Wilmington Funds Semi-Annual

S&P 500^®

Index⁹

Russell

2000^®

Index¹⁰

MSCI EAFE

(Net) Index¹¹

MSCI Emerging
Markets (Net)
Index¹²

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.

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s semi-annual fiscal year period of May 1, 2019, through October 31, 2019. 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 semi-annual fiscal year period.

The economy

The U.S. economy continued to expand, albeit at a more modest pace than in 2018, as robust consumer spending and a strong labor market offset weakness in the manufacturing sector and business investment. After an upbeat start to the year, growth in U.S. Gross Domestic Product (“GDP”) maintained a positive trajectory, but decelerated, posting quarter-over-quarter annualized growth rates of 2.0% and 1.9% in the second and third quarters, respectively. An escalating trade war with China and fears that a global slowdown might spread contagion to the United States, led the Federal Reserve (“the Fed”) to cut interest rates three times this year to a range of 1.50%-1.75%. The U.S. labor market tightened further, dropping to a 3.6% unemployment rate, a near five-decade low. Although wage growth began to show signs of life, inflation drifted below the Fed’s 2% target with the Core Personal Consumption Expenditure Price Index¹(excludes the volatile components of food and energy) dropping to 1.7%. The Fed has signaled that they are on hold for now, and the market is not expecting cuts or hikes in the near term.

Economic activity outside of the U.S. was less encouraging, but downside risks appear to be receding. Growth in Europe was sluggish, while China expanded at its slowest pace in three decades. Heightened uncertainty and a decline in business investment—both byproducts of the U.S.-China trade war and Brexit—hit international economies the hardest, particularly in export-dependent countries such as Germany. Over the past month, the balance of risks has improved markedly with the U.S. and China moving toward a trade pact and a no-deal Brexit looking less likely. Synchronized easing across global central banks strengthens the case for a future recovery in economic activity, in our view.

Bond markets

Fixed income markets generated strong returns between May and October, as interest rates plummeted. The 30-year U.S. Treasury yield fell to an all-time low and the benchmark 10-year yield dropped by nearly a third alongside a flurry of dovish central bank activity. Global economic weakness, escalating trade tensions, and the inversion of the yield curve triggered a flight to quality that benefited taxable investment-grade credit over high yield. Tax-exempt bonds performed well as strong inflows outpaced new supply, which was below historical levels.

For the six-month period May 1, 2019 to October 31, 2019, certain Bloomberg Barclays indices performed as follows:²



Bloomberg	Bloomberg	Bloomberg	Bloomberg	Bloomberg
Barclays U.S.	Barclays U.S.	Barclays U.S.	Barclays	Barclays U.S.
Treasury Bond	Aggregate Bond	Credit Bond	Municipal Bond	Corporate High Yield
Index³	Index⁴	Index⁵	Index⁶	Bond Index⁷
5.85%	5.71%	7.46%	3.54%	2.69%

Past performance is no guarantee of future results.

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

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. The Core Personal Consumption Expenditures Price Index, also known as the core PCE price index, is released as part of the monthly Personal Income and Outlays report. The core index makes it easier to see the underlying inflation trend by excluding two categories – food and energy – where prices tend to swing up and down more dramatically and more often than other prices. The core PCE price index is closely watched by the Federal Reserve as it conducts monetary policy.

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

3. 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.

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 CBOE Volatility Index, or VIX, is a real-time market index that represents the market’s expectation of 30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of U.S. stock market risk and investors’ sentiments.

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

10. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 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. The index is unmanaged and investments cannot be made directly in an index.

11. MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The 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.

12. MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Fund, 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 Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2019 to October 31, 2019.

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 Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


	Beginning	Ending
	Account Value	Account Value	Expenses Paid	Annualized Net
	5/01/19	10/31/19	During Period¹	Expense Ratio²

WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$1,000.00	$1,035.20	$1.28	0.25%
Hypothetical (assuming a 5% return before expense)
Class I	$1,000.00	$1,023.88	$1.27	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 184/366 (to reflect the most recent one-half year period).

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

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At October 31, 2019, the Fund’s sector classifications were as follows (unaudited):


	Percentage of Total Net Assets
Common Stocks
Information Technology		22.3	%
Health Care		13.7	%
Financials		13.2	%
Consumer Discretionary		10.2	%
Communication Services		9.9	%
Industrials		9.6	%
Consumer Staples		6.8	%
Energy		4.0	%
Real Estate		3.9	%
Utilities		3.3	%
Materials		2.8	%
Investment Companies		0.2	%
Rights		0.0	%³
Warrant		0.0	%³
Cash Equivalents¹		1.1	%
Other Assets and Liabilities – Net²		(1.0	)%

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 Statement of Assets and Liabilities.

(3)	Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)



Description	Number of Shares		Value

COMMON STOCKS – 99.7%

COMMUNICATION SERVICES – 9.9%

DIVERSIFIED TELECOMMUNICATION SERVICES – 2.0%
AT&T, Inc.		134,802	$	5,188,529
CenturyLink, Inc.		19,585		253,430
GCI Liberty, Inc., Class A*		2,461		172,221
Verizon Communications, Inc.		77,600		4,692,472
Zayo Group Holdings, Inc.*		3,400		116,076

			$	10,422,728

ENTERTAINMENT – 1.8%
Activision Blizzard, Inc.		14,670		821,960
Cinemark Holdings, Inc.		800		29,280
Electronic Arts, Inc.*		5,810		560,084



Description	Number of Shares		Value

Liberty Media Corp. - Liberty Formula One, Class A*		1,710	$	69,135
Liberty Media Corp. - Liberty Formula One, Class C*		4,000		170,000
Live Nation Entertainment, Inc.*		3,570		251,685
Madison Square Garden Co., Class A (The)*		529		141,201
Netflix, Inc.*		7,700		2,213,057
Spotify Technology SA*		1,900		274,170
Take-Two Interactive Software, Inc.*		1,800		216,630
Viacom, Inc., Class B		6,400		137,984
Walt Disney Co. (The)		32,633		4,239,679
World Wrestling Entertainment, Inc., Class A^#		700		39,228
Zynga, Inc., Class A*		17,600		108,592

			$	9,272,685

INTERACTIVE MEDIA & SERVICES – 4.5%
Alphabet, Inc., Class A*		5,595		7,042,986

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Alphabet, Inc., Class C*		5,729	$	7,219,170
Facebook, Inc., Class A*		44,980		8,620,417
IAC*		1,300		295,425
Match Group, Inc.^#		1,500		109,485
TripAdvisor, Inc.*		2,200		88,880
Twitter, Inc.*		13,510		404,895
Zillow Group, Inc., Class A^#,*		1,200		38,868
Zillow Group, Inc., Class C^#,*		2,200		71,654

			$	23,891,780

MEDIA – 1.5%
Altice USA, Inc., Class A*		3,700		114,515
AMC Networks, Inc., Class A*		1,685		73,382
Cable One, Inc.		140		185,552
CBS Corp., Class B		7,330		264,173
Charter Communications, Inc., Class A*		3,302		1,544,874
Comcast Corp., Class A		85,700		3,841,074
Discovery, Inc., Class C*		8,700		219,588
DISH Network Corp., Class A*		5,396		185,514
Fox Corp., Class A		2,876		92,147
Interpublic Group of Cos., Inc. (The)		6,020		130,935
John Wiley & Sons, Inc., Class A		200		9,214
Liberty Broadband Corp., Class A*		1,735		204,713
Liberty Broadband Corp., Class C*		571		67,418
Liberty Media Corp. - Liberty SiriusXM, Class A*		843		37,859
Liberty Media Corp. - Liberty SiriusXM, Class C*		3,786		171,089
New York Times Co., Class A (The)		1,700		52,530
News Corp., Class A		11,057		151,591
News Corp., Class B		300		4,236
Nexstar Media Group, Inc., Class A		400		38,916
Omnicom Group, Inc.		5,490		423,773
Sinclair Broadcast Group, Inc., Class A		1,100		43,824
Sirius XM Holdings, Inc.^#		34,040		228,749

			$	8,085,666

WIRELESS TELECOMMUNICATION SERVICES – 0.1%
Sprint Corp.*		9,350		58,063
T-Mobile US, Inc.*		6,100		504,226

			$	562,289

TOTAL COMMUNICATION SERVICES			$	52,235,148

CONSUMER DISCRETIONARY – 10.2%

AUTO COMPONENTS – 0.2%
Adient PLC*		2,100		44,499
Aptiv PLC		4,450		398,497
BorgWarner, Inc.		4,380		182,558
Garrett Motion, Inc.*		1,577		14,982
Gentex Corp.		4,680		131,274



Description	Number of Shares		Value
Goodyear Tire & Rubber Co. (The)		2,750	$	43,643
Lear Corp.		1,700		200,209
Visteon Corp.*		1,500		139,530

			$	1,155,192

AUTOMOBILES – 0.5%
Ford Motor Co.		63,200		542,888
General Motors Co.		26,900		999,604
Harley-Davidson, Inc.		3,970		154,473
Tesla, Inc.^#,*		2,518		792,969

			$	2,489,934

DISTRIBUTORS – 0.1%
Genuine Parts Co.		3,520		361,082
LKQ Corp.*		3,480		118,285
Pool Corp.		200		41,480

			$	520,847

DIVERSIFIED CONSUMER SERVICES – 0.1%
Bright Horizons Family Solutions, Inc.*		400		59,408
frontdoor, Inc.*		1,100		53,053
Graham Holdings Co., Class B		140		88,152
Grand Canyon Education, Inc.*		700		64,372
H&R Block, Inc.		2,900		72,471
Service Corp. International		4,170		189,652
ServiceMaster Global Holdings, Inc.*		2,280		92,066

			$	619,174

HOTELS, RESTAURANTS & LEISURE – 2.0%
Aramark		2,600		113,776
Caesars Entertainment Corp.*		11,600		142,448
Carnival Corp.		6,200		265,918
Chipotle Mexican Grill, Inc.*		500		389,080
Choice Hotels International, Inc.		910		80,517
Darden Restaurants, Inc.		1,440		161,669
Domino’s Pizza, Inc.		900		244,458
Dunkin’ Brands Group, Inc.		2,100		165,102
Extended Stay America, Inc.		3,900		55,419
Hilton Grand Vacations, Inc.*		336		11,669
Hilton Worldwide Holdings, Inc.		4,353		422,067
Hyatt Hotels Corp., Class A		1,500		112,110
International Game Technology^#		1,173		15,531
Las Vegas Sands Corp.		7,420		458,853
Marriott International, Inc., Class A		5,536		700,581
McDonald’s Corp.		14,749		2,901,128
MGM Resorts International		10,310		293,835
Norwegian Cruise Line Holdings Ltd.*		3,360		170,554
Restaurant Brands International LP		47		3,067
Royal Caribbean Cruises Ltd.		3,380		367,845
Six Flags Entertainment Corp.		1,700		71,723

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Starbucks Corp.		22,690	$	1,918,666
Vail Resorts, Inc.		800		185,896
Wendy’s Co. (The)		200		4,236
Wyndham Destinations, Inc.		2,160		100,246
Wyndham Hotels & Resorts, Inc.		2,160		116,575
Wynn Resorts Ltd.		2,200		266,948
Yum China Holdings, Inc.		7,150		303,875
Yum! Brands, Inc.		6,550		666,200


			$	10,709,992

HOUSEHOLD DURABLES – 0.4%
DR Horton, Inc.		5,070		265,516
Garmin Ltd.		1,690		158,437
Leggett & Platt, Inc.		3,670		188,271
Lennar Corp., Class A		2,610		155,556
Lennar Corp., Class B		1,276		59,998
Mohawk Industries, Inc.*		1,100		157,718
Newell Brands, Inc.		9,169		173,936
NVR, Inc.*		30		109,098
PulteGroup, Inc.		6,190		242,896
Roku, Inc.*		900		132,480
Tempur Sealy International, Inc.*		1,000		90,950
Toll Brothers, Inc.		3,250		129,252
Whirlpool Corp.		950		144,514


			$	2,008,622

INTERNET & CATALOG RETAIL – 3.2%
Amazon.com, Inc.*		7,760		13,786,882
Booking Holdings, Inc.*		830		1,700,479
eBay, Inc.		17,490		616,523
Etsy, Inc.*		2,200		97,878
Expedia Group, Inc.		2,352		321,424
GrubHub, Inc.^#,*		1,900		64,714
Qurate Retail, Inc., Class A*		6,850		65,349
Wayfair, Inc., Class A^#,*		1,100		90,453


			$	16,743,702

LEISURE EQUIPMENT & PRODUCTS – 0.1%
Brunswick Corp.		1,100		64,064
Hasbro, Inc.		2,390		232,571
Mattel, Inc.^#,*		5,050		60,297
Polaris, Inc.		1,500		147,975


			$	504,907

MULTILINE RETAIL – 0.5%
Dollar General Corp.		5,200		833,768
Dollar Tree, Inc.*		4,662		514,685
Kohl’s Corp.		2,910		149,167
Macy’s, Inc.		6,380		96,721
Nordstrom, Inc.^#		2,080		74,672



Description	Number of Shares		Value
Ollie’s Bargain Outlet Holdings, Inc.^#,*		800	$	51,104
Target Corp.		9,060		968,605


			$	2,688,722

SPECIALTY RETAIL – 2.4%
Advance Auto Parts, Inc.		1,450		235,596
AutoNation, Inc.*		480		24,408
AutoZone, Inc.*		460		526,415
Best Buy Co., Inc.		4,780		343,347
Burlington Stores, Inc.*		1,300		249,821
CarMax, Inc.*		3,100		288,827
Carvana Co.^#,*		1,000		81,080
Five Below, Inc.*		600		75,066
Floor & Decor Holdings, Inc., Class A*		700		32,081
Foot Locker, Inc.		2,410		104,859
Gap, Inc. (The)		3,500		56,910
Home Depot, Inc. (The)		21,250		4,984,825
L Brands, Inc.		4,110		70,034
Lowe’s Cos., Inc.		15,500		1,729,955
O’Reilly Automotive, Inc.*		1,400		609,714
Ross Stores, Inc.		7,640		837,879
Tiffany & Co.^#		2,450		305,049
TJX Cos., Inc. (The)		24,580		1,417,037
Tractor Supply Co.		1,400		133,028
Ulta Beauty, Inc.*		1,100		256,465
Urban Outfitters, Inc.*		2,800		80,360
Williams-Sonoma, Inc.^#		1,040		69,462


			$	12,512,218

TEXTILES, APPAREL & LUXURY GOODS – 0.7%
Capri Holdings Ltd*		2,900		90,103
Carter’s, Inc.		1,400		140,336
Hanesbrands, Inc.		6,100		92,781
Kontoor Brands, Inc.		864		32,832
Lululemon Athletica, Inc.*		1,600		326,832
NIKE, Inc., Class B		23,740		2,125,917
PVH Corp.		1,080		94,133
Ralph Lauren Corp.		700		67,242
Skechers U.S.A., Inc., Class A*		1,700		63,529
Tapestry, Inc.		5,110		132,145
Under Armour, Inc., Class A^#,*		4,600		94,990
Under Armour, Inc., Class C*		3,522		65,157
VF Corp.		6,050		497,854


			$	3,823,851


TOTAL CONSUMER DISCRETIONARY			$	53,777,161

CONSUMER STAPLES – 6.8%

BEVERAGES – 1.8%
Brown-Forman Corp., Class A		1,100		68,365

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Brown-Forman Corp., Class B		4,525	$	296,478
Coca-Cola Co. (The)		74,700		4,065,921
Constellation Brands, Inc., Class A		2,700		513,891
Keurig Dr. Pepper, Inc.		2,200		61,952
Molson Coors Brewing Co., Class B		2,700		142,344
Monster Beverage Corp.*		7,900		443,427
PepsiCo., Inc.		27,100		3,717,307


			$	9,309,685

FOOD & STAPLES RETAILING – 1.4%
Casey’s General Stores, Inc.		300		51,243
Costco Wholesale Corp.		8,200		2,436,302
Kroger Co. (The)		12,600		310,464
Sprouts Farmers Market, Inc.*		600		11,646
Sysco Corp.		8,500		678,895
U.S. Foods Holding Corp.*		2,800		111,076
Walgreens Boots Alliance, Inc.		12,200		668,316
Walmart, Inc.		26,600		3,119,116


			$	7,387,058

FOOD PRODUCTS – 1.1%
Archer-Daniels-Midland Co.		11,900		500,276
Beyond Meat, Inc.^#,*		200		16,890
Bunge Ltd.		3,300		178,200
Campbell Soup Co.		4,400		203,764
Conagra Brands, Inc.		9,800		265,090
Flowers Foods, Inc.		4,200		91,224
General Mills, Inc.		9,800		498,428
Hain Celestial Group, Inc. (The)*		2,200		52,008
Hershey Co. (The)		2,900		425,923
Hormel Foods Corp.		5,900		241,251
Ingredion, Inc.		1,200		94,800
JM Smucker Co. (The)		2,000		211,360
Kellogg Co.		3,800		241,414
Kraft Heinz Co. (The)		8,900		287,737
Lamb Weston Holdings, Inc.		2,900		226,316
McCormick & Co., Inc.		2,100		337,449
Mondelez International, Inc., Class A		24,900		1,306,005
Pilgrim’s Pride Corp.*		1,000		30,360
Post Holdings, Inc.*		1,000		102,900
TreeHouse Foods, Inc.*		1,500		81,030
Tyson Foods, Inc., Class A		5,800		480,182


			$	5,872,607

HOUSEHOLD PRODUCTS – 1.6%
Church & Dwight Co., Inc.		4,400		307,736
Clorox Co. (The)		2,500		369,225
Colgate-Palmolive Co.		15,000		1,029,000
Energizer Holdings, Inc.^#		1,400		59,486
Kimberly-Clark Corp.		6,500		863,720



Description	Number of Shares		Value
Procter & Gamble Co. (The)		47,500	$	5,914,225
Spectrum Brands Holdings, Inc.		775		38,913


			$	8,582,305

PERSONAL PRODUCTS – 0.2%
Coty, Inc., Class A		7,400		86,506
Estee Lauder Cos., Inc., Class A (The)		3,900		726,453
Herbalife Nutrition Ltd.*		1,700		75,939
Nu Skin Enterprises, Inc., Class A		1,100		49,038


			$	937,936

TOBACCO – 0.7%
Altria Group, Inc.		32,000		1,433,280
Philip Morris International, Inc.		27,600		2,247,744


			$	3,681,024


TOTAL CONSUMER STAPLES			$	35,770,615

ENERGY – 4.0%

ENERGY EQUIPMENT & SERVICES – 0.3%
Apergy Corp.*		2,080		52,354
Baker Hughes Co.		8,700		186,180
Halliburton Co.		15,990		307,808
Helmerich & Payne, Inc.		2,260		84,750
National Oilwell Varco, Inc.		6,205		140,357
Patterson-UTI Energy, Inc.		4,200		34,944
Schlumberger Ltd.		22,346		730,491
Transocean Ltd.*		12,600		59,850


			$	1,596,734

OIL, GAS & CONSUMABLE FUELS – 3.7%
Antero Resources Corp.*		6,500		16,250
Apache Corp.		6,940		150,320
Cabot Oil & Gas Corp.		8,700		162,168
Centennial Resource Development, Inc.,
Class A*		5,900		20,060
Cheniere Energy, Inc.*		4,830		297,287
Chesapeake Energy Corp.^#,*		20,500		27,470
Chevron Corp.		35,420		4,113,679
Cimarex Energy Co.		1,600		67,552
CNX Resources Corp.*		4,800		40,464
Concho Resources, Inc.		3,400		229,568
ConocoPhillips		21,460		1,184,592
Continental Resources, Inc.*		2,220		65,423
Devon Energy Corp.		8,180		165,890
Diamondback Energy, Inc.		2,997		257,023
EOG Resources, Inc.		11,480		795,679
EQT Corp.		5,126		55,053
Equitrans Midstream Corp.		1,860		25,891
Extraction Oil & Gas, Inc.^#,*		5,100		8,670
Exxon Mobil Corp.		77,093		5,209,174

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Hess Corp.		4,290	$	282,067
HollyFrontier Corp.		3,440		188,994
Kinder Morgan, Inc.		35,355		706,393
Kosmos Energy Ltd.		700		4,340
Marathon Oil Corp.		16,430		189,438
Marathon Petroleum Corp.		12,500		799,375
Murphy Oil Corp.^#		3,500		72,205
Noble Energy, Inc.		6,520		125,575
Occidental Petroleum Corp.		16,660		674,730
ONEOK, Inc.		6,760		472,051
Parsley Energy, Inc., Class A		4,700		74,307
PBF Energy, Inc., Class A		3,000		96,840
Phillips 66		8,890		1,038,530
Pioneer Natural Resources Co.		3,450		424,419
QEP Resources, Inc.		2,000		6,660
Range Resources Corp.^#		5,500		22,165
SM Energy Co.		1,350		10,584
Targa Resources Corp.		4,300		167,184
Valero Energy Corp.		8,520		826,270
Williams Cos., Inc. (The)		22,070		492,382
WPX Energy, Inc.*		7,217		72,026


			$	19,638,748


TOTAL ENERGY			$	21,235,482

FINANCIALS – 13.2%

CAPITAL MARKETS – 2.7%
Affiliated Managers Group, Inc.		1,270		101,448
Ameriprise Financial, Inc.		2,940		443,617
Bank of New York Mellon Corp. (The)		14,520		678,810
BlackRock, Inc.		2,460		1,135,782
Cboe Global Markets, Inc.		2,500		287,875
Charles Schwab Corp. (The)		22,650		922,081
CME Group, Inc.		6,900		1,419,675
E*TRADE Financial Corp.		6,000		250,740
Eaton Vance Corp.		270		12,312
Evercore, Inc., Class A		800		58,912
FactSet Research Systems, Inc.		840		212,957
Franklin Resources, Inc.		1,720		47,386
Goldman Sachs Group, Inc. (The)		6,440		1,374,167
Interactive Brokers Group, Inc., Class A		1,300		61,841
Intercontinental Exchange, Inc.		11,790		1,112,033
Invesco Ltd.		5,220		87,800
Lazard Ltd., Class A		1,600		59,728
Legg Mason, Inc.		210		7,825
LPL Financial Holdings, Inc.		1,500		121,260
MarketAxess Holdings, Inc.		600		221,154
Moody’s Corp.		3,440		759,174



Description	Number of Shares		Value
Morgan Stanley		24,146	$	1,111,923
Morningstar, Inc.		700		113,288
MSCI, Inc.		1,920		450,355
Nasdaq, Inc.		2,930		292,326
Northern Trust Corp.		3,280		326,950
Raymond James Financial, Inc.		2,710		226,258
S&P Global, Inc.		4,990		1,287,370
SEI Investments Co.		2,840		170,173
State Street Corp.		4,470		295,333
T. Rowe Price Group, Inc.		3,680		426,144
TD Ameritrade Holding Corp.		2,150		82,517


			$	14,159,214

COMMERCIAL BANKS – 1.6%
Associated Banc-Corp.		6,885		138,457
Bank of Hawaii Corp.		670		58,498
BB&T Corp.		16,690		885,405
BOK Financial Corp.		820		63,263
Citizens Financial Group, Inc.		11,650		409,614
Commerce Bancshares, Inc.^#		955		61,464
Cullen/Frost Bankers, Inc.		1,440		129,715
East West Bancorp, Inc.		2,500		107,300
Fifth Third Bancorp		17,850		519,078
First Citizens BancShares, Inc., Class A		200		98,384
First Horizon National Corp.		6,334		101,154
First Republic Bank		4,500		478,620
Huntington Bancshares, Inc.		16,541		233,724
KeyCorp		19,044		342,221
M&T Bank Corp.^§		1,610		252,013
PacWest Bancorp		1,239		45,831
PNC Financial Services Group, Inc. (The)		9,360		1,373,112
Popular, Inc.		600		32,676
Prosperity Bancshares, Inc.^#		200		13,804
Regions Financial Corp.		23,356		376,032
Signature Bank		1,000		118,320
SunTrust Banks, Inc.		10,180		695,701
SVB Financial Group*		1,200		265,776
Synovus Financial Corp.		1,694		57,376
TCF Financial Corp.		360		14,252
U.S. Bancorp		27,270		1,554,935
Zions Bancorp NA		3,590		174,007


			$	8,600,732

CONSUMER FINANCE – 0.7%
Ally Financial, Inc.		5,400		165,402
American Express Co.		13,440		1,576,243
Capital One Financial Corp.		7,100		662,075
Credit Acceptance Corp.*		250		109,453
Discover Financial Services		6,480		520,085

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Navient Corp.		5,160	$	71,053
OneMain Holdings, Inc.		500		20,000
SLM Corp.		5,760		48,614
Synchrony Financial		9,600		339,552


			$	3,512,477

DIVERSIFIED FINANCIAL SERVICES – 5.3%
AXA Equitable Holdings, Inc.		2,600		56,160
Bank of America Corp.		163,550		5,114,209
Berkshire Hathaway, Inc., Class B*		36,096		7,673,288
Citigroup, Inc.		44,582		3,203,663
Comerica, Inc.		4,130		270,185
Jefferies Financial Group, Inc.		3,010		56,197
JPMorgan Chase & Co.		61,020		7,622,618
Voya Financial, Inc.		1,800		97,128
Wells Fargo & Co.		71,675		3,700,580


			$	27,794,028

INSURANCE – 2.8%
Aflac, Inc.		16,600		882,456
Alleghany Corp.*		156		121,413
Allstate Corp. (The)		6,980		742,812
American Financial Group, Inc.		1,600		166,464
American International Group, Inc.		15,680		830,413
Aon PLC		5,100		985,116
Arch Capital Group Ltd.*		7,170		299,419
Arthur J Gallagher & Co.		4,480		408,666
Assurant, Inc.		1,130		142,459
Assured Guaranty Ltd.		3,550		166,566
Athene Holding Ltd., Class A*		1,100		47,685
Axis Capital Holdings Ltd.		3,280		194,930
Brighthouse Financial, Inc.*		2,600		98,176
Brown & Brown, Inc.		6,840		257,731
Chubb Ltd.		9,447		1,439,912
Cincinnati Financial Corp.		3,806		430,877
CNA Financial Corp.		1,050		47,082
Erie Indemnity Co., Class A		670		123,461
Everest Re Group Ltd.		870		223,668
Fidelity National Financial, Inc.		5,341		244,831
Globe Life, Inc.		1,695		164,974
Hanover Insurance Group, Inc. (The)		1,100		144,881
Hartford Financial Services Group, Inc. (The)		4,390		250,581
Lincoln National Corp.		4,770		269,410
Loews Corp.		5,050		247,450
Markel Corp.*		180		210,780
Marsh & McLennan Cos., Inc.		10,390		1,076,612
MetLife, Inc.		12,351		577,903
Old Republic International Corp.		1,900		42,446



Description	Number of Shares		Value
Principal Financial Group, Inc.		3,790	$	202,310
Progressive Corp. (The)		12,030		838,491
Prudential Financial, Inc.		9,130		832,108
Reinsurance Group of America, Inc.		1,690		274,574
RenaissanceRe Holdings Ltd.		20		3,744
Travelers Cos., Inc. (The)		5,880		770,633
Unum Group		2,110		58,109
White Mountains Insurance Group Ltd.		160		171,360
Willis Towers Watson PLC		2,600		485,940
WR Berkley Corp.		4,770		333,423


			$	14,809,866

MORTGAGE REAL ESTATE INVESTMENT TRUSTS – 0.1%
AGNC Investment Corp.		4,930		84,057
Annaly Capital Management, Inc.		11,380		102,192
Chimera Investment Corp.		6,840		138,578
MFA Financial, Inc.		13,800		104,742
Starwood Property Trust, Inc.		5,200		127,920


			$	557,489

THRIFTS & MORTGAGE FINANCE – 0.0%**
TFS Financial Corp.		150		2,889


TOTAL FINANCIALS			$	69,436,695

HEALTH CARE – 13.7%

BIOTECHNOLOGY – 2.4%
AbbVie, Inc.		28,778		2,289,290
Agios Pharmaceuticals, Inc.^#,*		900		27,072
Alexion Pharmaceuticals, Inc.*		3,690		388,926
Alkermes PLC*		3,100		60,543
Alnylam Pharmaceuticals, Inc.*		1,700		147,458
Amgen, Inc.		11,864		2,529,998
Biogen, Inc.*		3,700		1,105,227
BioMarin Pharmaceutical, Inc.*		2,800		204,988
Bluebird Bio, Inc.^#,*		700		56,700
Celgene Corp.*		13,166		1,422,323
Exact Sciences Corp.*		2,400		208,800
Exelixis, Inc.*		6,300		97,335
Gilead Sciences, Inc.		23,944		1,525,472
Incyte Corp.*		3,260		273,579
Ionis Pharmaceuticals, Inc.*		2,800		156,016
Neurocrine Biosciences, Inc.*		1,900		189,031
Regeneron Pharmaceuticals, Inc.*		1,300		398,164
Sage Therapeutics, Inc.*		900		122,085
Sarepta Therapeutics, Inc.^#,*		100		8,306
Seattle Genetics, Inc.*		1,100		118,140
United Therapeutics Corp.*		1,140		102,418
Vertex Pharmaceuticals, Inc.*		4,743		927,162


			$	12,359,033

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

HEALTH CARE EQUIPMENT & SUPPLIES – 3.5%
Abbott Laboratories		32,345	$	2,704,365
ABIOMED, Inc.*		800		166,064
Align Technology, Inc.*		1,360		343,114
Baxter International, Inc.		10,630		815,321
Becton Dickinson & Co.		5,334		1,365,504
Boston Scientific Corp.*		26,700		1,113,390
Cantel Medical Corp.^#		100		7,289
Cooper Cos., Inc. (The)		1,050		305,550
Danaher Corp.		12,080		1,664,866
DENTSPLY SIRONA, Inc.		5,179		283,706
DexCom, Inc.*		1,900		293,056
Edwards Lifesciences Corp.*		3,972		946,845
Hill-Rom Holdings, Inc.		1,560		163,316
Hologic, Inc.*		6,740		325,609
ICU Medical, Inc.*		200		32,322
IDEXX Laboratories, Inc.*		1,580		450,316
Insulet Corp.*		1,000		145,320
Integra LifeSciences Holdings Corp.*		1,100		63,866
Intuitive Surgical, Inc.*		2,200		1,216,490
Masimo Corp.*		300		43,737
Medtronic PLC		24,826		2,703,551
Penumbra, Inc.*		700		109,179
ResMed, Inc.		2,820		417,134
STERIS PLC		700		99,099
Stryker Corp.		6,800		1,470,636
Teleflex, Inc.		960		333,514
Varian Medical Systems, Inc.*		2,250		271,822
West Pharmaceutical Services, Inc.		1,600		230,144
Zimmer Biomet Holdings, Inc.		2,810		388,426


			$	18,473,551

HEALTH CARE PROVIDERS & SERVICES – 2.5%
Acadia Healthcare Co., Inc.*		1,800		53,982
AmerisourceBergen Corp.		3,270		279,193
Anthem, Inc.		5,210		1,401,907
Cardinal Health, Inc.		4,120		203,734
Centene Corp.*		8,264		438,653
Chemed Corp.		400		157,564
Cigna Corp.		6,592		1,176,408
Covetrus, Inc.^#,*		1,808		17,926
CVS Health Corp.		22,071		1,465,294
DaVita, Inc.*		2,788		163,377
Encompass Health Corp.		1,200		76,824
HCA Healthcare, Inc.		5,400		721,116
Henry Schein, Inc.*		3,320		207,782
Humana, Inc.		2,630		773,746
Laboratory Corp. of America Holdings*		1,857		305,978



Description	Number of Shares		Value
McKesson Corp.		4,100	$	545,300
MEDNAX, Inc.*		1,940		42,602
Molina Healthcare, Inc.*		900		105,876
Quest Diagnostics, Inc.		3,150		318,937
UnitedHealth Group, Inc.		17,320		4,376,764
Universal Health Services, Inc., Class B		1,980		272,171
WellCare Health Plans, Inc.*		700		207,620


			$	13,312,754

HEALTH CARE TECHNOLOGY – 0.2%
Cerner Corp.		7,040		472,525
Veeva Systems, Inc., Class A*		2,320		329,046


			$	801,571

LIFE SCIENCES TOOLS & SERVICES – 1.1%
Agilent Technologies, Inc.		7,490		567,368
Bio-Rad Laboratories, Inc., Class A*		490		162,494
Bio-Techne Corp.		100		20,817
Bruker Corp.		1,800		80,100
Charles River Laboratories
International, Inc.*		1,420		184,572
Illumina, Inc.*		2,640		780,173
IQVIA Holdings, Inc.*		3,180		459,256
Mettler-Toledo International, Inc.*		520		366,569
PerkinElmer, Inc.		2,870		246,705
PRA Health Sciences, Inc.*		1,000		97,710
Thermo Fisher Scientific, Inc.		7,620		2,301,088
Waters Corp.*		1,710		361,870


			$	5,628,722

PHARMACEUTICALS – 4.0%
Allergan PLC		6,385		1,124,462
Bristol-Myers Squibb Co.		27,860		1,598,328
Catalent, Inc.*		2,900		141,085
Elanco Animal Health, Inc.*		4,700		126,994
Eli Lilly & Co.		16,530		1,883,593
Jazz Pharmaceuticals PLC*		700		87,941
Johnson & Johnson		48,800		6,443,552
Merck & Co., Inc.		49,366		4,278,058
Mylan NV*		7,930		151,859
Perrigo Co. PLC		2,200		116,644
Pfizer, Inc.		106,603		4,090,357
Zoetis, Inc.		9,481		1,212,810


			$	21,255,683


TOTAL HEALTH CARE			$	71,831,314

INDUSTRIALS – 9.6%

AEROSPACE & DEFENSE – 2.5%
Arconic, Inc.		6,766		185,862

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Boeing Co. (The)		9,940	$	3,378,705
BWX Technologies, Inc.		1,640		95,284
General Dynamics Corp.		4,030		712,504
HEICO Corp., Class A		1,952		185,967
Hexcel Corp.		2,400		179,088
Huntington Ingalls Industries, Inc.		1,145		258,381
L3Harris Technologies, Inc.		4,782		986,574
Lockheed Martin Corp.		4,750		1,789,230
Northrop Grumman Corp.		3,070		1,082,114
Raytheon Co.		5,720		1,213,841
Spirit AeroSystems Holdings, Inc., Class A		1,940		158,731
Teledyne Technologies, Inc.*		200		65,920
Textron, Inc.		3,270		150,714
TransDigm Group, Inc.		890		468,389
United Technologies Corp.		14,550		2,089,089


			$	13,000,393

AIR FREIGHT & LOGISTICS – 0.5%
C.H. Robinson Worldwide, Inc.		1,784		134,942
Expeditors International of Washington, Inc.		1,280		93,363
FedEx Corp.		3,860		589,268
United Parcel Service, Inc., Class B		13,330		1,535,216
XPO Logistics, Inc.*		1,400		106,960


			$	2,459,749

AIRLINES – 0.4%
Alaska Air Group, Inc.		1,800		124,974
American Airlines Group, Inc.^#		6,700		201,402
Copa Holdings SA, Class A		300		30,522
Delta Air Lines, Inc.		12,290		676,933
JetBlue Airways Corp.*		4,300		82,990
Southwest Airlines Co.		9,630		540,532
United Airlines Holdings, Inc.*		4,883		443,572


			$	2,100,925

BUILDING PRODUCTS – 0.4%
A.O. Smith Corp.		3,900		193,752
Allegion PLC		2,233		259,117
Armstrong World Industries, Inc.		100		9,353
Fortune Brands Home & Security, Inc.		3,560		213,778
Johnson Controls International PLC		14,331		620,962
Lennox International, Inc.		590		145,942
Masco Corp.		7,630		352,887
Owens Corning		790		48,411
Resideo Technologies, Inc.*		2,628		25,045


			$	1,869,247

COMMERCIAL SERVICES & SUPPLIES – 0.5%
Cintas Corp.		1,920		515,846



Description	Number of Shares		Value
Clean Harbors, Inc.*		700	$	57,722
Copart, Inc.*		3,800		314,032
IAA, Inc.*		900		34,335
KAR Auction Services, Inc.		900		22,374
Republic Services, Inc.		5,240		458,552
Rollins, Inc.		500		19,055
Stericycle, Inc.^#,*		1,752		100,915
Waste Management, Inc.		9,040		1,014,378


			$	2,537,209

CONSTRUCTION & ENGINEERING – 0.1%
AECOM*		2,200		88,022
Arcosa, Inc.		800		30,728
Fluor Corp.		600		9,666
Jacobs Engineering Group, Inc.		2,950		276,061
Quanta Services, Inc.		1,460		61,393
Valmont Industries, Inc.		1,060		145,421


			$	611,291

ELECTRICAL EQUIPMENT – 0.5%
Acuity Brands, Inc.		800		99,832
AMETEK, Inc.		3,160		289,614
Eaton Corp. PLC		7,478		651,409
Emerson Electric Co.		10,540		739,381
Hubbell, Inc.		1,290		182,793
nVent Electric PLC		3,816		87,997
Rockwell Automation, Inc.		2,320		399,017
Sensata Technologies Holding PLC*		1,600		81,904


			$	2,531,947

INDUSTRIAL CONGLOMERATES – 1.2%
3M Co.		10,860		1,791,791
Carlisle Cos., Inc.		1,290		196,428
General Electric Co.		145,320		1,450,294
Honeywell International, Inc.		13,470		2,326,673
Roper Technologies, Inc.		2,200		741,312


			$	6,506,498

MACHINERY – 1.9%
AGCO Corp.		1,060		81,291
Allison Transmission Holdings, Inc.		2,000		87,220
Caterpillar, Inc.		10,100		1,391,780
Colfax Corp.^#,*		2,800		94,080
Crane Co.		1,200		91,824
Cummins, Inc.		2,980		513,990
Deere & Co.		6,290		1,095,341
Donaldson Co., Inc.		4,010		211,487
Dover Corp.		3,660		380,237
Flowserve Corp.		1,000		48,840
Fortive Corp.		5,940		409,860

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Gardner Denver Holdings, Inc.*		1,200	$	38,196
Graco, Inc.		6,120		276,624
IDEX Corp.		2,120		329,724
Illinois Tool Works, Inc.		7,000		1,180,060
Ingersoll-Rand PLC		5,150		653,483
ITT, Inc.		2,535		150,706
Lincoln Electric Holdings, Inc.		1,900		170,183
Middleby Corp. (The)*		500		60,475
Nordson Corp.		900		141,129
Oshkosh Corp.		1,790		152,830
PACCAR, Inc.		4,490		341,509
Parker-Hannifin Corp.		2,960		543,130
Pentair PLC		1,416		58,722
Snap-on, Inc.		1,280		208,218
Stanley Black & Decker, Inc.		3,620		547,815
Terex Corp.		2,630		72,456
Timken Co. (The)		600		29,400
Toro Co. (The)		2,180		168,143
Trinity Industries, Inc.		2,400		47,472
WABCO Holdings, Inc.*		950		127,889
Wabtec Corp.		2,465		170,997
Welbilt, Inc.*		3,910		74,134
Xylem, Inc.		3,210		246,175


			$	10,195,420

MARINE – 0.0%**
Kirby Corp.*		800		63,328

MATERIALS – 0.0%**
Amcor PLC		7,100		67,592

PROFESSIONAL SERVICES – 0.4%
CoStar Group, Inc.*		800		439,616
Equifax, Inc.		2,660		363,649
IHS Markit Ltd.*		6,087		426,212
ManpowerGroup, Inc.		1,860		169,111
Nielsen Holdings PLC		5,550		111,888
Robert Half International, Inc.		1,500		85,905
TransUnion		3,300		272,646
Verisk Analytics, Inc.		2,400		347,280


			$	2,216,307

ROAD & RAIL – 1.0%
CSX Corp.		14,900		1,047,023
Genesee & Wyoming, Inc., Class A*		900		99,927
JB Hunt Transport Services, Inc.		2,280		268,037
Kansas City Southern		2,180		306,900
Knight-Swift Transportation Holdings, Inc.		1,600		58,336
Landstar System, Inc.		990		112,018
Lyft, Inc., Class A^#,*		100		4,144



Description	Number of Shares		Value
Norfolk Southern Corp.		5,160	$	939,120
Old Dominion Freight Line, Inc.		1,400		254,912
Ryder System, Inc.		340		16,534
Schneider National, Inc., Class B		500		11,435
Union Pacific Corp.		13,770		2,278,384


			$	5,396,770

TRADING COMPANIES & DISTRIBUTORS – 0.2%
Air Lease Corp.		1,300		57,174
Fastenal Co.		7,540		270,988
HD Supply Holdings, Inc.*		600		23,724
MSC Industrial Direct Co., Inc., Class A		1,390		101,762
United Rentals, Inc.*		1,620		216,383
Univar Solutions, Inc.*		2,400		51,504
WW Grainger, Inc.		1,040		321,194


			$	1,042,729

TRANSPORTATION INFRASTRUCTURE – 0.0%**
Macquarie Infrastructure Corp.		1,600		69,024


TOTAL INDUSTRIALS			$	50,668,429

INFORMATION TECHNOLOGY – 22.3%

COMMUNICATIONS EQUIPMENT – 1.0%
Arista Networks, Inc.*		900		220,113
Ciena Corp.*		1,200		44,544
Cisco Systems, Inc.		83,550		3,969,461
CommScope Holding Co., Inc.*		1,700		19,040
EchoStar Corp., Class A*		70		2,730
F5 Networks, Inc.*		990		142,639
Juniper Networks, Inc.		4,090		101,514
Motorola Solutions, Inc.		3,430		570,478


			$	5,070,519

COMPUTERS & PERIPHERALS – 4.2%
Apple, Inc.		85,460		21,259,030
Dell Technologies, Inc., Class C*		3,069		162,319
Hewlett Packard Enterprise Co.		28,990		475,726
NCR Corp.*		1,620		47,320
NetApp, Inc.		4,153		232,070
Pure Storage, Inc., Class A*		3,000		58,380
Xerox Holdings Corp.		3,500		118,755


			$	22,353,600

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Amphenol Corp., Class A		7,000		702,310
Arrow Electronics, Inc.*		1,240		98,307
CDW Corp.		3,190		408,033
Cognex Corp.		3,800		195,662
Coherent, Inc.*		700		104,244

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Corning, Inc.		17,270	$	511,710
Dolby Laboratories, Inc., Class A		150		9,650
FLIR Systems, Inc.		1,600		82,496
IPG Photonics Corp.*		700		93,996
Jabil, Inc.		1,700		62,594
Keysight Technologies, Inc.*		2,000		201,820
National Instruments Corp.		1,930		79,883
Trimble, Inc.*		5,380		214,339
Zebra Technologies Corp., Class A*		800		190,296


			$	2,955,340

IT SERVICES – 5.4%
Accenture PLC, Class A		12,700		2,354,834
Akamai Technologies, Inc.*		3,150		272,475
Alliance Data Systems Corp.		1,290		129,000
Amdocs Ltd.		2,620		170,824
Automatic Data Processing, Inc.		8,530		1,383,822
Black Knight, Inc.*		2,037		130,775
Booz Allen Hamilton Holding Corp.		1,900		133,703
Broadridge Financial Solutions, Inc.		2,430		304,285
Cognizant Technology Solutions Corp.,
Class A		11,910		725,795
Conduent, Inc.*		6,200		38,316
DXC Technology Co.		5,476		151,521
EPAM Systems, Inc.*		900		158,364
Euronet Worldwide, Inc.*		500		70,035
Fidelity National Information Services, Inc.		11,550		1,521,828
Fiserv, Inc.*		12,010		1,274,741
FleetCor Technologies, Inc.*		1,800		529,596
Gartner, Inc.*		1,600		246,528
Genpact Ltd.		1,500		58,755
Global Payments, Inc.		6,313		1,068,033
GoDaddy, Inc., Class A*		1,250		81,288
International Business Machines Corp.		16,360		2,187,823
Jack Henry & Associates, Inc.		1,900		268,964
Leidos Holdings, Inc.		2,200		189,706
Mastercard, Inc., Class A		17,220		4,766,668
MongoDB, Inc.*		300		38,331
Okta, Inc.*		1,300		141,791
Paychex, Inc.		6,570		549,515
PayPal Holdings, Inc.*		22,665		2,359,426
Sabre Corp.		3,000		70,440
Square, Inc., Class A^#,*		6,100		374,723
Switch, Inc., Class A		500		7,385
Teradata Corp.*		870		26,039
Twilio, Inc., Class A^#,*		2,000		193,120
VeriSign, Inc.*		2,350		446,547
Visa, Inc., Class A		33,220		5,941,729



Description	Number of Shares		Value
Western Union Co. (The)		1,840	$	46,110
WEX, Inc.*		500		94,590


			$	28,507,425

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.0%
Advanced Micro Devices, Inc.*		18,200		617,526
Analog Devices, Inc.		7,952		847,922
Applied Materials, Inc.		19,380		1,051,559
Broadcom, Inc.		7,733		2,264,609
Cree, Inc.*		1,200		57,276
Cypress Semiconductor Corp.		8,400		195,468
First Solar, Inc.*		2,200		113,938
Intel Corp.		85,670		4,842,925
KLA Corp.		3,050		515,572
Lam Research Corp.		2,880		780,595
Marvell Technology Group Ltd.		11,453		279,339
Maxim Integrated Products, Inc.		4,120		241,679
Microchip Technology, Inc.		4,639		437,411
Micron Technology, Inc.*		21,500		1,022,325
MKS Instruments, Inc.		600		64,932
Monolithic Power Systems, Inc.		300		44,976
NVIDIA Corp.		10,980		2,207,200
NXP Semiconductors NV		1,300		147,784
ON Semiconductor Corp.*		8,220		167,688
Qorvo, Inc.*		2,850		230,451
QUALCOMM, Inc.		22,980		1,848,511
Skyworks Solutions, Inc.		3,200		291,392
Teradyne, Inc.		4,050		247,941
Texas Instruments, Inc.		18,700		2,206,413
Universal Display Corp.		800		160,144
Xilinx, Inc.		4,800		435,552


			$	21,321,128

SOFTWARE – 6.9%
2U, Inc.^#,*		1,400		25,095
Adobe, Inc.*		9,460		2,629,218
Alteryx, Inc., Class A*		1,000		91,500
Anaplan, Inc.*		1,300		61,360
ANSYS, Inc.*		1,380		303,807
Aspen Technology, Inc.*		1,200		138,132
Atlassian Corp. PLC, Class A*		1,900		229,501
Autodesk, Inc.*		4,330		638,069
Avalara, Inc.*		500		35,500
Cadence Design Systems, Inc.*		6,410		418,894
CDK Global, Inc.		3,676		185,785
Citrix Systems, Inc.		2,890		314,605
Coupa Software, Inc.*		1,000		137,490
DocuSign, Inc.*		2,100		138,999
Dropbox, Inc., Class A*		3,300		65,406

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Fair Isaac Corp.*		400	$	121,616
FireEye, Inc.*		3,400		53,856
Fortinet, Inc.*		1,600		130,496
Guidewire Software, Inc.*		700		78,918
HubSpot, Inc.*		200		31,020
Intuit, Inc.		4,800		1,236,000
LogMeIn, Inc.		757		49,720
Manhattan Associates, Inc.*		700		52,465
Microsoft Corp.		142,649		20,451,587
New Relic, Inc.*		300		19,218
Nutanix, Inc., Class A*		2,200		64,284
Oracle Corp.		44,710		2,436,248
Palo Alto Networks, Inc.*		1,690		384,289
Paycom Software, Inc.*		900		190,377
Paylocity Holding Corp.*		300		30,780
Pluralsight, Inc., Class A^#,*		700		12,656
Proofpoint, Inc.*		700		80,759
PTC, Inc.*		2,100		140,511
RealPage, Inc.*		800		48,440
RingCentral, Inc., Class A*		1,200		193,824
salesforce.com, Inc.*		15,284		2,391,793
ServiceNow, Inc.*		3,400		840,684
Smartsheet, Inc., Class A*		1,500		59,100
Splunk, Inc.*		2,800		335,888
SS&C Technologies Holdings, Inc.		2,800		145,628
Symantec Corp.		6,820		156,042
Synopsys, Inc.*		2,600		352,950
Trade Desk, Inc., Class A (The)^#,*		600		120,480
Tyler Technologies, Inc.*		500		134,260
VMware, Inc., Class A		1,510		238,988
Workday, Inc., Class A*		2,350		381,076
Zendesk, Inc.*		1,600		113,040
Zscaler, Inc.*		800		35,184


			$	36,525,538

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 0.2%
HP, Inc.		34,390		597,354
Western Digital Corp.		5,583		288,362


			$	885,716


TOTAL INFORMATION TECHNOLOGY			$	117,619,266

MATERIALS – 2.8%

CHEMICALS – 2.0%
Air Products & Chemicals, Inc.		4,800		1,023,648
Albemarle Corp.^#		2,000		121,480
Ashland Global Holdings, Inc.		1,200		92,844
Axalta Coating Systems Ltd.*		600		17,694
Cabot Corp.		1,300		56,667



Description	Number of Shares		Value
Celanese Corp.		2,800	$	339,220
CF Industries Holdings, Inc.		4,800		217,680
Corteva, Inc.		8,912		235,099
Dow, Inc.		11,979		604,820
DuPont de Nemours, Inc.		13,112		864,212
Eastman Chemical Co.		4,000		304,160
Ecolab, Inc.		5,500		1,056,385
Element Solutions, Inc.*		800		8,688
FMC Corp.		3,200		292,800
Huntsman Corp.		5,200		115,076
International Flavors & Fragrances, Inc.^#		1,500		183,015
Linde PLC		10,900		2,162,015
Livent Corp.*		3,647		25,018
LyondellBasell Industries NV, Class A		5,900		529,230
Mosaic Co. (The)		4,100		81,508
Olin Corp.		2,300		42,182
PPG Industries, Inc.		3,900		487,968
RPM International, Inc.		2,700		195,561
Scotts Miracle-Gro Co. (The)		500		50,195
Sherwin-Williams Co. (The)		1,800		1,030,176
Westlake Chemical Corp.		1,300		82,147


			$	10,219,488

CONSTRUCTION MATERIALS – 0.1%
Eagle Materials, Inc.		1,000		91,340
Martin Marietta Materials, Inc.		1,400		366,674
Vulcan Materials Co.		1,700		242,879


			$	700,893

CONTAINERS & PACKAGING – 0.3%
AptarGroup, Inc.		300		35,445
Ardagh Group SA		2,100		39,207
Avery Dennison Corp.		900		115,074
Ball Corp.		5,700		398,829
Berry Global Group, Inc.*		1,500		62,265
Graphic Packaging Holding Co.		3,600		56,376
International Paper Co.		10,100		441,168
Owens-Illinois, Inc.		6,000		51,000
Packaging Corp. of America		2,200		240,812
Sealed Air Corp.		1,700		71,009
Westrock Co.		5,200		194,324


			$	1,705,509

METALS & MINING – 0.4%
Alcoa Corp.*		3,088		64,200
Freeport-McMoRan, Inc.		29,200		286,744
Newmont Goldcorp Corp.		15,800		627,734
Nucor Corp.		7,400		398,490
Reliance Steel & Aluminum Co.		1,800		208,872

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value
Royal Gold, Inc.		1,500	$	173,160
Southern Copper Corp.		600		21,348
Steel Dynamics, Inc.		5,000		151,800
United States Steel Corp.^#		3,400		39,134


			$	1,971,482

PAPER & FOREST PRODUCTS – 0.0%**
Domtar Corp.		1,900		69,141


TOTAL MATERIALS			$	14,666,513

REAL ESTATE – 3.9%

REAL ESTATE INVESTMENT TRUSTS – 3.8%
Alexandria Real Estate Equities, Inc.		2,815		446,881
American Campus Communities, Inc.		4,700		234,906
American Homes 4 Rent, Class A		1,650		43,676
American Tower Corp.		8,060		1,757,725
Americold Realty Trust		2,500		100,225
Apartment Investment & Management Co., Class A		3,971		217,928
Apple Hospitality REIT, Inc.		8,900		146,672
AvalonBay Communities, Inc.		2,022		440,109
Boston Properties, Inc.		1,850		253,820
Brandywine Realty Trust		5,000		76,400
Brixmor Property Group, Inc.		4,400		96,888
Brookfield Property REIT, Inc., Class A		3,300		62,370
Camden Property Trust		2,670		305,368
Colony Capital, Inc.		13,200		73,920
CoreSite Realty Corp.		500		58,750
Corporate Office Properties Trust		4,700		139,308
Crown Castle International Corp.		7,940		1,101,993
CubeSmart		1,700		53,890
CyrusOne, Inc.		1,300		92,664
Digital Realty Trust, Inc.^#		3,910		496,726
Douglas Emmett, Inc.		4,410		191,041
Duke Realty Corp.		10,010		351,751
EPR Properties		700		54,453
Equinix, Inc.		1,581		896,079
Equity Commonwealth		4,992		160,643
Equity LifeStyle Properties, Inc.		5,400		377,676
Equity Residential		5,150		456,599
Essex Property Trust, Inc.		1,073		351,010
Extra Space Storage, Inc.		2,500		280,675
Federal Realty Investment Trust		970		131,930
Gaming and Leisure Properties, Inc.		3,204		129,313
HCP, Inc.		7,530		283,279
Host Hotels & Resorts, Inc.		15,240		249,784
Invitation Homes, Inc.		4,500		138,555
Iron Mountain, Inc.		3,503		114,898



Description	Number of Shares		Value
JBG SMITH Properties		836	$	33,657
Kilroy Realty Corp.		2,525		211,923
Kimco Realty Corp.		9,980		215,169
Lamar Advertising Co., Class A		2,400		192,024
Liberty Property Trust		4,040		238,643
Life Storage, Inc.		1,000		108,920
Macerich Co. (The)^#		5,900		162,250
Medical Properties Trust, Inc.		6,900		143,037
Mid-America Apartment Communities, Inc.		3,171		440,737
National Retail Properties, Inc.		2,500		147,275
Omega Healthcare Investors, Inc.^#		4,800		211,392
Outfront Media, Inc.		1,400		36,834
Paramount Group, Inc.		9,200		123,924
Park Hotels & Resorts, Inc.		9,992		232,314
Prologis, Inc.		10,890		955,706
Public Storage		3,060		681,952
Rayonier, Inc.		3,715		100,231
Realty Income Corp.		6,710		548,811
Regency Centers Corp.		2,035		136,833
Retail Properties of America, Inc., Class A		4,000		55,040
Retail Value, Inc.		500		18,305
SBA Communications Corp.		2,250		541,462
Senior Housing Properties Trust		5,800		57,565
Service Properties Trust		3,600		91,080
Simon Property Group, Inc.		5,793		872,889
SITE Centers Corp.		3,100		48,143
SL Green Realty Corp.		1,990		166,364
Spirit Realty Capital, Inc.		1,800		89,712
STORE Capital Corp.		1,600		64,800
Taubman Centers, Inc.		2,200		78,716
UDR, Inc.		7,680		385,920
Uniti Group, Inc.^#		2,600		17,992
Ventas, Inc.		5,786		376,669
VEREIT, Inc.		19,100		187,944
VICI Properties, Inc.		5,900		138,945
Vornado Realty Trust		2,973		195,118
Weingarten Realty Investors		3,560		112,959
Welltower, Inc.		6,670		604,902
Weyerhaeuser Co.		19,342		564,980
WP Carey, Inc.		1,800		165,708


			$	20,124,750

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%
CBRE Group, Inc., Class A*		5,510		295,061
Howard Hughes Corp. (The)*		658		73,578
Jones Lang LaSalle, Inc.		800		117,216


			$	485,855


TOTAL REAL ESTATE			$	20,610,605

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

UTILITIES – 3.3%

ELECTRIC UTILITIES – 2.0%
Alliant Energy Corp.		3,800	$	202,692
American Electric Power Co., Inc.		10,100		953,339
Avangrid, Inc.		900		45,045
Duke Energy Corp.		13,400		1,263,084
Edison International		5,000		314,500
Entergy Corp.		3,700		449,476
Evergy, Inc.		4,900		313,159
Eversource Energy		5,800		485,692
Exelon Corp.		19,200		873,408
FirstEnergy Corp.		10,000		483,200
Hawaiian Electric Industries, Inc.		2,900		130,935
NextEra Energy, Inc.		9,600		2,288,064
OGE Energy Corp.		3,900		167,934
PG&E Corp.^#,*		15,500		95,635
Pinnacle West Capital Corp.		2,500		235,300
PPL Corp.		13,800		462,162
Southern Co. (The)		19,800		1,240,668
Xcel Energy, Inc.		10,800		685,908


			$	10,690,201

GAS UTILITIES – 0.1%
Atmos Energy Corp.		900		101,232
National Fuel Gas Co.		1,200		54,372
UGI Corp.		1,400		66,738


			$	222,342

INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS – 0.1%
AES Corp.		13,100		223,355
NRG Energy, Inc.		5,600		224,672
Vistra Energy Corp.		6,300		170,289


			$	618,316

MULTI-UTILITIES – 1.0%
Ameren Corp.		3,500		271,950
CenterPoint Energy, Inc.		9,300		270,351
CMS Energy Corp.		6,000		383,520
Consolidated Edison, Inc.		5,600		516,432
Dominion Energy, Inc.		14,943		1,233,545
DTE Energy Co.		2,900		369,228
NiSource, Inc.		6,600		185,064
Public Service Enterprise Group, Inc.		10,300		652,093
Sempra Energy		5,400		780,354
WEC Energy Group, Inc.		6,400		604,160


			$	5,266,697

WATER UTILITIES – 0.1%
American Water Works Co., Inc.		2,800		345,156



Description	Number of Shares		Value
Aqua America, Inc.		3,600	$	163,188


			$	508,344


TOTAL UTILITIES			$	17,305,900


TOTAL COMMON STOCKS (COST $231,622,547)			$	525,157,128

INVESTMENT COMPANIES – 0.2%

EQUITY FUNDS – 0.2%
iShares Russell 1000 ETF^#		3,100		520,769
iShares Russell 1000 Growth ETF		1,400		229,796
iShares Russell 1000 Value ETF		1,800		234,126


TOTAL EQUITY FUNDS			$	984,691


TOTAL INVESTMENT COMPANIES (COST $959,153)			$	984,691

MONEY MARKET FUND – 0.1%
Dreyfus Government Cash Management
Fund, Institutional Shares, 1.73%^{^}		378,864		378,864


TOTAL MONEY MARKET FUND (COST $378,864)			$	378,864

RIGHT – 0.0%**
Celgene Corp.*		89		46


TOTAL RIGHT (COST $0)			$	46

WARRANT – 0.0%**
American International Group, Inc. CW21,
Expire 1/19/21*		2,055		24,455


TOTAL WARRANT (COST $34,935)			$	24,455


TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $232,995,499)			$	526,545,184


	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.0%

REPURCHASE AGREEMENTS – 1.0%

Bank of America Securities, Inc., 1.75%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency Securities, 3.00% to 4.00%, maturing 11/01/39 to 10/01/49; total market value of $1,010,770.	$	990,951	$	990,951

Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $394,322, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $402,189.		394,303		394,303

BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $1,010,770.		990,951		990,951

Wilmington Large-Cap Strategy Fund (continued)



Description	Par Value		Value

HSBC Securities USA, Inc., 1.73%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 12/20/32 to 6/20/69; total market value of $1,010,770.	$	990,951	$	990,951

Nomura Securities International, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/05/19 to 9/20/69; total market value of $1,010,771.		990,951		990,951

RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $990,999, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $1,010,770.		990,951		990,951


TOTAL REPURCHASE AGREEMENTS (COST $5,349,058)			$	5,349,058


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $5,349,058)			$	5,349,058


TOTAL INVESTMENTS – 101.0% (COST $238,344,557)			$	531,894,242

COLLATERAL FOR SECURITIES ON LOAN – (1.0%)				(5,349,058	)

OTHER LIABILITIES LESS ASSETS – 0.0%**				(160,420	)


TOTAL NET ASSETS – 100.0%			$	526,384,764

Cost of investments for Federal income tax purposes is $247,496,896. The net unrealized appreciation/(depreciation) of investments was $284,397,346. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $297,588,868 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(13,191,522).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	525,157,128	$	—	$	—	$	525,157,128
Investment Companies		984,691		—		—		984,691
Right		—		46		—		46
Warrant		—		24,455		—		24,455
Money Market Fund		378,864		—		—		378,864
Repurchase Agreements		—		5,349,058		—		5,349,058

Total	$	526,520,683	$	5,373,559	$	—	$	531,894,242

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

*	Non-income producing security.

**	Represents less than 0.05%.

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

October 31, 2019 (unaudited)

Wilmington

Large-Cap

Strategy

Fund

ASSETS:

Investments, at identified cost

238,344,557

^(a)

Investments in securities, at value (Including $5,151,538 of securities on loan) (Note 2)

531,894,242

^(b)

Income receivable

449,878

Receivable for shares sold

62,965

Prepaid assets

19,760

TOTAL ASSETS

532,426,845

LIABILITIES:

Collateral for securities on loan

5,349,058

Payable for shares redeemed

372,934

Payable for Trustees’ fees

6,339

Payable for administrative personnel and services fees

13,395

Payable for investment advisory fees

56,717

Other accrued expenses

243,638

TOTAL LIABILITIES

6,042,081

NET ASSETS

526,384,764

NET ASSETS CONSIST OF:

Paid-in capital

221,834,774

Distributable earnings (loss)

304,549,990

TOTAL NET ASSETS

526,384,764

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class I

Net Assets

526,384,764

Shares outstanding (unlimited shares authorized)

21,971,743

Net Asset Value per share

23.96

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

(b)	Includes $252,013 of investments in affiliated issuers.

