Wilmington Funds

S&P 500^®

Index¹⁰

Russell

2000^®

Index¹¹

MSCI EAFE

(Net) Index¹²

MSCI Emerging

Markets (Net)

Index¹³

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.

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

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

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the U.S. Government Money Market Fund and U.S. Treasury Money Market Fund (the “Funds”), covering the semi-annual fiscal period of May 1, 2022, through October 31, 2022. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

The semi-annual fiscal period between May and October was turbulent. At the onset of the period, inflation concerns rattled investors as U.S. Consumer Price Index (“CPI”) accelerated in May to 8.6% and again in June, making a new cycle high of 9.1% and reaching its highest level in 40-years. U.S. consumers felt pain at the gas pump as the national average for a gallon of gasoline topped $5 in mid-June and consumer sentiment reached its lowest level on record. However, job growth in the U.S. remained strong with nearly 400,000 net new jobs added per month for the first three months of the period (May-July). The strong job reports stoked investor fears that the Federal Reserve (the “Fed”) would hike rates more aggressively due to the underlying strength of the labor market. Fears were warranted as the Fed hiked interest rates by 150 basis points¹ in just a six-week period, the most since 1982. At the same time, the U.S. posted a second consecutive quarter of negative Gross Domestic Product “GDP” (-0.9% quarter-on-quarter, for Q2) marking a “technical recession”.

Over the summer, economic data and some commentary from the Fed led investors to suspect that the Fed would pause or pivot from its hawkish stance. Equity markets bottomed in mid-June and decisively rallied throughout the summer on the back of the ‘Fed Put’ narrative and in lockstep with stronger-than-expected corporate earnings. Chair Powell ended rumors of a pivot in a 10-minute speech delivered at the Fed’s annual Jackson Hole symposium in August. In the speech, Powell noted that pain for households and businesses was “the unfortunate cost of reducing inflation.” U.S. equity indices sold off following the Jackson Hole speech and remained under pressure through mid-October. The economy finished the period on a high note with Q3 GDP rebounding and beating consensus estimates (+2.6% quarter-on-quarter, for Q3).

Abroad, the economic picture was far more dismal. The war in Ukraine escalated as Russian gas providers shut down natural gas pipelines to Europe. Russia’s weaponization of energy exacerbated inflation and weighed on consumer confidence. In July, the European Central Bank hiked interest rates by 50 basis points, taking rates out of negative territory for the first time since 2014. During the period, the U.K. saw three different Prime Ministers in office. Boris Johnson resigned in July after a three-year run following a vote of no confidence. Liz Truss took over and released a ‘mini-budget’ featuring nearly 50 billion in unfunded tax cuts. Markets reacted sharply with the pound notching its third worst day since 1992. The Bank of England was forced to intervene at the eleventh hour and buy long dated bonds to bail out several of the nation’s largest pension funds. Truss resigned after 45 days on the job amid the market turmoil and was replaced by Rishi Sunak.

In China, the political scene was less noisy after President Xi Jinping secured an unprecedented but expected third term in power. Xi was also able to strengthen his grip on power by stacking the Chinese Communist Party leadership with loyalists. The Chinese economy continued to be hurt by the government’s enforcement of Zero-Covid restrictions and regulation in the property market. China’s central bank was active, providing monetary and fiscal support to the economy in the form of prime rate cuts and infrastructure spending.

Bond markets

Fixed income markets declined significantly during the period. Credit and Treasury indices underperformed Corporate High Yield and Municipal bond indices. The Fed Funds target rate increased 2.75% during the period driving Treasury yields higher across the curve. The 10-year Treasury yield ended the period up 107 basis points to 4.05%. The two-year Treasury yield pushed up 175 basis points to end the period at 4.48%. As for yield curve slopes, the 10y-2y ended the quarter deeply inverted at -43 basis points and the 10y-3m ducked into inversion territory at -1 basis points by the end of the period (down from +221 basis points at the start of the period). Volatility in the bond market, as measured by the ICE BofA MOVE Index, remained extremely heightened, ending the period at 147.9 compared to its five-year average of 69.5.

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows:²

Bloomberg

U.S. Treasury

Bond Index³

Bloomberg

U.S. Aggregate

Bond Index⁴

Bloomberg

U.S. Credit

Bond Index⁵

Bloomberg

Municipal Bond

Index⁶

Bloomberg

U.S. Corporate

High Yield Bond

Index⁷

-6.34%

-6.86%

-7.57%

-4.43%

-4.69%

Past performance is no guarantee of future results.

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

Equity markets

Equity markets were down across the board during the period with U.S. small cap stocks the outperformer of the group. Overall, it was a tumultuous period for all indices. The S&P 500 made sharp moves in both directions rallying 17.4% through the summer followed by a subsequent drop of 16.7% around Powell’s Jackson Hole speech. The two corporate earnings seasons during the period were both better than expected with the energy sector masking much of the weakness in equities. Mega cap tech stocks were hit hard by higher interest rates and lower ad spending revenue. Firms like Meta, Google and Amazon made headlines by announcing plans to reduce headcount. The Russell 1000 Value Index⁸ outperformed its counterpart the Russell 1000 Growth Index⁹, declining 3.2% versus a -8.2% return for Growth. Economic weakness in Europe and China led the MSCI EAFE and MSCI Emerging Markets lower with both indices underperforming significantly.

For the six-month period May 1, 2022 to October 31, 2022, certain stock market indices performed as follows:

S&P 500^®

Index¹⁰

Russell

2000^®

Index¹¹

MSCI EAFE

(Net) Index¹²

MSCI Emerging

Markets (Net)

Index¹³

-5.50%

-0.20%

-12.70%

-19.66%

Past performance is no guarantee of future results.

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

Sincerely,

LOGO

Eric W. Taylor

President

November 18, 2022

Must be preceded or accompanied by a prospectus.

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

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

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the money market funds, and you should not expect that the investment advisor will provide financial support to the money market funds at any time.

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

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

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

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

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

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

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

8.	The Russell 1000^® Value Index is a market-capitalization-weighted index that measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

9.	The Russell 1000^® Growth Index is a market capitalization-weighted index that measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

10.

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.

11.

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

12.

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

13.

MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 27 Emerging Markets countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, 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 a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 to October 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Beginning
Account Value
5/01/22

Ending
Account Value
10/31/22

Expenses Paid
During Period⁽¹⁾

Annualized

Net
Expense Ratio

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

Actual

Administrative Class

$1,000.00

$1,007.00

$2.53

0.50%

Institutional Class

$1,000.00

$1,008.30

$1.27

0.25%

Select Class

$1,000.00

$1,008.00

$1.67

0.33%

Service Class

$1,000.00

$1,006.10

$3.49

0.69%

Hypothetical (assuming a 5% return before expenses)

Administrative Class

$1,000.00

$1,022.68

$2.55

0.50%

Institutional Class

$1,000.00

$1,023.95

$1.28

0.25%

Select Class

$1,000.00

$1,023.54

$1.68

0.33%

Service Class

$1,000.00

$1,021.73

$3.52

0.69%

WILMINGTON U.S. TREASURY MONEY MARKET FUND

Actual

Administrative Class

$1,000.00

$1,007.00

$2.48

0.49%

Institutional Class

$1,000.00

$1,008.30

$1.27

0.25%

Select Class

$1,000.00

$1,007.90

$1.67

0.33%

Service Class

$1,000.00

$1,006.10

$3.44

0.68%

Hypothetical (assuming a 5% return before expenses)

Administrative Class

$1,000.00

$1,022.74

$2.50

0.49%

Institutional Class

$1,000.00

$1,023.95

$1.28

0.25%

Select Class

$1,000.00

$1,023.54

$1.68

0.33%

Service Class

$1,000.00

$1,021.78

$3.47

0.68%

⁽¹⁾	Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At October 31, 2022, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
Repurchase Agreements		69.9	%
U.S. Government Agency Obligations		15.9	%
U.S. Treasury Obligations		12.2	%
Money Market Funds		3.7	%
Other Assets and Liabilities - Net⁽¹⁾		(1.7	)%

TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)



Description	Par Value		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS – 15.9%

FEDERAL FARM CREDIT BANK (FFCB) – 1.9%
(SOFR + 0.06%), 3.11%, 01/20/23^Δ	$	9,000,000	$	9,000,000
(SOFR + 0.05%), 3.10%, 03/01/24^Δ		8,000,000		8,000,000
(SOFR + 0.05%), 3.10%, 04/12/24^Δ		15,000,000		15,000,000
(Prime - 3.130%), 3.12%, 05/24/24^Δ		50,000,000		50,000,000
(SOFR + 0.13%), 3.17%, 11/01/24^Δ		80,000,000		80,000,000


TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	162,000,000

FEDERAL FARM CREDIT DISCOUNT NOTES – 3.4%
2.49%, 12/29/22^‡		50,000,000		49,801,834
2.64%, 01/06/23^‡		40,000,000		39,809,333
1.82%, 02/01/23^‡		100,000,000		99,540,000
1.85%, 02/15/23^‡		100,000,000		99,464,112


TOTAL FEDERAL FARM CREDIT DISCOUNT NOTES			$	288,615,279

FEDERAL HOME LOAN BANK (FHLB) – 9.7%
2.87%, 11/25/22^‡		25,000,000		24,952,500
2.76%, 12/12/22^‡		50,000,000		49,844,542
2.78%, 12/15/22^‡		50,000,000		49,831,944
1.73%, 01/03/23^‡		100,000,000		99,700,750
3.68%, 01/06/23^‡		25,000,000		24,832,846
4.09%, 01/25/23^‡		100,000,000		99,044,458
(SOFR + 0.06%), 3.11%, 11/18/22^Δ		50,000,000		50,000,000
(SOFR + 0.06%), 3.11%, 12/08/22^Δ		50,000,000		50,000,000
(SOFR + 0.06%), 3.11%, 12/16/22^Δ		50,000,000		50,000,000
1.81%, 01/05/23		150,000,000		150,000,000
1.87%, 01/09/23		25,000,000		25,000,000
(SOFR + 0.04%), 3.09%, 01/30/23^Δ		50,000,000		50,000,000
2.08%, 02/13/23		50,000,000		50,000,000
3.86%, 03/09/23		50,000,000		50,000,000


TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	823,207,040



Description	Par Value		Value

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.9%
0.38%, 04/20/23	$	75,085,000	$	74,483,708


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $1,348,306,027)			$	1,348,306,027

U.S. TREASURY OBLIGATIONS – 12.2%

U.S. TREASURY BILLS – 3.1%
0.16%, 11/03/22^‡		50,000,000		49,999,556
2.81%, 12/13/22^‡		60,000,000		59,805,400
2.32%, 12/15/22^‡		75,000,000		74,789,808
3.00%, 12/27/22^‡		75,000,000		74,653,500


TOTAL U.S. TREASURY BILLS			$	259,248,264

U.S. TREASURY NOTES – 9.1%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 4.09%, 01/31/23^Δ		85,000,000		85,000,859
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 04/30/23^Δ		296,140,500		296,143,395
(U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 4.03%, 01/31/24^Δ		120,000,000		120,000,000
(U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 3.97%, 04/30/24^Δ		75,000,000		74,954,945
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 07/31/24^Δ		150,000,000		149,931,016
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 4.19%, 10/31/24^Δ		49,950,000		49,950,000


TOTAL U.S. TREASURY NOTES			$	775,980,215


TOTAL U.S. TREASURY OBLIGATIONS (COST $1,035,228,479)			$	1,035,228,479

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



Description	Number of Shares		Value

MONEY MARKET FUNDS – 3.7%

Blackrock Liquidity Funds T-Fund, Institutional Shares, 2.92%^		72,632,382	$	72,632,382

Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07%^		244,497,007		244,497,007


TOTAL MONEY MARKET FUNDS (COST $317,129,389)			$	317,129,389


	Par Value

REPURCHASE AGREEMENTS – 69.9%

Federal Reserve Bank of New York, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $5,825,493,506, collateralized by U.S. Treasury Securities, 0.25% to 1.63%, maturing 5/15/24 to 8/15/29; total market value $5,825,493,581.	$	5,825,000,000		5,825,000,000



Description	Par Value		Value

Mizuho Securities USA, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $100,008,472, collateralized by U.S. Treasury Securities, 0.63% to 2.75%, maturing 12/31/23 to 6/30/28; total market value $102,000,037.	$	100,000,000	$	100,000,000


TOTAL REPURCHASE AGREEMENTS (COST $5,925,000,000)			$	5,925,000,000


TOTAL INVESTMENTS – 101.7% (COST $8,625,663,895)			$	8,625,663,895
OTHER ASSETS LESS LIABILITIES – (1.7)%				(147,691,360	)


TOTAL NET ASSETS – 100.0%			$	8,477,972,535

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, 2022 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	$	—	$	1,348,306,027		$—	$	1,348,306,027

U.S. Treasury Obligations		—		1,035,228,479		—		1,035,228,479

Money Market Funds		317,129,389		—		—		317,129,389

Repurchase Agreements		—		5,925,000,000		—		5,925,000,000


Total	$	317,129,389	$	8,308,534,506		$—	$	8,625,663,895

^Δ

Variable rate security. The rate disclosed is the rate in effect on the report date, and the date shown is the final maturity date, not the next reset or put date. Information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps.

^‡	The rate shown reflects the effective yield at purchase date.

^	7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

SOFR	Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At October 31, 2022, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
Repurchase Agreements		76.9	%
U.S. Treasury Obligations		19.8	%
Money Market Fund		3.4	%
Other Assets and Liabilities - Net⁽¹⁾		(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, 2022 (unaudited)



Description	Par Value		Value

U.S. TREASURY OBLIGATIONS – 19.8%

U.S. TREASURY BILLS – 5.7%
0.16%, 11/03/22^‡	$	10,945,000	$	10,944,903
2.81%, 12/13/22^‡		40,000,000		39,870,267
2.32%, 12/15/22^‡		25,000,000		24,929,936
3.00%, 12/27/22^‡		25,000,000		24,884,500


TOTAL U.S. TREASURY BILLS			$	100,629,606

U.S. TREASURY NOTES – 14.1%
(U.S. Treasury 3 Month Bill Money Market Yield + 0.05%), 4.09%, 01/31/23^Δ		15,000,000		15,000,151
2.00%, 02/15/23		25,000,000		25,007,623
1.50%, 02/28/23		15,000,000		14,977,791
0.13%, 03/31/23		20,000,000		19,829,252
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 04/30/23^Δ		55,000,000		55,000,500
(U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 4.03%, 01/31/24^Δ		22,975,000		22,975,000
(U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 3.97%, 04/30/24^Δ		25,000,000		24,984,982
(U.S. Treasury 3 Month Bill Money Market Yield + 0.03%), 4.08%, 07/31/24^Δ		50,000,000		49,977,006
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 4.19%, 10/31/24^Δ		20,000,000		20,000,000


TOTAL U.S. TREASURY NOTES			$	247,752,305


TOTAL U.S. TREASURY OBLIGATIONS (COST $348,381,911)			$	348,381,911


	Number of Shares

MONEY MARKET FUND – 3.4%

Goldman Sachs Financial Square Funds Treasury Obligations Fund, Institutional Shares, 3.02%^		59,987,830		59,987,830


TOTAL MONEY MARKET FUND (COST $59,987,830)			$	59,987,830



Description	Par Value		Value

REPURCHASE AGREEMENTS – 76.9%

CIBC World Market Corp., 3.05%, dated 10/31/2022, due 11/1/2022, repurchase price $75,006,354, collateralized by U.S. Treasury Securities, 0.13% to 3.38%, maturing 8/15/2023 to 11/15/2050; total market value $75,000,044.	$	75,000,000	$	75,000,000

Deutsche Bank Securities Inc., 3.00%, dated 10/31/2022, due 11/1/2022, repurchase price $85,007,083, collateralized by U.S. Treasury Securities, 1.13% to 6.13%, maturing 11/15/27 to 5/15/52; total market value $86,700,046.		85,000,000		85,000,000

FICC Bank of New York 3.05%, dated 10/31/2022, due 11/1/2022, repurchase price $300,025,417, collateralized by U.S. Treasury Securities, 0.38% to 1.38%, maturing 7/15/25 to 10/31/28; total market value $306,000,001.		300,000,000		300,000,000

RBC Capital Markets, 3.00%, dated 10/31/2022, due 11/1/2022, repurchase price $450,037,500, collateralized by U.S. Treasury Securities, 0.00% to 7.50%, maturing 11/3/22 to 5/15/2052; total market value $459,000,049.		450,000,000		450,000,000

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



Description	Par Value		Value

TD Securities, Inc. 3.02%, dated 10/31/2022, due 11/1/2022, repurchase price $440,036,911, collateralized by U.S. Treasury Securities, 1.25% to 4.38%, maturing 5/15/23 to 10/31/27; total market value $448,800,051.	$	440,000,000	$	440,000,000


TOTAL REPURCHASE AGREEMENTS (COST $1,350,000,000)			$	1,350,000,000


TOTAL INVESTMENTS – 100.1% (COST $1,758,369,741)			$	1,758,369,741
OTHER ASSETS LESS LIABILITIES – (0.1)%				(2,224,350	)


TOTAL NET ASSETS – 100.0%			$	1,756,145,391

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, 2022 in valuing the Fund’s assets carried at fair value:


	Level 1		Level 2		Level 3		Total

Investments in Securities

U.S. Treasury Obligations	$	—	$	348,381,911		$—	$	348,381,911

Money Market Fund		59,987,830		—		—		59,987,830

Repurchase Agreements		—		1,350,000,000		—		1,350,000,000


Total	$	59,987,830	$	1,698,381,911		$—	$	1,758,369,741

^‡	The rate shown reflects the effective yield at purchase date.

^Δ

^	7-Day net yield.

See Notes which are an integral part of the Financial Statements

October 31, 2022 (unaudited)

Wilmington
U.S. Government
Money Market

Fund

Wilmington
U.S. Treasury
Money Market

Fund

ASSETS:

Investments, at identified cost

8,625,663,895

1,758,369,741

Investments in securities, at value (including repurchase agreements of $ 5,925,000,000 and $ 1,350,000,000, respectively)

8,625,663,895

1,758,369,741

Cash

—

2,000,000

Income receivable

3,787,953

386,919

Receivable for shares sold

100,087

11,856

Prepaid assets

76,337

41,792

TOTAL ASSETS

8,629,628,272

1,760,810,308

LIABILITIES:

Payable for investments purchased

130,000,000

—

Income distribution payable

18,311,605

3,869,222

Payable for shares redeemed

40,252

42,712

Payable for Trustees’ fees

3,978

Payable for administration fees

213,143

45,386

Payable for distribution services fees

319,057

71,658

Payable for shareholder services fees

562,657

111,974

Payable for investment advisory fees

1,331,635

261,904

Other accrued expenses

873,410

258,083

TOTAL LIABILITIES

151,655,737

4,664,917

NET ASSETS

8,477,972,535

1,756,145,391

NET ASSETS CONSIST OF:

Paid-in capital

8,478,070,878

1,756,144,237

Distributable earnings (loss)

(98,343

)

1,154

TOTAL NET ASSETS

8,477,972,535

1,756,145,391

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Administrative Class

Net Assets

1,085,040,941

355,934,807

Shares outstanding (unlimited shares authorized)

1,085,301,651

355,973,864

Net Asset Value and Offering Price per share

1.000

Institutional Class

Net Assets

2,335,964,296

447,335,357

Shares outstanding (unlimited shares authorized)

2,336,056,548

447,335,903

Net Asset Value and Offering Price per share

1.000

Select Class

Net Assets

4,535,634,550

952,561,130

Shares outstanding (unlimited shares authorized)

4,536,144,775

952,575,259

Net Asset Value and Offering Price per share

1.000

Service Class

Net Assets

521,332,748

314,097

Shares outstanding (unlimited shares authorized)

521,300,298

314,093

Net Asset Value and Offering Price per share

1.000

See Notes which are an integral part of the Financial Statements

Six Months Ended October 31, 2022 (unaudited)

Wilmington
U.S. Government
Money Market
Fund

Wilmington

U.S. Treasury
Money Market
Fund

INVESTMENT INCOME:

Dividends

12,134

85,438

Interest

76,774,115

16,424,399

TOTAL INVESTMENT INCOME

76,786,249

16,509,837

EXPENSES:

Investment advisory fees

9,953,518

2,083,874

Administration fees

1,222,539

254,791

Portfolio accounting and administration fees

702,220

150,002

Custodian fees

63,015

18,847

Transfer and dividend disbursing agent fees and expenses

88,767

17,847

Trustees’ fees

33,571

Professional fees

89,433

58,974

Distribution services fee—Administrative Class

1,351,239

437,674

Distribution services fee—Service Class

620,148

368

Shareholder services fee—Administrative Class

1,351,239

437,674

Shareholder services fee—Select Class

5,290,431

1,154,083

Shareholder services fee—Service Class

620,148

368

Share registration costs

27,954

24,744

Printing and postage

11,616

3,990

Miscellaneous

179,281

56,281

TOTAL EXPENSES

21,605,119

4,733,088

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(2,455,525

)

(634,885

)

Waiver of distribution services fee—Administrative Class

(384,197

)

(134,933

)

Waiver of distribution services fee—Service Class

(144,844

)

(97

)

Waiver of shareholder services fee—Administrative Class

(956,138

)

(309,407

)

Waiver of shareholder services fee—Select Class

(3,671,532

)

(774,760

)

Waiver of shareholder services fee—Service Class

(7,046

)

TOTAL WAIVERS AND REIMBURSEMENTS

(7,619,282

)

(1,854,087

)

Net expenses

13,985,837

2,879,001

Net investment income

62,800,412

13,630,836

REALIZED GAIN (LOSS):

Net realized gain (loss) on investments

(79,941

)

4,135

Net realized gain (loss)

(79,941

)

4,135

Change in net assets resulting from operations

62,720,471

13,634,971

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,

2022

(Unaudited)

Year Ended

April 30,

2022

Six Months Ended
October 31,

2022

(Unaudited)

Year Ended

April 30,

2022

OPERATIONS:

Net investment income

62,800,412

1,698,067

13,630,836

304,729

Net realized gain (loss)

(79,941

)

6,318

4,135

1,160

Change in net assets resulting from operations

62,720,471

1,704,385

13,634,971

305,889

DISTRIBUTIONS TO SHAREHOLDERS:

Administrative Class

(7,338,734

)

(260,816

)

(2,369,032

)

(87,374

)

Institutional Class

(18,344,036

)

(448,986

)

(3,391,978

)

(78,651

)

Select Class

(34,082,577

)

(915,013

)

(7,867,975

)

(141,228

)

Service Class

(3,034,480

)

(80,375

)

(1,796

)

(35

)

Total distributions to shareholders

(62,799,827

)

(1,705,190

)

(13,630,781

)

(307,288

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Administrative Class

2,087,022,969

4,528,852,127

501,994,426

1,105,741,959

Institutional Class

2,292,988,410

5,251,394,571

759,004,135

1,425,405,047

Select Class

5,157,361,125

7,706,547,039

1,752,752,214

1,411,785,381

Service Class

947,857,042

2,593,425,038

22,000

179,000

Distributions reinvested

Administrative Class

650

4,387

Institutional Class

130,605

2,789

—

Select Class

347,565

12,445

333,345

9,674

Service Class

132,448

6,611

1,796

Cost of shares redeemed

Administrative Class

(2,165,708,153

)

(5,093,195,914

)

(482,198,468

)

(1,131,047,677

)

Institutional Class

(1,713,900,475

)

(5,230,085,518

)

(654,496,990

)

(1,283,734,679

)

Select Class

(4,619,212,201

)

(7,878,033,178

)

(1,416,385,000

)

(1,612,913,711

)

Service Class

(927,649,799

)

(3,283,142,270

)

—

Change in net assets resulting from share transactions

1,059,370,186

(1,404,216,242

)

461,031,847

(84,574,889

)

Change in net assets

1,059,290,830

(1,404,217,047

)

461,036,037

(84,576,288

)

NET ASSETS:

Beginning of period

7,418,681,705

8,822,898,752

1,295,109,354

1,379,685,642

End of period

8,477,972,535

7,418,681,705

1,756,145,391

1,295,109,354

SHARES OF BENEFICIAL INTEREST:

Shares sold

Administrative Class

2,087,022,969

4,528,852,127

501,994,426

1,105,741,959

Institutional Class

2,292,988,410

5,251,394,571

759,004,135

1,425,405,047

Select Class

5,157,361,125

7,706,547,039

1,752,752,214

1,411,785,381

Service Class

947,857,042

2,593,425,038

22,000

179,000

Distributions reinvested

Administrative Class

650

4,387

Institutional Class

130,605

2,789

—

Select Class

347,565

12,445

333,345

9,674

Service Class

132,448

6,611

1,796

Shares redeemed

Administrative Class

(2,165,708,153

)

(5,093,195,914

)

(482,198,468

)

(1,131,047,677

)

Institutional Class

(1,713,900,475

)

(5,230,085,518

)

(654,496,990

)

(1,283,734,679

)

Select Class

(4,619,212,201

)

(7,878,033,178

)

(1,416,385,000

)

(1,612,913,711

)

Service Class

(927,649,799

)

(3,283,142,270

)

—

Net change resulting from share transactions

1,059,370,186

(1,404,216,242

)

461,031,847

(84,574,889

)

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

	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
ADMINISTRATIVE CLASS	(Unaudited)

Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.007			0.000	^(a)		0.000	^(a)		0.013			0.016			0.006
Net Realized Gain (Loss)		(0.000	)^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.007			0.000			0.000			0.013			0.016			0.006
Less Distributions From:
Net Investment Income		(0.007	)		(0.000	)^(a)		(0.000	)^(a)		(0.013	)		(0.016	)		(0.006	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		0.70	%^(b)		0.02	%		0.01	%		1.21	%		1.57	%		0.56	%
Net Assets, End of Period (000’s)	$	1,085,041		$	1,163,736		$	1,728,081		$	1,509,322		$	1,297,285		$	1,196,676
Ratios to Average Net Assets
Gross Expense^(c)		0.81	%^(d)		0.81	%		0.81	%		0.81	%		0.82	%		0.82	%
Net Expense^(c),(e)		0.50	%^(d)		0.08	%		0.15	%		0.61	%		0.62	%		0.62	%

Net Investment Income		1.36	%^(d)		0.02	%		0.01	%		1.18	%		1.57	%		0.54	%
	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
INSTITUTIONAL CLASS	(Unaudited)

Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.000	^(a)		0.000	^(a)		0.016			0.019			0.009
Net Realized Gain (Loss)		(0.000	)^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.008			0.000			0.000			0.016			0.019			0.009
Less Distributions From:
Net Investment Income		(0.008	)		(0.000	)^(a)		(0.000	)^(a)		(0.016	)		(0.019	)		(0.009	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		0.83	%^(b)		0.02	%		0.02	%		1.56	%		1.92	%		0.91	%
Net Assets, End of Period (000’s)	$	2,335,964		$	1,756,769		$	1,735,456		$	1,745,742		$	427,114		$	704,435
Ratios to Average Net Assets
Gross Expense^(c)		0.31	%^(d)		0.31	%		0.31	%		0.31	%		0.32	%		0.32	%
Net Expense^(c),(e)		0.25	%^(d)		0.08	%		0.14	%		0.27	%		0.27	%		0.27	%

Net Investment Income		1.70	%^(d)		0.02	%		0.01	%		1.39	%		1.92	%		0.97	%
	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
SELECT CLASS	(Unaudited)

Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.000	^(a)		0.000	^(a)		0.015			0.018			0.008
Net Realized Gain (Loss)		(0.000	)^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.008			0.000			0.000			0.015			0.018			0.008
Less Distributions From:
Net Investment Income		(0.008	)		(0.000	)^(a)		(0.000	)^(a)		(0.015	)		(0.018	)		(0.008	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		0.80	%^(b)		0.02	%		0.02	%		1.46	%		1.82	%		0.81	%
Net Assets, End of Period (000’s)	$	4,535,635		$	3,997,179		$	4,168,651		$	4,912,640		$	4,410,116		$	3,273,958
Ratios to Average Net Assets
Gross Expense^(c)		0.56	%^(d)		0.56	%		0.56	%		0.56	%		0.57	%		0.57	%
Net Expense^(c),(e)		0.33	%^(d)		0.08	%		0.15	%		0.37	%		0.37	%		0.37	%

Net Investment Income		1.61	%^(d)		0.02	%		0.01	%		1.42	%		1.82	%		0.80	%


	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
SERVICE CLASS	(Unaudited)

Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.006			0.000	^(a)		0.000	^(a)		0.011			0.014			0.004
Net Realized Gain (Loss)		(0.000	)^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.006			0.000			0.000			0.011			0.014			0.004
Less Distributions From:
Net Investment Income		(0.006	)		(0.000	)^(a)		(0.000	)^(a)		(0.011	)		(0.014	)		(0.004	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		0.61	%^(b)		0.01	%		0.01	%		1.08	%		1.42	%		0.41	%
Net Assets, End of Period (000’s)	$	521,333		$	500,998		$	1,190,711		$	1,168,185		$	1,191,211		$	1,250,181
Ratios to Average Net Assets
Gross Expense^(c)		0.81	%^(d)		0.81	%		0.81	%		0.81	%		0.82	%		0.82	%
Net Expense^(c),(e)		0.69	%^(d)		0.08	%		0.15	%		0.74	%		0.77	%		0.77	%

Net Investment Income		1.22	%^(d)		0.01	%		0.01	%		1.07	%		1.41	%		0.41	%

(a)	Represents less than $0.001.

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

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

(d)	Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:


WILMINGTON U.S. TREASURY MONEY MARKET FUND

	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
ADMINISTRATIVE CLASS	(Unaudited)

Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.007			0.000	^(a)		0.000	^(a)		0.013			0.016			0.006
Net Realized Gain (Loss)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.007			0.000			0.000			0.013			0.016			0.006
Less Distributions From:
Net Investment Income		(0.007	)		(0.000	)^(a)		(0.000	)^(a)		(0.013	)		(0.016	)		(0.006	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		0.70	%^(b)		0.02	%		0.01	%		1.20	%		1.58	%		0.57	%
Net Assets, End of Period (000’s)	$	355,935		$	336,133		$	361,438		$	360,463		$	283,323		$	340,788
Ratios to Average Net Assets
Gross Expense^(c)		0.82	%^(d)		0.82	%		0.82	%		0.83	%		0.83	%		0.84	%
Net Expense^(c),(e)		0.49	%^(d)		0.07	%		0.14	%		0.59	%		0.60	%		0.60	%

Net Investment Income		1.35	%^(d)		0.02	%		0.01	%		1.15	%		1.54	%		0.53	%
	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			For the Period October 16, 2019* through April 30, 2020
INSTITUTIONAL CLASS	(Unaudited)

Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.000	^(a)		0.000	^(a)		0.007
Net Realized Gain (Loss)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.008			0.000			0.000			0.007
Less Distributions From:
Net Investment Income		(0.008	)		(0.000	)^(a)		(0.000	)^(a)		(0.007	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000

Total Return		0.83	%^(b)		0.02	%		0.02	%		0.61	%^(b)
Net Assets, End of Period (000’s)	$	447,335		$	342,827		$	201,157		$	50,788
Ratios to Average Net Assets
Gross Expense^(c)		0.32	%^(d)		0.32	%		0.32	%		0.32	%^(d)
Net Expense^(c),(e)		0.25	%^(d)		0.09	%		0.12	%		0.25	%^(d)

Net Investment Income		1.72	%^(d)		0.02	%		0.01	%		1.18	%^(d)
	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
SELECT CLASS	(Unaudited)

Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.008			0.000	^(a)		0.000	^(a)		0.015			0.018			0.008
Net Realized Gain (Loss)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.008			0.000			0.000			0.015			0.018			0.008
Less Distributions From:
Net Investment Income		(0.008	)		(0.000	)^(a)		(0.000	)^(a)		(0.015	)		(0.018	)		(0.008	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		0.79	%^(b)		0.02	%		0.02	%		1.44	%		1.83	%		0.82	%
Net Assets, End of Period (000’s)	$	952,561		$	615,858		$	816,980		$	992,205		$	1,203,639		$	790,207
Ratios to Average Net Assets
Gross Expense^(c)		0.57	%^(d)		0.57	%		0.57	%		0.58	%		0.58	%		0.59	%
Net Expense^(c),(e)		0.33	%^(d)		0.08	%		0.15	%		0.35	%		0.35	%		0.35	%

Net Investment Income		1.70	%^(d)		0.02	%		0.02	%		1.45	%		1.85	%		0.89	%


	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
SERVICE CLASS	(Unaudited)

Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.006			0.000	^(a)		0.000	^(a)		0.011			0.014			0.004
Net Realized Gain (Loss)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.006			0.000			0.000			0.011			0.014			0.004
Less Distributions From:
Net Investment Income		(0.006	)		(0.000	)^(a)		(0.000	)^(a)		(0.011	)		(0.014	)		(0.004	)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		0.61	%^(b)		0.01	%		0.01	%		1.07	%		1.43	%		0.42	%
Net Assets, End of Period (000’s)	$	314		$	290		$	111		$	188		$	85		$	44
Ratios to Average Net Assets
Gross Expense^(c)		0.82	%^(d)		0.82	%		0.83	%		0.84	%		0.83	%		0.84	%
Net Expense^(c),(e)		0.68	%^(d)		0.09	%		0.17	%		0.70	%		0.75	%		0.74	%
Net Investment Income		1.22	%^(d)		0.01	%		0.01	%		0.97	%		1.40	%		0.44	%

(a)	Represents less than $0.001.

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

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

(d)	Annualized for periods less than one year.

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

*	Commencement of operations.

See Notes which are an integral part of the Financial Statements

Wilmington Funds

October 31, 2022 (unaudited)

1.	ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 2 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 8 funds are presented in separate reports.


Fund		Investment Goal

Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)^(d)		The Fund seeks to provide current income while maintaining liquidity and stability of principal.

Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)^(d)		The Fund seeks to provide current income while maintaining liquidity and stability of principal.

^(d)Diversified

The Funds offers Service Class, Select Class, Administrative Class and Institutional Class shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies.” The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated and the differences could be material.

Computation of Net Asset Value – It is each Fund’s policy to maintain a continuous net asset value of $1.00 per share for each class. Each Fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that each Fund will be able to maintain a stable net asset value of $1.00 per share. The net asset value (‘‘NAV’’) per share for each class of a Fund is computed by dividing the total current value of the assets of the Fund, less its liabilities, attributable to the class by the total number of shares of the class outstanding at the time of such computation. The NAV per share for each class of a Fund is computed as of 4:00 p.m. (Eastern Time) on days when the New York Stock Exchange (“NYSE”) is open for regular trading and the Federal Reserve Bank of New York (the ‘‘Fed’’) is open. In addition, the Funds may elect, in their discretion if it is determined to be in shareholders’ best interests, to be open on days when the NYSE is open but the Fed is closed or to be open on days when the Fed is open but the NYSE is closed, except for Good Friday.

Investment Valuation – The Funds use the amortized cost method to value their portfolio securities, when it represents the best estimate of fair value in accordance with Rule 2a-7 under the Act.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques by requiring that the most observable inputs be used when available. The guidance establishes three tiers of inputs that may be used to measure fair value. The three tiers of inputs are summarized at the end of each Fund’s Portfolio of Investments. The inputs or techniques used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Pursuant to the Funds’ fair value procedures noted previously, open-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

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, 2022, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty

Repurchase
Agreements

Fair Value of
Non-Cash Collateral
Received⁽¹⁾

Cash Collateral
Received⁽¹⁾

Net Exposure⁽²⁾

U.S. Government Money Market Fund

Federal Reserve Bank of New York

5,825,000,000

—

Mizuho Securities USA

100,000,000

—

5,925,000,000

—

U.S. Treasury Money Market Fund

CIBC World Market Corp.

75,000,000

—

Deutsche Bank Securities, Inc.

85,000,000

—

FICC Bank of New York

300,000,000

—

RBC Capital Markets

450,000,000

—

TD Securities, Inc.

440,000,000

—

1,350,000,000

—

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

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

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

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

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

3.	FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the six months ended October 31, 2022.

The amount and character of tax-basis distributions and composition of distributable earnings are finalized at fiscal year-end. Accordingly, tax-basis balances have not been determined as of the date of this report.

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

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

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


Fund		Advisory Fee Annual Rate

U.S. Government Money Market Fund		0.25%
U.S. Treasury Money Market Fund		0.25%

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2023, so that total annual fund operating expenses paid by the Funds (not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Fund’s distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.


	Current Contractual
	Expense Limitations
Fund	Administrative Class	Institutional Class	Select Class	Service Class

U.S. Government Money Market Fund*	0.60%	0.25%	0.35%	0.75%
U.S. Treasury Money Market Fund	0.60%	0.25%	0.35%	0.75%

Prior to August 31, 2022, the U.S. Government Money Market Fund’s contractual expense limitation was 0.62%, 0.27%, 0.37%, and 0.77% for Administrative, Institutional, Select, and Service Class, respectively.

In addition, WFMC has voluntarily agreed to waive and/or reimburse sufficient expenses of any class of the Funds to the extent necessary to maintain a yield of not less than zero. There is no guarantee that any class of the Funds will maintain such a yield. WFMC may amend or terminate this voluntary waiver and/or reimbursement at any time without prior notice to shareholders.

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


	Maximum	Average Aggregate Daily Net
Administrator	Fee	Assets of the Trust

WFMC	0.040%	on the first $5 billion
	0.030%	on the next $2 billion
	0.025%	on the next $3 billion
	0.018%	on assets in excess of $10 billion

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

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2022, neither WFMC nor BNYM waived any administrative fees.

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

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

For the six months ended October 31, 2022, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees, net of waivers, paid by the Funds as follows:


		Distribution
Fund		Fees

U.S. Government Money Market Fund		$1,417,641
U.S. Treasury Money Market Fund		299,973

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 voluntarily waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2022, M&T received shareholder services fees, net of waivers, paid by the Funds as follows:


		Shareholder
		Services
Fund		Fees

U.S. Government Money Market Fund		$2,538,020
U.S. Treasury Money Market Fund		490,124

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

BNYM provides custody services to the Trust.

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

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

5.	MARKET RISK IN GENERAL

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

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

6.	CONTRACTUAL OBLIGATIONS

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

7.	LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. The LOC expires on March 31, 2023.

The Funds did not utilize the LOC during the six months ended October 31, 2022.

DISCUSSION OF RENEWAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 14-15, 2022 (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 two Board meetings of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On August 25, 2022, the Board held a special meeting (the “August Meeting”) with personnel of the Adviser and Counsel to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with WFMC and with WTIA and the Advisory Agreements between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). At the August Meeting, the Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Independent Trustees and developed a request for additional and clarifying information that was responded to by the Adviser and discussed at the September Meeting.

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

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

During the agreement renewal process, the Board reviewed, considered and discussed, among themselves and with the Adviser and Counsel, the information described above. Counsel advised the Independent Trustees on their responsibilities under state and federal law with respect to the renewals and met with the Independent Trustees in executive sessions. The Board also considered reports provided by the Adviser throughout the year concerning each Fund with respect to, among other things, investment, 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 each of the Advisory Agreements based on all of the relevant information and factors, none of which was individually determinative of the outcome, and concluded the following:

•

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

•

The prospects for satisfactory investment performance were reasonable; and

•

Renewal of the Advisory Agreements was in the best interest of each Fund and its shareholders.

Wilmington U.S. Government Money Market Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were above the Fund’s expense group median and considered the fee waivers in place for the Fund. The Board also considered that the Fund achieved total return performance equal to the peer group average for the one-year period, and slightly below the peer group average for the three- and five-year periods, ended June 30, 2022.

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

PORTFOLIO SCHEDULE

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

Important information about the access and delivery of shareholder reports

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

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

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

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure. In accordance with current regulations, the Funds will: collect from customers only the non-public personal information needed to conduct the Funds’ business; insure the security and confidentiality of customer records and information; protect against unauthorized access to or use of customer records and information; protect against any anticipated threats or hazards to the security or integrity of customer records and information; and require companies that service the Funds to have an information security program in place that is reasonably designed to safeguard customer records and information.

Information Collected by the Funds

The Funds collect nonpublic personal information about you from the following sources:

•

We may receive information from you, or from your financial representative, on account applications, other forms or electronically (such as through the Funds’ website or other electronic trading mechanisms). Examples of this information include your name, address, social security or taxpayer identification number, date of birth, assets, income, account balances, and investment activity.

•

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

•

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

Information Sharing Policy

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

•

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

•

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

•

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

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

Information Security

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

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

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

Employee Access to Information

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

Visiting the Funds’ Website

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

•

Information or data entered into a website will be retained.

•

Where registration to a website or re-entering personal information on a website is required, “cookies” are used to improve your online experience. A cookie is a way for websites to recognize whether you have visited the site before. It is a small file that is stored on your computer that identifies you each time you re-visit the Funds’ website, so you don’t have to resubmit personal information. Cookies provide faster access into the website.

•

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

E-mail

If you have opted to receive 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-mails on matters pertaining to the retirement plan.

Please do not provide any account or personal information such as social security numbers, account numbers, or account balances within your e-mail correspondence to the Funds or its agents. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration. We can, however, use e-mail to provide you with the necessary forms or you may contact customer service toll-free at 1-800-836-2211.

What You Can Do

The safety and security of your Personal Information also depends on you. You are responsible for keeping your account information, such as your account number and login information for our website, confidential. For your protection, we recommend that you do not provide your account information, username, or password to anyone except a representative of the Funds as appropriate for a transaction or to set up an account. If you become aware of any suspicious activity relating to your account, please contact us immediately.

Surveys/Aggregate Data

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

Changes to Our Privacy Statement

The effective date of this policy is December 9, 2021. 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.

FUNDS October 31, 2022 (unaudited) PRESIDENT’S MESSAGE AND Semi-Annual Report WILMINGTON FUNDS Equity Funds Wilmington Enhanced Dividend Income Strategy Fund Wilmington Large-Cap Strategy Fund

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

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Enhanced Dividend Income Strategy Fund and Large-Cap Strategy Fund (the “Funds”), covering the semi-annual fiscal period of May 1, 2022, through October 31, 2022. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

The economy

Bond markets

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows:²



Bloomberg U.S. Treasury Bond Index³	Bloomberg U.S. Aggregate Bond Index⁴	Bloomberg U.S. Credit Bond Index⁵	Bloomberg Municipal Bond Index⁶	Bloomberg U.S. Corporate High Yield Bond Index⁷

-6.34%	-6.86%	-7.57%	-4.43%	-4.69%

Past performance is no guarantee of future results.

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

Equity markets

For the six-month period May 1, 2022 to October 31, 2022, 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

Eric W. Taylor

President

November 18, 2022

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.

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

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

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

8.	The Russell 1000^® Value Index is a market-capitalization-weighted index that measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

9.	The Russell 1000^® Growth Index is a market capitalization-weighted index that measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

10.

11.

12.

13.

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes



	Beginning Account Value 5/01/22	Ending Account Value 10/31/22	Expenses Paid During Period⁽¹⁾	Annualized Net Expense Ratio

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

Actual

Class A	$1,000.00	$993.90	$3.77	0.75%

Class I	$1,000.00	$995.60	$2.52	0.50%

Hypothetical (assuming a 5% return before expenses)

Class A	$1,000.00	$1,021.42	$3.82	0.75%

Class I	$1,000.00	$1,022.68	$2.55	0.50%

WILMINGTON LARGE-CAP STRATEGY FUND

Actual

Class I	$1,000.00	$943.10	$1.22	0.25%

Hypothetical (assuming a 5% return before expenses)

Class I	$1,000.00	$1,023.95	$1.28	0.25%

⁽¹⁾	Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Enhanced Dividend Income Strategy Fund

At October 31, 2022, the Fund’s sector classifications were as follows (unaudited):


	Percentage of Total Net Assets
Common Stocks

Financials		17.2	%

Health Care		14.4	%

Energy		11.8	%

Industrials		10.7	%

Information Technology		10.2	%

Consumer Staples		8.2	%

Utilities		6.1	%

Real Estate		5.0	%

Communication Services		4.6	%

Consumer Discretionary		4.6	%

Materials		4.1	%

Repurchase Agreements		0.0	%⁽¹⁾

Cash Equivalents⁽²⁾		3.1	%

Other Assets and Liabilities - Net⁽³⁾		(0.0	)%⁽¹⁾


TOTAL		100.0	%

⁽¹⁾	Represents less than 0.05%.

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)



Description	Number of Shares		Value

COMMON STOCKS – 96.9%

COMMUNICATION SERVICES – 4.6%

DIVERSIFIED TELECOMMUNICATION SERVICES – 3.0%

AT&T, Inc.		31,350	$	571,511

Verizon Communications, Inc.		13,125		490,481


			$	1,061,992

ENTERTAINMENT – 0.0%**

Warner Bros Discovery, Inc.*		1		13

MEDIA – 1.6%

Omnicom Group, Inc.		8,125		591,094


TOTAL COMMUNICATION SERVICES			$	1,653,099

CONSUMER DISCRETIONARY – 4.6%

HOTELS, RESTAURANTS & LEISURE – 3.0%

McDonald’s Corp.		1,730		471,702

Restaurant Brands International, Inc.		1		59

Starbucks Corp.		6,850		593,142


			$	1,064,903

SPECIALTY RETAIL – 1.6%

Home Depot, Inc. (The)		1,985		587,818



TOTAL CONSUMER DISCRETIONARY			$	1,652,721



Description	Number of Shares		Value

CONSUMER STAPLES – 8.2%

BEVERAGES – 2.0%

PepsiCo., Inc.		4,015	$	729,043

HOUSEHOLD PRODUCTS – 2.4%

Procter & Gamble Co. (The)		6,270		844,381

PERSONAL PRODUCTS – 1.9%

Unilever PLC, ADR		14,900		678,099

TOBACCO – 1.9%

Philip Morris International, Inc.		7,315		671,883


TOTAL CONSUMER STAPLES			$	2,923,406

ENERGY – 11.8%

OIL, GAS & CONSUMABLE FUELS – 11.8%

Chevron Corp.		7,175		1,297,957

ConocoPhillips		10,675		1,346,011

Exxon Mobil Corp.		7,325		811,683

Valero Energy Corp.		5,850		734,468


TOTAL ENERGY			$	4,190,119

FINANCIALS – 17.2%

BANKS – 5.9%

KeyCorp.		22,090		394,748



Description	Number of Shares		Value

Toronto-Dominion Bank (The)		9,990	$	639,260

U.S. Bancorp		14,350		609,158

United Bankshares, Inc.		10,775		456,321


			$	2,099,487

CAPITAL MARKETS – 4.2%

BlackRock, Inc.		1,010		652,369

Morgan Stanley		10,370		852,103


			$	1,504,472

DIVERSIFIED FINANCIAL SERVICES – 2.8%

JPMorgan Chase & Co.		7,925		997,599

INSURANCE – 4.3%

MetLife, Inc.		12,450		911,465

Old Republic International Corp.		26,240		609,030


			$	1,520,495


TOTAL FINANCIALS			$	6,122,053

HEALTH CARE – 14.4%

BIOTECHNOLOGY – 1.8%

Amgen, Inc.		2,345		633,971

HEALTH CARE EQUIPMENT & SUPPLIES – 1.3%

Medtronic PLC		5,150		449,801

HEALTH CARE PROVIDERS & SERVICES – 2.5%

CVS Health Corp.		9,510		900,597

PHARMACEUTICALS – 8.8%

Bristol-Myers Squibb Co.		9,210		713,499

Johnson & Johnson		6,095		1,060,347

Merck & Co., Inc.		7,150		723,580

Pfizer, Inc.		13,990		651,234


			$	3,148,660


TOTAL HEALTH CARE			$	5,133,029

INDUSTRIALS – 10.7%

AEROSPACE & DEFENSE – 3.5%

Lockheed Martin Corp.		2,585		1,258,068

AIR FREIGHT & LOGISTICS – 2.0%

United Parcel Service, Inc.		4,155		697,084

BUILDING PRODUCTS – 2.0%

Johnson Controls International PLC		12,580		727,627

ELECTRICAL EQUIPMENT – 1.7%

nVent Electric PLC		16,555		604,258

MACHINERY – 1.5%

Caterpillar, Inc.		2,490		538,985


TOTAL INDUSTRIALS			$	3,826,022

INFORMATION TECHNOLOGY – 10.2%

COMMUNICATIONS EQUIPMENT – 2.4%

Cisco Systems, Inc.		18,910		859,081

IT SERVICES – 1.8%

International Business Machines Corp.		4,560		630,603

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.0%

Broadcom, Inc.		2,545		1,196,456



Description	Number of Shares		Value

QUALCOMM, Inc.		7,990	$	940,103


			$	2,136,559


TOTAL INFORMATION TECHNOLOGY			$	3,626,243

MATERIALS – 4.1%

CHEMICALS – 4.1%

Dow, Inc.		14,505		677,964

Nutrien Ltd.		9,425		796,412


TOTAL MATERIALS			$	1,474,376

REAL ESTATE – 5.0%

REAL ESTATE INVESTMENT TRUSTS – 5.0%

AvalonBay Communities, Inc.		3,455		605,040

Crown Castle, Inc.		4,215		561,691

VICI Properties, Inc.		19,356		619,779


TOTAL REAL ESTATE			$	1,786,510

UTILITIES – 6.1%

ELECTRIC UTILITIES – 6.1%

American Electric Power Co., Inc.		7,520		661,158

Duke Energy Corp.		4,610		429,560

FirstEnergy Corp.		13,675		515,684

NextEra Energy, Inc.		7,310		566,525


TOTAL UTILITIES			$	2,172,927


TOTAL COMMON STOCKS (COST $30,503,462)			$	34,560,505

MONEY MARKET FUND – 3.1%

Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^		1,096,389		1,096,389


TOTAL MONEY MARKET FUND (COST $1,096,389)			$	1,096,389


	Par Value

REPURCHASE AGREEMENTS – 0.0%**

Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 1/01/61; total market value of $52.	$	51		51

Daiwa Capital Markets America, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $46, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.63%, maturing 11/01/22 to 11/01/52; total market value of $47.		46		46

Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $52.		51		51

National Bank Financial, 3.09%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Treasury Securities, 0.00% to 4.08%, maturing 11/01/22 to 9/09/49; total market value of $52.		51		51

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, 2022 in valuing the Fund’s assets carried at fair value:


	Level 1			Level 2			Level 3			Total

Investments in Securities

Common Stocks		$	34,560,505		$	—		$	—		$	34,560,505

Money Market Fund			1,096,389			—			—			1,096,389

Repurchase Agreements			—			250			—			250


Total		$	35,656,894		$	250		$	—		$	35,657,144

**	Represents less than 0.05%.

*	Non-income producing security.

