,439
Automobiles		96,738		1,142,302		—		1,239,040
Beverages		629,582		1,206,577		—		1,836,159
Biotechnology		122,875		—		—		122,875
Building Products		885,828		470,604		—		1,356,432
Capital Markets		1,782,711		916,328		—		2,699,039
Chemicals		1,490,545		1,277,187		—		2,767,732
Commercial Banks		3,007,645		304,564		—		3,312,209
Commercial Services & Supplies		3,498,409		470,603		—		3,969,012
Communications Equipment		1,583,637		501,145		—		2,084,782
Computers & Peripherals		738,760		373,464		—		1,112,224
Construction & Engineering		—		2,316,431		—		2,316,431
Construction Materials		193,335		402,497		—		595,832
Consumer Finance		933,632		—		—		933,632
Containers & Packaging		2,783,229		812,040		—		3,595,269
Distributors		164,805		—		—		164,805
Diversified Consumer Services		444,646		54,089		—		498,735
Diversified Financial Services		3,335,285		7,051,488		—		10,386,773
Diversified Telecommunication Services		886,608		2,330,894		—		3,217,502

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     34

Wilmington Global Alpha Equities Fund (continued)

	Level 1		Level 2		Level  3		Total
Electric Utilities	$	1,993,830	$	1,325,204	$	—	$	3,319,034
Electrical Equipment		994,692		200,300		—		1,194,992
Electronic Equipment, Instruments & Components		636,793		799,953		—		1,436,746
Energy Equipment & Services		—		141,634		—		141,634
Food & Staples Retailing		571,393		882,337		—		1,453,730
Food Products		1,772,568		1,025,332		—		2,797,900
Gas Utilities		311,196		731,950		—		1,043,146
Health Care Equipment & Supplies		3,457,315		61,379		—		3,518,694
Health Care Providers & Services		3,646,935		224,365		—		3,871,300
Health Care Technology		—		49,228		—		49,228
Hotels, Restaurants & Leisure		2,565,102		220,407		—		2,785,509
Household Durables		1,807,550		851,034		—		2,658,584
Household Products		509,619		290,738		—		800,357
Industrial Conglomerates		—		829,137		—		829,137
Insurance		8,339,767		4,643,905		—		12,983,672
Internet & Catalog Retail		195,933		21,950		—		217,883
Internet Software & Services		2,200,441		360,464		—		2,560,905
IT Services		4,901,782		663,948		—		5,565,730
Leisure Equipment & Products		—		254,489		—		254,489
Life Sciences Tools & Services		—		34,398		—		34,398
Machinery		3,416,803		883,696		—		4,300,499
Marine		—		411,880		—		411,880
Media		38,819		1,072,953		—		1,111,772
Metals & Mining		1,005,533		1,200,699		—		2,206,232
Multiline Retail		389,390		304,079		—		693,469
Multi-Utilities		255,509		1,184,149		—		1,439,658
Oil, Gas & Consumable Fuels		2,947,803		3,087,181		—		6,034,984
Paper & Forest Products		513,135		21,518		—		534,653
Personal Products		270,006		290,598		—		560,604
Pharmaceuticals		1,607,418		3,656,207		—		5,263,625
Professional Services		491,150		486,288		—		977,438
Real Estate Investment Trusts		4,104,137		837,072		—		4,941,209
Real Estate Management & Development		—		652,598		—		652,598
Road & Rail		3,173,194		130,386		—		3,303,580
Semiconductors & Semiconductor Equipment		1,915,120		592,761		—		2,507,881
Software		2,379,390		404,911		—		2,784,301
Specialty Retail		2,527,438		688,438		—		3,215,876
Textiles, Apparel & Luxury Goods		1,352,186		418,879		—		1,771,065
Tobacco		597,319		873,900		—		1,471,219
Trading Companies & Distributors		301,740		1,199,349		—		1,501,089
Transportation Infrastructure		—		513,211		—		513,211
Water Utilities		—		318,296		—		318,296
Wireless Telecommunication Services		60,282		1,893,037		—		1,953,319
Investment Companies		94,296		98,469		—		192,765
Preferred Stocks		147,381		—		—		147,381
Money Market Fund		8,605,950		—		—		8,605,950
Total Investments in Securities		94,445,720		57,172,629		—		151,618,349

ANNUAL REPORT / April 30, 2018

35    PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)

	Level 1			Level 2			Level  3		Total
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	357,122		$	—	$	357,122
Financial Futures Contracts		2,086,193			—			—		2,086,193
Total Assets - Other Financial Instruments	$	2,086,193		$	357,122		$	—	$	2,443,315
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	(43,673	)	$	—	$	(43,673	)
Financial Futures Contracts		(424,448	)		—			—		(424,448	)
Total Liabilities - Other Financial Instruments	$	(424,448	)	$	(43,673	)	$	—	$	(468,121	)

! 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.
^	7-Day net yield.
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, 2018, these liquid restricted securities amounted to $135,226 representing 0.09% of total net assets.
ø	On April 30, 2018, the Fund utilized International Fair Value Pricing, as defined in Note 2 in Notes to Financial Statements. The value of these securities amounted to $57,172,629 representing 36.53% of total net assets.
**	Represents less than 0.05%.

The following acronyms are used throughout this Fund:		Currency Code	Currency
ADR	American Depositary Receipt	AUD	Australian Dollar
ETF	Exchange Traded Fund	CAD	Canadian Dollar
GDR	Global Depositary Receipt	CHF	Swiss Franc
MSCI	Morgan Stanley Capital International	EUR	Euro
PLC	Public Limited Company	GBP	British Pound Sterling
REIT	Real Estate Investment Trust	HKD	Hong Kong Dollar
		JPY	Japanese Yen

At April 30, 2018, the Wilmington 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 PURCHASED
5/1/2018	BNP Paribas SA	386,205 JPY	$	3,541	$	3,533		$    —		$      (8)
5/2/2018	HSBC Bank USA, N.A.	192,828 HKD		24,569		24,568		—		(1)
5/3/2018	State Street Corp.	48,159 EUR		58,211		58,157		—		(54)
5/7/2018	Royal Bank of Canada	1,521,252 JPY		13,922		13,922		—		—
CONTRACTS SOLD
5/1/2018	BNP Paribas SA	14,257,741 JPY		130,742		130,422		320		—
5/1/2018	Bank of New York	25,406 JPY		232		232		—		—
5/1/2018	Bank of New York	1,447 CAD		1,123		1,126		—		(3)
5/1/2018	Bank of New York	350 CAD		272		272		—		—
5/1/2018	Bank of New York	108 CAD		84		84		—		—
5/1/2018	Bank of New York	10 CAD		8		8		—		—
5/2/2018	HSBC Bank USA, N.A.	1,937,338 JPY		17,718		17,722		—		(4)
5/2/2018	HSBC Bank USA, N.A.	24,396 GBP		33,563		33,586		—		(23)
5/2/2018	Bank of New York	7,738 EUR		9,368		9,345		23		—
5/2/2018	Credit Agricole SA	6,036 JPY		55		55		—		—
5/2/2018	Bank of New York	2,191 CHF		2,208		2,210		—		(2)
5/2/2018	Bank of New York	1,507 EUR		1,824		1,819		5		—

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    36

Wilmington Global Alpha Equities Fund (concluded)

Settlement  Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized (Depreciation)
CONTRACTS SOLD (continued)
5/2/2018		Bank of New York		666 EUR	$	805	$	804	$	1	$	—
5/2/2018		Bank of New York		609 CAD		475		475		—		—
5/2/2018		Bank of New York		475 CAD		370		370		—		—
5/3/2018		Bank of New York		2,412 EUR		2,918		2,914		4		—
5/3/2018		Bank of New York		1,823 CHF		1,839		1,839		—		—
5/3/2018		Bank of New York		1,379 EUR		1,668		1,665		3		—
5/3/2018		Bank of New York		621 AUD		468		468		—		—
6/20/2018		Australia & New Zealand Banking Group		859,100,000 JPY		8,123,647		7,886,900		236,747		—
6/20/2018		Bank of Montreal		3,310,000 CAD		2,537,575		2,581,153		—		(43,578)
6/20/2018		Deutsche Bank AG		3,187,000 EUR		3,952,932		3,864,070		88,862		—
6/20/2018		Citigroup Global Markets		1,376,000 GBP		1,930,323		1,899,166		31,157		—
NET UNREALIZED APPRECIATION  (DEPRECIATION) ON FORWARD  FOREIGN CURRENCY CONTRACTS										$    357,122		$    (43,673)

At April 30, 2018, the Wilmington Global Alpha Equities Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number  of Contracts		Notional Amount (a)		Contract Amount		Contract at Value		Unrealized Appreciation(b)		Unrealized (Depreciation) (b)
SHORT POSITIONS:
E-mini MSCI EAFE Index		June 2018		206		$20,872,950		$20,969,924		$20,872,950		$      96,974		$            —
E-Mini Russell 2000 Index		June 2018		61		4,708,590		4,811,095		4,708,590		102,505		—
E-Mini S&P 500		June 2018		266		35,205,100		37,091,814		35,205,100		1,886,714		—
Euro STOXX 50 Index		June 2018		48		1,667,520EUR		1,967,034		2,051,115		—		(84,081	)
FTSE 100 Index		June 2018		19		1,417,400GBP		1,875,552		1,963,447		—		(87,895	)
S&P TSX 60 Index		June 2018		29		5,335,420CAD		4,145,163		4,158,512		—		(13,349	)
TOPIX Index		June 2018		38		676,210,000JPY		6,121,711		6,360,834		—		(239,123	)
NET UNREALIZED APPRECIATION (DEPRECIATION)  ON FINANCIAL FUTURES CONTRACTS												$2,086,193		$(424,448)

(a) Notional Amount denominated in USD unless otherwise noted.

(b) The variation margin shown on the Statement of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open until April 30, 2018. If variation margin settles the same day, then no amount may be shown in the Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

37

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At April 30, 2018, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Inflation-Linked & Fixed Income Securities:
U.S. Government Inflation-Linked Securities		19.7	%
Mortgage-Backed Securities		3.1	%
Corporate Bonds		1.6	%
Foreign Government Inflation-Linked Securities		1.7	%
Foreign Government Securities		1.5	%
Asset-Backed Securities		1.3	%
U.S. Treasury		0.2	%
Certificates of Deposit		0.2	%
Real Estate Related Securities:
Exchange-Traded Funds		32.4	%
Real Estate Investment Trusts		16.1	%
Common Stocks		10.9	%
Investment Companies		5.0	%
Commodity Related Securities:
Exchange-Traded Funds		12.4	%
Purchased Options		0.1	%
Written Options		0.0	%3
TBA Sale Commitment		(0.1	)%
Short-Term Investments
Cash Equivalents1		7.5	%
Other Assets and Liabilities – Net2		(13.6	)%
TOTAL		100.0	%

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

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

(3) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Par Value (a)		Value
INFLATION-LINKED & FIXED INCOME SECURITIES – 29.3%
ASSET-BACKED SECURITIES – 1.3%
COLLATERALIZED LOAN OBLIGATION – 0.3%
Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR, (3 Month USD LIBOR + 0.90%), 3.25%, 10/15/27D,W		300,000	$	300,065
Symphony CLO VIII LP, Series 2012-8A, Class AR, (3 Month USD LIBOR + 1.10%), 3.43%, 1/09/23D,W		47,931		48,027
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, (3 Month USD LIBOR + 0.88%), 3.23%, 4/15/28D,W		260,000		259,997

Description	Par Value (a)		Value
Venture VII CDO Ltd., Series 2006-7A, Class A1A, (3 Month USD LIBOR + 0.23%), 2.59%, 1/20/22D,W		156,292	$	156,236
Venture XII CLO Ltd., Series 2012-12A, Class ARR, (3 Month USD LIBOR + 0.80%), 2.78%, 2/28/26D,W		270,000		270,007
TOTAL COLLATERALIZED LOAN OBLIGATION			$	1,034,332
DIVERSIFIED FINANCIAL SERVICES – 0.3%
Ameriquest Mortgage Securities Trust,
Series 2006-R1, Class M1, (1 Month USD LIBOR + 0.39%), 2.29%, 3/25/36D		300,000		301,769

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    38

Wilmington Real Asset Fund (continued)

Description	Par Value  (a)		Value
Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M2, (1 Month USD LIBOR + 0.98%), 2.87%, 5/25/35D		545,623	$	541,671
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	843,440
WHOLE LOAN – 0.7%
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A3, (1 Month USD LIBOR + 0.22%), 2.12%, 8/25/36D		1,200,000		1,173,338
Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB2, Class M2, (1 Month USD LIBOR + 0.95%), 2.84%, 4/25/36D		241,321		232,867
Navient Student Loan Trust, Series 2016-7A, Class A, (1 Month USD LIBOR + 1.15%), 3.05%, 3/25/66D,W		248,167		253,285
Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-WF1, Class M2, (1 Month USD LIBOR + 0.29%), 2.19%, 3/25/36D		200,000		197,839
Saxon Asset Securities Trust, Series 2005-1, Class M2, (1 Month USD LIBOR + 0.72%), 2.62%, 5/25/35D		208,458		190,504
VOLT LV LLC, Series 2017-NPL2, Class A1, (Current rate effective through 3/25/20. Thereafter rate will increase to 6.50%), 3.50%, 3/25/47ÿ,W		69,580		69,605
TOTAL WHOLE LOAN			$	2,117,438
TOTAL ASSET-BACKED SECURITIES
(COST $3,642,834)			$	3,995,210
CERTIFICATES OF DEPOSIT – 0.2%
CERTIFICATE OF DEPOSIT – 0.2%
Barclays Bank PLC,
1.94%, 9/04/18		400,000		399,236
(3 Month USD LIBOR + 0.47%), 2.35%, 5/17/18D		200,000		200,058
TOTAL CERTIFICATE OF DEPOSIT			$	599,294
TOTAL CERTIFICATES OF DEPOSIT
(COST $600,000)			$	599,294
CORPORATE BONDS – 1.6%
ENERGY – 0.2%
Enbridge, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.40%), 2.74%, 1/10/20D		100,000		100,024
NextEra Energy Capital Holdings, Inc., Company Guaranteed, (3 Month USD LIBOR + 0.32%), 2.37%, 9/03/19D		110,000		110,276
Petrobras Global Finance BV, Company Guaranteed,
6.00%, 1/27/28W		291,000		283,900
7.38%, 1/17/27		100,000		107,400
TOTAL ENERGY			$	601,600

Description	Par Value  (a)		Value
FINANCIALS – 1.3%
Ally Financial, Inc., Company Guaranteed, 3.50%, 1/27/19		100,000	$	100,375
Bank of America Corp., Sr. Unsecured, MTN, (Unidad de Inverso Index + 0.00%), 4.44%, 10/21/25D		5,000,000MXN		341,540
Bank of Nova Scotia (The), 1.53%, 5/23/18‡		1,000,000CAD		778,103
BRFkredit A/S, 111E, Covered Bonds, 2.50%, 10/01/47		54,351DKK		9,130
Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed, 3.80%, 9/15/22		250,000		250,178
Goldman Sachs Group, Inc. (The), Sr. Unsecured,
(3 Month USD LIBOR + 0.82%), 2.88%, 10/31/22D		100,000		97,412
(3 Month USD LIBOR + 1.20%), 3.32%, 9/15/20D		600,000		611,962
ING Bank NV, Covered Bonds, 2.63%, 12/05/22W		200,000		194,798
International Lease Finance Corp., Sr. Unsecured,
6.25%, 5/15/19		100,000		103,312
8.25%, 12/15/20		100,000		111,392
Intesa Sanpaolo SpA, Sr. Unsecured, 6.50%, 2/24/21W		300,000		321,844
Nordea Kredit Realkreditaktieselskab, Covered Bonds, 2.50%, 10/01/47		563DKK		95
Nykredit Realkredit A/S, 01E, Covered Bonds, 2.50%, 10/01/47		145,855DKK		24,503
Realkredit Danmark A/S, 23S, Covered Bonds, MTN, 2.50%, 7/01/47		97,608DKK		16,406
Royal Bank of Canada,
1.53%, 5/28/18‡		100,000CAD		77,794
1.54%, 5/16/18‡		540,000CAD		420,296
UBS AG, Sr. Unsecured,
(3 Month USD LIBOR + 0.32%), 2.35%, 12/07/18D,W		200,000		200,194
(3 Month USD LIBOR + 0.58%), 2.63%, 6/08/20D,W		200,000		200,853
TOTAL FINANCIALS			$	3,860,187
INTERNET SOFTWARE & SERVICES – 0.0%**
eBay, Inc., Sr. Unsecured, 2.75%, 1/30/23		100,000		96,283
OIL & GAS – 0.0%**
Sempra Energy, Sr. Unsecured, (3 Month USD LIBOR + 0.45%), 2.57%, 3/15/21D		100,000		100,206
TELECOMMUNICATIONS – 0.1%
AT&T, Inc., Sr. Unsecured,
(3 Month USD LIBOR + 0.65%), 3.00%, 1/15/20D		200,000		201,319

ANNUAL REPORT / April 30, 2018

39    PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Par Value  (a)		Value
5.15%, 2/15/50W		100,000	$	101,625
TOTAL TELECOMMUNICATIONS			$	302,944
TOBACCO – 0.0%**
BAT Capital Corp., Company Guaranteed, (3 Month USD LIBOR + 0.59%), 2.42%, 8/14/20D,W		100,000		100,537
TOTAL CORPORATE BONDS
(COST $5,138,760)			$	5,061,757
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 1.7%
GOVERNMENT – 1.7%
Australia Government Bond, Sr. Unsecured, 3.00%, 9/20/25		310,000AUD		326,825
Denmark Inflation Linked Government Bond, 0.10%, 11/15/23		2,141,129DKK		372,518
France Government Bond OAT,
0.10%, 3/01/25		90,000EUR		119,194
1.85%, 7/25/27		270,000EUR		447,976
Italy Buoni Poliennali Del Tesoro,
2.55%, 9/15/41		33,128EUR		51,535
2.35%, 9/15/24W		110,000EUR		158,711
Japanese Government CPI Linked Bond, 22, Sr. Unsecured, 0.10%, 3/10/27		110,807,400JPY		1,075,436
Mexican Udibonos, 4.50%, 11/22/35		1,977,200MXN		115,922
New Zealand Government Bond, Sr. Unsecured, 2.00%, 9/20/25		1,150,000NZD		894,586
United Kingdom Gilt Inflation Linked,
0.13%, 3/22/26		808,000GBP		1,375,023
0.13%, 3/22/46		75,496GBP		162,686
0.13%, 8/10/48		20,000GBP		45,141
0.13%, 11/22/56		1,000GBP		2,667
0.13%, 11/22/65		25,000GBP		79,092
TOTAL GOVERNMENT			$	5,227,312
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES
(COST $5,284,901)			$	5,227,312
FOREIGN GOVERNMENT SECURITIES – 1.6%
GOVERNMENT – 1.6%
Argentina Bonar Bonds, (Argentina Deposit Rates Badlar Private Banks + 2.00%), 24.94%, 4/03/22D		99,000ARS		4,818
Argentina POM Politica Monetaria, (Argentina Cental Bank + 0.00%), 27.93%, 6/21/20D		3,820,000ARS		194,769
Argentine Republic Government International Bond, Sr. Unsecured, 5.88%, 1/11/28		100,000		91,788

Description	Par Value  (a)		Value
Autonomous Community of Catalonia, Sr. Unsecured, 4.75%, 6/04/18		100,000EUR	$	121,290
Corp. Andina de Fomento, Series 11U, Sr. Unsecured, 3.95%, 10/15/21		5,001,756MXN		261,450
Cyprus Government International Bond, Sr. Unsecured, MTN,
3.75%, 7/26/23		30,000EUR		39,991
4.25%, 11/04/25		20,000EUR		27,454
2.75%, 6/27/24		10,000EUR		12,703
3.88%, 5/06/22		20,000EUR		26,626
Italy Buoni Poliennali Del Tesoro, 0.25%, 5/15/18		100,000EUR		120,795
Japan Treasury Discount Bill,
0.00%, 5/01/18‡		120,000,000JPY		1,097,700
0.00%, 5/07/18‡		41,000,000JPY		375,059
0.00%, 5/21/18‡		80,000,000JPY		731,861
0.00%, 5/21/18‡		23,300,000JPY		213,155
0.00%, 7/30/18‡		120,000,000JPY		1,098,078
Peru Government Bond, Sr. Unsecured, 6.15%, 8/12/32W		700,000PEN		226,386
United Kingdom Gilt, 4.25%, 12/07/27		100,000GBP		172,591
TOTAL GOVERNMENT			$	4,816,514
TOTAL FOREIGN GOVERNMENT SECURITIES
(COST $4,998,135)			$	4,816,514
MORTGAGE-BACKED SECURITIES – 3.0%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.3%
Fannie Mae Pool,
3.50%, 9/01/45		157,467		156,662
3.50%, 9/01/46		602,962		599,883
3.50%, 6/01/48		4,470,000		4,429,141
4.00%, 6/01/48		2,000,000		2,033,438
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	7,219,124
WHOLE LOAN – 0.7%
BCAP LLC Trust, Series 2009-RR6-I, Class 3A1, 3.65%, 12/26/37D,W		23,473		23,601
Grifonas Finance PLC, Class A, (6 Month EURIBOR + 0.28%), 0.01%, 8/28/39D		456,821EUR		495,130
Rise Ltd., 2014-1, Class A, 4.75%, 2/15/39		169,278		169,278
Sequoia Mortgage Trust 6, Series 6, Class A, (1 Month USD LIBOR + 0.64%), 2.54%, 4/19/27D		690,841		667,105
Trinity Square 2015-1A PLC, Series 2015-1A, Class A, (3 Month GBP LIBOR + 1.15%), 1.94%, 7/15/51D,W		393,818GBP		548,921
Wamu Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A4,
3.02%, 11/25/36D		218,438		213,291

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     40

Wilmington Real Asset Fund (continued)

Description	Par Value  (a)		Value
3.52%, 3/25/37D		77,315	$	77,077
TOTAL WHOLE LOAN			$	2,194,403
TOTAL MORTGAGE-BACKED SECURITIES
(COST $9,326,882)			$	9,413,527
U.S. GOVERNMENT INFLATION-LINKED SECURITIES – 19.7%
U.S. TREASURY INFLATION INDEXED BONDS –19.7%
U.S. Treasury Inflation Indexed Bond,
0.13%, 4/15/19		1,633,000		1,727,684
0.13%, 4/15/20		1,398,000		1,474,156
0.13%, 4/15/21		1,342,000		1,390,397
0.13%, 1/15/22		182,000		196,888
0.13%, 4/15/22		639,000		640,786
0.13%, 7/15/22		102,000		108,631
0.13%, 1/15/23		2,331,000		2,456,092
0.13%, 7/15/24		6,296,000		6,397,518
0.13%, 7/15/26		491,000		486,647
0.25%, 1/15/25		2,098,000		2,138,542
0.38%, 7/15/23		4,292,000		4,544,222
0.38%, 7/15/25		1,579,000		1,622,871
0.38%, 1/15/27		99,000		98,772
0.50%, 1/15/28		1,296,000		1,276,835
0.63%, 7/15/21		302,000		335,564
0.63%, 4/15/23		330,000		329,959
0.63%, 1/15/24		2,200,000		2,341,500
0.63%, 1/15/26		3,468,000		3,603,063
0.63%, 2/15/43		196,000		199,232
0.75%, 2/15/42		839,000		896,555
0.75%, 2/15/45		643,000		652,202
0.88%, 2/15/47		1,258,000		1,281,817
1.00%, 2/15/46		1,304,000		1,396,245
1.00%, 2/15/48		412,000		424,785
1.25%, 7/15/20		1,043,000		1,215,707
1.38%, 2/15/44		2,267,000		2,679,883
1.75%, 1/15/28		2,347,000		3,043,053
1.88%, 7/15/19		226,000		269,382
2.00%, 1/15/26		721,000		991,193
2.13%, 2/15/40		180,000		260,337
2.13%, 2/15/41		659,000		946,606
2.38%, 1/15/25		1,273,000		1,866,046
2.38%, 1/15/27		594,000		833,895
2.50%, 1/15/29		3,003,000		4,091,646
3.38%, 4/15/32		136,000		254,233
3.63%, 4/15/28		3,361,000		6,579,179
3.88%, 4/15/29		858,000		1,714,836
TOTAL U.S. TREASURY INFLATION INDEXED BONDS			$	60,766,959
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES
(COST $61,038,645)			$	60,766,959

Description	Par Value  (a)		Value
U.S. TREASURY – 0.2%
U.S. TREASURY NOTES – 0.2%
U.S. Treasury Note,
1.88%, 7/31/22		400,000	$	385,977
2.75%, 2/15/28		281,000		276,317
TOTAL U.S. TREASURY NOTES			$	662,294
TOTAL U.S. TREASURY
(COST $661,373)			$	662,294
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES
(COST $90,691,530)			$	90,542,867
	Number  of Shares
REAL ESTATE RELATED SECURITIES – 64.4%
COMMON STOCKS – 10.9%
DIVERSIFIED – 0.0%**
Argosy Property Ltd.		61,413		$    43,807
Stride Stapled Group		41,068		49,903
TOTAL DIVERSIFIED				$    93,710
DIVERSIFIED REAL ESTATE ACTIVITIES – 5.5%
Airport City Ltd.*		4,442		50,714
Allreal Holding AG		1,074		176,576
CapitaLand Ltd.		193,900		546,769
Chinese Estates Holdings Ltd.		47,000		69,905
City Developments Ltd.		46,300		439,984
D Carnegie & Co. AB*		2,744		42,684
Daito Trust Construction Co. Ltd.		5,900		984,504
Daiwa House Industry Co. Ltd.		51,600		1,886,561
DIC Asset AG		3,489		42,928
Far East Consortium International Ltd.		78,000		44,544
Gateway Lifestyle		18,241		27,211
Great Eagle Holdings Ltd.		19,000		95,975
Hang Lung Properties Ltd.		155,000		366,819
Heiwa Real Estate Co. Ltd.		4,300		100,720
Henderson Land Development Co. Ltd.		102,344		648,918
HKR International Ltd.		60,800		36,994
K Wah International Holdings Ltd.		85,000		52,174
Kerry Properties Ltd.		45,500		217,514
LendLease Group		43,161		578,846
Leopalace21 Corp.		20,100		174,326
Mitsubishi Estate Co. Ltd.		105,300		1,924,100
Mitsui Fudosan Co. Ltd.		78,000		1,998,005
Mobimo Holding AG*		508		131,210
New World Development Co. Ltd.		413,000		605,673
Nomura Real Estate Holdings, Inc.		11,000		272,211
PATRIZIA Immobilien AG*		3,400		67,872
Property & Building Corp. Ltd.		169		12,577

ANNUAL REPORT / April 30, 2018

41    PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Number  of Shares		Value
Realia Business SA*		22,825	$	30,259
RMR Group, Inc., Class A (The)		300		22,320
SAMTY Co. Ltd.		1,500		27,721
Shinoken Group Co. Ltd.		1,000		30,404
Soundwill Holdings Ltd.		17,500		31,129
Sumitomo Realty & Development Co. Ltd.		37,000		1,469,759
Sun Frontier Fudousan Co. Ltd.		1,700		20,512
Sun Hung Kai Properties Ltd.		124,000		1,996,951
Tokyo Tatemono Co. Ltd.		16,200		246,713
Tokyu Fudosan Holdings Corp.		44,300		348,619
Tricon Capital Group, Inc.		10,434		81,752
UOL Group Ltd.		43,900		289,943
Wharf Holdings Ltd.		75,000		249,514
Wheelock & Co. Ltd.		59,000		437,734
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	16,879,644
INDUSTRIALS – 0.0%**
Propertylink Group		45,110		34,993
OFFICE – 0.0%**
Precinct Properties New Zealand Ltd.		75,214		67,617
REAL ESTATE DEVELOPMENT – 1.2%
ADLER Real Estate AG*		1,923		35,727
Asian Growth Properties Ltd.*,††		22,824		—
Aveo Group		16,575		32,552
CK Asset Holdings Ltd.		205,000		1,769,758
Daikyo, Inc.		2,300		50,059
DREAM Unlimited Corp., Class A*		9,069		67,596
Frasers Property Ltd.		26,000		39,704
Goldcrest Co. Ltd.		2,700		57,352
Greenland Hong Kong Holdings Ltd.		101,000		46,534
Helical PLC		12,067		62,458
Howard Hughes Corp, (The)*		630		85,239
Nexity SA		3,356		209,851
Road King Infrastructure Ltd.		28,000		53,086
Selvaag Bolig ASA		6,948		35,289
Sino Land Co. Ltd.		228,000		393,568
St. Modwen Properties PLC		19,519		110,200
TAG Immobilien AG		10,923		230,824
TK Development A/S*		9,212		10,522
Villa World Ltd.		19,108		35,479
Wang On Properties Ltd.		288,000		45,306
Wheelock Properties Singapore Ltd.		40,300		55,115
Wing Tai Holdings Ltd.		57,900		88,713
Yoma Strategic Holdings Ltd.		76,000		24,482
TOTAL REAL ESTATE DEVELOPMENT			$	3,539,414
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%
ADO Properties SAW		2,243		123,298

Description	Number  of Shares		Value
Aeon Mall Co. Ltd.		8,600	$	173,904
BUWOG AG*		8,520		298,901
Norstar Holdings, Inc.		1,096		19,329
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	615,432
REAL ESTATE OPERATING COMPANIES – 4.0%
ADO Group Ltd.*		4,844		88,325
Africa Israel Properties Ltd.*		936		21,576
Alony Hetz Properties & Investments Ltd.		7,307		64,817
Alrov Properties & Lodgings Ltd.		1		22
Amot Investments Ltd.		8,779		43,265
Arealink Co. Ltd.		1,100		36,302
Azrieli Group Ltd.		2,722		124,511
Big Shopping Centers Ltd.		209		13,401
Blue Square Real Estate Ltd.		398		14,252
Brack Capital Properties NV*		235		26,035
CA Immobilien Anlagen AG		5,472		189,746
Capital & Counties Properties PLC		62,500		247,364
Castellum AB		20,447		330,519
Citycon OYJ		29,240		66,874
Daibiru Corp.		5,100		60,810
Deutsche Euroshop AG		2,261		81,261
Deutsche Wohnen SE		27,311		1,288,931
Dios Fastigheter AB		6,443		40,876
Entra ASAW		9,459		129,725
Fabege AB		21,044		242,299
Fastighets AB Balder, Class B*		7,816		201,356
First Capital Realty, Inc.		12,590		196,800
Gazit-Globe Ltd.		6,507		61,519
Grainger PLC		31,155		134,175
Grand City Properties SA		7,826		188,542
Hang Lung Group Ltd.		62,000		187,272
Hemfosa Fastigheter AB		11,802		146,193
Hongkong Land Holdings Ltd.		87,500		632,384
Hufvudstaden AB, Class A		8,814		129,353
Hulic Co. Ltd.		36,200		389,528
Hysan Development Co. Ltd.		47,001		273,554
Ichigo, Inc.		17,500		77,930
IMMOFINANZ AG		65,730		172,079
Inmobiliaria Colonial Socimi SA		22,431		260,646
Intershop Holding AG		103		51,412
Jerusalem Economy Ltd.*		11,531		28,029
Keihanshin Building Co. Ltd.		10,000		85,202
Kennedy-Wilson Holdings, Inc.		2,630		49,839
Klovern AB, Class B		62,004		77,370
Kungsleden AB		14,057		99,688
Langham Hospitality Investments &
Langham Hospitality Investments Ltd.		59,000		24,702

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     42

Wilmington Real Asset Fund (continued)

Description	Number  of Shares		Value
LEG Immobilien AG		4,697	$	541,578
Liu Chong Hing Investment Ltd.		26,000		41,804
MAS Real Estate, Inc.		26,391		49,644
Melisron Ltd.		1,293		52,794
Nam Tai Property, Inc.		3,727		45,283
NEPI Rockcastle PLC		42,269		465,836
NTT Urban Development Corp.		9,000		106,041
PSP Swiss Property AG		3,582		334,691
S IMMO AG*		4,007		79,264
Summit Real Estate Holdings Ltd.		2,771		24,868
Swire Properties Ltd.		87,600		310,935
Swiss Prime Site AG*		5,348		501,075
Technopolis OYJ		9,027		42,224
TLG Immobilien AG		6,412		184,465
TOC Co. Ltd.		6,500		57,556
Unizo Holdings Co. Ltd.		900		21,431
Victoria Park AB, Class B		9,481		38,929
Vonovia SE		37,511		1,879,481
Wallenstam AB, Class B		16,464		147,498
Wharf Real Estate Investment		91,000		682,295
Wihlborgs Fastigheter AB		5,176		119,952
TOTAL REAL ESTATE OPERATING COMPANIES			$	12,306,128
RETAIL – 0.0%**
Investore Property Ltd.		10,849		10,829
Kiwi Property Group Ltd.		97,225		93,494
TOTAL RETAIL			$	104,323
TOTAL COMMON STOCKS
(COST $25,625,506)			$	33,641,261
EXCHANGE-TRADED FUNDS – 32.4%
EQUITY FUNDS – 32.4%
Schwab U.S. REIT ETF		647,800		25,141,118
Vanguard Global ex-U.S. Real Estate ETF#		1,223,800		74,945,512
TOTAL EQUITY FUNDS			$	100,086,630
TOTAL EXCHANGE-TRADED FUNDS
(COST $94,013,721)			$	100,086,630
INVESTMENT COMPANIES – 5.0%
DIVERSIFIED – 5.0%
Tortoise MLP & Pipeline Fund		1,210,246		15,430,638
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
U.K. Commercial Property Trust Ltd.		51,100		62,782
REAL ESTATE OPERATING COMPANIES – 0.0%**
F&C Commercial Property Trust Ltd.		66,616		134,460
TOTAL INVESTMENT COMPANIES
(COST $16,642,310)			$	15,627,880
REAL ESTATE INVESTMENT TRUSTS – 16.1%

Description	Number  of Shares		Value
DIVERSIFIED – 3.3%
Abacus Property Group		21,546	$	58,459
Activia Properties, Inc.		49		217,134
Alexander & Baldwin, Inc.		1,314		30,091
American Assets Trust, Inc.		1,696		56,935
Armada Hoffler Properties, Inc.		2,926		39,706
Artis Real Estate Investment Trust		5,519		57,556
Babcock & Brown Japan Property*,††		7,569		—
Canadian Real Estate Investment Trust		2,686		105,645
Charter Hall Group		30,881		136,673
Charter Hall Long Wale REIT		9,979		30,634
Cofinimmo SA		1,514		200,978
Colony NorthStar, Inc. Class A#		14,542		88,852
Cominar Real Estate Investment Trust		7,650		74,656
Daiwa House REIT Investment Corp.		124		295,627
Dream Global Real Estate Investment Trust		5,043		53,771
Empire State Realty Trust, Inc., Class A		2,249		39,178
Fonciere Des Regions		4,302		481,129
Forest City Realty Trust, Inc., Class A		5,715		114,643
Gecina SA		3,545		614,526
Global Net Lease, Inc.		1,038		19,317
Goodman Property Trust		75,723		72,653
GPT Group (The)		141,766		514,058
Gramercy Property Trust		3,775		88,713
Growthpoint Properties Australia Ltd.		18,802		48,541
H&R Real Estate Investment Trust		11,690		187,739
Hamborner Real Estate Investment Trust AG		5,966		66,936
Hankyu Real Estate Investment Trust, Inc.		44		56,176
Heiwa Real Estate Investment Trust, Inc.		76		72,715
Hispania Activos Inmobiliarios SOCIMI SA		8,111		171,964
Hulic Real Estate Investment Trust, Inc.		71		109,583
ICADE		3,375		335,388
Ichigo Hotel REIT Investment Corp.		29		35,630
iStar, Inc.#, *		3,202		32,468
Kenedix Office Investment Corp.		30		184,030
Land Securities Group PLC		54,405		738,563
Lar Espana Real Estate Socimi SA		6,779		76,867
Lexington Realty Trust		5,082		40,859
Liberty Property Trust		3,085		129,015
Londonmetric Property PLC		36,333		95,073
Mapletree Greater China Commercial Trust		138,100		123,547
Merlin Properties Socimi SA		30,735		474,235
Mirvac Group		277,270		465,308
Morguard Real Estate Investment Trust		5,052		52,371
NIPPON Real Estate Investment Trust Investment Corp.		29		88,063
Nomura Real Estate Master Fund, Inc.		299		417,958

ANNUAL REPORT / April 30, 2018

43    PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Number  of Shares		Value
NSI NV		1,341	$	57,714
Premier Investment Corp.		115		112,586
PS Business Parks, Inc.		356		41,040
RDI Real Estate Investment Trust PLC		41,348		21,147
Reit 1 Ltd.		11,700		46,944
Sakura Sogo REIT Investment Corp.		24		20,534
Samty Residential Investment Corp.		22		19,208
Schroder Real Estate Investment Trust Ltd.		71,756		60,552
Sekisui House Real Estate Investment Trust, Inc.		261		168,237
Select Income Real Estate Investment Trust		2,809		53,259
Soilbuild Business Space Real Estate Investment Trust		134,120		67,205
Spirit Realty Capital, Inc.		9,767		78,624
Star Asia Investment Corp.		19		18,312
Stockland		179,988		559,475
STORE Capital Corp.		3,231		81,518
Sunlight Real Estate Investment Trust		139,000		94,067
Suntec Real Estate Investment Trust		190,600		280,164
Tokyu Real Estate Investment Trust, Inc.		73		98,334
Tosei REIT Investment Corp.		15		15,420
United Urban Investment Corp.		249		382,449
VEREIT, Inc.		24,828		168,830
Washington Real Estate Investment Trust		2,685		77,113
WP Carey, Inc.		2,186		139,576
Yuexiu Real Estate Investment Trust		140,000		93,452
TOTAL DIVERSIFIED			$	10,149,723
DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**
Sella Capital Real Estate Ltd.		10,469		19,283
INDUSTRIALS – 1.7%
AIMS AMP Capital Industrial Real Estate Investment Trust		42,000		44,947
Ascendas Real Estate Investment Trust		181,600		364,306
Cache Logistics Trust		83,800		52,727
DCT Industrial Trust, Inc.		1,678		110,026
Dream Industrial Real Estate Investment Trust		7,428		58,258
Duke Realty Corp.		7,255		196,611
EastGroup Properties, Inc.		609		54,676
ESR-REIT		173,800		69,272
First Industrial Realty Trust, Inc.		3,581		111,405
Frasers Logistics & Industrial Trust		78,200		61,759
GLP J-Real Estate Investment Trust		213		228,968
Goodman Group		123,983		843,521
Granite Real Estate Investment Trust		1,400		55,075
Hansteen Holdings PLC		66,138		120,721
Industria Real Estate Investment Trust		12,124		23,108

Description	Number  of Shares		Value
Industrial & Infrastructure Fund Investment Corp.		116	$	128,421
Japan Logistics Fund, Inc.		65		131,785
LaSalle Logiport Real Estate Investment Trust		82		84,200
Mapletree Industrial Trust		89,000		135,837
Mapletree Logistics Trust		121,550		116,120
Mitsui Fudosan Logistics Park, Inc.		15		48,308
Monmouth Real Estate Investment Corp.		3,795		59,316
Nippon Prologis Real Estate Investment Trust, Inc.		158		332,995
Prologis, Inc.		10,946		710,505
Pure Industrial Real Estate Trust		9,005		56,669
Rexford Industrial Realty, Inc.		1,411		43,106
Segro PLC		74,402		660,230
STAG Industrial, Inc.		1,515		37,224
Terreno Realty Corp.		2,213		82,213
Tritax Big Box Real Estate Investment Trust PLC		98,589		203,172
Warehouses De Pauw CVA		1,181		145,260
TOTAL INDUSTRIALS			$	5,370,741
OFFICE – 2.5%
Alexandria Real Estate Equities, Inc.		2,009		250,261
Allied Properties Real Estate Investment Trust		3,498		113,008
Alstria Office Real Estate Investment Trust AG		7,735		116,367
Axiare Patrimonio SOCIMI SA		4,791		101,565
Befimmo SA		1,704		110,652
Beni Stabili SpA SIIQ		76,393		72,340
Boston Properties, Inc.		3,229		392,033
Brandywine Realty Trust		3,381		54,468
CapitaLand Commercial Trust		176,200		240,724
Champion Real Estate Investment Trust		160,000		113,035
City Office Real Estate Investment Trust, Inc.		2,823		32,126
Columbia Property Trust, Inc.		1,453		31,036
Corporate Office Properties Trust		2,487		68,417
Cousins Properties, Inc.		6,758		60,079
Cromwell Property Group		96,051		78,178
Daiwa Office Investment Corp.		25		147,942
Derwent London PLC		8,430		369,739
Dexus		75,836		539,310
Douglas Emmett, Inc.		2,656		98,989
Dream Office Real Estate Investment Trust		3,839		71,102
Equity Commonwealth*		1,627		50,421
Franklin Street Properties Corp.		1,900		14,782
Frasers Commercial Trust		88,500		93,233
GDI Property Group		37,938		35,661
Global One Real Estate Investment Corp.		60		60,056

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    44

Wilmington Real Asset Fund (continued)

Description	Number  of Shares		Value
Government Properties Income Trust		2,635		$        32,911
Great Portland Estates PLC		20,959		201,960
Green Real Estate Investment Trust PLC		41,277		75,632
Hibernia Real Estate Investment Trust PLC		74,159		132,794
Highwoods Properties, Inc.		2,372		104,415
Hudson Pacific Properties, Inc.		3,947		129,738
Ichigo Office Real Estate Investment Trust Investment		99		73,438
Intervest Offices & Warehouses NV		942		27,059
Invesco Office J-Reit, Inc.		488		61,663
Investa Office Fund		45,951		151,359
Japan Excellent, Inc.		97		126,123
Japan Prime Realty Investment Corp.		62		224,861
Japan Real Estate Investment Corp.		104		538,810
JBG SMITH Properties		1,571		57,923
Keppel Real Estate Investment Trust		134,000		125,100
Kilroy Realty Corp.		2,079		149,002
Mack-Cali Realty Corp.		2,859		49,089
Manulife US Real Estate Investment Trust		43,400		41,218
MCUBS MidCity Investment Corp.		100		75,446
Mori Hills Real Estate Investment Trust Investment Corp.		104		133,727
Mori Trust Sogo Real Estate Investment Trust, Inc.		71		105,919
Nippon Building Fund, Inc.		112		629,339
NorthStar Realty Europe Corp.		2,897		42,007
One REIT, Inc.		16		36,486
Orix JREIT, Inc.		223		339,923
Paramount Group, Inc.		3,190		45,776
Piedmont Office Realty Trust, Inc., Class A		3,093		55,427
Prosperity Real Estate Investment Trust		177,000		72,995
SL Green Realty Corp.		2,159		211,021
Spring Real Estate Investment Trust		137,000		56,904
Tier Real Estate Investment Trust, Inc.		1,076		20,455
Vornado Realty Trust		3,694		251,303
Workspace Group PLC		11,242		171,703
TOTAL OFFICE			$	7,867,050
REAL ESTATE OPERATING COMPANIES – 0.0%**
Picton Property Income Ltd.		63,920		79,129
RESIDENTIAL – 1.4%
Advance Residence Investment Corp.		101		260,203
American Campus Communities, Inc.		3,170		123,979
American Homes 4 Rent, Class A		5,298		107,020
Apartment Investment & Management Co., Class A		3,340		135,604
Ascott Residence Trust		80,500		69,142

Description	Number  of Shares		Value
AvalonBay Communities, Inc.		2,958	$	482,154
Bluerock Residential Growth Real Estate Investment Trust, Inc.#		2,866		25,765
Boardwalk Real Estate Investment Trust		1,273		45,717
Camden Property Trust		1,986		169,604
Canadian Apartment Properties Real Estate Investment Trust		4,973		143,463
Comforia Residential Real Estate Investment Trust, Inc.		38		87,268
Education Realty Trust, Inc.		2,267		74,607
Equity LifeStyle Properties, Inc.		1,489		132,759
Equity Residential		7,874		485,905
Essex Property Trust, Inc.		1,414		338,922
Ingenia Communities Group		24,221		48,535
InterRent Real Estate Investment Trust		6,334		49,628
Invitation Homes, Inc.		5,350		123,799
Irish Residential Properties Real Estate Investment Trust PLC		33,709		55,344
Japan Rental Housing Investments, Inc.		122		94,897
Kenedix Residential Next Investment Corp.		81		119,524
Killam Apartment Real Estate Investment Trust		2,717		30,007
Mid-America Apartment Communities, Inc.		2,435		222,705
NexPoint Residential Trust, Inc.		608		16,288
Nippon Accommodations Fund, Inc.		36		161,044
Northview Apartment Real Estate Investment Trust		2,317		46,035
Sun Communities, Inc.		1,439		135,050
UDR, Inc.		5,732		207,212
UMH Properties, Inc.		2,326		31,471
Unite Group PLC (The)		16,603		190,611
TOTAL RESIDENTIAL				$    4,214,262
RETAIL – 4.8%
Acadia Realty Trust		1,857		43,825
AEON Real Estate Investment Trust Investment Corp.		103		106,938
Agree Realty Corp.		997		48,733
Alexander’s, Inc.		52		20,454
Altarea SCA		324		82,569
British Land Co. PLC (The)		78,791		727,633
Brixmor Property Group, Inc.		7,820		116,440
BWP Trust		53,889		126,658
Capital & Regional PLC		68,165		49,814
CapitaLand Mall Trust		201,700		318,518
CapitaLand Retail China Trust Management Ltd.		57,300		67,678
CBL & Associates Properties, Inc.#		2,337		9,769
Charter Hall Retail Real Estate Investment Trust		20,074		59,488

ANNUAL REPORT / April 30, 2018

45    PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Number  of Shares		Value
Choice Properties Real Estate Investment Trust		3,565	$	31,736
Crombie Real Estate Investment Trust		2,904		28,114
CT Real Estate Investment Trust		2,299		23,456
DDR Corp.		7,985		57,891
Eurocommercial Properties NV		4,131		173,136
Federal Realty Investment Trust		1,666		193,006
Fortune Real Estate Investment Trust		134,000		158,673
Frasers Centrepoint Trust		42,700		71,999
Frontier Real Estate Investment Corp.		35		144,288
Fukuoka Real Investment Trust Corp.		46		71,301
Getty Realty Corp.		2,065		51,728
GGP, Inc.		13,673		273,323
Hammerson PLC		59,361		447,490
Immobiliare Grande Distribuzione SIIQ SpA		2,492		23,314
Intu Properties PLC		54,313		145,947
Japan Retail Fund Investment Corp.		207		388,083
Kenedix Retail Real Estate Investment Trust Corp.		44		93,133
Kimco Realty Corp.		10,658		154,648
Kite Realty Group Trust		2,854		42,011
Klepierre SA		15,528		635,541
Link Real Estate Investment Trust		169,500		1,498,063
Macerich Co. (The)		2,828		162,949
Mapletree Commercial Trust		133,100		162,242
Mercialys SA		3,823		73,158
National Retail Properties, Inc.		3,543		134,776
NewRiver REIT PLC		17,468		69,781
Pennsylvania Real Estate Investment Trust#		2,852		27,607
Ramco-Gershenson Properties Trust		1,428		17,065
Realty Income Corp.#		6,037		304,929
Regency Centers Corp.		3,297		194,028
Retail Estates NV		459		40,314
Retail Opportunity Investments Corp.#		3,914		67,321
Retail Properties of America, Inc., Class A		6,277		72,437
RioCan Real Estate Investment Trust		10,956		199,247
Saul Centers, Inc.		797		38,136
Scentre Group		408,139		1,233,601
Seritage Growth Properties, Class A#		494		17,572
Shaftesbury PLC		20,795		289,338
Shopping Centres Australasia Property Group		54,004		96,446
Simon Property Group, Inc.		6,870		1,074,056
Smart Real Estate Investment Trust		4,778		107,174
SPH Real Estate Investment Trust		57,300		42,773
Starhill Global Real Estate Investment Trust		128,800		69,831
Tanger Factory Outlet Centers, Inc.#		1,934		42,451

Description	Number  of Shares		Value
Taubman Centers, Inc.		1,151	$	64,433
Unibail-Rodamco SE		7,758		1,862,459
Urban Edge Properties		3,090		63,561
Vastned Retail NV		820		41,005
Vicinity Centres		212,391		388,881
Viva Energy REIT		30,988		46,980
Washington Prime Group, Inc.#		5,403		34,957
Weingarten Realty Investors		2,477		68,043
Wereldhave NV		2,363		94,950
Westfield Corp.		147,830		1,021,529
TOTAL RETAIL			$	14,709,428
SPECIALIZED – 2.4%
Aedifica SA		1,327		120,333
Apple Hospitality Real Estate Investment Trust, Inc.		4,206		75,666
Arena Real Estate Investment Trust		17,467		29,234
Ascendas Hospitality Trust		89,000		54,545
Ashford Hospitality Trust, Inc.		4,262		29,323
Assura PLC		165,119		135,384
Big Yellow Group PLC		12,620		159,676
CareTrust Real Estate Investment Trust, Inc.		3,065		40,489
CDL Hospitality Trusts		63,800		85,365
Chesapeake Lodging Trust		708		20,914
CoreCivic, Inc.		2,464		49,674
CoreSite Realty Corp.		620		64,542
CubeSmart		4,498		132,421
CyrusOne, Inc.		1,838		98,498
DiamondRock Hospitality Co.		4,362		48,200
Digital Realty Trust, Inc.		4,401		465,142
EPR Properties		1,738		95,625
Extra Space Storage, Inc.		2,766		247,806
First Real Estate Investment Trust		38,800		40,040
Folkestone Education Trust		30,135		64,810
Four Corners Property Trust, Inc.		1,094		24,790
Gaming and Leisure Properties, Inc.		4,280		146,676
Geo Group, Inc. (The)		3,145		70,763
HCP, Inc.		10,389		242,687
Health Care & Medical Investment Corp.		17		16,498
Healthcare Realty Trust, Inc.		3,364		93,620
Healthcare Trust of America, Inc., Class A		4,580		114,454
Hersha Hospitality Trust		1,071		20,113
Hoshino Resorts Real Estate Investment Trust, Inc.		12		59,052
Hospitality Properties Trust		3,356		83,497
Host Hotels & Resorts, Inc.		15,583		304,803
Hotel Property Investments		10,758		24,860
InfraREIT, Inc.*		1,040		22,162

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     46

Wilmington Real Asset Fund (continued)

Description	Number  of Shares		Value
Invincible Investment Corp.		304	$	135,703
Iron Mountain, Inc.		6,666		226,244
Japan Hotel REIT Investment Corp.		328		248,169
Keppel DC REIT		59,000		63,381
LaSalle Hotel Properties		2,292		67,774
Life Storage, Inc.		995		87,998
LTC Properties, Inc.		1,511		54,623
Medical Properties Trust, Inc.		7,504		95,901
National Health Investors, Inc.		1,042		71,137
National Storage Affiliates Trust		816		21,477
National Storage Real Estate Investment Trust		65,695		78,874
NorthWest Healthcare Properties Real Estate Investment Trust		2,862		24,965
Omega Healthcare Investors, Inc.#		4,446		115,507
Ooedo Onsen REIT Investment Corp.		20		16,387
OUE Hospitality Trust		87,500		55,318
Park Hotels & Resorts, Inc.		3,451		99,320
Parkway Life Real Estate Investment Trust		38,800		81,457
Pebblebrook Hotel Trust#		953		33,345
Physicians Realty Trust		4,415		65,960
Primary Health Properties PLC		44,662		69,514
Public Storage		3,308		667,488
QTS Realty Trust, Inc., Class A		1,471		52,059
Quality Care Properties, Inc.*		2,850		62,614
RLJ Lodging Trust		3,544		73,609
Rural Funds Group		12,162		19,455
Ryman Hospitality Properties, Inc.		965		75,637
Sabra Health Care REIT, Inc.		5,242		95,981
Safestore Holdings PLC		15,484		116,464
Senior Housing Properties Trust		5,418		84,358
Summit Hotel Properties, Inc.		3,569		51,679
Sunstone Hotel Investors, Inc.		4,010		62,556
Universal Health Realty Income Trust		726		43,509
Ventas, Inc.		8,043		413,571
Vital Healthcare Property Trust		24,302		35,448
Welltower, Inc.		8,315		444,354
Xenia Hotels & Resorts, Inc.		4,295		88,434
TOTAL SPECIALIZED			$	7,381,932
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $43,075,024)			$	49,791,548
TOTAL REAL ESTATE RELATED SECURITIES (COST $179,356,561)			$	199,147,319
COMMODITY RELATED SECURITIES – 12.4%
EXCHANGE-TRADED FUNDS – 12.4%
COMMODITY FUNDS – 12.4%
iShares Commodities Select Strategy ETF#		331,100		12,717,551

Description	Number  of Shares		Value
iShares Gold Trust#, *		597,000	$	7,534,140
iShares Silver Trust#, *		202,600		3,115,988
SPDR S&P Global Natural Resources ETF		298,400		15,051,296
TOTAL COMMODITY FUNDS			$	38,418,975
TOTAL EXCHANGE-TRADED FUNDS (COST $34,651,127)			$	38,418,975
TOTAL COMMODITY RELATED SECURITIES (COST $34,651,127)			$	38,418,975
PURCHASED OPTIONS – 0.1%
TOTAL PURCHASED OPTIONS
(SEE OPEN OPTION CONTRACTS TABLE) (COST $145,635)			$	157,495
SHORT-TERM INVESTMENTS – 1.9%
MONEY MARKET FUND – 1.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.60%^		5,753,672	$	5,753,672
TOTAL SHORT-TERM INVESTMENTS (COST $5,753,672)			$	5,753,672
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.6%
REPURCHASE AGREEMENTS – 5.6%
BNP Paribas SA, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $3,210,794, collateralized by U.S. Government & Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 8/15/46; total market value of $3,274,854.	$	3,210,641	$	3,210,641
Citigroup Global Markets, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $3,210,794, collateralized by U.S. Government & Treasury Securities, 0.00% to 11.50%, maturing 5/01/18 to 3/20/67; total market value of $3,274,854.		3,210,641		3,210,641
Daiwa Capital Markets America, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $3,210,794, collateralized by U.S. Government & Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 12/01/51; total market value of $3,274,854.		3,210,641		3,210,641
JP Morgan Securities LLC, 1.71%, dated 4/30/18, due 5/01/18, repurchase price $1,276,034, collateralized by U.S. Treasury Securities, 1.13% to 2.25%, maturing 1/31/19 to 1/31/24; total market value of $1,301,494.		1,275,973		1,275,973
Nomura Securities International, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $3,210,796, collateralized by U.S. Government Securities, 0.00% to 10.50%, maturing 5/01/18 to 3/20/68; total market value of $3,274,854.		3,210,641		3,210,641

ANNUAL REPORT / April 30, 2018

47     PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Description	Par Value			Value
RBC Dominion Securities, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $3,210,794, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 10/31/18 to 9/09/49; total market value of $3,274,854.	$	3,210,641		$	3,210,641
TOTAL REPURCHASE AGREEMENTS (COST $17,329,178)				$	17,329,178
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $17,329,178)				$	17,329,178
TOTAL INVESTMENTS IN SECURITIES 113.7%ø
(COST $327,927,703)				$	351,349,506
WRITTEN OPTIONS – 0.0%**
TOTAL WRITTEN OPTIONS
(SEE OPEN OPTION CONTRACTS TABLE) (PREMIUMS RECEIVED $(106,186))				$	18,142
TBA SALE COMMITMENT – (0.1%)
MORTGAGE-BACKED SECURITIES – (0.1%)
Fannie Mae Pool, 3.00%, 6/01/48	$	(300,000	)	$	(288,867	)
TBA SALE COMMITMENTS (PROCEEDS $(290,672))				$	(288,867)
COLLATERAL FOR SECURITIES ON LOAN – (5.6%)				$	(17,329,178)
OTHER LIABILITIES LESS ASSETS – (8.0%)					(24,718,603	)
TOTAL NET ASSETS – 100.0%				$	309,031,000

Cost of investments for Federal income tax purposes is $332,615,640. The net unrealized appreciation/(depreciation) of investments was $19,337,236. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $25,307,679 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(5,970,443).

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    48

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level  1			Level  2			Level  3		Total
Assets
Investments in Securities
Inflation-Linked & Fixed Income Securities
Asset-Backed Securities	$	—		$	3,995,210		$	—	$	3,995,210
Certificates of Deposit		—			599,294			—		599,294
Corporate Bonds		—			5,061,757			—		5,061,757
Foreign Government Inflation-Linked Securities		—			5,227,312			—		5,227,312
Foreign Government Securities		—			4,816,514			—		4,816,514
Mortgage-Backed Securities		—			9,413,527			—		9,413,527
U.S. Government Inflation-Linked Securities		—			60,766,959			—		60,766,959
U.S. Treasury		—			662,294			—		662,294
Real Estate Related Securities
Common Stocks		548,829			33,092,432			—		33,641,261
Exchange-Traded Funds		100,086,630			—			—		100,086,630
Investment Companies		15,430,638			197,242			—		15,627,880
Real Estate Investment Trusts		18,397,883			31,393,665			—		49,791,548
Commodity Related Securities
Exchange-Traded Funds		38,418,975			—			—		38,418,975
Purchased Options		—			157,495			—		157,495
Short-Term Investments
Money Market Fund		5,753,672			—			—		5,753,672
Repurchase Agreements		—			17,329,178			—		17,329,178
Total Investments in Securities		178,636,627			172,712,879			—		351,349,506
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	323,578		$	—	$	323,578
Financial Futures Contracts		5,876			—			—		5,876
Credit Default Swaps		—			51,289			—		51,289
Interest Rate Swaps		—			806,220			—		806,220
Written Options		—			42,990			—		42,990
Total Assets - Other Financial Instruments	$	5,876		$	1,224,077		$	—	$	1,229,953
Liabilities
Other Financial Instruments!
Written Options	$	(10,404	)	$	(14,444	)	$	—	$	(24,848	)
Forward Foreign Currency Contracts		—			(97,382	)		—		(97,382	)
Financial Futures Contracts		(103,017	)		—			—		(103,017	)
Credit Default Swaps		—			(25,426	)		—		(25,426	)
Interest Rate Swaps		—			(330,366	)		—		(330,366	)
TBA Sale Commitment		—			(288,867	)		—		(288,867	)
Total Liabilities - Other Financial Instruments	$	(113,421	)	$	(756,485	)	$	—	$	(869,906	)

! Other financial instruments are derivative instruments and a TBA Sale Commitment. Forward foreign currency contracts, financial futures contracts, credit default swaps and interest rate swaps are valued at the unrealized appreciation (depreciation) on the instrument and written options and the TBA Sale Commitment are reported at their fair value at period end.

ANNUAL REPORT / April 30, 2018

49    PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

(a) Par Value denominated in USD unless otherwise noted.

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

D 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.

‡ Zero coupon security. The rate shown reflects the effective yield at purchase date.

^ 7-Day net yield.

* Non-income producing security.

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2018, the value of these securities amounted to $0 representing 0.00% of total net assets.

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, 2018, these liquid restricted securities amounted to $3,971,615 representing 1.29% of total net assets.

ø On April 30, 2018, the Fund utilized International Fair Value Pricing, as defined in Note 2 in Notes to Portfolios of Investments. The value of these securities amounted to $64,683,339 representing 20.93% of total net assets.