See Notes which are an integral part of the Financial Statements

Six Months Ended October 31, 2019 (unaudited)

Wilmington
Large-Cap Strategy
Fund

INVESTMENT INCOME:

Dividends

4,988,158

^(a)(b)

Securities lending income

10,823

TOTAL INVESTMENT INCOME

4,998,981

EXPENSES:

Investment advisory fees

1,297,319

Administrative personnel and services fees

81,030

Portfolio accounting and administration fees

62,738

Custodian fees

15,473

Transfer and dividend disbursing agent fees and expenses

43,198

Trustees’ fees

27,165

Professional fees

45,146

Shareholder services fee— Class I

648,659

Share registration costs

10,256

Printing and postage

12,951

Miscellaneous

32,833

TOTAL EXPENSES

2,276,768

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(979,450

)

Waiver of shareholder services fee—Class I

(648,659

)

TOTAL WAIVERS AND REIMBURSEMENTS

(1,628,109

)

Net expenses

648,659

Net investment income

4,350,322

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized gain (loss) on investments

16,023,821

Litigation proceeds

1,095

^(c)

Net change in unrealized appreciation (depreciation) of unaffiliated investments

(2,644,948

)

Net change in unrealized appreciation (depreciation) of affiliated investments

(21,800

)

Net realized and unrealized gain (loss) on investments

13,358,168

Change in net assets resulting from operations

17,708,490

(a)	Net of foreign withholding taxes withheld of $658.

(b)	Includes $3,220 received from affiliated issuers.

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

See Notes which are an integral part of the Financial Statements

Wilmington
Large-Cap
Strategy Fund

Six Months Ended
October 31,

2019

(unaudited)

Year Ended
April 30,

2019

OPERATIONS:

Net investment income

4,350,322

8,345,207

Net realized gain (loss) on investments^(a)

16,024,916

16,510,751

Net change in unrealized appreciation (depreciation) of investments

(2,666,748

)

37,629,472

Change in net assets resulting from operations

17,708,490

62,485,430

DISTRIBUTIONS TO SHAREHOLDERS:

Class I

(4,807,369

)

(28,934,670

)

Total distributions to shareholders:

(4,807,369

)

(28,934,670

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class I

13,984,673

51,608,401

Distributions reinvested

Class I

1,198,686

18,522,932

Cost of shares redeemed

Class I

(29,517,944

)

(79,877,605

)

Change in net assets resulting from share transactions

(14,334,585

)

(9,746,272

)

Change in net assets

(1,433,464

)

23,804,488

NET ASSETS:

Beginning of period

527,818,228

504,013,740

End of period

526,384,764

527,818,228

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class I

603,875

2,338,158

Distributions reinvested

Class I

51,009

882,373

Shares redeemed

Class I

(1,276,178

)

(3,560,522

)

Net change resulting from share transactions

(621,294

)

(339,991

)

^(a)Includes Litigation settlement.

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:


WILMINGTON LARGE-CAP STRATEGY FUND

CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$23.36			$21.98			$19.65			$16.91			$18.46			$17.27
Income (Loss) From Operations:
Net Investment Income(a)		0.20			0.37			0.34			0.32			0.29			0.28
Net Realized and Unrealized Gain (Loss) on Investments		0.62	(b)		2.32	(b)		2.34	(c)		2.75			(0.42	)		2.19
Total Income (Loss) From Operations		0.82			2.69			2.68			3.07			(0.13	)		2.47
Less Distributions From:
Net Investment Income		(0.22	)		(0.38	)		(0.35	)		(0.33	)		(0.28	)		(0.27	)
Net Realized Gains		—			(0.93	)		—			—			(1.14	)		(1.01	)
Total Distributions		(0.22	)		(1.31	)		(0.35	)		(0.33	)		(1.42	)		(1.28	)
Net Asset Value, End of Period		$23.96			$23.36			$21.98			$19.65			$16.91			$18.46

Total Return		3.52	%		12.93	%		13.71	%(c)		18.32	%		(0.87	)%		14.52	%
Net Assets, End of Period (000’s)		$526,385			$527,818			$504,014			$554,810			$606,908			$468,978
Ratios to Average Net Assets
Gross Expense		0.88	%(d)		0.89	%		0.90	%		0.90	%		0.89	%		0.86	%
Net Expenses(e)		0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income		1.68	%(d)		1.65	%		1.62	%		1.75	%		1.68	%		1.52	%
Portfolio Turnover Rate		13	%		13	%		15	%		18	%		81	%		15	%

(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 for Class I.

(c)	Amount includes a non-recurring settlement paid by the Fund related to the Fund’s prior investment in Tribune Company. The settlement payment impacted the realized (loss) per share by $0.00 for Class I. Total return was not impacted.

(d)	Annualized for periods less than one year.

(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

Wilmington Funds

October 31, 2019 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 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.

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. The Fund may utilize International Fair Value Pricing (“IFVP”) which could result in certain equity securities being categorized as level 2.

Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

Repurchase Agreements - Repurchase agreements are transactions in which a fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting 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 October 31, 2019, 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

Bank of America Securities, Inc.

990,951

—

Bank of Montreal

394,303

—

BNP Paribas SA

990,951

—

HSBC Securities USA, Inc.

990,951

—

Nomura Securities International, Inc.

990,951

—

RBC Dominion Securities, Inc.

990,951

—

5,349,058

—

⁽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.

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 six months ended October 31, 2019, 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 October 31, 2019, 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

$5,151,538

$—

⁽¹⁾ Collateral with a value of $5,349,058 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, 2019, 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 2018, 2017 and 2016, 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 losses deferred due to wash sales.

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

2019

2018

Fund

Ordinary

Income*

Long-Term

Capital Gains

Ordinary
Income*

Long-Term
Capital Gains

Large-Cap Strategy Fund

$8,459,201

$20,475,469

$8,955,957

$—

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

As of April 30, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed

Other

Unrealized

Undistributed

Long-Term

Timing

Appreciation/

Capital Loss

Late Year

Fund

Ordinary Income

Capital Gains

Differences

(Depreciation)

Carryforwards

Deferrals

Large-Cap Strategy Fund

$1,155,563

$3,429,212

$—

$287,064,094

$—

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. For its services, the Fund pays WFMC an annual investment advisory fee, accrued daily and paid monthly, based on a percentage of the Fund’s average daily net assets as described below. WFMC, not the Fund, pays WTIA for its services.



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

WFMC and the Fund’s distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2020 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 Statement of Operations. WFMC, in its role as Co-Administrator, provides the Fund with certain administrative personnel and services necessary to operate the Fund. The fees as described in the table below are accrued daily and paid monthly, and are disclosed on the Statement of Operations as “Administrative personnel and services fees.”


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

BNYM	0.0175%	on the first $15 billion
	0.0150%	on the next $10 billion
	0.0125%	on assets in excess of $25 billion

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2019, 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 Distributors, Inc. (“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 Securities, Inc., Manufacturers and Traders Trust and Company, and Wilmington Trust, NA (together “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 six months ended October 31, 2019, 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 Fund’s distributor. Transactions with affiliated companies during the six months ended October 31, 2019 are as follows:

Fund/

Affiliated Investment

Name

Value
4/30/19

Purchases

Sales

Net

Realized
Gain/(Loss)

Net Change
in Unrealized
Appreciation/
Depreciation

Value
10/31/19

Number of
Shares
10/31/19

Dividend
Income

Capital

Gain
Distributions

Large-Cap Strategy Fund

Common Stock - 0.0%*

M&T Bank Corp.

$273,813

$—

$(21,800)

$252,013

1,610

$3,220

$—

As a percentage of Net Assets as of October 31, 2019.

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 six months ended October 31, 2019 were as follows:



Fund		Commissions
Large-Cap Strategy Fund		$33,863

5. INVESTMENT TRANSACTIONS

Purchases and sales of securities for the Fund (excluding U.S. Government and agency securities, and short-term securities) during the six months ended October 31, 2019 were $67,284,318 and $82,062,585, respectively.

6. LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the 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 2, 2020.

The Trust did not utilize the LOC during the six months ended October 31, 2019.

7. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of the Fund’s financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

8. OTHER FUND INFORMATION

At a meeting held on June 5, 2019, the Trustees, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (“PwC”) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending April 30, 2020. During the fiscal years ended April 30, 2019 and 2018, Ernst & Young LLP (“E&Y”) audit reports on the financial statements of each Fund in the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the each Fund’s financial statements.

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND APPROVAL OF NEW SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 4–5, 2019 (the “September Meeting”), the Board of Trustees of the Trust agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (collectively, the “Advisory Agreements”). The agreement renewal process was divided into three Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On July 19, 2019, the Board held a special telephonic meeting with personnel of Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (together, the “Adviser”) and independent counsel to the Independent Trustees (“Counsel”) concerning the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). The Adviser provided the Board with an initial basis for the approval of each such Advisory Agreement and discussed with the Board a variety of information about the Sub-Advised Funds and their Sub-Advisers, including information that each Sub-Adviser provided in response to a written request from Counsel on behalf of the Trustees concerning its investment advisory services, operations, compliance program and other matters.

On August 21, 2019, the Board held a special telephonic meeting with personnel of the Adviser and Counsel, after which the Independent Trustees met in executive session with Counsel, to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the Adviser and to continue the evaluation of the Advisory Agreements with the Sub-Advisers, as appropriate. The Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

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

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

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

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

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

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

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

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

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

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

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

For periods prior to the quarter ending July 31, 2019, the Funds have filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Qs are available on the SEC’s website at www.sec.gov.

Effective July 31, 2019, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Form N-PORT is available on the SEC’s website at www.sec.gov.

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.)

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.

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.

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.

Esteemed Shareholder:

The economy and financial markets in review

The economy

The U.S. economy continued to expand, albeit at a more modest pace than in 2018, as robust consumer spending and a strong labor market offset weakness in the manufacturing sector and business investment. After an upbeat start to the year, growth in U.S. Gross Domestic Product (“GDP”) maintained a positive trajectory, but decelerated, posting quarter-over-quarter annualized growth rates of 2.0% and 1.9% in the second and third quarters, respectively. An escalating trade war with China and fears that a global slowdown might spread contagion to the United States, led the Federal Reserve (“the Fed”) to cut interest rates three times this year to a range of 1.50%-1.75%. The U.S. labor market tightened further, dropping to a 3.6% unemployment rate, a near five-decade low. Although wage growth began to show signs of life, inflation drifted below the Fed’s 2% target with the Core Personal Consumption Expenditure Price Index¹ (excludes the volatile components of food and energy) dropping to 1.7%. The Fed has signaled that they are on hold for now, and the market is not expecting cuts or hikes in the near term.

Bond markets

For the six-month period May 1, 2019 to October 31, 2019, certain Bloomberg Barclays indices performed as follows:²



Bloomberg Barclays U.S. Treasury Bond Index³	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

5.85%	5.71%	7.46%	3.54%	2.69%

Past performance is no guarantee of future results.

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

Equity markets

After a solid start to the year, U.S. large-cap equities retained leadership during this period as better-than-feared corporate earnings, supportive monetary policy, and trade optimism contributed to strong returns. Equity markets were particularly volatile. The CBOE Volatility Index⁸ (VIX) hit its highest level of the year in early August, while three major pullbacks impacted the key regions. International equity markets, which are more leveraged to global trade, struggled to keep pace with the U.S. emerging markets, as a strong U.S. dollar and investors’ preference for safe-haven assets served as critical headwinds. A retrenchment in economic activity throughout the period hurt U.S. small-cap stocks, which are more cyclical than large-cap peers. The strongest leg of performance for all segments came with a recent easing of geopolitical tensions as renewed risk appetite supported outperformance of international and U.S. small-cap equities later in the period.

For the six-month period May 1, 2019 to October 31, 2019, certain stock market indices performed as follows:

Past performance is no guarantee of future results.

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

Sincerely,

LOGO

Dominick J. D’Eramo, CFA

President

November 19, 2019

Must be preceded or accompanied by a prospectus.

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.

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

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 May 1, 2019 to October 31, 2019.

Actual Expenses

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.

Beginning
Account Value
5/01/19

Ending
Account Value
10/31/19

Expenses
Paid
During Period¹

Annualized

Net
Expense Ratio²

WILMINGTON INTERNATIONAL FUND

Actual

Class A

$1,000.00

$1,003.00

$4.93

0.98%

Class I

$1,000.00

$1,003.60

$4.28

0.85%

Hypothetical (assuming a 5% return before expense)

Class A

$1,000.00

$1,020.21

$4.98

0.98%

Class I

$1,000.00

$1,020.86

$4.32

0.85%

WILMINGTON GLOBAL ALPHA EQUITIES FUND

Actual

Class A

$1,000.00

$1,029.30

$7.60

1.49%

Class I

$1,000.00

$1,030.70

$6.33

1.24%

Hypothetical (assuming a 5% return before expense)

Class A

$1,000.00

$1,017.65

$7.56

1.49%

Class I

$1,000.00

$1,018.90

$6.29

1.24%

WILMINGTON REAL ASSET FUND

Actual

Class A

$1,000.00

$1,048.60

$4.94

0.96%

Class I

$1,000.00

$1,050.10

$3.66

0.71%

Hypothetical (assuming a 5% return before expense)

Class A

$1,000.00

$1,020.31

$4.88

0.96%

Class I

$1,000.00

$1,021.57

$3.61

0.71%

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At October 31, 2019, the Fund’s sector classifications and country allocations were as follows (unaudited):


	Percentage of Total Net Assets

Common Stocks

Industrials		16.0	%

Financials		15.7	%

Information Technology		12.4	%

Consumer Discretionary		11.5	%

Health Care		7.9	%

Communication Services		7.6	%

Materials		4.9	%

Consumer Staples		4.8	%

Real Estate		4.4	%

Utilities		4.1	%

Energy		3.5	%

Warrants		0.7	%

Preferred Stock		0.0	%³

Cash Equivalents¹		8.9	%

Other Assets and Liabilities – Net²		(2.4	)%


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.

(3)	Represents less than 0.05%.


	Percentage of
Country Allocation	Total Net Assets

Common Stocks

Japan		21.4	%

France		11.8	%

Germany		8.3	%

United Kingdom		6.9	%

Cayman Islands		6.2	%

Hong Kong		4.3	%

Netherlands		3.9	%

Switzerland		3.2	%

Italy		3.1	%

Sweden		3.0	%

Taiwan		2.6	%

Spain		2.4	%

South Korea		2.4	%

China		2.3	%

Ireland		1.9	%

India		1.6	%

Denmark		1.5	%

Belgium		1.4	%

All other countries less than 1.0%		4.6	%

Warrants		0.7	%

Preferred Stock		0.0	%³

Cash Equivalents¹		8.9	%

Other Assets and Liabilities – Net²		(2.4	)%


TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)



Description	Number of Shares		Value

COMMON STOCKS – 92.8%

AUSTRALIA – 0.5%

Rio Tinto Ltd.		46,052	$	2,885,075

AUSTRIA – 0.0%**

Erste Group Bank AG*		1,084		38,289

OMV AG		3,755		219,113


TOTAL AUSTRIA			$	257,402

BELGIUM – 1.4%

Ageas		9,680		557,511

bpost SA		10,893		124,527

Colruyt SA		3,270		181,768

KBC Group NV		4,949		347,074

Proximus SADP		8,870		272,346



Description	Number of Shares		Value

UCB SA		42,400	$	3,417,081

Xior Student Housing NV^#		50,483		2,978,464


TOTAL BELGIUM			$	7,878,771

BERMUDA – 0.5%

Hongkong Land Holdings Ltd.		302,100		1,661,550

Johnson Electric Holdings Ltd.^#		728,269		1,332,752


TOTAL BERMUDA			$	2,994,302

BULGARIA – 0.0%**

Petrol AD*		2,384		—

CAYMAN ISLANDS – 6.2%

Alibaba Group Holding Ltd. ADR*		47,502		8,392,178

ASM Pacific Technology Ltd.		159,500		2,232,933

Budweiser Brewing Co. APAC Ltd.*		312,200		1,141,474



Description	Number of Shares		Value

China Resources Medical Holdings Co. Ltd.		21,000	$	12,087

Haitian International Holdings Ltd.		565,000		1,336,800

Huazhu Group Ltd. ADR		69,061		2,614,649

Hutchison China MediTech Ltd. ADR*		83,734		1,582,573

NetEase, Inc. ADR		4,984		1,424,726

New Oriental Education & Technology Group, Inc. ADR*		32,987		4,026,393

Sands China Ltd.		562,000		2,779,178

Shenzhou International Group Holdings Ltd.		135,400		1,876,536

Tencent Holdings Ltd.		202,800		8,302,534


TOTAL CAYMAN ISLANDS			$	35,722,061

CHINA – 2.3%

China Mobile Ltd.		254,500		2,072,129

China Pacific Insurance Group Co. Ltd., Class H		974,000		3,542,519

China Petroleum & Chemical Corp., Class H		3,056,000		1,754,988

Hollysys Automation Technologies Ltd.		91,280		1,287,961

Ping An Insurance Group Co. of China Ltd., Class H^#		319,500		3,700,206

Sinopharm Group Co. Ltd., Class H		227,600		817,634


TOTAL CHINA			$	13,175,437

DENMARK – 1.5%

Ambu A/S, Class B^#		64,264		1,009,222

Coloplast A/S, Class B		15,454		1,862,195

DSV Panalpina A/S		28,178		2,734,176

H Lundbeck A/S		1,250		42,638

Novo Nordisk A/S Class B		50,665		2,767,031

SimCorp A/S		620		55,393

Topdanmark A/S		1,100		49,263


TOTAL DENMARK			$	8,519,918

FINLAND – 0.4%

Kesko OYJ, Class B		4,039		268,840

Kone OYJ, Class B		4,410		280,550

Neste OYJ		7,280		262,743

Nokian Renkaat OYJ^#		4,320		123,343

Nordea Bank Abp		825		6,032

Sampo OYJ, Class A		10,980		449,918

UPM-Kymmene OYJ		15,848		515,057

Valmet OYJ		13,954		311,880


TOTAL FINLAND			$	2,218,363

FRANCE – 11.8%

AXA SA		47,608		1,257,607

Beneteau SA^#		115,171		1,073,844

BNP Paribas SA		30,204		1,576,866

Bouygues SA		87,734		3,718,288

Carrefour SA		183,200		3,116,946



Description	Number of Shares		Value

Casino Guichard Perrachon SA^#		4,268	$	230,246

Cie de Saint-Gobain		8,400		341,670

Cie Generale des Etablissements Michelin SCA		1,360		165,484

CNP Assurances		13,666		270,997

Credit Agricole SA		26,323		343,049

Dassault Systemes SA		7,582		1,150,466

Devoteam SA		2,003		169,780

Edenred		64,350		3,387,522

Elior Group SA		124,185		1,605,256

Engie SA		209,946		3,511,120

Eurazeo SE		47,165		3,287,694

Eutelsat Communications SA		10,590		200,787

Faurecia SE		3,280		152,839

Hermes International		360		258,973

ID Logistics Group*		7,313		1,397,970

Ingenico Group SA		4,908		524,070

Legrand SA		4,547		354,887

L’Oreal SA		5,044		1,472,775

LVMH Moet Hennessy Louis Vuitton SA		10,754		4,587,679

Neoen SA^#,*		40,091		1,064,181

Orange SA^#		253,346		4,080,119

Peugeot SA		6,390		161,778

Publicis Groupe SA		3,430		147,472

Renault SA		4,924		251,302

Sanofi		58,765		5,414,963

Sartorius Stedim Biotech		9,305		1,392,709

SCOR SE		43,883		1,849,055

Societe BIC SA		700		48,599

Societe Generale SA		28,893		820,110

SPIE SA		59,746		1,259,396

Thales SA		32,100		3,137,610

TOTAL SA		43,513		2,287,463

Veolia Environnement SA		121,800		3,201,831

Vinci SA^#		30,333		3,403,337

Virbac SA*		8,708		2,122,078

Vivendi SA		113,000		3,145,680


TOTAL FRANCE			$	67,944,498

GERMANY – 8.3%

adidas AG		330		101,894

Allianz SE		12,800		3,126,408

alstria Office REIT AG		119,381		2,236,846

BASF SE		11,280		858,373

Bayer AG		22,280		1,728,985

Bayerische Motoren Werke AG		10,658		816,746

Continental AG		2,450		327,570



Description	Number of Shares		Value

Covestro AG		7,369	$	353,813

Daimler AG		15,135		884,684

Deutsche Lufthansa AG		21,143		366,563

Deutsche Post AG		6,280		222,380

Deutsche Telekom AG		213,636		3,757,012

Deutsche Wohnen SE		83,400		3,136,499

E.ON SE		19,520		196,741

Evotec SE^#,*		54,854		1,253,551

Fielmann AG		39,166		3,022,783

Freenet AG		10,502		233,028

Fresenius SE & Co. KGaA		30,425		1,599,092

Hannover Rueck SE		1,740		308,171

Hypoport AG*		3,302		1,025,637

Infineon Technologies AG		135,264		2,621,643

Jenoptik AG		43,543		1,296,645

LEG Immobilien AG		1,400		160,670

MTU Aero Engines AG		3,152		841,593

Muenchener Rueckversicherungs AG		12,260		3,404,720

Nemetschek SE		37,411		1,902,636

New Work SE		8,477		2,670,867

RWE AG		104,500		3,185,279

SAP SE		29,552		3,915,569

TLG Immobilien AG		1,843		53,957

TUI AG		15,356		200,466

Wirecard AG^#		4,409		558,366

Zalando SE*		23,081		1,000,086


TOTAL GERMANY			$	47,369,273

HONG KONG – 4.3%

AIA Group Ltd.		716,200		7,170,272

BOC Hong Kong Holdings Ltd.		623,500		2,148,368

CNOOC Ltd.		1,766,000		2,650,369

Jardine Matheson Holdings Ltd.		54,200		3,095,904

Sun Hung Kai Properties Ltd.		174,500		2,647,803

Swire Properties Ltd.		888,400		2,800,360

Techtronic Industries Co. Ltd.		546,500		4,289,174


TOTAL HONG KONG			$	24,802,250

INDIA – 1.6%

HDFC Bank Ltd. ADR		112,986		6,902,315

Infosys Ltd. ADR		222,815		2,136,796


TOTAL INDIA			$	9,039,111

IRELAND – 1.9%

DCC PLC		26,403		2,474,800

Kerry Group PLC, Class A		12,325		1,490,074

Kingspan Group PLC		70,126		3,633,707



Description	Number of Shares		Value

Ryanair Holdings PLC ADR*		13,579	$	1,013,537

UDG Healthcare PLC		234,004		2,343,102


TOTAL IRELAND			$	10,955,220

ITALY – 3.1%

Assicurazioni Generali SpA		179,297		3,634,453

Atlantia SpA		128,700		3,177,955

Enel SpA		585,179		4,529,390

Eni SpA		83,115		1,257,914

FinecoBank Banca Fineco SpA		227,876		2,566,915

Intesa Sanpaolo SpA		219,248		549,208

Salvatore Ferragamo SpA^#		95,534		1,784,696

UnipolSai Assicurazioni SpA^#		94,940		264,822


TOTAL ITALY			$	17,765,353

JAPAN – 21.4%

AEON Financial Service Co. Ltd.		51,600		793,185

Ajinomoto Co., Inc.		39,700		757,127

Alps Alpine Co. Ltd.		36		781

Anritsu Corp.^#		44,500		857,528

Ariake Japan Co. Ltd.		11,200		873,266

Asahi Group Holdings Ltd.		12,600		633,559

Bandai Namco Holdings, Inc.		9,800		605,115

Chubu Electric Power Co., Inc.		133,900		2,015,506

COMSYS Holdings Corp.		40,700		1,209,806

Dai-ichi Life Holdings, Inc.		58,600		968,889

Daikin Industries Ltd.		19,800		2,792,425

Daiwa House Industry Co. Ltd.		33,700		1,165,566

Denka Co. Ltd.		57,100		1,668,215

Denki Kogyo Co. Ltd.		35,600		1,101,065

Eagle Industry Co. Ltd.		48,200		489,632

Ebara Corp.		32,900		987,091

Electric Power Development Co. Ltd., Class C		26,100		636,609

FCC Co. Ltd.		25,800		537,789

FUJIFILM Holdings Corp.		11,300		500,176

Fujitsu General Ltd.		37,400		680,882

Fuso Chemical Co. Ltd.		23,900		622,785

Hino Motors Ltd.		49,400		472,088

Hitachi Ltd.		55,800		2,102,511

Hitachi Metals Ltd.		86,900		1,100,835

Honda Motor Co. Ltd.		65,000		1,770,812

Inpex Corp.		149,600		1,397,089

Isetan Mitsukoshi Holdings Ltd.		78,600		631,770

ITOCHU Corp.		76,600		1,610,877

Izumi Co. Ltd.		23,000		870,034

Jafco Co. Ltd.		6,800		257,857

Japan Tobacco, Inc.		28,100		639,074



Description	Number of Shares		Value

JFE Holdings, Inc.		38,300	$	484,824

JXTG Holdings, Inc.		102,900		485,390

KDDI Corp.		19,800		549,868

Kintetsu World Express, Inc.		70,900		1,159,454

Komatsu Ltd.		24,600		582,937

Konami Holdings Corp.		22,700		1,002,676

Kyosan Electric Manufacturing Co. Ltd.		54,500		257,890

Lintec Corp.		48,300		1,024,681

Matsuda Sangyo Co. Ltd.		12,300		185,770

Mirait Holdings Corp.		57,400		927,521

Mitsubishi Corp.		50,800		1,300,224

Mitsubishi Electric Corp.		101,300		1,460,075

Mitsubishi Gas Chemical Co., Inc.		68,400		977,324

Mitsubishi UFJ Financial Group, Inc.		462,100		2,438,231

Mitsui Fudosan Co. Ltd.		93,100		2,397,547

Mitsui Mining & Smelting Co. Ltd.		36,200		1,027,438

Murata Manufacturing Co. Ltd.		22,500		1,221,571

Nakanishi, Inc.		38,200		638,848

NEC Networks & System Integration Corp.		50,900		1,616,696

Nexon Co. Ltd.*		84,800		985,499

Nintendo Co. Ltd.		6,900		2,467,617

Nippo Corp.		68,900		1,425,341

Nippon Densetsu Kogyo Co. Ltd.		37,400		818,028

Nippon Steel Corp.		39,300		579,183

Nippon Suisan Kaisha Ltd.		27,700		159,290

Nippon Telegraph & Telephone Corp.		46,200		2,299,946

Nissin Kogyo Co. Ltd.		84,800		1,754,266

Nitori Holdings Co. Ltd.		4,000		611,538

NTT Data Corp.		92,300		1,223,943

NTT DOCOMO, Inc.		37,700		1,038,592

Olympus Corp.		198,800		2,724,549

ORIX Corp.		68,500		1,082,464

OSAKA Titanium Technologies Co. Ltd.		23,300		369,598

OSJB Holdings Corp.		326,600		801,454

Otsuka Corp.		47,600		1,935,031

Pacific Industrial Co. Ltd.		45,100		622,271

Pan Pacific International Holdings Corp.		65,600		1,036,940

Pilot Corp.		37,900		1,554,746

Recruit Holdings Co. Ltd.		63,400		2,119,987

Rohm Co. Ltd.		19,200		1,539,698

Ryobi Ltd.		20,800		391,962

Sakata INX Corp.		17,000		194,259

San-A Co. Ltd.^#		28,500		1,356,514

Santen Pharmaceutical Co. Ltd.		127,600		2,274,562

Seibu Holdings, Inc.		31,900		565,096

Seino Holdings Co. Ltd.		110,500		1,429,470

Sekisui Chemical Co. Ltd.		46,200		812,425

Seven & i Holdings Co. Ltd.		49,600		1,883,137



Description	Number of Shares		Value

Shionogi & Co. Ltd.		33,100	$	1,997,831

Sinko Industries Ltd.		14,600		248,899

SMC Corp.		1,300		568,080

SoftBank Group Corp.		52,600		2,040,874

Sompo Holdings, Inc.		29,900		1,183,374

Sony Corp.		41,100		2,521,414

Sumitomo Corp.		59,600		973,005

Sumitomo Electric Industries Ltd.		56,600		784,350

Sumitomo Metal Mining Co. Ltd.		38,700		1,310,188

Sumitomo Mitsui Financial Group, Inc.		51,300		1,843,171

Sumitomo Warehouse Co Ltd. (The)		54,700		747,636

Suzuki Motor Corp.		13,300		632,671

T&D Holdings, Inc.		44,700		504,991

Taiheiyo Cement Corp.		11,600		330,845

Tamura Corp.		107,300		622,994

TDK Corp.		17,500		1,755,024

Terumo Corp.		45,100		1,482,591

THK Co. Ltd.		63,400		1,852,273

Toho Co. Ltd.		16,100		651,514

Tokio Marine Holdings, Inc.		24,600		1,336,724

Tokyo Tatemono Co. Ltd.		50,000		717,196

Tokyu Fudosan Holdings Corp.		231,700		1,546,955

Toray Industries, Inc.		141,500		1,009,853

Toyo Suisan Kaisha Ltd.		26,700		1,127,438

Toyota Motor Corp.		37,700		2,632,961

Trend Micro, Inc.		37,200		1,894,620

Tsurumi Manufacturing Co. Ltd.		42,700		848,543

West Japan Railway Co.		13,400		1,168,514

Yamato Holdings Co. Ltd.		29,700		501,647

Yamato Kogyo Co. Ltd.		24,200		633,516

Z Holdings Corp.		132,400		409,497


TOTAL JAPAN			$	122,425,504

JERSEY – 0.1%

Ferguson PLC		3,240		276,411

WPP PLC		28,520		355,840


TOTAL JERSEY			$	632,251

LUXEMBOURG – 0.3%

APERAM SA		5,730		146,091

Aroundtown SA		13,460		113,580

Samsonite International SA		821,986		1,693,075


TOTAL LUXEMBOURG			$	1,952,746

NETHERLANDS – 3.9%

ABN AMRO Bank NV		5,512		102,602

Aegon NV		65,546		283,349

Airbus SE		21,700		3,108,021



Description	Number of Shares		Value

ASML Holding NV		25,765	$	6,752,889

ASR Nederland NV		6,087		222,741

BE Semiconductor Industries NV		3,760		138,932

IMCD NV		23,245		1,812,167

ING Groep NV		111,837		1,263,283

Koninklijke Ahold Delhaize NV		132,720		3,304,604

Koninklijke Philips NV		71,400		3,127,164

NN Group NV^#		6,339		241,578

Randstad NV		3,080		170,520

Unilever NV		31,320		1,849,606


TOTAL NETHERLANDS			$	22,377,456

NORWAY – 0.9%

Equinor ASA		13,130		242,864

Mowi ASA		18,052		440,104

Salmar ASA		2,311		107,682

Sbanken ASA		131,006		930,247

TGS Nopec Geophysical Co. ASA		56,225		1,456,348

Tomra Systems ASA		74,901		2,016,658


TOTAL NORWAY			$	5,193,903

PHILIPPINES – 0.3%

Ayala Land, Inc.		2,037,400		1,949,271

SINGAPORE – 0.9%

Jardine Cycle & Carriage Ltd.		57,400		1,380,520

Oversea-Chinese Banking Corp. Ltd.^#		440,724		3,550,542


TOTAL SINGAPORE			$	4,931,062

SOUTH AFRICA – 0.0%**

African Phoenix Investments Ltd.*		36,266		1,824

SOUTH KOREA – 2.4%

Mando Corp.		39,259		1,208,021

Samsung Electronics Co. Ltd.		206,952		8,965,044

Samsung Fire & Marine Insurance Co. Ltd.		8,120		1,511,006

SK Materials Co. Ltd.		12,029		1,894,119


TOTAL SOUTH KOREA			$	13,578,190

SPAIN – 2.4%

ACS Actividades de Construccion y Servicios SA^#		5,908		239,781

Amadeus IT Group SA		26,737		1,978,243

Banco Bilbao Vizcaya Argentaria SA		211,323		1,113,157

Banco Santander SA^#		282,136		1,130,910

Bankinter SA		194,320		1,343,695

CaixaBank SA		103,760		296,831

Iberdrola SA		446,641		4,586,860

Industria de Diseno Textil SA^#		47,011		1,465,456

Mapfre SA		31,122		86,776

Mediaset Espana Comunicacion SA		28,570		174,615

Repsol SA		59,249		971,382



Description	Number of Shares		Value

Telefonica SA		67,729	$	519,325


TOTAL SPAIN			$	13,907,031

SWEDEN – 3.0%

Assa Abloy AB, Class B		85,107		2,018,445

Atlas Copco AB, Class A		49,867		1,761,616

Avanza Bank Holding AB		207,219		1,766,224

Boliden AB		9,290		249,816

Fabege AB		108,045		1,611,326

Hemfosa Fastigheter AB		6,477		66,711

Hexagon AB, Class B		34,019		1,736,587

Hexpol AB		63,313		563,907

ICA Gruppen AB^#		1,280		56,605

Investor AB, Class A		1,980		99,659

Peab AB		25,069		211,078

Sandvik AB		12,500		220,530

Skandinaviska Enskilda Banken AB, Class A		25,451		243,869

SSAB AB, Class B^#		26,350		66,205

Sweco AB, Class B		67,727		2,382,022

Tele2 AB, Class B		200,100		2,860,881

Trelleborg AB, Class B		61,825		998,541

Volvo AB, Class B		15,670		234,343


TOTAL SWEDEN			$	17,148,365

SWITZERLAND – 3.2%

Adecco Group AG		2,530		149,979

Cembra Money Bank AG		12,806		1,355,242

Chocoladefabriken Lindt & Spruengli AG		112		832,195

Cie Financiere Richemont SA		15,218		1,197,077

Comet Holding AG^#		11,290		1,128,428

Emmi AG		1,268		1,073,269

Landis+Gyr Group AG*		690		63,964

Lonza Group AG*		838		301,561

Novartis AG		19,523		1,703,735

Partners Group Holding AG		2,376		1,852,630

Roche Holding AG		1,210		364,043

Sika AG		17,853		3,067,495

Straumann Holding AG		2,184		1,947,778

Swiss Life Holding AG		1,150		574,942

Temenos AG*		2,816		401,776

UBS Group AG*		24,550		289,673

VAT Group AG*		3,625		531,532

Zurich Insurance Group AG		3,177		1,241,494


TOTAL SWITZERLAND			$	18,076,813

TAIWAN – 2.6%

Largan Precision Co. Ltd.		10,000		1,468,438



Description	Number of Shares		Value

Merida Industry Co. Ltd.		262,000	$	1,514,824

Taiwan Semiconductor Manufacturing Co. Ltd.		1,243,000		12,188,877


TOTAL TAIWAN			$	15,172,139

THAILAND – 0.4%

Kasikornbank PCL		470,000		2,163,603

UNITED KINGDOM – 6.9%

3i Group PLC		25,620		374,349

Admiral Group PLC		11,910		311,947

Anglo American PLC		25,480		654,039

ASOS PLC*		17,352		793,437

Aviva PLC		173,963		935,627

Barclays PLC		359,590		781,606

Barratt Developments PLC		67,117		548,767

Berkeley Group Holdings PLC (The)		4,537		258,648

BHP Group PLC		44,802		948,747

BP PLC		275,187		1,744,181

British American Tobacco PLC		71,901		2,516,568

BT Group PLC		276,515		733,204

Centrica PLC		87,520		82,261

Compass Group PLC		67,924		1,808,984

Croda International PLC		42,186		2,631,741

Direct Line Insurance Group PLC		70,468		248,376

easyJet PLC		12,990		208,314

Evraz PLC		28,320		134,705

GlaxoSmithKline PLC		64,250		1,471,943

HSBC Holdings PLC		355,290		2,687,959

Imperial Brands PLC		17,760		389,345

Legal & General Group PLC		206,113		704,051

Lloyds Banking Group PLC		951,489		700,068

M&G PLC*		45,129		124,983

Micro Focus International PLC		3,090		42,428

National Grid PLC		3,642		42,520

Pagegroup PLC		8,060		46,481

Persimmon PLC		19,291		568,992

Prudential PLC		48,969		855,383

Reckitt Benckiser Group PLC		20,395		1,575,613

Rightmove PLC		17,190		133,291

Rio Tinto PLC		29,616		1,539,898

Royal Dutch Shell PLC, Class A		60,090		1,744,823

Royal Dutch Shell PLC, Class B		70,332		2,020,705

Serco Group PLC*		1,105,151		2,233,236

Smith & Nephew PLC		6,710		143,632

Spectris PLC		3,290		101,940

Spirax-Sarco Engineering PLC		5,047		518,109

Spirent Communications PLC		31,650		81,504



Description	Number of Shares		Value

SSE PLC		17,513	$	291,169

St James’s Place PLC		104,695		1,411,773

Taylor Wimpey PLC		23,838		51,104

Travis Perkins PLC		95,791		1,778,112

Tullow Oil PLC		516,803		1,378,382

Vodafone Group PLC		455,336		928,378


TOTAL UNITED KINGDOM			$	39,281,323

UNITED STATES – 0.3%

Cognizant Technology Solutions Corp., Class A		23,718		1,445,375


TOTAL COMMON STOCKS (COST $472,828,383)			$	531,763,890

PREFERRED STOCK – 0.0%**

GERMANY – 0.0%**

Volkswagen AG 4.86%		522		99,379


TOTAL PREFERRED STOCK (COST $100,334)			$	99,379

MONEY MARKET FUND – 5.2%

Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		29,947,441		29,947,441


TOTAL MONEY MARKET FUND (COST $29,947,441)			$	29,947,441

WARRANTS – 0.7%

SWITZERLAND – 0.7%

Midea Group Co. Ltd., Expire 5/20/20*		325,605		2,567,688

Zhejiang Sanhua Intelligent Controls Co. Ltd., Expire 1/06/20*		752,208		1,496,292


TOTAL WARRANTS (COST $3,566,586)			$	4,063,980


TOTAL INVESTMENTS IN SECURITIES – 98.7% (COST $506,442,744)			$	565,874,690



	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.7%

REPURCHASE AGREEMENTS – 3.7%

Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $1,075,548, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $1,097,008.	$	1,075,497	$	1,075,497



Description	Par Value		Value

BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $4,090,875, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $4,172,492.	$	4,090,678	$	4,090,678

Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $4,090,876, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $4,172,492.		4,090,678		4,090,678

Daiwa Capital Markets America, 1.75%, dated 10/31/19, due 11/01/19, repurchase price $4,090,877, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/21/19 to 10/20/49; total market value of $4,172,492.		4,090,678		4,090,678

ING Financial Markets LLC, 1.74%, dated 10/31/19, due 11/01/19, repurchase price $4,090,876, collateralized by U.S. Government Agency Securities, 2.32% to 6.00%, maturing 2/01/26 to 5/01/58; total market value of $4,172,492.		4,090,678		4,090,678

RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $4,090,876, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $4,172,492.		4,090,678		4,090,678


TOTAL REPURCHASE AGREEMENTS (COST $21,528,887)			$	21,528,887


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $21,528,887)			$	21,528,887


TOTAL INVESTMENTS – 102.4% (COST $527,971,631)			$	587,403,577

COLLATERAL FOR SECURITIES ON LOAN – (3.7%)				(21,528,887	)

OTHER ASSETS LESS LIABILITIES – 1.3%				7,601,843


TOTAL NET ASSETS – 100.0%			$	573,476,533

Cost of investments for Federal income tax purposes is $531,449,413. The net unrealized appreciation/(depreciation) of investments was $56,438,030. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $79,742,101 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(23,304,071).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Assets

Investments in Securities

Common Stocks

Australia	$	2,885,075	$	—	$	—	$	2,885,075

Austria		257,402		—		—		257,402

Belgium		7,878,771		—		—		7,878,771

Bermuda		2,994,302		—		—		2,994,302

Cayman Islands		35,722,061		—		—		35,722,061

China		13,175,437		—		—		13,175,437

Denmark		8,519,918		—		—		8,519,918

Finland		2,218,363		—		—		2,218,363

France		67,944,498		—		—		67,944,498

Germany		47,369,273		—		—		47,369,273

Hong Kong		24,802,250		—		—		24,802,250

India		9,039,111		—		—		9,039,111

Ireland		10,955,220		—		—		10,955,220

Italy		17,765,353		—		—		17,765,353

Japan		120,805,904		1,619,600		—		122,425,504

Jersey		632,251		—		—		632,251

Luxembourg		1,952,746		—		—		1,952,746

Netherlands		22,377,456		—		—		22,377,456

Norway		5,193,903		—		—		5,193,903

Philippines		1,949,271		—		—		1,949,271

Singapore		4,931,062		—		—		4,931,062

South Africa		1,824		—		—		1,824

South Korea		13,578,190		—		—		13,578,190

Spain		13,907,031		—		—		13,907,031

Sweden		17,148,365		—		—		17,148,365

Switzerland		17,003,544		1,073,269		—		18,076,813

Taiwan		15,172,139		—		—		15,172,139

Thailand		2,163,603		—		—		2,163,603

United Kingdom		39,281,323		—		—		39,281,323

United States		1,445,375		—		—		1,445,375

Preferred Stock

Germany		99,379		—		—		99,379

Money Market Fund		29,947,441		—		—		29,947,441

Warrants

Switzerland		—		4,063,980		—		4,063,980

Repurchase Agreements		—		21,528,887		—		21,528,887


Total Investments in Securities	$	559,117,841	$	28,285,736	$	—	$	587,403,577


Other Financial Instruments^!

Forward Foreign Currency Contracts	$	—	$	269	$	—	$	269

Financial Futures Contracts		487,194		—		—		487,194


Total Assets - Other Financial Instruments	$	487,194	$	269	$	—	$	487,463



	Level 1			Level 2				Level 3			Total

Liabilities

Other Financial Instruments^!

Forward Foreign Currency Contracts		$	—		$	(3,597	)		$	—		$	(3,597	)


Total Liabilities - Other Financial Instruments		$	—		$	(3,597	)		$	—		$	(3,597	)

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.

**	Represents less than 0.05%.


The following acronyms are used throughout this Fund:		Currency Code	Currency

ADR	American Depositary Receipt	CHF	Swiss Franc

MSCI	Morgan Stanley Capital International	EUR	Euro

OYJ	Public Limited Company	GBP	British Pound Sterling

PCL	Public Company Limited	HKD	Hong Kong Dollar

PLC	Public Limited Company	NOK	Norwegian Krone

REIT	Real Estate Investment Trust	SEK	Swedish Krona

SCA	Limited Partnership with Share Capital	USD	United States Dollar

SpA	Societa per Azioni

At October 31, 2019, 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

11/1/2019

Bank of New York Mellon

55,697 CHF

$ 56,303

$ 56,458

$155

$ —

11/1/2019

Bank of New York Mellon

40,757 CHF

41,201

41,315

114

—

11/4/2019

Bank of New York Mellon

1,196,191 HKD

152,657

152,654

—

(3)

CONTRACTS SOLD

11/1/2019

Bank of New York Mellon

1,198,921 NOK

129,555

130,372

—

(817)

11/1/2019

Bank of New York Mellon

130,283 EUR

145,046

145,304

—

(258)

11/1/2019

Bank of New York Mellon

15,494 EUR

17,178

17,280

—

(102)

11/1/2019

Bank of New York Mellon

555 GBP

711

719

—

(8)

11/4/2019

Bank of New York Mellon

8,199,110 NOK

889,353

891,580

—

(2,227)

11/4/2019

Bank of New York Mellon

169,810 SEK

17,444

17,586

—

(142)

11/5/2019

Bank of New York Mellon

18,588 EUR

20,700

20,731

—

(31)

11/5/2019

Bank of New York Mellon

4,475 EUR

4,984

4,992

—

(8)

11/5/2019

Bank of New York Mellon

395 GBP

510

511

—

(1)

NET UNREALIZED APPRECIATION (DEPRECIATION) ON
FORWARD FOREIGN CURRENCY CONTRACTS

$269

$(3,597)

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
Common Stocks
Insurance		8.0%
Pharmaceuticals		4.9%
IT Services		3.9%
Real Estate Investment Trusts		3.8%
Oil, Gas & Consumable Fuels		3.6%
Commercial Banks		3.3%
Road & Rail		3.2%
Diversified Financial Services		3.1%
Machinery		2.8%
Capital Markets		2.8%
Specialty Retail		2.8%
Software		2.7%
Health Care Equipment & Supplies		2.7%
Commercial Services & Supplies		2.6%
Semiconductors & Semiconductor Equipment		2.4%
Food Products		2.4%
Aerospace & Defense		2.0%
Diversified Telecommunication Services		1.9%
Hotels, Restaurants & Leisure		1.9%
Chemicals		1.8%
Health Care Providers & Services		1.8%
Construction & Engineering		1.6%
Beverages		1.4%
Metals & Mining		1.4%
Household Durables		1.3%
Household Products		1.3%
Multi-Utilities		1.2%
Trading Companies & Distributors		1.1%
Automobiles		1.1%
Wireless Telecommunication Services		1.1%
Building Products		1.1%
Communications Equipment		1.0%
Electric Utilities		1.0%
Electrical Equipment		1.0%
Auto Components		0.9%
Containers & Packaging		0.9%
Interactive Media & Services		0.9%
Gas Utilities		0.8%
Professional Services		0.8%
Electronic Equipment, Instruments & Components		0.8%
Multiline Retail		0.7%
Media		0.7%
Entertainment		0.7%
Consumer Finance		0.7%
Internet & Catalog Retail		0.7%
Textiles, Apparel & Luxury Goods		0.7%
Tobacco		0.7%
Air Freight & Logistics		0.6%


	Percentage of Total Net Assets
Common Stocks
Personal Products		0.4	%
Water Utilities		0.4	%
Real Estate Management & Development		0.3	%
Technology Hardware, Storage & Peripherals		0.3	%
Food & Staples Retailing		0.3	%
Marine		0.3	%
Airlines		0.3	%
Life Sciences Tools & Services		0.3	%
Construction Materials		0.2	%
Leisure Equipment & Products		0.2	%
Energy Equipment & Services		0.2	%
Biotechnology		0.1	%
Diversified Consumer Services		0.1	%
Paper & Forest Products		0.1	%
Industrial Conglomerates		0.1	%
Transportation Infrastructure		0.1	%
Health Care Technology		0.0	%³
Distributors		0.0	%³
Independent Power & Renewable Electricity Producers		0.0	%³
Preferred Stocks		0.3	%
Investment Companies		0.2	%
Cash Equivalents¹		2.6	%
Other Assets and Liabilities – Net²		2.6	%


TOTAL		100.0	%


	Percentage of Total Net Assets
Country Allocation
Common Stocks
United States		45.4	%
Japan		13.6	%
United Kingdom		6.4	%
France		5.4	%
Canada		5.2	%
Switzerland		3.6	%
Netherlands		2.3	%
Hong Kong		1.6	%
Germany		1.3	%
Ireland		1.1	%
Taiwan		1.0	%
All other countries less than 1.0%		7.4	%
Preferred Stocks		0.3	%
Investment Companies		0.2	%
Cash Equivalents¹		2.6	%
Other Assets and Liabilities – Net²		2.6	%


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

October 31, 2019 (unaudited)



