Wilmington Funds

S&P 500^®

Index⁸

Russell

2000^®

Index⁹

MSCI EAFE

(Net) Index¹⁰

MSCI Emerging

Markets (Net)

Index¹¹

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.

April 30, 2023 PRESIDENT’S MESSAGE AND 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 Annual Report of the Enhanced Dividend Income Strategy Fund and Large-Cap Strategy Fund (the “Funds”), covering the annual fiscal period of May 1, 2022, through April 30, 2023. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

The fiscal year included significant volatility, headlined by peak inflation and rapid changes to the financial landscape as the Federal Reserve (the “Fed”) remained steadfast in raising interest rates. In June 2022, U.S. Consumer Price Index (“CPI”) inflation posted a new 40-year high of 9.1% year-over-year, raising recession probabilities substantially. The Fed reacted by raising interest rates by 75 basis points¹ for three consecutive meetings (the largest such moves in 30 years). The Fed continued to raise interest rates by another 100 basis points during the year bringing the upper bound of the Fed funds rate to 5.0%. As expected, inflation moderated throughout the year, falling to 5.0% year-over-year in April 2023, helped by easing goods prices and resolution of Covid-related supply chain issues. The U.S. labor force continued to grow, and the participation rate returned to its highest level since the onset of the pandemic. For most of the year, the labor market remained very tight by historical standards, with the unemployment rate edging down during the year to 3.5% (at one point touching a five-decade low of 3.4%). Near the end of the period, wage pressures showed signs of receding as hiring slowed and the labor market started to loosen—an encouraging sign for inflation and the Fed.

Tighter monetary policy was not restricted to the U.S. economy. Central banks across the globe were busy during the year, including the Bank of England (BoE) and the European Central Bank (ECB), as inflation remained elevated well above central bank targets. The war in Ukraine intensified after the Nord Stream Pipeline was sabotaged forcing European countries to scramble to fill oil and natural gas reserves before winter. Before the war, Russia supplied 40% of all gas consumed in Europe with a third of that coming from the Nord Stream pipeline. In China, economic data for much of the year remained weak due to stringent “zero-Covid” policies enacted by President Xi Jinping and the Chinese government. In December 2022, the Chinese government dropped its zero-Covid policy, sending Covid-19 infections soaring in its most densely populated cities. However, economic activity in China began to recover in the latter part of the fiscal year, evidenced by composite Purchasing Managers Index (PMI) returning to expansionary territory (54.4) after spending four months in contractionary territory.

Perhaps the biggest story of the year began unfolding on March 9th when a classic bank run took hold of Silicon Valley Bank (SVB), the 16th largest U.S. bank at the time. Shares of SVB plummeted over 60%, with pressure spilling over into the rest of the financial sector. A day later, SVB collapsed into FDIC receivership, sending shockwaves throughout financial markets. Shortly after the collapse of SVB, New York state regulators closed Signature Bank (SBNY) after the bank faced a “torrent of deposit outflows”. The global banking sector remained unnerved by the subsequent failures of Credit Suisse (taken over by UBS) and First Republic Bank (purchased by JP Morgan). Uncertainty regarding the regional banking sector and possible spillover from tightening financial conditions have raised the probability of a recession in the next twelve months.

Bond markets

The sharp increase in interest rates led to higher volatility in bond markets, and the MOVE index, a gauge of volatility in the Treasury market, surged to its highest level since 2008 (198.7). The rate sensitive 2-year Treasury yield ended the fiscal year 129 basis points higher (rising to 4.0%) while the 10-year yield peaked above 4.0% before settling around 3.4%. The yield curve continued to flash warnings signs with the 10y-minus-2y portion of the Treasury slope falling 80 basis points to finish at -58 basis points, and the 10y-minus-3m slope plummeting 372 basis points to end the year at -161 basis points. (All past recessions have been preceded by an inverted yield curve.) The bond market recovered from a challenging start to the year, with investment-grade tax exempt bonds finishing up 2.9%. Investment grade taxable bonds returned a more disappointing -0.4% during the period.

For the 12-month period May 1, 2022 to April 30, 2023, 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

-0.93%	-0.43%	0.72%	2.87%	1.22%

Past performance is no guarantee of future results.

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

Equity markets

U.S. large-cap equities started the fiscal year in decline, dropping nearly 13% through October. Large-cap equities then rallied over 17% through the remainder of the year due to several factors. In November, the mid-term elections concluded with congressional gridlock, an outcome typically preferred by financial markets. In March 2023, following the banking crisis, markets began to price in expectations of multiple rate cuts later in 2023, which also supported risky assets. Within equities, the information technology sector recovered from a challenging prior year and advanced 8.1% as investors flocked to higher quality companies and interest rates fell. (Excitement around generative AI also contributed to investor enthusiasm for technology stocks.) Growth stocks outperformed value, and small cap stocks were hit particularly hard (with the Russell 2000 down 3.7%) as the percentage of unprofitable companies in the index climbed to over 42% (above the long-term average of 28%).

In international markets, the MSCI EAFE delivered strong returns of 8.4% after countries across Europe were able to adequately stock up natural gas supplies for the winter and were supported by the reopening in China. Emerging markets fell out of favor, with the MSCI Emerging Markets declining 6.5%. China’s reopening was less robust than expected and geopolitical tensions between the U.S. and China remained elevated.

For the 12-month period May 1, 2022 to April 30, 2023, 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, CFA

President

May 12, 2023

Must be preceded or accompanied by a prospectus.

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

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

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

1.	Basis Points (“BPS”) is a unit that is equal to 1/100^th 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.

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.

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 $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

10.

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

11.

MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets (Net) Index captures large and mid-cap representation across 24 Emerging Markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and investments cannot be made directly in an index. The performance of this index is reduced by the taxes on dividends paid by the international securities issuers in the index.

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2023, Wilmington Enhanced Dividend Income Strategy Fund (the “Fund”) had a total return of 1.69%* for Class A shares and 2.03%* for Class I shares, versus its benchmark, the Russell 1000^® Value Index**, which had a total return of 1.21%.

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

Inflation was a major headwind for equity markets during the first half of the fiscal year. Inflation peaked in June at 9.1% on a year-over-year basis but remained persistently elevated. The inflation rate has started to improve as goods-based inflation has dramatically declined with supply chains and inventory normalization. However, services-related inflation, in particular shelter related costs, remain above trend and a focal point for equity markets.

The Federal Reserve (the “Fed”) continued on its path to curb inflation as the Federal Open Market Committee (FOMC) increased its target interest rate 400 basis points (from 1% to 5%) during the fiscal year. Commentary from Chairmen Powell, along with other Fed officials, has remained consistent in their commitment to using the various tools available to achieve its target 2% annual inflation rate.

Sector allocation and stock selection results were both additive to the Fund’s relative performance. The financials and consumer staples were the top relative performing sectors. Financials benefited from

strong stock selection within the insurance segment while consumer staples outperformed as recession fears intensified. Conversely, health care lagged as COVID related benefits subsided throughout the fiscal year.

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

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -3.91%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

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.

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Enhanced Dividend Income Strategy Fund³ from April 30, 2013 to April 30, 2023 compared to the Russell 1000^® Value Index.²

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT

VALUE OF A HYPOTHETICAL $100,000 INVESTMENT

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -3.91%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.