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

** Represents less than 0.05%.

	The following acronyms are used throughout this Fund:	Currency Code     Currency
CDX	Markit CDX Index	ARS	Argentine Peso
CMBX	Commercial Mortgage-Backed Index	AUD	Australian Dollar
CMS	Constant Maturity Swaps	CAD	Canadian Dollar
CPI	Consumer Price Index	CNY	Chinese Yuan
EONIA	Euro OverNight Index Average	COP	Colombian Peso
INF	Inflation	DKK	Danish Krone
IRO	Interest Rate Option	EUR	Euro
LIBOR	London Interbank Offered Rate	GBP	British Pound Sterling
LLC	Limited Liability Corporation	IDR	Indonesian Indonesian
LP	Limited Partnership	ILS	Israeli New Shekel
MTN	Medium Term Note	INR	Indian Rupee
NA	National Association	KRW	Korean Won
NSA	Not seasonally adjusted	JPY	Japanese Yen
OAT	Obligations Assimilables	MXN	Mexican Peso
PCL	Public Company Limited	NZD	New Zealand Dollar
OIS	Overnight Index Swap	PEN	Peruvian Nuevo Sol
PLC	Public Limited Company	RUB	Russian Ruble
REIT	Real Estate Investment Trust	USD	United States Dollar
RPI	Retail Price Index	ZAR	South African Rand
TELBOR	Tel Aviv Interbank Offered Rate
YOY	Year Over Year

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    50

Wilmington Real Asset Fund (continued)

At April 30, 2018, the Wilmington Real Asset 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 PURCHASED
5/1/2018	JP Morgan Chase Bank, N.A.	80,000,000 JPY	$	731,261	$	731,797	$	536	$	—
5/1/2018	JP Morgan Chase Bank, N.A.	40,000,000 JPY		365,865		365,898		33		—
5/2/2018	Bank of America NA	83,100,000 JPY		760,432		760,154		—		(278)
5/2/2018	Royal Bank of Scotland	19,600,000 JPY		183,156		179,290		—		(3,866)
5/2/2018	Bank of America NA	1,474,513 ARS		71,945		71,875		—		(70)
5/3/2018	Citigroup Global Markets	1,766,000 GBP		2,441,034		2,431,620		—		(9,414)
5/3/2018	Deutsche Bank AG	1,314,000 EUR		1,600,846		1,587,147		—		(13,699)
5/3/2018	HSBC Bank USA, N.A.	1,256,000 NZD		887,458		883,712		—		(3,746)
5/3/2018	Citigroup Global Markets	399,000 EUR		490,642		481,942		—		(8,700)
5/3/2018	JP Morgan Chase Bank, N.A.	65,000 GBP		93,112		89,499		—		(3,613)
5/8/2018	Bank of America NA	1,179,000 ZAR		97,550		94,476		—		(3,074)
5/10/2018	Citigroup Global Markets	11,997,504 MXN		635,629		640,438		4,809		—
5/16/2018	Goldman Sachs Bank USA	843,000 ARS		41,527		40,419		—		(1,108)
5/16/2018	Royal Bank of Scotland	413,000 ARS		20,245		19,802		—		(443)
5/25/2018	HSBC Bank USA, N.A.	7,911,460 RUB		136,169		125,224		—		(10,945)
5/25/2018	Credit Suisse International	5,166,635 RUB		91,219		81,779		—		(9,440)
5/30/2018	Bank of America NA	352,150 ARS		17,194		16,638		—		(556)
6/20/2018	HSBC Bank USA, N.A.	1,261,790,000 IDR		91,322		90,174		—		(1,148)
6/20/2018	HSBC Bank USA, N.A.	45,628,800 KRW		42,259		42,786		527		—
6/20/2018	Citigroup Global Markets	11,848,592 INR		180,081		176,549		—		(3,532)
6/26/2018	Bank of America NA	1,474,513 ARS		70,483		68,533		—		(1,950)
7/17/2018	Credit Suisse International	608,648,000 COP		219,175		216,349		—		(2,826)
8/22/2018	Societe Generale Securities	291,000 ARS		14,024		13,049		—		(975)
CONTRACTS SOLD
5/1/2018	Citigroup Global Markets	120,000,000 JPY		1,103,047		1,097,695		5,352		—
5/2/2018	Bank of America NA	102,700,000 JPY		980,321		939,444		40,877		—
5/2/2018	Bank of America NA	1,474,513 ARS		72,744		71,875		869		—
5/3/2018	HSBC Bank USA, N.A.	1,705,000 GBP		2,427,245		2,347,628		79,617		—
5/3/2018	Citigroup Global Markets	1,256,000 NZD		914,042		883,712		30,330		—
5/3/2018	Credit Suisse International	1,151,000 EUR		1,428,466		1,390,264		38,202		—
5/3/2018	JP Morgan Chase Bank, N.A.	729,000 AUD		559,971		548,829		11,142		—
5/3/2018	JP Morgan Chase Bank, N.A.	381,000 EUR		465,554		460,200		5,354		—
5/3/2018	JP Morgan Chase Bank, N.A.	317,000 CAD		246,202		246,910		—		(708)
5/3/2018	Goldman Sachs Bank USA	181,000 EUR		221,056		218,625		2,431		—
5/3/2018	JP Morgan Chase Bank, N.A.	126,000 GBP		175,960		173,490		2,470		—
5/7/2018	Citigroup Global Markets	40,000,000 JPY		367,899		366,076		1,823		—
5/7/2018	Citigroup Global Markets	1,000,000 JPY		9,479		9,152		327		—
5/8/2018	Bank of America NA	1,186,055 ZAR		98,000		95,041		2,959		—
5/10/2018	HSBC Bank USA, N.A.	11,997,504 MXN		632,506		640,438		—		(7,932)
5/15/2018	Deutsche Bank AG	100,000 EUR		123,882		120,898		2,984		—
5/16/2018	Bank of America NA	540,000 CAD		430,871		420,717		10,154		—
5/21/2018	Citigroup Global Markets	80,000,000 JPY		754,336		732,860		21,476		—
5/21/2018	Goldman Sachs Bank USA	23,300,000 JPY		219,439		213,445		5,994		—
5/21/2018	Citigroup Global Markets	784,207 PEN		240,002		240,917		—		(915)
5/23/2018	JP Morgan Chase Bank, N.A.	1,000,000 CAD		777,350		779,219		—		(1,869)
5/23/2018	Bank of America NA	466,090 ARS		22,213		22,185		28		—
5/29/2018	JP Morgan Chase Bank, N.A.	100,000 CAD		77,742		77,932		—		(190)

ANNUAL REPORT / April 30, 2018

51    PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Settlement Date	Counterparty	Contracts to Deliver/Receive	Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized (Depreciation)
CONTRACTS SOLD (continued)
6/4/2018	Bank of America NA	83,100,000 JPY	$	762,012	$	762,008	$	4	$	—
6/4/2018	Citigroup Global Markets	1,766,000 GBP		2,444,407		2,435,421		8,986		—
6/4/2018	Deutsche Bank AG	1,314,000 EUR		1,604,502		1,591,067		13,435		—
6/5/2018	HSBC Bank USA, N.A.	1,256,000 NZD		887,334		883,613		3,721		—
6/7/2018	Societe Generale Securities	13,063,400 RUB		224,216		206,455		17,761		—
6/20/2018	Societe Generale Securities	185,162,720 KRW		175,020		173,626		1,394		—
6/20/2018	JP Morgan Chase Bank, N.A.	2,076,199 CNY		329,242		326,662		2,580		—
7/2/2018	Citigroup Global Markets	2,155,000 DKK		358,454		351,051		7,403		—
7/17/2018	JP Morgan Chase Bank, N.A.	152,699,305 COP		53,325		54,278		—		(953)
7/30/2018	JP Morgan Chase Bank, N.A.	80,000,000 JPY		735,849		736,550		—		(701)
7/30/2018	JP Morgan Chase Bank, N.A.	40,000,000 JPY		368,160		368,275		—		(115)
8/27/2018	Citigroup Global Markets	11,997,504 MXN		624,880		629,496		—		(4,616)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS							$	323,578	$	(97,382)

At April 30, 2018, the Wilmington Real Asset Fund had the following open option contracts:

Description	Expiration Date		Number of Contracts		Notional Amount (a)		Strike Price		Counterparty	Value
PURCHASED OPTIONS
CALL SWAPTIONS
30-Year U.S. Treasury Bond		6/15/2018		—	$	550,000	$	2.15	Deutsche Bank AG	$	7
Interest Rate Cap U.S. 10-Year Swap Rate		6/11/2018		—		2,100,000		0.17	Morgan Stanley Capital Services LLC		9
TOTAL CALL SWAPTIONS											16
PUT SWAPTIONS
10-Year U.S. Treasury Note		7/16/2018		—		2,250,000		2.77	Morgan Stanley Capital Services LLC		48,244
10-Year U.S. Treasury Note		7/16/2018		—		750,000		2.72	Morgan Stanley Capital Services LLC		18,473
30-Year U.S. Treasury Bond		6/15/2018		—		550,000		2.15	Deutsche Bank AG		90,762
TOTAL PUT SWAPTIONS											157,479
TOTAL PURCHASED OPTIONS										$	157,495

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     52

Wilmington Real Asset Fund (continued)

Description	Expiration Date		Number of Contracts			Notional Amount (a)			Strike Price		Counterparty	Value
WRITTEN OPTIONS
CALL OPTIONS
30-Year U.S. Treasury Bond Future		5/25/2018		(1	)		(143,844	)	$	145.00	Exchange Traded	$	(563	)
30-Year U.S. Treasury Bond Future		5/25/2018		(1	)		(143,844	)		144.50	Exchange Traded		(750	)
30-Year U.S. Treasury Bond Future		5/25/2018		(2	)		(287,688	)		144.00	Exchange Traded		(1,938	)
TOTAL CALL OPTIONS													(3,251	)
CALL SWAPTIONS
Interest Rate Cap Eurozone CPI		6/22/2035		—			(600,000	)EUR		3.00EUR	Goldman Sachs Bank USA		(4,975	)
Interest Rate Cap U.S. 30-Year CMS Rate		6/11/2018		—			(2,100,000	)		0.16	Morgan Stanley Capital Services LLC		(1	)
iTRAXX Europe S29 5Y		6/20/2018		—			(700,000	)EUR		0.50EUR	Barclays Bank PLC		(348	)
TOTAL CALL SWAPTIONS													(5,324	)
PUT OPTIONS
10-Year U.S. Treasury Note Future		5/25/2018		(2	)		(239,250	)		120.00	Exchange Traded		(1,312	)
30-Year U.S. Treasury Bond Future		5/25/2018		(2	)		(287,688	)		142.00	Exchange Traded		(781	)
30-Year U.S. Treasury Bond Future		5/25/2018		(2	)		(287,688	)		144.00	Exchange Traded		(2,250	)
30-Year U.S. Treasury Bond Future		5/25/2018		(4	)		(575,375	)		143.00	Exchange Traded		(2,750	)
Euro-Bund Future		5/25/2018		(3	)		(390,000	)EUR		130.00EUR	Exchange Traded		(36	)
Euro-Bund Future		5/25/2018		(4	)		(516,000	)EUR		129.00EUR	Exchange Traded		(24	)
TOTAL PUT OPTIONS													(7,153	)
PUT SWAPTIONS
CDX.NA.IG.29.5Y		5/16/2018		—			(200,000	)		0.80	Credit Suisse International		(10	)
CDX.NA.IG.30.5Y		5/16/2018		—			(100,000	)		0.85	Bank of America NA		(6	)
CDX.NA.IG.30.5Y		6/20/2018		—			(100,000	)		0.90	Citibank N.A.		(40	)
CDX.NA.IG.30.5Y		6/20/2018		—			(100,000	)		0.90	Bank of America NA		(40	)
CDX.NA.IG.30.5Y		6/20/2018		—			(100,000	)		0.85	Goldman Sachs Bank USA		(48	)
CDX.NA.IG.30.5Y		6/20/2018		—			(200,000	)		0.90	JP Morgan Chase Bank, N.A.		(80	)
CDX.NA.IG.30.5Y		7/18/2018		—			(100,000	)		0.95	Barclays Bank PLC		(59	)
CDX.NA.IG.30.5Y		7/18/2018		—			(100,000	)		0.95	Deutsche Bank AG		(59	)
CDX.NA.IG.30.5Y		7/18/2018		—			(200,000	)		0.85	Citibank N.A.		(167	)
Interest Rate Cap U.S. CPI		4/10/2020		—			(8,300,000	)		3.00	JP Morgan Chase Bank, N.A.		13,886
Interest Rate Cap U.S. CPI		4/22/2024		—			(1,300,000	)		4.00	JP Morgan Chase Bank, N.A.		(457	)
Interest Rate Cap U.S. CPI		5/16/2024		—			(100,000	)		4.00	JP Morgan Chase Bank, N.A.		(39	)
Interest Rate Floor U.S. 10-Year Swap Rate		1/2/2020		—			(5,000,000	)		1.00	Morgan Stanley Capital Services LLC		(6,714	)
Interest Rate Floor U.S. CPI		3/24/2020		—			(2,300,000	)		0.00	JP Morgan Chase Bank, N.A.		(1,108	)
Interest Rate Floor U.S. CPI		4/7/2020		—			(2,600,000	)		216.69	Citibank NA		—
Interest Rate Floor U.S. CPI		4/10/2020		—			(8,300,000	)		0.00	JP Morgan Chase Bank, N.A.		29,104
iTRAXX Europe S29 5Y		6/20/2018		—			(700,000	)EUR		0.80EUR	Barclays Bank PLC		(293	)
TOTAL PUT SWAPTIONS													33,870
TOTAL WRITTEN OPTIONS												$	18,142

(a) Notional Amount and Strike Price denominated in USD unless otherwise noted.

ANNUAL REPORT / April 30, 2018

53    PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

At April 30, 2018, the Wilmington Real Asset Fund had open financial futures contracts as follows:

Underlying Contracts  to Buy/Sell	Expiration Date		Number  of Contracts		Notional Amount (a)		Contract Amount		Contract at Value		Unrealized Appreciation (b)		Unrealized (Depreciation) (b)
LONG POSITIONS:
10 - Year U.S Treasury Note Futures		June 2018		18	$	2,153,250	$	2,155,909	$	2,153,250		$      —	$	(2,659)
5 - Year U.S Treasury Note Futures		June 2018		5		567,539		570,359		567,539		—		(2,820)
Euro - Bund Futures		June 2018		2		317,480EUR		382,424		387,343		4,919		—
SHORT POSITIONS:
10 - Year Australian Treasury Bond Futures		June 2018		1		97,215AUD		76,542		76,594		—		(52)
10 - Year Japanese Treasury Bond Futures (OSE)		June 2018		2		301,280,000JPY		2,841,151		2,840,194		957		—
10 - Year U.S Treasury Ultra Futures		June 2018		1		127,891		127,477		127,891		—		(414)
Euro - BTP Futures		June 2018		1		139,010EUR		170,013		170,053		—		(40)
Euro - OAT Futures		June 2018		9		1,384,290EUR		1,679,240		1,697,986		—		(18,746)
GBP Long Gilt Futures		June 2018		17		2,078,420GBP		2,854,950		2,894,399		—		(39,449)
U.S Treasury Long Bond Futures		June 2018		18		2,589,188		2,550,351		2,589,188		—		(38,837)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS												$5,876		$(103,017)

(a) Notional Amount denominated in USD unless otherwise noted.

(b) The variation margin shown on the Statement of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open until April 30, 2018.

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    54

Wilmington Real Asset Fund (continued)

At April 30, 2018, the Wilmington Real Asset Fund had open interest rate swap agreements as follows:

Counterparty	Termination Date		Notional Amount(2)		Fixed Rate			Floating Rate	Payment Frequency		Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
CENTRALLY CLEARED(d)
Chicago Mercantile Exchange#		6/15/18		1,200,000		1.25	%	3-Month LIBOR		Quarter	$	(1,356	)	$	5,605		$	—	$	(6,961	)
Chicago Mercantile Exchange#		6/21/19		400,000		1.25	%	3-Month LIBOR		Quarter		(5,894	)		(3,619	)		—		(2,275	)
Chicago Mercantile Exchange#		12/16/22		700,000		2.25	%	3-Month LIBOR		Quarter		(20,047	)		1,563			—		(21,610	)
Chicago Mercantile Exchange#		12/20/22		1,900,000		2.25	%	3-Month LIBOR		Semi-Annual		(54,668	)		2,393			—		(57,061	)
Chicago Mercantile Exchange#		6/20/23		800,000		2.00	%	3-Month LIBOR		Semi-Annual		(35,093	)		(30,906	)		—		(4,187	)
Chicago Mercantile Exchange#		10/19/23		100,000		2.66	%	3-Month LIBOR		Quarter		(1,528	)		—			—		(1,528	)
Chicago Mercantile Exchange#		10/25/23		2,000,000		2.68	%	3-Month LIBOR		Quarter		(28,638	)		—			—		(28,638	)
Chicago Mercantile Exchange#		11/19/23		1,000,000		2.67	%	3-Month LIBOR		Quarter		(14,966	)		—			—		(14,966	)
Chicago Mercantile Exchange#		12/12/23		1,000,000		2.68	%	3-Month LIBOR		Quarter		(14,683	)		—			—		(14,683	)
Chicago Mercantile Exchange#		12/19/23		1,400,000		2.50	%	3-Month LIBOR		Quarter		(32,305	)		(12,010	)		—		(20,295	)
Chicago Mercantile Exchange#		7/27/26		3,700,000		2.00	%	3-Month LIBOR		Semi-Annual		168,749			46,583			122,166		—
Chicago Mercantile Exchange#		12/07/26		3,700,000		2.40	%	3-Month LIBOR		Semi-Annual		105,073			24,582			80,491		—
London Clearing House*		12/21/26		3,240,000		1.75	%	3-Month LIBOR		Semi-Annual		300,363			(106,161	)		406,524		—
Chicago Mercantile Exchange#		12/20/27		100,000		2.50	%	3-Month LIBOR		Semi-Annual		4,221			(1,055	)		5,276		—
Chicago Mercantile Exchange#		3/21/28		400,000NZD		3.25	%	3-Month LIBOR		Semi-Annual		(590	)		1,223			—		(1,813	)
Chicago Mercantile Exchange#		4/17/28		70,000		3.10	%	3-Month LIBOR		Semi-Annual		(8	)		(481	)		473		—
London Clearing House#		6/20/28		900,000		2.25	%	3-Month LIBOR		Semi-Annual		57,353			49,659			7,694		—
Chicago Mercantile Exchange#		6/20/48		440,000		2.50	%	3-Month LIBOR		Semi-Annual		48,851			51,131			—		(2,280	)
London Clearing House#		9/20/27		110,000,000JPY		0.30	%	6-Month LIBOR		Semi-Annual		(1,069	)		(1,991	)		922		—
London Clearing House#		3/20/29		140,000,000JPY		0.45	%	6-Month LIBOR		Semi-Annual		(8,363	)		(7,740	)		—		(623	)
London Clearing House#		9/19/48		230,000GBP		1.75	%	6-Month LIBOR		Semi-Annual		(6,410	)		(13,792	)		7,382		—
London Clearing House*		3/15/21		200,000EUR		1.30	%	Eurostat Eurozone HICP Ex-Tobacco		At Term(1)		515			—			515		—
London Clearing House*		12/15/26		610,000EUR		1.39	%	Eurostat Eurozone HICP Ex-Tobacco		At Term(1)		(10,884	)		(1,106	)		—		(9,778	)
London Clearing House*		11/15/27		500,000EUR		1.52	%	Eurostat Eurozone HICP Ex-Tobacco		At Term(1)		(2,271	)		(935	)		—		(1,336	)
London Clearing House*		3/15/28		200,000EUR		1.54	%	Eurostat Eurozone HICP Ex-Tobacco		At Term(1)		(551	)		—			—		(551	)

ANNUAL REPORT / April 30, 2018

55    PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)

Counterparty	Termination Date		Notional Amount(2)		Fixed Rate			Floating Rate	Payment Frequency		Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
London Clearing House*		3/15/20		220,000EUR		1.17	%	France CPI Ex-Tobacco		At Term(1)	$	302		$	—		$	302	$	—
London Clearing House*		4/15/20		300,000EUR		1.00	%	France CPI Ex-Tobacco		At Term(1)		2,130			—			2,130		—
London Clearing House*		1/15/28		110,000EUR		1.58	%	France CPI Ex-Tobacco		At Term(1)		209			—			209		—
London Clearing House*		2/15/28		260,000EUR		1.59	%	France CPI Ex-Tobacco		At Term(1)		1,013			49			964		—
London Clearing House*		2/15/28		50,000EUR		1.61	%	France CPI Ex-Tobacco		At Term(1)		298			—			298		—
London Clearing House#		9/19/21		200,000EUR		0.05	%	Overnight EONIA		Annual		328			(208	)		536		—
London Clearing House*		5/23/18		100,000		1.58	%	U.S. CPI NSA		At Term(1)		736			52			684		—
London Clearing House*		3/23/19		460,000		2.07	%	U.S. CPI NSA		At Term(1)		294			26			268		—
London Clearing House*		4/10/19		360,000		1.98	%	U.S. CPI NSA		At Term(1)		122			—			122		—
London Clearing House*		4/27/19		1,310,000		1.97	%	U.S. CPI NSA		At Term(1)		(172	)		—			—		(172	)
London Clearing House*		4/25/20		80,000		2.14	%	U.S. CPI NSA		At Term(1)		45			—			45		—
London Clearing House*		11/23/20		700,000		2.03	%	U.S. CPI NSA		At Term(1)		6,259			—			6,259		—
London Clearing House*		11/25/20		700,000		2.02	%	U.S. CPI NSA		At Term(1)		6,370			—			6,370		—
London Clearing House*		7/26/21		500,000		1.55	%	U.S. CPI NSA		At Term(1)		17,269			16,923			346		—
London Clearing House*		9/12/21		460,000		1.60	%	U.S. CPI NSA		At Term(1)		14,281			13,855			426		—
London Clearing House*		7/15/22		100,000		2.07	%	U.S. CPI NSA		At Term(1)		1,264			—			1,264		—
London Clearing House*		2/05/23		640,000		2.21	%	U.S. CPI NSA		At Term(1)		3,199			—			3,199		—
London Clearing House*		4/13/23		1,020,000		2.22	%	U.S. CPI NSA		At Term(1)		2,928			—			2,928		—
London Clearing House*		4/27/23		300,000		2.26	%	U.S. CPI NSA		At Term(1)		121			—			121		—
London Clearing House*		7/26/26		500,000		1.73	%	U.S. CPI NSA		At Term(1)		(29,378	)		(26,802	)		—		(2,576	)
London Clearing House*		9/12/26		460,000		1.80	%	U.S. CPI NSA		At Term(1)		(23,524	)		(21,247	)		—		(2,277	)
London Clearing House*		9/15/26		300,000		1.78	%	U.S. CPI NSA		At Term(1)		(16,026	)		(14,562	)		—		(1,464	)
London Clearing House*		9/20/27		150,000		2.18	%	U.S. CPI NSA		At Term(1)		(3,427	)		—			—		(3,427	)
London Clearing House*		9/25/27		100,000		2.15	%	U.S. CPI NSA		At Term(1)		(2,602	)		—			—		(2,602	)
London Clearing House*		10/17/27		300,000		2.16	%	U.S. CPI NSA		At Term(1)		(7,561	)		—			—		(7,561	)
London Clearing House*		2/05/28		330,000		2.34	%	U.S. CPI NSA		At Term(1)		(1,499	)		716			—		(2,215	)
London Clearing House#		12/15/47		260,000		2.00	%	U.S. Fed Fund Effective Rate		Annual		27,123			(487	)		27,610		—
London Clearing House#		12/20/47		90,000		2.50	%	U.S. Fed Fund Effective Rate		Annual		148			225			—		(77	)

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    56

Wilmington Real Asset Fund (continued)

Counterparty	Termination Date		Notional Amount(2)		Fixed Rate			Floating Rate	Payment Frequency		Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
London Clearing House#		12/20/47		55,000		2.48	%	U.S. Fed Fund Effective Rate		Annual	$	166		$	246		$	—	$	(80	)
London Clearing House*		6/15/31		900,000GBP		3.10	%	United Kingdom RPI All Items NSA		At Term(1)		(73,587	)		(104,556	)		30,969		—
London Clearing House*		10/15/31		640,000GBP		3.53	%	United Kingdom RPI All Items NSA		At Term(1)		26,044			1,654			24,390		—
London Clearing House*		9/15/32		100,000GBP		3.47	%	United Kingdom RPI All Items NSA		At Term(1)		2,508			(775	)		3,283		—
London Clearing House*		10/15/46		80,000GBP		3.59	%	United Kingdom RPI All Items NSA		At Term(1)		(10,275	)		(4,520	)		—		(5,755	)
London Clearing House*		3/15/47		130,000GBP		3.43	%	United Kingdom RPI All Items NSA		At Term(1)		68			8,234			—		(8,166	)
											$	390,975			$(128,234)			$744,166		$(224,957)
OVER THE COUNTER(e)
Bank of America NA*		2/16/20		830,000ILS		0.97	%	3-Month TELBOR		Annual		(2,985	)		6			—		(2,991	)
Bank of America NA*		6/20/20		510,000ILS		0.37	%	3-Month TELBOR		Annual		(53	)		—			—		(53	)
Barclays Bank PLC*		6/20/20		440,000ILS		0.37	%	3-Month TELBOR		Annual		(56	)		—			—		(56	)
Deutsche Bank AG*		6/20/20		420,000ILS		0.41	%	3-Month TELBOR		Annual		(146	)		—			—		(146	)
Goldman Sachs Bank USA*		6/20/20		340,000ILS		0.37	%	3-Month TELBOR		Annual		(35	)		26			—		(61	)
Bank of America NA#		2/16/28		180,000ILS		1.96	%	3-Month TELBOR		Annual		751			(13	)		764		—
Bank of America NA#		6/20/28		110,000ILS		2.00	%	3-Month TELBOR		Annual		237			—			237		—
JP Morgan Chase Bank, N.A.#		6/20/28		90,000ILS		2.08	%	3-Month TELBOR		Annual		381			—			381		—
Barclays Bank PLC#		6/20/28		90,000ILS		1.95	%	3-Month TELBOR		Annual		84			—			84		—
Goldman Sachs Bank USA#		6/20/28		70,000ILS		2.00	%	3-Month TELBOR		Annual		151			—			151		—
Bank of America NA*		11/23/20		2,400,000		1.57	%	U.S. CPI NSA		At Term(1)		60,437			—			60,437		—
Morgan Stanley Capital Services LLC#		7/18/26		500,000		1.79	%	U.S. CPI NSA		At Term(1)		(26,230	)		—			—		(26,230	)
Morgan Stanley Capital Services LLC#		7/19/26		800,000		1.81	%	U.S. CPI NSA		At Term(1)		(40,239	)		—			—		(40,239	)
Morgan Stanley Capital Services LLC*		7/20/26		500,000		1.80	%	U.S. CPI NSA		At Term(1)		(25,569	)		—			—		(25,569	)
Morgan Stanley Capital Services LLC*		9/20/26		200,000		1.81	%	U.S. CPI NSA		At Term(1)		(10,064	)		—			—		(10,064	)
											$	(43,336	)	$	19		$	62,054		$(105,409)
NET UNREALIZED (DEPRECIATION) ON INTEREST RATE SWAP CONTRACTS											$	347,639			$(128,215)			$806,220		$(330,366)

At April 30, 2018, the Wilmington Real Asset Fund had open credit default swap agreements as follows:

Counterparty	Termination Date	Notional Amount(a)		Fixed Rate			Reference Equity /Obligation	Payment Frequency	Implied Credit Spread at April 30, 2018(b)	Fair Value(c)		Upfront Premium Paid (Received)		Unrealized Appreciation		Unrealized (Depreciation)
CENTRALLY CLEARED(d)
Intercontinental Exchange###	6/20/23	$	960,000		5.00	%	CDX.NA.HY.30.5Y	Quarter	3.40%		$(66,398)		$(61,424)		$—	$	(4,974	)
Intercontinental Exchange###	12/20/20		20,000EUR		1.00	%	Daimler AG	Quarter	0.29%		481		332		149		—
Intercontinental Exchange###	12/20/21		900,000EUR		1.00	%	iTRAXX.Europe.S26.5Y	Quarter	0.31%		(27,678)		(14,549)		—		(13,129	)

ANNUAL REPORT / April 30, 2018

57    PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (concluded)

Counterparty	Termination Date		Notional Amount(a)		Fixed Rate			Reference Equity /Obligation	Payment Frequency		Implied Credit Spread at April 30, 2018(b)		Fair Value(c)		Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
Intercontinental Exchange###		12/20/22		2,300,000EUR		1.00	%	iTRAXX.Europe.S28.5Y		Quarter		0.46%		$  (69,395)		$  (62,072)			$       —		$  (7,323)
														$(162,990)		$(137,713)			$     149		$(25,426)
OVER THE COUNTER(e)
Goldman Sachs International##		10/17/57		400,000		0.50	%	CMBX.NA.AAA.8		Monthly		0.40%		2,084		(26,117	)		28,201		—
Deutsche Bank AG##		10/17/57		400,000		0.50	%	CMBX.NA.AAA.8		Monthly		0.40%		2,084		(20,855	)		22,939		—
														$      4,168		$  (46,972)			$51,140		$          —
NET UNREALIZED APPRECIATION (DEPRECIATION) ON CREDIT DEFAULT SWAP CONTRACTS														$(158,822)		$(184,685)			$51,289		$(25,426)

(1) Termination date or maturity date.

(2) Notional Amount denominated in USD unless otherwise noted.

* Portfolio pays the fixed rate and receives the floating rate.

# Portfolio pays the floating rate and receives the fixed rate.

## The Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

### The Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(a) “Notional amount” represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. Notional amount denominated in USD unless otherwise noted.

(b) “Implied credit spreads”, represented in absolute terms, are utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of the reporting date. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(c) “Fair value” of credit default swap agreements on asset-backed securities and credit indices serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(d)The variation margin shown on the Statement of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for centrally cleared swap agreements. The unrealized appreciation (depreciation) presented above is the cumulative change in the unrealized appreciation (depreciation) from the date the contract was open until April 30, 2018.

(e)The value shown on the Statement of Assets and Liabilities for over the counter swap agreements is based upon the value presented in the table above. Over the counter swap agreements for which the fair value is a positive number, and the upfront premiums paid (received) associated with them, are presented as assets on the Statement of Assets and Liabilities. Over the counter swap agreements for which the fair value is a negative number, and the upfront premiums paid (received), are presented as liabilities on the Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

58

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Diversified Income Fund

At April 30, 2018, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
Investment Companies:	Total Net Assets
Exchange-Traded Funds		31.0	%
Inflation-Protected Securities Funds		7.1	%
Common Stocks		37.4	%
Corporate Bonds		7.8	%
U.S. Treasury		7.7	%
Mortgage-Backed Securities		5.0	%
Collateralized Mortgage Obligations		0.4	%
Enhanced Equipment Trust Certificates		0.2	%
Cash Equivalents1		12.8	%
Other Assets and Liabilities - Net2		(9.4	)%
TOTAL		100.0	%

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Number  of Shares		Value
INVESTMENT COMPANIES – 38.1%
EXCHANGE-TRADED FUNDS – 31.0%
iShares iBoxx $ High Yield Corporate Bond ETF#		33,800	$	2,896,660
iShares International Select Dividend ETF#		209,400		7,121,694
SPDR Dow Jones International
Real Estate ETF#		50,625		2,066,006
Vanguard REIT ETF#		13,000		989,170
TOTAL EXCHANGE-TRADED FUNDS			$	13,073,530
INFLATION-PROTECTED SECURITIES FUNDS – 7.1%
Vanguard Inflation-Protected Securities Fund, Admiral Shares		118,109		2,983,445
TOTAL INVESTMENT COMPANIES (COST $16,169,536)			$	16,056,975

Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
Series 1988-23, Class C, 9.75%, 9/25/18	$	12	$	13
Series 2012-114, Class VM, 3.50%, 10/25/25		124,646		126,187
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	126,200
WHOLE LOAN – 0.1%
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 3.86%, 2/25/34D		17,752		18,202
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.02%, 11/25/35D		8,109		7,738
TOTAL WHOLE LOAN			$	25,940
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $165,036)			$	152,140
CORPORATE BONDS – 7.8%
AEROSPACE & DEFENSE – 0.1%
Rockwell Collins, Inc., Sr. Unsecured, 3.50%, 3/15/27		25,000		23,707
AUTOMOTIVE – 0.1%
General Motors Financial Co., Inc., Company Guaranteed, 3.20%, 7/06/21		40,000		39,548

ANNUAL REPORT / April 30, 2018

59    PORTFOLIOS OF INVESTMENTS

Wilmington Diversified Income Fund (continued)

Description	Par  Value		Value
BEVERAGES – 0.2%
Anheuser-Busch InBev Finance, Inc.,
Company Guaranteed, 4.90%, 2/01/46	$	20,000	$	20,668
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.00%, 1/15/20		10,000		9,791
Dr. Pepper Snapple Group, Inc.,
Company Guaranteed, 2.70%, 11/15/22		40,000		38,072
TOTAL BEVERAGES			$	68,531
BIOTECHNOLOGY – 0.2%
Amgen, Inc.,
Sr. Unsecured, 4.40%, 5/01/45		25,000		24,115
Celgene Corp.,
Sr. Unsecured, 2.75%, 2/15/23		25,000		23,925
Celgene Corp.,
Sr. Unsecured, 4.55%, 2/20/48		45,000		42,587
TOTAL BIOTECHNOLOGY			$	90,627
CAPITAL MARKETS – 0.3%
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 month USD LIBOR + 1.20%), 3.27%, 9/29/25D		55,000		52,398
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 month USD LIBOR + 1.51%), 3.69%, 6/05/28D		35,000		33,296
Morgan Stanley,
Subordinated, GMTN, 4.35%, 9/08/26		10,000		9,941
TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22		18,000		17,705
TOTAL CAPITAL MARKETS			$	113,340
COMMERCIAL BANKS – 0.5%
BB&T Corp.,
Sr. Unsecured, MTN, 2.45%, 1/15/20		30,000		29,691
Fifth Third Bancorp,
Sr. Unsecured, 3.50%, 3/15/22		100,000		100,090
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		20,000		20,345
SunTrust Banks, Inc.,
Sr. Unsecured, 2.90%, 3/03/21		30,000		29,686
US Bancorp,
Series V, Sr. Unsecured, MTN, 2.63%, 1/24/22		45,000		44,103
TOTAL COMMERCIAL BANKS			$	223,915
CONSUMER FINANCE – 0.1%
American Express Co.,
Sr. Unsecured, (3 month USD LIBOR + 0.59%), 2.49%, 5/22/18D		30,000		30,003
Capital One Financial Corp.,
Sr. Unsecured, 2.40%, 10/30/20		25,000		24,413
TOTAL CONSUMER FINANCE			$	54,416
DIVERSIFIED FINANCIAL SERVICES – 1.0%
Bank of America Corp.,
Sr. Unsecured, MTN, 3.25%, 10/21/27		20,000		18,607

Description	Par  Value		Value
BlackRock, Inc.,
Sr. Unsecured, 3.38%, 6/01/22	$	38,000	$	38,073
Charles Schwab Corp. (The),
Sr. Unsecured, 2.20%, 7/25/18		15,000		14,998
Citigroup, Inc.,
Sr. Unsecured, (3 month USD LIBOR + 0.95%), 2.88%, 7/24/23D		35,000		33,881
FMR LLC,
Sr. Unsecured, 6.45%, 11/15/39W		100,000		128,736
HSBC USA, Inc.,
Sr. Unsecured, 2.63%, 9/24/18		40,000		40,047
JPMorgan Chase & Co.,
Sr. Unsecured, MTN, 2.30%, 8/15/21		100,000		96,957
Wells Fargo & Co.,
Subordinated, MTN, 4.40%, 6/14/46		40,000		37,348
Wells Fargo & Co.,
Series M, Subordinated, MTN, 3.45%, 2/13/23		35,000		34,356
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	443,003
ELECTRIC – 0.3%
DTE Energy Co.,
Series F, Sr. Unsecured, 3.85%, 12/01/23		10,000		10,065
Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		90,000		92,754
Pacific Gas & Electric Co.,
Sr. Unsecured, 3.75%, 2/15/24		20,000		19,785
TOTAL ELECTRIC			$	122,604
ENVIRONMENTAL CONTROL – 0.1%
Waste Management, Inc.,
Company Guaranteed, 3.50%, 5/15/24		35,000		34,757
Waste Management, Inc.,
Company Guaranteed, 4.10%, 3/01/45		25,000		24,865
TOTAL ENVIRONMENTAL CONTROL			$	59,622
FOOD & STAPLES RETAILING – 0.1%
Kroger Co. (The),
Sr. Unsecured, 2.80%, 8/01/22		35,000		33,867
FOREST PRODUCTS & PAPER – 0.2%
International Paper Co.,
Sr. Unsecured, 4.75%, 2/15/22		35,000		36,400
International Paper Co.,
Sr. Unsecured, 4.40%, 8/15/47		50,000		45,831
TOTAL FOREST PRODUCTS & PAPER			$	82,231
HEALTH CARE EQUIPMENT & SUPPLIES – 0.1%
Abbott Laboratories,
Sr. Unsecured, 2.35%, 11/22/19		12,000		11,898
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 3.30%, 2/15/22		20,000		19,845
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	31,743
HEALTH CARE PROVIDERS & SERVICES – 0.3%
Anthem, Inc.,
Sr. Unsecured, 3.65%, 12/01/27		30,000		28,562

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS     60

Wilmington Diversified Income Fund (continued)

Description	Par  Value		Value
Cardinal Health, Inc.,
Sr. Unsecured, 3.08%, 6/15/24	$	35,000	$	33,084
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.75%, 2/15/23		25,000		24,299
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.95%, 10/15/27		25,000		23,374
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	109,319
HOME FURNISHINGS – 0.2%
Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		65,000		67,542
HOUSEHOLD PRODUCTS – 0.2%
Church & Dwight Co., Inc.,
Sr. Unsecured, 3.95%, 8/01/47		15,000		13,500
Tupperware Brands Corp.,
Company Guaranteed, 4.75%, 6/01/21		60,000		61,261
TOTAL HOUSEHOLD PRODUCTS			$	74,761
INSURANCE – 0.5%
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		40,000		40,637
CNA Financial Corp.,
Sr. Unsecured, 3.95%, 5/15/24		35,000		34,874
Lincoln National Corp.,
Sr. Unsecured, 3.63%, 12/12/26		25,000		24,170
WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		60,000		61,995
WR Berkley Corp.,
Sr. Unsecured, 4.75%, 8/01/44		45,000		45,269
TOTAL INSURANCE			$	206,945
MEDIA – 0.2%
CBS Corp.,
Company Guaranteed, 4.60%, 1/15/45		75,000		71,222
Time Warner, Inc.,
Company Guaranteed, 4.85%, 7/15/45		25,000		24,439
Walt Disney Co. (The),
Sr. Unsecured, GMTN, 4.13%, 6/01/44		10,000		10,134
TOTAL MEDIA			$	105,795
MISCELLANEOUS MANUFACTURING – 0.1%
Illinois Tool Works, Inc.,
Sr. Unsecured, 3.50%, 3/01/24		45,000		45,309
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		20,000		20,118
TOTAL MISCELLANEOUS MANUFACTURING			$	65,427
OIL & GAS – 0.5%
BP Capital Markets PLC,
Company Guaranteed, 2.50%, 11/06/22		50,000		48,174
Exxon Mobil Corp.,
Sr. Unsecured, 1.82%, 3/15/19		30,000		29,848
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		20,000		19,765

Description	Par  Value		Value
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22	$	20,000	$	20,796
Sempra Energy,
Sr. Unsecured, 2.85%, 11/15/20		55,000		54,401
Shell International Finance BV,
Company Guaranteed, 3.25%, 5/11/25		25,000		24,594
Valero Energy Corp.,
Sr. Unsecured, 4.90%, 3/15/45		10,000		10,468
TOTAL OIL & GAS			$	208,046
PHARMACEUTICALS – 0.3%
AbbVie, Inc.,
Sr. Unsecured, 2.50%, 5/14/20		30,000		29,636
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		20,000		19,039
CVS Health Corp.,
Sr. Unsecured, 5.05%, 3/25/48		30,000		30,504
Medco Health Solutions, Inc.,
Company Guaranteed, 4.13%, 9/15/20		20,000		20,335
Zoetis, Inc.,
Sr. Unsecured, 3.95%, 9/12/47		20,000		18,701
TOTAL PHARMACEUTICALS			$	118,215
PIPELINES – 0.8%
Energy Transfer Partners LP,
Sr. Unsecured, 3.60%, 2/01/23		35,000		34,272
Energy Transfer Partners LP,
Sr. Unsecured, 4.20%, 4/15/27		40,000		38,117
Kinder Morgan Energy Partners LP,
Company Guaranteed, 2.65%, 2/01/19		35,000		34,922
Kinder Morgan, Inc.,
Company Guaranteed, 5.20%, 3/01/48		40,000		39,334
MPLX LP,
Sr. Unsecured, 4.00%, 3/15/28		30,000		28,825
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		45,000		51,483
Spectra Energy Partners LP,
Sr. Unsecured, 2.95%, 9/25/18		100,000		100,145
Spectra Energy Partners LP,
Sr. Unsecured, 4.50%, 3/15/45		25,000		23,466
TOTAL PIPELINES			$	350,564
REAL ESTATE INVESTMENT TRUSTS – 0.7%
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		15,000		15,760
AvalonBay Communities, Inc.,
Sr. Unsecured, MTN, 3.35%, 5/15/27		25,000		23,935
Digital Realty Trust LP,
Company Guaranteed, 5.88%, 2/01/20		100,000		103,949
HCP, Inc.,
Sr. Unsecured, 2.63%, 2/01/20		100,000		98,792
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		15,000		14,985

ANNUAL REPORT / April 30, 2018

61    PORTFOLIOS OF INVESTMENTS

Wilmington Diversified Income Fund (continued)

Description	Par Value		Value
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23	$	40,000	$	39,415
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		15,000		14,579
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	311,415
SEMICONDUCTORS – 0.1%
Intel Corp.,
Sr. Unsecured, 2.70%, 12/15/22		35,000		34,270
TELECOMMUNICATIONS – 0.2%
AT&T, Inc.,
Sr. Unsecured, (3 month USD LIBOR + 0.91%), 2.87%, 11/27/18D		55,000		55,221
AT&T, Inc.,
Sr. Unsecured, 4.50%, 5/15/35		15,000		14,357
TOTAL TELECOMMUNICATIONS			$	69,578
TRANSPORTATION – 0.4%
FedEx Corp.,
Company Guaranteed, 3.88%, 8/01/42		30,000		27,326
FedEx Corp.,
Company Guaranteed, 4.10%, 2/01/45		15,000		13,936
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.65%, 3/02/20		100,000		99,042
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 9/01/22		10,000		9,574
TOTAL TRANSPORTATION			$	149,878
TRUCKING & LEASING – 0.0%**
GATX Corp.,
Sr. Unsecured, 5.20%, 3/15/44#		20,000		21,283
TOTAL CORPORATE BONDS (COST $3,299,909)			$	3,280,192
	Number of Shares
COMMON STOCKS – 37.4%
CONSUMER DISCRETIONARY – 1.7%
HOTELS, RESTAURANTS & LEISURE – 1.0%
Darden Restaurants, Inc.		2,650		246,079
Extended Stay America, Inc.		8,775		171,815
			$	417,894
TEXTILES, APPAREL & LUXURY GOODS – 0.7%
Tapestry, Inc.		5,625		302,456
TOTAL CONSUMER DISCRETIONARY			$	720,350
CONSUMER STAPLES – 2.8%
BEVERAGES – 0.5%
Coca-Cola Co. (The)		4,775		206,328
FOOD & STAPLES RETAILING – 0.5%
CVS Health Corp.		2,800		195,524

Description	Number of Shares		Value
HOUSEHOLD PRODUCTS – 0.6%
Procter & Gamble Co. (The)		3,525	$	254,998
TOBACCO – 1.2%
Altria Group, Inc.		5,150		288,967
Philip Morris International, Inc.		2,850		233,700
			$	522,667
TOTAL CONSUMER STAPLES			$	1,179,517
ENERGY – 5.8%
ENERGY EQUIPMENT & SERVICES – 0.6%
Schlumberger Ltd.		3,575		245,102
OIL, GAS & CONSUMABLE FUELS – 5.2%
BP PLC ADR		8,675		386,818
Chevron Corp.		4,825		603,656
Exxon Mobil Corp.		2,850		221,588
Occidental Petroleum Corp.		4,900		378,574
Suncor Energy, Inc.		10,050		384,211
Targa Resources Corp.		4,850		227,804
			$	2,202,651
TOTAL ENERGY			$	2,447,753
FINANCIALS – 10.0%
CAPITAL MARKETS – 1.1%
Invesco Ltd.		7,950		230,311
Main Street Capital Corp.		5,578		210,625
			$	440,936
COMMERCIAL BANKS – 3.3%
First Hawaiian, Inc.		7,150		196,982
PacWest Bancorp		6,825		349,713
People’s United Financial, Inc.		12,675		231,826
Umpqua Holdings Corp.		14,625		344,565
United Bankshares, Inc.		7,850		266,507
			$	1,389,593
DIVERSIFIED FINANCIAL SERVICES – 3.0%
JPMorgan Chase & Co.		4,850		527,583
Toronto-Dominion Bank (The)		7,200		404,280
Wells Fargo & Co.		6,500		337,740
			$	1,269,603
INSURANCE – 2.0%
MetLife, Inc.		7,230		344,654
Old Republic International Corp.		14,625		298,350
Sun Life Financial, Inc.		5,000		206,400
			$	849,404
REAL ESTATE INVESTMENT TRUSTS – 0.6%
Blackstone Mortgage Trust, Inc., Class A		8,625		266,081
TOTAL FINANCIALS			$	4,215,617

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    62

Wilmington Diversified Income Fund (continued)

Description	Number  of Shares		Value
HEALTH CARE – 4.7%
BIOTECHNOLOGY – 0.4%
Amgen, Inc.		950	$	165,756
PHARMACEUTICALS – 4.3%
AbbVie, Inc.		4,200		405,510
Bristol-Myers Squibb Co.		3,050		158,997
Johnson & Johnson		3,250		411,092
Merck & Co., Inc.		7,300		429,751
Pfizer, Inc.		11,250		411,862
			$	1,817,212
TOTAL HEALTH CARE			$	1,982,968
INDUSTRIALS – 3.1%
AEROSPACE & DEFENSE – 0.9%
Lockheed Martin Corp.		1,240		397,842
AIR FREIGHT & LOGISTICS – 0.6%
United Parcel Service, Inc., Class B		2,425		275,237
ELECTRICAL EQUIPMENT – 0.8%
Emerson Electric Co.		4,950		328,730
MISCELLANEOUS MANUFACTURING – 0.8%
Eaton Corp. PLC		4,300		322,629
TOTAL INDUSTRIALS			$	1,324,438
INFORMATION TECHNOLOGY – 3.8%
COMMUNICATIONS EQUIPMENT – 1.7%
Cisco Systems, Inc.		15,625		692,031
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.5%
Maxim Integrated Products, Inc.		6,300		343,350
QUALCOMM, Inc.		5,975		304,785
			$	648,135
SOFTWARE – 0.6%
CA, Inc.		6,825		237,510
TOTAL INFORMATION TECHNOLOGY			$	1,577,676
MATERIALS – 0.8%
CHEMICALS – 0.8%
LyondellBasell Industries NV, Class A		3,325		351,552
REAL ESTATE – 1.4%
REAL ESTATE INVESTMENT TRUSTS – 1.4%
Park Hotels & Resorts, Inc.		7,000		201,460
Weyerhaeuser Co.		10,100		371,478
			$	572,938
TOTAL REAL ESTATE			$	572,938
TELECOMMUNICATION SERVICES – 0.9%
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.9%
AT&T, Inc.		11,300		369,510

Description	Number  of Shares		Value
UTILITIES – 2.4%
ELECTRIC UTILITIES – 2.4%
American Electric Power Co., Inc.		3,375	$	236,183
Duke Energy Corp.		2,575		206,412
FirstEnergy Corp.		7,625		262,300
NextEra Energy, Inc.		1,770		290,121
			$	995,016
TOTAL UTILITIES			$	995,016
TOTAL COMMON STOCKS (COST $14,888,388)			$	15,737,335
	Par Value
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
Continental Airlines 2009-2,
Series A, Pass-Through Certificates, 7.25%, 11/10/19	$	50,408		53,054
Delta Air Lines, 2007-1,
Series A, Pass-Through Certificates, 6.82%, 8/10/22		37,304		40,941
TOTAL AIRLINES			$	93,995
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES
(COST $86,871)			$	93,995
MORTGAGE-BACKED SECURITIES – 5.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.1%
Pool C00478, 8.50%, 9/01/26		1,390		1,612
Pool A15865, 5.50%, 11/01/33		31,244		33,899
Pool A19412, 5.00%, 3/01/34		89,143		97,059
Pool G05774, 5.00%, 1/01/40		182,252		196,246
Pool C03517, 4.50%, 9/01/40		23,793		24,996
Pool C03849, 3.50%, 4/01/42		45,041		44,805
Pool C04305, 3.00%, 11/01/42		156,223		150,762
Pool C09020, 3.50%, 11/01/42		135,115		135,385
Pool G07889, 3.50%, 8/01/43		32,612		32,400
Pool Q23891, 4.00%, 12/01/43		37,473		38,239
Pool G60038, 3.50%, 1/01/44		107,465		107,680
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	863,083
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.8%
Pool 326445, 0.88%, 5/21/18		165,000		164,915
Pool 580676, 1.63%, 11/27/18		165,000		164,594
Pool AB4089, 3.00%, 12/01/26		23,868		23,851
Pool 533246, 7.50%, 4/01/30		3,695		3,798
Pool AJ4050, 4.00%, 10/01/41		76,531		78,565
Pool AX5302, 4.00%, 1/01/42		24,137		24,778
Pool AT7899, 3.50%, 7/01/43		61,604		61,203

ANNUAL REPORT / April 30, 2018

63     PORTFOLIOS OF INVESTMENTS

Wilmington Diversified Income Fund (continued)

Description	Par  Value		Value
Pool AS0302, 3.00%, 8/01/43	$	66,083	$	64,248
Pool AL6325, 3.00%, 10/01/44		60,476		58,798
Pool BC0830, 3.00%, 4/01/46		76,602		73,952
Pool BC9468, 3.00%, 6/01/46		22,418		21,628
Pool BD7166, 4.50%, 4/01/47		80,461		83,793
Pool BE3625, 3.50%, 5/01/47		148,750		147,733
Pool BE3702, 4.00%, 6/01/47		206,269		210,169
Pool BE3767, 3.50%, 7/01/47		15,314		15,209
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,197,234
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.1%
Pool 354677, 7.50%, 10/15/23		8,381		9,673
Pool 354765, 7.00%, 2/15/24		13,018		14,001
Pool 354827, 7.00%, 5/15/24		10,546		11,078
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	34,752
TOTAL MORTGAGE–BACKED SECURITIES (COST $2,146,557)			$	2,095,069
U.S. TREASURY – 7.7%
U.S. TREASURY BONDS – 1.5%
2.50%, 2/15/46		65,000		57,569
2.75%, 8/15/47		70,000		65,072
3.00%, 11/15/44		53,000		51,977
3.00%, 11/15/45		8,000		7,837
3.00%, 2/15/47		21,000		20,549
3.00%, 5/15/47		30,000		29,341
3.13%, 8/15/44		11,000		11,037
3.38%, 5/15/44		139,000		145,678
3.63%, 2/15/44		87,000		95,027
4.38%, 5/15/40		120,000		145,302
4.75%, 2/15/37		21,000		26,271
TOTAL U.S. TREASURY BONDS			$	655,660
U.S. TREASURY NOTES – 6.2%
1.13%, 2/28/21		250,000		239,829
1.50%, 12/31/18		87,000		86,636
1.50%, 3/31/19		100,000		99,317
1.50%, 11/30/19		40,000		39,428
1.50%, 8/15/26		90,000		80,495
1.63%, 11/15/22		96,000		91,330
1.63%, 5/15/26		195,000		176,752
1.75%, 5/15/23		405,000		385,049
2.00%, 10/31/21		165,000		161,175
2.00%, 4/30/24		170,000		161,921
2.00%, 2/15/25		115,000		108,602
2.00%, 8/15/25		35,000		32,884
2.13%, 8/31/20		115,000		113,878

Description	Par Value		Value
2.13%, 6/30/22	$	175,000	$	170,779
2.13%, 11/30/23		215,000		207,132
2.13%, 5/15/25		140,000		132,978
2.25%, 11/15/24		80,000		76,924
2.25%, 11/15/25		5,000		4,771
2.38%, 8/15/24		140,000		135,907
3.50%, 5/15/20		100,000		101,929
TOTAL U.S. TREASURY NOTES			$	2,607,716
TOTAL U.S. TREASURY (COST $3,349,236)			$	3,263,376
	Number of Shares
MONEY MARKET FUND – 2.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.60%^		969,663		969,663
TOTAL MONEY MARKET FUND (COST $969,663)			$	969,663
TOTAL INVESTMENTS IN SECURITIES – 98.9% (COST $41,075,196)			$	41,648,745
	Par  Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 10.5%
REPURCHASE AGREEMENTS – 10.5%
Barclays Capital, Inc., 1.71%, dated 4/30/18, due 5/01/18, repurchase price $325,734, collateralized by U.S. Treasury Securities, 0.00% to 3.00%, maturing 7/31/19 to 9/09/49; total market value of $332,233.	$	325,719		325,719
BNP Paribas SA, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $819,831, collateralized by U.S. Government & Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 8/15/46; total market value of $836,188.		819,792		819,792
Citigroup Global Markets, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $819,831, collateralized by U.S. Government & Treasury Securities, 0.00% to 11.50%, maturing 5/01/18 to 3/20/67; total market value of $836,188.		819,792		819,792

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    64

Wilmington Diversified Income Fund (continued)

Description	Par  Value		Value
NBC Global Finance Ltd., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $819,832, collateralized by U.S. Treasury Securities, 0.00% to 3.63%, maturing 6/30/19 to 9/09/49; total market value of $836,186.	$	819,792	$	819,792
Nomura Securities International, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $819,832, collateralized by U.S. Government Securities, 0.00% to 10.50%, maturing 5/01/18 to 3/20/68; total market value of $836,188.		819,792		819,792
RBC Dominion Securities, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $819,831, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 10/31/18 to 9/09/49; total market value of $836,188.		819,792		819,792
TOTAL REPURCHASE AGREEMENTS			$	4,424,679
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $4,424,679)			$	4,424,679
TOTAL INVESTMENTS – 109.4% (COST $45,499,875)			$	46,073,424
COLLATERAL FOR SECURITIES ON LOAN – (10.5%)				(4,424,679	)
OTHER ASSETS LESS LIABILITIES – 1.1%				453,358
TOTAL NET ASSETS – 100.0%			$	42,102,103

Cost of investments for Federal income tax purposes is $45,492,731. The net unrealized appreciation/(depreciation) of investments was $580,693. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,626,102 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(1,045,409).

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level  1		Level  2		Level  3		Total
Investments in Securities
Investment Companies	$	16,056,975	$	—	$	—	$	16,056,975
Collateralized Mortgage Obligations		—		152,140		—		152,140
Corporate Bonds		—		3,280,192		—		3,280,192
Common Stocks		15,737,335		—		—		15,737,335
Enhanced Equipment Trust Certificates		—		93,995		—		93,995
Mortgage-Backed Securities		—		2,095,069		—		2,095,069
U.S. Treasury		—		3,263,376		—		3,263,376
Money Market Fund		969,663		—		—		969,663
Repurchase Agreements		—		4,424,679		—		4,424,679
Total	$	32,763,973	$	13,309,451	$	—	$	46,073,424

ANNUAL REPORT / April 30, 2018

65    PORTFOLIOS OF INVESTMENTS

Wilmington Diversified Income Fund (concluded)

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

^ 7-Day net yield.

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

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2018, these liquid restricted securities amounted to $128,736 representing 0.31% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate

LLC	Limited Liability Corporation
LP	Limited Partnership
MTN	Medium Term Note
PLC	Public Limited Company
REIT	Real Estate Investment Trust
	SPDR - Standard & Poor’s Depository
SPDR	Receipts

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES     66

April 30, 2018	Wilmington International Fund				Wilmington Global Alpha Equities Fund
ASSETS:
Investments, at identified cost		$	607,727,505			$	139,950,963
Investments in securities, at value (Including $39,863,196 and $0 of securities on loan, respectively) (Note 2)		$	695,926,727			$	151,618,349
Deposits for financial futures contracts			1,680,486				4,465,443
Cash denominated in foreign currencies			4,072,821	(a)			10,906	(a)
Income receivable			2,226,146				372,728
Tax reclaim receivable			1,038,586				107,863
Receivable for shares sold			1,985,002				125,476
Unrealized appreciation on forward foreign currency contracts			839				357,122
Receivable for investments sold			1,873,611				513,864
Prepaid assets			26,501				29,899
TOTAL ASSETS			708,830,719				157,601,650
LIABILITIES:
Overdraft due to custodian denominated in foreign currencies			—				192,299	(b)
Deferred capital gains tax payable			29,841				—
Payable for investments purchased			1,549,343				536,438
Collateral for securities on loan			45,254,288				—
Unrealized depreciation on forward foreign currency contracts			1,890				43,673
Payable for shares redeemed			139,184				44,381
Payable to sub-advisors			187,460				70,889
Payable for Trustees’ fees			6,410				6,410
Payable for distribution services fees			1,126				27
Payable for shareholder services fees			64,374				—
Other accrued expenses			314,204				206,698
TOTAL LIABILITIES			47,548,120				1,100,815
NET ASSETS		$	661,282,599			$	156,500,835
NET ASSETS CONSIST OF:
Paid-in capital		$	567,061,895			$	155,095,262
Undistributed (distributions in excess of) net investment income			1,956,169				(413,827	)
Accumulated net realized gain (loss) on investments and foreign currency transactions			4,023,524				(11,815,004	)
Net unrealized appreciation (depreciation) of investments and foreign currencies			88,241,011				13,634,404
TOTAL NET ASSETS		$	661,282,599			$	156,500,835
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	5,472,997			$	132,308
Shares outstanding (unlimited shares authorized)			600,936				12,037
Net Asset Value per share		$	9.11			$	10.99
Offering price per share*		$	9.64	**		$	11.63	**
Class I
Net Assets		$	655,809,602			$	156,368,527
Shares outstanding (unlimited shares authorized)			71,448,877				14,106,777
Net Asset Value per share		$	9.18			$	11.08

(a) Cost of cash denominated in foreign currencies was $4,107,451 and $10,892, respectively.

(b) Cost of overdraft due to custodian was $194,676.

* 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, 2018

67    STATEMENTS OF ASSETS AND LIABILITIES (concluded)

April 30, 2018	Wilmington Real Asset Fund				Wilmington Diversified Income Fund
ASSETS:
Investments, at identified cost		$	327,927,703			$	45,499,875
Investments in securities, at value (Including $16,906,572 and $4,326,022 of securities on loan, respectively) (Note 2)		$	351,349,506			$	46,073,424
Cash			—				2,822
Deposits for financial futures contracts			189,080	(a)			—
Deposits for swaps			526,904	(b)			—
Cash denominated in foreign currencies			269,875	(c)			—
Variation margin receivable for centrally cleared swap agreements			23,511				—
Variation margin receivable for financial futures contracts			4,728				—
Income receivable			532,746				98,264
Tax reclaim receivable			134,041				—
Due from advisor			—				16,825
Receivable for shares sold			137,251				1,942
Over the counter swap agreements, at value (Net upfront payments received of $46,985 and $0, respectively)			66,209				—
Written options, at value			42,990	(d)(e)			—
Unrealized appreciation on forward foreign currency contracts			323,578				—
Receivable for investments sold			7,148,741				428,952
Prepaid assets			28,948				15,192
TOTAL ASSETS			360,778,108				46,637,421
LIABILITIES:
TBA Sale Commitments, at value			288,867	(f)			—
Written options, at value			24,848	(d)(e)			—
Variation margin payable for centrally cleared swap agreements			44,655				—
Variation margin payable for financial futures contracts			38,570				—
Payable for investments purchased			33,314,110				—
Collateral for securities on loan			17,329,178				4,424,679
Due to broker for swap agreements			100,000				—
Over the counter swap agreements, at value (Net upfront payments paid of $32 and $0, respectively)			105,377				—
Unrealized depreciation on forward foreign currency contracts			97,382				—
Payable for shares redeemed			73,257				2,628
Payable to sub-advisors			26,190				—
Payable for Trustees’ fees			6,415				6,410
Payable for distribution services fees			266				8,461
Other accrued expenses			297,993				93,140
TOTAL LIABILITIES			51,747,108				4,535,318
NET ASSETS		$	309,031,000			$	42,102,103
NET ASSETS CONSIST OF:
Paid-in capital		$	309,430,848			$	41,329,481
Undistributed (distributions in excess of) net investment income			(2,768,125	)			155,994
Accumulated net realized gain (loss) on investments and foreign currency transactions			(21,827,440	)			43,079
Net unrealized appreciation (depreciation) of investments and foreign currencies			24,195,717				573,549
TOTAL NET ASSETS		$	309,031,000			$	42,102,103
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	1,297,113			$	40,992,899
Shares outstanding (unlimited shares authorized)			89,592				3,914,508
Net Asset Value per share		$	14.48			$	10.47
Offering price per share*		$	15.32	**		$	11.08	**
Class I
Net Assets		$	307,733,887			$	1,109,204
Shares outstanding (unlimited shares authorized)			21,036,454				105,806
Net Asset Value per share		$	14.63			$	10.48

(a) Includes cash denominated in foreign currencies with a value of $21,519 and a cost of $21,829.

(b) Includes cash denominated in foreign currencies with a value of $20,093 and a cost of $20,461.

(c) Cost of cash denominated in foreign currencies was $271,015.

(d) Net written options, at value is $18,142.

(e) Premiums received for options written were $106,186.

(f) Proceeds received for TBA sales commitments were $290,672.

* 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, 2018 / ANNUAL REPORT

    STATEMENTS OF OPERATIONS    68

Year Ended April 30, 2018	Wilmington International Fund			Wilmington Global Alpha Equities Fund
INVESTMENT INCOME:
Dividends	$	10,917,583	(a)	$	3,123,655	(a)
Interest		7,451			22,245
Securities lending income		223,763			—
TOTAL INVESTMENT INCOME		11,148,797			3,145,900
EXPENSES:
Investment advisory fee		4,563,478			2,074,407
Administrative personnel and services fee		184,050			44,855
Portfolio accounting and administration fees		199,535			67,444
Custodian fees		85,621			103,997
Transfer and dividend disbursing agent fees and expenses		130,341			112,826
Trustees’ fees		62,231			62,231
Professional fees		229,762			134,701
Distribution services fee—Class A		13,528			349
Shareholder services fee—Class A		13,528			349
Shareholder services fee— Class I		1,404,912			345,385
Share registration costs		28,379			31,467
Printing and postage		35,627			36,136
Miscellaneous		58,661			36,732
TOTAL EXPENSES		7,009,653			3,050,879
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors		(1,095,405	)		(976,124	)
Waiver of shareholder services fee—Class A		(13,528	)		(349	)
Waiver of shareholder services fee—Class I		(745,119)			(345,385)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,854,052)			(1,321,858)
Net expenses		5,155,601			1,729,021
Net investment income (loss)		5,993,196			1,416,879
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		35,928,927			5,447,974
Net realized gain (loss) on forward foreign currency contracts		(100,478	)		(571,730	)
Net realized gain (loss) on foreign currency transactions		(459,065	)		49,049
Net realized gain (loss) on financial futures contracts		659,225			(9,245,538	)
Litigation proceeds		16,064	(b)		6,197	(b)
Net change in unrealized appreciation (depreciation) on investments		39,043,433	(c)		6,645,097
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		627			458,335
Net change in unrealized appreciation (depreciation) on foreign currency transactions		(29,622	)		(793	)
Net change in unrealized appreciation (depreciation) on financial futures contracts		40,248			2,638,062
Net realized and unrealized gain (loss) on investments		75,099,359			5,426,653
Change in net assets resulting from operations	$	81,092,555		$	6,843,532

(a) Net of foreign withholding taxes withheld of $1,523,008 and $203,051, respectively.

(b) The Litigation proceeds represent a class action settlement received by the Fund.

(c) Net of foreign deferred capital gains taxes of $29,841.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

69    STATEMENTS OF OPERATIONS (Concluded)

Year Ended April 30, 2018	Wilmington Real Asset Fund				Wilmington Diversified Income Fund
INVESTMENT INCOME:
Dividends from unaffiliated issuers		$	9,052,879	(a)		$	935,666	(a)
Dividends received from affiliated issuers			—				66,080
Interest			2,162,752	(b)			244,154
Securities lending income			212,634				53,434
TOTAL INVESTMENT INCOME			11,428,265				1,299,334
EXPENSES:
Investment advisory fee			1,820,881				175,204
Administrative personnel and services fee			106,680				14,219
Portfolio accounting and administration fees			180,461				24,865
Custodian fees			141,939				2,024
Transfer and dividend disbursing agent fees and expenses			119,291				67,343
Trustees’ fees			62,213				62,231
Professional fees			143,342				113,491
Distribution services fee—Class A			3,883				106,747
Shareholder services fee—Class A			3,883				106,747
Shareholder services fee— Class I			817,492				2,755
Share registration costs			32,464				19,989
Printing and postage			27,384				30,060
Interest expense on reverse repurchase agreements			389				—
Miscellaneous			52,202				27,069
TOTAL EXPENSES			3,512,504				752,744
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors			(269,754	)			(356,588	)
Waiver of shareholder services fee—Class A			(3,883	)			(106,747	)
Waiver of shareholder services fee—Class I			(817,492	)			(2,755	)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,091,129	)			(466,090	)
Net expenses			2,421,375				286,654
Net investment income (loss)			9,006,890				1,012,680
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments in unaffiliated issuers			1,052,510				3,594,374
Net realized gain (loss) on affiliated investment companies			—				2,787,145
Realized gain distributions received from unaffiliated investment companies			—				44,765
Net realized gain (loss) on forward foreign currency contracts			(1,257,731	)			—
Net realized gain (loss) on foreign currency transactions			11,606				—
Net realized gain (loss) on financial futures contracts			(104,538	)			—
Net realized gain (loss) on swap agreements			88,298				—
Net realized gain (loss) on purchased options			(54,081	)			—
Net realized gain (loss) on written options			284,324				—
Net realized gain (loss) on securities sold short			39,735				—
Net change in unrealized appreciation (depreciation) on investments in unaffiliated issuers			14,273,462				(2,340,668	)
Net change in unrealized appreciation (depreciation) on affiliated investment companies			—				(2,103,990	)
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts			716,447				—
Net change in unrealized appreciation (depreciation) on foreign currency transactions			9,066				—
Net change in unrealized appreciation (depreciation) on financial futures contracts			(25,067	)			—
Net change in unrealized appreciation (depreciation) on swap agreements			66,177				—
Net change in unrealized appreciation (depreciation) on purchased options			30,129				—
Net change in unrealized appreciation (depreciation) on written options			(40,806	)			—
Net change in unrealized appreciation (depreciation) on TBA Sales Commitments			1,805				—
Net realized and unrealized gain (loss) on investments			15,091,336				1,981,626
Change in net assets resulting from operations		$	24,098,226			$	2,994,306

(a) Net of foreign withholding taxes withheld of $238,408 and $3,843, respectively.

(b) Net of foreign withholding taxes withheld of $11,351.