Description	Number of Shares		Value

COMMON STOCKS – 94.3%

AEROSPACE & DEFENSE – 2.0%

Airbus SE		3,618	$	518,195

Boeing Co. (The)		892		303,200

BWX Technologies, Inc.		15,555		903,745

Huntington Ingalls Industries, Inc.		335		75,596

Lockheed Martin Corp.		2,538		956,014

Moog, Inc., Class A		3,106		260,003

Safran SA		2,099		332,073

United Technologies Corp.		4,491		644,818


TOTAL AEROSPACE & DEFENSE			$	3,993,644

AIR FREIGHT & LOGISTICS – 0.6%

bpost SA		9,016		103,069

CTT-Correios de Portugal SA		13,104		41,857

Expeditors International of Washington, Inc.		7,775		567,108

FedEx Corp.		792		120,907

PostNL NV		47,128		108,172



Description	Number of Shares		Value

Royal Mail PLC		3,173	$	8,697

United Parcel Service, Inc., Class B		2,545		293,108


TOTAL AIR FREIGHT & LOGISTICS			$	1,242,918

AIRLINES – 0.3%

Deutsche Lufthansa AG		6,834		118,483

Hawaiian Holdings, Inc.		5,023		143,708

Japan Airlines Co. Ltd.		4,870		152,156

SAS AB*		72,122		112,638


TOTAL AIRLINES			$	526,985

AUTO COMPONENTS – 0.9%

Aisan Industry Co. Ltd.		3,135		26,156

Autoliv, Inc.		536		41,722

Denso Corp.		700		32,812

Exedy Corp.		5,285		125,726

Garrett Motion, Inc.*		60		570

Keihin Corp.		7,625		183,511

Lear Corp.		482		56,765

NGK Spark Plug Co. Ltd.		3,197		65,633

Nissin Kogyo Co. Ltd.		6,972		144,230



Description	Number of Shares		Value

NOK Corp.		10,365	$	164,320

Nokian Renkaat OYJ		430		12,277

Sumitomo Electric Industries Ltd.		8,357		115,809

Sumitomo Riko Co. Ltd.		6,960		61,099

Tachi-S Co. Ltd.		5,100		68,573

Tokai Rika Co. Ltd.		11,257		219,949

Toyoda Gosei Co. Ltd.		6,945		164,380

Toyota Boshoku Corp.		1,700		25,266

Toyota Industries Corp.		1,377		83,648

TS Tech Co. Ltd.		1,432		46,544

Unipres Corp.		6,800		112,399


TOTAL AUTO COMPONENTS			$	1,751,389

AUTOMOBILES – 1.1%

Daimler AG		4,753		277,826

Dongfeng Motor Group Co. Ltd., Class H		201,560		202,693

Honda Motor Co. Ltd.		20,005		545,001

Isuzu Motors Ltd.		30,240		354,933

Mitsubishi Motors Corp.		12,200		56,261

Nissan Motor Co. Ltd.		20,400		130,232

Renault SA		3,330		169,950

Subaru Corp.		2,585		74,757

Suzuki Motor Corp.		4,674		222,339

Yamaha Motor Co. Ltd.		5,968		118,266


TOTAL AUTOMOBILES			$	2,152,258

BEVERAGES – 1.4%

Anadolu Efes Biracilik Ve Malt Sanayii AS		16,492		55,471

Asahi Group Holdings Ltd.		1,891		95,084

Coca-Cola Co. (The)		10,986		597,968

Coca-Cola European Partners PLC		553		29,591

Coca-Cola HBC AG*		639		19,452

Coca-Cola Icecek AS		5,203		28,430

Constellation Brands, Inc., Class A		690		131,328

Diageo PLC		14,084		577,324

Heineken Holding NV		508		48,385

Heineken NV		5,793		590,917

PepsiCo., Inc.		3,941		540,587

Pernod Ricard SA		535		98,751


TOTAL BEVERAGES			$	2,813,288

BIOTECHNOLOGY – 0.1%

Alnylam Pharmaceuticals, Inc.*		740		64,188

Galapagos NV*		998		183,434


TOTAL BIOTECHNOLOGY			$	247,622

BUILDING PRODUCTS – 1.1%

A.O. Smith Corp.		1,229		61,057

Assa Abloy AB, Class B		11,999		284,575

Cie de Saint-Gobain		8,673		352,774



Description	Number of Shares		Value

Fortune Brands Home & Security, Inc.		5,392	$	323,790

Lennox International, Inc.		3,640		900,390

Masco Corp.		2,199		101,704

Owens Corning		1,066		65,324

Resideo Technologies, Inc.*		100		953


TOTAL BUILDING PRODUCTS			$	2,090,567

CAPITAL MARKETS – 2.8%

Ameriprise Financial, Inc.		580		87,516

BlackRock, Inc.		281		129,738

Charles Schwab Corp. (The)		15,267		621,520

CME Group, Inc.		1,921		395,246

E*TRADE Financial Corp.		5,616		234,693

FactSet Research Systems, Inc.		1,063		269,492

Franklin Resources, Inc.		1,804		49,700

GAM Holding AG*		12,766		42,549

Hamilton Lane, Inc., Class A		5,138		306,328

Ichiyoshi Securities Co. Ltd.		6,930		45,113

Intercontinental Exchange, Inc.		6,385		602,233

Jafco Co. Ltd.		2,290		86,837

Julius Baer Group Ltd.*		4,524		199,579

London Stock Exchange Group PLC		4,896		441,026

Moody’s Corp.		1,220		269,242

Nomura Holdings, Inc.		47,300		216,943

Partners Group Holding AG		70		54,581

Schroders PLC		452		18,121

SEI Investments Co.		842		50,453

St James’s Place PLC		1,533		20,672

T. Rowe Price Group, Inc.		811		93,914

TD Ameritrade Holding Corp.		12,879		494,296

UBS Group AG*		67,568		797,254

Uranium Participation Corp.*		14,805		43,164


TOTAL CAPITAL MARKETS			$	5,570,210

CHEMICALS – 1.8%

ADEKA Corp.		7,371		106,753

Air Liquide SA		953		126,589

Air Products & Chemicals, Inc.		660		140,752

China BlueChemical Ltd., Class H		285,730		69,646

Chr Hansen Holding A/S		255		19,574

Croda International PLC		366		22,833

Daicel Corp.		10,503		94,925

Ecolab, Inc.		388		74,523

EMS-Chemie Holding AG		60		37,527

FMC Corp.		2,972		271,938

Ingevity Corp.*		4,921		414,397

JSR Corp.		21,628		410,369

Linde PLC		2,313		458,784



Description	Number of Shares		Value

LyondellBasell Industries NV, Class A		969	$	86,919

Mitsubishi Gas Chemical Co., Inc.		6,900		98,590

Nitto Denko Corp.		2,460		137,591

Sherwin-Williams Co. (The)		1,447		828,147

Shin-Etsu Chemical Co. Ltd.		1,095		123,300


TOTAL CHEMICALS			$	3,523,157

COMMERCIAL BANKS – 3.3%

ABN AMRO Bank NV		33,457		622,780

Bank of Ireland Group PLC		33,635		161,757

Bank of Nova Scotia (The)		9,590		549,795

Bank of Nova Scotia (The)		9,504		545,086

BPER Banca		34,200		152,840

CaixaBank SA		79,218		226,622

Dah Sing Financial Holdings Ltd.		14,015		52,226

DGB Financial Group, Inc.		13,680		82,660

East West Bancorp, Inc.		842		36,139

First Citizens BancShares, Inc., Class A		436		214,477

First Republic Bank		4,566		485,640

Japan Post Bank Co. Ltd.		10,008		100,275

KB Financial Group, Inc. ADR		4,760		170,027

People’s United Financial, Inc.		1,189		19,226

PNC Financial Services Group, Inc. (The)		3,982		584,159

Resona Holdings, Inc.		69,900		307,524

San-In Godo Bank Ltd. (The)		5,825		34,576

Sberbank of Russia PJSC ADR		7,087		104,197

Shinhan Financial Group Co. Ltd. ADR		4,288		154,754

Signature Bank		2,929		346,559

Standard Chartered PLC		77,395		702,780

Sumitomo Mitsui Trust Holdings, Inc.		8,351		307,469

Tochigi Bank Ltd. (The)		16,500		34,989

U.S. Bancorp		1,592		90,776

Unicaja Banco SA		103,261		93,458

UniCredit SpA		23,840		302,261

Zions Bancorp NA		1,083		52,493


TOTAL COMMERCIAL BANKS			$	6,535,545

COMMERCIAL SERVICES & SUPPLIES – 2.6%

Aeon Delight Co. Ltd.		2,689		94,124

Babcock International Group PLC		23,841		171,089

Cintas Corp.		6,123		1,645,066

Clean Harbors, Inc.*		7,190		592,887

Copart, Inc.*		5,864		484,601

Dai Nippon Printing Co. Ltd.		5,259		141,617

Edenred		7,786		409,872

Relia, Inc.		4,800		62,895

Republic Services, Inc.		1,898		166,094

Rollins, Inc.		1,112		42,378

Secom Co. Ltd.		2,515		234,406



Description	Number of Shares		Value

Serco Group PLC*		35,779	$	72,300

Societe BIC SA		139		9,650

Toppan Forms Co. Ltd.		9,815		98,886

Waste Connections, Inc.		8,352		771,725

Waste Management, Inc.		644		72,263


TOTAL COMMERCIAL SERVICES & SUPPLIES			$	5,069,853

COMMUNICATIONS EQUIPMENT – 1.0%

Cisco Systems, Inc.		12,574		597,391

F5 Networks, Inc.*		454		65,412

Motorola Solutions, Inc.		6,705		1,115,176

Nokia OYJ*		37,719		138,551


TOTAL COMMUNICATIONS EQUIPMENT			$	1,916,530

CONSTRUCTION & ENGINEERING – 1.6%

China Machinery Engineering Corp., Class H		157,250		62,009

Chiyoda Corp.*		10,470		27,244

Hazama Ando Corp.		16,983		132,417

Implenia AG		2,381		90,413

JGC Holdings Corp.		18,721		274,773

Kumagai Gumi Co. Ltd.		4,276		133,043

Raubex Group Ltd.		35,008		45,247

Skanska AB, Class B		1,110		23,624

Taisei Corp.		4,771		189,974

Toyo Engineering Corp.*		7,569		48,642

Vinci SA		19,140		2,147,492


TOTAL CONSTRUCTION & ENGINEERING			$	3,174,878

CONSTRUCTION MATERIALS – 0.2%

Imerys SA		2,111		81,509

LafargeHolcim Ltd.*		5,000		257,881

Vicat SA		1,967		83,364


TOTAL CONSTRUCTION MATERIALS			$	422,754

CONSUMER FINANCE – 0.7%

American Express Co.		5,837		684,563

Credit Acceptance Corp.*		1,449		634,387

Provident Financial PLC		9,780		55,754


TOTAL CONSUMER FINANCE			$	1,374,704

CONTAINERS & PACKAGING – 0.9%

AMVIG Holdings Ltd.		88,000		22,685

Ball Corp.		15,278		1,069,002

International Paper Co.		2,115		92,383

Nampak Ltd.*		111,183		59,085

Packaging Corp. of America		4,232		463,235


TOTAL CONTAINERS & PACKAGING			$	1,706,390

DISTRIBUTORS – 0.0%**

LKQ Corp.*		2,336		79,401



Description	Number of Shares		Value

DIVERSIFIED CONSUMER SERVICES – 0.1%

Benesse Holdings, Inc.		2,405	$	64,741

Service Corp. International		3,905		177,599


TOTAL DIVERSIFIED CONSUMER SERVICES			$	242,340

DIVERSIFIED FINANCIAL SERVICES – 3.1%

Bank of America Corp.		14,000		437,780

Berkshire Hathaway, Inc., Class B*		5,469		1,162,600

BNP Paribas SA		6,500		339,347

G-Resources Group Ltd.*		2,282,400		14,272

Groupe Bruxelles Lambert SA		413		41,446

HDFC Bank Ltd. ADR		8,659		528,978

HSBC Holdings PLC		75,791		572,367

ING Groep NV		24,734		279,389

Kasikornbank PCL ADR		5,219		95,612

M&G PLC*		4,953		13,717

Mitsubishi UFJ Financial Group, Inc.		210,874		1,112,659

Mizuho Financial Group, Inc.		326,823		510,860

Nordea Bank Abp		216		1,579

Royal Bank of Canada		4,621		372,739

Societe Generale SA		8,468		240,359

Standard Life Aberdeen PLC		5,770		22,684

Sumitomo Mitsui Financial Group, Inc.		9,185		330,010


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	6,076,398

DIVERSIFIED TELECOMMUNICATION SERVICES – 1.9%

BT Group PLC		204,691		542,756

Cellnex Telecom SA*		9,446		407,288

China Telecom Corp. Ltd., Class H		322,060		137,275

China Tower Corp. Ltd., Class H		752,000		166,025

China Unicom Hong Kong Ltd.		223,660		221,778

Deutsche Telekom AG		6,664		117,193

Elisa OYJ		465		25,397

Hellenic Telecommunications Organization SA		29,105		441,467

Koninklijke KPN NV		135,090		418,851

KT Corp. ADR		15,642		175,660

Magyar Telekom Telecommunications PLC ADR		12,100		92,051

Nippon Telegraph & Telephone Corp.		5,985		297,948

Orange SA		5,133		82,667

Swisscom AG		109		55,688

Telefonica Deutschland Holding AG		3,440		10,915

Verizon Communications, Inc.		7,573		457,939

Zayo Group Holdings, Inc.*		1,824		62,271


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	3,713,169

ELECTRIC UTILITIES – 1.0%

Alliant Energy Corp.		682		36,378



Description	Number of Shares		Value

American Electric Power Co., Inc.		772	$	72,869

Avangrid, Inc.		8,637		432,282

Chugoku Electric Power Co., Inc. (The)		7,566		100,959

Duke Energy Corp.		861		81,158

Edison International		3,277		206,123

Entergy Corp.		431		52,358

Eversource Energy		665		55,687

Exelon Corp.		1,385		63,004

Iberdrola SA		21,176		217,471

NextEra Energy, Inc.		485		115,595

OGE Energy Corp.		638		27,472

Pinnacle West Capital Corp.		344		32,377

Red Electrica Corp. SA		1,161		23,372

Southern Co. (The)		1,369		85,782

SSE PLC		3,668		60,984

Terna Rete Elettrica Nazionale SpA		3,928		25,952

Xcel Energy, Inc.		3,478		220,888


TOTAL ELECTRIC UTILITIES			$	1,910,711

ELECTRICAL EQUIPMENT – 1.0%

Acuity Brands, Inc.		430		53,660

AMETEK, Inc.		4,441		407,018

Cosel Co. Ltd.		5,100		56,436

Eaton Corp. PLC		1,314		114,462

Emerson Electric Co.		5,602		392,980

Legrand SA		895		69,853

Mitsubishi Electric Corp.		9,470		136,495

Schneider Electric SE		4,458		413,969

Sensata Technologies Holding PLC*		1,367		69,977

Ushio, Inc.		8,135		122,564

Zumtobel Group AG*		7,921		62,900


TOTAL ELECTRICAL EQUIPMENT			$	1,900,314

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.8%

Amphenol Corp., Class A		1,394		139,860

Canon Marketing Japan, Inc.		4,231		90,348

Citizen Watch Co. Ltd.		26,930		144,388

Enplas Corp.		1,800		58,255

Foxconn Technology Co. Ltd.		53,670		114,955

Hexagon AB, Class B		595		30,373

Innolux Corp.		409,600		91,095

Kyocera Corp.		1,333		88,159

Nichicon Corp.		12,855		128,086

Nippon Chemi-Con Corp.		5,460		91,514

Zebra Technologies Corp., Class A*		2,264		538,538


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	1,515,571



Description	Number of Shares		Value

ENERGY EQUIPMENT & SERVICES – 0.2%

Drilling Co. of 1972 A/S (The)*		357	$	20,145

Fugro NV*		6,768		61,066

Helmerich & Payne, Inc.		742		27,825

Saipem SpA*		27,120		122,802

Schlumberger Ltd.		2,572		84,079

Trican Well Service Ltd.*		32,621		21,300


TOTAL ENERGY EQUIPMENT & SERVICES			$	337,217

ENTERTAINMENT – 0.7%

Avex, Inc.		6,665		81,654

CTS Eventim AG & Co. KGaA		2,734		165,421

DeNA Co. Ltd.		10,492		179,449

Nexon Co. Ltd.*		30,420		353,524

NHN Corp.*		554		27,475

Spotify Technology SA*		4,006		578,066

Walt Disney Co. (The)		21		2,728


TOTAL ENTERTAINMENT			$	1,388,317

FOOD & STAPLES RETAILING – 0.3%

Cawachi Ltd.		2,620		53,691

J Sainsbury PLC		59,505		156,858

Jeronimo Martins SGPS SA		1,064		17,854

Matsumotokiyoshi Holdings Co. Ltd.		5,095		180,465

METRO AG		3,356		54,647

Sundrug Co. Ltd.		3,053		101,635

Sysco Corp.		789		63,017


TOTAL FOOD & STAPLES RETAILING			$	628,167

FOOD PRODUCTS – 2.4%

Archer-Daniels-Midland Co.		4,068		171,019

Associated British Foods PLC		894		25,778

Chocoladefabriken Lindt & Spruengli AG		9		66,873

Chocoladefabriken Lindt & Spruengli AG		1		81,906

Conagra Brands, Inc.		12,669		342,696

Danone SA		2,011		166,780

Hershey Co. (The)		355		52,139

Hormel Foods Corp.		1,575		64,402

Ingredion, Inc.		3,448		272,392

Kellogg Co.		4,512		286,647

Kerry Group PLC, Class A		317		38,325

Lamb Weston Holdings, Inc.		10,026		782,429

Mondelez International, Inc., Class A		13,083		686,203

Nestle SA		8,705		929,357

Nisshin Seifun Group, Inc.		4,581		91,204

Nomad Foods Ltd.*		12,068		235,447

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		359,200		34,546



Description	Number of Shares		Value

Viscofan SA		5,837	$	316,256


TOTAL FOOD PRODUCTS			$	4,644,399

GAS UTILITIES – 0.8%

Atmos Energy Corp.		322		36,219

ENN Energy Holdings Ltd.		19,800		226,908

Rubis SCA		12,209		707,387

Tokyo Gas Co. Ltd.		6,394		156,668

UGI Corp.		9,708		462,780


TOTAL GAS UTILITIES			$	1,589,962

HEALTH CARE EQUIPMENT & SUPPLIES – 2.7%

Alcon, Inc.*		252		14,882

Baxter International, Inc.		8,173		626,869

Coloplast A/S, Class B		275		33,137

Danaher Corp.		2,177		300,034

Haemonetics Corp.*		4,248		512,861

Hologic, Inc.*		6,349		306,720

IDEXX Laboratories, Inc.*		462		131,675

Insulet Corp.*		4,021		584,332

Koninklijke Philips NV		15,615		683,903

Medtronic PLC		7,202		784,298

Penumbra, Inc.*		1,620		252,671

Smith & Nephew PLC		22,602		483,812

STERIS PLC		2,275		322,072

Sysmex Corp.		3,299		216,502


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	5,253,768

HEALTH CARE PROVIDERS & SERVICES – 1.8%

AmerisourceBergen Corp.		2,708		231,209

Anthem, Inc.		1,089		293,028

CVS Health Corp.		298		19,784

HCA Healthcare, Inc.		7,795		1,040,944

Laboratory Corp. of America Holdings*		2,568		423,129

Quest Diagnostics, Inc.		3,224		326,430

UnitedHealth Group, Inc.		2,701		682,543

Universal Health Services, Inc., Class B		3,410		468,739


TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,485,806

HEALTH CARE TECHNOLOGY – 0.0%**

AGFA-Gevaert NV*		22,233		101,467

HOTELS, RESTAURANTS & LEISURE – 1.9%

Aramark		1,300		56,888

Carnival Corp.		3,570		153,117

Carnival PLC		458		18,344

Choice Hotels International, Inc.		9,344		826,757

Compass Group PLC		45,502		1,211,831

Darden Restaurants, Inc.		598		67,137

Flutter Entertainment PLC		250		25,825



Description	Number of Shares		Value

Marriott Vacations Worldwide Corp.		4,109	$	451,702

McDonald’s Corp.		3,201		629,637

Norwegian Cruise Line Holdings Ltd.*		1,581		80,252

Royal Caribbean Cruises Ltd.		947		103,062

Vail Resorts, Inc.		290		67,387


TOTAL HOTELS, RESTAURANTS & LEISURE			$	3,691,939

HOUSEHOLD DURABLES – 1.3%

Barratt Developments PLC		3,111		25,436

Berkeley Group Holdings PLC (The)		423		24,115

Funai Electric Co. Ltd.*		10,930		60,728

Garmin Ltd.		747		70,031

Lennar Corp., Class A		9,349		557,200

Nikon Corp.		10,185		131,097

NVR, Inc.*		308		1,120,070

Persimmon PLC		804		23,714

PulteGroup, Inc.		2,374		93,156

Sekisui Chemical Co. Ltd.		8,572		150,738

Sekisui House Ltd.		10,006		217,002

Taylor Wimpey PLC		19,781		42,407

Token Corp.		1,010		65,095


TOTAL HOUSEHOLD DURABLES			$	2,580,789

HOUSEHOLD PRODUCTS – 1.3%

Colgate-Palmolive Co.		11,116		762,558

Procter & Gamble Co. (The)		9,362		1,165,663

Reckitt Benckiser Group PLC		7,113		549,514


TOTAL HOUSEHOLD PRODUCTS			$	2,477,735

INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS – 0.0%**

Uniper SE		681		21,221

INDUSTRIAL CONGLOMERATES – 0.1%

DCC PLC		279		26,151

Honeywell International, Inc.		649		112,102

Smiths Group PLC		1,220		25,499


TOTAL INDUSTRIAL CONGLOMERATES			$	163,752

INSURANCE – 8.0%

Admiral Group PLC		710		18,596

Aflac, Inc.		3,499		186,007

Ageas		3,894		224,271

AIA Group Ltd.		195,115		1,953,403

Alleghany Corp.*		406		315,986

Allianz SE		665		162,427

Allstate Corp. (The)		553		58,850

American Financial Group, Inc.		225		23,409

Arthur J Gallagher & Co.		9,249		843,694

Assicurazioni Generali SpA		8,795		178,280

Aviva PLC		11,598		62,378



Description	Number of Shares		Value

AXA SA		35,504	$	937,869

Baloise Holding AG		261		48,205

Chubb Ltd.		3,259		496,737

Cincinnati Financial Corp.		3,143		355,819

CNO Financial Group, Inc.		13,567		212,324

Dai-ichi Life Holdings, Inc.		11,695		193,364

Direct Line Insurance Group PLC		4,610		16,249

Enstar Group Ltd.*		2,661		534,595

Everest Re Group Ltd.		244		62,730

Fidelity National Financial, Inc.		1,471		67,431

Globe Life, Inc.		7,231		703,793

Hannover Rueck SE		492		87,138

Intact Financial Corp.		16,520		1,704,554

Legal & General Group PLC		30,126		102,906

Mapfre SA		4,912		13,696

Markel Corp.*		1,297		1,518,787

Marsh & McLennan Cos., Inc.		725		75,124

MetLife, Inc.		2,502		117,069

MS&AD Insurance Group Holdings, Inc.		12,875		418,357

Muenchener Rueckversicherungs AG		219		60,818

Ping An Insurance Group Co. of China Ltd., Class H		19,492		225,741

Principal Financial Group, Inc.		1,301		69,447

Progressive Corp. (The)		1,715		119,535

Prudential PLC		4,953		86,518

RSA Insurance Group PLC		2,877		19,461

Sampo OYJ, Class A		2,165		88,713

Shin Kong Financial Holding Co. Ltd.*		262,657		83,007

Sony Financial Holdings, Inc.		30,844		668,063

Swiss Life Holding AG		144		71,993

Swiss Re AG		483		50,577

T&D Holdings, Inc.		34,068		384,878

Tokio Marine Holdings, Inc.		15,339		833,496

Tongyang Life Insurance Co. Ltd.		13,064		41,153

Travelers Cos., Inc. (The)		815		106,814

Tryg A/S		570		15,920

White Mountains Insurance Group Ltd.		357		382,347

Willis Towers Watson PLC		2,022		377,912

WR Berkley Corp.		465		32,503

Zurich Insurance Group AG		512		200,077


TOTAL INSURANCE			$	15,613,021

INTERACTIVE MEDIA & SERVICES – 0.9%

Auto Trader Group PLC		3,095		22,539

Gree, Inc.		28,470		135,772

Pinterest, Inc., Class A*		25,798		648,562

Tencent Holdings Ltd.		5,953		243,713

Twitter, Inc.*		3,545		106,244



Description	Number of Shares		Value

Yandex NV, Class A*		4,827	$	161,173

Z Holdings Corp.		124,269		384,349


TOTAL INTERACTIVE MEDIA & SERVICES			$	1,702,352

INTERNET & CATALOG RETAIL – 0.7%

Alibaba Group Holding Ltd. ADR*		1,908		337,086

Amazon.com, Inc.*		247		438,835

eBay, Inc.		6,573		231,698

Expedia Group, Inc.		2,187		298,875

Qliro Group AB*		21,589		19,229


TOTAL INTERNET & CATALOG RETAIL			$	1,325,723

IT SERVICES – 3.9%

Accenture PLC, Class A		4,156		770,605

Amdocs Ltd.		4,238		276,318

Automatic Data Processing, Inc.		2,973		482,310

Black Knight, Inc.*		8,897		571,187

Capgemini SE		4,754		535,250

DTS Corp.		3,736		79,743

DXC Technology Co.		23,545		651,490

Fidelity National Information Services, Inc.		6,304		830,615

Fiserv, Inc.*		2,429		257,814

FleetCor Technologies, Inc.*		495		145,639

Fujitsu Ltd.		1,658		147,714

Global Payments, Inc.		823		139,235

GoDaddy, Inc., Class A*		4,681		304,405

Jack Henry & Associates, Inc.		219		31,002

Mastercard, Inc., Class A		1,655		458,121

Pagseguro Digital Ltd., Class A*		6,711		248,844

Paychex, Inc.		2,845		237,956

Perspecta, Inc.		7,803		207,092

Sabre Corp.		2,490		58,465

Sopra Steria Group		223		30,567

StoneCo Ltd., Class A*		8,533		313,929

Visa, Inc., Class A		2,967		530,678

Western Union Co. (The)		2,773		69,491

Worldline SA*		5,184		314,814


TOTAL IT SERVICES			$	7,693,284

LEISURE EQUIPMENT & PRODUCTS – 0.2%

BRP, Inc.		8,163		366,222

LIFE SCIENCES TOOLS & SERVICES – 0.3%

QIAGEN NV*		635		19,058

Thermo Fisher Scientific, Inc.		1,596		481,960


TOTAL LIFE SCIENCES TOOLS & SERVICES			$	501,018

MACHINERY – 2.8%

Amada Holdings Co. Ltd.		5,185		59,681

Cummins, Inc.		594		102,453

Deere & Co.		2,022		352,111



Description	Number of Shares		Value

Dover Corp.		6,539	$	679,337

Fortive Corp.		22,045		1,521,105

Hisaka Works Ltd.		5,400		46,954

IDEX Corp.		6,241		970,663

Ingersoll-Rand PLC		1,200		152,268

Japan Steel Works Ltd. (The)		9,685		207,619

Kone OYJ, Class B		649		41,287

Mitsubishi Heavy Industries Ltd.		4,282		174,547

PACCAR, Inc.		8,989		683,703

Schindler Holding AG		304		74,328

Schindler Holding AG		217		51,297

Snap-on, Inc.		445		72,388

Takuma Co. Ltd.		10,110		121,144

THK Co. Ltd.		7,000		204,510

Toshiba Machine Co. Ltd.		2,968		67,089


TOTAL MACHINERY			$	5,582,484

MARINE – 0.3%

AP Moeller - Maersk A/S, Class B		177		225,597

D/S Norden A/S		6,712		98,093

Kuehne + Nagel International AG		583		94,172

Pacific Basin Shipping Ltd.		490,000		113,809


TOTAL MARINE			$	531,671

MEDIA – 0.7%

Comcast Corp., Class A		8,801		394,461

Criteo SA ADR*		3,098		51,737

Fox Corp., Class A		1,238		39,666

Fuji Media Holdings, Inc.		4,965		67,585

Gendai Agency, Inc.		1,600		6,208

Interpublic Group of Cos., Inc. (The)		2,343		50,960

Metropole Television SA		6,060		106,585

Nippon Television Holdings, Inc.		20,327		267,852

Omnicom Group, Inc.		1,421		109,687

RTL Group SA*		189		9,604

Sirius XM Holdings, Inc.		11,592		77,898

Television Francaise 1		13,782		115,590

TV Asahi Holdings Corp.		6,035		95,395


TOTAL MEDIA			$	1,393,228

METALS & MINING – 1.4%

Anglo American Platinum Ltd.		737		55,001

Anglo American PLC		9,972		255,969

Asahi Holdings, Inc.		7,168		167,468

Barrick Gold Corp.		12,454		216,345

Boliden AB		788		21,190

Centerra Gold, Inc.*		13,194		112,496

Chubu Steel Plate Co. Ltd.		2,000		12,038



Description	Number of Shares		Value

Eldorado Gold Corp.*		8,933	$	75,216

Gold Fields Ltd.		23,002		141,478

Harmony Gold Mining Co. Ltd. ADR*		26,002		90,487

Hitachi Metals Ltd.		15,720		199,138

IAMGOLD Corp.*		9,574		35,807

Impala Platinum Holdings Ltd.*		7,638		52,494

Kinross Gold Corp.*		23,440		113,684

Kyoei Steel Ltd.		6,925		127,547

Nakayama Steel Works Ltd.		10,390		44,835

Neturen Co. Ltd.		3,565		31,725

Norsk Hydro ASA		51,589		182,040

Northern Dynasty Minerals Ltd.*		2,780		1,625

Pacific Metals Co. Ltd.		2,677		64,626

Petra Diamonds Ltd.*		106,152		11,688

Resolute Mining Ltd.*		57,018		47,560

Salzgitter AG		5,788		104,770

SEMAFO, Inc.*		16,414		52,964

Tokyo Steel Manufacturing Co. Ltd.		15,560		126,076

Western Areas Ltd.		43,455		96,158

Yamato Kogyo Co. Ltd.		9,008		235,815


TOTAL METALS & MINING			$	2,676,240

MULTILINE RETAIL – 0.7%

B&M European Value Retail SA		77,910		373,710

Dollar General Corp.		1,258		201,708

Marks & Spencer Group PLC		39,512		92,895

Marui Group Co. Ltd.		24,560		549,695

Next PLC		372		31,717

Target Corp.		1,927		206,016


TOTAL MULTILINE RETAIL			$	1,455,741

MULTI-UTILITIES – 1.2%

Ameren Corp.		2,091		162,471

CenterPoint Energy, Inc.		1,117		32,471

Centrica PLC		105,025		98,714

CMS Energy Corp.		707		45,191

Consolidated Edison, Inc.		582		53,672

Dominion Energy, Inc.		888		73,304

DTE Energy Co.		374		47,618

E.ON SE		48,059		484,385

Engie SA		12,966		216,842

National Grid PLC		80,402		938,695

Public Service Enterprise Group, Inc.		917		58,055

RWE AG		2,963		90,316

Sempra Energy		426		61,561

WEC Energy Group, Inc.		635		59,944


TOTAL MULTI-UTILITIES			$	2,423,239



Description	Number of Shares		Value

OIL, GAS & CONSUMABLE FUELS – 3.6%

Advantage Oil & Gas Ltd.*		35,029	$	50,532

ARC Resources Ltd.		9,642		40,849

BP PLC		59,979		380,157

Cameco Corp.		7,216		64,430

Canadian Natural Resources Ltd.		8,945		225,593

Chevron Corp.		2,211		256,786

Diamondback Energy, Inc.		2,447		209,855

Enbridge, Inc.		9,889		360,167

Encana Corp.		24,414		95,647

Eni SpA		26,291		397,904

Exxon Mobil Corp.		4,103		277,240

Galp Energia SGPS SA		24,011		382,411

Gazprom PJSC ADR		21,499		172,261

Idemitsu Kosan Co. Ltd.		4,031		119,635

Imperial Oil Ltd.		12,259		305,288

Inpex Corp.		21,510		200,878

Japan Petroleum Exploration Co. Ltd.		4,390		113,297

LUKOIL PJSC ADR		1,317		121,243

Occidental Petroleum Corp.		1,750		70,875

Painted Pony Energy Ltd.*		24,197		11,206

Pembina Pipeline Corp.		6,150		216,234

Royal Dutch Shell PLC, Class B		19,238		552,726

Surgutneftegas PJSC ADR		24,895		164,307

Targa Resources Corp.		1,131		43,973

TC Energy Corp.		9,681		487,982

TOTAL SA		28,730		1,510,326

Tourmaline Oil Corp.		5,551		47,624

Valero Energy Corp.		1,087		105,417

Williams Cos., Inc. (The)		4,757		106,129

YPF SA ADR		6,625		62,010


TOTAL OIL, GAS & CONSUMABLE FUELS			$	7,152,982

PAPER & FOREST PRODUCTS – 0.1%

Louisiana-Pacific Corp.		5,905		172,603

UPM-Kymmene OYJ		1,000		32,500


TOTAL PAPER & FOREST PRODUCTS			$	205,103

PERSONAL PRODUCTS – 0.4%

Beiersdorf AG		700		82,872

L’Oreal SA		729		212,857

Unilever NV		6,690		395,079

Unilever PLC		2,176		130,294


TOTAL PERSONAL PRODUCTS			$	821,102

PHARMACEUTICALS – 4.9%

Astellas Pharma, Inc.		13,982		240,629

AstraZeneca PLC ADR		18,623		913,086

AstraZeneca PLC		4,947		480,673



Description	Number of Shares		Value

Bristol-Myers Squibb Co.		2,946	$	169,012

Eisai Co. Ltd.		1,295		94,580

GlaxoSmithKline PLC		4,069		93,219

H Lundbeck A/S		280		9,551

Jazz Pharmaceuticals PLC*		448		56,282

Johnson & Johnson		8,876		1,171,987

Kyowa Kirin Co. Ltd.		8,203		151,618

Merck & Co., Inc.		12,227		1,059,592

Nippon Shinyaku Co. Ltd.		6,400		580,795

Novartis AG		27,276		2,380,325

Novo Nordisk A/S, Class B		1,555		84,925

Ono Pharmaceutical Co. Ltd.		20,413		386,938

Orion OYJ, Class B		451		19,989

Pfizer, Inc.		20,645		792,149

Roche Holding AG		1,654		497,625

Sanofi		936		86,249

Takeda Pharmaceutical Co. Ltd.		8,345		303,539


TOTAL PHARMACEUTICALS			$	9,572,763

PROFESSIONAL SERVICES – 0.8%

Adecco Group AG		4,583		271,682

Experian PLC		9,308		292,748

Hays PLC		41,823		85,110

IHS Markit Ltd.*		799		55,946

Insperity, Inc.		2,237		236,294

Intertek Group PLC		418		28,979

Pagegroup PLC		8,521		49,140

RELX PLC		6,335		152,330

Robert Half International, Inc.		703		40,261

SGS SA		20		52,063

SThree PLC		12,224		45,207

TransUnion		1,212		100,135

Verisk Analytics, Inc.		892		129,072

Wolters Kluwer NV		543		39,982


TOTAL PROFESSIONAL SERVICES			$	1,578,949

REAL ESTATE INVESTMENT TRUSTS – 3.8%

Alexandria Real Estate Equities, Inc.		263		41,751

American Tower Corp.		10,675		2,328,004

AvalonBay Communities, Inc.		259		56,374

British Land Co. PLC (The)		13,047		104,884

Brixmor Property Group, Inc.		11,453		252,195

Camden Property Trust		3,223		368,615

Covivio		294		33,282

Crown Castle International Corp.		2,264		314,221

Daiwa House REIT Investment Corp.		46		133,966

Equity Residential		694		61,530

Gaming and Leisure Properties, Inc.		9,574		386,407



Description	Number of Shares		Value

Gecina SA		146	$	25,044

ICADE		165		16,157

Japan Prime Realty Investment Corp.		22		105,732

Japan Real Estate Investment Corp.		24		163,793

Japan Retail Fund Investment Corp.		58		135,346

Land Securities Group PLC		12,496		152,155

LaSalle Logiport REIT		46		68,538

Liberty Property Trust		503		29,712

Medical Properties Trust, Inc.		12,563		260,431

Mid-America Apartment Communities, Inc.		312		43,365

Nippon Building Fund, Inc.		22		167,052

Nomura Real Estate Master Fund, Inc.		81		154,889

Public Storage		6,060		1,350,532

Realty Income Corp.		657		53,736

Segro PLC		5,170		56,536

Simon Property Group, Inc.		1,045		157,461

STORE Capital Corp.		7,617		308,488

UDR, Inc.		772		38,793

Unibail-Rodamco-Westfield		374		57,834

United Urban Investment Corp.		67		135,253


TOTAL REAL ESTATE INVESTMENT TRUSTS			$	7,562,076

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%

CBRE Group, Inc., Class A*		2,021		108,225

Daito Trust Construction Co. Ltd.		738		98,204

Mitsubishi Estate Co. Ltd.		8,600		167,835

Nexity SA		3,411		176,443

Swiss Prime Site AG*		418		43,050

Vonovia SE		1,460		77,688


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	671,445

ROAD & RAIL – 3.2%

AMERCO		1,795		727,047

Canadian National Railway Co.		21,603		1,932,149

Central Japan Railway Co.		1,361		280,984

East Japan Railway Co.		2,916		265,948

Firstgroup PLC*		38,237		63,944

Genesee & Wyoming, Inc., Class A*		9,603		1,066,221

Go-Ahead Group PLC (The)		2,560		67,781

Hankyu Hanshin Holdings, Inc.		4,076		164,187

Kansas City Southern		1,340		188,645

Keisei Electric Railway Co. Ltd.		2,996		123,319

Kintetsu Group Holdings Co. Ltd.		3,026		165,605

Kyushu Railway Co.		3,667		121,566

Nagoya Railroad Co. Ltd.		4,178		133,476

Odakyu Electric Railway Co. Ltd.		5,626		137,693

Old Dominion Freight Line, Inc.		501		91,222

Tobu Railway Co. Ltd.		4,139		138,938

Uber Technologies, Inc.*		15,456		486,864



Description	Number of Shares		Value

West Japan Railway Co.		2,348	$	204,752


TOTAL ROAD & RAIL			$	6,360,341

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.4%

Advanced Micro Devices, Inc.*		11,140		377,980

Broadcom, Inc.		782		229,009

Entegris, Inc.		5,431		260,688

Lam Research Corp.		536		145,277

Marvell Technology Group Ltd.		45,809		1,117,281

Maxim Integrated Products, Inc.		1,202		70,509

MediaTek, Inc.		43,000		576,337

Miraial Co. Ltd.		2,200		30,151

NXP Semiconductors NV		510		57,977

QUALCOMM, Inc.		2,684		215,901

Skyworks Solutions, Inc.		4,456		405,763

Taiwan Semiconductor Manufacturing Co. Ltd.		54,000		529,525

Taiwan Semiconductor Manufacturing Co. Ltd. ADR		6,282		324,340

Texas Instruments, Inc.		2,305		271,967

Tokyo Seimitsu Co. Ltd.		3,345		108,723

Tower Semiconductor Ltd.*		2,100		46,053


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	4,767,481

SOFTWARE – 2.7%

CDK Global, Inc.		4,841		244,664

Constellation Software, Inc.		1,199		1,184,189

Guidewire Software, Inc.*		3,166		356,935

Microsoft Corp.		5,903		846,313

Mimecast Ltd.*		9,089		360,924

Open Text Corp.		6,975		280,813

ServiceNow, Inc.*		1,836		453,969

Splunk, Inc.*		3,218		386,031

SS&C Technologies Holdings, Inc.		6,844		355,956

Trade Desk, Inc., Class A (The)*		1,279		256,823

Workday, Inc., Class A*		4,155		673,775


TOTAL SOFTWARE			$	5,400,392

SPECIALTY RETAIL – 2.8%

AutoZone, Inc.*		148		169,368

Best Buy Co., Inc.		1,026		73,698

Burlington Stores, Inc.*		2,717		522,126

Camping World Holdings, Inc., Class A		19,213		181,563

CarMax, Inc.*		7,851		731,478

CECONOMY AG*		16,169		81,601

Gap, Inc. (The)		1,533		24,927

Halfords Group PLC		27,020		55,441

Hennes & Mauritz AB, Class B		2,038		42,583

Home Depot, Inc. (The)		3,299		773,879

Industria de Diseno Textil SA		3,084		96,136



Description	Number of Shares		Value

Kingfisher PLC		64,647	$	173,511

L Brands, Inc.		1,556		26,514

Lowe’s Cos., Inc.		8,855		988,307

Nishimatsuya Chain Co. Ltd.		15,335		137,176

O’Reilly Automotive, Inc.*		395		172,026

Ross Stores, Inc.		1,576		172,840

Shimamura Co. Ltd.		1,810		154,367

TJX Cos., Inc. (The)		9,487		546,926

Tractor Supply Co.		962		91,409

Ulta Beauty, Inc.*		381		88,830

USS Co. Ltd.		5,492		107,104

Xebio Holdings Co. Ltd.		8,185		92,241


TOTAL SPECIALTY RETAIL			$	5,504,051

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 0.3%

Acer, Inc.		181,840		106,330

Canon, Inc.		4,055		111,222

Compal Electronics, Inc. GDR		54,630		163,311

HP, Inc.		4,640		80,597

Maxell Holdings Ltd.		5,350		74,312

Melco Holdings, Inc.		500		13,543

Quadient		4,698		100,497


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	649,812

TEXTILES, APPAREL & LUXURY GOODS – 0.7%

361 Degrees International Ltd.		234,130		48,105

adidas AG		232		71,635

Daphne International Holdings Ltd.*		217,140		4,323

Geox SpA		21,828		30,431

HUGO BOSS AG		227		9,550

NIKE, Inc., Class B		5,634		504,525

Sanyo Shokai Ltd.		4,270		57,136

Tapestry, Inc.		1,369		35,402

Under Armour, Inc., Class A*		26,069		538,325

Under Armour, Inc., Class C*		806		14,911


TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,314,343

TOBACCO – 0.7%

Altria Group, Inc.		3,187		142,746

Japan Tobacco, Inc.		17,318		393,861

Philip Morris International, Inc.		9,028		735,240

Swedish Match AB		490		22,999


TOTAL TOBACCO			$	1,294,846

TRADING COMPANIES & DISTRIBUTORS – 1.1%

Brenntag AG		9,693		486,477

Bunzl PLC		840		21,849

Fastenal Co.		16,869		606,272

Ferguson PLC		5,287		451,044

ITOCHU Corp.		8,653		181,970



Description	Number of Shares		Value

Mitsubishi Corp.		5,799	$	148,425

Rexel SA		16,660		206,248

SIG PLC		35,168		51,295


TOTAL TRADING COMPANIES & DISTRIBUTORS			$	2,153,580

TRANSPORTATION INFRASTRUCTURE – 0.1%

Hamburger Hafen und Logistik AG		2,677		69,327

Kamigumi Co. Ltd.		3,429		77,922


TOTAL TRANSPORTATION INFRASTRUCTURE			$	147,249

WATER UTILITIES – 0.4%

American Water Works Co., Inc.		417		51,404

Guangdong Investment Ltd.		305,640		663,082


TOTAL WATER UTILITIES			$	714,486

WIRELESS TELECOMMUNICATION SERVICES – 1.1%

1&1 Drillisch AG		250		6,686

China Mobile Ltd.		22,020		179,286

KDDI Corp.		33,867		940,523

Millicom International Cellular SA		8,122		370,111

MTN Group Ltd.		12,856		79,626

NTT DOCOMO, Inc.		12,160		334,994

Orange Belgium SA		4,539		99,829

Sprint Corp.*		8,887		55,188

VEON Ltd. ADR		34,537		82,889


TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	2,149,132


TOTAL COMMON STOCKS (COST $167,786,643)			$	185,199,491

INVESTMENT COMPANIES – 0.2%

EQUITY FUNDS – 0.2%

iShares Core MSCI EAFE ETF		3,450		218,143



Description	Number of Shares		Value

Nomura TOPIX ETF		6,426	$	102,587


TOTAL INVESTMENT COMPANIES (COST $306,973)			$	320,730

PREFERRED STOCKS – 0.3%

CONSUMER DISCRETIONARY – 0.2%

Porsche Automobil Holding SE 2.21%		401		29,518

Volkswagen AG 4.86%		1,951		371,435


TOTAL CONSUMER DISCRETIONARY			$	400,953

CONSUMER STAPLES – 0.0%**

Henkel AG & Co. KGaA 1.85%		353		36,685

UTILITIES – 0.1%

Cia Paranaense de Energia 0.38%		7,100		98,467


TOTAL PREFERRED STOCKS (COST $446,427)			$	536,105

MONEY MARKET FUNDS – 2.6%

Dreyfus Cash Management Fund, Institutional Shares, 1.87%^{^}		134		134

Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		5,135,099		5,135,099


TOTAL MONEY MARKET FUNDS (COST $5,135,233)			$	5,135,233

TOTAL INVESTMENTS – 97.4% (COST $173,675,276)			$	191,191,559

OTHER ASSETS LESS LIABILITIES – 2.6%				5,134,563


TOTAL NET ASSETS – 100.0%			$	196,326,122

Cost of investments for Federal income tax purposes is $174,608,416. The net unrealized appreciation/(depreciation) of investments was $14,158,046. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $23,740,227 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(9,582,181).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 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	$	3,993,644	$	—	$	—	$	3,993,644

Air Freight & Logistics		1,242,918		—		—		1,242,918

Airlines		526,985		—		—		526,985

Auto Components		1,751,389		—		—		1,751,389



	Level 1		Level 2		Level 3		Total
Automobiles	$	2,152,258	$	—	$	—	$	2,152,258

Beverages		2,813,288		—		—		2,813,288

Biotechnology		247,622		—		—		247,622

Building Products		2,090,567		—		—		2,090,567

Capital Markets		5,570,210		—		—		5,570,210

Chemicals		3,523,157		—		—		3,523,157

Commercial Banks		6,535,545		—		—		6,535,545

Commercial Services & Supplies		5,069,853		—		—		5,069,853

Communications Equipment		1,916,530		—		—		1,916,530

Construction & Engineering		3,042,461		132,417		—		3,174,878

Construction Materials		422,754		—		—		422,754

Consumer Finance		1,374,704		—		—		1,374,704

Containers & Packaging		1,706,390		—		—		1,706,390

Distributors		79,401		—		—		79,401

Diversified Consumer Services		242,340		—		—		242,340

Diversified Financial Services		6,076,398		—		—		6,076,398

Diversified Telecommunication Services		3,713,169		—		—		3,713,169

Electric Utilities		1,910,711		—		—		1,910,711

Electrical Equipment		1,900,314		—		—		1,900,314

Electronic Equipment, Instruments & Components		1,515,571		—		—		1,515,571

Energy Equipment & Services		337,217		—		—		337,217

Entertainment		1,388,317		—		—		1,388,317

Food & Staples Retailing		628,167		—		—		628,167

Food Products		4,644,399		—		—		4,644,399

Gas Utilities		1,589,962		—		—		1,589,962

Health Care Equipment & Supplies		5,253,768		—		—		5,253,768

Health Care Providers & Services		3,485,806		—		—		3,485,806

Health Care Technology		101,467		—		—		101,467

Hotels, Restaurants & Leisure		3,691,939		—		—		3,691,939

Household Durables		2,580,789		—		—		2,580,789

Household Products		2,477,735		—		—		2,477,735

Independent Power & Renewable Electricity Producers		21,221		—		—		21,221

Industrial Conglomerates		163,752		—		—		163,752

Insurance		15,613,021		—		—		15,613,021

Interactive Media & Services		1,702,352		—		—		1,702,352

Internet & Catalog Retail		1,325,723		—		—		1,325,723

IT Services		7,693,284		—		—		7,693,284

Leisure Equipment & Products		366,222		—		—		366,222

Life Sciences Tools & Services		501,018		—		—		501,018

Machinery		5,582,484		—		—		5,582,484

Marine		531,671		—		—		531,671

Media		1,393,228		—		—		1,393,228

Metals & Mining		2,676,240		—		—		2,676,240

Multiline Retail		1,455,741		—		—		1,455,741

Multi-Utilities		2,423,239		—		—		2,423,239

Oil, Gas & Consumable Fuels		7,152,982		—		—		7,152,982

Paper & Forest Products		205,103		—		—		205,103

Personal Products		821,102		—		—		821,102

Pharmaceuticals		9,572,763		—		—		9,572,763

Professional Services		1,578,949		—		—		1,578,949

Real Estate Investment Trusts		7,562,076		—		—		7,562,076



	Level 1			Level 2			Level 3		Total
Real Estate Management & Development	$	671,445		$	—		$	—	$	671,445

Road & Rail		6,360,341			—			—		6,360,341

Semiconductors & Semiconductor Equipment		4,767,481			—			—		4,767,481

Software		5,400,392			—			—		5,400,392

Specialty Retail		5,504,051			—			—		5,504,051

Technology Hardware, Storage & Peripherals		649,812			—			—		649,812

Textiles, Apparel & Luxury Goods		1,314,343			—			—		1,314,343

Tobacco		1,294,846			—			—		1,294,846

Trading Companies & Distributors		2,153,580			—			—		2,153,580

Transportation Infrastructure		147,249			—			—		147,249

Water Utilities		714,486			—			—		714,486

Wireless Telecommunication Services		2,149,132			—			—		2,149,132

Investment Companies		320,730			—			—		320,730

Preferred Stocks		536,105			—			—		536,105

Money Market Funds		5,135,233			—			—		5,135,233


Total Investments in Securities	$	191,059,142		$	132,417		$	—	$	191,191,559


Other Financial Instruments^!

Forward Foreign Currency Contracts	$	—		$	35,315		$	—	$	35,315

Financial Futures Contracts		129,941			—			—		129,941


Total Assets - Other Financial Instruments	$	129,941		$	35,315		$	—	$	165,256


Liabilities

Other Financial Instruments^!

Forward Foreign Currency Contracts	$	—		$	(160,659	)	$	—	$	(160,659	)

Financial Futures Contracts		(2,429,694	)		—			—		(2,429,694	)


Total Liabilities - Other Financial Instruments	$	(2,429,694	)	$	(160,659	)	$	—	$	(2,590,353	)

^! 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.

**	Represents less than 0.05%.


The following acronyms are used throughout this Fund:

ADR		American Depositary Receipt

EAFE		Europe, Australasia and the Far East

ETF		Exchange-Traded Fund

GDR		Global Depositary Receipt

MSCI		Morgan Stanley Capital International

NA		National Association

OYJ		Public Limited Company

PCL		Public Company Limited

PLC		Public Limited Company

REIT		Real Estate Investment Trust

SCA		Limited Partnership with Share Capital

SpA		Societa per Azioni


Currency Code Currency

CAD		Canadian Dollar

EUR		Euro

GBP		British Pound Sterling

HKD		Hong Kong Dollar

JPY		Japanese Yen

USD		United States Dollar

ZAR		South African Rand

At October 31, 2019, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date

Counterparty

Contracts to
Deliver/Receive

Contract
Amount

Contract
at Value

Unrealized
Appreciation

Unrealized
(Depreciation)

CONTRACTS PURCHASED

11/1/2019

State Street Corp.

1,449,627 JPY

$ 13,318

$ 13,424

$ 106

$ —

11/1/2019

State Street Corp.

1,218,123 HKD

155,363

155,453

—

11/1/2019

Goldman Sachs Bank USA

5,154 CAD

3,916

3,913

—

)

11/5/2019

State Street Corp.

6,707,106 JPY

61,939

62,108

169

—

CONTRACTS SOLD

11/1/2019

Bank of New York Mellon

5,477 CAD

4,160

4,159

—

11/1/2019

Bank of New York Mellon

2,164 GBP

2,783

2,803

—

(20

)

11/4/2019

Bank of New York Mellon

16,346 HKD

2,082

2,085

—

)

11/5/2019

Credit Suisse International

831,224 ZAR

55,087

55,010

—

11/5/2019

Bank of New York Mellon

190,795 JPY

1,750

1,766

—

(16

)

11/6/2019

Bank of New York Mellon

116,315 JPY

1,074

1,077

—

)

12/18/2019

Standard Chartered Bank

544,100,000 JPY

5,078,592

5,055,306

23,286

—

12/18/2019

Standard Chartered Bank

200,900,000 JPY

1,869,633

1,866,589

3,044

—

12/18/2019

Goldman Sachs Bank USA

5,505,000 CAD

4,189,259

4,180,717

8,542

—

12/18/2019

JP Morgan Chase Bank, N.A.

3,187,000 EUR

3,537,618

3,566,958

—

(29,340

)

12/18/2019

Barclays Bank PLC

2,266,000 GBP

2,809,026

2,940,300

—

(131,274

)

NET UNREALIZED APPRECIATION

(DEPRECIATION) ON FORWARD

FOREIGN CURRENCY CONTRACTS

$35,315

$(160,659)

At October 31, 2019, the 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 Russell 2000 Index		December 2019		84		6,566,280		$ 6,641,284		$ 6,566,280		$ 75,004		$ —
E-Mini S&P 500 Index		December 2019		137		20,795,230		20,535,918		20,795,230		—		(259,312	)
E-Mini S&P Mid 400 Index		December 2019		112		21,896,000		21,885,838		21,896,000		—		(10,162	)
Euro STOXX 50 Index		December 2019		178		6,424,020^EUR		6,903,988		7,112,856		—		(208,868	)
FTSE 100 Index		December 2019		51		3,695,460^GBP		4,661,439		4,622,848		38,591		—
MSCI EAFE Index		December 2019		307		30,043,020		29,078,779		30,043,020		—		(964,241	)
S&P TSX 60 Index		December 2019		14		2,757,720^CAD		2,092,455		2,076,109		16,346		—
TOPIX Index		December 2019		88		1,468,280,000^JPY		12,653,184		13,640,295		—		(987,111	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS												$129,941		$(2,429,694	)

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

(b)

The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open until October 31, 2019. If variation margin settles the same day, then no amount may be shown in the Statements of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At October 31, 2019, 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		21.4	%

Mortgage-Backed Securities		4.6	%

Asset-Backed Securities		1.5	%

Corporate Bonds		1.5	%

Foreign Government Inflation-Linked Securities		1.1	%

Foreign Government Securities		0.2	%

Real Estate Related Securities:

Exchange-Traded Funds		29.8	%

Real Estate Investment Trusts		19.9	%

Common Stocks		11.4	%

Investment Companies		4.6	%

Commodity Related Securities:

Exchange-Traded Funds		11.9	%

Purchased Options		0.0	%³

Rights		0.0	%³

Written Options		0.0	%³

Cash Equivalents¹		1.6	%

Other Assets and Liabilities – Net²		(9.5	)%


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

October 31, 2019 (unaudited)



Description	Par Value ^(a)			Value

INFLATION-LINKED & FIXED INCOME SECURITIES – 30.3%

ASSET-BACKED SECURITIES – 1.5%

COLLATERALIZED LOAN OBLIGATION – 0.6%

Crown Point CLO Ltd., Series 2018-5A, Class A, (3 Month USD LIBOR + 0.94%), 2.94%, 7/17/28^D		200,000		$	199,295

Dryden Senior Loan Fund, Series 2012-25A, Class ARR, (3 Month USD LIBOR + 0.90%), 2.89%, 10/15/27^D		300,000			299,284

Euro-Galaxy CLO BV, Series 2016-5A, Class ARV, (3 Month EURIBOR + 0.82%, Floor 0.82%), 0.82%, 11/10/30^D		250,000	^EUR		278,844



Description	Par Value ^(a)		Value

Figueroa CLO Ltd., Series 2013-2A, Class A1RR, (3 Month USD LIBOR + 0.85%, Floor 0.85%), 3.01%, 6/20/27^D		93,006	$	92,898

Shackleton CLO Ltd., Series 2016-9A, Class AR, (3 Month USD LIBOR + 1.13%, Floor 1.13%), 3.10%, 10/20/28^D		250,000		249,928

Symphony CLO Ltd., Series 2016-17A, Class AR, (3 Month USD LIBOR + 0.88%), 2.88%, 4/15/28^D		260,000		259,341

Venture CLO Ltd., Series 2012-12A, Class ARR, (3 Month USD LIBOR + 0.80%, Floor 0.80%), 2.94%, 2/28/26^D		233,353		232,779

WhiteHorse Ltd., Series 2015-10A, Class A1R, (3 Month USD LIBOR + 0.93%, Floor 0.93%), 2.93%, 4/17/27^D		230,705		230,129


TOTAL COLLATERALIZED LOAN OBLIGATION			$	1,842,498



Description	Par Value ^(a)		Value

DIVERSIFIED FINANCIAL SERVICES – 0.2%

Ameriquest Mortgage Securities Trust, Series 2006-R1, Class M1, (1 Month USD LIBOR + 0.39%, Floor 0.39%), 2.21%, 3/25/36^D		251,703		250,333

Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M2, (1 Month USD LIBOR + 0.98%, Floor 0.65%), 2.80%, 5/25/35^D		545,623		528,843


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	779,176

WHOLE LOAN – 0.7%

Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A3, (1 Month USD LIBOR + 0.22%, Floor 0.22%), 2.04%, 8/25/36^D		637,249		637,323

Credit-Based Asset Servicing & Securitization LLC, Series 2005-CB2, Class M2, (1 Month USD LIBOR + 0.95%, Floor 0.63%), 2.77%, 4/25/36^D		199,273		190,055

LoanCore Issuer Ltd., Series 2019-CRE2, Class A, (1 Month USD LIBOR + 1.13%, Floor 1.13%), 3.04%, 5/15/36^D		100,000		100,150

Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-WF1, Class M2, (1 Month USD LIBOR + 0.29%, Floor 0.29%), 2.11%, 3/25/36^D		200,000		190,518

OZLME BV, Class AR, (3 Month EURIBOR + 0.82%, Floor 0.82%), 0.82%, 1/18/30^D		250,000^EUR		279,024

Saxon Asset Securities Trust, Series 2005-1, Class M2, (1 Month USD LIBOR + 0.72%, Cap 10.00%, Floor 0.48%), 2.67%, 5/25/35^D		208,458		194,924

Sound Point CLO Ltd., Series 2016-3A, Class AR, (3 Month USD LIBOR + 1.15%), 3.08%, 1/23/29^D		250,000		249,928

SpringCastle Funding Asset-Backed Notes, Series 2019-AA, Class A, 3.20%, 5/27/36		177,182		179,442

Starwood Commercial Mortgage Trust, Series 2019-FL1, Class A, (1 Month USD LIBOR + 1.08%), 2.99%, 7/15/38^D		200,000		200,425


TOTAL WHOLE LOAN			$	2,221,789


TOTAL ASSET-BACKED SECURITIES (COST $4,594,937)			$	4,843,463

CORPORATE BONDS – 1.5%

AUTOMOTIVE – 0.0%**

Ford Motor Credit Co. LLC, Sr. Unsecured, MTN, 3.55%, 10/07/22		200,000		201,456

COMMUNICATION SERVICES – 0.1%

AT&T, Inc.,
Sr. Unsecured,

(3 Month USD LIBOR + 0.75%), 2.89%, 6/01/21^D		100,000		100,684

5.15%, 2/15/50		100,000		117,369


TOTAL COMMUNICATION SERVICES			$	218,053



Description	Par Value ^(a)		Value

ENERGY – 0.1%

Petrobras Global Finance BV, Company Guaranteed, 5.09%, 1/15/30		282,000	$	299,202

FINANCIALS – 1.2%

Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed, 3.80%, 9/15/22		250,000		260,645

Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.32%, 9/15/20^#,D		600,000		604,957

ING Bank NV, Covered Bonds, 2.63%, 12/05/22		200,000		204,846

International Lease Finance Corp., Sr. Unsecured, 8.25%, 12/15/20		100,000		106,508

Intesa Sanpaolo SpA, Sr. Unsecured, 6.50%, 2/24/21		300,000		315,087

Jyske Realkredit A/S, Covered Bonds,

1.00%, 10/01/50		2,595,876^DKK		384,607

2.50%, 10/01/47		21,334^DKK		3,314

Mitsubishi UFJ Lease & Finance Co. Ltd., Sr. Unsecured, 2.65%, 9/19/22		200,000		201,123

Nordea Kredit Realkreditaktieselskab, Covered Bonds,

1.00%, 10/01/50		3,895,240^DKK		577,413

2.50%, 10/01/47		250^DKK		39

Nykredit Realkredit A/S, Covered Bonds,

1.00%, 10/01/50		4,781,294^DKK		708,936

2.50%, 10/01/47		59,977^DKK		9,327

Realkredit Danmark A/S, 23S, Covered Bonds, MTN, 2.50%, 7/01/47		36,340^DKK		5,658

UniCredit SpA, Sr. Unsecured, 7.83%, 12/04/23		400,000		471,878


TOTAL FINANCIALS			$	3,854,338

MULTI-UTILITIES – 0.0%**

Sempra Energy, Sr. Unsecured, (3 Month USD LIBOR + 0.45%), 2.57%, 3/15/21^D		100,000		99,787

TOBACCO – 0.1%

BAT Capital Corp., Company Guaranteed, (3 Month USD LIBOR + 0.59%), 2.77%, 8/14/20^D		100,000		100,215

Imperial Brands Finance PLC, Company Guaranteed, 3.13%, 7/26/24		200,000		201,375


TOTAL TOBACCO			$	301,590


TOTAL CORPORATE BONDS (COST $4,879,018)			$	4,974,426


FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES – 1.1%

GOVERNMENT – 1.1%

Argentina Treasury Bill,

0.00%, 11/28/19^‡		150,000^ARS		777


Description	Par Value ^(a)		Value

0.00%, 2/26/20^‡		150,000^ARS	$	1,221

Australia Government Bond, Sr. Unsecured,

1.25%, 2/21/22		160,000^AUD		131,830

3.00%, 9/20/25		310,000^AUD		316,345

French Republic Government Bond OAT, 2.10%, 7/25/23		400,000^EUR		576,272

Japanese Government CPI Linked Bond, Sr. Unsecured,

0.10%, 3/10/28		30,273,000^JPY		290,839

0.10%, 3/10/29		100,213,000^JPY		962,783

Mexican Udibonos, 4.50%, 11/22/35		2,070,724^MXN		124,715

New Zealand Government Inflation Linked Bond,
Sr. Unsecured, 2.00%, 9/20/25		1,150,000^NZD		893,460

Peruvian Government International Bond, Sr. Unsecured, 5.94%, 2/12/29		200,000^PEN		67,885

United Kingdom Gilt Inflation Linked Bond, Bonds, 0.13%, 8/10/28		187,853^GBP		308,116


TOTAL GOVERNMENT			$	3,674,243


TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST $3,869,818)			$	3,674,243

FOREIGN GOVERNMENT SECURITIES – 0.2%

GOVERNMENT – 0.2%

Argentina Bonar Bonds, (Argentina Deposit Rates Badlar Private Banks + 2.00%), 56.70%, 4/03/22^D		129,000^ARS		1,029

Argentina POM Politica Monetaria, (Argentina Cental Bank + 0.00%), 72.61%, 6/21/20^D		6,920,000^ARS		62,146

Corp. Andina de Fomento, Series 11U, Sr. Unsecured, 3.95%, 10/15/21		5,238,346^MXN		269,751

Peru Government Bond, Sr. Unsecured, 6.15%, 8/12/32		700,000^PEN		240,662


TOTAL GOVERNMENT			$	573,588


TOTAL FOREIGN GOVERNMENT SECURITIES (COST $905,151)			$	573,588

MORTGAGE-BACKED SECURITIES – 4.6%

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.5%

Fannie Mae Pool,

2.50%, 12/01/49		400,000		397,547

3.00%, 12/01/49		3,600,000		3,655,547

3.50%, 9/01/45		129,178		134,598

3.50%, 9/01/46		487,794		508,633

3.50%, 12/01/49		3,970,000		4,077,004

4.00%, 12/01/49		2,400,000		2,492,250


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	11,265,579


Description	Par Value ^(a)		Value

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.1%

Ginnie Mae Pool, Series 2018-H15, Class FG,

(12 Month USD LIBOR + 0.15%, Cap 7.50%, Floor 0.15%), 2.27%, 8/20/68^D		97,801	$	94,674

(1 Month USD LIBOR + 0.40%, Cap 6.50%, Floor 0.40%), 2.25%, 2/20/49^D		281,167		280,958


TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	375,632

WHOLE LOAN – 1.0%

Bancorp Commercial Mortgage Trust, Series 2019-CRE6, Class A, (1 Month USD LIBOR + 1.05%, Floor 1.05%), 3.10%, 9/15/36^D		200,000		200,374

CSMC Trust, Series 2019-RPL9, Class A1, 3.32%, 10/27/59^D		100,000		100,856

European Loan Conduit No 36 DAC, Class A1, (3 Month EURIBOR + 1.00%, Cap 5.00%, Floor 1.00%), 1.00%, 2/17/30^D		100,000^EUR		111,948

Grifonas Finance PLC, Series 1, Class A, (6 Month EURIBOR + 0.28%), 0.00%, 8/28/39^D		376,824^EUR		394,558

Hawksmoor Mortgages, Series 2019-1A, Class A, (Sterling Overnight Index Average + 1.05%), 0.00%, 5/25/53^D		300,000^GBP		389,174

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, (1 Month USD LIBOR + 1.45%, Floor 1.45%), 3.36%, 12/15/31^D		100,000		100,125

New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.75%, 7/25/59^D		400,000		403,714

Sequoia Mortgage Trust, Series 6, Class A, (1 Month USD LIBOR + 0.64%, Cap 11.00%, Floor 0.32%), 2.49%, 4/19/27^D		421,480		412,150

Towd Point Mortgage Funding PLC, Series 2019-GR4A, Class A1, (3 Month GBP LIBOR + 1.03%), 1.82%, 10/20/51^D		266,678^GBP		346,148

Trinity Square PLC, Series 2015-1A, Class A, (3 Month GBP LIBOR + 1.15%), 1.94%, 7/15/51^D		292,308^GBP		380,794

WaMu Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A4,

3.52%, 11/25/36^D		155,888		152,079

4.21%, 3/25/37^D		52,507		52,310


TOTAL WHOLE LOAN			$	3,044,230


TOTAL MORTGAGE-BACKED SECURITIES (COST $14,582,796)			$	14,685,441

U.S. GOVERNMENT INFLATION–LINKED SECURITIES – 21.4%

U.S. TREASURY INFLATION INDEXED BONDS – 21.4%

U.S. Treasury Inflation Indexed Bond,

0.13%, 4/15/20		608,000		662,588

0.13%, 4/15/21		2,597,000		2,790,081

0.13%, 1/15/22		622,000		700,528


Description	Par Value ^(a)		Value

0.13%, 4/15/22		4,929,000	$	5,160,098

0.13%, 1/15/23		1,653,000		1,826,791

0.13%, 7/15/26		3,331,000		3,563,817

0.25%, 1/15/25		1,958,000		2,128,382

0.25%, 7/15/29		1,080,000		1,095,522

0.38%, 7/15/23		1,999,000		2,222,498

0.38%, 7/15/25		4,227,000		4,642,946

0.38%, 1/15/27		989,000		1,063,776

0.38%, 7/15/27		1,660,000		1,771,549

0.50%, 1/15/28		2,468,000		2,634,522

0.63%, 7/15/21		312,000		357,596

0.63%, 4/15/23		300,000		313,137

0.63%, 1/15/24		591,000		660,704

0.63%, 1/15/26		6,908,000		7,656,498

0.63%, 2/15/43		276,000		314,212

0.75%, 7/15/28		1,690,000		1,816,959

0.75%, 2/15/42		839,000		998,690

0.75%, 2/15/45		483,000		549,956

0.88%, 2/15/47		962,000		1,102,432

1.00%, 2/15/46		1,394,000		1,670,592

1.00%, 2/15/48		1,174,000		1,359,786

1.00%, 2/15/49		1,050,000		1,205,791

1.25%, 7/15/20		983,000		1,164,971

1.38%, 2/15/44		2,547,000		3,338,161

1.75%, 1/15/28		2,347,000		3,233,775

2.00%, 1/15/26		721,000		1,034,449

2.13%, 2/15/40		210,000		328,465

2.13%, 2/15/41		659,000		1,026,640

2.38%, 1/15/25		1,253,000		1,896,864

2.38%, 1/15/27		594,000		872,480

2.50%, 1/15/29		2,113,000		3,052,743

3.38%, 4/15/32		146,000		291,245

3.63%, 4/15/28		1,868,000		3,802,913

3.88%, 4/15/29		191,000		399,719


TOTAL U.S. TREASURY INFLATION INDEXED BONDS			$	68,711,876


TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $66,747,586)			$	68,711,876


TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $95,579,306)			$	97,463,037



	Number of Shares

REAL ESTATE RELATED SECURITIES – 65.7%

COMMON STOCKS – 11.4%

DIVERSIFIED – 0.0%**

Argosy Property Ltd.		61,413	$	55,519


Description	Number of Shares		Value

Star Mica Holdings Co. Ltd.		1,200	$	21,846


TOTAL DIVERSIFIED			$	77,365

DIVERSIFIED REAL ESTATE ACTIVITIES – 5.4%

Airport City Ltd.*		6,795		128,209

Allreal Holding AG*		1,179		229,705

CapitaLand Ltd.		224,500		594,068

Chinese Estates Holdings Ltd.		75,000		54,556

City Developments Ltd.		56,000		444,147

Daito Trust Construction Co. Ltd.		6,900		918,168

Daiwa House Industry Co. Ltd.		59,400		2,054,440

Dear Life Co. Ltd.		4,200		20,069

DIC Asset AG		3,489		48,641

Far East Consortium International Ltd.		117,000		49,572

Hang Lung Properties Ltd.		176,000		387,670

Heiwa Real Estate Co. Ltd.		4,300		104,205

Hembla AB*		2,744		61,100

Henderson Land Development Co. Ltd.		144,735		724,973

K Wah International Holdings Ltd.		120,000		65,697

Kenedix, Inc.		21,300		116,569

Kerry Properties Ltd.		52,000		168,556

Lendlease Group		51,848		668,008

Leopalace21 Corp.*		9,900		27,228

Mitsubishi Estate Co. Ltd.		124,000		2,419,946

Mitsui Fudosan Co. Ltd.		88,400		2,276,511

Mobimo Holding AG*		592		166,828

Nippon Commercial Development Co. Ltd.		1,200		17,179

Nomura Real Estate Holdings, Inc.		11,800		281,259

OUE Ltd.		34,900		37,197

Property & Building Corp. Ltd.		169		18,658

Quabit Inmobiliaria SA*		9,616		8,408

SAMTY Co. Ltd.		2,600		49,284

Shinoken Group Co. Ltd.		5,200		53,883

Sumitomo Realty & Development Co. Ltd.		41,700		1,522,577

Sun Frontier Fudousan Co. Ltd.		3,400		41,654

Sun Hung Kai Properties Ltd.		133,000		2,018,096

Tokyo Tatemono Co. Ltd.		20,900		299,788

Tokyu Fudosan Holdings Corp.		59,500		397,254

Tricon Capital Group, Inc.		13,061		105,710

UOL Group Ltd.		48,300		276,923

Wharf Holdings Ltd.		59,000		134,174

Wheelock & Co. Ltd.		68,000		421,315


TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	17,412,225

OFFICE – 0.0%**

Precinct Properties New Zealand Ltd.		94,100		109,804

REAL ESTATE DEVELOPMENT – 1.1%

ADLER Real Estate AG*		4,597		53,014


Description	Number of Shares		Value

Aedas Homes SAU*		1,151	$	26,573

Aveo Group		50,383		74,326

Buwog AG Escrow Shares		3,077		—

Cedar Woods Properties Ltd.		4,976		24,354

China Merchants Land Ltd.*		134,000		18,982

CK Asset Holdings Ltd.		231,500		1,616,020

DREAM Unlimited Corp., Class A		9,069		69,476

Forestar Group, Inc.*		1,558		29,259

Goldcrest Co. Ltd.		2,100		43,560

Greenland Hong Kong Holdings Ltd.		101,000		34,930

Helical PLC		12,067		61,195

Howard Hughes Corp. (The)*		493		55,127

Katitas Co. Ltd.		2,100		91,300

Metrovacesa SA		3,401		32,090

Nexity SA		4,185		216,480

Oxley Holdings Ltd.		80,600		20,143

Road King Infrastructure Ltd.		39,000		71,471

Selvaag Bolig ASA		6,948		38,306

Sino Land Co. Ltd.		288,000		431,488

St. Modwen Properties PLC		19,519		114,031

TAG Immobilien AG*		12,649		307,260

Tosei Corp.		2,300		29,200


TOTAL REAL ESTATE DEVELOPMENT			$	3,458,585

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%

ADO Properties SA		2,707		110,198

Aeon Mall Co. Ltd.		9,800		157,541

Ascendas India Trust		32,800		39,299

Atrium Ljungberg AB, Class B		1,933		38,477

Urban & Civic PLC		6,245		26,695

Wheelock Properties Singapore Ltd.*		40,300		62,207


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	434,417

REAL ESTATE OPERATING COMPANIES – 4.6%

ADO Group Ltd.*		4,400		124,230

Alony Hetz Properties & Investments Ltd.		10,933		157,739

Amot Investments Ltd.		12,568		88,435

Aroundtown SA		74,951		632,463

Azrieli Group Ltd.		3,114		239,882

Big Shopping Centers Ltd.*		442		39,993

CA Immobilien Anlagen AG		6,297		242,997

Capital & Counties Properties PLC		88,801		293,323

Castellum AB		22,751		464,765

Catena AB		1,465		53,559

Chip Eng Seng Corp. Ltd.		112,300		50,766

Citycon OYJ		5,848		61,244

Daibiru Corp.		5,100		57,003

Deutsche EuroShop AG		5,895		176,333

Deutsche Wohnen SE		32,071		1,206,123


Description	Number of Shares		Value

Dios Fastigheter AB		6,443	$	53,649

Entra ASA		12,192		182,426

Fabege AB		23,717		353,703

Fastighets AB Balder, Class B*		8,607		333,380

First Capital Realty, Inc.		15,136		250,524

Gazit-Globe Ltd.		8,742		88,128

Grainger PLC		52,462		174,513

Grand City Properties SA		8,643		202,045

Hang Lung Group Ltd.		75,000		188,171

Hemfosa Fastigheter AB		14,798		152,414

Hongkong Land Holdings Ltd.		107,200		589,600

Hufvudstaden AB, Class A		10,114		169,165

Hulic Co. Ltd.		44,600		487,754

Hysan Development Co. Ltd.		59,001		233,039

Ichigo, Inc.		23,100		92,622

IMMOFINANZ AG*		8,216		235,955

Intershop Holding AG		103		56,590

Japan Property Management Center Co. Ltd.		1,900		25,951

Jerusalem Economy Ltd.*		17,713		75,587

Keihanshin Building Co. Ltd.		10,000		125,567

Kennedy-Wilson Holdings, Inc.		2,630		60,516

Klovern AB, Class B		62,004		108,266

Kungsleden AB		16,738		152,027

Langham Hospitality Investments & Langham Hospitality Investments Ltd.		59,000		16,715