	Average Annual Total Returns for the Periods Ended 4/30/23

	1 Year	5 Years	10 Years

Class A^	-3.91%	4.15%	4.63%

Class I	2.03%	5.60%	5.51%

Russell 1000^®Value Index²	1.21%	7.75%	9.13%

^{^}

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.73% and 0.75%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.23% and 0.50%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

³	The Fund changed its investment strategy on August 31, 2017 and on November 17, 2021. Performance for the periods shown prior to November 17, 2021 is based on prior investment strategies.

WILMINGTON LARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2023, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 1.72%* for Class I Shares, versus its benchmark, the Russell 1000^® Index**, which had a total return of 1.82%.

The Fund outperformed by approximately 15 basis points versus the Russell 1000 gross of fees. Over the last year, the Fund has generally had an overweight to cyclical sectors of the market with an over-weighted cyclical position emphasizing industrials, energy, and materials. The slight outperformance was attributable to an overweight to Energy throughout the year and an overweight to financials for most of the year. The underweight to real estate added to relative performance as well.

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

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

WILMINGTON LARGE-CAP STRATEGY FUND

The graph below illustrates the hypothetical investment of $100,000¹ in Class I of the Wilmington Large-Cap Strategy Fund from April 30, 2013 to April 30, 2023, compared to the Russell 1000^® Index.²

VALUE OF A HYPOTHETICAL $100,000 INVESTMENT

LOGO

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



	Average Annual Total Returns for the Periods Ended 4/30/23

	1 Year	5 Years	10 Years

Class I^	1.72%	10.88%	11.89%

Russell 1000^®Index²	1.82%	11.07%	11.95%

^{^}

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.36% and 0.25%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2022 to April 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2023.



	Beginning Account Value 11/01/22	Ending Account Value 4/30/23	Expenses Paid During Period⁽¹⁾	Annualized Net Expense Ratio

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

Actual

Class A	$1,000.00	$1,023.20	$3.76	0.75%

Class I	$1,000.00	$1,024.80	$2.51	0.50%

Hypothetical (assuming a 5% return before expenses)

Class A	$1,000.00	$1,021.08	$3.76	0.75%

Class I	$1,000.00	$1,022.32	$2.51	0.50%

WILMINGTON LARGE-CAP STRATEGY FUND

Actual

Class I	$1,000.00	$1,078.50	$1.29	0.25%

Hypothetical (assuming a 5% return before expenses)

Class I	$1,000.00	$1,023.55	$1.25	0.25%

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

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Enhanced Dividend Income Strategy Fund

At April 30, 2023, the Fund’s sector classifications were as follows:


	Percentage of Total Net Assets
Common Stocks

Financials		15.6	%

Health Care		15.3	%

Information Technology		11.4	%

Industrials		11.2	%

Consumer Staples		9.4	%

Energy		9.0	%

Utilities		6.6	%

Consumer Discretionary		5.3	%

Real Estate		5.1	%

Communication Services		5.0	%

Materials		4.4	%

Cash Equivalents⁽¹⁾		1.7	%

Repurchase Agreements		0.0	%⁽²⁾

Other Assets and Liabilities - Net⁽³⁾		(0.0	)%⁽²⁾


TOTAL		100.0	%

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

⁽²⁾	Represents less than 0.05%.