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

    STATEMENTS OF CHANGES IN NET ASSETS    70

	Wilmington International Fund						Wilmington Global Alpha Equities Fund
	Year  Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2018			Year Ended April 30, 2017
OPERATIONS:
Net investment income (loss)	$	5,993,196		$	5,209,793		$	1,416,879		$	401,305
Net realized gain (loss) on investments		36,044,673			15,203,263			(4,314,048	)		3,770,269
Net change in unrealized appreciation (depreciation) of investments		39,054,686			30,945,335			9,740,701			4,820,213
Change in net assets resulting from operations		81,092,555			51,358,391			6,843,532			8,991,787
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(57,207	)		(62,135	)		(1,430	)		(462	)
Class I		(6,025,954	)		(5,670,589	)		(1,746,039	)		(302,238	)
Change in net assets resulting from distributions to shareholders		(6,083,161	)		(5,732,724	)		(1,747,469	)		(302,700	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		142,951			49,030			3,180			12,149
Class I		209,478,095			101,289,157			63,763,339			14,479,634
Distributions reinvested
Class A		51,111			55,898			1,430			462
Class I		3,127,481			3,573,511			928,262			198,217
Cost of shares redeemed
Class A		(412,815	)		(492,657	)		(58,910	)		(1,149,734	)
Class I		(70,000,982	)		(122,380,114	)		(17,180,893	)		(77,771,723	)
Change in net assets resulting from share transactions		142,385,841			(17,905,175	)		47,456,408			(64,230,995	)
Change in net assets		217,395,235			27,720,492			52,552,471			(55,541,908	)
NET ASSETS:
Beginning of year		443,887,364			416,166,872			103,948,364			159,490,272
End of year	$	661,282,599		$	443,887,364		$	156,500,835		$	103,948,364
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	1,956,169		$	1,675,297		$	(413,827	)	$	256,240
SHARES OF BENEFICIAL INTEREST:											.
Shares sold
Class A		16,510			6,734			292			1,191
Class I		23,545,685			14,188,431			5,793,564			1,417,814
Distributions reinvested
Class A		6,083			8,080			130			45
Class I		368,522			512,694			83,778			19,357
Shares redeemed
Class A		(46,745	)		(68,746	)		(5,481	)		(115,488	)
Class I		(7,909,116	)		(16,928,812	)		(1,555,130	)		(7,697,101	)
Net change resulting from share transactions		15,980,939			(2,281,619	)		4,317,153			(6,374,182	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

71     STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington Real Asset Fund						Wilmington Diversified Income Fund
	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2018			Year Ended April 30, 2017
OPERATIONS:
Net investment income (loss)	$	9,006,890		$	8,532,279		$	1,012,680		$	514,788
Net realized gain (loss) on investments		60,123			22,756,958			6,426,284			356,476
Net change in unrealized appreciation (depreciation) of investments		15,031,213			(24,335,733	)		(4,444,658	)		3,073,829
Change in net assets resulting from operations		24,098,226			6,953,504			2,994,306			3,945,093
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(43,902	)		—			(901,794	)		(511,380	)
Class I		(8,797,592	)		—			(26,377	)		(13,529	)
Distributions from net realized gain on investments
Class A		—			—			(4,758,811	)		—
Class I		—			—			(126,237	)		—
Change in net assets resulting from distributions to shareholders		(8,841,494	)		—			(5,813,219	)		(524,909	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		138,570			115,013			621,536			718,976
Class I		40,744,073			54,174,835			538,816			155,458
Distributions reinvested
Class A		32,615			—			5,292,918			474,723
Class I		4,577,313			—			75,548			1,591
Cost of shares redeemed
Class A		(591,544	)		(265,658	)		(5,063,276	)		(6,275,919	)
Class I		(98,556,789	)		(168,480,798	)		(147,559	)		(627,698	)
Change in net assets resulting from share transactions		(53,655,762	)		(114,456,608	)		1,317,983			(5,552,869	)
Change in net assets		(38,399,030	)		(107,503,104	)		(1,500,930	)		(2,132,685	)
NET ASSETS:
Beginning of year		347,430,030			454,933,134			43,603,033			45,735,718
End of year	$	309,031,000		$	347,430,030		$	42,102,103		$	43,603,033
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(2,768,125	)	$	(1,420,920	)	$	155,994		$	58,750
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		9,652			8,418			55,698			66,205
Class I		2,815,356			3,913,708			47,689			14,825
Distributions reinvested
Class A		2,257			—			496,247			44,416
Class I		314,292			—			7,087			149
Shares redeemed
Class A		(40,766	)		(19,269	)		(451,606	)		(584,999	)
Class I		(6,780,177	)		(12,240,278	)		(13,423	)		(58,979	)
Net change resulting from share transactions		(3,679,386	)		(8,337,421	)		141,692			(518,383	)

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS    72

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

    WILMINGTON INTERNATIONAL FUND

CLASS A	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014
Net Asset Value, Beginning of Year		$7.86			$7.08			$8.04			$7.90			$7.27
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.08			0.08			0.08			0.09			0.12
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		1.26	(b)		0.79	(c)		(0.95	)		0.17			0.63
Total Income (Loss) From Operations		1.34			0.87			(0.87	)		0.26			0.75
Less Distributions From:
Net Investment Income		(0.09	)		(0.09	)		(0.09	)		(0.12	)		(0.12	)
Total Distributions		(0.09	)		(0.09	)		(0.09	)		(0.12	)		(0.12	)
Net Asset Value, End of Year		$9.11			$7.86			$7.08			$8.04			$7.90
Total Return(d)		17.18	%		12.52	%		(10.82	)%		3.29	%		10.53	%
Net Assets, End of Year (000’s)		$5,473			$4,913			$4,810			$5,909			$6,107
Ratios to Average Net Assets
Gross Expense		1.48	%		1.79	%		1.87	%		1.84	%		1.78	%
Net Expenses(e)		1.04	%		1.22	%		1.31	%		1.42	%		1.49	%
Net Investment Income (Loss)		0.93	%		1.16	%		1.15	%		1.20	%		1.64	%
Portfolio Turnover Rate		75	%		177	%		71	%		78	%		49	%
CLASS I	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014
Net Asset Value, Beginning of Year		$7.92			$7.13			$8.09			$7.94			$7.30
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.09			0.09			0.10			0.13
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		1.27	(b)		0.80	(c)		(0.95	)		0.18			0.64
Total Income (Loss) From Operations		1.36			0.89			(0.86	)		0.28			0.77
Less Distributions From:
Net Investment Income		(0.10	)		(0.10	)		(0.10	)		(0.13	)		(0.13	)
Total Distributions		(0.10	)		(0.10	)		(0.10	)		(0.13	)		(0.13	)
Net Asset Value, End of Year		$9.18			$7.92			$7.13			$8.09			$7.94
Total Return(d)		17.29	%		12.69	%		(10.70	)%		3.46	%		10.73	%
Net Assets, End of Year (000’s)		$655,810			$438,974			$411,357			$535,446			$526,874
Ratios to Average Net Assets
Gross Expense		1.23	%		1.54	%		1.62	%		1.59	%		1.53	%
Net Expenses(e)		0.91	%		1.09	%		1.18	%		1.29	%		1.36	%
Net Investment Income (Loss)		1.06	%		1.28	%		1.28	%		1.32	%		1.75	%
Portfolio Turnover Rate		75	%		177	%		71	%		78	%		49	%

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

(b) Amount includes a non-recurring payment for Litigation proceeds which represents proceeds from securities litigation by the Fund. The litigation proceeds impacted the realized and unrealized gain (loss) per share by $0.00 and $0.00 for Class A and Class I, respectively.

(c) Amount includes a non-recurring payment for Litigation proceeds which represents a class action settlement received by the Fund related to best execution of foreign exchange transactions. The litigation proceeds impacted the realized and unrealized gain (loss) per share by $0.01 and $0.01 for Class A and Class I, respectively.

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

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

73    FINANCIAL HIGHLIGHTS (continued)

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

    WILMINGTON GLOBAL ALPHA EQUITIES FUND

CLASS A	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014
Net Asset Value, Beginning of Year		$10.54			$9.82			$10.86			$10.74			$10.58
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.05			(0.01)			(0.05	)		(0.06	)		(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.52	(b)		0.75			(0.75	)		0.35			0.34
Total Income (Loss) From Operations		0.57			0.74			(0.80	)		0.29			0.30
Less Distributions From:
Net Investment Income		(0.12	)		(0.02	)		(0.24	)		—			(0.01	)
Net Realized Gains		—			—			—			(0.17	)		(0.13	)
Total Distributions		(0.12	)		(0.02	)		(0.24	)		(0.17	)		(0.14	)
Net Asset Value, End of Year		$10.99			$10.54			$9.82			$10.86			$10.74
Total Return(c)		5.41	%		7.59	%		(7.48	)%		2.73	%		2.74	%
Net Assets, End of Year (000’s)		$132			$180			$1,290			$2,723			$4,156
Ratios to Average Net Assets
Gross Expense		2.46	%		3.06	%		2.89	%		3.04	%		3.30	%
Net Expenses(d)(e)		1.50	%		2.48	%		2.46	%		2.68	%		2.71	%
Net Investment Income (Loss)		0.42	%		(0.06	)%		(0.44	)%		(0.52	)%		(0.33	)%
Portfolio Turnover Rate		58	%(f)		367	%		387	%		434	%		403	%
CLASS I	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014
Net Asset Value, Beginning of Year		$10.61			$9.86			$10.88			$10.74			$10.56
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.11			0.03			(0.02	)		(0.03	)		0.00	(g)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.49	(b)		0.75			(0.76	)		0.34			0.32
Total Income (Loss) From Operations		0.60			0.78			(0.78	)		0.31			0.32
Less Distributions From:
Net Investment Income		(0.13	)		(0.03	)		(0.24	)		—			(0.01	)
Net Realized Gains		—			—			—			(0.17	)		(0.13	)
Total Distributions		(0.13	)		(0.03	)		(0.24	)		(0.17	)		(0.14	)
Net Asset Value, End of Year		$11.08			$10.61			$9.86			$10.88			$10.74
Total Return(c)		5.63	%		7.93	%		(7.22	)%		2.91	%		3.01	%
Net Assets, End of Year (000’s)		$156,369			$103,768			$158,200			$193,639			$207,530
Ratios to Average Net Assets
Gross Expense		2.21	%		2.82	%		2.64	%		2.78	%		2.95	%
Net Expenses(d)(e)		1.25	%		2.12	%		2.21	%		2.41	%		2.43	%
Net Investment Income (Loss)		1.03	%		0.32	%		(0.16	)%		(0.27	)%		(0.04	)%
Portfolio Turnover Rate		58	%(f)		367	%		387	%		434	%		403	%

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

(b) Amount includes a non-recurring payment for Litigation proceeds which represents proceeds from securities litigation by the Fund. The litigation proceeds impacted the realized and unrealized gain (loss) per share by $0.00 and $0.00 for Class A and Class I, respectively.

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

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(e) Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets for the years and the periods presented would be:

	Class A	Class I
April 30, 2018	1.50%	1.25%
April 30, 2017	2.06%	1.77%
April 30, 2016	2.15%	1.90%
April 30, 2015	2.19%	1.95%
April 30, 2014	2.23%	1.98%

(f) In January 2017, the Fund transitioned to a single sub-advisor strategy. As a result, the portfolio turnover rate for the fiscal year ended April 30, 2018 was significantly lower than that of previous fiscal years.

(g) Represents less than $0.005.

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

    FINANCIAL HIGHLIGHTS (continued)    74

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

 WILMINGTON REAL ASSET FUND

CLASS A	Year  Ended April 30, 2018			Year  Ended April 30, 2017			Year  Ended April 30, 2016			Year  Ended April 30, 2015			Year  Ended April 30, 2014
Net Asset Value, Beginning of Year		$13.87			$13.63			$14.77			$14.81			$15.55
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.35			0.23			0.21			0.13			0.10
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.63			0.01			(0.68	)		0.04			(0.65	)
Total Income (Loss) From Operations		0.98			0.24			(0.47	)		0.17			(0.55	)
Less Distributions From:
Net Investment Income		(0.37	)		—			(0.67	)		(0.21	)		(0.19	)
Total Distributions		(0.37	)		—			(0.67	)		(0.21	)		(0.19	)
Net Asset Value, End of Year		$14.48			$13.87			$13.63			$14.77			$14.81
Total Return(b)		7.11	%		1.76	%		(3.09	)%		1.14	%		(3.46	)%
Net Assets, End of Year (000’s)		$1,297			$1,643			$1,762			$2,242			$2,606
Ratios to Average Net Assets
Gross Expense		1.32	%		1.45	%		1.48	%		1.49	%		1.54	%
Net Expenses(c)(d)		0.99	%		1.20	%		1.23	%		1.23	%		1.28	%
Net Investment Income (Loss)		2.46	%		1.68	%		1.53	%		0.89	%		0.72	%
Portfolio Turnover Rate		438	%		593	%		418	%		242	%		149	%
CLASS I	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014
Net Asset Value, Beginning of Year		$14.01			$13.73			$14.86			$14.88			$15.61
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.40			0.27			0.24			0.17			0.13
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.62			0.01			(0.67	)		0.03			(0.64	)
Total Income (Loss) From Operations		1.02			0.28			(0.43	)		0.20			(0.51	)
Less Distributions From:
Net Investment Income		(0.40	)		—			(0.70	)		(0.22	)		(0.22	)
Total Distributions		(0.40	)		—			(0.70	)		(0.22	)		(0.22	)
Net Asset Value, End of Year		$14.63			$14.01			$13.73			$14.86			$14.88
Total Return(b)		7.31	%		2.11	%		(2.89	)%		1.40	%		(3.20	)%
Net Assets, End of Year (000’s)		$307,734			$345,787			$453,171			$463,375			$452,913
Ratios to Average Net Assets
Gross Expense		1.07	%		1.20	%		1.23	%		1.24	%		1.29	%
Net Expenses(c)(d)		0.74	%		0.95	%		0.98	%		0.98	%		1.03	%
Net Investment Income (Loss)		2.74	%		1.97	%		1.75	%		1.13	%		0.93	%
Portfolio Turnover Rate		438	%		593	%		418	%		242	%		149	%

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

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

(c) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(d) Expense ratio includes interest expense related to securities sold short, reverse repurchase agreements and/or TBA sale commitments. Interest expense related to securities sold short, reverse repurchase agreements and/or TBA sale commitments had no impact on the ratio of expenses to average net assets for the years ended April 30, 2018 and April 30, 2017.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

75    FINANCIAL HIGHLIGHTS (concluded)

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

  WILMINGTON DIVERSIFIED INCOME FUND

CLASS A	Year  Ended April 30, 2018			Year  Ended April 30, 2017			Year  Ended April 30, 2016			Year  Ended April 30, 2015			Year  Ended April 30, 2014
Net Asset Value, Beginning of Year		$11.24			$10.40			$10.98			$10.47			$9.86
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.26			0.12			0.12			0.10			0.10
Net Realized and Unrealized Gain (Loss) on Investments		0.52			0.85			(0.53	)		0.53			0.62
Total Income (Loss) From Operations		0.78			0.97			(0.41	)		0.63			0.72
Less Distributions From:
Net Investment Income		(0.23	)		(0.13	)		(0.15	)		(0.12	)		(0.11	)
Net Realized Gains		(1.32	)		—			(0.02	)		—			—
Total Distributions		(1.55	)		(0.13	)		(0.17	)		(0.12	)		(0.11	)
Net Asset Value, End of Year		$10.47			$11.24			$10.40			$10.98			$10.47
Total Return(b)		6.99	%		9.38	%		(3.70	)%		6.09	%		7.34	%
Net Assets, End of Year (000’s)		$40,993			$42,878			$44,607			$52,860			$57,317
Ratios to Average Net Assets
Gross Expense(c)		1.72	%		1.59	%		1.52	%		1.46	%		1.45	%
Net Expenses(c)(d)		0.66	%		0.74	%		0.74	%		0.80	%		0.84	%
Net Investment Income (Loss)		2.30	%		1.16	%		1.14	%		0.90	%		0.94	%
Portfolio Turnover Rate		85	%		9	%		52	%		23	%		54	%
CLASS I		Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014
Net Asset Value, Beginning of Year		$11.25			$10.41			$10.98			$10.47			$9.84
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.29			0.15			0.15			0.12			0.13
Net Realized and Unrealized Gain (Loss) on Investments		0.52			0.85			(0.53	)		0.54			0.63
Total Income (Loss) From Operations		0.81			1.00			(0.38	)		0.66			0.76
Less Distributions From:
Net Investment Income		(0.26	)		(0.16	)		(0.17	)		(0.15	)		(0.13	)
Net Realized Gains		(1.32	)		—			(0.02	)		—			—
Total Distributions		(1.58	)		(0.16	)		(0.19	)		(0.15	)		(0.13	)
Net Asset Value, End of Year		$10.48			$11.25			$10.41			$10.98			$10.47
Total Return(b)		7.24	%		9.64	%		(3.42	)%		6.35	%		7.76	%
Net Assets, End of Year (000’s)		$1,109			$725			$1,129			$1,323			$971
Ratios to Average Net Assets
Gross Expense(c)		1.48	%		1.34	%		1.27	%		1.21	%		1.19	%
Net Expenses(c)(d)		0.41	%		0.49	%		0.49	%		0.55	%		0.59	%
Net Investment Income (Loss)		2.62	%		1.44	%		1.39	%		1.16	%		1.33	%
Portfolio Turnover Rate		85	%		9	%		52	%		23	%		54	%

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

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

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

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    76

Wilmington Funds

April 30, 2018

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 12 portfolios, 4 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 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.
Wilmington Diversified Income Fund (“Diversified Income Fund“)(d)	The Fund seeks a high level of total return consistent with a moderate level of risk.

(d) Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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.

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.

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

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

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

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

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

•investments in open-end regulated investment companies are valued at net asset value (“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 underlying Exchange Traded Funds (”ETFs“) and Exchange Traded Notes (”ETNs“), is taken from the exchange where the security is primarily traded;

•swap agreements are valued daily based upon the terms specific to each agreement with its counterparty; and

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

ANNUAL REPORT / April 30, 2018

77    NOTES TO FINANCIAL STATEMENTS (continued)

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

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.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the year. As of April 30, 2018, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period, except for the International Fund and the Real Asset Fund. For the International Fund, a security was transferred from Level 2 to Level 1 at a valuation of $0 due to the availability of a current market quotation or sufficient volume of trading in the security. For Real Asset Fund, a security was transferred from Level 1 to Level 2 at a valuation of $37,803 due to the application of fair value procedures necessitated by the lack of a current market quotation or sufficient volume of trading in the security. This does not include transfers between Level 1 and Level 2 due to the International Fund, Global Alpha Equities Fund and the Real Asset Fund utilizing International Fair Value Pricing (”IFVP“) during the period. 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. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the 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 the Fund.

At April 30, 2018, 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  Amount(2)
International Fund
Barclays Capital, Inc.	$	2,256,363	$	2,256,363	$	—	$	—
Daiwa Capital Markets America		8,599,585		8,599,585		—		—
NBC Global Finance Ltd.		8,599,585		8,599,585		—		—
Nomura Securities International, Inc.		8,599,585		8,599,585		—		—
RBC Dominion Securities, Inc.		8,599,585		8,599,585		—		—
TD Securities, Inc.		8,599,585		8,599,585		—		—
	$	45,254,288	$	45,254,288	$	—	$	—

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    78

Fund/Counterparty	Repurchase     Agreements		Fair Value of         Non-Cash  Collateral Received(1)		Cash  Collateral  Received(1)		Net  Amount(2)
Real Asset Fund
BNP Paribas SA	$	$3,210,641	$	$3,210,641		$—		$—
Citigroup Global Markets, Inc.		3,210,641		3,210,641		—		—
Daiwa Capital Markets America		3,210,641		3,210,641		—		—
JP Morgan Securities LLC		1,275,973		1,275,973		—		—
Nomura Securities International, Inc.		3,210,641		3,210,641		—		—
RBC Dominion Securities, Inc.		3,210,641		3,210,641		—		—
	$	17,329,178	$	17,329,178		$—		$—
Diversified Income Fund
Barclays Capital, Inc.	$	325,719	$	325,719		$—		$—
BNP Paribas SA		819,792		819,792		—		—
Citigroup Global Markets, Inc.		819,792		819,792		—		—
NBC Global Finance Ltd.		819,792		819,792		—		—
Nomura Securities International, Inc.		819,792		819,792		—		—
RBC Dominion Securities, Inc.		819,792		819,792		—		—
	$	4,424,679	$	4,424,679		$—		$—

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

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

Reverse Repurchase Agreements – Reverse repurchase agreements are repurchase agreements in which a Fund is the seller (rather than the buyer) of the security, and agrees to repurchase the security at an agreed upon time and price. A reverse repurchase agreement may be viewed as a type of borrowing by a Fund. Reverse repurchase agreements are subject to credit risks. In addition, reverse repurchase agreements create leverage risks because a Fund must repurchase the underlying security at a higher price, regardless of the market value of the security at the time of repurchase.

For the year ended April 30, 2018, the Real Asset Fund had interest expense on reverse repurchase agreements totaling $389 and activity as follows:

Average Daily Balance*		Days Outstanding	Daily Weighted Average Interest Rate*	Interest Rate  Range
	$588,000	14	1.74%	1.74% - 1.74%

* Average based on the number of days the Fund had the reverse repurchase agreement outstanding. The interest rates shown are annualized.

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 statement 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. 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.

All Funds offer 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.

Real Estate Investment Trusts – The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only

ANNUAL REPORT / April 30, 2018

79    NOTES TO FINANCIAL STATEMENTS (continued)

determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted to the actual amounts when the amounts are determined.

Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended April 30, 2018, the Funds did not incur any interest or penalties.

Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.

Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) 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 FCs, 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 Fund’s restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

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

In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds are required to maintain margin cash balances at the prime broker sufficiently to satisfy their short sales positions on a daily basis. The Funds are charged interest expense at the Fed Funds open rate plus 50 basis points on the amount of any shortfall in the required cash margin. The Funds record these prime broker charges on a net basis as Prime Broker interest expense on securities sold short on the Statement of Operations.

For the year-ended April 30, 2018, the Funds had no borrowings.

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 Fund. 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 owned. The custodian establishes and maintains the collateral in a segregated account. The

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    80

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 Fund and any additional required collateral is delivered to the Fund on the next business day.

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 Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At April 30, 2018, 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 Amount(2)
International Fund		$	39,863,196		$	39,863,196		$	—
Real Asset Fund			16,906,572			16,906,572			—
Diversified Income Fund			4,326,022			4,326,022			—

⁽¹⁾ Collateral with a value of $45,254,288, $17,329,178 and $4,424,679, respectively, has been received in connection with securities lending transactions.

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

TBA Commitments – “TBA” (to be announced) commitments are commitments to purchase or sell mortgage-backed securities for a fixed price at a future date, typically not exceeding 45 days. TBAs may be considered securities in themselves and involve a risk of loss if the value of the TBA changes relative to our “basis” in the position prior to the settlement date. Unsettled TBAs are valued according to the procedures described in the section entitled “Investment Valuation.”

3. DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entity’s results of operations and financial position. Risk of loss on derivatives, including written options, forward foreign currency contracts, financial futures contracts and swaps, may exceed amounts recognized on the statements of assets and liabilities.

Options – Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether a Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written. A Fund, as writer of options, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, a Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. A Fund, as purchaser of over-the-counter options, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

The Real Asset Fund used interest rate options and options on swaps to enhance returns, and manage interest rate risk, inflation risk, credit risk and volatility exposures. The Real Asset Fund used foreign currency options as a short or long hedge against possible variations in foreign exchange rates or as a means to gain exposure to foreign currencies.

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

ANNUAL REPORT / April 30, 2018

81    NOTES TO FINANCIAL STATEMENTS (continued)

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

Financial Futures Contracts – The Funds may invest in financial futures contracts to hedge their existing portfolios, manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, and prior to computing its NAV, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. The Global Alpha Equities Fund used foreign exchange futures contracts to gain exposure to the foreign currency markets both on a long and short strategy. The Global Alpha Equities Fund also used equity index futures contracts to manage equity market net and gross exposure. The Real Asset Fund used futures contracts to manage interest rate exposure, adjust duration and curve exposure and to gain exposure to foreign interest rates. The Real Asset Fund also used money market futures during the period in order to adjust the portfolio’s interest rate exposure on the front-end of the yield curve and to adjust the overall duration positioning of the portfolio.

Swap Agreements – Certain Funds may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

Centrally cleared swap agreements are agreements executed through a broker but are cleared through a central counterparty (the “CCP”) and a Fund’s counterparty on the swap becomes the CCP. The Fund is required to interface with the CCP through a broker and upon entering into a centrally cleared swap is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of a particular swap. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the swap agreement, the Fund agrees to pay to or receive from the counterparty an amount of cash equal to the daily fluctuation in the value of the swap (“variation margin”). Such payments are recorded by the Fund as unrealized gains or losses until the contract is closed or settled at which point the gain or loss is realized.

The Fund may utilize swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position.

Interest rate swap agreements – Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund may use interest rate swaps to either maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments using interest rate swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund, to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. The Real Asset Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the portfolio entered into interest rate swap agreements. Additionally, the portfolio invested in interest rate swaps as a risk-neutral substitute for physical securities, to obtain exposure in markets where no physical securities were available, and to refine the risk exposure in the portfolio (i.e. duration, inflation, credit, maturity mix, etc.).

Credit default swap agreements – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    82

the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the footnotes to the Portfolios of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. The Real Asset Fund uses credit default swaps on corporate and sovereign issues to take an active long position with respect to the likelihood of a particular issuer’s default. The Real Asset Fund also used credit default swaps on credit indices to adjust the portfolio’s overall credit exposure.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of April 30, 2018.

	Location on the Statement 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.**
Interest rate contracts	Variation margin receivable for financial futures contracts.*	Variation margin payable for financial futures contracts.*
	Investments in securities, at value.	Written options, at value.
	Variation margin receivable for centrally cleared swap agreements.*	Variation margin payable for centrally cleared swap agreements.*
	Over the counter swap agreements, at value.**	Over the counter swap agreements, at value.**
Credit Contracts	Variation margin receivable for centrally cleared swap agreements.*	Variation margin payable for centrally cleared swap agreements.*
	Over the counter swap agreements, at value.**	Over the counter swap agreements, at value.**
		Written options, at value

*The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for centrally cleared swap agreements and financial futures contracts. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2018.

ANNUAL REPORT / April 30, 2018

83    NOTES TO FINANCIAL STATEMENTS (continued)    

	Location on the Statement of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
**The amounts shown represent the unrealized appreciation (depreciation) from the date the contract was open.

	Asset Derivative Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Credit Contracts
International Fund
Financial Futures Contracts		$	117,414		$	117,414		$	—		$	—		$	—
Forward Foreign Currency Contracts			839			—			839			—			—
Totals		$	118,253		$	117,414		$	839		$	—		$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	2,086,193		$	2,086,193		$	—		$	—		$	—
Forward Foreign Currency Contracts			357,122			—			357,122			—			—
Totals		$	2,443,315		$	2,086,193		$	357,122		$	—		$	—
Real Asset Fund
Financial Futures Contracts		$	5,876		$	—		$	—		$	5,876		$	—
Forward Foreign Currency Contracts			323,578			—			323,578			—			—
Purchased Options			157,495			—			—			157,495			—
Written Options			42,990			—			—			42,990			—
Swap Agreements			857,509			—			—			806,220			51,289
Totals		$	1,387,448		$	—		$	323,578		$	1,012,581		$	51,289

	Liability Derivative Fair Value
Fund	Total Value			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Credit Contracts
International Fund
Forward Foreign Currency Contracts		$	1,890		$	—		$	1,890		$	—		$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	424,448		$	424,448		$	—		$	—		$	—
Forward Foreign Currency Contracts			43,673			—			43,673			—			—
Totals		$	468,121		$	424,448		$	43,673		$	—		$	—
Real Asset Fund
Financial Futures Contracts		$	103,017		$	—		$	—		$	103,017		$	—
Forward Foreign Currency Contracts			97,382			—			97,382			—			—
Written Options			24,848			—			—			23,698			1,150
Swap Contracts			355,792			—			—			330,366			25,426
Totals		$	581,039		$	—		$	97,382		$	457,081		$	26,576

The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2018 are as follows:

Derivative Type	Location on the Statement of Operations
Equity contracts	Net realized gain (loss) on financial futures contracts and written options.
	Net change in unrealized appreciation (depreciation) on financial futures contracts.
Foreign exchange contracts	Net realized gain (loss) on forward foreign currency contracts, purchased options and written options.
	Net change in unrealized appreciation (depreciation) on forward foreign currency contracts and written options.
Interest rate contracts	Net realized gain (loss) on financial futures contracts, purchased options, written options and swap agreements.
	Net change in unrealized appreciation (depreciation) on financial futures contracts, purchased options, written options and swap agreements.
Credit contracts	Net realized gain (loss) on swap agreements and written options.
	Net change in unrealized appreciation (depreciation) on written options and swap agreements.

April 30, 2018 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)    84

	Total  Realized Gain (Loss) on Derivatives Recognized in Results from Operations
Fund	Total				Equity     Contracts				Foreign Exchange     Contracts				Interest Rate     Contracts				Credit Contracts
International Fund
Financial Futures Contracts		$	659,225			$	659,225			$	—			$	—			$	—
Forward Foreign Currency Contracts			(100,478	)			—				(100,478	)			—				—
Totals		$	558,747			$	659,225			$	(100,478	)		$	—			$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	(9,245,538	)		$	(9,245,538	)			—			$	—			$	—
Forward Foreign Currency Contracts			(571,730	)			—				(571,730	)			—				—
Totals		$	(9,817,268	)		$	(9,245,538	)		$	(571,730	)		$	—			$	—
Real Asset Fund
Financial Futures Contracts		$	(104,538	)		$	—			$	—			$	(104,538	)		$	—
Forward Foreign Currency Contracts			(1,257,731	)			—				(1,257,731	)			—				—
Purchased Options			(54,081	)			—				927				(55,008	)			—
Written Options			284,324				—				19,195				256,801				8,328
Swap Agreements			88,298				—				—				186,050				(97,752	)
Totals		$	(1,043,728	)		$	—			$	(1,237,609	)		$	283,305			$	(89,424	)
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Results from Operations
Fund	Total				Equity Contracts				Foreign Exchange Contracts				Interest Rate Contracts				Credit Contracts
International Fund
Financial Futures Contracts		$	40,248			$	40,248			$	—			$	—			$	—
Forward Foreign Currency Contracts			627				—				627				—				—
Totals		$	40,875			$	40,248			$	627			$	—			$	—
Global Alpha Equities Fund
Financial Futures Contracts		$	2,638,062			$	2,638,062			$	—			$	—			$	—
Forward Foreign Currency Contracts			458,335				—				458,335				—				—
Totals		$	3,096,397			$	2,638,062			$	458,335			$	—			$	—
Real Asset Fund
Financial Futures Contracts		$	(25,067	)		$	—			$	—			$	(25,067	)		$	—
Forward Foreign Currency Contracts			716,447				—				716,447				—				—
Purchased Options			30,129				—				—				30,129				—
Written Options			(40,806	)			—				30,339				(76,076	)			4,931
Swap Agreements			66,177				—				—				110,435				(44,258	)
Totals		$	746,880			$	—			$	746,786			$	39,421			$	(39,327	)

The average volume of derivative activities for the year ended April 30, 2018 are as follows.

	Asset Derivative Volume
Fund	Purchased     Options1			Financial Futures          Contracts1			Forward Foreign Currency       Contracts1
International Fund		$	—		$	7,592,518		$	447,740
Global Alpha Equities Fund			—			—			177,070
Real Asset Fund			213,251			3,721,176			12,692,267

ANNUAL REPORT / April 30, 2018

85    NOTES TO FINANCIAL STATEMENTS (continued)

	Liability Derivative Volume
Fund	Written          Options3			Financial Futures          Contracts1			Forward Foreign Currency          Contracts1
International Fund		$	—		$	—		$	719,966
Global Alpha Equities Fund			—			66,999,383			12,072,703
Real Asset Fund			152,400			10,514,089			26,609,262
Fund	Interest Rate     Swap Agreements4			Swap Volume Credit Default Swap Agreements (purchase protection)4			Credit Default Swap Agreements (sell protection)4
Real Asset Fund		$	228,863,000		$	4,176,000		$	1,216,800

¹Cost.

²Contract Value.

³Premiums Received.

⁴Notional Amount.

Certain Funds are parties to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“MA”) with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio or Statements of Assets and Liabilities.

At April 30, 2018, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets			Liabilities
International Fund
Derivative Financial Instruments:
Forward foreign currency contracts		$	839		$	1,890
Total derivative assets and liabilities in the Statements of Assets and Liabilities			839			1,890
Derivatives not subject to a MA or similar agreement			—			—
Total assets and liabilities subject to a MA		$	839		$	1,890
Global Alpha Equities Fund
Derivative Financial Instruments:
Forward foreign currency contracts		$	357,122		$	43,673
Total derivative assets and liabilities in the Statements of Assets and Liabilities			357,122			43,673
Derivatives not subject to a MA or similar agreement			—			—
Total assets and liabilities subject to a MA		$	357,122		$	43,673
Real Asset Fund
Derivative Financial Instruments:
Financial futures contracts		$	4,728		$	38,570
Forward foreign currency contracts			323,578			97,382
Options			200,485			24,848
Swap Agreements			89,720			150,032
Total derivative assets and liabilities in the Statements of Assets and Liabilities			618,511			310,832
Derivatives not subject to a MA or similar agreement			28,239			93,629
Total assets and liabilities subject to a MA		$	590,272		$	217,203

April 30, 2018 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)     86

At April 30, 2018, derivative assets and liabilities by counterparty net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:

Fund/Counterparty	Derivative   Assets Subject to       a MA				Derivatives    Available for       Offset				Non-Cash Collateral     Received(1)			Cash Collateral     Received(1)				Net  Amount     of Derivative     Assets(2)
International Fund
Bank of New York Mellon		$	839			$	(839	)		$	—		$	—			$	—
Total Derivative Assets		$	839			$	(839	)		$	—		$	—			$	—
	Derivative Liabilities Subject to a MA				Derivatives Available for Offset				Non-Cash Collateral Pledged(3)			Cash Collateral Pledged(3)				Net Amount of Derivative Liabilities(4)
Bank of New York Mellon		$	(1,890	)		$	839			$	—		$	—			$	(1,051	)
Total Derivative Liabilities		$	(1,890	)		$	839			$	—		$	—			$	(1,051	)
	Derivative Assets Subject to a MA				Derivatives Available for Offset				Non-Cash Collateral Received(1)			Cash Collateral Received(1)				Net Amount of Derivative Assets(2)
Global Alpha Equities Fund
Australia & New Zealand Banking Group		$	236,747			$	—			$	—		$	—			$	236,747
Bank of New York Mellon			36				(5	)			—			—				31
BNP Paribas SA			320				(8	)			—			—				312
Citigroup Global Markets			31,157				—				—			—				31,157
Deutsche Bank AG			88,862				—				—			—				88,862
Total Derivative Assets		$	357,122			$	(13	)		$	—		$	—			$	357,109
	Derivative Liabilities Subject to a MA				Derivatives Available for Offset				Non-Cash Collateral Pledged(3)			Cash Collateral Pledged(3)				Net Amount of Derivative Liabilities(4)
Bank of Montreal		$	(43,578	)		$	—			$	—		$	—			$	(43,578	)
Bank of New York Mellon			(5	)			5				—			—				—
BNP Paribas SA			(8	)			8				—			—				—
HSBC Bank USA, N.A.			(28	)			—				—			—				(28	)
State Street Corp.			(54	)			—				—			—				(54	)
Total Derivative Liabilities		$	(43,673)			$	13			$	—		$	—			$	(43,660	)
Fund/Counterparty	Derivative Assets Subject to a MA				Derivatives Available for Offset				Non-Cash Collateral Received(1)			Cash Collateral Received(1)				Net  Amount of Derivative Assets(2)
Real Asset Fund
Bank of America NA		$	116,316			$	(9,012	)		$	—		$	—			$	107,304
Barclays Bank PLC			84				(84	)			—			—				—
Citigroup Global Markets			80,506				(27,217	)			—			—				53,289
Credit Suisse International			38,202				(12,276	)			—			—				25,926
Deutsche Bank AG			109,272				(13,904	)			—			—				95,368
Goldman Sachs Bank USA			10,660				(6,166	)			—			—				4,494
HSBC Bank USA, N.A.			83,865				(23,771	)			—			(60,000	)			94
JP Morgan Chase Bank, N.A.			65,486				(9,833	)			—			(40,000	)			15,653
Morgan Stanley Capital Services LLC			66,726				(66,726	)			—			—				—
Societe Generale Securities			19,155				(975	)			—			—				18,180
Total Derivative Assets		$	590,272			$	(169,964)			$	—		$	(100,000)			$	320,308

ANNUAL REPORT / April 30, 2018

87    NOTES TO FINANCIAL STATEMENTS (continued)    

	Derivative   Liabilities Subject to   a MA				Derivatives   Available for   Offset			Non-Cash Collateral     Pledged(3)			Cash Collateral     Pledged(3)			Net Amount     of Derivative Liabilities(4)
Bank of America NA		$	(9,012	)		$	9,012		$	—		$	—		$	—
Barclays Bank International			(756	)			84			—			—			(672	)
Citibank NA			(167	)			—			—			—			(167	)
Citigroup Global Markets			(27,217	)			27,217			—			—			—
Credit Suisse International			(12,276	)			12,276			—			—			—
Deutsche Bank AG			(13,904	)			13,904			—			—			—
Goldman Sachs Bank USA			(6,166	)			6,166			—			—			—
HSBC Bank USA, N.A.			(23,771	)			23,771			—			—			—
JP Morgan Chase Bank, N.A.			(9,833	)			9,833			—			—			—
Morgan Stanley Capital Services LLC			(108,817	)			66,726			—			—			(42,091	)
Royal Bank of Scotland			(4,309	)			—			—			—			(4,309	)
Societe Generale Securities			(975	)			975			—			—			—
Total Derivative Liabilities		$	(217,203	)		$	169,964		$	—		$	—		$	(47,239	)

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

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

⁽³⁾  Excess of collateral pledged is not shown for financial reporting purposes.

⁽⁴⁾  Net amount represents the net amount payable due in the event of default.

4. FEDERAL TAX INFORMATION

As of April 30, 2018, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the years ended 2017, 2016 and 2015, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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 due in part to the tax treatment of reclassifications of distributions, capital gain or loss as a result of paydown activity, mark to market of passive foreign investment companies and losses deferred due to wash sales. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of a class of the Funds.

For the year ended April 30, 2018, permanent differences identified and reclassified among the components of net assets were as follows:

Fund	Paid-in Capital			Increase (Decrease)   Undistributed Net Investment Income				Accumulated Net Realized Gain (Loss)
International Fund		$	—		$	370,837			$	(370,837	)
Global Alpha Equities Fund			—			(339,477	)			339,477
Real Asset Fund			(93,032,464)			(1,512,601	)			94,545,065
Diversified Income Fund			—			12,735				(12,735	)

The permanent differences identified and reclassified were primarily attributable to the tax treatment of foreign currency gains/losses, adjustments related to passive foreign investment companies and the expiration of capital loss carryforwards.

The tax character of distributions for the corresponding fiscal year ends were as follows:

	2018						2017
Fund	Ordinary   Income*			Long-Term   Capital Gains			Ordinary   Income*			Long-Term   Capital Gains
International Fund		$	6,083,161		$	—		$	5,732,724		$	—
Global Alpha Equities Fund			1,747,469			—			302,700			—
Real Asset Fund			8,841,494			—			—			—
Diversified Income Fund			928,171			4,885,048			524,909			—

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

April 30, 2018 / ANNUAL REPORT

    NOTES TO FINANCIAL STATEMENTS (continued)    88

As of April 30, 2018, 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			Capital Loss   Carryforwards				Late  Year     Deferrals
International Fund		$	2,938,407		$	5,260,990		$	—			$	86,021,307		$	—			$	—
Global Alpha Equities Fund			187,993			—			2				10,729,951			(9,512,373	)			—
Real Asset Fund			933,683			—			(268,241	)			19,354,076			(20,419,366	)			—
Diversified Income Fund			147,981			43,947			1				580,693			—				—

At April 30, 2018, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the (“Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax.

Fund	Short-Term   No Expiration			Long-Term   No Expiration			Total Capital   Loss   Carryforwards
Global Alpha Equities Fund		$	7,178,897		$	2,333,476		$	9,512,373
Real Asset Fund			7,011,411			13,407,955			20,419,366

The following Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2018:

Fund	Capital Loss   Carryforwards     Utilized
International Fund		$	29,963,391
Real Asset Fund			1,271,830
Diversified Income Fund			846,766

The following Fund had capital loss carryforwards expire during the year ended April 30, 2018:

Fund	Capital Loss   Carryforwards     Expired
Real Asset Fund		$	93,032,464

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

Investment Advisor – Wilmington Funds Management Corporation (“WFMC” or the “Advisor”) serves as the Investment Advisor to each of the Funds. Wilmington Trust Investment Advisors, Inc. (“WTIA”) provides sub-advisory services to the Funds. WFMC and WTIA are wholly-owned subsidiaries of M&T Bank Corporation. For its services, the Funds pay WFMC an annual investment advisory fee, accrued and paid daily, 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
International Fund		0.45	%
Global Alpha Equities Fund		0.95	%
Real Asset Fund		0.45	%
Diversified Income Fund		0.40	%

The International Fund, Global Alpha Equities Fund and Real Asset Fund, utilize a multi-manager 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.

ANNUAL REPORT / April 30, 2018

89    NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Gross Fees			Fees Waived				Current Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors
International Fund
WFMC		$	2,553,198		$	(1,095,405)		0.45%
Sub-advisors:
Allianz Global Investors U.S. LLC			371,807			—		0.38% on assets allocated to the Europe Equity Growth Select Strategy; and 0.25% on assets allocated to the High Dividend Europe Strategy.
AXA Investment Managers, Inc.			381,050			—		0.43% on the first $150 million; and 0.41% on assets in excess of $150 million
Berenberg Asset Management LLC			260,875			—		0.27%
Nikko Asset Management Americas, Inc.			314,913			—		0.32%
Schroder Investment Management North America, Inc.			681,635			—		0.50%
Total(a)		$	4,563,478		$	(1,095,405	)
Global Alpha Equities Fund
WFMC		$	1,313,791		$	(976,124)		0.95%
Sub-advisor:
Wellington Management Company LLP			760,616			—		0.55%
Total(b)		$	2,074,407		$	(976,124	)
Real Asset Fund
WFMC		$	1,478,477		$	(269,754)		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:
Pacific Investment Management Company, LLC			190,298			—		0.25%
Parametric Portfolio Associates LLC			152,106			—		0.25% on the first $20 million in assets; 0.20% of the next $20 million in assets; and 0.15% of assets in excess of $40 million
Total(c)		$	1,820,881		$	(269,754	)
Diversified Income Fund
WFMC		$	175,204		$	(356,588)		0.40%

^(a) The total gross advisory and sub-advisory fees during the period were 0.80% for the International Fund

^(b) The total gross advisory and sub-advisory fees during the period were 1.50% for the Global Alpha Equities Fund

^(c) The total gross advisory and sub-advisory fees during the period were 0.55% for the Real Asset Fund

WFMC and the Funds’ shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses 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, or other extraordinary expenses 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 will recoup previously waived fees/expenses in subsequent years.

	Current  Contractual						Current
	Expense  Limitations						Termination
Fund	Class  A			Class  I			Date
International Fund		1.04	%		0.91	%		8/31/18
Global Alpha Equities Fund		1.50	%		1.25	%		8/31/18
Real Asset Fund*		0.96	%		0.71	%		8/31/18
Diversified Income Fund**		0.62	%		0.37	%		8/31/18

*Prior to July 1, 2017, the Real Asset Fund’s contractual expense limitation was 1.23% and 0.98% for Class A and Class I, respectively.

**Prior to September 1, 2017, the Diversified Income Fund’s contractual expense limitation was 0.74% and 0.49% for Class A and Class I, respectively.

Administrative Fees – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The 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. Effective October 1, 2017, the fees as described in the table below are accrued and paid daily and are disclosed on the Statement of Operations as “Administrative personnel and services fees.”

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)     90

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

Prior to October 1, 2017, the administrative fees were as follows:

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		0.0285	%	on the first $500 million
		0.0280	%	on the next $500 million
		0.0275	%	on assets in excess of $1 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, 2018, 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, 2018, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:

Fund	Distribution     Fees
International Fund		$	5,698
Global Alpha Equities Fund			46
Real Asset Fund			1,919
Diversified Income Fund			96,639

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the year ended April 30, 2018, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges     from Class A
International Fund		$	696
Global Alpha Equities Fund			33
Real Asset Fund			722
Diversified Income Fund			28,317

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

ANNUAL REPORT / April 30, 2018

91    NOTES TO FINANCIAL STATEMENTS (continued)

For the year ended April 30, 2018, M&T received a portion of the fees paid by the following Fund which is listed below:

Fund	Shareholder     Services     Fee
International Fund		$	646,720

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 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 Funds’ distributor. Transactions with affiliated companies during the year ended April 30, 2018 are as follows:

Fund/      Affiliated Investment     Name	Value     4/30/17		Purchases		Sales		Net Realized   Gain/(Loss)(a)		Net Change in     Unrealized Appreciation/ (Depreciation)		Value      4/30/18			Number     of Shares 4/30/18			Dividend     Income(b)		Capital Gain     Distributions
Diversified Income Fund
Investment Companies - 0.0%*
Wilmington International Fund		$  6,204,954		$—		$  6,722,034		$2,167,603		$(1,650,523)		$ —	(c)		—	(c)		$46,490		$ —	(c)
Wilmington Large-Cap Strategy Fund		4,284,311		19,590		4,469,976		619,542		(453,467)		—	(c)		—	(c)		19,590		—	(c)
TOTAL		$ 10,489,265		$19,590		$ 11,192,010		$2,787,145		$(2,103,990)		$ —			—			$66,080		$ —

* As a percentage of Net Assets as of April 30, 2018.

^(a) Realized Gain/(Loss) includes realized capital gain distributions paid by the affiliated fund and gain/(loss) on sales of the affiliated fund.

^(b) Dividend Income may include distributions from net investment income and return of capital paid by the affiliated fund to the Fund.

^(c) Value is zero.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities for the year ended April 30, 2018 were as follows:

	Investments
Fund	Purchases		Sales
International Fund		$537,914,429	$	408,714,369
Global Alpha Equities Fund		106,733,617		73,975,657
Real Asset Fund		236,013,230		282,163,814
Diversified Income Fund		35,118,978		39,522,709

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2018 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Real Asset Fund	$	1,287,654,982	$	1,312,981,849
Diversified Income Fund		685,580		500,000

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    92

7. LINE OF CREDIT

Effective April 6, 2017, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 5, 2019.

The Funds did not utilize the LOC for the year ended April 30, 2018.

8. RECENT REGULATORY UPDATES

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X was August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. The financial statements presented are in compliance with the most recent Regulation S-X amendments.

9. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefund-able Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

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 additional material events that would require recognition or disclosure in the Funds’ financial statements through this date.

11. 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, 2018, 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	0.00%
Global Alpha Equities Fund	58.79%
Real Asset Fund	12.37%
Diversified Income Fund	28.80%

For the fiscal year ended April 30, 2018, 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 15%:

Fund
International Fund	64.11%
Global Alpha Equities Fund	100.00%
Real Asset Fund	28.31%
Diversified Income Fund	50.45%

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, 2018

93    

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF WILMINGTON FUNDS

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Wilmington International Fund, Wilmington Global Alpha Equities Fund, Wilmington Real Asset Fund and Wilmington Diversified Income Fund (collectively referred to as the “Funds”), (four of the funds constituting the Wilmington Funds (the “Trust”)), including the portfolios of investments, as of April 30, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (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 (four of the funds constituting the Wilmington Funds) at April 30, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of 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 Trust 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 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. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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 procedures included confirmation of securities owned as of April 30, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Wilmington Funds’ investment companies since 1986.

Philadelphia, Pennsylvania

June 27, 2018

April 30, 2018 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS    94

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 12 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. 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      Address     Birth Year     Position With Trust     Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley*    Birth year: 1951    TRUSTEE    Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Director, AXA Equitable’s VIP Mutual Funds (2017 to present); Director, AXA Equitable (variable annuity) (2013 to present); Director, 1290 Mutual Funds (retail funds) (2013 to present); and Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 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); Chairman, Director and President’s Council, Union College (private college) (2011 to 2015).
	Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Director of M&T Bank Corporation and M&T Bank (2011 to 2012); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011); Senior Vice President and Treasurer at ITT Corporation (1996 to 2010); Assistant Treasurer at International Paper (1989 to 1996).
Christopher D. Randall*    Birth year: 1965    TRUSTEE    Began serving: September 2015    PRESIDENT    Began serving: September 2014	Principal Occupations: Senior Vice President, Wilmington Trust Corporation (2015 to present); Chief Operating Officer, Wilmington Trust Corporation (2012 to present); Senior Vice President, M&T Bank.
	Other Directorships Held: Trustee, Hilbert College (2015 to present).
	Previous Positions: President, Wilmington Retirement (2012 to 2015); President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc. and President of Wilmington Trust Investment Management, LLC (2014-2015); President, Mid-Atlantic Region Wealth Advisory Services, M&T Bank (2011 to 2013)

* Christopher D. Randall is “interested” due to the positions he currently holds with the Funds, Wilmington Trust’s Wealth and Institutional Services Division, M&T Bank, the parent of the Fund’s Advisor, and previous positions held with WTIA and WFMC. Donald E. Foley is “interested” due to the positions he previously held with Wilmington Trust Corporation, M&T Bank Corporation and M&T Bank, the parent of the Fund’s Advisor.

ANNUAL REPORT / April 30, 2018 (unaudited)

95    BOARD OF TRUSTEES AND TRUST OFFICERS

INDEPENDENT TRUSTEES BACKGROUND

Name     Birth Year     Position with Trust     Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano    Birth year: 1943    CHAIRMAN and TRUSTEE    Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: Kalmar Pooled Investment Trust (through 6/17); The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products)
	Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold    Birth year: 1944    TRUSTEE    Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Gregory P. Chandler    Birth year: 1966    TRUSTEE    Began serving: July 2017	Principal Occupations: Chief Financial Officer Emtec, Inc. (information technology services) (4/09 to present); President, GCVC Consulting (corporate governance consulting) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (19 portfolios) (registered investment companies) (2012 to present); Director, Emtec, Inc. (8/2005 to present); Director, FS Investment Corporation (business development company) (2007 to present); Trustee, FS Energy Partners (business development company) (2009 to present). Previous Positions: Managing Director, Head of Business Services and IT Services Practice, Janney Montgomery Scott LLC (investment banking/brokerage) (2003 to 2009).
John S. Cramer    Birth year: 1942    TRUSTEE    Began serving: December 2000	Principal Occupations: Retired. Other Directorships Held: Chairman and Director, CI Supply Corp. (medical supplies and equipment) (1/14 to 1/15); Director, Check Med Corp. (medical supplies and equipment) (6/08 to 1/14); Director, Highmark Blue Shield (health insurance) (2/01 to 6/10). Previous Positions: Consultant, Yaffe & Co. (compensation consultants) (6/02 to 6/12); President and Chief Executive Officer, Pinnacle Health Systems (nonprofit hospital and health care system in Central Pennsylvania) (through 2012).
Daniel R. Gernatt, Jr.    Birth year: 1940    TRUSTEE    Began serving: February 1988	Principal Occupations: President and CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present). Other Directorships Held: Director, Roswell Park Alliance (2008 to 2016); Trustee, Gernatt Family Foundation.
Richard B. Seidel    Birth year: 1941    TRUSTEE    Began serving: September 2003	Principal Occupations: Chairman, Seidel & Associates (legal consulting) (1/14 to present); Chairman, Girard Private Investment Group (registered investment adviser) (1/14 to present). Other Directorships Held: Director, Tristate Capital Holdings (9/07 to present). Previous Positions: Chairman, Girard Capital (broker-dealer) (1/10 to 2016); Chairman, Girard Partners, Ltd. (1/10 to 2016).

April 30, 2018 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS    96

OFFICERS

Name      Address     Birth Year     Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Jeffrey M. Seling Birth year: 1970 ASSISTANT TREASURER Began serving: June 2013 VICE PRESIDENT Began serving: June 2007	Principal Occupations: Administrative Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.; Assistant Treasurer, Wilmington Funds. Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017	Principal Occupations: Chief Operations Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc.; Vice President, Wilmington Funds Management Corporation (2005 to present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).
Lisa Druelinger Birth year: 1978 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER. Began serving: November 2017	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Vice President, M&T Bank. Previous Positions: Vice President and Senior Compliance Officer, Wilmington Trust Investment Advisors, Inc. (2015-2017); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2013-2015); Institutional and Retirement Services Product Manager, Wilmington Trust (2011-2013); Trust Compliance and Risk Management at M&T Bank (2006- 2011).
John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016	Principal Occupations: President, Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing), (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).
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995 to 2003).
Christopher W. Roleke 10 High Street, Suite 302 Boston, MA 02110 Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: July 2013	Principal Occupation: Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth Atlantic Terminal Office Tower, 2 Hanson Place, 12th Floor Brooklyn, NY 11217 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, 2018 (unaudited)

97    BOARD OF TRUSTEES AND TRUST OFFICERS

Name      Address     Birth Year     Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Richard J. Berthy    Three Canal Plaza, Suite 100    Portland, ME 04101    Birth year: 1958    CHIEF EXECUTIVE OFFICER    Began serving: September 2007	Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (2012 to present). Previous Positions: President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

April 30, 2018 (unaudited) / ANNUAL REPORT

98

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 with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

ANNUAL REPORT / April 30, 2018 (unaudited)

99

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

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.

Information The Funds Collect:

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 number, assets and income.

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of 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.

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. We do not permit them 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.

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 in order 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.

April 30, 2018 / ANNUAL REPORT

    100

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

• Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not 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 our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

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

E-mail:

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

ANNUAL REPORT / April 30, 2018

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WILMINGTON FUNDS Investment Advisor Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890 Sub-Advisor Wilmington Trust Investment Advisors 111 South Calvert Street 26th Floor Baltimore, MD 21202 Additional Sub-Advisors to the Wilmington International Fund Allianz Global Investors U.S. LLC 1633 Broadway New York, New York 10019 AXA Investment Managers, Inc. 100 West Putnam Avenue Greenwich, Connecticut 06830 Berenberg Asset Management LLC 330 N. Wabash Avenue, 39th floor Chicago, Illinois 60611 Nikko Asset Management Americas, Inc. 535 Madison Avenue, Suite 2500 New York, New York 10022 Schroder Investment Management North America, Inc. 875 Third Avenue New York, New York 10022 Additional Sub-Advisors to the Wilmington Global Alpha Equities Fund Wellington Management Company LLP 280 Congress Street Boston, Massachusetts 02210 Additional Sub-Advisors to the Wilmington Real Asset Fund Pacific Investment Management Company, LLC (“PIMCO”) 840 Newport Center Drive Newport Beach, CA 92660 Parametric Portfolio Associates, LLC 1918 Eighth Avenue, Suite 3100 Seattle, WA 98101 Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890 Custodian The Bank of New York Mellon 225 Liberty 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 Ernst & Young LLP One Commerce Square 2005 Market Street, Suite 700 Philadelphia, PA 19103 WT-AR-MMgr-0418 Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

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

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	17
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	21
Report of Independent Registered Public Accounting Firm	27
Board of Trustees and Trust Officers	28

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i

Esteemed Shareholder:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s annual fiscal year of May 1, 2017, through April 30, 2018. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The economy and financial markets in review

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

The economy

The U.S. economy has shown strength over the past year, with the second, third, and fourth quarters of 2018 exhibiting the strongest growth since 2015. Following the disappointment of Congress’s inability to pass comprehensive healthcare reform, Republicans redeemed themselves by passing the Tax Cuts and Jobs Act in December of 2017, which contributed to surging confidence from consumers and businesses alike. The Institute of Supply Management (“ISM”) Manufacturing Purchasing Managers Index (“PMI”)¹ peaked at 60.8 in February 2018—the highest level since 2004. Also in February, the Conference Board’s measure of consumer confidence reached the highest levels since 2000. Yet against this euphoric backdrop, Core Personal Consumption Expenditure (“PCE”) inflation held below the Federal Reserve’s 2% target and has only recently accelerated. As a result, the “goldilocks” (not too hot, not too cold) characterization of the U.S. economy has continued to ring true, with economic data for much of the fiscal year meeting or exceeding expectations, but not coming in so strong as to force the hand of the Federal Reserve into accelerating monetary policy tightening. In our estimation, the U.S. economy will grow at a pace of approximately 3% in 2018, with 0.5–0.75% of that attributable to tax cuts.

We are increasingly aware that the U.S. is closer to the end of the business cycle than to the beginning. The U.S. economic expansion is officially the second-longest on record. The labor market is tight by multiple measures, and the Federal Reserve is in the midst of a rate-hiking campaign (although it continues to move gradually). This has led short-maturity interest rates higher and contributed to the flattening of the yield curve; at the time of writing, the yield curve is less than 45 basis points (0.45%) away from inverting. (An inverted yield curve has preceded each of the last five recessions.) We do not view a U.S. recession as imminent but consider the U.S. economy in the later stages of the economic cycle.

Moving beyond U.S. borders, the past year has marked a period of synchronized global growth. The eurozone far surpassed growth expectations in 2017, with measures of loan growth, business expansion, and consumer confidence accelerating in the second half of 2017. Japan has printed a string of eight positive quarters of GDP growth, the longest such stretch since the 1990s. Emerging markets have also benefited from robust global demand and rising oil prices, which have increased nearly 50% over the past year. Some of this momentum cooled as the calendar turned on the new year. We still see economic growth as having legs, but the pace of growth across the board has decelerated, particularly relative to elevated expectations. We are watching carefully for signs of a more sustained slowdown, which would challenge our overall view.

Bond markets

The past year has been a challenging one for bond investors. For the fiscal year through January, bonds were holding their value and even posting modest single-digit total returns. However, inflationary fears began to emerge in the first quarter of 2018, sending the yield on the 10-year U.S. Treasury above 3% by the end of April. This was the first time the 10-year yield breached 3% since the end of 2013. The upward move in the short end of the yield curve has been even more dramatic and, as mentioned above, the yield curve has flattened alongside three rate hikes from the Fed (in June, December, and March). Higher yields have weighed on the price return of bonds, particularly for short-to-intermediate maturities. The Bloomberg Barclays U.S. Treasury Bond Index² has returned -1.07% over the period.

Investment-grade credit spreads remain tight but have increased in 2018. Spread stabilization and lower supply in coming months should support valuations. High-yield bond credit spreads to Treasuries remain quite low relative to history, despite higher volatility in 2018 and fund outflows from the asset class. Defaults are expected to remain low in the coming year.

For the 12-month period May 1, 2017 to April 30, 2018, certain Bloomberg indices performed as follows³:

Bloomberg Barclays U.S.   Treasury Bond   Index	Bloomberg Barclays U.S.   Aggregate Bond   Index4	Bloomberg   Barclays U.S.   Credit Bond Index5	Bloomberg Barclays   Municipal Bond   Index6	Bloomberg Barclays U.S.     Corporate High Yield     Bond Index7
-1.07%	-0.32%	0.65%	1.56%	3.26%

PRESIDENT’S MESSAGE / April 30, 2018 (unaudited)

ii

Equity markets

The synchronized global growth discussed earlier acted as a rising tide lifting all equity boats for most of the year, and equity markets enjoyed extremely low levels of volatility through January. U.S. equities were propelled by a healthy consumer, low inflation, a weakening dollar, and tax cuts. As strong as U.S. equity returns were, those of developed international and emerging economies were even better, particularly in U.S. dollar terms. However, equity markets experienced several hiccups in recent months. Concerns have mounted regarding higher inflation, regulations on technology companies, and protectionism, all of which have weighed on global equities and contributed to higher volatility in 2018. Additionally, the positive tailwind for U.S. and emerging markets equities coming from a weaker dollar will fade, as the U.S. dollar has reversed this year’s weakness. The dollar is 0.4% stronger year to date through April and increased 2.7% in the last two weeks of April alone. Equity markets have been choppier of late, but valuations are not overly concerning (though they are higher than 10-year averages across a number of regions), and we continue to believe the economic fundamentals are encouraging going forward. Therefore, we maintain our preference for stocks over bonds.

For the 12-month period May 1, 2017 to April 30, 2018, certain stock market indices performed as follows:

S&P 500® Index8	Russell         2000® Index9	MSCI EAFE         (Net) Index10	MSCI Emerging                  Markets (Net) Index11
13.27 %	11.54%	14.51%	21.71%

Despite growing uncertainty in financial markets, we remain focused on managing risk and growing our clients’ capital to help achieve their long-term goals.

Sincerely,

Christopher D. Randall

President

May 25, 2018

April 30, 2018 (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.     ISM Manufacturing PMI Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers Inventories, Employment, and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index. Responses are raw data and are never changed.

2.     Bloomberg Barclays 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.

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

4.     Bloomberg Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays 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 Barclays 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 Barclays 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 Barclays 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 Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices. An investment cannot be made directly in an index.

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

9.     The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of approximately $128 million to $1.3 billion.

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

11.   MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, 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, 2018 (unaudited)

1

WILMINGTON LARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, the Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 13.71%* for Class I Shares, versus its benchmark, the Russell 1000^® Index**, which had a total return of 13.17%.

At the July 2015 meeting, the Investment Strategy Team (“IST”) recommended a shift toward weighting sectors rather than the market cap and growth/value tilts prior to this meeting. The Fund was rebalanced to track a custom index incorporating the sector overweight/ underweight recommendations. The sector positioning of the Fund added approximately 80 basis points of outperformance versus the Russell 1000^® Index gross of fees. Over the last year, the Fund has generally had a pro-cyclical view of the market with over-weighted positions in the Technology, Financials, Industrials, Energy and Health-care sectors and underweights to the more defensive Utilities and Consumer Staples sectors. The sector positioning added to performance in every sector with particularly strong results from the underweights in Consumer Staples and Utilities and our over-weighted Technology position.

The IST and Investment Research Team are researching additional tactics to improve the risk adjusted return of the portfolio.

* 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. Mutual Funds are not obligations of or guaranteed by any bank and are not federally insured. 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 Russell 1000^® Index represents approximately 92% of the U.S. market and is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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

April 30, 2018 (unaudited) / ANNUAL REPORT

2

WILMINGTON LARGE-CAP STRATEGY FUND

The graph below illustrates the hypothetical investment of $1,000,000¹ in the Class I Shares of the Wilmington Large-Cap Strategy Fund from April 30, 2008 to April 30, 2018, compared to the Russell 1000^® Index.²

                    VALUE OF A HYPOTHETICAL $1,000,000 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  4/30/18
	1 Year	5 Years	10 Years
Class I^	13.71%	12.91%	8.33%
Russell 1000® Index	13.17%	12.84%	9.10%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.90% 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.

1 Represents a hypothetical investment of $1,000,000 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.

ANNUAL REPORT / April 30, 2018 (unaudited)

3

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you 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, 2017 to April 30, 2018.

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 Fund’s actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund’s 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, 2018.

	Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I		$1,000.00		$1,040.30		$1.26		0.25%
Hypothetical (assuming a 5% return before expense)
Class I		$1,000.00		$1,023.55		$1.25		0.25%

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

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

April 30, 2018 (unaudited) / ANNUAL REPORT

4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At April 30, 2018, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Information Technology		25.0	%
Financials		15.9	%
Consumer Discretionary		13.7	%
Health Care		13.5	%
Industrials		10.6	%
Energy		6.4	%
Consumer Staples		5.9	%
Materials		3.2	%
Real Estate		2.9	%
Telecommunication Services		1.6	%
Utilities		1.3	%
Investment Companies		0.0	%3
Rights		0.0	%3
Warrants		0.0	%3
Cash Equivalents1		1.1	%
Other Assets and Liabilities – Net2		(1.1	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in repurchase agreements.