^	7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:


ADR		American Depositary Receipt

PLC		Public Limited Company

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At October 31, 2022, the Fund’s sector classifications were as follows (unaudited):


	Percentage of Total Net Assets

Common Stocks

Information Technology		25.7	%

Health Care		14.8	%

Financials		11.7	%

Consumer Discretionary		10.8	%

Industrials		8.9	%

Communication Services		7.0	%

Consumer Staples		6.5	%

Energy		5.6	%

Real Estate		2.8	%

Utilities		2.8	%

Materials		2.7	%

Investment Companies		0.5	%

Warrants		0.0	%⁽¹⁾

Preferred Stocks		0.0	%⁽¹⁾

Rights		0.0	%⁽¹⁾

Cash Equivalents⁽²⁾		0.1	%

Cash Collateral Invested for Securities on Loan⁽³⁾		0.5	%

Other Assets and Liabilities - Net⁽⁴⁾		(0.4	)%


TOTAL		100.0	%

⁽¹⁾	Represents less than 0.05%.

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)



Description	Number of Shares		Value

COMMON STOCKS – 99.3%

COMMUNICATION SERVICES – 7.0%

DIVERSIFIED TELECOMMUNICATION SERVICES – 0.7%

AT&T, Inc.		76,962	$	1,403,017

Frontier Communications Parent, Inc.*		3,350		78,457

Lumen Technologies, Inc.^#		15,035		110,658

Verizon Communications, Inc.		45,120		1,686,134



			$	3,278,266

ENTERTAINMENT – 1.4%

Activision Blizzard, Inc.		10,420		758,576

AMC Entertainment Holdings, Inc., Class A*^,^#		6,550		43,623

Electronic Arts, Inc.		3,810		479,907

Liberty Media Corp. - Liberty Formula One, Class A*		105		5,462



Description	Number of Shares		Value

Liberty Media Corp. - Liberty Formula One, Class C*		2,835	$	163,664

Live Nation Entertainment, Inc.*		1,970		156,832

Madison Square Garden Sports Corp.		229		35,864

Netflix, Inc.*		5,900		1,722,092

Playtika Holding Corp.*		1,400		13,230

ROBLOX Corp., Class A*		5,950		266,203

Roku, Inc.*		1,600		88,864

Spotify Technology SA*		1,520		122,482

Take-Two Interactive Software, Inc.*		2,118		250,941

Walt Disney Co. (The)*		24,433		2,603,092

Warner Bros Discovery, Inc.*		25,474		331,162

World Wrestling Entertainment, Inc., Class A		550		43,389


			$	7,085,383

INTERACTIVE MEDIA & SERVICES – 3.7%

Alphabet, Inc., Class A*		81,400		7,693,114



Description	Number of Shares		Value

Alphabet, Inc., Class C*		73,430	$	6,950,884

IAC, Inc.*		950		46,246

Match Group, Inc.*		3,792		163,814

Meta Platforms, Inc., Class A*		30,830		2,872,123

Pinterest, Inc., Class A*		7,693		189,248

TripAdvisor, Inc.*		1,600		37,792

ZoomInfo Technologies, Inc.*		3,500		155,855



			$	18,109,076

MEDIA – 0.8%

Altice USA, Inc., Class A*		2,700		17,847

Cable One, Inc.		90		77,349

Charter Communications, Inc., Class A*		1,552		570,546

Comcast Corp., Class A		59,350		1,883,769

DISH Network Corp., Class A*		6,246		93,128

Fox Corp., Class A		4,376		126,335

Fox Corp., Class B		1,500		40,800

Interpublic Group of Cos., Inc. (The)		5,168		153,955

Liberty Broadband Corp., Class A*		185		15,784

Liberty Broadband Corp., Class C*		1,918		161,937

Liberty Media Corp. - Liberty SiriusXM, Class A*		1,243		52,753

Liberty Media Corp. - Liberty SiriusXM, Class C*		2,036		85,899

Loyalty Ventures, Inc.*		316		373

New York Times Co. (The), Class A		2,100		60,816

News Corp., Class A		5,007		84,468

News Corp., Class B		1,448		24,804

Nexstar Media Group, Inc., Class A		450		77,085

Omnicom Group, Inc.		2,690		195,697

Sirius XM Holdings, Inc.^#		7,540		45,541

Paramount Global, Class B		8,446		154,731



			$	3,923,617

WIRELESS TELECOMMUNICATION SERVICES – 0.4%

T-Mobile US, Inc.*		12,919		1,958,004



TOTAL COMMUNICATION SERVICES			$	34,354,346

CONSUMER DISCRETIONARY – 10.8%

AUTO COMPONENTS – 0.1%

Aptiv PLC*		3,600		327,852

BorgWarner, Inc.		3,080		115,592

Gentex Corp.		3,180		84,238

Lear Corp.		800		110,968

QuantumScape Corp.*^,#		3,450		28,739



			$	667,389

AUTOMOBILES – 2.0%

Ford Motor Co.		54,900		734,013

General Motors Co.		19,650		771,262

Harley-Davidson, Inc.		1,620		69,660

Lucid Group, Inc.*^,#		6,900		98,601

Rivian Automotive, Inc., Class A*		6,650		232,550

Tesla, Inc.*		34,170		7,775,042

Thor Industries, Inc.^#		750		61,103



			$	9,742,231

DISTRIBUTORS – 0.1%

Genuine Parts Co.		1,870		332,598



Description	Number of Shares		Value

LKQ Corp.		3,468	$	192,960

Pool Corp.		500		152,115



			$	677,673

DIVERSIFIED CONSUMER SERVICES – 0.1%

ADT, Inc.^#		2,560		21,658

Bright Horizons Family Solutions, Inc.*		783		51,145

Grand Canyon Education, Inc.*		400		40,252

H&R Block, Inc.		2,200		90,530

Mister Car Wash, Inc.*^,^#		750		6,622

Service Corp. International		2,170		131,524



			$	341,731

HOTELS, RESTAURANTS & LEISURE – 2.1%

Airbnb, Inc., Class A*		5,150		550,587

Aramark		2,983		108,880

Booking Holdings, Inc.*		530		990,824

Boyd Gaming Corp.		1,000		57,760

Caesars Entertainment, Inc.*		2,160		94,457

Carnival Corp.*^,#		9,950		90,147

Chipotle Mexican Grill, Inc.*		400		599,332

Choice Hotels International, Inc.		460		59,726

Churchill Downs, Inc.		500		103,955

Darden Restaurants, Inc.		1,650		236,181

Domino’s Pizza, Inc.		500		166,120

DraftKings, Inc., Class A*^,#		4,270		67,466

Expedia Group, Inc.*		2,052		191,800

Hilton Worldwide Holdings, Inc.		3,703		500,868

Hyatt Hotels Corp., Class A*		650		61,237

Las Vegas Sands Corp.*		4,420		168,004

Marriott International, Inc., Class A		3,686		590,165

Marriott Vacations Worldwide Corp.		500		73,880

McDonald’s Corp.		9,799		2,671,795

MGM Resorts International		4,710		167,535

Norwegian Cruise Line Holdings Ltd.*^,#		5,750		97,118

Penn Entertainment, Inc.*		2,050		67,855

Planet Fitness, Inc., Class A*		1,178		77,135

Restaurant Brands International LP		47		2,827

Royal Caribbean Cruises Ltd.*		3,030		161,741

Six Flags Entertainment Corp.*		1,100		24,530

Starbucks Corp.		15,440		1,336,950

Travel + Leisure Co.		1,160		44,057

Vail Resorts, Inc.		528		115,701

Wendy’s Co. (The)		2,515		52,262

Wyndham Hotels & Resorts, Inc.		1,310		99,468

Wynn Resorts Ltd.*		1,368		87,415

Yum! Brands, Inc.		3,900		461,175



			$	10,178,953

HOUSEHOLD DURABLES – 0.3%

DR Horton, Inc.		4,120		316,746

Garmin Ltd.		2,090		184,004

Leggett & Platt, Inc.		1,770		59,738

Lennar Corp., Class A		3,260		263,082

Lennar Corp., Class B		176		11,479

Mohawk Industries, Inc.*		655		62,061

Newell Brands, Inc.		5,269		72,765

NVR, Inc.*		50		211,887



Description	Number of Shares		Value

PulteGroup, Inc.		2,890	$	115,571

Tempur Sealy International, Inc.		2,100		56,469

Toll Brothers, Inc.		1,350		58,158

TopBuild Corp.*		450		76,563

Whirlpool Corp.		735		101,606



			$	1,590,129

INTERNET & DIRECT MARKETING RETAIL – 2.6%

Amazon.com, Inc.*		119,550		12,246,702

DoorDash, Inc., Class A*		2,670		116,225

eBay, Inc.		7,440		296,410

Etsy, Inc.*		1,650		154,951

Wayfair, Inc., Class A*		1,498		56,804



			$	12,871,092

LEISURE PRODUCTS – 0.1%

Brunswick Corp.		950		67,137

Hasbro, Inc.		1,690		110,272

Mattel, Inc.*		4,600		87,216

Peloton Interactive, Inc., Class A*^,#		3,200		26,880

Polaris, Inc.		800		81,280

YETI Holdings, Inc.*		1,050		33,684



			$	406,469

MULTILINE RETAIL – 0.5%

Dollar General Corp.		3,050		777,903

Dollar Tree, Inc.*		2,812		445,702

Kohl’s Corp.		2,660		79,667

Macy’s, Inc.		4,000		83,400

Nordstrom, Inc.^#		1,330		27,052

Ollie’s Bargain Outlet Holdings, Inc.*		873		48,888

Target Corp.		6,210		1,019,992



			$	2,482,604

SPECIALTY RETAIL – 2.3%

Advance Auto Parts, Inc.		850		161,432

AutoNation, Inc.*		480		51,029

AutoZone, Inc.*		260		658,549

Bath & Body Works, Inc.		3,210		107,150

Best Buy Co., Inc.		2,680		183,339

Burlington Stores, Inc.*		850		121,516

CarMax, Inc.*		2,200		138,622

Carvana Co.*^,#		1,200		16,236

Dick’s Sporting Goods, Inc.		800		91,008

Five Below, Inc.*		678		99,225

Floor & Decor Holdings, Inc., Class A*		1,460		107,120

GameStop Corp., Class A*^,#		3,500		99,085

Gap, Inc. (The)		3,500		39,445

Home Depot, Inc. (The)		13,750		4,071,787

Leslie’s, Inc.*		2,150		30,186

Lithia Motors, Inc.		400		79,260

Lowe’s Cos., Inc.		8,750		1,705,812

O’Reilly Automotive, Inc.*		900		753,453

Penske Automotive Group, Inc.		400		44,648

Petco Health & Wellness Co., Inc.*^,#		1,150		12,110

RH*		190		48,247

Ross Stores, Inc.		4,590		439,217

TJX Cos., Inc. (The)		15,580		1,123,318

Tractor Supply Co.		1,500		329,655



Description	Number of Shares		Value

Ulta Beauty, Inc.*		700	$	293,559

Victoria’s Secret & Co.*		1,253		47,113

Williams-Sonoma, Inc.		910		112,685



			$	10,964,806

TEXTILES, APPAREL & LUXURY GOODS – 0.6%

Capri Holdings Ltd.*		1,900		86,792

Carter’s, Inc.		550		37,329

Columbia Sportswear Co.		468		34,866

Deckers Outdoor Corp.*		350		122,476

Hanesbrands, Inc.^#		9,500		64,790

Lululemon Athletica, Inc.*		1,500		493,560

NIKE, Inc., Class B		16,490		1,528,293

PVH Corp.		970		49,780

Ralph Lauren Corp.		635		58,858

Skechers USA, Inc., Class A*		1,843		63,454

Tapestry, Inc.		3,530		111,830

Under Armour, Inc., Class A*		3,628		27,029

Under Armour, Inc., Class C*		3,350		21,976

VF Corp.		4,750		134,188



			$	2,835,221



TOTAL CONSUMER DISCRETIONARY			$	52,758,298

CONSUMER STAPLES – 6.5%

BEVERAGES – 1.7%

Boston Beer Co., Inc. (The), Class A*^,#		100		37,329

Brown-Forman Corp., Class A		550		37,824

Brown-Forman Corp., Class B		2,575		175,100

Coca-Cola Co. (The)		52,650		3,151,102

Constellation Brands, Inc., Class A		2,050		506,514

Keurig Dr. Pepper, Inc.		11,500		446,660

Molson Coors Beverage Co., Class B		2,300		115,989

Monster Beverage Corp.*		4,950		463,914

PepsiCo., Inc.		18,650		3,386,467



			$	8,320,899

FOOD & STAPLES RETAILING – 1.6%

Albertsons Cos., Inc., Class A		2,300		47,173

BJ’s Wholesale Club Holdings, Inc.*		1,700		131,580

Casey’s General Stores, Inc.		535		124,500

Costco Wholesale Corp.		6,000		3,009,000

Grocery Outlet Holding Corp.*		1,050		36,299

Kroger Co. (The)		8,750		413,787

Performance Food Group Co.*		2,100		109,284

Sysco Corp.		6,800		588,608

U.S. Foods Holding Corp.*		2,800		83,328

Walgreens Boots Alliance, Inc.		7,600		277,400

Walmart, Inc.		19,450		2,768,318



			$	7,589,277

FOOD PRODUCTS – 1.2%

Archer-Daniels-Midland Co.		7,500		727,350

Bunge Ltd.		1,895		187,037

Campbell Soup Co.		2,550		134,921

Conagra Brands, Inc.		6,200		227,540

Darling Ingredients, Inc.*		2,050		160,884

Flowers Foods, Inc.		2,300		66,033

Freshpet, Inc.*		550		32,423



Description	Number of Shares		Value

General Mills, Inc.		8,000	$	652,640

Hershey Co. (The)		1,950		465,601

Hormel Foods Corp.		3,600		167,220

Ingredion, Inc.		850		75,752

J.M. Smucker Co. (The)		1,350		203,391

Kellogg Co.		3,300		253,506

Kraft Heinz Co. (The)		9,250		355,847

Lamb Weston Holdings, Inc.		1,900		163,818

McCormick & Co., Inc.		3,250		255,580

Mondelez International, Inc., Class A		18,500		1,137,380

Pilgrim’s Pride Corp.*		550		12,678

Post Holdings, Inc.*		638		57,688

Seaboard Corp.		50		187,319

Tyson Foods, Inc., Class A		3,750		256,312



			$	5,780,920

HOUSEHOLD PRODUCTS – 1.3%

Church & Dwight Co., Inc.		3,150		233,510

Clorox Co. (The)		1,650		240,966

Colgate-Palmolive Co.		11,100		819,624

Kimberly-Clark Corp.		4,450		553,847

Procter & Gamble Co. (The)		32,400		4,363,308

Reynolds Consumer Products, Inc.^#		500		15,270

Spectrum Brands Holdings, Inc.		600		27,684



			$	6,254,209

PERSONAL PRODUCTS – 0.1%

Coty, Inc., Class A*		4,890		32,812

Estee Lauder Cos., Inc. (The), Class A		3,050		611,494

Olaplex Holdings, Inc.*		1,700		7,480



			$	651,786

TOBACCO – 0.6%

Altria Group, Inc.		24,250		1,122,048

Philip Morris International, Inc.		20,850		1,915,072



			$	3,037,120



TOTAL CONSUMER STAPLES			$	31,634,211

ENERGY – 5.6%

ENERGY EQUIPMENT & SERVICES – 0.4%

Baker Hughes Co.		13,650		377,559

Halliburton Co.		12,513		455,724

NOV, Inc.		5,698		127,635

Schlumberger NV		20,646		1,074,211



			$	2,035,129

OIL, GAS & CONSUMABLE FUELS – 5.2%

Antero Midstream Corp.		4,100		43,665

Antero Resources Corp.*		4,150		152,139

APA Corp.		4,790		217,753

Cheniere Energy, Inc.		3,580		631,548

Chesapeake Energy Corp.		1,800		184,086

Chevron Corp.		27,914		5,049,643

ConocoPhillips		18,728		2,361,414

Continental Resources, Inc.		565		41,793

Coterra Energy, Inc.		10,274		319,830

Devon Energy Corp.		9,436		729,875

Diamondback Energy, Inc.		2,397		376,593



Description	Number of Shares		Value

DT Midstream, Inc.		1,275	$	76,117

Enviva, Inc.^#		450		26,928

EOG Resources, Inc.		8,480		1,157,690

EQT Corp.		5,250		219,660

Exxon Mobil Corp.		59,243		6,564,717

Hess Corp.		3,940		555,855

HF Sinclair Corp.		2,190		133,962

Kinder Morgan, Inc.		28,005		507,451

Marathon Oil Corp.		10,050		306,022

Marathon Petroleum Corp.		7,450		846,469

New Fortress Energy, Inc.		650		35,795

Occidental Petroleum Corp.		11,760		853,776

ONEOK, Inc.		6,260		371,343

Ovintiv, Inc.		3,600		182,340

PDC Energy, Inc.		1,400		100,996

Phillips 66		6,940		723,773

Pioneer Natural Resources Co.		3,476		891,281

Range Resources Corp.		3,600		102,528

Southwestern Energy Co.*		16,650		115,384

Targa Resources Corp.		3,150		215,365

Texas Pacific Land Corp.		100		230,387

Valero Energy Corp.		5,620		705,591

Williams Cos., Inc. (The)		17,370		568,520



			$	25,600,289



TOTAL ENERGY			$	27,635,418

FINANCIALS – 11.7%

BANKS – 3.8%

Bank of America Corp.		95,100		3,427,404

Bank of Hawaii Corp.		520		39,494

Bank OZK		1,450		62,321

BOK Financial Corp.		470		51,789

Citigroup, Inc.		26,032		1,193,828

Citizens Financial Group, Inc.		6,650		271,985

Comerica, Inc.		1,730		121,965

Commerce Bancshares, Inc.		1,437		101,797

Cullen/Frost Bankers, Inc.		790		122,489

East West Bancorp, Inc.		1,873		134,051

Fifth Third Bancorp		9,200		328,348

First Citizens BancShares, Inc., Class A^#		200		164,424

First Hawaiian, Inc.		1,750		44,765

First Horizon Corp.		7,134		174,854

First Republic Bank		2,400		288,240

FNB Corp.		4,950		71,527

Huntington Bancshares, Inc.		19,146		290,636

JPMorgan Chase & Co.		39,520		4,974,778

KeyCorp.		12,294		219,694

M&T Bank Corp.^§		2,323		391,123

PacWest Bancorp		1,539		38,260

Pinnacle Financial Partners, Inc.		1,000		82,990

PNC Financial Services Group, Inc. (The)		5,560		899,775

Popular, Inc.		1,038		73,407

Prosperity Bancshares, Inc.		1,323		94,687

Regions Financial Corp.		12,406		272,312

Signature Bank		850		134,750

SVB Financial Group*		800		184,768

Synovus Financial Corp.		1,994		79,461



Description	Number of Shares		Value

Truist Financial Corp.		17,907	$	802,055

U.S. Bancorp		18,120		769,194

Umpqua Holdings Corp.		2,850		56,658

Webster Financial Corp.		2,312		125,449

Wells Fargo & Co.		51,275		2,358,137

Western Alliance Bancorp		1,495		100,419

Wintrust Financial Corp.		800		74,896

Zions Bancorp NA		1,990		103,361



			$	18,726,091

CAPITAL MARKETS – 3.2%

Affiliated Managers Group, Inc.		470		58,355

Ameriprise Financial, Inc.		1,440		445,133

Ares Management Corp., Class A		2,000		151,660

Bank of New York Mellon Corp. (The)		9,970		419,837

BlackRock, Inc.		2,060		1,330,574

Blackstone, Inc.		7,520		685,373

Blue Owl Capital, Inc.^#		5,150		51,603

Carlyle Group, Inc. (The)		2,750		77,770

Cboe Global Markets, Inc.		1,350		168,075

Charles Schwab Corp. (The)		20,505		1,633,633

CME Group, Inc.		4,800		831,840

Coinbase Global, Inc., Class A*^,#		2,000		132,500

Evercore, Inc., Class A		550		57,805

FactSet Research Systems, Inc.		490		208,490

Franklin Resources, Inc.		4,120		96,614

Goldman Sachs Group, Inc. (The)		4,490		1,546,850

Interactive Brokers Group, Inc., Class A		1,198		96,020

Intercontinental Exchange, Inc.		7,440		711,041

Invesco Ltd.		5,220		79,970

Janus Henderson Group PLC		1,800		40,986

Jefferies Financial Group, Inc.		2,548		87,677

KKR & Co., Inc.		7,584		368,810

Lazard Ltd., Class A^#		1,300		49,023

LPL Financial Holdings, Inc.		1,050		268,432

MarketAxess Holdings, Inc.		500		122,020

Moody’s Corp.		2,140		566,822

Morgan Stanley		17,026		1,399,026

Morningstar, Inc.		350		81,263

MSCI, Inc.		1,070		501,680

Nasdaq, Inc.		4,740		295,018

Northern Trust Corp.		2,680		226,058

Raymond James Financial, Inc.		2,565		303,029

Robinhood Markets, Inc., Class A*^,#		7,800		91,104

S&P Global, Inc.		4,539		1,458,154

SEI Investments Co.		1,340		72,762

State Street Corp.		4,870		360,380

Stifel Financial Corp.		1,500		92,805

T Rowe Price Group, Inc.		2,980		316,357

Tradeweb Markets, Inc., Class A		1,450		79,866

Virtu Financial, Inc., Class A		1,350		30,213



			$	15,594,628

CONSUMER FINANCE – 0.6%

Ally Financial, Inc.		4,313		118,866

American Express Co.		8,140		1,208,383

Capital One Financial Corp.		5,300		561,906

Credit Acceptance Corp.*^,#		100		46,562



Description	Number of Shares		Value

Discover Financial Services		3,780	$	394,859

OneMain Holdings, Inc.		1,550		59,768

SLM Corp.		3,510		58,231

SoFi Technologies, Inc.*^,#		11,100		60,384

Synchrony Financial		6,650		236,474

Upstart Holdings, Inc.*^,#		800		18,544



			$	2,763,977

DIVERSIFIED FINANCIAL SERVICES – 1.6%

Apollo Global Management, Inc.^#		6,126		339,135

Berkshire Hathaway, Inc., Class B*		24,496		7,228,524

Equitable Holdings, Inc.		5,243		160,541

Voya Financial, Inc.		1,330		90,919



			$	7,819,119

INSURANCE – 2.5%

Aflac, Inc.		8,750		569,713

Allstate Corp. (The)		3,580		451,975

American Financial Group, Inc.		950		137,855

American International Group, Inc.		10,130		577,410

Aon PLC, Class A		2,850		802,247

Arch Capital Group Ltd.*		4,920		282,900

Arthur J. Gallagher & Co.		2,780		520,082

Assurant, Inc.		730		99,178

Assured Guaranty Ltd.		600		35,514

Axis Capital Holdings Ltd.		830		45,376

Brighthouse Financial, Inc.*		800		45,656

Brown & Brown, Inc.		3,190		187,540

Chubb Ltd.		5,597		1,202,739

Cincinnati Financial Corp.		2,156		222,758

CNA Financial Corp.		150		6,255

Erie Indemnity Co., Class A		320		82,243

Everest Re Group Ltd.		520		167,783

Fidelity National Financial, Inc.		3,491		137,476

First American Financial Corp.		1,278		64,411

Globe Life, Inc.		1,293		149,367

Hanover Insurance Group, Inc. (The)		450		65,921

Hartford Financial Services Group, Inc. (The)		4,340		314,259

Kemper Corp.		778		37,087

Lincoln National Corp.		2,458		132,412

Loews Corp.		2,700		153,954

Markel Corp.*		180		217,098

Marsh & McLennan Cos., Inc.		6,740		1,088,443

MetLife, Inc.		9,201		673,605

Old Republic International Corp.		3,468		80,492

Primerica, Inc.		523		75,678

Principal Financial Group, Inc.		3,440		303,167

Progressive Corp. (The)		7,830		1,005,372

Prudential Financial, Inc.		5,030		529,106

Reinsurance Group of America, Inc.		840		123,623

RenaissanceRe Holdings Ltd.		578		89,405

Ryan Specialty Holdings, Inc.*		1,050		47,093

Travelers Cos., Inc. (The)		3,180		586,583

Unum Group		2,760		125,828

W.R. Berkley Corp.		2,880		214,214

White Mountains Insurance Group Ltd.		60		84,969

Willis Towers Watson PLC		1,450		316,405



			$	12,053,192



Description	Number of Shares		Value

MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.0%**

AGNC Investment Corp.		6,385	$	52,485

Annaly Capital Management, Inc.		5,232		97,054

Rithm Capital Corp.		5,650		47,629

Starwood Property Trust, Inc.		3,368		69,583


			$	266,751

THRIFTS & MORTGAGE FINANCE – 0.0%**

MGIC Investment Corp.		4,300		58,695

New York Community Bancorp, Inc.^#		5,983		55,702

Rocket Cos., Inc., Class A^#		1,400		9,660

UWM Holdings Corp.^#		1,900		6,232


			$	130,289


TOTAL FINANCIALS			$	57,354,047

HEALTH CARE – 14.8%

BIOTECHNOLOGY – 2.5%

2seventy bio, Inc.*		16		254

AbbVie, Inc.		24,061		3,522,531

Alnylam Pharmaceuticals, Inc.*		1,600		331,616

Amgen, Inc.		7,264		1,963,822

Biogen, Inc.*		1,950		552,708

BioMarin Pharmaceutical, Inc.*		2,500		216,575

Exact Sciences Corp.*		2,300		79,994

Exelixis, Inc.*		4,200		69,636

Gilead Sciences, Inc.		16,944		1,329,426

Horizon Therapeutics PLC*		3,000		186,960

Incyte Corp.*		2,410		179,159

Ionis Pharmaceuticals, Inc.*		2,050		90,610

Mirati Therapeutics, Inc.*		550		37,026

Moderna, Inc.*		4,550		684,002

Natera, Inc.*		1,150		54,004

Neurocrine Biosciences, Inc.*		1,300		149,656

Novavax, Inc.*^,#		880		19,598

Regeneron Pharmaceuticals, Inc.*		1,400		1,048,250

Sarepta Therapeutics, Inc.*		1,115		127,132

Seagen, Inc.*		1,850		235,246

Ultragenyx Pharmaceutical, Inc.*		950		38,437

United Therapeutics Corp.*		590		136,013

Vertex Pharmaceuticals, Inc.*		3,493		1,089,816


			$	12,142,471

HEALTH CARE EQUIPMENT & SUPPLIES – 2.6%

Abbott Laboratories		23,245		2,299,860

ABIOMED, Inc.*		600		151,248

Align Technology, Inc.*		1,060		205,958

Baxter International, Inc.		6,780		368,493

Becton Dickinson & Co.		3,834		904,709

Boston Scientific Corp.*		19,150		825,556

Cooper Cos., Inc. (The)		650		177,703

DENTSPLY SIRONA, Inc.		2,729		84,108

DexCom, Inc.*		5,300		640,134

Edwards Lifesciences Corp.*		8,316		602,328

Enovis Corp.*		650		32,143

Envista Holdings Corp.*		2,250		74,273

Globus Medical, Inc., Class A*		1,050		70,350

Hologic, Inc.*		3,190		216,282

ICU Medical, Inc.*		200		29,682



Description	Number of Shares		Value

IDEXX Laboratories, Inc.*		1,130	$	406,438

Insulet Corp.*		900		232,929

Integra LifeSciences Holdings Corp.*		848		42,612

Intuitive Surgical, Inc.*		4,850		1,195,379

Masimo Corp.*		650		85,540

Medtronic PLC		18,076		1,578,758

Novocure Ltd.*		1,350		95,391

Penumbra, Inc.*		500		85,735

QuidelOrtho Corp.*		668		60,000

ResMed, Inc.		1,920		429,485

STERIS PLC		1,300		224,354

Stryker Corp.		4,750		1,088,890

Tandem Diabetes Care, Inc.*		900		50,535

Teleflex, Inc.		610		130,882

Zimmer Biomet Holdings, Inc.		2,760		312,846


			$	12,702,601

HEALTH CARE PROVIDERS & SERVICES – 3.5%

Acadia Healthcare Co., Inc.*		1,250		101,625

agilon health, Inc.*		2,400		47,640

Amedisys, Inc.*		400		39,036

AmerisourceBergen Corp.		1,970		309,723

Cardinal Health, Inc.		3,570		270,963

Centene Corp.*		7,580		645,285

Chemed Corp.		200		93,374

Cigna Corp.		4,042		1,305,809

CVS Health Corp.		17,771		1,682,914

DaVita, Inc.*		838		61,182

Elevance Health, Inc.		3,310		1,809,809

Encompass Health Corp.		1,230		66,961

Enhabit, Inc.*		740		9,191

Guardant Health, Inc.*^,#		1,385		68,558

HCA Healthcare, Inc.		2,950		641,537

Henry Schein, Inc.*		1,720		117,751

Humana, Inc.		1,730		965,478

Laboratory Corp. of America Holdings		1,207		267,785

McKesson Corp.		1,950		759,271

Molina Healthcare, Inc.*		800		287,088

Oak Street Health, Inc.*		1,500		30,345

Premier, Inc., Class A		1,300		45,344

Quest Diagnostics, Inc.		1,550		222,658

Signify Health, Inc., Class A*		900		26,307

Tenet Healthcare Corp.*		1,450		64,322

UnitedHealth Group, Inc.		12,720		7,061,508

Universal Health Services, Inc., Class B		930		107,759


			$	17,109,223

HEALTH CARE TECHNOLOGY – 0.1%

Certara, Inc.*		1,450		17,733

Definitive Healthcare Corp.*		450		7,101

Doximity, Inc., Class A*		1,300		34,411

Teladoc Health, Inc.*		1,737		51,485

Veeva Systems, Inc., Class A*		1,870		314,048


			$	424,778

LIFE SCIENCES TOOLS & SERVICES – 1.7%

10X Genomics, Inc., Class A*		990		26,908

Agilent Technologies, Inc.		4,040		558,934



Description	Number of Shares		Value

Avantor, Inc.*		8,445	$	170,336

Azenta, Inc.		850		37,740

Bio-Rad Laboratories, Inc., Class A*		290		101,996

Bio-Techne Corp.		500		148,130

Bruker Corp.		1,400		86,576

Charles River Laboratories International, Inc.*		720		152,820

Danaher Corp.		8,780		2,209,662

Illumina, Inc.*		2,090		478,234

IQVIA Holdings, Inc.*		2,480		519,981

Maravai LifeSciences Holdings, Inc., Class A*		1,500		24,900

Mettler-Toledo International, Inc.*		320		404,778

PerkinElmer, Inc.		1,670		223,079

QIAGEN NV*		3,000		130,680

Repligen Corp.*		700		127,743

Sotera Health Co.*		1,100		7,568

Syneos Health, Inc.*		1,350		68,013

Thermo Fisher Scientific, Inc.		5,320		2,734,320

Waters Corp.*		810		242,328

West Pharmaceutical Services, Inc.		1,000		230,100


			$	8,684,826

PHARMACEUTICALS – 4.4%

AstraZeneca PLC, ADR		1		59

Bristol-Myers Squibb Co.		28,876		2,237,024

Catalent, Inc.*		2,200		144,606

Elanco Animal Health, Inc.*		5,800		76,502

Eli Lilly & Co.		11,480		4,156,793

Jazz Pharmaceuticals PLC*		860		123,659

Johnson & Johnson		35,800		6,228,126

Merck & Co., Inc.		34,366		3,477,839

Organon & Co.		3,016		78,959

Perrigo Co. PLC		1,808		72,826

Pfizer, Inc.		76,753		3,572,852

Royalty Pharma PLC, Class A		4,750		201,020

Viatris, Inc.		16,005		162,131

Zoetis, Inc.		6,381		962,127


			$	21,494,523


TOTAL HEALTH CARE			$	72,558,422

INDUSTRIALS – 8.9%

AEROSPACE & DEFENSE – 1.8%

Axon Enterprise, Inc.*		900		130,896

Boeing Co. (The)*		7,390		1,053,149

BWX Technologies, Inc.		1,255		71,510

Curtiss-Wright Corp.		465		78,041

General Dynamics Corp.		3,280		819,344

HEICO Corp.		550		89,452

HEICO Corp., Class A		1,052		133,920

Hexcel Corp.		1,150		64,055

Howmet Aerospace, Inc.		5,016		178,319

Huntington Ingalls Industries, Inc.		495		127,250

L3Harris Technologies, Inc.		2,582		636,386

Lockheed Martin Corp.		3,240		1,576,843

Mercury Systems, Inc.*		650		31,460

Northrop Grumman Corp.		1,970		1,081,550

Raytheon Technologies Corp.		20,104		1,906,261

Spirit AeroSystems Holdings, Inc., Class A		1,240		28,718



Description	Number of Shares		Value

Textron, Inc.		2,903	$	198,681

TransDigm Group, Inc.		690		397,274

Woodward, Inc.		775		71,067


			$	8,674,176

AIR FREIGHT & LOGISTICS – 0.5%

C.H. Robinson Worldwide, Inc.		1,584		154,788

Expeditors International of Washington, Inc.		2,230		218,206

FedEx Corp.		3,260		522,513

GXO Logistics, Inc.*		1,450		52,983

United Parcel Service, Inc., Class B		9,930		1,665,956


			$	2,614,446

AIRLINES – 0.2%

Alaska Air Group, Inc.*		1,625		72,247

American Airlines Group, Inc.*		8,993		127,521

Copa Holdings SA, Class A*		400		30,092

Delta Air Lines, Inc.*		8,640		293,155

JetBlue Airways Corp.*		3,750		30,150

Southwest Airlines Co.*		7,980		290,073

United Airlines Holdings, Inc.*		4,283		184,512


			$	1,027,750

BUILDING PRODUCTS – 0.6%

A.O. Smith Corp.		1,700		93,126

Advanced Drainage Systems, Inc.		850		98,498

Allegion PLC		1,133		118,704

Armstrong World Industries, Inc.		628		47,458

AZEK Co., Inc. (The)*		1,500		26,265

Builders FirstSource, Inc.*		2,300		141,818

Carlisle Cos., Inc.		690		164,772

Carrier Global Corp.		11,300		449,288

Fortune Brands Home & Security, Inc.		1,710		103,147

Hayward Holdings, Inc.*		650		6,013

Johnson Controls International PLC		9,231		533,921

Lennox International, Inc.		450		105,107

Masco Corp.		3,030		140,198

Owens Corning		1,248		106,841

Trane Technologies PLC		3,100		494,853

Trex Co., Inc.*		1,594		76,655


			$	2,706,664

COMMERCIAL SERVICES & SUPPLIES – 0.5%

Cintas Corp.		1,170		500,234

Clean Harbors, Inc.*		600		73,476

Copart, Inc.*		2,850		327,807

Driven Brands Holdings, Inc.*		450		14,391

IAA, Inc.*		1,668		63,267

MSA Safety, Inc.		450		60,408

Rentokil Initial PLC, ADR		2,485		76,886

Republic Services, Inc.		2,740		363,379

Rollins, Inc.		3,050		128,344

Stericycle, Inc.*		1,235		55,056

Tetra Tech, Inc.		700		98,896

Waste Management, Inc.		5,590		885,288


			$	2,647,432

CONSTRUCTION & ENGINEERING – 0.2%

AECOM		1,825		137,386



Description	Number of Shares		Value

MasTec, Inc.*		750	$	57,810

MDU Resources Group, Inc.		2,800		79,744

Quanta Services, Inc.		1,888		268,172

Valmont Industries, Inc.		260		82,997

WillScot Mobile Mini Holdings Corp.*		3,000		127,590


			$	753,699

ELECTRICAL EQUIPMENT – 0.7%

Acuity Brands, Inc.		400		73,428

AMETEK, Inc.		3,160		409,726

ChargePoint Holdings, Inc.*^,#		2,700		37,746

Eaton Corp. PLC		5,428		814,580

Emerson Electric Co.		7,940		687,604

Generac Holdings, Inc.*		847		98,176

Hubbell, Inc.		740		175,735

nVent Electric PLC		2,216		80,884

Plug Power, Inc.*,#		6,950		111,061

Regal Rexnord Corp.		900		113,886

Rockwell Automation, Inc.		1,570		400,821

Sensata Technologies Holding PLC		2,148		86,371

Sunrun, Inc.*		2,600		58,526

Vertiv Holdings Co.		4,200		60,102


			$	3,208,646

INDUSTRIAL CONGLOMERATES – 0.8%

3M Co.		7,730		972,357

General Electric Co.		11,865		923,215

Honeywell International, Inc.		9,100		1,856,582


			$	3,752,154

MACHINERY – 1.8%

AGCO Corp.		845		104,924

Allison Transmission Holdings, Inc.		1,200		50,700

Caterpillar, Inc.		7,150		1,547,689

Crane Holdings Co.		700		70,238

Cummins, Inc.		1,880		459,679

Deere & Co.		3,790		1,500,158

Donaldson Co., Inc.		1,460		83,877

Dover Corp.		2,010		262,687

Esab Corp.		649		24,208

Flowserve Corp.		1,798		51,567

Fortive Corp.		4,890		312,471

Gates Industrial Corp. PLC*		1,200		13,380

Graco, Inc.		2,320		161,426

IDEX Corp.		1,020		226,756

Illinois Tool Works, Inc.		4,250		907,502

Ingersoll Rand, Inc.		5,444		274,922

ITT, Inc.		1,035		79,064

Lincoln Electric Holdings, Inc.		750		106,500

Middleby Corp. (The)*		750		104,895

Nordson Corp.		800		180,000

Oshkosh Corp.		790		69,520

Otis Worldwide Corp.		5,625		397,350

PACCAR, Inc.		4,540		439,608

Parker-Hannifin Corp.		1,710		496,960

Pentair PLC		1,964		84,354

Snap-on, Inc.		680		150,994

Stanley Black & Decker, Inc.		1,970		154,625



Description	Number of Shares		Value

Timken Co. (The)		800	$	57,032

Toro Co. (The)		1,380		145,493

Westinghouse Air Brake Technologies Corp.		2,365		220,607

Xylem, Inc.		2,310		236,613


			$	8,975,799

MARINE – 0.0%**

Kirby Corp.*		800		55,800

PROFESSIONAL SERVICES – 0.5%

Booz Allen Hamilton Holding Corp.		1,750		190,488

CACI International, Inc., Class A*		353		107,323

Clarivate PLC*		6,400		66,112

CoStar Group, Inc.*		5,200		430,144

Dun & Bradstreet Holdings, Inc.		3,100		39,835

Equifax, Inc.		1,610		272,959

FTI Consulting, Inc.*		400		62,252

Jacobs Solutions, Inc.		1,650		190,113

KBR, Inc.		1,900		94,563

Leidos Holdings, Inc.		1,900		193,021

ManpowerGroup, Inc.		660		51,704

Robert Half International, Inc.		1,548		118,360

Science Applications International Corp.		800		86,672

TransUnion		2,600		154,102

Verisk Analytics, Inc.		2,050		374,802


			$	2,432,450

ROAD & RAIL – 1.0%

AMERCO		113		64,996

Avis Budget Group, Inc.*		350		82,761

CSX Corp.		29,350		852,911

Hertz Global Holdings, Inc.*^,#		3,250		59,800

JB Hunt Transport Services, Inc.		1,130		193,309

Knight-Swift Transportation Holdings, Inc.		2,085		100,143

Landstar System, Inc.		490		76,548

Lyft, Inc., Class A*		4,300		62,952

Norfolk Southern Corp.		3,210		732,105

Old Dominion Freight Line, Inc.		1,350		370,710

Ryder System, Inc.		640		51,526

Schneider National, Inc., Class B		323		7,183

Uber Technologies, Inc.*		25,300		672,221

Union Pacific Corp.		8,470		1,669,776

XPO Logistics, Inc.*		1,450		75,023


			$	5,071,964

TRADING COMPANIES & DISTRIBUTORS – 0.3%

Air Lease Corp.		1,450		51,171

Core & Main, Inc., Class A*		550		12,969

Fastenal Co.		7,790		376,491

MSC Industrial Direct Co., Inc., Class A		590		48,958

SiteOne Landscape Supply, Inc.*		550		63,728

United Rentals, Inc.*		970		306,239

Univar Solutions, Inc.*		2,300		58,604

Watsco, Inc.		450		121,932

WESCO International, Inc.*		600		82,662

WW Grainger, Inc.		640		373,984


			$	1,496,738


TOTAL INDUSTRIALS			$	43,417,718


Description	Number of Shares		Value

INFORMATION TECHNOLOGY – 25.7%

COMMUNICATIONS EQUIPMENT – 0.8%

Arista Networks, Inc.*		3,400	$	410,924

Ciena Corp.*		1,973		94,507

Cisco Systems, Inc.		55,750		2,532,722

F5, Inc.*		763		109,040

Juniper Networks, Inc.		4,240		129,744

Lumentum Holdings, Inc.*		900		67,005

Motorola Solutions, Inc.		2,230		556,853

Ubiquiti, Inc.		50		17,338

Viasat, Inc.*		950		38,912


			$	3,957,045

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%

Amphenol Corp., Class A		7,850		595,265

Arrow Electronics, Inc.*		785		79,489

Avnet, Inc.		1,150		46,219

CDW Corp.		1,790		309,330

Cognex Corp.		2,250		104,018

Coherent Corp.*		1,718		57,742

Corning, Inc.		10,320		331,994

IPG Photonics Corp.*		500		42,830

Jabil, Inc.		1,758		112,952

Keysight Technologies, Inc.*		2,450		426,667

Littelfuse, Inc.		293		64,533

National Instruments Corp.		1,720		65,670

TD SYNNEX Corp.		493		45,114

Teledyne Technologies, Inc.*		643		255,901

Trimble, Inc.*		3,330		200,333

Vontier Corp.		1,956		37,360

Zebra Technologies Corp., Class A*		700		198,254


			$	2,973,671

IT SERVICES – 4.6%

Accenture PLC, Class A		8,500		2,413,150

Affirm Holdings, Inc.*^,#		2,500		50,175

Akamai Technologies, Inc.*		2,150		189,910

Amdocs Ltd.		1,620		139,822

Automatic Data Processing, Inc.		5,580		1,348,686

Block, Inc., Class A*		6,950		417,486

Broadridge Financial Solutions, Inc.		1,530		229,592

Cloudflare, Inc., Class A*		3,650		205,568

Cognizant Technology Solutions Corp., Class A		6,960		433,260

Concentrix Corp.		593		72,482

DXC Technology Co.*		3,226		92,748

EPAM Systems, Inc.*		750		262,500

Euronet Worldwide, Inc.*		665		55,867

Fidelity National Information Services, Inc.		8,150		676,368

Fiserv, Inc.*		7,960		817,810

FleetCor Technologies, Inc.*		1,000		186,120

Gartner, Inc.*		1,050		317,016

Genpact Ltd.		2,545		123,433

Global Payments, Inc.		3,763		429,960

Globant SA*		550		103,774

GoDaddy, Inc., Class A*		2,150		172,860

International Business Machines Corp.		12,160		1,681,606

Jack Henry & Associates, Inc.		1,000		199,060

Kyndryl Holdings, Inc.*		2,412		23,324


Description	Number of Shares		Value

Mastercard, Inc., Class A		11,620	$	3,813,452

MongoDB, Inc.*		815		149,169

Okta, Inc.*		1,850		103,822

Paychex, Inc.		4,420		522,930

PayPal Holdings, Inc.*		15,465		1,292,565

Shift4 Payments, Inc., Class A*		700		32,179

Snowflake, Inc., Class A*		3,280		525,784

SS&C Technologies Holdings, Inc.		3,000		154,260

Switch, Inc., Class A		2,000		68,100

Thoughtworks Holding, Inc.*		1,150		11,052

Toast, Inc., Class A*		3,150		69,584

Twilio, Inc., Class A*		2,300		171,051

VeriSign, Inc.*		1,250		250,575

Visa, Inc., Class A		22,270		4,613,453

Western Union Co. (The)		5,190		70,117

WEX, Inc.*		615		100,946

Wix.com Ltd.*		640		53,824


			$	22,645,440

MEDIA – 0.1%

Trade Desk, Inc. (The)*		5,750		306,130

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.3%

Advanced Micro Devices, Inc.*		21,568		1,295,374

Allegro MicroSystems, Inc.*		450		11,435

Analog Devices, Inc.		6,992		997,199

Applied Materials, Inc.		11,880		1,048,885

Broadcom, Inc.		5,333		2,507,150

Cirrus Logic, Inc.*		700		46,984

Enphase Energy, Inc.*		1,750		537,250

Entegris, Inc.		1,950		154,713

First Solar, Inc.*		1,450		211,076

GLOBALFOUNDRIES, Inc.*^,#		900		51,030

Intel Corp.		54,770		1,557,111

KLA Corp.		2,000		632,900

Lam Research Corp.		1,830		740,747

Lattice Semiconductor Corp.*		1,850		89,744

Marvell Technology, Inc.		11,361		450,804

Microchip Technology, Inc.		7,228		446,257

Micron Technology, Inc.		15,000		811,500

MKS Instruments, Inc.		783		64,323

Monolithic Power Systems, Inc.		580		196,881

NVIDIA Corp.		32,645		4,406,096

ON Semiconductor Corp.*		5,828		358,014

Qorvo, Inc.*		1,400		120,512

QUALCOMM, Inc.		15,030		1,768,430

Skyworks Solutions, Inc.		2,150		184,922

Teradyne, Inc.		2,050		166,768

Texas Instruments, Inc.		12,350		1,983,780

Universal Display Corp.		600		57,132

Wolfspeed, Inc.*		1,575		124,031


			$	21,021,048

SOFTWARE – 8.5%

Adobe, Inc.*		6,360		2,025,660

Alteryx, Inc., Class A*		850		41,421

ANSYS, Inc.*		1,180		260,969

AppLovin Corp., Class A*^,#		2,850		48,336

Aspen Technology, Inc.*		367		88,612



Description	Number of Shares		Value

Atlassian Corp., Class A*		1,800	$	364,914

Autodesk, Inc.*		2,880		617,184

Bentley Systems, Inc., Class B		2,100		74,088

Bill.com Holdings, Inc.*		1,300		173,368

Black Knight, Inc.*		2,087		126,201

Cadence Design Systems, Inc.*		3,610		546,518

CCC Intelligent Solutions Holdings, Inc.*		2,300		21,459

Ceridian HCM Holding, Inc.*		1,875		124,106

Confluent, Inc., Class A*		1,750		47,040

Coupa Software, Inc.*		1,050		55,892

Crowdstrike Holdings, Inc., Class A*		2,769		446,363

Datadog, Inc., Class A*		3,498		281,624

DocuSign, Inc.*		2,500		120,750

Dolby Laboratories, Inc., Class A		990		66,172

DoubleVerify Holdings, Inc.*		650		19,000

Dropbox, Inc., Class A*		3,700		80,475

Dynatrace, Inc.*		2,773		97,721

Elastic NV*		1,050		67,147

Fair Isaac Corp.*		350		167,594

Five9, Inc.*		893		53,812

Fortinet, Inc.*		8,850		505,866

Guidewire Software, Inc.*		1,150		68,321

HubSpot, Inc.*		603		178,826

Informatica, Inc., Class A*^,#		500		9,680

Intuit, Inc.		3,700		1,581,750

Jamf Holding Corp.*		700		16,569

Manhattan Associates, Inc.*		773		94,051

Microsoft Corp.		101,299		23,514,537

N-Able, Inc.*		436		4,722

nCino, Inc.*		800		25,184

NCR Corp.*		1,620		34,441

New Relic, Inc.*		750		44,430

NortonLifeLock, Inc.		7,520		169,426

Nutanix, Inc., Class A*		2,950		80,830

Oracle Corp.		20,310		1,585,602

Palantir Technologies, Inc., Class A*		19,520		171,581

Palo Alto Networks, Inc.*		3,920		672,633

Paycom Software, Inc.*		700		242,200

Paycor HCM, Inc.*^,#		400		12,188

Paylocity Holding Corp.*		525		121,690

Pegasystems, Inc.		620		23,070

Procore Technologies, Inc.*		1,000		54,660

PTC, Inc.*		1,450		170,853

RingCentral, Inc., Class A*		1,150		40,848

Roper Technologies, Inc.		1,450		601,083

Salesforce, Inc.*		12,916		2,100,012

SentinelOne, Inc., Class A*		2,350		53,674

ServiceNow, Inc.*		2,700		1,135,998

Smartsheet, Inc., Class A*		1,705		59,539

Splunk, Inc.*		2,150		178,686

Synopsys, Inc.*		2,050		599,727

Teradata Corp.*		1,370		43,278

Tyler Technologies, Inc.*		550		177,831

UiPath, Inc., Class A*		4,700		59,455

Unity Software, Inc.*		2,110		62,245

VMware, Inc., Class A		2,819		317,222

Workday, Inc., Class A*		2,650		412,923



Description	Number of Shares		Value

Zendesk, Inc.*		1,665	$	127,689

Zoom Video Communications, Inc., Class A*		2,628		219,280

Zscaler, Inc.*		1,150		177,215


			$	41,766,241

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.8%

Apple, Inc.		207,140		31,762,847

Dell Technologies, Inc., Class C		3,669		140,890

Hewlett Packard Enterprise Co.		17,640		251,723

HP, Inc.		14,140		390,547

NetApp, Inc.		3,053		211,481

Pure Storage, Inc., Class A*		3,845		118,657

Western Digital Corp.*		4,233		145,488


			$	33,021,633


TOTAL INFORMATION TECHNOLOGY			$	125,691,208

MATERIALS – 2.7%

CHEMICALS – 1.7%

Air Products & Chemicals, Inc.		4,900		1,226,960

Albemarle Corp.		1,500		419,805

Ashland, Inc.		550		57,706

Axalta Coating Systems Ltd.*		2,710		63,197

Celanese Corp.		1,400		134,568

CF Industries Holdings, Inc.		2,750		292,215

Chemours Co. (The)		1,850		52,966

Corteva, Inc.		9,362		611,713

Dow, Inc.		9,479		443,048

DuPont de Nemours, Inc.		6,562		375,346

Eastman Chemical Co.		1,600		122,896

Ecolab, Inc.		3,200		502,624

Element Solutions, Inc.		3,100		53,320

FMC Corp.		1,600		190,240

Ginkgo Bioworks Holdings, Inc.*^,#		11,000		30,030

Huntsman Corp.		2,600		69,576

International Flavors & Fragrances, Inc.		2,590		252,810

Linde PLC		5,230		1,555,140

LyondellBasell Industries NV, Class A		3,350		256,108

Mosaic Co. (The)		4,765		256,119

NewMarket Corp.		100		30,434

Olin Corp.		1,700		90,015

PPG Industries, Inc.		3,100		353,958

RPM International, Inc.		1,700		160,769

Scotts Miracle-Gro Co. (The)		545		25,021

Sherwin-Williams Co. (The)		3,100		697,593

Valvoline, Inc.		2,250		66,060

Westlake Corp.		450		43,493


			$	8,433,730

CONSTRUCTION MATERIALS – 0.1%

Eagle Materials, Inc.		500		61,155

Martin Marietta Materials, Inc.		800		268,784

Vulcan Materials Co.		1,700		278,290


			$	608,229

CONTAINERS & PACKAGING – 0.4%

Amcor PLC		20,201		233,928

AptarGroup, Inc.		865		85,765

Ardagh Metal Packaging SA		1,750		7,770



Description	Number of Shares		Value

Avery Dennison Corp.		1,000	$	169,550

Ball Corp.		4,050		200,029

Berry Global Group, Inc.*		1,693		80,113

Crown Holdings, Inc.		1,618		110,979

Graphic Packaging Holding Co.		4,055		93,103

International Paper Co.		4,750		159,647

Packaging Corp. of America		1,200		144,252

Sealed Air Corp.		2,000		95,240

Silgan Holdings, Inc.		1,155		54,701

Sonoco Products Co.		1,430		88,774

Westrock Co.		3,200		108,992


			$	1,632,843

METALS & MINING – 0.5%

Alcoa Corp.		2,250		87,817

Cleveland-Cliffs, Inc.*		6,700		87,033

Freeport-McMoRan, Inc.		18,800		595,772

MP Materials Corp.*		1,150		34,546

Newmont Corp.		10,350		438,012

Nucor Corp.		3,450		453,261

Reliance Steel & Aluminum Co.		800		161,184

Royal Gold, Inc.		858		81,476

Southern Copper Corp.		1,150		54,015

SSR Mining, Inc.		2,450		33,810

Steel Dynamics, Inc.		2,400		225,720

United States Steel Corp.		3,250		66,170


			$	2,318,816

PAPER & FOREST PRODUCTS – 0.0%**

Louisiana-Pacific Corp.		1,100		62,315


TOTAL MATERIALS			$	13,055,933

REAL ESTATE – 2.8%

REAL ESTATE INVESTMENT TRUSTS – 2.7%

Alexandria Real Estate Equities, Inc.		2,015		292,779