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

PORTFOLIO OF INVESTMENTS

April 30, 2023



Description	Number of Shares		Value

COMMON STOCKS – 98.3%

COMMUNICATION SERVICES – 5.0%

DIVERSIFIED TELECOMMUNICATION SERVICES – 2.9%

AT&T, Inc.		31,550	$	557,488

Verizon Communications, Inc.		13,300		516,439


			$	1,073,927

ENTERTAINMENT – 0.0%**

Warner Bros Discovery, Inc.*		1		14

MEDIA – 2.1%

Omnicom Group, Inc.		8,275		749,467


TOTAL COMMUNICATION SERVICES			$	1,823,408

CONSUMER DISCRETIONARY – 5.3%

HOTELS, RESTAURANTS & LEISURE – 3.6%

McDonald’s Corp.		1,750		517,563

Restaurant Brands International, Inc.		1		70

Starbucks Corp.		6,850		782,886


			$	1,300,519

SPECIALTY RETAIL – 1.7%

Home Depot, Inc. (The)		2,025		608,594



TOTAL CONSUMER DISCRETIONARY			$	1,909,113



Description	Number of Shares		Value

CONSUMER STAPLES – 9.4%

BEVERAGES – 2.2%

PepsiCo., Inc.		4,110	$	784,558

HOUSEHOLD PRODUCTS – 2.8%

Procter & Gamble Co. (The)		6,450		1,008,651

PERSONAL CARE PRODUCTS – 2.3%

Unilever PLC, ADR		15,100		838,503

TOBACCO – 2.1%

Philip Morris International, Inc.		7,500		749,775


TOTAL CONSUMER STAPLES			$	3,381,487

ENERGY – 9.0%

OIL, GAS & CONSUMABLE FUELS – 9.0%

Chevron Corp.		7,450		1,255,921

ConocoPhillips		4,050		416,705

Exxon Mobil Corp.		7,500		887,550

Valero Energy Corp.		5,950		682,286


TOTAL ENERGY			$	3,242,462

FINANCIALS – 15.6%

BANKS – 6.9%

JPMorgan Chase & Co.		10,000		1,382,400



Description	Number of Shares		Value

Toronto-Dominion Bank (The)		10,200	$	618,426

U.S. Bancorp		14,675		503,059


			$	2,503,885

CAPITAL MARKETS – 4.6%

BlackRock, Inc.		1,040		698,048

Morgan Stanley		10,700		962,679


			$	1,660,727

INSURANCE – 4.1%

MetLife, Inc.		12,800		785,024

Old Republic International Corp.		26,700		674,709


			$	1,459,733


TOTAL FINANCIALS			$	5,624,345

HEALTH CARE – 15.3%

BIOTECHNOLOGY – 3.0%

AbbVie, Inc.		3,425		517,586

Amgen, Inc.		2,375		569,383


			$	1,086,969

HEALTH CARE EQUIPMENT & SUPPLIES – 1.8%

Medtronic PLC		7,150		650,293

HEALTH CARE PROVIDERS & SERVICES – 2.0%

CVS Health Corp.		9,775		716,605

PHARMACEUTICALS – 8.5%

Bristol-Myers Squibb Co.		9,425		629,307

Johnson & Johnson		6,300		1,031,310

Merck & Co., Inc.		7,325		845,818

Pfizer, Inc.		14,250		554,182


			$	3,060,617


TOTAL HEALTH CARE			$	5,514,484

INDUSTRIALS – 11.2%

AEROSPACE & DEFENSE – 3.4%

Lockheed Martin Corp.		2,675		1,242,404

AIR FREIGHT & LOGISTICS – 2.1%

United Parcel Service, Inc.		4,250		764,192

BUILDING PRODUCTS – 2.1%

Johnson Controls International PLC		12,925		773,432

ELECTRICAL EQUIPMENT – 2.0%

nVent Electric PLC		16,850		706,521

MACHINERY – 1.6%

Caterpillar, Inc.		2,550		557,940


TOTAL INDUSTRIALS			$	4,044,489

INFORMATION TECHNOLOGY – 11.4%

COMMUNICATIONS EQUIPMENT – 2.5%

Cisco Systems, Inc.		19,450		919,012

IT SERVICES – 1.6%

International Business Machines Corp.		4,650		587,807

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 7.3%

Broadcom, Inc.		2,650		1,660,225



Description	Number of Shares		Value

QUALCOMM, Inc.		8,250	$	963,600


			$	2,623,825


TOTAL INFORMATION TECHNOLOGY			$	4,130,644

MATERIALS – 4.4%

CHEMICALS – 4.4%

Air Products & Chemicals, Inc.		2,670		785,941

Dow, Inc.		14,900		810,560

Nutrien Ltd.		1		69


TOTAL MATERIALS			$	1,596,570

REAL ESTATE – 5.1%

RESIDENTIAL REITS – 1.8%

AvalonBay Communities, Inc.		3,525		635,804

SPECIALIZED REITS – 3.3%

Crown Castle, Inc.		4,250		523,133

VICI Properties, Inc.		19,700		668,618


			$	1,191,751


TOTAL REAL ESTATE			$	1,827,555

UTILITIES – 6.6%

ELECTRIC UTILITIES – 6.6%

American Electric Power Co., Inc.		7,675		709,323

Duke Energy Corp.		5,625		556,200

FirstEnergy Corp.		13,850		551,230

NextEra Energy, Inc.		7,400		567,062


TOTAL UTILITIES			$	2,383,815


TOTAL COMMON STOCKS (COST $31,440,213)			$	35,478,372

MONEY MARKET FUND – 1.7%

Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^{^}		619,162		619,162


TOTAL MONEY MARKET FUND (COST $619,162)			$	619,162


	Par Value

REPURCHASE AGREEMENTS – 0.0%**

Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $108, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $110.	$	108		108

Citigroup Global Markets Ltd., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $108, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 8/15/23 to 8/20/67; total market value of $110.		108		108

Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $100, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $102.		100		100

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets carried at fair value:


	Level 1			Level 2			Level 3			Total

Investments in Securities

Common Stocks		$	35,478,372		$	—		$	—		$	35,478,372

Money Market Fund			619,162			—			—			619,162

Repurchase Agreements			—			532			—			532


Total		$	36,097,534		$	532		$	—		$	36,098,066

**	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 April 30, 2023, the Fund’s sector classifications were as follows:


	Percentage of Total Net Assets

Common Stocks

Information Technology		24.8	%

Health Care		14.0	%

Financials		13.3	%

Consumer Discretionary		10.0	%

Industrials		9.3	%

Communication Services		8.0	%

Consumer Staples		6.9	%

Energy		4.6	%

Real Estate		2.9	%

Materials		2.7	%

Utilities		2.7	%

Investment Companies		0.5	%

Warrants		0.0	%⁽¹⁾

Preferred Stocks		0.0	%⁽¹⁾

Rights		0.0	%⁽¹⁾

Cash Equivalents⁽²⁾		0.0	%⁽¹⁾

Cash Collateral Invested for Securities on Loan⁽³⁾		0.3	%

Other Assets and Liabilities – Net⁽⁴⁾		0.0	%⁽¹⁾

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

April 30, 2023



Description	Number of Shares		Value

COMMON STOCKS – 99.2%

COMMUNICATION SERVICES – 8.0%

DIVERSIFIED TELECOMMUNICATION SERVICES – 0.8%

AT&T, Inc.		94,412	$	1,668,260

Frontier Communications Parent, Inc.*		3,350		75,509

Lumen Technologies, Inc.		13,285		31,485

Verizon Communications, Inc.		55,520		2,155,842


			$	3,931,096

ENTERTAINMENT – 1.4%

Activision Blizzard, Inc.		10,220		794,196

AMC Entertainment Holdings, Inc., Class A*^,#		6,550		36,025

Electronic Arts, Inc.		3,610		459,481

Liberty Media Corp. – Liberty Formula One, Class A*		105		6,802



Description	Number of Shares		Value

Liberty Media Corp. – Liberty Formula One, Class C*		2,685	$	193,830

Live Nation Entertainment, Inc.*		2,070		140,305

Madison Square Garden Sports Corp.		229		45,915

Netflix, Inc.*		5,800		1,913,594

Playtika Holding Corp.*		1,400		14,000

ROBLOX Corp., Class A*		5,950		211,820

Roku, Inc.*		1,600		89,936

Spotify Technology SA*		1,820		243,152

Take-Two Interactive Software, Inc.*		2,118		263,246

Walt Disney Co. (The)*		24,083		2,468,507

Warner Bros Discovery, Inc.*		30,974		421,556

World Wrestling Entertainment, Inc., Class A		600		64,302


			$	7,366,667

INTERACTIVE MEDIA & SERVICES – 4.7%

Alphabet, Inc., Class A*		79,750		8,560,365



Description	Number of Shares		Value

Alphabet, Inc., Class C*		70,680	$	7,648,990

IAC, Inc.*		950		49,181

Match Group, Inc.*		3,792		139,925

Meta Platforms, Inc., Class A*		29,780		7,156,730

Pinterest, Inc., Class A*		7,693		176,939

TripAdvisor, Inc.*		1,100		19,503

ZoomInfo Technologies, Inc.*		3,500		76,685


			$	23,828,318

MEDIA – 0.9%

Altice USA, Inc., Class A*		2,700		9,450

Cable One, Inc.		90		68,257

Charter Communications, Inc., Class A*		1,402		516,917

Comcast Corp., Class A		56,850		2,351,885

DISH Network Corp., Class A*		3,596		27,006

Fox Corp., Class A		4,376		145,546

Fox Corp., Class B		1,550		47,337

Interpublic Group of Cos., Inc. (The)		5,168		184,653

Liberty Broadband Corp., Class A*		185		15,638

Liberty Broadband Corp., Class C*		1,618		137,174

Liberty Media Corp. – Liberty SiriusXM, Class A*		1,243		34,928

Liberty Media Corp. – Liberty SiriusXM, Class C*		2,036		56,886

Loyalty Ventures, Inc.*		316		2

New York Times Co. (The), Class A		2,100		83,475

News Corp., Class A		5,007		88,173

News Corp., Class B		1,448		25,702

Nexstar Media Group, Inc., Class A		500		86,725

Omnicom Group, Inc.		2,690		243,633

Sirius XM Holdings, Inc.^#		7,240		27,512

Trade Desk, Inc. (The), Class A*		5,750		369,955

Paramount Global, Class B^#		7,946		185,380


			$	4,706,234

WIRELESS TELECOMMUNICATION SERVICES – 0.2%

T-Mobile US, Inc.*		7,869		1,132,349


TOTAL COMMUNICATION SERVICES			$	40,964,664

CONSUMER DISCRETIONARY – 10.0%

AUTOMOBILE COMPONENTS – 0.1%

Aptiv PLC*		3,500		360,010

BorgWarner, Inc.		3,080		148,241

Gentex Corp.		3,180		87,736

Lear Corp.		800		102,128

QuantumScape Corp.*^,#		3,450		24,150


			$	722,265

AUTOMOBILES – 1.4%

Ford Motor Co.		51,850		615,978

General Motors Co.		18,450		609,588

Harley-Davidson, Inc.		1,820		67,522

Lucid Group, Inc.*^,#		6,900		54,786

Rivian Automotive, Inc., Class A*^,#		6,650		85,253

Tesla, Inc.*		33,870		5,565,180

Thor Industries, Inc.		700		55,314


			$	7,053,621



Description	Number of Shares		Value

BROADLINE RETAIL – 2.6%

Amazon.com, Inc.*		118,150	$	12,458,917

eBay, Inc.		7,140		331,510

Etsy, Inc.*		1,650		166,700

Kohl’s Corp.		1,660		36,570

Macy’s, Inc.		3,550		58,007

Nordstrom, Inc.^#		1,380		21,335

Ollie’s Bargain Outlet Holdings, Inc.*		873		56,963


			$	13,130,002

DISTRIBUTORS – 0.1%

Genuine Parts Co.		1,770		297,909

LKQ Corp.		3,268		188,661

Pool Corp.		500		175,660


			$	662,230

DIVERSIFIED CONSUMER SERVICES – 0.1%

ADT, Inc.		2,560		17,152

Bright Horizons Family Solutions, Inc.*		783		59,602

Grand Canyon Education, Inc.*		400		47,480

H&R Block, Inc.		2,100		71,211

Mister Car Wash, Inc.*^,#		750		6,615

Service Corp. International		1,970		138,274


			$	340,334

HOTELS, RESTAURANTS & LEISURE – 2.3%

Airbnb, Inc., Class A*		4,950		592,366

Aramark		2,983		103,510

Booking Holdings, Inc.*		530		1,423,744

Boyd Gaming Corp.		1,000		69,400

Caesars Entertainment, Inc.*		2,610		118,207

Carnival Corp.*		12,300		113,283

Chipotle Mexican Grill, Inc.*		400		827,048

Choice Hotels International, Inc.		460		58,659

Churchill Downs, Inc.		450		131,638

Darden Restaurants, Inc.		1,600		243,088

Domino’s Pizza, Inc.		450		142,861

DoorDash, Inc., Class A*		3,220		197,032

DraftKings, Inc., Class A*		4,770		104,511

Expedia Group, Inc.*		1,902		178,712

Hilton Worldwide Holdings, Inc.		3,453		497,301

Hyatt Hotels Corp., Class A*		650		74,295

Las Vegas Sands Corp.*		4,320		275,832

Marriott International, Inc., Class A		3,486		590,319

Marriott Vacations Worldwide Corp.		500		67,280

McDonald’s Corp.		9,749		2,883,267

MGM Resorts International		4,260		191,359

Norwegian Cruise Line Holdings Ltd.*		5,100		68,085

Penn Entertainment, Inc.*		2,050		61,070

Planet Fitness, Inc., Class A*		1,028		85,468

Restaurant Brands International LP		47		3,117

Royal Caribbean Cruises Ltd.*		2,830		185,167

Six Flags Entertainment Corp.*		1,100		26,697

Starbucks Corp.		15,090		1,724,636

Travel + Leisure Co.		1,110		42,480

Vail Resorts, Inc.		528		126,995

Wendy’s Co. (The)		2,065		45,637

Wyndham Hotels & Resorts, Inc.		1,160		79,135



Description	Number of Shares		Value

Wynn Resorts Ltd.*		1,368	$	156,335

Yum! Brands, Inc.		3,650		513,117


			$	12,001,651

HOUSEHOLD DURABLES – 0.4%

DR Horton, Inc.		4,120		452,458

Garmin Ltd.		1,940		190,450

Leggett & Platt, Inc.		1,770		57,189

Lennar Corp., Class A		3,260		367,761

Lennar Corp., Class B		176		17,216

Mohawk Industries, Inc.*		655		69,365

Newell Brands, Inc.		5,269		64,018