LEG Immobilien AG		5,404		620,186

MAS Real Estate, Inc.		39,652		49,596

Melisron Ltd.		1,293		78,289

Nyfosa AB*		14,798		98,851

PSP Swiss Property AG		3,582		473,848

S IMMO AG		4,007		101,446

Sagax AB, Class D		20,735		78,704

Samhallsbyggnadsbolaget i Norden AB		27,244		62,356

Samhallsbyggnadsbolaget i Norden AB		6,805		23,962

Swire Properties Ltd.		93,000		293,149

Swiss Prime Site AG*		6,816		701,982

Takara Leben Co. Ltd.		12,400		53,049

TLG Immobilien AG		6,412		187,722

TOC Co. Ltd.		6,500		47,491

Unizo Holdings Co. Ltd.		3,000		138,763

Vonovia SE		48,312		2,570,727

Wallenstam AB, Class B		16,464		180,230

Wharf Real Estate Investment Co. Ltd.		103,000		607,278

Wihlborgs Fastigheter AB		12,095		182,758

Zhuguang Holdings Group Co. Ltd.*		166,000		22,667


TOTAL REAL ESTATE OPERATING COMPANIES			$	14,870,216



Description	Number of Shares		Value

RETAIL – 0.1%

Kiwi Property Group Ltd.		137,052	$	139,715


TOTAL COMMON STOCKS (COST $29,310,798)			$	36,502,327

EXCHANGE-TRADED FUNDS – 29.8%

EQUITY FUNDS – 29.8%

Schwab U.S. REIT ETF^#		563,301		26,858,192

Vanguard Global ex-U.S. Real Estate ETF		1,133,300		69,017,970


TOTAL EQUITY FUNDS			$	95,876,162


TOTAL EXCHANGE-TRADED FUNDS (COST $85,493,651)			$	95,876,162

INVESTMENT COMPANIES – 4.6%

DIVERSIFIED – 4.6%

Tortoise MLP & Pipeline Fund		1,210,246		14,680,286

REAL ESTATE OPERATING COMPANIES – 0.0%**

BMO Commercial Property Trust		83,316		126,702


TOTAL INVESTMENT COMPANIES (COST $16,266,473)			$	14,806,988

REAL ESTATE INVESTMENT TRUSTS – 19.9%

DIVERSIFIED – 4.4%

Abacus Property Group		29,788		80,084

Activia Properties, Inc.		60		316,696

American Assets Trust, Inc.		1,696		83,036

American Finance Trust, Inc.		1,372		20,305

Artis REIT		7,721		72,690

Charter Hall Group		39,423		307,092

Charter Hall Long Wale REIT		21,422		84,764

Cofinimmo SA		2,288		338,369

Colony Capital, Inc.		3,993		22,361

Cominar REIT		7,650		78,004

Covivio		4,869		551,185

Daiwa House REIT Investment Corp.		165		480,531

Dream Global REIT		8,629		109,279

Equinix, Inc.		1,519		860,939

Gecina SA		4,805		824,217

Gladstone Commercial Corp.		1,116		26,293

Global Net Lease, Inc.		1,038		20,220

Goodman Property Trust		95,209		130,022

GPT Group (The)		171,647		704,034

Growthpoint Properties Australia Ltd.		18,802		55,215

H&R REIT		13,001		219,924

Hamborner REIT AG		5,966		64,210

Hankyu Hanshin REIT, Inc.		60		102,176

Heiwa REIT, Inc.		76		100,498

Hulic REIT, Inc.		97		185,215



Description	Number of Shares		Value

ICADE		3,568	$	349,390

Ichigo Hotel REIT Investment Corp.		61		76,991

Kenedix Office Investment Corp.		36		282,026

Land Securities Group PLC		71,514		870,778

Lar Espana Real Estate Socimi SA		6,779		61,392

Lexington Realty Trust		4,640		50,483

Liberty Property Trust		3,085		182,231

LondonMetric Property PLC		69,357		208,253

LXI REIT PLC		19,555		31,765

Mapletree North Asia Commercial Trust		222,200		209,060

Marimo Regional Revitalization REIT, Inc.		21		26,369

Merlin Properties Socimi SA		30,735		452,479

Mirvac Group		346,071		765,792

NIPPON REIT Investment Corp.		35		152,005

Nomura Real Estate Master Fund, Inc.		396		757,237

NSI NV		1,341		61,246

Picton Property Income Ltd. (The)		81,986		98,448

Premier Investment Corp.		115		172,622

PS Business Parks, Inc.		356		64,276

RDI REIT PLC		25,734		43,202

REIT 1 Ltd.		11,700		74,029

Sakura Sogo REIT Investment Corp.		46		41,915

Samty Residential Investment Corp.		22		24,773

Schroder REIT Ltd.		71,756		51,308

Sekisui House REIT, Inc.		373		345,057

Soilbuild Business Space REIT		134,120		49,785

Star Asia Investment Corp.		58		63,215

Stockland		221,407		746,347

STORE Capital Corp.		3,851		155,966

Sunlight REIT		139,000		94,370

Suntec REIT		241,100		329,631

Takara Leben Real Estate Investment Corp.		39		45,360

Tokyu REIT, Inc.		87		167,571

Tosei REIT Investment Corp.		15		19,238

United Urban Investment Corp.		274		553,125

VEREIT, Inc.		20,622		202,920

Washington REIT		2,685		83,289

WP Carey, Inc.		3,500		322,210

XYMAX REIT Investment Corp.		19		23,453

Yuexiu REIT		140,000		93,084


TOTAL DIVERSIFIED			$	14,240,050

DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**

Sella Capital Real Estate Ltd.		10,469		28,813

U.K. Commercial Property REIT Ltd.		51,100		58,051


TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES**			$	86,864

INDUSTRIALS – 2.8%

AIMS APAC REIT		42,000		42,295



Description	Number of Shares		Value

Americold Realty Trust		3,463	$	138,832

APN Industria REIT		12,124		24,739

Ascendas REIT		235,600		548,974

Cache Logistics Trust		157,500		83,934

Dream Industrial REIT		7,428		75,797

Duke Realty Corp.		7,255		254,941

EastGroup Properties, Inc.		609		81,576

ESR-REIT		226,200		88,954

First Industrial Realty Trust, Inc.		3,581		150,796

Frasers Logistics & Industrial Trust		129,700		120,124

GLP J-REIT		342		445,908

Goodman Group		140,703		1,395,740

Granite REIT		1,863		92,252

Hansteen Holdings PLC		66,138		88,071

Industrial & Infrastructure Fund Investment Corp.		153		239,864

Industrial Logistics Properties Trust		1,411		29,970

Innovative Industrial Properties, Inc.^#		400		30,400

Japan Logistics Fund, Inc.		75		190,782

LaSalle Logiport REIT		103		153,465

Mapletree Industrial Trust		117,100		219,490

Mapletree Logistics Trust		256,150		316,316

Mitsubishi Estate Logistics REIT Investment Corp.		19		62,196

Mitsui Fudosan Logistics Park, Inc.		30		125,150

Monmouth Real Estate Investment Corp.		3,795		57,229

Montea CVA		826		74,897

Nippon Prologis REIT, Inc.		197		550,921

Prologis, Inc.		13,300		1,167,208

Rexford Industrial Realty, Inc.		2,066		99,354

Segro PLC		94,333		1,031,567

STAG Industrial, Inc.		2,307		71,609

Summit Industrial Income REIT		4,836		46,924

Terreno Realty Corp.		2,213		124,835

Tritax Big Box REIT PLC		152,077		296,081

Warehouses De Pauw CVA		1,462		271,000


TOTAL INDUSTRIALS			$	8,792,191

OFFICE – 3.2%

Alexandria Real Estate Equities, Inc.		2,345		372,269

Allied Properties REIT		4,641		188,797

alstria Office REIT AG		13,125		245,924

Befimmo SA		2,034		131,347

Boston Properties, Inc.		3,407		467,440

Brandywine Realty Trust		3,649		55,757

CapitaLand Commercial Trust		254,100		382,892

Champion REIT		160,000		106,177

City Office REIT, Inc.		2,823		38,223



Description	Number of Shares		Value

Columbia Property Trust, Inc.		2,483	$	50,951

Corporate Office Properties Trust		1,589		47,098

Cousins Properties, Inc.		2,925		117,380

Cromwell Property Group		145,377		132,786

Daiwa Office Investment Corp.		25		199,324

Derwent London PLC		9,493		436,536

Dexus		96,537		796,578

Douglas Emmett, Inc.		3,244		140,530

Dream Office REIT		3,839		85,402

Easterly Government Properties, Inc.		1,055		23,548

Equity Commonwealth		1,627		52,357

Franklin Street Properties Corp.		2,608		22,429

Frasers Commercial Trust		88,500		106,685

GDI Property Group		37,938		40,798

Global One Real Estate Investment Corp.		77		104,387

Great Portland Estates PLC		23,982		244,669

Green REIT PLC		51,631		109,755

Hibernia REIT PLC		74,159		115,462

Highwoods Properties, Inc.		1,546		72,353

Hudson Pacific Properties, Inc.		3,031		108,874

Ichigo Office REIT Investment		123		126,542

Inmobiliaria Colonial Socimi SA		29,584		382,082

Intervest Offices & Warehouses NV		1,705		51,533

Invesco Office J-REIT, Inc.		775		156,521

Japan Excellent, Inc.		112		192,803

Japan Prime Realty Investment Corp.		79		379,674

Japan Real Estate Investment Corp.		122		832,614

JBG SMITH Properties		2,118		85,271

Keppel REIT		179,700		159,827

Kilroy Realty Corp.		2,079		174,490

Mack-Cali Realty Corp.		2,859		61,240

Manulife US REIT		116,035		106,172

MCUBS MidCity Investment Corp.		153		177,666

Mirai Corp.		156		91,731

Mori Hills REIT Investment Corp.		135		223,271

Mori Trust Sogo REIT, Inc.		86		156,487

Nippon Building Fund, Inc.		123		933,975

Office Properties Income Trust		693		22,093

One REIT, Inc.		16		50,301

Orix JREIT, Inc.		236		534,109

OUE Commercial Real Estate Investment Trust		118,851		47,175

Prosperity REIT		177,000		69,798

Regional REIT Ltd.		31,547		43,071

SL Green Realty Corp.		413		34,527

Slate Office REIT		7,516		34,981

Vornado Realty Trust		1,844		121,022



Description	Number of Shares		Value

Workspace Group PLC		11,242	$	147,808


TOTAL OFFICE			$	10,393,512

RESIDENTIAL – 2.0%

Advance Residence Investment Corp.		117		388,953

American Campus Communities, Inc.		3,170		158,437

American Homes 4 Rent, Class A		5,298		140,238

Apartment Investment & Management Co., Class A		3,340		183,299

Ascott Residence Trust		105,500		107,016

AvalonBay Communities, Inc.		2,946		641,226

Bluerock Residential Growth REIT, Inc.		2,866		34,449

Boardwalk REIT		1,850		61,353

Camden Property Trust		1,986		227,139

Canadian Apartment Properties REIT		6,606		275,054

Civitas Social Housing PLC		79,469		87,499

Comforia Residential REIT, Inc.		53		172,757

Empiric Student Property PLC		50,467		61,450

Equity LifeStyle Properties, Inc.		3,782		264,513

Equity Residential		7,757		687,736

Essex Property Trust, Inc.		1,414		462,562

Front Yard Residential Corp.		2,160		26,719

Independence Realty Trust, Inc.		2,017		31,062

Ingenia Communities Group		27,070		82,107

InterRent REIT		6,334		75,069

Investors Real Estate Trust		389		29,436

Invitation Homes, Inc.		7,060		217,377

Irish Residential Properties REIT PLC		33,709		66,018

Japan Rental Housing Investments, Inc.		146		140,065

Kenedix Residential Next Investment Corp.		81		166,890

Killam Apartment REIT		2,717		40,247

Mid-America Apartment Communities, Inc.		2,435		338,441

NexPoint Residential Trust, Inc.		608		29,652

Nippon Accommodations Fund, Inc.		40		251,875

Northview Apartment REIT		2,317		50,770

Starts Proceed Investment Corp.		25		48,616

Sun Communities, Inc.		1,632		265,445

UDR, Inc.		5,732		288,033

UMH Properties, Inc.		2,326		34,727

UNITE Group PLC (The)		23,505		342,532


TOTAL RESIDENTIAL			$	6,478,762

RETAIL – 4.7%

Acadia Realty Trust		779		21,796

AEON REIT Investment Corp.		136		195,707

Agree Realty Corp.		997		78,534

Altarea SCA		324		71,187

British Land Co. PLC (The)		90,072		724,086



Description	Number of Shares		Value

Brixmor Property Group, Inc.		9,217	$	202,958

Brookfield Property REIT, Inc., Class A		4,282		80,930

BWP Trust		53,889		154,166

CapitaLand Mall Trust		251,300		469,184

CapitaLand Retail China Trust		80,085		89,477

Charter Hall Retail REIT		39,382		119,723

Choice Properties REIT		15,070		159,041

Crombie REIT		2,904		34,881

CT REIT		2,299		25,851

Essential Properties Realty Trust, Inc.		809		20,759

Eurocommercial Properties NV		5,197		165,772

Federal Realty Investment Trust		1,666		226,593

Fortune REIT		134,000		157,326

Frasers Centrepoint Trust		44,023		88,988

Frontier Real Estate Investment Corp.		42		187,656

Fukuoka REIT Corp.		71		121,829

Getty Realty Corp.		2,065		69,260

Hammerson PLC		72,357		271,811

Immobiliare Grande Distribuzione SIIQ SpA		5,023		32,268

Japan Retail Fund Investment Corp.		234		546,051

Kenedix Retail REIT Corp.		44		121,256

Kimco Realty Corp.		8,123		175,132

Kite Realty Group Trust		2,614		46,581

Klepierre SA		16,289		606,600

Link REIT		183,500		2,001,043

Macerich Co. (The)^#		686		18,865

Mapletree Commercial Trust		162,300		277,966

Mercialys SA		1,425		19,866

National Retail Properties, Inc.		3,543		208,718

NewRiver REIT PLC		47,903		124,723

Realty Income Corp.		6,355		519,775

Regency Centers Corp.		3,297		221,690

Retail Estates NV		687		65,588

Retail Opportunity Investments Corp.		3,914		73,055

Retail Properties of America, Inc., Class A		2,889		39,753

Retail Value, Inc.		409		14,973

RioCan REIT		13,092		262,715

Sasseur Real Estate Investment Trust		34,300		20,044

Saul Centers, Inc.		797		42,671

Scentre Group		481,764		1,271,960

Seritage Growth Properties, Class A^#		1,064		46,273

Shaftesbury PLC		20,795		254,553

Shopping Centres Australasia Property Group		87,427		162,121

Simon Property Group, Inc.		5,899		888,861

SITE Centers Corp.		1,587		24,646

Slate Retail REIT, Class U		2,021		19,871



Description	Number of Shares		Value

SmartCentres REIT		6,442	$	155,731

SPH REIT		57,300		48,015

Spirit Realty Capital, Inc.		1,365		68,032

Starhill Global REIT		128,800		70,059

Tanger Factory Outlet Centers, Inc.^#		1,142		18,409

True North Commercial Real Estate Investment Trust		3,946		21,451

Unibail-Rodamco-Westfield		54,500		417,023

Unibail-Rodamco-Westfield		9,335		1,443,530

Urban Edge Properties		3,090		65,230

Vastned Retail NV		2,871		86,134

Vicinity Centres		313,756		577,489

Viva Energy REIT		30,988		61,735

Wereldhave NV		2,595		61,357


TOTAL RETAIL			$	14,939,328

SPECIALIZED – 2.8%

Aedifica SA		1,995		239,857

Arena REIT		17,467		36,484

Ascendas Hospitality Trust		89,000		75,232

Assura PLC		220,888		214,024

Big Yellow Group PLC		12,620		186,687

CareTrust REIT, Inc.		3,065		74,296

CDL Hospitality Trusts		63,800		76,910

Charter Hall Social Infrastructure REIT		30,135		75,408

CoreCivic, Inc.		2,464		37,601

CoreSite Realty Corp.		840		98,700

CubeSmart		4,498		142,587

CyrusOne, Inc.		1,898		135,289

Digital Realty Trust, Inc.^#		4,574		581,081

EPR Properties		1,738		135,199

Extra Space Storage, Inc.		2,766		310,539

Far East Hospitality Trust		83,900		45,020

First REIT		98,000		73,476

Four Corners Property Trust, Inc.		1,094		31,343

Frasers Hospitality Trust		76,900		41,546

Gaming and Leisure Properties, Inc.		4,280		172,741

GEO Group, Inc. (The)		2,244		34,154

HCP, Inc.		10,314		388,013

Health Care & Medical Investment Corp.		17		21,866

Healthcare Realty Trust, Inc.		3,364		116,966

Healthcare Trust of America, Inc., Class A		3,868		119,908

Hoshino Resorts REIT, Inc.		19		103,806

Host Hotels & Resorts, Inc.		11,826		193,828

Hotel Property Investments		10,758		23,731

Invincible Investment Corp.		543		343,429

Iron Mountain, Inc.		3,529		115,751

Itochu Advance Logistics Investment Corp.		19		22,310



Description	Number of Shares		Value

Japan Hotel REIT Investment Corp.		408	$	338,898

Keppel DC REIT		87,295		128,333

Life Storage, Inc.		995		108,375

LTC Properties, Inc.		1,511		78,345

Medical Properties Trust, Inc.		8,747		181,325

Mori Trust Hotel REIT, Inc.		32		43,530

National Health Investors, Inc.		1,042		89,393

National Storage Affiliates Trust		816		27,883

National Storage REIT		65,695		84,234

NorthWest Healthcare Properties REIT		7,784		70,683

Omega Healthcare Investors, Inc.^#		4,965		218,659

Ooedo Onsen REIT Investment Corp.		20		18,317

Park Hotels & Resorts, Inc.		3,181		73,958

Parkway Life REIT		38,800		93,260

Physicians Realty Trust		3,999		74,661

Primary Health Properties PLC		82,460		151,036

Public Storage		3,166		705,575

QTS Realty Trust, Inc., Class A^#		1,471		78,831

Rural Funds Group		39,901		48,685

Ryman Hospitality Properties, Inc.		1,260		106,054

Sabra Health Care REIT, Inc.		2,267		55,768

Safestore Holdings PLC		18,399		166,952

Senior Housing Properties Trust		2,134		21,180

Summit Hotel Properties, Inc.		3,569		43,756

Sunstone Hotel Investors, Inc.		1,395		18,846

Universal Health Realty Income Trust		726		86,561

Ventas, Inc.		8,043		523,599

VICI Properties, Inc.		6,191		145,798

Vital Healthcare Property Trust		24,302		41,446

Welltower, Inc.		8,578		777,939

Xenia Hotels & Resorts, Inc.		4,295		90,410


TOTAL SPECIALIZED			$	8,960,072


TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $48,591,702)			$	63,890,779

TOTAL REAL ESTATE RELATED SECURITIES (COST $179,662,624)			$	211,076,256



Description	Number of Shares		Value

COMMODITY RELATED SECURITIES – 11.9%

EXCHANGE-TRADED FUNDS – 11.9%

COMMODITY FUNDS – 11.9%

iShares Commodities Select Strategy ETF		409,100	$	13,001,198

iShares Gold Trust*		578,500		8,365,110

iShares Silver Trust^#,*		202,600		3,427,992

SPDR S&P Global Natural Resources ETF		308,300		13,531,287


TOTAL COMMODITY FUNDS			$	38,325,587


TOTAL EXCHANGE-TRADED FUNDS (COST $37,887,507)			$	38,325,587


TOTAL COMMODITY RELATED SECURITIES (COST $37,887,507)			$	38,325,587

PURCHASED OPTIONS – 0.0%**

TOTAL PURCHASED OPTIONS
(SEE OPEN OPTION CONTRACTS TABLE)
(COST $68,028)			$	50,633

SHORT-TERM INVESTMENTS – 0.6%

MONEY MARKET FUND – 0.6%

Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		1,761,235	$	1,761,235

TOTAL SHORT-TERM INVESTMENTS (COST $1,761,235)			$	1,761,235

RIGHT – 0.0%**

Mapletree Commercial Trust*		11,523	$	762


TOTAL RIGHT (COST $0)			$	762



Description	Par Value		Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.0%

REPURCHASE AGREEMENTS – 1.0%

Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $237,484, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $242,223.	$	237,473	$	237,473

BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $608,846.		596,908		596,908

Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $608,846.		596,908		596,908

HSBC Securities USA, Inc., 1.73%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 12/20/32 to 6/20/69; total market value of $608,846.		596,908		596,908

Nomura Securities International, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/05/19 to 9/20/69; total market value of $608,847.		596,908		596,908

RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $596,937, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $608,846.		596,908		596,908


TOTAL REPURCHASE AGREEMENTS (COST $3,222,013)			$	3,222,013


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $3,222,013)			$	3,222,013


TOTAL INVESTMENTS IN SECURITIES 109.5% (COST $318,180,713)			$	351,899,523

WRITTEN OPTIONS – 0.0%**

TOTAL WRITTEN OPTIONS
(SEE OPEN OPTION CONTRACTS TABLE)
(PREMIUMS RECEIVED $(208,046))			$	(84,115	)

COLLATERAL FOR SECURITIES ON LOAN – (1.0%)				(3,222,013	)

OTHER LIABILITIES LESS ASSETS – (8.5%)				(27,363,389	)


TOTAL NET ASSETS – 100.0%			$	321,230,006

Cost of investments for Federal income tax purposes is $324,093,521. The net unrealized appreciation/(depreciation) of investments was $27,210,686. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $39,950,884 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(12,740,198).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 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	$	—		$	4,843,463		$	—	$	4,843,463

Corporate Bonds		—			4,974,426			—		4,974,426

Foreign Government Inflation-Linked Securities		—			3,674,243			—		3,674,243

Foreign Government Securities		—			573,588			—		573,588

Mortgage-Backed Securities		—			14,685,441			—		14,685,441

U.S. Government Inflation-Linked Securities		—			68,711,876			—		68,711,876

Real Estate Related Securities

Common Stocks		36,410,920			91,407			—		36,502,327

Exchange-Traded Funds		95,876,162			—			—		95,876,162

Investment Companies		14,806,988			—			—		14,806,988

Real Estate Investment Trusts		63,094,201			796,578			—		63,890,779

Commodity Related Securities

Exchange-Traded Funds		38,325,587			—			—		38,325,587

Purchased Options		—			50,633			—		50,633

Right		—			762			—		762

Money Market Fund		1,761,235			—			—		1,761,235

Repurchase Agreements		—			3,222,013			—		3,222,013


Total Investments in Securities	$	250,275,093		$	101,624,430		$	—	$	351,899,523


Other Financial Instruments^!

Forward Foreign Currency Contracts	$	—		$	109,787		$	—	$	109,787

Financial Futures Contracts		163,376			—			—		163,376

Credit Default Swaps		—			57,124			—		57,124

Interest Rate Swaps		—			457,203			—		457,203

Written Options		—			22,022			—		22,022


Total Assets - Other Financial Instruments	$	163,376		$	646,136		$	—	$	809,512


Liabilities

Other Financial Instruments^!

Written Options	$	—		$	(106,137	)	$	—	$	(106,137	)

Forward Foreign Currency Contracts		—			(339,904	)		—		(339,904	)

Financial Futures Contracts		(51,848	)		—			—		(51,848	)

Credit Default Swaps		—			(22,902	)		—		(22,902	)

Interest Rate Swaps		—			(821,107	)		—		(821,107	)


Total Liabilities - Other Financial Instruments	$	(51,848	)	$	(1,290,050	)	$	—	$	(1,341,898	)

Other financial instruments are derivative instruments. 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 are reported at their fair value at period end.

(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.

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.

**	Represents less than 0.05%.


The following acronyms are used throughout this Fund:

CDX		Markit CDX Index

CLO		Collateralized Loan Obligation

CMBX		Commercial Mortgage-Backed Index

CPI		Consumer Price Index

CVA		Dutch Certification

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

LIBOR		London Interbank Offered Rate

LLC		Limited Liability Corporation

MTN		Medium Term Note

NA		National Association

NSA		Not seasonally adjusted

OAT		Obligations Assimilables

OYJ		Public Limited Company

PLC		Public Limited Company

REIT		Real Estate Investment Trust

RPI		Retail Price Index

SpA		Societa per Azioni

SPDR		Standard & Poor’s Depository Receipts

TELBOR		Tel Aviv Interbank Offered Rate


		Currency Code		Currency



		ARS		Argentine Peso

		AUD		Australian Dollar

		BRL		Brazilian Real

		COP		Colombian Peso

		DKK		Danish Krone

		EUR		Euro

		GBP		British Pound Sterling

		IDR		Indonesian Rupiah

		ILS		Israeli New Shekel

		JPY		Japanese Yen

		KRW		Korean Won

		MXN		Mexican Peso

		NZD		New Zealand Dollar

		PEN		Peruvian Nuevo Sol

		RUB		Russian Ruble

		SGD		Singapore Dollar

		TWD		New Taiwan Dollar

		USD		United States Dollar

		ZAR		South African Rand

At October 31, 2019, the 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

11/1/2019

Bank of America NA

114,000 EUR

127,290

127,144

$ —

$ (146)

11/4/2019

Goldman Sachs Bank USA

1,444,000 EUR

1,600,469

1,610,908

10,439

—

11/4/2019

JP Morgan Chase Bank, N.A.

1,360,000 NZD

863,298

872,028

8,730

—

11/4/2019

Credit Suisse International

1,332,686 BRL

318,402

332,215

13,813

—

11/4/2019

Citigroup Global Markets

1,125,000 GBP

1,448,452

1,457,455

9,003

—

11/4/2019

HSBC Bank USA, N.A.

631,000 GBP

812,912

817,470

4,558

—

11/4/2019

JP Morgan Chase Bank, N.A.

585,000 GBP

753,728

757,876

4,148

—

11/4/2019

Citigroup Global Markets

478,000 GBP

589,008

619,256

30,248

—

11/4/2019

Barclays Bank PLC

290,000 GBP

373,964

375,699

1,735

—

11/4/2019

Royal Bank of Canada

63,000 GBP

80,500

81,617

1,117

—

11/4/2019

HSBC Bank USA, N.A.

35,000 EUR

38,931

39,045

114

—

11/5/2019

HSBC Bank USA, N.A.

75,700,000 JPY

700,783

701,191

408

—

11/6/2019

Goldman Sachs Bank USA

2,413,000 ZAR

158,532

159,562

1,030

—

11/15/2019

Citigroup Global Markets

19,394,812 RUB

293,576

301,849

8,273

—

12/3/2019

Credit Suisse International

1,332,686 BRL

331,547

331,614

—

12/18/2019

Barclays Bank PLC

4,704,772,600 IDR

331,098

333,535

2,437

—

1/15/2020

Natwest Securities

1,031,163,695 COP

296,635

304,123

7,488

—

1/24/2020

HSBC Bank USA, N.A.

2,642,118 RUB

39,971

40,749

778

—

CONTRACTS SOLD

11/4/2019

Bank of America NA

2,953,000 GBP

3,643,515

3,825,655

—

(182,140

)

11/4/2019

JP Morgan Chase Bank, N.A.

1,365,000 EUR

1,493,958

1,522,776

—

(28,818

)

11/4/2019

Bank of America NA

1,360,000 NZD

857,088

872,028

—

(14,940

)

11/4/2019

Credit Suisse International

1,332,686 BRL

332,092

332,215

—

(123

)

11/4/2019

Bank of America NA

649,000 AUD

438,997

447,439

—

(8,442

)

11/4/2019

Bank of America NA

219,000 GBP

270,398

283,718

—

(13,320

)

11/4/2019

Goldman Sachs Bank USA

114,000 EUR

125,398

127,177

—

(1,779

)

11/5/2019

HSBC Bank USA, N.A.

101,000,000 JPY

940,813

935,540

5,273

—

11/21/2019

HSBC Bank USA, N.A.

4,638,994 TWD

148,196

152,528

—

(4,332

)

11/21/2019

JP Morgan Chase Bank, N.A.

2,374,000 TWD

75,883

78,056

—

(2,173

)

11/21/2019

JP Morgan Chase Bank, N.A.

1,888,000 TWD

60,166

62,077

—

(1,911

)

11/21/2019

HSBC Bank USA, N.A.

1,240,000 TWD

39,594

40,771

—

(1,177

)

11/25/2019

Citigroup Global Markets

1,028,016,000 COP

303,733

303,884

—

(151

)

11/27/2019

Citigroup Global Markets

784,207 PEN

230,853

234,270

—

(3,417

)

12/3/2019

Goldman Sachs Bank USA

1,444,000 EUR

1,603,535

1,614,031

—

(10,496

)

12/3/2019

JP Morgan Chase Bank, N.A.

1,360,000 NZD

863,867

872,505

—

(8,638

)

12/3/2019

Citigroup Global Markets

1,125,000 GBP

1,449,799

1,458,822

—

(9,023

)

12/3/2019

Bank of America NA

114,000 EUR

127,552

127,424

128

—

12/18/2019

HSBC Bank USA, N.A.

399,862,568 KRW

330,779

344,107

—

(13,328

)

12/18/2019

Barclays Bank PLC

227,945 SGD

165,404

167,636

—

(2,232

)

1/2/2020

Bank of America NA

11,329,918 DKK

1,680,373

1,700,377

—

(20,004

)

1/17/2020

Citigroup Global Markets

251,385 PEN

73,837

74,972

—

(1,135

)

1/22/2020

JP Morgan Chase Bank, N.A.

2,164,000 MXN

107,680

111,070

—

(3,390

)

1/28/2020

Goldman Sachs Bank USA

5,390,504 MXN

267,645

276,434

—

(8,789

)

NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS

$109,787

$(339,904)

At October 31, 2019, the Real Asset Fund had the following open option contracts:



Description	Expiration Date	Number of Contracts			Notional Amount^(a)			Strike Price^(a)		Counterparty	Value
PURCHASED OPTIONS
CALL OPTIONS
5-Year U.S. Treasury Note Future	11/22/2019		11			1,432,750			130.25	Exchange Traded		$ —
5-Year U.S. Treasury Note Future	11/22/2019		2			260,000			130.00	Exchange Traded		—
Euro-Schatz Future	11/22/2019		130			14,950,000^EUR			115.00^EUR	Exchange Traded		725
Euro-Schatz Future	11/22/2019		20			2,318,000^EUR			115.90^EUR	Exchange Traded		112
U.S. Treasury Long Bond Future	11/22/2019		6			1,260,000			210.00	Exchange Traded		—
U.S. Treasury Long Bond Future	11/22/2019		3			636,000			212.00	Exchange Traded		—
U.S. Treasury Ultra Bond Future	11/22/2019		2			530,000			265.00	Exchange Traded		—
TOTAL CALL OPTIONS												837
CALL SWAPTIONS
1-Year U.S. Treasury Note Future	3/10/2020		—			9,410,000			1.50	Deutsche Bank		11,846
1-Year U.S. Treasury Note Future	3/10/2020		—			9,110,000			1.50	Bank of America NA		11,468
2-Year U.S. Treasury Note Future	10/2/2020		—			10,000,000			1.07	JP Morgan Chase Bank, N.A.		26,170
TOTAL CALL SWAPTIONS												49,484
PUT OPTIONS
10-Year U.S. Treasury Note Future	11/22/2019		35			4,147,500			118.50	Exchange Traded		—
10-Year U.S. Treasury Note Future	11/22/2019		6			717,000			119.50	Exchange Traded		—
Euro-Bund Future	11/22/2019		28			4,424,000^EUR			158.00^EUR	Exchange Traded		312
TOTAL PUT OPTIONS												312
TOTAL PURCHASED OPTIONS												$50,633


Description	Expiration Date	Number of Contracts			Notional Amount^(a)			Strike Price^(a)		Counterparty	Value
WRITTEN OPTIONS
CALL OPTIONS
10-Year U.S. Treasury Note Future	11/22/2019		(9	)		(1,172,250)			130.25	Exchange Traded		$ (5,203)
Euro-Bund Future	11/22/2019		(1	)		(173,000)	^EUR		173.00^EUR	Exchange Traded		(290)
Euro-Bund Future	11/22/2019		(2	)		(343,000)	^EUR		171.50^EUR	Exchange Traded		(1,918)
Euro-Bund Future	11/22/2019		(2	)		(342,000)	^EUR		171.00^EUR	Exchange Traded		(2,610)
Euro-Bund Future	11/22/2019		(3	)		(528,000)	^EUR		176.00^EUR	Exchange Traded		(67)
Euro-Bund Future	11/22/2019		(4	)		(700,000)	^EUR		175.00^EUR	Exchange Traded		(178)
TOTAL CALL OPTIONS												(10,266)
CALL SWAPTIONS
10-Year U.S. Treasury Bond Future	10/2/2020		—			(2,100,000)			1.30	JP Morgan Chase Bank, N.A.		(26,795)
30-Year Euro Treasury Bond Future	12/13/2019		—			(200,000)	^EUR		0.00^EUR	Deutsche Bank		(225)
30-Year Euro Treasury Bond Future	12/13/2019		—			(200,000)	^EUR		0.25^EUR	Goldman Sachs Bank USA		(1,467)
5-Year U.S. Treasury Note Future	3/10/2020		—			(658,000)			1.40	Bank of America NA		(4,554)
5-Year U.S. Treasury Note Future	3/10/2020		—			(1,362,000)			1.40	Citibank NA		(9,425)
5-Year U.S. Treasury Note Future	3/10/2020		—			(2,090,000)			1.40	Deutsche Bank		(14,463)
Interest Rate Cap Eurozone CPI	6/22/2035		—			(600,000)	^EUR		3.00^EUR	Goldman Sachs Bank USA		(1,144)
ITRAXX EUR 32 5Y	1/15/2020		—			(100,000)	^EUR		0.48^EUR	Deutsche Bank		(80)
ITRAXX EUR 32 5Y	2/19/2020		—			(100,000)	^EUR		0.48^EUR	Barclays Bank PLC		(104)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	^EUR		0.45^EUR	Goldman Sachs Bank USA		(80)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	^EUR		0.45^EUR	Deutsche Bank		(80)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	^EUR		0.45^EUR	JP Morgan Chase Bank, N.A.		(80)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	^EUR		0.45^EUR	Bank of America NA		(80)
TOTAL CALL SWAPTIONS												(58,577)



Description	Expiration Date	Number of Contracts			Notional Amount^(a)			Strike Price^(a)		Counterparty	Value
WRITTEN OPTIONS
PUT OPTIONS
10-Year U.S. Treasury Note Future	11/22/2019		(9	)		(1,154,250)			128.25	Exchange Traded		$ (422)
Euro-Bund Future	11/22/2019		(1	)		(173,000)	^EUR		173.00^EUR	Exchange Traded		(1,673)
Euro-Bund Future	11/22/2019		(2	)		(342,000)	^EUR		171.00^EUR	Exchange Traded		(915)
Euro-Bund Future	11/22/2019		(2	)		(343,000)	^EUR		171.50^EUR	Exchange Traded		(1,338)
Euro-Bund Future	11/22/2019		(3	)		(528,000)	^EUR		176.00^EUR	Exchange Traded		(14,254)
Euro-Bund Future	11/22/2019		(4	)		(700,000)	^EUR		175.00^EUR	Exchange Traded		(14,633)
Euro-Schatz Future	11/22/2019		(17	)		(1,907,400)	^EUR		112.20^EUR	Exchange Traded		(2,749)
TOTAL PUT OPTIONS												(35,984)
PUT SWAPTIONS
CDX.NA.IG.32.5Y	11/20/2019		—			(100,000)			0.85	Goldman Sachs Bank USA		—
CDX.NA.IG.32.5Y	11/20/2019		—			(100,000)			0.90	Barclays Bank PLC		—
CDX.NA.IG.32.5Y	11/20/2019		—			(200,000)			0.90	Goldman Sachs Bank USA		—
CDX.NA.IG.32.5Y	11/20/2019		—			(200,000)			0.85	Bank of America NA		(1)
Interest Rate Cap U.S. CPI	4/10/2020		—			(8,300,000)			3.00	JP Morgan Chase Bank, N.A.		15,261
Interest Rate Cap U.S. CPI	4/22/2024		—			(1,300,000)			4.00	JP Morgan Chase Bank, N.A.		(14)
Interest Rate Cap U.S. CPI	5/16/2024		—			(100,000)			4.00	JP Morgan Chase Bank, N.A.		(1)
Interest Rate Floor U.S. 10-Year Swap Rate	1/2/2020		—			(3,600,000)			0.00	Morgan Stanley Capital Services LLC		(666)
Interest Rate Floor U.S. CPI	3/24/2020		—			(2,300,000)			0.00	JP Morgan Chase Bank, N.A.		—
Interest Rate Floor U.S. CPI	4/7/2020		—			(2,400,000)			216.69	Citibank NA		—
Interest Rate Floor U.S. CPI	4/10/2020		—			(8,300,000)			0.00	JP Morgan Chase Bank, N.A.		6,761
ITRAXX EUR 32 5Y	1/15/2020		—			(100,000)	^EUR		0.80^EUR	Deutsche Bank		(51)
ITRAXX EUR 32 5Y	2/19/2020		—			(100,000)	^EUR		0.80^EUR	Barclays Bank PLC		(89)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	^EUR		0.80^EUR	Bank of America NA		(122)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	^EUR		0.80^EUR	JP Morgan Chase Bank, N.A.		(122)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	^EUR		0.80^EUR	Deutsche Bank		(122)
ITRAXX EUR 32 5Y	3/18/2020		—			(100,000)	^EUR		0.80^EUR	Goldman Sachs Bank USA		(122)
TOTAL PUT SWAPTIONS												20,712
TOTAL WRITTEN OPTIONS												$(84,115)

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

At October 31, 2019, the 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:
Euro - BTP Futures		December 2019		29		3,261,630^EUR		$3,613,734		$3,603,363		$ —		$(10,371	)
10 - Year U.S Treasury Note Futures		December 2019		34		4,430,094		4,465,325		4,430,094		—		(35,231	)
SHORT POSITIONS:
10 - Year Australian Treasury Bond Futures		December 2019		1		145,809^AUD		100,504		100,028		476		—
10 - Year Japanese Treasury Bond Futures (OSE)		December 2019		1		153,950,000^JPY		1,449,959		1,438,734		11,225		—
10 - Year U.S. Treasury Ultra Futures		December 2019		3		426,328		420,992		426,328		—		(5,336	)
3 - Year Australian Treasury Bond Futures		December 2019		2		230,736^AUD		158,207		158,331		—		(124	)
30 - Year Euro Buxl Bond Futures		December 2019		1		209,960^EUR		231,751		231,160		591		—
5 - Year U.S. Treasury Note Futures		December 2019		16		1,907,250		1,906,464		1,907,250		—		(786	)
Euro - Bobl Futures		December 2019		2		269,240^EUR		300,345		295,877		4,468		—
Euro - Bund Futures		December 2019		12		2,061,120^EUR		2,297,068		2,283,751		13,317		—
Euro - OAT Futures		December 2019		1		168,380^EUR		190,753		186,190		4,563		—



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: (continued)
Euro - Schatz Futures		December 2019		125		14,008,750^EUR		$15,566,124		$15,490,133		$ 75,991		$ —
GBP Long Gilt Futures		December 2019		2		265,680^GBP		327,297		324,710		2,587		—
U.S. Treasury Long Bond Futures		December 2019		10		1,613,750		1,647,486		1,613,750		33,736		—
U.S. Treasury Ultra Bond Futures		December 2019		3		569,250		585,672		569,250		16,422		—
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS												$163,376		$(51,848)

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

(b)

At October 31, 2019, the 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#	12/16/22	700,000	2.25%	3-Month LIBOR	Quarter		$ 15,814			$ 1,563			$14,251		$ —
Chicago Mercantile Exchange#	12/20/22	1,900,000	2.25%	3-Month LIBOR	Quarter		42,966			2,393			40,573		—
Chicago Mercantile Exchange#	10/19/23	100,000	2.66%	3-Month LIBOR	Quarter		4,495			—			4,495		—
Chicago Mercantile Exchange#	10/25/23	2,000,000	2.68%	3-Month LIBOR	Quarter		92,135			—			92,135		—
Chicago Mercantile Exchange#	11/19/23	1,000,000	2.67%	3-Month LIBOR	Quarter		46,471			—			46,471		—
Chicago Mercantile Exchange#	12/12/23	370,000	2.68%	3-Month LIBOR	Quarter		17,562			—			17,562		—
Chicago Mercantile Exchange#	7/27/26	3,700,000	2.00%	3-Month LIBOR	Semi-Annual		(88,998	)		46,583			—		(135,581	)
Chicago Mercantile Exchange#	12/07/26	3,700,000	2.40%	3-Month LIBOR	Semi-Annual		(154,413	)		24,582			—		(178,995	)
Chicago Mercantile Exchange#	3/21/28	400,000^NZD	3.25%	3-Month LIBOR	Semi-Annual		(39,105	)		1,223			—		(40,328	)
London Clearing House#	6/20/28	900,000	2.25%	3-Month LIBOR	Semi-Annual		(50,425	)		49,659			—		(100,084	)
Chicago Mercantile Exchange#	7/18/28	750,000	2.72%	3-Month LIBOR	Semi-Annual		(70,913	)		—			—		(70,913	)
Chicago Mercantile Exchange#	7/18/28	480,000	2.77%	3-Month LIBOR	Semi-Annual		(47,160	)		—			—		(47,160	)
Chicago Mercantile Exchange#	9/12/29	600,000	1.75%	3-Month LIBOR	Quarter		(883	)		1,405			—		(2,288	)
Chicago Mercantile Exchange#	6/19/48	100,000	2.15%	3-Month LIBOR	Semi-Annual		(8,271	)		—			—		(8,271	)
Chicago Mercantile Exchange#	12/11/49	300,000	2.25%	3-Month LIBOR	Quarter		(33,009	)		(1,104	)		—		(31,905	)
Chicago Mercantile Exchange#	1/16/50	100,000	1.63%	3-Month LIBOR	Quarter		3,993			(1,423	)		5,416		—
Chicago Mercantile Exchange#	2/03/50	160,000	1.63%	3-Month LIBOR	Quarter		6,372			(10	)		6,382		—
London Clearing House#	3/20/29	28,820,000^JPY	0.45%	6-Month LIBOR	Semi-Annual		(11,875	)		(1,671	)		—		(10,204	)
London Clearing House*	5/15/28	200,000^EUR	1.62%	Eurostat Eurozone HICP Ex-Tobacco	At Term(1)		14,230			13			14,217		—



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*	8/15/39	80,000^EUR	1.24%	Eurostat Eurozone HICP Ex-Tobacco	At Term(1)		$ (697	)		$ —			$ —		$ (697	)
London Clearing House*	11/15/48	60,000^EUR	1.95%	Eurostat Eurozone HICP Ex-Tobacco	At Term(1)		16,633			—			16,633		—
London Clearing House*	8/15/49	40,000^EUR	1.39%	Eurostat Eurozone HICP Ex-Tobacco	At Term(1)		(68	)		—			—		(68	)
London Clearing House*	4/15/20	30,000^EUR	1.00%	France CPI Ex-Tobacco	At Term(1)		(72	)		—			—		(72	)
London Clearing House*	8/15/20	10,000^EUR	1.16%	France CPI Ex-Tobacco	At Term(1)		(90	)		7			—		(97	)
London Clearing House*	6/15/21	200,000^EUR	1.35%	France CPI Ex-Tobacco	At Term(1)		(2,988	)		—			—		(2,988	)
London Clearing House*	3/15/24	410,000^EUR	1.03%	France CPI Ex-Tobacco	At Term(1)		(3,387	)		(209	)		—		(3,178	)
London Clearing House*	7/15/28	330,000^EUR	1.62%	France CPI Ex-Tobacco	At Term(1)		25,239			—			25,239		—
London Clearing House*	11/23/20	700,000	2.03%	U.S. CPI NSA	At Term(1)		(2,336	)		—			—		(2,336	)
London Clearing House*	11/25/20	700,000	2.02%	U.S. CPI NSA	At Term(1)		(2,245	)		—			—		(2,245	)
London Clearing House*	3/14/21	400,000	1.88%	U.S. CPI NSA	At Term(1)		(1,061	)		—			—		(1,061	)
London Clearing House*	3/18/21	600,000	1.93%	U.S. CPI NSA	At Term(1)		(2,206	)		—			—		(2,206	)
London Clearing House*	5/13/21	300,000	1.82%	U.S. CPI NSA	At Term(1)		(905	)		—			—		(905	)
London Clearing House*	7/25/21	400,000	1.43%	U.S. CPI NSA	At Term(1)		196			—			196		—
London Clearing House*	7/26/21	500,000	1.55%	U.S. CPI NSA	At Term(1)		8,670			16,923			—		(8,253	)
London Clearing House*	8/06/21	200,000	1.43%	U.S. CPI NSA	At Term(1)		120			—			120		—
London Clearing House*	9/09/21	500,000	1.44%	U.S. CPI NSA	At Term(1)		622			—			622		—
London Clearing House*	9/12/21	460,000	1.60%	U.S. CPI NSA	At Term(1)		6,039			13,855			—		(7,816	)
London Clearing House*	10/01/21	700,000	1.49%	U.S. CPI NSA	At Term(1)		(142	)		—			—		(142	)
London Clearing House*	7/15/22	100,000	2.07%	U.S. CPI NSA	At Term(1)		(1,342	)		—			—		(1,342	)
London Clearing House*	2/05/23	640,000	2.21%	U.S. CPI NSA	At Term(1)		(16,801	)		—			—		(16,801	)
London Clearing House*	4/13/23	1,020,000	2.22%	U.S. CPI NSA	At Term(1)		(31,080	)		—			—		(31,080	)
London Clearing House*	4/27/23	390,000	2.26%	U.S. CPI NSA	At Term(1)		(12,977	)		(40	)		—		(12,937	)
London Clearing House*	5/09/23	100,000	2.26%	U.S. CPI NSA	At Term(1)		(3,288	)		—			—		(3,288	)
London Clearing House*	5/10/23	160,000	2.28%	U.S. CPI NSA	At Term(1)		(5,406	)		—			—		(5,406	)
London Clearing House*	9/25/27	100,000	2.15%	U.S. CPI NSA	At Term(1)		3,507			—			3,507		—
London Clearing House*	6/03/29	250,000	1.95%	U.S. CPI NSA	At Term(1)		4,789			—			4,789		—
London Clearing House*	7/25/29	1,500,000	2.00%	U.S. CPI NSA	At Term(1)		37,817			—			37,817		—



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#	12/15/47	260,000	2.00%	U.S. Fed Fund Effective Rate	Annual		$ (27,442	)		$ (486	)		$ —		$ (26,956	)
London Clearing House#	12/20/47	90,000	2.50%	U.S. Fed Fund Effective Rate	Annual		(20,106	)		225			—		(20,331	)
London Clearing House#	12/20/47	55,000	2.48%	U.S. Fed Fund Effective Rate	Annual		(12,128	)		246			—		(12,374	)
London Clearing House*	9/15/24	400,000^GBP	3.85%	United Kingdom RPI All Items NSA	At Term(1)		10,897			(56	)		10,953		—
London Clearing House*	10/15/24	400,000^GBP	3.66%	United Kingdom RPI All Items NSA	At Term(1)		(6,313	)		—			—		(6,313	)
London Clearing House*	6/15/31	460,000^GBP	3.10%	United Kingdom RPI All Items NSA	At Term(1)		(41,930	)		(53,440	)		11,510		—
London Clearing House*	10/15/31	640,000^GBP	3.53%	United Kingdom RPI All Items NSA	At Term(1)		20,186			1,654			18,532		—
London Clearing House*	9/15/32	100,000^GBP	3.47%	United Kingdom RPI All Items NSA	At Term(1)		2,618			(775	)		3,393		—
London Clearing House*	9/15/33	10,000^GBP	3.50%	United Kingdom RPI All Items NSA	At Term(1)		362			8			354		—
London Clearing House*	10/15/33	130,000^GBP	3.58%	United Kingdom RPI All Items NSA	At Term(1)		8,536			—			8,536		—
London Clearing House*	9/15/34	420,000^GBP	3.60%	United Kingdom RPI All Items NSA	At Term(1)		(23,982	)		265			—		(24,247	)
London Clearing House*	6/15/39	200,000^GBP	3.60%	United Kingdom RPI All Items NSA	At Term(1)		24,020			(185	)		24,205		—
							$(309,755	)		$101,205			$407,908		$(818,868	)
OVER THE COUNTER^(d)
Bank of America NA*	2/16/20	830,000^ILS	0.97%	3-Month TELBOR	Annual		(918	)		(1	)		—		(917	)
Bank of America NA*	6/20/20	510,000^ILS	0.37%	3-Month TELBOR	Annual		(370	)		—			—		(370	)
Barclays Bank PLC*	6/20/20	440,000^ILS	0.37%	3-Month TELBOR	Annual		(323	)		—			—		(323	)
Deutsche Bank AG*	6/20/20	420,000^ILS	0.41%	3-Month TELBOR	Annual		(357	)		—			—		(357	)
Goldman Sachs Bank USA*	6/20/20	340,000^ILS	0.37%	3-Month TELBOR	Annual		(246	)		26			—		(272	)
Bank of America NA#	2/16/28	180,000^ILS	1.96%	3-Month TELBOR	Annual		5,782			(11	)		5,793		—
Bank of America NA#	6/20/28	110,000^ILS	2.00%	3-Month TELBOR	Annual		3,460			—			3,460		—
JP Morgan Chase Bank, N.A.#	6/20/28	90,000^ILS	2.08%	3-Month TELBOR	Annual		3,011			—			3,011		—
Barclays Bank PLC#	6/20/28	90,000^ILS	1.95%	3-Month TELBOR	Annual		2,724			—			2,724		—
Goldman Sachs Bank USA#	6/20/28	70,000^ILS	2.00%	3-Month TELBOR	Annual		2,202			—			2,202		—
Bank of America NA*	11/23/20	2,400,000	1.57%	U.S. CPI NSA	At Term(1)		32,105			—			32,105		—
							$ 47,070			$ 14			$ 49,295		$ (2,239	)
NET UNREALIZED (DEPRECIATION) ON INTEREST RATE SWAP CONTRACTS							$(262,685	)		$101,219			$457,203		$(821,107	)

At October 31, 2019, the 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 October 31, 2019^(b)		Fair Value^(c)			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
CENTRALLY CLEARED^(d)
Intercontinental Exchange###		12/20/24		1,900,000		5.00%		CDX.NA.HY.33 5Y		Quarter		3.40%		$(136,072	)		$(122,071	)		$—		$(14,001	)
Intercontinental Exchange###		12/20/20		20,000^EUR		1.00%		Daimler AG		Quarter		0.15%		221			332			—		(111	)
														$(135,851	)		$(121,739	)		$—		$(14,112	)


Counterparty	Termination Date		Notional Amount^(a)		Fixed Rate	Reference Equity /Obligation		Payment Frequency		Implied Credit Spread at October 31, 2019^(b)		Fair Value^(c)			Upfront Premium Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
OVER THE COUNTER^(e)
HSBC Bank USA, N.A.##		03/20/20		400,000	1.00%		Brazil LA SP		Quarter		0.33%		$ 1,536			$ 1,062			$ 474		$ —
Goldman Sachs International##		10/17/57		400,000	0.50%		CMBX.NA.AAA.8		Monthly		0.25%		4,839			(26,117	)		30,956		—
Deutsche Bank AG##		10/17/57		400,000	0.50%		CMBX.NA.AAA.8		Monthly		0.25%		4,839			(20,855	)		25,694		—
Barclays Bank PLC###		12/20/23		200,000	1.00%		Mexico LA BP		Quarter		0.70%		(2,645	)		1,709			—		(4,354	)
HSBC Bank USA, N.A.###		12/20/23		200,000	1.00%		Mexico LA BP		Quarter		0.70%		(2,645	)		1,791			—		(4,436	)
													$ 5,924			$ (42,410	)		$57,124		$ (8,790	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON CREDIT DEFAULT SWAP CONTRACTS													$(129,927	)		$(164,149	)		$57,124		$(22,902	)

(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 Statements 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 October 31, 2019.

(e) The value shown on the Statements 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 Statements 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 Statements of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Diversified Income Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
Investment Companies:
Exchange-Traded Funds		29.7	%
Inflation-Protected Securities Fund		3.9	%
Common Stocks		38.1	%
Corporate Bonds		9.9	%
U.S. Treasury		9.3	%
Mortgage-Backed Securities		5.8	%
Commercial Paper		0.6	%
Collateralized Mortgage Obligations		0.3	%
Enhanced Equipment Trust Certificates		0.2	%
Government Agencies		0.1	%
Cash Equivalents¹		15.8	%
Other Assets and Liabilities – Net²		(13.7	)%


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

October 31, 2019 (unaudited)


Description	Number of Shares		Value

INVESTMENT COMPANIES – 33.6%

EXCHANGE-TRADED FUNDS – 29.7%

iShares iBoxx High Yield Corporate Bond ETF^#		29,000	$	2,517,490

iShares International Select Dividend ETF^#		200,100		6,381,189

SPDR Dow Jones International Real Estate ETF^#		42,625		1,747,199

Vanguard REIT ETF		10,700		1,009,010


TOTAL EXCHANGE-TRADED FUNDS			$	11,654,888

INFLATION-PROTECTED SECURITIES FUND – 3.9%

Vanguard Inflation-Protected Securities Fund, Admiral Shares		58,910		1,532,838


TOTAL INVESTMENT COMPANIES (COST $13,349,359)			$	13,187,726


Description	Par Value		Value

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.3%

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%

Series 2012-114, Class VM, 3.50%, 10/25/25	$	101,768	$	105,725

WHOLE LOAN – 0.0%**

Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 4.80%, 2/25/34^D		12,537		12,365

IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.44%, 11/25/35^D		2,749		2,670


TOTAL WHOLE LOAN			$	15,035


TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $128,948)			$	120,760

COMMERCIAL PAPER – 0.6%¨

Campbell Soup Co., 2.05%, 11/12/19^Ω		250,000		249,829


TOTAL COMMERCIAL PAPER (COST $249,843)			$	249,829


Description	Par Value		Value

CORPORATE BONDS – 9.9%

AEROSPACE & DEFENSE – 0.1%

Rockwell Collins, Inc., Sr. Unsecured, 3.50%, 3/15/27	$	25,000	$	26,893

AUTOMOTIVE – 0.2%

General Motors Financial Co., Inc., Company Guaranteed, 3.20%, 7/06/21		40,000		40,491

PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 5/10/22		55,000		56,092


TOTAL AUTOMOTIVE			$	96,583

BEVERAGES – 0.2%

Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 4.90%, 2/01/46		20,000		23,786

Keurig Dr. Pepper, Inc., Company Guaranteed, 2.00%, 1/15/20^#		10,000		10,000

Keurig Dr. Pepper, Inc., Company Guaranteed, 2.70%, 11/15/22		40,000		40,489


TOTAL BEVERAGES			$	74,275

BIOTECHNOLOGY – 0.3%

Amgen, Inc., Sr. Unsecured, 4.40%, 5/01/45		25,000		28,190

Celgene Corp., Sr. Unsecured, 2.75%, 2/15/23		25,000		25,534

Celgene Corp., Sr. Unsecured, 4.55%, 2/20/48		45,000		55,042


TOTAL BIOTECHNOLOGY			$	108,766

CAPITAL MARKETS – 0.3%

Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.27%, 9/29/25^D		55,000		57,079

Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.51%), 3.69%, 6/05/28^D		35,000		36,983

Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		10,000		10,904

TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		18,000		18,408


TOTAL CAPITAL MARKETS			$	123,374

CHEMICALS – 0.0%**

DuPont de Nemours, Inc., Sr. Unsecured, 3.77%, 11/15/20		15,000		15,277

COMMERCIAL BANKS – 0.7%

BB&T Corp., Sr. Unsecured, MTN, 2.45%, 1/15/20		30,000		30,025

Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		100,000		103,229

Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		20,000		21,620


Description	Par Value		Value

Huntington Bancshares, Inc., Sr. Unsecured, 2.63%, 8/06/24	$	25,000	$	25,325

SunTrust Banks, Inc., Sr. Unsecured, 2.90%, 3/03/21		30,000		30,367

U.S. Bancorp, Series V, Sr. Unsecured, MTN, 2.63%, 1/24/22		45,000		45,729


TOTAL COMMERCIAL BANKS			$	256,295

COMMERCIAL SERVICES & SUPPLIES – 0.1%

Global Payments, Inc., Sr. Unsecured, 3.75%, 6/01/23		50,000		52,170

COMPUTERS – 0.3%

Hewlett Packard Enterprise Co., Sr. Unsecured, 3.50%, 10/05/21		50,000		51,261

International Business Machines Corp., Sr. Unsecured, 2.80%, 5/13/21		60,000		60,860


TOTAL COMPUTERS			$	112,121

CONSUMER FINANCE – 0.1%

Capital One Financial Corp., Sr. Unsecured, 2.40%, 10/30/20		25,000		25,104

DIVERSIFIED FINANCIAL SERVICES – 1.1%

Bank of America Corp., Sr. Unsecured, MTN, 3.25%, 10/21/27		20,000		20,802

BlackRock, Inc., Sr. Unsecured, 3.38%, 6/01/22		38,000		39,571

Citigroup, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.95%), 2.88%, 7/24/23^D		35,000		35,601

FMR LLC, Sr. Unsecured, 6.45%, 11/15/39^Ω		100,000		141,930

JPMorgan Chase & Co., Sr. Unsecured, MTN, 2.30%, 8/15/21		100,000		100,193

Wells Fargo & Co., Subordinated, MTN, 4.40%, 6/14/46		40,000		45,292

Wells Fargo & Co., Series M, Subordinated, MTN, 3.45%, 2/13/23		35,000		36,260


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	419,649

ELECTRIC – 0.6%

DTE Energy Co., Series F, Sr. Unsecured, 3.85%, 12/01/23		10,000		10,524

Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		90,000		91,764

WEC Energy Group, Inc., Sr. Unsecured, 3.38%, 6/15/21		70,000		71,523

WEC Energy Group, Inc., Sr. Unsecured, 3.10%, 3/08/22		45,000		45,931


TOTAL ELECTRIC			$	219,742


Description	Par Value		Value

ENVIRONMENTAL CONTROL – 0.2%

Waste Management, Inc., Company Guaranteed, 3.50%, 5/15/24	$	35,000	$	37,092

Waste Management, Inc., Company Guaranteed, 4.10%, 3/01/45		25,000		28,887


TOTAL ENVIRONMENTAL CONTROL			$	65,979

FOOD & STAPLES RETAILING – 0.4%

Conagra Brands, Inc., Sr. Unsecured, 4.60%, 11/01/25		40,000		44,542

Kroger Co. (The), Sr. Unsecured, 2.80%, 8/01/22^#		35,000		35,701

Kroger Co. (The), Sr. Unsecured, 5.40%, 1/15/49		50,000		59,069


TOTAL FOOD & STAPLES RETAILING			$	139,312

FOREST PRODUCTS & PAPER – 0.2%

International Paper Co., Sr. Unsecured, 4.75%, 2/15/22		15,000		15,785

International Paper Co., Sr. Unsecured, 4.40%, 8/15/47		50,000		51,780


TOTAL FOREST PRODUCTS & PAPER			$	67,565

HEALTH CARE EQUIPMENT & SUPPLIES – 0.3%

DH Europe Finance II Sarl, Company Guaranteed, 2.20%, 11/15/24		45,000		45,318

Zimmer Biomet Holdings, Inc., Sr. Unsecured, 2.70%, 4/01/20		55,000		55,119


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	100,437

HEALTH CARE PROVIDERS & SERVICES – 0.3%

Anthem, Inc., Sr. Unsecured, 3.65%, 12/01/27		30,000		31,785

CVS Health Corp., Sr. Unsecured, 5.05%, 3/25/48		30,000		34,435

UnitedHealth Group, Inc., Sr. Unsecured, 2.75%, 2/15/23		25,000		25,593

UnitedHealth Group, Inc., Sr. Unsecured, 2.95%, 10/15/27		25,000		25,927


TOTAL HEALTH CARE PROVIDERS & SERVICES			$	117,740

HOME FURNISHINGS – 0.2%

Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		65,000		69,077

HOUSEHOLD PRODUCTS – 0.0%**

Church & Dwight Co., Inc., Sr. Unsecured, 3.95%, 8/01/47		15,000		16,290

INSURANCE – 0.7%

American International Group, Inc., Sr. Unsecured, 3.30%, 3/01/21		60,000		60,993


Description	Par Value		Value

Aon PLC, Company Guaranteed, 4.00%, 11/27/23	$	40,000	$	42,664

CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24		35,000		37,567

Lincoln National Corp., Sr. Unsecured, 3.63%, 12/12/26		25,000		26,556

WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		60,000		63,559

WR Berkley Corp., Sr. Unsecured, 4.75%, 8/01/44		45,000		52,068


TOTAL INSURANCE			$	283,407

MEDIA – 0.3%

CBS Corp., Company Guaranteed, 4.60%, 1/15/45		75,000		81,706

Comcast Corp., Company Guaranteed, 4.70%, 10/15/48		35,000		43,127

Walt Disney Co. (The) / TWDC Enterprises 18 Corp., Company Guaranteed, GMTN, 4.13%, 6/01/44^#		10,000		11,985


TOTAL MEDIA			$	136,818

MISCELLANEOUS MANUFACTURING – 0.3%

Illinois Tool Works, Inc., Sr. Unsecured, 3.50%, 3/01/24		45,000		47,793

Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed, 3.50%, 3/21/26		55,000		57,732

Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21		20,000		20,363


TOTAL MISCELLANEOUS MANUFACTURING			$	125,888

MULTI-UTILITIES – 0.1%

Sempra Energy, Sr. Unsecured, 2.85%, 11/15/20		55,000		55,325

OIL & GAS – 0.7%

BP Capital Markets PLC, Company Guaranteed, 2.50%, 11/06/22		50,000		50,866

Marathon Oil Corp., Sr. Unsecured, 4.40%, 7/15/27		70,000		75,173

Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 9/15/24		20,000		21,219

Occidental Petroleum Corp., Sr. Unsecured, 2.70%, 8/15/22		35,000		35,379

Phillips 66, Company Guaranteed, 4.30%, 4/01/22		20,000		21,198

Shell International Finance BV, Company Guaranteed, 3.25%, 5/11/25		25,000		26,559