American Homes 4 Rent, Class A		3,590		114,665

American Tower Corp.		5,760		1,193,414

Americold Realty Trust, Inc.		3,440		83,420

Apartment Income REIT Corp.		1,904		73,171

Apartment Investment & Management Co., Class A		2,854		22,661

AvalonBay Communities, Inc.		1,772		310,313

Boston Properties, Inc.		1,950		141,765

Brixmor Property Group, Inc.		3,750		79,913

Camden Property Trust		1,320		152,526

Cousins Properties, Inc.		1,833		43,552

Crown Castle, Inc.		5,340		711,608

CubeSmart		2,733		114,431

Digital Realty Trust, Inc.		3,510		351,877

Douglas Emmett, Inc.		2,210		38,874

EastGroup Properties, Inc.		500		78,345

EPR Properties		800		30,880

Equinix, Inc.		1,131		640,644

Equity LifeStyle Properties, Inc.		2,350		150,306

Equity Residential		4,550		286,741

Essex Property Trust, Inc.		823		182,904

Extra Space Storage, Inc.		1,650		292,776

Federal Realty Investment Trust		998		98,782



Description	Number of Shares		Value

First Industrial Realty Trust, Inc.		1,600	$	76,208

Gaming and Leisure Properties, Inc.		2,959		148,305

Healthcare Realty Trust, Inc.		4,030		81,930

Healthpeak Properties, Inc.		6,480		153,770

Highwoods Properties, Inc.		1,290		36,417

Host Hotels & Resorts, Inc.		9,080		171,430

Hudson Pacific Properties, Inc.		1,303		14,385

Invitation Homes, Inc.		7,700		244,013

Iron Mountain, Inc.		3,556		178,049

JBG SMITH Properties		1,071		21,077

Kilroy Realty Corp.		1,525		65,179

Kimco Realty Corp.		7,606		162,616

Lamar Advertising Co., Class A		1,050		96,841

Life Storage, Inc.		1,025		113,375

Medical Properties Trust, Inc.		7,350		84,158

Mid-America Apartment Communities, Inc.		1,421		223,736

National Retail Properties, Inc.		2,065		86,792

National Storage Affiliates Trust		1,100		46,926

Omega Healthcare Investors, Inc.		2,900		92,162

Park Hotels & Resorts, Inc.		3,150		41,202

Prologis, Inc.		11,378		1,260,113

Public Storage		1,910		591,622

Rayonier, Inc.		1,915		64,536

Realty Income Corp.		7,440		463,289

Regency Centers Corp.		2,033		123,017

Rexford Industrial Realty, Inc.		2,150		118,852

SBA Communications Corp.		1,300		350,870

Simon Property Group, Inc.		3,993		435,157

SL Green Realty Corp.		610		24,205

Spirit Realty Capital, Inc.		1,500		58,245

STORE Capital Corp.		2,955		93,969

Sun Communities, Inc.		1,450		195,532

UDR, Inc.		3,930		156,257

Ventas, Inc.		4,886		191,189

VICI Properties, Inc.		11,788		377,452

Vornado Realty Trust		1,976		46,614

Welltower, Inc.		5,620		343,045

Weyerhaeuser Co.		9,242		285,855

WP Carey, Inc.		2,350		179,305


			$	12,984,042

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%

CBRE Group, Inc., Class A*		4,110		291,563

Howard Hughes Corp. (The)*		408		25,031

Jones Lang LaSalle, Inc.*		578		91,954

Opendoor Technologies, Inc.*^,#		5,850		15,151

WeWork, Inc., Class A*^,#		1,650		4,241

Zillow Group, Inc., Class A*		500		15,465

Zillow Group, Inc., Class C*^,#		2,595		80,082


			$	523,487


TOTAL REAL ESTATE			$	13,507,529

UTILITIES – 2.8%

ELECTRIC UTILITIES – 1.7%

Alliant Energy Corp.		3,200		166,944

American Electric Power Co., Inc.		6,750		593,460

Avangrid, Inc.		850		34,578


Description	Number of Shares		Value

Constellation Energy Corp.		4,433	$	419,096

Duke Energy Corp.		10,150		945,777

Edison International		4,950		297,198

Entergy Corp.		2,600		278,564

Evergy, Inc.		2,800		171,164

Eversource Energy		4,450		339,446

Exelon Corp.		12,950		499,740

FirstEnergy Corp.		7,250		273,398

Hawaiian Electric Industries, Inc.		1,200		45,648

IDACORP, Inc.		600		62,820

NextEra Energy, Inc.		26,050		2,018,875

NRG Energy, Inc.		3,250		144,300

OGE Energy Corp.		2,713		99,377

PG&E Corp.*		20,700		309,051

Pinnacle West Capital Corp.		1,550		104,176

PPL Corp.		9,700		256,953

Southern Co. (The)		14,000		916,720

Xcel Energy, Inc.		7,100		462,281


			$	8,439,566

GAS UTILITIES – 0.1%

Atmos Energy Corp.		1,750		186,462

National Fuel Gas Co.		1,200		80,988

UGI Corp.		2,900		102,457


			$	369,907

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%

AES Corp. (The)		8,950		234,132

Brookfield Renewable Corp., Class A		1,350		41,891

Vistra Corp.		6,050		138,968


			$	414,991

MULTI-UTILITIES – 0.8%

Ameren Corp.		3,500		285,320

CenterPoint Energy, Inc.		8,750		250,337

CMS Energy Corp.		4,000		228,200

Consolidated Edison, Inc.		4,600		404,616

Dominion Energy, Inc.		10,943		765,682

DTE Energy Co.		2,700		302,697

NiSource, Inc.		5,450		140,011

Public Service Enterprise Group, Inc.		6,600		370,062

Sempra Energy		4,200		633,948

WEC Energy Group, Inc.		4,150		379,019


			$	3,759,892

WATER UTILITIES – 0.1%

American Water Works Co., Inc.		2,450		356,083

Essential Utilities, Inc.		3,200		141,504


			$	497,587


TOTAL UTILITIES			$	13,481,943


TOTAL COMMON STOCKS (COST $170,176,745)			$	485,449,073

PREFERRED STOCKS – 0.0%**

REAL ESTATE – 0.0%**

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%**

Brookfield Property Preferred LP 6.25%		400		6,248

Description

Number of
Shares

Value



TOTAL REAL ESTATE			$	6,248

COMMUNICATION SERVICES – 0.0%**

ENTERTAINMENT – 0.0%**

AMC Entertainment Holdings, Inc. Preferred Equity Units 0.00%*^,#		950	$	1,948


TOTAL COMMUNICATION SERVICES			$	1,948


TOTAL PREFERRED STOCKS
(COST $15,283)			$	8,196

RIGHTS – 0.0%**

Bristol-Myers Squibb Co. CVR, Expire 12/31/30		89		12


TOTAL RIGHTS (COST $0)			$	12

WARRANTS – 0.0%**

Occidental Petroleum Corp. CW27, Expire 08/03/27*		1,645		83,237


TOTAL WARRANTS (COST $0)			$	83,237

INVESTMENT COMPANIES – 0.5%

EQUITY FUNDS – 0.5%

iShares Russell 1000 ETF		6,170		1,313,717

iShares Russell 1000 Growth ETF		2,895		644,369

iShares Russell 1000 Value ETF		4,465		668,589


TOTAL EQUITY FUNDS			$	2,626,675


TOTAL INVESTMENT COMPANIES (COST $2,583,066)			$	2,626,675

MONEY MARKET FUND – 0.1%

Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^		330,814		330,814


TOTAL MONEY MARKET FUND (COST $330,814)			$	330,814




	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.5%

REPURCHASE AGREEMENTS – 0.5%

Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%,maturing 2/25/32 to 1/01/61; total market value of $458,530.	$	449,539		449,539

BNP Paribas SA, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577,collateralized by U.S. Government Agency & Treasury Securities, 0.38% to 6.50%, maturing 6/01/23 to 10/01/52; total market value of $458,530.		449,539		449,539

Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $458,530.		449,539		449,539


Description	Par Value		Value

HSBC Securities USA, Inc., 3.01%, dated 10/31/22, due 11/01/22, repurchase price $178,366, collateralized by U.S. Treasury Securities, 0.00% to 7.63%, maturing 1/15/23 to 8/15/52; total market value of $181,918.	$	178,351	$	178,351

RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $458,530.		449,539		449,539

Truist Securities, Inc., 3.07%, dated 10/31/22, due 11/01/22, repurchase price $449,577, collateralized by U.S. Government Agency Securities, 2.50% to 5.00%, maturing 1/01/30 to 10/01/52; total market value of $458,530.		449,539		449,539


TOTAL REPURCHASE AGREEMENTS (COST $2,426,046)			$	2,426,046


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,426,046)			$	2,426,046


TOTAL INVESTMENTS – 100.4% (COST $175,531,954)			$	490,924,053
COLLATERAL FOR SECURITIES ON LOAN – (0.5%)				(2,426,046	)
OTHER ASSETS LESS LIABILITIES – 0.1%				368,070


TOTAL NET ASSETS – 100.0%			$	488,866,077

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, 2022 in valuing the Fund’s assets carried at fair value:


	Level 1			Level 2			Level 3			Total

Investments in Securities

Common Stocks		$	485,449,073		$	—		$	—		$	485,449,073

Preferred Stocks			8,196			—			—			8,196

Rights			12			—			—			12

Warrants			83,237			—			—			83,237

Investment Companies			2,626,675			—			—			2,626,675

Money Market Fund			330,814			—			—			330,814

Repurchase Agreements			—			2,426,046			—			2,426,046


Total		$	488,498,007		$	2,426,046		$	—		$	490,924,053

*	Non-income producing security.

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

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

**	Represents less than 0.05%.

^	7-Day net yield.

October 31, 2022 (unaudited)

Wilmington
Enhanced Dividend
Income Strategy

Fund

Wilmington
Large-Cap Strategy
Fund

ASSETS:

Investments, at identified cost

31,600,101

175,531,954

^(a)

Investments in securities, at value

35,657,144

490,924,053

^(b),(c)

Cash

—

545,183

Cash denominated in foreign currencies

5,547

—

Income receivable

49,841

357,774

Due from advisor

12,315

—

Receivable for shares sold

450

111,280

Prepaid assets

19,144

21,767

TOTAL ASSETS

35,744,441

491,960,057

LIABILITIES:

Collateral for securities on loan

—

2,426,046

Payable for investments purchased

—

343,056

Payable for shares redeemed

5,140

115,189

Payable for Trustees’ fees

3,793

3,792

Payable for administration fees

871

12,069

Payable for distribution services fees

6,826

—

Payable for investment advisory fees

—

47,650

Other accrued expenses

76,275

146,178

TOTAL LIABILITIES

92,905

3,093,980

NET ASSETS

35,651,536

488,866,077

NET ASSETS CONSIST OF:

Paid-in capital

31,553,429

134,106,551

Distributable earnings (loss)

4,098,107

354,759,526

TOTAL NET ASSETS

35,651,536

488,866,077

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A

Net Assets

34,007,819

—

Shares outstanding (unlimited shares authorized)

2,971,806

—

Net Asset Value per share

11.44

—

Offering Price per share*

12.11

—

Class I

Net Assets

1,643,717

488,866,077

Shares outstanding (unlimited shares authorized)

143,283

18,746,275

Net Asset Value and Offering Price per share

11.47

26.08

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

^(b)	Includes $391,123 of investments in affiliated issuers.

^(c)	Including $2,346,353 of securities on loan (Note 2).

*	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, 2022 (unaudited)

Wilmington
Enhanced Dividend
Income Strategy
Fund

Wilmington
Large-Cap Strategy
Fund

INVESTMENT INCOME:

Dividends

597,503

^(a)

4,237,532

^(a),(b)

Securities lending income, net

225

25,853

TOTAL INVESTMENT INCOME

597,728

4,263,385

EXPENSES:

Investment advisory fees

71,089

642,345

Administration fees

5,458

78,932

Portfolio accounting and administration fees

11,999

63,856

Custodian fees

1,144

12,305

Transfer and dividend disbursing agent fees and expenses

18,348

14,534

Trustees’ fees

33,571

Professional fees

54,201

51,213

Distribution services fee—Class A

42,679

—

Shareholder services fee—Class A

42,679

—

Share registration costs

11,964

12,022

Printing and postage

7,107

8,887

Miscellaneous

15,535

32,178

TOTAL EXPENSES

315,774

949,843

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(141,554

)

(307,498

)

Waiver of shareholder services fee—Class A

(42,679

)

—

TOTAL WAIVERS AND REIMBURSEMENTS

(184,233

)

(307,498

)

Net expenses

131,541

642,345

Net investment income

466,187

3,621,040

REALIZED AND UNREALIZED GAIN (LOSS):

Net realized gain (loss) on unaffiliated investments

(304,324

)

21,451,061

Net realized gain (loss) on foreign currency transactions

(80

)

—

Net realized gain (loss)

(304,404

)

21,451,061

Net change in unrealized appreciation (depreciation) on unaffiliated investments

(375,040

)

(54,542,940

)

Net change in unrealized appreciation (depreciation) of affiliated investments

—

4,018

Net change in unrealized appreciation (depreciation) on foreign currency transactions

141

—

Net change in unrealized appreciation (depreciation)

(374,899

)

(54,538,922

)

Net realized and unrealized gain (loss)

(679,303

)

(33,087,861

)

Change in net assets resulting from operations

(213,116

)

(29,466,821

)

^(a)	Net of foreign withholding taxes withheld of $3,360 and $824, respectively.

^(b)	Includes $5,575 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

Wilmington
Enhanced Dividend
Income Strategy
Fund

Wilmington
Large-Cap Strategy
Fund

Six Months Ended
October 31,

2022

(Unaudited)

Year Ended
April 30,

2022

Six Months Ended
October 31,

2022

(Unaudited)

Year Ended

April 30,

2022

OPERATIONS:

Net investment income

466,187

980,587

3,621,040

6,753,988

Net realized gain (loss)

(304,404

)

951,778

21,451,061

40,473,302

Net change in unrealized appreciation (depreciation)

(374,899

)

(401,458

)

(54,538,922

)

(56,305,199

)

Change in net assets resulting from operations

(213,116

)

1,530,907

(29,466,821

)

(9,077,909

)

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(450,371

)

(1,062,214

)

—

Class I

(20,537

)

(17,047

)

(3,292,233

)

(35,623,835

)

Total distributions to shareholders

(470,908

)

(1,079,261

)

(3,292,233

)

(35,623,835

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

93,693

340,978

—

Class I

1,027,852

102,687

22,287,557

33,603,420

Distributions reinvested

Class A

444,971

1,019,563

—

Class I

7,956

15,888

1,006,830

25,436,502

Cost of shares redeemed

Class A

(992,336

)

(4,070,108

)

—

Class I

(3,247

)

(121,455

)

(55,318,338

)

(84,227,517

)

Change in net assets resulting from share transactions

578,889

(2,712,447

)

(32,023,951

)

(25,187,595

)

Change in net assets

(105,135

)

(2,260,801

)

(64,783,005

)

(69,889,339

)

NET ASSETS:

Beginning of period

35,756,671

38,017,472

553,649,082

623,538,421

End of period

35,651,536

35,756,671

488,866,077

553,649,082

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

8,308

28,643

—

Class I

88,687

8,620

853,181

1,083,160

Distributions reinvested

Class A

40,662

86,229

—

Class I

726

1,341

39,574

797,216

Shares redeemed

Class A

(87,566

)

(342,889

)

—

Class I

(283

)

(10,257

)

(2,034,013

)

(2,723,466

)

Net change resulting from share transactions

50,534

(228,313

)

(1,141,258

)

(843,090

)

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:



		WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND


CLASS A	Six Months Ended October 31, 2022 (Unaudited)				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2019				Year Ended April 30, 2018

Net Asset Value, Beginning of Period		$	11.67			$	11.55			$	9.54			$	10.54			$	10.47			$	11.24
Income (Loss) From Operations:
Net Investment Income^(a)			0.15				0.31				0.29				0.40				0.36				0.26
Net Realized and Unrealized Gain (Loss)			(0.23	)			0.15				2.04				(1.02	)			0.11				0.52

Total Income (Loss) From Operations			(0.08	)			0.46				2.33				(0.62	)			0.47				0.78

Less Distributions From:
Net Investment Income			(0.15	)			(0.34	)			(0.32	)			(0.38	)			(0.36	)			(0.23	)
Net Realized Gains			—				—				—				—				(0.04	)			(1.32	)

Total Distributions			(0.15	)			(0.34	)			(0.32	)			(0.38	)			(0.40	)			(1.55	)

Net Asset Value, End of Period		$	11.44			$	11.67			$	11.55			$	9.54			$	10.54			$	10.47


Total Return^(b)			(0.61	)%			3.99	%			24.86	%			(6.17	)%			4.66	%			6.99	%
Net Assets, End of Period (000’s)		$	34,008			$	35,124			$	37,388			$	32,708			$	38,943			$	40,993
Ratios to Average Net Assets
Gross Expense^(c)			1.80	%^(d)			1.85	%			1.69	%			1.68	%			1.67	%			1.72	%
Net Expense^(c),(e)			0.75	%^(d)			0.67	%			0.60	%			0.60	%			0.60	%			0.66	%
Net Investment Income			2.61	%^(d)			2.61	%			2.81	%			3.86	%			3.45	%			2.30	%
Portfolio Turnover Rate			5	%			66	%^(f)			12	%			14	%			14	%			85	%

CLASS I	Six Months Ended October 31, 2022 (Unaudited)				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2019				Year Ended April 30, 2018

Net Asset Value, Beginning of Period		$	11.69			$	11.56			$	9.55			$	10.54			$	10.48			$	11.25
Income (Loss) From Operations:
Net Investment Income^(a)			0.16				0.34				0.32				0.44				0.39				0.29
Net Realized and Unrealized Gain (Loss)			(0.22	)			0.15				2.03				(1.02	)			0.10				0.52

Total Income (Loss) From Operations			(0.06	)			0.49				2.35				(0.58	)			0.49				0.81

Less Distributions From:
Net Investment Income			(0.16	)			(0.36	)			(0.34	)			(0.41	)			(0.39	)			(0.26	)
Net Realized Gains			—				—				—				—				(0.04	)			(1.32	)

Total Distributions			(0.16	)			(0.36	)			(0.34	)			(0.41	)			(0.43	)			(1.58	)

Net Asset Value, End of Period		$	11.47			$	11.69			$	11.56			$	9.55			$	10.54			$	10.48


Total Return^(b)			(0.44	)%			4.25	%			25.09	%			(5.83	)%			4.82	%			7.24	%
Net Assets, End of Period (000’s)		$	1,644			$	633			$	629			$	498			$	637			$	1,109
Ratios to Average Net Assets
Gross Expense^(c)			1.29	%^(d)			1.37	%			1.38	%			1.44	%			1.40	%			1.48	%
Net Expense^(c),(e)			0.50	%^(d)			0.42	%			0.35	%			0.35	%			0.35	%			0.41	%
Net Investment Income			2.89	%^(d)			2.82	%			3.06	%			4.20	%			3.72	%			2.62	%
Portfolio Turnover Rate			5	%			66	%^(f)			12	%			14	%			14	%			85	%

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

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

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

^(d)	Annualized for periods less than one year.

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

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

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:



		WILMINGTON LARGE-CAP STRATEGY FUND


CLASS I	Six Months Ended October 31, 2022 (Unaudited)				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2019				Year Ended April 30, 2018

Net Asset Value, Beginning of Period		$	27.84			$	30.08			$	22.08			$	23.36			$	21.98			$	19.65
Income (Loss) From Operations:
Net Investment Income^(a)			0.19				0.33				0.35				0.39				0.37				0.34
Net Realized and Unrealized Gain (Loss)			(1.78	)			(0.80	)			10.11				(0.32	)			2.32				2.34

Total Income (Loss) From Operations			(1.59	)			(0.47	)			10.46				0.07				2.69				2.68

Less Distributions From:
Net Investment Income			(0.17	)			(0.33	)			(0.37	)			(0.41	)			(0.38	)			(0.35	)
Net Realized Gains			—				(1.44	)			(2.09	)			(0.94	)			(0.93	)			—

Total Distributions			(0.17	)			(1.77	)			(2.46	)			(1.35	)			(1.31	)			(0.35	)

Net Asset Value, End of Period		$	26.08			$	27.84			$	30.08			$	22.08			$	23.36			$	21.98


Total Return			(5.69	)%^(b)			(2.24	)%			49.12	%			0.09	%			12.93	%			13.71	%
Net Assets, End of Period (000’s)		$	488,866			$	553,649			$	623,538			$	467,392			$	527,818			$	504,014
Ratios to Average Net Assets
Gross Expense^(c)			0.37	%^(d)			0.53	%			0.80	%			0.86	%			0.89	%			0.90	%
Net Expense^{(c), (e)}			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net Investment Income			1.41	%^(d)			1.07	%			1.34	%			1.69	%			1.65	%			1.62	%
Portfolio Turnover Rate			7	%			9	%			14	%			26	%			13	%			15	%

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

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

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

^(d)	Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

Wilmington Funds

October 31, 2022 (unaudited)

1.	ORGANIZATION



Fund		Investment Goal

Wilmington Enhanced Dividend Income Strategy Fund (“Enhanced Dividend Income Strategy Fund”)^(d)		The Fund seeks a high level of total return consistent with a moderate level of risk.

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

^(d) Diversified

The Enhanced Dividend Income Strategy Fund offers Class A and Class I shares, and the Large-Cap Strategy Fund offers Class I shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Computation of Net Asset Value – The net asset value (‘‘NAV’’) per share for each class of a Fund is computed by dividing the total current value of the assets of the Fund, less its liabilities, attributable to the class by the total number of shares outstanding of the class at the time of such computation. The NAV per share for each class of a Fund is computed as of 4:00 p.m. (Eastern Time) on days when the New York Stock Exchange (“NYSE”) is open for regular trading.

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

•

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

•

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

•

investments in open-end regulated investment companies are valued at NAV;

•

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

•

price information on listed securities, including Exchange Traded Funds (“ETFs”) and Exchange Traded Notes (“ETNs”), is taken from the exchange where the security is primarily traded; and

•

for all other securities, at fair value as determined in accordance with procedures established by and under the general supervision of the Board of Trustees (‘‘Trustees’’).

Trading in foreign securities may be completed at times which vary from the closing of the NYSE. In computing their NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements,

aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing (“SIFVP”)).

Pursuant to the Funds’ fair value procedures noted previously, equity securities (including exchange traded securities and other open-end regulated investment companies) and exchange traded derivatives are generally categorized as Level 1 securities in the fair value hierarchy. The Funds may utilize SIFVP which could result in certain equity securities being categorized as Level 2. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with 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 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.

At October 31, 2022, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:



Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received⁽¹⁾		Cash Collateral Received⁽¹⁾		Net Exposure⁽²⁾

Enhanced Dividend Income Strategy Fund
Bank of America Securities, Inc.	$	51	$	51	$	—	$	—
Daiwa Capital Markets America		46		46		—		—
Deutsche Bank Securities, Inc.		51		51		—		—
National Bank Financial		51		51		—		—
RBC Dominion Securities, Inc.		51		51		—		—

	$	*250*	$	*250*	$	—	$	—


Large-Cap Strategy Fund
Bank of America Securities, Inc.	$	449,539	$	449,539	$	—	$	—
BNP Paribas SA		449,539		449,539		—		—
Deutsche Bank Securities, Inc.		449,539		449,539		—		—
HSBC Securities USA, Inc.		178,351		178,351		—		—
RBC Dominion Securities, Inc.		449,539		449,539		—		—
Truist Securities, Inc.		449,539		449,539		—		—

	$	*2,426,046*	$	*2,426,046*	$	—	$	—

⁽¹⁾

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

⁽²⁾

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

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

amounts are determined. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis and includes proceeds from litigation, if any. Withholding taxes and, where appropriate, deferred withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

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

Lending of Portfolio Securities – The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Funds. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities loaned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day.

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

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

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

At October 31, 2022, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund

Value of
Securities on
Loan

Cash
Collateral
Received⁽¹⁾

Net Exposure⁽²⁾

Large-Cap Strategy Fund

$2,346,353

$—

⁽¹⁾

Collateral with a value of $2,426,046 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽²⁾

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

3.	FEDERAL TAX INFORMATION

As of October 31, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:



Fund	Tax Cost	Tax Unrealized Appreciation	Tax Unrealized Depreciation	Net Tax Unrealized Appreciation/ (Depreciation)

Enhanced Dividend Income Strategy Fund	$ 31,612,488	$ 5,236,029	$ (1,191,373)	$ 4,044,656
Large-Cap Strategy Fund	185,808,737	323,545,326	(18,430,010)	305,115,316

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

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



Fund		Advisory Fee Annual Rate

Enhanced Dividend Income Strategy Fund		0.40%
Large-Cap Strategy Fund		0.25%

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2023 so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:



	Current Contractual Expense Limitations
Fund	Class A		Class I

Enhanced Dividend Income Strategy Fund		0.75%	0.50%
Large-Cap Strategy Fund		—	0.25%

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



Administrator	Maximum Fee		Average Aggregate Daily Net Assets of the Trust

WFMC		0.040%	on the first $5 billion
		0.030%	on the next $2 billion
		0.025%	on the next $3 billion
		0.018%	on assets in excess of $10 billion

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

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



Fund		Distribution Fees from Class A

Enhanced Dividend Income Strategy Fund		$372

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

For the six months ended October 31, 2022, M&T did not receive any sales charges on the sale of Class A shares.

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of the Funds’ Class A shares, as applicable, to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.

M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds’ Class A shares, as applicable. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2022, M&T did not receive any shareholder service fees from the Funds.

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

BNYM provides custody services to the Trust.

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

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

Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Fund’s distributor. Transactions with affiliated companies during the six months ended October 31, 2022 are as follows:

Fund/

Affiliated Investment

Name

Value

4/30/22

Purchases

Sales

Net

Realized

Gain/(Loss)

Net Change

in Unrealized
Appreciation/

Depreciation

Value

10/31/22

Number of
Shares

10/31/22

Dividend
Income

Capital

Gain
Distributions

Large-Cap Strategy Fund

Common Stock - 0.0%*

M&T Bank Corp.

$387,105

$—

$4,018

$391,123

2,323

$5,575

$—

As a percentage of Net Assets as of October 31, 2022.

The Funds may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the six months ended October 31, 2022 were as follows:

5.	INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the six months ended October 31, 2022 were as follows:



Fund	Purchases		Sales
Enhanced Dividend Income Strategy Fund		$ 1,583,440		$ 1,557,209
Large-Cap Strategy Fund		37,398,671		69,534,108

6.	MARKET RISK IN GENERAL

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

7.	CONTRACTUAL OBLIGATIONS

8.	LINE OF CREDIT

The Funds did not utilize the LOC during the six months ended October 31, 2022.

9.	SUBSEQUENT EVENTS

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

DISCUSSION OF RENEWAL OF ADVISORY AND 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 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.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

QUARTERLY PORTFOLIO SCHEDULE

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

Important information about the access and delivery of shareholder reports

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

Information Collected by the Funds

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

What You Can Do

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


WT-SAR-EQ-1022
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 FUNDS October 31, 2022 (unaudited) PRESIDENT’S MESSAGE AND Semi-Annual Report WILMINGTON FUNDS Fixed Income Funds Wilmington Broad Market Bond Fund Wilmington Municipal Bond Fund Wilmington New York Municipal Bond Fund

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the Broad Market Bond Fund, Municipal Bond Fund and New York Municipal Bond Fund (the “Funds”), covering the semi-annual fiscal period of May 1, 2022, through October 31, 2022. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

The economy

Bond markets

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows:²



Bloomberg U.S. Treasury Bond Index³	Bloomberg U.S. Aggregate Bond Index⁴	Bloomberg U.S. Credit Bond Index⁵	Bloomberg Municipal Bond Index⁶	Bloomberg U.S. Corporate High Yield Bond Index⁷
-6.34%	-6.86%	-7.57%	-4.43%	-4.69%

Past performance is no guarantee of future results.

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

Equity markets

For the six-month period May 1, 2022 to October 31, 2022, 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

Eric W. Taylor

President

November 18, 2022

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.

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

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

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

The Russell 1000^® Value Index is a market-capitalization-weighted index that measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

The Russell 1000^® Growth Index is a market capitalization-weighted index that measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

10.

11.

12.

13.

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

Actual Expenses

Hypothetical Example for

Comparison Purposes

Beginning
Account Value
5/01/22

Ending
Account Value
10/31/22

Expenses

Paid
During Period⁽¹⁾

Annualized
Net
Expense Ratio

WILMINGTON BROAD MARKET BOND FUND

Actual

Class A

$1,000.00

$ 933.00

$3.75

0.77%⁽²⁾

Class I

$1,000.00

$ 934.40

$2.10

0.43%⁽²⁾

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,021.32

$3.92

0.77%⁽²⁾

Class I

$1,000.00

$1,023.04

$2.19

0.43%⁽²⁾

WILMINGTON MUNICIPAL BOND FUND

Actual

Class A

$1,000.00

$ 969.40

$3.67

0.74%

Class I

$1,000.00

$ 969.90

$2.43

0.49%

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,021.48

$3.77

0.74%

Class I

$1,000.00

$1,022.74

$2.50

0.49%

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Actual

Class A

$1,000.00

$ 969.10

$4.07

0.82%

Class I

$1,000.00

$ 970.40

$2.83

0.57%

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,021.07

$4.18

0.82%

Class I

$1,000.00

$1,022.33

$2.91

0.57%

⁽¹⁾	Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

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

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At October 31, 2022, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
Corporate Bonds		46.0	%
U.S. Treasury Obligations		24.1	%
Mortgage-Backed Securities		22.8	%
Government Agencies		3.2	%
Municipal Bond		0.4	%
Collateralized Mortgage Obligations		0.0	%⁽¹⁾
Adjustable Rate Mortgage		0.0	%⁽¹⁾
Cash Equivalents⁽²⁾		2.9	%
Cash Collateral Invested for Securities on Loan⁽³⁾		5.1	%
Other Assets and Liabilities - Net⁽⁴⁾		(4.5	)%

TOTAL		100.0	%


Credit Quality Diversification⁽⁵⁾	Percentage of Total Net Assets
U.S. Government Agency Securities		26.0	%
U.S. Treasury		24.1	%
AA / Aa		0.1	%
A / A		8.4	%
BBB / Baa		35.8	%
BB / Ba		1.2	%
B / B		0.9	%
Not Rated		8.0	%
Other Assets and Liabilities - Net⁽⁴⁾		(4.5	)%

TOTAL		100.0	%

⁽¹⁾	Represents less than 0.05%.

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

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

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

⁽⁵⁾

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (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 9.04%, Floor 1.72%), 3.47%, 05/01/33^Δ	$	5,731	$	5,826


TOTAL ADJUSTABLE RATE MORTGAGE (COST $5,724)			$	5,826

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%**

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**

Series 2005-29, Class WC, 4.75%, 04/25/35		7,196		7,136

WHOLE LOAN – 0.0%**

Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.63%, 02/25/34^Δ		26,469		26,877

CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 06/01/23		4,638		4,656

IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.70%, 11/25/35^Δ		15,398		14,732


TOTAL WHOLE LOAN			$	46,265


TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $53,346)			$	53,401



Description	Par Value		Value

CORPORATE BONDS – 46.0%

AEROSPACE & DEFENSE – 2.3%
Boeing Co. (The), Sr. Unsecured
1.17%, 02/04/23	$	250,000	$	246,797
1.95%, 02/01/24		3,050,000		2,913,625
1.43%, 02/04/24		2,500,000		2,370,121
2.75%, 02/01/26		2,000,000		1,804,710
3.20%, 03/01/29		150,000		125,180
L3Harris Technologies, Inc., Sr. Unsecured,
2.90%, 12/15/29		835,000		695,386
Northrop Grumman Corp., Sr. Unsecured
2.93%, 01/15/25		1,000,000		953,505
4.03%, 10/15/47		1,765,000		1,387,915
Raytheon Technologies Corp., Sr. Unsecured,
3.50%, 03/15/27		1,600,000		1,501,609


TOTAL AEROSPACE & DEFENSE			$	11,998,848

AUTOMOTIVE – 2.3%
Ford Motor Credit Co. LLC, Sr. Unsecured
3.37%, 11/17/23		1,000,000		967,746
5.58%, 03/18/24		1,250,000		1,234,777
5.13%, 06/16/25		1,500,000		1,450,958
2.90%, 02/16/28		250,000		203,472



Description	Par Value		Value

General Motors Co., Sr. Unsecured
5.40%, 10/02/23	$	335,000	$	333,616
6.25%, 10/02/43		1,000,000		878,580
General Motors Financial Co., Inc., Sr. Unsecured
1.05%, 03/08/24		100,000		93,668
2.90%, 02/26/25		230,000		214,228
1.25%, 01/08/26		1,000,000		856,001
1.50%, 06/10/26		3,000,000		2,522,679
Mercedes-Benz Finance North America LLC, Company Guaranteed,
0.75%, 03/01/24^W		3,000,000		2,824,959


TOTAL AUTOMOTIVE			$	11,580,684

BEVERAGES – 0.6%
Anheuser-Busch Cos. LLC, Company Guaranteed,
4.90%, 02/01/46		1,125,000		971,863
Keurig Dr. Pepper, Inc., Company Guaranteed
0.75%, 03/15/24		1,490,000		1,404,341
3.20%, 05/01/30		775,000		654,069


TOTAL BEVERAGES			$	3,030,273

BIOTECHNOLOGY – 0.1%
Amgen, Inc., Sr. Unsecured,
2.25%, 08/19/23		225,000		220,125

BUILDING PRODUCTS – 0.2%
Carrier Global Corp., Sr. Unsecured
2.24%, 02/15/25		418,000		388,579
2.49%, 02/15/27		56,000		49,370
Johnson Controls International PLC, Sr. Unsecured
3.63%, 07/02/24^ÿ		373,000		362,599
4.63%, 07/02/44		100,000		80,434


TOTAL BUILDING PRODUCTS			$	880,982

CAPITAL MARKETS – 3.2%
Bank of New York Mellon Corp. (The), Subordinated, MTN,
3.00%, 10/30/28		775,000		667,703
Credit Suisse AG, Sr. Unsecured,
0.50%, 02/02/24		3,000,000		2,743,759
Goldman Sachs Group, Inc. (The), Sr. Unsecured
(3 Month USD LIBOR + 1.20%), 3.27%, 09/29/25^Δ		1,010,000		959,037
(3 Month USD LIBOR + 1.51%), 3.69%, 06/05/28^Δ		2,080,000		1,869,850
(SOFR + 1.25%), 2.38%, 07/21/32^Δ		1,115,000		832,432
Morgan Stanley, Sr. Unsecured
(SOFR + 0.62%), 0.73%, 04/05/24^Δ		2,250,000		2,190,989
(SOFR + 0.72%), 0.99%, 12/10/26^Δ		175,000		149,650
Morgan Stanley, Sr. Unsecured, MTN
(SOFR + 0.46%), 0.53%, 01/25/24^Δ		3,000,000		2,956,245
3.13%, 07/27/26		340,000		310,065
(SOFR + 3.12%), 3.62%, 04/01/31^Δ		890,000		761,656
Morgan Stanley, Subordinated, GMTN,
4.35%, 09/08/26		505,000		479,853



Description	Par Value		Value

Toronto-Dominion Bank (The), Sr. Unsecured, GMTN,
3.25%, 03/11/24	$	275,000	$	267,361
U.S. Bancorp, Sr. Unsecured, (SOFRRATE + 2.09%),
5.85%, 10/21/33^Δ		2,400,000		2,409,427


TOTAL CAPITAL MARKETS			$	16,598,027

CHEMICALS – 0.6%
Nutrien Ltd., Sr. Unsecured,
1.90%, 05/13/23		2,000,000		1,965,366
Sherwin-Williams Co. (The), Sr. Unsecured,
2.20%, 03/15/32^#		1,480,000		1,124,273


TOTAL CHEMICALS			$	3,089,639

COMMERCIAL SERVICES & SUPPLIES – 0.7%
Global Payments, Inc., Sr. Unsecured
3.75%, 06/01/23		2,570,000		2,544,479
2.65%, 02/15/25		275,000		254,950
2.90%, 05/15/30		1,000,000		796,789


TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,596,218

COMPUTERS – 0.6%
Apple, Inc., Sr. Unsecured,
0.70%, 02/08/26		110,000		96,500
Hewlett Packard Enterprise Co., Sr. Unsecured
2.25%, 04/01/23		3,000,000		2,965,134
1.45%, 04/01/24		150,000		142,047


TOTAL COMPUTERS			$	3,203,681

COSMETICS/PERSONAL CARE – 0.2%
GSK Consumer Healthcare Capital U.S. LLC, Company Guaranteed,
3.02%, 03/24/24^W		1,000,000		965,451

DIVERSIFIED FINANCIAL SERVICES – 6.4%
American Express Co., Sr. Unsecured,
3.13%, 05/20/26		150,000		138,626
Bank of America Corp., Sr. Unsecured, MTN
(SOFR + 1.15%), 1.32%, 06/19/26^Δ		250,000		220,848
3.25%, 10/21/27		1,095,000		976,762
(SOFR + 1.88%), 2.83%, 10/24/51^Δ		250,000		147,219
Bank of America Corp., Subordinated, MTN,
4.25%, 10/22/26		1,000,000		946,895
Capital One Financial Corp., Sr. Unsecured
2.60%, 05/11/23		1,470,000		1,450,389
3.90%, 01/29/24		250,000		244,593
Citigroup, Inc., Sr. Unsecured, (SOFR + 0.77%),
1.12%, 01/28/27^Δ		2,750,000		2,337,184
Citigroup, Inc., Subordinated,
4.13%, 07/25/28		1,900,000		1,713,429
Fifth Third Bancorp, Sr. Unsecured,
2.55%, 05/05/27		780,000		682,869
Fifth Third Bancorp, Subordinated,
4.30%, 01/16/24		780,000		768,898
FMR LLC, Sr. Unsecured,
6.45%, 11/15/39^W		1,000,000		995,116
Huntington Bancshares, Inc., Sr. Unsecured,
2.63%, 08/06/24		4,325,000		4,125,767



Description	Par Value		Value

Huntington Bancshares, Inc., Subordinated,
4.35%, 02/04/23	$	150,000	$	149,485
JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month USD LIBOR + 1.00%),
3.91%, 05/15/47^Δ		1,000,000		777,325
JPMorgan Chase & Co., Sr. Unsecured
(SOFR + 0.92%), 2.60%, 02/24/26^Δ		6,000,000		5,570,745
(SOFR + 1.59%), 2.01%, 03/13/26^Δ		150,000		136,797
KeyBank NA, Sr. Unsecured, BKNT,
1.25%, 03/10/23^#		2,000,000		1,973,272
KeyCorp., Sr. Unsecured, MTN, (SOFR + 1.25%),
3.88%, 05/23/25^Δ		1,980,000		1,923,068
PNC Bank NA, Subordinated, BKNT
2.95%, 01/30/23		350,000		348,742
2.70%, 10/22/29		1,125,000		909,993
PNC Financial Services Group, Inc. (The), Sr. Unsecured,
3.45%, 04/23/29		100,000		87,695
PNC Financial Services Group, Inc. (The), Subordinated,
3.90%, 04/29/24		1,700,000		1,664,544
Truist Bank, Sr. Unsecured, BKNT,
3.20%, 04/01/24		175,000		169,904
Truist Bank, Subordinated, BKNT
3.63%, 09/16/25		250,000		236,729
3.80%, 10/30/26		1,000,000		930,861
2.25%, 03/11/30		1,850,000		1,441,291
Wells Fargo & Co., Sr. Unsecured, (SOFR + 2.00%),
2.19%, 04/30/26^Δ		1,170,000		1,064,206
Wells Fargo & Co., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.75%),
2.16%, 02/11/26^Δ		140,000		128,768
Wells Fargo & Co., Subordinated, MTN,
4.40%, 06/14/46		1,000,000		741,142


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	33,003,162

ELECTRIC – 2.9%
American Electric Power Co., Inc., Series M, Sr. Unsecured,
0.75%, 11/01/23		1,870,000		1,785,245
Dominion Energy, Inc., Series A, Sr. Unsecured,
1.45%, 04/15/26		1,950,000		1,704,152
DTE Energy Co., Series H, Sr. Unsecured,
0.55%, 11/01/22		1,500,000		1,499,733
Entergy Arkansas LLC, 1st Mortgage,
4.95%, 12/15/44		1,000,000		860,545
Entergy Corp., Sr. Unsecured,
0.90%, 09/15/25		1,000,000		876,076
Exelon Corp., Sr. Unsecured,
4.70%, 04/15/50		2,000,000		1,615,963
FirstEnergy Corp., Series A, Sr. Unsecured,
1.60%, 01/15/26		1,250,000		1,089,675
FirstEnergy Corp., Series B, Sr. Unsecured,
4.40%, 07/15/27		800,000		755,000
NextEra Energy Capital Holdings, Inc., Company Guaranteed,
0.65%, 03/01/23		2,305,000		2,265,200



Description	Par Value		Value

Southern Co. (The), Series 21-B, Sr. Unsecured,
1.75%, 03/15/28	$	40,000	$	32,533
System Energy Resources, Inc., 1st Mortgage,
4.10%, 04/01/23		500,000		497,119
Union Electric Co., 1st Mortgage,
3.50%, 03/15/29		220,000		197,875
WEC Energy Group, Inc., Sr. Unsecured
1.38%, 10/15/27		750,000		614,703
1.80%, 10/15/30		1,150,000		871,022


TOTAL ELECTRIC			$	14,664,841

ENTERTAINMENT – 0.7%
Magallanes, Inc., Company Guaranteed,
5.14%, 03/15/52^W		5,000,000		3,500,685

FOOD & STAPLES RETAILING – 1.9%
Campbell Soup Co., Sr. Unsecured
3.65%, 03/15/23		3,000,000		2,982,730
3.30%, 03/19/25		2,050,000		1,954,666
Conagra Brands, Inc., Sr. Unsecured
1.38%, 11/01/27		200,000		161,959
5.40%, 11/01/48^#		665,000		575,210
Kroger Co. (The), Sr. Unsecured,
3.95%, 01/15/50		1,000,000		732,096
McCormick & Co., Inc., Sr. Unsecured,
0.90%, 02/15/26		3,050,000		2,631,726
Mondelez International Holdings Netherlands BV, Company Guaranteed,
0.75%, 09/24/24^W		860,000		786,326


TOTAL FOOD & STAPLES RETAILING			$	9,824,713

GAS – 0.2%
Southern Co. Gas Capital Corp., Company Guaranteed,
3.95%, 10/01/46		1,425,000		1,010,505

HEALTHCARE-PRODUCTS – 1.0%
DH Europe Finance II Sarl, Company Guaranteed,
2.20%, 11/15/24		2,330,000		2,200,876
Thermo Fisher Scientific, Inc., Sr. Unsecured,
0.80%, 10/18/23		1,775,000		1,703,811
Zimmer Biomet Holdings, Inc., Sr. Unsecured,
1.45%, 11/22/24		1,480,000		1,365,090


TOTAL HEALTHCARE-PRODUCTS			$	5,269,777

HEALTHCARE-SERVICES – 1.3%
CommonSpirit Health, Sr. Secured
2.76%, 10/01/24		3,140,000		2,981,971
3.35%, 10/01/29		150,000		125,967
Elevance Health, Inc., Sr. Unsecured,
3.65%, 12/01/27		1,650,000		1,525,544
NYU Langone Hospitals, Series 2020, Secured,
3.38%, 07/01/55		1,000,000		634,650
UnitedHealth Group, Inc., Sr. Unsecured
2.95%, 10/15/27		1,350,000		1,224,893
3.95%, 10/15/42		290,000		227,951