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

(3) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Number of Shares		Value
COMMON STOCKS – 100.0%
CONSUMER DISCRETIONARY – 13.7%
AUTO COMPONENTS – 0.3%
Adient PLC	2,113	$	129,506
Aptiv PLC	5,250		444,045
BorgWarner, Inc.	4,380		214,357
Gentex Corp.	4,680		106,423
Goodyear Tire & Rubber Co. (The)	2,750		69,052
Lear Corp.	2,100		392,637
Visteon Corp.*	1,500		186,660
		$	1,542,680
AUTOMOBILES – 0.6%
Ford Motor Co.	68,400		768,816
General Motors Co.	29,600		1,087,504
Harley-Davidson, Inc.#	3,970		163,286

Description	Number of Shares		Value
Tesla, Inc.#,*	2,818	$	828,210
Thor Industries, Inc.	1,380		146,473
		$	2,994,289
DISTRIBUTORS – 0.1%
Genuine Parts Co.	4,020		355,046
LKQ Corp.*	3,880		120,358
		$	475,404
DIVERSIFIED CONSUMER SERVICES – 0.1%
Graham Holdings Co., Class B	140		84,427
Service Corp. International	4,170		152,247
ServiceMaster Global Holdings, Inc.*	2,280		115,368
		$	352,042
HOTELS, RESTAURANTS & LEISURE – 2.3%
Aramark	5,800		216,862

ANNUAL REPORT / April 30, 2018

5	PORTFOLIO OF INVESTMENTS
	Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Carnival Corp.		9,400	$	592,764
Chipotle Mexican Grill, Inc.*		200		84,666
Choice Hotels International, Inc.		1,610		128,880
Darden Restaurants, Inc.		1,440		133,718
Domino’s Pizza, Inc.		1,500		362,595
Dunkin’ Brands Group, Inc.#		3,900		237,744
Extended Stay America, Inc.		5,000		97,900
Hilton Grand Vacations, Inc.*		736		31,648
Hilton Worldwide Holdings, Inc.		3,853		303,771
Hyatt Hotels Corp., Class A		2,800		215,236
International Game Technology		1,273		35,988
Las Vegas Sands Corp.		9,520		698,102
Marriott International, Inc., Class A		6,636		907,008
McDonald’s Corp.		17,249		2,888,173
MGM Resorts International		12,310		386,780
Norwegian Cruise Line Holdings*		3,360		179,659
Restaurant Brands International LP		47		2,567
Royal Caribbean Cruises Ltd.		4,180		452,234
Six Flags Entertainment Corp.#		3,100		196,044
Starbucks Corp.		29,390		1,691,982
Wendy’s Co. (The)		200		3,348
Wyndham Worldwide Corp.		3,360		383,746
Wynn Resorts Ltd.		2,200		409,618
Yum China Holdings, Inc.		8,650		369,874
Yum! Brands, Inc.		8,550		744,705
			$	11,755,612
HOUSEHOLD DURABLES – 0.4%
DR Horton, Inc.		5,070		223,790
Garmin Ltd.		1,690		99,152
Leggett & Platt, Inc.		3,670		148,818
Lennar Corp., Class A		3,810		201,511
Lennar Corp., Class B		76		3,244
Mohawk Industries, Inc.*		1,700		356,796
Newell Brands, Inc.		4,669		129,004
NVR, Inc.*		30		93,000
PulteGroup, Inc.		10,090		306,332
Tempur Sealy International, Inc.*		200		8,950
Toll Brothers, Inc.		6,050		255,068
Tupperware Brands Corp.		1,000		44,560
Whirlpool Corp.		550		85,222
			$	1,955,447
INTERNET & CATALOG RETAIL – 3.7%
Amazon.com, Inc.*		8,360		13,092,847
Booking Holdings, Inc.*		1,030		2,243,340
Expedia Group, Inc.		2,852		328,379
Liberty Expedia Holdings, Inc., Class A*		1,640		66,912
Netflix, Inc.*		8,400		2,624,664

Description	Number of Shares		Value
Qurate Retail, Inc.*		7,350	$	172,063
TripAdvisor, Inc.#,*		2,200		82,324
			$	18,610,529
LEISURE EQUIPMENT & PRODUCTS – 0.1%
Hasbro, Inc.		3,490		307,434
Mattel, Inc.#		2,050		30,340
Polaris Industries, Inc.		1,900		199,158
			$	536,932
MEDIA – 2.6%
AMC Networks, Inc., Class A*		1,685		87,620
Cable One, Inc.		140		88,917
CBS Corp., Non-Voting		8,730		429,516
Charter Communications, Inc., Class A*		4,102		1,112,832
Comcast Corp., Class A		99,100		3,110,749
Discovery, Inc.#,*		600		14,190
DISH Network Corp., Class A*		4,580		153,659
GCI Liberty, Inc., Class A#,*		2,461		109,761
Interpublic Group of Cos., Inc. (The)		6,020		142,012
John Wiley & Sons, Inc., Class A		2,100		138,495
Liberty Broadband Corp., Class A*		1,335		94,091
Liberty Broadband Corp., Class C*		371		26,300
Liberty Media Corp. - Liberty Formula One, Class A*		210		5,903
Liberty Media Corp. - Liberty SiriusXM, Class A*		843		35,212
Liberty Media Corp. - Liberty SiriusXM, Class C*		6,086		253,543
Lions Gate Entertainment Corp., Class A		2,380		59,238
Lions Gate Entertainment Corp., Class B		2,290		52,716
Live Nation Entertainment, Inc.*		4,370		172,484
Madison Square Garden Co., Class A (The)*		729		177,162
News Corp., Class A		16,157		258,189
News Corp., Class B		300		4,875
Omnicom Group, Inc.		5,490		404,393
Sirius XM Holdings, Inc.#		52,540		332,578
Time Warner, Inc.		16,216		1,537,277
Tribune Media Co., Class A		2,550		96,365
Twenty-First Century Fox, Inc., Class A		25,630		937,033
Twenty-First Century Fox, Inc., Class B		5,180		186,843
Viacom, Inc., Class B		9,200		277,472
Walt Disney Co. (The)		30,346		3,044,614
			$	13,344,039
MULTILINE RETAIL – 0.5%
Burlington Stores, Inc.*		900		122,265
Dollar General Corp.		6,800		656,404
Dollar Tree, Inc.*		5,662		542,929

April 30, 2018 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 6

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Kohl’s Corp.		1,210	$	75,165
Macy’s, Inc.		7,580		235,511
Nordstrom, Inc.		580		29,325
Target Corp.		9,360		679,536
			$	2,341,135
SPECIALTY RETAIL – 2.3%
Advance Auto Parts, Inc.		1,850		211,732
AutoNation, Inc.*		480		22,171
AutoZone, Inc.*		660		412,183
Bed Bath & Beyond, Inc.		7,100		123,966
Best Buy Co., Inc.		5,980		457,649
CarMax, Inc.*		1,500		93,750
Foot Locker, Inc.		4,510		194,291
Home Depot, Inc. (The)		25,050		4,629,240
L Brands, Inc.		1,710		59,696
Lowe’s Cos., Inc.		18,500		1,524,955
Murphy USA, Inc.*		1,387		86,785
O’Reilly Automotive, Inc.*		2,000		512,140
Ross Stores, Inc.		9,140		738,969
Signet Jewelers Ltd.#		820		31,882
Tiffany & Co.		3,250		334,198
TJX Cos., Inc. (The)		13,740		1,165,839
Tractor Supply Co.		1,200		81,600
Ulta Beauty, Inc.*		1,700		426,547
Urban Outfitters, Inc.*		4,900		197,323
Williams-Sonoma, Inc.#		1,040		49,712
			$	11,354,628
TEXTILES, APPAREL & LUXURY GOODS – 0.7%
Carter’s, Inc.		1,400		140,448
Hanesbrands, Inc.		6,100		112,667
Lululemon Athletica, Inc.*		600		59,880
Michael Kors Holdings Ltd.*		1,600		109,472
NIKE, Inc., Class B		27,540		1,883,461
PVH Corp.		680		108,576
Ralph Lauren Corp.		700		76,895
Skechers U.S.A., Inc., Class A*		1,900		54,150
Tapestry, Inc.		8,010		430,698
Under Armour, Inc., Class A#,*		4,600		81,696
Under Armour, Inc., Class C#,*		722		11,083
VF Corp.		6,050		489,264
			$	3,558,290
TOTAL CONSUMER DISCRETIONARY			$	68,821,027
CONSUMER STAPLES – 5.9%
BEVERAGES – 1.5%
Brown-Forman Corp., Class A		1,100		58,707

Description	Number of Shares		Value
Brown-Forman Corp., Class B		4,525	$	253,581
Coca-Cola Co. (The)		67,200		2,903,712
Constellation Brands, Inc., Class A		2,700		629,451
Dr. Pepper Snapple Group, Inc.		2,200		263,912
Molson Coors Brewing Co., Class B		1,200		85,488
Monster Beverage Corp.*		9,500		522,500
PepsiCo, Inc.		25,900		2,614,346
			$	7,331,697
FOOD & STAPLES RETAILING – 1.4%
Casey’s General Stores, Inc.		400		38,640
Costco Wholesale Corp.		8,100		1,596,996
CVS Health Corp.		15,300		1,068,399
Kroger Co. (The)		15,500		390,445
Sprouts Farmers Market, Inc.*		7,300		182,719
Sysco Corp.		8,500		531,590
US Foods Holding Corp.*		2,300		78,614
Walgreens Boots Alliance, Inc.		14,100		936,945
Walmart, Inc.		26,400		2,335,344
			$	7,159,692
FOOD PRODUCTS – 1.0%
Archer-Daniels-Midland Co.		12,200		553,636
Bunge Ltd.		3,800		274,474
Campbell Soup Co.#		2,900		118,262
Conagra Brands, Inc.		10,500		389,235
General Mills, Inc.		6,700		293,058
Hain Celestial Group, Inc. (The)*		2,800		81,564
Hershey Co. (The)		3,500		321,790
Hormel Foods Corp.		2,100		76,125
Ingredion, Inc.		500		60,545
JM Smucker Co. (The)		900		102,672
Kellogg Co.		2,000		117,800
Kraft Heinz Co. (The)		8,300		467,954
Lamb Weston Holdings, Inc.		2,700		176,364
McCormick & Co., Inc.		700		73,787
Mondelez International, Inc., Class A		28,200		1,113,900
Pilgrim’s Pride Corp.*		4,600		99,360
Tyson Foods, Inc., Class A		6,800		476,680
			$	4,797,206
HOUSEHOLD PRODUCTS – 1.0%
Church & Dwight Co., Inc.		2,800		129,360
Clorox Co. (The)		2,700		316,440
Colgate-Palmolive Co.		13,600		887,128
Energizer Holdings, Inc.#		1,700		97,512
Kimberly-Clark Corp.		4,900		507,346
Procter & Gamble Co. (The)		42,700		3,088,918
			$	5,026,704

ANNUAL REPORT / April 30, 2018

7	PORTFOLIO OF INVESTMENTS
	Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
PERSONAL PRODUCTS – 0.2%
Edgewell Personal Care Co.*		3,900	$	171,795
Estee Lauder Cos., Inc., Class A (The)		3,200		473,888
Herbalife Nutrition Ltd.#,*		1,800		190,314
Nu Skin Enterprises, Inc., Class A		1,500		106,725
			$	942,722
TOBACCO – 0.8%
Altria Group, Inc.		35,200		1,975,072
Philip Morris International, Inc.		28,100		2,304,200
			$	4,279,272
TOTAL CONSUMER STAPLES			$	29,537,293
ENERGY – 6.4%
ENERGY EQUIPMENT & SERVICES – 0.8%
Baker Hughes, Inc.		4,700		169,717
Halliburton Co.		21,090		1,117,559
Helmerich & Payne, Inc.		4,260		296,283
Nabors Industries Ltd.		100		761
National Oilwell Varco, Inc.		4,905		189,676
Patterson-UTI Energy, Inc.		8,400		179,928
RPC, Inc.#		3,450		62,134
Schlumberger Ltd.		27,646		1,895,410
Transocean Ltd.#,*		20,800		257,296
			$	4,168,764
OIL, GAS & CONSUMABLE FUELS – 5.6%
Anadarko Petroleum Corp.		10,650		716,958
Andeavor		3,440		475,821
Apache Corp.#		4,540		185,913
Cabot Oil & Gas Corp.		14,200		339,522
Cheniere Energy, Inc.*		4,830		280,913
Chevron Corp.		41,620		5,207,078
Cimarex Energy Co.		1,700		171,003
CNX Resources Corp.*		6,500		96,590
Concho Resources, Inc.*		3,460		543,947
ConocoPhillips		27,260		1,785,530
CONSOL Energy, Inc.*		1,162		36,545
Continental Resources, Inc.*		2,620		173,077
Devon Energy Corp.		6,780		246,317
Diamondback Energy, Inc.*		2,200		282,590
Energen Corp.*		4,380		286,627
EOG Resources, Inc.		13,480		1,592,932
EQT Corp.		2,426		121,761
Exxon Mobil Corp.		89,193		6,934,756
Hess Corp.		3,390		193,196
HollyFrontier Corp.		6,440		390,844
Kinder Morgan, Inc.		31,355		496,036

Description	Number of Shares		Value
Laredo Petroleum, Inc.*		4,900	$	53,900
Marathon Oil Corp.		23,930		436,722
Marathon Petroleum Corp.		12,130		908,658
Murphy Oil Corp.		7,100		213,781
Noble Energy, Inc.		5,720		193,508
Occidental Petroleum Corp.		14,400		1,112,544
ONEOK, Inc.		6,660		401,065
PBF Energy, Inc., Class A		3,000		114,990
Phillips 66		10,490		1,167,642
Pioneer Natural Resources Co.		4,450		896,897
QEP Resources, Inc.*		5,800		70,644
SM Energy Co.		6,450		154,477
Targa Resources Corp.		4,300		201,971
Valero Energy Corp.		10,620		1,178,077
Whiting Petroleum Corp.#,*		5,287		215,815
Williams Cos., Inc. (The)		11,870		305,415
WPX Energy, Inc.*		3,017		51,561
			$	28,235,623
TOTAL ENERGY			$	32,404,387
FINANCIALS – 15.9%
CAPITAL MARKETS – 3.5%
Affiliated Managers Group, Inc.		1,270		209,372
Ameriprise Financial, Inc.		3,740		524,385
Bank of New York Mellon Corp. (The)		23,420		1,276,624
BlackRock, Inc.		2,860		1,491,490
Cboe Global Markets, Inc.		3,000		320,340
Charles Schwab Corp. (The)		27,150		1,511,712
CME Group, Inc.		8,000		1,261,440
E*TRADE Financial Corp.*		7,200		436,896
Eaton Vance Corp.		270		14,685
FactSet Research Systems, Inc.		840		158,852
Federated Investors, Inc., Class B		370		9,794
Franklin Resources, Inc.		2,520		84,773
Goldman Sachs Group, Inc. (The)		7,940		1,892,340
Interactive Brokers Group, Inc., Class A		2,300		170,660
Intercontinental Exchange, Inc.		14,090		1,020,961
Invesco Ltd.		3,520		101,974
Legg Mason, Inc.		210		8,337
LPL Financial Holdings, Inc.		3,200		193,824
Moody’s Corp.		4,340		703,948
Morgan Stanley		29,646		1,530,327
Morningstar, Inc.		1,100		119,438
MSCI, Inc.		2,820		422,521
Nasdaq, Inc.		3,830		338,266
Northern Trust Corp.		3,280		350,140
Raymond James Financial, Inc.		3,910		350,922

April 30, 2018 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 8

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
S&P Global, Inc.		6,090	$	1,148,574
SEI Investments Co.		3,840		242,803
State Street Corp.		9,070		905,005
T. Rowe Price Group, Inc.		3,680		418,858
TD Ameritrade Holding Corp.		3,750		217,837
			$	17,437,098
COMMERCIAL BANKS – 1.7%
Associated Banc-Corp.		6,885		182,108
Bank of Hawaii Corp.		2,470		207,999
BB&T Corp.		16,690		881,232
BOK Financial Corp.		820		82,558
Citizens Financial Group, Inc.		13,750		570,487
Commerce Bancshares, Inc.#		910		57,803
Cullen/Frost Bankers, Inc.		1,440		164,808
East West Bancorp, Inc.		2,500		166,550
Fifth Third Bancorp		18,250		605,352
First Horizon National Corp.		8,934		163,492
First Republic Bank		4,700		436,489
Huntington Bancshares, Inc.		16,541		246,626
KeyCorp		19,044		379,356
M&T Bank Corp.§		1,610		293,455
PacWest Bancorp.		2,239		114,726
PNC Financial Services Group, Inc. (The)		11,060		1,610,447
Regions Financial Corp.		28,556		533,997
Signature Bank*		1,000		127,150
SunTrust Banks, Inc.		11,980		800,264
SVB Financial Group*		1,200		359,532
Synovus Financial Corp.		5,194		271,490
TCF Financial Corp.		710		17,629
Zions Bancorporation		3,590		196,552
			$	8,470,102
CONSUMER FINANCE – 0.7%
Ally Financial, Inc.		3,900		101,790
American Express Co.		16,040		1,583,950
Capital One Financial Corp.		9,400		851,828
Credit Acceptance Corp.#,*		250		82,710
Discover Financial Services		9,580		682,575
Navient Corp.		1,360		18,034
SLM Corp.*		5,760		66,125
Synchrony Financial		12,000		398,040
			$	3,785,052
DIVERSIFIED FINANCIAL SERVICES – 6.5%
Bank of America Corp.		206,750		6,185,960
Berkshire Hathaway, Inc., Class B*		41,096		7,961,528
Citigroup, Inc.		53,582		3,658,043
Comerica, Inc.		5,030		475,737
JPMorgan Chase & Co.		73,820		8,030,140

Description	Number of Shares		Value
Leucadia National Corp.		710	$	17,068
U.S. Bancorp		29,970		1,511,987
Voya Financial, Inc.		1,900		99,465
Wells Fargo & Co.		89,975		4,675,101
			$	32,615,029
INSURANCE – 3.1%
Aflac, Inc.		19,300		879,501
Alleghany Corp.		156		89,649
Allstate Corp. (The)		8,980		878,424
American Financial Group, Inc.		1,600		181,152
American International Group, Inc.		16,080		900,480
Aon PLC		6,300		897,561
Arch Capital Group Ltd.*		2,590		207,537
Arthur J Gallagher & Co.		5,580		390,544
Assurant, Inc.		1,130		104,887
Assured Guaranty Ltd.		3,550		128,829
Axis Capital Holdings Ltd.		3,280		192,536
Brighthouse Financial, Inc.*		168		8,531
Brown & Brown, Inc.		9,540		259,774
Chubb Ltd.		10,847		1,471,612
Cincinnati Financial Corp.		5,106		359,156
CNA Financial Corp.#		1,050		52,983
Erie Indemnity Co., Class A		670		78,236
Everest Re Group Ltd.		1,170		272,224
FNF Group		5,341		196,709
Hanover Insurance Group, Inc. (The)		1,100		126,335
Hartford Financial Services Group, Inc. (The)		4,590		247,126
Lincoln National Corp.		6,070		428,785
Loews Corp.		5,050		264,923
Markel Corp.*		280		316,411
Marsh & McLennan Cos., Inc.		12,390		1,009,785
MetLife, Inc.		15,751		750,850
Old Republic International Corp.		1,900		38,760
Principal Financial Group, Inc.		6,990		413,948
Progressive Corp. (The)		12,930		779,550
Prudential Financial, Inc.		10,330		1,098,286
Reinsurance Group of America, Inc.		1,690		252,486
RenaissanceRe Holdings Ltd.		20		2,721
Torchmark Corp.		1,695		147,024
Travelers Cos., Inc. (The)		6,780		892,248
Unum Group		5,610		271,412
Validus Holdings Ltd.		170		11,521
White Mountains Insurance Group Ltd.		160		138,446
Willis Towers Watson PLC		2,700		400,977
WR Berkley Corp.		3,580		266,925
XL Group Ltd.		2,770		153,984
			$	15,562,828

ANNUAL REPORT / April 30, 2018

9	PORTFOLIO OF INVESTMENTS
	Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
MORTGAGE REAL ESTATE INVESTMENT TRUSTS – 0.0%**
AGNC Investment Corp.		430	$	8,136
Annaly Capital Management, Inc.		9,980		103,493
Chimera Investment Corp.		6,840		119,632
Granite Point Mortgage Trust, Inc.		170		2,829
			$	234,090
REAL ESTATE INVESTMENT TRUSTS – 0.0%**
Omega Healthcare Investors, Inc.#		7,800		202,644
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.4%
Broadcom, Inc.		9,033		2,072,351
THRIFTS & MORTGAGE FINANCE – 0.0%**
TFS Financial Corp.		150		2,236
TOTAL FINANCIALS			$	80,381,430
HEALTH CARE – 13.5%
BIOTECHNOLOGY – 2.0%
Agios Pharmaceuticals, Inc.*		900		75,519
Alexion Pharmaceuticals, Inc.*		3,090		363,477
Alkermes PLC*		800		35,416
Alnylam Pharmaceuticals, Inc.*		1,700		160,701
Amgen, Inc.		14,364		2,506,231
Biogen, Inc.*		4,600		1,258,560
BioMarin Pharmaceutical, Inc.*		2,900		242,179
Celgene Corp.*		16,666		1,451,609
Gilead Sciences, Inc.		28,644		2,068,956
Incyte Corp.*		2,960		183,342
Intercept Pharmaceuticals, Inc.#,*		600		40,806
Intrexon Corp.#,*		2,360		42,905
Ionis Pharmaceuticals, Inc.#,*		3,800		163,514
Neurocrine Biosciences, Inc.*		1,500		121,620
Regeneron Pharmaceuticals, Inc.*		1,300		394,784
United Therapeutics Corp.*		1,140		125,525
Vertex Pharmaceuticals, Inc.*		5,443		833,650
			$	10,068,794
HEALTH CARE EQUIPMENT & SUPPLIES – 2.9%
Abbott Laboratories		32,545		1,891,841
ABIOMED, Inc.*		600		180,570
Align Technology, Inc.*		1,160		289,826
Baxter International, Inc.		12,130		843,035
Becton Dickinson & Co.		5,334		1,236,795
Boston Scientific Corp.*		32,700		939,144
Cooper Cos., Inc. (The)		1,450		331,629
Danaher Corp.		12,080		1,211,866
DENTSPLY SIRONA, Inc.		3,679		185,201
DexCom, Inc.#,*		1,500		109,770
Edwards Lifesciences Corp.*		5,372		684,178

Description	Number of Shares		Value
Hill-Rom Holdings, Inc.		2,260	$	193,976
Hologic, Inc.*		6,740		261,445
IDEXX Laboratories, Inc.*		2,180		423,988
Intuitive Surgical, Inc.*		2,400		1,057,872
Medtronic PLC		26,426		2,117,515
ResMed, Inc.		4,220		399,381
Stryker Corp.		7,600		1,287,592
Teleflex, Inc.		1,360		364,317
Varian Medical Systems, Inc.*		2,750		317,873
Zimmer Biomet Holdings, Inc.		2,910		335,145
			$	14,662,959
HEALTH CARE PROVIDERS & SERVICES – 2.9%
Aetna, Inc.		7,131		1,276,806
AmerisourceBergen Corp.		4,770		432,067
Anthem, Inc.		5,710		1,347,503
Cardinal Health, Inc.		5,520		354,218
Centene Corp.*		4,132		448,653
Cigna Corp.		5,430		932,983
DaVita, Inc.*		2,788		175,059
Express Scripts Holding Co.*		12,662		958,513
HCA Healthcare, Inc.		5,400		516,996
Henry Schein, Inc.*		4,720		358,720
Humana, Inc.		3,230		950,201
Laboratory Corp. of America Holdings*		1,857		317,083
LifePoint Health, Inc.*		1,230		58,917
McKesson Corp.		4,100		640,461
MEDNAX, Inc.*		2,640		121,202
Patterson Cos., Inc.		270		6,286
Quest Diagnostics, Inc.		3,750		379,500
UnitedHealth Group, Inc.		20,420		4,827,288
Universal Health Services, Inc., Class B		2,480		283,216
			$	14,385,672
HEALTH CARE TECHNOLOGY – 0.1%
Cerner Corp.*		7,040		410,080
Veeva Systems, Inc., Class A*		3,320		232,832
			$	642,912
LIFE SCIENCES TOOLS & SERVICES – 0.9%
Agilent Technologies, Inc.		7,490		492,393
Bio-Rad Laboratories, Inc., Class A*		890		225,802
Bruker Corp.		4,900		144,697
Charles River Laboratories
International, Inc.*		2,120		220,883
Illumina, Inc.*		2,840		684,241
IQVIA Holdings, Inc.*		2,480		237,485
Mettler-Toledo International, Inc.*		620		347,157
PerkinElmer, Inc.		4,070		298,575
Thermo Fisher Scientific, Inc.		7,620		1,602,867

April 30, 2018 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 10

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Waters Corp.*		2,310	$	435,227
			$	4,689,327
PHARMACEUTICALS – 4.7%
AbbVie, Inc.		34,078		3,290,231
Allergan PLC		6,085		934,960
Bristol-Myers Squibb Co.		30,560		1,593,093
Eli Lilly & Co.		18,630		1,510,334
Johnson & Johnson		56,700		7,171,983
Merck & Co., Inc.		54,766		3,224,074
Mylan NV*		7,530		291,863
Perrigo Co. PLC		940		73,452
Pfizer, Inc.		119,903		4,389,649
Zoetis, Inc.		11,581		966,782
			$	23,446,421
TOTAL HEALTH CARE			$	67,896,085
INDUSTRIALS – 10.6%
AEROSPACE & DEFENSE – 3.2%
Arconic, Inc.		2,766		49,262
Boeing Co. (The)		11,740		3,915,994
BWX Technologies, Inc.		2,940		199,332
General Dynamics Corp.		5,730		1,153,506
HEICO Corp., Class A		1,562		112,698
Hexcel Corp.		3,600		239,292
Honeywell International, Inc.		16,870		2,440,752
Huntington Ingalls Industries, Inc.		1,345		327,117
L3 Technologies, Inc.		2,010		393,719
Lockheed Martin Corp.		5,650		1,812,746
Northrop Grumman Corp.		3,770		1,214,091
Raytheon Co.		6,620		1,356,703
Rockwell Collins, Inc.		2,800		371,112
Spirit AeroSystems Holdings, Inc., Class A		1,940		155,918
Textron, Inc.		3,270		203,198
TransDigm Group, Inc.		1,490		477,649
United Technologies Corp.		15,800		1,898,370
			$	16,321,459
AIR FREIGHT & LOGISTICS – 0.6%
C.H. Robinson Worldwide, Inc.		1,884		173,385
Expeditors International of Washington, Inc.		1,380		88,127
FedEx Corp.		5,560		1,374,432
United Parcel Service, Inc., Class B		13,330		1,512,955
			$	3,148,899
AIRLINES – 0.5%
Alaska Air Group, Inc.		2,700		175,311
American Airlines Group, Inc.		6,300		270,459
Copa Holdings SA , Class A		200		23,434

Description	Number of Shares		Value
Delta Air Lines, Inc.		12,490	$	652,228
Southwest Airlines Co.		13,230		698,941
Spirit Airlines, Inc.*		3,900		139,308
United Continental Holdings, Inc.*		7,383		498,648
			$	2,458,329
BUILDING PRODUCTS – 0.4%
Allegion PLC		2,233		172,343
Fortune Brands Home & Security, Inc.		4,760		260,324
Johnson Controls International PLC		15,031		509,100
Lennox International, Inc.		1,490		288,121
Masco Corp.		9,030		341,966
Owens Corning		2,290		149,972
Smith (A.O.) Corp.		5,000		306,750
			$	2,028,576
COMMERCIAL SERVICES & SUPPLIES – 0.4%
Cintas Corp.		2,520		429,156
Copart, Inc.*		3,800		194,104
Pitney Bowes, Inc.		8,500		86,870
Republic Services, Inc.		6,340		410,071
Stericycle, Inc.*		52		3,053
Waste Management, Inc.		10,640		864,926
			$	1,988,180
CONSTRUCTION & ENGINEERING – 0.1%
Jacobs Engineering Group, Inc.		4,150		241,073
Quanta Services, Inc.*		560		18,200
			$	259,273
ELECTRICAL EQUIPMENT – 0.4%
AMETEK, Inc.		3,160		220,568
Eaton Corp. PLC		7,478		561,074
Emerson Electric Co.		11,440		759,730
Hubbell, Inc.		1,290		133,979
Rockwell Automation, Inc.		2,320		381,710
			$	2,057,061
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.1%
Fortive Corp.		8,340		586,385
INDUSTRIAL CONGLOMERATES – 1.2%
3M Co.		12,860		2,499,855
Carlisle Cos., Inc.		1,290		138,972
General Electric Co.		171,520		2,413,286
Roper Technologies, Inc.		2,600		686,894
			$	5,739,007
MACHINERY – 2.1%
AGCO Corp.		3,260		204,337
Allison Transmission Holdings, Inc.		4,800		187,152
Caterpillar, Inc.		12,700		1,833,372

ANNUAL REPORT / April 30, 2018

11	PORTFOLIO OF INVESTMENTS
	Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Colfax Corp.*		2,900	$	89,929
Crane Co.		1,200		100,368
Cummins, Inc.		3,980		636,243
Deere & Co.		7,290		986,556
Donaldson Co., Inc.		4,010		177,483
Dover Corp.		4,160		385,632
Graco, Inc.		6,420		282,416
IDEX Corp.		2,120		283,359
Illinois Tool Works, Inc.		7,000		994,140
Ingersoll-Rand PLC		6,350		532,701
ITT, Inc.		2,535		123,936
Lincoln Electric Holdings, Inc.		1,900		157,453
Nordson Corp.		1,500		192,900
Oshkosh Corp.		1,790		129,166
PACCAR, Inc.		6,390		406,851
Parker-Hannifin Corp.		2,960		487,275
Pentair PLC		3,816		256,740
Snap-on, Inc.		1,280		185,920
Stanley Black & Decker, Inc.		4,120		583,351
Terex Corp.		3,730		136,220
Timken Co. (The)		600		25,650
Toro Co. (The)		3,780		220,714
Trinity Industries, Inc.		2,400		76,488
Valmont Industries, Inc.		1,060		150,626
WABCO Holdings, Inc.*		2,050		264,429
Wabtec Corp.#		1,720		152,753
Welbilt, Inc.*		3,910		74,916
Xylem, Inc.		5,010		365,229
			$	10,684,305
PROFESSIONAL SERVICES – 0.3%
Equifax, Inc.		3,660		410,103
IHS Markit Ltd.*		5,587		274,489
ManpowerGroup, Inc.		1,860		178,039
Nielsen Holdings PLC		3,150		99,067
TransUnion*		2,400		155,784
Verisk Analytics, Inc.*		2,000		212,900
			$	1,330,382
ROAD & RAIL – 1.1%
CSX Corp.		20,000		1,187,800
JB Hunt Transport Services, Inc.		2,280		267,740
Kansas City Southern		2,180		232,453
Landstar System, Inc.		1,590		161,623
Norfolk Southern Corp.		6,960		998,551
Old Dominion Freight Line, Inc.		2,100		281,106
Ryder System, Inc.		40		2,697
Union Pacific Corp.		17,470		2,334,516
			$	5,466,486

Description	Number of Shares		Value
TRADING COMPANIES & DISTRIBUTORS – 0.2%
Air Lease Corp.		1,200	$	50,028
Fastenal Co.#		3,520		175,965
HD Supply Holdings, Inc.*		1,000		38,710
MSC Industrial Direct Co., Inc., Class A		1,390		120,152
United Rentals, Inc.*		2,320		348,000
Watsco, Inc.#		100		16,742
WW Grainger, Inc.		1,140		320,739
			$	1,070,336
TRANSPORTATION INFRASTRUCTURE – 0.0%**
Macquarie Infrastructure Corp.		2,200		83,380
TOTAL INDUSTRIALS			$	53,222,058
INFORMATION TECHNOLOGY – 25.0%
COMMUNICATIONS EQUIPMENT – 1.2%
ARRIS International PLC*		1,900		51,300
Cisco Systems, Inc.		107,350		4,754,531
EchoStar Corp., Class A*		70		3,678
F5 Networks, Inc.*		490		79,914
Harris Corp.		2,859		447,205
Juniper Networks, Inc.		4,290		105,491
Motorola Solutions, Inc.		4,830		530,479
Palo Alto Networks, Inc.*		1,690		325,342
			$	6,297,940
COMPUTERS & PERIPHERALS – 4.0%
Apple, Inc.		107,660		17,791,892
Hewlett Packard Enterprise Co.		37,790		644,319
HP, Inc.		41,290		887,322
NCR Corp.*		20		615
NetApp, Inc.		3,553		236,559
Western Digital Corp.		5,283		416,248
			$	19,976,955
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
Amphenol Corp., Class A		7,900		661,309
Arrow Electronics, Inc.*		2,940		219,736
CDW Corp.		4,990		355,737
Cognex Corp.		5,000		231,250
Corning, Inc.		21,870		590,927
Dolby Laboratories, Inc., Class A		150		8,973
IPG Photonics Corp.*		700		149,121
Jabil, Inc.		500		13,300
National Instruments Corp.		1,930		78,918
Trimble Navigation Ltd.*		6,680		231,128
			$	2,540,399
INTERNET SOFTWARE & SERVICES – 4.7%
Akamai Technologies, Inc.*		4,750		340,337

April 30, 2018 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 12

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Alphabet, Inc., Class A*		6,295	$	6,411,961
Alphabet, Inc., Class C*		6,429		6,540,415
eBay, Inc.*		23,690		897,377
Facebook, Inc., Class A*		49,580		8,527,760
GoDaddy, Inc., Class A*		650		41,964
IAC/InterActiveCorp*		1,300		210,782
LogMeIn, Inc.		57		6,281
Match Group, Inc.#,*		1,200		56,544
Twitter, Inc.*		9,110		276,124
VeriSign, Inc.#,*		3,050		358,131
Zillow Group, Inc., Class A#,*		1,200		58,044
Zillow Group, Inc., Class C#,*		2,000		96,980
			$	23,822,700
IT SERVICES – 4.6%
Accenture PLC, Class A		13,900		2,101,680
Alliance Data Systems Corp.		1,290		261,934
Amdocs Ltd.		2,620		176,195
Automatic Data Processing, Inc.		10,530		1,243,382
Black Knight, Inc.*		2,037		99,100
Broadridge Financial Solutions, Inc.		3,630		389,172
Cognizant Technology Solutions Corp.,
Class A		11,910		974,476
DXC Technology Co.		6,676		688,029
Fidelity National Information Services, Inc.		6,443		611,892
First Data Corp., Class A*		8,200		148,420
Fiserv, Inc.*		10,720		759,619
FleetCor Technologies, Inc.*		2,000		414,560
Gartner, Inc.*		1,600		194,064
Global Payments, Inc.		4,400		497,420
International Business Machines Corp.		17,760		2,574,490
Jack Henry & Associates, Inc.		1,900		227,012
Leidos Holdings, Inc.		2,200		141,306
Mastercard, Inc., Class A		19,820		3,533,311
Paychex, Inc.		6,570		397,945
PayPal Holdings, Inc.*		25,265		1,885,022
Square, Inc., Class A*		5,100		241,434
Switch, Inc., Class A#		1,700		24,225
Teradata Corp.*		270		11,048
Total System Services, Inc.		3,720		312,703
Visa, Inc., Class A		38,920		4,938,170
Western Union Co. (The)		6,540		129,165
Worldpay, Inc., Class A*		5,100		414,222
Xerox Corp.		700		22,015
			$	23,412,011
PROFESSIONAL SERVICES – 0.1%
CoStar Group, Inc.*		1,000		366,660

Description	Number of Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.8%
Advanced Micro Devices, Inc.#,*		2,600	$	28,288
Analog Devices, Inc.		7,952		694,607
Applied Materials, Inc.		24,680		1,225,856
Cypress Semiconductor Corp.		12,000		174,960
First Solar, Inc.*		2,700		191,457
Intel Corp.		101,970		5,263,691
KLA-Tencor Corp.		4,150		422,221
Lam Research Corp.		3,680		681,021
Marvell Technology Group Ltd.		11,490		230,489
Maxim Integrated Products, Inc.		3,420		186,390
Microchip Technology, Inc.#		6,339		530,321
Micron Technology, Inc.*		23,900		1,098,922
NVIDIA Corp.		11,980		2,694,302
NXP Semiconductors NV*		6,000		629,400
ON Semiconductor Corp.*		8,220		181,498
Qorvo, Inc.*		3,350		225,790
QUALCOMM, Inc.		28,580		1,457,866
Skyworks Solutions, Inc.		5,100		442,476
Teradyne, Inc.		7,250		235,988
Texas Instruments, Inc.		22,200		2,251,746
Versum Materials, Inc.		2,600		91,468
Xilinx, Inc.		5,500		353,320
			$	19,292,077
SOFTWARE – 6.0%
Activision Blizzard, Inc.		16,670		1,106,054
Adobe Systems, Inc.*		10,160		2,251,456
ANSYS, Inc.*		1,380		223,091
Atlassian Corp. PLC, Class A*		900		50,382
Autodesk, Inc.*		5,330		671,047
CA, Inc.		2,480		86,304
Cadence Design Systems, Inc.*		8,810		352,929
CDK Global, Inc.		4,676		305,062
Citrix Systems, Inc.*		3,590		369,447
Dell Technologies, Inc., Class V*		3,283		235,621
Delphi Technologies PLC		1,750		84,717
Electronic Arts, Inc.*		7,010		827,040
FireEye, Inc.*		800		14,440
Fortinet, Inc.*		400		22,144
Intuit, Inc.		6,000		1,108,740
Manhattan Associates, Inc.*		300		12,918
Micro Focus International PLC ADR		1,556		26,950
Microsoft Corp.		158,549		14,827,502
Oracle Corp.		63,710		2,909,636
PTC, Inc.*		2,100		172,935
Red Hat, Inc.*		4,030		657,132

ANNUAL REPORT / April 30, 2018

13	PORTFOLIO OF INVESTMENTS
	Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
salesforce.com, Inc.*		14,930	$	1,806,381
ServiceNow, Inc.*		3,900		647,946
Splunk, Inc.*		2,800		287,420
Symantec Corp.		12,620		350,710
Synopsys, Inc.*		2,600		222,326
Take-Two Interactive Software, Inc.*		1,200		119,652
Ultimate Software Group, Inc.*		140		33,589
VMware, Inc., Class A#,*		1,510		201,223
Workday, Inc., Class A*		1,750		218,470
Zynga, Inc., Class A*		1,300		4,485
			$	30,207,749
TELECOMMUNICATIONS – 0.1%**
Arista Networks, Inc.*		600		158,730
CommScope Holding Co., Inc.*		2,400		91,728
			$	250,458
TOTAL INFORMATION TECHNOLOGY			$	126,166,949
MATERIALS – 3.2%
CHEMICALS – 2.3%
Air Products & Chemicals, Inc.		5,100		827,679
Albemarle Corp.		2,000		193,920
Ashland Global Holdings, Inc.		1,200		79,416
Axalta Coating Systems Ltd.*		4,300		132,870
Cabot Corp.		600		33,516
Celanese Corp., Class A		3,500		380,345
CF Industries Holdings, Inc.		7,200		279,360
Chemours Co. (The)		800		38,728
DowDuPont, Inc.		46,337		2,930,352
Eastman Chemical Co.		4,000		408,320
Ecolab, Inc.		5,900		854,143
FMC Corp.		3,900		310,947
Huntsman Corp.		5,200		154,804
International Flavors & Fragrances, Inc.		1,000		141,260
LyondellBasell Industries NV, Class A		7,600		803,548
Monsanto Co.		9,900		1,241,163
PPG Industries, Inc.		5,000		529,400
Praxair, Inc.		6,500		991,380
RPM International, Inc.		2,700		130,410
Sherwin-Williams Co. (The)		1,800		661,788
Valvoline, Inc.		3,294		66,802
Westlake Chemical Corp.		1,300		139,061
			$	11,329,212
CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		1,000		98,960
Martin Marietta Materials, Inc.		1,400		272,678
Vulcan Materials Co.		3,300		368,577
			$	740,215

Description	Number of Shares		Value
CONTAINERS & PACKAGING – 0.3%
Avery Dennison Corp.		900	$	94,329
Ball Corp.		3,300		132,297
International Paper Co.		10,300		531,068
Owens-Illinois, Inc.*		7,300		148,409
Packaging Corp. of America		2,200		254,518
WestRock Co.		5,300		313,548
			$	1,474,169
METALS & MINING – 0.5%
Alcoa Corp.*		4,588		234,906
Freeport-McMoRan, Inc.		30,300		460,863
Newmont Mining Corp.		12,300		483,267
Nucor Corp.		8,500		523,770
Reliance Steel & Aluminum Co.		1,800		158,256
Royal Gold, Inc.		1,300		115,440
Southern Copper Corp.#		800		42,248
Steel Dynamics, Inc.		6,200		277,822
United States Steel Corp.		5,900		199,597
			$	2,496,169
PAPER & FOREST PRODUCTS – 0.0%**
Domtar Corp.		3,100		136,090
TOTAL MATERIALS			$	16,175,855
REAL ESTATE – 2.9%
REAL ESTATE INVESTMENT TRUSTS – 2.8%
Alexandria Real Estate Equities, Inc.		2,815		350,665
American Campus Communities, Inc.		4,700		183,817
American Homes 4 Rent, Class A		1,650		33,330
American Tower Corp.		8,360		1,139,970
Apartment Investment & Management Co.,
Class A		3,970		161,182
AvalonBay Communities, Inc.		1,522		248,086
Boston Properties, Inc.		2,750		333,877
Brandywine Realty Trust		4,680		75,395
Camden Property Trust		2,670		228,018
CoreCivic, Inc.		167		3,367
Corporate Office Properties Trust		4,700		129,297
Crown Castle International Corp.		8,340		841,256
CyrusOne, Inc.		600		32,154
Digital Realty Trust, Inc.		3,910		413,248
Douglas Emmett, Inc.		4,410		164,361
Duke Realty Corp.		10,010		271,271
Equinix, Inc.		1,681		707,348
Equity Commonwealth*		4,992		154,702
Equity LifeStyle Properties, Inc.		2,800		249,648
Equity Residential		3,750		231,412
Essex Property Trust, Inc.		1,073		257,187

April 30, 2018 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 14

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Extra Space Storage, Inc.		3,100	$	277,729
Federal Realty Investment Trust		970		112,374
Forest City Realty Trust, Inc., Class A		3,400		68,204
Gaming and Leisure Properties, Inc.		1,404		48,115
GGP, Inc.		3,443		68,826
HCP, Inc.		4,530		105,821
Hospitality Properties Trust		3,600		89,568
Host Hotels & Resorts, Inc.		19,340		378,290
Iron Mountain, Inc.		3,503		118,892
JBG SMITH Properties		836		30,823
Kilroy Realty Corp.		3,325		238,303
Kimco Realty Corp.		10,480		152,065
Lamar Advertising Co., Class A		2,400		152,904
Liberty Property Trust		4,040		168,953
Life Storage, Inc.		1,000		88,440
Macerich Co. (The)		760		43,791
Mid-America Apartment Communities, Inc.		3,271		299,166
National Retail Properties, Inc.		2,500		95,100
Park Hotels & Resorts, Inc.		292		8,404
Piedmont Office Realty Trust, Inc., Class A		4,950		88,704
Prologis, Inc.		11,490		745,816
Public Storage		3,260		657,803
Rayonier, Inc.		5,615		208,822
Realty Income Corp.		6,710		338,922
Regency Centers Corp.		2,035		119,760
Retail Properties of America, Inc., Class A		5,400		62,316
SBA Communications Corp.*		2,850		456,655
Senior Housing Properties Trust		5,700		88,749
Simon Property Group, Inc.		6,093		952,580
SL Green Realty Corp.		490		47,893
Spirit Realty Capital, Inc.		10,400		83,720
UDR, Inc.		8,580		310,167
Uniti Group, Inc.*		1,600		28,832
Ventas, Inc.		3,286		168,966
Vornado Realty Trust		2,473		168,238
Weingarten Realty Investors		3,560		97,793
Welltower, Inc.		3,770		201,469
Weyerhaeuser Co.		13,642		501,753
			$	14,084,317
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CBRE Group, Inc., Class A*		5,510		249,658
Howard Hughes Corp. (The)*		658		89,027
			$	338,685
TOTAL REAL ESTATE			$	14,423,002
TELECOMMUNICATION SERVICES – 1.6%

Description	Number of Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.5%
AT&T, Inc.		110,000	$	3,597,000
CenturyLink, Inc.		14,085		261,699
Verizon Communications, Inc.		79,700		3,933,195
Zayo Group Holdings, Inc.*		700		25,410
			$	7,817,304
WIRELESS TELECOMMUNICATION SERVICES – 0.1%
Sprint Corp.#,*		6,950		38,989
T-Mobile US, Inc.*		7,600		459,876
			$	498,865
TOTAL TELECOMMUNICATION SERVICES			$	8,316,169
UTILITIES – 1.3%
ELECTRIC UTILITIES – 0.7%
American Electric Power Co., Inc.		4,100		286,918
Avangrid, Inc.#		2,900		152,859
Duke Energy Corp.		6,800		545,088
Edison International		600		39,312
Entergy Corp.		2,800		228,452
Eversource Energy		4,300		259,075
Exelon Corp.		12,000		476,160
NextEra Energy, Inc.		4,500		737,595
OGE Energy Corp.		6,600		216,942
PPL Corp.		11,500		334,650
Southern Co. (The)		6,200		285,944
			$	3,562,995
GAS UTILITIES – 0.0%**
UGI Corp.		1,400		67,746
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS – 0.0%**
NRG Energy, Inc.		6,400		198,400
MULTI-UTILITIES – 0.5%
CenterPoint Energy, Inc.		9,100		230,503
CMS Energy Corp.		5,200		245,388
Consolidated Edison, Inc.		4,500		360,585
Dominion Energy, Inc.		7,400		492,544
DTE Energy Co.		500		52,700
PG&E Corp.		1,400		64,540
Public Service Enterprise Group, Inc.		3,400		177,310
Sempra Energy		1,500		167,700
Vectren Corp.		1,100		77,297
WEC Energy Group, Inc.		1,900		122,132
Xcel Energy, Inc.		7,700		360,668
			$	2,351,367
WATER UTILITIES – 0.1%
American Water Works Co., Inc.		1,800		155,844

ANNUAL REPORT / April 30, 2018

15	PORTFOLIO OF INVESTMENTS
	Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Aqua America, Inc.		3,600	$	126,540
			$	282,384
TOTAL UTILITIES			$	6,462,892
TOTAL COMMON STOCKS (COST $245,223,850)			$	503,807,147
INVESTMENT COMPANIES – 0.0%**
EQUITY FUNDS – 0.0%**		700		103,068
iShares Russell 1000 ETF
iShares Russell 1000 Growth ETF		500		68,225
iShares Russell 1000 Value ETF		500		60,170
TOTAL EQUITY FUNDS			$	231,463
TOTAL INVESTMENT COMPANIES (COST $228,360)			$	231,463
RIGHTS – 0.0%**
Celgene Corp.*,††		89		27
Community Health Systems, Inc.*		3,700		39
TOTAL RIGHTS (COST $142)			$	66
WARRANT – 0.0%**
American International Group, Inc. CW21, Expire 1/19/21*		2,055		35,572
TOTAL WARRANT (COST $34,935)			$	35,572
TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $245,487,287)			$	504,074,248
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN –1.1%
REPURCHASE AGREEMENTS – 1.1%
BNP Paribas SA, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $1,040,181, collateralized by U.S. Government & Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 8/15/46; total market value of $1,060,934.	$	1,040,131	$	1,040,131
Daiwa Capital Markets America, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $1,040,181, collateralized by U.S. Government & Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 12/01/51; total market value of $1,060,934.		1,040,131		1,040,131
JP Morgan Securities LLC, 1.71%, dated 4/30/18, due 5/01/18, repurchase price $413,317, collateralized by U.S. Treasury Securities, 1.13% to 2.25%, maturing 1/31/19 to 1/31/24; total market value of $421,564.		413,297		413,297

Description	Par Value		Value
Nomura Securities International, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $1,040,181, collateralized by U.S. Government Securities, 0.00% to 10.50%, maturing 5/01/18 to 3/20/68; total market value of $1,060,933.	$	1,040,131	$	1,040,131
RBC Dominion Securities, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $1,040,181, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 10/31/18 to 9/09/49; total market value of $1,060,934.		1,040,131		1,040,131
TD Securities, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $1,040,181, collateralized by U.S. Government Securities, 4.00% to 4.50%, maturing 3/01/47 to 3/01/48; total market value of $1,060,933.		1,040,131		1,040,131
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $5,613,952)			$	5,613,952
TOTAL INVESTMENTS – 101.1% (COST $251,101,239)			$	509,688,200
COLLATERAL FOR SECURITIES ON LOAN – (1.1%)				(5,613,952	)
OTHER LIABILITIES LESS ASSETS – 0.0%**				(60,508	)
TOTAL NET ASSETS – 100.0%			$	504,013,740

April 30, 2018 / ANNUAL REPORT

PORTFOLIO OF INVESTMENTS 16

Wilmington Large-Cap Strategy Fund (concluded)

Cost of investments for Federal income tax purposes is $260,679,175. The net unrealized appreciation/(depreciation) of investments was $249,009,025. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $252,526,597 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(3,517,572).

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	503,807,147	$	—	$	—	$	503,807,147
Investment Companies		231,463		—		—		231,463
Rights		—		66		—		66
Warrant		—		35,572		—		35,572
Repurchase Agreements		—		5,613,952		—		5,613,952
Total	$	504,038,610	$	5,649,590	$	—	$	509,688,200

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

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At April 30, 2018, the value of these securities amounted to $27 representing 0.00% of total net assets.

* Non-income producing security.

** Represents less than 0.05%.

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

The following acronyms are used throughout this Fund:
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
LP	Limited Partnership
PLC	Public Limited Company

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

17 STATEMENT OF ASSETS AND LIABILITIES

April 30, 2018		Wilmington Large-Cap Strategy Fund
ASSETS:
Investments, at identified cost	$	251,101,239	(a)
Investments in repurchase agreements, at value	$	5,613,952
Investments in securities, at value (Including $5,477,079 of securities on loan) (Note 2)		504,074,248	(b)
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		509,688,200
Income receivable		404,542
Receivable for shares sold		292,608
Receivable for investments sold		489,474
Prepaid assets		18,337
TOTAL ASSETS		510,893,161
LIABILITIES:
Overdraft due to custodian		706,600
Collateral for securities on loan		5,613,952
Payable for shares redeemed		291,334
Payable for Trustees’ fees		6,410
Other accrued expenses		261,125
TOTAL LIABILITIES		6,879,421
NET ASSETS	$	504,013,740
NET ASSETS CONSIST OF:
Paid-in capital	$	245,915,631
Undistributed net investment income		634,043
Accumulated net realized gain (loss) on investments		(1,122,895	)
Net unrealized appreciation (depreciation) of investments		258,586,961
TOTAL NET ASSETS	$	504,013,740
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class I
Net Assets	$	504,013,740
Shares outstanding (unlimited shares authorized)		22,933,028
Net Asset Value per share	$	21.98

(a) Includes $127,293 of investments in affiliated issuers.

(b) Includes $293,455 of investments in affiliated issuers.

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

STATEMENTS OF OPERATIONS 18

Year Ended April 30, 2018	Wilmington Large-Cap  Strategy Fund
INVESTMENT INCOME:
Dividends		$	10,078,546	(a)(b)
Securities lending income			45,367
TOTAL INVESTMENT INCOME			10,123,913
EXPENSES:
Investment advisory fee			2,710,747
Administrative personnel and services fees			176,015
Portfolio accounting and administration fees			144,088
Custodian fees			62,283
Transfer and dividend disbursing agent fees and expenses			113,118
Trustees’ fees			62,231
Professional fees			94,674
Shareholder services fee— Class I			1,355,370
Share registration costs			20,506
Printing and postage			27,228
Miscellaneous			113,607
TOTAL EXPENSES			4,879,867
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(2,169,123	)
Waiver of shareholder services fee—Class I			(1,355,370	)
TOTAL WAIVERS AND REIMBURSEMENTS			(3,524,493	)
Net expenses			1,355,374
Net investment income			8,768,539
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			25,914,532
Net realized gain (loss) on foreign currency transactions			13
Net change in unrealized appreciation (depreciation) of unaffiliated investments			36,272,016
Net change in unrealized appreciation (depreciation) of affiliated investments			43,245
Net realized and unrealized gain (loss) on investments			62,229,806
Litigation Settlement (See Note 7)			(18,572	)
Change in net assets resulting from operations		$	70,979,773

(a) Net of foreign withholding taxes withheld of $935.

(b) Includes $4,830 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

19 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington Large-Cap Strategy Fund
	Year Ended     April 30, 2018			Year Ended     April 30, 2017
OPERATIONS:
Net investment income	$	8,768,539		$	9,822,315
Net realized gain (loss) on investments(a)		25,895,973			7,868,520
Net change in unrealized appreciation (depreciation) of investments		36,315,261			76,903,218
Change in net assets resulting from operations		70,979,773			94,594,053
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class I		(8,955,957	)		(10,065,232	)
Change in net assets resulting from distributions to shareholders		(8,955,957	)		(10,065,232	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class I		45,755,311			80,203,786
Distributions reinvested
Class I		2,208,114			2,699,521
Cost of shares redeemed
Class I		(160,783,455	)		(219,530,415	)
Change in net assets resulting from share transactions		(112,820,030	)		(136,627,108	)
Change in net assets		(50,796,214	)		(52,098,287	)
NET ASSETS:
Beginning of year		554,809,954			606,908,241
End of year	$	504,013,740		$	554,809,954
Undistributed (accumulated) net investment income (loss) included in net assets at end of year	$	634,043		$	840,558
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class I		2,130,793			4,452,169
Distributions reinvested
Class I		104,251			149,601
Shares redeemed
Class I		(7,531,999	)		(12,258,584	)
Net change resulting from share transactions		(5,296,955	)		(7,656,814	)

(a) Includes Litigation settlement (See Note 7)

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 20

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

  WILMINGTON LARGE-CAP STRATEGY FUND

CLASS I	Year Ended   April 30, 2018			Year Ended   April 30, 2017			Year Ended   April 30, 2016			Year Ended   April 30, 2015			Year Ended         April 30, 2014
Net Asset Value, Beginning of Year		$19.65			$16.91			$18.46			$17.27			$14.63
Income (Loss) From Operations:
Net Investment Income(a)		0.34			0.32			0.29			0.28			0.27
Net Realized and Unrealized Gain (Loss) on Investments		2.34	(b)		2.75			(0.42	)		2.19			2.65
Total Income (Loss) From Operations		2.68			3.07			(0.13	)		2.47			2.92
Less Distributions From:
Net Investment Income		(0.35	)		(0.33	)		(0.28	)		(0.27	)		(0.28	)
Net Realized Gains		—			—			(1.14	)		(1.01	)		—
Total Distributions		(0.35	)		(0.33	)		(1.42	)		(1.28	)		(0.28	)
Net Asset Value, End of Year		$21.98			$19.65			$16.91			$18.46			$17.27
Total Return		13.71	%(b)		18.32	%		(0.87	)%		14.52	%		20.12	%
Net Assets, End of Year (000’s)		$504,014			$554,810			$606,908			$468,978			$397,407
Ratios to Average Net Assets
Gross Expense		0.90	%		0.90	%		0.89	%		0.86	%		0.87	%
Net Expenses(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income		1.62	%		1.75	%		1.68	%		1.52	%		1.71	%
Portfolio Turnover Rate		15	%		18	%		81	%		15	%		29	%

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

(b) Amount includes a non-recurring settlement paid by the Fund related to Legal Proceedings (Note 7). The settlement payment impacted the realized (loss) per share by $0.00 for Class I. Total return was not impacted.

(c) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

21 NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2018

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 12 portfolios, 1 of which is presented herein (referred to as the “Fund”). The remaining 11 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”)(d)	The Fund seeks to achieve long-term capital appreciation.

(d)   Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Class A, Service Class, Select Class, Administrative Class and Institutional Class are not available for the Fund. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its 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.

Investment Valuation – The Fund utilizes a fair value approach. The fair value of the Fund’s 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 net asset value (“NAV”);

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

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

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

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 the 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.

The Fund’s policy is to disclose transfers between levels based on valuations at the beginning of the period. The Fund may hold securities which are periodically fair valued in accordance with the Fund’s fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the year. As of April 30, 2018, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS     (continued) 22

assigned to securities at the beginning of the period, except for two securities, which were transferred from Level 1 to Level 2 at a valuation of $41,162 and $27, respectively, due to the application of fair value procedures necessitated by the lack of a current market quotation or sufficient volume of trading in the security. Pursuant to the Fund’s 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. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

Repurchase Agreements - Repurchase agreements are transactions in which a fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is the Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Fund’s 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 Fund holds a “securities entitlement” and exercise “control” as those terms are defined in the Uniform Commercial Code. The Fund has 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 Fund to receive less than the full repurchase price.

Repurchase agreements are entered into by the Fund under Master Repurchase Agreements (“MRA”) which permit the Fund, 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 the Fund.

At April 30, 2018, 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 Amount(2)
Large-Cap Strategy Fund
BNP Paribas SA		$1,040,131		$1,040,131		$—		$—
Daiwa Capital Markets America		1,040,131		1,040,131		—		—
JP Morgan Securities LLC		413,297		413,297		—		—
Nomura Securities International, Inc.		1,040,131		1,040,131				—
RBC Dominion Securities, Inc.		1,040,131		1,040,131		—		—
TD Securities, Inc.		1,040,131		1,040,131		—		—
		$5,613,952		$5,613,952		$—		$—

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

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

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. 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.

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.

Real Estate Investment Trusts – The Fund may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted to the actual amounts when the amounts are determined.

ANNUAL REPORT / April 30, 2018

23 NOTES TO FINANCIAL STATEMENTS     (continued)

Federal Taxes – It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of its income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

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.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended April 30, 2018, the Fund did not incur any interest or penalties.

Warrants and Rights – The Fund may hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Fund until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Fund is not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.

Lending of Portfolio Securities – The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Fund 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 Fund. In exchange for lending securities under the terms of the agreement with its custodian, the Fund receives a lender’s fee. Fees earned by the Fund on securities lending are recorded as income. Loans of securities by the Fund 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 owned. The custodian establishes and maintains the collateral in a segregated account. The Fund has 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 Fund and any additional required collateral is delivered to the Fund on the next business day.

Investments purchased with cash collateral are presented on the portfolio of investments under the caption “Cash Collateral Invested for Securities on Loan.”

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

At April 30, 2018, 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 Amount(2)
Large-Cap Strategy Fund		$5,477,079		$5,477,079		$—

  ⁽¹⁾Collateral with a value of $5,613,952 has been received in connection with securities lending transactions.

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

3. FEDERAL TAX INFORMATION

As of April 30, 2018, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax returns filed for the years ended 2017, 2016 and 2015, as well as the current year, remain subject to examination by the Internal Revenue Service.

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 due in part to losses deferred due to wash sales. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets of the Fund nor the NAV of a class of the Fund.

For the year ended April 30, 2018, permanent differences identified and reclassified among the components of net assets were as follows:

Fund	Paid-in     Capital	Increase (Decrease)      Undistributed Net Investment Income	Accumulated     Net Realized Gain (Loss)
Large-Cap Strategy Fund	$—	$(19,097)	$19,097

The permanent differences identified and reclassified were primarily attributable to the tax treatment of foreign currency gains/losses, adjustments related to partnerships.

The tax character of distributions for the corresponding fiscal year ends were as follows:

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS     (continued) 24

	2018		2017
Fund	Ordinary       Income*	Long-Term       Capital Gains	Ordinary        Income*	Long-Term       Capital Gains
Large-Cap Strategy Fund	$8,955,957	$—	$10,065,232	$—

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

As of April 30, 2018, 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     Deferrals
Large-Cap Strategy Fund	$634,056	$8,455,028	$—	$249,009,025	$—	$—

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. At April 30, 2018, the Fund had no losses deferred to May 1, 2018.

The Fund utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2018:

Fund	Capital Loss     Carryforwards     Utilized
Large-Cap Strategy Fund	$15,922,203

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

Fund	Advisory Fee     Annual Rate
Large-Cap Strategy Fund	0.50%

WFMC and the Fund’s shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses so that total annual fund operating expenses paid by the Fund (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed 0.25% for the Fund’s Class I Shares. Neither WFMC nor the Fund’s distributor will recoup previously waived fees/expenses in subsequent years.

Administrative Fees –The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The 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 Fund with certain administrative personnel and services necessary to operate the Fund. Effective October 1, 2017, the fees as described in the table below are accrued and paid daily and are disclosed on the Statement of Operations as “Administrative personnel and services 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

ANNUAL REPORT / April 30, 2018

25 NOTES TO FINANCIAL STATEMENTS     (continued)

Prior to October 1, 2017, the administrative fees were as follows:

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		0.0285%	on the first $500 million
		0.0280%	on the next $500 million
		0.0275%	on assets in excess of $1 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, 2018, neither WFMC nor BNYM waived any administrative fees.

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Fund and administered by ALPS, the Fund may pay up to 0.25% of the average daily net assets of the Fund’s Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Fund’s shares for whom M&T provides shareholder services. The Fund 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 waive or reduce any fees to which they are entitled. For the year ended April 30, 2018, no affiliates of the Advisor received these fees.

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 Officers of the Trust are also Officers or employees of the above companies that provide services to the Fund, and during their terms of office, receive no compensation from the Fund. 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 Funds’ distributor. Transactions with affiliated companies during the year ended April 30, 2018 are as follows:

Fund/     Affiliated Investment     Name	Value     4/30/17		Purchases		Sales		Net Realized     Gain/(Loss)		Net Change in Unrealized     Appreciation/     Depreciation		Value     4/30/18		Number of     Shares 4/30/18		Dividend     Income		Capital Gain     Distributions
Large-Cap Strategy Fund
Common Stock - 0.1%*
M&T Bank Corp.		$250,210		$—		$—		$—		$43,245		$293,455		1,610		$4,830		$—

*   As a percentage of Net Assets as of April 30, 2018.

The Fund 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, 2018 were as follows:

Fund	Commissions
Large-Cap Strategy Fund	$58,356

5. INVESTMENT TRANSACTIONS

Purchases and sales of securities for the Fund (excluding U.S. Government and agency securities, and short-term securities) during the year ended April 30, 2018 were $81,370,190 and $193,609,857, respectively.

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS     (continued) 26

6. LINE OF CREDIT

Effective April 6, 2017, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 5, 2019.

The Fund did not utilize the LOC during the year ended April 30, 2018.

7. LEGAL PROCEEDINGS

The Fund is subject to claims and suits that arise from time to time in the ordinary course of business. For example, a court-appointed trustee on behalf of the unsecured creditors of Tribune Co. (the “Trustee”), together with certain individual creditors of the company (the “Individual Creditors”) filed actions against former Tribune shareholders who tendered their shares when Tribune went private in 2007 as part of a leveraged buyout (“LBO”). These cases are consolidated in a Multi-District Litigation (“MDL”) in the U.S. District Court for the Southern District of New York. There were thousands of defendants in the MDL, including the Large-Cap Strategy Fund (the “Fund”). The suits all sought the same thing: disgorgement of the amounts received by the former Tribune shareholders as part of the LBO, but by different legal theories. During the year ended April 30, 2018, Fund management accepted an offer to settle the MDL and the Fund paid $18,572 to settle the claim.

8. RECENT REGULATORY UPDATES

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X was August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. The financial statements presented are in compliance with the most recent Regulation S-X amendments.

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 additional material events that would require recognition or disclosure in the Fund’s financial statements through this date.

10. 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 Fund during the fiscal year ended April 30, 2018, the Fund designates the following percentage, or such greater percentage 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
Large-Cap Strategy Fund	99.78%

For the fiscal year ended April 30, 2018, the Fund designates the following percentage of the ordinary income dividends, or such greater percentage 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 15%:

Fund
Large-Cap Strategy Fund	100.00%

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

ANNUAL REPORT / April 30, 2018

27

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS OF WILMINGTON LARGE-CAP STRATEGY FUND AND THE BOARD OF TRUSTEES OF WILMINGTON FUNDS

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Wilmington Large-Cap Strategy Fund (the “Fund”) (one of the funds constituting the Wilmington Funds (the “Trust”)), including the portfolio of investments, as of April 30, 2018, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting the Wilmington Funds) at April 30, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s 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 Trust 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 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. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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 procedures included confirmation of securities owned as of April 30, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Wilmington Funds’ investment companies since 1986.