Valero Energy Corp., Sr. Unsecured, 4.00%, 4/01/29		30,000		32,111

Valero Energy Corp., Sr. Unsecured, 4.90%, 3/15/45		10,000		11,271


TOTAL OIL & GAS			$	273,776


Description	Par Value		Value

PHARMACEUTICALS – 0.3%

AbbVie, Inc., Sr. Unsecured, 2.50%, 5/14/20	$	30,000	$	30,047

AbbVie, Inc., Sr. Unsecured, 4.25%, 11/14/28		25,000		27,204

AbbVie, Inc., Sr. Unsecured, 4.40%, 11/06/42		20,000		20,730

Medco Health Solutions, Inc., Company Guaranteed, 4.13%, 9/15/20		20,000		20,363

Zoetis, Inc., Sr. Unsecured, 3.95%, 9/12/47		20,000		21,998


TOTAL PHARMACEUTICALS			$	120,342

PIPELINES – 0.6%

Energy Transfer Operating LP, Company Guaranteed, 3.60%, 2/01/23		35,000		36,093

Energy Transfer Operating LP, Company Guaranteed, 4.20%, 4/15/27		40,000		42,171

Kinder Morgan, Inc., Company Guaranteed, 5.20%, 3/01/48		40,000		45,488

MPLX LP, Sr. Unsecured, 4.00%, 3/15/28		30,000		31,279

ONEOK Partners LP, Company Guaranteed, 6.20%, 9/15/43		45,000		55,150

Spectra Energy Partners LP, Company Guaranteed, 4.50%, 3/15/45		25,000		27,451


TOTAL PIPELINES			$	237,632

REAL ESTATE INVESTMENT TRUSTS – 0.4%

American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		15,000		16,612

AvalonBay Communities, Inc., Sr. Unsecured, MTN, 3.35%, 5/15/27		25,000		26,510

HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24		15,000		16,209

Healthcare Realty Trust, Inc., Sr. Unsecured, 3.75%, 4/15/23		40,000		41,354

Healthcare Realty Trust, Inc., Sr. Unsecured, 3.88%, 5/01/25		15,000		15,781

Welltower, Inc., Sr. Unsecured, 3.63%, 3/15/24		55,000		58,121


TOTAL REAL ESTATE INVESTMENT TRUSTS			$	174,587

SEMICONDUCTORS – 0.1%

Intel Corp., Sr. Unsecured, 2.70%, 12/15/22		35,000		36,017

TELECOMMUNICATIONS – 0.1%

AT&T, Inc., Sr. Unsecured, 4.50%, 5/15/35		15,000		16,693

AT&T, Inc., Sr. Unsecured, 4.85%, 7/15/45		25,000		28,401


TOTAL TELECOMMUNICATIONS			$	45,094


Description	Par Value		Value

TRANSPORTATION – 0.5%

FedEx Corp., Company Guaranteed, 3.88%, 8/01/42	$	30,000	$	29,544

FedEx Corp., Company Guaranteed, 4.10%, 2/01/45		15,000		14,989

Ryder System, Inc., Sr. Unsecured, MTN, 2.65%, 3/02/20		100,000		100,161

Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 9/01/22		10,000		10,085

Union Pacific Corp., Sr. Unsecured, 3.15%, 3/01/24		45,000		47,077


TOTAL TRANSPORTATION			$	201,856

TRUCKING & LEASING – 0.2%

GATX Corp., Sr. Unsecured, 2.60%, 3/30/20		60,000		60,124

GATX Corp., Sr. Unsecured, 5.20%, 3/15/44		20,000		23,631


TOTAL TRUCKING & LEASING			$	83,755


TOTAL CORPORATE BONDS (COST $3,652,168)			$	3,881,146
	Number of Shares

COMMON STOCKS – 38.1%

COMMUNICATION SERVICES – 2.1%

DIVERSIFIED TELECOMMUNICATION SERVICES – 2.1%

AT&T, Inc.		13,850	$	533,087

Verizon Communications, Inc.		4,800		290,256


TOTAL COMMUNICATION SERVICES			$	823,343

CONSUMER DISCRETIONARY – 2.0%

AUTOMOBILES – 0.4%

General Motors Co.		4,425		164,433

HOTELS, RESTAURANTS & LEISURE – 0.7%

Extended Stay America, Inc.		7,925		112,614

McDonald’s Corp.		875		172,113


			$	284,727

MULTILINE RETAIL – 0.9%

Target Corp.		3,075		328,748


TOTAL CONSUMER DISCRETIONARY			$	777,908

CONSUMER STAPLES – 3.1%

BEVERAGES – 1.3%

Coca-Cola Co. (The)		4,300		234,049

PepsiCo., Inc.		2,026		277,906


			$	511,955



Description	Number of Shares		Value

HOUSEHOLD PRODUCTS – 1.0%

Procter & Gamble Co. (The)		3,175	$	395,319

TOBACCO – 0.8%

Philip Morris International, Inc.		3,700		301,328


TOTAL CONSUMER STAPLES			$	1,208,602

ENERGY – 3.1%

OIL, GAS & CONSUMABLE FUELS – 3.1%

BP PLC ADR		6,375		241,676

Chevron Corp.		3,625		421,008

Exxon Mobil Corp.		2,600		175,682

Suncor Energy, Inc.		7,275		215,995

Valero Energy Corp.		1,790		173,594


TOTAL ENERGY			$	1,227,955

FINANCIALS – 8.5%

CAPITAL MARKETS – 0.9%

BlackRock, Inc.		375		173,138

Main Street Capital Corp.^#		3,863		166,302


			$	339,440

COMMERCIAL BANKS – 2.7%

First Hawaiian, Inc.		6,500		177,645

Toronto-Dominion Bank (The)^#		5,050		288,203

U.S. Bancorp		5,650		322,163

United Bankshares, Inc.^#		7,125		281,722


			$	1,069,733

DIVERSIFIED FINANCIAL SERVICES – 3.0%

Citigroup, Inc.		3,750		269,475

JPMorgan Chase & Co.		4,750		593,370

Wells Fargo & Co.		5,800		299,454


			$	1,162,299

INSURANCE – 1.9%

MetLife, Inc.		6,275		293,607

Old Republic International Corp.		13,300		297,122

Prudential Financial, Inc.		1,650		150,381


			$	741,110


TOTAL FINANCIALS			$	3,312,582

HEALTH CARE – 5.8%

BIOTECHNOLOGY – 1.1%

Amgen, Inc.		825		175,931

Gilead Sciences, Inc.		4,250		270,768


			$	446,699

HEALTH CARE PROVIDERS & SERVICES – 0.8%

CVS Health Corp.		4,800		318,672

PHARMACEUTICALS – 3.9%

Bristol-Myers Squibb Co.		4,675		268,205



Description	Number of Shares		Value

Johnson & Johnson		3,075	$	406,023

Merck & Co., Inc.		5,150		446,299

Pfizer, Inc.		10,150		389,456


			$	1,509,983


TOTAL HEALTH CARE			$	2,275,354

INDUSTRIALS – 3.9%

AEROSPACE & DEFENSE – 1.1%

Lockheed Martin Corp.		1,100		414,348

AIR FREIGHT & LOGISTICS – 0.8%

United Parcel Service, Inc., Class B		2,750		316,717

AIRLINES – 0.5%

Delta Air Lines, Inc.		3,600		198,288

BUILDING PRODUCTS – 0.7%

Johnson Controls International PLC		6,350		275,145

ELECTRICAL EQUIPMENT – 0.8%

Emerson Electric Co.		4,500		315,675


TOTAL INDUSTRIALS			$	1,520,173

INFORMATION TECHNOLOGY – 3.6%

COMMUNICATIONS EQUIPMENT – 1.2%

Cisco Systems, Inc.		9,700		460,847

IT SERVICES – 0.5%

International Business Machines Corp.		1,450		193,909

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.9%

Broadcom, Inc.		1,125		329,456

QUALCOMM, Inc.		5,400		434,376


			$	763,832


TOTAL INFORMATION TECHNOLOGY			$	1,418,588

MATERIALS – 0.8%

CHEMICALS – 0.8%

Dow, Inc.		6,475		326,923

REAL ESTATE – 2.1%

REAL ESTATE INVESTMENT TRUSTS – 2.1%

Blackstone Mortgage Trust, Inc., Class A		7,800		283,140

Crown Castle International Corp.		1,160		160,996

Park Hotels & Resorts, Inc.		6,375		148,219

Ventas, Inc.		3,750		244,125


TOTAL REAL ESTATE			$	836,480

UTILITIES – 3.1%

ELECTRIC UTILITIES – 3.1%

American Electric Power Co., Inc.		3,050		287,890

Duke Energy Corp.		2,325		219,155

FirstEnergy Corp.		6,900		333,408



Description	Number of Shares		Value

NextEra Energy, Inc.		1,600	$	381,344


TOTAL UTILITIES			$	1,221,797


TOTAL COMMON STOCKS (COST $13,144,429)			$	14,949,705
	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	$	45,421	$	45,474

Delta Air Lines, 2007-1,
Series A, Pass-Through Certificates, 6.82%, 8/10/22		32,963		36,268


TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $77,399)			$	81,742

GOVERNMENT AGENCY – 0.1%

FEDERAL HOME LOAN BANK (FHLB) – 0.1%

3.25%, 11/16/28		35,000		38,990


TOTAL GOVERNMENT AGENCY (COST $34,652)			$	38,990

MORTGAGE-BACKED SECURITIES – 5.8%

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.0%

Pool C00478, 8.50%, 9/01/26		982		1,102

Pool A15865, 5.50%, 11/01/33		26,628		29,525

Pool A19412, 5.00%, 3/01/34		64,688		72,363

Pool G05774, 5.00%, 1/01/40		142,296		154,885

Pool C03517, 4.50%, 9/01/40		19,322		20,978

Pool C03849, 3.50%, 4/01/42		36,803		38,110

Pool C04305, 3.00%, 11/01/42		131,444		135,968

Pool C09020, 3.50%, 11/01/42		114,399		120,545

Pool G07889, 3.50%, 8/01/43		25,295		26,153

Pool Q23891, 4.00%, 12/01/43		27,820		29,614

Pool G60038, 3.50%, 1/01/44		89,751		94,565

Pool SD8000, 3.00%, 7/01/49		78,068		79,215


TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	803,023

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 3.7%

Pool AB4089, 3.00%, 12/01/26		16,527		16,965

Pool 533246, 7.50%, 4/01/30		2,789		2,825

Pool AJ4050, 4.00%, 10/01/41		59,601		63,723

Pool AX5302, 4.00%, 1/01/42		19,683		21,044

Pool AT7899, 3.50%, 7/01/43		48,991		50,327

Pool AS0302, 3.00%, 8/01/43		56,356		57,976

Pool AL6325, 3.00%, 10/01/44		50,846		52,301



Description	Par Value		Value

Pool BC0830, 3.00%, 4/01/46	$	63,919	$	65,567

Pool BC9468, 3.00%, 6/01/46		18,440		18,916

Pool BE1899, 3.00%, 11/01/46		93,896		96,085

Pool BD7166, 4.50%, 4/01/47		61,887		65,445

Pool BE3625, 3.50%, 5/01/47		125,182		129,789

Pool BE3702, 4.00%, 6/01/47		168,463		176,436

Pool BE3767, 3.50%, 7/01/47		13,281		13,771

Pool BH9215, 3.50%, 1/01/48		33,809		35,057

Pool BJ0650, 3.50%, 3/01/48		208,183		216,062

Pool BJ9169, 4.00%, 5/01/48		93,920		97,755

Pool BK4764, 4.00%, 8/01/48		79,356		82,596

Pool MA3444, 4.50%, 8/01/48		48,216		50,888

Pool BN1628, 4.50%, 11/01/48		25,023		26,452

Pool BN3956, 4.00%, 1/01/49		42,333		44,021

Pool BN6683, 3.50%, 6/01/49		83,945		86,509


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,470,510

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.1%

Pool 354677, 7.50%, 10/15/23		5,326		5,752

Pool 354765, 7.00%, 2/15/24		7,839		8,427

Pool 354827, 7.00%, 5/15/24		5,925		6,266


TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	20,445


TOTAL MORTGAGE-BACKED SECURITIES (COST $2,256,270)			$	2,293,978

U.S. TREASURY – 9.3%

U.S. TREASURY BONDS – 2.0%

2.50%, 2/15/46		65,000		69,130

2.75%, 8/15/47		70,000		78,244

3.00%, 11/15/44		53,000		61,502

3.00%, 11/15/45		8,000		9,321

3.00%, 2/15/47		21,000		24,579

3.00%, 5/15/47		30,000		35,104

3.13%, 8/15/44		11,000		13,024

3.38%, 5/15/44		139,000		171,094

3.63%, 2/15/44		87,000		111,112

4.38%, 5/15/40		120,000		166,849

4.75%, 2/15/37		21,000		29,864


TOTAL U.S. TREASURY BONDS			$	769,823

U.S. TREASURY NOTES – 7.3%

1.13%, 2/28/21		250,000		248,493

1.50%, 11/30/19		40,000		39,985

1.50%, 8/15/26		90,000		89,424

1.63%, 11/15/22		96,000		96,341

1.63%, 5/15/26		195,000		195,365

1.75%, 5/15/23		405,000		408,153

1.75%, 7/31/24		30,000		30,313


Description	Par Value		Value

2.00%, 10/31/21	$	165,000	$	166,456

2.00%, 4/30/24		170,000		173,445

2.00%, 2/15/25		115,000		117,638

2.00%, 8/15/25		35,000		35,825

2.13%, 8/31/20		115,000		115,508

2.13%, 6/30/22		175,000		177,779

2.13%, 11/30/23		215,000		220,094

2.13%, 5/15/25		140,000		144,131

2.25%, 11/15/24		80,000		82,735

2.25%, 11/15/25		5,000		5,191

2.25%, 8/15/27		200,000		209,225

2.38%, 8/15/24		140,000		145,420

2.38%, 5/15/29		150,000		159,104


TOTAL U.S. TREASURY NOTES			$	2,860,625


TOTAL U.S. TREASURY (COST $3,451,265)			$	3,630,448

	Number of Shares

MONEY MARKET FUND – 2.2%

Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		848,765	$	848,765


TOTAL MONEY MARKET FUND (COST $848,765)			$	848,765


TOTAL INVESTMENTS IN SECURITIES – 100.1%
(COST $37,193,098)			$	39,283,089
	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 13.6%

REPURCHASE AGREEMENTS – 13.6%

Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $392,612, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $400,445.	$	392,593	$	392,593

BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $986,646, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $1,006,331.		986,599		986,599

Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $986,647, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $1,006,331.		986,599		986,599


Description	Par Value		Value

HSBC Securities USA, Inc., 1.73%, dated 10/31/19, due 11/01/19, repurchase price $986,646, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 12/20/32 to 6/20/69; total market value of $1,006,331.	$	986,599	$	986,599

Nomura Securities International, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $986,647, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/05/19 to 9/20/69; total market value of $1,006,332.		986,599		986,599

RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $986,647, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $1,006,331.		986,599		986,599


TOTAL REPURCHASE AGREEMENTS			$	5,325,588


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $5,325,588)			$	5,325,588


TOTAL INVESTMENTS – 113.7%
(COST $42,518,686)			$	44,608,677

COLLATERAL FOR SECURITIES ON LOAN – (13.6%)				(5,325,588	)

OTHER LIABILITIES LESS ASSETS – (0.1%)				(31,459	)


TOTAL NET ASSETS – 100.0%			$	39,251,630

Cost of investments for Federal income tax purposes is $42,521,849. The net unrealized appreciation/(depreciation) of investments was $2,086,828. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,710,719 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(623,891).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:


	Level 1		Level 2		Level 3		Total

Investments in Securities

Investment Companies	$	13,187,726	$	—	$	—	$	13,187,726

Collateralized Mortgage Obligations		—		120,760		—		120,760

Commercial Paper		—		249,829		—		249,829

Corporate Bonds		—		3,881,146		—		3,881,146

Common Stocks		14,949,705		—		—		14,949,705

Enhanced Equipment Trust Certificates		—		81,742		—		81,742

Government Agency		—		38,990		—		38,990

Mortgage-Backed Securities		—		2,293,978		—		2,293,978

U.S. Treasury		—		3,630,448		—		3,630,448

Money Market Fund		848,765		—		—		848,765

Repurchase Agreements		—		5,325,588		—		5,325,588


Total	$	28,986,196	$	15,622,481	$	—	$	44,608,677

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

^	7-Day net yield.

Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2019, these liquid restricted securities amounted to $391,759 representing 1.00% of total net assets.

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

**	Represents less than 0.05%.


The following acronyms are used throughout this Fund:		MTN	Medium Term Note
ADR	American Depositary Receipt	PLC	Public Limited Company
ETF	Exchange-Traded Fund	REIT	Real Estate Investment Trust
GMTN	Global Medium Term Note		Standard & Poor’s Depository
LIBOR	London Interbank Offered Rate	SPDR	Receipts
LLC	Limited Liability Corporation	USD	United States Dollar
LP	Limited Partnership

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited)

Wilmington
International
Fund

Wilmington
Global Alpha
Equities

Fund

ASSETS:

Investments, at identified cost

527,971,631

173,675,276

Investments in securities, at value (Including $18,390,036 and $0 of securities

on loan, respectively) (Note 2)

587,403,577

191,191,559

Cash

—

548,272

Deposits for financial futures contracts

1,675,841

5,013,534

Cash denominated in foreign currencies

21,101,347

^(a)

51,558

^(a)

Income receivable

2,044,646

385,970

Foreign tax reclaim receivable

1,425,748

173,101

Receivable for shares sold

221,179

109,092

Unrealized appreciation on forward foreign currency contracts

269

35,315

Receivable for investments sold

9,496,178

379,488

Prepaid assets

25,091

15,596

TOTAL ASSETS

623,393,876

197,903,485

LIABILITIES:

Overdraft due to custodian

395,284

—

Overdraft due to custodian denominated in foreign currencies

2,619,083

^(b)

263,696

^(b)

Payable for investments purchased

24,543,756

796,498

Collateral for securities on loan

21,528,887

—

Unrealized depreciation on forward foreign currency contracts

3,597

160,659

Payable for shares redeemed

204,043

48,032

Payable to sub-advisors

174,230

90,446

Payable for Trustees’ fees

6,363

4,401

Payable for administrative personnel and services fees

14,500

5,042

Payable for distribution services fees

743

Payable for shareholder services fees

56,397

—

Payable for investment advisory fees

82,702

63,965

Other accrued expenses

287,758

144,587

TOTAL LIABILITIES

49,917,343

1,577,363

NET ASSETS

573,476,533

196,326,122

NET ASSETS CONSIST OF:

Paid-in capital

533,089,598

185,039,233

Distributable earnings (loss)

40,386,935

11,286,889

TOTAL NET ASSETS

573,476,533

196,326,122

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A

Net Assets

3,586,560

149,163

Shares outstanding (unlimited shares authorized)

425,755

12,848

Net Asset Value per share

8.42

11.61

Offering price per share*

8.91

12.29

Class I

Net Assets

569,889,973

196,176,959

Shares outstanding (unlimited shares authorized)

67,127,646

16,697,521

Net Asset Value per share

8.49

11.75

(a)	Cost of cash denominated in foreign currencies was $20,942,748 and $50,675, respectively.

(b)	Cost of overdraft due to custodian was $2,615,767 and $262,806, respectively.

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

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

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited)

Wilmington
Real Asset
Fund

Wilmington
Diversified
Income
Fund

ASSETS:

Investments, at identified cost

318,180,713

42,518,686

Investments in securities, at value (Including $3,150,016 and $5,182,648 of securities

on loan, respectively) (Note 2)

351,899,523

44,608,677

Cash

—

2,129

Deposits for financial futures contracts

274,283

^(a)

—

Deposits for swaps

522,925

^(b)

—

Cash denominated in foreign currencies

319,662

^(c)

—

Variation margin receivable for centrally cleared swap agreements

47,609

—

Variation margin receivable for financial futures contracts

33,776

—

Income receivable

483,240

91,164

Foreign tax reclaim receivable

209,121

—

Due from advisor

—

17,289

Receivable for shares sold

72,775

106

Over the counter swap agreements, at value (Net upfront payments received of $45,921 and $0, respectively)

60,498

—

Written options, at value

22,022

^(d)(e)

—

Unrealized appreciation on forward foreign currency contracts

109,787

—

Receivable for investments sold

13,264,185

—

Prepaid assets

10,658

16,260

TOTAL ASSETS

367,330,064

44,735,625

LIABILITIES:

Overdraft due to custodian

682

—

Written options, at value

106,137

^(d)(e)

—

Variation margin payable for centrally cleared swap agreements

128,163

—

Variation margin payable for financial futures contracts

69,099

—

Payable for investments purchased

41,279,387

45,007

Collateral for securities on loan

3,222,013

5,325,588

Due to broker for swap agreements

40,000

—

Over the counter swap agreements, at value (Net upfront payments paid of $3,525 and $0, respectively)

7,504

—

Unrealized depreciation on forward foreign currency contracts

339,904

—

Payable for shares redeemed

592,739

27,033

Payable to sub-advisors

30,047

—

Payable for Trustees’ fees

5,592

6,339

Payable for administrative personnel and services fees

8,310

1,011

Payable for distribution services fees

244

8,103

Payable for investment advisory fees

100,339

—

Other accrued expenses

169,898

70,914

TOTAL LIABILITIES

46,100,058

5,483,995

NET ASSETS

321,230,006

39,251,630

NET ASSETS CONSIST OF:

Paid-in capital

313,268,640

37,242,135

Distributable earnings (loss)

7,961,366

2,009,495

TOTAL NET ASSETS

321,230,006

39,251,630

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A

Net Assets

1,145,109

38,576,847

Shares outstanding (unlimited shares authorized)

77,156

3,568,457

Net Asset Value per share

14.84

10.81

Offering price per share*

15.70

11.44

Class I

Net Assets

320,084,897

674,783

Shares outstanding (unlimited shares authorized)

21,322,422

62,374

Net Asset Value per share

15.01

10.82

(a)	Includes cash denominated in foreign currencies with a value of $57,245 and a cost of $56,907.

(b)	Includes cash denominated in foreign currencies with a value of $32,934 and a cost of $32,838.

(c)	Cost of cash denominated in foreign currencies was $319,121.

(d)	Net written options, at value is $(84,115)

(e)	Premiums received for options written were $208,046.

*	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

Six Months Ended October 31, 2019 (unaudited)

Wilmington
International
Fund

Wilmington
Global Alpha
Equities
Fund

INVESTMENT INCOME:

Dividends

8,368,261

^(a)

2,033,823

^(a)

Interest

6,580

33,350

^(b)

Securities lending income

181,451

—

TOTAL INVESTMENT INCOME

8,556,292

2,067,173

EXPENSES:

Investment advisory fees

2,293,948

1,362,226

Administrative personnel and services fees

87,736

28,347

Portfolio accounting and administration fees

114,595

43,297

Custodian fees

87,744

31,778

Transfer and dividend disbursing agent fees and expenses

55,628

43,391

Trustees’ fees

27,158

27,784

Professional fees

79,633

71,654

Distribution services fee—Class A

4,744

180

Shareholder services fee—Class A

4,744

180

Shareholder services fee— Class I

697,563

226,858

Share registration costs

17,091

19,519

Printing and postage

11,912

9,220

Miscellaneous

39,046

21,973

TOTAL EXPENSES

3,521,542

1,886,407

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor/subadvisors

(763,756

)

(533,082

)

Waiver of shareholder services fee—Class A

(4,744

)

(180

)

Waiver of shareholder services fee—Class I

(371,556

)

(226,858

)

TOTAL WAIVERS AND REIMBURSEMENTS

(1,140,056

)

(760,120

)

Net expenses

2,381,486

1,126,287

Net investment income (loss)

6,174,806

940,886

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized gain (loss) on investments

(9,692,431

)

3,733,982

Net realized gain (loss) on forward foreign currency contracts

(101,086

)

267,041

Net realized gain (loss) on foreign currency transactions

48,011

19,050

Net realized gain (loss) on financial futures contracts

(274,469

)

(3,376,747

)

Litigation proceeds

1,368

^(c)

—

Net change in unrealized appreciation (depreciation) on investments

5,951,343

2,803,947

Net change in unrealized appreciation (depreciation) on forward foreign currency contracts

(2,132

)

(226,067

)

Net change in unrealized appreciation (depreciation) on foreign currency transactions

34,090

4,739

Net change in unrealized appreciation (depreciation) on financial futures contracts

44,794

1,161,264

Net realized and unrealized gain (loss) on investments

(3,990,512

)

4,387,209

Change in net assets resulting from operations

2,184,294

5,328,095

(a)	Net of foreign withholding taxes withheld of $906,790 and $144,992, respectively.

(b)	Net of foreign withholding taxes withheld of $72.

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

See Notes which are an integral part of the Financial Statements

Six Months Ended October 31, 2019 (unaudited)

Wilmington
Real Asset
Fund

Wilmington
Diversified
Income
Fund

INVESTMENT INCOME:

Dividends

3,561,291

^(a)

638,399

^(a)

Interest

1,284,501

^(b)

145,769

Securities lending income

82,456

18,611

TOTAL INVESTMENT INCOME

4,928,248

802,779

EXPENSES:

Investment advisory fees

887,584

78,437

Administrative personnel and services fees

49,470

6,125

Portfolio accounting and administration fees

81,253

18,863

Custodian fees

55,990

1,051

Transfer and dividend disbursing agent fees and expenses

44,890

23,739

Trustees’ fees

27,405

27,165

Professional fees

79,947

52,526

Distribution services fee—Class A

1,438

48,219

Shareholder services fee—Class A

1,438

48,219

Shareholder services fee— Class I

394,589

804

Share registration costs

19,400

10,917

Printing and postage

14,593

6,255

Miscellaneous

26,835

13,914

TOTAL EXPENSES

1,684,832

336,234

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor/subadvisors

(162,651

)

(171,692

)

Waiver of shareholder services fee—Class A

(1,438

)

(48,219

)

Waiver of shareholder services fee—Class I

(394,589

)

(804

)

TOTAL WAIVERS AND REIMBURSEMENTS

(558,678

)

(220,715

)

Net expenses

1,126,154

115,519

Net investment income (loss)

3,802,094

687,260

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized gain (loss) on investments

617,024

51,966

Net realized gain (loss) on forward foreign currency contracts

538,857

—

Net realized gain (loss) on foreign currency transactions

(48,555

)

—

Net realized gain (loss) on financial futures contracts

(679,742

)

—

Net realized gain (loss) on swap agreements

(150,452

)

—

Net realized gain (loss) on purchased options

242,625

—

Net realized gain (loss) on written options

(94,193

)

—

Net realized gain (loss) on securities sold short

(3,604

)

—

Net change in unrealized appreciation (depreciation) on investments

11,618,723

940,005

Net change in unrealized appreciation (depreciation) on forward foreign currency contracts

(272,847

)

—

Net change in unrealized appreciation (depreciation) on foreign currency transactions

1,930

—

Net change in unrealized appreciation (depreciation) on financial futures contracts

232,557

—

Net change in unrealized appreciation (depreciation) on swap agreements

(353,629

)

—

Net change in unrealized appreciation (depreciation) on purchased options

(31,596

)

—

Net change in unrealized appreciation (depreciation) on written options

20,989

—

Net change in unrealized appreciation (depreciation) on TBA Sales Commitments

(398

)

—

Net realized and unrealized gain (loss) on investments

11,637,689

991,971

Change in net assets resulting from operations

15,439,783

1,679,231

(a)	Net of foreign withholding taxes withheld of $149,175 and $2,270, respectively.

(b)	Net of foreign withholding taxes withheld of $528,189.

See Notes which are an integral part of the Financial Statements

Wilmington
International
Fund

Wilmington
Global Alpha
Equities Fund

Six Months Ended
October 31,

2019

(unaudited)

Year Ended
April 30,

2019

Six Months Ended
October 31,

2019

(unaudited)

Year Ended

April 30,

2019

OPERATIONS:

Net investment income (loss)

6,174,806

11,572,244

940,886

1,552,008

Net realized gain (loss) on investments

(10,018,607

)^(a)

(8,855,386

)^(a)

643,326

7,085,522

Net change in unrealized appreciation (depreciation) of investments

6,028,095

(34,360,384

)

3,743,883

(2,290,177

)

Change in net assets resulting from operations

2,184,294

(31,643,526

)

5,328,095

6,347,353

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(54,446

)

(128,833

)

—

(1,370

)

Class I

(8,678,115

)

(15,513,143

)

—

(1,792,762

)

Total distributions to shareholders

(8,732,561

)

(15,641,976

)

—

(1,794,132

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

7,250

4,104,757

51,070

31,867

Class I

35,343,668

97,827,356

39,969,523

36,618,293

Distributions reinvested

Class A

47,272

116,719

—

1,369

Class I

2,146,971

9,005,482

—

908,620

Cost of shares redeemed

Class A

(1,226,525

)

(4,391,015

)

(30,310

)

(43,932

)

Class I

(31,913,993

)

(145,040,239

)

(17,316,104

)

(30,246,425

)

Change in net assets resulting from share transactions

4,404,643

(38,376,940

)

22,674,179

7,269,792

Change in net assets

(2,143,624

)

(85,662,442

)

28,002,274

11,823,013

NET ASSETS:

Beginning of period

575,620,157

661,282,599

168,323,848

156,500,835

End of period

573,476,533

575,620,157

196,326,122

168,323,848

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

885

468,542

4,418

2,887

Class I

4,271,911

11,729,961

3,450,979

3,291,770

Distributions reinvested

Class A

5,681

14,101

—

131

Class I

256,249

1,105,103

—

85,800

Shares redeemed

Class A

(152,493

)

(511,897

)

(2,622

)

(4,003

)

Class I

(3,880,036

)

(17,804,419

)

(1,505,772

)

(2,732,033

)

Net change resulting from share transactions

502,197

(4,998,609

)

1,947,003

644,552

^(a) Includes Litigation settlement.

See Notes which are an integral part of the Financial Statements

Wilmington
Real Asset
Fund

Wilmington
Diversified Income
Fund

Six Months Ended
October 31,

2019

(unaudited)

Year Ended
April 30,

2019

Six Months Ended
October 31,

2019

(unaudited)

  Year Ended
  April 30,
  2019

OPERATIONS:

Net investment income (loss)

3,802,094

8,185,949

687,260

1,395,222

Net realized gain (loss) on investments

421,960

589,320

51,966

(196,436

)

Net change in unrealized appreciation (depreciation) of investments

11,215,729

(2,015,552

)

940,005

576,437

Change in net assets resulting from operations

15,439,783

6,759,717

1,679,231

1,775,223

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(19,525

)

(26,933

)

(670,188

)

(1,493,560

)

Class I

(5,829,784

)

(7,962,044

)

(12,065

)

(41,768

)

Total distributions to shareholders

(5,849,309

)

(7,988,977

)

(682,253

)

(1,535,328

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

92,823

145,265

187,518

514,241

Class I

14,447,802

46,788,531

29,029

181,372

Distributions reinvested

Class A

13,160

17,826

621,350

1,390,842

Class I

2,813,125

3,897,423

5,580

10,364

Cost of shares redeemed

Class A

(168,832

)

(285,091

)

(2,154,500

)

(4,202,605

)

Class I

(16,385,478

)

(47,538,762

)

(14,500

)

(656,037

)

Change in net assets resulting from share transactions

812,600

3,025,192

(1,325,523

)

(2,761,823

)

Change in net assets

10,403,074

1,795,932

(328,545

)

(2,521,928

)

NET ASSETS:

Beginning of period

310,826,932

309,031,000

39,580,175

42,102,103

End of period

321,230,006

310,826,932

39,251,630

39,580,175

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

6,429

10,277

17,778

49,657

Class I

984,952

3,289,145

2,749

17,119

Distributions reinvested

Class A

902

1,317

58,555

137,475

Class I

190,685

284,472

526

1,034

Shares redeemed

Class A

(11,614

)

(19,747

)

(204,251

)

(405,265

)

Class I

(1,114,929

)

(3,348,357

)

(1,376

)

(63,484

)

Net change resulting from share transactions

56,425

217,107

(126,019

)

(263,464

)

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period.


WILMINGTON INTERNATIONAL FUND

CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$8.52			$9.11			$7.86			$7.08			$8.04			$7.90
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.14			0.08			0.08			0.08			0.09
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.07	)(b)		(0.51	)(b)		1.26	(b)		0.79	(c)		(0.95	)		0.17

Total Income (Loss) From Operations		0.02			(0.37	)		1.34			0.87			(0.87	)		0.26

Less Distributions From:
Net Investment Income		(0.12	)		(0.14	)		(0.09	)		(0.09	)		(0.09	)		(0.12	)
Net Realized Gains		—			(0.08	)		—			—			—			—

Total Distributions		(0.12	)		(0.22	)		(0.09	)		(0.09	)		(0.09	)		(0.12	)

Net Asset Value, End of Period		$8.42			$8.52			$9.11			$7.86			$7.08			$8.04

Total Return(d)		0.30	%		(4.07	)%		17.18	%		12.52	%		(10.82	)%		3.29	%
Net Assets, End of Period (000’s)		$3,587			$4,871			$5,473			$4,913			$4,810			$5,909
Ratios to Average Net Assets
Gross Expense		1.50	%(e)		1.50	%		1.48	%		1.79	%		1.87	%		1.84	%
Net Expenses(f)		0.98	%(e)		1.00	%		1.04	%		1.22	%		1.31	%		1.42	%
Net Investment Income (Loss)		2.27	%(e)		1.69	%		0.93	%		1.16	%		1.15	%		1.20	%
Portfolio Turnover Rate		31	%		70	%		75	%		177	%		71	%		78	%

CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$8.59			$9.18			$7.92			$7.13			$8.09			$7.94
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.17			0.09			0.09			0.09			0.10
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.06	)(b)		(0.53	)(b)		1.27	(b)		0.80	(c)		(0.95	)		0.18

Total Income (Loss) From Operations		0.03			(0.36	)		1.36			0.89			(0.86	)		0.28

Less Distributions From:
Net Investment Income		(0.13	)		(0.15	)		(0.10	)		(0.10	)		(0.10	)		(0.13	)
Net Realized Gains		—			(0.08	)		—			—			—			—

Total Distributions		(0.13	)		(0.23	)		(0.10	)		(0.10	)		(0.10	)		(0.13	)

Net Asset Value, End of Period		$8.49			$8.59			$9.18			$7.92			$7.13			$8.09

Total Return(d)		0.36	%		(3.91	)%		17.29	%		12.69	%		(10.70	)%		3.46	%
Net Assets, End of Period (000’s)		$569,890			$570,749			$655,810			$438,974			$411,357			$535,446
Ratios to Average Net Assets
Gross Expense		1.25	%(e)		1.26	%		1.23	%		1.54	%		1.62	%		1.59	%
Net Expenses(f)		0.85	%(e)		0.87	%		0.91	%		1.09	%		1.18	%		1.29	%
Net Investment Income (Loss)		2.20	%(e)		1.95	%		1.06	%		1.28	%		1.28	%		1.32	%
Portfolio Turnover Rate		31	%		70	%		75	%		177	%		71	%		78	%

(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)	Annualized for periods less than one year.

(f)	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

For a share outstanding throughout each period.


WILMINGTON GLOBAL ALPHA EQUITIES FUND
CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$11.28			$10.99			$10.54			$9.82			$10.86			$10.74
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.05			0.09			0.05			(0.01	)		(0.05	)		(0.06	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.28			0.33			0.52	(b)		0.75			(0.75	)		0.35

Total Income (Loss) From Operations		0.33			0.42			0.57			0.74			(0.80	)		0.29

Less Distributions From:
Net Investment Income		—			(0.13	)		(0.12	)		(0.02	)		(0.24	)		—
Net Realized Gains		—			—			—			—			—			(0.17	)

Total Distributions		—			(0.13	)		(0.12	)		(0.02	)		(0.24	)		(0.17	)

Net Asset Value, End of Period		$11.61			$11.28			$10.99			$10.54			$9.82			$10.86

Total Return(c)		2.93	%		3.87	%		5.41	%		7.59	%		(7.48	)%		2.73	%
Net Assets, End of Period (000’s)		$149			$125			$132			$180			$1,290			$2,723
Ratios to Average Net Assets
Gross Expense		2.33	%(d)		2.36	%		2.46	%		3.06	%		2.89	%		3.04	%
Net Expenses(e)		1.49	%(d)		1.49	%		1.50	%		2.48	%(f)		2.46	%(f)		2.68	%(f)
Net Investment Income (Loss)		0.79	%(d)		0.78	%		0.42	%		(0.06	)%		(0.44	)%		(0.52	)%
Portfolio Turnover Rate		29	%		61	%		58	%(g)		367	%		387	%		434	%

CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$11.40			$11.08			$10.61			$9.86			$10.88			$10.74
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.06			0.11			0.11			0.03			(0.02	)		(0.03	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.29			0.34			0.49	(b)		0.75			(0.76	)		0.34

Total Income (Loss) From Operations		0.35			0.45			0.60			0.78			(0.78	)		0.31

Less Distributions From:
Net Investment Income		—			(0.13	)		(0.13	)		(0.03	)		(0.24	)		—
Net Realized Gains		—			—			—			—			—			(0.17	)

Total Distributions		—			(0.13	)		(0.13	)		(0.03	)		(0.24	)		(0.17	)

Net Asset Value, End of Period		$11.75			$11.40			$11.08			$10.61			$9.86			$10.88

Total Return(c)		3.07	%		4.18	%		5.63	%		7.93	%		(7.22	)%		2.91	%
Net Assets, End of Period (000’s)		$196,177			$168,199			$156,369			$103,768			$158,200			$193,639
Ratios to Average Net Assets
Gross Expense		2.08	%(d)		2.11	%		2.21	%		2.82	%		2.64	%		2.78	%
Net Expenses(e)		1.24	%(d)		1.24	%		1.25	%		2.12	%(f)		2.21	%(f)		2.41	%(f)
Net Investment Income (Loss)		1.04	%(d)		1.02	%		1.03	%		0.32	%		(0.16	)%		(0.27	)%
Portfolio Turnover Rate		29	%		61	%		58	%(g)		367	%		387	%		434	%

(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)	Annualized for periods less than one year.

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

(f)	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, 2017		2.06%	1.77%
April 30, 2016		2.15%	1.90%
April 30, 2015		2.19%	1.95%

(g)	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.

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period.


WILMINGTON REAL ASSET FUND
CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$14.40			$14.48			$13.87			$13.63			$14.77			$14.81
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.16			0.34			0.35			0.23			0.21			0.13
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.53			(0.07	)		0.63			0.01			(0.68	)		0.04

Total Income (Loss) From Operations		0.69			0.27			0.98			0.24			(0.47	)		0.17

Less Distributions From:
Net Investment Income		(0.25	)		(0.35	)		(0.37	)		—			(0.67	)		(0.21	)

Total Distributions		(0.25	)		(0.35	)		(0.37	)		—			(0.67	)		(0.21	)

Net Asset Value, End of Period		$14.84			$14.40			$14.48			$13.87			$13.63			$14.77

Total Return(b)		4.86	%		2.05	%		7.11	%		1.76	%		(3.09	)%		1.14	%
Net Assets, End of Period (000’s)		$1,145			$1,173			$1,297			$1,643			$1,762			$2,242
Ratios to Average Net Assets
Gross Expense		1.31	%(c)		1.32	%		1.32	%		1.45	%		1.48	%		1.49	%
Net Expenses(d)(e)		0.96	%(c)		0.96	%		0.99	%		1.20	%		1.23	%		1.23	%
Net Investment Income (Loss)		2.15	%(c)		2.44	%		2.46	%		1.68	%		1.53	%		0.89	%
Portfolio Turnover Rate		209	%		347	%		438	%		593	%		418	%		242	%

CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$14.56			$14.63			$14.01			$13.73			$14.86			$14.88
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.18			0.38			0.40			0.27			0.24			0.17
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.54			(0.07	)		0.62			0.01			(0.67	)		0.03

Total Income (Loss) From Operations		0.72			0.31			1.02			0.28			(0.43	)		0.20

Less Distributions From:
Net Investment Income		(0.27	)		(0.38	)		(0.40	)		—			(0.70	)		(0.22	)

Total Distributions		(0.27	)		(0.38	)		(0.40	)		—			(0.70	)		(0.22	)

Net Asset Value, End of Period		$15.01			$14.56			$14.63			$14.01			$13.73			$14.86

Total Return(b)		5.01	%		2.29	%		7.31	%		2.11	%		(2.89	)%		1.40	%
Net Assets, End of Period (000’s)		$320,085			$309,654			$307,734			$345,787			$453,171			$463,375
Ratios to Average Net Assets
Gross Expense		1.06	%(c)		1.07	%		1.07	%		1.20	%		1.23	%		1.24	%
Net Expenses(d)(e)		0.71	%(c)		0.71	%		0.74	%		0.95	%		0.98	%		0.98	%
Net Investment Income (Loss)		2.40	%(c)		2.69	%		2.74	%		1.97	%		1.75	%		1.13	%
Portfolio Turnover Rate		209	%		347	%		438	%		593	%		418	%		242	%

(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)	Annualized for periods less than one year.

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

(e)

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, 2019, April 30, 2018 and April 30, 2017.

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period.


WILMINGTON DIVERSIFIED INCOME FUND
CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$10.54			$10.47			$11.24			$10.40			$10.98			$10.47
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.19			0.36			0.26			0.12			0.12			0.10
Net Realized and Unrealized Gain (Loss) on Investments		0.27			0.11			0.52			0.85			(0.53	)		0.53

Total Income (Loss) From Operations		0.46			0.47			0.78			0.97			(0.41	)		0.63

Less Distributions From:
Net Investment Income		(0.19	)		(0.36	)		(0.23	)		(0.13	)		(0.15	)		(0.12	)
Net Realized Gains		—			(0.04	)		(1.32	)		—			(0.02	)		—

Total Distributions		(0.19	)		(0.40	)		(1.55	)		(0.13	)		(0.17	)		(0.12	)

Net Asset Value, End of Period		$10.81			$10.54			$10.47			$11.24			$10.40			$10.98

Total Return(b)		4.36	%		4.66	%		6.99	%		9.38	%		(3.70	)%		6.09	%
Net Assets, End of Period (000’s)		$38,577			$38,943			$40,993			$42,878			$44,607			$52,860
Ratios to Average Net Assets
Gross Expense(c)		1.72	%(d)		1.67	%		1.72	%		1.59	%		1.52	%		1.46	%
Net Expenses(c)(e)		0.59	%(d)		0.60	%		0.66	%		0.74	%		0.74	%		0.80	%
Net Investment Income (Loss)		3.50	%(d)		3.45	%		2.30	%		1.16	%		1.14	%		0.90	%
Portfolio Turnover Rate		6	%		14	%		85	%		9	%		52	%		23	%


CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$10.54			$10.48			$11.25			$10.41			$10.98			$10.47
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.20			0.39			0.29			0.15			0.15			0.12
Net Realized and Unrealized Gain (Loss) on Investments		0.28			0.10			0.52			0.85			(0.53	)		0.54

Total Income (Loss) From Operations		0.48			0.49			0.81			1.00			(0.38	)		0.66

Less Distributions From:
Net Investment Income		(0.20	)		(0.39	)		(0.26	)		(0.16	)		(0.17	)		(0.15	)
Net Realized Gains		—			(0.04	)		(1.32	)		—			(0.02	)		—

Total Distributions		(0.20	)		(0.43	)		(1.58	)		(0.16	)		(0.19	)		(0.15	)

Net Asset Value, End of Period		$10.82			$10.54			$10.48			$11.25			$10.41			$10.98

Total Return(b)		4.58	%		4.82	%		7.24	%		9.64	%		(3.42	)%		6.35	%
Net Assets, End of Period (000’s)		$675			$637			$1,109			$725			$1,129			$1,323
Ratios to Average Net Assets
Gross Expense(c)		1.47	%(d)		1.40	%		1.48	%		1.34	%		1.27	%		1.21	%
Net Expenses(c)(e)		0.34	%(d)		0.35	%		0.41	%		0.49	%		0.49	%		0.55	%
Net Investment Income (Loss)		3.74	%(d)		3.72	%		2.62	%		1.44	%		1.39	%		1.16	%
Portfolio Turnover Rate		6	%		14	%		85	%		9	%		52	%		23	%

(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)	Annualized for periods less than one year.

(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

Wilmington Funds

October 31, 2019 (unaudited)

1.	ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 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:

•

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”);

•

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.

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.

Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. The Wilmington International Fund, the Wilmington Global Alpha Equities and the Wilmington Real Asset Fund may utilize International Fair Value Pricing (“IFVP”) which could result in certain equity securities being categorized as level 2. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

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

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

At October 31, 2019, 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

Bank of Montreal

1,075,497

—

BNP Paribas SA

4,090,678

—

Citigroup Global Markets Ltd.

4,090,678

—

Daiwa Capital Markets America

4,090,678

—

ING Financial Markets LLC

4,090,678

—

RBC Dominion Securities, Inc.

4,090,678

—

21,528,887

—

SEMI-ANNUAL REPORT / October 31, 2019 (unaudited)



Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received⁽¹⁾		Cash Collateral Received⁽¹⁾		Net Amount⁽²⁾
Real Asset Fund
Bank of Montreal	$	237,473	$	237,473	$	—	$	—
BNP Paribas SA		596,908		596,908		—		—
Citigroup Global Markets Ltd.		596,908		596,908		—		—
HSBC Securities USA, Inc.		596,908		596,908		—		—
Nomura Securities International, Inc.		596,908		596,908		—		—
RBC Dominion Securities, Inc.		596,908		596,908		—		—


	$	3,222,013	$	3,222,013	$	—	$	—

Diversified Income Fund
Bank of Montreal	$	392,593	$	392,593	$	—	$	—
BNP Paribas SA		986,599		986,599		—		—
Citigroup Global Markets Ltd.		986,599		986,599		—		—
HSBC Securities USA, Inc.		986,599		986,599		—		—
Nomura Securities International, Inc.		986,599		986,599		—		—
RBC Dominion Securities, Inc.		986,599		986,599		—		—


	$	5,325,588	$	5,325,588	$	—	$	—

⁽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. 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.

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 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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended October 31, 2019, 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 Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

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

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

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

At October 31, 2019, 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	$	18,390,036	$	18,390,036	$—
Real Asset Fund		3,150,016		3,150,016	—
Diversified Income Fund		5,182,648		5,182,648	—

⁽¹⁾Collateral with a value of $21,528,887, $3,222,013 and $5,325,588, 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 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 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 October 31, 2019.



	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 amount presented on the next pages is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until October 31, 2019.

**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

487,194

—

Forward Foreign Currency Contracts

269

—

269

—

Totals

487,463

487,194

269

—

Global Alpha Equities Fund

Financial Futures Contracts

129,941

—

Forward Foreign Currency Contracts

35,315

—

35,315

—

Totals

165,256

129,941

$35,315

—

Real Asset Fund

Financial Futures Contracts

163,376

—

163,376

—

Forward Foreign Currency Contracts

109,787

—

109,787

—

Purchased Options

50,633

—

50,633

—

Written Options

22,022

—

22,022

—

Swap Agreements

514,327

—

457,203

57,124

Totals

860,145

—

$109,787

693,234

57,124

Liability Derivative Fair Value

Fund

Total Value

Equity
Contracts

Foreign
Exchange
Contracts

Interest Rate
Contracts

Credit
Contracts

International Fund

Forward Foreign Currency Contracts

3,597

—

3,597

—

Totals

3,597

—

3,597

—

Global Alpha Equities Fund

Financial Futures Contracts

2,429,694

—

Forward Foreign Currency Contracts

160,659

—

160,659

—

Totals

2,590,353

2,429,694

160,659

—

Real Asset Fund

Financial Futures Contracts

51,848

—

51,848

—

Forward Foreign Currency Contracts

339,904

—

339,904

—

Written Options

106,137

—

106,137

—

Swap Agreements

844,009

—

821,107

22,902

Totals

1,341,898

—

339,904

979,092

22,902

The effect of derivative instruments on the Statements of Operations for the six months ended October 31, 2019 are as follows:



		Derivative Type		Location on the Statements of Operations
		Equity contracts		Net realized gain (loss) on financial futures contracts.
				Net change in unrealized appreciation (depreciation) on financial futures contracts.

		Foreign exchange contracts		Net realized gain (loss) on forward foreign currency contracts and written options.
				Net change in unrealized appreciation (depreciation) on forward foreign currency contracts.

		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 written options and swap agreements.
				Net change in unrealized appreciation (depreciation) on written options and swap agreements.

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

(274,469

)

(274,469

)

—

Forward Foreign Currency Contracts

(101,086

)

—

(101,086

)

—

Totals

(375,555

)

(274,469

)

(101,086

)

—

Global Alpha Equities Fund

Financial Futures Contracts

(3,376,747

)

(3,376,747

)

—

Forward Foreign Currency Contracts

267,041

—

267,041

—

Totals

(3,109,706

)

(3,376,747

)

267,041

—

Real Asset Fund

Financial Futures Contracts

(679,742

)

—

(679,742

)

—

Forward Foreign Currency Contracts

538,857

—

538,857

—

Purchased Options

242,625

—

242,795

(170

)

Written Options

(94,193

)

—

(98,758

)

4,565

Swap Agreements

(150,452

)

—

(127,669

)

(22,783

)

Totals

(142,905

)

—

538,857

(663,374

)

(18,388

)

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

44,794

—

Forward Foreign Currency Contracts

(2,132

)

—

(2,132

)

—

Totals

42,662

44,794

(2,132

)

—

Global Alpha Equities Fund

Financial Futures Contracts

1,161,264

—

Forward Foreign Currency Contracts

(226,067

)

—

(226,067

)

—

Totals

935,197

1,161,264

(226,067

)

—

Real Asset Fund

Financial Futures Contracts

232,557

—

232,557

—

Forward Foreign Currency Contracts

(272,847

)

—

(272,847

)

—

Purchased Options

(31,596

)

—

(31,596

)

—

Written Options

20,989

—

3,553

17,436

Swap Agreements

(353,629

)

—

(349,013

)

(4,616

)

Totals

(404,526

)

—

(272,847

)

(144,499

)

12,820

The average volume of derivative activities for the six months ended October 31, 2019 are as follows.

Asset Derivative Volume

Fund

Purchased
Options¹

Financial

Futures

Contracts¹

Forward

Foreign

Currency

Contracts¹

International Fund

—

5,264,355

134,236

Global Alpha Equities Fund

—

328,093

Real Asset Fund

60,631

11,052,513

9,396,838

Liability Derivative Volume

Fund

Written
Options²

Financial

Futures

Contracts¹

Forward

Foreign

Currency
Contracts¹

International Fund

—

2,687,990

468,674

Global Alpha Equities Fund

—

92,102,780

14,348,508

Real Asset Fund

176,653

27,129,692

17,075,123

Swap Volume

Credit Default

Swap

Credit Default
Swap

Fund

Interest Rate

Swap
Agreements³

Agreements
(purchase
protection)³

Agreements
(sell
protection)³

Real Asset Fund

67,398,333

1,514,667

933,333

¹Cost.

²Premiums Received.

³Notional 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 each Fund is held in a segregated account by each Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio or Statements of Assets and Liabilities.

At October 31, 2019, 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

269

3,597

Total derivative assets and liabilities in the

Statements of Assets and Liabilities

269

3,597

Derivatives not subject to a MA or similar agreement

—

Total assets and liabilities subject to a MA

269

3,597

Global Alpha Equities Fund

Derivative Financial Instruments:

Forward foreign currency contracts

35,315

160,659

Total derivative assets and liabilities in the

Statements of Assets and Liabilities

35,315

160,659

Derivatives not subject to a MA or similar agreement

—

Total assets and liabilities subject to a MA

35,315

160,659

Real Asset Fund

Derivative Financial Instruments:

Financial futures contracts

33,776

69,099

Forward foreign currency contracts

109,787

339,904

Options

72,655

106,137

Swap Agreements

108,107

135,667

Total derivative assets and liabilities in the

Statements of Assets and Liabilities

324,325

650,807

Derivatives not subject to a MA or similar agreement

82,534

243,512

Total assets and liabilities subject to a MA

241,791

407,295

At October 31, 2019, 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

$ 269

$ (269)

$ —

Total Derivative Assets

$ 269

$ (269)

$ —

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

$ (3,597)

$ 269

$ —

$ (3,328)

Total Derivative Liabilities

$ (3,597)

$ 269

$ —

$ (3,328)

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⁾

Global Alpha Equities Fund

Bank of New York Mellon

$ 1

$ (1)

$ —

Credit Suisse International

—

Goldman Sachs Bank USA

8,542

(3)

—

8,539

Standard Chartered Bank

26,330

—

26,330

State Street Corp.

365

—

365

Total Derivative Assets

$ 35,315

$ (4)

$ —

$ 35,311

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

$ (42)

$ 1

$ —

$ (41)

Barclays Bank PLC

(131,274)

—

(131,274)

Goldman Sachs Bank USA

(3)

—

JP Morgan Chase Bank, N.A.

(29,340)

—

(29,340)

Total Derivative Liabilities

$ (160,659)

$ 4

$ —

$ (160,655)

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

$ 52,943

$ (52,943)

$ —

Barclays Bank PLC

6,896

(5,393)

—

1,503

Citigroup Global Markets

47,524

(23,151)

—

24,373

Credit Suisse International

13,880

(123)

—

13,757

Deutsche Bank AG

16,685

(15,378)

—

1,307

Goldman Sachs Bank USA

18,510

(18,510)

—

HSBC Bank USA, N.A.

12,667

(12,667)

—

JP Morgan Chase Bank, N.A.

64,081

(64,081)

—

Natwest Securities

7,488

—

7,488

Royal Bank of Canada

1,117

—

1,117

Total Derivative Assets

$ 241,791

$ (192,246)

$ —

$ 49,545

Fund/Counterparty

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⁾

Real Asset Fund

Bank of America NA

$ (245,037)

$ 52,943

$ —

$ (192,094)

Barclays Bank PLC

(5,393)

5,393

—

Citigroup Global Markets

(23,151)

23,151

—

Credit Suisse International

(123)

123

—

Deutsche Bank AG

(15,378)

15,378

—

Goldman Sachs Bank USA

(24,123)

18,510

—

(5,613)

HSBC Bank USA, N.A.

(21,482)

12,667

—

(8,815)

JP Morgan Chase Bank, N.A.

(71,942)

64,081

—

(7,861)

Morgan Stanley Capital Services LLC

(666)

—

(666)

Total Derivative Liabilities

$ (407,295)

$ 192,246

$ —

$ (215,049)

⁽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, 2019, 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 2018, 2017 and 2016, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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

2019

2018

Fund

Ordinary
Income*

Long-Term
Capital Gains

Ordinary
Income*

Long-Term
Capital Gains

International Fund

$10,380,986

$5,260,990

$6,083,161

$ —

Global Alpha Equities Fund

1,794,132

—

1,747,469

—

Real Asset Fund

7,988,977

—

8,841,494

—

Diversified Income Fund

1,481,925

53,403

928,171

4,885,048

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

As of April 30, 2019, 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

$3,435,070

—

$49,961,158

$ (6,461,026)

$ —

Global Alpha Equities Fund

798,835

—

13,629,223

(8,469,266)

—

Real Asset Fund

3,164,583

—

(533,927)

16,028,070

(20,287,834)

—

Diversified Income Fund

148,028

—

1,146,823

—

(282,335)

At April 30, 2019, 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

International Fund

$6,461,026

$ —

$ 6,461,026

Global Alpha Equities Fund

8,323,767

145,499

8,469,266

Real Asset Fund

6,811,813

13,476,021

20,287,834

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

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



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 sub-advisor strategy, whereby WFMC allocates all or a portion of the Funds’ assets among one or more sub-advisors and strategies. For their services, the Funds pay each sub-advisor fees, accrued daily and paid monthly, as described below.

Fund

Gross Fees

Fees Waived/
Reimbursed

Current Fee as a % of average net asset of the
Fund/ Allocated Net Assets for Sub-advisors

International Fund

WFMC

$1,264,155

$(763,756)

0.45%

Sub-advisors:

Allianz Global Investors U.S. LLC

143,332

—

0.38% on assets allocated to the Europe Equity Growth Select Strategy;

66,848

—

0.25% on assets allocated to the High Dividend Europe Strategy.

AXA Investment Managers, Inc.

188,716

—

0.43% on the first $150 million; and

0.41% on assets in excess of $150 million

Berenberg Asset Management LLC

95,655

—

0.27%

Nikko Asset Management Americas, Inc.

167,064

—

0.32%

Schroder Investment Management North America, Inc.

368,178

—

0.50%

Total^(a)

$2,293,948

$(763,756)

Global Alpha Equities Fund

WFMC

$ 862,743

$(533,082)

0.95%

Sub-advisor:

Wellington Management Company LLP

499,483

—

0.55%

Total^(b)

$1,362,226

$(533,082)

Real Asset Fund

WFMC

$ 712,849

$(162,651)

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

87,446

—

0.25%

Parametric Portfolio Associates LLC

87,289

—

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)

$ 887,584

$(162,651)

Diversified Income Fund

WFMC

$ 78,437

$(171,692)

0.40%

^(a)The total gross advisory and sub-advisory fees during the period were 0.82% 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 0.56% for the Real Asset Fund.

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2020, 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.

The contractual expense limitations are as follows:



	Current Contractual Expense Limitations

Fund	Class A	Class I

International Fund	0.98%	0.85%
Global Alpha Equities Fund	1.49%	1.24%
Real Asset Fund	0.96%	0.71%
Diversified Income Fund*	0.60%	0.35%

Prior to August 31, 2019, the Diversified Income Fund’s contractual expense limitation was 0.59% and 0.34% 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. The fees as described in the table below are accrued daily and paid monthly, and are disclosed on the Statements of Operations as “Administrative personnel and services fees.”



	Maximum	Average Aggregate Daily Net
Administrator	Fee	Assets of the Trust

WFMC	0.040%	on the first $5 billion

	0.030%	on the next $2 billion

	0.025%	on the next $3 billion

	0.018%	on assets in excess of $10 billion

BNYM	0.0175%	on the first $15 billion

	0.0150%	on the next $10 billion

	0.0125%	on assets in excess of $25 billion

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

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

For the six months ended October 31, 2019, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:



Fund	Distribution Fees from Class A

International Fund		$ 2,231
Global Alpha Equities Fund		80
Real Asset Fund		961
Diversified Income Fund		44,498

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

For the six months ended October 31, 2019, 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		$	67
Global Alpha Equities Fund			1,003
Real Asset Fund			1,137
Diversified Income Fund			6,775

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 six months ended October 31, 2019, M&T received a portion of the fees paid by the following Fund which is listed below:



Fund	Shareholder Services Fee
International Fund		$	320,270

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.

6.	INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities for the six months ended October 31, 2019 were as follows:



	Investments

Fund	Purchases		Sales
International Fund	$	159,798,874	$	166,012,372
Global Alpha Equities Fund		76,244,419		47,320,140
Real Asset Fund		99,954,069		95,506,628
Diversified Income Fund		1,922,659		3,270,605

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2019 were as follows:



	U.S.
	Government
	Securities

Fund	Purchases		Sales
Real Asset Fund	$	606,153,152	$	604,255,412
Diversified Income Fund		388,892		101,277

RISK

effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.

8.	LINE OF CREDIT

The Trust did not utilize the LOC for the six months ended October 31, 2019.

9.	RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each Fund’s financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

10.	OTHER FUND INFORMATION

11.	SUBSEQUENT EVENTS

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

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND APPROVAL OF NEW SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

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

•

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

•

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

•

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

•

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

•

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

•

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

•

The prospects for satisfactory investment performance were reasonable; and

•

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

Wilmington International Fund

The Fund is sub-advised by Allianz Global Investors U.S. LLC; AXA Investment Managers, Inc.; Berenberg Asset Management LLC; Nikko Asset Management Americas, Inc.; and Schroder Investment Management North America, Inc.

The Board considered that the Fund’s net management fee rate was below the Fund’s expense group median and that the Fund’s net total expense ratio was above the Fund’s expense group median. The Board also considered the performance of each Sub-Adviser against an appropriate benchmark and that the Fund had achieved total return performance above the peer group average for the three-year period and below the peer group average for the one- and five-year periods ended June 30, 2019. The Board also considered management’s explanation of the Fund’s underperformance and its view that recent underperformance could be attributed to country exposures, specifically the Fund’s overweight to China and Japan and the Fund’s generally strong performance since its strategy change in 2016.

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

Wilmington Global Alpha Equities Fund

The Fund is sub-advised by Wellington Management Company LLP.

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

Wilmington Real Asset Fund

The Fund is sub-advised by Pacific Investment Management Company, LLC and Parametric Portfolio Associates LLC.

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

Wilmington Diversified Income Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund achieved total return performance above the peer group average for the one- and three-year periods ended June 30, 2019. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

QUARTERLY PORTFOLIO SCHEDULE

Electronic Delivery

1.)

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

2.)

Click on the link “Sign up for Electronic Delivery”

3.)

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

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

Information The Funds Collect:

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

•

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

•

Information Security:

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:

Visiting The Funds’ Website:

•

Information or data entered into a website will be retained.

•

E-mail:

Surveys/Aggregate Data:

Changes to Our Privacy Statement:

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

PRESIDENT’S MESSAGE AND

Semi-Annual

Report

WILMINGTON FUNDS

Fixed Income Funds

Wilmington Broad Market Bond Fund

Wilmington Intermediate-Term Bond Fund

Wilmington Short-Term Bond Fund

Wilmington Municipal Bond Fund

Wilmington New York Municipal Bond Fund

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Fund’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Fund or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Wilmington Funds electronically by contacting your financial intermediary or, if you are a direct investor, by calling 1-800-836-2211.

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

Esteemed Shareholder:

The economy and financial markets in review

The economy

The U.S. economy continued to expand, albeit at a more modest pace than in 2018, as robust consumer spending and a strong labor market offset weakness in the manufacturing sector and business investment. After an upbeat start to the year, growth in U.S. Gross Domestic Product (“GDP”) maintained a positive trajectory, but decelerated, posting quarter-over-quarter annualized growth rates of 2.0% and 1.9% in the second and third quarters, respectively. An escalating trade war with China and fears that a global slowdown might spread contagion to the United States, led the Federal Reserve (“the Fed”) to cut interest rates three times this year to a range of 1.50%-1.75%. The U.S. labor market tightened further, dropping to a 3.6% unemployment rate, a near five-decade low. Although wage growth began to show signs of life, inflation drifted below the Fed’s 2% target with the Core Personal Consumption Expenditure Price Index¹ (excludes the volatile components of food and energy) dropping to 1.7%. The Fed has signaled that they are on hold for now, and the market is not expecting cuts or hikes in the near term.

Bond markets

For the six-month period May 1, 2019 to October 31, 2019, certain Bloomberg Barclays indices performed as follows:²



Bloomberg Barclays U.S. Treasury Bond Index³	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
5.85%	5.71%	7.46%	3.54%	2.69%

Past performance is no guarantee of future results.

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

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.

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

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

Actual Expenses

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.

Beginning
Account Value
5/01/19

Ending
Account Value
10/31/19

Expenses Paid
During Period¹

Annualized Net
Expense Ratio²

WILMINGTON BROAD MARKET BOND FUND

Actual

Class A

1,000.00

1,051.80

4.28

0.83

Class I

1,000.00

1,053.20

2.53

0.49

Hypothetical (assuming a 5% return before expense)

Class A

1,000.00

1,020.96

4.22

0.83

Class I

1,000.00

1,022.67

2.49

0.49

WILMINGTON INTERMEDIATE-TERM BOND FUND

Actual

Class A

1,000.00

1,037.60

4.10

0.80

Class I

1,000.00

1,040.20

2.51

0.49

Hypothetical (assuming a 5% return before expense)

Class A

1,000.00

1,021.11

4.06

0.80

Class I

1,000.00

1,022.67

2.49

0.49

WILMINGTON SHORT-TERM BOND FUND

Actual

Class A

1,000.00

1,021.50

3.71

0.73

Class I

1,000.00

1,022.80

2.44

0.48

Hypothetical (assuming a 5% return before expense)

Class A

1,000.00

1,021.47

3.71

0.73

Class I

1,000.00

1,022.72

2.44

0.48

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
Corporate Bonds		42.1	%
U.S. Treasury		28.4	%
Mortgage-Backed Securities		21.8	%
Commercial Paper		7.6	%
Government Agencies		0.7	%
Collateralized Mortgage Obligations		0.3	%
Enhanced Equipment Trust Certificates		0.1	%
Asset-Backed Security		0.1	%
Cash Equivalents¹		4.1	%
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)

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.