TOTAL HEALTHCARE-SERVICES			$	6,720,976



Description	Par Value		Value

HOME FURNISHINGS – 0.2%
Whirlpool Corp., Sr. Unsecured,
4.60%, 05/15/50^#	$	1,405,000	$	1,015,417

INSURANCE – 2.2%
American International Group, Inc., Sr. Unsecured,
4.20%, 04/01/28		1,000,000		927,497
Aon Corp., Company Guaranteed,
2.20%, 11/15/22		3,500,000		3,496,682
Aon Global Ltd., Company Guaranteed,
4.00%, 11/27/23		1,700,000		1,679,729
Berkshire Hathaway Finance Corp., Company Guaranteed,
4.30%, 05/15/43		425,000		351,379
CNA Financial Corp., Sr. Unsecured
7.25%, 11/15/23		200,000		203,796
3.95%, 05/15/24		950,000		925,188
Lincoln National Corp., Sr. Unsecured,
3.63%, 12/12/26		1,380,000		1,284,666
Principal Life Global Funding II, Secured,
1.63%, 11/19/30^W		250,000		184,089
W.R. Berkley Corp., Sr. Unsecured
4.75%, 08/01/44		1,715,000		1,415,303
4.00%, 05/12/50		1,425,000		1,023,881


TOTAL INSURANCE			$	11,492,210

INTERNET – 0.1%
Amazon.com, Inc., Sr. Unsecured
1.20%, 06/03/27^#		100,000		85,134
3.25%, 05/12/61		1,000,000		641,408


TOTAL INTERNET			$	726,542

MACHINERY – 0.0%**
Caterpillar Financial Services Corp., Sr. Unsecured,
0.65%, 07/07/23		50,000		48,580

MEDIA – 1.1%
CCO Holdings LLC, Sr. Unsecured,
4.25%, 02/01/31^W		3,000,000		2,388,750
Discovery Communications LLC, Company Guaranteed
3.95%, 03/20/28		1,000,000		868,479
3.63%, 05/15/30^#		1,000,000		807,336
Paramount Global, Sr. Unsecured
4.60%, 01/15/45		1,100,000		736,258
4.95%, 05/19/50		1,185,000		828,423


TOTAL MEDIA			$	5,629,246

MINING – 0.2%
Barrick Gold Corp., Sr. Unsecured,
5.25%, 04/01/42		1,000,000		886,277

MISCELLANEOUS MANUFACTURING – 0.4%
Textron, Inc., Sr. Unsecured
3.88%, 03/01/25		750,000		725,675
2.45%, 03/15/31		2,000,000		1,542,260

TOTAL MISCELLANEOUS MANUFACTURING			$	2,267,935



Description	Par Value		Value

OIL & GAS – 2.2%
Canadian Natural Resources Ltd., Sr. Unsecured,
2.95%, 01/15/23	$	3,000,000	$	2,987,584
Marathon Petroleum Corp., Sr. Unsecured,
3.63%, 09/15/24		745,000		720,156
Phillips 66, Company Guaranteed
0.90%, 02/15/24		1,065,000		1,007,592
3.85%, 04/09/25		575,000		556,216
Pioneer Natural Resources Co., Sr. Unsecured
0.55%, 05/15/23		1,035,000		1,010,042
1.13%, 01/15/26		1,000,000		871,853
1.90%, 08/15/30		1,940,000		1,495,724
2.15%, 01/15/31		1,000,000		775,945
Valero Energy Corp., Sr. Unsecured
2.15%, 09/15/27		1,800,000		1,549,639
4.90%, 03/15/45^#		563,000		468,181


TOTAL OIL & GAS			$	11,442,932

PHARMACEUTICALS – 2.8%
AbbVie, Inc., Sr. Unsecured
3.75%, 11/14/23		150,000		148,133
2.95%, 11/21/26		1,875,000		1,710,755
4.25%, 11/14/28		1,235,000		1,163,723
4.40%, 11/06/42		460,000		377,674
4.88%, 11/14/48		1,000,000		859,746
4.25%, 11/21/49		1,000,000		783,051
AstraZeneca Finance LLC, Company Guaranteed,
1.75%, 05/28/28		500,000		418,720
AstraZeneca PLC, Sr. Unsecured,
0.70%, 04/08/26		100,000		86,248
Becton Dickinson and Co., Sr. Unsecured,
1.96%, 02/11/31		100,000		76,808
Bristol-Myers Squibb Co., Sr. Unsecured
2.75%, 02/15/23		1,565,000		1,558,428
3.40%, 07/26/29		310,000		282,138
Cardinal Health, Inc., Sr. Unsecured
3.20%, 03/15/23		350,000		347,417
4.50%, 11/15/44		650,000		485,497
Cigna Corp., Company Guaranteed
3.75%, 07/15/23		272,000		269,202
4.80%, 07/15/46		1,000,000		832,683
Cigna Corp., Sr. Unsecured,
2.38%, 03/15/31		250,000		198,240
CVS Health Corp., Sr. Unsecured
1.30%, 08/21/27		145,000		120,500
1.88%, 02/28/31^#		2,000,000		1,515,735
Elanco Animal Health, Inc., Sr. Unsecured,
6.40%, 08/28/28		2,000,000		1,822,696
Pfizer, Inc., Sr. Unsecured,
2.63%, 04/01/30		650,000		554,688
Zoetis, Inc., Sr. Unsecured
3.00%, 09/12/27		125,000		112,126
3.95%, 09/12/47		1,005,000		765,335


TOTAL PHARMACEUTICALS			$	14,489,543



Description	Par Value		Value

PIPELINES – 3.4%
Enbridge, Inc., Company Guaranteed
(SOFR + 0.40%), 3.13%, 02/17/23^Δ	$	1,000,000	$	998,361
0.55%, 10/04/23		1,540,000		1,468,327
(SOFR + 0.63%), 3.34%, 02/16/24^Δ		3,000,000		2,968,885
Energy Transfer LP, Sr. Unsecured
3.60%, 02/01/23		870,000		866,356
3.75%, 05/15/30		715,000		609,224
5.30%, 04/15/47		1,250,000		978,340
Enterprise Products Operating LLC, Company Guaranteed
4.20%, 01/31/50		1,120,000		828,436
4.95%, 10/15/54		500,000		392,329
Kinder Morgan Energy Partners LP, Company Guaranteed,
5.40%, 09/01/44		1,000,000		838,152
Kinder Morgan, Inc., Company Guaranteed
5.20%, 03/01/48		2,040,000		1,675,403
3.60%, 02/15/51		1,315,000		855,440
MPLX LP, Sr. Unsecured
4.70%, 04/15/48		1,000,000		744,408
4.95%, 03/14/52		1,000,000		772,882
ONEOK Partners LP, Company Guaranteed,
6.20%, 09/15/43		1,000,000		854,786
Plains All American Pipeline LP, Sr. Unsecured,
3.85%, 10/15/23		866,000		850,774
Spectra Energy Partners LP, Company Guaranteed,
3.50%, 03/15/25		670,000		650,616
Williams Cos., Inc. (The), Sr. Unsecured,
3.50%, 10/15/51		1,485,000		958,684


TOTAL PIPELINES			$	17,311,403

REAL ESTATE INVESTMENT TRUSTS – 2.5%
American Tower Corp., Sr. Unsecured
5.00%, 02/15/24		665,000		662,274
3.13%, 01/15/27		1,000,000		892,290
4.05%, 03/15/32^#		1,000,000		857,863
3.10%, 06/15/50		1,500,000		883,273
AvalonBay Communities, Inc., Sr. Unsecured, MTN,
3.35%, 05/15/27		1,420,000		1,291,432
Healthcare Realty Holdings LP, Company Guaranteed
3.88%, 05/01/25		1,215,000		1,159,748
3.63%, 01/15/28		1,100,000		954,272
Healthpeak Properties, Inc., Sr. Unsecured
3.25%, 07/15/26		110,000		101,473
2.88%, 01/15/31^#		2,350,000		1,883,726
Ventas Realty LP, Company Guaranteed,
4.00%, 03/01/28		250,000		224,964
Welltower, Inc., Sr. Unsecured
3.63%, 03/15/24		250,000		242,870
4.00%, 06/01/25		3,000,000		2,867,004
4.95%, 09/01/48		1,000,000		796,825


TOTAL REAL ESTATE INVESTMENT TRUSTS			$	12,818,014



Description	Par Value		Value

RETAIL – 1.1%
Lowe’s Cos., Inc., Sr. Unsecured,
3.65%, 04/05/29	$	200,000	$	179,721
Nordstrom, Inc., Sr. Unsecured,
5.00%, 01/15/44		1,000,000		635,000
Walgreens Boots Alliance, Inc., Sr. Unsecured
0.95%, 11/17/23		4,880,000		4,664,106
3.20%, 04/15/30^#		150,000		125,710


TOTAL RETAIL			$	5,604,537

SEMICONDUCTORS – 0.2%
Micron Technology, Inc., Sr. Unsecured,
2.70%, 04/15/32		1,500,000		1,098,314

SOFTWARE – 0.5%
Roper Technologies, Inc., Sr. Unsecured,
2.00%, 06/30/30		1,345,000		1,021,302
Workday, Inc., Sr. Unsecured,
3.50%, 04/01/27		1,385,000		1,280,055


TOTAL SOFTWARE			$	2,301,357

TELECOMMUNICATIONS – 1.3%
AT&T, Inc., Sr. Unsecured
0.90%, 03/25/24		2,125,000		2,007,918
4.50%, 05/15/35		845,000		727,387
3.55%, 09/15/55		1,423,000		907,667
Verizon Communications, Inc., Sr. Unsecured
2.10%, 03/22/28		50,000		42,033
1.75%, 01/20/31		2,310,000		1,712,156
2.36%, 03/15/32		305,000		230,976
3.40%, 03/22/41		1,515,000		1,074,833


TOTAL TELECOMMUNICATIONS			$	6,702,970

TRANSPORTATION – 1.8%
FedEx Corp., Company Guaranteed,
2.40%, 05/15/31^#		2,500,000		1,941,189
Ryder System, Inc., Sr. Unsecured, MTN
3.65%, 03/18/24		1,670,000		1,628,793
2.85%, 03/01/27		2,645,000		2,346,091
Union Pacific Corp., Sr. Unsecured
3.15%, 03/01/24		2,565,000		2,502,905
4.30%, 03/01/49		675,000		542,155


TOTAL TRANSPORTATION			$	8,961,133

TRUCKING & LEASING – 0.8%
GATX Corp., Sr. Unsecured
3.25%, 09/15/26		1,570,000		1,420,705
3.85%, 03/30/27		1,500,000		1,360,180
4.00%, 06/30/30		1,000,000		863,001
5.20%, 03/15/44		640,000		523,069


TOTAL TRUCKING & LEASING			$	4,166,955


TOTAL CORPORATE BONDS (COST $267,230,237)			$	236,121,952

GOVERNMENT AGENCIES – 3.2%

FEDERAL HOME LOAN BANK (FHLB) – 1.3%
3.25%, 11/16/28^#		6,960,000		6,560,242



Description	Par Value		Value

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.6%
0.38%, 07/21/25^#	$	9,250,000	$	8,275,415

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
0.25%, 05/22/23		200,000		195,254
6.25%, 05/15/29		750,000		829,734
7.25%, 05/15/30		400,000		470,350


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,495,338


TOTAL GOVERNMENT AGENCIES (COST $18,382,558)			$	16,330,995

MORTGAGE-BACKED SECURITIES – 22.8%

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 5.7%
Pool C00478, 8.50%, 09/01/26		3,648		3,799
Pool E09010, 2.50%, 09/01/27		217,178		198,045
Pool G18497, 3.00%, 01/01/29		31,401		29,344
Pool C01272, 6.00%, 12/01/31		7,930		8,357
Pool A13990, 4.50%, 10/01/33		8,313		7,962
Pool G01625, 5.00%, 11/01/33		23,085		22,794
Pool A18401, 6.00%, 02/01/34		17,626		17,501
Pool QN1900, 3.00%, 04/01/35		815,321		759,075
Pool G08097, 6.50%, 11/01/35		14,001		15,398
Pool G02296, 5.00%, 06/01/36		56,751		56,213
Pool G02390, 6.00%, 09/01/36		5,404		5,658
Pool G05317, 5.00%, 04/01/37		233,108		230,466
Pool G08193, 6.00%, 04/01/37		10,638		11,392
Pool G03703, 5.50%, 12/01/37		6,203		6,185
Pool G04776, 5.50%, 07/01/38		20,272		20,396
Pool G05500, 5.00%, 05/01/39		214,237		214,513
Pool A93415, 4.00%, 08/01/40		257,939		242,651
Pool A93505, 4.50%, 08/01/40		346,360		336,922
Pool A93996, 4.50%, 09/01/40		254,957		248,022
Pool G06222, 4.00%, 01/01/41		413,397		388,792
Pool A97047, 4.50%, 02/01/41		259,722		251,995
Pool G06956, 4.50%, 08/01/41		260,523		252,762
Pool C03750, 3.50%, 02/01/42		110,901		100,648
Pool C03849, 3.50%, 04/01/42		60,364		53,495
Pool Q08305, 3.50%, 05/01/42		454,945		412,833
Pool C04305, 3.00%, 11/01/42		1,238,254		1,091,468
Pool C09020, 3.50%, 11/01/42		886,189		804,272
Pool G07266, 4.00%, 12/01/42		753,218		695,531
Pool C04444, 3.00%, 01/01/43		39,463		34,402
Pool C09029, 3.00%, 03/01/43		164,710		142,569
Pool G08534, 3.00%, 06/01/43		203,544		176,192
Pool Q19476, 3.50%, 06/01/43		338,369		303,495
Pool C09044, 3.50%, 07/01/43		390,594		350,402
Pool G07889, 3.50%, 08/01/43		357,823		330,111
Pool G07624, 4.00%, 12/01/43		346,905		332,609
Pool G60038, 3.50%, 01/01/44		1,906,797		1,731,989
Pool G07680, 4.00%, 04/01/44		628,941		577,384
Pool G07943, 4.50%, 08/01/44		35,742		34,240
Pool G08607, 4.50%, 09/01/44		232,824		222,945
Pool Q33547, 3.50%, 05/01/45		300,487		266,198
Pool Q36970, 4.00%, 10/01/45		142,690		133,552
Pool G60384, 4.50%, 12/01/45		22,755		21,905
Pool Q39644, 3.50%, 03/01/46		906,323		815,494
Pool Q39438, 4.00%, 03/01/46		909,464		849,199



Description	Par Value		Value

Pool G08705, 3.00%, 05/01/46	$	82,749	$	72,541
Pool G08708, 4.50%, 05/01/46		153,563		146,211
Pool ZS4671, 3.00%, 08/01/46		535,626		469,059
Pool Q44452, 3.00%, 11/01/46		773,957		678,411
Pool ZS4693, 3.00%, 12/01/46		1,476,638		1,293,073
Pool SD8037, 2.50%, 01/01/50		2,925,636		2,420,081
Pool RA2341, 2.50%, 04/01/50		2,555,959		2,101,209
Pool SD8104, 1.50%, 11/01/50		2,533,672		1,879,565
Pool RA4349, 2.50%, 01/01/51		1,289,843		1,062,991
Pool SD8141, 2.50%, 04/01/51		1,187,986		975,825
Pool SD8190, 3.00%, 01/01/52		2,325,955		1,976,998
Pool QE2363, 3.50%, 05/01/52		3,965,901		3,491,460


TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	29,376,599

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.1%
Pool 975207, 5.00%, 03/01/23		685		671
Pool AE2520, 3.00%, 01/01/26		152,615		141,243
Pool 329794, 7.00%, 02/01/26		1,843		1,771
Pool 256639, 5.00%, 02/01/27		11,207		11,149
Pool 256752, 6.00%, 06/01/27		13,522		13,744
Pool 257007, 6.00%, 12/01/27		12,512		12,718
Pool 402255, 6.50%, 12/01/27		396		404
Pool AB8997, 2.50%, 04/01/28		60,760		56,062
Pool AS4480, 2.50%, 02/01/30		323,042		296,061
Pool AS7462, 2.50%, 06/01/31		152,358		140,807
Pool 254007, 6.50%, 10/01/31		4,460		4,532
Pool 254240, 7.00%, 03/01/32		12,962		13,091
Pool 638023, 6.50%, 04/01/32		35,999		38,076
Pool 642345, 6.50%, 05/01/32		20,704		21,900
Pool 651292, 6.50%, 07/01/32		46,506		49,195
Pool 686398, 6.00%, 03/01/33		83,998		89,280
Pool BP6496, 2.00%, 07/01/35		863,052		755,994
Pool MA4095, 2.00%, 08/01/35		1,070,670		937,830
Pool 745412, 5.50%, 12/01/35		16,719		17,144
Pool 888789, 5.00%, 07/01/36		87,657		90,631
Pool 256515, 6.50%, 12/01/36		6,321		6,917
Pool AE0217, 4.50%, 08/01/40		41,634		39,724
Pool AB1796, 3.50%, 11/01/40		254,419		228,959
Pool AH5583, 4.50%, 02/01/41		112,109		108,661
Pool 890551, 4.50%, 08/01/41		26,964		26,113
Pool AL0658, 4.50%, 08/01/41		156,694		151,844
Pool AL1319, 4.50%, 10/01/41		187,257		178,073
Pool AL6302, 4.50%, 10/01/41		270,032		261,725
Pool AX5302, 4.00%, 01/01/42		474,466		445,824
Pool AK4523, 4.00%, 03/01/42		525,799		494,130
Pool AL2034, 4.50%, 04/01/42		74,054		70,411
Pool AB7936, 3.00%, 02/01/43		744,822		655,026
Pool AL3761, 4.50%, 02/01/43		76,377		72,625
Pool MA1458, 3.00%, 06/01/43		164,072		141,877
Pool AT7899, 3.50%, 07/01/43		1,122,453		991,112
Pool AS0302, 3.00%, 08/01/43		1,750,518		1,513,593
Pool AU4279, 3.00%, 09/01/43		358,646		310,130
Pool AL5537, 4.50%, 04/01/44		126,053		122,381
Pool AS3155, 4.00%, 08/01/44		17,301		16,186
Pool AX0833, 3.50%, 09/01/44		313,530		278,108
Pool AL6325, 3.00%, 10/01/44		1,126,891		975,826
Pool AS5136, 4.00%, 06/01/45		109,258		100,207



Description	Par Value		Value

Pool AZ7362, 4.00%, 11/01/45	$	302,145	$	282,522
Pool AZ9565, 3.50%, 12/01/45		431,529		392,309
Pool BC0326, 3.50%, 12/01/45		359,296		326,659
Pool BC0245, 3.00%, 02/01/46		229,026		198,514
Pool BC0830, 3.00%, 04/01/46		339,177		293,988
Pool AS7568, 4.50%, 07/01/46		49,076		47,036
Pool BC4764, 3.00%, 10/01/46		457,071		396,178
Pool MA2771, 3.00%, 10/01/46		136,466		118,293
Pool AS8276, 3.00%, 11/01/46		462,648		401,027
Pool BC9003, 3.00%, 11/01/46		478,153		414,453
Pool BE1899, 3.00%, 11/01/46		1,894,355		1,641,584
Pool BE3767, 3.50%, 07/01/47		427,850		383,297
Pool BH2618, 3.50%, 08/01/47		119,996		107,496
Pool MA3088, 4.00%, 08/01/47		371,485		344,914
Pool BH4010, 4.50%, 09/01/47		397,786		375,598
Pool BH9215, 3.50%, 01/01/48		598,176		535,859
Pool BJ0650, 3.50%, 03/01/48		2,483,069		2,221,004
Pool BJ0639, 4.00%, 03/01/48		144,112		133,729
Pool BJ9169, 4.00%, 05/01/48		682,214		632,965
Pool BK4764, 4.00%, 08/01/48		633,461		587,785
Pool BN1628, 4.50%, 11/01/48		321,737		309,348
Pool BM5334, 3.50%, 01/01/49		581,553		523,660
Pool MA3871, 3.00%, 12/01/49		1,514,097		1,300,313
Pool CA5306, 3.00%, 03/01/50		1,294,120		1,108,996
Pool CA5353, 3.50%, 03/01/50		1,138,559		1,009,087
Pool MA4100, 2.00%, 08/01/50		1,372,642		1,086,498
Pool FM3989, 2.50%, 08/01/50		903,541		745,110
Pool CA6983, 2.00%, 09/01/50		2,462,790		1,960,543
Pool CA7106, 2.00%, 09/01/50		1,541,216		1,226,930
Pool MA4119, 2.00%, 09/01/50		1,029,244		814,668
Pool BQ2999, 2.50%, 10/01/50		2,114,101		1,739,248
Pool CA7383, 3.00%, 10/01/50		1,522,943		1,314,896
Pool CA7734, 2.50%, 11/01/50		1,492,194		1,226,382
Pool FM5297, 3.00%, 11/01/50		1,900,486		1,628,109
Pool MA4208, 2.00%, 12/01/50		1,061,852		840,425
Pool CA8021, 2.50%, 12/01/50		4,199,573		3,458,274
Pool FM5166, 3.00%, 12/01/50		983,009		841,594
Pool BQ4495, 2.00%, 02/01/51		5,746,497		4,538,019
Pool CA8929, 2.00%, 02/01/51		2,764,112		2,186,392
Pool FM6426, 2.00%, 03/01/51		2,469,534		1,971,756
Pool BR7857, 2.50%, 05/01/51		3,754,810		3,083,568
Pool FM7188, 2.50%, 05/01/51		2,760,424		2,289,949
Pool CB0727, 2.50%, 06/01/51		6,606,079		5,433,323
Pool FM8440, 2.50%, 08/01/51		1,491,958		1,226,960
Pool FM9949, 2.00%, 12/01/51		984,590		776,386
Pool FM9871, 2.50%, 12/01/51		6,564,217		5,396,156
Pool BU1416, 3.00%, 01/01/52		2,401,595		2,066,842
Pool FS0982, 3.00%, 03/01/52		1,945,759		1,657,605
Pool FS1571, 2.00%, 04/01/52		3,978,480		3,133,027
Pool CB3334, 3.50%, 04/01/52		6,033,758		5,378,514
Pool BV7245, 4.00%, 05/01/52		6,888,124		6,274,844
Pool MA4644, 4.00%, 05/01/52		1,398,921		1,283,288


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	87,547,675

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23		649		648
Pool 354713, 7.50%, 12/15/23		535		535



Description	Par Value		Value

Pool 354765, 7.00%, 02/15/24	$	2,886	$	2,823
Pool 354827, 7.00%, 05/15/24		1,196		1,193
Pool 385623, 7.00%, 05/15/24		3,428		3,417
Pool 2077, 7.00%, 09/20/25		1,447		1,382
Pool 780825, 6.50%, 07/15/28		19,730		20,125
Pool 2616, 7.00%, 07/20/28		11,687		12,101
Pool 2701, 6.50%, 01/20/29		24,704		25,536
Pool 426727, 7.00%, 02/15/29		3,039		3,045
Pool 503405, 6.50%, 04/15/29		7,907		7,926
Pool 781231, 7.00%, 12/15/30		11,987		12,376

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	91,107


TOTAL MORTGAGE-BACKED SECURITIES (COST $140,238,590)			$	117,015,381

MUNICIPAL BOND – 0.4%

GENERAL – 0.4%
New Jersey Transportation Trust Fund Authority, Current Refunding Revenue Bonds, (Series B), 4.13%, 06/15/42		2,500,000		1,906,407


TOTAL MUNICIPAL BOND (COST $2,500,000)			$	1,906,407

U.S. TREASURY OBLIGATIONS – 24.1%

U.S. TREASURY BONDS – 6.9%
6.38%, 08/15/27		450,000		488,331
5.25%, 02/15/29		500,000		524,949
6.25%, 05/15/30		500,000		565,520
5.38%, 02/15/31		600,000		650,977
2.00%, 11/15/41		985,000		672,207
2.38%, 02/15/42		2,000,000		1,462,166
3.00%, 05/15/42		500,000		405,419
3.63%, 08/15/43		881,000		781,609
3.75%, 11/15/43		365,000		329,703
3.63%, 02/15/44		2,106,000		1,860,202
3.13%, 08/15/44		6,637,000		5,375,743
3.00%, 11/15/44		2,000,000		1,582,104
2.50%, 02/15/45		2,135,000		1,537,350
3.00%, 05/15/45		2,000,000		1,578,062
2.88%, 08/15/45		300,000		231,176
3.00%, 11/15/45		765,000		602,780
2.50%, 02/15/46		280,000		200,269
3.00%, 02/15/47		1,098,000		863,827
3.00%, 05/15/47		1,695,000		1,333,779
2.75%, 11/15/47		2,235,000		1,677,018
1.25%, 05/15/50		3,300,000		1,700,398
1.38%, 08/15/50		3,000,000		1,598,814
1.63%, 11/15/50		2,500,000		1,430,832
2.00%, 08/15/51		13,255,000		8,355,085


TOTAL U.S. TREASURY BONDS			$	35,808,320

U.S. TREASURY NOTES – 17.2%
1.75%, 05/15/23		1,100,000		1,083,499
2.75%, 05/31/23^#		200,000		198,002
0.25%, 06/15/23		250,000		243,443
2.50%, 08/15/23^#		450,000		442,508
1.63%, 10/31/23		290,000		281,477
2.00%, 04/30/24		7,195,000		6,918,821



Description	Par Value		Value

1.75%, 07/31/24	$	1,900,000	$	1,809,615
2.38%, 08/15/24		6,100,000		5,867,046
2.00%, 02/15/25		4,655,000		4,403,944
0.38%, 04/30/25		250,000		226,441
2.13%, 05/15/25		2,800,000		2,642,026
2.00%, 08/15/25		945,000		884,608
2.25%, 11/15/25		730,000		684,865
1.63%, 02/15/26		8,000,000		7,319,225
1.63%, 05/15/26		5,470,000		4,978,960
2.00%, 11/15/26		4,180,000		3,816,138
2.25%, 02/15/27		30,000		27,567
1.13%, 02/28/27^#		250,000		218,903
0.50%, 06/30/27		450,000		378,772
3.13%, 08/31/27		15,000,000		14,278,304
2.25%, 11/15/27		300,000		272,674
2.75%, 02/15/28		6,750,000		6,265,008
1.25%, 06/30/28		500,000		425,014
3.13%, 11/15/28		350,000		328,903
2.38%, 05/15/29		2,900,000		2,596,531
1.63%, 08/15/29		5,000,000		4,262,724
1.50%, 02/15/30		5,000,000		4,189,342
0.63%, 05/15/30		550,000		427,397
1.38%, 11/15/31		1,880,000		1,500,724
1.88%, 02/15/32		6,000,000		4,991,142
2.75%, 08/15/32^#		7,000,000		6,266,052


TOTAL U.S. TREASURY NOTES			$	88,229,675


TOTAL U.S. TREASURY OBLIGATIONS (COST $144,131,986)			$	124,037,995


	Number of Shares

MONEY MARKET FUND – 2.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^{^}		14,992,810		14,992,810


TOTAL MONEY MARKET FUND (COST $14,992,810)			$	14,992,810

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 5.1%

MONEY MARKET FUNDS – 1.4%
Blackrock Liquidity Fed Fund, Institutional Shares, 2.87%^{^}		1,500,000		1,500,000
Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07%^{^}		1,730,000		1,730,000
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^{^}		1,800,000		1,800,000



Description	Number of Shares		Value

JPMorgan U.S. Government Money Market Fund, Capital Class, 2.80%^{^}		810,000	$	810,000
Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 2.88%^{^}		1,470,000		1,470,000


TOTAL MONEY MARKET FUNDS (COST $7,310,000)			$	7,310,000


	Par Value

REPURCHASE AGREEMENTS – 3.7%
Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $4,974,487, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/2032 to 1/01/61; total market value of $5,073,547.	$	4,974,066		4,974,066
Daiwa Capital Markets America, 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,908,239, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.63%, maturing 11/1/2022 to 11/01/52; total market value of $3,986,066.		3,907,908		3,907,908
National Bank Financial, 3.09%, dated 10/31/22, due 11/01/22, repurchase price $4,974,493, collateralized by U.S. Treasury Securities, 0.00% to 4.08%, maturing 11/01/22 to 9/09/49; total market value of $5,073,547.		4,974,066		4,974,066
RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $4,974,487, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $5,073,547.		4,974,066		4,974,066


TOTAL REPURCHASE AGREEMENTS (COST $18,830,106)			$	18,830,106

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $26,140,106)			$	26,140,106

TOTAL INVESTMENTS – 104.5% (COST $613,675,357)			$	536,604,873
COLLATERAL FOR SECURITIES ON LOAN – (5.1%)				(26,140,106	)
OTHER ASSETS LESS LIABILITIES – 0.6%				2,893,952

TOTAL NET ASSETS – 100.0%			$	513,358,719

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, 2022 in valuing the Fund’s assets carried at fair value:



	Level 1			Level 2			Level 3			Total

Investments in Securities
Adjustable Rate Mortgage		$	—		$	5,826		$	—		$	5,826
Collateralized Mortgage Obligations			—			53,401			—			53,401
Corporate Bonds			—			236,121,952			—			236,121,952



	Level 1			Level 2			Level 3			Total
Government Agencies		$	—		$	16,330,995		$	—		$	16,330,995
Mortgage-Backed Securities			—			117,015,381			—			117,015,381
Municipal Bond			—			1,906,407			—			1,906,407
U.S. Treasury Obligations			—			124,037,995			—			124,037,995
Money Market Funds			22,302,810			—			—			22,302,810
Repurchase Agreements			—			18,830,106			—			18,830,106

Total		$	22,302,810		$	514,302,063		$	—		$	536,604,873

**	Represents less than 0.05%.

^Δ

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

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, 2022, these liquid restricted securities amounted to $11,645,376, representing 2.27% of total net assets.

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

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

^{^}	7-Day net yield.


The following acronyms are used throughout this Portfolio of Investments:

BKNT		Bank Notes

GMTN		Global Medium Term Note

LIBOR		London Interbank Offered Rate

LLC		Limited Liability Corporation

LP		Limited Partnership

MTN		Medium Term Note

NA		National Association

PLC		Public Limited Company

SOFR		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 Municipal Bond Fund

At October 31, 2022, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of
	Total Net Assets
General		18.4	%
General Obligations		14.5	%
Medical		11.9	%
Higher Education		8.9	%
Transportation		7.1	%
Airport		6.9	%
Water		5.0	%
Power		4.3	%
Housing		3.1	%
Development		3.0	%
Education		2.9	%
School District		2.7	%
Utilities		2.6	%
Tobacco Settlement		1.7	%
Student Loan		1.1	%
Exchange-Traded Funds		0.9	%
Cash Equivalents⁽¹⁾		4.4	%
Other Assets and Liabilities - Net⁽²⁾		0.6	%


TOTAL		100.0	%


	Percentage of
Credit Quality Diversification⁽³⁾	Total Net Assets
AAA / Aaa		10.0	%
AA / Aa		28.8	%
A / A		36.9	%
BBB / Baa		14.2	%
Not Rated		9.5	%
Other Assets and Liabilities - Net⁽²⁾		0.6	%


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, 2022 (unaudited)



Description	Number of Shares		Value

EXCHANGE-TRADED FUNDS – 0.9%
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		57,750	$	2,707,320


TOTAL EXCHANGE–TRADED FUNDS (Cost $2,992,729)			$	2,707,320


	Par Value

MUNICIPAL BONDS – 94.1%

ALABAMA – 0.3%

HIGHER EDUCATION – 0.3%
University of South Alabama, AL, Advance Refunding Revenue Bonds, (AGM), 5.00%, 11/01/31	$	1,000,000		1,035,112


TOTAL ALABAMA			$	1,035,112



Description	Par Value		Value

ALASKA – 0.6%

HIGHER EDUCATION – 0.6%
University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29	$	1,810,000	$	1,862,112


TOTAL ALASKA			$	1,862,112

ARIZONA – 3.3%

DEVELOPMENT – 0.0%**
Industrial Development Authority of the City of Phoenix, AZ, IDA, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), Prerefunded/ETM, 6.85%, 12/01/25		120,000		123,288

EDUCATION – 1.5%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A) 5.00%, 11/01/26		1,000,000		1,043,363



Description	Par Value		Value

5.00%, 11/01/30	$	1,000,000	$	1,043,149
5.00%, 11/01/32		865,000		892,229
La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 02/15/28		1,500,000		1,514,857


TOTAL EDUCATION			$	4,493,598

MEDICAL – 0.7%
Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A)
5.00%, 09/01/34		1,000,000		1,015,202
5.00%, 09/01/35		725,000		734,930
5.00%, 09/01/36		500,000		503,177


TOTAL MEDICAL			$	2,253,309

UTILITIES – 1.1%
Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36		3,000,000		3,250,480


TOTAL ARIZONA			$	10,120,675

CALIFORNIA – 1.5%

AIRPORT – 0.8%
City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds, (Series B), 5.00%, 05/15/32		800,000		821,705
City of Los Angeles Department of Airports, CA, Revenue Bonds
4.00%, 05/15/35		600,000		554,683
4.00%, 05/15/36		800,000		734,028
4.00%, 05/15/37		500,000		454,257


TOTAL AIRPORT			$	2,564,673

EDUCATION – 0.0%**
Sulphur Springs Union School District, CA, Refunding Bonds, Certificates of Participation, Prerefunded/ETM, (AGM), 6.50%, 12/01/37		5,000		5,130

GENERAL – 0.3%
Salinas Public Facilities, Inc., CA, Revenue Bonds, (City of Salinas Public Safety Building Project), 4.00%, 12/01/29		1,000,000		1,008,923

GENERAL OBLIGATIONS – 0.4%
State of California, CA, GO Unlimited, Current Refunding, (AGM), 5.25%, 08/01/32		1,000,000		1,127,126


TOTAL CALIFORNIA			$	4,705,852

COLORADO – 4.3%

AIRPORT – 0.8%
City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31		2,500,000		2,551,633

HIGHER EDUCATION – 0.7%
Colorado Educational & Cultural Facilities Authority, CO, Refunding Revenue Bonds, (University of Denver Project), (NATL), 5.00%, 03/01/35		2,000,000		2,149,139



Description	Par Value		Value

MEDICAL – 1.7%
Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62	$	3,000,000	$	3,189,659
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49		2,000,000		2,043,282


TOTAL MEDICAL			$	5,232,941

TRANSPORTATION – 0.5%
E-470 Public Highway Authority, CO, Current Refunding Revenue Bonds, (Series A), 5.00%, 09/01/34		1,300,000		1,375,325

WATER – 0.6%
City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33		1,750,000		1,764,303


TOTAL COLORADO			$	13,073,341

CONNECTICUT – 2.4%

GENERAL OBLIGATIONS – 0.8%
State of Connecticut, CT, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series 2021 A), 3.00%, 01/15/35		2,900,000		2,436,281

HIGHER EDUCATION – 0.8%
Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Fairfield University), (Series R), 5.00%, 07/01/31		1,385,000		1,447,683
University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33		1,000,000		1,044,116


TOTAL HIGHER EDUCATION			$	2,491,799

MEDICAL – 0.6%
Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1)
4.00%, 07/01/28		685,000		658,499
4.00%, 07/01/29		500,000		476,659
4.00%, 07/01/30		600,000		565,267


TOTAL MEDICAL			$	1,700,425

TRANSPORTATION – 0.2%
Connecticut State Special Tax Revenue, CT, Highways Improvement Revenue Bonds, (Series A), 5.00%, 05/01/25		625,000		649,897


TOTAL CONNECTICUT			$	7,278,402

DISTRICT OF COLUMBIA – 1.9%

GENERAL – 0.7%
Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A)
5.00%, 10/01/30		610,000		665,033
5.00%, 10/01/31		875,000		947,692
5.00%, 10/01/32		500,000		539,511


TOTAL GENERAL			$	2,152,236



Description	Par Value		Value

GENERAL OBLIGATIONS – 0.7%
District of Columbia, DC, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 06/01/31	$	2,080,000	$	2,213,536

TRANSPORTATION – 0.5%
Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,595,030


TOTAL DISTRICT OF COLUMBIA			$	5,960,802

FLORIDA – 4.3%

AIRPORT – 0.3%
Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26		1,000,000		1,033,357

GENERAL OBLIGATIONS – 0.7%
State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		1,978,462

HIGHER EDUCATION – 1.6%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)
5.00%, 04/01/28		750,000		782,260
5.00%, 04/01/30		750,000		779,747
5.00%, 04/01/31		750,000		777,685
5.00%, 04/01/33		750,000		773,040
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,617,042


TOTAL HIGHER EDUCATION			$	4,729,774

HOUSING – 0.3%
Florida Gulf Coast University Financing Corp., FL, Current Refunding Revenue Bonds, (Housing Project), (Series A)
5.00%, 02/01/25		500,000		512,232
5.00%, 02/01/26		500,000		516,333


TOTAL HOUSING			$	1,028,565

WATER – 1.4%
Miami-Dade County, FL, Current Refunding Revenue Bonds, 5.00%, 04/01/27		1,455,000		1,546,747
Miami-Dade County, FL, Water & Sewer System, Advance Refunding Revenue Bonds, (Series B), 5.00%, 10/01/30		2,645,000		2,746,396


TOTAL WATER			$	4,293,143


TOTAL FLORIDA			$	13,063,301

GEORGIA – 1.4%

GENERAL – 1.0%
Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 07/01/52		3,000,000		2,899,450



Description	Par Value		Value

HOUSING – 0.4%
Development Authority of Bulloch County, GA, Advance Refunding Revenue Bonds, (Georgia Southern University Housing Foundation Four, LLC Project), Unrefunded, 5.00%, 07/01/31	$	1,260,000	$	1,330,219


TOTAL GEORGIA			$	4,229,669

ILLINOIS – 12.1%

AIRPORT – 0.7%
Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/29		2,250,000		2,258,690

GENERAL – 3.8%
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26		6,295,000		6,772,877
Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31		1,450,000		1,631,721
Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/26		2,000,000		2,064,455
Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28		1,000,000		1,038,609


TOTAL GENERAL			$	11,507,662

GENERAL OBLIGATIONS – 7.1%
Chicago Park District, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series D)
5.00%, 01/01/26		1,250,000		1,260,954
5.00%, 01/01/27		3,455,000		3,484,600
Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A)
5.00%, 01/01/25		3,000,000		3,011,221
5.00%, 01/01/32		3,000,000		2,899,482
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		5,040,000		5,194,623
State of Illinois, IL, GO Unlimited, Current Refunding, (Series A)
5.00%, 10/01/29		2,000,000		2,002,042
5.00%, 10/01/33		1,000,000		985,576
State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28		3,000,000		3,005,249


TOTAL GENERAL OBLIGATIONS			$	21,843,747

TRANSPORTATION – 0.5%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,539,884


TOTAL ILLINOIS			$	37,149,983



Description	Par Value		Value

INDIANA – 2.3%

DEVELOPMENT – 2.1%
Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44	$	6,500,000	$	6,602,103

HOUSING – 0.2%
Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (Series C-2), 4.00%, 01/01/37		500,000		497,611


TOTAL INDIANA			$	7,099,714

KENTUCKY – 2.5%

GENERAL – 2.2%
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 08/01/52		3,000,000		2,748,514
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50		2,000,000		1,891,239
Kentucky State Property & Building Commission, KY, Revenue Bonds, Public Improvements, (Project No. 119), 5.00%, 05/01/25		2,000,000		2,065,604


TOTAL GENERAL			$	6,705,357

HIGHER EDUCATION – 0.3%
Murray State University, KY, Refunding Revenue Bonds, (Series C), (ST INTERCEPT), 4.00%, 09/01/23		880,000		880,511


TOTAL KENTUCKY			$	7,585,868

MARYLAND – 2.1%

AIRPORT – 0.8%
Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B)
5.00%, 08/01/28		730,000		753,040
5.00%, 08/01/29		500,000		515,840
5.00%, 08/01/30		515,000		529,684
5.00%, 08/01/31		650,000		668,350


TOTAL AIRPORT			$	2,466,914

GENERAL OBLIGATIONS – 1.1%
State of Maryland, MD, GO Unlimited, School Improvements, AD Valorem Property Tax, (Series A), 5.00%, 06/01/33		3,000,000		3,353,770

TRANSPORTATION – 0.2%
Maryland State Department of Transportation, MD, Highways Improvement Revenue Bonds, 4.00%, 05/01/30		500,000		511,979


TOTAL MARYLAND			$	6,332,663

MASSACHUSETTS – 2.6%

HIGHER EDUCATION – 0.7%
Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Simmons University), (Series L)



Description	Par Value		Value

5.00%, 10/01/30	$	1,180,000	$	1,212,428
5.00%, 10/01/31		1,000,000		1,021,228


TOTAL HIGHER EDUCATION			$	2,233,656

MEDICAL – 1.2%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33		1,000,000		1,027,415
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Partners Healthcare System), 5.00%, 07/01/33		2,455,000		2,571,481


TOTAL MEDICAL			$	3,598,896

STUDENT LOAN – 0.7%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Issue K), (Series A), 5.00%, 07/01/25		2,200,000		2,247,853


TOTAL MASSACHUSETTS			$	8,080,405

MICHIGAN – 4.6%

GENERAL – 1.8%
Michigan Finance Authority, MI, Revenue Bonds, (Series H-1), 5.00%, 10/01/25		5,215,000		5,356,244

MEDICAL – 1.2%
Kalamazoo Hospital Finance Authority, MI, Advance Refunding Revenue Bonds, (Unrefunded - Bronson Health), Prerefunded/ETM, 5.00%, 05/15/30		2,045,000		2,088,189
Michigan Finance Authority, MI, Advance Refunding Revenue Bonds, (Beaumont Health Credit Group), (Series A), 5.00%, 08/01/31		1,655,000		1,701,596


TOTAL MEDICAL			$	3,789,785

SCHOOL DISTRICT – 1.1%
Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax
4.00%, 05/01/33		1,330,000		1,336,981
4.00%, 05/01/34		1,000,000		1,000,345
Saginaw City School District, MI, GO Unlimited, School Improvements, AD Valorem Property Tax, (Qualified School Bond Loan Fund), 4.00%, 05/01/35		1,000,000		957,262


TOTAL SCHOOL DISTRICT			$	3,294,588

WATER – 0.5%
Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC , 5.50%, 07/01/29		150,000		161,111
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34		1,450,000		1,472,392


TOTAL WATER			$	1,633,503


TOTAL MICHIGAN			$	14,074,120



Description	Par Value		Value

MINNESOTA – 0.7%

HOUSING – 0.7%
Coon Rapids, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 08/01/35	$	2,622,957	$	2,181,900


TOTAL MINNESOTA			$	2,181,900

NEBRASKA – 0.6%

HOUSING – 0.6%
Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 09/01/49		1,920,000		1,875,763


TOTAL NEBRASKA			$	1,875,763

NEW JERSEY – 5.4%

EDUCATION – 0.4%
New Jersey Economic Development Authority, NJ, Revenue Bonds, School Improvements, (Series DDD), 5.00%, 06/15/33		1,100,000		1,115,300

GENERAL – 3.3%
Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28		950,000		1,014,054
New Jersey Economic Development Authority, NJ, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/23		1,305,000		1,321,449
New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24		225,000		229,444
New Jersey Sports & Exposition Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 09/01/24		1,685,000		1,722,480
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System)
5.00%, 12/15/28		2,135,000		2,224,028
5.00%, 12/15/34		3,000,000		3,023,910
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32		500,000		511,216


TOTAL GENERAL			$	10,046,581

HIGHER EDUCATION – 1.3%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Rowan University Project), (Series B), 5.00%, 07/01/27		2,000,000		2,063,168
New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Montclair State University), (Series B), 5.00%, 07/01/30		1,000,000		1,031,159
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31		1,000,000		1,014,575


TOTAL HIGHER EDUCATION			$	4,108,902



Description	Par Value		Value

HOUSING – 0.1%
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33	$	400,000	$	362,975

SCHOOL DISTRICT – 0.3%
Newark Board of Education, NJ, GO Unlimited, AD Valorem Property Tax, (Sustainability Bonds), (BAM)
5.00%, 07/15/28		250,000		267,077
5.00%, 07/15/29		250,000		269,442
5.00%, 07/15/30		250,000		271,317


TOTAL SCHOOL DISTRICT			$	807,836


TOTAL NEW JERSEY			$	16,441,594

NEW YORK – 6.7%

GENERAL – 2.5%
New York City Transitional Finance Authority Building Aid Revenue, NY, Advance Refunding Revenue Bonds, Ad Valorem Property Tax (Series S), (State Aid Withholding), 5.00%, 07/15/33		3,000,000		3,175,228
New York State Thruway Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 03/15/33		4,000,000		4,425,426


TOTAL GENERAL			$	7,600,654

GENERAL OBLIGATIONS – 0.5%
New York City, NY, GO Unlimited, (Series A), 4.00%, 08/01/37		1,500,000		1,388,621

HIGHER EDUCATION – 0.7%
New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Series C), (NATL), 5.25%, 07/01/30		1,040,000		1,104,128
Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30		990,000		1,039,461


TOTAL HIGHER EDUCATION			$	2,143,589

HOUSING – 0.6%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32		1,660,000		1,758,207

MEDICAL – 0.0%**
New York State Dormitory Authority, NY, Revenue Bonds, (Memorial Sloan-Kettering Cancer Center), (NATL), 5.50%, 07/01/23		15,000		15,222

TRANSPORTATION – 2.4%
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K), 5.00%, 01/01/30		3,000,000		3,087,866
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series)
4.00%, 03/15/30		1,000,000		992,322
5.00%, 09/15/31		2,500,000		2,543,119



Description	Par Value		Value

Port Authority of New York & New Jersey, NY, Revenue Bonds, (85th Series), 5.38%, 03/01/28	$	830,000	$	875,678


TOTAL TRANSPORTATION			$	7,498,985


TOTAL NEW YORK			$	20,405,278

NORTH CAROLINA – 1.9%

POWER – 1.5%
North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32		4,250,000		4,514,793

TRANSPORTATION – 0.4%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32		1,250,000		1,316,184


TOTAL NORTH CAROLINA			$	5,830,977

OHIO – 3.3%

HIGHER EDUCATION – 0.3%
Ohio Higher Educational Facility Commission, OH, Current Refunding Revenue Bonds, University & College Improvements, (University of Dayton 2020), 5.00%, 02/01/34		1,000,000		1,039,752

MEDICAL – 1.4%
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		3,035,000		3,121,269
Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded - Catholic Health Initiatives), Prerefunded/ETM, 5.25%, 05/01/29		10,000		10,141
State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34		1,250,000		1,197,634


TOTAL MEDICAL			$	4,329,044

POWER – 1.1%
American Municipal Power, Inc., OH, Current Refunding Revenue Bonds, (Prairie State Energy Campus Project), (Series A), 5.00%, 02/15/32		3,000,000		3,211,768

TRANSPORTATION – 0.5%
Ohio Turnpike & Infrastructure Commission, OH, Refunding Revenue Bonds, (Series A), (NATL), 5.50%, 02/15/24		1,355,000		1,378,553


TOTAL OHIO			$	9,959,117

OREGON – 0.4%

GENERAL OBLIGATIONS – 0.4%
Lane Community College, OR, GO Unlimited, AD Valorem Property Tax, (Series A), (SCH BD GTY), 5.00%, 06/15/30		1,000,000		1,101,463


TOTAL OREGON			$	1,101,463

PENNSYLVANIA – 7.8%

AIRPORT – 1.0%
Allegheny County Airport Authority, PA, Revenue Bonds, (Series A), 5.00%, 01/01/28		1,500,000		1,536,196



Description	Par Value		Value

Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30	$	1,500,000	$	1,520,169


TOTAL AIRPORT			$	3,056,365

DEVELOPMENT – 0.9%
Pennsylvania Economic Development Financing Authority, PA, Resource Recovery Improvement Revenue Bonds, (Waste Management Inc., Project), (Series A), 1.75%, 08/01/38		3,000,000		2,858,911

HIGHER EDUCATION – 1.6%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,038,961
Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35		1,130,000		1,075,697
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A)
5.00%, 11/01/25		700,000		709,856
5.00%, 11/01/26		350,000		355,443
5.00%, 11/01/27		600,000		609,618
5.00%, 11/01/28		1,100,000		1,116,693


TOTAL HIGHER EDUCATION			$	4,906,268

MEDICAL – 0.8%
Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35		2,500,000		2,557,019

TOBACCO SETTLEMENT – 0.3%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34		1,000,000		1,027,425

TRANSPORTATION – 0.7%
Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32		2,000,000		2,100,173

UTILITIES – 0.4%
Philadelphia Gas Works Co., PA, Revenue Bonds, Natural Gas Utility Improvements, (1998 General Ordinance), (15th Series), 5.00%, 08/01/26		1,100,000		1,148,154

WATER – 2.1%
Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		5,968,777
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33		340,000		371,035


TOTAL WATER			$	6,339,812


TOTAL PENNSYLVANIA			$	23,994,127



Description	Par Value		Value

RHODE ISLAND – 0.4%

STUDENT LOAN – 0.4%
Rhode Island Student Loan Authority, RI, Revenue Bonds, (Series A), 5.00%, 12/01/23	$	1,200,000	$	1,214,119


TOTAL RHODE ISLAND			$	1,214,119

SOUTH CAROLINA – 1.6%

HOUSING – 0.2%
South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (Series B-2), 4.00%, 07/01/43		705,000		695,868

TOBACCO SETTLEMENT – 1.4%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30		3,600,000		4,169,371


TOTAL SOUTH CAROLINA			$	4,865,239

TENNESSEE – 0.4%

AIRPORT – 0.4%
Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32		1,100,000		1,120,959


TOTAL TENNESSEE			$	1,120,959

TEXAS – 8.2%

AIRPORT – 0.3%
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35		1,000,000		921,252

EDUCATION – 1.0%
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools)
5.00%, 08/15/27		1,000,000		1,054,992
5.00%, 08/15/29		1,000,000		1,064,377
5.00%, 08/15/31		835,000		863,236


TOTAL EDUCATION			$	2,982,605

GENERAL – 0.6%
Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax
4.00%, 08/15/31		1,000,000		955,105
4.00%, 08/15/32		1,000,000		944,634


TOTAL GENERAL			$	1,899,739

GENERAL OBLIGATIONS – 2.8%
Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax
4.00%, 04/01/23		100,000		100,203
4.00%, 04/01/24		100,000		100,394
4.00%, 04/01/25		100,000		100,958
4.00%, 04/01/26		100,000		100,694
4.00%, 04/01/27		100,000		100,660
4.00%, 04/01/28		535,000		538,106
4.00%, 04/01/29		100,000		100,266
4.00%, 04/01/30		100,000		99,822
4.00%, 04/01/31		350,000		345,480
4.00%, 04/01/32		100,000		98,135



Description	Par Value		Value

4.00%, 04/01/33	$	100,000	$	96,146
4.00%, 04/01/34		100,000		94,707
4.00%, 04/01/35		100,000		93,562
4.00%, 04/01/36		380,000		352,624
State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29		2,125,000		2,192,233
State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29		3,735,000		3,994,724


TOTAL GENERAL OBLIGATIONS			$	8,508,714

MEDICAL – 0.9%
Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, School Health Care System (Series B), 6.25%, 07/01/27		1,150,000		1,229,604
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32		1,465,000		1,521,656


TOTAL MEDICAL			$	2,751,260

SCHOOL DISTRICT – 0.3%
Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37		1,000,000		977,437

TRANSPORTATION – 1.2%
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,515,828
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Series F), 5.00%, 01/01/25		1,000,000		1,015,583
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32		1,225,000		1,238,559


TOTAL TRANSPORTATION			$	3,769,970

UTILITIES – 1.1%
Austin, TX, Refunding Revenue Bonds, (BHAC-CR NATL-RE), 5.25%, 05/15/25		3,205,000		3,291,695


TOTAL TEXAS			$	25,102,672

UTAH – 4.3%

AIRPORT – 1.8%
Salt Lake City, UT, Revenue Bonds, (Series A)
5.00%, 07/01/32		3,000,000		3,029,476
5.00%, 07/01/33		2,500,000		2,505,517


TOTAL AIRPORT			$	5,534,993

MEDICAL – 2.5%
Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM
5.40%, 02/15/28		2,500,000		2,592,272
5.13%, 02/15/33		4,990,000		5,145,868


TOTAL MEDICAL			$	7,738,140


TOTAL UTAH			$	13,273,133



Description	Par Value		Value

WASHINGTON – 5.3%

GENERAL – 2.2%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28	$	6,815,000	$	6,924,417

MEDICAL – 0.6%
Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, (Overlake Hospital Medical Center), 5.00%, 07/01/33		1,750,000		1,786,300

POWER – 1.1%
Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33		3,000,000		3,298,061

SCHOOL DISTRICT – 1.0%
Clark County School District No. 114 Evergreen, WA, GO Unlimited, AD Valorem Property Tax, (SCH BD GTY), 4.00%, 12/01/33		3,000,000		3,030,125

WATER – 0.4%
King County, Sewer, WA, Advance Refunding Revenue Bonds, 5.00%, 07/01/32		1,100,000		1,158,701


TOTAL WASHINGTON			$	16,197,604

WISCONSIN – 0.9%

MEDICAL – 0.3%



Description	Par Value		Value

Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.)