Philadelphia, Pennsylvania

June 27, 2018

April 30, 2018 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 28

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 12 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. 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   Address   Birth Year   Position With Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley*   Birth year: 1951   TRUSTEE   Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Director, AXA Equitable’s VIP Mutual Funds (2017 to present); Director, AXA Equitable (variable annuity) (2013 to present); Director, 1290 Mutual Funds (retail funds) (2013 to present); and Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 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); Chairman, Director and President’s Council, Union College (private college) (2011 to 2015).
	Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Director of M&T Bank Corporation and M&T Bank (2011 to 2012); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011); Senior Vice President and Treasurer at ITT Corporation (1996 to 2010); Assistant Treasurer at International Paper (1989 to 1996).
Christopher D. Randall*   Birth year: 1965   TRUSTEE   Began serving: September 2015   PRESIDENT   Began serving: September 2014	Principal Occupations: Senior Vice President, Wilmington Trust Corporation (2015 to present); Chief Operating Officer, Wilmington Trust Corporation (2012 to present); Senior Vice President, M&T Bank. Other Directorships Held: Trustee, Hilbert College (2015 to present). Previous Positions: President, Wilmington Retirement (2012 to 2015); President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc. and President of Wilmington Trust Investment Management, LLC (2014-2015); President, Mid-Atlantic Region Wealth Advisory Services, M&T Bank (2011 to 2013)

* Christopher D. Randall is “interested” due to the positions he currently holds with the Funds, Wilmington Trust’s Wealth and Institutional Services Division, M&T Bank, the parent of the Fund’s Advisor, and previous positions held with WTIA and WFMC. Donald E. Foley is “interested” due to the positions he previously held with Wilmington Trust Corporation, M&T Bank Corporation and M&T Bank, the parent of the Fund’s Advisor.

ANNUAL REPORT / April 30, 2018 (unaudited)

29 BOARD OF TRUSTEES AND TRUST OFFICERS

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano   Birth year: 1943   CHAIRMAN and TRUSTEE   Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: Kalmar Pooled Investment Trust (through 6/17); The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products) Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold   Birth year: 1944   TRUSTEE   Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Gregory P. Chandler   Birth year: 1966   TRUSTEE   Began serving: July 2017	Principal Occupations: Chief Financial Officer Emtec, Inc. (information technology services) (4/09 to present); President, GCVC Consulting (corporate governance consulting) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (19 portfolios) (registered investment companies) (2012 to present); Director, Emtec, Inc. (8/2005 to present); Director, FS Investment Corporation (business development company) (2007 to present); Trustee, FS Energy Partners (business development company) (2009 to present). Previous Positions: Managing Director, Head of Business Services and IT Services Practice, Janney Montgomery Scott LLC (investment banking/brokerage) (2003 to 2009).
John S. Cramer   Birth year: 1942   TRUSTEE   Began serving: December 2000	Principal Occupations: Retired. Other Directorships Held: Chairman and Director, CI Supply Corp. (medical supplies and equipment) (1/14 to 1/15); Director, Check Med Corp. (medical supplies and equipment) (6/08 to 1/14); Director, Highmark Blue Shield (health insurance) (2/01 to 6/10). Previous Positions: Consultant, Yaffe & Co. (compensation consultants) (6/02 to 6/12); President and Chief Executive Officer, Pinnacle Health Systems (nonprofit hospital and health care system in Central Pennsylvania) (through 2012).
Daniel R. Gernatt, Jr.   Birth year: 1940   TRUSTEE   Began serving: February 1988	Principal Occupations: President and CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present). Other Directorships Held: Director, Roswell Park Alliance (2008 to 2016); Trustee, Gernatt Family Foundation.
Richard B. Seidel   Birth year: 1941   TRUSTEE   Began serving: September 2003	Principal Occupations: Chairman, Seidel & Associates (legal consulting) (1/14 to present); Chairman, Girard Private Investment Group (registered investment adviser) (1/14 to present). Other Directorships Held: Director, Tristate Capital Holdings (9/07 to present). Previous Positions: Chairman, Girard Capital (broker-dealer) (1/10 to 2016); Chairman, Girard Partners, Ltd. (1/10 to 2016).

April 30, 2018 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 30

OFFICERS

Name   Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Jeffrey M. Seling   Birth year: 1970   ASSISTANT TREASURER   Began serving: June 2013   VICE PRESIDENT   Began serving: June 2007	Principal Occupations: Administrative Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.; Assistant Treasurer, Wilmington Funds. Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
John C. McDonnell   Birth year: 1966   CHIEF OPERATIONS OFFICER   Began serving: June 2017	Principal Occupations: Chief Operations Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc.; Vice President, Wilmington Funds Management Corporation (2005 to present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).
Lisa Druelinger   Birth year: 1978   CHIEF COMPLIANCE OFFICER and AML   COMPLIANCE OFFICER.   Began serving: November 2017	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Vice President, M&T Bank. Previous Positions: Vice President and Senior Compliance Officer, Wilmington Trust Investment Advisors, Inc. (2015-2017); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2013-2015); Institutional and Retirement Services Product Manager, Wilmington Trust (2011-2013); Trust Compliance and Risk Management at M&T Bank (2006- 2011).
John J. Kelley   Birth year: 1959   VICE PRESIDENT   Began serving: December 2016	Principal Occupations: President, Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing), (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).
Ralph V. Partlow, III   25 South Charles Street, 22nd floor   Baltimore, MD 21201   Birth year: 1957   VICE PRESIDENT   Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995 to 2003).
Christopher W. Roleke   10 High Street, Suite 302   Boston, MA 02110   Birth year: 1972   CHIEF FINANCIAL OFFICER AND TREASURER   Began serving: July 2013	Principal Occupation: Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth   Atlantic Terminal Office Tower, 2 Hanson Place,   12th Floor   Brooklyn, NY 11217   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, 2018 (unaudited)

31 BOARD OF TRUSTEES AND TRUST OFFICERS

Name   Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Richard J. Berthy   Three Canal Plaza, Suite 100   Portland, ME 04101   Birth year: 1958   CHIEF EXECUTIVE OFFICER   Began serving: September 2007	Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (2012 to present). Previous Positions: President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

April 30, 2018 (unaudited) / ANNUAL REPORT

32

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

ANNUAL REPORT / April 30, 2018

33

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

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.

Information The Funds Collect:

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 number, assets and income.

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of 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.

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. We do not permit them 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.

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 in order 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.

April 30, 2018 / ANNUAL REPORT

34

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

• Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not 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 our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

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

E-mail:

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012.We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

ANNUAL REPORT / April 30, 2018

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Investment Advisor                    Wilmington Funds Management Corp.                    1100 North Market Street                    Wilmington, DE 19890             Sub-Advisor                    Wilmington Trust Investment Advisors                    111 South Calvert Street 26th Floor                    Baltimore, MD 21202             Co-Administrator                    Wilmington Funds Management Corp.                    1100 North Market Street                    Wilmington, DE 19890             Custodian                    The Bank of New York Mellon                    225 Liberty 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     Ernst & Young LLP     One Commerce Square     2005 Market Street, Suite 700     Philadelphia, PA 19103
WT-AR-EQ-0418
Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

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

Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”)

Wilmington Short-Term Bond Fund (“Short-Term Bond Fund”)

Wilmington Municipal Bond Fund (“Municipal Bond Fund”)

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

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	16
Portfolios of Investments	18
Statements of Assets and Liabilities	49
Statements of Operations	51
Statements of Changes in Net Assets	53
Financial Highlights	56
Notes to Financial Statements	61
Report of Independent Registered Public Accounting Firm	69
Board of Trustees and Trust Officers	70

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i

Esteemed Shareholder:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s annual fiscal year of May 1, 2017, through April 30, 2018. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The economy and financial markets in review

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

The economy

The U.S. economy has shown strength over the past year, with the second, third, and fourth quarters of 2018 exhibiting the strongest growth since 2015. Following the disappointment of Congress’s inability to pass comprehensive healthcare reform, Republicans redeemed themselves by passing the Tax Cuts and Jobs Act in December of 2017, which contributed to surging confidence from consumers and businesses alike. The Institute of Supply Management (“ISM”) Manufacturing Purchasing Managers Index (“PMI”)¹ peaked at 60.8 in February 2018—the highest level since 2004. Also in February, the Conference Board’s measure of consumer confidence reached the highest levels since 2000. Yet against this euphoric backdrop, Core Personal Consumption Expenditure (“PCE”) inflation held below the Federal Reserve’s 2% target and has only recently accelerated. As a result, the “goldilocks” (not too hot, not too cold) characterization of the U.S. economy has continued to ring true, with economic data for much of the fiscal year meeting or exceeding expectations, but not coming in so strong as to force the hand of the Federal Reserve into accelerating monetary policy tightening. In our estimation, the U.S. economy will grow at a pace of approximately 3% in 2018, with 0.5–0.75% of that attributable to tax cuts.

We are increasingly aware that the U.S. is closer to the end of the business cycle than to the beginning. The U.S. economic expansion is officially the second-longest on record. The labor market is tight by multiple measures, and the Federal Reserve is in the midst of a rate-hiking campaign (although it continues to move gradually). This has led short-maturity interest rates higher and contributed to the flattening of the yield curve; at the time of writing, the yield curve is less than 45 basis points (0.45%) away from inverting. (An inverted yield curve has preceded each of the last five recessions.) We do not view a U.S. recession as imminent but consider the U.S. economy in the later stages of the economic cycle.

Moving beyond U.S. borders, the past year has marked a period of synchronized global growth. The eurozone far surpassed growth expectations in 2017, with measures of loan growth, business expansion, and consumer confidence accelerating in the second half of 2017. Japan has printed a string of eight positive quarters of GDP growth, the longest such stretch since the 1990s. Emerging markets have also benefited from robust global demand and rising oil prices, which have increased nearly 50% over the past year. Some of this momentum cooled as the calendar turned on the new year. We still see economic growth as having legs, but the pace of growth across the board has decelerated, particularly relative to elevated expectations. We are watching carefully for signs of a more sustained slowdown, which would challenge our overall view.

Bond markets

The past year has been a challenging one for bond investors. For the fiscal year through January, bonds were holding their value and even posting modest single-digit total returns. However, inflationary fears began to emerge in the first quarter of 2018, sending the yield on the 10-year U.S. Treasury above 3% by the end of April. This was the first time the 10-year yield breached 3% since the end of 2013. The upward move in the short end of the yield curve has been even more dramatic and, as mentioned above, the yield curve has flattened alongside three rate hikes from the Fed (in June, December, and March). Higher yields have weighed on the price return of bonds, particularly for short-to-intermediate maturities. The Bloomberg Barclays U.S. Treasury Bond Index² has returned -1.07% over the period.

Investment-grade credit spreads remain tight but have increased in 2018. Spread stabilization and lower supply in coming months should support valuations. High-yield bond credit spreads to Treasuries remain quite low relative to history, despite higher volatility in 2018 and fund outflows from the asset class. Defaults are expected to remain low in the coming year.

For the 12-month period May 1, 2017 to April 30, 2018, certain Bloomberg indices performed as follows³:

Bloomberg Barclays U.S. Treasury Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index4	Bloomberg Barclays U.S. Credit Bond Index5	Bloomberg Barclays Municipal Bond Index6	Bloomberg     Barclays U.S.     Corporate High Yield          Bond Index7
-1.07%	-0.32%	0.65%	1.56%	3.26%

PRESIDENT’S MESSAGE / April 30, 2018 (unaudited)

ii

Equity markets

The synchronized global growth discussed earlier acted as a rising tide lifting all equity boats for most of the year, and equity markets enjoyed extremely low levels of volatility through January. U.S. equities were propelled by a healthy consumer, low inflation, a weakening dollar, and tax cuts. As strong as U.S. equity returns were, those of developed international and emerging economies were even better, particularly in U.S. dollar terms. However, equity markets experienced several hiccups in recent months. Concerns have mounted regarding higher inflation, regulations on technology companies, and protectionism, all of which have weighed on global equities and contributed to higher volatility in 2018. Additionally, the positive tailwind for U.S. and emerging markets equities coming from a weaker dollar will fade, as the U.S. dollar has reversed this year’s weakness. The dollar is 0.4% stronger year to date through April and increased 2.7% in the last two weeks of April alone. Equity markets have been choppier of late, but valuations are not overly concerning (though they are higher than 10-year averages across a number of regions), and we continue to believe the economic fundamentals are encouraging going forward. Therefore, we maintain our preference for stocks over bonds.

For the 12-month period May 1, 2017 to April 30, 2018, certain stock market indices performed as follows:

S&P 500® Index8	Russell 2000® Index9	MSCI EAFE (Net) Index10	MSCI Emerging         Markets (Net)         Index11
13.27%	11.54%	14.51%	21.71%

Despite growing uncertainty in financial markets, we remain focused on managing risk and growing our clients’ capital to help achieve their long-term goals.

  Sincerely,

Christopher D. Randall

President

May 25, 2018

April 30, 2018 (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.    ISM Manufacturing PMI Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers Inventories, Employment, and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index. Responses are raw data and are never changed.

2.    Bloomberg Barclays 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.

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

4.    Bloomberg Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays 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 Barclays 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 Barclays 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 Barclays 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 Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices. An investment cannot be made directly in an index.

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

9.    The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of approximately $128 million to $1.3 billion.

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

11.    MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, 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, 2018 (unaudited)

1

WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of -0.81%* for Class A Shares and -0.52%* for Class I Shares, versus its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index**, which had a total return of -0.32%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of 0.50%.

The Federal Reserve (the “Fed”) continued to “normalize” short-term interest rates by raising the Fed Funds target three times over the past fiscal year. The target now stands in a range of 1.75% to 2.0%, which is 3/4 of a percent higher than this time last year. The Fed has acknowledged that the economic outlook has strengthened and that inflation is expected to move higher, and then stabilize around their 2% objective. The economy expanded for the eighth consecutive year as Gross Domestic Product (“GDP”) increased at a 2.9% rate for the year ended March 31, 2018, marking the fastest pace of growth since 2015. Equipment investment by corporations aided economic growth. The consumer continued to benefit from the strong job market. The unemployment rate declined to its lowest level since 2000, to a rate of 3.9% this past month. However, wage pressure remains moderate with wages only increasing at a 2.6% rate over the past year. The core Consumer Price Index (“CPI”) has recently started to move higher and is now at 2.1%.

In response to the Fed tightening monetary policy and the expectation for the Fed to raise interest rates at least two more times in 2018, interest rates have moved higher. The yield curve has also flattened over the past year. The 2-year Treasury yield almost doubled over the past year rising to a yield of 2.49% as of April 30, 2018, its highest yield since 2008. The 10-year Treasury yield rose by 2/3 of a percent to 2.95%, its highest yield since 2014. The combination of higher interest rates and low starting yields has caused most bond indices to post negative total rates of return for the past fiscal year. Negative total rates of return for the bond market indices are a rare occurrence. This marks only the third time that the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index has posted a negative return over the past 23 years.

The corporate sector of the bond market did provide positive excess returns over the past fiscal year as risk premiums tightened in response to improving corporate earnings and a continued search for yield. However, over the past four months, we have seen risk premiums move wider, as corporate issuance has been robust and concerns over large U.S. corporations investing less in the corporate bond market, as they repatriate profits from overseas in response to the new tax laws. The mortgage-backed sector of the market also provided positive excess returns as investors took the Fed’s gradual reduction of their balance sheet in stride.

Looking forward, we expect the Fed to raise interest rates either two or three additional times in 2018 and for the yield curve to continue to flatten with shorter-term interest rates moving higher than longer-term interest rates.

The Fund’s slight underperformance can be attributed to our overweight to the corporate sector which underperformed during 2018 for the first time since 2015. We also maintained an underweight allocation to the mortgage-backed sector which also detracted from

performance. Our duration strategy of maintaining a shorter duration than the index aided performance as interest rates moved higher. The Fund performance also benefitted from our bar belled yield curve strategy of maintaining an underweight allocation to the intermediate portion of the yield curve which underperformed in response to the Fed raising interest rates and the yield curve flattening.

* 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 -5.26%, 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 Barclays 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

Gross Domestic Product (“GDP”) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

The Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index is a widely recognized, market value weighted index of U.S. Treasury securities, U.S. government agency obligations, corporate debt securities, Yankee bonds and non-convertible corporate debt securities issued by or guaranteed by foreign governments and agencies. The index is unmanaged and it is not possible to invest directly in an index.

Consumer Price Index (“CPI”) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

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.

April 30, 2018 (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.

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

ANNUAL REPORT / April 30, 2018 (unaudited)

3

WILMINGTON BROAD MARKET BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Broad Market Bond Fund; from April 30, 2008 to April 30, 2018, compared to the Bloomberg Barclays 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 Shares was -5.26%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and cur-rent 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 4/30/18
	1 Year	5 Years	10 Years
Class A^	-5.26%	0.08%	2.88%
Class I^	-0.52%	1.33%	3.67%
Bloomberg Barclays U.S. Aggregate Bond Index2	-0.32%	1.47%	3.57%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.09% and 0.84%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.84% 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.

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 $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Bloomberg Barclays U.S. 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, 2018 (unaudited) / ANNUAL REPORT

4

WILMINGTON INTERMEDIATE-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, the Wilmington Intermediate-Term Bond Fund (the “Fund”) had a total return of -1.14%* for Class A Shares, and -0.72%* for Class I Shares, versus its benchmark, the Bloomberg Barclays Intermediate U.S. Government/ Credit Bond Index**, which had a total return of -0.79% and its peer group, the Lipper Short-Intermediate Investment Grade Debt Funds Average***, which had a total return of -0.12%.

The Federal Reserve (the “Fed”) continued to “normalize” short-term interest rates by raising the Fed Funds target three times over the past fiscal year. The target now stands at 1.75% to 2.0%, which is 3/4 of a percent higher than this time last year. The Fed has acknowledged that the economic outlook has strengthened and that inflation is expected to move higher, and then stabilize around their 2% objective. The economy expanded for the eighth consecutive year as Gross Domestic Product (“GDP”) increased at a 2.9% rate for the year ended March 31, 2018, marking the fastest pace of growth since 2015. Equipment investment by corporations aided economic growth. The consumer continued to benefit from the strong job market. The unemployment rate declined to its lowest level since 2000, to a rate of 3.9% this past month. However, wage pressure remains moderate with wages only increasing at a 2.6% rate over the past year. The core Consumer Price Index (“CPI”) has recently started to move higher and is now at 2.1%.

In response to the Fed tightening monetary policy and the expectation for the Fed to raise interest rates at least two more times in 2018, interest rates have moved higher. The yield curve has also flattened over the past year. The 2-year Treasury yield almost doubled over the past year rising to a yield of 2.49% as of April 30, 2018, its highest yield since 2008. The 10-year Treasury yield rose by 2/3 of a percent to 2.95%, its highest yield since 2014. The combination of higher interest rates and low starting yields caused most bond indices to post negative total rates of return for the past fiscal year. Negative total rates of return for the bond market indices are a rare occurrence. This marks only the third time for the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index to post a negative return over the past 23 years.

The corporate sector of the bond market did provide positive excess returns over the past fiscal year as risk premiums tightened in response to improving corporate earnings and a continued search for yield. However, over the past four months, we have seen risk premiums move wider as corporate issuance has been robust and concerns over large U.S. corporations investing less in the corporate market as they repatriate profits from overseas in response to the new tax laws. The mortgage-backed sector of the market also provided positive excess returns as investors took the Fed’s gradual reduction of their balance sheet in stride.

Looking forward, we expect the Fed to raise interest rates either two or three additional times in 2018 and for the yield curve to continue to flatten with shorter-term interest rates moving higher than longer-term interest rates.

The modest outperformance of the Fund relative to the benchmark is primarily due to the Fund’s overweight position to the corporate sector. Over the fiscal year, the option adjusted spread of the Bloomberg

Barclays U.S. Credit Bond Index declined to 102 basis points from 110 basis points in April of 2017. Tighter credit spreads led to relative outperformance of corporate bonds versus Treasuries. Curve positioning was more heavily weighted towards the 7-10 year part of the curve. This was a modest contributor to performance as the Treasury curve flattened by approximately 55 basis points during the fiscal year, as measured by the yield differential between 10-year Treasury bonds and 2-year Treasury notes. Duration positioning was equal to or slightly less than the benchmark throughout the year. This was also a small contributor to Fund Performance as interest rates moved higher.

The Fund remains positioned to benefit from higher interest rates and a flatter Treasury curve. Duration is currently shorter than the index and maintains a larger allocation to the 7-10 year part of the curve. The Fund remains underweight the 3-5 year part of the curve as we expect the Fed will continue to increase its benchmark rate, causing short-term interest rates to move higher. The Fund maintains an overweight position to the corporate sector based upon our expectation for solid growth in the U.S. and support from tax reform. However, we did reduce our overweight to credit. Less attractive valuations and decreased demand resulted in a modest reduction to corporate bonds.

* 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 -5.63%, 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 Barclays Intermediate U.S. Government/Credit Bond Index is a widely recognized, market value weighted index of U.S. Treasury securities, U.S. government agency obligations, corporate debt securities, Yankee bonds and non-convertible corporate debt securities issued by or guaranteed by foreign governments and agencies. 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.

Gross Domestic Product (“GDP”) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

ANNUAL REPORT / April 30, 2018 (unaudited)

5

The Bloomberg Barclays 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.

Consumer Price Index (“CPI”) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

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.

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.

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

April 30, 2018 (unaudited) / ANNUAL REPORT

6

WILMINGTON INTERMEDIATE-TERM BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Intermediate-Term Bond Fund from April 30, 2008 to April 30, 2018 compared to the Bloomberg Barclays Intermediate U.S. Government/Credit 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 Shares was -5.63%, 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 4/30/18
	1 Year	5 Years	10 Years
Class A^	-5.63%	-0.45%	2.61%
Class I^	-0.72%	0.81%	3.39%
Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index2	-0.79%	1.02%	2.94%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.18% and 0.84%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.93% 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.

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 $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Bloomberg Barclays Intermediate U.S. Government/Credit 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.

ANNUAL REPORT / April 30, 2018 (unaudited)

7

WILMINGTON SHORT-TERM BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, the Wilmington Short-Term Bond Fund (the “Fund”) had a total return of -0.03%* for Class A Shares and 0.22%* for Class I Shares, versus its benchmark, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index**, which had a total return of -0.05%, and its peer group, the Lipper Short Investment Grade Debt Funds Average***, which had a total return of 0.60%.

The Federal Reserve (the “Fed”) continued to “normalize” short-term interest rates by raising the Fed Funds target three times over the past fiscal year. The target now stands in a range of 1.75% to 2.0%, which is 3/4 of a percent higher than this time last year. The Fed has acknowledged that the economic outlook has strengthened and that inflation is expected to move higher, and then stabilize around their 2% objective. The economy expanded for the eighth consecutive year as Gross Domestic Product (“GDP”) increased at a 2.9% rate for the year ended March 31, 2018, marking the fastest pace of growth since 2015. Equipment investment by corporations aided economic growth. The consumer continued to benefit from the strong job market. The unemployment rate declined to its lowest level since 2000, to a rate of 3.9% this past month. However, wage pressure remains moderate with wages only increasing at a 2.6% rate over the past year. The core Consumer Price Index (“CPI”) has recently started to move higher and is now at 2.1%.

In response to the Fed tightening monetary policy and the expectation for the Fed to raise interest rates at least two more times in 2018, interest rates have moved higher. The yield curve has also flattened over the past year. The 2-year Treasury yield almost doubled over the past year rising to a yield of 2.49% as of April 30, 2018, its highest yield since 2008. The 10-year Treasury yield rose by 2/3 of a percent to 2.95%, its highest yield since 2014. The combination of higher interest rates and low starting yields has caused most bond indices to post negative total rates of return for the past fiscal year. Negative total rates of return for the bond market indices are a rare occurrence. This marks only the third time for the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index to post a negative return over the past 23 years.

The corporate sector of the bond market did provide positive excess returns over the past fiscal year as risk premiums tightened in response to improving corporate earnings and a continued search for yield. However, over the past four months, we have seen risk premiums move wider, as corporate issuance has been robust and concerns over large U.S. corporations investing less in the corporate bond market, as they repatriate profits from overseas in response to the new tax laws. The mortgage-backed sector of the market also provided positive excess returns as investors took the Fed’s gradual reduction of their balance sheet in stride.

Looking forward, we expect the Fed to raise interest rates either two or three additional times in 2018 and for the yield curve to continue to flatten with shorter-term interest rates moving higher than longer-term interest rates.

Given our expectations for continued rate increases by the Federal Reserve and greater government deficits, the Fund continued to have a shorter duration versus its benchmark. The Fund was also positioned

for a flatter yield curve. The Fund had a lower allocation to the two and three year parts of the yield curve and was overweight the less than one year as well as the five year portion of the curve. Both our overall duration profile as well as portfolio maturity structure added to our relative performance. Corporate securities have recently started to underperform in 2018 as new issue supply, demand, and leverage have weighed on the sector. The Fund has been over-weight the corporate sector versus the Index. Our sector weighing has recently detracted slightly from our relative performance to the Index.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -1.80%, adjusted for the Fund’s maximum sales charge of 1.75%. 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 Barclays 1-3 Year U.S. Government/Credit Bond Index is an index that captures funds with exposures to both government and commercial credit. 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.

Gross Domestic Product (“GDP”) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

The Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index is a widely recognized, market value weighted index of U.S. Treasury securities, U.S. government agency obligations, corporate debt securities, Yankee bonds and non-convertible corporate debt securities issues by or guaranteed by foreign governments and agencies. The index is unmanaged and it is not possible to invest directly in an index.

Consumer Price Index (“CPI”) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

April 30, 2018 (unaudited) / ANNUAL REPORT

8

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.

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.

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

ANNUAL REPORT / April 30, 2018 (unaudited)

9

WILMINGTON SHORT-TERM BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Short-Term Bond Fund from April 30, 2008 to April 30, 2018 compared to the Bloomberg Barclays 1-3 Year U.S. Government/ Credit 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 Shares was -1.80%, adjusted for the Fund’s maximum sales charge of 1.75%. 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 4/30/18
	1 Year	5 Years	10 Years
Class A^	-1.80%	0.15%	1.53%
Class I^	0.22%	0.74%	1.93%
Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index2	-0.05%	0.71%	1.61%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.23% and 0.73%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.98% and 0.48%, 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.

1 Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 1.75% ($10,000 investment minus $175 sales charge = $9,825) and $1,000,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

2 The performance for the Bloomberg Barclays 1-3 Year U.S. Government/Credit 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, 2018 (unaudited) / ANNUAL REPORT

10

WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, the Wilmington Municipal Bond Fund (the “Fund”) had a total return of -0.29%* for Class A Shares and -0.03%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 0.71%, and its peer group, the Lipper Intermediate Municipal Debt Funds Average***, which had a total return of 0.91%.

May of 2017 seems ancient history in light of the municipal market activity of the last five or six months. Triggered by tax reform – discussed in October and November and passed in December – the supply and demand dynamics of the market turned on their sides. By the end of November 2017, issuers and investment bankers were becoming increasingly concerned that Private Activity Bonds (“PABs”) and advance refunding were about to disappear. That is when the deluge of issuance began, and by the end of December, $62.502 billion in new deals had come to market, an all-time record for monthly issuance. In fact, the second-highest month of volume was $53.447 billion in October 2016. Worth mentioning is that while PABs narrowly escaped the executioner’s axe, advance refunding did not, which alone will have a negative effect on new issuance—advance refunding issuance accounted for roughly 10%–13% of supply in 2017. Nevertheless, year-end fatigue carried on uninterrupted into January, and by month-end, the $20.549 billion in supply stood at only 57% of the prior January’s $36.005 billion. While February 2018 lagged the same month in the prior year, the deficit narrowed such that 2018 year-to-date supply ended at 69% for the same period in 2017. By the close of first quarter 2018, new issuance stood at $65.772 billion versus $91.981 billion for the same period last year.

The relatively small decrease in the top marginal tax rate for individuals is not expected to have a meaningful impact on their buying decisions, but the same cannot be said for the corporate buyers. Banks and property & casualty insurers provide about 25% of the overall demand for tax-exempt municipals and the shift from a 35% top bracket to 21% is meaningful. While we have expected these institutional owners of municipal bonds to gradually shift a portion of their investments to other asset classes, we witnessed an increase in bids wanted coming from bank portfolios in the first quarter. These sell decisions may have been accelerated by an accounting change imposed by the Financial Accounting Standards Board on banks and their amortization of bond premiums.

Overall, the yield curve had many shifts over the course of the 12 months ended April 30, 2018 but ended up much flatter due largely to increased rates on the front end of the curve. 2-year high-grade bond yields increased by 88 basis points to end the period with 1.85% yields. In the 10-year range, those yields also increased, but by only 35 basis points, ending the fiscal year at 2.49%.

Performance for the fiscal year reflects that bear flattener, with shorter indices providing weaker returns. The Fund’s benchmark index, the S&P Municipal Bond Intermediate Index, which includes bonds from three to fifteen years, generated a 0.71% total return. S&P’s Municipal Bond Short Index, with bonds only out to a maximum four year maturity, barely eked out a positive total return, posting 0.05% for the 12 months ended April 30, 2018.

Fund performance, relative to the Lipper peer group, was in the fourth quartile for the year ended April 30, 2018. Several factors weighed in which detracted from relative performance. Longer duration bonds performed better over the year, as mentioned above in our bear flattener comment. Some of the funds in this universe are longer in nature, using the full spectrum of the yield curve. As we limit our exposures to bonds with maturities of 15 years and shorter, we were disadvantaged. Likewise, many of the funds in the universe own non-investment grade bonds inside the fund – we limit our positions to investment grade only. During the 12-month period, non-investment grade bonds outperformed. Also, some of our specific positions, like a higher education bond in Massachusetts or a general obligation bond in Illinois, experienced credit spread widening. While our credit opinion on those specific obligors has not changed, the spread widening detracted from relative performance.

One factor helping to offset some of these negative influences was our positioning in lower investment grade bonds. Just as non-investment grade bonds performed well, so did lower investment grade (BBB and A) versus the higher graded bonds. Our overweight to both those lower investment grade categories contributed positively to relative performance.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -4.78%, 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.

*** 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.

A bear flattener is a yield-rate environment in which short-term interest rates are increasing at a faster rate than long-term interest rates. This causes the yield curve to flatten as short-term and long-term rates start to converge.

ANNUAL REPORT / April 30, 2018 (unaudited)

11

Standard & Poor’s (“S&P”) Municipal Bond Short Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 6 months and a maximum maturity of 4 years.

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.

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.

Income may be subject to the federal AMT.

April 30, 2018 (unaudited) / ANNUAL REPORT

12

WILMINGTON MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,000¹ in the Class I Shares of the Wilmington Municipal Bond Fund from April 30, 2008 to April 30, 2018 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 Shares was-4.78%, 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 4/30/18
	1 Year	5 Years	10 Years
Class A^	-4.78%	0.41%	2.81%
Class I^	-0.03%	1.60%	3.55%
S&P Municipal Bond Intermediate Index2	0.71%	2.16%	4.19%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.09% and 0.74%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are .84% 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.

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 $1,000,000 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, 2018 (unaudited)

13

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance

For the fiscal year ended April 30, 2018, the Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of -0.75%* for Class A Shares and -0.50%* for Class I Shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, which had a total return of 0.71%, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average***, which had a total return of 0.48%.

May of 2017 seems ancient history in light of the municipal market activity of the last five or six months. Triggered by tax reform – discussed in October and November and passed in December – the supply and demand dynamics of the market turned on their sides. By the end of November 2017, issuers and investment bankers were becoming increasingly concerned that Pivate Activity Bonds (“PABs”) and advance refunding were about to disappear. That is when the deluge of issuance began, and by the end of December, $62.502 billion in new deals had come to market, an all-time record for monthly issuance. In fact, the second-highest month of volume was $53.447 billion in October 2016. Worth mentioning is that while PABs narrowly escaped the executioner’s axe, advance refunding did not, which alone will have a negative effect on new issuance—advance refunding issuance accounted for roughly 10% – 13% of supply in 2017. Nevertheless, year-end fatigue carried on uninterrupted into January, and by month-end, the $20.549 billion in supply stood at only 57% of the prior January’s $36.005 billion. While February 2018 lagged the same month in the prior year, the deficit narrowed such that 2018 year-to-date supply ended at 69% for the same period in 2017. By the close of first quarter 2018, new issuance stood at $65.772 billion versus $91.981 billion for the same period last year.

The relatively small decrease in the top marginal tax rate for individuals is not expected to have a meaningful impact on their buying decisions, but the same cannot be said for the corporate buyers. Banks and property & casualty insurers provide about 25% of the overall demand for tax-exempt municipals and the shift from a 35% top bracket to 21% is meaningful. While we have expected these institutional owners of municipal bonds to gradually shift a portion of their investments to other asset classes, we witnessed an increase in bids wanted coming from bank portfolios in the first quarter. These sell decisions may have been accelerated by an accounting change imposed by the Financial Accounting Standards Board on banks and their amortization of bond premiums.

Overall, the yield curve had many shifts over the course of the 12 months ended April 30, 2018 but ended up much flatter due largely to increased rates on the front end of the curve. 2-year high-grade bond yields increased by 88 basis points to end the period with 1.85% yields. In the 10-year range, those yields also increased, but by only 35 basis points, ending the fiscal year at 2.49%.

Performance for the fiscal year reflects that bear flattener, with shorter indices providing weaker returns. The Fund’s benchmark index, the S&P Municipal Bond Intermediate Index, which includes bonds from three to fifteen years, generated a 0.71% total return. S&P’s Municipal Bond Short Index, with bonds only out to a maximum four year maturity, barely eked out a positive total return, posting 0.05% for the 12 months ended April 30, 2018.

Fund performance, relative to the Lipper peer group, was in the fourth quartile for the year ended April 30, 2018. Several factors weighed in which detracted from relative performance. Longer duration bonds performed better over the year, as mentioned above in our bear flattener comment. Some of the funds in this universe are longer in nature, using the full spectrum of the yield curve. As we limit our exposures to bonds with maturities of 15 years and shorter, we were disadvantaged. Likewise, many of the funds in the universe own non-investment grade bonds inside the fund – we limit our positions to investment grade only. During the 12-month period, non-investment grade bonds outperformed. Also, some of our specific positions, like an airport revenue bond in the New York City metro area, experienced credit spread widening. While our credit opinion on that specific obligor has not changed, the spread widening detracted from relative performance.

One factor helping to offset some of these negative influences was our positioning in lower investment grade bonds. Just as non-investment grade bonds performed well, so did lower investment grade (BBB and A) versus the higher graded bonds. Our overweight to single A rated issues contributed positively to relative performance.

* Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A Shares was -5.24%, 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.

*** 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.

A bear flattener is a yield-rate environment in which short-term interest rates are increasing at a faster rate than long-term interest rates. This causes the yield curve to flatten as short-term and long-term rates start to converge.

April 30, 2018 (unaudited) / ANNUAL REPORT

14

Standard & Poor’s (“S&P”) Municipal Bond Short Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 6 months and a maximum maturity of 4 years.

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.

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.

Income may be subject to the federal AMT.

ANNUAL REPORT / April 30, 2018 (unaudited)

15

WILMINGTON NEW YORK MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in the Class A Shares and $1,000,0001 in the Class I Shares of the Wilmington New York Municipal Bond Fund from April 30, 2008 to April 30, 2018 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 Shares was -5.24%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and cur-rent 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 4/30/18
	1 Year	5 Years	10 Years
Class A^	-5.24%	0.19%	2.16%
Class I^	-0.50%	1.38%	2.87%
S&P Municipal Bond Intermediate Index2	0.71%	2.16%	4.19%

^Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.25% and 0.84%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.00% and 0.59%, 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.

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 $1,000,000 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, 2018 (unaudited) / ANNUAL REPORT

16

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you 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, 2017 to April 30, 2018.

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 Fund’s actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund’s 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, 2018.

	Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A		$1,000.00		$979.30		$4.17		0.85%
Class I		$1,000.00		$980.40		$2.50		0.51%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.58		$4.26		0.85%
Class I		$1,000.00		$1,022.27		$2.56		0.51%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
Class A		$1,000.00		$981.70		$4.03		0.82%
Class I		$1,000.00		$983.30		$2.46		0.50%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.73		$4.11		0.82%
Class I		$1,000.00		$1,022.32		$2.51		0.50%
WILMINGTON SHORT-TERM BOND FUND
Actual
Class A		$1,000.00		$994.90		$3.61		0.73%
Class I		$1,000.00		$996.10		$2.38		0.48%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,021.17		$3.66		0.73%
Class I		$1,000.00		$1,022.41		$2.41		0.48%

ANNUAL REPORT / April 30, 2018 (unaudited)

17

	Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$   980.00		$3.63		0.74%
Class I		$1,000.00		$   981.90		$2.41		0.49%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,021.12		$3.71		0.74%
Class I		$1,000.00		$1,022.36		$2.46		0.49%
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A		$1,000.00		$   978.50		$4.07		0.83%
Class I		$1,000.00		$   980.70		$2.85		0.58%
Hypothetical (assuming a 5% return before expense)
Class A		$1,000.00		$1,020.68		$4.16		0.83%
Class I		$1,000.00		$1,021.92		$2.91		0.58%

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

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

April 30, 2018 (unaudited) / ANNUAL REPORT

18

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2018, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
Corporate Bonds		44.6	%
U.S. Treasury		31.4	%
Mortgage-Backed Securities		18.9	%
Commercial Paper		2.9	%
Government Agencies		1.0	%
Collateralized Mortgage Obligations		0.6	%
Enhanced Equipment Trust Certificates		0.2	%
Asset-Backed Security		0.1	%
Cash Equivalents1		4.9	%
Other Assets and Liabilities – Net2		(4.6	)%
TOTAL		100.0	%

Credit Quality Diversification3	Percentage of
	Total Net Assets
U.S. Government Agency Securities		20.5	%
U.S. Treasury		31.4	%
AAA / Aaa		0.2	%
AA / Aa		1.1	%
A / A		9.8	%
BBB / Baa		32.0	%
BB / Ba		1.8	%
Not Rated		7.8	%
Other Assets and Liabilities – Net2		(4.6	)%
TOTAL		100.0	%

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

(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, 2018

Description		Par Value		Value
ASSET-BACKED SECURITY — 0.1%
FINANCIAL SERVICES — 0.1%
LA Arena Funding LLC,
Series 1999-1, Class A, 7.66%, 12/15/26W	$	393,714	$	403,402
TOTAL ASSET-BACKED SECURITY (COST $393,714)			$	403,402
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) — 0.2%
Pool Q33547, 3.50%, 5/01/45		1,072,099		1,066,472
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) — 0.3%
Series 1988-23, Class C, 9.75%, 9/25/18		38		38

Description		Par Value		Value
Series 2005-29, Class WC, 4.75%, 4/25/35	$	24,621	$	25,895
Series 2012-114, Class VM, 3.50%, 10/25/25		1,682,717		1,703,522
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,729,455
WHOLE LOAN – 0.1%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 3.86%, 2/25/34D		88,125		90,361
Countrywide Home Loan Mortgage
Pass-Through Trust,
Series 2004-8, Class 2A1, 4.50%, 6/25/19		37,283		37,410
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.02%, 11/25/35D		162,173		154,762

ANNUAL REPORT / April 30, 2018

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

Description	Par Value		Value
WaMu Mortgage Pass-Through Certificates,
Series 2004-CB1, Class 1A, 5.25%, 6/25/19	$	108,014	$	108,836
TOTAL WHOLE LOAN			$	391,369
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $3,399,827)			$	3,187,296
COMMERCIAL PAPER – 2.9%t
COMMERCIAL PAPER – 2.9%
Anheuser-Busch InBev SA, 2.32%, 7/05/18		1,000,000		996,030
McCormick & Co., 2.19%, 5/01/18		7,000,000		6,999,584
Unitedhealth Group, Inc., 1.93%, 5/01/18		7,000,000		6,999,633
TOTAL COMMERCIAL PAPER			$	14,995,247
TOTAL COMMERCIAL PAPER (COST $14,995,929)			$	14,995,247
CORPORATE BONDS – 44.6%
AEROSPACE & DEFENSE – 1.6%
L3 Technologies, Inc., Company Guaranteed, 4.75%, 7/15/20		1,000,000		1,029,208
Lockheed Martin Corp., Sr. Unsecured, 1.85%, 11/23/18		2,000,000		1,993,771
Lockheed Martin Corp., Sr. Unsecured, 4.70%, 5/15/46		975,000		1,032,685
Northrop Grumman Corp., Sr. Unsecured, 2.93%, 1/15/25		1,000,000		949,176
Northrop Grumman Corp., Sr. Unsecured, 4.03%, 10/15/47		1,765,000		1,640,871
Rockwell Collins, Inc., Sr. Unsecured, 3.50%, 3/15/27		1,600,000		1,517,226
TOTAL AEROSPACE & DEFENSE			$	8,162,937
AUTOMOTIVE – 1.7%
Daimler Finance North America LLC, Company Guaranteed, 1.50%, 7/05/19W		2,000,000		1,968,835
Daimler Finance North America LLC, Company Guaranteed, 2.30%, 1/06/20W		2,000,000		1,973,692
Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21#W		250,000		254,123
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.75%, 2/01/21		500,000		527,937
Ford Motor Credit Co. LLC, Sr. Unsecured, 4.25%, 9/20/22		450,000		453,939
General Motors Co., Sr. Unsecured, 6.25%, 10/02/43		1,000,000		1,063,070
General Motors Financial Co., Inc., Company Guaranteed, 2.40%, 5/09/19		1,430,000		1,422,299
General Motors Financial Co., Inc., Company Guaranteed, 2.35%, 10/04/19		1,000,000		989,772
TOTAL AUTOMOTIVE			$	8,653,667

Description	Par Value		Value
BEVERAGES – 0.8%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 4.90%, 2/01/46	$	1,125,000	$	1,162,577
Dr. Pepper Snapple Group, Inc., Company Guaranteed, 2.60%, 1/15/19		1,900,000		1,895,352
Dr. Pepper Snapple Group, Inc., Company Guaranteed, 2.53%, 11/15/21		1,000,000		967,071
TOTAL BEVERAGES			$	4,025,000
BIOTECHNOLOGY – 1.9%
Amgen, Inc., Sr. Unsecured, 2.13%, 5/01/20		2,000,000		1,963,238
Amgen, Inc., Sr. Unsecured, 4.40%, 5/01/45		2,130,000		2,054,603
Celgene Corp., Sr. Unsecured, 2.25%, 5/15/19		1,500,000		1,490,247
Celgene Corp., Sr. Unsecured, 2.75%, 2/15/23		1,305,000		1,248,887
Celgene Corp., Sr. Unsecured, 4.55%, 2/20/48		2,520,000		2,384,893
Gilead Sciences, Inc., Sr. Unsecured, 4.60%, 9/01/35		650,000		670,133
TOTAL BIOTECHNOLOGY			$	9,812,001
BUILDING PRODUCTS – 0.0%**
Johnson Controls International PLC, (Current rate until maturity), Sr. Unsecured, 4.63%, 7/02/44ÿ		100,000		100,926
CAPITAL MARKETS – 1.9%
Bank of New York Mellon Corp. (The), Subordinated, MTN, 3.00%, 10/30/28		775,000		705,718
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 month USD LIBOR + 1.16%), 3.52%, 4/23/20D		425,000		431,651
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 month USD LIBOR + 1.20%), 3.32%, 9/15/20D		1,425,000		1,453,409
Goldman Sachs Group, Inc. (The), Sr. Unsecured, 3.00%, 4/26/22		915,000		895,563
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 month USD LIBOR + 1.20%), 3.27%, 9/29/25D		800,000		762,146
Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 month USD LIBOR + 1.51%), 3.69%, 6/05/28D		2,080,000		1,978,760
Morgan Stanley, Sr. Unsecured, GMTN, (3 month USD LIBOR + 0.55%), 2.29%, 2/10/21D		1,625,000		1,629,798
Morgan Stanley, Sr. Unsecured, MTN, 3.13%, 7/27/26		340,000		316,689
Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		505,000		502,029
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		847,000		833,139
TOTAL CAPITAL MARKETS			$	9,508,902

April 30, 2018 / ANNUAL REPORT

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

Description	Par Value		Value
COMMERCIAL BANKS – 4.9%
BB&T Corp., Sr. Unsecured, MTN, 2.45%, 1/15/20	$	1,640,000	$	1,623,121
BB&T Corp., Sr. Unsecured, MTN, (3 month USD LIBOR + 0.65%), 2.96%, 4/01/22D		2,000,000		2,020,727
Branch Banking & Trust Co., Subordinated, 3.80%, 10/30/26		1,000,000		995,795
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,251,123
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		530,000		539,153
Fifth Third Bank, Sr. Unsecured, BKNT, 1.63%, 9/27/19		2,000,000		1,964,642
KeyBank NA, Sr. Unsecured, 1.70%, 6/01/18		2,500,000		2,498,359
KeyCorp, Sr. Unsecured, MTN, 2.90%, 9/15/20		750,000		745,654
PNC Bank NA, Sr. Unsecured, BKNT, 2.40%, 10/18/19		1,500,000		1,490,255
PNC Bank NA, Subordinated, BKNT, 2.95%, 1/30/23		350,000		339,665
PNC Financial Services Group, Inc. (The), Subordinated, 3.90%, 4/29/24		1,500,000		1,506,785
SunTrust Banks, Inc., Sr. Unsecured, 2.50%, 5/01/19		2,000,000		1,995,813
SunTrust Banks, Inc., Sr. Unsecured, 2.90%, 3/03/21		1,475,000		1,459,565
Toronto-Dominion Bank (The), Sr. Unsecured, GMTN, 1.75%, 7/23/18#		2,500,000		2,496,776
US Bancorp, Subordinated, MTN, 2.95%, 7/15/22		2,000,000		1,962,343
US Bank NA, Sr. Unsecured, BKNT, 2.13%, 10/28/19		2,000,000		1,981,458
TOTAL COMMERCIAL BANKS			$	24,871,234
COMMERCIAL FINANCE – 0.0%**
General Electric Co., Subordinated, 5.30%, 2/11/21		250,000		262,339
COMMERCIAL SERVICES & SUPPLIES – 0.4%
Total System Services, Inc., Sr. Unsecured, 2.38%, 6/01/18D		1,900,000		1,899,383
CONSUMER FINANCE – 1.1%
American Express Co., Sr. Unsecured, (3 month USD LIBOR + 0.59%), 2.49%, 5/22/18		655,000		655,056
American Express Credit Corp., Sr. Unsecured, MTN, 1.70%, 10/30/19		800,000		786,851
American Express Credit Corp., Sr. Unsecured, MTN, 2.20%, 3/03/20		1,000,000		986,699
Capital One Financial Corp., Sr. Unsecured, 2.45%, 4/24/19		750,000		748,059
Capital One Financial Corp., Sr. Unsecured, 2.40%, 10/30/20		1,365,000		1,332,942

Description	Par Value		Value
Capital One NA, Sr. Unsecured, 2.35%, 1/31/20	$	1,000,000	$	984,596
TOTAL CONSUMER FINANCE			$	5,494,203
DIVERSIFIED FINANCIAL SERVICES – 2.9%
Bank of America Corp., Sr. Unsecured, MTN, 3.25%, 10/21/27		1,095,000		1,018,758
Bank of America Corp., Subordinated, MTN, 4.25%, 10/22/26		1,000,000		987,086
Berkshire Hathaway Finance Corp., Company Guaranteed, 4.30%, 5/15/43		425,000		434,569
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		258,685
Charles Schwab Corp. (The), Sr. Unsecured, 2.20%, 7/25/18		1,370,000		1,369,797
Charles Schwab Corp. (The), Sr. Unsecured, 4.45%, 7/22/20		250,000		257,919
Citigroup, Inc., Sr. Unsecured, 6.13%, 5/15/18		275,000		275,382
Citigroup, Inc., Sr. Unsecured, (3 month USD LIBOR + 0.95%), 2.88%, 7/24/23D		2,060,000		1,994,124
Citigroup, Inc., Subordinated, 4.13%, 7/25/28		1,650,000		1,584,647
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39W		1,000,000		1,287,360
JPMorgan Chase & Co., Sr. Unsecured, 4.63%, 5/10/21		100,000		103,946
JPMorgan Chase & Co., Sr. Unsecured, MTN, 2.30%, 8/15/21		700,000		678,701
JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 month USD LIBOR + 1.00%), 2.84%, 5/15/47D		1,000,000		900,978
Wells Fargo & Co., Sr. Unsecured, 2.10%, 7/26/21		2,000,000		1,922,255
Wells Fargo & Co., Subordinated, MTN, 4.40%, 6/14/46		2,075,000		1,937,446
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	15,011,653
ELECTRIC – 2.1%
Baltimore Gas & Electric Co., Sr. Unsecured, 3.50%, 8/15/46		1,550,000		1,389,481
Commonwealth Edison Co., 1st Mortgage, 3.80%, 10/01/42		1,000,000		956,450
Consolidated Edison, Inc., Sr. Unsecured, 2.00%, 5/15/21		750,000		721,448
Dominion Energy, Inc., Sr. Unsecured, 2.50%, 12/01/19		1,500,000		1,483,444
DTE Energy Co., Series F, Sr. Unsecured, 3.85%, 12/01/23		305,000		306,993
Entergy Arkansas, Inc., 1st Mortgage, 4.95%, 12/15/44		1,000,000		1,016,236
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		1,300,000		1,339,781

ANNUAL REPORT / April 30, 2018

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

Description	Par Value		Value
FirstEnergy Corp., Sr. Unsecured, 3.90%, 7/15/27	$	800,000	$	781,538
FirstEnergy Transmission LLC, Sr. Unsecured, 4.35%, 1/15/25W		2,250,000		2,291,230
System Energy Resources, Inc., 1st Mortgage, 4.10%, 4/01/23		500,000		503,777
TOTAL ELECTRIC			$	10,790,378
ELECTRONICS – 0.4%
Corning, Inc., Sr. Unsecured, 1.50%, 5/08/18		2,000,000		1,999,693
ENVIRONMENTAL CONTROL – 0.5%
Waste Management, Inc., Company Guaranteed, 3.50%, 5/15/24		1,255,000		1,246,294
Waste Management, Inc., Company Guaranteed, 4.10%, 3/01/45		1,520,000		1,511,763
TOTAL ENVIRONMENTAL CONTROL			$	2,758,057
FOOD – 0.1%
Kraft Heinz Foods Co., Company Guaranteed, 5.20%, 7/15/45		500,000		496,839
FOOD & STAPLES RETAILING – 0.7%
Kroger Co. (The), Sr. Unsecured, 2.95%, 11/01/21		1,750,000		1,723,739
Kroger Co. (The), Sr. Unsecured, 2.80%, 8/01/22		2,060,000		1,993,290
TOTAL FOOD & STAPLES RETAILING			$	3,717,029
FOREST PRODUCTS & PAPER – 0.6%
International Paper Co., Sr. Unsecured, 4.75%, 2/15/22		1,665,000		1,731,594
International Paper Co., Sr. Unsecured, 4.40%, 8/15/47		1,500,000		1,374,933
TOTAL FOREST PRODUCTS & PAPER			$	3,106,527
HEALTH CARE EQUIPMENT & SUPPLIES – 1.3%
Abbott Laboratories, Sr. Unsecured, 2.35%, 11/22/19		803,000		796,190
Becton Dickinson & Co., Sr. Unsecured, 3.70%, 6/06/27		3,000,000		2,845,122
Thermo Fisher Scientific, Inc., Sr. Unsecured, 4.70%, 5/01/20		1,000,000		1,030,344
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.30%, 2/15/22		1,100,000		1,091,499
Zimmer Biomet Holdings, Inc., Sr. Unsecured, (3 month USD LIBOR + 0.75%), 2.93%, 3/19/21D		1,000,000		1,003,218
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	6,766,373
HEALTH CARE PROVIDERS & SERVICES – 1.6%
Anthem, Inc., Sr. Unsecured, 2.30%, 7/15/18		2,500,000		2,499,346
Anthem, Inc., Sr. Unsecured, 3.65%, 12/01/27		1,650,000		1,570,908
Cardinal Health, Inc., Sr. Unsecured, 3.08%, 6/15/24		2,080,000		1,966,158

Description	Par Value		Value
Cardinal Health, Inc., Sr. Unsecured, 4.50%, 11/15/44	$	650,000	$	625,306
UnitedHealth Group, Inc., Sr. Unsecured, 2.95%, 10/15/27		1,350,000		1,262,195
UnitedHealth Group, Inc., Sr. Unsecured, 3.95%, 10/15/42		290,000		278,282
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	8,202,195
HOME FURNISHINGS – 0.3%
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,558,661
HOUSEHOLD PRODUCTS – 0.2%
Church & Dwight Co., Inc., Sr. Unsecured, 3.95%, 8/01/47		870,000		782,972
INSURANCE – 2.5%
American International Group, Inc., Sr. Unsecured, 4.20%, 4/01/28		1,000,000		992,594
Aon PLC, Company Guaranteed, 4.00%, 11/27/23		1,450,000		1,473,100
CNA Financial Corp., Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,066,540
CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24		950,000		946,576
Lincoln National Corp., Sr. Unsecured, 4.20%, 3/15/22#		1,000,000		1,024,591
Lincoln National Corp., Sr. Unsecured, 3.63%, 12/12/26		1,380,000		1,334,183
MetLife, Inc., Series A, Sr. Unsecured, 6.82%, 8/15/18		3,000,000		3,040,080
Principal Financial Group, Inc., Company Guaranteed, 3.30%, 9/15/22		250,000		248,046
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,033,251
WR Berkley Corp., Sr. Unsecured, 4.75%, 8/01/44		1,715,000		1,725,263
TOTAL INSURANCE			$	12,884,224
MEDIA – 1.2%
21st Century Fox America, Inc., Company Guaranteed, 4.75%, 11/15/46		1,000,000		1,056,627
CBS Corp., Company Guaranteed, 4.60%, 1/15/45		1,100,000		1,044,589
Charter Communications Operating LLC, Sr. Secured, 3.58%, 7/23/20		1,500,000		1,504,342
Discovery Communications LLC, Company Guaranteed, 3.95%, 3/20/28		1,000,000		950,762
Time Warner, Inc., Company Guaranteed, 4.85%, 7/15/45		1,190,000		1,163,311
Walt Disney Co. (The), Sr. Unsecured, GMTN, 4.13%, 6/01/44#		565,000		572,568
TOTAL MEDIA			$	6,292,199
METALS & MINING – 0.2%
Barrick Gold Corp., Sr. Unsecured, 5.25%, 4/01/42		1,000,000		1,075,437

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 22

Description	Par Value		Value
MISCELLANEOUS MANUFACTURING – 0.5%
Ingersoll-Rand Luxembourg Finance SA,
Company Guaranteed, 2.63%, 5/01/20	$	1,135,000	$	1,123,244
Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		480,000		482,824
Textron, Inc.,
Sr. Unsecured, 3.88%, 3/01/25		750,000		742,895
TOTAL MISCELLANEOUS MANUFACTURING			$	2,348,963
OIL & GAS – 2.9%
Canadian Natural Resources Ltd.,
Sr. Unsecured, GMTN, 4.95%, 6/01/47		1,000,000		1,035,473
Chevron Corp.,
Sr. Unsecured, 1.72%, 6/24/18		2,000,000		1,998,423
Exxon Mobil Corp.,
Sr. Unsecured, 1.82%, 3/15/19		925,000		920,313
Marathon Oil Corp.,
Sr. Unsecured, 4.40%, 7/15/27		1,500,000		1,510,724
Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		745,000		736,260
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22		1,450,000		1,507,682
Schlumberger Holdings Corp.,
Sr. Unsecured, 3.63%, 12/21/22W		1,500,000		1,505,435
Sempra Energy,
Sr. Unsecured, 2.85%, 11/15/20		2,870,000		2,838,733
Sempra Energy,
Sr. Unsecured, 2.90%, 2/01/23		760,000		738,597
Southern Co. Gas Capital Corp.,
Company Guaranteed, 3.95%, 10/01/46		1,425,000		1,309,976
Valero Energy Corp.,
Sr. Unsecured, 4.90%, 3/15/45		563,000		589,344
TOTAL OIL & GAS			$	14,690,960
PHARMACEUTICALS – 1.4%
AbbVie, Inc.,
Sr. Unsecured, 2.50%, 5/14/20		1,485,000		1,466,959
AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		460,000		437,895
CVS Health Corp.,
Sr. Unsecured, 5.05%, 3/25/48		1,510,000		1,535,367
Express Scripts Holding Co.,
Company Guaranteed, 4.80%, 7/15/46		2,000,000		1,947,596
Medco Health Solutions, Inc.,
Sr. Unsecured, 4.13%, 9/15/20		940,000		955,766
Zoetis, Inc.,
Sr. Unsecured, 3.95%, 9/12/47		1,005,000		939,722
TOTAL PHARMACEUTICALS			$	7,283,305
PIPELINES – 3.2%
Energy Transfer Partners LP,
Company Guaranteed, 2.50%, 6/15/18		1,000,000		999,964
Energy Transfer Partners LP,
Company Guaranteed, 3.60%, 2/01/23		870,000		851,914
Energy Transfer Partners LP,
Company Guaranteed, 5.30%, 4/15/47		2,250,000		2,108,082

Description	Par Value		Value
Enterprise Products Operating LLC,
Company Guaranteed, 2.80%, 2/15/21	$	1,075,000	$	1,060,816
Enterprise Products Operating LLC,
Company Guaranteed, 4.95%, 10/15/54		500,000		512,181
Kinder Morgan Energy Partners LP,
Company Guaranteed, 2.65%, 2/01/19		1,965,000		1,960,613
Kinder Morgan Energy Partners LP,
Company Guaranteed, 5.40%, 9/01/44		1,000,000		996,698
Kinder Morgan, Inc.,
Company Guaranteed, 5.20%, 3/01/48		2,040,000		2,006,058
MPLX LP,
Sr. Unsecured, 4.70%, 4/15/48		1,000,000		947,324
ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		1,000,000		1,144,063
Spectra Energy Partners LP,
Sr. Unsecured, 2.95%, 9/25/18		2,000,000		2,002,895
Spectra Energy Partners LP,
Sr. Unsecured, 3.50%, 3/15/25		670,000		635,538
Spectra Energy Partners LP,
Sr. Unsecured, 4.50%, 3/15/45		1,125,000		1,055,986
TOTAL PIPELINES			$	16,282,132
REAL ESTATE INVESTMENT TRUSTS – 3.0%
American Tower Corp.,
Sr. Unsecured, 3.40%, 2/15/19		2,000,000		2,007,796
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		415,000		436,030
American Tower Corp.,
Sr. Unsecured, 3.13%, 1/15/27		1,000,000		906,946
AvalonBay Communities, Inc.,
Sr. Unsecured, GMTN, 3.63%, 10/01/20		1,145,000		1,155,638
AvalonBay Communities, Inc.,
Sr. Unsecured, MTN, 3.35%, 5/15/27		1,420,000		1,359,485
Digital Realty Trust LP,
Company Guaranteed, 3.40%, 10/01/20		2,115,000		2,121,241
Digital Realty Trust LP,
Company Guaranteed, 3.63%, 10/01/22		1,100,000		1,094,481
HCP, Inc.,
Sr. Unsecured, 2.63%, 2/01/20		1,000,000		987,919
HCP, Inc.,
Sr. Unsecured, 4.00%, 12/01/22		2,000,000		2,012,537
HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		450,000		449,545
Health Care REIT, Inc.,
Sr. Unsecured, 5.25%, 1/15/22		250,000		262,231
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		695,000		684,834
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		915,000		889,324
Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.63%, 1/15/28		800,000		746,927
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	15,114,934
RETAIL – 0.6%
CVS Health Corp.,
Sr. Unsecured, 1.90%, 7/20/18		2,000,000		1,997,902

ANNUAL REPORT / April 30, 2018

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

Description	Par Value		Value
Nordstrom, Inc.,
Sr. Unsecured, 5.00%, 1/15/44	$	1,000,000	$	909,669
TOTAL RETAIL			$	2,907,571
SEMICONDUCTORS – 0.2%
QUALCOMM, Inc.,
Sr. Unsecured, 3.25%, 5/20/27		1,000,000		918,814
SOFTWARE – 0.8%
Microsoft Corp.,
Sr. Unsecured, 4.75%, 11/03/55		1,000,000		1,117,015
Oracle Corp.,
Sr. Unsecured, 4.30%, 7/08/34		1,730,000		1,793,745
Oracle Corp.,
Sr. Unsecured, 4.00%, 7/15/46		1,300,000		1,249,221
TOTAL SOFTWARE			$	4,159,981
TELECOMMUNICATIONS – 1.4%
AT&T, Inc.,
Sr. Unsecured, 2.38%, 11/27/18		2,000,000		1,999,319
AT&T, Inc.,
Sr. Unsecured, 4.50%, 5/15/35		845,000		808,753
AT&T, Inc.,
Sr. Unsecured, 5.15%, 2/14/50		1,000,000		1,011,500
Cisco Systems, Inc.,
Sr. Unsecured, (3 month USD LIBOR + 0.34%), 2.54%, 9/20/19D		1,600,000		1,606,911
Verizon Communications, Inc.,
Sr. Unsecured, 4.86%, 8/21/46		2,000,000		1,963,257
TOTAL TELECOMMUNICATIONS			$	7,389,740
TRANSPORTATION – 1.1%
FedEx Corp.,
Company Guaranteed, 4.10%, 2/01/45		685,000		636,422
FedEx Corp.,
Company Guaranteed, 4.05%, 2/15/48		500,000		456,266
Norfolk Southern Corp.,
Sr. Unsecured, 5.90%, 6/15/19		250,000		257,798
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.45%, 9/03/19		2,450,000		2,434,300
Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 9/01/22		980,000		938,291
Union Pacific Corp.,
Sr. Unsecured, 4.38%, 11/15/65		1,000,000		958,644
TOTAL TRANSPORTATION			$	5,681,721
TRUCKING & LEASING – 0.6%
GATX Corp.,
Sr. Unsecured, 3.25%, 9/15/26		1,065,000		980,384
GATX Corp.,
Sr. Unsecured, 3.85%, 3/30/27		1,500,000		1,443,498
GATX Corp.,
Sr. Unsecured, 5.20%, 3/15/44#		640,000		681,062
TOTAL TRUCKING & LEASING			$	3,104,944
TOTAL CORPORATE BONDS (COST $231,453,886)			$	228,115,894

Description	Par Value		Value
ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.2%
AIRLINES – 0.2%
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 1/31/21	$	235,153	$	242,335
Continental Airlines 2009-2, Series A, Pass-Through Certificates, 7.25%, 11/10/19		157,524		165,794
Delta Air Lines, 2007-1, Series A, Pass-Through Certificates, 6.82%, 8/10/22		233,148		255,879
Delta Air Lines, 2009-1, Series A, Pass-Through Certificates, 7.75%, 12/17/19		151,353		159,534
TOTAL AIRLINES			$	823,542
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $777,178)			$	823,542
GOVERNMENT AGENCIES – 1.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.7%
1.25%, 10/02/19		1,300,000		1,278,298
1.75%, 5/30/19#		2,000,000		1,987,942
2.38%, 1/13/22		125,000		123,171
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	3,389,411
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
6.25%, 5/15/29		750,000		955,943
7.25%, 5/15/30		400,000		556,195
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,512,138
TOTAL GOVERNMENT AGENCIES (COST $4,768,772)			$	4,901,549
MORTGAGE-BACKED SECURITIES – 18.9%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 8.6%
Pool B17616, 5.50%, 1/01/20		31,809		31,931
Pool G12709, 5.00%, 7/01/22		33,377		33,940
Pool C00478, 8.50%, 9/01/26		12,507		14,507
Pool E09010, 2.50%, 9/01/27		900,658		884,811
Pool G18497, 3.00%, 1/01/29		113,296		113,179
Pool C01272, 6.00%, 12/01/31		24,212		26,883
Pool A13990, 4.50%, 10/01/33		29,588		31,030
Pool G01625, 5.00%, 11/01/33		32,048		34,328
Pool G08097, 6.50%, 11/01/35		14,647		16,527
Pool G02296, 5.00%, 6/01/36		170,943		183,517
Pool G02390, 6.00%, 9/01/36		5,621		6,281
Pool G05317, 5.00%, 4/01/37		676,971		726,794
Pool G03703, 5.50%, 12/01/37		17,664		19,294
Pool G04776, 5.50%, 7/01/38		55,742		60,878
Pool G05500, 5.00%, 5/01/39		589,938		633,056