Credit Quality Diversification³	Percentage of Total Net Assets
U.S. Government Agency Securities		22.8	%
U.S. Treasury		28.4	%
AA / Aa		0.1	%
A / A		7.7	%
BBB / Baa		32.3	%
BB / Ba		2.2	%
Not Rated		11.7	%
Other Assets and Liabilities – Net²		(5.2	)%


TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)



Description	Par Value		Value

ASSET-BACKED SECURITY – 0.1%

FINANCIAL SERVICES – 0.1%

LA Arena Funding LLC, Series 1999-1, Class A, 7.66%, 12/15/26^W	$	309,429	$	324,374


TOTAL ASSET-BACKED SECURITY (COST $309,429)			$	324,374

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.3%

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%

Series 2005-29, Class WC, 4.75%, 4/25/35		16,848		17,950

Series 2012-114, Class VM, 3.50%, 10/25/25		1,373,861		1,427,283


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,445,233

WHOLE LOAN – 0.0%**

Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 4.80%, 2/25/34^D		62,239		61,383



Description	Par Value		Value

IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.44%, 11/25/35^D	$	54,978	$	53,402


TOTAL WHOLE LOAN			$	114,785


TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $1,668,190)			$	1,560,018

COMMERCIAL PAPER – 7.6%◆

Campbell Soup Co., 2.05%, 11/12/19^W		10,000,000		9,993,167

Duke Energy Corp., 1.72%, 11/01/19^W		10,000,000		9,999,522

McCormick & Co., Inc., 1.95%, 11/05/19^W		7,080,000		7,078,083

Thermo Fisher Scientific, Inc., 2.00%, 11/01/19^W		12,610,000		12,609,299


TOTAL COMMERCIAL PAPER (COST $39,682,202)			$	39,680,071



Description	Par Value		Value

CORPORATE BONDS – 42.1%

AEROSPACE & DEFENSE – 1.1%

Northrop Grumman Corp., Sr. Unsecured, 2.93%, 1/15/25	$	1,000,000	$	1,035,988

Northrop Grumman Corp., Sr. Unsecured, 4.03%, 10/15/47		1,765,000		1,984,117

Rockwell Collins, Inc., Sr. Unsecured, 3.50%, 3/15/27		1,600,000		1,721,137

United Technologies Corp., Sr. Unsecured, (3 Month USD LIBOR + 0.65%), 2.82%, 8/16/21^D		1,175,000		1,175,409


TOTAL AEROSPACE & DEFENSE			$	5,916,651

AUTOMOTIVE – 2.0%

Daimler Finance North America LLC, Company Guaranteed, 2.30%, 1/06/20^W		2,000,000		2,001,112

Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21^W		250,000		258,194

Ford Motor Credit Co. LLC, Sr. Unsecured, 5.75%, 2/01/21		500,000		517,518

Ford Motor Credit Co. LLC, Sr. Unsecured, 4.25%, 9/20/22		450,000		463,231

Ford Motor Credit Co. LLC, Sr. Unsecured, 5.58%, 3/18/24		1,000,000		1,065,562

General Motors Co., Sr. Unsecured, 6.25%, 10/02/43		1,000,000		1,119,465

General Motors Financial Co., Inc., Sr. Unsecured, 4.20%, 11/06/21		1,650,000		1,706,116

PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 5/10/22		3,045,000		3,105,475


TOTAL AUTOMOTIVE			$	10,236,673

BEVERAGES – 0.6%

Anheuser-Busch Cos., LLC, Company Guaranteed, 4.90%, 2/01/46		1,125,000		1,344,879

Keurig Dr. Pepper, Inc., Company Guaranteed, 2.53%, 11/15/21^#		1,000,000		1,006,743

Keurig Dr. Pepper, Inc., Company Guaranteed, 5.09%, 5/25/48		700,000		843,866


TOTAL BEVERAGES			$	3,195,488

BIOTECHNOLOGY – 0.6%

Amgen, Inc., Sr. Unsecured, 2.13%, 5/01/20		2,000,000		2,001,749

Celgene Corp., Sr. Unsecured, 2.75%, 2/15/23		1,305,000		1,332,855


TOTAL BIOTECHNOLOGY			$	3,334,604

BUILDING PRODUCTS – 0.0%**

Johnson Controls International PLC, (Current rate until maturity), Sr. Unsecured, 4.63%, 7/02/44		100,000		108,742

CAPITAL MARKETS – 1.9%

Bank of New York Mellon Corp. (The), Subordinated, MTN, 3.00%, 10/30/28		775,000		803,956



Description	Par Value		Value

Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.16%), 3.09%, 4/23/20^D	$	425,000	$	426,606

Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.32%, 9/15/20^D		1,425,000		1,436,773

Goldman Sachs Group, Inc. (The), Sr. Unsecured, 3.00%, 4/26/22		915,000		927,260

Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.27%, 9/29/25^D		800,000		830,246

Goldman Sachs Group, Inc. (The), Sr. Unsecured, (3 Month USD LIBOR + 1.51%), 3.69%, 6/05/28^D		2,080,000		2,197,865

Morgan Stanley, Sr. Unsecured, GMTN, (3 Month USD LIBOR + 0.55%), 2.73%, 2/10/21^D		1,625,000		1,626,218

Morgan Stanley, Sr. Unsecured, MTN, 3.13%, 7/27/26		340,000		352,839

Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		505,000		550,663

TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		847,000		866,195


TOTAL CAPITAL MARKETS			$	10,018,621

CHEMICALS – 0.1%

DuPont de Nemours, Inc., Sr. Unsecured, 3.77%, 11/15/20		735,000		748,579

COMMERCIAL BANKS – 3.1%

BB&T Corp., Sr. Unsecured, MTN, 2.45%, 1/15/20		1,640,000		1,641,378

BB&T Corp., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.65%), 2.75%, 4/01/22^D		2,000,000		2,019,149

Branch Banking & Trust Co., Subordinated, BKNT, 3.80%, 10/30/26		1,000,000		1,084,259

Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,290,368

Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		530,000		572,941

Huntington Bancshares, Inc., Sr. Unsecured, 2.63%, 8/06/24		1,325,000		1,342,203

KeyBank NA, Sr. Unsecured, BKNT, 3.30%, 2/01/22		615,000		633,830

KeyCorp, Sr. Unsecured, MTN, 2.90%, 9/15/20		750,000		756,317

PNC Bank NA, Subordinated, BKNT, 2.95%, 1/30/23		350,000		359,097

PNC Bank NA, Subordinated, BKNT, 2.70%, 10/22/29		1,125,000		1,128,877

PNC Financial Services Group, Inc. (The), Subordinated, 3.90%, 4/29/24		1,500,000		1,592,111



Description	Par Value		Value

SunTrust Banks, Inc.,
Sr. Unsecured, 2.90%, 3/03/21	$	1,475,000	$	1,493,061

U.S. Bancorp,
Subordinated, MTN, 2.95%, 7/15/22		2,000,000		2,052,255


TOTAL COMMERCIAL BANKS			$	15,965,846

COMMERCIAL SERVICES & SUPPLIES – 0.5%

Global Payments, Inc.,
Sr. Unsecured, 3.75%, 6/01/23		2,570,000		2,681,564

COMPUTERS – 1.1%

Hewlett Packard Enterprise Co.,
Sr. Unsecured, 3.60%, 10/15/20		2,350,000		2,382,209

International Business Machines Corp.,
Sr. Unsecured, 2.80%, 5/13/21		3,300,000		3,347,291


TOTAL COMPUTERS			$	5,729,500

CONSUMER FINANCE – 0.7%

American Express Credit Corp.,
Sr. Unsecured, MTN, 2.20%, 3/03/20		1,000,000		1,000,912

Capital One Financial Corp.,
Sr. Unsecured, 2.40%, 10/30/20		1,365,000		1,370,653

Capital One NA,
Sr. Unsecured, BKNT, 2.35%, 1/31/20		1,000,000		1,000,650


TOTAL CONSUMER FINANCE			$	3,372,215

DIVERSIFIED FINANCIAL SERVICES – 3.0%

Bank of America Corp.,
Sr. Unsecured, MTN, 3.25%, 10/21/27		1,095,000		1,138,903

Bank of America Corp.,
Subordinated, MTN, 4.25%, 10/22/26		1,000,000		1,089,571

Berkshire Hathaway Finance Corp.,
Company Guaranteed, 4.30%, 5/15/43		425,000		500,612

BlackRock, Inc.,
Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		250,665

Charles Schwab Corp. (The),
Sr. Unsecured, 4.45%, 7/22/20		250,000		254,661

Citibank NA,
Sr. Unsecured, BKNT, 3.40%, 7/23/21		1,400,000		1,435,379

Citigroup, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.95%), 2.88%, 7/24/23^D		2,060,000		2,095,344

Citigroup, Inc.,
Subordinated, 4.13%, 7/25/28		1,650,000		1,788,136

Comerica, Inc.,
Sr. Unsecured, 3.70%, 7/31/23		1,000,000		1,056,345

FMR LLC,
Sr. Unsecured, 6.45%, 11/15/39^W		1,000,000		1,419,298

JPMorgan Chase & Co.,
Sr. Unsecured, 4.63%, 5/10/21		100,000		104,013

JPMorgan Chase & Co.,
Sr. Unsecured, MTN, 2.30%, 8/15/21		700,000		701,348

JPMorgan Chase & Co.,
Series W, Jr. Subordinated, (3 Month USD LIBOR + 1.00%), 3.16%, 5/15/47^D		1,000,000		833,736



Description	Par Value		Value

Wells Fargo & Co.,
Sr. Unsecured, 2.10%, 7/26/21	$	2,000,000	$	2,004,537

Wells Fargo & Co.,
Subordinated, MTN, 4.40%, 6/14/46		1,000,000		1,132,305


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	15,804,853

ELECTRIC – 2.7%

Baltimore Gas & Electric Co.,
Sr. Unsecured, 3.50%, 8/15/46		1,550,000		1,619,390

Commonwealth Edison Co.,
1st Mortgage, 3.80%, 10/01/42		1,000,000		1,102,225

Consolidated Edison, Inc.,
Sr. Unsecured, 2.00%, 5/15/21		750,000		750,251

DTE Energy Co.,
Series F, Sr. Unsecured, 3.85%, 12/01/23		305,000		320,969

Entergy Arkansas LLC,
1st Mortgage, 4.95%, 12/15/44		1,000,000		1,085,671

Entergy Corp.,
Sr. Unsecured, 5.13%, 9/15/20		1,300,000		1,325,475

FirstEnergy Corp.,
Series B, Sr. Unsecured, 3.90%, 7/15/27		800,000		854,114

FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25^W		2,250,000		2,419,414

NextEra Energy Capital Holdings, Inc.,
Company Guaranteed, 4.50%, 6/01/21		3,000,000		3,099,645

System Energy Resources, Inc.,
1st Mortgage, 4.10%, 4/01/23		500,000		526,064

WEC Energy Group, Inc.,
Sr. Unsecured, 3.38%, 6/15/21		1,000,000		1,021,751


TOTAL ELECTRIC			$	14,124,969

ELECTRICAL EQUIPMENT MANUFACTURING – 0.1%

General Electric Co.,
Subordinated, 5.30%, 2/11/21		250,000		259,044

ENVIRONMENTAL CONTROL – 0.6%

Waste Management, Inc.,
Company Guaranteed, 3.50%, 5/15/24		1,255,000		1,330,018

Waste Management, Inc.,
Company Guaranteed, 4.10%, 3/01/45		1,520,000		1,756,304


TOTAL ENVIRONMENTAL CONTROL			$	3,086,322

FOOD & STAPLES RETAILING – 1.3%

Conagra Brands, Inc.,
Sr. Unsecured, 5.40%, 11/01/48		665,000		786,221

Kroger Co. (The),
Sr. Unsecured, 2.95%, 11/01/21		1,750,000		1,777,359

Kroger Co. (The),
Sr. Unsecured, 2.80%, 8/01/22		2,060,000		2,101,246

Kroger Co. (The),
Sr. Unsecured, 5.40%, 1/15/49		1,640,000		1,937,471


TOTAL FOOD & STAPLES RETAILING			$	6,602,297

FOREST PRODUCTS & PAPER – 0.5%

International Paper Co.,
Sr. Unsecured, 4.75%, 2/15/22		765,000		805,057



Description	Par Value		Value

International Paper Co.,
Sr. Unsecured, 4.40%, 8/15/47	$	1,500,000	$	1,553,401


TOTAL FOREST PRODUCTS & PAPER			$	2,358,458

HEALTH CARE EQUIPMENT & SUPPLIES – 2.0%

Becton Dickinson & Co.,
Sr. Unsecured, 2.40%, 6/05/20		4,500,000		4,511,972

DH Europe Finance II Sarl,
Company Guaranteed, 2.20%, 11/15/24		2,330,000		2,346,454

Zimmer Biomet Holdings, Inc.,
Sr. Unsecured, 2.70%, 4/01/20		2,650,000		2,655,757

Zimmer Biomet Holdings, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.75%), 2.91%, 3/19/21^D		1,000,000		999,566


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	10,513,749

HEALTH CARE PROVIDERS & SERVICES – 2.9%

Anthem, Inc.,
Sr. Unsecured, 3.65%, 12/01/27		1,650,000		1,748,170

Cardinal Health, Inc.,
Sr. Unsecured, 4.50%, 11/15/44		650,000		639,715

Cigna Corp.,
Company Guaranteed, 4.13%, 9/15/20^W		940,000		957,095

Cigna Corp.,
Company Guaranteed, 3.20%, 9/17/20		2,000,000		2,020,501

Cigna Corp.,
Company Guaranteed, 3.75%, 7/15/23		500,000		524,114

Cigna Corp.,
Company Guaranteed, 4.80%, 7/15/46^W		1,000,000		1,118,797

CommonSpirit Health,
Sr. Secured, 2.76%, 10/01/24		3,140,000		3,190,224

Elanco Animal Health, Inc.,
Sr. Unsecured, 4.27%, 8/28/23		1,000,000		1,050,441

Elanco Animal Health, Inc.,
Sr. Unsecured, 4.90%, 8/28/28		2,000,000		2,166,162

UnitedHealth Group, Inc.,
Sr. Unsecured, 2.95%, 10/15/27		1,350,000		1,400,066

UnitedHealth Group, Inc.,
Sr. Unsecured, 3.95%, 10/15/42		290,000		317,760


TOTAL HEALTH CARE PROVIDERS & SERVICES			$	15,133,045

HOME FURNISHINGS – 0.3%

Whirlpool Corp.,
Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,594,094

HOUSEHOLD PRODUCTS – 0.2%

Church & Dwight Co., Inc.,
Sr. Unsecured, 3.95%, 8/01/47		870,000		944,815

INSURANCE – 2.6%

American International Group, Inc.,
Sr. Unsecured, 3.30%, 3/01/21		3,000,000		3,049,668

American International Group, Inc.,
Sr. Unsecured, 4.20%, 4/01/28		1,000,000		1,100,043

Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		1,450,000		1,546,577



Description	Par Value		Value

CNA Financial Corp.,
Sr. Unsecured, 5.75%, 8/15/21	$	1,000,000	$	1,063,658

CNA Financial Corp.,
Sr. Unsecured, 3.95%, 5/15/24		950,000		1,019,675

Lincoln National Corp.,
Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,045,781

Lincoln National Corp.,
Sr. Unsecured, 3.63%, 12/12/26		1,380,000		1,465,904

Principal Financial Group, Inc.,
Company Guaranteed, 3.30%, 9/15/22		250,000		258,032

WR Berkley Corp.,
Sr. Unsecured, 4.63%, 3/15/22		1,000,000		1,059,318

WR Berkley Corp.,
Sr. Unsecured, 4.75%, 8/01/44		1,715,000		1,984,385


TOTAL INSURANCE			$	13,593,041

MEDIA – 1.1%

CBS Corp.,
Company Guaranteed, 4.60%, 1/15/45		1,100,000		1,198,348

Charter Communications Operating LLC,
Sr. Secured, 3.58%, 7/23/20		1,500,000		1,513,098

Comcast Corp.,
Company Guaranteed, 4.95%, 10/15/58		1,500,000		1,938,518

Discovery Communications LLC,
Company Guaranteed, 3.95%, 3/20/28		1,000,000		1,057,274


TOTAL MEDIA			$	5,707,238

METALS & MINING – 0.2%

Barrick Gold Corp.,
Sr. Unsecured, 5.25%, 4/01/42		1,000,000		1,222,742

MISCELLANEOUS MANUFACTURING – 0.5%

Ingersoll-Rand Luxembourg Finance SA,
Company Guaranteed, 2.63%, 5/01/20		1,135,000		1,133,789

Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		480,000		488,720

Textron, Inc.,
Sr. Unsecured, 3.88%, 3/01/25		750,000		792,655


TOTAL MISCELLANEOUS MANUFACTURING			$	2,415,164

MULTI-UTILITIES – 1.0%

Sempra Energy,
Sr. Unsecured, 2.85%, 11/15/20		2,870,000		2,886,963

Sempra Energy,
Sr. Unsecured, 2.90%, 2/01/23		760,000		770,234

Southern Co. Gas Capital Corp.,
Company Guaranteed, 3.95%, 10/01/46		1,425,000		1,495,762


TOTAL MULTI-UTILITIES			$	5,152,959

OIL & GAS – 1.6%

Marathon Oil Corp.,
Sr. Unsecured, 4.40%, 7/15/27		2,000,000		2,147,794

Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		745,000		790,406

Occidental Petroleum Corp.,
Sr. Unsecured, 2.70%, 8/15/22		1,690,000		1,708,293



Description	Par Value		Value
Phillips 66,
Company Guaranteed, 4.30%, 4/01/22	$	1,450,000	$	1,536,830

Valero Energy Corp.,
Sr. Unsecured, 4.00%, 4/01/29		1,580,000		1,691,180

Valero Energy Corp.,
Sr. Unsecured, 4.90%, 3/15/45		563,000		634,549


TOTAL OIL & GAS			$	8,509,052

PHARMACEUTICALS – 1.4%

AbbVie, Inc.,
Sr. Unsecured, 2.50%, 5/14/20		1,485,000		1,487,316

AbbVie, Inc.,
Sr. Unsecured, 4.25%, 11/14/28		1,235,000		1,343,873

AbbVie, Inc.,
Sr. Unsecured, 4.40%, 11/06/42		460,000		476,781

AbbVie, Inc.,
Sr. Unsecured, 4.88%, 11/14/48		1,000,000		1,103,727

Bristol-Myers Squibb Co.,
Sr. Unsecured, (3 Month USD LIBOR + 0.38%), 2.55%, 5/16/22^D,W		665,000		665,308

Bristol-Myers Squibb Co.,
Sr. Unsecured, 3.40%, 7/26/29^W		1,000,000		1,078,025

Zoetis, Inc.,
Sr. Unsecured, 3.95%, 9/12/47		1,005,000		1,105,390


TOTAL PHARMACEUTICALS			$	7,260,420

PIPELINES – 2.3%

Energy Transfer Operating LP,
Company Guaranteed, 3.60%, 2/01/23		870,000		897,166

Energy Transfer Operating LP,
Company Guaranteed, 5.30%, 4/15/47		1,250,000		1,326,434

Enterprise Products Operating LLC,
Company Guaranteed, 2.80%, 2/15/21		1,075,000		1,086,199

Enterprise Products Operating LLC,
Company Guaranteed, 4.20%, 1/31/50		1,120,000		1,185,818

Enterprise Products Operating LLC,
Company Guaranteed, 4.95%, 10/15/54		500,000		583,807

Kinder Morgan Energy Partners LP,
Company Guaranteed, 5.40%, 9/01/44		1,000,000		1,124,485

Kinder Morgan, Inc.,
Company Guaranteed, 5.20%, 3/01/48		2,040,000		2,319,867

MPLX LP,
Sr. Unsecured, (3 Month USD LIBOR + 1.10%), 3.20%, 9/09/22^D		470,000		470,908

MPLX LP,
Sr. Unsecured, 4.70%, 4/15/48		1,000,000		1,021,329

ONEOK Partners LP,
Company Guaranteed, 6.20%, 9/15/43		1,000,000		1,225,564

Spectra Energy Partners LP,
Company Guaranteed, 3.50%, 3/15/25		670,000		697,585


TOTAL PIPELINES			$	11,939,162

REAL ESTATE INVESTMENT TRUSTS – 2.7%

American Tower Corp.,
Sr. Unsecured, 3.45%, 9/15/21		500,000		511,938



Description	Par Value		Value
American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24	$	415,000	$	459,586

American Tower Corp.,
Sr. Unsecured, 3.13%, 1/15/27		1,000,000		1,028,601

AvalonBay Communities, Inc.,
Sr. Unsecured, GMTN, 3.63%, 10/01/20		1,145,000		1,158,348

AvalonBay Communities, Inc.,
Sr. Unsecured, MTN, 3.35%, 5/15/27		1,420,000		1,505,786

Digital Realty Trust LP,
Company Guaranteed, 3.63%, 10/01/22		1,100,000		1,139,953

Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.75%, 4/15/23		695,000		718,522

Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		915,000		962,624

Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.63%, 1/15/28		800,000		836,904

Healthpeak Properties, Inc.,
Sr. Unsecured, 4.00%, 12/01/22		665,000		700,482

Healthpeak Properties, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		450,000		486,258

Welltower, Inc.,
Sr. Unsecured, 4.00%, 6/01/25		3,000,000		3,234,466

Welltower, Inc.,
Sr. Unsecured, 4.95%, 9/01/48		1,000,000		1,224,782


TOTAL REAL ESTATE INVESTMENT TRUSTS			$	13,968,250

RETAIL – 0.2%

Nordstrom, Inc.,
Sr. Unsecured, 5.00%, 1/15/44		1,000,000		965,283

TELECOMMUNICATIONS – 0.9%

AT&T, Inc.,
Sr. Unsecured, 4.50%, 5/15/35		845,000		940,384

AT&T, Inc.,
Sr. Unsecured, 4.85%, 7/15/45		1,190,000		1,351,905

Verizon Communications, Inc.,
Sr. Unsecured, 4.86%, 8/21/46		2,000,000		2,485,260


TOTAL TELECOMMUNICATIONS			$	4,777,549

TRANSPORTATION – 1.3%

Ryder System, Inc.,
Sr. Unsecured, MTN, 3.50%, 6/01/21		500,000		511,177

Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 9/01/22		980,000		988,304

Ryder System, Inc.,
Sr. Unsecured, MTN, 3.65%, 3/18/24		1,670,000		1,763,178

Union Pacific Corp.,
Sr. Unsecured, 3.15%, 3/01/24		2,565,000		2,683,373

Union Pacific Corp.,
Sr. Unsecured, 4.30%, 3/01/49		675,000		782,508


TOTAL TRANSPORTATION			$	6,728,540

TRUCKING & LEASING – 1.0%

GATX Corp.,
Sr. Unsecured, 2.60%, 3/30/20		2,000,000		2,004,128



Description	Par Value		Value

GATX Corp., Sr. Unsecured, 3.25%, 9/15/26	$	1,065,000	$	1,081,908

GATX Corp., Sr. Unsecured, 3.85%, 3/30/27		1,500,000		1,575,491

GATX Corp., Sr. Unsecured, 5.20%, 3/15/44		640,000		756,185


TOTAL TRUCKING & LEASING			$	5,417,712

TOTAL CORPORATE BONDS

(COST $208,808,400)			$	219,387,241

ENHANCED EQUIPMENT TRUST CERTIFICATES – 0.1%

AIRLINES – 0.1%

American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 1/31/21		180,107		185,553

Continental Airlines 2009-2, Series A, Pass-Through Certificates, 7.25%, 11/10/19		141,941		142,105

Delta Air Lines, 2007-1, Series A, Pass-Through Certificates, 6.82%, 8/10/22		206,021		226,674

Delta Air Lines, 2009-1, Series A, Pass-Through Certificates, 7.75%, 12/17/19		98,295		98,913


TOTAL AIRLINES			$	653,245

TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES
(COST $626,364)			$	653,245

GOVERNMENT AGENCIES – 0.7%

FEDERAL HOME LOAN BANK (FHLB) – 0.4%

3.25%, 11/16/28		1,960,000		2,183,429

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.0%**

2.38%, 1/13/22		125,000		127,192

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%

6.25%, 5/15/29		750,000		1,035,890

7.25%, 5/15/30		400,000		602,245


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,638,135


TOTAL GOVERNMENT AGENCIES (COST $3,391,744)			$	3,948,756

MORTGAGE-BACKED SECURITIES – 21.8%

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 7.2%

Pool B17616, 5.50%, 1/01/20		1,119		1,122

Pool G12709, 5.00%, 7/01/22		16,226		16,667

Pool C00478, 8.50%, 9/01/26		8,834		9,917

Pool E09010, 2.50%, 9/01/27		642,176		650,648

Pool G18497, 3.00%, 1/01/29		82,716		85,146

Pool C01272, 6.00%, 12/01/31		17,412		20,063

Pool A13990, 4.50%, 10/01/33		10,405		11,010

Pool G01625, 5.00%, 11/01/33		24,316		27,126

Pool G08097, 6.50%, 11/01/35		11,788		13,715



Description	Par Value		Value

Pool G02296, 5.00%, 6/01/36	$	127,268	$	141,188

Pool G02390, 6.00%, 9/01/36		4,259		4,913

Pool G05317, 5.00%, 4/01/37		506,181		563,774

Pool G03703, 5.50%, 12/01/37		13,597		15,231

Pool G04776, 5.50%, 7/01/38		44,139		49,359

Pool G05500, 5.00%, 5/01/39		442,510		490,821

Pool A93415, 4.00%, 8/01/40		1,253,622		1,343,715

Pool A93505, 4.50%, 8/01/40		907,392		985,130

Pool A93996, 4.50%, 9/01/40		713,068		774,203

Pool G06222, 4.00%, 1/01/41		1,305,993		1,396,950

Pool A97047, 4.50%, 2/01/41		704,670		762,620

Pool G06956, 4.50%, 8/01/41		697,979		755,368

Pool C03750, 3.50%, 2/01/42		311,609		328,367

Pool C03849, 3.50%, 4/01/42		147,212		152,440

Pool Q08305, 3.50%, 5/01/42		824,854		870,269

Pool C04305, 3.00%, 11/01/42		2,315,863		2,395,578

Pool C09020, 3.50%, 11/01/42		2,163,698		2,279,943

Pool G07266, 4.00%, 12/01/42		1,824,062		1,948,222

Pool C04444, 3.00%, 1/01/43		84,754		86,830

Pool C09029, 3.00%, 3/01/43		387,586		399,820

Pool G08534, 3.00%, 6/01/43		483,804		499,079

Pool Q19476, 3.50%, 6/01/43		860,866		902,160

Pool C09044, 3.50%, 7/01/43		1,010,542		1,059,106

Pool G07889, 3.50%, 8/01/43		872,378		901,973

Pool G07624, 4.00%, 12/01/43		835,699		876,075

Pool G60038, 3.50%, 1/01/44		4,564,078		4,808,895

Pool G07680, 4.00%, 4/01/44		1,347,001		1,412,179

Pool G07943, 4.50%, 8/01/44		95,172		102,371

Pool G08607, 4.50%, 9/01/44		607,861		650,540

Pool Q33547, 3.50%, 5/01/45		856,103		883,188

Pool Q36970, 4.00%, 10/01/45		418,484		442,021

Pool G60384, 4.50%, 12/01/45		65,840		71,017

Pool Q39644, 3.50%, 3/01/46		4,109,335		4,285,859

Pool Q39438, 4.00%, 3/01/46		3,056,970		3,224,567

Pool G08705, 3.00%, 5/01/46		283,557		290,598

Pool G08708, 4.50%, 5/01/46		503,617		531,167


TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	37,520,950

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 14.6%

Pool 975207, 5.00%, 3/01/23		17,276		17,782

Pool AE2520, 3.00%, 1/01/26		263,043		269,768

Pool 329794, 7.00%, 2/01/26		14,227		16,167

Pool 256639, 5.00%, 2/01/27		8,761		9,371

Pool 256752, 6.00%, 6/01/27		15,344		17,199

Pool 402255, 6.50%, 12/01/27		1,031		1,116

Pool AB8997, 2.50%, 4/01/28		141,671		144,043



Description	Par Value		Value

Pool AS4480, 2.50%, 2/01/30	$	932,125	$	947,188

Pool AS7462, 2.50%, 6/01/31		366,134		371,866

Pool 254007, 6.50%, 10/01/31		9,575		11,173

Pool 638023, 6.50%, 4/01/32		47,843		52,554

Pool 642345, 6.50%, 5/01/32		38,243		42,009

Pool 651292, 6.50%, 7/01/32		60,275		66,211

Pool 686398, 6.00%, 3/01/33		137,249		155,008

Pool 745412, 5.50%, 12/01/35		17,197		19,282

Pool 888789, 5.00%, 7/01/36		192,302		214,859

Pool 256515, 6.50%, 12/01/36		11,327		13,147

Pool AE0217, 4.50%, 8/01/40		112,191		122,471

Pool AB1796, 3.50%, 11/01/40		752,600		789,018

Pool AH5583, 4.50%, 2/01/41		324,660		352,803

Pool 890551, 4.50%, 8/01/41		69,098		74,950

Pool AL0658, 4.50%, 8/01/41		401,535		435,791

Pool AL1319, 4.50%, 10/01/41		713,032		772,749

Pool AL6302, 4.50%, 10/01/41		703,823		765,101

Pool AX5302, 4.00%, 1/01/42		1,190,749		1,273,091

Pool AK4523, 4.00%, 3/01/42		1,420,795		1,518,929

Pool AL2034, 4.50%, 4/01/42		167,410		179,301

Pool AB7936, 3.00%, 2/01/43		1,457,663		1,481,768

Pool AL3761, 4.50%, 2/01/43		242,836		259,432

Pool MA1458, 3.00%, 6/01/43		435,164		447,654

Pool AT7899, 3.50%, 7/01/43		2,536,529		2,605,723

Pool AS0302, 3.00%, 8/01/43		4,054,146		4,170,704

Pool AU4279, 3.00%, 9/01/43		771,595		793,764

Pool AL5537, 4.50%, 4/01/44		322,357		350,463

Pool AS3155, 4.00%, 8/01/44		84,725		88,865

Pool AX0833, 3.50%, 9/01/44		805,998		845,585

Pool AL6325, 3.00%, 10/01/44		2,576,967		2,650,702

Pool AS5136, 4.00%, 6/01/45		358,137		377,764

Pool AZ7362, 4.00%, 11/01/45		959,857		1,008,274

Pool AZ9565, 3.50%, 12/01/45		1,687,214		1,758,270

Pool BC0326, 3.50%, 12/01/45		1,308,410		1,363,503

Pool BC0245, 3.00%, 2/01/46		721,997		740,656

Pool BC0830, 3.00%, 4/01/46		1,065,321		1,092,790

Pool AS7568, 4.50%, 7/01/46		179,466		188,949

Pool BC4764, 3.00%, 10/01/46		1,253,738		1,286,112

Pool MA2771, 3.00%, 10/01/46		436,615		447,881

Pool AS8276, 3.00%, 11/01/46		1,495,319		1,530,243

Pool BC9003, 3.00%, 11/01/46		1,335,896		1,367,100

Pool BE1899, 3.00%, 11/01/46		4,834,509		4,947,247

Pool BE3767, 3.50%, 7/01/47		1,880,162		1,949,515

Pool BH2618, 3.50%, 8/01/47		530,427		550,001

Pool MA3088, 4.00%, 8/01/47		1,842,083		1,929,179

Pool BH4010, 4.50%, 9/01/47		1,562,987		1,648,490

Pool BH9215, 3.50%, 1/01/48		2,423,833		2,513,314

Pool BJ0650, 3.50%, 3/01/48		10,309,867		10,700,075



Description	Par Value		Value

Pool BJ0639, 4.00%, 3/01/48	$	693,596	$	721,914

Pool BJ9169, 4.00%, 5/01/48		3,886,347		4,045,018

Pool BK4764, 4.00%, 8/01/48		4,135,925		4,304,789

Pool BN1628, 4.50%, 11/01/48		1,974,466		2,087,223

Pool TBA, 5.00%, 12/15/49		6,700,000		7,167,430


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	76,073,344

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**

Pool 354677, 7.50%, 10/15/23		8,471		9,149

Pool 354713, 7.50%, 12/15/23		5,067		5,365

Pool 354765, 7.00%, 2/15/24		13,736		14,767

Pool 354827, 7.00%, 5/15/24		9,875		10,443

Pool 385623, 7.00%, 5/15/24		16,191		17,939

Pool 360869, 7.50%, 5/15/24		13,861		14,476

Pool 2077, 7.00%, 9/20/25		5,010		5,413

Pool 503405, 6.50%, 4/15/29		15,989		16,484


TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	94,036


TOTAL MORTGAGE-BACKED SECURITIES (COST $112,087,958)			$	113,688,330

U.S. TREASURY – 28.4%

U.S. TREASURY BONDS – 7.1%

2.50%, 2/15/45		2,135,000		2,268,974

2.50%, 2/15/46		280,000		297,791

2.75%, 11/15/47		4,470,000		5,000,667

2.88%, 8/15/45		300,000		341,564

3.00%, 5/15/42		500,000		577,153

3.00%, 11/15/44		2,000,000		2,320,840

3.00%, 5/15/45		2,000,000		2,326,474

3.00%, 11/15/45		765,000		891,314

3.00%, 2/15/47		1,098,000		1,285,142

3.00%, 5/15/47		1,695,000		1,983,367

3.00%, 2/15/48		4,000,000		4,689,912

3.13%, 8/15/44		6,637,000		7,858,309

3.63%, 8/15/43		881,000		1,122,274

3.63%, 2/15/44		2,106,000		2,689,677

3.75%, 11/15/43		365,000		474,201

5.25%, 2/15/29		500,000		653,641

5.38%, 2/15/31		600,000		824,435

6.25%, 5/15/30		500,000		719,056

6.38%, 8/15/27^#		450,000		605,770


TOTAL U.S. TREASURY BONDS			$	36,930,561

U.S. TREASURY NOTES – 21.3%

1.38%, 3/31/20		1,300,000		1,298,808

1.50%, 11/30/19^#		1,145,000		1,144,565

1.63%, 11/30/20		1,710,000		1,710,358



Description	Par Value		Value

1.63%, 8/15/22	$	6,000,000	$	6,019,363

1.63%, 11/15/22		1,928,000		1,934,842

1.63%, 5/31/23^#		12,400,000		12,448,118

1.63%, 2/15/26		3,000,000		3,006,073

1.63%, 5/15/26		4,695,000		4,703,796

1.63%, 8/15/29^#		5,000,000		4,971,432

1.75%, 3/31/22		5,000,000		5,027,007

1.75%, 5/15/22		380,000		382,173

1.75%, 5/15/23		2,000,000		2,015,571

1.75%, 7/31/24		1,900,000		1,919,812

2.00%, 11/15/21		1,000,000		1,009,138

2.00%, 4/30/24		10,195,000		10,401,609

2.00%, 2/15/25		4,655,000		4,761,789

2.00%, 8/15/25		295,000		301,955

2.00%, 11/15/26		4,180,000		4,291,735

2.13%, 8/15/21		3,750,000		3,786,074

2.13%, 6/30/22		6,615,000		6,720,044

2.13%, 5/15/25		2,500,000		2,573,773

2.25%, 7/31/21		6,600,000		6,676,884

2.25%, 11/15/25		230,000		238,802

2.38%, 8/15/24		5,600,000		5,816,783

2.38%, 5/15/29		2,500,000		2,651,739

2.50%, 3/31/23		7,000,000		7,228,386

2.50%, 8/15/23		200,000		207,184

2.63%, 11/15/20		500,000		505,182

2.75%, 2/15/28		6,000,000		6,514,025

3.63%, 2/15/20		750,000		754,230


TOTAL U.S. TREASURY NOTES			$	111,021,250


TOTAL U.S. TREASURY (COST $140,087,953)			$	147,951,811


	Number of Shares

MONEY MARKET FUND – 0.4%

Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		1,946,388	$	1,946,388


TOTAL MONEY MARKET FUND (COST $1,946,388)			$	1,946,388


TOTAL INVESTMENTS IN SECURITIES – 101.5% (COST $508,608,628)			$	529,140,234



Description	Par Value		Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.7%

REPURCHASE AGREEMENTS – 3.7%

Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $947,466, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $966,370.	$	947,421	$	947,421

BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $3,681,211, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $3,754,655.		3,681,034		3,681,034

Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $3,681,212, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $3,754,655.		3,681,034		3,681,034

Daiwa Capital Markets America, 1.75%, dated 10/31/19, due 11/01/19, repurchase price $3,681,213, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/21/19 to 10/20/49; total market value of $3,754,655.		3,681,034		3,681,034

ING Financial Markets LLC, 1.74%, dated 10/31/19, due 11/01/19, repurchase price $3,681,212, collateralized by U.S. Government Agency Securities, 2.32% to 6.00%, maturing 2/01/26 to 5/01/58; total market value of $3,754,655.		3,681,034		3,681,034

RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $3,681,212, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $3,754,655.		3,681,034		3,681,034


TOTAL REPURCHASE AGREEMENTS (COST $19,352,591)			$	19,352,591


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $19,352,591)			$	19,352,591


TOTAL INVESTMENTS – 105.2% (COST $527,961,219)			$	548,492,825

COLLATERAL FOR SECURITIES ON LOAN – (3.7%)				(19,352,591	)

OTHER LIABILITIES LESS ASSETS – (1.5%)				(7,671,520	)


TOTAL NET ASSETS – 100.0%			$	521,468,714

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Investments in Securities

Asset-Backed Security	$	—	$	324,374	$	—	$	324,374

Collateralized Mortgage Obligations		—		1,560,018		—		1,560,018

Commercial Paper		—		39,680,071		—		39,680,071

Corporate Bonds		—		219,387,241		—		219,387,241

Enhanced Equipment Trust Certificates		—		653,245		—		653,245

Government Agencies		—		3,948,756		—		3,948,756

Mortgage-Backed Securities		—		113,688,330		—		113,688,330

U.S. Treasury		—		147,951,811		—		147,951,811

Money Market Fund		1,946,388		—		—		1,946,388

Repurchase Agreements		—		19,352,591		—		19,352,591


Total	$	1,946,388	$	546,546,437	$	—	$	548,492,825

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

^	7-Day net yield.

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

**	Represents less than 0.05%

The following acronyms are used throughout this Fund:



		BKNT		Bank Note

		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

		TBA		To Be Announced Security

		USD		United States Dollar

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
Corporate Bonds		57.2	%
U.S. Treasury		40.4	%
Mortgage-Backed Securities		1.3	%
Government Agencies		0.4	%
Adjustable Rate Mortgage⁴		0.0	%
Cash Equivalents¹		2.5	%
Other Assets and Liabilities – Net²		(1.8	)%


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)

(4)	Represent less than 0.05%.


Credit Quality Diversification³	Percentage of Total Net Assets
U.S. Government Agency Securities		1.7	%
U.S. Treasury		40.4	%
AAA / Aaa		0.3	%
AA / Aa		1.2	%
A / A		12.7	%
BBB / Baa		41.1	%
BB / Ba		1.9	%
Not Rated		2.5	%
Other Assets and Liabilities – Net²		(1.8	)%


TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)



Description	Par Value		Value

ADJUSTABLE RATE MORTGAGE – 0.0%**

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**

Pool 612514, (12 Month USD LIBOR + 1.72%, Cap 8.82%, Floor 1.72%), 4.59%, 5/01/33^D	$	13,763	$	14,463


TOTAL ADJUSTABLE RATE MORTGAGE (COST $13,744)			$	14,463
CORPORATE BONDS – 57.2%

AEROSPACE & DEFENSE – 1.0%

Boeing Co. (The), Sr. Unsecured, 3.20%, 3/01/29		300,000		314,082

Lockheed Martin Corp., Sr. Unsecured, 3.10%, 1/15/23		250,000		259,269


TOTAL AEROSPACE & DEFENSE			$	573,351

AUTOMOTIVE – 1.6%

Ford Motor Credit Co. LLC, Sr. Unsecured, 5.58%, 3/18/24		250,000		266,391



Description	Par Value		Value

General Motors Financial Co., Inc., Sr. Unsecured, 4.20%, 11/06/21	$	375,000	$	387,754

Toyota Motor Credit Corp., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.37%), 2.50%, 3/12/20^D		250,000		250,371


TOTAL AUTOMOTIVE			$	904,516

BEVERAGES – 0.5%

Keurig Dr. Pepper, Inc., Company Guaranteed, 3.55%, 5/25/21		300,000		307,033

BIOTECHNOLOGY – 1.3%

Amgen, Inc., Sr. Unsecured, 2.20%, 5/11/20		270,000		270,348

Amgen, Inc., Sr. Unsecured, 2.25%, 8/19/23		225,000		226,349

Celgene Corp., Sr. Unsecured, 2.75%, 2/15/23		260,000		265,550


TOTAL BIOTECHNOLOGY			$	762,247



Description	Par Value		Value

BUILDING PRODUCTS – 0.7%

Johnson Controls International PLC,
(Current rate until maturity), Sr. Unsecured, 3.63%, 7/02/24^ÿ	$	373,000	$	389,955

CAPITAL MARKETS – 3.0%

Bank of New York Mellon Corp. (The),
Sr. Unsecured, MTN, 2.60%, 8/17/20^#		475,000		477,924

Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 Month USD LIBOR + 1.16%), 3.09%, 4/23/20^D		500,000		501,890

Goldman Sachs Group, Inc. (The),
Sr. Unsecured, (3 Month USD LIBOR + 1.20%), 3.27%, 9/29/25^D		210,000		217,940

Morgan Stanley,
Sr. Unsecured, GMTN, (3 Month USD LIBOR + 0.55%), 2.73%, 2/10/21^D		240,000		240,180

State Street Corp.,
Subordinated, 3.10%, 5/15/23		250,000		258,540


TOTAL CAPITAL MARKETS			$	1,696,474

COMMERCIAL BANKS – 4.9%

BB&T Corp.,
Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.65%), 2.75%, 4/01/22^D		345,000		348,303

Branch Banking & Trust Co.,
Subordinated, BKNT, 3.63%, 9/16/25		250,000		267,396

Fifth Third Bancorp,
Subordinated, 4.30%, 1/16/24		250,000		270,255

Huntington Bancshares, Inc.,
Sr. Unsecured, 2.63%, 8/06/24		120,000		121,558

KeyCorp,
Sr. Unsecured, MTN, 2.90%, 9/15/20		250,000		252,106

PNC Financial Services Group, Inc. (The),
Subordinated, 3.90%, 4/29/24		200,000		212,281

PNC Financial Services Group, Inc. (The),
Sr. Unsecured, 3.45%, 4/23/29		100,000		107,762

SunTrust Bank,
Sr. Unsecured, BKNT, 3.20%, 4/01/24		175,000		182,740

SunTrust Banks, Inc.,

Sr. Unsecured, 2.70%, 1/27/22		250,000		253,358

Toronto-Dominion Bank (The),
Sr. Unsecured, GMTN, 3.25%, 3/11/24		275,000		288,199

U.S. Bancorp,
Subordinated, 3.00%, 7/30/29		500,000		518,344


TOTAL COMMERCIAL BANKS			$	2,822,302

COMMERCIAL SERVICES & SUPPLIES – 0.8%

Global Payments, Inc.,
Sr. Unsecured, 3.80%, 4/01/21		300,000		306,577

Global Payments, Inc.,
Sr. Unsecured, 2.65%, 2/15/25		175,000		177,327


TOTAL COMMERCIAL SERVICES & SUPPLIES			$	483,904

COMPUTERS – 1.3%

Hewlett Packard Enterprise Co.,
Sr. Unsecured, 4.40%, 10/15/22		250,000		265,075



Description	Par Value		Value

International Business Machines Corp.,
Sr. Unsecured, 2.85%, 5/13/22	$	480,000	$	490,906


TOTAL COMPUTERS			$	755,981

CONSUMER FINANCE – 1.5%

American Express Co.,
Sr. Unsecured, (3 Month USD LIBOR + 0.53%), 2.65%, 5/17/21^#,D		165,000		165,616

American Express Co.,
Sr. Unsecured, 3.13%, 5/20/26		150,000		158,111

Capital One Financial Corp.,
Sr. Unsecured, (3 Month USD LIBOR + 0.95%), 3.05%, 3/09/22^D		250,000		252,024

Capital One Financial Corp.,
Sr. Unsecured, 3.90%, 1/29/24		250,000		265,217


TOTAL CONSUMER FINANCE			$	840,968

DIVERSIFIED FINANCIAL SERVICES – 6.4%

Bank of America Corp.,
Sr. Unsecured, MTN, 2.50%, 10/21/22		415,000		418,829

Bank of Montreal,
Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.34%), 2.34%, 7/13/20^D		125,000		125,191

Bank of Montreal,
Sr. Unsecured, MTN, 1.90%, 8/27/21		180,000		180,208

Berkshire Hathaway, Inc.,
Sr. Unsecured, 2.75%, 3/15/23		175,000		180,416

Canadian Imperial Bank of Commerce,
Sr. Unsecured, BKNT, 2.10%, 10/05/20		255,000		255,608

Charles Schwab Corp. (The),
Sr. Unsecured, (3 Month USD LIBOR + 0.32%), 2.47%, 5/21/21^D		155,000		155,250

Charles Schwab Corp. (The),
Sr. Unsecured, 3.20%, 3/02/27		315,000		331,467

Citigroup, Inc.,
Sr. Unsecured, 2.45%, 1/10/20		450,000		450,256

Comerica, Inc.,
Sr. Unsecured, 3.70%, 7/31/23		200,000		211,269

JPMorgan Chase & Co.,
Sr. Unsecured, 2.55%, 10/29/20		250,000		251,533

JPMorgan Chase & Co.,
Subordinated, 3.88%, 9/10/24		300,000		320,481

National Rural Utilities Cooperative Finance Corp., Collateral Trust, 3.70%, 3/15/29		260,000		287,591

TD Ameritrade Holding Corp.,
Sr. Unsecured, 2.95%, 4/01/22		250,000		255,666

Westpac Banking Corp.,
Sr. Unsecured, 4.88%, 11/19/19		250,000		250,317


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	3,674,082

ELECTRIC – 5.5%

DTE Energy Co.,
Series C, Sr. Unsecured, 3.50%, 6/01/24		250,000		260,581



Description	Par Value		Value

Duke Energy Carolinas LLC,
1st Mortgage, 2.45%, 8/15/29^#	$	500,000	$	505,169

Entergy Corp.,
Sr. Unsecured, 2.95%, 9/01/26		255,000		260,447

Exelon Generation Co. LLC,
Sr. Unsecured, 2.95%, 1/15/20		350,000		350,080

FirstEnergy Transmission LLC,
Sr. Unsecured, 4.35%, 1/15/25^W		400,000		430,118

Southern Co. (The),
Sr. Unsecured, 2.35%, 7/01/21		500,000		502,721

Union Electric Co.,
1st Mortgage, 3.50%, 3/15/29		220,000		239,931

WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20		300,000		300,763

WEC Energy Group, Inc.,
Sr. Unsecured, 3.38%, 6/15/21		290,000		296,308


TOTAL ELECTRIC			$	3,146,118

ENVIRONMENTAL CONTROL – 0.3%

Waste Management, Inc.,
Company Guaranteed, 2.40%, 5/15/23		160,000		162,203

FOOD & STAPLES RETAILING – 1.2%

Campbell Soup Co.,
Sr. Unsecured, 3.30%, 3/19/25		200,000		205,802

Conagra Brands, Inc.,
Sr. Unsecured, 3.80%, 10/22/21		200,000		206,560

Kroger Co. (The),
Sr. Unsecured, 2.95%, 11/01/21		250,000		253,908


TOTAL FOOD & STAPLES RETAILING			$	666,270

HEALTH CARE EQUIPMENT & SUPPLIES – 0.7%

DH Europe Finance II Sarl,
Company Guaranteed, 2.60%, 11/15/29		65,000		65,499

Zimmer Biomet Holdings, Inc.,
Sr. Unsecured, 2.70%, 4/01/20		360,000		360,782


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	426,281

HEALTH CARE PROVIDERS & SERVICES – 4.4%

Anthem, Inc.,
Sr. Unsecured, 3.65%, 12/01/27		235,000		248,982

Cardinal Health, Inc.,
Sr. Unsecured, 3.20%, 3/15/23		350,000		359,134

Cigna Corp.,
Company Guaranteed, 4.13%, 9/15/20^W		250,000		254,547

CommonSpirit Health,
Sr. Secured, 2.76%, 10/01/24		110,000		111,759

CommonSpirit Health,
Sr. Secured, 3.35%, 10/01/29		150,000		151,355

CVS Health Corp.,
Sr. Unsecured, (3 Month USD LIBOR + 0.63%), 2.73%, 3/09/20^D		50,000		50,103

CVS Health Corp.,
Sr. Unsecured, 3.70%, 3/09/23		250,000		260,622



Description	Par Value		Value

Elanco Animal Health, Inc.,
Sr. Unsecured, 3.91%, 8/27/21	$	250,000	$	256,743

Elanco Animal Health, Inc.,
Sr. Unsecured, 4.27%, 8/28/23		500,000		525,220

UnitedHealth Group, Inc.,
Sr. Unsecured, 2.38%, 10/15/22		300,000		304,515


TOTAL HEALTH CARE PROVIDERS & SERVICES			$	2,522,980

HOUSEHOLD PRODUCTS – 0.4%

Church & Dwight Co., Inc.,
Sr. Unsecured, 2.45%, 8/01/22		225,000		226,822

INSURANCE – 1.3%

American International Group, Inc.,
Sr. Unsecured, 3.30%, 3/01/21		250,000		254,139

Aon PLC,
Company Guaranteed, 2.80%, 3/15/21		240,000		243,964

Aon PLC,
Company Guaranteed, 4.00%, 11/27/23		250,000		266,651


TOTAL INSURANCE			$	764,754

MACHINERY – 0.6%

Roper Technologies, Inc.,
Sr. Unsecured, 3.80%, 12/15/26		300,000		322,784

MEDIA – 1.7%

CBS Corp.,
Company Guaranteed, 3.38%, 3/01/22		350,000		358,580

Discovery Communications LLC,
Company Guaranteed, 3.30%, 5/15/22		250,000		256,828

Discovery Communications LLC,
Company Guaranteed, 4.13%, 5/15/29		350,000		372,322


TOTAL MEDIA			$	987,730

MISCELLANEOUS MANUFACTURING – 1.8%

Ingersoll-Rand Global Holding Co. Ltd.,
Company Guaranteed, 4.25%, 6/15/23		330,000		349,953

Textron, Inc.,
Sr. Unsecured, 3.65%, 3/01/21		125,000		127,271

Textron, Inc.,
Sr. Unsecured, 4.30%, 3/01/24		500,000		536,140


TOTAL MISCELLANEOUS MANUFACTURING			$	1,013,364

OIL & GAS – 2.8%

Apache Corp.,
Sr. Unsecured, 4.38%, 10/15/28		275,000		272,996

Marathon Oil Corp.,
Sr. Unsecured, 2.80%, 11/01/22		450,000		458,095

Marathon Petroleum Corp.,
Sr. Unsecured, 3.63%, 9/15/24		125,000		132,618

Occidental Petroleum Corp.,
Sr. Unsecured, 2.60%, 8/13/21		140,000		140,922

Phillips 66,
Company Guaranteed, 4.30%, 4/01/22		400,000		423,953

Valero Energy Corp.,
Sr. Unsecured, 4.00%, 4/01/29		150,000		160,555


TOTAL OIL & GAS			$	1,589,139



Description	Par Value		Value

PHARMACEUTICALS – 2.0%

AbbVie, Inc.,
Sr. Unsecured, 3.75%, 11/14/23	$	150,000	$	158,011

AbbVie, Inc.,
Sr. Unsecured, 3.60%, 5/14/25		350,000		367,093

Allergan Funding SCS,
Company Guaranteed, (3 Month USD LIBOR + 1.26%), 3.39%, 3/12/20^D		500,000		501,915

Zoetis, Inc.,
Sr. Unsecured, 3.00%, 9/12/27		125,000		128,951


TOTAL PHARMACEUTICALS			$	1,155,970

PIPELINES – 2.1%

Enterprise Products Operating LLC, Company Guaranteed, 2.80%, 2/15/21		225,000		227,344

Kinder Morgan, Inc.,
Company Guaranteed, 6.50%, 9/15/20^#		300,000		307,735

MPLX LP,
Sr. Unsecured, (3 Month USD LIBOR + 0.90%), 3.00%, 9/09/21^D		500,000		502,100

MPLX LP,
Sr. Unsecured, 3.38%, 3/15/23		50,000		51,388

ONEOK Partners LP,
Company Guaranteed, 3.38%, 10/01/22		125,000		128,061


TOTAL PIPELINES			$	1,216,628

REAL ESTATE INVESTMENT TRUSTS – 4.3%

American Tower Corp.,
Sr. Unsecured, 3.45%, 9/15/21		250,000		255,969

American Tower Corp.,
Sr. Unsecured, 5.00%, 2/15/24		250,000		276,859

Digital Realty Trust LP,
Company Guaranteed, 3.60%, 7/01/29		100,000		105,063

HCP, Inc.,
Sr. Unsecured, 4.20%, 3/01/24		540,000		583,509

HCP, Inc.,
Sr. Unsecured, 3.25%, 7/15/26		110,000		114,849

Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.88%, 5/01/25		300,000		315,615

Healthcare Realty Trust, Inc.,
Sr. Unsecured, 3.63%, 1/15/28^#		300,000		313,839

Ventas Realty LP,
Company Guaranteed, 4.00%, 3/01/28		250,000		270,088

Welltower, Inc.,
Sr. Unsecured, 3.63%, 3/15/24		250,000		264,188


TOTAL REAL ESTATE INVESTMENT TRUSTS			$	2,499,979

RETAIL – 0.4%

Home Depot, Inc. (The),
Sr. Unsecured, 2.13%, 9/15/26		225,000		225,226

SEMICONDUCTORS – 0.3%

QUALCOMM, Inc.,
Sr. Unsecured, 3.25%, 5/20/27		150,000		158,139

SOFTWARE – 0.7%

Microsoft Corp.,
Sr. Unsecured, 1.55%, 8/08/21		175,000		174,838



Description	Par Value		Value

Oracle Corp.,
Sr. Unsecured, 1.90%, 9/15/21	$	250,000	$	250,658


TOTAL SOFTWARE			$	425,496

TELECOMMUNICATIONS – 1.4%

AT&T, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.93%), 3.03%, 6/30/20^D		500,000		502,636

Cisco Systems, Inc.,
Sr. Unsecured, 2.20%, 9/20/23		295,000		299,280


TOTAL TELECOMMUNICATIONS			$	801,916

TRANSPORTATION – 1.4%

Ryder System, Inc.,
Sr. Unsecured, MTN, 2.50%, 9/01/22		265,000		267,245

Ryder System, Inc.,
Sr. Unsecured, MTN, 3.40%, 3/01/23		500,000		518,031


TOTAL TRANSPORTATION			$	785,276

TRUCKING & LEASING – 0.9%

GATX Corp.,
Sr. Unsecured, 3.25%, 9/15/26		505,000		513,017


TOTAL CORPORATE BONDS
(COST $31,931,873)			$	32,820,905

GOVERNMENT AGENCY – 0.4%

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.4%
2.38%, 1/13/22		200,000		203,507


TOTAL GOVERNMENT AGENCY
(COST $200,090)			$	203,507

MORTGAGE-BACKED SECURITIES – 1.3%

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.2%
Pool B19228, 4.50%, 4/01/20		601		606
Pool C90504, 6.50%, 12/01/21		4,904		5,042
Pool G01625, 5.00%, 11/01/33		24,316		27,126
Pool A18401, 6.00%, 2/01/34		34,480		38,809
Pool G08097, 6.50%, 11/01/35		19,077		22,194
Pool G02390, 6.00%, 9/01/36		7,453		8,598
Pool G08193, 6.00%, 4/01/37		21,675		24,953


TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	127,328

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.8%
Pool 839291, 5.00%, 9/01/20		82		84
Pool AE2520, 3.00%, 1/01/26		333,669		342,201
Pool 256639, 5.00%, 2/01/27		17,521		18,743
Pool 256752, 6.00%, 6/01/27		19,180		21,499
Pool 257007, 6.00%, 12/01/27		30,574		34,280



Description	Par Value		Value
Pool 254240, 7.00%, 3/01/32	$	27,481	$	30,859
Pool 745412, 5.50%, 12/01/35		17,335		19,437


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	467,103

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.3%
Pool 780825, 6.50%, 7/15/28		43,145		48,714
Pool 2616, 7.00%, 7/20/28		27,324		32,260
Pool 2701, 6.50%, 1/20/29		53,901		61,683
Pool 426727, 7.00%, 2/15/29		5,123		5,720
Pool 781231, 7.00%, 12/15/30		24,842		29,334


TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	177,711


TOTAL MORTGAGE-BACKED SECURITIES
(COST $715,667)			$	772,142

U.S. TREASURY – 40.4%

U.S. TREASURY NOTES – 40.4%
1.38%, 5/31/21		110,000		109,648
1.50%, 8/15/22		150,000		149,992
1.63%, 5/31/23^#		500,000		501,940
1.63%, 10/31/23		490,000		492,038
1.63%, 2/15/26		1,450,000		1,452,935
1.63%, 5/15/26		775,000		776,452
1.75%, 5/15/23		1,000,000		1,007,786
1.88%, 7/31/22		450,000		454,335
2.00%, 11/15/21		225,000		227,056
2.00%, 2/15/22		250,000		252,677
2.00%, 7/31/22		250,000		253,307
2.00%, 2/15/23		500,000		507,639
2.00%, 2/15/25		1,003,000		1,026,009
2.00%, 8/15/25		1,000,000		1,023,577
2.00%, 11/15/26		500,000		513,365
2.13%, 6/30/21		175,000		176,600
2.13%, 8/15/21		125,000		126,202
2.13%, 5/15/25		1,250,000		1,286,887
2.25%, 1/31/24		900,000		926,813
2.25%, 11/15/25		1,500,000		1,557,407
2.25%, 2/15/27		30,000		31,337
2.25%, 11/15/27		500,000		523,299
2.38%, 8/15/24		750,000		779,033
2.38%, 5/15/29		500,000		530,348
2.50%, 3/31/23		1,075,000		1,110,074
2.50%, 8/15/23		500,000		517,961
2.50%, 5/15/24		500,000		521,306
2.75%, 5/31/23		1,200,000		1,251,160
2.75%, 11/15/23		1,000,000		1,047,913
2.75%, 2/15/28		750,000		814,253
2.88%, 11/30/25		800,000		859,620



Description	Par Value		Value
2.88%, 5/15/28	$	1,000,000	$	1,097,084
3.13%, 5/15/21		150,000		153,504
3.13%, 11/15/28		1,000,000		1,121,786


TOTAL U.S. TREASURY NOTES			$	23,181,343


TOTAL U.S. TREASURY
(COST $22,317,750)			$	23,181,343


	Number of Shares

MONEY MARKET FUND – 0.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		199,048	$	199,048


TOTAL MONEY MARKET FUND
(COST $199,048)			$	199,048


TOTAL INVESTMENTS IN SECURITIES – 99.6%
(COST $55,378,172)			$	57,191,408




	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2%

REPURCHASE AGREEMENTS – 2.2%

Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $62,515, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $63,762.	$	62,512	$	62,512

BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $241,134, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $245,944.		241,122		241,122

Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $241,134, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $245,945.		241,122		241,122

Daiwa Capital Markets America, 1.75%, dated 10/31/19, due 11/01/19, repurchase price $241,134, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/21/19 to 10/20/49; total market value of $245,944.		241,122		241,122

ING Financial Markets LLC, 1.74%, dated 10/31/19, due 11/01/19, repurchase price $241,134, collateralized by U.S. Government Agency Securities, 2.32% to 6.00%, maturing 2/01/26 to 5/01/58; total market value of $245,944.		241,122		241,122

Cost of investments for Federal income tax purposes is $56,662,547. The net unrealized appreciation/(depreciation) of investments was $1,796,983. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,820,308 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(23,325).

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
U.S. Treasury Notes		36.5	%
Commercial paper		11.4	%
Diversified Financial Services		8.4	%
Health Care Providers & Services		7.4	%
Pipelines		5.0	%
Electric		4.9	%
Oil & Gas		4.8	%
Commercial Banks		4.1	%
Food & Staples Retailing		3.8	%
Federal National Mortgage Association (FNMA)		3.6	%
Transportation		2.8	%
Automotive		2.3	%
Real Estate Investment Trusts		2.2	%
Federal Home Loan Mortgage Corporation (FHLMC)		2.2	%
Computers		2.1	%
Consumer Finance		2.0	%
Biotechnology		2.0	%
Telecommunications		1.8	%
Media		1.0	%
Health Care Equipment & Supplies		1.0	%
Pharmaceuticals		0.9	%
Semiconductors		0.6	%
Capital Markets		0.6	%
Government National Mortgage Association (GNMA)		0.4	%
Whole Loan		0.3	%


	Percentage of Total Net Assets
Cash Equivalents¹		2.3	%
Other Assets and Liabilities – Net²		(14.4	)%


TOTAL		100.0	%


Credit Quality Diversification³	Percentage of Total Net Assets
U.S. Government Agency Securities		6.2	%
U.S. Treasury		36.5	%
AA / Aa		1.3	%
A / A		14.8	%
BBB / Baa		38.3	%
BB / Ba		3.4	%
Not Rated		13.9	%
Other Assets and Liabilities – Net²		(14.4	)%


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.