4.00%, 01/01/32	$	500,000	$	463,552
4.00%, 01/01/33		500,000		456,816


TOTAL MEDICAL			$	920,368

POWER – 0.6%
Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46		1,750,000		1,710,419


TOTAL WISCONSIN			$	2,630,787


TOTAL MUNICIPAL BONDS (Cost $316,689,310)			$	287,846,751


	Number of Shares

MONEY MARKET FUND – 4.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^{^}		13,363,765		13,363,765


TOTAL MONEY MARKET FUND (Cost $13,363,765)			$	13,363,765


TOTAL INVESTMENTS – 99.4% (Cost $333,045,804)			$	303,917,836
OTHER ASSETS LESS LIABILITIES – 0.6%				1,868,866


TOTAL NET ASSETS – 100.0%			$	305,786,702

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, 2022 in valuing the Fund’s assets carried at fair value:



	Level 1			Level 2			Level 3		Total
Investments in Securities
Exchange-Traded Funds		$	2,707,320		$	—		$—		$	2,707,320
Municipal Bonds			—			287,846,751		—			287,846,751
Money Market Fund			13,363,765			—		—			13,363,765

Total		$	16,071,085		$	287,846,751		$—		$	303,917,836

**	Represents less than 0.05%.

^	7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:


AGC		Assured Guaranty Corporation

AGM		Assured Guaranty Municipal

AMBAC		American Municipal Bond Assurance Corporation

BAM		Build America Mutual Assurance Company

BHAC		Berkshire Hathaway Assurance Corporation

CR		Custodial Receipts

ETF		Exchange-Traded Fund

FGIC		Financial Guaranty Insurance Corporation

GO		General Obligation

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At October 31, 2022, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
Higher Education		18.7	%
Housing		14.7	%
Dedicated Tax		14.0	%
General Obligations		11.3	%
Medical		8.9	%
Power		5.5	%
Education		4.9	%
Transportation		4.4	%
Water		3.5	%
Lease		3.2	%
General		3.2	%
Development		2.4	%
Airport		2.2	%
Facilities		0.1	%
Cash Equivalents⁽¹⁾		2.0	%
Other Assets and Liabilities - Net⁽²⁾		1.0	%


TOTAL		100.0	%


Credit Quality Diversification⁽³⁾	Percentage of Total Net Assets
AAA / Aaa		0.1	%
AA / Aa		47.4	%
A / A		31.9	%
BBB / Baa		17.6	%
Not Rated		2.0	%
Other Assets and Liabilities - Net⁽²⁾		1.0	%


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, 2022 (unaudited)



Description	Par Value		Value

MUNICIPAL BONDS – 97.0%

NEW YORK – 97.0%

AIRPORT – 2.2%
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	$	1,053,580

DEDICATED TAX – 14.0%
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33		1,175,000		1,224,665
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series A-1), 5.00%, 05/01/34		1,300,000		1,336,853
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32		2,000,000		2,090,080
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37		1,000,000		933,745



Description	Par Value		Value

New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (Series D), 5.00%, 02/15/27	$	945,000	$	1,001,500


TOTAL DEDICATED TAX			$	6,586,843

DEVELOPMENT – 2.4%
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		1,095,000		1,133,421

EDUCATION – 4.9%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33		1,200,000		1,215,967
New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29		5,000		5,424



Description	Par Value		Value

New York State Dormitory Authority, NY, Unrefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29	$	995,000	$	1,072,253


TOTAL EDUCATION			$	2,293,644

FACILITIES – 0.1%
United Nations Development Corp., NY, Revenue Bonds, Public Improvements, Prerefunded/ETM, 5.90%, 05/01/23		40,000		40,544

GENERAL – 3.2%
New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, (Lincoln Center For Performing Arts), (Series A), 4.00%, 12/01/34		1,600,000		1,492,408

GENERAL OBLIGATIONS – 11.3%
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series B), (BAM-TCRS), 5.00%, 04/01/32		415,000		436,520
Nassau County, NY, GO, General Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 10/01/31		545,000		575,915
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 04/01/26		1,000,000		1,049,164
New York City, NY, GO Unlimited, Current Refunding, (Series A-1), 5.00%, 08/01/31		1,000,000		1,096,464
Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM)
5.00%, 05/01/26		1,000,000		1,049,603
5.00%, 05/01/30		1,000,000		1,080,980


TOTAL GENERAL OBLIGATIONS			$	5,288,646

HIGHER EDUCATION – 18.7%
Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A)
4.00%, 07/01/25		865,000		858,555
4.00%, 07/01/26		800,000		789,398
5.00%, 07/01/29		1,195,000		1,226,963
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32		1,040,000		1,048,679
Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33		725,000		757,956
New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, (The Juilliard School), (Series A), 5.00%, 01/01/33		1,025,000		1,099,619
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27		2,050,000		2,174,366
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John’s University), (Series A) , 5.00%, 07/01/30		800,000		833,195


TOTAL HIGHER EDUCATION			$	8,788,731



Description	Par Value		Value

HOUSING – 14.7%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (UBF Facility Student Housing Corp.), (AGM), (Series A), 5.00%, 10/01/31	$	1,000,000	$	1,061,336
New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33		1,890,000		1,691,425
New York City, NY, Housing Development Corp., Revenue Bonds, (Sustainable Neighborhood Bonds), (Series B-1A)
2.45%, 05/01/31		500,000		424,293
3.10%, 11/01/34		890,000		746,455
New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32		1,480,000		1,422,084
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (223th Series), 3.50%, 04/01/49		770,000		750,854
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (226th Series), 3.50%, 10/01/50		820,000		786,928


TOTAL HOUSING			$	6,883,375

LEASE – 3.2%
Syracuse, NY, IDA, Revenue Bonds, Syracuse City School District Project, School Improvements, (Series B), (State Aid Withholding), 5.00%, 05/01/32		1,435,000		1,504,251

MEDICAL – 8.9%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29		1,000,000		979,487
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (North Shore-Long Island Jewish Obligated Group), (Series A), 5.00%, 05/01/24		1,160,000		1,182,386
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (NYU Hospitals Center), 5.00%, 07/01/27		2,000,000		2,032,384


TOTAL MEDICAL			$	4,194,257

POWER – 5.5%
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A)
5.00%, 09/01/33		700,000		744,444
5.00%, 09/01/34		750,000		795,002
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series B), 5.00%, 09/01/25		1,000,000		1,044,990


TOTAL POWER			$	2,584,436

TRANSPORTATION – 4.4%
Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/24		1,000,000		1,021,366
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K)
5.00%, 01/01/29		105,000		108,141
5.00%, 01/01/30		700,000		720,502



Description	Par Value		Value

Triborough Bridge & Tunnel Authority, NY, Current Refunding Revenue Bonds, Highway Revenue Tools, (Series B), 5.00%, 11/15/29	$	200,000	$	200,292


TOTAL TRANSPORTATION			$	2,050,301

WATER – 3.5%
Buffalo Sewer Authority, NY, Sewer Improvements, Revenue Green Bonds, (BAM)
5.00%, 06/15/30		150,000		162,957
5.00%, 06/15/31		165,000		178,797
5.00%, 06/15/32		150,000		162,128
5.00%, 06/15/33		150,000		161,536
4.00%, 06/15/34		155,000		153,438
New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), 5.00%, 06/15/31		750,000		833,986


TOTAL WATER			$	1,652,842


TOTAL NEW YORK			$	45,547,279


TOTAL MUNICIPAL BONDS (Cost $50,165,431)			$	45,547,279



Description	Number of Shares		Value

MONEY MARKET FUND – 2.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^{^}		924,505	$	924,505


TOTAL MONEY MARKET FUND (Cost $924,505)			$	924,505

TOTAL INVESTMENTS – 99.0% (Cost $51,089,936)			$	46,471,784
OTHER ASSETS LESS LIABILITIES – 1.0%				453,579


TOTAL NET ASSETS – 100.0%			$	46,925,363

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, 2022 in valuing the Fund’s assets carried at fair value:



	Level 1			Level 2			Level 3			Total

Investments in Securities
Municipal Bonds		$	—		$	45,547,279		$	—		$	45,547,279
Money Market Fund			924,505			—			—			924,505

Total		$	924,505		$	45,547,279		$	—		$	46,471,784

^	7-Day net yield.


The following acronyms are used throughout this Portfolio of Investments:

AGM		Assured Guaranty Municipal

BAM		Build America Mutual Assurance Company

ETM		Escrowed to Maturity

GO		General Obligation

IDA		Industrial Development Authority/Agency

NATL		National Public Finance Guarantee Corporation

TCRS		Tax Credit Reporting Service

See Notes which are an integral part of the Financial Statements

October 31, 2022 (unaudited)

Wilmington

Broad Market

Bond Fund

Wilmington

Municipal Bond

Fund

Wilmington
New York
Municipal Bond
Fund

ASSETS:

Investments, at identified cost

613,675,357

333,045,804

51,089,936

Investments in securities, at value

536,604,873

^(a)

303,917,836

46,471,784

Income receivable

3,285,630

4,213,748

631,226

Foreign tax reclaim receivable

2,485

—

Due from advisor

—

1,884

Receivable for shares sold

698,264

221,259

1,474

Prepaid assets

32,747

27,548

14,631

TOTAL ASSETS

540,623,999

308,380,391

47,120,999

LIABILITIES:

Collateral for securities on loan

26,140,106

—

Due to custodian

—

31,406

—

Income distribution payable

584,196

417,942

20,290

Payable for shares redeemed

234,944

1,934,789

102,237

Payable for Trustees’ fees

4,168

3,792

3,793

Payable for administration fees

13,285

8,073

1,221

Payable for distribution services fees

475

3,488

1,100

Payable for shareholder services fees

190

—

Payable for investment advisory fees

132,012

86,909

—

Other accrued expenses

155,904

107,290

66,995

TOTAL LIABILITIES

27,265,280

2,593,689

195,636

NET ASSETS

513,358,719

305,786,702

46,925,363

NET ASSETS CONSIST OF:

Paid-in capital

593,414,541

339,224,406

51,680,760

Distributable earnings (loss)

(80,055,822

)

(33,437,704

)

(4,755,397

)

TOTAL NET ASSETS

513,358,719

305,786,702

46,925,363

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A

Net Assets

2,208,691

16,233,356

5,088,405

Shares outstanding (unlimited shares authorized)

259,161

1,393,932

544,724

Net Asset Value per share

8.52

11.65

9.34

Offering Price per share*

8.92

12.20

9.78

Class I

Net Assets

511,150,028

289,553,346

41,836,958

Shares outstanding (unlimited shares authorized)

61,005,978

24,853,153

4,475,775

Net Asset Value and Offering Price per share

8.38

11.65

9.35

^(a)	Including $25,261,917 of securities on loan (Note 2).

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

**	Computation of offering price per share: 100/95.50 of net asset value.

See Notes which are an integral part of the Financial Statements

Six Months Ended October 31, 2022 (unaudited)

Wilmington
Broad Market
Bond Fund

Wilmington
Municipal Bond
Fund

Wilmington
New York
Municipal Bond
Fund

INVESTMENT INCOME:

Dividends

132,394

135,778

7,244

Interest

7,288,700

3,740,401

575,024

Securities lending income, net

39,963

—

TOTAL INVESTMENT INCOME

7,461,057

3,876,179

582,268

EXPENSES:

Investment advisory fees

1,215,608

720,009

114,007

Administration fees

82,978

49,133

7,783

Portfolio accounting and administration fees

68,807

48,960

16,674

Custodian fees

6,865

2,469

471

Transfer and dividend disbursing agent fees and expenses

13,527

14,083

2,299

Trustees’ fees

34,048

33,571

Professional fees

54,307

53,897

52,560

Distribution services fee—Class A

3,121

21,839

6,828

Shareholder services fee—Class A

3,121

21,839

6,828

Share registration costs

24,216

18,469

8,282

Printing and postage

7,667

4,122

3,043

Miscellaneous

32,542

25,000

16,125

TOTAL EXPENSES

1,546,807

1,013,391

268,471

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(379,885

)

(185,702

)

(110,405

)

Waiver of shareholder services fee—Class A

(2,055

)

(21,839

)

(6,828

)

TOTAL WAIVERS AND REIMBURSEMENTS

(381,940

)

(207,541

)

(117,233

)

Net expenses

1,164,867

805,850

151,238

Net investment income

6,296,190

3,070,329

431,030

REALIZED AND UNREALIZED GAIN (LOSS):

Net realized gain (loss) on investments

(670,439

)

(2,486,298

)

(128,418

)

Net change in unrealized appreciation (depreciation) on investments

(41,077,965

)

(10,267,993

)

(1,716,913

)

Net realized and unrealized gain (loss)

(41,748,404

)

(12,754,291

)

(1,845,331

)

Change in net assets resulting from operations

(35,452,214

)

(9,683,962

)

(1,414,301

)

See Notes which are an integral part of the Financial Statements

Wilmington
Broad Market
Bond Fund

Wilmington
Municipal Bond
Fund

Six Months Ended
October 31,

2022

(Unaudited)

Year Ended

April 30,

2022

Six Months Ended
October 31,

2022

(Unaudited)

Year Ended

April 30,

2022

OPERATIONS:

Net investment income

6,296,190

10,937,052

3,070,329

5,878,184

Net realized gain (loss)

(670,439

)

1,094,694

(2,486,298

)

(1,044,058

)

Net change in unrealized appreciation (depreciation)

(41,077,965

)

(61,777,845

)

(10,267,993

)

(33,214,530

)

Change in net assets resulting from operations

(35,452,214

)

(49,746,099

)

(9,683,962

)

(28,380,404

)

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(26,177

)

(48,194

)

(146,696

)

(372,407

)

Class I

(6,556,302

)

(12,665,533

)

(2,923,653

)

(6,463,700

)

Total distributions to shareholders

(6,582,479

)

(12,713,727

)

(3,070,349

)

(6,836,107

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

389

43,283

36,997

335,534

Class I

64,900,207

91,298,568

60,040,545

73,900,909

Net assets from reorganization (Note 6)

Class A

—

1,020,482

—

Class I

—

25,685,831

—

Distributions reinvested

Class A

24,998

43,603

124,263

298,591

Class I

3,223,315

6,280,797

618,289

1,935,631

Cost of shares redeemed

Class A

(317,145

)

(339,962

)

(1,209,606

)

(4,351,607

)

Class I

(85,954,618

)

(113,846,417

)

(62,718,579

)

(77,921,229

)

Change in net assets resulting from share transactions

(18,122,854

)

10,186,185

(3,108,091

)

(5,802,171

)

Change in net assets

(60,157,547

)

(52,273,641

)

(15,862,402

)

(41,018,682

)

NET ASSETS:

Beginning of period

573,516,266

625,789,907

321,649,104

362,667,786

End of period

513,358,719

573,516,266

305,786,702

321,649,104

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

4,460

3,065

25,879

Class I

7,350,867

9,280,136

4,961,214

5,658,585

Shares issued from reorganization (Note 6)

Class A

—

98,320

—

Class I

—

2,517,137

—

Distributions reinvested

Class A

2,788

4,344

10,340

22,739

Class I

365,901

634,376

51,434

146,902

Shares redeemed

Class A

(35,104

)

(33,543

)

(99,829

)

(336,504

)

Class I

(9,586,460

)

(11,408,912

)

(5,206,767

)

(6,019,751

)

Net change resulting from share transactions

(1,901,964

)

1,096,318

(280,543

)

(502,150

)

See Notes which are an integral part of the Financial Statements

Wilmington
New York
Municipal Bond Fund

Six Months Ended
October 31,

2022

(Unaudited)

Year Ended
April 30,

2022

OPERATIONS:

Net investment income

431,030

916,989

Net realized gain (loss)

(128,418

)

81,896

Net change in unrealized appreciation (depreciation)

(1,716,913

)

(5,530,467

)

Change in net assets resulting from operations

(1,414,301

)

(4,531,582

)

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(40,403

)

(99,720

)

Class I

(390,628

)

(1,015,512

)

Total distributions to shareholders

(431,031

)

(1,115,232

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

5,587

11,200

Class I

947,814

7,521,728

Distributions reinvested

Class A

34,979

78,300

Class I

273,879

736,158

Cost of shares redeemed

Class A

(287,311

)

(766,220

)

Class I

(5,690,408

)

(15,124,450

)

Change in net assets resulting from share transactions

(4,715,460

)

(7,543,284

)

Change in net assets

(6,560,792

)

(13,190,098

)

NET ASSETS:

Beginning of period

53,486,155

66,676,253

End of period

46,925,363

53,486,155

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

580

1,065

Class I

98,391

716,412

Distributions reinvested

Class A

3,630

7,479

Class I

28,402

70,145

Shares redeemed

Class A

(29,619

)

(73,456

)

Class I

(586,370

)

(1,449,178

)

Net change resulting from share transactions

(484,986

)

(727,533

)

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:


WILMINGTON BROAD MARKET BOND FUND

	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS A	(Unaudited)

Net Asset Value, Beginning of Period	$	9.23		$	10.25		$	10.39		$	9.71		$	9.51		$	9.78
Income (Loss) From Operations:
Net Investment Income^(a)		0.09			0.15			0.15			0.21			0.21			0.18
Net Realized and Unrealized Gain (Loss)		(0.70	)		(0.99	)		(0.10	)		0.69			0.21			(0.26	)
Total Income (Loss) From Operations		(0.61	)		(0.84	)		0.05			0.90			0.42			(0.08	)
Less Distributions From:
Net Investment Income		(0.10	)		(0.18	)		(0.18	)		(0.22	)		(0.22	)		(0.19	)
Net Realized Gains		—			—			(0.01	)		—			—			—
Total Distributions		(0.10	)		(0.18	)		(0.19	)		(0.22	)		(0.22	)		(0.19	)
Net Asset Value, End of Period	$	8.52		$	9.23		$	10.25		$	10.39		$	9.71		$	9.51

Total Return^(b)		(6.70	)%		(8.37	)%		0.51	%		9.35	%		4.45	%		(0.81	)%
Net Assets, End of Period (000’s)	$	2,209		$	2,691		$	2,234		$	3,242		$	3,501		$	4,074
Ratios to Average Net Assets
Gross Expense^(c)		1.07	%^(d)		1.06	%		1.06	%		1.07	%		1.08	%		1.09	%
Net Expense^(c),(e)		0.77	%^(d)		0.77	%		0.81	%		0.83	%		0.83	%		0.87	%
Net Investment Income		1.99	%^(d)		1.45	%		1.46	%		2.06	%		2.18	%		1.82	%
Portfolio Turnover Rate		13	%		26	%		34	%		46	%		36	%		34	%
	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS I	(Unaudited)

Net Asset Value, Beginning of Period	$	9.08		$	10.08		$	10.22		$	9.55		$	9.35		$	9.62
Income (Loss) From Operations:
Net Investment Income^(a)		0.10			0.18			0.18			0.24			0.24			0.21
Net Realized and Unrealized Gain (Loss)		(0.69	)		(0.97	)		(0.09	)		0.68			0.21			(0.26	)
Total Income (Loss) From Operations		(0.59	)		(0.79	)		0.09			0.92			0.45			(0.05	)
Less Distributions From:
Net Investment Income		(0.11	)		(0.21	)		(0.22	)		(0.25	)		(0.25	)		(0.22	)
Net Realized Gains		—			—			(0.01	)		—			—			—
Total Distributions		(0.11	)		(0.21	)		(0.23	)		(0.25	)		(0.25	)		(0.22	)
Net Asset Value, End of Period	$	8.38		$	9.08		$	10.08		$	10.22		$	9.55		$	9.35

Total Return^(b)		(6.56	)%		(8.02	)%		0.83	%		9.74	%		4.84	%		(0.52	)%
Net Assets, End of Period (000’s)	$	511,150		$	570,825		$	623,556		$	535,825		$	544,092		$	506,940
Ratios to Average Net Assets
Gross Expense^(c)		0.57	%^(d)		0.56	%		0.75	%		0.82	%		0.83	%		0.84	%
Net Expense^(c),(e)		0.43	%^(d)		0.43	%		0.47	%		0.49	%		0.49	%		0.53	%
Net Investment Income		2.33	%^(d)		1.79	%		1.79	%		2.40	%		2.52	%		2.18	%
Portfolio Turnover Rate		13	%		26	%		34	%		46	%		36	%		34	%

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

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

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

(d)	Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:


WILMINGTON MUNICIPAL BOND FUND

	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS A	(Unaudited)

Net Asset Value, Beginning of Period	$	12.12		$	13.41		$	12.72		$	13.22		$	12.78		$	13.14
Income (Loss) From Operations:
Net Investment Income^(a)		0.10			0.19			0.20			0.25			0.26			0.22
Net Realized and Unrealized Gain (Loss)		(0.47	)		(1.25	)		0.70			(0.28	)		0.44			(0.26	)
Total Income (Loss) From Operations		(0.37	)		(1.06	)		0.90			(0.03	)		0.70			(0.04	)
Less Distributions From:
Net Investment Income		(0.10	)		(0.19	)		(0.21	)		(0.25	)		(0.26	)		(0.22	)
Net Realized Gains		—			(0.04	)		—			(0.22	)		—			(0.10	)
Total Distributions		(0.10	)		(0.23	)		(0.21	)		(0.47	)		(0.26	)		(0.32	)
Net Asset Value, End of Period	$	11.65		$	12.12		$	13.41		$	12.72		$	13.22		$	12.78

Total Return^(b)		(3.06	)%		(8.08	)%		7.05	%		(0.36	)%		5.52	%		(0.29	)%
Net Assets, End of Period (000’s)	$	16,233		$	17,942		$	23,716		$	24,052		$	29,050		$	29,109
Ratios to Average Net Assets
Gross Expense^(c)		1.11	%^(d)		1.08	%		1.10	%		1.09	%		1.10	%		1.10	%
Net Expense^(c),(e)		0.74	%^(d)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net Investment Income		1.68	%^(d)		1.42	%		1.53	%		1.90	%		1.99	%		1.70	%
Portfolio Turnover Rate		11	%		23	%		24	%		81	%		83	%		79	%
	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS I	(Unaudited)

Net Asset Value, Beginning of Period	$	12.13		$	13.42		$	12.73		$	13.23		$	12.79		$	13.15
Income (Loss) From Operations:
Net Investment Income^(a)		0.12			0.22			0.24			0.29			0.29			0.26
Net Realized and Unrealized Gain (Loss)		(0.48	)		(1.25	)		0.69			(0.28	)		0.44			(0.26	)
Total Income (Loss) From Operations		(0.36	)		(1.03	)		0.93			0.01			0.73			0.00	^(f)
Less Distributions From:
Net Investment Income		(0.12	)		(0.22	)		(0.24	)		(0.29	)		(0.29	)		(0.26	)
Net Realized Gains		—			(0.04	)		—			(0.22	)		—			(0.10	)
Total Distributions		(0.12	)		(0.26	)		(0.24	)		(0.51	)		(0.29	)		(0.36	)
Net Asset Value, End of Period	$	11.65		$	12.13		$	13.42		$	12.73		$	13.23		$	12.79

Total Return^(b)		(3.01	)%		(7.83	)%		7.32	%		(0.10	)%		5.78	%		(0.03	)%
Net Assets, End of Period (000’s)	$	289,554		$	303,707		$	338,952		$	316,617		$	260,800		$	259,934
Ratios to Average Net Assets
Gross Expense^(c)		0.61	%^(d)		0.59	%		0.79	%		0.84	%		0.85	%		0.85	%
Net Expense^(c),(e)		0.49	%^(d)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income		1.93	%^(d)		1.67	%		1.78	%		2.14	%		2.24	%		1.95	%
Portfolio Turnover Rate		11	%		23	%		24	%		81	%		83	%		79	%

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

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

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

(d)	Annualized for periods less than one year.

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

(f)	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

	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS A	(Unaudited)

Net Asset Value, Beginning of Period	$	9.71		$	10.69		$	10.20		$	10.43		$	10.18		$	10.56
Income (Loss) From Operations:
Net Investment Income^(a)		0.07			0.13			0.14			0.15			0.15			0.15
Net Realized and Unrealized Gain (Loss)		(0.37	)		(0.95	)		0.51			(0.16	)		0.36			(0.22	)
Total Income (Loss) From Operations		(0.30	)		(0.82	)		0.65			(0.01	)		0.51			(0.07	)
Less Distributions From:
Net Investment Income		(0.07	)		(0.13	)		(0.14	)		(0.15	)		(0.15	)		(0.15	)
Net Realized Gains		—			(0.03	)		(0.02	)		(0.07	)		(0.11	)		(0.16	)
Total Distributions		(0.07	)		(0.16	)		(0.16	)		(0.22	)		(0.26	)		(0.31	)
Net Asset Value, End of Period	$	9.34		$	9.71		$	10.69		$	10.20		$	10.43		$	10.18

Total Return^(b)		(3.09	)%		(7.74	)%		6.38	%		(0.12	)%		5.16	%		(0.75	)%
Net Assets, End of Period (000’s)	$	5,088		$	5,536		$	6,789		$	7,251		$	8,630		$	14,863
Ratios to Average Net Assets
Gross Expense^(c)		1.51	%^(d)		1.37	%		1.34	%		1.34	%		1.33	%		1.28	%
Net Expense^(c),(e)		0.82	%^(d)		0.82	%		0.82	%		0.82	%		0.83	%		0.84	%
Net Investment Income		1.48	%^(d)		1.24	%		1.31	%		1.43	%		1.50	%		1.43	%
Portfolio Turnover Rate		0	%		7	%		14	%		60	%		45	%		64	%
	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS I	(Unaudited)

Net Asset Value, Beginning of Period	$	9.72		$	10.70		$	10.20		$	10.43		$	10.19		$	10.57
Income (Loss) From Operations:
Net Investment Income^(a)		0.08			0.16			0.16			0.18			0.18			0.18
Net Realized and Unrealized Gain (Loss)		(0.37	)		(0.95	)		0.53			(0.16	)		0.35			(0.22	)
Total Income (Loss) From Operations		(0.29	)		(0.79	)		0.69			0.02			0.53			(0.04	)
Less Distributions From:
Net Investment Income		(0.08	)		(0.16	)		(0.17	)		(0.18	)		(0.18	)		(0.18	)
Net Realized Gains		—			(0.03	)		(0.02	)		(0.07	)		(0.11	)		(0.16	)
Total Distributions		(0.08	)		(0.19	)		(0.19	)		(0.25	)		(0.29	)		(0.34	)
Net Asset Value, End of Period	$	9.35		$	9.72		$	10.70		$	10.20		$	10.43		$	10.19

Total Return^(b)		(2.96	)%		(7.50	)%		6.74	%		0.13	%		5.32	%		(0.50	)%
Net Assets, End of Period (000’s)	$	41,837		$	47,950		$	59,887		$	54,979		$	53,379		$	56,626
Ratios to Average Net Assets
Gross Expense^(c)		1.01	%^(d)		0.87	%		1.03	%		1.09	%		1.09	%		1.03	%
Net Expense^(c),(e)		0.57	%^(d)		0.57	%		0.57	%		0.57	%		0.58	%		0.59	%
Net Investment Income		1.73	%^(d)		1.49	%		1.55	%		1.68	%		1.76	%		1.68	%
Portfolio Turnover Rate		0	%		7	%		14	%		60	%		45	%		64	%

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

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

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

(d)	Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

Wilmington Funds

October 31, 2022 (unaudited)

1.	ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 3 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 7 funds are presented in separate reports.



Fund		Investment Goal

Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)(d)		The Fund seeks to provide current income and secondarily, capital growth.

Wilmington Municipal Bond Fund (“Municipal Bond Fund”)(d)		The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital.

Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”)(n)		The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.

^(d) Diversified

⁽ⁿ⁾ Non-diversified

The Funds offer Class A and Class I shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 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”).

Pursuant to the Funds’ fair value procedures noted previously, investments in open-end regulated investment companies are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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.

At October 31, 2022, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty

Repurchase
Agreements

Fair Value of
Non-Cash Collateral
Received⁽¹⁾

Cash Collateral
Received⁽¹⁾

Net Exposure⁽²⁾

Broad Market Bond Fund

Bank of America Securities, Inc.

4,974,066

—

Daiwa Capital Markets America

3,907,908

—

National Bank Financial

4,974,066

—

RBC Dominion Securities, Inc.

4,974,066

—

18,830,106

—

⁽¹⁾

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

⁽²⁾

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

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

When-Issued and Delayed Delivery Transactions – The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The 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.

Lending of Portfolio Securities – The Trust has entered into an agreement with its custodian whereby the custodian may lend securities owned by the Funds to brokers, dealers and other financial organizations. Any increase or decrease in the fair value of securities loaned and any interest or dividends earned on those securities during the term of the loan would be for the account of the Funds. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market

instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities loaned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day.

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, 2022, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund

Value of
Securities
on Loan

Cash

Collateral
Received⁽¹⁾

Net Exposure⁽²⁾

Broad Market Bond Fund

25,261,917

—

⁽¹⁾

Collateral with a value of $26,140,106 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽²⁾

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

3.	FEDERAL TAX INFORMATION

Fund

Tax Cost

Tax Unrealized
Appreciation

Tax Unrealized
Depreciation

Net Tax
Unrealized
Appreciation/
(Depreciation)

Broad Market Bond Fund

$613,675,362

$115,412

$(77,185,901)

$(77,070,489)

Municipal Bond Fund

333,062,134

3,194

(29,147,492)

(29,144,298)

New York Municipal Bond Fund

51,089,936

571

(4,618,723)

(4,618,152)

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2022, character of capital loss carryforwards were as follows:

Fund

Short-Term
No Expiration

Long-Term
No Expiration

Total Capital
Loss
Carryforwards

Broad Market Bond Fund

$(2,034,959)

$(75,777)

$(2,110,736)

Late year loss deferrals represent (1) net specified losses realized between November 1 and April 30 of each year and (2) ordinary losses realized between January 1 and April 30 of each year that the Fund has elected for U.S. federal income tax purposes to treat as occurring on the first day of the following tax year. As of April 30, 2022, late year loss deferrals were as follows:

Fund

Ordinary
Losses

Short-Term
Capital
Losses

Long-Term
Capital
Losses

Municipal Bond Fund

$—

$(809,230)

$(986,980)

New York Municipal Bond Fund

—

(8,630)

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



Fund	Advisory Fee Annual Rate
Broad Market Bond Fund		0.45	%
Municipal Bond Fund		0.45	%
New York Municipal Bond Fund		0.45	%

The contractual expense limitations are as follows:



	Current Contractual Expense Limitations

Fund	Class A		Class I
Broad Market Bond Fund		0.78%		0.43%
Municipal Bond Fund		0.74%		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

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		$ 59
Municipal Bond Fund		1,991
New York Municipal Bond Fund		35

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

For the six months ended October 31, 2022, M&T did not receive any sales charges on the sale of Class A shares.

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of the Funds’ Class A shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.

M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds’ Class A shares. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2022, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:



Fund		Shareholder Services Fees
Broad Market Bond Fund		$24

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, 2022 were as follows:



Fund	Purchases		Sales
Broad Market Bond Fund		$26,075,350		$43,134,968
Municipal Bond Fund		33,503,929		40,433,123
New York Municipal Bond Fund		—		3,745,500

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2022 were as follows:



Fund	Purchases		Sales
Broad Market Bond Fund		$39,456,209		$43,037,967

6.	REORGANIZATION

At a meeting held on June 3, 2021, the Board of Trustees approved a Plan of Reorganization (the “Reorganization”) providing for: (i) the acquisition by the Wilmington Broad Market Bond Fund (the “Acquiring Fund”) of substantially all of the Assets of the Wilmington Intermediate-Term Bond Fund (the “Acquired Fund”), a series of the Trust, in exchange solely for Class A and Class I shares of the Acquiring Fund (“Acquiring Fund Shares”); (ii) the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund; (iii) the distribution of the Acquiring Fund Shares to shareholders of the Acquired Fund holding the corresponding class of shares of the Acquired Fund; and (iv) the

liquidation and dissolution of the Acquired Fund. The purpose of the transaction was to combine two funds managed by the Investment Advisor with comparable investment objectives and strategies.

The Reorganization was consummated through a tax-free exchange of shares as of the close of business on August 20, 2021. For financial reporting purposes, the Acquiring Fund was deemed to be the accounting survivor and assets received and shares issued by the Acquiring Fund were recorded at net asset value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The cost, market value and unrealized appreciation of the investments of the Acquired Fund as of the close of business on August 20, 2021 were $25,615,221, $26,646,484 and $1,031,263, respectively.

The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Fund prior to the Reorganization, as shown in the following table:

Acquired Fund
Net Assets

Acquired Fund
Shares
Outstanding

Shares
Converted to
Acquiring Fund

Conversion Ratio

Class A

1,020,482

105,144

98,320

0.93509

Class I

25,685,831

2,645,223

2,517,137

0.95158

The net assets of the Acquiring Fund before the Reorganization were $613,179,107. The net assets of the Acquiring Fund immediately following the Reorganization were $639,885,420.

Assuming the Reorganization had been completed on May 1, 2021, the Acquiring Fund’s pro forma results of operations for the fiscal year ended April 30, 2022, would have been as follows:


Net investment income (loss)	$	175,203
Net realized gain (loss) on investments		526,653
Net change in unrealized appreciation (depreciation)		(426,249	)

Net increase (decrease) in net assets resulting from operations	$	275,607

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund’s Statement of Operations since the Reorganization was consummated on August 20, 2021.

7.	MARKET RISK IN GENERAL

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

8.	CONTRACTUAL OBLIGATIONS

9.	LINE OF CREDIT

The Funds did not utilize the LOC during the six months ended October 31, 2022.

DISCUSSION OF RENEWAL OF ADVISORY AND 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 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 and net total expense ratios 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 three-year periods, and below the peer group average for the five-year period, ended June 30, 2022.

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

Wilmington Municipal Bond Fund

The Board considered that the Fund’s net management fee rate was above the Fund’s expense group median and net total expense ratio was below the Fund’s expense group median. The Board also considered that the Fund achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2022. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be attributed to the effects of the pandemic in 2020, during which the Fund’s portfolio was constructed to reduce risk and preserve capital, and the municipal market rally in 2021, during which the Fund’s peers invested in fixed income securities and derivatives that outperformed relative to the Fund’s holdings, such as high yield municipal bonds, taxable bonds, and inflation swaps.

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

Wilmington New York Municipal Bond Fund

The Board considered that the Fund’s net management fee rate 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, 2022. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be attributed to the effects of the pandemic in 2020, during which the Fund’s portfolio was constructed to reduce risk and preserve capital, and the municipal market rally in 2021, during which the Fund’s peers invested in fixed income securities and derivatives that outperformed relative to the Fund’s holdings, such as high yield municipal bonds, taxable bonds, and inflation swaps.

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

QUARTERLY PORTFOLIO SCHEDULE

Important information about the access and delivery of shareholder reports

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

Information Collected by the Funds

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

What You Can Do

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 240 Greenwich Street New York, NY 10286		ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203 Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103


		WT-SAR-FI-1022

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

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

FUNDS
October 31, 2022 (unaudited)
PRESIDENT’S MESSAGE AND
Semi-Annual Report
WILMINGTON FUNDS
Equity Fund
Wilmington International Fund
Alternatives Fund
Wilmington Global Alpha Equities Fund
Asset Allocation Fund
Wilmington Real Asset Fund

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Semi-Annual Report of the International Fund, Global Alpha Equities Fund, and Real Asset Fund (the “Funds”), covering the semi-annual fiscal period of May 1, 2022, through October 31, 2022. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

The economy

Bond markets

For the six-month period May 1, 2022, to October 31 2022, certain Bloomberg indices performed as follows:²



Bloomberg U.S. Treasury Bond Index³	Bloomberg U.S. Aggregate Bond Index⁴	Bloomberg U.S. Credit Bond Index⁵	Bloomberg Municipal Bond Index⁶	Bloomberg U.S. Corporate High Yield Bond Index⁷

-6.34%	-6.86%	-7.57%	-4.43%	-4.69%

Past performance is no guarantee of future results.

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

Equity markets

For the six-month period May 1, 2022 to October 31, 2022, 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

Eric W. Taylor

President

November 18, 2022

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.

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

10.

11.

12.

13.

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning

Account Value

5/01/22

Ending

Account Value

10/31/22

Expenses

Paid

During Period⁽¹⁾

Annualized

Net

Expense Ratio⁽²⁾

WILMINGTON INTERNATIONAL FUND

Actual

Class A

$1,000.00

$ 850.80

$5.08

1.09

Class I

$1,000.00

$ 851.80

$3.92

0.84

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,019.71

$5.55

1.09

Class I

$1,000.00

$1,020.97

$4.28

0.84

WILMINGTON GLOBAL ALPHA EQUITIES FUND

Actual

Class A

$1,000.00

$ 979.40

$7.43

1.49

Class I

$1,000.00

$ 979.80

$6.19

1.24

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,017.69

$7.58

1.49

Class I

$1,000.00

$1,018.95

$6.31

1.24

WILMINGTON REAL ASSET FUND

Actual

Class A

$1,000.00

$ 850.70

$4.06

0.87

Class I

$1,000.00

$ 851.80

$2.89

0.62

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,020.82

$4.43

0.87

Class I

$1,000.00

$1,022.08

$3.16

0.62

⁽¹⁾	Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent one-half year period).

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

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At October 31, 2022, the Fund’s sector classifications and country allocations were as follows (unaudited):


	Percentage of Total Net Assets
Common Stocks
Financials		15.0	%
Industrials		14.5	%
Health Care		11.4	%
Consumer Discretionary		10.8	%
Information Technology		9.5	%
Materials		7.8	%
Consumer Staples		7.7	%
Communication Services		4.5	%
Energy		3.3	%
Real Estate		2.7	%
Utilities		2.6	%
Equity-Linked Warrants		1.5	%
Investment Company		1.0	%
Preferred Stocks		0.5	%
Cash Equivalents⁽¹⁾		5.6	%
Cash Collateral Invested for Securities on Loan⁽²⁾		2.7	%
Other Assets and Liabilities - Net⁽³⁾		(1.1	)%

TOTAL		100.0	%


Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		20.5	%
United Kingdom		9.7	%
France		8.6	%
United States		5.6	%
China		5.5	%
Switzerland		4.8	%
Germany		4.3	%
Netherlands		3.9	%
Australia		3.0	%
Taiwan		2.6	%
South Korea		2.6	%
Hong Kong		2.5	%
Sweden		2.4	%
Spain		2.3	%
Italy		2.2	%
Denmark		2.1	%
India		1.1	%
Belgium		1.1	%
All other countries less than 1.0%		5.0	%
Equity-Linked Warrants		1.5	%
Investment Company		1.0	%
Preferred Stocks		0.5	%
Cash Equivalents⁽¹⁾		5.6	%
Cash Collateral Invested for Securities on Loan⁽²⁾		2.7	%
Other Assets and Liabilities - Net⁽³⁾		(1.1	)%

TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS^¢

October 31, 2022 (unaudited)



Description	Number of Shares		Value

COMMON STOCKS – 89.8%

AUSTRALIA – 3.0%
Australia & New Zealand Banking Group Ltd.		175,587	$	2,870,752
BHP Group Ltd.		136,360		3,258,639
Cochlear Ltd.		13,569		1,733,365
Glencore PLC		173,201		992,141
Incitec Pivot Ltd.		952,783		2,285,429
Rio Tinto Ltd.		31,579		1,781,597
Rio Tinto PLC		19,996		1,040,398
Woodside Energy Group Ltd.		37,004		851,632


TOTAL AUSTRALIA			$	14,813,953



Description	Number of Shares		Value

AUSTRIA – 0.1%
Erste Group Bank AG		13,717	$	338,353
voestalpine AG		9,611		208,768


TOTAL AUSTRIA			$	547,121

BELGIUM – 1.1%
Ageas SA		4,060		140,551
Anheuser-Busch InBev SA		7,249		362,490
D’ieteren Group		478		79,502
Groupe Bruxelles Lambert NV		4,425		326,226
Lotus Bakeries NV		199		1,107,206
Montea NV		11,702		799,107
Solvay SA		3,446		310,719



Description	Number of Shares		Value

UCB SA		18,257	$	1,377,002
Umicore SA		10,011		329,944
Warehouses De Pauw		2,385		61,234
Xior Student Housing NV		19,275		541,930


TOTAL BELGIUM			$	5,435,911

BERMUDA – 0.1%
Hiscox Ltd.		25,743		265,462

BULGARIA – 0.0%**
Petrol AD*^,(1)		2,384		—

CHINA – 5.5%
Alibaba Group Holding Ltd.*		106,028		830,027
Alibaba Group Holding Ltd., ADR*		20,090		1,277,322
Baozun, Inc., Class A*		463,100		608,841
Budweiser Brewing Co. APAC Ltd.		702,200		1,477,817
China Mengniu Dairy Co. Ltd.*		401,000		1,284,790
China Pacific Insurance Group Co. Ltd., Class H		848,200		1,367,986
China Petroleum & Chemical Corp., Class H		4,972,000		1,963,552
China Resources Land Ltd.		352,000		1,103,132
China Resources Medical Holdings Co. Ltd.		21,000		10,032
China Tourism Group Duty Free Corp. Ltd., Class H*		10,900		215,649
Great Wall Motor Co. Ltd., Class H		927,000		1,012,069
H World Group Ltd., ADR		59,093		1,600,238
Haitian International Holdings Ltd.		695,000		1,391,833
Hollysys Automation Technologies Ltd.		91,280		1,455,003
Hutchmed China Ltd., ADR*^,#		90,280		798,075
JD.com, Inc., Class A		107,741		1,991,582
Meituan, Class B*		76,900		1,222,618
Prosus NV*		7,729		336,386
Shenzhou International Group Holdings Ltd.		153,200		1,061,714
Tencent Holdings Ltd.		129,600		3,394,516
Wuxi Biologics Cayman, Inc.*		230,000		1,040,174
Yum China Holdings, Inc.		24,103		996,659
Yum China Holdings, Inc.		17,800		719,288


TOTAL CHINA			$	27,159,303

DENMARK – 2.1%
AP Moller – Maersk A/S, Class B		144		301,214
Carlsberg AS, Class B		629		74,135
Chr Hansen Holding A/S		5,704		316,759
Coloplast A/S, Class B		3,252		362,566
Demant A/S*		22,215		607,099
DSV A/S		5,533		749,062
Genmab A/S*		4,512		1,739,093
Netcompany Group A/S*^,#		17,693		607,277
Novo Nordisk A/S, Class B		41,707		4,534,224
ROCKWOOL A/S, Class B		931		185,352
Royal Unibrew A/S		13,948		796,600
Tryg A/S		3,060		66,222


TOTAL DENMARK			$	10,339,603

FINLAND – 0.9%
Elisa OYJ		6,735		325,538
Fortum OYJ		22,505		316,817
Kesko OYJ, Class B		10,725		208,800



Description	Number of Shares		Value

Kone OYJ, Class B		782	$	32,033
Neste OYJ		9,423		412,907
Nokia OYJ		84,522		376,465
Nordea Bank Abp		78,247		747,801
Orion OYJ, Class B		2,637		121,310
Sampo OYJ, Class A		5,129		234,581
UPM-Kymmene OYJ		44,908		1,504,937


TOTAL FINLAND			$	4,281,189

FRANCE – 8.6%
Accor SA*		8,048		192,791
Adevinta ASA*		15,666		107,292
Aeroports de Paris*		1,580		213,995
Air Liquide SA		5,930		775,321
Airbus SE		9,805		1,061,807
Alstom SA		16,958		349,587
AXA SA		42,444		1,048,632
BNP Paribas SA		17,010		798,397
Bollore SE		10,661		53,363
Capgemini SE		3,155		518,356
Carrefour SA		1,947		31,334
Cie de Saint-Gobain		13,595		556,220
Cie Generale des Etablissements Michelin SCA		20,330		518,552
Danone SA		29,054		1,445,393
Dassault Systemes SE		14,902		499,978
Edenred		28,093		1,442,561
Electricite de France SA		22,338		263,803
Engie SA		47,289		614,731
Esker SA		5,538		727,352
EssilorLuxottica SA		6,135		972,188
Eurazeo SE		14,515		829,109
Faurecia SE*		37,052		553,644
Hermes International		687		889,735
ID Logistics Group*		5,832		1,567,665
Ipsen SA		1,018		104,628
Kering SA		515		236,000
Legrand SA		6,377		486,142
L’Oreal SA		4,482		1,408,972
LVMH Moet Hennessy Louis Vuitton SE		7,097		4,481,697
Neoen SA^#		31,730		1,107,535
Orange SA		186,536		1,775,419
Pernod Ricard SA		3,930		690,155
Publicis Groupe SA		3,870		217,004
Remy Cointreau SA		607		93,039
Renault SA*		11,485		353,781
Safran SA		6,825		760,275
Sanofi		34,465		2,974,463
Sartorius Stedim Biotech		3,368		1,069,090
Societe Generale SA		22,929		526,269
Sodexo SA		1,772		157,151
Somfy SA		5,833		621,409
SPIE SA		30,684		718,060
Technip Energies NV		123,648		1,596,479
Thales SA		11,000		1,398,522
TotalEnergies SE		45,377		2,470,894
Veolia Environnement SA		21,025		469,374
Vinci SA		19,430		1,789,214