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 24

Description	Par Value		Value
Pool A93415, 4.00%, 8/01/40	$	1,513,440	$	1,548,209
Pool A93505, 4.50%, 8/01/40		1,170,035		1,229,251
Pool A93996, 4.50%, 9/01/40		919,035		965,474
Pool G06222, 4.00%, 1/01/41		1,685,565		1,724,505
Pool A97047, 4.50%, 2/01/41		910,076		956,128
Pool G06956, 4.50%, 8/01/41		910,647		956,805
Pool C03750, 3.50%, 2/01/42		354,747		355,455
Pool C03849, 3.50%, 4/01/42		180,166		179,220
Pool Q08305, 3.50%, 5/01/42		1,022,518		1,019,047
Pool C04305, 3.00%, 11/01/42		2,752,437		2,656,230
Pool C09020, 3.50%, 11/01/42		2,555,525		2,560,627
Pool G07266, 4.00%, 12/01/42		2,246,898		2,291,012
Pool C04444, 3.00%, 1/01/43		100,698		97,955
Pool C09029, 3.00%, 3/01/43		458,490		446,005
Pool G08534, 3.00%, 6/01/43		573,920		558,294
Pool Q19476, 3.50%, 6/01/43		1,047,851		1,049,136
Pool C09044, 3.50%, 7/01/43		1,217,492		1,218,984
Pool G07889, 3.50%, 8/01/43		1,124,713		1,117,427
Pool G07624, 4.00%, 12/01/43		1,039,806		1,065,431
Pool G60038, 3.50%, 1/01/44		5,464,917		5,475,834
Pool G07680, 4.00%, 4/01/44		1,708,432		1,750,452
Pool G07943, 4.50%, 8/01/44		127,351		132,614
Pool G08607, 4.50%, 9/01/44		783,231		815,694
Pool Q36970, 4.00%, 10/01/45		535,298		546,422
Pool G60384, 4.50%, 12/01/45		87,219		90,988
Pool Q39438, 4.00%, 3/01/46		3,971,876		4,054,269
Pool Q39644, 3.50%, 3/01/46		4,938,610		4,916,482
Pool G08705, 3.00%, 5/01/46		337,766		326,875
Pool G08708, 4.50%, 5/01/46		661,782		688,954
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	43,610,735
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 10.3%
Pool 254759, 4.50%, 6/01/18		556		556
Pool 254833, 4.50%, 8/01/18		354		354
Pool 975207, 5.00%, 3/01/23		36,753		37,358
Pool AE2520, 3.00%, 1/01/26		408,774		406,146
Pool 329794, 7.00%, 2/01/26		18,428		19,681
Pool 256639, 5.00%, 2/01/27		12,989		13,830
Pool 256752, 6.00%, 6/01/27		20,347		22,560
Pool 402255, 6.50%, 12/01/27		1,300		1,332
Pool AB8997, 2.50%, 4/01/28		193,918		188,736
Pool AS4480, 2.50%, 2/01/30		1,198,781		1,170,810
Pool AS7462, 2.50%, 6/01/31		466,940		454,451
Pool 254007, 6.50%, 10/01/31		13,250		14,799
Pool 638023, 6.50%, 4/01/32		52,603		56,826
Pool 642345, 6.50%, 5/01/32		49,579		56,175
Pool 651292, 6.50%, 7/01/32		66,082		68,858

Description	Par Value		Value
Pool 686398, 6.00%, 3/01/33	$	149,368	$	162,058
Pool 745412, 5.50%, 12/01/35		22,409		24,487
Pool 888789, 5.00%, 7/01/36		245,085		263,220
Pool 256515, 6.50%, 12/01/36		14,894		16,642
Pool AE0217, 4.50%, 8/01/40		144,219		151,464
Pool AB1796, 3.50%, 11/01/40		913,324		915,429
Pool AH5583, 4.50%, 2/01/41		417,867		438,863
Pool 890551, 4.50%, 8/01/41		85,724		90,032
Pool AL0658, 4.50%, 8/01/41		498,153		523,189
Pool AL1319, 4.50%, 10/01/41		935,627		975,929
Pool AL6302, 4.50%, 10/01/41		869,636		913,424
Pool AX5302, 4.00%, 1/01/42		1,460,205		1,499,018
Pool AK4523, 4.00%, 3/01/42		1,647,097		1,680,978
Pool AL2034, 4.50%, 4/01/42		196,863		206,731
Pool AB7936, 3.00%, 2/01/43		1,745,042		1,683,674
Pool AL3761, 4.50%, 2/01/43		317,419		333,146
Pool MA1458, 3.00%, 6/01/43		526,498		511,895
Pool AT7899, 3.50%, 7/01/43		3,189,571		3,168,836
Pool AS0302, 3.00%, 8/01/43		4,753,904		4,621,932
Pool AU4279, 3.00%, 9/01/43		921,658		896,087
Pool AL5537, 4.50%, 4/01/44		403,495		423,788
Pool AS3155, 4.00%, 8/01/44		108,225		110,262
Pool AX0833, 3.50%, 9/01/44		1,010,983		1,005,981
Pool AL6325, 3.00%, 10/01/44		3,065,014		2,979,989
Pool AS5136, 4.00%, 6/01/45		449,981		459,213
Pool AZ7362, 4.00%, 11/01/45		1,216,974		1,239,831
Pool AZ9565, 3.50%, 12/01/45		1,997,242		1,984,877
Pool BC0326, 3.50%, 12/01/45		1,577,460		1,566,719
Pool BC0245, 3.00%, 2/01/46		855,515		825,945
Pool BC0830, 3.00%, 4/01/46		1,276,706		1,232,539
Pool AS7568, 4.50%, 7/01/46		259,588		270,784
Pool MA2771, 3.00%, 10/01/46		516,102		497,912
Pool AS8276, 3.00%, 11/01/46		1,745,644		1,684,126
Pool BC9003, 3.00%, 11/01/46		1,557,677		1,502,772
Pool BE3767, 3.50%, 7/01/47		2,167,857		2,153,031
Pool BH2618, 3.50%, 8/01/47		622,221		617,967
Pool MA3088, 4.00%, 8/01/47		2,321,723		2,365,603
Pool BH4010, 4.50%, 9/01/47		2,032,235		2,120,657
Pool BJ0639, 4.00%, 3/01/48		846,720		862,937
Pool TBA, 5.00%, 5/01/48		6,700,000		7,111,422
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	52,605,861
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23		13,329		15,384
Pool 354713, 7.50%, 12/15/23		11,474		13,173
Pool 354765, 7.00%, 2/15/24		22,811		24,534

ANNUAL REPORT / April 30, 2018

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

Description	Par Value		Value
Pool 354827, 7.00%, 5/15/24	$	17,576	$	18,462
Pool 360869, 7.50%, 5/15/24		18,343		18,861
Pool 385623, 7.00%, 5/15/24		24,158		25,988
Pool 2077, 7.00%, 9/20/25		6,982		7,571
Pool 503405, 6.50%, 4/15/29		19,836		21,208
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	145,181
TOTAL MORTGAGE-BACKED SECURITIES (COST $99,918,585)			$	96,361,777
U.S. TREASURY – 31.4%
U.S. TREASURY BONDS – 4.8%
2.50%, 2/15/45		2,135,000		1,897,929
2.50%, 2/15/46		280,000		247,991
2.88%, 8/15/45		300,000		286,895
3.00%, 5/15/42		500,000		492,917
3.00%, 11/15/44		2,000,000		1,961,382
3.00%, 5/15/45		2,000,000		1,960,137
3.00%, 11/15/45		765,000		749,396
3.00%, 2/15/47		1,098,000		1,074,409
3.00%, 5/15/47		1,695,000		1,657,789
3.13%, 8/15/44		6,637,000		6,659,227
3.63%, 2/15/44		2,106,000		2,300,310
3.63%, 8/15/43		881,000		961,732
3.75%, 11/15/43		365,000		406,605
5.25%, 2/15/29#		500,000		605,676
5.38%, 2/15/31		600,000		753,089
6.25%, 5/15/30		500,000		665,541
6.38%, 8/15/27#		450,000		575,613
8.88%, 2/15/19#		1,130,000		1,188,488
TOTAL U.S. TREASURY BONDS			$	24,445,126
U.S. TREASURY NOTES – 26.6%
1.13%, 6/15/18#		1,000,000		999,299
1.25%, 10/31/18#		2,085,000		2,076,907
1.25%, 1/31/19		250,000		248,251
1.38%, 3/31/20		3,300,000		3,232,240
1.38%, 6/30/18		5,300,000		5,295,903
1.38%, 9/30/18		1,240,000		1,236,925
1.38%, 2/28/19		2,500,000		2,482,133
1.50%, 12/31/18		2,486,000		2,475,594
1.50%, 1/31/19		9,400,000		9,351,878
1.50%, 5/31/19#		535,000		530,431
1.50%, 11/30/19		1,145,000		1,128,628
1.63%, 3/31/19#		820,000		815,296
1.63%, 11/30/20		1,710,000		1,669,010
1.63%, 5/31/23		12,400,000		11,707,787
1.63%, 2/15/26		3,000,000		2,727,680

Description	Par Value		Value
1.63%, 5/15/26	$	4,695,000	$	4,255,634
1.63%, 8/15/22		6,000,000		5,726,838
1.63%, 11/15/22		1,928,000		1,834,209
1.75%, 9/30/19		5,700,000		5,647,845
1.75%, 3/31/22		5,000,000		4,818,646
1.75%, 5/15/22		380,000		365,785
1.75%, 5/15/23		2,000,000		1,901,477
1.88%, 6/30/20		5,845,000		5,764,173
2.00%, 11/15/21		1,000,000		976,687
2.00%, 4/30/24		10,195,000		9,710,502
2.00%, 2/15/25		4,655,000		4,396,028
2.00%, 8/15/25		295,000		277,162
2.00%, 11/15/26		4,180,000		3,882,927
2.13%, 6/30/22		6,615,000		6,455,431
2.13%, 5/15/25		2,500,000		2,374,603
2.13%, 8/15/21		3,750,000		3,683,639
2.25%, 7/31/18		500,000		500,475
2.25%, 7/31/21		6,600,000		6,512,072
2.25%, 11/15/25		230,000		219,472
2.38%, 8/15/24		5,600,000		5,436,287
2.50%, 3/31/23#		7,000,000		6,906,730
2.50%, 8/15/23		200,000		196,899
2.63%, 11/15/20#		500,000		500,436
2.75%, 2/15/28		6,000,000		5,900,006
3.13%, 5/15/19		750,000		756,249
3.63%, 2/15/20		750,000		765,066
4.00%, 8/15/18		500,000		502,976
TOTAL U.S. TREASURY NOTES			$	136,246,216
TOTAL U.S. TREASURY (COST $164,472,049)			$	160,691,342
	Number of Shares
MONEY MARKET FUND – 1.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.60%^		4,978,823	$	4,978,823
TOTAL MONEY MARKET FUND
(COST $4,978,823)			$	4,978,823
TOTAL INVESTMENTS IN SECURITIES – 100.7%
(COST $525,158,763)			$	514,458,872

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Broad Market Bond Fund (continued) 26

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.9%
REPURCHASE AGREEMENTS – 3.9%
Barclays Capital, Inc., 1.71%, dated 4/30/18, due 5/01/18, repurchase price $977,187, collateralized by U.S. Treasury Securities, 0.00% to 3.00%, maturing 7/31/19 to 9/09/49; total market value of $996,684	$	977,141	$	977,141
Daiwa Capital Markets America, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $3,772,714, collateralized by U.S. Government & Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 12/01/51; total market value of $3,847,985		3,772,534		3,772,534
HSBC Securities USA, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $3,772,714, collateralized by U.S. Government Securities, 2.50% to 6.50%, maturing 3/01/22 to 4/01/48; total market value of $3,847,987		3,772,534		3,772,534
NBC Global Finance Ltd., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $3,772,716, collateralized by U.S. Treasury Securities, 0.00% to 3.63%, maturing 6/30/19 to 9/09/49; total market value of $3,847,976		3,772,534		3,772,534
Nomura Securities International, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $3,772,716, collateralized by U.S. Government Securities, 0.00% to 10.50%, maturing 5/01/18 to 3/20/68; total market value of $3,847,984		3,772,534		3,772,534

Description	Par Value		Value
RBC Dominion Securities, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $3,772,714, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 10/31/18 to 9/09/49; total market value of $3,847,985.	$	3,772,534	$	3,772,534
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $19,839,811)			$	19,839,811
TOTAL INVESTMENTS – 104.6% (COST $544,998,574)			$	534,298,683
COLLATERAL FOR SECURITIES ON LOAN – (3.9%)				(19,839,811	)
OTHER LIABILITIES LESS ASSETS – (0.7%)				(3,445,370	)
TOTAL NET ASSETS – 100.0%			$	511,013,502

Cost of investments for Federal income tax purposes is $544,998,574. The net unrealized appreciation/(depreciation) of investments was $(10,699,891). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,991,665 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(13,691,556).

ANNUAL REPORT / April 30, 2018

27 PORTFOLIOS OF INVESTMENTS   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, 2018 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Security	$	—	$	403,402	$	—	$	403,402
Collateralized Mortgage Obligations		—		3,187,296		—		3,187,296
Commercial Paper		—		14,995,247		—		14,995,247
Corporate Bonds		—		228,115,894		—		228,115,894
Enhanced Equipment Trust Certificates		—		823,542		—		823,542
Government Agencies		—		4,901,549		—		4,901,549
Mortgage-Backed Securities		—		96,361,777		—		96,361,777
U.S. Treasury		—		160,691,342		—		160,691,342
Money Market Fund		4,978,823		—		—		4,978,823
Repurchase Agreements		—		19,839,811		—		19,839,811
Total	$	4,978,823	$	529,319,860	$	—	$	534,298,683

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

^ 7-Day net yield.

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

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

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2018, these liquid restricted securities amounted to $9,684,077 representing 1.90% of total net assets.

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

** Represents less than 0.05%

The following acronyms are used throughout this Fund:		LLC	Limited Liability Corporation
BKNT	Bank Note	LP	Limited Partnership
FHLMC	Federal Home Loan Mortgage Corporation	MTN	Medium Term Note
FNMA	Federal National Mortgage Association	NA	National Association
GMTN	Global Medium Term Note	PLC	Public Limited Company
GNMA	Government National Mortgage Association	REIT	Real Estate Investment Trust
LIBOR	London Interbank Offered Rate	TBA	To Be Announced Security

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

28

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At April 30, 2018, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		59.7	%
U.S. Treasury		31.3	%
Government Agencies		3.1	%
Commercial Paper		2.4	%
Mortgage-Backed Securities		1.3	%
Adjustable Rate Mortgage4		0.0	%
Cash Equivalents1		3.1	%
Other Assets and Liabilities – Net2		(0.9	)%
TOTAL		100.0	%

Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		4.4	%
U.S. Treasury		31.3	%
AAA / Aaa		0.6	%
AA / Aa		1.5	%
A / A		13.9	%
BBB / Baa		41.1	%
BB / Ba		2.6	%
Not Rated		5.5	%
Other Assets and Liabilities – Net2		(0.9	)%
TOTAL		100.0	%

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

(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.

(4) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 612514, (12 month USD LIBOR + 1.72%), 3.59%, 5/01/33D	$	21,318	$	22,304
TOTAL ADJUSTABLE RATE MORTGAGE
(COST $21,288)			$	22,304
COMMERCIAL PAPER – 2.4%t
COMMERCIAL PAPER – 2.4%
McCormick & Co., 2.19%, 5/01/18		1,000,000		999,941
UnitedHealth Group, Inc., 1.93%, 5/01/18		1,000,000		999,948
TOTAL COMMERCIAL PAPER
(COST $2,000,000)			$	1,999,889

Description	Par Value		Value
CORPORATE BONDS – 59.7%
AEROSPACE & DEFENSE – 1.8%
L3 Technologies, Inc.,
Company Guaranteed, 4.75%, 7/15/20	$	750,000	$	771,906
Lockheed Martin Corp.,
Sr. Unsecured, 3.10%, 1/15/23		500,000		493,756
Rockwell Collins, Inc.,
Sr. Unsecured, 1.95%, 7/15/19		150,000		148,166
United Technologies Corp.,
Sr. Unsecured, 1.50%, 11/01/19		150,000		147,093
TOTAL AEROSPACE & DEFENSE			$	1,560,921
AUTO MANUFACTURERS – 0.3%
General Motors Co.,
Sr. Unsecured, 3.50%, 10/02/18		220,000		220,805

ANNUAL REPORT / April 30, 2018

29 PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
AUTOMOTIVE – 2.3%
Ford Motor Credit Co. LLC,
Series 1, Sr. Unsecured, (3 month USD
LIBOR + 0.83%), 2.90%, 3/12/19D	$	1,000,000	$	1,003,224
General Motors Financial Co., Inc.,
Company Guaranteed, 2.40%, 5/09/19		700,000		696,230
Toyota Motor Credit Corp.,
Sr. Unsecured, MTN, (3 month USD LIBOR + 0.37%), 2.44%, 3/12/20D		250,000		251,240
TOTAL AUTOMOTIVE			$	1,950,694
BEVERAGES – 0.3%
PepsiCo, Inc.,
Sr. Unsecured, 2.38%, 10/06/26		250,000		228,001
BIOTECHNOLOGY – 1.9%
Amgen, Inc.,
Sr. Unsecured, 2.13%, 5/01/20		500,000		490,810
Amgen, Inc.,
Sr. Unsecured, 2.20%, 5/11/20		270,000		265,364
Amgen, Inc.,
Sr. Unsecured, 2.25%, 8/19/23		225,000		210,476
Celgene Corp.,
Sr. Unsecured, 2.25%, 5/15/19		430,000		427,204
Celgene Corp.,
Sr. Unsecured, 2.75%, 2/15/23		260,000		248,820
TOTAL BIOTECHNOLOGY			$	1,642,674
BUILDING PRODUCTS – 0.5%
Johnson Controls International PLC,
(Current rate until maturity), Sr. Unsecured, 3.63%, 7/02/24ÿ		400,000		396,164
CAPITAL MARKETS – 4.3%
Bank of New York Mellon Corp. (The),
Sr. Unsecured, MTN, 2.60%, 8/17/20		475,000		471,618
Bank of New York Mellon Corp. (The),
Sr. Unsecured, MTN, (3 month USD LIBOR + 0.63%), 2.66%, 5/16/23D		400,000		386,298
Bank of New York Mellon Corp. (The),
Sr. Unsecured, MTN, 2.80%, 5/04/26		300,000		279,767
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 month USD LIBOR + 1.16%), 3.52%, 4/23/20D		500,000		507,825
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 month USD LIBOR + 1.20%), 3.27%, 9/29/25D		210,000		200,063
Morgan Stanley,
Sr. Unsecured, 2.50%, 1/24/19		325,000		324,691
Morgan Stanley,
Sr. Unsecured, 3.63%, 1/20/27		500,000		482,563
Morgan Stanley,
Sr. Unsecured, GMTN, (3 month USD LIBOR + 0.55%), 2.29%, 2/10/21D		240,000		240,709
State Street Corp.,
Subordinated, 3.10%, 5/15/23		250,000		246,278

Description	Par Value		Value
TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22	$	450,000	$	442,636
TOTAL CAPITAL MARKETS			$	3,582,448
COMMERCIAL BANKS – 5.0%
BB&T Corp.,
Sr. Unsecured, MTN, (3 month USD LIBOR +		345,000		348,575
0.65%), 2.96%, 4/01/22D
Branch Banking & Trust Co.,
Subordinated, 3.63%, 9/16/25		500,000		493,232
Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		500,000		508,635
Fifth Third Bank,
Sr. Unsecured, BKNT, 1.63%, 9/27/19		500,000		491,161
Huntington National Bank (The),
Sr. Unsecured, 2.40%, 4/01/20		350,000		345,350
KeyBank NA,
Sr. Unsecured, 1.70%, 6/01/18		500,000		499,672
KeyCorp,
Sr. Unsecured, MTN, 2.90%, 9/15/20		250,000		248,551
PNC Financial Services Group, Inc. (The),
Subordinated, 3.90%, 4/29/24		420,000		421,900
SunTrust Banks, Inc.,
Sr. Unsecured, 2.50%, 5/01/19		250,000		249,477
SunTrust Banks, Inc.,
Sr. Unsecured, 2.70%, 1/27/22		250,000		243,308
Toronto-Dominion Bank (The),
Sr. Unsecured, MTN, 2.13%, 4/07/21		370,000		359,259
TOTAL COMMERCIAL BANKS			$	4,209,120
COMMERCIAL SERVICES & SUPPLIES – 1.2%
Total System Services, Inc.,
Sr. Unsecured, 2.38%, 6/01/18		450,000		449,854
Total System Services, Inc.,
Sr. Unsecured, 3.80%, 4/01/21		525,000		528,174
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	978,028
COMPUTERS – 0.9%
Hewlett Packard Enterprise Co.,
Sr. Unsecured, 2.10%, 10/04/19W		750,000		739,420
CONSUMER FINANCE – 1.9%
American Express Co.,
Sr. Unsecured, (3 month USD LIBOR +		500,000		500,043
0.59%), 2.49%, 5/22/18D
American Express Credit Corp.,
Sr. Unsecured, MTN, 1.70%, 10/30/19		260,000		255,727
Capital One Financial Corp.,
Sr. Unsecured, 2.45%, 4/24/19		100,000		99,741
Capital One Financial Corp.,
Sr. Unsecured, 2.40%, 10/30/20		170,000		166,007
Capital One Financial Corp.,
Sr. Unsecured, (3 month USD LIBOR +		250,000		251,845
0.95%), 3.01%, 3/09/22D

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued) 30

Description	Par Value		Value
Capital One NA,
Sr. Unsecured, (3 month USD LIBOR +	$	300,000	$	302,044
0.77%), 2.85%, 9/13/19D
TOTAL CONSUMER FINANCE			$	1,575,407
DIVERSIFIED FINANCIAL SERVICES – 5.7%
American Honda Finance Corp.,
Sr. Unsecured, MTN, 1.20%, 7/12/19		120,000		117,773
Bank of America Corp.,
Sr. Unsecured, MTN, (3 month USD LIBOR +		350,000		342,176
0.63%), 2.33%, 10/01/21D
Bank of America Corp.,
Sr. Unsecured, MTN, 2.50%, 10/21/22		415,000		397,033
Bank of America Corp.,
Sr. Unsecured, MTN, 4.13%, 1/22/24		250,000		255,822
Bank of Montreal,
Sr. Unsecured, MTN, 1.50%, 7/18/19		250,000		246,227
Bank of Montreal,
Sr. Unsecured, MTN, 1.90%, 8/27/21#		430,000		411,655
Berkshire Hathaway, Inc.,
Sr. Unsecured, 2.75%, 3/15/23		175,000		170,477
BlackRock, Inc.,
Series 2, Sr. Unsecured, 5.00%, 12/10/19		300,000		310,422
Canadian Imperial Bank of Commerce,
Sr. Unsecured, BKNT, 2.10%, 10/05/20		255,000		248,910
Charles Schwab Corp. (The),
Sr. Unsecured, 3.20%, 3/02/27		665,000		635,330
Citigroup, Inc.,
Sr. Unsecured, 2.45%, 1/10/20		450,000		445,798
Citigroup, Inc.,
Sr. Unsecured, 2.75%, 4/25/22		250,000		243,186
HSBC USA, Inc.,
Sr. Unsecured, 2.00%, 8/07/18		220,000		219,813
JPMorgan Chase & Co.,
Sr. Unsecured, 2.55%, 10/29/20		250,000		246,494
Westpac Banking Corp.,
Sr. Unsecured, 4.88%, 11/19/19		250,000		257,255
Westpac Banking Corp.,
Sr. Unsecured, 3.40%, 1/25/28		240,000		229,439
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,777,810
ELECTRIC – 4.8%
Duke Energy Indiana LLC, 1st Mortgage, 3.75%, 7/15/20		670,000		681,386
Entergy Corp.,
Sr. Unsecured, 2.95%, 9/01/26		505,000		464,539
Exelon Corp.,
Sr. Unsecured, 2.45%, 4/15/21		500,000		485,272
Exelon Generation Co. LLC,
Sr. Unsecured, 2.95%, 1/15/20		700,000		697,665
FirstEnergy Corp.,
Series B, Sr. Unsecured, 3.90%, 7/15/27		200,000		195,385
FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25W		750,000		763,743
Southern Co. (The),
Sr. Unsecured, 2.35%, 7/01/21		500,000		485,852

Description	Par Value		Value
WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20	$	300,000	$	295,595
TOTAL ELECTRIC			$	4,069,437
ENVIRONMENTAL CONTROL – 0.2%
Waste Management, Inc.,
Company Guaranteed, 2.40%, 5/15/23		160,000		151,236
FOOD & STAPLES RETAILING – 0.9%
General Mills, Inc.,
Sr. Unsecured, 3.70%, 10/17/23		240,000		239,893
Kroger Co. (The),
Sr. Unsecured, 2.30%, 1/15/19		250,000		249,111
Kroger Co. (The),
Sr. Unsecured, 2.95%, 11/01/21		250,000		246,248
TOTAL FOOD & STAPLES RETAILING			$	735,252
HEALTH CARE EQUIPMENT & SUPPLIES – 1.4%
Abbott Laboratories,
Sr. Unsecured, 2.35%, 11/22/19		284,000		281,592
Medtronic Global Holdings SCA,
Company Guaranteed, 1.70%, 3/28/19		400,000		396,798
Thermo Fisher Scientific, Inc.,
Sr. Unsecured, 4.70%, 5/01/20		500,000		515,172
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	1,193,562
HEALTH CARE PROVIDERS & SERVICES – 3.4%
Aetna, Inc.,
Sr. Unsecured, 1.70%, 6/07/18		175,000		174,895
Anthem, Inc.,
Sr. Unsecured, 2.30%, 7/15/18		500,000		499,869
Anthem, Inc.,
Sr. Unsecured, 3.65%, 12/01/27		235,000		223,735
Cardinal Health, Inc.,
Sr. Unsecured, 1.95%, 6/14/19		180,000		177,931
Cardinal Health, Inc.,
Sr. Unsecured, 3.20%, 3/15/23		350,000		342,123
Cardinal Health, Inc.,
Sr. Unsecured, 3.41%, 6/15/27		200,000		185,903
CVS Health Corp.,
Sr. Unsecured, (3 month USD LIBOR +		500,000		501,512
0.63%), 2.69%, 3/09/20D
CVS Health Corp.,
Sr. Unsecured, 3.70%, 3/09/23		500,000		498,689
UnitedHealth Group, Inc.,
Sr. Unsecured, 2.38%, 10/15/22		300,000		288,005
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	2,892,662
HOME FURNISHINGS – 0.3%
Whirlpool Corp.,
Sr. Unsecured, 2.40%, 3/01/19		220,000		219,259
INSURANCE – 1.0%
Aon PLC,
Company Guaranteed, 2.80%, 3/15/21		240,000		235,786

ANNUAL REPORT / April 30, 2018

31 PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Aon PLC,
Company Guaranteed, 4.00%, 11/27/23	$	250,000	$	253,983
Hartford Financial Services Group, Inc. (The),
Sr. Unsecured, 5.13%, 4/15/22		360,000		381,909
TOTAL INSURANCE			$	871,678
MEDIA – 1.5%
CBS Corp., Company Guaranteed, 3.38%, 3/01/22		350,000		346,961
Charter Communications Operating LLC, Sr. Secured, 3.58%, 7/23/20		500,000		501,447
Discovery Communications LLC, Company Guaranteed, 2.95%, 3/20/23		220,000		210,321
Time Warner, Inc., Company Guaranteed, 2.95%, 7/15/26		270,000		246,169
TOTAL MEDIA			$	1,304,898
MISCELLANEOUS MANUFACTURING – 1.8%
Ingersoll-Rand Global Holding Co. Ltd., Company Guaranteed, 4.25%, 6/15/23		330,000		339,177
Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed, 2.63%, 5/01/20		250,000		247,411
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21		425,000		427,500
Textron, Inc., Sr. Unsecured, 4.30%, 3/01/24		500,000		512,565
TOTAL MISCELLANEOUS MANUFACTURING			$	1,526,653
OIL & GAS – 2.5%
Marathon Oil Corp., Sr. Unsecured, 4.40%, 7/15/27		750,000		755,362
Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 9/15/24		125,000		123,534
Phillips 66, Company Guaranteed, 4.30%, 4/01/22		400,000		415,912
Schlumberger Holdings Corp., Sr. Unsecured, 2.35%, 12/21/18W		370,000		368,870
Total Capital International SA, Company Guaranteed, (3 month USD LIBOR + 0.35%), 2.53%, 6/19/19D		450,000		451,605
TOTAL OIL & GAS			$	2,115,283
PHARMACEUTICALS – 1.8%
AbbVie, Inc., Sr. Unsecured, 2.50%, 5/14/20		300,000		296,355
AbbVie, Inc., Sr. Unsecured, 3.60%, 5/14/25		350,000		339,723
Allergan Funding SCS, Company Guaranteed, (3 month USD LIBOR + 1.26%), 3.33%, 3/12/20D		500,000		505,754
Medco Health Solutions, Inc., Sr. Unsecured, 4.13%, 9/15/20		250,000		254,193
Zoetis, Inc., Sr. Unsecured, 3.00%, 9/12/27		125,000		115,738
TOTAL PHARMACEUTICALS			$	1,511,763

Description	Par Value		Value
PIPELINES – 3.0%
Enterprise Products Operating LLC, Company Guaranteed, 2.55%, 10/15/19	$	325,000	$	324,485
Enterprise Products Operating LLC, Company Guaranteed, 2.80%, 2/15/21		225,000		222,031
Kinder Morgan Energy Partners LP, Company Guaranteed, 2.65%, 2/01/19		650,000		648,549
Kinder Morgan, Inc., Company Guaranteed, 4.30%, 3/01/28		500,000		488,049
MPLX LP, Sr. Unsecured, 3.38%, 3/15/23#		50,000		49,259
Spectra Energy Partners LP, Sr. Unsecured, 2.95%, 9/25/18		302,000		302,437
Valero Energy Partners LP, Sr. Unsecured, 4.38%, 12/15/26		500,000		492,593
TOTAL PIPELINES			$	2,527,403
REAL ESTATE INVESTMENT TRUSTS – 5.6%
American Tower Corp., Sr. Unsecured, 3.45%, 9/15/21		250,000		248,589
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		505,000		530,591
American Tower Corp., Sr. Unsecured, 3.55%, 7/15/27		235,000		219,763
Boston Properties LP, Sr. Unsecured, 2.75%, 10/01/26		400,000		360,181
Digital Realty Trust LP, Company Guaranteed, 3.40%, 10/01/20		425,000		426,254
HCP, Inc., Sr. Unsecured, 3.75%, 2/01/19		200,000		201,048
HCP, Inc., Sr. Unsecured, 2.63%, 2/01/20		250,000		246,980
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24		540,000		539,454
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.88%, 5/01/25		550,000		534,566
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.63%, 1/15/28		300,000		280,098
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 2.70%, 4/01/20		550,000		544,010
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 4.25%, 3/01/22		250,000		254,958
Welltower, Inc., Sr. Unsecured, 4.25%, 4/01/26		330,000		326,183
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	4,712,675
RETAIL – 0.5%
Home Depot, Inc. (The), Sr. Unsecured, 2.13%, 9/15/26		225,000		200,527
Walgreens Boots Alliance, Inc., Sr. Unsecured, 3.30%, 11/18/21		225,000		223,817
TOTAL RETAIL			$	424,344
SEMICONDUCTORS – 1.0%
QUALCOMM, Inc., Sr. Unsecured, 1.85%, 5/20/19		850,000		844,209

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued) 32

Description	Par Value		Value
SOFTWARE – 1.2%
Microsoft Corp., Sr. Unsecured, 1.10%, 8/08/19	$	350,000	$	343,696
Microsoft Corp., Sr. Unsecured, 1.55%, 8/08/21		175,000		167,627
Oracle Corp., Sr. Unsecured, 1.90%, 9/15/21		250,000		241,330
Oracle Corp., Sr. Unsecured, 3.25%, 11/15/27		300,000		289,013
TOTAL SOFTWARE			$	1,041,666
TELECOMMUNICATIONS – 1.3%
AT&T, Inc., Sr. Unsecured, (3 month USD LIBOR + 0.93%), 3.23%, 6/30/20		500,000		505,940
AT&T, Inc., Sr. Unsecured, 3.40%, 8/14/24		300,000		303,450
Cisco Systems, Inc., Sr. Unsecured, 2.20%, 9/20/23		295,000		279,126
TOTAL TELECOMMUNICATIONS			$	1,088,516
TRANSPORTATION – 0.9%
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 9/01/22		265,000		253,721
Ryder System, Inc., Sr. Unsecured, MTN, 3.40%, 3/01/23		500,000		495,171
TOTAL TRANSPORTATION			$	748,892
TRUCKING & LEASING – 0.5%
GATX Corp., Sr. Unsecured, 3.25%, 9/15/26		505,000		464,877
TOTAL CORPORATE BONDS
(COST $51,019,620)			$	50,305,757
GOVERNMENT AGENCIES – 3.1%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 3.1%
1.38%, 5/01/20#		750,000		732,729
1.75%, 5/30/19		605,000		601,352
2.38%, 1/13/22		1,000,000		985,366
3.75%, 3/27/19		250,000		253,350
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	2,572,797
TOTAL GOVERNMENT AGENCIES
(COST $2,604,016)			$	2,572,797
MORTGAGE-BACKED SECURITIES – 1.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 0.2%
Pool C90293, 7.50%, 9/01/19		16,191		16,804
Pool B19228, 4.50%, 4/01/20		7,804		7,831
Pool C90504, 6.50%, 12/01/21		11,533		12,447
Pool G01625, 5.00%, 11/01/33		32,048		34,328
Pool A18401, 6.00%, 2/01/34		50,757		56,574

Description	Par Value		Value
Pool G08097, 6.50%, 11/01/35	$	23,703	$	26,745
Pool G02390, 6.00%, 9/01/36		9,838		10,992
Pool G08193, 6.00%, 4/01/37		29,333		32,774
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	198,495
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.8%
Pool 254833, 4.50%, 8/01/18		472		472
Pool 839291, 5.00%, 9/01/20		1,529		1,547
Pool AE2520, 3.00%, 1/01/26		518,530		515,195
Pool 256639, 5.00%, 2/01/27		25,979		27,659
Pool 256752, 6.00%, 6/01/27		25,434		28,199
Pool 257007, 6.00%, 12/01/27		42,227		46,837
Pool 254240, 7.00%, 3/01/32		40,954		46,612
Pool 745412, 5.50%, 12/01/35		22,589		24,683
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	691,204
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 780825, 6.50%, 7/15/28		57,100		64,018
Pool 2616, 7.00%, 7/20/28		36,870		43,319
Pool 2701, 6.50%, 1/20/29		70,024		76,664
Pool 426727, 7.00%, 2/15/29		6,003		6,311
Pool 781231, 7.00%, 12/15/30		32,456		36,193
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	226,505
TOTAL MORTGAGE-BACKED SECURITIES
(COST $1,065,935)			$	1,116,204
U.S. TREASURY – 31.3%
U.S. TREASURY NOTES – 31.3%
1.00%, 6/30/19		250,000		246,186
1.38%, 1/31/21		500,000		483,642
1.38%, 5/31/21		660,000		635,082
1.50%, 8/15/26		500,000		447,195
1.63%, 5/31/23		1,000,000		944,176
1.63%, 10/31/23		1,000,000		938,872
1.63%, 2/15/26		1,000,000		909,227
1.63%, 5/15/26		25,000		22,660
1.75%, 5/15/23		1,000,000		950,738
1.88%, 7/31/22		450,000		434,224
2.00%, 7/31/20		250,000		247,052
2.00%, 11/15/21		1,000,000		976,687
2.00%, 2/15/22		500,000		487,097
2.00%, 7/31/22		250,000		242,525
2.00%, 2/15/23		1,000,000		964,953
2.00%, 2/15/25		1,003,000		947,200
2.00%, 8/15/25		1,500,000		1,409,299
2.00%, 11/15/26		650,000		603,804
2.13%, 1/31/21		500,000		493,487

ANNUAL REPORT / April 30, 2018

33 PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
2.13%, 6/30/21	$	625,000	$	614,718
2.13%, 8/15/21		825,000		810,401
2.13%, 9/30/21		500,000		490,685
2.13%, 5/15/25		1,250,000		1,187,301
2.25%, 1/31/24		1,400,000		1,355,556
2.25%, 11/15/25		1,500,000		1,431,339
2.25%, 2/15/27		30,000		28,393
2.25%, 11/15/27		500,000		471,037
2.38%, 8/15/24		750,000		728,074
2.50%, 3/31/23		275,000		271,336
2.50%, 8/15/23		1,000,000		984,496
2.50%, 5/15/24		1,000,000		979,511
2.63%, 8/15/20		500,000		500,823
2.75%, 11/15/23		1,000,000		995,752
2.75%, 2/15/28		2,100,000		2,065,002
3.13%, 5/15/21		550,000		557,537
3.63%, 2/15/20		500,000		510,044
TOTAL U.S. TREASURY NOTES			$	26,366,111
TOTAL U.S. TREASURY
(COST $27,270,589)			$	26,366,111

	Number of Shares
MONEY MARKET FUND – 1.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.60%^		1,418,994		1,418,994
TOTAL MONEY MARKET FUND
(COST $1,418,994)			$	1,418,994
TOTAL INVESTMENTS IN SECURITIES – 99.5%
(COST $85,400,442)			$	83,802,056

	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.4%
REPURCHASE AGREEMENTS – 1.4%
Barclays Capital, Inc., 1.71%, dated 4/30/18, due 5/01/18, repurchase price $56,131, collateralized by U.S. Treasury Securities, 0.00% to 3.00%, maturing 7/31/19 to 9/09/49; total market value of $57,250	$	56,128	56,128

Description	Par Value		Value
Daiwa Capital Markets America, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $221,750, collateralized by U.S. Government & Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 12/01/51; total market value of $226,174	$	221,739	$	221,739
NBC Global Finance Ltd., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $221,750, collateralized by U.S. Treasury Securities, 0.00% to 3.63%, maturing 6/30/19 to 9/09/49; total market value of $226,173		221,739		221,739
Nomura Securities International, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $221,750, collateralized by U.S. Government Securities, 0.00% to 10.50%, maturing 5/01/18 to 3/20/68; total market value of $226,174		221,739		221,739
RBC Dominion Securities, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $221,750, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 10/31/18 to 9/09/49; total market value of $226,174		221,739		221,739
TD Securities, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $221,750, collateralized by U.S. Government Securities, 4.00% to 4.50%, maturing 3/01/47 to 3/01/48; total market value of $226,174		221,739		221,739
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON
LOAN
(COST $1,164,823)			$	1,164,823
TOTAL INVESTMENTS – 100.9% (COST $86,565,265)			$	84,966,879
COLLATERAL FOR SECURITIES ON LOAN – (1.4%)				(1,164,823	)
OTHER ASSETS LESS LIABILITIES – 0.5%				411,242
TOTAL NET ASSETS – 100.0%			$	84,213,298

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Intermediate-Term Bond Fund (concluded) 34

Cost of investments for Federal income tax purposes is $86,581,518. The net unrealized appreciation/(depreciation) of investments was $(1,614,639). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $213,964 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(1,828,603).

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	22,304	$	—	$	22,304
Commercial Paper		—		1,999,889		—		1,999,889
Corporate Bonds		—		50,305,757		—		50,305,757
Government Agencies		—		2,572,797		—		2,572,797
Mortgage-Backed Securities		—		1,116,204		—		1,116,204
U.S. Treasury		—		26,366,111		—		26,366,111
Money Market Fund		1,418,994		—		—		1,418,994
Repurchase Agreements		—		1,164,823		—		1,164,823
Total	$	1,418,994	$	83,547,885	$	—	$	84,966,879

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

^ 7-Day net yield.

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

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2018, these liquid restricted securities amounted to $1,872,033 representing 2.22% of total net assets.

¨ The rate shown reflects the effective yield at purchase date.

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

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:
BKNT	Bank Note
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Corporation
LP	Limited Partnership
MTN	Medium Term Note
NA	National Association
PLC	Public Limited Company

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

35

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Bond Fund

At April 30, 2018, the Fund’s portfolio classifications were as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Notes		26.4	%
Consumer Finance		6.7	%
Commercial Banks		6.7	%
Federal National Mortgage Association (FNMA)		5.1	%
Diversified Financial Services		5.1	%
Electric		4.9	%
Health Care Providers & Services		3.9	%
Media		3.8	%
Oil & Gas		3.7	%
Federal Home Loan Mortgage Corporation (FHLMC)		3.0	%
Federal Home Loan Bank (FHLB)		2.8	%
Commercial Services & Supplies		2.8	%
Capital Markets		1.9	%
Automotive		1.9	%
Household Products		1.9	%
Trucking & Leasing		1.9	%
Pipelines		1.9	%
Aerospace & Defense		1.9	%
Insurance		1.9	%
Semiconductors		1.9	%
Food & Staples Retailing		1.9	%
Telecommunications		1.7	%
Commercial Paper		1.6	%
Electronic Equipment, Instruments & Components		0.9	%
Whole Loan		0.8	%
Food Products		0.8	%
Health Care Equipment & Supplies		0.6	%
Biotechnology		0.6	%
Government National Mortgage Association (GNMA)		0.5	%
Municipal Bond		0.1	%
Small Business Administration4		0.0	%

	Percentage of Total Net Assets
Cash Equivalents1		9.4	%
Other Assets and Liabilities – Net2		(9.0	)%
TOTAL		100.0	%
Credit Quality Diversification3	Percentage of Total Net Assets
U.S. Government Agency Securities		11.4	%
U.S. Treasury		26.4	%
AA / Aa		2.0	%
A / A		28.1	%
BBB / Baa		27.8	%
BB / Ba		1.8	%
Not Rated		11.5	%
Other Assets and Liabilities – Net2		(9.0	)%
TOTAL		100.0	%

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

(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.

(4) Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 399251, (UST Yield Curve CMT 1 Year + 2.07%), 3.19%, 9/01/27D	$	42	$	44
TOTAL ADJUSTABLE RATE MORTGAGE
(COST $42)			$	44
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION
(FHLMC) – 0.2%
Series 1989-112, Class I, 6.50%, 1/15/21		225		228

Description	Par Value		Value
Series 1990-136, Class E, 6.00%, 4/15/21	$	769	$	787
Series 1990-141, Class D, 5.00%, 5/15/21		292		296
Series 1993-1577, Class PK, 6.50%, 9/15/23		14,775		15,706
Series 1993-1644, Class K, 6.75%, 12/15/23		11,748		12,228
Series 1994-1686, Class PJ, 5.00%, 2/15/24		1,354		1,399
Series 2003-2649, Class KA, 4.50%, 7/15/18		236		236

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT   Wilmington Short-Term Bond Fund (continued) 36

Description	Par Value		Value
Series 2011-3799, Class GK, 2.75%, 1/15/21	$	51,514	$	51,209
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	82,089
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.8%
Series 1993-113, Class PK, 6.50%, 7/25/23		16,746		17,688
Series 1993-127, Class H, 6.50%, 7/25/23		16,026		16,849
Series 1993-202, Class J, 6.50%, 11/25/23		9,612		10,269
Series 1994-3, Class PL, 5.50%, 1/25/24		17,446		18,482
Series 1994-55, Class H, 7.00%, 3/25/24		19,711		21,298
Series 2002-52, Class QA, 6.00%, 7/18/32		594		596
Series 2009-70, Class NM, 3.25%, 8/25/19		24,621		24,654
Series 2011-66, Class QE, 2.00%, 7/25/21		205,212		203,158
Series 2011-81, Class PA, 3.50%, 8/25/26		1,157,219		1,170,656
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,483,650
WHOLE LOAN – 0.8%
Banc of America Mortgage Securities, Inc.,		94,465		96,862
Series 2004-A, Class 2A1, 3.86%, 2/25/34D
Banc of America Mortgage Securities, Inc.,		66,528		66,855
Series 2004-B, Class 2A1, 3.92%, 3/25/34D
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1, 4.02%, 11/25/35D		270,289		257,936
TOTAL WHOLE LOAN			$	421,653
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $2,046,201)			$	1,987,392
COMMERCIAL PAPER – 1.6%◆
COMMERCIAL PAPER – 1.6%
McCormick & Co., 2.19%, 5/01/18		855,000		854,949
TOTAL COMMERCIAL PAPER (COST $855,000)			$	854,949
CORPORATE BONDS – 59.3%
AEROSPACE & DEFENSE – 1.9%
Lockheed Martin Corp.,
Sr. Unsecured, 1.85%, 11/23/18		1,000,000		996,885
AUTOMOTIVE – 1.9%
Ford Motor Credit Co. LLC,
Sr. Unsecured, (3 Month USD LIBOR +		1,000,000		1,003,224
0.83%), 2.90%, 3/12/19D
BIOTECHNOLOGY – 0.6%
Gilead Sciences, Inc.,
Sr. Unsecured, 1.85%, 9/04/18		285,000		284,558
CAPITAL MARKETS – 1.9%
Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 Month USD LIBOR +		1,000,000		1,014,842
1.11%), 3.47%, 4/26/22D

Description	Par Value		Value
COMMERCIAL BANKS – 6.7%
KeyBank NA,
Sr. Unsecured, BKNT, 2.35%, 3/08/19	$	1,650,000	$	1,646,943
PNC Bank NA,
Sr. Unsecured, BKNT, 1.95%, 3/04/19		700,000		696,096
US Bank NA,
Sr. Unsecured, BKNT, 1.40%, 4/26/19		1,150,000		1,137,403
TOTAL COMMERCIAL BANKS			$	3,480,442
COMMERCIAL SERVICES & SUPPLIES – 2.8%
Total System Services, Inc.,
Sr. Unsecured, 2.38%, 6/01/18		1,460,000		1,459,526
CONSUMER FINANCE – 6.7%
American Express Credit Corp.,
Sr. Unsecured, (3 Month USD LIBOR + 0.55%), 2.73%, 3/18/19D		800,000		802,569
American Express Credit Corp.,
Sr. Unsecured, MTN, 1.70%, 10/30/19		750,000		737,673
Capital One Financial Corp.,
Sr. Unsecured, (3 Month USD LIBOR + 0.76%), 2.57%, 5/12/20D		1,000,000		1,005,273
John Deere Capital Corp.,
Sr. Unsecured, MTN, 1.95%, 1/08/19#		950,000		946,079
TOTAL CONSUMER FINANCE			$	3,491,594
DIVERSIFIED FINANCIAL SERVICES – 5.1%
Canadian Imperial Bank of Commerce,
Sr. Unsecured, (3 Month USD LIBOR + 0.52%), 2.55%, 9/06/19#,D		1,000,000		1,004,417
Citigroup, Inc.,
Sr. Unsecured, 2.05%, 6/07/19		500,000		496,123
Royal Bank of Canada,
Sr. Unsecured, GMTN, 2.13%, 3/02/20		665,000		654,250
Wells Fargo & Co.,
Sr. Unsecured, MTN, 3.00%, 1/22/21		500,000		497,740
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	2,652,530
ELECTRIC – 4.9%
FirstEnergy Corp.,
Sr. Unsecured, 2.85%, 7/15/22		1,000,000		963,808
NextEra Energy Capital Holdings, Inc.,
Company Guaranteed, 2.30%, 4/01/19		600,000		597,729
WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20		1,000,000		985,316
TOTAL ELECTRIC			$	2,546,853
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.9%
Emerson Electric Co.,
Sr. Unsecured, 5.25%, 10/15/18		485,000		491,261
FOOD & STAPLES RETAILING – 1.9%
Kroger Co. (The),
Sr. Unsecured, 2.80%, 8/01/22		1,000,000		967,616
FOOD PRODUCTS – 0.8%
Hershey Co. (The),
Sr. Unsecured, 1.60%, 8/21/18		400,000		398,760

ANNUAL REPORT / April 30, 2018

37 PORTFOLIOS OF INVESTMENT   Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
HEALTH CARE EQUIPMENT & SUPPLIES – 0.6%
Abbott Laboratories,
Sr. Unsecured, 2.35%, 11/22/19	$	316,000	$	313,320
HEALTH CARE PROVIDERS & SERVICES – 3.9%
Cardinal Health, Inc.,
Sr. Unsecured, 1.95%, 6/14/19		600,000		593,105
UnitedHealth Group, Inc.,
Sr. Unsecured, 1.95%, 10/15/20		1,500,000		1,465,496
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	2,058,601
HOUSEHOLD PRODUCTS – 1.9%
Church & Dwight Co., Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.15%), 2.51%, 1/25/19D		1,000,000		999,803
INSURANCE – 1.9%
Metropolitan Life Global Funding I,
Sr. Secured, 1.95%, 12/03/18W		1,000,000		996,538
MEDIA – 3.8%
Comcast Corp.,
Company Guaranteed, 5.70%, 7/01/19		1,000,000		1,032,693
Walt Disney Co. (The),
Sr. Unsecured, MTN, 0.88%, 7/12/19		980,000		957,523
TOTAL MEDIA			$	1,990,216
OIL & GAS – 3.7%
BP Capital Markets PLC,
Company Guaranteed, 1.68%, 5/03/19		950,000		941,523
Schlumberger Holdings Corp.,
Sr. Unsecured, 2.35%, 12/21/18W		1,000,000		996,946
TOTAL OIL & GAS			$	1,938,469
PIPELINES – 1.9%
Kinder Morgan Energy Partners LP,
Company Guaranteed, 2.65%, 2/01/19		1,000,000		997,767
SEMICONDUCTORS – 1.9%
QUALCOMM, Inc.,
Sr. Unsecured, 1.85%, 5/20/19		1,000,000		993,187
TELECOMMUNICATIONS – 1.7%
AT&T, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.93%), 3.23%, 6/30/20D		900,000		910,691
TRUCKING & LEASING – 1.9%
GATX Corp.,
Sr. Unsecured, 2.38%, 7/30/18		1,000,000		999,381
TOTAL CORPORATE BONDS
(COST $31,206,055)			$	30,986,064
GOVERNMENT AGENCIES – 2.8%
FEDERAL HOME LOAN BANK (FHLB) – 2.8%
1.38%, 11/15/19		1,500,000		1,475,264
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	1,475,264

Description	Par Value		Value
SMALL BUSINESS
ADMINISTRATION – 0.0%**
Small Business Administration Participation Certificates, Series 1999-20I, 1, 7.30%, 9/01/19	$	898	$	914
TOTAL SMALL BUSINESS ADMINISTRATION			$	914
TOTAL GOVERNMENT AGENCIES (COST $1,498,286)			$	1,476,178
MORTGAGE-BACKED SECURITIES – 5.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.8%
Pool 538733, 9.00%, 9/01/19		93		95
Pool G12709, 5.00%, 7/01/22		50,927		51,786
Pool C80328, 7.50%, 7/01/25		16,479		18,840
Pool G14695, 4.50%, 6/01/26		189,555		190,961
Pool G01425, 7.50%, 5/01/32		41,905		48,615
Pool C78010, 5.50%, 4/01/33		539,077		597,266
Pool A18401, 6.00%, 2/01/34		418,301		466,240
Pool G01831, 6.00%, 5/01/35		75,089		83,860
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,457,663
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.3%
Pool 202957, 8.00%, 8/01/21		75		76
Pool MA0909, 3.00%, 11/01/21		241,494		240,468
Pool 334593, 7.00%, 5/01/24		35,047		39,828
Pool AE2520, 3.00%, 1/01/26		172,843		171,732
Pool 436746, 6.50%, 8/01/28		21,388		22,249
Pool 440401, 6.50%, 8/01/28		70,678		78,867
Pool 323419, 6.00%, 12/01/28		31,427		34,842
Pool 485678, 6.50%, 3/01/29		14,898		15,514
Pool 494375, 6.50%, 4/01/29		872		891
Pool 252439, 6.50%, 5/01/29		15,184		16,959
Pool 545051, 6.00%, 9/01/29		54,638		60,654
Pool 725418, 6.50%, 5/01/34		81,870		91,442
Pool 833143, 5.50%, 9/01/35		314,989		341,716
Pool 843323, 5.50%, 10/01/35		15,646		16,441
Pool 255933, 5.50%, 11/01/35		75,272		82,234
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,213,913
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.5%
Pool 306066, 8.50%, 7/15/21		1,472		1,632
Pool 1061, 9.00%, 4/20/23		7,069		7,258
Pool 346572, 7.00%, 5/15/23		3,468		3,636
Pool 484269, 7.00%, 9/15/28		20,844		21,982
Pool 592505, 6.00%, 4/15/33		131,946		138,168

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENT   Wilmington Short-Term Bond Fund (continued) 38

Description	Par Value		Value
Pool 581522, 6.00%, 5/15/33	$	94,284	$	98,247
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	270,923
TOTAL MORTGAGE-BACKED SECURITIES (COST $2,825,388)			$	2,942,499
MUNICIPAL BOND – 0.1%
DEVELOPMENT – 0.1%
City of Miami, FL, Rent Revenue,
Series 1998, 8.65%, 7/01/19		45,000		46,772
TOTAL MUNICIPAL BOND (COST $45,933)			$	46,772
U.S. TREASURY – 26.4%
U.S. TREASURY NOTES – 26.4%
0.75%, 7/15/19#		2,000,000		1,962,304
1.00%, 3/15/19		85,000		84,087
1.13%, 8/31/21		495,000		470,462
1.50%, 6/15/20		7,890,000		7,725,403
1.75%, 6/30/22		1,150,000		1,105,547
1.88%, 7/31/22		1,000,000		964,941
2.50%, 3/31/23#		1,500,000		1,480,014
TOTAL U.S. TREASURY NOTES			$	13,792,758
TOTAL U.S. TREASURY (COST $14,081,769)			$	13,792,758
	Number of Shares
MONEY MARKET FUND – 0.0%**
Dreyfus Government Cash Management Fund, Institutional Shares, 1.60%^		3,479		3,479
TOTAL MONEY MARKET FUND
(COST $3,479)			$	3,479
TOTAL INVESTMENTS IN SECURITIES – 99.6%
(COST $52,562,153)			$	52,090,135

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 9.4%
REPURCHASE AGREEMENTS – 9.4%
Barclays Capital, Inc., 1.71%, dated 4/30/18, due 5/01/18, repurchase price $241,627, collateralized by U.S. Treasury Securities, 0.00% to 3.00%, maturing 7/31/19 to 9/09/49; total market value of $246,448	$	241,616	$	241,616
Daiwa Capital Markets America, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $930,541, collateralized by U.S. Government & Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 12/01/51; total market value of $949,107		930,497		930,497
NBC Global Finance Ltd., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $930,542, collateralized by U.S. Treasury Securities, 0.00% to 3.63%, maturing 6/30/19 to 9/09/49; total market value of $949,105		930,497		930,497
Nomura Securities International, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $930,542, collateralized by U.S. Government Securities, 0.00% to 10.50%, maturing 5/01/18 to 3/20/68; total market value of $949,107		930,497		930,497
RBC Dominion Securities, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $930,541, collateralized by U.S. Government & Treasury Securities, 0.13% to 7.00%, maturing 10/31/18 to 9/09/49; total market value of $949,107		930,497		930,497
TD Securities, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $930,542, collateralized by U.S. Government Securities, 4.00% to 4.50%, maturing 3/01/47 to 3/01/48; total market value of $949,107		930,497		930,497
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $4,894,101)			$	4,894,101
TOTAL INVESTMENTS – 109.0% (COST $57,456,254)			$	56,984,236
COLLATERAL FOR SECURITIES ON LOAN – (9.4%)				(4,894,101	)
OTHER ASSETS LESS LIABILITIES – 0.4%				192,130
TOTAL NET ASSETS – 100.0%			$	52,282,265

ANNUAL REPORT / April 30, 2018

39 PORTFOLIOS OF INVESTMENT   Wilmington Short-Term Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $57,459,837. The net unrealized appreciation/(depreciation) of investments was $(475,601). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $204,044 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(679,645).

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	44	$	—	$	44
Collateralized Mortgage Obligations		—		1,987,392		—		1,987,392
Commercial Paper		—		854,949		—		854,949
Corporate Bonds		—		30,986,064		—		30,986,064
Government Agencies		—		1,476,178		—		1,476,178
Mortgage-Backed Securities		—		2,942,499		—		2,942,499
Municipal Bond		—		46,772		—		46,772
U.S. Treasury		—		13,792,758		—		13,792,758
Money Market Fund		3,479		—		—		3,479
Repurchase Agreements		—		4,894,101		—		4,894,101
Total	$	3,479	$	56,980,757	$	—	$	56,984,236

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

^ 7-Day net yield.

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

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2018, these liquid restricted securities amounted to $1,993,484 representing 3.81% of total net assets.