NVR, Inc.*		50		292,000

PulteGroup, Inc.		2,890		194,063

Tempur Sealy International, Inc.		2,100		78,687

Toll Brothers, Inc.		1,350		86,279

TopBuild Corp.*		400		90,192

Whirlpool Corp.		685		95,619


			$	2,055,297

LEISURE PRODUCTS – 0.1%

Brunswick Corp.		950		80,550

Hasbro, Inc.		1,690		100,082

Mattel, Inc.*		4,600		82,800

Peloton Interactive, Inc., Class A*		3,650		32,412

Polaris, Inc.		700		76,055

YETI Holdings, Inc.*		1,050		41,423


			$	413,322

SPECIALTY RETAIL – 2.2%

Advance Auto Parts, Inc.		800		100,424

AutoNation, Inc.*		480		63,216

AutoZone, Inc.*		260		692,461

Bath & Body Works, Inc.		2,960		103,896

Best Buy Co., Inc.		2,630		195,988

Burlington Stores, Inc.*		850		163,888

CarMax, Inc.*		2,000		140,060

Carvana Co.*^,#		1,200		8,328

Dick’s Sporting Goods, Inc.		700		101,507

Five Below, Inc.*		728		143,678

Floor & Decor Holdings, Inc., Class A*		1,310		130,135

GameStop Corp., Class A*^,#		3,500		67,515

Gap, Inc. (The)		2,800		26,880

Home Depot, Inc. (The)		13,550		4,072,317

Leslie’s, Inc.*		2,150		23,328

Lithia Motors, Inc.		350		77,312

Lowe’s Cos., Inc.		8,150		1,693,814

O’Reilly Automotive, Inc.*		800		733,848

Penske Automotive Group, Inc.		300		41,574

Petco Health & Wellness Co., Inc.*		1,150		11,454

RH*		240		61,231

Ross Stores, Inc.		4,440		473,881

TJX Cos., Inc. (The)		15,230		1,200,429

Tractor Supply Co.		1,450		345,680

Ulta Beauty, Inc.*		650		358,429

Valvoline, Inc.		2,250		77,738

Victoria’s Secret & Co.*		1,003		31,103

Wayfair, Inc., Class A*		898		31,277



Description	Number of Shares		Value

Williams-Sonoma, Inc.		860	$	104,094


			$	11,275,485

TEXTILES, APPAREL & LUXURY GOODS – 0.7%

Capri Holdings Ltd.*		1,650		68,475

Carter’s, Inc.		450		31,396

Columbia Sportswear Co.		468		39,097

Deckers Outdoor Corp.*		350		167,769

Hanesbrands, Inc.		4,400		23,056

Lululemon Athletica, Inc.*		1,450		550,898

NIKE, Inc., Class B		16,140		2,045,261

PVH Corp.		820		70,364

Ralph Lauren Corp.		535		61,413

Skechers USA, Inc., Class A*		1,793		95,370

Tapestry, Inc.		3,230		131,816

Under Armour, Inc., Class A*		2,678		23,754

Under Armour, Inc., Class C*		2,150		17,286

VF Corp.		4,300		101,093


			$	3,427,048


TOTAL CONSUMER DISCRETIONARY			$	51,081,255

CONSUMER STAPLES – 6.9%

BEVERAGES – 1.7%

Boston Beer Co., Inc. (The), Class A*		100		31,751

Brown-Forman Corp., Class A		550		36,234

Brown-Forman Corp., Class B		2,375		154,589

Coca-Cola Co. (The)		51,500		3,303,725

Constellation Brands, Inc., Class A		1,950		447,467

Keurig Dr. Pepper, Inc.		11,300		369,510

Molson Coors Beverage Co., Class B		2,350		139,778

Monster Beverage Corp.*		9,600		537,600

PepsiCo., Inc.		18,250		3,483,742


			$	8,504,396

CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.9%

Albertsons Cos., Inc., Class A		2,100		43,890

BJ’s Wholesale Club Holdings, Inc.*		1,700		129,829

Casey’s General Stores, Inc.		485		110,978

Costco Wholesale Corp.		5,850		2,943,837

Dollar General Corp.		2,950		653,307

Dollar Tree, Inc.*		2,762		424,547

Grocery Outlet Holding Corp.*		1,050		31,269

Kroger Co. (The)		8,600		418,218

Performance Food Group Co.*		2,050		128,515

Sysco Corp.		6,700		514,158

Target Corp.		6,060		955,965

U.S. Foods Holding Corp.*		2,750		105,600

Walgreens Boots Alliance, Inc.		9,450		333,112

Walmart, Inc.		18,750		2,830,687


			$	9,623,912

FOOD PRODUCTS – 1.2%

Archer-Daniels-Midland Co.		7,150		558,272

Bunge Ltd.		1,795		168,012

Campbell Soup Co.		2,500		135,750

Conagra Brands, Inc.		6,250		237,250

Darling Ingredients, Inc.*		2,050		122,119

Flowers Foods, Inc.		2,300		63,273



Description	Number of Shares		Value

Freshpet, Inc.*^,#		550	$	37,934

General Mills, Inc.		7,750		686,882

Hershey Co. (The)		1,900		518,814

Hormel Foods Corp.		3,650		147,606

Ingredion, Inc.		800		84,936

J.M. Smucker Co. (The)		1,300		200,733

Kellogg Co.		3,300		230,241

Kraft Heinz Co. (The)		9,200		361,284

Lamb Weston Holdings, Inc.		1,900		212,439

McCormick & Co., Inc.		3,250		285,512

Mondelez International, Inc., Class A		17,850		1,369,452

Pilgrim’s Pride Corp.*		550		12,546

Post Holdings, Inc.*		738		66,782

Seaboard Corp.		50		197,053

Tyson Foods, Inc., Class A		3,750		234,337


			$	5,931,227

HOUSEHOLD PRODUCTS – 1.4%

Church & Dwight Co., Inc.		3,150		305,928

Clorox Co. (The)		1,600		264,992

Colgate-Palmolive Co.		10,850		865,830

Kimberly-Clark Corp.		4,350		630,271

Procter & Gamble Co. (The)		31,150		4,871,237

Reynolds Consumer Products, Inc.		850		23,826

Spectrum Brands Holdings, Inc.		550		36,575


			$	6,998,659

PERSONAL CARE PRODUCTS – 0.1%

Coty, Inc., Class A*		4,890		58,045

Estee Lauder Cos., Inc. (The), Class A		3,000		740,160

Olaplex Holdings, Inc.*		1,700		6,290


			$	804,495

TOBACCO – 0.6%

Altria Group, Inc.		23,600		1,121,236

Philip Morris International, Inc.		20,400		2,039,388


			$	3,160,624


TOTAL CONSUMER STAPLES			$	35,023,313

ENERGY – 4.6%

ENERGY EQUIPMENT & SERVICES – 0.3%

Baker Hughes Co.		12,600		368,424

Halliburton Co.		11,963		391,788

NOV, Inc.		5,098		85,391

Schlumberger NV		18,796		927,583


			$	1,773,186

OIL, GAS & CONSUMABLE FUELS – 4.3%

Antero Midstream Corp.		5,000		53,800

Antero Resources Corp.*		3,700		85,063

APA Corp.		4,290		158,087

Cheniere Energy, Inc.		3,330		509,490

Chesapeake Energy Corp.		1,600		132,288

Chevron Corp.		25,664		4,326,437

ConocoPhillips		16,528		1,700,566

Coterra Energy, Inc.		10,274		263,014

Devon Energy Corp.		8,636		461,421

Diamondback Energy, Inc.		2,297		326,633



Description	Number of Shares		Value

DT Midstream, Inc.		1,425	$	70,210

Enviva, Inc.^#		450		9,675

EOG Resources, Inc.		7,780		929,477

EQT Corp.^#		4,900		170,716

Exxon Mobil Corp.		54,793		6,484,204

Hess Corp.		3,690		535,271

HF Sinclair Corp.		1,890		83,368

Kinder Morgan, Inc.		26,755		458,848

Marathon Oil Corp.		8,350		201,736

Marathon Petroleum Corp.		6,200		756,400

New Fortress Energy, Inc.		900		27,261

Occidental Petroleum Corp.		10,510		646,680

ONEOK, Inc.		5,910		386,573

Ovintiv, Inc.		3,250		117,260

PDC Energy, Inc.		1,200		78,060

Phillips 66		6,240		617,760

Pioneer Natural Resources Co.		3,126		680,061

Range Resources Corp.		3,050		80,673

Southwestern Energy Co.*		14,450		74,996

Targa Resources Corp.		3,000		226,590

Texas Pacific Land Corp.		100		147,765

Valero Energy Corp.		5,070		581,377