Description	Number of Shares		Value
Virbac SA		3,762	$	922,013
Vivendi SA		9,487		77,667
Worldline SA*		4,100		179,577


TOTAL FRANCE			$	42,716,635

GERMANY – 4.3%
adidas AG		223		21,813
Allianz SE		6,711		1,208,377
Aroundtown SA		107,306		212,939
BASF SE		20,240		908,799
Bayer AG		34,086		1,792,742
Bayerische Motoren Werke AG		6,268		492,575
Beiersdorf AG		1,552		149,051
Bertrandt AG		10,721		319,440
Brenntag SE		1,966		119,372
Carl Zeiss Meditec AG		948		114,812
Commerzbank AG*		27,413		219,328
Continental AG		4,178		216,685
Covestro AG		5,498		187,126
Deutsche Boerse AG		2,909		473,339
Deutsche Lufthansa AG*		27,931		191,646
Deutsche Post AG		8,870		314,779
Deutsche Telekom AG		134,079		2,539,298
E.ON SE		62,021		519,513
Evotec SE*		36,688		700,302
Fresenius Medical Care AG & Co. KGaA		9,695		268,079
Fresenius SE & Co. KGaA		12,326		283,821
GEA Group AG		3,347		117,092
Hannover Rueck SE		1,004		163,515
HeidelbergCement AG		3,986		183,762
HelloFresh SE*		6,073		121,593
Henkel AG & Co. KGaA		2,366		139,006
Infineon Technologies AG		27,354		666,083
Mercedes-Benz Group AG		6,956		402,832
Merck KGaA		3,393		553,267
Muenchener Rueckversicherungs AG		6,653		1,758,109
Nemetschek SE		3,306		158,000
New Work SE		4,278		536,077
Rheinmetall AG		1,040		169,070
RWE AG		15,847		610,615
SAP SE		19,797		1,910,854
Siemens AG		14,749		1,612,655
Siemens Healthineers AG		654		30,105
Symrise AG		1,762		179,963
Telefonica Deutschland Holding AG		76,883		167,611
Uniper SE		52,510		157,340
Vonovia SE		21,429		474,369


TOTAL GERMANY			$	21,365,754

HONG KONG – 2.5%
AIA Group Ltd.		583,600		4,419,945
ASM Pacific Technology Ltd.		150,400		827,716
Hong Kong Exchanges & Clearing Ltd.		46,000		1,224,768
Johnson Electric Holdings Ltd.		822,436		847,618
Prudential PLC		65,335		607,502
Swire Properties Ltd.		832,000		1,598,359



Description	Number of Shares		Value

Techtronic Industries Co. Ltd.		295,500	$	2,798,905


TOTAL HONG KONG			$	12,324,813

INDIA – 1.1%
HDFC Bank Ltd., ADR		87,312		5,440,411

INDONESIA – 0.5%
Bank Mandiri Persero Tbk PT		3,371,600		2,280,518

IRELAND – 0.3%
AerCap Holdings NV*		4,905		261,976
CRH PLC		13,409		483,412
Flutter Entertainment PLC*		2,480		328,170
Kerry Group PLC, Class A		4,156		361,431
Kingspan Group PLC		4,896		247,246


TOTAL IRELAND			$	1,682,235

ITALY – 2.2%
Amplifon SpA		6,445		160,123
Assicurazioni Generali SpA		12,425		186,518
Atlantia SpA		12,971		289,444
Coca-Cola HBC AG*		3,316		72,348
Enel SpA		56,765		253,507
Eni SpA		35,670		467,215
ERG SpA		28,108		881,665
Ferrari NV		3,167		624,393
FinecoBank Banca Fineco SpA		116,119		1,565,253
Infrastrutture Wireless Italiane SpA		149,322		1,318,073
Intesa Sanpaolo SpA		330,856		630,722
Mediobanca Banca di Credito Finanziario SpA		35,359		320,502
Moncler SpA		3,636		156,990
Nexi SpA*		30,183		261,595
Poste Italiane SpA		17,786		155,029
Prysmian SpA		37,967		1,237,814
Salvatore Ferragamo SpA^#		62,044		912,367
Technoprobe SpA*		92,890		638,918
UniCredit SpA		50,339		624,232


TOTAL ITALY			$	10,756,708

JAPAN – 20.5%
AEON Financial Service Co. Ltd.		125,200		1,225,940
AGC, Inc.		40,300		1,264,330
Air Water, Inc.		171,700		1,920,287
Amano Corp.		93,800		1,606,702
Anritsu Corp.^#		42,000		423,404
Ariake Japan Co. Ltd.		7,600		263,223
Asahi Group Holdings Ltd.		26,600		744,897
BIPROGY Inc		72,700		1,571,879
Chubu Electric Power Co., Inc.		79,700		649,092
Dai-ichi Life Holdings, Inc.		69,500		1,101,895
Daikin Industries Ltd.		9,100		1,369,942
Daiseki Co. Ltd.		50,820		1,572,158
Daiwa House Industry Co. Ltd.		80,100		1,622,524
East Japan Railway Co.		23,000		1,243,619
ENEOS Holdings, Inc.		473,000		1,558,058
Fuji Electric Co. Ltd.		50,400		1,952,345
FUJIFILM Holdings Corp.		27,300		1,251,950
Hitachi Ltd.		72,900		3,314,193
Honda Motor Co. Ltd.		132,000		2,994,290



Description	Number of Shares		Value

Ichikoh Industries Ltd.		236,700	$	676,536
IHI Corp.		47,700		1,065,026
ITOCHU Corp.		75,800		1,962,098
Iwatani Corp.		14,900		549,124
J Front Retailing Co. Ltd.		128,500		1,038,750
JAC Recruitment Co. Ltd.		75,600		1,286,311
JAFCO Group Co. Ltd.		61,800		948,851
Japan Airlines Co. Ltd.*		61,400		1,145,869
JGC Holdings Corp.		54,300		654,397
JSP Corp.		29,100		284,356
Kamigumi Co. Ltd.		73,400		1,395,980
Kaneka Corp.		18,200		451,649
KH Neochem Co. Ltd.		109,700		1,873,152
Komatsu Ltd.		35,600		681,857
Kumagai Gumi Co. Ltd.		63,700		1,076,982
Kura Sushi, Inc.^#		39,100		915,081
Kureha Corp.		9,200		591,493
Life Corp.		29,400		438,543
Lion Corp.		204,400		2,067,437
Mabuchi Motor Co. Ltd.		73,500		1,996,974
Mitsubishi Corp.		75,100		2,035,900
Mitsubishi Gas Chemical Co., Inc.		55,400		704,911
Mitsubishi UFJ Financial Group, Inc.		546,200		2,569,467
Mitsui Fudosan Co. Ltd.		80,100		1,534,987
Murata Manufacturing Co. Ltd.		20,500		1,006,423
Nabtesco Corp.		50,300		1,070,645
NEC Networks & System Integration Corp.		177,900		1,907,076
Nexon Co. Ltd.		25,900		434,933
Nihon Kohden Corp.		13,800		309,513
Nippon Gas Co. Ltd.		29,000		421,460
Nippon Telegraph & Telephone Corp.		82,200		2,263,202
NOK Corp.		81,800		668,945
Olympus Corp.		86,400		1,824,513
Ono Pharmaceutical Co. Ltd.		91,100		2,141,872
Organo Corp.		22,700		393,103
Pacific Industrial Co. Ltd.		91,300		642,867
Pan Pacific International Holdings Corp.		50,100		822,449
Recruit Holdings Co. Ltd.		17,700		546,373
Relia, Inc.		76,800		515,461
Rengo Co. Ltd.		375,300		2,082,266
Santen Pharmaceutical Co. Ltd.		72,400		495,667
SBI Holdings, Inc.		28,800		520,625
SCREEN Holdings Co. Ltd.		9,000		495,713
Seino Holdings Co. Ltd.		57,400		441,613
Septeni Holdings Co. Ltd.		430,400		1,285,165
Shibaura Machine Co. Ltd.		75,000		1,458,691
SoftBank Group Corp.		41,300		1,777,598
Sompo Holdings, Inc.		20,500		853,805
Sony Group Corp.		38,700		2,599,520
SUMCO Corp.		52,500		666,952
Sumitomo Electric Industries Ltd.		73,300		766,053
Sumitomo Metal Mining Co. Ltd.		31,100		874,678
Sumitomo Mitsui Financial Group, Inc.		66,100		1,855,041
Tadano Ltd.		90,200		552,016
TDK Corp.		37,900		1,186,486
Terumo Corp.		27,300		830,594
THK Co. Ltd.		45,400		793,229



Description	Number of Shares		Value

Tokyo Century Corp.		38,800	$	1,322,950
Tokyu Fudosan Holdings Corp.		438,800		2,228,010
Tomy Co. Ltd.		38,600		339,027
Torii Pharmaceutical Co. Ltd.		24,200		491,503
Toyo Tanso Co. Ltd.		27,000		677,292
Toyota Motor Corp.		258,400		3,578,969
Tsumura & Co.		50,500		1,054,524
Welcia Holdings Co. Ltd.		24,600		514,516
Yamato Holdings Co. Ltd.		84,500		1,252,483


TOTAL JAPAN			$	101,560,280

JORDAN – 0.0%**
Hikma Pharmaceuticals PLC		11,058		158,390

MACAO – 0.3%
Galaxy Entertainment Group Ltd.		289,000		1,319,887

NETHERLANDS – 3.9%
Aalberts NV		29,188		1,014,769
ABN AMRO Bank NV		18,397		181,008
Adyen NV*		116		166,522
Aegon NV		65,543		303,461
Akzo Nobel NV		2,531		156,179
Arcadis NV		24,701		839,242
Argenx SE*		729		284,427
ASM International NV		449		99,749
ASML Holding NV		7,135		3,370,456
ASR Nederland NV		34,474		1,519,134
EXOR NV*		4,080		274,180
Heineken Holding NV		1,960		133,845
Heineken NV		19,976		1,670,112
IMCD NV		11,699		1,518,030
ING Groep NV		63,790		627,505
Koninklijke Ahold Delhaize NV		65,193		1,820,062
Koninklijke DSM NV		225		26,527
Koninklijke Philips NV		27,487		348,188
NN Group NV		9,677		409,787
OCI NV		3,055		116,900
Shell PLC		135,610		3,738,642
Universal Music Group NV		11,460		224,831
Wolters Kluwer NV		4,417		469,466


TOTAL NETHERLANDS			$	19,313,022

NORWAY – 0.8%
Aker BP ASA		7,896		251,702
DNB Bank ASA		89,177		1,578,331
Equinor ASA		20,365		745,067
Norsk Hydro ASA		15,183		96,360
Orkla ASA		31,060		209,613
Telenor ASA		32,988		299,858
TOMRA Systems ASA		38,255		618,268


TOTAL NORWAY			$	3,799,199

PHILIPPINES – 0.3%
Ayala Land, Inc.		1,800,000		792,062
Converge Information and Communications Technology Solutions, Inc.*		2,982,000		633,965


TOTAL PHILIPPINES			$	1,426,027



Description	Number of Shares		Value

PORTUGAL – 0.3%
EDP-Energias de Portugal SA		367,099	$	1,605,326

SINGAPORE – 0.9%
Oversea-Chinese Banking Corp. Ltd.		444,661		3,810,214
Sea Ltd., ADR*		10,225		507,978
STMicroelectronics NV		9,166		286,242


TOTAL SINGAPORE			$	4,604,434

SOUTH AFRICA – 0.1%
Anglo American PLC		21,860		653,926

SOUTH KOREA – 2.6%
Delivery Hero SE*		3,305		108,927
LG Chem Ltd.		6,505		2,858,738
NAVER Corp.		11,557		1,375,205
Samsung Electronics Co. Ltd.		184,629		7,699,086
SK Hynix, Inc.		13,151		763,514


TOTAL SOUTH KOREA			$	12,805,470

SPAIN – 2.3%
Acciona SA		1,540		277,139
ACS Actividades de Construccion y Servicios SA		12,621		323,667
Amadeus IT Group SA*		593		30,907
Banco Bilbao Vizcaya Argentaria SA^#		418,863		2,156,221
Banco Santander SA		365,024		945,847
Bankinter SA^#		315,503		1,906,943
CaixaBank SA		496,936		1,646,648
EDP Renovaveis SA		14,160		298,204
Ferrovial SA		16,649		406,563
Iberdrola SA		196,899		1,999,365
Industria de Diseno Textil SA		27,605		625,818
Repsol SA		20,679		280,893
Siemens Gamesa Renewable Energy SA*		15,431		273,884
Telefonica SA		8,072		27,801


TOTAL SPAIN			$	11,199,900

SWEDEN – 2.4%
Alfa Laval AB		3,564		87,831
Alleima AB*		3,640		12,402
Assa Abloy AB, Class B		23,431		473,238
Atlas Copco AB, Class A		82,423		881,173
Avanza Bank Holding AB^#		38,525		769,370
Axfood AB		39,473		977,423
Boliden AB		8,878		258,592
Embracer Group AB*		24,314		117,086
Epiroc AB, Class A		25,577		391,605
EQT AB		7,675		151,259
Essity AB, Class B		3,978		84,091
Evolution AB		3,138		293,587
Fortnox AB		191,269		814,277
GARO AB^#		62,585		631,450
Getinge AB, Class B		5,114		103,890
H & M Hennes & Mauritz AB, Class B		15,844		159,571
Hexagon AB, Class B		45,972		454,674
Holmen AB, Class B		4,433		160,839
Industrivarden AB		7,754		174,235
Investor AB, Class B		23,976		391,652



Description	Number of Shares		Value

L E Lundbergforetagen AB, Class B		5,211	$	205,869
Nibe Industrier AB, Class B		22,525		179,732
Securitas AB, Class B		15,037		123,034
Skandinaviska Enskilda Banken AB, Class A		33,465		353,102
SKF AB, Class B		5,282		76,447
Svenska Handelsbanken AB		50,545		469,917
Swedbank AB, Class A		32,048		477,910
Swedish Match AB		141,232		1,453,099
Thule Group AB		31,323		617,314
Volvo AB, Class B		22,499		368,422
Volvo Car AB, Class B*		59,151		251,204


TOTAL SWEDEN			$	11,964,295

SWITZERLAND – 4.8%
ABB Ltd.		26,057		724,449
Accelleron Industries AG*		1,302		22,078
Alcon, Inc.		2,837		172,654
Bossard Holding AG, Class A^#		5,037		1,000,006
Chocoladefabriken Lindt & Spruengli AG		51		488,940
Cie Financiere Richemont SA, Class A		10,715		1,048,012
Clariant AG*^,#		70,402		1,132,647
Emmi AG		1,582		1,262,314
EMS-Chemie Holding AG		156		98,070
Givaudan SA		46		137,354
Holcim AG*		39,975		1,815,612
Julius Baer Group Ltd.		3,374		161,633
Lonza Group AG		1,638		843,087
Novartis AG		47,293		3,820,845
Partners Group Holding AG		534		479,632
SGS SA		85		187,512
Siegfried Holding AG*		2,286		1,360,619
SIG Group AG*		3,952		75,934
Sika AG		3,387		763,753
Sonova Holding AG		981		231,890
Straumann Holding AG		2,456		233,937
Swatch Group AG (The)		902		203,037
Swatch Group AG (The)		2,251		94,055
Swiss Life Holding AG		3,520		1,704,547
Swisscom AG		3,463		1,709,453
UBS Group AG		71,989		1,142,363
VAT Group AG		1,042		238,088
Zurich Insurance Group AG		5,824		2,485,240


TOTAL SWITZERLAND			$	23,637,761

TAIWAN – 2.6%
MediaTek, Inc.		115,000		2,105,671
Merida Industry Co. Ltd.		308,000		1,682,303
Taiwan Semiconductor Manufacturing Co. Ltd.		759,000		9,186,438


TOTAL TAIWAN			$	12,974,412

THAILAND – 0.4%
Kasikornbank PCL		553,500		2,123,253

UNITED KINGDOM – 9.7%
3i Group PLC		14,100		187,651
Allfunds Group PLC		78,471		495,150
Ashtead Group PLC		11,558		603,090
Associated British Foods PLC		20,060		310,450



Description	Number of Shares		Value

AstraZeneca PLC		33,574	$	3,948,063
AVEVA Group PLC		6,263		224,091
Aviva PLC		6,772		32,470
BAE Systems PLC		192,742		1,800,121
Barclays PLC		76,720		130,003
Berkeley Group Holdings PLC		7,157		284,887
BP PLC		261,794		1,440,481
British American Tobacco PLC		64,950		2,557,431
British Land Co. PLC (The)		67,490		283,198
BT Group PLC		28,410		42,290
Bunzl PLC		3,379		110,090
Burberry Group PLC		12,036		250,522
CNH Industrial NV		26,797		347,048
Compass Group PLC		98,898		2,082,889
Croda International PLC		18,357		1,423,102
CVS Group PLC		37,822		820,207
DCC PLC		3,678		204,148
Diageo PLC		42,967		1,772,898
Experian PLC		21,920		697,324
Future PLC		37,592		525,086
GB Group PLC*		144,666		630,763
Great Portland Estates PLC		166,338		980,488
Haleon PLC*		149,434		459,274
Halma PLC		12,087		293,168
Hargreaves Lansdown PLC		8,587		75,157
Hill & Smith Holdings PLC		85,605		969,938
HSBC Holdings PLC		272,366		1,397,139
Imperial Brands PLC		76,802		1,870,746
InterContinental Hotels Group PLC		4,999		269,215
Intertek Group PLC		31,744		1,330,203
J Sainsbury PLC		133,731		298,137
Just Eat Takeaway.com NV*		3,600		61,762
Kingfisher PLC		113,437		284,766
Lloyds Banking Group PLC		464,118		223,652
London Stock Exchange Group PLC		5,001		433,921
Marshalls PLC		185,886		538,051
National Grid PLC		28,518		310,169
Pearson PLC		24,629		271,261
Persimmon PLC		4,264		63,814
Reckitt Benckiser Group PLC		6,905		457,698
RELX PLC		40,059		1,075,447
Rentokil Initial PLC		42,708		266,634
Sage Group PLC (The)		17,967		149,754
Schroders PLC		28,853		129,608
Severn Trent PLC		11,772		337,908
Smith & Nephew PLC		139,540		1,648,252
Smiths Group PLC		7,456		133,431
Spirax-Sarco Engineering PLC		9,579		1,180,909
SSE PLC		88,653		1,581,943
SSP Group PLC*		437,787		1,015,655
St. James’s Place PLC		19,374		236,623
Standard Chartered PLC		426,400		2,550,366
Tate & Lyle PLC		1		8
Unilever PLC		73,934		3,369,880
UNITE Group PLC (The)		97,946		1,000,811
Victrex PLC		40,089		759,951
Vodafone Group PLC		154,194		179,730



Description	Number of Shares		Value

WPP PLC		40,618	$	356,808


TOTAL UNITED KINGDOM			$	47,765,730

UNITED STATES – 5.6%
CSL Ltd.		20,008		3,589,616
Ferguson PLC		5,382		586,965
GSK PLC		158,025		2,589,315
James Hardie Industries PLC, CDI		129,813		2,823,186
Nestle SA		48,892		5,323,996
QIAGEN NV*		2,804		121,095
ResMed, Inc., CDI		95,304		2,075,729
Roche Holding AG		16,036		5,325,582
Roche Holding AG		215		87,215
Samsonite International SA*		1,326,286		2,852,064
Schneider Electric SE		10,728		1,359,806
Stellantis NV		21,208		286,297
Stellantis NV		8,207		110,959
Swiss Re AG		7,259		539,342
Tenaris SA		9,413		146,094


TOTAL UNITED STATES			$	27,817,261


TOTAL COMMON STOCKS (Cost $457,985,518)			$	444,138,189

INVESTMENT COMPANY – 1.0%
iShares MSCI Canada ETF^#		160,000		5,284,800


TOTAL INVESTMENT COMPANY (Cost $5,747,528)			$	5,284,800

PREFERRED STOCKS – 0.5%

GERMANY – 0.5%
Henkel AG & Co. KGaA, 1.85%		25,498		1,607,154
Sartorius AG, 1.26%		827		291,852
Sixt SE, 3.92%		5,034		293,516
Volkswagen AG, 7.56%		1,113		142,264


TOTAL PREFERRED STOCKS (Cost $2,497,683)			$	2,334,786

EQUITY-LINKED WARRANTS – 1.5%

CHINA – 1.5%
(Issuer UBS AG) China Tourism Group Duty Free Corp. Ltd. Strike price $0, Expire 10/23/23*		42,000		922,796
(Issuer UBS AG) Gongniu Group Co. Ltd., Strike price $0, Expire 06/21/23*		70,100		1,151,904
(Issuer UBS AG) LONGi Green Energy Technology Co. Ltd., Strike price $0, Expire 05/15/23*		224,720		1,480,523
(Issuer UBS AG) Midea Group Co. Ltd., Strikeprice $0, Expire 06/21/23*		257,100		1,415,378
(Issuer UBS AG) Shanghai Kelai Mechatronics Engineering Co. Ltd., Strike price $0, Expire 03/08/23*		435,800		1,245,909
(Issuer UBS AG) Zhejiang Sanhua Intelligent Controls Co. Ltd. Strike price $0, Expire 10/23/23*		418,800		1,219,343


TOTAL EQUITY-LINKED WARRANTS (Cost $9,534,002)			$	7,435,853

Wilmington International Fund (continued)



Description	Number of Shares		Value

MONEY MARKET FUND – 5.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^{^}		27,623,134	$	27,623,134


TOTAL MONEY MARKET FUND (Cost $27,623,134)			$	27,623,134

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.7%

MONEY MARKET FUNDS – 0.7%
Blackrock Liquidity Fed Fund, Institutional Shares, 2.87%^{^}		760,000		760,000
Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.07%^{^}		1,070,000		1,070,000
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^{^}		1,070,000		1,070,000
Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 2.88%^{^}		780,000		780,000


TOTAL MONEY MARKET FUNDS (Cost $3,680,000)			$	3,680,000

	Par Value

REPURCHASE AGREEMENTS – 2.0%
Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $2,568,104, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 1/01/61; total market value of $2,619,244.	$	2,567,886		2,567,886

Daiwa Capital Markets America, 3.05%,dated 10/31/22, due 11/01/22, repurchase price $2,128,940, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.63%, maturing 11/01/22 to 11/01/52; totalmarket value of $2,171,335.		2,128,760		2,128,760



Description	Par Value		Value

Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $2,568,104, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $2,619,244.	$	2,567,886	$	2,567,886
RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchaseprice $2,568,104, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market valueof $2,619,244.		2,567,886		2,567,886


TOTAL REPURCHASE AGREEMENTS (Cost $9,832,418)			$	9,832,418


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (Cost $13,512,418)			$	13,512,418


TOTAL INVESTMENTS – 101.1% (Cost $516,900,283)			$	500,329,180
COLLATERAL FOR SECURITIES ON LOAN – (2.7%)				(13,512,418	)
OTHER ASSETS LESS LIABILITIES – 1.6%				7,931,581


TOTAL NET ASSETS – 100.0%			$	494,748,343

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, 2022 in valuing the Fund’s assets and liabilities carried at fair value:



	Level 1		Level 2		Level 3			Total
Assets

Investments in Securities
Common Stocks
Australia	$	14,813,953	$	—		$—		$	14,813,953
Austria		547,121		—		—			547,121
Belgium		5,435,911		—		—			5,435,911
Bermuda		265,462		—		—			265,462
Bulgaria		—		—		—	^(a)		—
China		27,159,303		—		—			27,159,303
Denmark		10,339,603		—		—			10,339,603
Finland		4,281,189		—		—			4,281,189
France		42,716,635		—		—			42,716,635
Germany		21,365,754		—		—			21,365,754
Hong Kong		12,324,813		—		—			12,324,813
India		5,440,411		—		—			5,440,411

Wilmington International Fund (continued)



	Level 1				Level 2			Level 3		Total

Indonesia		$	2,280,518			$	—		$—		$	2,280,518
Ireland			1,682,235				—		—			1,682,235
Italy			10,756,708				—		—			10,756,708
Japan			101,560,280				—		—			101,560,280
Jordan			158,390				—		—			158,390
Macao			1,319,887				—		—			1,319,887
Netherlands			19,313,022				—		—			19,313,022
Norway			3,799,199				—		—			3,799,199
Philippines			1,426,027				—		—			1,426,027
Portugal			1,605,326				—		—			1,605,326
Singapore			4,604,434				—		—			4,604,434
South Africa			653,926				—		—			653,926
South Korea			12,805,470				—		—			12,805,470
Spain			11,199,900				—		—			11,199,900
Sweden			11,964,295				—		—			11,964,295
Switzerland			23,637,761				—		—			23,637,761
Taiwan			12,974,412				—		—			12,974,412
Thailand			2,123,253				—		—			2,123,253
United Kingdom			47,765,730				—		—			47,765,730
United States			27,817,261				—		—			27,817,261
Investment Company			5,284,800				—		—			5,284,800
Preferred Stocks
Germany			2,334,786				—		—			2,334,786
Equity-Linked Warrants
China			—				7,435,853		—			7,435,853
Money Market Funds			31,303,134				—		—			31,303,134
Repurchase Agreements			—				9,832,418		—			9,832,418


Total Investments in Securities		$	483,060,909			$	17,268,271		$—		$	500,329,180


Liabilities

Other Financial Instruments^!
Financial Futures Contracts		$	(815,809	)		$	—		$—		$	(815,809	)


Total Liabilities - Other Financial Instruments		$	(815,809	)		$	—		$—		$	(815,809	)

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

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

^¢	Country classifications are based on primary country of risk.

^**	Represents less than 0.05%.

^*	Non-income producing security.

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

^{^}	7-Day net yield.

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

The following acronyms are used throughout this Portfolio of Investments:

ADR	American Depositary Receipt

CDI	CREST Depository Interest

ETF	Exchange-Traded Fund

MSCI	Morgan Stanley Capital International

OYJ	Public Limited Company

PCL	Public Company Limited

PLC	Public Limited Company

SCA	Limited Partnership With Share Capital

SpA	Societa per Azioni

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At October 31, 2022, the Fund’s portfolio composition was as follows (unaudited):


Common Stocks	Percentage of Total Net Assets
Insurance		8.3	%
Pharmaceuticals		7.0	%
IT Services		5.2	%
Software		3.8	%
Oil, Gas & Consumable Fuels		3.7	%
Banks		3.6	%
Capital Markets		3.2	%
Health Care Providers & Services		2.8	%
Machinery		2.5	%
Aerospace & Defense		2.4	%
Health Care Equipment & Supplies		2.4	%
Diversified Financial Services		2.2	%
Interactive Media & Services		2.0	%
Professional Services		1.9	%
Internet & Direct Marketing Retail		1.8	%
Technology Hardware, Storage & Peripherals		1.8	%
Diversified Telecommunication Services		1.7	%
Specialty Retail		1.6	%
Real Estate Investment Trusts		1.6	%
Hotels, Restaurants & Leisure		1.6	%
Commercial Services & Supplies		1.5	%
Trading Companies & Distributors		1.5	%
Food Products		1.5	%
Household Products		1.4	%
Media		1.4	%
Beverages		1.3	%
Chemicals		1.3	%
Metals & Mining		1.3	%
Road & Rail		1.2	%
Wireless Telecommunication Services		1.2	%
Electric Utilities		1.2	%
Food & Staples Retailing		1.1	%
Building Products		1.1	%
Communications Equipment		1.0	%
Automobiles		1.0	%
Semiconductors & Semiconductor Equipment		1.0	%
Multi-Utilities		0.9	%
Tobacco		0.8	%
Construction & Engineering		0.8	%
Air Freight & Logistics		0.7	%
Life Sciences Tools & Services		0.7	%
Textiles, Apparel & Luxury Goods		0.7	%
Household Durables		0.7	%
Consumer Finance		0.6	%
Electronic Equipment, Instruments & Components		0.6	%
Auto Components		0.5	%
Energy Equipment & Services		0.5	%
Gas Utilities		0.4	%
Biotechnology		0.4	%
Distributors		0.4	%
Entertainment		0.3	%
Electrical Equipment		0.3	%


Common Stocks	Percentage of Total Net Assets
Airlines		0.3	%
Real Estate Management & Development		0.3	%
Construction Materials		0.2	%
Industrial Conglomerates		0.2	%
Multiline Retail		0.1	%
Containers & Packaging		0.1	%
Personal Products		0.1	%
Leisure Products		0.1	%
Water Utilities		0.1	%
Transportation Infrastructure		0.0	%⁽¹⁾
Marine		0.0	%⁽¹⁾
Diversified Consumer Services		0.0	%⁽¹⁾
Exchange-Traded Funds		0.4	%
Preferred Stock		0.2	%
Cash Equivalents⁽²⁾		4.3	%
Other Assets and Liabilities - Net⁽³⁾		3.2	%


TOTAL		100.0	%


Country Allocation	Percentage of Total Net Assets
Common Stocks
United States		50.9	%
Japan		8.9	%
United Kingdom		6.0	%
France		5.4	%
Canada		4.8	%
China		2.5	%
Switzerland		2.4	%
Netherlands		1.5	%
Hong Kong		1.3	%
Italy		1.1	%
Germany		1.0	%
All other countries less than 1.0%		6.1	%
Exchange-Traded Funds		0.4	%
Preferred Stocks		0.2	%
Cash Equivalents⁽²⁾		4.3	%
Other Assets and Liabilities - Net⁽³⁾		3.2	%


TOTAL		100.0	%

⁽¹⁾	Represents less than 0.05%.

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)



Description	Number of Shares		Value

COMMON STOCKS – 91.9%

AEROSPACE & DEFENSE – 2.4%
Austal Ltd.		24,883	$	39,632
Babcock International Group PLC*		24,442		77,251
BAE Systems PLC		158,849		1,483,576
BWX Technologies, Inc.		13,980		796,580
CAE, Inc.*		17,049		325,375
Dassault Aviation SA		795		118,163
General Dynamics Corp.		86		21,483
Lockheed Martin Corp.		2,488		1,210,860
Raytheon Technologies Corp.		6,103		578,686
Thales SA		3,568		453,630


TOTAL AEROSPACE & DEFENSE			$	5,105,236

AIR FREIGHT & LOGISTICS – 0.7%
Bpost SA		6,501		32,123
Expeditors International of Washington, Inc.		7,128		697,475
PostNL NV		17,691		27,746
SG Holdings Co. Ltd.		2,810		37,266
United Parcel Service, Inc., Class B		2,047		343,425
Yamato Holdings Co. Ltd.		13,045		193,357
ZTO Express Cayman, Inc., ADR		12,198		206,024
ZTO Express Cayman, Inc.		2,039		34,262


TOTAL AIR FREIGHT & LOGISTICS			$	1,571,678

AIRLINES – 0.3%
easyJet PLC*		23,902		95,499
Japan Airlines Co. Ltd.*		5,027		93,816



Description	Number of Shares		Value

Southwest Airlines Co.*		10,962	$	398,469


TOTAL AIRLINES			$	587,784

AUTO COMPONENTS – 0.5%
Continental AG		1,509		78,262
Hankook Tire & Technology Co. Ltd.		3,160		81,083
Hyundai Mobis Co. Ltd.		694		106,698
NOK Corp.		9,253		75,669
Stanley Electric Co. Ltd.		6,777		115,218
Sumitomo Electric Industries Ltd.		12,577		131,441
Sumitomo Rubber Industries Ltd.		7,781		66,771
Tachi-S Co. Ltd.		4,641		34,426
Tokai Rika Co. Ltd.		6,620		69,096
Toyoda Gosei Co. Ltd.		4,178		66,760
TS Tech Co. Ltd.		12,060		126,119
Unipres Corp.		7,131		41,723


TOTAL AUTO COMPONENTS			$	993,266

AUTOMOBILES – 1.0%
Dongfeng Motor Group Co. Ltd., Class H		162,842		73,645
Honda Motor Co. Ltd.		22,838		518,058
Isuzu Motors Ltd.		65,886		772,758
Li Auto, Inc., ADR*		3,069		41,800
Mercedes-Benz Group AG		2,324		134,586
Nissan Motor Co. Ltd.		27,788		88,655
Renault SA*		3,908		120,381
Subaru Corp.		11,209		174,548
Suzuki Motor Corp.		2,823		95,306



Description	Number of Shares		Value

Yamaha Motor Co. Ltd.		3,120	$	64,416


TOTAL AUTOMOBILES			$	2,084,153

BANKS – 3.6%
ABN AMRO Bank NV		16,299		160,366
AIB Group PLC		38,357		111,065
Bank Mandiri Persero Tbk PT		162,134		109,666
Bank of Ireland Group PLC		13,771		99,293
Bank of Nova Scotia (The)		13,967		675,103
Bank of Nova Scotia (The)		13,505		652,562
BPER Banca		55,676		103,028
CaixaBank SA		31,353		103,891
Dah Sing Financial Holdings Ltd.		16,850		33,358
DGB Financial Group, Inc.		12,156		57,945
DNB Bank ASA		29,310		518,754
Erste Group Bank AG		5,217		128,686
FinecoBank Banca Fineco SpA		67,983		916,392
First Citizens BancShares, Inc., Class A		281		231,016
First Republic Bank		2,111		253,531
HSBC Holdings PLC		90,607		464,781
Kasikornbank PCL		14,959		57,580
KB Financial Group, Inc., ADR		5,342		179,171
Mebuki Financial Group, Inc.		22,600		43,925
Mizuho Financial Group, Inc.		7,780		84,029
PNC Financial Services Group, Inc. (The)		4,353		704,446
Resona Holdings, Inc.		74,351		279,863
San-In Godo Bank Ltd. (The)		13,600		64,755
Sberbank of Russia PJSC, ADR*^,(1)		3,982		—
Security Bank Corp.		38,556		57,485
Shinhan Financial Group Co. Ltd., ADR		6,591		166,686
Standard Chartered PLC		33,720		201,162
Sumitomo Mitsui Trust Holdings, Inc.		4,861		139,820
Tochigi Bank Ltd. (The)		9,980		20,336
U.S. Bancorp		4,624		196,289
Unicaja Banco SA		91,701		81,199
UniCredit SpA		51,360		636,893


TOTAL BANKS			$	7,533,076

BEVERAGES – 1.3%
Anadolu Efes Biracilik Ve Malt Sanayii AS		12,057		31,065
Asahi Group Holdings Ltd.		2,458		68,833
Cia Cervecerias Unidas SA		7,378		40,468
Coca-Cola Co. (The)		9,460		566,181
Coca-Cola Icecek AS		7,582		70,059
Diageo PLC		13,340		550,433
Embotelladora Andina SA, Class B, ADR		8,782		90,455
Heineken NV		6,366		532,235
Kirin Holdings Co. Ltd.		15,061		221,770
PepsiCo., Inc.		3,426		622,093
Suntory Beverage & Food Ltd.		1,331		44,577


TOTAL BEVERAGES			$	2,838,169

BIOTECHNOLOGY – 0.4%
Genmab A/S*		458		176,530
Vertex Pharmaceuticals, Inc.*		1,972		615,264


TOTAL BIOTECHNOLOGY			$	791,794



Description	Number of Shares		Value

BUILDING PRODUCTS – 1.1%
Assa Abloy AB, Class B		13,602	$	274,721
Builders FirstSource, Inc.*		3,824		235,788
Cie de Saint-Gobain		4,924		201,458
Johnson Controls International PLC		22,997		1,330,147
Lennox International, Inc.		1,460		341,012


TOTAL BUILDING PRODUCTS			$	2,383,126

CAPITAL MARKETS – 3.2%
Ares Management Corp., Class A		13,921		1,055,629
Brookfield Asset Management, Inc., Class A		3,875		153,489
Cboe Global Markets, Inc.		225		28,012
Charles Schwab Corp. (The)		33,419		2,662,492
CME Group, Inc.		487		84,397
CSC Financial Co. Ltd., Class H		140,000		101,482
Deutsche Boerse AG		767		124,803
Hargreaves Lansdown PLC		1,970		17,242
Hong Kong Exchanges & Clearing Ltd.		5,592		148,889
Ichiyoshi Securities Co. Ltd.		6,062		24,583
Intercontinental Exchange, Inc.		1,845		176,327
London Stock Exchange Group PLC		3,467		300,821
MarketAxess Holdings, Inc.		25		6,101
Moody’s Corp.		535		141,705
Morgan Stanley		3,370		276,913
Nomura Holdings, Inc.		14,309		46,364
S&P Global, Inc.		975		313,219
SEI Investments Co.		235		12,761
UBS Group AG		62,433		990,723


TOTAL CAPITAL MARKETS			$	6,665,952

CHEMICALS – 1.3%
ADEKA Corp.		5,661		84,747
Air Liquide SA		589		77,009
Celanese Corp.		3,198		307,392
China BlueChemical Ltd., Class H		133,990		25,604
Croda International PLC		773		59,926
Element Solutions, Inc.		13,949		239,923
EMS-Chemie Holding AG		39		24,517
FMC Corp.		2,444		290,592
Givaudan SA		27		80,621
Koninklijke DSM NV		588		69,324
Linde PLC		2,064		613,730
Lintec Corp.		4,000		60,042
Mitsubishi Gas Chemical Co., Inc.		9,340		118,843
Nissan Chemical Corp.		155		6,984
Sherwin-Williams Co. (The)		1,435		322,918
Shin-Etsu Chemical Co. Ltd.		1,660		173,485
Sumitomo Bakelite Co. Ltd.		1,990		53,934
Symrise AG		736		75,172


TOTAL CHEMICALS			$	2,684,763

COMMERCIAL SERVICES & SUPPLIES – 1.5%
Aeon Delight Co. Ltd.		3,054		61,082
Cintas Corp.		1,091		466,457
Clean Harbors, Inc.*		7,346		899,591
Copart, Inc.*		5,877		675,973
Kokuyo Co. Ltd.		4,000		49,659
Prosegur Cia de Seguridad SA		28,768		53,647



Description	Number of Shares		Value

Rollins, Inc.		726	$	30,550
Secom Co. Ltd.		1,047		59,787
Waste Connections, Inc.		7,014		925,217


TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,221,963

COMMUNICATIONS EQUIPMENT – 1.0%
Cisco Systems, Inc.		24,008		1,090,684
Motorola Solutions, Inc.		3,516		877,980
Nokia OYJ		37,724		168,024


TOTAL COMMUNICATIONS EQUIPMENT			$	2,136,688

CONSTRUCTION & ENGINEERING – 0.8%
Bouygues SA		1,271		36,275
Chiyoda Corp.*		9,401		23,329
EXEO Group, Inc.		3,614		52,960
Fugro NV*		4,322		56,167
Implenia AG*		1,382		51,893
JGC Holdings Corp.		15,318		184,605
Obayashi Corp.		630		4,046
Vinci SA		13,044		1,201,159


TOTAL CONSTRUCTION & ENGINEERING			$	1,610,434

CONSTRUCTION MATERIALS – 0.2%
HeidelbergCement AG		3,590		165,506
Holcim AG*		3,652		165,869
Imerys SA		1,986		81,372
Taiheiyo Cement Corp.		5,126		69,670
Vicat SA		1,740		39,894


TOTAL CONSTRUCTION MATERIALS			$	522,311

CONSUMER FINANCE – 0.6%
American Express Co.		5,040		748,188
Credit Acceptance Corp.*		949		441,873
Marui Group Co. Ltd.		3,670		60,568
Provident Financial PLC		18,512		34,668


TOTAL CONSUMER FINANCE			$	1,285,297

CONTAINERS & PACKAGING – 0.1%
Ball Corp.		4,463		220,428
Nampak Ltd.*		56,917		5,825


TOTAL CONTAINERS & PACKAGING			$	226,253

DISTRIBUTORS – 0.4%
Genuine Parts Co.		465		82,705
LKQ Corp.		11,400		634,296
PALTAC Corp.		1,576		44,833


TOTAL DISTRIBUTORS			$	761,834

DIVERSIFIED CONSUMER SERVICES – 0.0%**
Benesse Holdings, Inc.		612		9,030

DIVERSIFIED FINANCIAL SERVICES – 2.2%
Bank of America Corp.		26,608		958,952
Berkshire Hathaway, Inc., Class B*		3,220		950,190
BNP Paribas SA		4,157		195,117
G-Resources Group Ltd.		18,893		4,790
ING Groep NV		17,538		172,522
Investor AB, Class B		5,402		88,243
JPMorgan Chase & Co.		3,421		430,635



Description	Number of Shares		Value

Kasikornbank PCL, NVDR		22,822	$	87,546
Mitsubishi HC Capital, Inc.		6,197		26,589
Mitsubishi UFJ Financial Group, Inc.		139,620		656,809
Royal Bank of Canada		6,698		619,725
Societe Generale SA		7,229		165,921
Sumitomo Mitsui Financial Group, Inc.		11,078		310,895


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,667,934

DIVERSIFIED TELECOMMUNICATION SERVICES – 1.7%
AT&T, Inc.		7,501		136,743
BT Group PLC		71,659		106,668
Hellenic Telecommunications Organization SA		30,324		476,486
Koninklijke KPN NV		138,774		388,253
KT Corp., ADR		12,142		154,325
Magyar Telekom Telecommunications PLC, ADR		6,004		20,684
Nippon Telegraph & Telephone Corp.		11,800		324,888
Orange SA		25,065		238,565
Proximus SADP		3,764		39,467
Swisscom AG		205		101,195
Telefonica Brasil SA		10,879		87,255
Telenor ASA		3,875		35,223
Telia Co. AB		14,721		38,998
Telkom Indonesia Persero Tbk PT		1,788,800		503,467
Turk Telekomunikasyon AS		87,767		58,419
Verizon Communications, Inc.		20,761		775,839


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	3,486,475

ELECTRIC UTILITIES – 1.2%
American Electric Power Co., Inc.		165		14,507
Chubu Electric Power Co., Inc.		4,011		32,666
Duke Energy Corp.		6,014		560,385
Edison International		8,029		482,061
Eversource Energy		3,701		282,312
Exelon Corp.		12,952		499,818
Iberdrola SA		51,836		526,357
Kansai Electric Power Co., Inc. (The)		1,221		9,254
Red Electrica Corp. SA		2,248		36,323


TOTAL ELECTRIC UTILITIES			$	2,443,683

ELECTRICAL EQUIPMENT – 0.3%
Cosel Co. Ltd.		5,774		33,123
Nippon Carbon Co. Ltd.		2,100		59,528
Schneider Electric SE		2,726		345,529
Ushio, Inc.		17,487		181,814
Zumtobel Group AG		2,522		15,228


TOTAL ELECTRICAL EQUIPMENT			$	635,222

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%
Ai Holdings Corp.		3,600		53,360
Alps Alpine Co. Ltd.		8,355		71,922
Amano Corp.		6,430		110,140
Amphenol Corp., Class A		2,048		155,300
Canon Marketing Japan, Inc.		3,011		63,583
Citizen Watch Co. Ltd.		4,288		18,023
Foxconn Technology Co. Ltd.		38,407		53,875
Halma PLC		2,102		50,984
Hon Hai Precision Industry Co. Ltd.		29,775		94,715



Description	Number of Shares		Value

Keyence Corp.		134	$	50,754
Kyocera Corp.		2,250		112,595
Maruwa Co. Ltd.		449		52,873
Maxell Ltd.		6,481		53,829
Nippon Chemi-Con Corp.*		4,861		61,263
PAX Global Technology Ltd.		23,846		18,743
Shimadzu Corp.		1,734		45,771
Sunny Optical Technology Group Co. Ltd.		18,053		156,505


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	1,224,235

ENERGY EQUIPMENT & SERVICES – 0.5%
China Oilfield Services Ltd., Class H		318,000		358,120
Schlumberger NV		11,229		584,245
Trican Well Service Ltd.*		14,039		37,304


TOTAL ENERGY EQUIPMENT & SERVICES			$	979,669

ENTERTAINMENT – 0.3%
Capcom Co. Ltd.		714		19,904
DeNA Co. Ltd.		6,608		86,258
NetEase, Inc., ADR		5,247		291,838
NetEase, Inc.		9,216		100,500
Nexon Co. Ltd.		1,733		29,102
Nintendo Co. Ltd.		1,620		66,131
Square Enix Holdings Co. Ltd.		1,304		58,230


TOTAL ENTERTAINMENT			$	651,963

FOOD & STAPLES RETAILING – 1.1%
Atacadao SA		10,792		40,699
Carrefour SA		9,109		146,597
Costco Wholesale Corp.		572		286,858
J Sainsbury PLC		54,030		120,453
Jeronimo Martins SGPS SA		2,321		48,122
Koninklijke Ahold Delhaize NV		4,473		124,878
Marks & Spencer Group PLC*		12,904		15,612
Performance Food Group Co.*		14,658		762,802
Sundrug Co. Ltd.		6,479		150,761
Tesco PLC		37,100		91,517
Tsuruha Holdings, Inc.		2,751		160,033
Walmart, Inc.		3,158		449,478


TOTAL FOOD & STAPLES RETAILING			$	2,397,810

FOOD PRODUCTS – 1.5%
Astral Foods Ltd.		4,870		46,678
Barry Callebaut AG		20		37,829
Campbell Soup Co.		694		36,720
Chocoladefabriken Lindt & Spruengli AG		8		76,697
General Mills, Inc.		1,986		162,018
Hormel Foods Corp.		1,938		90,020
Kellogg Co.		11,742		902,020
MEIJI Holdings Co. Ltd.		767		31,568
Nestle SA		9,293		1,011,943
Nisshin Seifun Group, Inc.		1,867		20,190
Nissin Foods Holdings Co. Ltd.		608		39,376
Nomad Foods Ltd.*		31,881		490,967
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		149,321		10,818
Ulker Biskuvi Sanayi AS*		32,173		45,457



Description	Number of Shares		Value

WH Group Ltd.		105,166	$	53,188
Yihai International Holding Ltd.*		19,276		31,727


TOTAL FOOD PRODUCTS			$	3,087,216

GAS UTILITIES – 0.4%
China Gas Holdings Ltd.		39,059		34,632
Enagas SA		5,579		90,559
ENN Energy Holdings Ltd.		35,918		357,137
Osaka Gas Co. Ltd.		1,753		25,960
Snam SpA		10,479		46,622
Tokyo Gas Co. Ltd.		1,488		26,589
UGI Corp.		6,343		224,098


TOTAL GAS UTILITIES			$	805,597

HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%
Abbott Laboratories		1,157		114,474
Asahi Intecc Co. Ltd.		1,955		33,316
Baxter International, Inc.		8,069		438,550
Becton Dickinson & Co.		11		2,596
Boston Scientific Corp.*		12,692		547,152
Coloplast A/S, Class B		658		73,361
DexCom, Inc.*		2,896		349,779
DiaSorin SpA		140		18,304
Hoya Corp.		542		50,575
ICU Medical, Inc.*		3,398		504,297
Insulet Corp.*		687		177,803
Koninklijke Philips NV		28,153		356,625
Medtronic PLC		15,829		1,382,505
Paramount Bed Holdings Co. Ltd.		1,971		35,100
Siemens Healthineers AG		1,562		71,903
Stryker Corp.		3,635		833,287
Sysmex Corp.		674		36,389


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	5,026,016

HEALTH CARE PROVIDERS & SERVICES – 2.8%
Alfresa Holdings Corp.		6,525		75,082
BML, Inc.		2,840		64,270
Chemed Corp.		1,351		630,741
Elevance Health, Inc.		1,642		897,796
Fresenius SE & Co. KGaA		6,345		146,101
HCA Healthcare, Inc.		4,423		961,870
Humana, Inc.		1,910		1,065,933
McKesson Corp.		1,422		553,684
Netcare Ltd.		79,577		67,496
UnitedHealth Group, Inc.		2,621		1,455,048


TOTAL HEALTH CARE PROVIDERS & SERVICES			$	5,918,021

HOTELS, RESTAURANTS & LEISURE – 1.6%
Choice Hotels International, Inc.		3,430		445,351
Compass Group PLC		26,361		555,189
Evolution AB		644		60,252
H World Group Ltd., ADR		7,444		201,584
Hilton Worldwide Holdings, Inc.		3,097		418,900
La Francaise des Jeux SAEM		582		18,980
McDonald’s Corp.		4,911		1,339,033
McDonald’s Holdings Co. Japan Ltd.		765		26,547
Sands China Ltd.*		165,400		288,673


TOTAL HOTELS, RESTAURANTS & LEISURE			$	3,354,509



Description	Number of Shares		Value

HOUSEHOLD DURABLES – 0.7%
Casio Computer Co. Ltd.		9,180	$	79,888
Coway Co. Ltd.		1,902		73,840
De’ Longhi SpA		4,303		74,290
Garmin Ltd.		1,111		97,812
Nikon Corp.		7,225		69,920
NVR, Inc.*		149		631,425
Persimmon PLC		2,420		36,217
Sekisui Chemical Co. Ltd.		3,181		39,791
Sekisui House Ltd.		8,502		141,514
Sony Group Corp.		2,070		139,044


TOTAL HOUSEHOLD DURABLES			$	1,383,741

HOUSEHOLD PRODUCTS – 1.4%
Clorox Co. (The)		226		33,005
Colgate-Palmolive Co.		14,541		1,073,707
Henkel AG & Co. KGaA		1,582		92,945
Procter & Gamble Co. (The)		6,940		934,610
Reckitt Benckiser Group PLC		11,777		780,639
Unicharm Corp.		1,387		42,274