** Represents less than 0.05%.

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

The following acronyms are used throughout this Fund:		LIBOR	London Interbank Offered Rate
BKNT	Bank Note	LLC	Limited Liability Corporation
FHLMC	Federal Home Loan Mortgage Corporation	LP	Limited Partnership
FNMA	Federal National Mortgage Association	MTN	Medium Term Note
GMTN	Global Medium Term Note	NA	National Association
GNMA	Government National Mortgage Association	PLC	Public Limited Company

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

40

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At April 30, 2018, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
General Obligations		25.1	%
Dedicated Tax		16.4	%
Higher Education		11.6	%
School District		9.2	%
Transportation		7.2	%
Medical		6.6	%
Airport		5.4	%
Lease		5.4	%
Water		3.5	%
Water & Sewer		2.4	%
Power		2.0	%
Utilities		1.1	%
Housing		0.7	%
Cash Equivalents1		1.2	%
Other Assets and Liabilities – Net2		2.2	%
TOTAL		100.0	%

	Percentage of
Credit Quality Diversification3	Total Net Assets
AAA / Aaa		12.7	%
AA / Aa		40.8	%
A / A		31.5	%
BBB / Baa		11.6	%
Not Rated		1.2	%
Other Assets and Liabilities – Net2		2.2	%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Par Value		Value
MUNICIPAL BONDS – 96.6%
ALABAMA – 0.4%
HIGHER EDUCATION – 0.4%
Auburn University, AL, Advance Refunding
Revenue Bonds, (Series A), 5.00%, 6/01/21	$	1,200,000	$	1,307,772
TOTAL ALABAMA			$	1,307,772
ARIZONA – 3.8%
AIRPORT – 2.0%
City of Phoenix Civic Improvement Corp., AZ, Advance Refunding Revenue Bonds, Junior Lien Airport, Special Tax Obligation, 5.00%, 7/01/24		5,000,000		5,712,850

Description	Par Value		Value
POWER – 0.7%
Salt River Project Agricultural Improvement & Power District, AZ, Advance Refunding Revenue Bonds, Salt River Electricity Project, 5.00%, 1/01/33	$	1,765,000	$	2,080,247
SCHOOL DISTRICT – 0.7%
Maricopa County Unified School District No 80 Chandler, AZ, GO Limited, Economic Defeasance, 5.00%, 7/01/21		2,000,000		2,179,800

ANNUAL REPORT / April 30, 2018

41 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
TRANSPORTATION – 0.4%
Arizona Department of Transportation State Highway, AZ, Refunding Revenue Bonds, 5.00%, 7/01/25	$	1,015,000	$	1,166,590
TOTAL ARIZONA			$	11,139,487
CALIFORNIA – 6.3%
DEDICATED TAX – 1.3%
Fontana Redevelopment Agency Successor Agency, CA, (Series A), 5.00%, 10/01/30		3,060,000		3,638,738
GENERAL OBLIGATIONS – 0.4%
State of California, CA, GO Unlimited, Current Refunding, 5.00%, 8/01/30		1,010,000		1,200,749
HIGHER EDUCATION – 0.4%
California Municipal Finance Authority, CA, Advance Refunding Revenue Bonds, (Series B), (Emerson College), 5.00%, 1/01/28		1,015,000		1,180,465
TRANSPORTATION – 1.9%
Bay Area Toll Authority, CA, Refunding Revenue Bonds, (San Francisco Bay Area), 5.00%, 4/01/26		5,000,000		5,563,900
WATER – 0.4%
California Infrastructure & Economic Development Bank, CA, Revenue Bonds, (Clean Water State Revolving Fund), 5.00%, 10/01/33		1,020,000		1,205,620
WATER & SEWER – 1.9%
City of San Francisco Public Utilities Commission Water Revenue, CA, Refunding Revenue Bonds, (Series C), (Water Revenue), 5.00%, 11/01/27		5,000,000		5,547,050
TOTAL CALIFORNIA			$	18,336,522
COLORADO – 0.8%
AIRPORT – 0.8%
City & County of Denver Airport System Revenue, CO, Refunding Revenue Bonds, (Series B), 5.00%, 11/15/25		2,000,000		2,231,320
TOTAL COLORADO			$	2,231,320
CONNECTICUT – 5.3%
DEDICATED TAX – 3.9%
State of Connecticut, CT, Special Tax Obligation Bonds Transportation Infrastructure Purposes, Refunding Revenue Bonds, (Fuel Sales Tax Revenue), (2012 Series B), 5.00%, 1/01/25		5,125,000		5,588,812
State of Connecticut, CT, Special Tax Obligation Bonds Transportation Infrastructure Purposes, Revenue Bond, (Series A), (Fuel Sales Tax Revenue), 5.00%, 9/01/30		5,000,000		5,606,750
TOTAL DEDICATED TAX			$	11,195,562

Description	Par Value		Value
HIGHER EDUCATION – 1.4%
Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Series R), Fairfield University, 5.00%, 7/01/31	$	1,385,000	$	1,583,955
Connecticut State Health & Educational Facilities Authority, CT, Revenue Bonds, (Series I-1), Sacred Heart University, 5.00%, 7/01/28		1,335,000		1,548,653
University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 3/15/32		1,000,000		1,108,890
TOTAL HIGHER EDUCATION			$	4,241,498
TOTAL CONNECTICUT			$	15,437,060
DISTRICT OF COLUMBIA – 1.0%
HIGHER EDUCATION – 1.0%
District of Columbia, DC, Advance Refunding, Revenue Bonds, (Georgetown University), 5.00%, 4/01/31		2,455,000		2,840,631
TOTAL DISTRICT OF COLUMBIA			$	2,840,631
FLORIDA – 2.6%
AIRPORT – 0.9%
Greater Orlando Aviation Authority, FL, Revenue Bonds, (Port, Airport & Marina Improvements), (Sub-Series A), 5.00%, 10/01/24		2,250,000		2,534,490
HIGHER EDUCATION – 0.6%
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 3/01/28		1,600,000		1,791,200
LEASE – 1.1%
Broward County School Board, FL, Certificate Participation Refunding Bonds, (Series A), 5.00%, 7/01/21		3,000,000		3,260,070
TOTAL FLORIDA			$	7,585,760
GEORGIA – 3.9%
HIGHER EDUCATION – 1.0%
Athens-Clarke County Unified Government Development Authority, GA, Revenue Bonds, (Series A), (UGAAP), 5.00%, 9/01/23		1,000,000		1,126,140
Bulloch County Development Authority, GA, Advance Refunding Revenue Bonds, (Georgia Southern University Housing Foundation Four, LLC Project), 5.00%, 7/01/31		1,575,000		1,801,249
TOTAL HIGHER EDUCATION			$	2,927,389
LEASE – 1.7%
Gwinnett County Development Authority, GO, Certificate Participation Refunding Bonds, (NATL-RE), 5.25%, 1/01/22		4,370,000		4,841,479

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 42

Description	Par Value		Value
POWER – 0.5%
Municipal Electric Authority of Georgia, GA, Refunding Revenue Bonds, (Series A), 5.00%, 1/01/28	$	1,160,000	$	1,320,532
SCHOOL DISTRICT – 0.7%
Hall County School District, GA, GO Unlimited, School Improvements, (ST AID WITHHLDG), 5.00%, 11/01/22		1,925,000		2,156,347
TOTAL GEORGIA			$	11,245,747
ILLINOIS – 17.9%
DEDICATED TAX – 0.8%
State of Illinois, IL, Revenue Bonds, (Sales Tax Revenue), (NATL-RE), 6.00%, 6/15/27		2,000,000		2,459,380
GENERAL OBLIGATIONS – 10.5%
Chicago Park District, IL, (Ad Valorem Property Tax)
5.00%, 1/01/26		1,250,000		1,388,225
5.00%, 1/01/27		3,455,000		3,810,623
Cook County, IL, GO Unlimited, Current Refunding, (Series A), (AGM), 5.00%, 11/15/26		2,050,000		2,340,136
Elk Grove Village, IL, GO Unlimited, Refunding Revenue Notes, (Ad Valorem Property Tax), 5.00%, 1/01/32		1,000,000		1,143,350
Metropolitan Water Reclamation District of Greater Chicago, IL, GO Limited, (Series C-Green Bond), (Water Utility & Sewer Improvements), 5.00%, 12/01/28		6,790,000		7,608,263
State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/25		3,065,000		3,197,255
State of Illinois, IL, GO Unlimited, Public Improvements, (Series B), 5.00%, 12/01/25		7,935,000		8,280,411
State of Illinois, IL, GO Unlimited, Refunding Bonds, 5.00%, 8/01/25		2,500,000		2,583,775
TOTAL GENERAL OBLIGATIONS			$	30,352,038
POWER – 0.8%
Illinois Municipal Electric Agency, IL, Advance Refunding Revenue Bonds, (Series A), 5.00%, 2/01/25		2,000,000		2,268,720
SCHOOL DISTRICT – 3.0%
Du Page County High School District No 88, IL, GO Unlimited, Current Refunding, (Addison Trail & Willowbrook High Schools), 5.00%, 1/15/25		6,615,000		7,511,465
Kendall Kane & Will Counties Community Unit School District No 308, IL, GO Unlimited, Refunding Bonds, 5.50%, 2/01/22		1,100,000		1,213,982
TOTAL SCHOOL DISTRICT			$	8,725,447
TRANSPORTATION – 2.8%
Illinois State Toll Highway Authority, IL, Refunding Revenue Bonds, (Series A), 5.00%, 12/01/22		2,125,000		2,368,142

Description	Par Value		Value
Illinois State Toll Highway Authority, IL, Refunding Revenue Bonds, (Series D), 5.00%, 1/01/24	$	5,000,000	$	5,656,150
TOTAL TRANSPORTATION			$	8,024,292
TOTAL ILLINOIS			$	51,829,877
LOUISIANA – 0.4%
HIGHER EDUCATION – 0.4%
Louisiana Public Facilities Authority, LA, Revenue Bonds, (Loyola University Project), 5.00%, 10/01/23		1,000,000		1,101,330
TOTAL LOUISIANA			$	1,101,330
MARYLAND – 2.7%
GENERAL OBLIGATIONS – 2.3%
Montgomery County, MD, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 7/01/21		2,000,000		2,181,080
Washington Suburban Sanitary Commission, MD, GO Unlimited, Crossover Refunding, 5.00%, 6/01/21		4,185,000		4,555,582
TOTAL GENERAL OBLIGATIONS			$	6,736,662
MEDICAL – 0.4%
Maryland Health & Higher Educational Facilities Authority, MD, Refunding Revenue Bonds, (Anne Arundel Health Systems), 5.00%, 7/01/22		1,000,000		1,104,080
TOTAL MARYLAND			$	7,840,742
MASSACHUSETTS – 2.6%
DEDICATED TAX – 0.7%
Massachusetts School Building Authority, MA, Refunding Revenue Bonds, (Series B), (Senior Dedicated Sales Tax), 5.00%, 8/15/30		1,755,000		1,932,220
GENERAL OBLIGATIONS – 0.7%
Commonwealth of Massachusetts, MA, GO Limited, (Series C), 5.00%, 5/01/33		1,900,000		2,105,827
HIGHER EDUCATION – 1.2%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Series A), (Emerson College), 5.00%, 1/01/31		3,005,000		3,369,116
TOTAL MASSACHUSETTS			$	7,407,163
MICHIGAN – 7.0%
DEDICATED TAX – 2.7%
Michigan Finance Authority, MI, Revenue Bonds, (Income Tax Revenue), 4.00%, 10/01/24		2,000,000		2,079,120
Michigan Finance Authority, MI, Revenue Bonds, Repayment of Bank Loan, (Series H-1), 5.00%, 10/01/25		5,215,000		5,812,848
TOTAL DEDICATED TAX			$	7,891,968

ANNUAL REPORT / April 30, 2018

43 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
SCHOOL DISTRICT – 2.4%
Chippewa Valley Schools, GO Unlimited, Current Refunding, (Series B), (Q-SBLF), 5.00%, 5/01/22	$	3,000,000	$	3,311,280
Grand Ledge Public Schools, MI, GO Unlimited, Current Refunding, (Q-SBLF), 5.00%, 5/01/22		1,195,000		1,318,993
Troy School District, MI, GO Unlimited, Advance Refunding, (Q-SBLF), 5.00%, 5/01/20		2,085,000		2,210,663
TOTAL SCHOOL DISTRICT			$	6,840,936
UTILITIES – 1.1%
Lansing Board of Water & Light, MI, Revenue Bonds, (Series A), 5.00%, 7/01/29		3,000,000		3,242,850
WATER – 0.8%
Great Lakes Water Authority Water Supply System, MI, Revenue Bonds, 5.00%, 7/01/23		2,000,000		2,225,360
TOTAL MICHIGAN			$	20,201,114
MISSOURI – 2.1%
MEDICAL – 2.1%
Health & Educational Facilities Authority, MI, Current Refunding, Revenue Bonds, (Saint Luke’s Health Systems, Inc.), 5.00%, 11/15/30		5,425,000		6,132,583
TOTAL MISSOURI			$	6,132,583
NEVADA – 1.8%
DEDICATED TAX – 1.8%
Clark County, NV, Refunding Revenue Bonds, (Series B), (Fuel Sales Tax Revenue), 5.00%, 7/01/30		4,505,000		5,106,598
TOTAL NEVADA			$	5,106,598
NEW JERSEY – 4.4%
HIGHER EDUCATION – 1.2%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series A), (Rowan University Project), 5.00%, 7/01/28		1,030,000		1,153,415
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series B), (Rowan University Project), 5.00%, 7/01/27		2,000,000		2,247,820
TOTAL HIGHER EDUCATION			$	3,401,235
LEASE – 2.6%
New Jersey Economic Development Authority, NJ, Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23		6,805,000		7,378,730

Description	Par Value		Value
TRANSPORTATION – 0.6%
New Jersey State Turnpike Authority, NJ, Revenue Bonds, (Series A), (Highway Improvement), 5.00%, 1/01/27	$	1,645,000	$	1,860,446
TOTAL NEW JERSEY			$	12,640,411
NEW YORK – 7.7%
AIRPORT – 0.8%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (175th Series), (Port, Airport & Marina Improvements), 5.00%, 12/01/23		2,000,000		2,237,160
DEDICATED TAX – 2.7%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Fuel Sales Tax Revenue), 5.00%, 11/15/22		3,000,000		3,362,100
New York City, Transitional Finance Authority, NY, Refunding Revenue Bonds, (Sub-series E), 5.00%, 11/01/22		4,125,000		4,466,962
TOTAL DEDICATED TAX			$	7,829,062
GENERAL OBLIGATIONS – 3.5%
County of Nassau NY, GO Limited, (Series B), 5.00%, 10/01/28		2,400,000		2,775,768
New York City, NY, GO Unlimited, Advance Refunding, (Series C), 5.00%, 8/01/23		1,000,000		1,131,120
New York City, NY, GO Unlimited, Public Improvements, (Sub-Series G-1), 5.00%, 4/01/25		5,790,000		6,365,005
TOTAL GENERAL OBLIGATIONS			$	10,271,893
HOUSING – 0.7%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (UBF Faculty- Student Housing Corp.), (AGM), 5.00%, 10/01/32		1,660,000		1,924,587
TOTAL NEW YORK			$	22,262,702
NORTH CAROLINA – 5.4%
GENERAL OBLIGATIONS – 3.8%
Wake County, NC, GO Unlimited, Refunding Revenue Notes, (Series A)
5.00%, 3/01/23		6,985,000		7,890,116
5.00%, 3/01/31		2,500,000		3,007,825
TOTAL GENERAL OBLIGATIONS			$	10,897,941
SCHOOL DISTRICT – 1.6%
Mecklenburg County, NC, GO Unlimited, Public Improvements, (Series A), 5.00%, 4/01/25		4,000,000		4,678,280
TOTAL NORTH CAROLINA			$	15,576,221

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (continued) 44

Description	Par Value		Value
OHIO – 1.5%
TRANSPORTATION – 1.5%
Ohio Turnpike & Infrastructure Commission, OH, Revenue Bonds, (Series A), Highway Improvements
5.00%, 2/15/30	$	1,725,000	$	2,018,819
5.00%, 2/15/33		2,000,000		2,305,780
TOTAL TRANSPORTATION			$	4,324,599
TOTAL OHIO			$	4,324,599
PENNSYLVANIA – 8.6%
DEDICATED TAX – 2.1%
Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced
5.00%, 12/01/29		2,100,000		2,415,336
5.00%, 12/01/32		2,000,000		2,264,980
Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (3rd Series), Motor License Fund Enhanced, 5.00%, 12/01/30		1,250,000		1,426,600
TOTAL DEDICATED TAX			$	6,106,916
HIGHER EDUCATION – 2.8%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,134,150
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Series A), (University of Sciences, Philadelphia), 5.00%, 11/01/28		2,330,000		2,612,536
Pennsylvania State University, PA, Refunding Revenue Bonds, (Series B), 5.25%, 8/15/22		1,865,000		2,103,720
Philadelphia Authority for Industrial Development, PA, Current Refunding Revenue Bonds, La Salle University, 5.00%, 5/01/22		1,920,000		2,100,749
TOTAL HIGHER EDUCATION			$	7,951,155
MEDICAL – 0.6%
Allegheny County Hospital Development Authority, PA, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22		1,605,000		1,783,091
SCHOOL DISTRICT – 0.8%
Hempfield Area School District, Westmoreland County, PA, GO Unlimited, Current Refunding, (Series B), (BAM State Aid Withholding), 5.00%, 3/15/21		2,240,000		2,406,947
WATER – 2.3%
Philadelphia PA Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		6,573,485
TOTAL PENNSYLVANIA			$	24,821,594

Description	Par Value		Value
TEXAS – 7.2%
AIRPORT – 0.9%
Dallas/Fort Worth International Airport, TX, Refunding Revenue Bonds, (Series D), 5.25%, 11/01/23	$	2,500,000	$	2,752,650
GENERAL OBLIGATIONS – 2.2%
Dallas, TX, GO, Refunding Revenue Notes, (Series A), 5.00%, 2/15/25		2,260,000		2,505,752
State of Texas, TX, GO Unlimited, Highway Improvements, (Transportation Commission), 5.00%, 4/01/21		3,440,000		3,727,584
TOTAL GENERAL OBLIGATIONS			$	6,233,336
HIGHER EDUCATION – 1.2%
Permanent University Fund – University of Texas System, TX, Refunding Revenue Notes, (Series A), 5.00%, 7/01/26		3,110,000		3,614,753
MEDICAL – 2.4%
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Methodist Hospital of Dallas, OBG), 5.00%, 10/01/25		6,110,000		6,862,385
WATER & SEWER – 0.5%
City of Houston Utility System, TX, Refunding Revenue Bonds, (Series C), (Comb-First Lien), 5.00%, 5/15/21		1,250,000		1,355,300
TOTAL TEXAS			$	20,818,424
UTAH – 0.8%
DEDICATED TAX – 0.4%
Salt Lake County, UT, GO, Revenue Bonds, 5.00%, 2/01/22		1,000,000		1,105,850
MEDICAL – 0.4%
County of Utah, UT, Revenue Bonds, (IHC Health Services Inc., OBG), 5.00%, 5/15/25		1,165,000		1,264,934
TOTAL UTAH			$	2,370,784
VIRGINIA – 1.7%
GENERAL OBLIGATIONS – 1.7%
City of Alexandria, VA, GO Unlimited, Advance Refunding, (Series D), (State Aid Withholding), 5.00%, 7/01/30		3,885,000		4,828,900
TOTAL VIRGINIA			$	4,828,900
WASHINGTON – 0.7%
MEDICAL – 0.7%
Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, Overlake Hospital, 5.00%, 7/01/33		1,750,000		1,974,297
TOTAL WASHINGTON			$	1,974,297
TOTAL MUNICIPAL BONDS (COST $281,361,631)			$	279,361,638

ANNUAL REPORT / April 30, 2018

45 PORTFOLIOS OF INVESTMENTS   Wilmington Municipal Bond Fund (concluded)

Description	Number of Shares		Value
MONEY MARKET FUND – 1.2%
Dreyfus Government Cash Management
Fund, Institutional Shares, 1.60%^		3,347,901	$	3,347,901
TOTAL MONEY MARKET FUND (COST $3,347,901)			$	3,347,901
TOTAL INVESTMENTS – 97.8% (COST $284,709,532)			$	282,709,539
OTHER ASSETS LESS LIABILITIES – 2.2%				6,333,846
TOTAL NET ASSETS – 100.0%			$	289,043,385

Cost of investments for Federal income tax purposes is $284,709,532. The net unrealized appreciation/(depreciation) of investments was $(1,999,993). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,235,528 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(4,235,521).

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	279,361,638	$	—	$	279,361,638
Money Market Fund		3,347,901		—		—		3,347,901
Total	$	3,347,901	$	279,361,638	$	—	$	282,709,539

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

AGM            Assured Guaranty Municipal

BAM            Build America Mutual Assurance Company

GO              General Obligation

NATL-RE     National Public Finance Guarantee Corporation

OBG           Obligation

Q-SBLF      Qualified School Bond Loan Fund

                   University of Georgia Athletic Association

UGAAP      Project

UPMC        University of Pittsburgh Medical Center

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

46

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2018, the Fund’s portfolio classifications were as follows (unaudited):

	Percentage of
	Total Net Assets
Dedicated Tax		23.1	%
General Obligations		18.7	%
Higher Education		12.3	%
Transportation		9.4	%
Airport		8.0	%
Medical		6.2	%
Power		5.6	%
School District		4.6	%
Water & Sewer		4.4	%
Lease		3.3	%
Housing		1.6	%
Cash Equivalents1		1.5	%
Other Assets and Liabilities – Net2		1.3	%
TOTAL		100.0	%

	Percentage of
Credit Quality Diversification3	Total Net Assets
AAA / Aaa		3.6	%
AA / Aa		59.2	%
A / A		28.2	%
BBB / Baa		6.2	%
Not Rated		1.5	%
Other Assets and Liabilities – Net2		1.3	%
TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Par Value		Value
MUNICIPAL BONDS – 97.2%
NEW YORK – 97.2%
AIRPORT – 8.0%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, Port, Airport & Marina Improvements, (175th Series), 5.00%, 12/01/23	$	3,000,000	$	3,355,740
Port Authority of New York & New Jersey, NY, Revenue Bonds, Airport & Marina Improvements, (194th Series), 5.00%, 10/15/30		1,000,000		1,159,440
Port Authority of New York & New Jersey, NY, Revenue Bonds, Port, Airport & Marina Improvements, (205th Series), 5.00%, 11/15/32		1,000,000		1,172,940
TOTAL AIRPORT			$	5,688,120

Description	Par Value		Value
DEDICATED TAX – 23.1%
Nassau County Interim Finance Authority, NY, Refunding Revenue Bonds, (Series A)
5.00%, 11/15/21	$	1,000,000	$	1,102,640
5.00%, 11/15/23		1,305,000		1,467,316
New York City, NY, Transitional Finance Authority, Advance Refunding Revenue Bonds, (Series C), 5.00%, 11/01/30		2,000,000		2,340,880
New York City, NY, Transitional Finance Authority, Current Refunding, Revenue Bonds, (Series S-4A), (State Aid Withholding), 5.00%, 7/15/33		1,000,000		1,168,870
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, 5.00%, 3/15/30		2,000,000		2,337,580

ANNUAL REPORT / April 30, 2018

47 PORTFOLIOS OF INVESTMENTS   Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 3/15/32	$	2,000,000	$	2,311,660
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series B), 5.00%, 2/15/33		1,000,000		1,160,130
New York State Dormitory Authority, NY, Revenue Bonds, School Improvements, (Series A), 5.00%, 3/15/33		1,000,000		1,158,920
Sales Tax Asset Receivable Corp., NY, Refunding Revenue Bonds, (Series A), 5.00%, 10/15/26		3,000,000		3,461,730
TOTAL DEDICATED TAX			$	16,509,726
GENERAL OBLIGATIONS – 18.7%
Monroe County, NY, GO, Public Improvements, AD Valorem Property Tax, (AGM), 5.00%, 6/01/22		2,070,000		2,285,611
Nassau County, NY, AD Valorem Property Tax, GO, Public Improvements, (Series B), 5.00%, 10/01/29		2,875,000		3,311,253
Nassau County, NY, AD Valorem Property Tax, GO, Public Improvements, (Series C), (BAM-TCRS), 5.00%, 4/01/26		1,000,000		1,163,650
New York City, NY, AD Valorem Property Tax, GO Unlimited, Advance Refunding, (Series A), 5.00%, 8/01/21		1,540,000		1,679,940
New York City, NY, AD Valorem Property Tax, GO Unlimited, Advance Refunding, (Series C), 5.00%, 8/01/23		2,000,000		2,262,240
New York State, NY, GO Unlimited, Highway Improvements, (Series E), (State Aid Withholding), 5.00%, 12/15/21		1,090,000		1,205,213
Saratoga County, NY, GO, Economic Defeasance, AD Valorem Property Tax, 5.00%, 7/15/31		1,150,000		1,433,360
TOTAL GENERAL OBLIGATIONS			$	13,341,267
HIGHER EDUCATION – 12.3%
City of Albany Capital Resource Corp., NY, Refunding Bonds, Albany Law School of Union University
4.00%, 7/01/22		600,000		630,744
4.00%, 7/01/23		725,000		765,817
4.00%, 7/01/25		865,000		917,497
4.00%, 7/01/26		765,000		805,262
5.00%, 7/01/29		1,195,000		1,341,411
Monroe County Industrial Development Corp., NY, University of Rochester Project, Revenue Bonds, University & College Improvements, (Series B), 5.00%, 7/01/23		1,000,000		1,130,730
New York State Dormitory Authority, NY, Barnard College, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 7/01/21		1,000,000		1,087,330

Description	Par Value		Value
New York State Dormitory Authority, NY, New York University, Advance Refunding, University & College Improvements, (Series A), 5.00%, 7/01/22	$	1,890,000	$	2,108,182
TOTAL HIGHER EDUCATION			$	8,786,973
HOUSING – 1.6%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, UBF Facility Student Housing Corp., (AGM), 5.00%, 10/01/31		1,000,000		1,163,840
LEASE – 3.3%
Erie County, NY, IDA, Refunding Revenue Bonds, School Improvements, (State Aid Withholding), 5.00%, 5/01/30		2,000,000		2,350,520
MEDICAL – 6.2%
New York State Dormitory Authority, NY, Current Refunding, Revenue Bonds, North Shore-long Jewish Obligated Group, 5.00%, 5/01/24		1,000,000		1,140,820
New York State Dormitory Authority, NY, Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (Mount Sinai Hospital), (Series A), 5.00%, 7/01/23		1,000,000		1,058,390
New York State Dormitory Authority, NY, Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (NYU Hospitals Center), 5.00%, 7/01/27		2,000,000		2,271,680
TOTAL MEDICAL			$	4,470,890
POWER – 5.6%
Long Island Power Authority, NY, Electric System Improvements, Refunding Revenue Bonds, (Series B), 5.00%, 9/01/25		1,000,000		1,152,000
New York State Power Authority (The), NY, Revenue Refunding Bonds, (Series A), 5.00%, 11/15/22		2,575,000		2,889,356
TOTAL POWER			$	4,041,356
SCHOOL DISTRICT – 4.6%
Bay Shore Union Free School District, NY, GO Unlimited, Current Refunding, AD Valorem Property Tax, (State Aid Withholding), 5.00%, 1/15/22		1,710,000		1,890,234
Lockport City School District, NY, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (State Aid Withholding), 5.00%, 8/01/24		1,210,000		1,402,874
TOTAL SCHOOL DISTRICT			$	3,293,108
TRANSPORTATION – 9.4%
Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/24		2,000,000		2,290,680

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS   Wilmington New York Municipal Bond Fund (concluded) 48

Description	Par Value		Value
New York State Thruway Authority, NY, Current Refunding, Revenue Bonds, (Series L), 5.00%, 1/01/21	$	3,000,000	$	3,228,210
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series C-1), 5.00%, 11/15/25		1,000,000		1,180,520
TOTAL TRANSPORTATION			$	6,699,410
WATER & SEWER – 4.4%
New York City Water & Sewer System, NY, Current Refunding, Municipal Water Finance, 5.00%, 6/15/28		1,150,000		1,329,101
New York City Water & Sewer System, NY, Refunding Revenue Bonds, (Series EE), 5.00%, 6/15/28		1,595,000		1,814,105
TOTAL WATER & SEWER			$	3,143,206
TOTAL NEW YORK			$	69,488,416
TOTAL MUNICIPAL BONDS (COST $70,535,811)			$	69,488,416

Description	Number of Shares		Value
MONEY MARKET FUND – 1.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.60%^		1,094,213	$	1,094,213
TOTAL MONEY MARKET FUND (COST $1,094,213)			$	1,094,213
TOTAL INVESTMENTS – 98.7% (COST $71,630,024)			$	70,582,629
OTHER ASSETS LESS LIABILITIES – 1.3%				906,423
TOTAL NET ASSETS – 100.0%			$	71,489,052

Cost of investments for Federal income tax purposes is $71,630,024. The net unrealized appreciation/(depreciation) of investments was $(1,047,395). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $291,540 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(1,338,935).

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	69,488,416	$	—	$	69,488,416
Money Market Fund		1,094,213		—		—		1,094,213
Total	$	1,094,213	$	69,488,416	$	—	$	70,582,629

^ 7-Day net yield.

The following acronyms are used throughout this Fund:
AGM	Assured Guaranty Municipal
BAM-TCRS	Build America Mutual-Tax Credit Reporting Service
GO	General Obligation
IDA	Industrial Development Authority/Agency

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

49 STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2018	Wilmington                  Broad  Market                 Bond Fund				Wilmington          Intermediate-Term         Bond Fund				Wilmington         Short-Term         Bond Fund
ASSETS:
Investments, at identified cost		$	544,998,574			$	86,565,265			$	57,456,254
Investments in securities, at value (Including $19,405,183, $1,139,612, and $4,783,585 of securities on loan, respectively) (Note 2)		$	534,298,683			$	84,966,879			$	56,984,236
Income receivable			3,300,546				558,065				265,013
Receivable for shares sold			1,931,106				82,861				110,722
Receivable for investments sold			—				—				129
Prepaid assets			21,681				19,974				17,814
TOTAL ASSETS			539,552,016				85,627,779				57,377,914
LIABILITIES:
Payable for investments purchased			7,143,875				—				—
Collateral for securities on loan			19,839,811				1,164,823				4,894,101
Income distribution payable			1,044,730				149,111				76,781
Payable for shares redeemed			339,392				11,237				29,850
Payable for Trustees’ fees			6,410				6,410				6,410
Payable for distribution services fee			844				396				1,229
Payable for shareholder services fee			338				159				—
Other accrued expenses			163,114				82,345				87,278
TOTAL LIABILITIES			28,538,514				1,414,481				5,095,649
NET ASSETS		$	511,013,502			$	84,213,298			$	52,282,265
NET ASSETS CONSIST OF:
Paid-in capital		$	523,560,480			$	85,795,121			$	54,127,091
Undistributed (distributions in excess of) net investment income			14,868				1,178				6,699
Accumulated net realized gain (loss) on investments			(1,861,955	)			15,385				(1,379,507	)
Net unrealized appreciation (depreciation) of investments			(10,699,891	)			(1,598,386	)			(472,018	)
TOTAL NET ASSETS		$	511,013,502			$	84,213,298			$	52,282,265
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	4,073,582			$	1,912,306			$	5,972,915
Shares outstanding (unlimited shares authorized)			428,345				199,612				606,645
Net Asset Value per share		$	9.51			$	9.58			$	9.85
Offering price per share*		$	9.96	***		$	10.03	***		$	10.03	**
Class I
Net Assets		$	506,939,920			$	82,300,992			$	46,309,350
Shares outstanding (unlimited shares authorized)			54,216,037				8,585,134				4,702,757
Net Asset Value per share		$	9.35			$	9.59			$	9.85

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

** Computation of offering price per share: 100/98.25 of net asset value.

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

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES (concluded) 50

April 30, 2018	Wilmington                  Municipal                  Bond                  Fund				Wilmington New York         Municipal  Bond     Fund
ASSETS:
Investments, at identified cost		$	284,709,532			$	71,630,024
Investments in securities, at value		$	282,709,539			$	70,582,629
Cash			4,712,382				—
Interest receivable			3,776,498				937,170
Receivable for shares sold			543,823				135,734
Prepaid assets			25,720				15,008
TOTAL ASSETS			291,767,962				71,670,541
LIABILITIES:
Payable for investments purchased			2,102,065				—
Income distribution payable			498,028				96,364
Payable for shares redeemed			8,700				609
Payable for Trustees’ fees			6,410				6,410
Payable for distribution services fee			6,046				3,074
Other accrued expenses			103,328				75,032
TOTAL LIABILITIES			2,724,577				181,489
NET ASSETS		$	289,043,385			$	71,489,052
NET ASSETS CONSIST OF:
Paid-in capital		$	291,724,164			$	71,871,484
Undistributed (distributions in excess of) net investment income			(1,555	)			(60	)
Accumulated net realized gain (loss) on investments			(679,231	)			665,023
Net unrealized appreciation (depreciation) of investments			(1,999,993	)			(1,047,395	)
TOTAL NET ASSETS		$	289,043,385			$	71,489,052
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	29,109,617			$	14,862,561
Shares outstanding (unlimited shares authorized)			2,277,274				1,460,076
Net Asset Value per share		$	12.78			$	10.18
Offering price per share*		$	13.38	***		$	10.66	***
Class I
Net Assets		$	259,933,768			$	56,626,491
Shares outstanding (unlimited shares authorized)			20,327,036				5,559,734
Net Asset Value per share		$	12.79			$	10.19

* 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, 2018

51 STATEMENTS OF OPERATIONS

Year Ended April 30, 2018	Wilmington                 Broad Market                 Bond Fund				Wilmington                 Intermediate-Term                 Bond Fund				Wilmington                  Short-Term                 Bond Fund
INVESTMENT INCOME:
Dividends		$	26,780			$	7,895			$	1,083
Interest			13,623,463				2,349,652				1,232,764
Securities lending income			12,856				6,640				6,010
TOTAL INVESTMENT INCOME			13,663,099				2,364,187				1,239,857
EXPENSES:
Investment advisory fee			2,266,126				428,565				255,620
Administrative personnel and services fees			163,493				30,948				20,754
Portfolio accounting and administration fees			136,637				43,715				31,900
Transfer and dividend disbursing agent fees and expenses			103,114				5,616				30,069
Trustees’ fees			62,231				62,231				62,231
Professional fees			80,582				79,581				77,974
Distribution services fee—Class A			10,851				6,104				15,685
Shareholder services fee—Class A			10,851				6,104				15,685
Shareholder services fee— Class I			1,248,105				231,987				144,077
Share registration costs			33,219				31,043				30,166
Printing and postage			25,967				5,438				6,623
Custodian fees			17,202				6,158				6,181
Miscellaneous			63,248				32,415				29,576
TOTAL EXPENSES			4,221,626				969,905				726,541
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor			(281,338	)			(231,909	)			(244,349	)
Waiver of shareholder services fee—Class A			(7,196	)			(4,603	)			(15,685	)
Waiver of shareholder services fee—Class I			(1,248,105	)			(231,987	)			(144,077	)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,536,639	)			(468,499	)			(404,111	)
Net expenses			2,684,987				501,406				322,430
Net investment income			10,978,112				1,862,781				917,427
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			175,633				230,533				(144,918	)
Net change in unrealized appreciation (depreciation) of investments			(13,772,908	)			(2,489,840	)			(647,355	)
Net realized and unrealized gain (loss) on investments			(13,597,275	)			(2,259,307	)			(792,273	)
Change in net assets resulting from operations		$	(2,619,163	)		$	(396,526	)		$	125,154

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

STATEMENTS OF OPERATIONS (concluded) 52

					Wilmington
	Wilmington				New York
	Municipal Bond				Municipal Bond
Year Ended April 30, 2018	Fund				Fund
INVESTMENT INCOME:
Dividends		$	82,491			$	26,527
Interest			7,086,963				1,773,449
TOTAL INVESTMENT INCOME			7,169,454				1,799,976
EXPENSES:
Investment advisory fee			1,321,009				357,651
Administrative personnel and services fees			95,294				25,809
Portfolio accounting and administration fees			88,548				31,968
Transfer and dividend disbursing agent fees and expenses			22,051				15,000
Trustees’ fees			62,231				62,230
Professional fees			73,962				74,337
Distribution services fee—Class A			78,343				40,126
Shareholder services fee—Class A			78,343				40,126
Shareholder services fee— Class I			655,549				158,568
Share registration costs			32,369				11,730
Printing and postage			8,532				7,870
Custodian fees			4,932				1,797
Miscellaneous			47,088				30,570
TOTAL EXPENSES			2,568,251				857,782
Waiver/reimbursement by investment advisor			(317,583	)			(152,428	)
Waiver of shareholder services fee—Class A			(78,343	)			(40,126	)
Waiver of shareholder services fee—Class I			(655,549	)			(158,568	)
TOTAL WAIVERS AND REIMBURSEMENTS			(1,051,475	)			(351,122	)
Net expenses			1,516,776				506,660
Net investment income			5,652,678				1,293,316
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			2,469,760				1,340,727
Net change in unrealized appreciation (depreciation) of investments			(8,301,500	)			(2,892,970	)
Net realized and unrealized gain (loss) on investments			(5,831,740	)			(1,552,243	)
Change in net assets resulting from operations		$	(179,062	)		$	(258,927	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

53 STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington								Wilmington
	Broad Market Bond Fund								Intermediate-Term Bond Fund
	Year Ended				Year Ended				Year Ended				Year Ended
	April 30,				April 30,				April 30,				April 30,
	2018				2017				2018				2017
OPERATIONS:
Net investment income		$	10,978,112			$	9,735,682			$	1,862,781			$	2,176,062
Net realized gain (loss) on investments			175,633				317,333				230,533				300,634
Net change in unrealized appreciation (depreciation) of investments			(13,772,908	)			(7,764,099	)			(2,489,840	)			(1,854,852	)
Change in net assets resulting from operations			(2,619,163	)			2,288,916				(396,526	)			621,844
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A			(86,221	)			(88,674	)			(40,394	)			(41,156	)
Class I			(11,604,433	)			(10,729,750	)			(1,824,838	)			(2,138,110	)
Distributions from net realized gain on investments
Class A			—				—				(5,956	)			(4,184	)
Class I			—				—				(232,850	)			(179,465	)
Change in net assets resulting from distributions to shareholders			(11,690,654	)			(10,818,424	)			(2,104,038	)			(2,362,915	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			26,255				48,174				3,512				1,774
Class I			123,823,977				230,617,419				22,853,505				60,818,336
Distributions reinvested
Class A			68,328				68,265				37,201				37,289
Class I			6,925,421				6,528,748				798,968				1,054,059
Cost of shares redeemed
Class A			(405,179	)			(747,073	)			(828,533	)			(743,135	)
Class I			(112,802,914	)			(135,479,448	)			(66,019,261	)			(53,474,057	)
Change in net assets resulting from share transactions			17,635,888				101,036,085				(43,154,608	)			7,694,266
Change in net assets			3,326,071				92,506,577				(45,655,172	)			5,953,195
NET ASSETS:
Beginning of year			507,687,431				415,180,854				129,868,470				123,915,275
End of year		$	511,013,502			$	507,687,431			$	84,213,298			$	129,868,470
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	14,868			$	22,868			$	1,178			$	1,005
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			2,723				4,793				356				178
Class I			12,923,853				23,628,508				2,336,918				6,102,828
Distributions reinvested
Class A			7,009				6,899				3,792				3,749
Class I			722,909				671,428				81,408				105,977
Shares redeemed
Class A			(41,597	)			(75,015	)			(84,494	)			(74,369	)
Class I			(11,735,987	)			(13,924,822	)			(6,691,958	)			(5,367,645	)
Net change in shares outstanding			1,878,910				10,311,791				(4,353,978	)			770,718

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (continued) 54

	Wilmington								Wilmington
	Short-Term Bond Fund								Municipal Bond Fund
	Year Ended				Year Ended				Year Ended				Year Ended
	April 30,				April 30,				April 30,				April 30,
	2018				2017				2018				2017
OPERATIONS:
Net investment income		$	917,427			$	1,154,399			$	5,652,678			$	5,695,928
Net realized gain (loss) on investments			(144,918	)			253,519				2,469,760				866,344
Net change in unrealized appreciation (depreciation) of investments			(647,355	)			(666,354	)			(8,301,500	)			(8,426,840	)
Change in net assets resulting from operations			125,154				741,564				(179,062	)			(1,864,568	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A			(86,368	)			(85,741	)			(532,549	)			(560,888	)
Class I			(934,204	)			(1,337,526	)			(5,119,823	)			(5,135,036	)
Distributions from net realized gain on investments
Class A			—				—				(246,324	)			(240,362	)
Class I			—				—				(2,052,845	)			(1,970,473	)
Change in net assets resulting from distributions to shareholders			(1,020,572	)			(1,423,267	)			(7,951,541	)			(7,906,759	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			140,002				224,054				211,194				152,526
Class I			9,622,841				14,520,284				60,767,426				80,366,577
Distributions reinvested
Class A			55,187				58,870				568,746				602,054
Class I			679,152				752,694				2,872,039				2,786,214
Cost of shares redeemed
Class A			(760,111	)			(1,398,588	)			(2,780,928	)			(5,934,497	)
Class I			(27,893,172	)			(110,478,733	)			(60,240,237	)			(78,471,180	)
Change in net assets resulting from share transactions			(18,156,101	)			(96,321,419	)			1,398,240				(498,306	)
Change in net assets			(19,051,519	)			(97,003,122	)			(6,732,363	)			(10,269,633	)
NET ASSETS:
Beginning of year			71,333,784				168,336,906				295,775,748				306,045,381
End of year		$	52,282,265			$	71,333,784			$	289,043,385			$	295,775,748
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	6,699			$	9,807			$	(1,555	)		$	(108	)
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			14,071				22,404				15,956				11,480
Class I			967,243				1,448,952				4,629,922				6,033,791
Distributions reinvested
Class A			5,552				5,869				43,335				45,682
Class I			68,301				75,030				218,695				213,107
Shares redeemed
Class A			(76,385	)			(139,321	)			(213,100	)			(445,735	)
Class I			(2,807,714	)			(10,994,293	)			(4,587,719	)			(5,954,323	)
Net change in shares outstanding			(1,828,932	)			(9,581,359	)			107,089				(95,998	)

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

55 STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Wilmington New York             Municipal Bond Fund
	Year Ended         April 30, 2018				Year  Ended         April 30, 2017
OPERATIONS:
Net investment income		$	1,293,316			$	1,465,100
Net realized gain (loss) on investments			1,340,727				859,871
Net change in unrealized appreciation (depreciation) of investments			(2,892,970	)			(2,829,526	)
Change in net assets resulting from operations			(258,927	)			(504,555	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A			(229,001	)			(282,541	)
Class I			(1,064,406	)			(1,182,549	)
Distributions from net realized gain on investments
Class A			(234,152	)			(172,832	)
Class I			(944,746	)			(618,377	)
Change in net assets resulting from distributions to shareholders			(2,472,305	)			(2,256,299	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A			225,092				100,841
Class I			10,139,776				20,000,921
Distributions reinvested
Class A			305,080				303,265
Class I			1,344,922				1,164,646
Cost of shares redeemed
Class A			(2,665,312	)			(2,418,986	)
Class I			(20,674,090	)			(14,746,019	)
Change in net assets resulting from share transactions			(11,324,532	)			4,404,668
Change in net assets			(14,055,764	)			1,643,814
NET ASSETS:
Beginning of year			85,544,816				83,901,002
End of year		$	71,489,052			$	85,544,816
Undistributed (distributions in excess of) net investment income included in net assets at end of year		$	(60	)		$	31
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A			21,343				9,390
Class I			962,120				1,863,546
Distributions reinvested
Class A			29,127				28,657
Class I			128,330				110,131
Shares redeemed
Class A			(252,490	)			(226,497	)
Class I			(1,964,972	)			(1,373,629	)
Net change in shares outstanding			(1,076,542	)			411,598

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS 56

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

WILMINGTON BROAD MARKET BOND FUND
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
CLASS A	April 30, 2018			April 30, 2017			April 30, 2016			April 30, 2015			April 30, 2014
Net Asset Value, Beginning of Year		$9.78			$9.94			$9.95			$9.80			$10.19
Income (Loss) From Operations:
Net Investment Income(a)		0.18			0.16			0.18			0.17			0.20
Net Realized and Unrealized Gain (Loss) on Investments		(0.26	)		(0.14	)		0.02			0.19			(0.21	)
Total Income (Loss) From Operations		(0.08	)		0.02			0.20			0.36			(0.01	)
Less Distributions From:
Net Investment Income		(0.19	)		(0.18	)		(0.20	)		(0.19	)		(0.23	)
Net Realized Gains		—			—			(0.01	)		(0.02	)		(0.15	)
Total Distributions		(0.19	)		(0.18	)		(0.21	)		(0.21	)		(0.38	)
Net Asset Value, End of Year		$9.51			$9.78			$9.94			$9.95			$9.80
Total Return(b)		(0.81	)%		0.22	%		2.03	%		3.69	%		(0.03	)%
Net Assets, End of Year (000’s)		$4,074			$4,503			$5,206			$5,726			$5,983
Ratios to Average Net Assets
Gross Expense		1.09	%		1.09	%		1.10	%		1.12	%		1.15	%
Net Expenses(c)		0.87	%		0.89	%		0.88	%		0.94	%		0.98	%
Net Investment Income		1.82	%		1.62	%		1.85	%		1.74	%		2.09	%
Portfolio Turnover Rate		34	%		32	%		44	%		45	%		113	%
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
CLASS I	April 30, 2018			April 30, 2017			April 30, 2016			April 30, 2015			April 30, 2014
Net Asset Value, Beginning of Year		$9.62			$9.78			$9.79			$9.63			$10.03
Income (Loss) From Operations:
Net Investment Income(a)		0.21			0.19			0.21			0.20			0.23
Net Realized and Unrealized Gain (Loss) on Investments		(0.26	)		(0.14	)		0.02			0.20			(0.22	)
Total Income (Loss) From Operations		(0.05	)		0.05			0.23			0.40			0.01
Less Distributions From:
Net Investment Income		(0.22	)		(0.21	)		(0.23	)		(0.22	)		(0.26	)
Net Realized Gains		—			—			(0.01	)		(0.02	)		(0.15	)
Total Distributions		(0.22	)		(0.21	)		(0.24	)		(0.24	)		(0.41	)
Net Asset Value, End of Year		$9.35			$9.62			$9.78			$9.79			$9.63
Total Return(b)		(0.52	)%		0.54	%		2.38	%		4.19	%		0.16	%
Net Assets, End of Year (000’s)		$506,940			$503,184			$409,975			$413,310			$246,525
Ratios to Average Net Assets
Gross Expense		0.84	%		0.84	%		0.85	%		0.88	%		0.92	%
Net Expenses(c)		0.53	%		0.55	%		0.55	%		0.60	%		0.65	%
Net Investment Income		2.18	%		1.96	%		2.15	%		2.07	%		2.41	%
Portfolio Turnover Rate		34	%		32	%		44	%		45	%		113	%

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

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

(c) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

57 FINANCIAL HIGHLIGHTS (continued)   For a share outstanding throughout each year ended April 30, unless otherwise noted:

 WILMINGTON INTERMEDIATE-TERM BOND FUND

CLASS A	Year Ended     April 30, 2018			Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014
Net Asset Value, Beginning of Year		$9.88			$10.01			$10.02			$10.10			$10.60
Income (Loss) From Operations:
Net Investment Income(a)		0.16			0.13			0.13			0.13			0.14
Net Realized and Unrealized Gain (Loss) on Investments		(0.27	)		(0.12	)		0.03			0.09			(0.19	)
Total Income (Loss) From Operations		(0.11	)		0.01			0.16			0.22			(0.05	)
Less Distributions From:
Net Investment Income		(0.16	)		(0.13	)		(0.13	)		(0.13	)		(0.15	)
Net Realized Gains		(0.03	)		(0.01	)		(0.04	)		(0.17	)		(0.30	)
Total Distributions		(0.19	)		(0.14	)		(0.17	)		(0.30	)		(0.45	)
Net Asset Value, End of Year		$9.58			$9.88			$10.01			$10.02			$10.10
Total Return(b)		(1.14	)%		0.16	%		1.62	%		2.14	%		(0.40	)%
Net Assets, End of Year (000’s)		$1,912			$2,765			$3,509			$4,389			$5,279
Ratios to Average Net Assets
Gross Expense		1.26	%		1.18	%		1.18	%		1.15	%		1.12	%
Net Expenses(c)		0.83	%		0.86	%		0.85	%		0.89	%		0.91	%
Net Investment Income		1.65	%		1.32	%		1.34	%		1.25	%		1.38	%
Portfolio Turnover Rate		30	%		39	%		32	%		45	%		43	%

CLASS I	Year Ended     April 30, 2018			Year Ended     April 30, 2017			Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014
Net Asset Value, Beginning of Year		$9.88			$10.02			$10.03			$10.10			$10.60
Income (Loss) From Operations:
Net Investment Income(a)		0.19			0.17			0.17			0.16			0.17
Net Realized and Unrealized Gain (Loss) on Investments		(0.26	)		(0.13	)		0.03			0.10			(0.18	)
Total Income (Loss) From Operations		(0.07	)		0.04			0.20			0.26			(0.01	)
Less Distributions From:
Net Investment Income		(0.19	)		(0.17	)		(0.17	)		(0.16	)		(0.19	)
Net Realized Gains		(0.03	)		(0.01	)		(0.04	)		(0.17	)		(0.30	)
Total Distributions		(0.22	)		(0.18	)		(0.21	)		(0.33	)		(0.49	)
Net Asset Value, End of Year		$9.59			$9.88			$10.02			$10.03			$10.10
Total Return(b)		(0.72	)%		0.40	%		1.94	%		2.57	%		(0.09	)%
Net Assets, End of Year (000’s)		$82,301			$127,103			$120,406			$126,574			$136,516
Ratios to Average Net Assets
Gross Expense		1.01	%		0.93	%		0.93	%		0.93	%		0.91	%
Net Expenses(c)		0.52	%		0.53	%		0.53	%		0.57	%		0.60	%
Net Investment Income		1.96	%		1.66	%		1.66	%		1.57	%		1.69	%
Portfolio Turnover Rate		30	%		39	%		32	%		45	%		43	%

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

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

(c) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued)   For a share outstanding throughout each year ended April 30, unless otherwise noted: 58

 WILMINGTON SHORT-TERM BOND FUND

CLASS A	Year Ended            April 30, 2018			Year Ended            April 30, 2017			Year Ended            April 30, 2016			Year Ended            April 30, 2015			Year Ended            April 30, 2014
Net Asset Value, Beginning of Year		$9.99			$10.07			$10.10			$10.23			$10.33
Income (Loss) From Operations:
Net Investment Income(a)		0.12			0.10			0.07			0.07			0.07
Net Realized and Unrealized Gain (Loss) on Investments		(0.12	)		(0.06	)		0.02			(0.02	)		0.00	(b)
Total Income (Loss) From Operations		0.00	(b)		0.04			0.09			0.05			0.07
Less Distributions From:
Net Investment Income		(0.14	)		(0.12	)		(0.10	)		(0.06	)		(0.08	)
Net Realized Gains		—			—			(0.02	)		(0.12	)		(0.09	)
Total Distributions		(0.14	)		(0.12	)		(0.12	)		(0.18	)		(0.17	)
Net Asset Value, End of Year		$9.85			$9.99			$10.07			$10.10			$10.23
Total Return(c)		(0.03	)%		0.43	%		0.87	%		0.51	%		0.68	%
Net Assets, End of Year (000’s)		$5,973			$6,628			$7,796			$10,495			$2,785
Ratios to Average Net Assets
Gross Expense		1.37	%		1.23	%		1.11	%		1.17	%		1.19	%
Net Expenses(d)		0.73	%		0.73	%		0.73	%		0.78	%		0.83	%
Net Investment Income		1.22	%		0.96	%		0.71	%		0.71	%		0.64	%
Portfolio Turnover Rate		42	%		72	%		104	%		138	%		196	%
CLASS I	Year Ended           April 30, 2018			Year Ended           April 30, 2017			Year Ended           April 30, 2016			Year Ended           April 30, 2015			Year Ended           April 30, 2014
Net Asset Value, Beginning of Year		$9.99			$10.07			$10.10			$10.23			$10.33
Income (Loss) From Operations:
Net Investment Income(a)		0.15			0.12			0.10			0.08			0.09
Net Realized and Unrealized Gain (Loss) on Investments		(0.13	)		(0.05	)		0.01			0.00	(b)		0.00	(b)
Total Income (Loss) From Operations		0.02			0.07			0.11			0.08			0.09
Less Distributions From:
Net Investment Income		(0.16	)		(0.15	)		(0.12	)		(0.09	)		(0.10	)
Net Realized Gains		—			—			(0.02	)		(0.12	)		(0.09	)
Total Distributions		(0.16	)		(0.15	)		(0.14	)		(0.21	)		(0.19	)
Net Asset Value, End of Year		$9.85			$9.99			$10.07			$10.10			$10.23
Total Return(c)		0.22	%		0.68	%		1.12	%		0.76	%		0.90	%
Net Assets, End of Year (000’s)		$46,309			$64,706			$160,541			$166,939			$165,057
Ratios to Average Net Assets
Gross Expense		1.11	%		0.98	%		0.86	%		0.96	%		0.97	%
Net Expenses(d)		0.48	%		0.48	%		0.48	%		0.56	%		0.61	%
Net Investment Income		1.46	%		1.19	%		0.97	%		0.81	%		0.86	%
Portfolio Turnover Rate		42	%		72	%		104	%		138	%		196	%

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

(b) Represents less than $0.005.

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

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

59 FINANCIAL HIGHLIGHTS (continued)   For a share outstanding throughout each year ended April 30, unless otherwise noted:

 WILMINGTON MUNICIPAL BOND FUND

CLASS A	Year Ended           April 30, 2018			Year Ended           April 30, 2017			Year Ended           April 30, 2016			Year Ended           April 30, 2015			Year Ended           April 30, 2014
Net Asset Value, Beginning of Year		$13.14			$13.54			$13.41			$13.40			$13.75
Income (Loss) From Operations:
Net Investment Income(a)		0.22			0.22			0.23			0.25			0.27
Net Realized and Unrealized Gain (Loss) on Investments		(0.26	)		(0.31	)		0.37			0.13			(0.23	)
Total Income (Loss) From Operations		(0.04	)		(0.09	)		0.60			0.38			0.04
Less Distributions From:
Net Investment Income		(0.22	)		(0.22	)		(0.23	)		(0.25	)		(0.27	)
Net Realized Gains		(0.10	)		(0.09	)		(0.24	)		(0.12	)		(0.12	)
Total Distributions		(0.32	)		(0.31	)		(0.47	)		(0.37	)		(0.39	)
Net Asset Value, End of Year		$12.78			$13.14			$13.54			$13.41			$13.40
Total Return(b)		(0.29	)%		(0.65	)%		4.55	%		2.83	%		0.37	%
Net Assets, End of Year (000’s)		$29,109			$31,951			$38,182			$41,607			$17,128
Ratios to Average Net Assets
Gross Expense		1.10	%		1.09	%		1.09	%		1.12	%		1.14	%
Net Expenses(c)		0.74	%		0.74	%		0.74	%		0.79	%		0.86	%
Net Investment Income		1.70	%		1.62	%		1.69	%		1.84	%		2.00	%
Portfolio Turnover Rate		79	%		40	%		32	%		50	%		38	%
CLASS I	Year Ended           April 30, 2018			Year Ended           April 30, 2017			Year Ended           April 30, 2016			Year Ended           April 30, 2015			Year Ended           April 30, 2014
Net Asset Value, Beginning of Year		$13.15			$13.55			$13.42			$13.40			$13.76
Income (Loss) From Operations:
Net Investment Income(a)		0.26			0.25			0.26			0.28			0.30
Net Realized and Unrealized Gain (Loss) on Investments		(0.26	)		(0.31	)		0.37			0.15			(0.24	)
Total Income (Loss) From Operations		0.00	(d)		(0.06	)		0.63			0.43			0.06
Less Distributions From:
Net Investment Income		(0.26	)		(0.25	)		(0.26	)		(0.29	)		(0.30	)
Net Realized Gains		(0.10	)		(0.09	)		(0.24	)		(0.12	)		(0.12	)
Total Distributions		(0.36	)		(0.34	)		(0.50	)		(0.41	)		(0.42	)
Net Asset Value, End of Year		$12.79			$13.15			$13.55			$13.42			$13.40
Total Return(b)		(0.03	)%		(0.39	)%		4.81	%		3.17	%		0.55	%
Net Assets, End of Year (000’s)		$259,934			$263,825			$267,864			$259,904			$199,503
Ratios to Average Net Assets
Gross Expense		0.85	%		0.84	%		0.84	%		0.88	%		0.89	%
Net Expenses(c)		0.49	%		0.49	%		0.49	%		0.55	%		0.61	%
Net Investment Income		1.95	%		1.87	%		1.94	%		2.11	%		2.25	%
Portfolio Turnover Rate		79	%		40	%		32	%		50	%		38	%

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

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

(c) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(d) Represents less than $0.005.

See Notes which are an integral part of the Financial Statements.

April 30, 2018 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS (concluded)   For a share outstanding throughout each year ended April 30, unless otherwise noted: 60

 WILMINGTON NEW YORK MUNICIPAL BOND FUND

CLASS A	Year Ended April 30, 2018				Year Ended April 30, 2017				Year Ended April 30, 2016				Year Ended April 30, 2015				Year Ended April 30, 2014
Net Asset Value, Beginning of Year		$	10.56			$	10.91			$	10.66			$	10.56			$	10.75
Income (Loss) From Operations:
Net Investment Income(a)			0.15				0.16				0.19				0.21				0.19
Net Realized and Unrealized Gain (Loss) on Investments			(0.22	)			(0.25	)			0.27				0.10				(0.19	)
Total Income (Loss) From Operations			(0.07	)			(0.09	)			0.46				0.31				0.00
Less Distributions From:
Net Investment Income			(0.15	)			(0.16	)			(0.19	)			(0.21	)			(0.19	)
Net Realized Gains			(0.16	)			(0.10	)			(0.02	)			—				—
Total Distributions			(0.31	)			(0.26	)			(0.21	)			(0.21	)			(0.19	)
Net Asset Value, End of Year		$	10.18			$	10.56			$	10.91			$	10.66			$	10.56
Total Return(b)			(0.75	)%			(0.81	)%			4.32	%			2.91	%			0.04	%
Net Assets, End of Year (000’s)		$	14,863			$	17,554			$	20,197			$	22,691			$	24,301
Ratios to Average Net Assets
Gross Expense			1.28	%			1.24	%			1.22	%			1.22	%			1.21	%
Net Expenses(c)			0.84	%			0.84	%			0.84	%			0.84	%			0.84	%
Net Investment Income			1.43	%			1.50	%			1.76	%			1.93	%			1.79	%
Portfolio Turnover Rate			64	%			32	%			24	%			31	%			34	%
CLASS I	Year Ended April 30, 2018				Year Ended April 30, 2017				Year Ended April 30, 2016				Year Ended April 30, 2015				Year Ended April 30, 2014
Net Asset Value, Beginning of Year		$	10.57			$	10.92			$	10.67			$	10.57			$	10.76
Income (Loss) From Operations:
Net Investment Income(a)			0.18				0.19				0.22				0.23				0.21
Net Realized and Unrealized Gain (Loss) on Investments			(0.22	)			(0.25	)			0.27				0.10				(0.18	)
Total Income (Loss) From Operations			(0.04	)			(0.06	)			0.49				0.33				0.03
Less Distributions From:
Net Investment Income			(0.18	)			(0.19	)			(0.22	)			(0.23	)			(0.22	)
Net Realized Gains			(0.16	)			(0.10	)			(0.02	)			—				—
Total Distributions			(0.34	)			(0.29	)			(0.24	)			(0.23	)			(0.22	)
Net Asset Value, End of Year		$	10.19			$	10.57			$	10.92			$	10.67			$	10.57
Total Return(b)			(0.50	)%			(0.55	)%			4.58	%			3.17	%			0.30	%
Net Assets, End of Year (000’s)		$	56,626			$	67,991			$	63,704			$	63,702			$	69,325
Ratios to Average Net Assets
Gross Expense			1.03	%			0.99	%			0.98	%			0.97	%			0.96	%
Net Expenses(c)			0.59	%			0.59	%			0.59	%			0.59	%			0.59	%
Net Investment Income			1.68	%			1.75	%			2.01	%			2.18	%			2.05	%
Portfolio Turnover Rate			64	%			32	%			24	%			31	%			34	%

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

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

(c) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

61 NOTES TO FINANCIAL STATEMENTS  

Wilmington Funds

April 30, 2018

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 12 portfolios, 5 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 Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Short-Term Bond Fund (“Short-Term Bond Fund”)(d)	The Fund seeks to provide current income.
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 Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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.

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.

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

• investments in open-end regulated investment companies are valued at net asset value (“NAV”);

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

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

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

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the year. As of April 30, 2018, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. 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, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 62

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

Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the 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 the Fund.

At April 30, 2018, 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 Amount(2)
Broad Market Bond Fund
Barclays Capital, Inc.	$	977,141	$	977,141	$	—	$	—
Daiwa Capital Markets America		3,772,534		3,772,534		—		—
HSBC Securities USA, Inc.		3,772,534		3,772,534		—		—
NBC Global Finance Ltd.		3,772,534		3,772,534		—		—
Nomura Securities International, Inc.		3,772,534		3,772,534		—		—
RBC Dominion Securities, Inc.		3,772,534		3,772,534		—		—
	$	19,839,811	$	19,839,811	$	—	$	—
Intermediate-Term Bond Fund
Barclays Capital, Inc.		56,128		56,128		—		—
Daiwa Capital Markets America		221,739		221,739		—		—
NBC Global Finance Ltd.		221,739		221,739		—		—
Nomura Securities International, Inc.		221,739		221,739		—		—
RBC Dominion Securities, Inc.		221,739		221,739		—		—
TD Securities, Inc.		221,739		221,739		—		—
	$	1,164,823	$	1,164,823	$	—	$	—
Short-Term Bond Fund
Barclays Capital, Inc.		241,616		241,616		—		—
Daiwa Capital Markets America		930,497		930,497		—		—
NBC Global Finance Ltd.		930,497		930,497		—		—
Nomura Securities International, Inc.		930,497		930,497		—		—
RBC Dominion Securities, Inc.		930,497		930,497		—		—
TD Securities, Inc.		930,497		930,497		—		—
	$	4,894,101	$	4,894,101	$	—	$	—

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

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

ANNUAL REPORT / April 30, 2018

63 NOTES TO FINANCIAL STATEMENTS (continued)

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial statement 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. 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.

All Funds offer 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.

Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended April 30, 2018, the Funds did not incur any interest or penalties.

When-Issued and Delayed Delivery Transactions – The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

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

Dollar Roll Transactions – The Intermediate-Term Bond Fund and Broad Market Bond Fund may enter into dollar roll transactions, with respect to mortgage securities issued by GNMA, FNMA, and FHLMC, in which the Funds sell mortgage securities to financial institutions and simultaneously agree to accept substantially similar (same type, coupon, maturity) securities at a later date at an agreed upon price. Dollar roll transactions, which are treated as purchases and sales, will not exceed 12 months. There were no dollar roll transactions outstanding during the year ended April 30, 2018.

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 Fund. 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 owned. 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 Fund and any additional required collateral is delivered to the Fund on the next business day.

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.

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 64

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 Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At April 30, 2018, 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 Amount(2)
Broad Market Bond Fund	$	19,405,183	$	19,405,183	$—
Intermediate-Term Bond Fund		1,139,612		1,139,612	—
Short-Term Bond Fund		4,783,585		4,783,585	—

⁽¹⁾Collateral with a value of $19,839,811, $1,164,823 and $4,894,101, respectively, has been received in connection with securities lending transactions.

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

3. FEDERAL TAX INFORMATION

As of April 30, 2018, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the years ended 2017, 2016, and 2015, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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 due in part to the tax treatment of reclassifications of distributions, amortization on debt securities and capital gain or loss as a result of paydown activity. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.

For the year ended April 30, 2018, permanent differences identified and reclassified among the components of net assets were as follows:

Fund	Paid-in Capital				Increase (Decrease) Undistributed Net Investment Income				Accumulated     Net Realized     Gain (Loss)
Broad Market Bond Fund		$	—			$	704,542			$	(704,542	)
Intermediate-Term Bond Fund			—				2,624				(2,624	)
Short-Term Bond Fund			(108,426	)			100,037				8,389
Municipal Bond Fund			—				(1,753	)			1,753

The permanent differences identified and reclassified were primarily attributable to the tax treatment of distributions and the expiration of capital loss carryforwards.

The tax character of distributions for the corresponding fiscal year ends were as follows:

Fund	Ordinary     Income*			2018 Tax Exempt   Income			Long-Term     Capital Gains			Ordinary     Income*			2017 Tax Exempt     Income			Long-Term       Capital Gains
Broad Market Bond Fund		$	11,690,654		$	—		$	—		$	10,818,424		$	—		$	—
Intermediate-Term Bond Fund			1,865,232			—			238,806			2,311,341			—			51,574
Short-Term Bond Fund			1,020,572			—			—			1,423,267			—			—
Municipal Bond Fund			72,377			5,581,748			2,297,416			508,734			5,683,961			1,714,064
New York Municipal Bond Fund			86,820			1,270,962			1,114,523			29,552			1,456,787			769,960

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

ANNUAL REPORT / April 30, 2018

65 NOTES TO FINANCIAL STATEMENTS (continued)

As of April 30, 2018, 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
Broad Market
Bond Fund		$	1,059,598		$	—		$	—		$	(1,044,730	)		$	(10,699,891	)		$	(1,861,955	)		$	—
Intermediate-Term
Bond Fund			150,289			—			31,638			(149,111	)			(1,614,639	)			—				—
Short-Term
Bond Fund			83,480			—			—			(76,781	)			(475,601	)			(1,375,924	)			—
Municipal Bond
Fund			—			496,473			—			(498,028	)			(1,999,993	)			—				(679,231	)
New York Municipal
Bond Fund			—			96,304			719,746			(96,367	)			(1,047,395	)			—				(54,720	)

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2018 are as follows:

Fund	Ordinary   Post-December   Losses	Short-Term     Post-October/   Late Year Capital Losses	Long-Term   Post-October/   Late Year Capital Losses
Municipal Bond Fund	$—	$897,921	$(218,690)
New York Municipal Bond
Fund	—	54,720	—

At April 30, 2018, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the (“Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax.

Fund	Short-Term   No Expiration	Long-Term   No Expiration	Total Capital Loss   Carryforwards
Broad Market Bond Fund	$544,356	$1,317,599	$1,861,955
Short-Term Bond Fund	621,402	754,522	1,375,924

The following Fund had capital loss carryforwards expired during the year ended April 30, 2018:

Fund	Capital Loss   Carryforwards   Expired
Short-Term Bond Fund	$108,426

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 and paid daily, 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%
Intermediate-Term Bond Fund	0.45%
Short-Term Bond Fund	0.40%
Municipal Bond Fund	0.45%
New York Municipal Bond Fund	0.45%

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 66

WFMC and the Funds’ shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses 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, or other extraordinary expenses 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 will recoup previously waived fees/expenses in subsequent years.

Effective January 2, 2018, the contractual expense limitations are as follows:

Fund	Contractual   Expense Limitations
	Class A	Class I
Broad Market Bond Fund	0.84%	0.49%
Intermediate-Term Bond Fund	0.84%	0.49%
Short-Term Bond Fund	0.73%	0.48%
Municipal Bond Fund	0.74%	0.49%
New York Municipal Bond Fund	0.83%	0.58%

Prior to January 2, 2018, the contractual expense limitations were as follows:

Fund	Contractual   Expense Limitations
	Class A	Class I
Broad Market Bond Fund	0.90%	0.55%
Intermediate-Term Bond Fund	0.88%	0.53%
Short-Term Bond Fund	0.73%	0.48%
Municipal Bond Fund	0.74%	0.49%
New York Municipal Bond Fund	0.84%	0.59%

Administrative Fees – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The 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. Effective October 1, 2017, the fees as described in the table below are accrued and paid daily and are disclosed on the Statement of Operations as “Administrative personnel and services 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

Prior to October 1, 2017, the administrative fees were as follows:

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		0.0285	%	on the first $500 million
		0.0280	%	on the next $500 million
		0.0275	%	on assets in excess of $1 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, 2018, neither WFMC nor BNYM waived any administrative fees.

ANNUAL REPORT / April 30, 2018

67 NOTES TO FINANCIAL STATEMENTS (continued)

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, 2018, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:

Fund	Distribution     Fees
Broad Market Bond Fund		$    7,621
Intermediate-Term Bond Fund		3,358
Short-Term Bond Fund		10,907
Municipal Bond Fund		68,763
New York Municipal Bond Fund		36,150

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the year ended April 30, 2018, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges     from Class A
Broad Market Bond Fund		$    374
Short-Term Bond Fund		407
Municipal Bond Fund		1,794
New York Municipal Bond Fund		6,221

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

For the year ended April 30, 2018, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services     Fee
Broad Market Bond Fund		$2,701
Intermediate-Term Bond Fund		1,114

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 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.

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 68

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the year ended April 30, 2018 were as follows:

	Investments
Fund	Purchases			Sales
Broad Market Bond Fund		$	155,592,020		$	160,404,046
Intermediate-Term Bond Fund			18,049,682			43,380,146
Short-Term Bond Fund			9,591,598			22,384,316
Municipal Bond Fund			223,977,999			222,153,220
New York Municipal Bond Fund			48,731,501			57,468,650

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2018 were as follows:

	U.S. Government Securities
Fund	Purchases			Sales
Broad Market Bond Fund		$	25,986,219		$	7,257,501
Intermediate-Term Bond Fund			10,000,968			29,220,875
Short-Term Bond Fund			16,499,595			17,982,284

6. CONCENTRATION OF RISK

Since New York Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2018, 6.5% of New York Municipal Bond Fund’s total market value of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies.

7. LINE OF CREDIT

Effective April 6, 2017, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 5, 2019.

The Funds did not utilize the LOC during the year ended April 30, 2018.

8. RECENT REGULATORY UPDATES

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X was August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. The financial statements presented are in compliance with the most recent Regulation S-X amendments.

9. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

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 additional material events that would require recognition or disclosure in the Funds’ financial statements through this date.