Vitesse Energy, Inc.		299		5,502

Williams Cos., Inc. (The)		16,370		495,356


			$	21,882,618


TOTAL ENERGY			$	23,655,804

FINANCIALS – 13.3%

BANKS – 3.1%

Bank of America Corp.		92,850		2,718,648

Bank of Hawaii Corp.		520		25,184

Bank OZK		1,450		51,794

BOK Financial Corp.		370		31,032

Citigroup, Inc.		25,532		1,201,791

Citizens Financial Group, Inc.		6,350		196,469

Columbia Banking System, Inc.		2,348		50,153

Comerica, Inc.		1,730		75,030

Commerce Bancshares, Inc.		1,358		75,844

Cullen/Frost Bankers, Inc.		740		81,585

East West Bancorp, Inc.		1,873		96,815

Fifth Third Bancorp		8,850		231,870

First Citizens BancShares, Inc., Class A		150		151,077

First Hawaiian, Inc.		1,750		33,443

First Horizon Corp.		7,084		124,324

First Republic Bank^#		2,400		8,424

FNB Corp.		4,250		48,790

Huntington Bancshares, Inc.		18,496		207,155

JPMorgan Chase & Co.		38,520		5,325,005

KeyCorp.		12,294		138,431

M&T Bank Corp.^§		2,323		292,234

New York Community Bancorp, Inc.		8,633		92,287

PacWest Bancorp		1,589		16,128

Pinnacle Financial Partners, Inc.		1,000		54,230

PNC Financial Services Group, Inc. (The)		5,360		698,140

Popular, Inc.		938		56,289

Prosperity Bancshares, Inc.		1,123		70,322

Regions Financial Corp.		12,306		224,708



Description	Number of Shares		Value

Synovus Financial Corp.		1,744	$	53,715

Truist Financial Corp.		17,407		567,120

U.S. Bancorp		17,670		605,728

Webster Financial Corp.		2,312		86,238

Wells Fargo & Co.		50,075		1,990,481

Western Alliance Bancorp		1,345		49,926

Wintrust Financial Corp.		800		54,696

Zions Bancorp NA		1,840		51,262


			$	15,836,368

CAPITAL MARKETS – 3.0%

Affiliated Managers Group, Inc.		470		67,859

Ameriprise Financial, Inc.		1,390		424,117

Ares Management Corp., Class A		2,000		175,180

Bank of New York Mellon Corp. (The)		9,620		409,716

BlackRock, Inc.		2,010		1,349,112

Blackstone, Inc.		9,220		823,623

Blue Owl Capital, Inc.		5,150		57,989

Carlyle Group, Inc. (The)		2,700		81,891

Cboe Global Markets, Inc.		1,350		188,595

Charles Schwab Corp. (The)		20,055		1,047,673

CME Group, Inc.		4,700		873,119

Coinbase Global, Inc., Class A*^,#		2,150		115,648

Evercore, Inc., Class A		450		51,331

FactSet Research Systems, Inc.		490		201,728

Franklin Resources, Inc.		3,770		101,338

Goldman Sachs Group, Inc. (The)		4,340		1,490,530

Interactive Brokers Group, Inc., Class A		1,198		93,264

Intercontinental Exchange, Inc.		7,240		788,653

Invesco Ltd.		4,720		80,854

Janus Henderson Group PLC		1,800		46,710

Jefferies Financial Group, Inc.		2,548		81,612

KKR & Co., Inc.		7,484		397,176

Lazard Ltd., Class A		1,300		40,690

LPL Financial Holdings, Inc.		1,050		219,282

MarketAxess Holdings, Inc.		500		159,185

Moody’s Corp.		2,090		654,421

Morgan Stanley		16,276		1,464,352

Morningstar, Inc.		300		53,493

MSCI, Inc.		1,020		492,099

Nasdaq, Inc.		4,540		251,380

Northern Trust Corp.		2,680		209,469

Raymond James Financial, Inc.		2,565		232,209

Robinhood Markets, Inc., Class A*		7,800		69,030

S&P Global, Inc.		4,339		1,573,235

SEI Investments Co.		1,340		78,939

State Street Corp.		4,820		348,293

Stifel Financial Corp.		1,300		77,961

T Rowe Price Group, Inc.		2,880		323,510

Tradeweb Markets, Inc., Class A		1,450		102,094

Virtu Financial, Inc., Class A		1,350		27,068


			$	15,324,428

CONSUMER FINANCE – 0.5%

Ally Financial, Inc.		3,913		103,225

American Express Co.		7,940		1,281,040

Capital One Financial Corp.		5,000		486,500

Credit Acceptance Corp.*		100		48,950



Description	Number of Shares		Value

Discover Financial Services		3,580	$	370,423

OneMain Holdings, Inc.		1,550		59,473

SLM Corp.		3,510		52,720

SoFi Technologies, Inc.*^,#		11,100		69,153

Synchrony Financial		5,900		174,109

Upstart Holdings, Inc.*^,#		800		11,120


			$	2,656,713

FINANCIAL SERVICES – 4.3%

Affirm Holdings, Inc.*^,#		3,050		30,073

Apollo Global Management, Inc.		6,376		404,175

Berkshire Hathaway, Inc., Class B*		23,846		7,834,603

Block, Inc.*		7,000		425,530

Corebridge Financial, Inc.		800		13,488

Equitable Holdings, Inc.		4,843		125,870

Euronet Worldwide, Inc.*		665		73,642

Fidelity National Information Services, Inc.		7,800		458,016

Fiserv, Inc.*		7,760		947,651

FleetCor Technologies, Inc.*		950		203,224

Global Payments, Inc.		3,513		395,950

Jack Henry & Associates, Inc.		1,000		163,340

Mastercard, Inc., Class A		11,220		4,263,937

MGIC Investment Corp.		4,300		63,941

PayPal Holdings, Inc.*		15,015		1,141,140

Rocket Cos., Inc., Class A*^,#		1,550		13,810

Shift4 Payments, Inc., Class A*		700		47,439

Toast, Inc., Class A*		3,150		57,330

UWM Holdings Corp.^#		1,900		11,400

Visa, Inc., Class A		21,670		5,043,259

Voya Financial, Inc.		1,330		101,718

Western Union Co. (The)		5,190		56,727

WEX, Inc.*		565		100,203


			$	21,976,466

INSURANCE – 2.3%

Aflac, Inc.		8,100		565,785

Allstate Corp. (The)		3,480		402,845

American Financial Group, Inc.		950		116,593

American International Group, Inc.		9,730		516,079

Aon PLC, Class A		2,700		877,986

Arch Capital Group Ltd.*		4,670		350,577

Arthur J. Gallagher & Co.		2,730		568,004

Assurant, Inc.		730		89,885

Assured Guaranty Ltd.		750		40,402

Axis Capital Holdings Ltd.		930		52,582

Brighthouse Financial, Inc.*		950		41,990

Brown & Brown, Inc.		3,040		195,746

Chubb Ltd.		5,447		1,097,897

Cincinnati Financial Corp.		2,056		218,841

CNA Financial Corp.		150		5,836

Erie Indemnity Co., Class A		320		69,546

Everest Re Group Ltd.		520		196,560

F&G Annuities & Life, Inc.		237		4,344

Fidelity National Financial, Inc.		3,491		123,896

First American Financial Corp.		1,278		73,626

Globe Life, Inc.		1,193		129,464

Hanover Insurance Group, Inc. (The)		450		53,802

Hartford Financial Services Group, Inc. (The)		4,190		297,448



Description	Number of Shares		Value

Kemper Corp.		778	$	37,850

Lincoln National Corp.		2,458		53,412

Loews Corp.		2,700		155,439

Markel Corp.*		180		246,335

Marsh & McLennan Cos., Inc.		6,540		1,178,443

MetLife, Inc.		8,851		542,832

Old Republic International Corp.		3,468		87,636

Primerica, Inc.		523		95,453

Principal Financial Group, Inc.		3,240		241,996

Progressive Corp. (The)		7,680		1,047,552

Prudential Financial, Inc.		4,880		424,560

Reinsurance Group of America, Inc.		840		119,549

RenaissanceRe Holdings Ltd.		578		124,507

Ryan Specialty Holdings, Inc.*		1,050		42,903