TOTAL HOUSEHOLD PRODUCTS			$	2,957,180

INDUSTRIAL CONGLOMERATES – 0.2%
3M Co.		1,819		228,812
Honeywell International, Inc.		514		104,866


TOTAL INDUSTRIAL CONGLOMERATES			$	333,678

INSURANCE – 8.3%
Admiral Group PLC		996		23,038
Ageas SA		2,949		102,090
AIA Group Ltd.		285,372		2,161,289
Arch Capital Group Ltd.*		9,252		531,990
Arthur J. Gallagher & Co.		6,256		1,170,372
Assicurazioni Generali SpA		8,981		134,818
AXA SA		60,891		1,504,388
Baloise Holding AG		213		29,099
Brown & Brown, Inc.		783		46,033
Caixa Seguridade Participacoes S/A		61,224		104,420
China Pacific Insurance Group Co. Ltd., Class H		51,800		83,544
China Reinsurance Group Corp., Class H		987,937		52,231
Chubb Ltd.		3,829		822,814
Dai-ichi Life Holdings, Inc.		17,024		269,909
Enstar Group Ltd.*		2,065		414,074
Gjensidige Forsikring ASA		614		11,216
Globe Life, Inc.		9,156		1,057,701
Intact Financial Corp.		16,915		2,570,246
Markel Corp.*		518		624,760
Marsh & McLennan Cos., Inc.		4,403		711,040
MetLife, Inc.		8,927		653,546
MS&AD Insurance Group Holdings, Inc.		11,777		312,137
Old Mutual Ltd.		133,038		75,613
Phoenix Group Holdings PLC		362		2,252
Principal Financial Group, Inc.		6,786		598,050
Progressive Corp. (The)		10,357		1,329,839
Sampo OYJ, Class A		2,437		111,459
SCOR SE		5,326		80,135
Swiss Life Holding AG		32		15,496
T&D Holdings, Inc.		82,898		817,858



Description	Number of Shares		Value

Tokio Marine Holdings, Inc.		41,866	$	757,668
Tongyang Life Insurance Co. Ltd.		8,020		28,827
Travelers Cos., Inc. (The)		601		110,860
Willis Towers Watson PLC		367		80,083
Zurich Insurance Group AG		290		123,750


TOTAL INSURANCE			$	17,522,645

INTERACTIVE MEDIA & SERVICES – 2.0%
Alphabet, Inc., Class A*		18,420		1,740,874
Alphabet, Inc., Class C*		7,729		731,627
Baidu, Inc., Class A*		6,986		66,837
Meta Platforms, Inc., Class A*		3,884		361,834
Tencent Holdings Ltd.		38,424		1,006,411
ZoomInfo Technologies, Inc.*		6,075		270,520


TOTAL INTERACTIVE MEDIA & SERVICES			$	4,178,103

INTERNET & DIRECT MARKETING RETAIL – 1.8%
Alibaba Group Holding Ltd.*		13,853		108,447
Alibaba Group Holding Ltd., ADR*		4,950		314,721
Amazon.com, Inc.*		20,769		2,127,576
ASKUL Corp.		17,549		183,521
JD.com, Inc., ADR		9,407		350,787
Meituan, Class B*		48,439		770,122


TOTAL INTERNET & DIRECT MARKETING RETAIL			$	3,855,174

IT SERVICES – 5.2%
Accenture PLC, Class A		4,297		1,219,918
Automatic Data Processing, Inc.		3,260		787,942
BIPROGY Inc		2,673		57,794
Capgemini SE		5,400		887,201
Cognizant Technology Solutions Corp., Class A		6,124		381,219
Edenred		11,951		613,677
EPAM Systems, Inc.*		185		64,750
Fidelity National Information Services, Inc.		12,931		1,073,144
FleetCor Technologies, Inc.*		1,707		317,707
Gartner, Inc.*		2,236		675,093
Global Payments, Inc.		3,561		406,880
GoDaddy, Inc., Class A*		17,518		1,408,447
International Business Machines Corp.		717		99,154
Jack Henry & Associates, Inc.		242		48,172
Mastercard, Inc., Class A		3,012		988,478
Nomura Research Institute Ltd.		470		10,447
NS Solutions Corp.		3,884		89,463
Obic Co. Ltd.		369		55,513
Paychex, Inc.		1,080		127,775
Sopra Steria Group SACA		201		26,618
Visa, Inc., Class A		7,187		1,488,859
Western Union Co. (The)		1,258		16,996


TOTAL IT SERVICES			$	10,845,247

LEISURE PRODUCTS – 0.1%
Bandai Namco Holdings, Inc.		876		57,982
Sega Sammy Holdings, Inc.		3,050		39,075
Shimano, Inc.		411		63,780


TOTAL LEISURE PRODUCTS			$	160,837

LIFE SCIENCES TOOLS & SERVICES – 0.7%
Agilent Technologies, Inc.		983		135,998



Description	Number of Shares		Value

CMIC Holdings Co. Ltd.		1,630	$	18,427
Danaher Corp.		2,915		733,618
ICON PLC*		1,799		355,914
Sartorius Stedim Biotech		153		48,566
Thermo Fisher Scientific, Inc.		449		230,773


TOTAL LIFE SCIENCES TOOLS & SERVICES			$	1,523,296

MACHINERY – 2.5%
Amada Co. Ltd.		9,800		69,004
CNH Industrial NV		36,164		468,360
Daimler Truck Holding AG*		6,618		176,586
Duerr AG		2,921		77,305
Fortive Corp.		14,568		930,895
Graco, Inc.		2,822		196,355
Hino Motors Ltd.*		16,942		70,414
Hisaka Works Ltd.		3,030		17,219
IDEX Corp.		2,325		516,871
Kone OYJ, Class B		9,988		409,138
Makino Milling Machine Co. Ltd.		2,579		79,697
Makita Corp.		5,771		105,566
MISUMI Group, Inc.		2,234		47,776
Mitsubishi Heavy Industries Ltd.		1,827		62,909
Nordson Corp.		100		22,500
OKUMA Corp.		3,480		116,784
OSG Corp.		5,490		69,892
Otis Worldwide Corp.		7,387		521,818
PACCAR, Inc.		5,849		566,359
Schindler Holding AG		353		57,550
SKF AB, Class B		10,655		154,210
SMC Corp.		182		73,586
Spirax-Sarco Engineering PLC		408		50,299
Sumitomo Heavy Industries Ltd.		5,170		98,153
THK Co. Ltd.		9,431		164,778
Toyota Industries Corp.		1,625		83,712
Wartsila OYJ Abp		13,784		93,992


TOTAL MACHINERY			$	5,301,728

MARINE – 0.0%**
Kuehne + Nagel International AG		151		32,180

MEDIA – 1.4%
Cable One, Inc.		366		314,551
Comcast Corp., Class A		20,788		659,811
Criteo SA, ADR*		561		14,306
Fuji Media Holdings, Inc.		4,480		31,183
Hakuhodo DY Holdings, Inc.		6,617		55,893
Megacable Holdings SAB de CV		26,500		55,199
Metropole Television SA		5,381		55,677
Nippon Television Holdings, Inc.		17,424		130,069
Omnicom Group, Inc.		5,626		409,291
Publicis Groupe SA		8,058		451,839
RTL Group SA		2,634		89,389
Television Francaise 1		12,404		78,698
TV Asahi Holdings Corp.		6,669		62,521
WPP PLC		53,588		470,743


TOTAL MEDIA			$	2,879,170



Description	Number of Shares		Value

METALS & MINING – 1.3%
Anglo American PLC		17,191	$	514,256
Asahi Holdings, Inc.		4,830		61,685
Barrick Gold Corp.		8,564		128,804
Centamin PLC		60,359		61,412
Centerra Gold, Inc.		11,825		54,944
Eldorado Gold Corp.*		9,477		52,976
Endeavour Mining PLC		4,840		86,082
Fresnillo PLC		5,181		43,314
Glencore PLC		88,762		508,452
Harmony Gold Mining Co. Ltd., ADR		14,723		41,224
Hitachi Metals Ltd.*		2,053		29,988
Kinross Gold Corp.		6,097		22,132
Kyoei Steel Ltd.		5,891		52,019
Maruichi Steel Tube Ltd.		3,657		69,134
Nakayama Steel Works Ltd.		4,017		17,209
Neturen Co. Ltd.		5,935		26,702
Norsk Hydro ASA		4,106		26,059
OceanaGold Corp.*		30,595		44,466
Resolute Mining Ltd.*		50,624		6,476
Rio Tinto PLC		12,779		664,895
Yamato Kogyo Co. Ltd.		3,703		107,582
Yodogawa Steel Works Ltd.		2,073		33,752


TOTAL METALS & MINING			$	2,653,563

MULTILINE RETAIL – 0.1%
Dollar General Corp.		747		190,522
Ryohin Keikaku Co. Ltd.		8,500		80,087


TOTAL MULTILINE RETAIL			$	270,609

MULTI-UTILITIES – 0.9%
Centrica PLC		21,459		18,855
Consolidated Edison, Inc.		1,180		103,793
Dominion Energy, Inc.		5,198		363,704
Engie SA		19,575		254,464
National Grid PLC		89,576		974,251
WEC Energy Group, Inc.		1,048		95,714


TOTAL MULTI-UTILITIES			$	1,810,781

OIL, GAS & CONSUMABLE FUELS – 3.7%
ARC Resources Ltd.		5,253		73,955
BP PLC		83,252		458,081
Cameco Corp.		3,950		93,680
Chevron Corp.		2,714		490,962
ConocoPhillips		3,497		440,937
Coterra Energy, Inc.		11,903		370,540
Diamondback Energy, Inc.		2,518		395,603
Enbridge, Inc.		19,732		768,800
Eni SpA		29,846		390,931
Exxon Mobil Corp.		2,559		283,563
Inpex Corp.		11,379		116,166
Japan Petroleum Exploration Co. Ltd.		1,430		37,122
Shell PLC		22,629		623,860
TC Energy Corp.		15,669		688,247
TotalEnergies SE		38,241		2,082,321
TotalEnergies SE, ADR		6,862		375,832
Ultrapar Participacoes SA		35,495		92,491



Description	Number of Shares		Value

YPF SA, ADR*		3,996	$	30,529


TOTAL OIL, GAS & CONSUMABLE FUELS			$	7,813,620

PERSONAL PRODUCTS – 0.1%
Haleon PLC*		571		1,755
Kobayashi Pharmaceutical Co. Ltd.		512		27,202
Unilever PLC		3,739		170,422


TOTAL PERSONAL PRODUCTS			$	199,379

PHARMACEUTICALS – 7.0%
Astellas Pharma, Inc.		7,838		107,875
AstraZeneca PLC		14,010		1,647,476
AstraZeneca PLC, ADR		17,314		1,018,236
Bristol-Myers Squibb Co.		3,411		264,250
Chugai Pharmaceutical Co. Ltd.		6,270		145,476
Daiichi Sankyo Co. Ltd.		3,325		106,596
Eisai Co. Ltd.		1,119		67,534
Eli Lilly & Co.		3,404		1,232,554
GSK PLC		456		7,472
Johnson & Johnson		10,872		1,891,402
Kissei Pharmaceutical Co. Ltd.		2,613		46,199
Kyowa Kirin Co. Ltd.		4,040		95,230
Merck & Co., Inc.		12,316		1,246,379
Nippon Shinyaku Co. Ltd.		1,917		106,231
Novartis AG		35,566		2,873,410
Novo Nordisk A/S, Class B		1,441		156,660
Ono Pharmaceutical Co. Ltd.		6,552		154,045
Otsuka Holdings Co. Ltd.		1,968		63,079
Pfizer, Inc.		42,629		1,984,380
Roche Holding AG		2,197		729,627
Roche Holding AG		178		72,206
Sanofi		1,447		124,882
Takeda Pharmaceutical Co. Ltd.		8,351		220,043
UCB SA		4,366		329,298


TOTAL PHARMACEUTICALS			$	14,690,540

PROFESSIONAL SERVICES – 1.9%
Adecco Group AG*		4,844		151,606
BeNext-Yumeshin Group Co.		8,159		98,658
Bureau Veritas SA		47,819		1,184,736
en Japan, Inc.		4,000		69,646
Experian PLC		15,332		487,745
Hays PLC		73,145		92,187
Nihon M&A Center Holdings, Inc.		1,666		18,857
Pagegroup PLC		14,794		71,629
Recruit Holdings Co. Ltd.		2,983		92,081
RELX PLC		1,141		30,632
Science Applications International Corp.		7,889		854,694
SGS SA		35		77,211
SThree PLC		8,009		34,167
Wolters Kluwer NV		6,269		666,309


TOTAL PROFESSIONAL SERVICES			$	3,930,158

REAL ESTATE INVESTMENT TRUSTS – 1.6%
American Tower Corp.		4,783		990,990
British Land Co. PLC (The)		14,543		61,024
Brixmor Property Group, Inc.		22,007		468,969
Daiwa House REIT Investment Corp.		21		42,369



Description	Number of Shares		Value

Japan Real Estate Investment Corp.		12	$	50,277
Land Securities Group PLC		9,965		65,185
LaSalle Logiport REIT		75		80,046
Medical Properties Trust, Inc.		16,534		189,314
Nippon Building Fund, Inc.		12		53,344
Nomura Real Estate Master Fund, Inc.		38		43,317
Public Storage		2,638		817,121
VICI Properties, Inc.		10,087		322,986
Welltower, Inc.		2,836		173,109


TOTAL REAL ESTATE INVESTMENT TRUSTS			$	3,358,051

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%
CK Asset Holdings Ltd.		24,922		137,792
Daito Trust Construction Co. Ltd.		152		15,037
Daiwa House Industry Co. Ltd.		893		18,089
Mitsubishi Estate Co. Ltd.		23,780		299,539
Swiss Prime Site AG		1,151		92,875


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	563,332

ROAD & RAIL – 1.2%
AMERCO		645		370,997
Canadian National Railway Co.		16,197		1,918,887
Uber Technologies, Inc.*		12,945		343,949


TOTAL ROAD & RAIL			$	2,633,833

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.0%
ams-OSRAM AG*		9,655		54,728
ASM Pacific Technology Ltd.		14,680		80,790
Disco Corp.		276		66,265
Intel Corp.		7,291		207,283
Mimasu Semiconductor Industry Co. Ltd.		4,000		61,979
Miraial Co. Ltd.		2,160		23,024
Optorun Co. Ltd.		3,970		56,495
Rohm Co. Ltd.		1,370		96,465
Taiwan Semiconductor Manufacturing Co. Ltd.		31,000		375,204
Texas Instruments, Inc.		6,146		987,232
Tokyo Seimitsu Co. Ltd.		1,229		37,070


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	2,046,535

SOFTWARE – 3.8%
ANSYS, Inc.*		287		63,473
Autodesk, Inc.*		1,560		334,308
Black Knight, Inc.*		14,638		885,160
Constellation Software, Inc.		944		1,364,977
Dassault Systemes SE		2,750		92,265
Kingdee International Software Group Co. Ltd.*		115,263		188,540
Microsoft Corp.		19,185		4,453,414
Palo Alto Networks, Inc.*		2,247		385,563
Roper Technologies, Inc.		347		143,845
Topicus.com, Inc.*		683		35,445
Trend Micro, Inc.		555		28,031
Tyler Technologies, Inc.*		136		43,973


TOTAL SOFTWARE			$	8,018,994

SPECIALTY RETAIL – 1.6%
Adastria Co. Ltd.		3,032		41,230
CarMax, Inc.*		3,302		208,059
CECONOMY AG		14,358		23,398



Description	Number of Shares		Value

China Meidong Auto Holdings Ltd.		61,861	$	81,329
China Tourism Group Duty Free Corp. Ltd., Class H*		1,182		23,385
Hikari Tsushin, Inc.		886		107,074
Home Depot, Inc. (The)		2,021		598,479
Industria de Diseno Textil SA		25,710		582,858
Kingfisher PLC		22,155		55,617
K’s Holdings Corp.		7,420		58,184
Nitori Holdings Co. Ltd.		363		33,042
Shimamura Co. Ltd.		387		31,310
TJX Cos., Inc. (The)		16,941		1,221,446
Ulta Beauty, Inc.*		708		296,914
USS Co. Ltd.		2,101		31,749
Xebio Holdings Co. Ltd.		7,258		49,251


TOTAL SPECIALTY RETAIL			$	3,443,325

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.8%
Apple, Inc.		22,475		3,446,317
Canon, Inc.		3,463		73,454
Catcher Technology Co. Ltd.		15,837		83,307
Elecom Co. Ltd.		5,840		54,200
Quadient SA		4,169		58,669


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	3,715,947

TEXTILES, APPAREL & LUXURY GOODS – 0.7%
Hermes International		100		129,510
Li Ning Co. Ltd.		16,500		85,341
Lululemon Athletica, Inc.*		1,003		330,027
NIKE, Inc., Class B		7,924		734,396
Sanyo Shokai Ltd.*		2,000		15,831
Swatch Group AG (The)		619		139,335
Yue Yuen Industrial Holdings Ltd.		37,149		37,766


TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,472,206

TOBACCO – 0.8%
British American Tobacco PLC		14,390		566,612
Philip Morris International, Inc.		13,041		1,197,816


TOTAL TOBACCO			$	1,764,428

TRADING COMPANIES & DISTRIBUTORS – 1.5%
AerCap Holdings NV*		13,818		738,019
Brenntag SE		15,314		929,837
Fastenal Co.		7,063		341,355
Inaba Denki Sangyo Co. Ltd.		2,700		50,443
ITOCHU Corp.		7,556		195,589
Marubeni Corp.		2,096		18,367
Mitsubishi Corp.		6,050		164,010
MonotaRO Co. Ltd.		364		5,552
Rexel SA*		3,841		68,724
SIG PLC*		31,231		11,121
Sumitomo Corp.		5,067		64,592
Triton International Ltd.		8,307		504,152


TOTAL TRADING COMPANIES & DISTRIBUTORS			$	3,091,761



Description	Number of Shares		Value

TRANSPORTATION INFRASTRUCTURE – 0.0%**
Kamigumi Co. Ltd.		5,638	$	107,228

WATER UTILITIES – 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo		10,354		120,588
Severn Trent PLC		1,386		39,784


TOTAL WATER UTILITIES			$	160,372

WIRELESS TELECOMMUNICATION SERVICES – 1.2%
Empresa Nacional de Telecomunicaciones SA		18,032		56,292
KDDI Corp.		54,448		1,609,328
MTN Group Ltd.		3,017		21,326
SoftBank Corp.		5,730		56,473
T-Mobile US, Inc.*		5,049		765,226
Turkcell Iletisim Hizmetleri AS		42,989		59,215


TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	2,567,860


TOTAL COMMON STOCKS (Cost $ 177,643,281)			$	192,976,658

EXCHANGE-TRADED FUNDS – 0.4%

EQUITY FUNDS – 0.4%
iShares Core MSCI EAFE ETF		2,198		122,473
iShares MSCI ACWI ETF		7,843		649,165
NEXT FUNDS TOPIX ETF		3,340		45,081


TOTAL EXCHANGE-TRADED FUNDS (Cost $ 910,011)			$	816,719

PREFERRED STOCKS – 0.2%

CONSUMER STAPLES – 0.1%
Henkel AG & Co. KGaA 1.85%		1,978		124,675

FINANCIALS – 0.1%
Banco Bradesco SA 4.17%		66,900		256,695

MATERIALS – 0.0%**
Fuchs Petrolub SE 1.02%		3,380		96,868


TOTAL PREFERRED STOCKS (Cost $ 497,989)			$	478,238

MONEY MARKET FUND – 4.3%
Dreyfus Government Cash Management Fund, Institutional Shares 2.91%^{^}		9,044,910		9,044,910


TOTAL MONEY MARKET FUND (Cost $ 9,044,910)			$	9,044,910


TOTAL INVESTMENTS – 96.8% (COST $ 188,096,191)			$	203,316,525
OTHER ASSETS LESS LIABILITIES – 3.2%				6,713,905


TOTAL NET ASSETS – 100.0%			$	210,030,430

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, 2022 in valuing the Fund’s assets and liabilities carried at fair value:



	Level 1		Level 2		Level 3			Total
Assets

Investments in Securities
Common Stocks
Aerospace & Defense	$	5,105,236	$	—		$—		$	5,105,236
Air Freight & Logistics		1,571,678		—		—			1,571,678
Airlines		587,784		—		—			587,784
Auto Components		993,266		—		—			993,266
Automobiles		2,084,153		—		—			2,084,153
Banks		7,533,076		—		—	^(a)		7,533,076
Beverages		2,838,169		—		—			2,838,169
Biotechnology		791,794		—		—			791,794
Building Products		2,383,126		—		—			2,383,126
Capital Markets		6,665,952		—		—			6,665,952
Chemicals		2,684,763		—		—			2,684,763
Commercial Services & Supplies		3,221,963		—		—			3,221,963
Communications Equipment		2,136,688		—		—			2,136,688
Construction & Engineering		1,610,434		—		—			1,610,434
Construction Materials		522,311		—		—			522,311
Consumer Finance		1,285,297		—		—			1,285,297
Containers & Packaging		226,253		—		—			226,253
Distributors		761,834		—		—			761,834
Diversified Consumer Services		9,030		—		—			9,030
Diversified Financial Services		4,667,934		—		—			4,667,934
Diversified Telecommunication Services		3,486,475		—		—			3,486,475
Electric Utilities		2,443,683		—		—			2,443,683
Electrical Equipment		635,222		—		—			635,222
Electronic Equipment, Instruments & Components		1,224,235		—		—			1,224,235
Energy Equipment & Services		979,669		—		—			979,669
Entertainment		651,963		—		—			651,963
Food & Staples Retailing		2,397,810		—		—			2,397,810
Food Products		3,087,216		—		—			3,087,216
Gas Utilities		805,597		—		—			805,597
Health Care Equipment & Supplies		5,026,016		—		—			5,026,016
Health Care Providers & Services		5,918,021		—		—			5,918,021
Hotels, Restaurants & Leisure		3,354,509		—		—			3,354,509
Household Durables		1,383,741		—		—			1,383,741
Household Products		2,957,180		—		—			2,957,180
Industrial Conglomerates		333,678		—		—			333,678
Insurance		17,522,645		—		—			17,522,645
Interactive Media & Services		4,178,103		—		—			4,178,103
Internet & Direct Marketing Retail		3,855,174		—		—			3,855,174
IT Services		10,845,247		—		—			10,845,247
Leisure Products		160,837		—		—			160,837
Life Sciences Tools & Services		1,523,296		—		—			1,523,296
Machinery		5,301,728		—		—			5,301,728
Marine		32,180		—		—			32,180
Media		2,879,170		—		—			2,879,170
Metals & Mining		2,653,563		—		—			2,653,563
Multiline Retail		270,609		—		—			270,609
Multi-Utilities		1,810,781		—		—			1,810,781
Oil, Gas & Consumable Fuels		7,813,620		—		—			7,813,620
Personal Products		199,379		—		—			199,379
Pharmaceuticals		14,690,540		—		—			14,690,540



	Level 1			Level 2			Level 3		Total

Professional Services	$	3,930,158			$ —			$—	$	3,930,158
Real Estate Investment Trusts		3,358,051			—			—		3,358,051
Real Estate Management & Development		563,332			—			—		563,332
Road & Rail		2,633,833			—			—		2,633,833
Semiconductors & Semiconductor Equipment		2,046,535			—			—		2,046,535
Software		8,018,994			—			—		8,018,994
Specialty Retail		3,443,325			—			—		3,443,325
Technology Hardware, Storage & Peripherals		3,715,947			—			—		3,715,947
Textiles, Apparel & Luxury Goods		1,472,206			—			—		1,472,206
Tobacco		1,764,428			—			—		1,764,428
Trading Companies & Distributors		3,091,761			—			—		3,091,761
Transportation Infrastructure		107,228			—			—		107,228
Water Utilities		160,372			—			—		160,372
Wireless Telecommunication Services		2,567,860			—			—		2,567,860
Exchange-Traded Funds		816,719			—			—		816,719
Preferred Stocks		478,238			—			—		478,238
Money Market Fund		9,044,910			—			—		9,044,910


Total Investments in Securities	$	203,316,525			$ —			$—	$	203,316,525


Other Financial Instruments^!
Forward Foreign Currency Contracts	$	—			$470,552			$—	$	470,552
Financial Futures Contracts		3,893,335			—			—		3,893,335


Total Assets - Other Financial Instruments	$	3,893,335			$470,552			$—	$	4,363,887

Liabilities

Other Financial Instruments^!
Forward Foreign Currency Contracts	$	—			$(16,366	)		$—	$	(16,366	)
Financial Futures Contracts		(89,703	)		—			—		(89,703	)


Total Liabilities - Other Financial Instruments	$	(89,703	)		$(16,366	)		$—	$	(106,069	)

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

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

*	Non-income producing security.

**	Represents less than 0.05%.

^	7-Day net yield.

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

The following acronyms are used throughout this Portfolio of Investments:


ADR		American Depositary Receipt

CAD		Canadian Dollar

ETF		Exchange-Traded Fund

EUR		Euro

GBP		British Pound Sterling

JPY		Japanese Yen

MSCI		Morgan Stanley Capital International

NVDR		Non-Voting Depositary Receipt

OYJ		Public Limited Company

PCL		Public Company Limited

PLC		Public Limited Company

REIT		Real Estate Investment Trust

S&P		Standards & Poor’s

SpA		Societa per Azioni

At October 31, 2022, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date

Counterparty

Contracts to
Deliver/Receive

Contract
Amount

Contract
at Value

Unrealized
Appreciation

Unrealized
(Depreciation)

CONTRACTS SOLD

12/21/2022

Citibank N.A.

1,704,000 EUR

1,685,322

1,691,327

$ —

$(6,005)

12/21/2022

BMO Capital Markets

151,700,000 JPY

1,055,066

1,027,104

27,962

—

12/21/2022

Deutsche Bank AG

5,362,000 EUR

5,397,979

5,322,122

75,857

—

12/21/2022

TD Securities Ltd.

8,975,000 CAD

6,750,836

6,591,979

158,857

—

12/21/2022

Morgan Stanley

787,000,000 JPY

5,523,242

5,328,483

194,759

—

12/21/2022

Hong Kong & Shanghai Bank

373,000 GBP

418,180

428,541

—

(10,361)

12/21/2022

TD Securities Ltd.

5,072,000 GBP

5,840,357

5,827,240

13,117

—

UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS

$470,552

$(16,366)

At October 31, 2022, the Global Alpha Equities Fund had open financial futures contracts as follows:



Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Notional Amount		Notional Value		Unrealized Appreciation^(a)		Unrealized (Depreciation)^(a)

SHORT POSITIONS:

EXCHANGE-TRADED:

E-Mini Russell 2000 Index		December 2022		67	$	6,331,401	$	6,207,550		$ 123,851	$ —

E-Mini S&P 500 Index		December 2022		131		26,507,992		25,433,650		1,074,342	—

E-Mini S&P Mid 400 Index		December 2022		56		14,030,662		13,661,760		368,902	—

Euro STOXX 50 Index		December 2022		112		4,037,000		4,004,547		32,453	—

FTSE 100 Index		December 2022		51		4,379,999		4,156,949		223,050	—

HSCE Index		November 2022		146		4,884,020		4,593,160		290,860	—

MSCI EAFE Index		December 2022		323		30,137,662		28,357,785		1,779,877	—

S&P TSX 60 Index		December 2022		37		6,358,931		6,396,477		—	(37,546)

TOPIX Index		December 2022		36		4,610,811		4,662,968		—	(52,157)

UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$3,893,335	$(89,703)

^(a)	The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through October 31, 2022. Only current day variation margin is reported on the Fund’s Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At October 31, 2022, the Fund’s portfolio composition was as follows (unaudited):


	Percentage of Total Net Assets
Real Estate Related Securities:
Real Estate Investment Trusts		27.3%
Exchange-Traded Funds		7.7%
Common Stocks		5.9%
Investment Companies		1.9%
Rights		0.0%⁽¹⁾
Commodity Related Securities:
Investment Companies		39.4%
Exchange-Traded Funds		1.6%
Inflation Related Securities:
Exchange-Traded Funds		13.2%
Cash Equivalents⁽²⁾		3.0%
Cash Collateral Invested for Securities on Loan⁽³⁾		4.5%
Other Assets and Liabilities - Net⁽⁴⁾		(4.5)%

TOTAL		100.0%

(1)	Represents less than 0.05%.

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2022 (unaudited)



Description	Number of Shares		Value

INFLATION RELATED SECURITIES – 13.2%

EXCHANGE-TRADED FUNDS – 13.2%

INFLATION-PROTECTED SECURITIES FUND – 13.2%

Schwab U.S. TIPS ETF^#		1,057,900	$	55,317,591


TOTAL EXCHANGE-TRADED FUNDS (COST $65,429,430)			$	55,317,591


TOTAL INFLATION RELATED SECURITIES (COST $65,429,430)			$	55,317,591

REAL ESTATE RELATED SECURITIES – 42.8%

COMMON STOCKS – 5.9%

CONSTRUCTION & ENGINEERING – 0.0%**

Ashtrom Group Ltd.⁰		—		2

DIVERSIFIED – 0.1%

Argosy Property Ltd.		78,356		53,984

Centuria Capital Group		52,289		56,357

Nomura Real Estate Master Fund, Inc.		403		459,387


TOTAL DIVERSIFIED			$	569,728

DIVERSIFIED REAL ESTATE ACTIVITIES—2.5%

Airport City Ltd.*		6,600		109,360



Description	Number of Shares		Value

Allreal Holding AG		1,304	$	186,742

City Developments Ltd.		43,700		235,540

Daito Trust Construction Co. Ltd.		5,900		583,671

Daiwa House Industry Co. Ltd.		57,200		1,158,656

DIC Asset AG		5,757		39,712

Gemdale Properties & Investment Corp. Ltd.		358,000		19,611

Heiwa Real Estate Co. Ltd.		4,300		119,432

Isras Investment Co. Ltd.		124		23,354

JINUSHI Co. Ltd.		1,900		26,195

Kerry Properties Ltd.		65,000		102,845

Lendlease Corp. Ltd.		58,795		326,816

Mitsubishi Estate Co. Ltd.		119,600		1,506,512

Mitsui Fudosan Co. Ltd.		82,900		1,588,645

New World Development Co. Ltd.		119,000		243,468

Nomura Real Estate Holdings, Inc.		11,500		260,248

Property & Building Corp. Ltd.*		345		25,590

SAMTY Co. Ltd.		3,100		49,014

Shun Tak Holdings Ltd.*		224,000		29,107

SRE Holdings Corp.*		300		7,647

St. Joe Co. (The)		2,746		97,565

Starts Corp., Inc.		3,100		54,830

Sumitomo Realty & Development Co. Ltd.		41,100		943,922



Description	Number of Shares		Value

Sun Frontier Fudousan Co. Ltd.		3,900	$	30,136

Sun Hung Kai Properties Ltd.		132,000		1,420,114

Tokyo Tatemono Co. Ltd.		17,900		246,660

Tokyu Fudosan Holdings Corp.		51,600		261,999

UOL Group Ltd.		40,500		177,095

Wharf Holdings Ltd. (The)		122,000		348,920

YH Dimri Construction & Development Ltd.		637		38,759


TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	10,262,165

INDUSTRIAL – 0.0%**

Nexus Industrial REIT		3,140		20,421

OFFICE – 0.0%**

Precinct Properties New Zealand Ltd.		110,972		79,681

REAL ESTATE DEVELOPMENT – 0.6%

Aedas Homes SA		1,862		24,179

BUWOG AG Escrow Shares⁽¹⁾		3,077		—

Cedar Woods Properties Ltd.		7,515		18,988

CK Asset Holdings Ltd.		170,000		939,914

DREAM Unlimited Corp., Class A		1,602		29,221

Far East Consortium International Ltd.		85,800		19,347

Forestar Group, Inc.*		1,558		18,042

Goldcrest Co. Ltd.		1,500		17,654

Greenland Hong Kong Holdings Ltd.		101,000		5,211

Henderson Land Development Co. Ltd.		111,735		273,585

Howard Hughes Corp. (The)*		3,529		216,504

Immobel SA		315		12,888

Instone Real Estate Group SE		5,505		40,095

K Wah International Holdings Ltd.		135,000		37,836

Katitas Co. Ltd.		4,100		91,957

Lifestyle Communities Ltd.		8,810		98,900

Mirarth Holdings, Inc.		11,700		31,474

Nexity SA		5,723		114,699

Sino Land Co. Ltd.		274,000		292,861

Tosei Corp.		2,300		21,995


TOTAL REAL ESTATE DEVELOPMENT			$	2,305,350

REAL ESTATE OPERATING COMPANIES –2.7%

ADLER Group SA*		15,042		22,328

Aeon Mall Co. Ltd.		10,600		115,271

AFI Properties Ltd.		503		15,089

Akelius Residential Property AB, Class D		21,145		36,569

Alony Hetz Properties & Investments Ltd.		12,795		150,272

Amot Investments Ltd.		20,799		125,964

Aroundtown SA		93,245		185,036

Atrium Ljungberg AB, Class B		4,173		55,823

Azrieli Group Ltd.		3,773		279,861

Big Shopping Centers Ltd.		1,156		129,748

Blue Square Real Estate Ltd.		878		58,367

CA Immobilien Anlagen AG		4,455		140,665

Capitaland India Trust		77,600		61,396

Capitaland Investment Ltd.		212,900		452,691

Castellum AB		24,414		279,271

Catena AB		3,309		112,506

Cibus Nordic Real Estate AB		6,754		92,276

Citycon OYJ*		7,281		45,367



Description	Number of Shares		Value

CTP NV		5,776	$	59,935

Deutsche Wohnen SE		5,914		119,345

DigitalBridge Group, Inc.		10,460		133,888

Dios Fastigheter AB		7,746		50,898

Electra Real Estate Ltd.		2,021		24,851

Entra ASA		15,547		141,395

Fabege AB		23,153		168,135

Fastighets AB Balder, Class B*		53,856		202,401

FRP Holdings, Inc.*		573		34,741

G City, Ltd.		8,975		29,006

Gav-Yam Lands Corp. Ltd.		5,012		42,552

Grainger PLC		65,116		169,512

Grand City Properties SA		10,219		99,474

Hang Lung Group Ltd.		79,000		102,453

Hang Lung Properties Ltd.		157,000		197,409

Helical PLC		12,067		45,667

Hongkong Land Holdings Ltd.		99,700		383,845

Hufvudstaden AB, Class A		11,486		136,902

Hulic Co. Ltd.		50,500		366,791

Hysan Development Co. Ltd.		56,001		122,138

Ichigo, Inc.		19,800		44,608

Intershop Holding AG		171		103,999

Israel Canada T.R Ltd.		9,850		28,433

Keihanshin Building Co. Ltd.		4,900		43,597

Kennedy-Wilson Holdings, Inc.		10,343		171,797

Kojamo OYJ		12,869		167,493

LEG Immobilien SE		6,371		416,301

Leopalace21 Corp.*		25,000		47,581

Mega Or Holdings Ltd.		1,802		52,425

Melisron Ltd.		2,063		153,198

Mivne Real Estate KD Ltd.		49,729		154,807

Mobimo Holding AG		620		144,575

Norstar Holdings, Inc.		2,349		12,205

NP3 Fastigheter AB		3,018		47,998

Nyfosa AB		13,690		81,771

Pandox AB*		7,020		85,960

Phoenix Spree Deutschland Ltd.		8,227		24,908

Platzer Fastigheter Holding AB, Class B		4,270		26,491

PSP Swiss Property AG		3,915		418,340

Sagax AB, Class D		19,966		48,101

Sagax AB, Class B		15,337		282,815

Samhallsbyggnadsbolaget i Norden AB, Class D		21,008		34,553

Samhallsbyggnadsbolaget i Norden AB		68,059		93,571

Shurgard Self Storage SA		2,600		113,184

Sirius Real Estate Ltd.		80,598		65,163

Summit Real Estate Holdings Ltd.		2,479		34,601

Swire Properties Ltd.		89,800		172,515

Swiss Prime Site AG		6,660		537,403

TAG Immobilien AG		10,868		68,147

TKP Corp.*		1,700		34,470

TOC Co. Ltd.		5,500		28,629

Tricon Residential, Inc.		22,054		185,841

VGP NV		947		71,875

Vonovia SE		66,878		1,480,465



Description	Number of Shares		Value

Wallenstam AB, Class B		35,212	$	124,313

WeWork, Inc., Class A*^,#		19,874		51,076

Wharf Real Estate Investment Co. Ltd.		132,000		520,456

Wihlborgs Fastigheter AB		22,830		149,702


TOTAL REAL ESTATE OPERATING COMPANIES			$	11,313,205

RESIDENTIAL – 0.0%**

Bluerock Homes Trust, Inc.*		675		17,077

RETAIL – 0.0%**

Eurocommercial Properties NV		4,984		109,640

Kiwi Property Group Ltd.		181,673		95,591


TOTAL RETAIL			$	205,231


TOTAL COMMON STOCKS (COST $32,634,484)			$	24,772,860

EXCHANGE-TRADED FUNDS – 7.7%

REAL ESTATE – 7.7%

Balanced Commercial Property Trust Ltd.		64,435		61,701

Schwab U.S. REIT ETF^#		912,200		17,614,582

Vanguard Global ex-U.S. Real Estate ETF		389,200		14,548,296


TOTAL REAL ESTATE			$	32,224,579


TOTAL EXCHANGE-TRADED FUNDS (COST $33,954,655)			$	32,224,579

INVESTMENT COMPANY – 1.9%

EQUITY FUNDS – 1.9%

Tortoise MLP & Pipeline Fund, Institutional Class		573,591		7,760,692


TOTAL INVESTMENT COMPANY (COST $7,188,284)			$	7,760,692

REAL ESTATE INVESTMENT TRUSTS – 27.3%

DIVERSIFIED – 2.2%

Abacus Property Group		34,498		61,787

ABRDN PROPERTY INCOME TRUST, LTD.		30,168		19,167

Activia Properties, Inc.		64		189,596

AEW UK REIT PLC		21,753		22,202

Alexander & Baldwin, Inc.		7,229		140,821

American Assets Trust, Inc.		4,901		134,679

Armada Hoffler Properties, Inc.		5,648		66,025

Artis REIT		4,368		30,619

British Land Co. PLC (The)		79,967		335,553

Broadstone Net Lease, Inc.		15,059		258,111

Charter Hall Group		44,505		368,371

Charter Hall Long Wale REIT		56,185		156,334

CTO Realty Growth, Inc.^#		1,579		31,738

Custodian REIT PLC		42,620		43,256

Daiwa House REIT Investment Corp.		181		365,177

Empire State Realty Trust, Inc., Class A		16,562		122,062

ESCON Japan REIT Investment Corp.		25		19,369

Essential Properties Realty Trust, Inc.		11,993		258,089

Gladstone Commercial Corp.		2,455		43,183

Global Net Lease, Inc.		11,392		139,552

GPT Group (The)		163,511		450,782

Growthpoint Properties Australia Ltd.		26,398		56,060



Description	Number of Shares		Value

H&R REIT		12,857	$	105,793

Hankyu Hanshin REIT, Inc.		53		54,998

Heiwa REIT, Inc.		110		113,998

Hulic REIT, Inc.		120		140,502

ICADE		3,089		114,965

iStar, Inc.		7,596		79,606

Land Securities Group PLC		64,131		419,503

Lar Espana Real Estate Socimi SA		4,971		19,380

LXI REIT PLC		162,828		227,439

Merlin Properties Socimi SA		28,879		244,585

Mirvac Group		336,549		445,616

NIPPON REIT Investment Corp.		49		120,939

NTT UD REIT Investment Corp.		130		127,294

One Liberty Properties, Inc.		890		20,061

Picton Property Income Ltd. (The)		63,920		63,041

REIT 1 Ltd.		15,048		78,997

Schroder REIT Ltd.		45,679		23,730

Sekisui House REIT, Inc.		383		206,317

Star Asia Investment Corp.		162		61,773

Stockland		203,766		469,220

STORE Capital Corp.		22,924		728,983

Sunlight REIT		139,000		44,270

Suntec REIT		186,000		169,497

Takara Leben Real Estate Investment Corp.		43		29,323

Tokyu REIT, Inc.		96		136,677

Tosei REIT Investment Corp.		34		31,372

UK Commercial Property REIT Ltd.		66,143		46,270

United Urban Investment Corp.		266		281,215

WP Carey, Inc.		17,905		1,366,152

Yuexiu REIT		325,000		55,894


TOTAL DIVERSIFIED			$	9,339,943

DIVERSIFIED REAL ESTATE ACTIVITIES – 0.0%**

Sella Capital Real Estate Ltd.		19,590		50,406

HEALTH CARE – 2.2%

Aedifica SA		3,480		265,499

Assura PLC		251,668		161,479

CareTrust REIT, Inc.		8,198		153,139

Cofinimmo SA		2,516		208,736

Community Healthcare Trust, Inc.		1,841		63,699

Diversified Healthcare Trust		35,676		48,519

Global Medical REIT, Inc.		5,565		50,864

Health Care & Medical Investment Corp.		33		45,385

Healthcare Realty Trust, Inc.		32,829		667,414

Healthpeak Properties, Inc.		46,412		1,101,357

Impact Healthcare REIT PLC		38,181		45,888

LTC Properties, Inc.		3,551		137,317

Medical Properties Trust, Inc.		51,540		590,133

National Health Investors, Inc.		3,914		221,924

NorthWest Healthcare Properties REIT		10,602		83,580

Omega Healthcare Investors, Inc.		20,398		648,248

Parkway Life REIT		42,700		120,656

Physicians Realty Trust		19,384		291,923

Primary Health Properties PLC		117,554		149,775

Sabra Health Care REIT, Inc.		19,520		266,643



Description	Number of Shares		Value

Universal Health Realty Income Trust		1,459	$	71,009

Ventas, Inc.		34,641		1,355,502

Vital Healthcare Property Trust		65,633		89,292

Welltower, Inc.		39,974		2,440,013


TOTAL HEALTH CARE			$	9,277,994

HOTEL & RESORT – 1.0%

Apple Hospitality REIT, Inc.		18,128		310,351

Ashford Hospitality Trust, Inc.*		5,580		45,310

Braemar Hotels & Resorts, Inc.		5,100		25,143

CapitaLand Ascott Trust		173,500		117,048

CDL Hospitality Trusts		59,214		48,522

Chatham Lodging Trust*		5,931		76,925

DiamondRock Hospitality Co.		18,163		169,643

Far East Hospitality Trust		94,900		38,547

Hersha Hospitality Trust, Class A		6,231		57,014

Hoshino Resorts REIT, Inc.		27		128,195

Host Hotels & Resorts, Inc.		60,949		1,150,717

Invincible Investment Corp.		520		163,314

Japan Hotel REIT Investment Corp.		382		201,154

Mori Trust Hotel REIT, Inc.		19		18,030

Park Hotels & Resorts, Inc.		20,186		264,033

Pebblebrook Hotel Trust		10,735		172,190

RLJ Lodging Trust		14,219		173,045

Ryman Hospitality Properties, Inc.		4,700		417,924

Service Properties Trust		15,958		129,419

Summit Hotel Properties, Inc.		9,200		79,488

Sunstone Hotel Investors, Inc.		18,168		202,573

Xenia Hotels & Resorts, Inc.		9,642		164,685


TOTAL HOTEL & RESORT			$	4,153,270

INDUSTRIAL – 4.8%

Advance Logistics Investment Corp.		45		44,003

AIMS APAC REIT		43,700		37,970

Americold Realty Trust, Inc.		22,771		552,197

CapitaLand Ascendas REIT		300,800		556,722

Centuria Industrial REIT		60,763		117,767

CRE Logistics REIT, Inc.		77		105,950

Dexus Industria REIT		20,663		35,025

Dream Industrial REIT		12,380		99,505

EastGroup Properties, Inc.		3,759		588,998

ESR-LOGOS REIT		212,393		51,013

First Industrial Realty Trust, Inc.		11,323		539,314

Frasers Logistics & Commercial Trust		286,420		222,564

GLP J-REIT		383		396,922

Goodman Group		147,340		1,602,183

Goodman Property Trust		90,440		108,844

Granite REIT		2,802		143,190

Indus Realty Trust, Inc.		409		21,182

Industrial & Infrastructure Fund Investment Corp.		177		186,886

Industrial Logistics Properties Trust		8,189		38,325

Innovative Industrial Properties, Inc.		2,424		262,034

Intervest Offices & Warehouses NV		2,092		45,380

Japan Logistics Fund, Inc.		78		167,074

LaSalle Logiport REIT		152		162,227



Description	Number of Shares		Value

LondonMetric Property PLC		83,533	$	179,042

LXP Industrial Trust		24,141		233,685

Mapletree Industrial Trust		188,570		293,059

Mapletree Logistics Trust		273,250		293,402

Mitsubishi Estate Logistics REIT Investment Corp.		41		121,322

Mitsui Fudosan Logistics Park, Inc.		46		152,514

Montea NV		1,252		85,497

Nippon Prologis REIT, Inc.		228		477,635

Plymouth Industrial REIT, Inc.		2,273		41,914

Prologis, Inc.		80,013		8,861,440

Rexford Industrial Realty, Inc.		14,758		815,822

Segro PLC		104,692		942,477

SOSiLA Logistics REIT, Inc.		61		58,459

STAG Industrial, Inc.		15,373		485,633

Summit Industrial Income REIT		9,636		123,142

Terreno Realty Corp.		6,445		368,267

Tritax Big Box REIT PLC		159,430		256,517

Warehouses De Pauw		11,987		307,763


TOTAL INDUSTRIAL			$	20,182,865

OFFICE – 2.7%

Alexandria Real Estate Equities, Inc.		12,838		1,865,361

Allied Properties REIT		5,736		111,112

Boston Properties, Inc.		12,246		890,284

Brandywine Realty Trust		15,708		103,044

Centuria Office REIT		38,286		36,857

Champion REIT		160,000		47,900

City Office REIT, Inc.		2,823		29,980

Corporate Office Properties Trust		9,587		255,494

Cousins Properties, Inc.		13,130		311,969

Covivio		4,040		216,395

Cromwell Property Group		136,773		61,241

Daiwa Office Investment Corp.		27		127,469

Derwent London PLC		9,577		237,670

Dexus		91,809		455,711

Douglas Emmett, Inc.		14,979		263,481

Dream Office REIT		3,839		43,424

Easterly Government Properties, Inc.		8,265		143,728

Equity Commonwealth		9,699		253,726

Franklin Street Properties Corp.		9,107		26,228

GDI Property Group Partnership		37,938		19,171

Gecina SA		4,641		413,929

Global One Real Estate Investment Corp.		81		62,536

Great Portland Estates PLC		24,043		141,723

Highwoods Properties, Inc.		8,953		252,743

Hudson Pacific Properties, Inc.		12,391		136,797

Ichigo Office REIT Investment Corp.		138		77,865

Inmobiliaria Colonial Socimi SA		26,612		140,307

Japan Excellent, Inc.		143		132,234

Japan Prime Realty Investment Corp.		85		230,657

Japan Real Estate Investment Corp.		121		506,964

JBG SMITH Properties		9,549		187,924

Kenedix Office Investment Corp.		74		168,459

Keppel Pacific Oak U.S. REIT		91,600		49,464



Description	Number of Shares		Value

Keppel REIT		160,800	$	101,664

Kilroy Realty Corp.		8,967		383,250

Manulife U.S. REIT		149,700		54,641

Mirai Corp.		131		42,200

Mori Hills REIT Investment Corp.		139		152,092

Mori Trust Sogo REIT, Inc.		100		99,734

Nippon Building Fund, Inc.		147		653,465

NSI NV		1,341		32,071

Office Properties Income Trust		3,636		55,631

One REIT, Inc.		24		40,012

Orion Office REIT, Inc.		6,503		60,933

Orix JREIT, Inc.		236		316,635

Paramount Group, Inc.		17,642		114,144

Piedmont Office Realty Trust, Inc., Class A		11,198		117,019

Prime U.S. REIT		75,100		35,297

Prosperity REIT		87,000		18,398

Regional REIT Ltd.		34,529		26,451

Sankei Real Estate, Inc.		41		25,726

SL Green Realty Corp.		4,622		183,401

True North Commercial REIT		3,946		17,871

Veris Residential, Inc.*		9,191		145,494

Vornado Realty Trust		13,572		320,163

Workspace Group PLC		21,828		102,482


TOTAL OFFICE			$	11,100,621

REAL ESTATE OPERATING COMPANIES – 0.0%**

CLS Holdings PLC		25,558		42,030

Seritage Growth Properties, Class A*^,#		5,575		59,820


TOTAL REAL ESTATE OPERATING COMPANIES			$	101,850

RESIDENTIAL – 4.2%

Advance Residence Investment Corp.		118		274,576

Altarea SCA		322		42,896

American Homes 4 Rent, Class A		25,859		825,936

Apartment Income REIT Corp.		13,631		523,839

Apartment Investment & Management Co., Class A		12,505		99,290

AvalonBay Communities, Inc.		11,981		2,098,113

Boardwalk REIT		1,785		63,520

BRT Apartments Corp.		1,574		34,880

Camden Property Trust		9,154		1,057,745

Canadian Apartment Properties REIT		7,253		224,615

Care Property Invest NV		2,075		33,712

Centerspace		1,616		111,989

Civitas Social Housing PLC		58,386		39,906

Clipper Realty, Inc.		9,929		70,397

Comforia Residential REIT, Inc.		60		127,308

Daiwa Securities Living Investments Corp.		192		149,008

Elme Communities		7,567		144,454

Empiric Student Property PLC		51,684		48,602

Equity LifeStyle Properties, Inc.		15,090		965,156

Equity Residential		29,354		1,849,889

Essex Property Trust, Inc.		5,607		1,246,100

Home REIT PLC		42,087		40,591

Independence Realty Trust, Inc.		18,837		315,708

Ingenia Communities Group		45,700		114,589



Description	Number of Shares		Value

InterRent REIT		6,334	$	53,328

Invitation Homes, Inc.		52,446		1,662,014

Irish Residential Properties REIT PLC		33,709		36,444

Kenedix Residential Next Investment Corp.		94		137,686

Killam Apartment REIT		4,993		57,870

Mid-America Apartment Communities, Inc.		9,987		1,572,453

Minto Apartment REIT		1,676		16,399

Morguard North American Residential REIT		1,808		21,101

NexPoint Residential Trust, Inc.		1,717		78,295

Nippon Accommodations Fund, Inc.		43		183,053

PRS REIT PLC (The)		46,884		47,315

Samty Residential Investment Corp.		61		49,269

Starts Proceed Investment Corp.		19		30,296

Sun Communities, Inc.		10,639		1,434,669

Triple Point Social Housing REIT PLC		36,682		27,848

UDR, Inc.		26,349		1,047,636

UMH Properties, Inc.		3,166		55,532

UNITE Group PLC (The)		34,069		348,117

Xior Student Housing NV		1,779		50,018


TOTAL RESIDENTIAL			$	17,412,162

RETAIL – 5.0%

Acadia Realty Trust		8,750		122,238

AEON REIT Investment Corp.		147		158,176

Agree Realty Corp.		6,887		473,137

Alexander’s, Inc.		134		31,475

Brixmor Property Group, Inc.		25,890		551,716

BWP Trust		42,243		110,245

Capital & Counties Properties PLC		79,998		98,255

CapitaLand China Trust		120,900		82,843

CapitaLand Integrated Commercial Trust		434,347		576,838

Carmila SA		5,913		82,744

CBL & Associates Properties, Inc.		2,691		77,312

Charter Hall Retail REIT		49,743		127,591

Choice Properties REIT		15,157		145,634

Crombie REIT		4,825		52,806

CT REIT		6,101		69,414

Federal Realty Investment Trust		6,137		607,440

First Capital REIT		8,708		101,312

Fortune REIT		131,000		83,610

Frasers Centrepoint Trust		104,623		153,727

Frontier Real Estate Investment Corp.		44		155,352

Fukuoka REIT Corp.		64		74,719

Getty Realty Corp.		3,846		121,111

Hamborner REIT AG		9,415		67,178

Hammerson PLC		292,015		64,046

Home Consortium Ltd.		25,444		78,121

HomeCo Daily Needs REIT		152,785		125,093

InvenTrust Properties Corp.		5,741		144,673

Japan Metropolitan Fund Invest		596		438,898

Kenedix Retail REIT Corp.		64		115,049

Kimco Realty Corp.		53,106		1,135,406

Kite Realty Group Trust		18,694		367,150

Klepierre SA*		16,650		334,846

Lendlease Global Commercial REIT		145,125		71,763



Description	Number of Shares		Value

Link REIT		183,000	$	1,081,730

Macerich Co. (The)		18,185		202,399

Mapletree Pan Asia Commercial Trust		187,123		210,176

Mercialys SA		4,343		37,619

National Retail Properties, Inc.		15,208		639,192

Necessity Retail REIT, Inc. (The)		15,917		108,872

NETSTREIT Corp.		2,616		49,233

NewRiver REIT PLC		17,295		13,884

Phillips Edison & Co., Inc.		10,033		302,395

Primaris REIT		2,451		25,241

Realty Income Corp.		51,999		3,237,978

Regency Centers Corp.		13,330		806,598

Retail Estates NV		1,199		70,621

Retail Opportunity Investments Corp.		10,776		156,037

RioCan REIT		12,827		182,752

RPT Realty		7,659		71,229

Sasseur REIT		61,100		30,645

Saul Centers, Inc.		944		38,657

Scentre Group		448,640		832,220

Shaftesbury PLC		28,319		119,383

Shopping Centres Australasia Property Group		93,331		162,382

Simon Property Group, Inc.		28,370		3,091,763

SITE Centers Corp.		15,510		192,014

Slate Grocery REIT, Class U		2,915		30,298

SmartCentres REIT		7,835		153,554

Spirit Realty Capital, Inc.		11,802		458,272

Starhill Global REIT		158,600		57,699

Supermarket Income REIT PLC		106,288		124,938

Tanger Factory Outlet Centers, Inc.		9,051		163,009

Unibail-Rodamco-Westfield*		9,937		470,193

Urban Edge Properties		10,097		142,570

Urstadt Biddle Properties, Inc., Class A		3,106		58,206

Vastned Retail NV		2,088		42,404

Vicinity Ltd.		330,292		410,923

Waypoint REIT Ltd.		71,780		125,345

Wereldhave NV		2,996		36,714

Whitestone REIT		4,055		38,158


TOTAL RETAIL			$	20,975,221

SPECIALIZED – 5.2%

Arena REIT		35,122		88,291

Automotive Properties REIT		3,080		26,949

Big Yellow Group PLC		14,761		190,608

Charter Hall Social Infrastructure REIT		35,768		79,390

CubeSmart		19,399		812,236

Digital Realty Trust, Inc.		24,794		2,485,599

EPR Properties		6,385		246,461

Equinix, Inc.		7,893		4,470,911

Extra Space Storage, Inc.		11,607		2,059,546

Farmland Partners, Inc.		2,902		40,657

Four Corners Property Trust, Inc.		6,869		175,984

Gaming and Leisure Properties, Inc.		22,142		1,109,757

Gladstone Land Corp.		3,132		63,736

Hotel Property Investments Ltd., REIT		17,262		34,340

Iron Mountain, Inc.		24,715		1,237,480



Description	Number of Shares		Value

Keppel DC REIT		117,495	$	146,080

Life Storage, Inc.		7,292		806,568

National Storage Affiliates Trust		7,434		317,134

National Storage REIT		92,338		154,157

Public Storage		13,692		4,241,097

Rural Funds Group		32,605		53,182

Safehold, Inc.		2,099		61,396

Safestore Holdings PLC		18,091		187,447

VICI Properties, Inc.		83,237		2,665,249


TOTAL SPECIALIZED			$	21,754,255


TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $125,826,731)			$	114,348,587