(3)

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)



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%, Cap 11.19%, Floor 2.07%), 4.07%, 9/01/27^D	$	37	$	38


TOTAL ADJUSTABLE RATE MORTGAGE (COST $37)			$	38

COLLATERALIZED MORTGAGE OBLIGATIONS – 2.2%

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.1%

Series 1990-136, Class E, 6.00%, 4/15/21		37		37



Description	Par Value		Value

Series 1990-141, Class D, 5.00%, 5/15/21	$	8	$	8

Series 1993-1577, Class PK, 6.50%, 9/15/23		7,353		7,809

Series 1993-1644, Class K, 6.75%, 12/15/23		5,694		6,017

Series 1994-1686, Class PJ, 5.00%, 2/15/24		615		637

Series 2011-3799, Class GK, 2.75%, 1/15/21		13,306		13,342


TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	27,850

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.8%

Series 1993-113, Class PK, 6.50%, 7/25/23		9,344		9,934



Description	Par Value		Value

Series 1993-127, Class H, 6.50%, 7/25/23	$	8,765	$	9,245

Series 1993-202, Class J, 6.50%, 11/25/23		5,702		6,090

Series 1994-3, Class PL, 5.50%, 1/25/24		9,685		10,177

Series 1994-55, Class H, 7.00%, 3/25/24		10,511		11,220

Series 2011-66, Class QE, 2.00%, 7/25/21		70,883		70,803

Series 2011-81, Class PA, 3.50%, 8/25/26		768,408		791,658


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	909,127

WHOLE LOAN – 0.3%

Banc of America Mortgage Securities, Inc.,

Series 2004-A, Class 2A1, 4.80%, 2/25/34^D		66,717		65,799

IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.44%, 11/25/35^D		91,631		89,002


TOTAL WHOLE LOAN			$	154,801


TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $1,112,142)			$	1,091,778

COMMERCIAL PAPER – 11.4%◆

Campbell Soup Co., 2.05%, 11/12/19^W		1,000,000		999,317

Dominion Res, Inc., 2.22%, 11/06/19^W		410,000		409,848

Du Pont E I De Nemours & Co., 2.10%, 11/18/19^W		2,490,000		2,487,385

Thermo Fisher Scientific, Inc., 2.00%, 11/01/19^W		1,780,000		1,779,901


TOTAL COMMERCIAL PAPER (COST $5,676,779)			$	5,676,451

CORPORATE BONDS – 57.7%

AUTOMOTIVE – 2.3%

Ford Motor Credit Co. LLC, Sr. Unsecured, 5.58%, 3/18/24		250,000		266,390

General Motors Financial Co., Inc., Company Guaranteed, 3.20%, 7/13/20		500,000		503,173

PACCAR Financial Corp., Sr. Unsecured, MTN, 2.65%, 5/10/22		340,000		346,753


TOTAL AUTOMOTIVE			$	1,116,316

BIOTECHNOLOGY – 2.0%

Amgen, Inc.,
Sr. Unsecured, 2.20%, 5/11/20		1,000,000		1,001,288

CAPITAL MARKETS – 0.6%

Morgan Stanley,
Sr. Unsecured, GMTN, 5.50%, 7/24/20		265,000		271,981

COMMERCIAL BANKS – 4.1%

SunTrust Bank,
Sr. Unsecured, BKNT, 2.25%, 1/31/20		1,000,000		1,000,349

Toronto-Dominion Bank (The),
Sr. Unsecured, MTN, 2.65%, 6/12/24		1,000,000		1,024,252


TOTAL COMMERCIAL BANKS			$	2,024,601



Description	Par Value		Value

COMPUTERS – 2.1%

Hewlett Packard Enterprise Co.,
Sr. Unsecured, 3.60%, 10/15/20	$	1,000,000	$	1,013,706

CONSUMER FINANCE – 2.0%

Capital One Financial Corp.,
Sr. Unsecured, (3 Month USD LIBOR + 0.76%), 2.94%, 5/12/20^D		1,000,000		1,002,483

DIVERSIFIED FINANCIAL SERVICES – 8.4%

Citibank NA,
Sr. Unsecured, BKNT, (SOFRRATE + 0.60%), 2.42%, 3/13/21^D		1,000,000		1,000,964

Comerica Bank,
Sr. Unsecured, BKNT, 2.50%, 7/23/24		500,000		507,957

Huntington National Bank (The),
Sr. Unsecured, BKNT, 2.38%, 3/10/20		1,000,000		1,000,495

Royal Bank of Canada,
Sr. Unsecured, GMTN, 2.13%, 3/02/20		665,000		665,572

Wells Fargo & Co.,
Sr. Unsecured, MTN, 3.00%, 1/22/21		500,000		506,312

Wells Fargo Bank NA,
Sr. Unsecured, BKNT, (3 Month USD LIBOR + 0.66%), 2.80%, 9/09/22^D		500,000		502,332


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,183,632

ELECTRIC – 4.9%

Ameren Corp.,
Sr. Unsecured, 2.70%, 11/15/20		300,000		302,084

Consolidated Edison Co. of New York, Inc.,
Sr. Unsecured, 4.45%, 6/15/20		500,000		507,563

Exelon Generation Co. LLC,
Sr. Unsecured, 2.95%, 1/15/20		638,000		638,145

WEC Energy Group, Inc.,
Sr. Unsecured, 2.45%, 6/15/20		1,000,000		1,002,545


TOTAL ELECTRIC			$	2,450,337

FOOD & STAPLES RETAILING – 3.8%

Conagra Brands, Inc.,
Sr. Unsecured, (3 Month USD LIBOR + 0.75%), 2.70%, 10/22/20^D		360,000		360,111

Conagra Brands, Inc.,
Sr. Unsecured, 3.80%, 10/22/21		500,000		516,399

Kroger Co. (The),
Sr. Unsecured, 2.80%, 8/01/22		1,000,000		1,020,022


TOTAL FOOD & STAPLES RETAILING			$	1,896,532

HEALTH CARE EQUIPMENT & SUPPLIES – 1.0%

Becton Dickinson & Co.,
Sr. Unsecured, 2.40%, 6/05/20		500,000		501,330

HEALTH CARE PROVIDERS & SERVICES – 7.4%

Cigna Corp.,
Company Guaranteed, 3.20%, 9/17/20		700,000		707,175

CVS Health Corp.,
Sr. Unsecured, 2.80%, 7/20/20		500,000		502,749

Elanco Animal Health, Inc.,
Sr. Unsecured, 3.91%, 8/27/21		500,000		513,486



Description	Par Value		Value

McKesson Corp., Sr. Unsecured, 3.65%, 11/30/20	$	445,000	$	453,527

UnitedHealth Group, Inc., Sr. Unsecured, 1.95%, 10/15/20		1,500,000		1,502,578


TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,679,515

MEDIA – 1.0%

Discovery Communications LLC, Company Guaranteed, 3.30%, 5/15/22		500,000		513,656

OIL & GAS – 4.8%

Marathon Oil Corp., Sr. Unsecured, 2.80%, 11/01/22		1,000,000		1,017,990

Occidental Petroleum Corp., Sr. Unsecured, 4.85%, 3/15/21		822,000		848,348

Pioneer Natural Resources Co., Sr. Unsecured, 3.45%, 1/15/21		500,000		509,539


TOTAL OIL & GAS			$	2,375,877

PHARMACEUTICALS – 0.9%

AbbVie, Inc., Sr. Unsecured, 3.38%, 11/14/21		350,000		359,315

Bristol-Myers Squibb Co., Sr. Unsecured, (3 Month USD LIBOR + 0.38%), 2.55%, 5/16/22^D,W		85,000		85,039


TOTAL PHARMACEUTICALS			$	444,354

PIPELINES – 5.0%

Enbridge Energy Partners LP, Company Guaranteed, 4.38%, 10/15/20		500,000		510,107

Energy Transfer Operating LP, Company Guaranteed, 4.20%, 9/15/23		250,000		262,955

Enterprise Products Operating LLC, Company Guaranteed, 3.35%, 3/15/23		500,000		520,108

MPLX LP, Sr. Unsecured, (3 Month USD LIBOR + 1.10%), 3.20%, 9/09/22^D		250,000		250,483

ONEOK Partners LP, Company Guaranteed, 5.00%, 9/15/23^#		500,000		544,085

Plains All American Pipeline LP, Sr. Unsecured, 3.60%, 11/01/24		375,000		386,663


TOTAL PIPELINES			$	2,474,401

REAL ESTATE INVESTMENT TRUSTS – 2.2%

American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		500,000		553,718

Welltower, Inc., Sr. Unsecured, 4.50%, 1/15/24		500,000		540,745


TOTAL REAL ESTATE INVESTMENT TRUSTS			$	1,094,463

SEMICONDUCTORS – 0.6%

QUALCOMM, Inc., Sr. Unsecured, 2.90%, 5/20/24		275,000		283,369

TELECOMMUNICATIONS – 1.8%

AT&T, Inc., Sr. Unsecured, (3 Month USD LIBOR + 0.93%), 3.03%, 6/30/20^D		900,000		904,744



Description	Par Value		Value

TRANSPORTATION – 2.8%

Union Pacific Corp., Sr. Unsecured, 3.20%, 6/08/21	$	1,375,000	$	1,404,439


TOTAL CORPORATE BONDS (COST $28,377,916)			$	28,637,024

MORTGAGE-BACKED SECURITIES – 4.3%

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.1%

Pool G12709, 5.00%, 7/01/22		24,757		25,431

Pool C80328, 7.50%, 7/01/25		10,466		11,426

Pool G14695, 4.50%, 6/01/26		100,958		104,010

Pool G01425, 7.50%, 5/01/32		35,432		40,317

Pool C78010, 5.50%, 4/01/33		417,197		465,986

Pool A18401, 6.00%, 2/01/34		284,153		319,836

Pool G01831, 6.00%, 5/01/35		59,803		67,568


TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,034,574

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 1.8%

Pool MA0909, 3.00%, 11/01/21		97,008		97,892

Pool 334593, 7.00%, 5/01/24		24,592		28,398

Pool AE2520, 3.00%, 1/01/26		111,223		114,067

Pool 436746, 6.50%, 8/01/28		19,136		19,540

Pool 440401, 6.50%, 8/01/28		56,275		62,479

Pool 323419, 6.00%, 12/01/28		23,722		27,060

Pool 485678, 6.50%, 3/01/29		12,425		14,021

Pool 252439, 6.50%, 5/01/29		10,734		12,253

Pool 545051, 6.00%, 9/01/29		23,975		26,984

Pool 725418, 6.50%, 5/01/34		64,512		75,417

Pool 833143, 5.50%, 9/01/35		287,631		326,841

Pool 843323, 5.50%, 10/01/35		14,825		16,778

Pool 255933, 5.50%, 11/01/35		54,128		60,898


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	882,628

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.4%

Pool 306066, 8.50%, 7/15/21		720		764

Pool 1061, 9.00%, 4/20/23		5,191		5,390

Pool 346572, 7.00%, 5/15/23		2,388		2,547

Pool 484269, 7.00%, 9/15/28		18,510		19,776

Pool 592505, 6.00%, 4/15/33		123,281		143,916

Pool 581522, 6.00%, 5/15/33		53,139		61,906


TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	234,299


TOTAL MORTGAGE-BACKED SECURITIES (COST $1,996,002)			$	2,151,501

U.S. TREASURY – 36.5%

U.S. TREASURY NOTES – 36.5%

1.13%, 8/31/21		495,000		491,100



Description	Par Value		Value

1.50%, 6/15/20^#	$	540,000	$	539,679

1.50%, 10/31/24		6,300,000		6,294,848

1.63%, 6/30/21		515,000		515,444

1.75%, 6/30/22		1,150,000		1,157,480

1.75%, 7/15/22		3,000,000		3,018,111

1.88%, 7/31/22		1,000,000		1,009,632

2.50%, 1/15/22		1,000,000		1,020,707

2.75%, 9/15/21		4,000,000		4,088,498


TOTAL U.S. TREASURY NOTES			$	18,135,499


TOTAL U.S. TREASURY (COST $17,960,079)			$	18,135,499

	Number of Shares

MONEY MARKET FUND – 0.1%

Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		41,156	$	41,156


TOTAL MONEY MARKET FUND (COST $41,156)			$	41,156


TOTAL INVESTMENTS IN SECURITIES – 112.2% (COST $55,164,111)			$	55,733,447

	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.2%

REPURCHASE AGREEMENTS – 2.2%

Bank of Montreal, 1.70%, dated 10/31/19, due 11/01/19, repurchase price $53,416, collateralized by U.S. Treasury Securities, 0.00% to 3.88%, maturing 12/05/19 to 5/15/46; total market value of $54,481.	$	53,413	$	53,413

BNP Paribas SA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.88%, maturing 12/31/19 to 2/15/48; total market value of $208,244.		204,161		204,161

Citigroup Global Markets Ltd., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency & Treasury Securities, 2.50% to 8.00%, maturing 12/01/20 to 1/01/59; total market value of $208,244.		204,161		204,161



Description	Par Value		Value

Daiwa Capital Markets America, 1.75%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 11/21/19 to 10/20/49; total market value of $208,244.	$	204,161	$	204,161

ING Financial Markets LLC, 1.74%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency Securities, 2.32% to 6.00%, maturing 2/01/26 to 5/01/58; total market value of $208,244.		204,161		204,161

RBC Dominion Securities, Inc., 1.74%, dated 10/31/19, due 11/01/19, repurchase price $204,171, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 1/02/20 to 9/01/49; total market value of $208,244.		204,161		204,161


TOTAL REPURCHASE AGREEMENTS (COST $1,074,218)			$	1,074,218


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,074,218)			$	1,074,218


TOTAL INVESTMENTS – 114.4% (COST $56,238,329)			$	56,807,665

COLLATERAL FOR SECURITIES ON LOAN – (2.2%)				(1,074,218	)

OTHER LIABILITIES LESS ASSETS – (12.2%)				(6,080,428	)


TOTAL NET ASSETS – 100.0%			$	49,653,019

Cost of investments for Federal income tax purposes is $56,241,417. The net unrealized appreciation/(depreciation) of investments was $566,248. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $610,538 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(44,290).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Investments in Securities

Adjustable Rate Mortgage	$	—	$	38	$	—	$	38

Collateralized Mortgage Obligations		—		1,091,778		—		1,091,778

Commercial Paper		—		5,676,451		—		5,676,451

Corporate Bonds		—		28,637,024		—		28,637,024

Mortgage-Backed Securities		—		2,151,501		—		2,151,501

U.S. Treasury		—		18,135,499		—		18,135,499

Money Market Fund		41,156		—		—		41,156

Repurchase Agreements		—		1,074,218		—		1,074,218


Total	$	41,156	$	56,766,509	$	—	$	56,807,665

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

^	7-Day net yield.

**	Represents less than 0.05%.

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


The following acronyms are used throughout this Fund:		LP	Limited Partnership
BKNT	Bank Note	MTN	Medium Term Note
CMT	Constant Maturity Treasury	NA	National Association
GMTN	Global Medium Term Note	SOFRRATE	Secured Overnight Financing Rate
LIBOR	London Interbank Offered Rate	USD	United States Dollar
LLC	Limited Liability Corporation	UST	U.S. Treasury

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
General Obligations		18.2	%
Housing		16.8	%
Higher Education		12.0	%
Dedicated Tax		8.0	%
Medical		7.5	%
Airport		7.4	%
Water		6.7	%
Development		5.6	%
Hospital		5.5	%
Lease		3.4	%
Transportation		2.6	%
Education		1.9	%
Student Loan		1.3	%
School District		0.4	%
Facilities		0.4	%
Power		0.3	%
Cash Equivalents¹		1.3	%
Other Assets and Liabilities – Net²		0.7	%

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)


Credit Quality Diversification³	Percentage of Total Net Assets
AAA / Aaa		11.9	%
AA / Aa		35.1	%
A / A		30.4	%
BBB / Baa		19.8	%
Not Rated		2.1	%
Other Assets and Liabilities – Net²		0.7	%

TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)



Description	Par Value		Value

MUNICIPAL BONDS – 98.0%

ALABAMA – 1.1%

HIGHER EDUCATION – 0.4%

University of South Alabama, AL, Advance Refunding Revenue Bonds, (AGM), 5.00%, 11/01/31	$	1,000,000	$	1,199,220

WATER – 0.7%

Huntsville Water Revenue Warrants, AL, Revenue Bonds, 5.00%, 11/01/34		1,840,000		2,157,363


TOTAL ALABAMA			$	3,356,583



Description	Par Value		Value

ALASKA – 0.7%

HIGHER EDUCATION – 0.7%

University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29	$	1,810,000	$	2,110,876


TOTAL ALASKA			$	2,110,876



Description	Par Value		Value

ARIZONA – 2.4%

EDUCATION – 1.7%

Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund) 5.00%, 11/01/26		1,000,000		1,214,760

5.00%, 11/01/30		1,000,000		1,237,360

5.00%, 11/01/32		865,000		1,063,630

La Paz County Industrial Development Authority, AZ, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 2/15/28		1,300,000		1,488,669


TOTAL EDUCATION			$	5,004,419

HOUSING – 0.7%

Industrial Development Authority of the County of Pima (The), AZ, Revenue Bonds, 8.20%, 9/01/21		1,985,000		2,149,001


TOTAL ARIZONA			$	7,153,420

ARKANSAS – 0.9%

DEDICATED TAX – 0.9%

Fayetteville City, AR, Revenue Bonds, (Sales and Use Tax), (Series A), 2.00%, 11/01/29		2,565,000		2,575,593


TOTAL ARKANSAS			$	2,575,593

CALIFORNIA – 3.0%

GENERAL OBLIGATIONS – 1.0%

State of California, CA, GO Unlimited Current Refunding, 5.00%, 4/01/32		2,250,000		3,053,948

HIGHER EDUCATION – 0.5%

California Educational Facilities Authority, CA, Revenue Bonds, (Pooled College and University Projects), (1999 Series B), 5.25%, 4/01/24		15,000		16,434

California Municipal Finance Authority, CA, Current Refunding Revenue Bonds, (California Lutheran University)

5.00%, 10/01/26		300,000		363,612

5.00%, 10/01/32		225,000		276,921

5.00%, 10/01/33		675,000		829,494


TOTAL HIGHER EDUCATION			$	1,486,461

MEDICAL – 1.2%

California Statewide Communities Development Authority, CA, Revenue Bonds, (Series D), (Insured Health Facility-Dignity Health), (AGM), 1.67%, 7/01/41^D		1,150,000		1,150,000

California Statewide Communities Development Authority, CA, Revenue Bonds, (Series E), (Insured Health Facility-Dignity Health), (AGM), 1.75%, 7/01/40^D		1,175,000		1,175,000

California Statewide Communities Development Authority, CA, Revenue Bonds, (Series F), (Insured Health Facility-Dignity Health), (AGM), 1.67%, 7/01/40^D		1,150,000		1,150,000



Description	Par Value		Value

Mount Diablo Hospital District, CA, Refunding Revenue Bonds, (Series A), (AMBAC), 5.13%, 12/01/23	$	5,000	$	5,384


TOTAL MEDICAL			$	3,480,384

POWER – 0.3%

M-S-R Public Power Agency, CA, Revenue Bonds, (Series E), (NATL), 6.00%, 7/01/22		90,000		97,712

Redding City Electric System Revenue, CA, Revenue Bonds, (NATL), 6.37%, 7/01/22		770,000		826,603


TOTAL POWER			$	924,315


TOTAL CALIFORNIA			$	8,945,108

COLORADO – 3.5%

AIRPORT – 1.9%

City & County of Denver, CO, Airport System, Refunding Revenue Bonds, (Sub-Series F1), (AGC), 1.30%, 11/15/25^D		1,425,000		1,425,000

City & County of Denver, CO, Airport System, Refunding Revenue Bonds, (Sub-Series F2), (AGC), 1.41%, 11/15/25^D		925,000		925,000

City & County of Denver, CO, Airport System, Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31		2,500,000		3,074,575


TOTAL AIRPORT			$	5,424,575

MEDICAL – 1.6%

Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 8/01/49^D		4,000,000		4,725,800


TOTAL COLORADO			$	10,150,375

CONNECTICUT – 3.4%

HIGHER EDUCATION – 1.6%

Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Series R), Fairfield University, 5.00%, 7/01/31		1,385,000		1,675,753

University of Connecticut, CT, Revenue Bonds, (Series A)

5.00%, 3/15/31		1,480,000		1,755,221

5.00%, 1/15/33		1,000,000		1,201,580


TOTAL HIGHER EDUCATION			$	4,632,554

HOUSING – 1.8%

Connecticut Housing Finance Authority, CT, Current Refunding Revenue Bonds, (Home Mortgage Finance Program), (Sub-Series D-1), 4.00%, 11/15/49		3,000,000		3,351,180

Connecticut Housing Finance Authority, CT, Revenue Bonds, (Sub-Series A-2), 4.00%, 11/15/41		1,900,000		2,036,192


TOTAL HOUSING			$	5,387,372


TOTAL CONNECTICUT			$	10,019,926



Description	Par Value		Value

FLORIDA – 5.8%

AIRPORT – 1.2%

Broward County, FL, Airport System Revenue Bonds, 5.00%, 10/01/27	$	1,500,000	$	1,843,785

Miami-Dade County, FL, Seaport Department, Revenue Bonds, (Series B), 6.00%, 10/01/24		1,500,000		1,737,675


TOTAL AIRPORT			$	3,581,460

GENERAL OBLIGATIONS – 0.0%**

Miami-Dade County, FL, Revenue Bonds, (Sports Franchise Facilities), (NATL), 5.25%, 10/01/30		35,000		46,129

HIGHER EDUCATION – 1.9%

Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)

5.00%, 4/01/28		750,000		924,338

5.00%, 4/01/30		750,000		908,633

5.00%, 4/01/31		750,000		904,845

5.00%, 4/01/33		750,000		899,768

Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 3/01/28		1,600,000		1,925,456


TOTAL HIGHER EDUCATION			$	5,563,040

HOUSING – 1.6%

Capital Trust Agency, Inc., FL, Multi Family Revenue Bonds, (Mission Springs Apartments Project), 5.38%, 12/01/52		360,000		418,475

Capital Trust Agency, Inc., FL, Multi Family Revenue Bonds, (Mission Springs Apartments Project), (Series A), 3.25%, 12/01/27		500,000		548,940

Pinellas County Housing Finance Authority, FL, Single Family Revenue Bonds, (Series A), 4.00%, 3/01/50		3,400,000		3,736,872


TOTAL HOUSING			$	4,704,287

WATER – 1.1%

Miami-Dade County, FL, Water & Sewer System Revenue, Advance Refunding Revenue Bonds, (Series B), 5.00%, 10/01/30		2,645,000		3,149,296

Village of Royal Palm Beach Utility System Revenue, FL, Revenue Bonds, Public Improvements, (NATL), 4.50%, 10/01/22		35,000		36,902


TOTAL WATER			$	3,186,198


TOTAL FLORIDA			$	17,081,114



Description	Par Value		Value

GEORGIA – 0.7%

HIGHER EDUCATION – 0.7%

Development Authority of Bulloch County, GA, Advance Refunding Revenue Bonds, (Georgia Southern University Housing Foundation Four, LLC Project), 5.00%, 7/01/31	$	1,575,000	$	1,916,870


TOTAL GEORGIA			$	1,916,870

ILLINOIS – 15.2%

AIRPORT – 0.9%

Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 1/01/29		2,250,000		2,535,908

DEDICATED TAX – 0.6%

Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 6/01/33		1,450,000		1,771,813

GENERAL OBLIGATIONS – 13.4%

Chicago Park District, IL, GO Unlimited Current Refunding, AD Valorem Property Tax, (Series D)

5.00%, 1/01/26		1,250,000		1,403,950

5.00%, 1/01/27		3,455,000		3,864,728

City of Chester, IL, GO Unlimited Current Refunding, AD Valorem Property Tax, (BAM), 2.10%, 5/01/21		195,000		195,546

Cook County, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), (AGM), 5.00%, 11/15/26		2,050,000		2,475,601

Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), 7.00%, 7/01/26		11,750,000		14,247,697

Metropolitan Water Reclamation District of Greater Chicago, IL, GO Limited, (Water Utility & Sewer Improvements), AD Valorem Property Tax, (Series C-Green Bond), 5.00%, 12/01/28		7,040,000		8,157,459

State of Illinois, IL, GO Unlimited, Public Improvements, (Series B), 5.00%, 12/01/25		7,935,000		8,998,290

Village of Matteson, IL, Revenue Bonds, Public Improvements, (Capital Appreciation Debt Certificates), 8.00%, 12/01/29		40,000		44,326


TOTAL GENERAL OBLIGATIONS			$	39,387,597

HOUSING – 0.3%

Illinois Housing Development Authority, IL, Multi Family Revenue Bonds, 7.00%, 7/01/23		105,000		113,026

Illinois Housing Development Authority, IL, Multi Family Revenue Bonds, (Marshall Field Garden Apartment Homes), 2.12%, 5/15/50^D		925,000		931,706


TOTAL HOUSING			$	1,044,732



Description	Par Value		Value

MEDICAL – 0.0%**

Illinois Health Facilities Authority, IL, Refunding Revenue Bonds, (Franciscan Sisters Health Care), (NATL), 6.25%, 9/01/21	$	20,000	$	21,271


TOTAL ILLINOIS			$	44,761,321

INDIANA – 3.6%

DEVELOPMENT – 2.6%

Whiting City, IN, Current Refunding Revenue Bonds, (BP Products North America Inc. Project), 5.00%, 12/01/44^D		6,500,000		7,684,040

HOUSING – 1.0%

Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (Series C-2), 4.00%, 1/01/37		1,670,000		1,747,154

Indiana Housing & Community Development Authority, IN, Revenue Bonds, (Series A), 3.90%, 7/01/43		1,170,000		1,251,034


TOTAL HOUSING			$	2,998,188


TOTAL INDIANA			$	10,682,228

IOWA – 1.3%

HOUSING – 1.3%

Iowa Finance Authority, IA, Revenue Bonds, (Series D), 3.50%, 1/01/49		3,500,000		3,830,610


TOTAL IOWA			$	3,830,610

KENTUCKY – 0.8%

LEASE – 0.8%

Kentucky State Property & Building Commission, KY, Revenue Bonds, Public Improvements, (Project No. 119), 5.00%, 5/01/25		2,000,000		2,353,760


TOTAL KENTUCKY			$	2,353,760

LOUISIANA – 2.0%

DEVELOPMENT – 2.0%

Parish of St. John the Baptist, LA, Current Refunding Revenue Bonds, (Marathon Oil Corporation Project), 2.00%, 6/01/37^D		6,000,000		6,003,120


TOTAL LOUISIANA			$	6,003,120

MASSACHUSETTS – 5.8%

HIGHER EDUCATION – 1.7%

Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Series A), (Emerson College), 5.00%, 1/01/32		2,000,000		2,395,120

Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Series L), (Simmons University)

5.00%, 10/01/30		1,180,000		1,458,362

5.00%, 10/01/31		1,000,000		1,228,460


TOTAL HIGHER EDUCATION			$	5,081,942



Description	Par Value		Value

HOSPITAL – 1.1%

Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Partners Healthcare System), 5.00%, 7/01/33	$	2,455,000	$	3,045,599

HOUSING – 0.1%

Massachusetts Housing Finance Agency, MA, Multi Family Revenue Bonds, 7.00%, 4/01/21		15,000		15,849

Massachusetts Housing Finance Agency, MA, Multi Family Revenue Bonds, (Series B), 3.95%, 12/01/26		195,000		201,817


TOTAL HOUSING			$	217,666

MEDICAL – 2.0%

Massachusetts Health & Educational Facilities Authority, MA, Refunding Revenue Bonds, (Partners Healthcare System), (Series F1), (AGM), 1.47%, 7/01/40^D		2,750,000		2,750,000

Massachusetts Health & Educational Facilities Authority, MA, Refunding Revenue Bonds, (Partners Healthcare System), (Series F2), (AGM), 1.35%, 7/01/40^D		460,000		460,000

Massachusetts Health & Educational Facilities Authority, MA, Revenue Bonds, (Partners Healthcare System), (Series G-2), (AGM), 1.47%, 7/01/42^D		2,755,000		2,755,000


TOTAL MEDICAL			$	5,965,000

STUDENT LOAN – 0.9%

Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Issue K), (Series A), 5.00%, 7/01/25		2,200,000		2,588,036


TOTAL MASSACHUSETTS			$	16,898,243

MICHIGAN – 5.6%

DEDICATED TAX – 2.1%

Michigan Finance Authority, MI, Revenue Bonds, (Series H-1), 5.00%, 10/01/25		5,215,000		6,050,234

HOSPITAL – 1.5%

Kalamazoo Hospital Finance Authority, MI, Advance Refunding Revenue Bonds, (Bronson Healthcare Group), 5.00%, 5/15/30		2,055,000		2,439,429

Michigan Finance Authority, MI, Advance Refunding Revenue Bonds, (Series A), (Beaumont Health Credit Group), 5.00%, 8/01/31		1,655,000		1,899,526


TOTAL HOSPITAL			$	4,338,955

HOUSING – 0.2%

Michigan State Housing Development Authority, MI, Multi Family Revenue Bonds, (Series A), 3.80%, 10/01/38		300,000		322,110

Michigan State Housing Development Authority, MI, Multi Family Revenue Bonds, (Series A-1), 2.88%, 10/01/34		375,000		384,214


TOTAL HOUSING			$	706,324



Description	Par Value		Value

WATER – 1.8%

Great Lakes Water Authority Sewage Disposal System Revenue, MI, Current Refunding Revenue Bonds, (Senior Lien Series B), 5.00%, 7/01/25	$	1,500,000	$	1,793,175

Great Lakes Water Authority Water Supply System Revenue, MI, Refunding Revenue Bonds, (Second Lien Bonds Series A), 5.00%, 7/01/25		1,500,000		1,785,975

Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Series C), (Local Government Loan Program), 5.00%, 7/01/34		1,450,000		1,682,754


TOTAL WATER			$	5,261,904


TOTAL MICHIGAN			$	16,357,417

MINNESOTA – 2.3%

HOUSING – 2.3%

Coon Rapids City, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 8/01/35		2,750,000		2,850,045

Minnesota Housing Finance Agency, MN, Revenue Bonds, (Series F), 3.75%, 1/01/50		3,500,000		3,820,355


TOTAL HOUSING			$	6,670,400


TOTAL MINNESOTA			$	6,670,400

MISSOURI – 2.2%

HOSPITAL – 2.2%

Health & Educational Facilities Authority, MI, Current Refunding Revenue Bonds, (Saint Luke’s Health Systems, Inc.), 5.00%, 11/15/30		5,425,000		6,441,428


TOTAL MISSOURI			$	6,441,428

NEBRASKA – 1.1%

HOUSING – 1.1%

Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 9/01/49		3,000,000		3,211,710


TOTAL NEBRASKA			$	3,211,710

NEW JERSEY – 5.2%

HIGHER EDUCATION – 2.0%

Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series B), (Rowan University Project), 5.00%, 7/01/27		2,000,000		2,359,860

Gloucester County Improvement Authority, NJ, Revenue Bonds, (Series A), (Rowan University Project), 5.00%, 7/01/28		1,030,000		1,211,671

New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Series B), (Montclair State University), 5.00%, 7/01/30		1,000,000		1,203,680

New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 7/01/31		1,000,000		1,216,260


TOTAL HIGHER EDUCATION			$	5,991,471



Description	Par Value		Value

HOUSING – 0.2%

New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33	$	400,000	$	427,392

LEASE – 2.1%

New Jersey Economic Development Authority, NJ, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23		3,805,000		4,280,016

New Jersey Sports & Exposition Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 9/01/24		1,685,000		1,927,050


TOTAL LEASE			$	6,207,066

MEDICAL – 0.0%**

New Jersey Health Care Facilities Financing Authority, NJ, Current Refunding Revenue Bonds, (Kennedy Health System), 3.75%, 7/01/27		25,000		27,962

TRANSPORTATION – 0.9%

New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System), 5.00%, 12/15/28		2,135,000		2,568,896


TOTAL NEW JERSEY			$	15,222,787

NEW MEXICO – 1.2%

GENERAL OBLIGATIONS – 1.2%

New Mexico Municipal Energy Acquisition Authority, NM, Revenue Bonds, (Series A), 5.00%, 11/01/39^D		3,065,000		3,587,184

HIGHER EDUCATION – 0.0%**

University of New Mexico (The), NM, Revenue Bonds, 6.50%, 6/01/21		25,000		25,768


TOTAL NEW MEXICO			$	3,612,952

NEW YORK – 7.6%

AIRPORT – 1.1%

Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series), 5.00%, 9/15/31		2,500,000		3,091,325

DEDICATED TAX – 2.1%

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series A-1), 5.00%, 5/01/34		1,000,000		1,194,510

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series C-2), (AGM), 1.39%, 11/01/27^D		3,500,000		3,500,000

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series C-3), (AGM), 1.84%, 11/01/27^D		1,350,000		1,350,000


TOTAL DEDICATED TAX			$	6,044,510



Description	Par Value		Value

GENERAL OBLIGATIONS –2.0%

New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series C-4), (AGC), 1.77%, 10/01/27^D	$	600,000	$	600,000

New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series J), (Sub-Series J-2), (AGM), 1.74%, 6/01/36^D		1,825,000		1,825,000

New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series J), (Sub-Series J-3), (AGM), 1.77%, 6/01/36^D		500,000		500,000

New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Sub-Series C-3), (AGC), 1.81%, 10/01/21^D		975,000		975,000

New York City, NY, GO Unlimited, Public Improvements, Refunding Bonds, AD Valorem Property Tax, (Sub-Series C-4), (AGM), 1.70%, 1/01/32^D		300,000		300,000

New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-3), (AGM), 1.40%, 8/01/26^D		500,000		500,000

New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-4), (AGM), 1.69%, 8/01/26^D		1,075,000		1,075,000

New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-5), (AGM), 1.55%, 8/01/26^D		225,000		225,000


TOTAL GENERAL OBLIGATIONS			$	6,000,000

HOUSING – 2.4%

Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32		1,660,000		2,034,712

New York City, NY, Housing Development Corp., Multi Family Revenue Bonds, (Sustainable Neighborhood Bonds), 1.75%, 5/01/59^D		5,000,000		5,019,000


TOTAL HOUSING			$	7,053,712


TOTAL NEW YORK			$	22,189,547

NORTH CAROLINA – 0.6%

MEDICAL – 0.0%**

North Carolina Medical Care Commission, NC, Revenue Bonds, (First Mortgage), (Whitestone Project), (Series A), 6.25%, 3/01/21		25,000		26,004

POWER – 0.0%**

North Carolina Eastern Municipal Power Agency, NC, Revenue Bonds, (Series A), 6.40%, 1/01/21		70,000		72,269

TRANSPORTATION – 0.6%

North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 1/01/32		1,250,000		1,559,187


TOTAL NORTH CAROLINA			$	1,657,460



Description	Par Value		Value

OHIO – 4.1%

HOUSING – 1.5%

Ohio Housing Finance Agency, OH, Revenue Bonds, (Series B), 4.50%, 3/01/50	$	4,000,000	$	4,487,800

MEDICAL – 2.6%

Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		6,000,000		7,459,560


TOTAL OHIO			$	11,947,360

PENNSYLVANIA – 7.3%

DEDICATED TAX – 0.8%

Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32		2,000,000		2,435,840

DEVELOPMENT – 1.0%

Pennsylvania Economic Development Financing Authority, PA, Revenue Bonds, (Waste Management Inc., Project), 1.75%, 8/01/38^D		3,000,000		2,968,800

EDUCATION – 0.2%

Bucks County Industrial Development Authority, PA, Current Refunding Revenue Bonds, (George School Project) 5.00%, 9/15/32		180,000		230,924

5.00%, 9/15/33		125,000		159,959

5.00%, 9/15/34		130,000		166,048


TOTAL EDUCATION			$	556,931

FACILITIES – 0.4%

Delaware Valley Regional Finance Authority, PA, Revenue Bonds, (Series C), 1.65%, 9/01/48^D		1,000,000		1,000,990

GENERAL OBLIGATIONS – 0.0%**

Bethlehem Authority, PA, Revenue Bonds, Public Improvements, (Guaranteed Lease Revenue Bonds), (Series A), (AGM), 5.13%, 12/01/21		20,000		20,858

HIGHER EDUCATION – 1.3%

Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,205,750

Pennsylvania Higher Educational Facilities Authority, PA, Advance Refunding Revenue Bonds, (Series A), (University of Sciences, Philadelphia), 5.00%, 11/01/28		2,330,000		2,640,589


TOTAL HIGHER EDUCATION			$	3,846,339

LEASE – 0.4%

Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 6/01/34		1,000,000		1,220,040



Description	Par Value		Value

MEDICAL – 0.1%

Dauphin County General Authority, PA, Revenue Bonds, (HAPSCO Group, Inc. Tax Loan Program-Western PA Hospital Project), (Series A), (NATL), 5.50%, 7/01/23	$	165,000	$	179,061

WATER – 3.1%

Commonwealth Financing Authority, PA, Revenue Bonds, (Series B), 5.00%, 6/01/27		1,500,000		1,626,960

Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		6,968,317

Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 9/01/33		340,000		456,851


TOTAL WATER			$	9,052,128


TOTAL PENNSYLVANIA			$	21,280,987

RHODE ISLAND – 0.4%

STUDENT LOAN – 0.4%

Rhode Island Student Loan Authority, RI, Revenue Bonds, (Series A), 5.00%, 12/01/23		1,000,000		1,127,670


TOTAL RHODE ISLAND			$	1,127,670

SOUTH CAROLINA – 0.7%

HOUSING – 0.6%

South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (Series B-2), 4.00%, 7/01/43		1,625,000		1,721,525

LEASE – 0.1%

Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), 6.38%, 5/15/30		300,000		421,257


TOTAL SOUTH CAROLINA			$	2,142,782

TENNESSEE – 0.6%

HOUSING – 0.6%

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board, TN, Multi Family Revenue Bonds, (Collateralized Multifamily Housing Bonds Hermitage Flats Apartments Project), 1.50%, 7/01/20		1,750,000		1,752,398


TOTAL TENNESSEE			$	1,752,398

TEXAS – 4.3%

GENERAL OBLIGATIONS – 0.6%

Dallas County Hospital District, TX, GO Limited Current Refunding, AD Valorem Property Tax, 4.00%, 8/15/33		1,500,000		1,725,120

HIGHER EDUCATION – 1.2%

Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools)

5.00%, 8/15/27		1,000,000		1,245,180



Description	Par Value		Value

5.00%, 8/15/29	$	1,000,000	$	1,259,600

5.00%, 8/15/31		835,000		983,496


TOTAL HIGHER EDUCATION			$	3,488,276

HOUSING – 1.0%

Texas Department of Housing & Community Affairs, TX, Revenue Bonds, (Series A), 4.00%, 3/01/50		2,735,000		3,054,339

MEDICAL – 0.0%**

Coastal Bend Health Facilities Development Corp., TX, Refunding Revenue Bonds, (Christus Health), (Sub-Series B-2), (AGM), 1.39%, 7/01/31^D		50,000		50,000

North Central Texas Health Facility Development Corp., TX, Refunding Revenue Bonds, (Presbyterian Healthcare System), (Series B), (NATL), 5.50%, 6/01/21		40,000		41,815

Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (AMBAC), 6.00%, 9/01/24		10,000		11,361

Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (FGIC), 6.00%, 9/01/24		10,000		11,361

Tarrant County Health Facilities Development Corp., TX, Revenue Bonds, (Harris Methodist Health System), (NATL-IBC), 6.00%, 9/01/24		30,000		34,084


TOTAL MEDICAL			$	148,621

SCHOOL DISTRICT – 0.4%

Beaumont Independent School District, TX, GO Unlimited Current Refunding, AD Valorem Property Tax, 4.00%, 2/15/31		1,000,000		1,143,450

TRANSPORTATION – 1.1%

Central Texas Regional Mobility Authority, TX, Revenue Bonds, (Senior Lien), 5.00%, 1/01/33		1,470,000		1,775,892

Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 8/15/32		1,225,000		1,391,416


TOTAL TRANSPORTATION			$	3,167,308


TOTAL TEXAS			$	12,727,114

UTAH – 2.3%

AIRPORT – 2.3%

Salt Lake City Corp., UT, Revenue Bonds, (Series A) 5.00%, 7/01/32		3,000,000		3,672,240

5.00%, 7/01/33		2,500,000		3,052,575


TOTAL AIRPORT			$	6,724,815


TOTAL UTAH			$	6,724,815



Description	Par Value		Value

VERMONT – 0.1%

HOUSING – 0.1%

Vermont Housing Finance Agency, VT, Advance Refunding Revenue Bonds, (Series F), 4.00%, 11/01/45	$	410,000	$	427,860


TOTAL VERMONT			$	427,860

WASHINGTON – 2.2%

DEDICATED TAX – 1.5%

Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 2/01/28		3,720,000		4,261,930

HOSPITAL – 0.7%

Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, Overlake Hospital Medical Center, 5.00%, 7/01/33		1,750,000		2,132,445


TOTAL WASHINGTON			$	6,394,375


TOTAL MUNICIPAL BONDS (COST $278,686,309)			$	287,728,209



	Number of Shares		Value

MONEY MARKET FUND – 1.3%

Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		3,973,482	$	3,973,482


TOTAL MONEY MARKET FUND (COST $3,973,482)			$	3,973,482


TOTAL INVESTMENTS – 99.3% (COST $282,659,791)			$	291,701,691

OTHER ASSETS LESS LIABILITIES – 0.7%				2,002,979


TOTAL NET ASSETS – 100.0%			$	293,704,670

Cost of investments for Federal income tax purposes is $282,659,791. The net unrealized appreciation/(depreciation) of investments was $9,041,900. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $9,449,420 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(407,520).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Investments in Securities

Municipal Bonds	$	—	$	287,728,209	$	—	$287,728,209

Money Market Fund		3,973,482		—		—	3,973,482


Total	$	3,973,482	$	287,728,209	$	—	$291,701,691

^	7-Day net yield.

**	Represents less than 0.05%.


The following acronyms are used throughout this Fund:
	AGC	Assured Guaranty Corporation
	AGM	Assured Guaranty Municipal
	AMBAC	American Bond Assurance Corporation
	BAM	Build America Mutual Assurance Company
	FGIC	Financial Guarantee Insurance Company


	GO	General Obligation
	IBC	International Bancshares Corporation
	LLC	Limited Liability Corporation
	NATL	National Public Finance Guarantee Corporation

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets

Dedicated Tax		23.4	%

Higher Education		22.5	%

Housing		12.4	%

Airport		7.5	%

Lease		6.8	%

General Obligations		6.0	%

Medical		5.9	%

Transportation		4.5	%

Development		2.3	%

Water & Sewer		2.2	%

Student Housing		2.0	%

Power		1.9	%

Facilities		0.2	%

Cash Equivalents¹		1.9	%

Other Assets and Liabilities – Net²		0.5	%


TOTAL		100.0	%


Credit Quality Diversification³	Percentage of Total Net Assets

AAA / Aaa		0.2	%

AA / Aa		65.2	%

A / A		17.8	%

BBB / Baa		14.4	%

Not Rated		1.9	%

Other Assets and Liabilities – Net²		0.5	%


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)

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)



Description	Par Value		Value

MUNICIPAL BONDS – 97.6%

NEW YORK – 97.6%

AIRPORT – 7.5%

Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, Port, Airport & Marina Improvements, (205th Series), 5.00%, 11/15/32	$	1,000,000	$	1,249,650



Description	Par Value		Value

Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, Port, Airport & Marina Improvements, (207th Series), 5.00%, 9/15/23	$	3,000,000	$	3,400,380


TOTAL AIRPORT			$	4,650,030

DEDICATED TAX – 23.4%

Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 2/15/33		1,175,000		1,436,461

Wilmington New York Municipal Bond Fund (continued)



Description	Par Value		Value

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series-C-2), (AGM), 1.39%, 11/01/27^D	$	550,000	$	550,000

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series-C-3), (AGM), 1.84%, 11/01/27^D		750,000		750,000

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series A-1), 5.00%, 5/01/34		1,300,000		1,552,863

New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, Public Improvements, (Series B), 5.00%, 2/15/33		1,000,000		1,226,190

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, School Improvements, (Series C), 5.00%, 3/15/33		2,000,000		2,481,600

New York State Dormitory Authority, NY, Refunding Revenue Bonds, (NATL-IBC), 5.25%, 5/15/21		10,000		10,415

New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 3/15/32		2,000,000		2,419,180

Sales Tax Asset Receivable Corp., NY, Current Refunding Revenue Bonds, (Series A)

5.00%, 10/15/26		2,000,000		2,366,560

5.00%, 10/15/31		1,500,000		1,762,290


TOTAL DEDICATED TAX			$	14,555,559

DEVELOPMENT – 2.3%

New York Liberty Development Corp., NY,, Refunding Revenue Bonds, Goldman Sachs Headquarters, 5.25%, 10/01/35		1,045,000		1,426,352

FACILITIES – 0.2%

United Nations Development Corp.,, Revenue Bonds, Public Improvements, 5.90%, 5/01/23		110,000		119,634

GENERAL OBLIGATIONS – 6.0%

Monroe County, NY, GO, Public Improvements, AD Valorem Property Tax, (AGM), 5.00%, 6/01/22		1,070,000		1,173,309

Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 4/01/26		1,000,000		1,218,230

New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series C-4), (AGC), 1.77%, 10/01/27^D		250,000		250,000

New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series J), (Sub-Series J-3), (AGM), 1.77%, 6/01/36^D		150,000		150,000

New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Sub-Series C-3), (AGC), 1.81%, 10/01/21^D		50,000		50,000



Description	Par Value		Value

New York City, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series J), (Sub-Series J-2), (AGM), 1.74%, 6/01/36^D	$	450,000	$	450,000

New York City, NY, GO Unlimited, Public Improvements, Refunding Bonds, AD Valorem Property Tax, (Sub-Series C-4), (AGM), 1.70%, 1/01/32^D		200,000		200,000

New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-3), (AGM), 1.40%, 8/01/26^D		50,000		50,000

New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-4), (AGM), 1.69%, 8/01/26^D		125,000		125,000

New York City, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Sub-Series A-5), (AGM), 1.55%, 8/01/26^D		25,000		25,000


TOTAL GENERAL OBLIGATIONS			$	3,691,539

HIGHER EDUCATION – 22.5%

City of Albany Capital Resource Corp., NY, Refunding Revenue Bonds, Albany Law School of Union University Project

4.00%, 7/01/22		600,000		637,422

4.00%, 7/01/23		725,000		785,153

4.00%, 7/01/25		865,000		965,176

4.00%, 7/01/26		800,000		903,400

5.00%, 7/01/29		1,195,000		1,442,473

Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, The Culinary Institute of America, 5.00%, 7/01/32		1,040,000		1,268,457

New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, The Juilliard School, (Series A), 5.00%, 1/01/33		1,025,000		1,311,785

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, Brooklyn Law School, (Series A), 5.00%, 7/01/33		1,200,000		1,495,140

New York State Dormitory Authority, NY, Refunding Revenue Notes, 3rd General Resolution, (Series E), 5.00%, 5/15/27		1,740,000		1,904,291

New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 7/01/27		2,700,000		3,247,695


TOTAL HIGHER EDUCATION			$	13,960,992

HOUSING – 12.4%

New York City, NY, Housing Development Corp., Multi Family Revenue Bonds, Sustainable Neighborhood Bonds, 1.75%, 5/01/59^D		2,000,000		2,007,600

Wilmington New York Municipal Bond Fund (continued)



Description	Par Value		Value

New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33	$	2,000,000	$	2,128,560

New York City, NY, Housing Development Corp., Revenue Bonds, Sustainable Neighborhood Bonds

2.45%, 5/01/31		500,000		507,050

3.10%, 11/01/34		890,000		930,548

New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32		2,000,000		2,153,320


TOTAL HOUSING			$	7,727,078

LEASE – 6.8%

Erie County, NY, IDA, Advance Refunding Revenue Bonds, City School District of Buffalo Project, (State Aid Withholding), 5.00%, 5/01/30		2,000,000		2,474,400

Syracuse, NY, IDA, Revenue Bonds, Syracuse City School District Project, School Improvements, (Series B), (State Aid Withholding), 5.00%, 5/01/32		1,435,000		1,747,356


TOTAL LEASE			$	4,221,756

MEDICAL – 5.9%

New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (NYU Hospitals Center), 5.00%, 7/01/27		2,000,000		2,318,240

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (North Shore-Long Island Jewish Obligated Group), (Series A), 5.00%, 5/01/24		1,160,000		1,342,143


TOTAL MEDICAL			$	3,660,383

POWER – 1.9%

Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series B), 5.00%, 9/01/25		1,000,000		1,202,540

STUDENT HOUSING – 2.0%

Amherst Development Corp., NY, Advance Refunding Revenue Bonds, UBF Facility Student Housing Corp., (AGM), 5.00%, 10/01/31		1,000,000		1,231,070

TRANSPORTATION – 4.5%

Metropolitan Transportation Authority, NY, Revenue Bonds, (Series D-1), 5.00%, 9/01/22		1,500,000		1,645,605

Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/24		1,000,000		1,174,920


TOTAL TRANSPORTATION			$	2,820,525



Description	Par Value		Value

WATER & SEWER – 2.2%

New York City Water & Sewer System, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series HH), 5.00%, 6/15/28	$	1,150,000	$	1,379,275


TOTAL NEW YORK			$	60,646,733


TOTAL MUNICIPAL BONDS (COST $58,584,927)			$	60,646,733

	Number of Shares

MONEY MARKET FUND – 1.9%

Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		1,181,606	$	1,181,606


TOTAL MONEY MARKET FUND (COST $1,181,606)			$	1,181,606


TOTAL INVESTMENTS – 99.5% (COST $59,766,533)			$	61,828,339

OTHER ASSETS LESS LIABILITIES – 0.5%				333,912


TOTAL NET ASSETS – 100.0%			$	62,162,251

Wilmington New York Municipal Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $59,802,002. The net unrealized appreciation/(depreciation) of investments was $2,026,337. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,101,419 and net unrealized depreciation from investments for those securities having an excess of cost over value of $(75,082).

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Investments in Securities

Municipal Bonds	$	—	$	60,646,733	$	—	$	60,646,733

Money Market Fund		1,181,606		—		—		1,181,606


Total	$	1,181,606	$	60,646,733	$	—	$	61,828,339

^	7-Day net yield.

The following acronyms are used throughout this Fund:



AGC		Assured Guaranty Corporation

AGM		Assured Guaranty Municipal

BAM-TCRS		Build America Mutual-Tax Credit Reporting Service

GO		General Obligation

IBC		International Bancshares Corporation

IDA		Industrial Development Authority/Agency

NATL		National Public Finance Guarantee Corporation

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited)

Wilmington
Broad Market
Bond Fund

Wilmington
Intermediate-Term
Bond Fund

Wilmington
Short-Term
Bond Fund

ASSETS:

Investments, at identified cost

527,961,219

56,646,294

56,238,329

Investments in securities, at value (Including $18,943,623, $1,237,435, and $1,043,009 of securities on loan, respectively) (Note 2)

548,492,825

58,459,530

56,807,665

Income receivable

3,089,986

412,836

283,509

Due from advisor

—

1,133

4,584

Receivable for shares sold

829,644

44,024

63,236

Receivable for investments sold

7,178,174

—

Prepaid assets

27,222

18,102

20,085

TOTAL ASSETS

559,617,851

58,935,625

57,179,096

LIABILITIES:

Payable for investments purchased

17,189,098

64,937

6,283,142

Collateral for securities on loan

19,352,591

1,268,122

1,074,218

Income distribution payable

1,079,168

106,848

86,929

Payable for shares redeemed

224,485

592

1,298

Payable for Trustees’ fees

6,339

6,337

Payable for administrative personnel and services fees

13,469

1,501

1,288

Payable for distribution services fees

599

358

1,164

Payable for shareholder services fees

239

143

—

Payable for investment advisory fees

159,471

—

Other accrued expenses

123,678

76,512

71,701

TOTAL LIABILITIES

38,149,137

1,525,350

7,526,077

NET ASSETS

521,468,714

57,410,275

49,653,019

NET ASSETS CONSIST OF:

Paid-in capital

502,231,108

55,284,321

50,365,894

Distributable earnings (loss)

19,237,606

2,125,954

(712,875

)

TOTAL NET ASSETS

521,468,714

57,410,275

49,653,019

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A

Net Assets

3,040,466

1,688,076

5,411,008

Shares outstanding (unlimited shares authorized)

301,038

167,401

537,227

Net Asset Value per share

10.10

10.08

10.07

Offering price per share*

10.58

10.55

10.25

***

Class I

Net Assets

518,428,248

55,722,199

44,242,011

Shares outstanding (unlimited shares authorized)

52,210,797

5,522,193

4,391,821

Net Asset Value per share

9.93

10.09

10.07

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

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

***	Computation of offering price per share: 100/98.25 of net asset value.

See Notes which are an integral part of the Financial Statements

October 31, 2019 (unaudited)

Wilmington
Municipal
Bond
Fund

Wilmington
New York
Municipal Bond
Fund

ASSETS:

Investments, at identified cost

282,659,791

59,766,533

Investments in securities, at value

291,701,691

61,828,339

Cash

3,207,120

—

Income receivable

3,076,837

661,215

Receivable for shares sold

352,700

78,772

Receivable for investments sold

—

1,185,469

Prepaid assets

22,167

8,947

TOTAL ASSETS

298,360,515

63,762,742

LIABILITIES:

Payable for investments purchased

3,865,551

1,423,562

Income distribution payable

521,245

87,230

Payable for shares redeemed

77,561

3,667

Payable for Trustees’ fees

6,339

Payable for administrative personnel and services fees

7,613

1,619

Payable for distribution services fees

5,420

1,749

Payable for investment advisory fees

85,142

7,362

Other accrued expenses

86,974

68,963

TOTAL LIABILITIES

4,655,845

1,600,491

NET ASSETS

293,704,670

62,162,251

NET ASSETS CONSIST OF:

Paid-in capital

279,971,382

59,711,928

Distributable earnings (loss)

13,733,288

2,450,323

TOTAL NET ASSETS

293,704,670

62,162,251

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A

Net Assets

25,507,995

8,092,916

Shares outstanding (unlimited shares authorized)

1,885,321

759,877

Net Asset Value per share

13.53

10.65

Offering price per share*

14.17

11.15

Class I

Net Assets

268,196,675

54,069,335

Shares outstanding (unlimited shares authorized)

19,814,892

5,073,512

Net Asset Value per share

13.54

10.66

*	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

Six Months Ended October 31, 2019 (unaudited)

Wilmington
Broad Market
Bond Fund

Wilmington
Intermediate-Term
Bond Fund

Wilmington
Short-Term
Bond Fund

INVESTMENT INCOME:

Dividends

62,952

1,756

3,190

Interest

7,617,544

862,988

626,231

Securities lending income

5,311

1,075

1,844

TOTAL INVESTMENT INCOME

7,685,807

865,819

631,265

EXPENSES:

Investment advisory fees

1,175,362

142,444

100,285

Administrative personnel and services fees

81,593

9,898

7,831

Portfolio accounting and administration fees

64,079

23,108

20,945

Transfer and dividend disbursing agent fees and expenses

42,592

1,588

3,084

Trustees’ fees

27,165

27,163

Professional fees

46,381

47,957

45,021

Distribution services fee—Class A

3,638

2,201

6,982

Shareholder services fee—Class A

3,638

2,201

6,982

Shareholder services fee— Class I

649,340

76,934

55,696

Share registration costs

19,520

17,282

17,394

Printing and postage

11,346

2,880

3,159

Custodian fees

6,993

2,683

2,524

Miscellaneous

34,238

15,328

14,202

TOTAL EXPENSES

2,165,885

371,667

311,268

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(229,433

)

(135,225

)

(121,267

)

Waiver of shareholder services fee—Class A

(2,344

)

(1,698

)

(6,982

)

Waiver of shareholder services fee—Class I

(649,340

)

(76,934

)

(55,696

)

TOTAL WAIVERS AND REIMBURSEMENTS

(881,117

)

(213,857

)

(183,945

)

Net expenses

1,284,768

157,810

127,323

Net investment income

6,401,039

708,009

503,942

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized gain (loss) on investments

1,572,158

448,057

187,975

Net change in unrealized appreciation (depreciation) of investments

18,961,408

1,442,297

443,925

Net realized and unrealized gain (loss) on investments

20,533,566

1,890,354

631,900

Change in net assets resulting from operations

26,934,605

2,598,363

1,135,842

See Notes which are an integral part of the Financial Statements

Six Months Ended October 31, 2019 (unaudited)

Wilmington
Municipal Bond
Fund

Wilmington
New York
Municipal Bond
Fund

INVESTMENT INCOME:

Dividends

114,268

22,300

Interest

3,850,770

693,173

TOTAL INVESTMENT INCOME

3,965,038

715,473

EXPENSES:

Investment advisory fees

662,323

142,257

Administrative personnel and services fees

45,970

9,874

Portfolio accounting and administration fees

42,714

19,481

Transfer and dividend disbursing agent fees and expenses

8,075

5,545

Trustees’ fees

27,165

Professional fees

43,867

43,617

Distribution services fee—Class A

33,247

10,585

Shareholder services fee—Class A

33,247

10,585

Shareholder services fee— Class I

334,709

68,446

Share registration costs

18,380

6,584

Printing and postage

4,264

3,575

Custodian fees

2,253

649

Miscellaneous

24,139

14,780

TOTAL EXPENSES

1,280,353

363,143

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(157,955

)

(91,179

)

Waiver of shareholder services fee—Class A

(33,247

)

(10,585

)

Waiver of shareholder services fee—Class I

(334,709

)

(68,446

)

TOTAL WAIVERS AND REIMBURSEMENTS

(525,911

)

(170,210

)

Net expenses

754,442

192,933

Net investment income

3,210,596

522,540

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized gain (loss) on investments

6,479,178

555,317

Net change in unrealized appreciation (depreciation) of investments

248,730

774,130

Net realized and unrealized gain (loss) on investments

6,727,908

1,329,447

Change in net assets resulting from operations

9,938,504

1,851,987

See Notes which are an integral part of the Financial Statements

Wilmington
Broad Market Bond Fund

Wilmington
Intermediate-Term Bond Fund

Six Months Ended
October 31,

2019

(unaudited)

Year Ended
April 30,

2019

Six Months Ended
October 31,

2019

(unaudited)

Year Ended
April 30,

2019

OPERATIONS:

Net investment income

6,401,039

13,175,485

708,009

1,811,963

Net realized gain (loss) on investments

1,572,158

(210,718

)

448,057

(117,168

)

Net change in unrealized appreciation (depreciation) of investments

18,961,408

12,270,089

1,442,297

1,969,325

Change in net assets resulting from operations

26,934,605

25,234,856

2,598,363

3,664,120

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(32,434

)

(87,962

)

(17,075

)

(36,299

)

Class I

(6,667,622

)

(13,596,859

)

(691,590

)

(1,809,742

)

Total distributions to shareholders

(6,700,056

)

(13,684,821

)

(708,665

)

(1,846,041

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

307,403

15,826

—

359

Class I

59,008,785

111,038,909

3,747,707

12,729,774

Distributions reinvested

Class A

22,334

69,504

13,164

28,655

Class I

3,658,162

8,173,357

262,525

616,863

Cost of shares redeemed

Class A

(908,238

)

(731,398

)

(137,232

)

(219,873

)

Class I

(108,447,597

)

(93,536,419

)

(26,599,653

)

(20,953,089

)

Change in net assets resulting from share transactions

(46,359,151

)

25,029,779

(22,713,489

)

(7,797,311

)

Change in net assets

(26,124,602

)

36,579,814

(20,823,791

)

(5,979,232

)

NET ASSETS:

Beginning of period

547,593,316

511,013,502

78,234,066

84,213,298

End of period

521,468,714

547,593,316

57,410,275

78,234,066

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

30,620

1,685

—

Class I

6,047,425

11,871,262

376,360

1,322,236

Distributions reinvested

Class A

2,231

7,288

1,313

2,972

Class I

371,842

871,124

26,180

63,957

Shares redeemed

Class A

(92,207

)

(76,924

)

(13,696

)

(22,837

)

Class I

(11,172,743

)

(9,994,150

)

(2,673,353

)

(2,178,321

)

Net change in shares outstanding

(4,812,832

)

2,680,285

(2,283,196

)

(811,956

)

See Notes which are an integral part of the Financial Statements

Wilmington
Short-Term Bond Fund

Wilmington
Municipal Bond Fund

Six Months Ended
October 31,

2019

(unaudited)

Year Ended
April 30,

2019

Six Months Ended
October 31,

2019
(unaudited)

Year Ended
April 30,

2019

OPERATIONS:

Net investment income

503,942

952,231

3,210,596

6,416,840

Net realized gain (loss) on investments

187,975

(38,585

)

6,479,178

(1,107,171

)

Net change in unrealized appreciation (depreciation) of investments

443,925

597,429

248,730

10,793,163

Change in net assets resulting from operations

1,135,842

1,511,075

9,938,504

16,102,832

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(51,655

)

(99,944

)

(259,805

)

(563,006

)

Class I

(467,751

)

(895,616

)

(2,950,673

)

(5,853,785

)

Total distributions to shareholders

(519,406

)

(995,560

)

(3,210,478

)

(6,416,791

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

208,930

74,892

587,028

1,699,985

Class I

2,471,772

5,708,451

26,287,643

63,656,782

Distributions reinvested

Class A

29,093

58,683

165,934

388,942

Class I

346,006

670,649

588,590

1,213,440

Cost of shares redeemed

Class A

(389,682

)

(669,577

)

(4,933,458

)

(3,105,599

)

Class I

(3,819,639

)

(8,450,775

)

(25,569,433

)

(72,732,636

)

Change in net assets resulting from share transactions

(1,153,520

)

(2,607,677

)

(2,873,696

)

(8,879,086

)

Change in net assets

(537,084

)

(2,092,162

)

3,854,330

806,955

NET ASSETS:

Beginning of period

50,190,103

52,282,265

289,850,340

289,043,385

End of period

49,653,019

50,190,103

293,704,670

289,850,340

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

20,811

7,559

43,874

130,470

Class I

246,218

578,127

1,952,373

4,924,521

Distributions reinvested

Class A

2,899

5,942

12,275

30,050

Class I

34,480

67,894

43,517

93,733

Shares redeemed

Class A

(38,816

)

(67,813

)

(367,767

)

(240,855

)

Class I

(381,142

)

(856,513

)

(1,896,565

)

(5,629,723

)

Net change in shares outstanding

(115,550

)

(264,804

)

(212,293

)

(691,804

)

Wilmington
New York
Municipal Bond Fund

Six Months Ended
October 31,

2019

(unaudited)

Year Ended
April 30,

2019

OPERATIONS:

Net investment income

522,540

1,137,338

Net realized gain (loss) on investments

555,317

(111,847

)

Net change in unrealized appreciation (depreciation) of investments

774,130

2,335,071

Change in net assets resulting from operations

1,851,987

3,360,562

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(60,787

)

(299,755

)

Class I

(461,736

)

(1,557,516

)

Total distributions to shareholders

(522,523

)

(1,857,271

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

56,403

9,751

Class I

4,077,705

9,899,212

Distributions reinvested

Class A

41,308

214,690

Class I

307,137

1,113,821

Cost of shares redeemed

Class A

(815,117

)

(6,678,046

)

Class I

(4,844,110

)

(15,542,310

)

Change in net assets resulting from share transactions

(1,176,674

)

(10,982,882

)

Change in net assets

152,790

(9,479,591

)

NET ASSETS:

Beginning of period

62,009,461

71,489,052

End of period

62,162,251

62,009,461

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

5,355

951

Class I

383,637

963,442

Distributions reinvested

Class A

3,878

21,050

Class I

28,807

109,095

Shares redeemed

Class A

(77,002

)

(654,431

)

Class I

(454,753

)

(1,516,450

)

Net change in shares outstanding

(110,078

)

(1,076,343

)

For a share outstanding throughout each period:

WILMINGTON BROAD MARKET BOND FUND



CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$9.71			$9.51			$9.78			$9.94			$9.95			$9.80
Income (Loss) From Operations:
Net Investment Income(a)		0.11			0.21			0.18			0.16			0.18			0.17
Net Realized and Unrealized Gain (Loss) on Investments		0.39			0.21			(0.26	)		(0.14	)		0.02			0.19

Total Income (Loss) From Operations		0.50			0.42			(0.08	)		0.02			0.20			0.36

Less Distributions From:
Net Investment Income		(0.11	)		(0.22	)		(0.19	)		(0.18	)		(0.20	)		(0.19	)
Net Realized Gains		—			—			—			—			(0.01	)		(0.02	)

Total Distributions		(0.11	)		(0.22	)		(0.19	)		(0.18	)		(0.21	)		(0.21	)

Net Asset Value, End of Period		$10.10			$9.71			$9.51			$9.78			$9.94			$9.95

Total Return(b)		5.18	%		4.45	%		(0.81	)%		0.22	%		2.03	%		3.69	%
Net Assets, End of Period (000’s)		$3,041			$3,501			$4,074			$4,503			$5,206			$5,726
Ratios to Average Net Assets
Gross Expense		1.08	%(c)		1.08	%		1.09	%		1.09	%		1.10	%		1.12	%
Net Expenses(d)		0.83	%(c)		0.83	%		0.87	%		0.89	%		0.88	%		0.94	%
Net Investment Income		2.11	%(c)		2.18	%		1.82	%		1.62	%		1.85	%		1.74	%
Portfolio Turnover Rate		17	%		36	%		34	%		32	%		44	%		45	%

CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$9.55			$9.35			$9.62			$9.78			$9.79			$9.63
Income (Loss) From Operations:
Net Investment Income(a)		0.12			0.24			0.21			0.19			0.21			0.20
Net Realized and Unrealized Gain (Loss) on Investments		0.39			0.21			(0.26	)		(0.14	)		0.02			0.20

Total Income (Loss) From Operations		0.51			0.45			(0.05	)		0.05			0.23			0.40

Less Distributions From:
Net Investment Income		(0.13	)		(0.25	)		(0.22	)		(0.21	)		(0.23	)		(0.22	)
Net Realized Gains		—			—			—			—			(0.01	)		(0.02	)

Total Distributions		(0.13	)		(0.25	)		(0.22	)		(0.21	)		(0.24	)		(0.24	)

Net Asset Value, End of Period		$9.93			$9.55			$9.35			$9.62			$9.78			$9.79

Total Return(b)		5.32	%		4.84	%		(0.52	)%		0.54	%		2.38	%		4.19	%
Net Assets, End of Period (000’s)		$518,428			$544,092			$506,940			$503,184			$409,975			$413,310
Ratios to Average Net Assets
Gross Expense		0.83	%(c)		0.83	%		0.84	%		0.84	%		0.85	%		0.88	%
Net Expenses(d)		0.49	%(c)		0.49	%		0.53	%		0.55	%		0.55	%		0.60	%
Net Investment Income		2.45	%(c)		2.52	%		2.18	%		1.96	%		2.15	%		2.07	%
Portfolio Turnover Rate		17	%		36	%		34	%		32	%		44	%		45	%

(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)	Annualized for periods less than one year.