Travelers Cos., Inc. (The)		3,080		557,911

Unum Group		2,660		112,252

W.R. Berkley Corp.		2,730		160,852

White Mountains Insurance Group Ltd.		60		85,928

Willis Towers Watson PLC		1,400		324,240


			$	11,729,384

MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%

AGNC Investment Corp.		7,285		72,194

Annaly Capital Management, Inc.		6,082		121,518

Rithm Capital Corp.		5,650		46,104

Starwood Property Trust, Inc.		3,768		67,410


			$	307,226


TOTAL FINANCIALS			$	67,830,585

HEALTH CARE – 14.0%

BIOTECHNOLOGY – 2.4%

2seventy bio, Inc.*		16		152

AbbVie, Inc.		23,411		3,537,870

Alnylam Pharmaceuticals, Inc.*		1,600		318,720

Amgen, Inc.		7,014		1,681,536

Biogen, Inc.*		1,900		578,037

BioMarin Pharmaceutical, Inc.*		2,400		230,496

Exact Sciences Corp.*		2,300		147,361

Exelixis, Inc.*		4,200		76,860

Gilead Sciences, Inc.		16,594		1,364,193

Horizon Therapeutics PLC*		2,950		327,922

Incyte Corp.*		2,410		179,328

Ionis Pharmaceuticals, Inc.*		1,800		63,666

Mirati Therapeutics, Inc.*		550		24,371

Moderna, Inc.*		4,350		578,071

Natera, Inc.*		1,350		68,472

Neurocrine Biosciences, Inc.*		1,250		126,300

Novavax, Inc.*^,#		880		6,750

Regeneron Pharmaceuticals, Inc.*		1,400		1,122,506

Sarepta Therapeutics, Inc.*		1,115		136,889

Seagen, Inc.*		1,800		360,000

Ultragenyx Pharmaceutical, Inc.*		950		41,486

United Therapeutics Corp.*		590		135,777

Vertex Pharmaceuticals, Inc.*		3,343		1,139,060


			$	12,245,823

HEALTH CARE EQUIPMENT & SUPPLIES – 2.9%

Abbott Laboratories		22,745		2,512,640



Description	Number of Shares		Value

Align Technology, Inc.*		1,060	$	344,818

Baxter International, Inc.		6,580		313,734

Becton Dickinson & Co.		3,734		986,934

Boston Scientific Corp.*		18,750		977,250

Cooper Cos., Inc. (The)		650		247,942

DENTSPLY SIRONA, Inc.		2,729		114,427

DexCom, Inc.*		5,050		612,767

Edwards Lifesciences Corp.*		8,116		714,046

Enovis Corp.*		650		37,863

Envista Holdings Corp.*		2,250		86,603

GE HealthCare Technologies, Inc.*		4,805		390,839

Globus Medical, Inc., Class A*		1,050		61,047

Hologic, Inc.*		3,190		274,372

ICU Medical, Inc.*		250		47,285

IDEXX Laboratories, Inc.*		1,080		531,533

Insulet Corp.*		900		286,236

Integra LifeSciences Holdings Corp.*		848		46,911

Intuitive Surgical, Inc.*		4,650		1,400,673

Masimo Corp.*		650		122,941

Medtronic PLC		17,576		1,598,537

Novocure Ltd.*		1,350		88,965

Penumbra, Inc.*		450		127,854

QuidelOrtho Corp.*		668		60,087

ResMed, Inc.		1,920		462,643

STERIS PLC		1,300		245,115

Stryker Corp.		4,650		1,393,372

Tandem Diabetes Care, Inc.*		900		35,622

Teleflex, Inc.		610		166,237

Zimmer Biomet Holdings, Inc.		2,760		382,094


			$	14,671,387

HEALTH CARE PROVIDERS & SERVICES – 2.9%

Acadia Healthcare Co., Inc.*		1,150		83,134

agilon health, Inc.*^,#		2,400		58,248

Amedisys, Inc.*		400		32,120

AmerisourceBergen Corp.		2,070		345,379

Cardinal Health, Inc.		3,570		293,097

Centene Corp.*		7,530		519,043

Chemed Corp.		200		110,250

Cigna Group (The)		3,942		998,469

CVS Health Corp.		17,271		1,266,137

DaVita, Inc.*		738		66,686

Elevance Health, Inc.		3,210		1,504,366

Encompass Health Corp.		1,230		78,905

Enhabit, Inc.*		740		9,065

Guardant Health, Inc.*		1,435		32,374

HCA Healthcare, Inc.		2,850		818,890

Henry Schein, Inc.*		1,720		138,993

Humana, Inc.		1,680		891,223

Laboratory Corp. of America Holdings		1,157		262,303

McKesson Corp.		1,850		673,844

Molina Healthcare, Inc.*		750		223,418

Oak Street Health, Inc.*		1,500		58,455

Premier, Inc., Class A		1,500		49,995

Quest Diagnostics, Inc.		1,500		208,215

Tenet Healthcare Corp.*		1,450		106,314

UnitedHealth Group, Inc.		12,370		6,087,153



Description	Number of Shares		Value

Universal Health Services, Inc., Class B		830	$	124,791


			$	15,040,867

HEALTH CARE TECHNOLOGY – 0.1%

Certara, Inc.*		1,450		35,047

Definitive Healthcare Corp.*		450		4,815

Doximity, Inc., Class A*^,#		1,550		56,962

Teladoc Health, Inc.*		2,087		55,368

Veeva Systems, Inc., Class A*		1,820		325,926


			$	478,118

LIFE SCIENCES TOOLS & SERVICES – 1.7%

10X Genomics, Inc., Class A*		1,240		65,013

Agilent Technologies, Inc.		3,940		533,594

Avantor, Inc.*		7,945		154,769

Azenta, Inc.*		1,050		45,665

Bio-Rad Laboratories, Inc., Class A*		290		130,729

Bio-Techne Corp.		2,000		159,760

Bruker Corp.		1,400		110,782

Charles River Laboratories International, Inc.*		670		127,380

Danaher Corp.		8,580		2,032,688

Illumina, Inc.*		2,040		419,342

IQVIA Holdings, Inc.*		2,430		457,399

Maravai LifeSciences Holdings, Inc., Class A*		1,500		20,685

Mettler-Toledo International, Inc.*		320		477,280

PerkinElmer, Inc.		1,670		217,918

QIAGEN NV*		3,000		133,830

Repligen Corp.*		750		113,723

Sotera Health Co.*		1,100		18,447

Syneos Health, Inc.*		1,350		53,001

Thermo Fisher Scientific, Inc.		5,170		2,868,833

Waters Corp.*		760		228,274

West Pharmaceutical Services, Inc.		950		343,178


			$	8,712,290

PHARMACEUTICALS – 4.0%

AstraZeneca PLC, ADR		1		73

Bristol-Myers Squibb Co.		28,126		1,877,973

Catalent, Inc.*		2,400		120,288

Elanco Animal Health, Inc.*		5,800		54,926

Eli Lilly & Co.		11,130		4,405,922

Jazz Pharmaceuticals PLC*		810		113,781

Johnson & Johnson		34,800		5,696,760

Merck & Co., Inc.		33,466		3,864,319

Organon & Co.		3,266		80,442

Perrigo Co. PLC		1,808		67,239

Pfizer, Inc.		74,753		2,907,144

Royalty Pharma PLC, Class A		4,950		173,992

Viatris, Inc.		16,405		153,059

Zoetis, Inc.		6,181		1,086,496


			$	20,602,414


TOTAL HEALTH CARE			$	71,750,899

INDUSTRIALS – 9.3%

AEROSPACE & DEFENSE – 1.7%

Axon Enterprise, Inc.*		850		179,103

Boeing Co. (The)*		7,190		1,486,748

BWX Technologies, Inc.		1,255		81,048



Description	Number of Shares		Value

Curtiss-Wright Corp.		465	$	78,971

General Dynamics Corp.		3,180		694,321

HEICO Corp.^#		550		92,752

HEICO Corp., Class A		1,052		141,210

Hexcel Corp.		1,150		82,892

Howmet Aerospace, Inc.		4,766		211,086

Huntington Ingalls Industries, Inc.		495		99,822

L3Harris Technologies, Inc.		2,482		484,362

Lockheed Martin Corp.		3,090		1,435,150

Mercury Systems, Inc.*		650		30,986

Northrop Grumman Corp.		1,920		885,638

Raytheon Technologies Corp.		19,404		1,938,460

Spirit AeroSystems Holdings, Inc., Class A		1,240		36,902

Textron, Inc.		2,753		184,286

TransDigm Group, Inc.		690		527,850

Woodward, Inc.		775		74,416