RIGHTS – 0.0%**

S IMMO AG*, Expire 12/30/22		5,122		—


TOTAL RIGHTS (COST $0)			$	—


TOTAL REAL ESTATE RELATED SECURITIES (COST $199,604,154)			$	179,106,718

COMMODITY RELATED SECURITIES – 41.0%

EXCHANGE-TRADED FUNDS – 1.6%

COMMODITY – 1.6%

SPDR S&P Global Natural Resources ETF^#		119,300		6,535,254


TOTAL EXCHANGE-TRADED FUNDS (COST $5,102,945)			$	6,535,254

INVESTMENT COMPANIES – 39.4%

COMMODITY – 39.4%

Vanguard Commodity Strategy Fund, Admiral Shares		1,272,380		39,049,348

DFA Commodity Strategy Portfolio, Institutional Class		22,293,035		116,592,574

Parametric Commodity Strategy Fund, Institutional Class		429,841		3,008,886

Credit Suisse Commodity Return Strategy Fund, Class I		225,985		6,164,871


TOTAL COMMODITY			$	164,815,679


TOTAL INVESTMENT COMPANIES (COST $156,028,359)			$	164,815,679


TOTAL COMMODITY RELATED SECURITIES (COST $161,131,304)			$	171,350,933

SHORT-TERM INVESTMENTS – 3.0%

MONEY MARKET FUND – 3.0%

Dreyfus Government Cash Management Fund, Institutional Shares, 2.91%^{^}		12,417,300		12,417,300


TOTAL SHORT-TERM INVESTMENT (COST $12,417,300)			$	12,417,300

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, 2022 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2			Level 3		Total
Assets

Investments in Securities

Inflation Related Securities

Exchange-Traded Funds	$	55,317,591	$	—			$—	$	55,317,591

Real Estate Related Securities

Common Stocks

Construction & Engineering		2		—			—		2

Diversified		569,728		—			—		569,728

Diversified Real Estate Activities		10,262,165		—			—		10,262,165

Industrial		20,421		—			—		20,421

Office		79,681		—			—		79,681

Real Estate Development		2,305,350		—			—^(a)		2,305,350

Real Estate Operating Companies		11,313,205		—			—		11,313,205

Residential		17,077		—			—		17,077

Retail		205,231		—			—		205,231

Exchange-Traded Funds		32,224,579		—			—		32,224,579

Investment Company		7,760,692		—			—		7,760,692

Real Estate Investment Trusts

Diversified		9,339,943		—			—		9,339,943

Diversified Real Estate Activities		50,406		—			—		50,406

Health Care		9,277,994		—			—		9,277,994

Hotel & Resort		4,153,270		—			—		4,153,270

Industrial		20,182,865		—			—		20,182,865

Office		11,100,621		—			—		11,100,621

Real Estate Operating Companies		101,850		—			—		101,850

Residential		17,412,162		—			—		17,412,162

Retail		20,975,221		—			—		20,975,221

Specialized		21,754,255		—			—		21,754,255

Rights		—		—	^(a)		—		—

Commodity Related Securities

Exchange-Traded Funds		6,535,254		—			—		6,535,254

Investment Companies		164,815,679		—			—		164,815,679

Money Market Funds		15,976,300		—			—		15,976,300

Repurchase Agreements		—		15,275,785			—		15,275,785


Total Investments in Securities	$	421,751,542	$	15,275,785			$—	$	437,027,327


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

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

**	Represents less than 0.05%.

⁰	Rounds to less than 1 share.

*	Non-income producing security.

^	7-Day net yield.

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

October 31, 2022 (unaudited)

Wilmington
International
Fund

Wilmington
Global Alpha
Equities Fund

Wilmington
Real Asset
Fund

ASSETS:

Investments, at identified cost

516,900,283

188,096,191

457,416,973

Investments in securities, at value

500,329,180

^(a)

203,316,525

437,027,327

^(b)

Cash

679

—

652

Deposits for financial futures contracts

1,071,089

5,806,685

—

Cash denominated in foreign currencies

4,463,072

^(c)

367,155

^(c)

42,598

^(c)

Variation margin receivable for financial futures contracts

377,014

417,718

—

Income receivable

1,220,353

371,948

293,817

Foreign tax reclaim receivable

1,626,592

342,880

167,330

Due from broker

208

—

Receivable for shares sold

195,274

170,276

574,154

Unrealized appreciation on forward foreign currency contracts

—

470,552

—

Receivable for investments sold

583,511

665,446

—

Prepaid and other assets

30,204

20,917

20,579

TOTAL ASSETS

509,897,176

211,950,102

438,126,457

LIABILITIES:

Collateral for securities on loan

13,512,418

—

18,834,785

Due to custodian

—

8,717

—

Deferred foreign capital gains tax payable

24,058

2,976

—

Payable for investments purchased

888,663

1,198,253

—

Unrealized depreciation on forward foreign currency contracts

—

16,366

—

Payable for shares redeemed

111,263

335,160

526,101

Payable to sub-advisors

130,871

97,035

15,916

Payable for Trustees’ fees

3,883

3,376

Payable for administration fees

12,686

5,364

10,610

Payable for distribution services fees

509

205

Payable for investment advisory fees

150,374

71,042

120,506

Other accrued expenses

314,108

180,816

222,155

TOTAL LIABILITIES

15,148,833

1,919,672

19,733,654

NET ASSETS

494,748,343

210,030,430

418,392,803

NET ASSETS CONSIST OF:

Paid-in capital

547,899,490

202,303,555

446,421,791

Distributable earnings (loss)

(53,151,147

)

7,726,875

(28,028,988

)

TOTAL NET ASSETS

494,748,343

210,030,430

418,392,803

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A

Net Assets

2,418,280

287,195

974,120

Shares outstanding (unlimited shares authorized)

342,014

25,112

70,570

Net Asset Value per share

7.07

11.44

13.80

Offering Price per share*

7.48

12.11

14.60

Class I

Net Assets

492,330,063

209,743,235

417,418,683

Shares outstanding (unlimited shares authorized)

68,911,480

18,011,740

29,789,522

Net Asset Value and Offering Price per share

7.14

11.64

14.01

^(a)	Including $11,685,937 of securities on loan (Note 2).

^(b)	Including $18,389,799 of securities on loan (Note 2).

^(c)	Cost of cash denominated in foreign currencies was $4,496,338, $372,047 and $48,436, 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

Six Months Ended October 31, 2022 (unaudited)

Wilmington
International
Fund

Wilmington
Global Alpha
Equities

Fund

Wilmington
Real Asset
Fund

INVESTMENT INCOME:

Dividends

9,140,234

^(a)

2,347,031

^(a)

6,480,252

^(a)

Interest

17,183

27,562

—

Securities lending income, net

68,681

—

60,575

TOTAL INVESTMENT INCOME

9,226,098

2,374,593

6,540,827

EXPENSES:

Investment advisory fees

2,162,900

1,610,387

1,147,650

Administration fees

85,455

32,966

69,509

Portfolio accounting and administration fees

127,504

44,791

69,356

Custodian fees

103,888

44,207

39,532

Transfer and dividend disbursing agent fees and expenses

32,444

13,700

13,446

Trustees’ fees

33,571

Professional fees

85,928

85,078

76,434

Distribution services fee—Class A

3,406

367

1,338

Shareholder services fee—Class A

3,406

367

1,338

Share registration costs

18,730

17,596

18,890

Printing and postage

10,423

7,956

9,498

Miscellaneous

34,704

19,462

27,675

TOTAL EXPENSES

2,702,359

1,910,448

1,508,237

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(305,100

)

(578,461

)

(90,702

)

Waiver by sub-advisor

(43,367

)

—

(17,092

)

Waiver of shareholder services fee—Class A

(3,406

)

(367

)

(1,338

)

TOTAL WAIVERS AND REIMBURSEMENTS

(351,873

)

(578,828

)

(109,132

)

Net expenses

2,350,486

1,331,620

1,399,105

Net investment income

6,875,612

1,042,973

5,141,722

REALIZED AND UNREALIZED GAIN (LOSS):

Net realized gain (loss) on investments

(40,899,192

)

(869,704

)

3,367,980

Net realized gain (loss) on forward foreign currency contracts

(9,707

)

2,962,287

(181

)

Net realized gain (loss) on foreign currency transactions

(789,689

)

(152,164

)

(60,946

)

Net realized gain (loss) on financial futures contracts

606,023

4,900,196

—

Net realized gain (loss)

(41,092,565

)

6,840,615

3,306,853

Net change in unrealized appreciation (depreciation) on investments

(52,696,365

)^(b)

(13,766,713

)^(b)

(80,548,126

)

Net change in unrealized appreciation (depreciation) on forward foreign currency contracts

—

(740,137

)

—

Net change in unrealized appreciation (depreciation) on foreign currency transactions

(57,551

)

(7,811

)

(1,833

)

Net change in unrealized appreciation (depreciation) on financial futures contracts

(1,255,189

)

2,296,269

—

Net change in unrealized appreciation (depreciation)

(54,009,105

)

(12,218,392

)

(80,549,959

)

Net realized and unrealized gain (loss)

(95,101,670

)

(5,377,777

)

(77,243,106

)

Change in net assets resulting from operations

(88,226,058

)

(4,334,804

)

(72,101,384

)

^(a)	Net of foreign withholding taxes of $860,756, $186,149 and $136,420, respectively.

^(b)	Net of change in deferred foreign capital gains tax accrued of $8,984 and $1,738, respectively.

See Notes which are an integral part of the Financial Statements

Wilmington

International

Fund

Wilmington

Global Alpha

Equities Fund

Six Months Ended
October 31,

2022

(Unaudited)

Year Ended
April 30,

2022

Six Months Ended
October 31,

2022

(Unaudited)

Year Ended
April 30,

2022

OPERATIONS:

Net investment income

6,875,612

8,931,202

1,042,973

813,947

Net realized gain (loss)

(41,092,565

)

34,613,517

6,840,615

9,830,329

Net change in unrealized appreciation (depreciation)

(54,009,105

)

(160,824,359

)

(12,218,392

)

(14,472,171

)

Change in net assets resulting from operations

(88,226,058

)

(117,279,640

)

(4,334,804

)

(3,827,895

)

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(42,001

)

(140,818

)

—

(1,534

)

Class I

(8,748,396

)

(27,489,939

)

—

(1,127,043

)

Total distributions to shareholders

(8,790,397

)

(27,630,757

)

—

(1,128,577

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

6,076

14,806

284

979

Class I

77,867,717

97,632,573

32,443,160

44,382,799

Distributions reinvested

Class A

38,845

129,098

—

1,534

Class I

1,705,483

12,890,244

—

347,409

Cost of shares redeemed

Class A

(111,149

)

(475,838

)

(2,150

)

(24,737

)

Class I

(105,038,264

)

(65,462,154

)

(30,327,968

)

(34,055,348

)

Change in net assets resulting from share transactions

(25,531,292

)

44,728,729

2,113,326

10,652,636

Change in net assets

(122,547,747

)

(100,181,668

)

(2,221,478

)

5,696,164

NET ASSETS:

Beginning of period

617,296,090

717,477,758

212,251,908

206,555,744

End of period

494,748,343

617,296,090

210,030,430

212,251,908

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

765

1,466

Class I

9,773,551

9,786,405

2,737,758

3,621,891

Distributions reinvested

Class A

5,067

12,730

—

127

Class I

220,588

1,264,315

—

28,245

Shares redeemed

Class A

(14,169

)

(47,287

)

(192

)

(2,033

)

Class I

(13,151,532

)

(6,524,942

)

(2,572,661

)

(2,784,677

)

Net change resulting from share transactions

(3,165,730

)

4,492,687

164,930

863,634

See Notes which are an integral part of the Financial Statements

Wilmington

Real Asset

Fund

Six Months Ended
October 31,

2022

(Unaudited)

Year Ended
April 30,

2022

OPERATIONS:

Net investment income

5,141,722

49,165,824

Net realized gain (loss)

3,306,853

21,696,018

Net change in unrealized appreciation (depreciation)

(80,549,959

)

5,619,182

Change in net assets resulting from operations

(72,101,384

)

76,481,024

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(5,072

)

(110,221

)

Class I

(2,467,074

)

(50,543,503

)

Total distributions to shareholders

(2,472,146

)

(50,653,724

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

108,577

125,187

Class I

37,205,342

93,457,658

Distributions reinvested

Class A

4,969

106,501

Class I

1,013,779

19,610,932

Cost of shares redeemed

Class A

(127,122

)

(101,368

)

Class I

(33,366,976

)

(115,096,412

)

Change in net assets resulting from share transactions

4,838,569

(1,897,502

)

Change in net assets

(69,734,961

)

23,929,798

NET ASSETS:

Beginning of period

488,127,764

464,197,966

End of period

418,392,803

488,127,764

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

7,025

7,512

Class I

2,473,595

5,648,957

Distributions reinvested

Class A

340

6,699

Class I

68,186

1,216,232

Shares redeemed

Class A

(8,516

)

(6,323

)

Class I

(2,194,170

)

(6,788,203

)

Net change resulting from share transactions

346,460

84,874

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, 2022 (Unaudited)			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018

Net Asset Value, Beginning of Period	$	8.44		$	10.47		$	7.35		$	8.52		$	9.11		$	7.86
Income (Loss) From Operations:
Net Investment Income^(a)		0.09			0.10			0.10			0.13			0.14			0.08
Net Realized and Unrealized Gain (Loss)		(1.34	)		(1.75	)		3.16			(1.17	)		(0.51	)		1.26


Total Income (Loss) From Operations		(1.25	)		(1.65	)		3.26			(1.04	)		(0.37	)		1.34

Less Distributions From:
Net Investment Income		(0.12	)		(0.16	)		(0.14	)		(0.13	)		(0.14	)		(0.09	)
Net Realized Gains		—			(0.22	)		—			—			(0.08	)		—


Total Distributions		(0.12	)		(0.38	)		(0.14	)		(0.13	)		(0.22	)		(0.09	)


Net Asset Value, End of Period	$	7.07		$	8.44		$	10.47		$	7.35		$	8.52		$	9.11

Total Return^(b)		(14.92	)%		(16.31	)%		44.67	%		(12.35	)%		(4.07	)%		17.18	%
Net Assets, End of Period (000’s)	$	2,418		$	2,957		$	4,015		$	3,036		$	4,871		$	5,473
Ratios to Average Net Assets
Gross Expense^(c)		1.47	%^(d)		1.48	%		1.48	%		1.50	%		1.50	%		1.48	%
Net Expense^(c),(e)		1.09	%^(d)		1.10	%		1.06	%		0.98	%		1.00	%		1.04	%
Net Investment Income		2.22	%^(d)		1.00	%		1.10	%		1.57	%		1.69	%		0.93	%
Portfolio Turnover Rate		51	%		71	%		74	%		79	%		70	%		75	%


CLASS I	Six Months Ended October 31, 2022 (Unaudited)			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018

Net Asset Value, Beginning of Period	$	8.52		$	10.56		$	7.41		$	8.59		$	9.18		$	7.92
Income (Loss) From Operations:
Net Investment Income^(a)		0.10			0.13			0.12			0.13			0.17			0.09
Net Realized and Unrealized Gain (Loss)		(1.35	)		(1.77	)		3.18			(1.17	)		(0.53	)		1.27


Total Income (Loss) From Operations		(1.25	)		(1.64	)		3.30			(1.04	)		(0.36	)		1.36

Less Distributions From:
Net Investment Income		(0.13	)		(0.18	)		(0.15	)		(0.14	)		(0.15	)		(0.10	)
Net Realized Gains		—			(0.22	)		—			—			(0.08	)		—


Total Distributions		(0.13	)		(0.40	)		(0.15	)		(0.14	)		(0.23	)		(0.10	)


Net Asset Value, End of Period		$ 7.14		$	8.52		$	10.56		$	7.41			$ 8.59		$	9.18

Total Return^(b)		(14.82	)%		(16.10	)%		44.92	%		(12.28	)%		(3.91	)%		17.29	%
Net Assets, End of Period (000’s)	$	492,330		$	614,339		$	713,463		$	513,640		$	570,749		$	655,810
Ratios to Average Net Assets
Gross Expense^(c)		0.97	%^(d)		0.99	%		1.16	%		1.25	%		1.26	%		1.23	%
Net Expense^(c),(e)		0.84	%^(d)		0.85	%		0.85	%		0.85	%		0.87	%		0.91	%
Net Investment Income		2.47	%^(d)		1.27	%		1.32	%		1.58	%		1.95	%		1.06	%
Portfolio Turnover Rate		51	%		71	%		74	%		79	%		70	%		75	%

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

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

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

(d)	Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:


WILMINGTON GLOBAL ALPHA EQUITIES FUND


	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS A	(Unaudited)
Net Asset Value, Beginning of Period		$11.68			$11.97			$10.87			$11.28			$10.99			$10.54
Income (Loss) From Operations:
Net Investment Income^(a)		0.04			0.01			0.02			0.07			0.09			0.05
Net Realized and Unrealized Gain (Loss)		(0.28	)		(0.24	)		1.31			(0.35	)		0.33			0.52

Total Income (Loss) From Operations		(0.24	)		(0.23	)		1.33			(0.28	)		0.42			0.57

Less Distributions From:
Net Investment Income		—			(0.06	)		(0.06	)		(0.13	)		(0.13	)		(0.12	)
Net Realized Gains		—			—			(0.17	)		—			—			—

Total Distributions		—			(0.06	)		(0.23	)		(0.13	)		(0.13	)		(0.12	)

Net Asset Value, End of Period		$11.44			$11.68			$11.97			$10.87			$11.28			$10.99

Total Return^(b)		(2.06	)%		(1.97	)%		12.27	%		(2.57	)%		3.87	%		5.41	%
Net Assets, End of Period (000’s)		$ 287			$ 295			$ 324			$ 208			$ 125			$ 132
Ratios to Average Net Assets
Gross Expense^(c)		2.28	%^(d)		2.30	%		2.30	%		2.29	%		2.36	%		2.46	%
Net Expense^(c),(e)		1.49	%^(d)		1.49	%		1.49	%		1.49	%		1.49	%		1.50	%
Net Investment Income		0.73	%^(d)		0.12	%		0.19	%		0.63	%		0.78	%		0.42	%
Portfolio Turnover Rate		30	%		44	%		58	%		84	%		61	%		58	%


	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS I	(Unaudited)
Net Asset Value, Beginning of Period		$ 11.88			$ 12.14			$ 11.01			$ 11.40			$ 11.08			$ 10.61
Income (Loss) From Operations:
Net Investment Income^(a)		0.06			0.05			0.05			0.09			0.11			0.11
Net Realized and Unrealized Gain (Loss)		(0.30	)		(0.25	)		1.31			(0.34	)		0.34			0.49

Total Income (Loss) From Operations		(0.24	)		(0.20	)		1.36			(0.25	)		0.45			0.60

Less Distributions From:
Net Investment Income		—			(0.06	)		(0.06	)		(0.14	)		(0.13	)		(0.13	)
Net Realized Gains		—			—			(0.17	)		—			—			—

Total Distributions		—			(0.06	)		(0.23	)		(0.14	)		(0.13	)		(0.13	)

Net Asset Value, End of Period		$ 11.64			$ 11.88			$ 12.14			$ 11.01			$ 11.40			$ 11.08

Total Return^(b)		(2.02	)%		(1.63	)%		12.46	%		(2.31	)%		4.18	%		5.63	%
Net Assets, End of Period (000’s)		$209,743			$211,957			$206,232			$211,911			$168,199			$156,369
Ratios to Average Net Assets
Gross Expense^(c)		1.78	%^(d)		1.80	%		1.99	%		2.04	%		2.11	%		2.21	%
Net Expense^(c),(e)		1.24	%^(d)		1.24	%		1.24	%		1.24	%		1.24	%		1.25	%
Net Investment Income		0.97	%^(d)		0.38	%		0.44	%		0.82	%		1.02	%		1.03	%
Portfolio Turnover Rate		30	%		44	%		58	%		84	%		61	%		58	%

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

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

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

(d)	Annualized for periods less than one year.

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

See Notes which are an integral part of the Financial Statements

For a share outstanding throughout each period:


WILMINGTON REAL ASSET FUND


	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS A	(Unaudited)
Net Asset Value, Beginning of Period		$16.30			$15.58			$12.33			$14.40			$14.48			$13.87
Income (Loss) From Operations:
Net Investment Income^(a)		0.15			1.64	^(b)		0.17			0.45			0.34			0.35
Net Realized and Unrealized Gain (Loss)		(2.58	)		0.82			3.32			(2.03	)		(0.07	)		0.63

Total Income (Loss) From Operations		(2.43	)		2.46			3.49			(1.58	)		0.27			0.98

Less Distributions From:
Net Investment Income		(0.07	)		(1.74	)		(0.24	)		(0.49	)		(0.35	)		(0.37	)

Total Distributions		(0.07	)		(1.74	)		(0.24	)		(0.49	)		(0.35	)		(0.37	)

Net Asset Value, End of Period		$13.80			$16.30			$15.58			$12.33			$14.40			$14.48

Total Return^(c)		(14.93	)%		16.34	%		28.65	%		(11.35	)%		2.05	%		7.11	%
Net Assets, End of Period (000’s)		$ 974			$1,169			$ 995			$ 932			$1,173			$1,297
Ratios to Average Net Assets
Gross Expense^(d)		1.17	%^(e)		1.17	%		1.30	%		1.30	%		1.32	%		1.32	%
Net Expense^(d),(f)		0.87	%^(e)		0.89	%		0.96	%		0.96	%		0.96	%		0.99	%
Net Investment Income		2.02	%^(e)		10.04	%^(b)		1.25	%		3.16	%		2.44	%		2.46	%
Portfolio Turnover Rate		7	%		32	%		40	%^(g)		411	%		347	%		438	%


	Six Months Ended October 31, 2022			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2018
CLASS I	(Unaudited)
Net Asset Value, Beginning of Period		$ 16.54			$ 15.77			$ 12.47			$ 14.56			$ 14.63			$ 14.01
Income (Loss) From Operations:
Net Investment Income^(a)		0.17			1.65	^(b)		0.17			0.49			0.38			0.40
Net Realized and Unrealized Gain (Loss)		(2.62	)		0.89			3.40			(2.06	)		(0.07	)		0.62

Total Income (Loss) From Operations		(2.45	)		2.54			3.57			(1.57	)		0.31			1.02

Less Distributions From:
Net Investment Income		(0.08	)		(1.77	)		(0.27	)		(0.52	)		(0.38	)		(0.40	)

Total Distributions		(0.08	)		(1.77	)		(0.27	)		(0.52	)		(0.38	)		(0.40	)

Net Asset Value, End of Period		$ 14.01			$ 16.54			$ 15.77			$ 12.47			$ 14.56			$ 14.63

Total Return^(c)		(14.82	)%		16.66	%		29.00	%		(11.13	)%		2.29	%		7.31	%
Net Assets, End of Period (000’s)		$417,419			$486,959			$463,203			$199,115			$309,654			$307,734
Ratios to Average Net Assets
Gross Expense^(d)		0.67	%^(e)		0.67	%		0.93	%		1.05	%		1.07	%		1.07	%
Net Expense^(d),(f)		0.62	%^(e)		0.64	%		0.71	%		0.71	%		0.71	%		0.74	%
Net Investment Income		2.27	%^(e)		9.98	%^(b)		1.18	%		3.41	%		2.69	%		2.74	%
Portfolio Turnover Rate		7	%		32	%		40	%^(g)		411	%		347	%		438	%

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

(b)	The net investment income earned by the Fund increased significantly during the fiscal year ended April 30, 2022 due to larger than usual net investment income distributions from the commodity-related investments in its portfolio.

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

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

(e)	Annualized for periods less than one year.

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

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

See Notes which are an integral part of the Financial Statements

Wilmington Funds

October 31, 2022 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 3 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 7 funds are presented in separate reports.



		Fund		Investment Goal

		Wilmington International Fund (“International Fund”)^(d)		The Fund seeks to provide long-term capital appreciation, primarily through a diversified portfolio of non-U.S. equity securities.

		Wilmington Global Alpha Equities Fund (“Global Alpha Equities Fund”)^(d)		The Fund seeks to achieve long-term growth of capital with lower volatility than broader equity markets.

		Wilmington Real Asset Fund (“Real Asset Fund”)^(d)		The Fund seeks to achieve long-term preservation of capital with current income.

		^(d)Diversified

The Funds offer Class A and Class I shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 NAV;

●

price information on listed securities, including Exchange Traded Funds (“ETFs”) and Exchange Traded Notes (“ETNs”), is taken from the exchange where the security is primarily traded; and

●

for all other securities, at fair value as determined in accordance with procedures established by and under the general supervision of the Board of Trustees (‘‘Trustees’’).

securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing (“SIFVP”)).

At October 31, 2022, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:



Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received⁽¹⁾		Cash Collateral Received⁽¹⁾		Net Exposure⁽²⁾

International Fund
Bank of America Securities, Inc.	$	2,567,886	$	2,567,886	$	—	$	—
Daiwa Capital Markets America		2,128,760		2,128,760		—		—
Deutsche Bank Securities, Inc.		2,567,886		2,567,886		—		—
RBC Dominion Securities, Inc.		2,567,886		2,567,886		—		—

	$	*9,832,418*	$	*9,832,418*	$	—	$	—


Real Asset Fund
Bank of America Securities, Inc.	$	3,489,829	$	3,489,829	$	—	$	—
Citigroup Global Markets Ltd.		1,316,469		1,316,469		—		—
Deutsche Bank Securities, Inc.		3,489,829		3,489,829		—		—
National Bank Financial		3,489,829		3,489,829		—		—
RBC Dominion Securities, Inc.		3,489,829		3,489,829		—		—

	$	*15,275,785*	$	*15,275,785*	$	—	$	—

⁽¹⁾

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

⁽²⁾

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

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Distributions received from real estate investment trusts (“REITs”) are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management’s estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the amounts are determined. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis and includes proceeds from litigation, if any. Withholding taxes and, where appropriate, deferred withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities at period end, resulting from changes in the exchange rates.

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. During the six months ended October 31, 2022, there were no short sales transactions.

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, 2022, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund

Value of

Securities

on Loan

Cash

Collateral

Received⁽¹⁾

Net Exposure⁽²⁾

International Fund

$11,685,937

$—

Real Asset Fund

18,389,799

—

⁽¹⁾

Collateral with a value of $13,512,418 and $18,834,785, respectively, has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽²⁾

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

3. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

The International Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities. The 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.

For the six months ended October 31, 2022, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities and the fair value of the Funds’ derivative investments categorized by primary risk exposure as of October 31, 2022.

The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The amount presented below is the cumulative unrealized appreciation (depreciation) from the date the contract was opened until October 31, 2022.

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

Asset Derivatives Fair Value

Fund

Total Value

Equity

Contracts

Foreign

Exchange

Contracts

Global Alpha Equities Fund

Financial Futures Contracts

3,893,335

—

Forward Foreign Currency Contracts

470,552

—

470,552

Totals

4,363,887

3,893,335

470,552

Liability Derivatives Fair Value

Fund

Total Value

Equity
Contracts

Foreign
Exchange
Contracts

International Fund

Financial Futures Contracts

(815,809

)

(815,809

)

—

Totals

(815,809

)

(815,809

)

—

Global Alpha Equities Fund

Financial Futures Contracts

(89,703

)

(89,703

)

—

Forward Foreign Currency Contracts

(16,366

)

—

(16,366

)

Totals

(106,069

)

(89,703

)

(16,366

)

The following is a summary of the location of realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the six months ended October 31, 2022.



Derivative Type		Location on the Statements of Operations
Equity contracts		Net realized gain (loss) on financial futures contracts.
		Net change in unrealized appreciation (depreciation) on financial futures contracts.

Foreign exchange contracts		Net realized gain (loss) on forward foreign currency contracts.
		Net change in unrealized appreciation (depreciation) on forward foreign currency contracts.

Net Realized Gain (Loss) on Derivatives Recognized in Results

from Operations

Fund

Total

Equity
Contracts

Foreign
Exchange
Contracts

International Fund

Financial Futures Contracts

606,023

—

Forward Foreign Currency Contracts

(9,707

)

—

(9,707

)

Totals

596,316

606,023

(9,707

)

Global Alpha Equities Fund

Financial Futures Contracts

4,900,196

—

Forward Foreign Currency Contracts

2,962,287

—

2,962,287

Totals

7,862,483

4,900,196

2,962,287

Real Asset Fund

Forward Foreign Currency Contracts

(181

)

—

(181

)

Totals

(181

)

—

(181

)

Net Change in Unrealized Appreciation (Depreciation) on Derivatives

Recognized in Results from Operations

Fund

Total

Equity

Contracts

Foreign

Exchange

Contracts

International Fund

Financial Futures Contracts

(1,255,189

)

(1,255,189

)

—

Totals

(1,255,189

)

(1,255,189

)

—

Global Alpha Equities Fund

Financial Futures Contracts

2,296,269

—

Forward Foreign Currency Contracts

(740,137

)

—

(740,137

)

Totals

1,556,132

2,296,269

(740,137

)

The average quarterly volume of derivative activities for the six months ended October 31, 2022 are as follows.

Asset Derivative Volume

Fund

Financial

Futures

Contracts⁽¹⁾

Forward

Foreign

Currency

Contracts⁽²⁾

International Fund

12,578,093

—

Global Alpha Equities Fund

—

24,565,368



Fund						Liability Derivative Volume Financial Futures Contracts⁽¹⁾

Global Alpha Equities Fund						$ 99,308,626

⁽¹⁾

Notional Amount.

⁽²⁾

Contract Amount.

The International and Real Asset Funds had forward foreign currency activity during the period but did not have open positions at any quarter-end.

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

At October 31, 2022, derivative assets and liabilities by counterparty net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:

Fund/Counterparty

Derivative

Assets Subject to

a MA

Derivatives

Available for

Offset

Non-Cash

Collateral

Received⁽¹⁾

Cash

Collateral

Received⁽¹⁾

Net Exposure

of Derivative

Assets⁽²⁾

Global Alpha Equities Fund

Bank of Montreal

27,962

—

27,962

TD Securities Ltd.

171,974

—

171,974

Deutsche Bank AG

75,857

—

75,857

Morgan Stanley

194,759

—

194,759

Total Derivative Assets

470,552

—

470,552

Fund/Counterparty

Derivative
Liabilities Subject to
a MA

Derivatives
Available for
Offset

Non-Cash
Collateral
Pledged⁽³⁾

Cash
Collateral
Pledged⁽³⁾

    Net Exposure
    of Derivative
    Liabilities⁽²⁾

Global Alpha Equities Fund (continued)

Citigroup Global Markets

(6,005

)

—

(6,005

)

Hong Kong Shanghai Bank

(10,361

)

—

(10,361

)

Total Derivative Liabilities

(16,366

)

—

(16,366

)

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

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

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

4.	FEDERAL TAX INFORMATION

As of October 31, 2022, the cost of investments and derivatives for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments and derivatives for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments and derivatives for which there was an excess of tax cost over value, were as follows:

Fund

Tax Cost

Tax Unrealized
Appreciation

Tax Unrealized
Depreciation

Net Tax
Unrealized
Appreciation/
(Depreciation)

International Fund

$523,789,597

$48,757,968

$(73,034,194)

$(24,276,226)

Global Alpha Equities Fund

192,048,430

34,134,885

(18,608,972)

15,525,913

Real Asset Fund

465,684,020

18,248,168

(46,904,861)

(28,656,693)

Fund

Short-Term
No Expiration

Long-Term
No Expiration

Total Capital
Loss
Carryforwards

Global Alpha Equities Fund

$(6,363,234)

$(8,336,481)

$(14,699,715)

Real Asset Fund

—

(5,637,928)

Fund

Ordinary
Losses

Short-Term
Capital
Losses

Long-Term
Capital
Losses

Real Asset Fund

(22,497)

$—

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

Each of the Funds utilizes a sub-advisor strategy, whereby WFMC allocates all or a portion of the Funds’ assets among one or more sub-advisors and strategies. For their services, the Funds pay each sub-advisor fees, accrued daily and paid monthly, as described below.

Fund

Gross Fees

Fees Waived/
Reimbursed

Current Fee as a % of average net assets
of the Fund/ Allocated Net Assets for Sub-advisors

International Fund

WFMC

$1,251,589

$(305,100

)

0.45%

Sub-advisors:

Allianz Global investors U.S. LLC (terminated 6/20/22)

26,483

(16,368

)

0.38% on the first $100 million; 0.33% on the next $100 million; and 0.28% on assets in excess of $200 million allocated to the Europe Equity Growth Select Strategy.

17,289

(10,685

)

0.25% on assets allocated to the High Dividend Europe

Strategy.

AXA Investment Managers, Inc.

127,417

—

0.43% on the first $150 million; and 0.41% on assets in excess

of $150 million

Berenberg Asset Management LLC

66,493

—

0.27%

Nikko Asset Management Americas, Inc.

179,189

—

0.32%

Parametric Portfolio Associates LLC (effective 6/16/2022)

109,721

(16,314

)***

0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; 0.15% on the next $110 million; and 0.10% of assets in excess of $150 million.

Schroder Investment Management North America, Inc.

384,719

—

0.50%

Total^(a)

$2,162,900

$(348,467

)

Global Alpha Equities Fund

WFMC

$1,019,912

$(578,461

)

0.95%

Sub-advisors:

Wellington Management Company LP

590,475

—

0.55% on the first $250 million; and 0.50% on assets in excess of $250 million

Total^(b)

$1,610,387

$(578,461

)

Real Asset Fund

WFMC

$1,018,192

$(90,702

)

0.45% on all Assets, except Assets allocated to the inflation- protected and fixed-income securities (“TIPS”) strategy or the Enhanced Cash Strategy. The fee for assets allocated to the TIPS strategy: 0.52% of the first $25 million; 0.49% of the next $25 million; and 0.47% of Assets over $50 million. The fee for assets allocated to the Enhanced Cash strategy is 0.53% on the assets.

Sub-advisors:

Parametric Portfolio Associates LLC**

129,458

(17,092

)***

0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; 0.15% on the next $110 million; and 0.10% of assets in excess of $150 million.

Total^(c)

$1,147,650

$(107,794

)

Parametric Portfolio Associates LLC (“Parametric”) fee changed effective July 1, 2022. Prior to July 1, 2022, the fee for assets in excess of $40 million was 0.15%.

***

Effective July 1, 2022, Parametric agreed to the aggregating of assets managed for the International Fund and the Real Asset Fund when calculating fees under the new fees schedule which results in a lower aggregate fee being paid to Parametric. The resulting fee reduction is allocated pro rata to each Fund and is shown as a fee waiver for each Fund.

(a)

The total gross advisory and sub-advisory fees during the period were 0.78% 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 0.51% for the Real Asset Fund.

The contractual expense limitations are as follows:



	Current Contractual Expense Limitations

Fund	Class A	Class I

International Fund*	1.08%	0.83%
Global Alpha Equities Fund	1.49%	1.24%
Real Asset Fund**	0.82%	0.57%

Prior to August 31, 2022, the International Fund’s contractual expense limitation was 1.10% and 0.85% for Class A and Class I, respectively.

Prior to August 31, 2022, the Real Asset Fund’s contractual expense limitation was 0.89% and 0.64% for Class A and Class I, respectively.



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

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

International Fund		$424
Global Alpha Equities Fund		—
Real Asset Fund		1

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

For the six months ended October 31, 2022, M&T did not receive any sales charges on the sale of Class A shares.

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of the Funds’ Class A shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.

For the six months ended October 31, 2022, M&T did not receive any shareholder service fees from the 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.

6.	INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the six months ended October 31, 2022 were as follows:



Fund	Purchases		Sales

International Fund		$258,899,297	$	281,968,801
Global Alpha Equities Fund		77,599,877		57,937,315
Real Asset Fund		35,516,190		28,847,613

7.	MARKET RISK IN GENERAL

Global financial markets continue to experience volatility partially related to the military action by Russia in Ukraine. As a result of this military action, the US and many other countries continue to have sanctions against Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have adverse effect on the region’s economies and more globally, including negative impact on markets for certain securities and the rising cost of commodities, such as oil and natural gas. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict, but could be prolonged and impact the Funds’ overall performance. In addition, the global outbreak of COVID-19 continues to have an impact on market volatility and global business, impacting the global economy and the financial health of individual companies in unforeseen ways.

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

8.	CONTRACTUAL OBLIGATIONS

9.	LINE OF CREDIT

The Funds did not utilize the LOC during the six months ended October 31, 2022.

DISCUSSION OF RENEWAL OF ADVISORY AND 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 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 International Fund

The Fund is sub-advised by AXA Investment Managers, Inc.; Berenberg Asset Management LLC; Nikko Asset Management Americas, Inc.; Parametric Portfolio Associates, LLC; and Schroder Investment Management North America, Inc.

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered the performance of each Sub-Adviser against an appropriate benchmark and that the Fund had achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2022. The Board considered management’s explanation of the Fund’s underperformance and its view that underperformance could be explained by sector allocation, with some additional underperformance attributed to style positioning. The Fund’s underexposure to energy and more defensive stocks, combined with excess exposure to technology and cyclical stocks, drove performance down. This positioning was impacted by the outbreak of the war in Ukraine, which caused energy prices to rise dramatically, and has been exacerbated by the rising interest rate environment, which put pressure on the Fund’s longer-duration growth holdings.

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

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 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.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

QUARTERLY PORTFOLIO SCHEDULE

Important information about the access and delivery of shareholder reports

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

December 9, 2021

Information Collected by the Funds

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

What You Can Do

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
Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890
Sub-Advisor
Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9th Floor Wilmington, DE 19890
Additional Sub-Advisors to the Wilmington International Fund
AXA Investment Managers, Inc. 100 West Putnam Avenue Greenwich, Connecticut 06830 Berenberg
Asset Management LLC 1251 Avenue of the Americas, 53rd Floor New York, NY 10020 Nikko Asset Management Americas, Inc. 605 3rd Avenue, 38th Floor New York, New York 10158 Parametric Portfolio Associates, LLC 800 Fifth Avenue, Suite 2800 Seattle, WA 98104
Schroder Investment Management North America, Inc.
7 Bryant Park
New York, New York 10018
Additional Sub-Advisors to the
Wilmington Global Alpha Equities Fund
Wellington Management Company LLP 280 Congress Street Boston, Massachusetts 02210
Additional Sub-Advisors to the Wilmington Real Asset Fund
Parametric Portfolio Associates, LLC 800 Fifth Avenue, Suite 2800 Seattle, WA 98104
Co-Administrator
Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890
Custodian
The Bank of New York Mellon 240 Greenwich Street New York, NY 10286
Distributor
ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203
Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent
BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103
WT-SAR-MMgr-1022
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.

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.

There was no change in the Registrant’s independent registered public accountant during the period covered by the report.

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.



Description	Par Value		Value

RBC Dominion Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $51, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 5.00%, maturing 2/28/26 to 10/20/52; total market value of $52.	$	51	$	51


TOTAL REPURCHASE AGREEMENTS (COST $250)			$	250


TOTAL INVESTMENTS – 100.0% (COST $31,600,101)			$	35,657,144
OTHER ASSETS LESS LIABILITIES – 0.0%**				(5,608	)


TOTAL NET ASSETS – 100.0%			$	35,651,536



President’s Message			i

Shareholder Expense Example			1

Portfolios of Investments			2

Statements of Assets and Liabilities			6

Statements of Operations			7

Statements of Changes in Net Assets			8

Financial Highlights			9

Notes to Financial Statements			13

Discussion of Renewal of Advisory and Sub-Advisory Agreements			18

Other Information			20


ADR		American Depositary Receipt

CVR		Contingent Value Rights

ETF		Exchange-Traded Fund

LP		Limited Partnership

NA		National Association

PLC		Public Limited Company

REIT		Real Estate Investment Trust


ICC		Insured Custody Certificates

IDA		Industrial Development Authority/Agency

LLC		Limited Liability Corporation

NATL		National Public Finance Guarantee Corporation

RE		Reinsurance

SCH BD GTY		School Bond Guaranty

SPDR		Standard & Poor’s Depositary Receipt


3		PORTFOLIOS OF INVESTMENTS

		Wilmington International Fund (continued)



Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Notional Amount		Notional Value		Unrealized Appreciation^(a)		Unrealized (Depreciation)^(a)

LONG POSITIONS:

EXCHANGE-TRADED:

MSCI India Index		December 2022		134	$	13,403,367	$	12,587,558		$—		$(815,809)

UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$—		$(815,809)


PORTFOLIOS OF INVESTMENTS		24

Wilmington Real Asset Fund (continued)



Description	Number of Shares		Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.5%

MONEY MARKET FUNDS – 0.8%
Blackrock Liquidity Fed Fund, Institutional Shares, 2.87%^{^}		1,070,000	$	1,070,000
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^{^}		779,000		779,000
JPMorgan U.S. Government Money Market Fund, Capital Class, 2.80%^{^}		580,000		580,000
Morgan Stanley Liquidity Fund, Government Portfolio, Institutional Class, 2.88%^{^}		1,130,000		1,130,000


TOTAL MONEY MARKET FUNDS (COST $3,559,000)			$	3,559,000


	Par Value

REPURCHASE AGREEMENTS – 3.7%

Bank of America Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,490,125, collateralized by U.S. Government Agency Securities, 0.01% to 5.50%, maturing 2/25/32 to 1/01/61; total market value of $3,559,626.	$	3,489,829		3,489,829

Citigroup Global Markets Ltd., 3.00%, dated 10/31/22, due 11/01/22, repurchase price $1,316,579, collateralized by U.S. Treasury Securities, 0.13% to 4.38%, maturing 11/15/31 to 2/15/52; total market value of $1,343,586.		1,316,469		1,316,469

Deutsche Bank Securities, Inc., 3.05%, dated 10/31/22, due 11/01/22, repurchase price $3,490,125, collateralized by U.S. Treasury Securities, 0.00% to 4.25%, maturing 12/31/22 to 11/15/43; total market value of $3,559,626.		3,489,829		3,489,829


31		PORTFOLIOS OF INVESTMENTS

		Wilmington Real Asset Fund (concluded)


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


(Registrant) Wilmington Funds

By (Signature and Title)*		/s/ Charles S. Todd
		Charles S. Todd
		(Principal Executive Officer)

Date January 3, 2023