ANNUAL REPORT / April 30, 2018

69

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS WILMINGTON BROAD MARKET BOND FUND, WILMINGTON INTERMEDIATE-TERM BOND FUND, WILMINGTON SHORT-TERM BOND FUND, WILMINGTON MUNICIPAL BOND FUND AND WILMINGTON NEW YORK MUNICIPAL BOND FUND AND BOARD OF TRUSTEES OF WILMINGTON FUNDS

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Wilmington Broad Market Bond Fund, Wilmington Intermediate-Term Bond Fund, Wilmington Short-Term Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund (collectively referred to as the “Funds”) (five of the funds constituting the Wilmington Funds (the “Trust”)), including the portfolios of investments, as of April 30, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (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 (five of the funds constituting the Wilmington Funds) at April 30, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of 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 Trust 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 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. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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 procedures included confirmation of securities owned as of April 30, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Wilmington Funds’ investment companies since 1986.

Philadelphia, Pennsylvania

June 27, 2018

April 30, 2018 / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFECERS 70

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 12 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. 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   Address   Birth Year   Position With Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley* Birth year: 1951 TRUSTEE Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Director, AXA Equitable’s VIP Mutual Funds (2017 to present); Director, AXA Equitable (variable annuity) (2013 to present); Director, 1290 Mutual Funds (retail funds) (2013 to present); and Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 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); Chairman, Director and President’s Council, Union College (private college) (2011 to 2015).
	Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Director of M&T Bank Corporation and M&T Bank (2011 to 2012); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011); Senior Vice President and Treasurer at ITT Corporation (1996 to 2010); Assistant Treasurer at International Paper (1989 to 1996).
Christopher D. Randall* Birth year: 1965 TRUSTEE Began serving: September 2015 PRESIDENT Began serving: September 2014	Principal Occupations: Senior Vice President, Wilmington Trust Corporation (2015 to present); Chief Operating Officer, Wilmington Trust Corporation (2012 to present); Senior Vice President, M&T Bank. Other Directorships Held: Trustee, Hilbert College (2015 to present). Previous Positions: President, Wilmington Retirement (2012 to 2015); President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc. and President of Wilmington Trust Investment Management, LLC (2014-2015); President, Mid-Atlantic Region Wealth Advisory Services, M&T Bank (2011 to 2013)

* Christopher D. Randall is “interested” due to the positions he currently holds with the Funds, Wilmington Trust’s Wealth and Institutional Services Division, M&T Bank, the parent of the Fund’s Advisor, and previous positions held with WTIA and WFMC. Donald E. Foley is “interested” due to the positions he previously held with Wilmington Trust Corporation, M&T Bank Corporation and M&T Bank, the parent of the Fund’s Advisor.

ANNUAL REPORT / April 30, 2018 (unaudited)

71 BOARD OF TRUSTEES AND TRUST OFFICERS

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano Birth year: 1943 CHAIRMAN and TRUSTEE Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: Kalmar Pooled Investment Trust (through 6/17); The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products) Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold Birth year: 1944 TRUSTEE Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017	Principal Occupations: Chief Financial Officer Emtec, Inc. (information technology services) (4/09 to present); President, GCVC Consulting (corporate governance consulting) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (19 portfolios) (registered investment companies) (2012 to present); Director, Emtec, Inc. (8/2005 to present); Director, FS Investment Corporation (business development company) (2007 to present); Trustee, FS Energy Partners (business development company) (2009 to present). Previous Positions: Managing Director, Head of Business Services and IT Services Practice, Janney Montgomery Scott LLC (investment banking/brokerage) (2003 to 2009).
John S. Cramer Birth year: 1942 TRUSTEE Began serving: December 2000	Principal Occupations: Retired. Other Directorships Held: Chairman and Director, CI Supply Corp. (medical supplies and equipment) (1/14 to 1/15); Director, Check Med Corp. (medical supplies and equipment) (6/08 to 1/14); Director, Highmark Blue Shield (health insurance) (2/01 to 6/10). Previous Positions: Consultant, Yaffe & Co. (compensation consultants) (6/02 to 6/12); President and Chief Executive Officer, Pinnacle Health Systems (nonprofit hospital and health care system in Central Pennsylvania) (through 2012).
Daniel R. Gernatt, Jr. Birth year: 1940 TRUSTEE Began serving: February 1988	Principal Occupations: President and CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present). Other Directorships Held: Director, Roswell Park Alliance (2008 to 2016); Trustee, Gernatt Family Foundation.
Richard B. Seidel Birth year: 1941 TRUSTEE Began serving: September 2003	Principal Occupations: Chairman, Seidel & Associates (legal consulting) (1/14 to present); Chairman, Girard Private Investment Group (registered investment adviser) (1/14 to present). Other Directorships Held: Director, Tristate Capital Holdings (9/07 to present). Previous Positions: Chairman, Girard Capital (broker-dealer) (1/10 to 2016); Chairman, Girard Partners, Ltd. (1/10 to 2016).

April 30, 2018 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS 72

OFFICERS

Name   Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Jeffrey M. Seling Birth year: 1970 ASSISTANT TREASURER Began serving: June 2013 VICE PRESIDENT Began serving: June 2007	Principal Occupations: Administrative Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.; Assistant Treasurer, Wilmington Funds. Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017	Principal Occupations: Chief Operations Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc.; Vice President, Wilmington Funds Management Corporation (2005 to present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).
Lisa Druelinger Birth year: 1978 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER. Began serving: November 2017	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Vice President, M&T Bank. Previous Positions: Vice President and Senior Compliance Officer, Wilmington Trust Investment Advisors, Inc. (2015-2017); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2013-2015); Institutional and Retirement Services Product Manager, Wilmington Trust (2011-2013); Trust Compliance and Risk Management at M&T Bank (2006- 2011).
John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016	Principal Occupations: President, Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing), (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).
Ralph V. Partlow, III 25 South Charles Street, 22nd floor Baltimore, MD 21201 Birth year: 1957 VICE PRESIDENT Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995 to 2003).
Christopher W. Roleke 10 High Street, Suite 302 Boston, MA 02110 Birth year: 1972 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: July 2013	Principal Occupation: Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth Atlantic Terminal Office Tower, 2 Hanson Place, 12th Floor Brooklyn, NY 11217 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, 2018 (unaudited)

73 BOARD OF TRUSTEES AND TRUST OFFICERS

Name   Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Richard J. Berthy   Three Canal Plaza, Suite 100   Portland, ME 04101   Birth year: 1958   CHIEF EXECUTIVE OFFICER   Began serving: September 2007	Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (2012 to present). Previous Positions: President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

April 30, 2018 (unaudited) / ANNUAL REPORT

74

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 with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors” 2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

ANNUAL REPORT / April 30, 2018

75

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

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.

Information The Funds Collect:

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 number, assets and income.

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of 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.

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. We do not permit them 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.

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 in order 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.

April 30, 2018 / ANNUAL REPORT

76

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

• Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not 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 our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

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

E-mail:

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

ANNUAL REPORT / April 30, 2018

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wilmington funds

april 30,2018

PRESIDENT’S MESSAGE AND

Annual Report

WILMINGTON FUNDS

Money Market Funds

Wilmington U.S. Government Money Market Fund Wilmington U.S. Treasury Money Market Fund

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

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

        CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS ANNUAL REPORT
Management’s Discussion of Fund Performance	1
Shareholder Expense Example	3
Portfolios of Investments	4
Statements of Assets and Liabilities	9
Statements of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	13
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	22
Board of Trustees and Trust Officers	23

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    i

Esteemed Shareholder:

I am pleased to present the Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s annual fiscal year of May 1, 2017, through April 30, 2018. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The economy and financial markets in review

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

The economy

The U.S. economy has shown strength over the past year, with the second, third, and fourth quarters of 2018 exhibiting the strongest growth since 2015. Following the disappointment of Congress’s inability to pass comprehensive healthcare reform, Republicans redeemed themselves by passing the Tax Cuts and Jobs Act in December of 2017, which contributed to surging confidence from consumers and businesses alike. The Institute of Supply Management (“ISM”) Manufacturing Purchasing Managers Index (“PMI”)¹ peaked at 60.8 in February 2018—the highest level since 2004. Also in February, the Conference Board’s measure of consumer confidence reached the highest levels since 2000. Yet against this euphoric backdrop, Core Personal Consumption Expenditure (“PCE”) inflation held below the Federal Reserve’s 2% target and has only recently accelerated. As a result, the “goldilocks” (not too hot, not too cold) characterization of the U.S. economy has continued to ring true, with economic data for much of the fiscal year meeting or exceeding expectations, but not coming in so strong as to force the hand of the Federal Reserve into accelerating monetary policy tightening. In our estimation, the U.S. economy will grow at a pace of approximately 3% in 2018, with 0.5–0.75% of that attributable to tax cuts.

We are increasingly aware that the U.S. is closer to the end of the business cycle than to the beginning. The U.S. economic expansion is officially the second-longest on record. The labor market is tight by multiple measures, and the Federal Reserve is in the midst of a rate-hiking campaign (although it continues to move gradually). This has led short-maturity interest rates higher and contributed to the flattening of the yield curve; at the time of writing, the yield curve is less than 45 basis points (0.45%) away from inverting. (An inverted yield curve has preceded each of the last five recessions.) We do not view a U.S. recession as imminent but consider the U.S. economy in the later stages of the economic cycle.

Moving beyond U.S. borders, the past year has marked a period of synchronized global growth. The eurozone far surpassed growth expectations in 2017, with measures of loan growth, business expansion, and consumer confidence accelerating in the second half of 2017. Japan has printed a string of eight positive quarters of GDP growth, the longest such stretch since the 1990s. Emerging markets have also benefited from robust global demand and rising oil prices, which have increased nearly 50% over the past year. Some of this momentum cooled as the calendar turned on the new year. We still see economic growth as having legs, but the pace of growth across the board has decelerated, particularly relative to elevated expectations. We are watching carefully for signs of a more sustained slowdown, which would challenge our overall view.

Bond markets

The past year has been a challenging one for bond investors. For the fiscal year through January, bonds were holding their value and even posting modest single-digit total returns. However, inflationary fears began to emerge in the first quarter of 2018, sending the yield on the 10-year U.S. Treasury above 3% by the end of April. This was the first time the 10-year yield breached 3% since the end of 2013. The upward move in the short end of the yield curve has been even more dramatic and, as mentioned above, the yield curve has flattened alongside three rate hikes from the Fed (in June, December, and March). Higher yields have weighed on the price return of bonds, particularly for short-to-intermediate maturities. The Bloomberg Barclays U.S. Treasury Bond Index² has returned -1.07% over the period.

Investment-grade credit spreads remain tight but have increased in 2018. Spread stabilization and lower supply in coming months should support valuations. High-yield bond credit spreads to Treasuries remain quite low relative to history, despite higher volatility in 2018 and fund outflows from the asset class. Defaults are expected to remain low in the coming year.

For the 12-month period May 1, 2017 to April 30, 2018, certain Bloomberg indices performed as follows³:

Bloomberg Barclays U.S. Treasury Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index4	Bloomberg Barclays U.S. Credit Bond Index5	Bloomberg Barclays Municipal Bond Index 6	Bloomberg Barclays U.S. Corporate High Yield Bond Index7
-1.07%	-0.32%	0.65%	1.56%	3.26%

PRESIDENT’S MESSAGE / April 30, 2018 (unaudited)

ii    

Equity markets

The synchronized global growth discussed earlier acted as a rising tide lifting all equity boats for most of the year, and equity markets enjoyed extremely low levels of volatility through January. U.S. equities were propelled by a healthy consumer, low inflation, a weakening dollar, and tax cuts. As strong as U.S. equity returns were, those of developed international and emerging economies were even better, particularly in U.S. dollar terms. However, equity markets experienced several hiccups in recent months. Concerns have mounted regarding higher inflation, regulations on technology companies, and protectionism, all of which have weighed on global equities and contributed to higher volatility in 2018. Additionally, the positive tailwind for U.S. and emerging markets equities coming from a weaker dollar will fade, as the U.S. dollar has reversed this year’s weakness. The dollar is 0.4% stronger year to date through April and increased 2.7% in the last two weeks of April alone. Equity markets have been choppier of late, but valuations are not overly concerning (though they are higher than 10-year averages across a number of regions), and we continue to believe the economic fundamentals are encouraging going forward. Therefore, we maintain our preference for stocks over bonds.

For the 12-month period May 1, 2017 to April 30, 2018, certain stock market indices performed as follows:

S&P 500® Index8	Russell 2000® Index9	MSCI EAFE (Net) Index10	MSCI Emerging Markets (Net) Index11
13.27%	11.54%	14.51%	21.71%

Despite growing uncertainty in financial markets, we remain focused on managing risk and growing our clients’ capital to help achieve their long-term goals.

Sincerely,

Christopher D. Randall

President

May 25, 2018

April 30, 2018 (unaudited) / PRESIDENT’S MESSAGE

iii

Must be preceded or accompanied by a prospectus.

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

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

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

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

1. ISM Manufacturing PMI Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers Inventories, Employment, and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index. Responses are raw data and are never changed.

2. Bloomberg Barclays 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.

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

4. Bloomberg Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays 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 Barclays 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 Barclays 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 Barclays 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 Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices. An investment cannot be made directly in an index.

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

9. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of approximately $128 million to $1.3 billion.

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

11. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, 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, 2018 (unaudited)

1    

WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

The Federal Reserve (“The Fed”) continued to “normalize” short-term interest rates by raising the Fed Funds target three times over the past fiscal year. The target now stands at 1.5% to 1.75%, which is  ³/₄ of a percent higher than this time last year. The Fed has acknowledged that the economic outlook has strengthened and that inflation is expected to move higher, and then stabilize around their 2% objective. The economy expanded for the 8th consecutive year as Gross Domestic Product (“GDP”) increased at a 2.9% rate for the year ended March 31, 2018, marking the fastest pace of growth since 2015. Equipment investment by corporations aided economic growth. The consumer continued to benefit from the strong job market. The unemployment rate declined to its lowest level since 2000, to a rate of 3.9% this past month. However, wage pressure remains moderate with wages only increasing at a 2.6% rate over the past year. The core Consumer Price Index (“CPI”) has recently started to move higher and is now at 2.1%.

In response to the Fed tightening monetary policy and the expectation for the Fed to raise interest rates at least two more times in 2018, interest rates have moved higher. The yield curve has also flattened over the past year. The 3-Month London Interbank Offered Rate (“LIBOR”) climbed nearly 120 basis points to 2.37% while the 2-year Treasury yield almost doubled rising to a yield of 2.49% as of April 30, 2018, its highest yield since 2008. The 10-year Treasury yield rose by 2/3 of a percent to 2.95%, its highest yield since 2014.

Looking forward, we expect the Fed to raise interest rates either two or three additional times in 2018 and for the yield curve to continue to flatten with shorter-term interest rates moving higher than longer-term interest rates.

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

	4/30/17	10/31/17	4/30/18
Federal Fund Target	0.75% - 1.00%	1.00% - 1.25%	1.50% - 1.75%
3-Month LIBOR	1.172%	1.385%	2.363%
2-Year Treasury Note	1.28%	1.60%	2.49%
10-Year Treasury Note	2.29%	2.38%	2.95%

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.

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 April 30, 2018:

Wilmington U.S. Government Money Market Fund – Administrative Class	0.56	%
Wilmington U.S. Government Money Market Fund – Institutional Class	0.91	%
Wilmington U.S. Government Money Market Fund – Select Class	0.81	%
Wilmington U.S. Government Money Market Fund – Service Class	0.41	%
iMoneyNet, Inc. Government & Agency Institutional Average	0.85	%
Lipper U.S. Government Money Market Funds Average	0.79	%
Wilmington U.S. Treasury Money Market Fund – Administrative Class	0.57	%
Wilmington U.S. Treasury Money Market Fund – Select Class	0.82	%
Wilmington U.S. Treasury Money Market Fund – Service Class	0.42	%
iMoneyNet, Inc. Treasury and Repo Institutional Average	0.84	%
Lipper U.S. Treasury Money Market Funds Average	0.59	%
Source: iMoneyNet, Inc. and Lipper

April 30, 2018 (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 800-836-2211 or visiting the Funds’ web site at

www.wilmingtonfunds.com. The prospectus should be read before investing.

The Funds’ shares are not bank deposits and are not insured by, guaranteed by, endorsed by or obligations of the Federal Deposit Insurance Corporation, the Federal Reserve Board, any government agency or any bank. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

During the fiscal year ended April 30, 2018, Wilmington Funds Management Corporation has voluntarily agreed to reduce its advisory fee and/or reimburse certain of the

Funds’ operating expenses, and/or certain class-specific fees and expenses, in an effort to maintain the current yield of each share class at or above zero. The fee waiver does not take into consideration acquired fund fees and expenses, taxes or extraordinary items. Any such waiver or expense reimbursement may be modified or discontinued at any time without notice.

Gross Domestic Product (“GDP”) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

Consumer Price Index (“CPI”) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

London Interbank Offered Rate (“LIBOR”) is a benchmark rate that some of the world’s leading banks charge each other for short-term loans. It serves as the first step to calculating interest rates on various loans throughout the world.

ANNUAL REPORT / April 30, 2018 (unaudited)

3

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you 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, 2017 to April 30, 2018.

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, 2018.

	Beginning Account Value 11/01/17		Ending Account Value 4/30/18		Expenses  Paid During Period1		Annualized  Net Expense Ratio
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,003.80		$3.08		0.62%
Institutional Class		$1,000.00		$1,005.50		$1.34		0.27%
Select Class		$1,000.00		$1,005.00		$1.84		0.37%
Service Class		$1,000.00		$1,003.00		$3.82		0.77%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,021.72		$3.11		0.62%
Institutional Class		$1,000.00		$1,023.46		$1.35		0.27%
Select Class		$1,000.00		$1,022.96		$1.86		0.37%
Service Class		$1,000.00		$1,020.98		$3.86		0.77%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,003.80		$2.98		0.60%
Select Class		$1,000.00		$1,005.00		$1.74		0.35%
Service Class		$1,000.00		$1,003.10		$3.68		0.74%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,021.82		$3.01		0.60%
Select Class		$1,000.00		$1,023.06		$1.76		0.35%
Service Class		$1,000.00		$1,021.12		$3.71		0.74%

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

April 30, 2018 (unaudited) / ANNUAL REPORT

4

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2018, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
U.S. Government Agency Obligations		49.9	%
U.S. Treasury Obligations		26.3	%
Repurchase Agreements		24.7	%
Other Assets and Liabilities – Net1		(0.9	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Par Value		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 49.9%
FEDERAL FARM CREDIT BANK (FFCB) – 11.6%
(1 month USD LIBOR - 0.17%), 1.72%, 5/03/18D	$	100,000,000	$	99,999,981
1.69%, 6/05/18‡		20,000,000		19,967,917
1.69%, 6/07/18‡		25,000,000		24,957,604
(1 month USD LIBOR - 0.12%), 1.78%, 7/23/18D		70,000,000		70,004,849
(1 month USD LIBOR + 0.06%), 1.96%, 9/24/18D		29,700,000		29,695,335
(1 month USD LIBOR + 0.02%), 1.90%, 10/03/18D		25,000,000		25,016,672
(1 month USD LIBOR - 0.09%), 1.81%, 10/22/18D		60,000,000		60,012,287
(1 month USD LIBOR - 0.14%), 1.76%, 10/30/18D		75,000,000		75,000,000
(1 month USD LIBOR - 0.11%), 1.78%, 12/03/18D		50,000,000		49,999,091
2.11%, 1/14/19‡		35,000,000		34,488,300
2.24%, 1/23/19‡		25,000,000		24,597,646
2.14%, 2/05/19‡		75,000,000		73,792,500
2.14%, 2/15/19‡		50,000,000		49,166,250
(1 month USD LIBOR - 0.09%), 1.82%, 5/30/19D		25,000,000		24,990,865
(1 month USD LIBOR - 0.10%), 1.80%, 9/25/19D		50,000,000		49,997,890
(1 month USD LIBOR - 0.07%), 1.82%, 10/02/19D		36,000,000		36,000,005
TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	747,687,192

Description	Par Value		Value
FEDERAL HOME LOAN BANK (FHLB) – 32.8%
1.64%, 5/02/18‡	$	105,000,000	$	104,995,326
1.59%, 5/04/18‡		50,000,000		49,993,542
(3 month USD LIBOR - 0.35%), 1.45%, 5/09/18D		50,000,000		50,000,000
1.69%, 5/09/18‡		115,100,000		115,057,797
1.62%, 5/11/18‡		30,000,000		29,986,833
1.67%, 5/14/18‡		30,000,000		29,982,342
1.60%, 5/18/18‡		244,893,000		244,711,904
1.68%, 5/21/18‡		50,000,000		49,954,444
1.71%, 5/23/18‡		212,058,000		211,841,498
1.69%, 6/11/18‡		100,000,000		99,807,528
1.84%, 6/15/18‡		105,000,000		104,765,194
1.78%, 6/22/18‡		200,000,000		199,497,622
(1 month USD LIBOR - 0.14%), 1.76%, 6/26/18D		25,000,000		24,999,576
1.80%, 6/27/18‡		75,000,000		74,791,475
1.79%, 7/13/18‡		50,000,000		49,823,076
1.90%, 7/27/18‡		92,500,000		92,086,001
(1 month USD LIBOR - 0.16%), 1.73%, 8/01/18D		100,000,000		100,000,000
(1 month USD LIBOR - 0.15%), 1.75%, 8/15/18D		50,000,000		50,000,000
1.96%, 9/26/18‡		25,000,000		24,803,900
(1 month USD LIBOR - 0.14%), 1.76%, 10/15/18D		50,000,000		50,000,000
2.06%, 10/23/18‡		50,000,000		49,513,889

ANNUAL REPORT / April 30, 2018

5    PORTFOLIOS OF INVESTMENTS

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

Description	Par Value		Value
(1 month USD LIBOR - 0.08%), 1.82%, 11/13/18D	$	100,000,000	$	100,000,000
(1 month USD LIBOR - 0.14%), 1.75%, 1/02/19D		50,000,000		50,000,000
(1 month USD LIBOR - 0.11%), 1.79%, 1/25/19D		100,000,000		100,000,000
(1 month USD LIBOR - 0.13%), 1.77%, 2/12/19D		50,000,000		50,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	2,106,611,947
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 3.9%
1.67%, 5/21/18‡		100,000,000		99,909,500
1.85%, 7/30/18‡		50,000,000		49,774,125
(1 month USD LIBOR - 0.15%), 1.75%, 8/22/18D		50,000,000		50,000,000
(1 month USD LIBOR - 0.10%), 1.80%, 6/28/19D		50,000,000		50,000,000
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	249,683,625
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.6%
1.58%, 5/09/18‡		50,000,000		49,982,889
1.71%, 6/18/18‡		25,000,000		24,944,333
1.73%, 6/25/18‡		25,000,000		24,935,451
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	99,862,673
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $3,203,845,437)			$	3,203,845,437
U.S. TREASURY OBLIGATIONS – 26.3%
U.S. TREASURY BILLS – 22.1%
1.29%, 5/03/18‡		125,000,000		124,991,250
1.43%, 5/10/18‡		265,000,000		264,907,714
1.45%, 5/24/18‡		50,000,000		49,954,767
1.50%, 6/14/18‡		125,000,000		124,776,944
1.52%, 6/21/18‡		175,000,000		174,632,340
1.62%, 7/05/18‡		90,000,000		89,744,063
1.62%, 7/12/18‡		23,000,000		22,927,550
1.75%, 7/26/18‡		150,000,000		149,387,907
1.88%, 8/02/18‡		50,000,000		49,768,076
1.86%, 8/09/18‡		150,000,000		149,245,069
1.95%, 9/27/18‡		120,000,000		119,058,817
1.94%, 10/11/18‡		100,000,000		99,146,514
TOTAL U.S. TREASURY BILLS			$	1,418,541,011
U.S. TREASURY NOTES – 4.2%
0.88%, 5/31/18		50,000,000		49,964,489
1.25%, 10/31/18		100,000,000		99,615,962
(U.S. Treasury 3 month Bill Money Market Yield + 0.07%), 1.91%, 4/30/19D		100,000,000		100,055,498

Description	Par Value		Value
(U.S. Treasury 3 month Bill Money Market Yield + 0.00%), 1.84%, 1/31/20D	$	25,000,000	$	24,998,211
TOTAL U.S. TREASURY NOTES			$	274,634,160
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,693,175,171)			$	1,693,175,171
REPURCHASE AGREEMENTS – 24.7%
Credit Suisse First Boston LLC, 1.70%, dated 4/30/18, due 5/01/18, repurchase price $395,018,653, collateralized by U.S. Treasury Securities, 1.38% to 2.50%, maturing 5/31/21 to 1/31/25; total market value of $402,900,069.		395,000,000		395,000,000
Deutsche Bank Securities, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $50,002,389, collateralized by U.S. Treasury Security, 2.38%, maturing 5/15/27; total market value of $51,000,049.		50,000,000		50,000,000
Mizuho Securities USA, Inc., 1.73%, dated 4/30/18, due 5/01/18, repurchase price $350,016,819, collateralized by U.S. Government Securities, 3.00% to 4.50%, maturing 1/01/27 to 4/01/48; total market value of $357,000,001.		350,000,000		350,000,000
RBC Capital Markets LLC, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $330,015,767, collateralized by U.S. Treasury Securities, 0.00% to 3.63%, maturing 4/25/19 to 4/15/28; total market value of $336,600,043.		330,000,000		330,000,000
RBC Capital Markets LLC, 1.73%, dated 4/30/18, due 5/01/18, repurchase price $75,003,604, collateralized by U.S. Government Securities, 2.66% to 4.50%, maturing 12/01/29 to 1/01/48; total market value of $76,500,001.		75,000,000		75,000,000
TD Securities, Inc., 1.74%, dated 4/30/18, due 5/01/18, repurchase price $385,018,608, collateralized by U.S. Government Securities, 3.00% to 4.50%, maturing 6/01/26 to 8/01/47; total market value of $396,550,000.		385,000,000		385,000,000
TOTAL REPURCHASE AGREEMENTS (COST $1,585,000,000)			$	1,585,000,000
TOTAL INVESTMENTS – 100.9% (COST $6,482,020,608)			$	6,482,020,608
OTHER LIABILITIES LESS ASSETS – (0.9)%				(56,770,959	)
TOTAL NET ASSETS – 100.0%			$	6,425,249,649

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    6

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

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2018 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	$	—	$	3,203,845,437	$	—	$	3,203,845,437
U.S. Treasury Obligations		—		1,693,175,171		—		1,693,175,171
Repurchase Agreements		—		1,585,000,000		—		1,585,000,000
Total	$	—	$	6,482,020,608	$	—	$	6,482,020,608

D 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.

The following acronyms are used throughout this Fund:

FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Corporation

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

7    

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At April 30, 2018, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
U.S. Treasury Obligations		79.0	%
Repurchase Agreements		24.5	%
Money Market Fund		1.0	%
Other Assets and Liabilities – Net1		(4.5	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2018

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 79.0%
U.S. TREASURY BILLS – 66.1%
1.43%, 5/03/18‡	$	125,000,000	$	124,990,321
1.47%, 5/10/18‡		135,000,000		134,951,555
1.67%, 5/17/18‡		74,000,000		73,946,249
1.50%, 6/07/18‡		28,135,000		28,092,754
1.62%, 6/14/18‡		60,000,000		59,884,057
1.53%, 6/21/18‡		25,000,000		24,947,335
1.74%, 7/05/18‡		75,000,000		74,770,053
1.72%, 7/12/18‡		30,320,000		30,218,242
1.81%, 7/26/18‡		50,000,000		49,789,121
1.88%, 8/02/18‡		50,000,000		49,768,076
1.95%, 9/27/18‡		30,000,000		29,764,704
1.94%, 10/11/18‡		25,000,000		24,786,402
2.00%, 10/18/18‡		42,255,000		41,866,899
TOTAL U.S. TREASURY BILLS			$	747,775,768
U.S. TREASURY NOTES – 12.9%
0.88%, 5/31/18		50,000,000		49,964,489
(U.S. Treasury 3 month Bill Money Market Yield + 0.17%), 2.01%, 7/31/18D		25,000,000		25,006,852
1.25%, 10/31/18		21,500,000		21,417,432
(U.S. Treasury 3 month Bill Money Market Yield + 0.07%), 1.91%, 4/30/19D		25,000,000		25,014,000
(U.S. Treasury 3 month Bill Money Market Yield + 0.00%), 1.84%, 1/31/20D		25,000,000		24,997,999
TOTAL U.S. TREASURY NOTES			$	146,400,772
TOTAL U.S. TREASURY OBLIGATIONS (COST $894,176,540)			$	894,176,540

Description	Number of Shares		Value
MONEY MARKET FUND – 1.0%
Blackrock Liquidity Funds T-Fund Institutional Shares, 1.56%^		11,055,680	$	11,055,680
TOTAL MONEY MARKET FUND
(COST $11,055,680)			$	11,055,680
	Par Value
REPURCHASE AGREEMENTS – 24.5%
Credit Suisse First Boston LLC, 1.70%, dated 4/30/18, due 5/01/18, repurchase price $185,008,736, collateralized by U.S. Treasury Security, 1.38%, maturing 2/28/19; total market value of $188,703,988.	$	185,000,000		185,000,000
Deutsche Bank Securities, Inc., 1.72%, dated 4/30/18, due 5/01/18, repurchase price $52,002,484, collateralized by U.S. Treasury Securities, 0.00% to 9.13%, maturing 5/15/18 to 11/15/47; total market value of $53,040,071.		52,000,000		52,000,000
RBC Capital Markets LLC, 1.72%, dated 4/30/18, due 5/01/18, repurchase price $40,001,911, collateralized by U.S. Treasury Security, 0.25%, maturing 1/15/25; total market value of $40,800,076.		40,000,000		40,000,000
TOTAL REPURCHASE AGREEMENTS (COST $277,000,000)			$	277,000,000

April 30, 2018 / ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    8

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

Description	Value
TOTAL INVESTMENTS – 104.5%
(COST $1,182,232,220)	$	1,182,232,220
OTHER LIABILITIES LESS ASSETS – (4.5%)		(51,193,637	)
TOTAL NET ASSETS – 100.0%	$	1,131,038,583

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

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, 2018 in valuing the Fund’s assets carried at fair value:

	Level  1		Level  2		Level  3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	894,176,540	$	—	$	894,176,540
Money Market Fund		11,055,680		—		—		11,055,680
Repurchase Agreements		—		277,000,000		—		277,000,000
Total	$	11,055,680	$	1,171,176,540	$	—	$	1,182,232,220

^ 7-Day net yield.

D Variable rate security. The rate disclosed is the rate in effect on the report date, and the date shown in 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.

The following acronym is used throughout this Fund:

LLC         Limited Liability Corporation

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

9    STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2018	Wilmington U.S. Government Money Market Fund			Wilmington   U.S. Treasury   Money Market   Fund
ASSETS:
Investments, at identified cost	$	6,482,020,608		$	1,182,232,220
Investments in repurchase agreements, at value	$	1,585,000,000		$	277,000,000
Investments in securities, at value		4,897,020,608			905,232,220
TOTAL INVESTMENTS		6,482,020,608			1,182,232,220
Cash		—			103,427
Interest receivable		1,347,954			218,657
Receivable for shares sold		592,507			145,609
Prepaid assets		98,582			34,017
TOTAL ASSETS		6,484,059,651			1,182,733,930
LIABILITIES:
Payable to custodian		127,909			—
Payable for investments purchased		50,021,240			49,768,076
Income distribution payable		6,660,455			1,042,484
Payable for shares redeemed		—			539,743
Payable for Trustees’ fees		6,410			6,410
Payable for distribution services fee		508,157			68,049
Payable for shareholder services fee		654,032			87,603
Other accrued expenses		831,799			182,982
TOTAL LIABILITIES		58,810,002			51,695,347
NET ASSETS	$	6,425,249,649		$	1,131,038,583
NET ASSETS CONSIST OF:
Paid-in capital	$	6,425,251,201		$	1,131,045,444
Undistributed (distributions in excess of) net investment income		(22	)		(11	)
Accumulated net realized gain (loss) on investments		(1,530	)		(6,850	)
TOTAL NET ASSETS	$	6,425,249,649		$	1,131,038,583
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	1,196,675,684		$	340,788,243
Shares outstanding (unlimited shares authorized)		1,196,922,809			340,829,090
Net Asset Value per share	$	1.00		$	1.00
Institutional Class
Net Assets	$	704,434,863		$	—
Shares outstanding (unlimited shares authorized)		704,501,073			—
Net Asset Value per share	$	1.00		$	—
Select Class
Net Assets	$	3,273,958,369		$	790,206,993
Shares outstanding (unlimited shares authorized)		3,274,419,622			790,227,890
Net Asset Value per share	$	1.00		$	1.00
Service Class
Net Assets	$	1,250,180,733		$	43,347
Shares outstanding (unlimited shares authorized)		1,250,140,092			43,346
Net Asset Value per share	$	1.00		$	1.00

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

STATEMENTS OF OPERATIONS    10

Year Ended April 30, 2018	Wilmington U.S. Government Money Market Fund			Wilmington   U.S. Treasury   Money Market Fund
INVESTMENT INCOME:
Dividends	$	451,300		$	190,371
Interest		82,713,939			11,549,812
TOTAL INVESTMENT INCOME		83,165,239			11,740,183
EXPENSES:
Investment advisory fee		17,671,873			2,478,972
Administrative personnel and services fees		2,297,832			321,000
Portfolio accounting and administration fees		1,561,115			230,033
Transfer and dividend disbursing agent fees and expenses		71,340			3,255
Custodian fees		150,096			32,294
Trustees’ fees		62,230			62,231
Professional fees		83,321			76,555
Distribution services fee—Administrative Class		3,501,248			1,291,928
Distribution services fee—Service Class		3,359,672			80
Shareholder services fee— Administrative Class		3,501,248			1,291,928
Shareholder services fee— Select Class		9,424,797			1,186,958
Shareholder services fee— Service Class		3,359,672			80
Share registration costs		69,941			30,276
Printing and postage		171,522			8,222
Miscellaneous		371,353			107,785
TOTAL EXPENSES		45,657,260			7,121,597
Waiver/reimbursement by investment advisor		(3,437,755	)		(853,807	)
Waiver of distribution services fee—Administrative Class		(1,728	)		(12,904	)
Waiver of shareholder services fee—Administrative Class		(2,098,813	)		(774,035	)
Waiver of shareholder services fee—Select Class		(5,656,414	)		(720,539	)
Waiver of shareholder services fee—Service Class		(16,279	)		(1	)
TOTAL WAIVERS AND REIMBURSEMENTS		(11,210,989	)		(2,361,286	)
Net expenses		34,446,271			4,760,311
Net investment income		48,718,968			6,979,872
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		46,188			432
Net realized gain (loss) on investments		46,188			432
Change in net assets resulting from operations	$	48,765,156		$	6,980,304

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

11    STATEMENTS OF CHANGES IN NET ASSETS

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2018			Year Ended April 30, 2017
OPERATIONS:
Net investment income	$	48,718,968		$	5,824,798		$	6,979,872		$	549,020
Net realized gain (loss) on investments		46,188			(40,404	)		432			27,664
Change in net assets resulting from operations		48,765,156			5,784,394			6,980,304			576,684
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class		(7,531,047	)		(632,310	)		(2,756,740	)		(180,326	)
Institutional Class		(5,400,177	)		(665,254	)		—			—
Select Class		(30,337,703	)		(4,414,350	)		(4,223,288	)		(367,894	)
Service Class		(5,438,777	)		(124,817	)		(141	)		(4	)
Change in net assets resulting from distributions to shareholders		(48,707,704	)		(5,836,731	)		(6,980,169	)		(548,224	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		5,018,186,327			4,359,929,007			1,146,973,936			1,456,907,456
Institutional Class		2,592,337,356			1,867,489,404			—			—
Select Class		6,638,056,625			4,840,610,360			2,492,174,259			1,558,933,919
Service Class		2,715,449,789			2,051,789,717			12,000			113,092
Proceeds from shares issued in connection with Reorganizations (Note 6)
Administrative Class		—			384,941,821			—			—
Institutional Class		—			320,775,976			—			—
Select Class		—			2,724,737,598			—			—
Service Class		—			792,316,095			—			—
Distributions reinvested
Administrative Class		149			68			8,188			727
Institutional Class		154,193			28,389			—			—
Select Class		1,874,684			288,879			703,485			120,785
Service Class		1,488,778			33,998			141			4
Cost of shares redeemed
Administrative Class		(5,337,668,906	)		(4,848,392,448	)		(1,285,477,864	)		(1,623,991,505	)
Institutional Class		(2,247,584,997	)		(1,841,596,374	)		—			—
Select Class		(7,037,694,255	)		(4,870,212,072	)		(2,014,486,130	)		(1,489,846,115	)
Service Class		(2,830,878,413	)		(2,274,974,200	)		—			(108,094	)
Change in net assets resulting from share transactions		(486,278,670	)		3,507,766,218			339,908,015			(97,869,731	)
Change in net assets		(486,221,218	)		3,507,713,881			339,908,150			(97,841,271	)
NET ASSETS:
Beginning of year		6,911,470,867			3,403,756,986			791,130,433			888,971,704
End of year	$	6,425,249,649		$	6,911,470,867		$	1,131,038,583		$	791,130,433
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(22	)	$	(11,286	)	$	(11	)	$	297

April 30, 2018 / ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded)    12

	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2018			Year Ended April 30, 2017
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		5,018,186,327			4,359,929,009			1,146,973,936			1,456,907,456
Institutional Class		2,592,337,356			1,867,489,404			—			—
Select Class		6,638,056,625			4,840,610,359			2,492,174,259			1,558,933,919
Service Class		2,715,449,789			2,051,789,717			12,000			113,092
Shares issued in connection with Reorganizations (Note 6)
Administrative Class		—			384,995,266			—			—
Institutional Class		—			320,831,015			—			—
Select Class		—			2,725,077,645			—			—
Service Class		—			792,293,499			—			—
Distributions reinvested
Administrative Class		149			67			8,188			727
Institutional Class		154,193			28,389			—			—
Select Class		1,874,684			288,879			703,485			120,785
Service Class		1,488,778			33,998			141			4
Shares redeemed
Administrative Class		(5,337,668,906	)		(4,848,392,448	)		(1,285,477,864	)		(1,623,991,505	)
Institutional Class		(2,247,584,997	)		(1,841,596,374	)		—			—
Select Class		(7,037,694,255	)		(4,870,212,072	)		(2,014,486,130	)		(1,489,846,115	)
Service Class		(2,830,878,413	)		(2,274,974,200	)		—			(108,094	)
Net change in shares outstanding		(486,278,670	)		3,508,192,153			339,908,015			(97,869,731	)
See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

13    FINANCIAL HIGHLIGHTS

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

    WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

ADMINISTRATIVE CLASS	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year  Ended April 30, 2014
Net Asset Value, Beginning of year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.006			0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		(0.000	)(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.006			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.006	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.56	%		0.04	%		0.02	%		0.01	%		0.01	%
Net Assets, End of year (000’s)		$1,196,676			$1,516,147			$1,619,679			$1,556,286			$1,673,462
Ratios to Average Net Assets
Gross Expense		0.82	%		0.89	%		0.97	%		0.97	%		0.97	%
Net Expenses(b)		0.62	%		0.42	%		0.18	%		0.07	%		0.08	%
Net Investment Income		0.54	%		0.04	%		0.02	%		0.01	%		0.01	%
INSTITUTIONAL CLASS	Year Ended April 30, 2018			Year  Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year  Ended April 30, 2014
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.009			0.001			0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		(0.000	)(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.009			0.001			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.009	)		(0.001	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.91	%		0.17	%		0.02	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$704,435			$359,524			$12,840			$26,079			$83,595
Ratios to Average Net Assets
Gross Expense		0.32	%		0.34	%		0.47	%		0.47	%		0.47	%
Net Expenses(b)		0.27	%		0.27	%		0.13	%		0.07	%		0.08	%
Net Investment Income		0.97	%		0.21	%		0.01	%		0.01	%		0.01	%
SELECT CLASS	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year  Ended April 30, 2014
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.001			0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		(0.000	)(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.001			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.008	)		(0.001	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.81	%		0.13	%		0.02	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$3,273,958			$3,671,694			$976,287			$1,005,503			$889,158
Ratios to Average Net Assets
Gross Expense		0.57	%		0.61	%		0.72	%		0.72	%		0.72	%
Net Expenses(b)		0.37	%		0.33	%		0.18	%		0.07	%		0.08	%
Net Investment Income		0.80	%		0.15	%		0.02	%		0.01	%		0.01	%

April 30, 2018 / ANNUAL REPORT

FINANCIAL HIGHLIGHTS    14

SERVICE CLASS	Year Ended April 30, 2018			Year  Ended April 30, 2017			Year  Ended April 30, 2016			Year  Ended April 30, 2015			Year  Ended April 30, 2014
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		(0.004	)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		(0.000	)(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		(0.004	)		0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.004	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$0.992			$1.000			$1.000			$1.000			$1.000
Total Return		0.41	%		0.01	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Year (000’s)		$1,250,181			$1,364,106			$794,950			$1,352,274			$1,371,495
Ratios to Average Net Assets
Gross Expense		0.82	%		0.88	%		0.97	%		0.97	%		0.97	%
Net Expenses(b)		0.77	%		0.46	%		0.18	%		0.07	%		0.08	%
Net Investment Income		0.41	%		0.01	%		0.01	%		0.01	%		0.01	%

(a) Represents less than $0.001.

(b) The investment manager and other service providers voluntarily waived a portion of their fees.

See Notes which are an integral part of the Financial Statements

ANNUAL REPORT / April 30, 2018

15    FINANCIAL HIGHLIGHTS (concluded)

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

     WILMINGTON U.S. TREASURY MONEY MARKET FUND

ADMINISTRATIVE CLASS	Year  Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year  Ended April 30, 2014
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.006			0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.006			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.006	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.57	%		0.03	%		0.01	%		0.00	%(b)		0.01	%
Net Assets, End of Year (000’s)		$340,788			$479,284			$646,349			$631,472			$782,360
Ratios to Average Net Assets
Gross Expense		0.84	%		0.91	%		0.99	%		0.98	%		0.97	%
Net Expenses(c)		0.60	%		0.39	%		0.15	%		0.06	%		0.06	%
Net Investment Income		0.53	%		0.03	%		0.01	%		0.00	%(b)		0.01	%
SELECT CLASS	Year Ended April 30, 2018			Year  Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year  Ended April 30, 2014
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.001			0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.001			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.008	)		(0.001	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.82	%		0.12	%		0.01	%		0.00	%(b)		0.01	%
Net Assets, End of Year (000’s)		$790,207			$311,815			$242,597			$264,955			$314,375
Ratios to Average Net Assets
Gross Expense		0.59	%		0.66	%		0.74	%		0.74	%		0.72	%
Net Expenses(c)		0.35	%		0.31	%		0.15	%		0.06	%		0.06	%
Net Investment Income		0.89	%		0.13	%		0.01	%		0.00	%(b)		0.01	%
SERVICE CLASS	Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year  Ended April 30, 2014
Net Asset Value, Beginning of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.004			0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.004			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.004	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Year		$1.000			$1.000			$1.000			$1.000			$1.000
Total Return		0.42	%		0.01	%		0.01	%		0.00	%(b)		0.01	%
Net Assets, End of Year (000’s)		$44			$31			$26			$18			$6
Ratios to Average Net Assets
Gross Expense		0.84	%		0.90	%		0.97	%		0.99	%		0.97	%
Net Expenses(c)		0.74	%		0.42	%		0.17	%		0.06	%		0.06	%
Net Investment Income		0.44	%		0.01	%		0.01	%		0.00	%(b)		0.01	%

(a) Represents less than $0.001.

(b) Represents less than 0.01%.

(c) The investment manager and other service providers voluntarily waived a portion of their fees.

See Notes which are an integral part of the Financial Statements

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS    16

Wilmington Funds

April 30, 2018

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 12 portfolios, 2 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 10 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 Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I, and Institutional Class. Class A and Class I are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters

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

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.

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.

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 of the Funds is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. Each Fund’s NAV per share 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.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of April 30, 2018, there were no transfers between Levels 1, 2 and 3 assets and liabilities based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, open-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

ANNUAL REPORT / April 30, 2018

17    NOTES TO FINANCIAL STATEMENTS (continued)

Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the 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 the Fund.

At April 30, 2018, 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  Amount(2)
U.S. Government Money Market Fund
Credit Suisse First Boston LLC	$	395,000,000	$	395,000,000	$	—	$	—
Deutsche Bank Securities, Inc.		50,000,000		50,000,000		—		—
Mizuho Securities USA, Inc.		350,000,000		350,000,000		—		—
RBC Capital Markets LLC		330,000,000		330,000,000		—		—
RBC Capital Markets LLC		75,000,000		75,000,000		—		—
TD Securities, Inc.		385,000,000		385,000,000		—		—
	$	1,585,000,000	$	1,585,000,000	$	—	$	—
U.S. Treasury Money Market Fund
Credit Suisse First Boston LLC		185,000,000		185,000,000		—		—
Deutsche Bank Securities, Inc.		52,000,000		52,000,000		—		—
RBC Capital Markets LLC		40,000,000		40,000,000		—		—
	$	277,000,000	$	277,000,000	$	—	$	—

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

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

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 statement 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.

All Funds offer 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.

Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended April 30, 2018, the Funds did not incur any interest or penalties.

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    18

3.    FEDERAL TAX INFORMATION

As of April 30, 2018, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the years ended 2017, 2016 and 2015, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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 due in part to the tax treatment of expiring capital loss carryforwards. GAAP requires that permanent differences in net investment income and realized gains and losses due to differences between financial reporting and tax reporting be reclassified between various components of net assets and have no effect on the net assets nor the NAV of the Funds.

For the year ended April 30, 2018, permanent differences identified and reclassified among the components of net assets were as follows:

Fund	Paid-in Capital		Increase (Decrease) Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)
U.S. Treasury Money Market Fund		—		(11	)		11

The permanent differences identified and reclassified were primarily attributable to the tax treatment of distributions received from money market funds.

The tax character of distributions for the corresponding fiscal year ends were as follows:

	2018				2017
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
U.S. Government Money Market Fund	$	48,707,704	$	—	$	5,836,731	$	—
U.S. Treasury Money Market Fund		6,980,169		—		548,224		—

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

As of April 30, 2018, 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
U.S. Government Money Market Fund	$	6,660,433	$	—	$	(6,660,455	)	$	—	$	(1,530	)	$	—
U.S. Treasury Money Market Fund		1,042,473		—		(1,042,484	)		—		(6,850	)		—

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. At April 30, 2018, none of the Funds have any losses deferred to May 1, 2018.

At April 30, 2018, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the (“Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax.

Fund	Short-Term No Expiration		Long-Term No Expiration		Total Capital   Loss   Carryforwards
U.S. Government Money Market Fund	$	1,530	$	—	$	1,530
U.S. Treasury Money Market Fund		6,850		—		6,850

The Funds utilized capital loss carryforwards as follows to offset taxable capital gains realized during the year ended April 30, 2018:

Fund	Capital Loss     Carryforwards     Utilized
U.S. Government Money Market Fund	$46,188
U.S. Treasury Money Market Fund	443

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.

ANNUAL REPORT / April 30, 2018

19    NOTES TO FINANCIAL STATEMENTS (continued)

The Funds pay WFMC an annual investment advisory fee, accrued and paid daily, 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%

During the year ended April 30, 2018, WFMC has agreed to reduce its advisory fee and/or reimburse certain of the Funds’ operating expenses, and/or certain class-specific fees and expenses, in an effort to maintain the current yield of each share class at or above zero. The fee waiver does not take into consideration acquired fund fees and expenses, taxes or extraordinary items. Any such waiver or expense reimbursement may be modified or discontinued at any time without notice.

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2018, so that total annual fund operating expenses paid by the Funds (not including the effects of acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC, nor the Fund’s distributor, will recoup previously waived fees/expenses in subsequent years.

	Contractual Current Expense Limitations
Fund	Administrative Class	Institutional Class	Select Class	Service Class
U.S. Government Money Market Fund	0.62%	0.27%	0.37%	0.77%
U.S. Treasury Money Market Fund	0.60%	N/A	0.35%	0.75%

Administrative Fees – The Bank of New York Mellon (“BNYM”) provides the Trust with fund administration services. The 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. Effective October 1, 2017, the fees as described in the table below are accrued and paid daily and are disclosed on the Statement of Operations as “Administrative personnel and services 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

Prior to October 1, 2017, the administrative fees were as follows.

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	0.0285%	on the first $500 million
	0.0280%	on the next $500 million
	0.0275%	on assets in excess of $1 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, 2018, neither WFMC nor BNYM waived any administrative fees.

April 30, 2018 / ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    20

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, 2018, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the following Funds which are listed below:

Fund	Distribution Fees
U.S. Government Money Market Fund		$6,820,016
U.S. Treasury Money Market Fund		1,276,313

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

For the year ended April 30, 2018, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder  Services Fee
U.S. Government Money Market Fund	$8,481,416
U.S. Treasury Money Market Fund	982,716

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 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.    LINE OF CREDIT

Effective April 6, 2017, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of the current LOC is April 5, 2019.

The Funds did not utilize the LOC during the year ended April 30, 2018.

6.    REORGANIZATION

REORGANIZATION - FISCAL YEAR 2017

On March 15, 2016, the Board approved an Agreement and Plans of Reorganization (the “Reorganizations”) which provided for the transfer of all the assets of the Tax-Exempt Money Market Fund and the Prime Money Market Fund, each a series of the Trust (the “Acquired Funds”), for shares of the U.S. Government Money Market Fund (the “Acquiring Fund”), respectively. The shareholders approved the Tax-Exempt Money Market Fund Reorganization at a meeting held on August 10, 2016 and the Reorganization closed on August 22, 2016. The shareholders of the Prime Money Market Fund, under applicable law, were not required to vote on the Reorganization. Therefore, the Reorganization closed on August 15, 2016. The acquisitions were accomplished through tax-free exchanges of assets and shares. For financial reporting purposes, the Acquiring Fund, the U.S. Government Money Market Fund, is deemed to be the accounting survivor.

ANNUAL REPORT / April 30, 2018

21    NOTES TO FINANCIAL STATEMENTS (continued)

	Value of  Shares		Acquired Fund   Shares Prior to   Reorganization		Shares  Issued   by Acquiring   Fund		Net Assets on Date of Reorganization
Acquiring Fund
Wilmington U.S. Government Money Market Fund							$	3,080,145,214
Acquired Funds
Wilmington Tax-Exempt Money Market Fund								499,487,643
Administrative Class shares in exchange for Administrative Class shares	$	52,603,411		52,606,533		52,606,533
Select Class shares in exchange for Select Class shares		385,623,982		385,673,201		385,673,201
Service Class shares in exchange for Service Class shares		61,260,250		61,258,312		61,258,312
Wilmington Prime Money Market Fund								3,723,283,847
Administrative Class shares in exchange for Administrative Class shares		332,338,410		332,388,733		332,388,733
Institutional Class shares in exchange for Institutional Class shares		320,775,976		320,831,015		320,831,015
Select Class shares in exchange for Select Class shares		2,339,113,616		2,339,404,444		2,339,404,444
Service Class shares in exchange for Service Class shares		731,055,845		731,035,187		731,035,187
							$	7,302,916,704

The financial statements of the Acquiring Fund reflect the operations of the Acquiring Fund for the period prior to the Reorganizations and the combined fund for the period subsequent to the Reorganizations. Because each of the combined investment portfolios had been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of each Acquired Fund that had been included in the combined Fund’s Statement of Operations since the Reorganizations were completed. Assuming the Reorganizations had been completed on May 1, 2016, the pro forma net investment income, net realized gain on investments and net increase in net assets from operations for the twelve months through April, 2017 would have been $8,337,470, ($15,054) and $8,322,416.

7.    RECENT REGULATORY UPDATES

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X was August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. The financial statements presented are in compliance with the most recent Regulation S-X amendments.

8.    SUBSEQUENT EVENTS

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

April 30, 2018 / ANNUAL REPORT

    22

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE SHAREHOLDERS OF THE WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND AND WILMINGTON U.S. TREASURY MONEY MARKET FUND AND THE BOARD OF TRUSTEES OF WILMINGTON FUNDS

Opinion on the Financial Statement

We have audited the accompanying statements of assets and liabilities of the Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund (the “Funds”) (two of the funds constituting the Wilmington Funds (the “Trust”)), including the portfolios of investments, as of April 30, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (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 (two of the funds constituting the Wilmington Funds) at April 30, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of 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 Trust 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 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. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion

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 procedures included confirmation of securities owned as of April 30, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Wilmington Funds’ investment companies since 1986.

Philadelphia, Pennsylvania

June 27, 2018

ANNUAL REPORT / April 30, 2018

23    BOARD OF TRUSTEES AND TRUST OFFICERS

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 12 funds. Unless otherwise noted, the business address of each Trustee and senior officer is 111 South Calvert Street, 26th floor, Baltimore, Maryland 21202. 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    Address   Birth Year   Position With Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Donald E. Foley*   Birth year: 1951   TRUSTEE   Began serving: December 2015	Principal Occupations: Director, BioSig Technologies (2015 to present); Director, AXA Equitable’s VIP Mutual Funds (2017 to present); Director, AXA Equitable (variable annuity) (2013 to present); Director, 1290 Mutual Funds (retail funds) (2013 to present); and Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 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); Chairman, Director and President’s Council, Union College (private college) (2011 to 2015). Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (through 2016); Director of M&T Bank Corporation and M&T Bank (2011 to 2012); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011); Senior Vice President and Treasurer at ITT Corporation (1996 to 2010); Assistant Treasurer at International Paper (1989 to 1996).
Christopher D. Randall*   Birth year: 1965   TRUSTEE   Began serving: September 2015   PRESIDENT   Began serving: September 2014	Principal Occupations: Senior Vice President, Wilmington Trust Corporation (2015 to present); Chief Operating Officer, Wilmington Trust Corporation (2012 to present); Senior Vice President, M&T Bank. Other Directorships Held: Trustee, Hilbert College (2015 to present). Previous Positions: President, Wilmington Retirement (2012 to 2015); President and Chief Executive Officer of Wilmington Trust Investment Advisors, Inc. and President of Wilmington Trust Investment Management, LLC (2014-2015); President, Mid-Atlantic Region Wealth Advisory Services, M&T Bank (2011 to 2013)

* Christopher D. Randall is “interested” due to the positions he currently holds with the Funds, Wilmington Trust’s Wealth and Institutional Services Division, M&T Bank, the parent of the Fund’s Advisor, and previous positions held with WTIA and WFMC. Donald E. Foley is “interested” due to the positions he previously held with Wilmington Trust Corporation, M&T Bank Corporation and M&T Bank, the parent of the Fund’s Advisor.

April 30, 2018 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS     24

INDEPENDENT TRUSTEES BACKGROUND

Name   Birth Year   Position with Trust   Date Service Began	Principal Occupations and Other Directorships Held for Past Five Years
Nicholas A. Giordano   Birth year: 1943   CHAIRMAN and TRUSTEE   Began serving: March 2012	Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: Kalmar Pooled Investment Trust (through 6/17); The RBB Fund Inc. (19 portfolios) (registered investment companies); Independence Blue Cross; IntriCon Corporation (body-worn products) Previous Positions: Interim President, LaSalle University (1998 to 1999); President and Chief Executive Officer, Philadelphia Stock Exchange (1981 to 1997).
Robert H. Arnold   Birth year: 1944   TRUSTEE   Began serving: March 2012	Principal Occupations: Managing Director, R.H. Arnold & Co, Inc. (financial management consulting) (6/89 to present). Other Directorships Held: Trustee, First Potomac Realty Trust (real estate investment trust) (5/03 to present); Director, Treasury Strategies, Inc. (private treasury consulting services) (6/01 to 6/16).
Gregory P. Chandler   Birth year: 1966   TRUSTEE   Began serving: July 2017	Principal Occupations: Chief Financial Officer Emtec, Inc. (information technology services) (4/09 to present); President, GCVC Consulting (corporate governance consulting) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (19 portfolios) (registered investment companies) (2012 to present); Director, Emtec, Inc. (8/2005 to present); Director, FS Investment Corporation (business development company) (2007 to present); Trustee, FS Energy Partners (business development company) (2009 to present). Previous Positions: Managing Director, Head of Business Services and IT Services Practice, Janney Montgomery Scott LLC (investment banking/brokerage) (2003 to 2009).
John S. Cramer   Birth year: 1942   TRUSTEE   Began serving: December 2000	Principal Occupations: Retired. Other Directorships Held: Chairman and Director, CI Supply Corp. (medical supplies and equipment) (1/14 to 1/15); Director, Check Med Corp. (medical supplies and equipment) (6/08 to 1/14); Director, Highmark Blue Shield (health insurance) (2/01 to 6/10). Previous Positions: Consultant, Yaffe & Co. (compensation consultants) (6/02 to 6/12); President and Chief Executive Officer, Pinnacle Health Systems (nonprofit hospital and health care system in Central Pennsylvania) (through 2012).
Daniel R. Gernatt, Jr.   Birth year: 1940   TRUSTEE   Began serving: February 1988	Principal Occupations: President and CEO, Gernatt Asphalt Products, Inc. (asphalt, sand and gravel products) (1979 to present). Other Directorships Held: Director, Roswell Park Alliance (2008 to 2016); Trustee, Gernatt Family Foundation.
Richard B. Seidel   Birth year: 1941   TRUSTEE   Began serving: September 2003	Principal Occupations: Chairman, Seidel & Associates (legal consulting) (1/14 to present); Chairman, Girard Private Investment Group (registered investment adviser) (1/14 to present). Other Directorships Held: Director, Tristate Capital Holdings (9/07 to present). Previous Positions: Chairman, Girard Capital (broker-dealer) (1/10 to 2016); Chairman, Girard Partners, Ltd. (1/10 to 2016).

ANNUAL REPORT / April 30, 2018 (unaudited)

25    BOARD OF TRUSTEES AND TRUST OFFICERS

OFFICERS

Name    Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Jeffrey M. Seling   Birth year: 1970   ASSISTANT TREASURER   Began serving: June 2013   VICE PRESIDENT   Began serving: June 2007	Principal Occupations: Administrative Vice President, M&T Bank and Wilmington Trust Investment Advisors, Inc.; Assistant Treasurer, Wilmington Funds. Previous Positions: Vice President, MSD&T; Assistant Vice President, Wells Fargo Bank; Assistant Vice President, JP Morgan Chase Bank.
John C. McDonnell   Birth year: 1966   CHIEF OPERATIONS OFFICER   Began serving: June 2017	Principal Occupations: Chief Operations Officer, Wilmington Funds and Wilmington Trust Investment Advisors, Inc.; Vice President, Wilmington Funds Management Corporation (2005 to present); Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012); Audit Senior, Deloitte LLP (2004 to 2005); Assistant Vice President, 1838 Investment Advisors, LP (1999 to 2004).
Lisa Druelinger   Birth year: 1978   CHIEF COMPLIANCE OFFICER   and AML   COMPLIANCE OFFICER.   Began serving: November 2017	Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Vice President, M&T Bank. Previous Positions: Vice President and Senior Compliance Officer, Wilmington Trust Investment Advisors, Inc. (2015-2017); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2013-2015); Institutional and Retirement Services Product Manager, Wilmington Trust (2011-2013); Trust Compliance and Risk Management at M&T Bank (2006- 2011).
John J. Kelley   Birth year: 1959   VICE PRESIDENT   Began serving: December 2016	Principal Occupations: President, Wilmington Funds Management Corporation; Group Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing), (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).
Ralph V. Partlow, III   25 South Charles Street, 22nd floor   Baltimore, MD 21201   Birth year: 1957   VICE PRESIDENT   Began serving: June 2010	Principal Occupation: Administrative Vice President and Deputy General Counsel, M&T Bank (2003 to present). Previous Positions: Vice President and Senior Counsel, Allfirst Bank (1995 to 2003).
Christopher W. Roleke   10 High Street, Suite 302   Boston, MA 02110   Birth year: 1972   CHIEF FINANCIAL OFFICER   AND TREASURER   Began serving: July 2013	Principal Occupation: Managing Director and Fund Principal Financial Officer, Foreside Management Services, LLC (2011 to present). Previous Positions: Assistant Vice President, JP Morgan Investor Services Co. (2006 to 2011).
Lisa R. Grosswirth   Atlantic Terminal Office Tower,   2 Hanson Place, 12th Floor   Brooklyn, NY 11217   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, 2018 (unaudited) / ANNUAL REPORT

BOARD OF TRUSTEES AND TRUST OFFICERS     26

Name    Address   Birth Year   Positions with Trust	Principal Occupations for Past Five Years and Previous Positions
Richard J. Berthy   Three Canal Plaza, Suite 100   Portland, ME 04101   Birth year: 1958   CHIEF EXECUTIVE OFFICER   Began serving: September 2007	Principal Occupation: Chief Executive Officer, Foreside Financial Group, LLC (2012 to present). Previous Positions: President, Foreside Financial Group, LLC (2008 to 2012); Chief Administrative Officer, Foreside Financial Group, LLC (2005 to 2008); President and Secretary, Bainbridge Capital Management, LLC (2003 to 2006); Vice President, Bainbridge Capital Management (2002 to 2004).

ANNUAL REPORT / April 30, 2018 (unaudited)

27    

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 with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

April 30, 2018 / ANNUAL REPORT

    28

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

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.

Information The Funds Collect:

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 number, assets and income.

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of 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.

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. We do not permit them 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.

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 in order 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.

ANNUAL REPORT / April 30, 2018

29    

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

• Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether or not 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 our site so you don’t have to resubmit personal information. Cookies provide faster access into the website.

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

E-mail:

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

April 30, 2018 / ANNUAL REPORT

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Investment Advisor Distributor

Wilmington Funds Management Corp. ALPS Distributors, Inc. 1100 North Market Street 1290 Broadway, Suite 1100 Wilmington, DE 19890 Denver, CO 80203

Sub-Advisor Fund Accountant, Co-Administrator, Transfer Agent

Wilmington Trust Investment Advisors and Dividend Disbursing Agent

111 South Calvert Street 26th Floor BNY Mellon Investment Servicing (U.S.) Inc. Baltimore, MD 21202 301 Bellevue Parkway Co-Administrator Wilmington, DE 19809 Wilmington Funds Management Corp. Independent Registered Public Accounting Firm

1100 North Market Street Ernst & Young LLP Wilmington, DE 19890 One Commerce Square Custodian 2005 Market Street, Suite 700 The Bank of New York Mellon Philadelphia, PA 19103 225 Liberty Street New York, NY 10286

WT-AR-MM-0418

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.

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 member of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item. The Audit Committee consists of the following Board members: Gregory Chandler, Nicholas A. Giordano and John S. Cramer.

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 2018 – $458,863

Fiscal year ended 2017 – $415,763

(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 2018 – $0

Fiscal year ended 2017 – $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 2018 – $169,194

Fiscal year ended 2017 – $170,058

These tax services included review of federal and state income tax returns, federal excise returns, review of estimated excise distributions calculations and PFIC analyzer services.

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $169,194 and $170,058 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 2018 – $0

Fiscal year ended 2017 – $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) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

4(b)

Fiscal year ended 2018 – 0%

Fiscal year ended 2017 – 0%

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

4(c)

Fiscal year ended 2018 – 0%

Fiscal year ended 2017 – 0%

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

4(d)

Fiscal year ended 2018 – 0%

Fiscal year ended 2017 – 0%

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

(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 2018 – $169,194

Fiscal year ended 2017 – $170,058

(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to 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 that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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.

No changes to report.

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 last fiscal quarter 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.

(a)(3) Not applicable.

(a)(4) Not applicable.

(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/ Richard J. Berthy
	Richard J. Berthy
	(Principal Executive Officer)
Date      June 26, 2018

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/ Richard J. Berthy
	Richard J. Berthy
	(Principal Executive Officer)
Date      June 26, 2018
By (Signature and Title)*	/s/ Christopher W. Roleke
	Christopher W. Roleke
	(Principal Financial Officer)
Date      June 26, 2018

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