(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

For a share outstanding throughout each period:

WILMINGTON INTERMEDIATE-TERM BOND FUND



CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$9.81			$9.58			$9.88			$10.01			$10.02			$10.10
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.19			0.16			0.13			0.13			0.13
Net Realized and Unrealized Gain (Loss) on Investments		0.27			0.23			(0.27	)		(0.12	)		0.03			0.09

Total Income (Loss) From Operations		0.37			0.42			(0.11	)		0.01			0.16			0.22

Less Distributions From:
Net Investment Income		(0.10	)		(0.19	)		(0.16	)		(0.13	)		(0.13	)		(0.13	)
Net Realized Gains		—			0.00	(b)		(0.03	)		(0.01	)		(0.04	)		(0.17	)

Total Distributions		(0.10	)		(0.19	)		(0.19	)		(0.14	)		(0.17	)		(0.30	)

Net Asset Value, End of Period		$10.08			$9.81			$9.58			$9.88			$10.01			$10.02

Total Return(c)		3.76	%		4.47	%		(1.14	)%		0.16	%		1.62	%		2.14	%
Net Assets, End of Period (000’s)		$1,688			$1,763			$1,912			$2,765			$3,509			$4,389
Ratios to Average Net Assets
Gross Expense		1.42	%(d)		1.32	%		1.26	%		1.18	%		1.18	%		1.15	%
Net Expenses(e)		0.80	%(d)		0.80	%		0.83	%		0.86	%		0.85	%		0.89	%
Net Investment Income		1.94	%(d)		1.96	%		1.65	%		1.32	%		1.34	%		1.25	%
Portfolio Turnover Rate		16	%		25	%		30	%		39	%		32	%		45	%

CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$9.81			$9.59			$9.88			$10.02			$10.03			$10.10
Income (Loss) From Operations:
Net Investment Income(a)		0.11			0.22			0.19			0.17			0.17			0.16
Net Realized and Unrealized Gain (Loss) on Investments		0.28			0.22			(0.26	)		(0.13	)		0.03			0.10

Total Income (Loss) From Operations		0.39			0.44			(0.07	)		0.04			0.20			0.26

Less Distributions From:
Net Investment Income		(0.11	)		(0.22	)		(0.19	)		(0.17	)		(0.17	)		(0.16	)
Net Realized Gains		—			0.00	(b)		(0.03	)		(0.01	)		(0.04	)		(0.17	)

Total Distributions		(0.11	)		(0.22	)		(0.22	)		(0.18	)		(0.21	)		(0.33	)

Net Asset Value, End of Period		$10.09			$9.81			$9.59			$9.88			$10.02			$10.03

Total Return(c)		4.02	%		4.68	%		(0.72	)%		0.40	%		1.94	%		2.57	%
Net Assets, End of Period (000’s)		$55,722			$76,471			$82,301			$127,103			$120,406			$126,574
Ratios to Average Net Assets
Gross Expense		1.17	%(d)		1.07	%		1.01	%		0.93	%		0.93	%		0.93	%
Net Expenses(e)		0.49	%(d)		0.49	%		0.52	%		0.53	%		0.53	%		0.57	%
Net Investment Income		2.25	%(d)		2.26	%		1.96	%		1.66	%		1.66	%		1.57	%
Portfolio Turnover Rate		16	%		25	%		30	%		39	%		32	%		45	%

(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)	Annualized for periods less than one year.

(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

For a share outstanding throughout each period:

WILMINGTON SHORT-TERM BOND FUND



CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$9.95			$9.85			$9.99			$10.07			$10.10			$10.23
Income (Loss) From Operations:
Net Investment Income(a)		0.09			0.16			0.12			0.10			0.07			0.07
Net Realized and Unrealized Gain (Loss) on Investments		0.12			0.11			(0.12	)		(0.06	)		0.02			(0.02	)

Total Income (Loss) From Operations		0.21			0.27			0.00	(b)		0.04			0.09			0.05

Less Distributions From:
Net Investment Income		(0.09	)		(0.17	)		(0.14	)		(0.12	)		(0.10	)		(0.06	)
Net Realized Gains		—			—			—			—			(0.02	)		(0.12	)

Total Distributions		(0.09	)		(0.17	)		(0.14	)		(0.12	)		(0.12	)		(0.18	)

Net Asset Value, End of Period		$10.07			$9.95			$9.85			$9.99			$10.07			$10.10

Total Return(c)		2.15	%		2.79	%		(0.03	)%		0.43	%		0.87	%		0.51	%
Net Assets, End of Period (000’s)		$5,411			$5,494			$5,973			$6,628			$7,796			$10,495
Ratios to Average Net Assets
Gross Expense		1.46	%(d)		1.42	%		1.37	%		1.23	%		1.11	%		1.17	%
Net Expenses(e)		0.73	%(d)		0.73	%		0.73	%		0.73	%		0.73	%		0.78	%
Net Investment Income		1.79	%(d)		1.65	%		1.22	%		0.96	%		0.71	%		0.71	%
Portfolio Turnover Rate		94	%		67	%		42	%		72	%		104	%		138	%

CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$9.95			$9.85			$9.99			$10.07			$10.10			$10.23
Income (Loss) From Operations:
Net Investment Income(a)		0.10			0.19			0.15			0.12			0.10			0.08
Net Realized and Unrealized Gain (Loss) on Investments		0.13			0.11			(0.13	)		(0.05	)		0.01			0.00	(b)

Total Income (Loss) From Operations		0.23			0.30			0.02			0.07			0.11			0.08

Less Distributions From:
Net Investment Income		(0.11	)		(0.20	)		(0.16	)		(0.15	)		(0.12	)		(0.09	)
Net Realized Gains		—			—			—			—			(0.02	)		(0.12	)

Total Distributions		(0.11	)		(0.20	)		(0.16	)		(0.15	)		(0.14	)		(0.21	)

Net Asset Value, End of Period		$10.07			$9.95			$9.85			$9.99			$10.07			$10.10

Total Return(c)		2.28	%		3.04	%		0.22	%		0.68	%		1.12	%		0.76	%
Net Assets, End of Period (000’s)		$44,242			$44,696			$46,309			$64,706			$160,541			$166,939
Ratios to Average Net Assets
Gross Expense		1.21	%(d)		1.17	%		1.11	%		0.98	%		0.86	%		0.96	%
Net Expenses(e)		0.48	%(d)		0.48	%		0.48	%		0.48	%		0.48	%		0.56	%
Net Investment Income		2.04	%(d)		1.90	%		1.46	%		1.19	%		0.97	%		0.81	%
Portfolio Turnover Rate		94	%		67	%		42	%		72	%		104	%		138	%

(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)	Annualized for periods less than one year.

(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

For a share outstanding throughout each period:

WILMINGTON MUNICIPAL BOND FUND



CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$13.22			$12.78			$13.14			$13.54			$13.41			$13.40
Income (Loss) From Operations:
Net Investment Income(a)		0.13			0.26			0.22			0.22			0.23			0.25
Net Realized and Unrealized Gain (Loss) on Investments		0.31			0.44			(0.26	)		(0.31	)		0.37			0.13

Total Income (Loss) From Operations		0.44			0.70			(0.04	)		(0.09	)		0.60			0.38

Less Distributions From:
Net Investment Income		(0.13	)		(0.26	)		(0.22	)		(0.22	)		(0.23	)		(0.25	)
Net Realized Gains		—			—			(0.10	)		(0.09	)		(0.24	)		(0.12	)

Total Distributions		(0.13	)		(0.26	)		(0.32	)		(0.31	)		(0.47	)		(0.37	)

Net Asset Value, End of Period		$13.53			$13.22			$12.78			$13.14			$13.54			$13.41

Total Return(b)		3.35	%		5.52	%		(0.29	)%		(0.65	)%		4.55	%		2.83	%
Net Assets, End of Period (000’s)		$25,508			$29,050			$29,109			$31,951			$38,182			$41,607
Ratios to Average Net Assets
Gross Expense		1.10	%(c)		1.10	%		1.10	%		1.09	%		1.09	%		1.12	%
Net Expenses(d)		0.74	%(c)		0.74	%		0.74	%		0.74	%		0.74	%		0.79	%
Net Investment Income		1.95	%(c)		1.99	%		1.70	%		1.62	%		1.69	%		1.84	%
Portfolio Turnover Rate		59	%		83	%		79	%		40	%		32	%		50	%

CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$13.23			$12.79			$13.15			$13.55			$13.42			$13.40
Income (Loss) From Operations:
Net Investment Income(a)		0.15			0.29			0.26			0.25			0.26			0.28
Net Realized and Unrealized Gain (Loss) on Investments		0.31			0.44			(0.26	)		(0.31	)		0.37			0.15

Total Income (Loss) From Operations		0.46			0.73			0.00	(e)		(0.06	)		0.63			0.43

Less Distributions From:
Net Investment Income		(0.15	)		(0.29	)		(0.26	)		(0.25	)		(0.26	)		(0.29	)
Net Realized Gains		—			—			(0.10	)		(0.09	)		(0.24	)		(0.12	)

Total Distributions		(0.15	)		(0.29	)		(0.36	)		(0.34	)		(0.50	)		(0.41	)

Net Asset Value, End of Period		$13.54			$13.23			$12.79			$13.15			$13.55			$13.42

Total Return(b)		3.48	%		5.78	%		(0.03	)%		(0.39	)%		4.81	%		3.17	%
Net Assets, End of Period (000’s)		$268,197			$260,800			$259,934			$263,825			$267,864			$259,904
Ratios to Average Net Assets
Gross Expense		0.85	%(c)		0.85	%		0.85	%		0.84	%		0.84	%		0.88	%
Net Expenses(d)		0.49	%(c)		0.49	%		0.49	%		0.49	%		0.49	%		0.55	%
Net Investment Income		2.20	%(c)		2.24	%		1.95	%		1.87	%		1.94	%		2.11	%
Portfolio Turnover Rate		59	%		83	%		79	%		40	%		32	%		50	%

(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)	Annualized for periods less than one year.

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

(e)	Represents less than $0.005.

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:

WILMINGTON NEW YORK MUNICIPAL BOND FUND


CLASS A	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$10.43			$10.18			$10.56			$10.91			$10.66			$10.56
Income (Loss) From Operations:
Net Investment Income(a)		0.08			0.15			0.15			0.16			0.19			0.21
Net Realized and Unrealized Gain (Loss)
on Investments		0.22			0.36			(0.22	)		(0.25	)		0.27			0.10

Total Income (Loss) From Operations		0.30			0.51			(0.07	)		(0.09	)		0.46			0.31

Less Distributions From:
Net Investment Income		(0.08	)		(0.15	)		(0.15	)		(0.16	)		(0.19	)		(0.21	)
Net Realized Gains		—			(0.11	)		(0.16	)		(0.10	)		(0.02	)		—

Total Distributions		(0.08	)		(0.26	)		(0.31	)		(0.26	)		(0.21	)		(0.21	)

Net Asset Value, End of Period		$10.65			$10.43			$10.18			$10.56			$10.91			$10.66

Total Return(b)		2.85	%		5.16	%		(0.75	)%		(0.81	)%		4.32	%		2.91	%
Net Assets, End of Period (000’s)		$8,093			$8,630			$14,863			$17,554			$20,197			$22,691
Ratios to Average Net Assets
Gross Expense		1.37	%(c)		1.33	%		1.28	%		1.24	%		1.22	%		1.22	%
Net Expenses(d)		0.83	%(c)		0.83	%		0.84	%		0.84	%		0.84	%		0.84	%
Net Investment Income		1.44	%(c)		1.50	%		1.43	%		1.50	%		1.76	%		1.93	%
Portfolio Turnover Rate		35	%		45	%		64	%		32	%		24	%		31	%

CLASS I	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$10.43			$10.19			$10.57			$10.92			$10.67			$10.57
Income (Loss) From Operations:
Net Investment Income(a)		0.09			0.18			0.18			0.19			0.22			0.23
Net Realized and Unrealized Gain (Loss)
on Investments		0.23			0.35			(0.22	)		(0.25	)		0.27			0.10

Total Income (Loss) From Operations		0.32			0.53			(0.04	)		(0.06	)		0.49			0.33

Less Distributions From:
Net Investment Income		(0.09	)		(0.18	)		(0.18	)		(0.19	)		(0.22	)		(0.23	)
Net Realized Gains		—			(0.11	)		(0.16	)		(0.10	)		(0.02	)		—

Total Distributions		(0.09	)		(0.29	)		(0.34	)		(0.29	)		(0.24	)		(0.23	)

Net Asset Value, End of Period		$10.66			$10.43			$10.19			$10.57			$10.92			$10.67

Total Return(b)		3.07	%		5.32	%		(0.50	)%		(0.55	)%		4.58	%		3.17	%
Net Assets, End of Period (000’s)		$54,069			$53,379			$56,626			$67,991			$63,704			$63,702
Ratios to Average Net Assets
Gross Expense		1.12	%(c)		1.09	%		1.03	%		0.99	%		0.98	%		0.97	%
Net Expenses(d)		0.58	%(c)		0.58	%		0.59	%		0.59	%		0.59	%		0.59	%
Net Investment Income		1.69	%(c)		1.76	%		1.68	%		1.75	%		2.01	%		2.18	%
Portfolio Turnover Rate		35	%		45	%		64	%		32	%		24	%		31	%

(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)	Annualized for periods less than one year.

(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

Wilmington Funds

October 31, 2019 (unaudited)

1.	ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 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 assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Board of Trustees (“Trustees”).

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

Pursuant to the Funds’ fair value procedures noted previously, investments in open-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

At October 31, 2019, 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

Bank of Montreal

947,421

—

BNP Paribas SA

3,681,034

—

Citigroup Global Markets Ltd.

3,681,034

—

Daiwa Capital Markets America

3,681,034

—

ING Financial Markets LLC

3,681,034

—

RBC Dominion Securities, Inc.

3,681,034

—

19,352,591

—

Intermediate-Term Bond Fund

Bank of Montreal

62,512

—

BNP Paribas SA

241,122

—

Citigroup Global Markets Ltd.

241,122

—

Daiwa Capital Markets America

241,122

—

ING Financial Markets LLC

241,122

—

RBC Dominion Securities, Inc.

241,122

—

1,268,122

—

Short-Term Bond Fund

Bank of Montreal

53,413

—

BNP Paribas SA

204,161

—

Citigroup Global Markets Ltd.

204,161

—

Daiwa Capital Markets America

204,161

—

ING Financial Markets LLC

204,161

—

RBC Dominion Securities, Inc.

204,161

—

1,074,218

—

⁽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.

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.

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 six months ended October 31, 2019.

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.

At October 31, 2019, 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

18,943,623

—

Intermediate-Term Bond Fund

1,237,435

—

Short-Term Bond Fund

1,043,009

—

⁽¹⁾

Collateral with a value of $19,352,591, $1,268,122 and $1,074,218, 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, 2019, 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 2018, 2017 and 2016, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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

Fund

Ordinary
Income*

2019

Tax Exempt
Income

Long-Term
Capital Gains

Ordinary
Income*

2018

Tax Exempt
Income

Long-Term
Capital Gains

Broad Market Bond Fund

13,684,821

—

11,690,654

—

Intermediate-Term Bond Fund

1,814,403

—

31,638

1,865,232

—

238,806

Short-Term Bond Fund

995,560

—

1,020,572

—

Municipal Bond Fund

105,114

6,311,677

—

72,377

5,581,748

2,297,416

New York Municipal Bond Fund

40,199

1,097,326

719,746

86,820

1,270,962

1,114,523

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

As of April 30, 2019, 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

$1,229,259

—

$—

$(1,204,572)

$1,570,198

$(2,591,828)

$—

Intermediate-Term

Bond Fund

149,204

—

(148,660

)

354,686

(118,974

)

—

Short-Term

Bond Fund

88,521

—

(83,834

)

122,323

(1,456,321

)

—

Municipal Bond Fund

—

535,913

—

(537,419

)

8,793,170

(1,786,402

)

—

New York Municipal

Bond Fund

—

85,827

—

(86,077

)

1,252,207

(131,098

)

—

Fund

Short-Term
No Expiration

Long-Term
No Expiration

Total Capital
Loss
Carryforwards

Broad Market Bond Fund

740,581

1,851,247

2,591,828

Intermediate-Term Bond Fund

6,390

112,584

118,974

Short-Term Bond Fund

595,448

860,873

1,456,321

Municipal Bond Fund

1,786,402

—

1,786,402

New York Municipal Bond

Fund

125,109

5,989

131,098

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. The fees as described in the table below are accrued daily and paid monthly, and are disclosed on the Statements of Operations as “Administrative personnel and services 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.



Fund		Distribution Fees from Class A
Broad Market Bond Fund		$ 2,835
Intermediate-Term Bond Fund		1,132
Short-Term Bond Fund		4,946
Municipal Bond Fund		27,744
New York Municipal Bond Fund		8,998

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

For the six months ended October 31, 2019, 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		$347
Short-Term Bond Fund		67
Municipal Bond Fund		718
New York Municipal Bond Fund		302

For the six months ended October 31, 2019, 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		$1,034
Intermediate-Term Bond Fund		375

BNYM provides custody services to the Trust.

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

5.	INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the six months ended October 31, 2019 were as follows:



	Investments

Fund	Purchases		Sales
Broad Market Bond Fund	$	74,988,941	$	124,696,128
Intermediate-Term Bond Fund		7,417,799		22,392,793
Short-Term Bond Fund		14,482,199		12,312,048
Municipal Bond Fund		168,863,351		170,420,644
New York Municipal Bond Fund		22,487,906		21,196,910

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2019 were as follows:



Fund	U.S. Government Securities
Fund	Purchases		Sales
Broad Market Bond Fund	$	9,598,682		$14,797,708
Intermediate-Term Bond Fund		2,689,551		10,256,590
Short-Term Bond Fund		27,235,377		30,484,341

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 October 31, 2019, 15.3% 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.

The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.

7.	LINE OF CREDIT

The Trust did not utilize the LOC for the six months ended October 31, 2019.

8.	RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each Fund’s financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

9.	OTHER FUND INFORMATION

10.	SUBSEQUENT EVENTS

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND APPROVAL OF NEW SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

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

•

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

•

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

•

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

•

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

•

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

•

The prospects for satisfactory investment performance were reasonable; and

•

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

Wilmington Broad Market Bond Fund

The Board considered that the Fund’s net management fee rate was above the Fund’s expense group median and that the Fund’s total expense ratio was below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2019. The Board considered management’s views concerning the markets for fixed income securities and that the Fund’s underperformance could be attributed to the Fund’s strategy of maintaining a shorter duration than the index; and its conservative management relative to its peers, including its overweight to the very short end of the yield curve, which underperformed on a duration-neutral basis. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreements.

Wilmington Intermediate-Term Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance above the peer group average for the one- and five-year periods and below the peer group average for the three-year period ended June 30, 2019. The Board considered management’s views concerning the markets for fixed income securities and that the Fund’s underperformance could be attributed to the Fund’s conservative management relative to its peers, including its strategy of maintaining a shorter duration than its benchmark and that the Fund outperformed its benchmark for the one- and five-year periods ended June 30, 2019. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreements.

Wilmington Short-Term Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund had achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2019. The Board considered management’s views concerning the markets for fixed income securities and that the Fund’s underperformance could be attributed to the Fund’s conservative management relative to its peers, including its shorter duration when compared to that of its benchmark as interest rates decreased. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreements.

Wilmington Municipal Bond Fund

Wilmington New York Municipal Bond Fund

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

QUARTERLY PORTFOLIO SCHEDULE

Electronic Delivery

1.)

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

2.)

Click on the link “Sign up for Electronic Delivery”

3.)

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

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

Information The Funds Collect:

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

•

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

•

Information Security:

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:

Visiting The Funds’ Website:

•

Information or data entered into a website will be retained.

•

E-mail:

Surveys/Aggregate Data:

Changes to Our Privacy Statement:

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



		Investment Advisor		Distributor
		Wilmington Funds Management Corp. 1100 North Market Street 9^th Floor Wilmington, DE 19890 Sub-Advisor Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9^th Floor Wilmington, DE 19890 Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street 9^th Floor Wilmington, DE 19890 Custodian The Bank of New York Mellon 225 Liberty Street New York, NY 10286		ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203 Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103

WT-SAR-FI-1019

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 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”)

Esteemed Shareholder:

The economy and financial markets in review

The economy

The U.S. economy continued to expand, albeit at a more modest pace than in 2018, as robust consumer spending and a strong labor market offset weakness in the manufacturing sector and business investment. After an upbeat start to the year, growth in U.S. Gross Domestic Product (“GDP”) maintained a positive trajectory, but decelerated, posting quarter-over-quarter annualized growth rates of 2.0% and 1.9% in the second and third quarters, respectively. An escalating trade war with China and fears that a global slowdown might spread contagion to the United States, led the Federal Reserve (“the Fed”) to cut interest rates three times this year to a range of 1.50%-1.75%. The U.S. labor market tightened further, dropping to a 3.6% unemployment rate, a near five-decade low. Although wage growth began to show signs of life, inflation drifted below the Fed’s 2% target with the Core Personal Consumption Expenditure Price Index¹ (excludes the volatile components of food and energy) dropping to 1.7%. The Fed has signaled that they are on hold for now, and the market is not expecting cuts or hikes in the near term.

Bond markets

For the six-month period May 1, 2019 to October 31, 2019, certain Bloomberg Barclays indices performed as follows:²

Bloomberg

Barclays U.S.

Treasury Bond

Index³

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

5.85%

5.71%

7.46%

3.54%

2.69%

Past performance is no guarantee of future results.

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

Must be preceded or accompanied by a prospectus.

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.

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

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

10. The Russell 2000^®Index measures the performance of the 2,000 smallest companies in the Russell 3000^®Index, which represents approximately 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. The index is unmanaged and investments cannot be made directly in an index.

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

Actual Expenses

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.

Beginning

Account Value

5/01/19

Ending

Account Value

10/31/19

Expenses Paid

During
Period¹

Annualized Net

Expense Ratio²

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

Actual

Administrative Class

1,000.00

1,008.30

3.13

0.62

Institutional Class

1,000.00

1,010.10

1.36

0.27

Select Class

1,000.00

1,009.60

1.87

0.37

Service Class

1,000.00

1,007.60

3.89

0.77

Hypothetical (assuming a 5% return before expenses)

Administrative Class

1,000.00

1,022.02

3.15

0.62

Institutional Class

1,000.00

1,023.78

1.37

0.27

Select Class

1,000.00

1,023.28

1.88

0.37

Service Class

1,000.00

1,021.27

3.91

0.77

WILMINGTON U.S. TREASURY MONEY MARKET FUND

Actual

Administrative Class

1,000.00

1,008.20

3.03

0.60

Institutional Class³

1,000.00

1,000.70

0.11

0.25

Select Class

1,000.00

1,009.50

1.77

0.35

Service Class

1,000.00

1,007.50

3.78

0.75

Hypothetical (assuming a 5% return before expenses)

Administrative Class

1,000.00

1,022.12

3.05

0.60

Institutional Class³

1,000.00

1,023.88

1.27

0.25

Select Class

1,000.00

1,023.38

1.78

0.35

Service Class

1,000.00

1,021.37

3.81

0.75

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

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

(3)

The class commenced operations on October 16, 2019. The ending account value for Actual uses the performance since inception and is not annualized and the expenses paid during the period for Actual are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 16/366 (to reflect the actual days since inception).

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
U.S. Government Agency Obligations		51.8	%
Repurchase Agreements		38.6	%
U.S. Treasury Obligations		9.0	%
Money Market Funds		0.7	%
Other Assets and Liabilities – Net¹		(0.1	)%

TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)



Description	Par Value		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS – 51.8%

FEDERAL FARM CREDIT BANK (FFCB) – 6.7%

2.19%, 12/09/19^‡	$	47,000,000	$	46,893,832

1.99%, 1/02/20^‡		15,000,000		14,949,625

2.07%, 1/23/20^‡		22,000,000		21,897,541

(U.S. Treasury 3 Month Bill Money Market Yield + 0.06%), 1.68%, 1/27/20^D		50,000,000		49,989,805

2.02%, 2/03/20^‡		25,000,000		24,871,403

1.68%, 2/20/20^‡		64,000,000		63,674,400

(1 Month USD LIBOR + 0.05%), 1.89%, 2/21/20^D		20,000,000		20,005,500

(1 Month USD LIBOR - 0.04%), 1.89%, 3/11/20^D		35,000,000		34,999,513

1.87%, 4/16/20^‡		50,000,000		49,577,861

(1 Month USD LIBOR - 0.01%), 1.90%, 9/15/20^D		50,000,000		49,998,290

1.65%, 10/13/20		22,300,000		22,305,781

(3 Month USD LIBOR - 0.13%), 2.04%, 11/16/20^D		50,000,000		49,996,091

(1 Month USD LIBOR + 0.01%), 1.93%, 1/12/21^D		50,000,000		49,997,031

(SOFRRATE + 0.11%), 1.93%, 1/15/21^D		20,000,000		20,000,000

(U.S. Treasury 3 Month Bill Money Market Yield + 0.23%), 1.86%, 5/26/21^D		25,000,000		25,000,000

(U.S. Treasury 3 Month Bill Money Market Yield + 0.30%), 1.93%, 8/02/21^D		25,000,000		25,000,000


TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	569,156,673



Description	Par Value		Value

FEDERAL HOME LOAN BANK (FHLB) – 25.8%

(3 Month USD LIBOR - 0.13%), 2.13%, 11/01/19^D	$	100,000,000	$	100,000,000

2.06%, 11/06/19^‡		150,000,000		149,957,917

1.96%, 11/20/19^‡		433,000,000		432,560,405

(1 Month USD LIBOR - 0.05%), 1.80%, 11/21/19^D		50,000,000		50,000,000

1.76%, 11/22/19^‡		69,000,000		68,930,247

(SOFRRATE + 0.02%), 1.84%, 11/27/19^D		36,500,000		36,500,000

2.01%, 11/27/19^‡		39,000,000		38,944,568

(SOFRRATE + 0.03%), 1.85%, 12/06/19^D		60,000,000		60,000,000

1.73%, 12/10/19^‡		100,000,000		99,815,834

1.98%, 12/11/19^‡		74,400,000		74,239,544

1.98%, 12/13/19^‡		49,500,000		49,387,676

1.73%, 1/03/20^‡		50,000,000		49,851,250

1.71%, 1/08/20^‡		85,615,000		85,343,315

1.68%, 1/10/20^‡		88,431,000		88,147,284

1.67%, 1/17/20^‡		50,000,000		49,824,076

(SOFRRATE + 0.01%), 1.83%, 1/17/20^D		50,000,000		50,000,000

(SOFRRATE + 0.05%), 1.87%, 1/17/20^D		45,000,000		45,000,000

1.69%, 1/21/20^‡		100,000,000		99,627,625

1.66%, 1/29/20^‡		50,000,000		49,798,885

1.65%, 2/25/20^‡		100,000,000		99,478,000

(1 Month USD LIBOR + 0.05%), 1.87%, 3/23/20^D		50,000,000		50,000,000

(SOFRRATE + 0.03%), 1.85%, 3/27/20^D		19,000,000		19,000,000

1.66%, 4/22/20^‡		79,000,000		78,385,744

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



Description	Par Value		Value

(SOFRRATE + 0.03%), 1.85%, 4/22/20^D	$	30,000,000	$	30,000,000

1.65%, 4/29/20^‡		26,000,000		25,790,700

(SOFRRATE + 0.02%), 1.84%, 5/22/20^D		25,000,000		25,000,000

(SOFRRATE + 0.10%), 1.92%, 7/17/20^D		30,000,000		30,000,000

(SOFRRATE + 0.04%), 1.86%, 8/25/20^D		26,000,000		26,000,000

(SOFRRATE + 0.10%), 1.92%, 12/23/20^D		90,400,000		90,400,000

(SOFRRATE + 0.04%), 1.86%, 2/09/21^D		30,000,000		30,000,000


TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	2,181,983,070

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 17.1%

2.19%, 11/13/19^‡		150,000,000		149,893,000

2.19%, 11/19/19^‡		64,731,000		64,661,738

1.96%, 12/12/19^‡		50,000,000		49,890,667

2.08%, 12/18/19^‡		75,000,000		74,801,229

1.88%, 1/02/20^‡		50,000,000		49,841,556

1.91%, 1/17/20^‡		150,000,000		149,400,042

1.94%, 1/21/20^‡		126,294,000		125,754,093

1.67%, 1/22/20^‡		133,334,000		132,834,709

1.87%, 1/24/20^‡		100,000,000		99,573,000

(SOFRRATE + 0.00%), 1.82%, 2/12/20^D		50,000,000		50,000,000

1.71%, 3/05/20^‡		165,000,000		164,043,576

1.65%, 3/27/20^‡		35,244,000		35,012,300

(SOFRRATE + 0.00%), 1.82%, 4/16/20^D		50,000,000		50,000,000

(SOFRRATE + 0.01%), 1.83%, 5/13/20^D		50,000,000		50,000,000

(SOFRRATE + 0.01%), 1.83%, 7/22/20^D		100,000,000		100,000,000

(SOFRRATE + 0.03%), 1.85%, 8/21/20^D		100,000,000		100,000,000


TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,445,705,910

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 2.2%

1.99%, 11/20/19^‡		74,944,000		74,866,870

1.87%, 12/13/19^‡		50,000,000		49,892,667

1.78%, 1/02/20^‡		30,000,000		29,909,583

(3 Month USD LIBOR - 0.15%), 1.98%, 3/13/20^D		37,400,000		37,396,215


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	192,065,335


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $4,388,910,988)			$	4,388,910,988

U.S. TREASURY OBLIGATIONS – 9.0%

U.S. TREASURY BILLS – 3.8%

1.96%, 12/12/19^‡		75,000,000		74,836,000

2.09%, 1/30/20^‡		50,000,000		49,745,500

1.88%, 2/27/20^‡		75,000,000		74,547,667

1.87%, 3/12/20^‡		125,000,000		124,163,083


TOTAL U.S. TREASURY BILLS			$	323,292,250

U.S. TREASURY NOTES – 5.2%

(U.S. Treasury 3 Month Bill Money Market Yield + 0.00%), 1.64%, 1/31/20^D		25,000,000		24,999,746



Description	Par Value		Value

(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 1.67%, 4/30/20^D	$	50,000,000	$	50,001,654

1.38%, 5/31/20		50,000,000		49,922,481

1.50%, 7/15/20		75,000,000		74,931,552

(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 1.68%, 10/31/20^D		60,570,000		60,570,000

(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 1.78%, 4/30/21^D		125,000,000		124,990,200

(U.S. Treasury 3 Month Bill Money Market Yield + 0.22%), 1.86%, 7/31/21^D		49,934,000		49,946,823


TOTAL U.S. TREASURY NOTES			$	435,362,456


TOTAL U.S. TREASURY OBLIGATIONS (COST $758,654,706)			$	758,654,706


	Number of Shares

MONEY MARKET FUND – 0.7%

Dreyfus Government Cash Management Fund, Institutional Shares, 1.73%^{^}		63,754,975	$	63,754,975


TOTAL MONEY MARKET FUND (COST $63,754,975)			$	63,754,975


	Par Value

REPURCHASE AGREEMENTS – 38.6%

Credit Suisse First Boston LLC, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $370,017,781, collateralized by U.S. Treasury Securities and cash collateral, 0.00% to 7.50%, maturing 4/23/20 to 2/15/48; total market value of $374,907,356.	$	370,000,000	$	370,000,000

Deutsche Bank Securities, Inc., 1.72%, dated 10/31/19, due 11/01/19, repurchase price $420,020,067, collateralized by U.S. Treasury Securities, 0.00% to 6.25%, maturing 11/07/19 to 2/15/43; total market value of $428,400,000.		420,000,000		420,000,000

Mizuho Securities USA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $450,021,625, collateralized by U.S. Government Agency, 2.89% to 3.50%, maturing 2/01/27 to 9/01/49; total market value of $459,000,001.		450,000,000		450,000,000

Mizuho Securities USA, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $475,022,826, collateralized by U.S. Treasury Security, 3.13%, maturing 11/15/28; total market value of $484,500,000.		475,000,000		475,000,000

RBC Capital Markets LLC, 1.73%, dated 10/31/19, due 11/01/19, repurchase price $1,000,048,056, collateralized by U.S. Government Agency & U.S. Treasury Securities, 0.00% to 5.00%, maturing 1/15/20 to 6/01/51; total market value of $1,020,000,000.		1,000,000,000		1,000,000,000

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


Description	Par Value		Value
TD Securities, Inc., 1.75%, dated 10/31/19, due 11/01/19, repurchase price $550,026,736, collateralized by U.S. Government Agency, 3.00% to 4.50%, maturing 8/01/46 to 10/01/49; total market value of $566,500,001.	$	550,000,000	$	550,000,000


TOTAL REPURCHASE AGREEMENTS (COST $3,265,000,000)			$	3,265,000,000


TOTAL INVESTMENTS – 100.1% (COST $8,476,320,669)			$	8,476,320,669

OTHER LIABILITIES LESS ASSETS – (0.1)%				(8,839,972	)


TOTAL NET ASSETS – 100.0%			$	8,467,480,697

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 October 31, 2019 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	$	—	$	4,388,910,988	$	—	$	4,388,910,988

U.S. Treasury Obligations		—		758,654,706		—		758,654,706

Money Market Fund		63,754,975		—		—		63,754,975

Repurchase Agreements		—		3,265,000,000		—		3,265,000,000



Total	$	63,754,975	$	8,412,565,694	$	—	$	8,476,320,669

^	7-Day net yield.

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:
LIBOR		London Interbank Offered Rate
LLC		Limited Liability Corporation
SOFRRATE		Secured Overnight Financing Rate
USD		United States Dollar

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At October 31, 2019, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
U.S. Treasury Obligations		53.5	%
Repurchase Agreements		47.9	%
Other Assets and Liabilities – Net¹		(1.4	)%

TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2019 (unaudited)


Description	Par Value		Value

U.S. TREASURY OBLIGATIONS – 53.5%

U.S. TREASURY BILLS – 38.7%

2.03%, 11/07/19^‡	$	47,300,000	$	47,284,312

1.98%, 11/19/19^‡		100,000,000		99,902,500

1.96%, 12/12/19^‡		25,000,000		24,945,333

1.69%, 12/17/19^‡		50,000,000		49,893,625

2.10%, 12/26/19^‡		75,000,000		74,764,799

2.09%, 1/02/20^‡		14,795,000		14,743,020

1.91%, 1/16/20^‡		125,000,000		124,507,583

1.90%, 2/06/20^‡		50,000,000		49,749,417

1.88%, 2/27/20^‡		25,000,000		24,849,222

1.88%, 3/12/20^‡		50,000,000		49,664,958

1.73%, 4/09/20^‡		50,000,000		49,624,444

1.66%, 4/16/20^‡		50,000,000		49,624,250


TOTAL U.S. TREASURY BILLS			$	659,553,463

U.S. TREASURY NOTES – 14.8%

(U.S. Treasury 3 Month Bill Money Market Yield + 0.00%), 1.64%, 1/31/20^D		25,000,000		24,997,999

(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 1.67%, 4/30/20^D		50,000,000		50,001,654

1.50%, 7/15/20		20,130,000		20,111,629

(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 1.68%, 7/31/20^D		50,000,000		49,964,468

(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 1.68%, 10/31/20^D		6,000,000		6,000,000


Description	Par Value		Value
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 1.78%, 4/30/21^D	$	100,000,000	$	99,962,952


TOTAL U.S. TREASURY NOTES			$	251,038,702


TOTAL U.S. TREASURY OBLIGATIONS (COST $910,592,165)			$	910,592,165

REPURCHASE AGREEMENTS – 47.9%

Credit Suisse First Boston LLC, 1.73%, dated 10/31/19, due 11/1/19, repurchase price $155,007,449, collateralized by U.S. Treasury Securities, 1.50% to 2.88%, maturing 10/31/23 to 11/15/46; total market value of $158,107,640.	$	155,000,000	$	155,000,000

Deutsche Bank Securities, Inc., 1.72%, dated 10/31/19, due 11/1/19, repurchase price $85,004,061, collateralized by U.S. Treasury Securities, 1.63% to 7.88%, maturing 2/15/21 to 5/15/46; total market value of $86,700,014.		85,000,000		85,000,000

Mizuho Securities USA, 1.73%, dated 10/31/19, due 11/1/19, repurchase price $125,006,007, collateralized by U.S. Treasury Security, 3.13%, maturing 11/15/28; total market value of $127,500,000.		125,000,000		125,000,000

RBC Capital Markets LLC, 1.72%, dated 10/31/19, due 11/1/19, repurchase price $450,021,500, collateralized by U.S. Treasury Securities, 1.75% to 3.88%, maturing 8/15/21 to 4/15/29; total market value of $459,000,014.		450,000,000		450,000,000


TOTAL REPURCHASE AGREEMENTS (COST $815,000,000)			$	815,000,000

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


Description	Value

TOTAL INVESTMENTS – 101.4% (COST $1,725,592,165)	$	1,725,592,165

OTHER LIABILITIES LESS ASSETS – (1.4%)		(23,398,264	)


TOTAL NET ASSETS – 100.0%	$	1,702,193,901

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 October 31, 2019 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Investments in Securities

U.S. Treasury Obligations	$	—	$	910,592,165	$	—	$	910,592,165

Repurchase Agreements		—		815,000,000		—		815,000,000


Total	$	—	$	1,725,592,165	$	—	$	1,725,592,165

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



October 31, 2019 (unaudited)	Wilmington U.S. Government Money Market Fund		Wilmington U.S. Treasury Money Market Fund
ASSETS:
Investments, at identified cost	$	8,476,320,669	$	1,725,592,165

Investments in repurchase agreements, at value	$	3,265,000,000	$	815,000,000
Investments in securities, at value		5,211,320,669		910,592,165

TOTAL INVESTMENTS		*8,476,320,669*		*1,725,592,165*

Income receivable		4,219,742		172,443
Receivable for shares sold		874,450		137,078
Prepaid assets		40,399		38,712

TOTAL ASSETS		*8,481,455,260*		*1,725,940,398*

LIABILITIES:
Payable to custodian		—		20,885,514
Payable for investments purchased		523,655		—
Income distribution payable		9,899,104		2,109,000
Payable for shares redeemed		—		96,588
Payable for Trustees’ fees		6,240		6,240
Payable for administrative personnel and services fees		207,142		43,084
Payable for distribution services fees		510,426		64,891
Payable for shareholder services fees		738,198		140,727
Payable for investment advisory fees		1,419,009		248,697
Other accrued expenses		670,789		151,756

TOTAL LIABILITIES		*13,974,563*		*23,746,497*

NET ASSETS	$	*8,467,480,697*	$	*1,702,193,901*

NET ASSETS CONSIST OF:
Paid-in capital	$	8,467,449,670	$	1,702,187,473
Distributable earnings (loss)		31,027		6,428

TOTAL NET ASSETS	$	*8,467,480,697*	$	*1,702,193,901*

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	1,476,526,424	$	315,885,586

Shares outstanding (unlimited shares authorized)		1,476,767,844		315,923,154

Net Asset Value per share	$	1.000	$	1.000

Institutional Class
Net Assets	$	1,064,530,843	$	50,000

Shares outstanding (unlimited shares authorized)		1,064,592,915		50,000

Net Asset Value per share	$	1.000	$	1.000

Select Class
Net Assets	$	4,756,668,030	$	1,386,172,462

Shares outstanding (unlimited shares authorized)		4,757,111,619		1,386,183,350

Net Asset Value per share	$	1.000	$	1.000

Service Class
Net Assets	$	1,169,755,400	$	85,853

Shares outstanding (unlimited shares authorized)		1,169,709,687		85,851

Net Asset Value per share	$	1.000	$	1.000

See Notes which are an integral part of the Financial Statements

Six Months Ended October 31, 2019 (unaudited)

Wilmington

U.S. Government

Money Market Fund

Wilmington

U.S. Treasury

Money Market Fund

INVESTMENT INCOME:

Dividends

570,920

156,560

Interest

85,362,101

17,369,377

TOTAL INVESTMENT INCOME

85,933,021

17,525,937

EXPENSES:

Investment advisory fees

9,494,251

1,969,741

Administrative personnel and services fees

1,186,095

246,178

Portfolio accounting and administration fees

671,785

144,875

Transfer and dividend disbursing agent fees and expenses

33,321

6,697

Custodian fees

71,821

21,808

Trustees’ fees

27,166

Professional fees

49,312

45,298

Distribution services fee—Administrative Class

1,589,751

347,930

Distribution services fee—Service Class

1,417,444

135

Shareholder services fee— Administrative Class

1,589,751

347,930

Shareholder services fee— Select Class

5,380,087

1,621,669

Shareholder services fee— Service Class

1,417,444

135

Share registration costs

35,874

25,405

Printing and postage

86,757

8,836

Miscellaneous

185,939

61,331

TOTAL EXPENSES

23,236,798

4,875,134

Waiver/reimbursement by investment advisor

(1,588,528

)

(587,592

)

Waiver of shareholder services fee—Administrative Class

(952,279

)

(208,471

)

Waiver of shareholder services fee—Select Class

(3,223,327

)

(973,587

)

Waiver of shareholder services fee—Service Class

(454

)

—

TOTAL WAIVERS AND REIMBURSEMENTS

(5,764,588

)

(1,769,650

)

Net expenses

17,472,210

3,105,484

Net investment income

68,460,811

14,420,453

REALIZED GAIN (LOSS) ON INVESTMENTS:

Net realized gain (loss) on investments

26,362

7,002

Net realized gain (loss) on investments

26,362

7,002

Change in net assets resulting from operations

68,487,173

14,427,455

See Notes which are an integral part of the Financial Statements

Wilmington
U.S. Government
Money Market Fund

Wilmington
U.S. Treasury
Money Market Fund

Six Months Ended

October 31,

2019

(unaudited)

Year Ended

April 30,

2019

Six Months Ended

October 31,

2019

(unaudited)

Year Ended

April 30,

2019

OPERATIONS:

Net investment income

68,460,811

112,042,656

14,420,453

22,930,187

Net realized gain (loss) on investments

26,362

6,231

7,002

6,288

Change in net assets resulting from operations

68,487,173

112,048,887

14,427,455

22,936,475

DISTRIBUTIONS TO SHAREHOLDERS:

Administrative Class

(10,526,752

)

(22,569,370

)

(2,257,561

)

(4,975,018

)

Institutional Class

(8,710,790

)

(10,428,860

)

(36

)

—

Select Class

(40,737,452

)

(61,807,693

)

(12,162,045

)

(17,954,316

)

Service Class

(8,485,817

)

(17,236,747

)

(811

)

(854

)

Total distributions to shareholders

(68,460,811

)

(112,042,670

)

(14,420,453

)

(22,930,188

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Administrative Class

2,559,459,373

5,088,350,602

446,896,251

1,131,372,451

Institutional Class

1,899,186,086

1,585,136,902

50,000

—

Select Class

5,051,324,465

9,292,845,289

1,477,788,238

3,897,796,606

Service Class

1,660,464,976

3,125,890,676

101,000

151,887

Distributions reinvested

Administrative Class

481

1,085

25,856

24,993

Institutional Class

130,125

399,301

—

Select Class

3,579,132

5,136,312

873,959

1,891,396

Service Class

2,681,773

4,965,924

811

842

Cost of shares redeemed

Administrative Class

(2,380,223,167

)

(4,987,743,339

)

(414,361,363

)

(1,188,864,124

)

Institutional Class

(1,261,903,314

)

(1,862,857,258

)

—

Select Class

(4,708,365,719

)

(8,161,827,482

)

(1,296,134,049

)

(3,486,260,690

)

Service Class

(1,684,605,587

)

(3,189,828,167

)

(101,000

)

(111,035

)

Change in net assets resulting from share transactions

1,141,728,624

900,469,845

215,139,703

356,002,326

Change in net assets

1,141,754,986

900,476,062

215,146,705

356,008,613

NET ASSETS:

Beginning of period

7,325,725,711

6,425,249,649

1,487,047,196

1,131,038,583

End of period

8,467,480,697

7,325,725,711

1,702,193,901

1,487,047,196

Wilmington
U.S. Government
Money Market Fund

Wilmington
U.S. Treasury
Money Market Fund

Six Months Ended

October 31,

2019

(unaudited)

Year Ended

April 30,

2019

Six Months Ended

October 31,

2019

(unaudited)

Year Ended

April 30,

2019

SHARES OF BENEFICIAL INTEREST:

Shares sold

Administrative Class

2,559,459,373

5,088,350,602

446,896,251

1,131,372,451

Institutional Class

1,899,186,086

1,585,136,902

50,000

—

Select Class

5,051,324,465

9,292,845,289

1,477,788,238

3,897,796,606

Service Class

1,660,464,976

3,125,890,676

101,000

151,887

Distributions reinvested

Administrative Class

481

1,085

25,856

24,993

Institutional Class

130,125

399,301

—

Select Class

3,579,132

5,136,312

873,959

1,891,396

Service Class

2,681,773

4,965,924

811

842

Shares redeemed

Administrative Class

(2,380,223,167

)

(4,987,743,339

)

(414,361,363

)

(1,188,864,124

)

Institutional Class

(1,261,903,314

)

(1,862,857,258

)

—

Select Class

(4,708,365,719

)

(8,161,827,482

)

(1,296,134,049

)

(3,486,260,690

)

Service Class

(1,684,605,587

)

(3,189,828,167

)

(101,000

)

(111,035

)

Net change in shares outstanding

1,141,728,624

900,469,845

215,139,703

356,002,326

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:


WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

ADMINISTRATIVE CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.016			0.006			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)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.016			0.006			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.008	)		(0.016	)		(0.006	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000

Total Return		0.83	%		1.57	%		0.56	%		0.04	%		0.02	%		0.01	%
Net Assets, End of Period (000’s)		$1,476,527			$1,297,285			$1,196,676			$1,516,147			$1,619,679			$1,556,286
Ratios to Average Net Assets
Gross Expense		0.81	%(b)		0.82	%		0.82	%		0.89	%		0.97	%		0.97	%
Net Expenses(c)		0.62	%(b)		0.62	%		0.62	%		0.42	%		0.18	%		0.07	%

Net Investment Income		1.66	%(b)		1.57	%		0.54	%		0.04	%		0.02	%		0.01	%
INSTITUTIONAL CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.010			0.019			0.009			0.001			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)		0.000	(a)
Total Income (Loss) From Operations		0.010			0.019			0.009			0.001			0.000			0.000
Less Distributions From:
Net Investment Income		(0.010	)		(0.019	)		(0.009	)		(0.001	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000

Total Return		1.01	%		1.92	%		0.91	%		0.17	%		0.02	%		0.01	%
Net Assets, End of Period (000’s)		$1,064,531			$427,114			$704,435			$359,524			$12,840			$26,079
Ratios to Average Net Assets
Gross Expense		0.31	%(b)		0.32	%		0.32	%		0.34	%		0.47	%		0.47	%
Net Expenses(c)		0.27	%(b)		0.27	%		0.27	%		0.27	%		0.13	%		0.07	%
Net Investment Income		1.97	%(b)		1.92	%		0.97	%		0.21	%		0.01	%		0.01	%
SELECT CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.010			0.018			0.008			0.001			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)		0.000	(a)
Total Income (Loss) From Operations		0.010			0.018			0.008			0.001			0.000			0.000
Less Distributions From:
Net Investment Income		(0.010	)		(0.018	)		(0.008	)		(0.001	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000

Total Return		0.96	%		1.82	%		0.81	%		0.13	%		0.02	%		0.01	%
Net Assets, End of Period (000’s)		$4,756,668			$4,410,116			$3,273,958			$3,671,694			$976,287			$1,005,503
Ratios to Average Net Assets
Gross Expense		0.56	%(b)		0.57	%		0.57	%		0.61	%		0.72	%		0.72	%
Net Expenses(c)		0.37	%(b)		0.37	%		0.37	%		0.33	%		0.18	%		0.07	%
Net Investment Income		1.89	%(b)		1.82	%		0.80	%		0.15	%		0.02	%		0.01	%


SERVICE CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.014			0.004			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)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.014			0.004			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.008	)		(0.014	)		(0.004	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000

Total Return		0.76	%		1.42	%		0.41	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Period (000’s)		$1,169,755			$1,191,211			$1,250,181			$1,364,106			$794,950			$1,352,274
Ratios to Average Net Assets
Gross Expense		0.81	%(b)		0.82	%		0.82	%		0.88	%		0.97	%		0.97	%
Net Expenses(c)		0.77	%(b)		0.77	%		0.77	%		0.46	%		0.18	%		0.07	%
Net Investment Income		1.50	%(b)		1.41	%		0.41	%		0.01	%		0.01	%		0.01	%

(a)	Represents less than $0.001.

(b)	Annualized for periods less than one year.

(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

For a share outstanding throughout each period:


WILMINGTON U.S. TREASURY MONEY MARKET FUND

ADMINISTRATIVE CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.016			0.006			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)		0.000	(a)
Total Income (Loss) From Operations		0.008			0.016			0.006			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.008	)		(0.016	)		(0.006	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000

Total Return		0.82	%		1.58	%		0.57	%		0.03	%		0.01	%		0.00	%(b)
Net Assets, End of Period (000’s)		$315,886			$283,323			$340,788			$479,284			$646,349			$631,472
Ratios to Average Net Assets
Gross Expense		0.82	%(c)		0.83	%		0.84	%		0.91	%		0.99	%		0.98	%
Net Expenses(d)		0.60	%(c)		0.60	%		0.60	%		0.39	%		0.15	%		0.06	%
Net Investment Income		1.62	%(c)		1.54	%		0.53	%		0.03	%		0.01	%		0.00	%(b)
INSTITUTIONAL CLASS							For the Period October 16, 2019* through October 31, 2019 (Unaudited)
Net Asset Value, Beginning of Period								$1.000
Income (Loss) From Operations:
Net Investment Income								0.001
Net Realized Gain (Loss) on Investments								0.000	(a)
Total Income (Loss) From Operations								0.001
Less Distributions From:
Net Investment Income								(0.001	)
Net Asset Value, End of Period								$1.000

Total Return								0.07	%
Net Assets, End of Period (000’s)								$50
Ratios to Average Net Assets
Gross Expense								0.32	%(c)
Net Expenses(d)								0.25	%(c)
Net Investment Income								1.60	%(c)
SELECT CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.009			0.018			0.008			0.001			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)		0.000	(a)
Total Income (Loss) From Operations		0.009			0.018			0.008			0.001			0.000			0.000
Less Distributions From:
Net Investment Income		(0.009	)		(0.018	)		(0.008	)		(0.001	)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000

Total Return		0.95	%		1.83	%		0.82	%		0.12	%		0.01	%		0.00	%(b)
Net Assets, End of Period (000’s)		$1,386,172			$1,203,639			$790,207			$311,815			$242,597			$264,955
Ratios to Average Net Assets
Gross Expense		0.57	%(c)		0.58	%		0.59	%		0.66	%		0.74	%		0.74	%
Net Expenses(d)		0.35	%(c)		0.35	%		0.35	%		0.31	%		0.15	%		0.06	%
Net Investment Income		1.87	%(c)		1.85	%		0.89	%		0.13	%		0.01	%		0.00	%(b)


SERVICE CLASS	Six Months Ended October 31, 2019 (unaudited)			Year Ended April 30, 2019			Year Ended April 30, 2018			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015
Net Asset Value, Beginning of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000
Income (Loss) From Operations:
Net Investment Income		0.007			0.014			0.004			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)		0.000	(a)
Total Income (Loss) From Operations		0.007			0.014			0.004			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		(0.007	)		(0.014	)		(0.004	)		(0.000	)(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period		$1.000			$1.000			$1.000			$1.000			$1.000			$1.000

Total Return		0.75	%		1.43	%		0.42	%		0.01	%		0.01	%		0.00	%(b)
Net Assets, End of Period (000’s)		$86			$85			$44			$31			$26			$18
Ratios to Average Net Assets
Gross Expense		0.82	%(c)		0.83	%		0.84	%		0.90	%		0.97	%		0.99	%
Net Expenses(d)		0.75	%(c)		0.75	%		0.74	%		0.42	%		0.17	%		0.06	%
Net Investment Income		1.50	%(c)		1.40	%		0.44	%		0.01	%		0.01	%		0.00	%(b)

(a)	Represents less than $0.001.

(b)	Represents less than 0.01%.

(c)	Annualized for periods less than one year.

(d)	The investment manager and other service providers voluntarily waived a portion of their fees.

*	Commencement of operations.

See Notes which are an integral part of the Financial Statements

Wilmington Funds

October 31, 2019 (unaudited)

1.	ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 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.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

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.

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.

At October 31, 2019, 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

370,000,000

—

Deutsche Bank Securities, Inc.

420,000,000

—

Mizuho Securities USA

475,000,000

—

Mizuho Securities USA

450,000,000

—

RBC Capital Markets LLC

1,000,000,000

—

TD Securities, Inc.

550,000,000

—

3,265,000,000

—

U.S. Treasury Money Market Fund

Credit Suisse First Boston LLC

155,000,000

—

Deutsche Bank Securities, Inc.

85,000,000

—

Mizuho Securities USA

125,000,000

—

RBC Capital Markets LLC

450,000,000

—

815,000,000

—

(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.

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.

3.	FEDERAL TAX INFORMATION

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


	2019		2018
Fund	Ordinary Income*	Long-Term Capital Gains	Ordinary Income*	Long-Term Capital Gains
U.S. Government Money Market Fund	$112,042,670	$—	$48,707,704	$—
U.S. Treasury Money Market Fund	22,930,188	—	6,980,169	—

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

As of April 30, 2019, 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

$11,706,352

$—

$(11,701,687)

$—

$ —

$—

U.S. Treasury Money Market Fund

2,586,530

—

(2,586,542)

—

(562)

—

Fund

Short-Term
No Expiration

Long-Term
No Expiration

Total Capital

Loss
Carryforwards

U.S. Treasury Money Market Fund

$562

$—

$562

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


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

During the six months ended October 31, 2019, 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, 2020, 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
	Administrative	Institutional	Select	Service
Fund	Class	Class	Class	Class
U.S. Government Money Market Fund	0.62%	0.27%	0.37%	0.77%
U.S. Treasury Money Market Fund*	0.60%	0.25%	0.35%	0.75%

* Effective October 16, 2019, the U.S. Treasury Money Market Fund launched a new Institutional Class.

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. The

fees as described in the table below are accrued daily and paid monthly, and are disclosed on the Statements of Operations as “Administrative personnel and services fees.”


	Maximum	Average Aggregate Daily Net
Administrator	Fee	Assets of the Trust

WFMC	0.040%	on the first $5 billion

	0.030%	on the next $2 billion

	0.025%	on the next $3 billion

	0.018%	on assets in excess of $10 billion

BNYM	0.0175%	on the first $15 billion

	0.0150%	on the next $10 billion

	0.0125%	on assets in excess of $25 billion

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.


		Distribution
Fund		Fees
U.S. Government Money Market Fund		$3,002,218
U.S. Treasury Money Market Fund		345,058

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 six months ended October 31, 2019, M&T received a portion of the fees paid by the following Funds which are listed below:


		Shareholder Services
Fund		Fee
U.S. Government Money Market Fund		$4,199,932
U.S. Treasury Money Market Fund		770,347

BNYM provides custody services to the Trust.

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

RISK

6.	LINE OF CREDIT

The Trust did not utilize the LOC during the six months ended October 31, 2019.

7.	RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each Fund’s financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the implications of certain provisions of ASU No. 2018-13 and has elected to early adopt all aspects related to the removal and modification of certain fair value measurement disclosures.

8.	OTHER FUND INFORMATION

9.	SUBSEQUENT EVENTS

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND APPROVAL OF NEW SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

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

•

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

•

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

•

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

•

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

•

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

•

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

21 DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND APPROVAL OF NEW SUB-ADVISORY AGREEMENTS

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

QUARTERLY PORTFOLIO SCHEDULE

Electronic Delivery

1.)

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

2.)

Click on the link “Sign up for Electronic Delivery”

3.)

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

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

Information The Funds Collect:

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

•

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

•

Information Security:

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:

Visiting The Funds’ Website:

•

Information or data entered into a website will be retained.

•

E-mail:

Surveys/Aggregate Data:

Changes to Our Privacy Statement:

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

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

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A), or this Item.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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.

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.


*PRESIDENT’S MESSAGE*

President’s Message			i

*WILMINGTON FUNDS SEMI-ANNUAL REPORT*

Shareholder Expense Example			1

Portfolio of Investments			2

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

Discussion of Renewal of Advisory and Sub-Advisory Agreements and Approval of New Sub-Advisory Agreements			27



	Russell		MSCI Emerging
S&P 500^®	2000^®	MSCI EAFE	Markets (Net)
Index⁹	Index¹⁰	(Net) Index¹¹	Index¹²
4.16%	-1.09%	3.35%	-1.67%


DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS AND APPROVAL OF NEW SUB-ADVISORY AGREEMENTS		28



	Investment Advisor Wilmington Funds Management Corp. 1100 North Market Street 9^thFloor Wilmington, DE 19890 Sub-Advisor Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9^thFloor Wilmington, DE 19890 Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street 9^thFloor 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 PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103
WT-SAR-EQ-1019 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.


5		PORTFOLIOS OF INVESTMENTS

		Wilmington International Fund (continued)



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:
MSCI India NTR Index		December 2019		117		8,041,410		$7,554,216		$8,041,410		$487,194		$—
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS												$487,194		$—



29		PORTFOLIOS OF INVESTMENTS

		Wilmington Real Asset Fund (continued)


49		PORTFOLIOS OF INVESTMENTS

		Wilmington Diversified Income Fund (continued)


Investment Advisor Wilmington Funds Management Corp. 1100 North Market Street 9^th Floor Wilmington, DE 19890 Sub-Advisor Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9^th Floor Wilmington, DE 19890 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 PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103
		WT-SAR-MMgr-1019
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.


3		PORTFOLIO OF INVESTMENTS


PORTFOLIO OF INVESTMENTS		4


5		PORTFOLIO OF INVESTMENTS


PORTFOLIO OF INVESTMENTS		6



	Contractual Expense Limitations

Fund	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*		0.82%		0.57%



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



	Investment Advisor	Distributor
	Wilmington Funds Management Corp.	ALPS Distributors, Inc.
	1100 North Market Street	1290 Broadway, Suite 1100
	9^thFloor	Denver, CO 80203
	Wilmington, DE 19890
	Sub-Advisor	Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent
	Wilmington Trust Investment Advisors, Inc.	BNY Mellon Investment Servicing (U.S.) Inc.
	1100 North Market Street	301 Bellevue Parkway
	9^thFloor	Wilmington, DE 19809
	Wilmington, DE 19890

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



WT-SAR-MM-1019
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.



By (Signature and Title)*		/s/ Richard J. Berthy
		Richard J. Berthy
		(Principal Executive Officer)


By (Signature and Title)*		/s/ Christopher W. Roleke
		Christopher W. Roleke
		(Principal Financial Officer)