			$	8,746,003

AIR FREIGHT & LOGISTICS – 0.6%

C.H. Robinson Worldwide, Inc.		1,584		159,778

Expeditors International of Washington, Inc.		2,130		242,479

FedEx Corp.		3,160		719,785

GXO Logistics, Inc.*		1,450		77,038

United Parcel Service, Inc., Class B		9,680		1,740,561


			$	2,939,641

BUILDING PRODUCTS – 0.6%

A.O. Smith Corp.		1,700		116,093

Advanced Drainage Systems, Inc.		850		72,862

Allegion PLC		1,133		125,174

Armstrong World Industries, Inc.		628		43,118

AZEK Co., Inc. (The)*		1,500		40,710

Builders FirstSource, Inc.*		1,900		180,063

Carlisle Cos., Inc.		690		148,937

Carrier Global Corp.		11,050		462,111

Fortune Brands Innovations, Inc.		1,710		110,620

Hayward Holdings, Inc.*		650		7,826

Johnson Controls International PLC		9,081		543,407

Lennox International, Inc.		400		112,764

Masco Corp.		2,930		156,784

Masterbrand, Inc.*		1,710		13,800

Owens Corning		1,248		133,299

Trane Technologies PLC		3,000		557,430

Trex Co., Inc.*		1,344		73,463


			$	2,898,461

COMMERCIAL SERVICES & SUPPLIES – 0.5%

Cintas Corp.		1,120		510,462

Clean Harbors, Inc.*		650		94,354

Copart, Inc.*		5,500		434,775

Driven Brands Holdings, Inc.*		750		23,025

MSA Safety, Inc.		450		58,388

Rentokil Initial PLC, ADR		35		1,387

Republic Services, Inc.		2,740		396,259

Ritchie Bros Auctioneers, Inc.		876		50,098

Rollins, Inc.		3,050		128,863

Stericycle, Inc.*		1,235		56,378

Tetra Tech, Inc.		700		96,859



Description	Number of Shares		Value

Waste Management, Inc.		5,390	$	895,009


			$	2,745,857

CONSTRUCTION & ENGINEERING – 0.2%

AECOM		1,725		143,261

MasTec, Inc.*		750		66,608

MDU Resources Group, Inc.		2,650		77,433

Quanta Services, Inc.		1,888		320,280

Valmont Industries, Inc.		260		75,546

WillScot Mobile Mini Holdings Corp.*		2,700		122,580


			$	805,708

ELECTRICAL EQUIPMENT – 0.6%

Acuity Brands, Inc.		400		62,952

AMETEK, Inc.		3,010		415,169

ChargePoint Holdings, Inc.*^,#		3,350		29,045

Eaton Corp. PLC		5,228		873,703

Emerson Electric Co.		7,790		648,595

Generac Holdings, Inc.*		847		86,580

Hubbell, Inc.		690		185,831

nVent Electric PLC		2,216		92,917

Plug Power, Inc.*^,#		6,950		62,759

Regal Rexnord Corp.		900		117,144

Rockwell Automation, Inc.		1,520		430,783

Sensata Technologies Holding PLC		2,098		91,158

Sunrun, Inc.*		2,600		54,704

Vertiv Holdings Co.		4,050		60,426


			$	3,211,766

GROUND TRANSPORTATION – 1.0%

Avis Budget Group, Inc.*		350		61,834

CSX Corp.		27,800		851,792

Hertz Global Holdings, Inc.*		2,600		43,368

JB Hunt Transport Services, Inc.		1,030		180,549

Knight-Swift Transportation Holdings, Inc.		2,085		117,427

Landstar System, Inc.		490		86,255

Lyft, Inc., Class A*		4,300		44,075

Norfolk Southern Corp.		3,010		611,120

Old Dominion Freight Line, Inc.		1,300		416,507

RXO, Inc.*		1,450		26,231

Ryder System, Inc.		640		50,662

Schneider National, Inc., Class B		723		18,921

Uber Technologies, Inc.*		25,400		788,670

U-Haul Holding Co.		113		6,900

U-Haul Holding Co.		17		920

Union Pacific Corp.		8,120		1,589,084

XPO, Inc.*		1,450		64,061


			$	4,958,376

INDUSTRIAL CONGLOMERATES – 0.8%

3M Co.		7,280		773,282

General Electric Co.		14,415		1,426,652

Honeywell International, Inc.		8,900		1,778,576


			$	3,978,510

MACHINERY – 1.8%

AGCO Corp.		845		104,729

Allison Transmission Holdings, Inc.		1,200		58,548

Caterpillar, Inc.		6,850		1,498,780



Description	Number of Shares		Value

Crane Co.*		650	$	46,846

Crane NXT Co.		650		30,784

Cummins, Inc.		1,830		430,123

Deere & Co.		3,640		1,375,993

Donaldson Co., Inc.		1,560		99,138

Dover Corp.		1,860		271,858

Esab Corp.		649		37,876

Flowserve Corp.		1,798		60,035

Fortive Corp.		4,640		292,738

Gates Industrial Corp. PLC*		1,200		16,164

Graco, Inc.		2,320		183,953

IDEX Corp.		1,020		210,446

Illinois Tool Works, Inc.		4,000		967,760

Ingersoll Rand, Inc.		5,394		307,566

ITT, Inc.		1,035		87,395

Lincoln Electric Holdings, Inc.		750		125,850

Middleby Corp. (The)*		700		98,616

Nordson Corp.		750		162,232

Oshkosh Corp.		790		60,451

Otis Worldwide Corp.		5,625		479,812

PACCAR, Inc.		6,660		497,435

Parker-Hannifin Corp.		1,660		539,301

Pentair PLC		2,164		125,685

Snap-on, Inc.		680		176,399

Stanley Black & Decker, Inc.		1,920		165,773

Timken Co. (The)		800		61,480

Toro Co. (The)		1,380		143,879

Westinghouse Air Brake Technologies Corp.		2,365		230,990

Xylem, Inc.		2,310		239,870


			$	9,188,505

MARINE TRANSPORTATION – 0.0%**

Kirby Corp.*		800		57,472

PASSENGER AIRLINES – 0.2%

Alaska Air Group, Inc.*		1,625		70,623

American Airlines Group, Inc.*		8,293		113,117

Copa Holdings SA, Class A		400		36,128

Delta Air Lines, Inc.*		8,340		286,145

JetBlue Airways Corp.*		3,750		26,775

Southwest Airlines Co.		7,680		232,627

United Airlines Holdings, Inc.*		4,283		187,595


			$	953,010

PROFESSIONAL SERVICES – 1.0%

Automatic Data Processing, Inc.		5,530		1,216,600

Booz Allen Hamilton Holding Corp.		1,750		167,510

Broadridge Financial Solutions, Inc.		1,530		222,477

CACI International, Inc., Class A*		303		94,936

Ceridian HCM Holding, Inc.*		1,875		119,025

Clarivate PLC*		6,400		56,704

Concentrix Corp.		543		52,405

CoStar Group, Inc.*		5,250		403,987

Dun & Bradstreet Holdings, Inc.		3,100		34,627

Equifax, Inc.		1,560		325,073

FTI Consulting, Inc.*		450		81,225

Genpact Ltd.		2,545		113,380

Jacobs Solutions, Inc.		1,650		190,509

KBR, Inc.		1,900		107,787



Description	Number of Shares		Value

Leidos Holdings, Inc.		1,800	$	167,868

ManpowerGroup, Inc.		710		53,754

Paychex, Inc.		4,270		469,102

Paycom Software, Inc.*		650		188,741

Paycor HCM, Inc.*		450		10,575

Paylocity Holding Corp.*		525		101,477

Robert Half International, Inc.		1,398		102,054

Science Applications International Corp.		700		71,421

SS&C Technologies Holdings, Inc.		3,000		175,620

TransUnion		2,600		178,906

Verisk Analytics, Inc.		2,050		397,926


			$	5,103,689

TRADING COMPANIES & DISTRIBUTORS – 0.3%

Air Lease Corp.		1,450		58,319

Core & Main, Inc., Class A*^,#		1,000		26,060

Fastenal Co.		7,490		403,262

MSC Industrial Direct Co., Inc., Class A		590		53,531

SiteOne Landscape Supply, Inc.*		550		81,257

United Rentals, Inc.		920		332,221

Univar Solutions, Inc.*		2,200		78,100

Watsco, Inc.		400		138,552

WESCO International, Inc.		600		86,400

WW Grainger, Inc.		590		410,386


			$	1,668,088


TOTAL INDUSTRIALS			$	47,255,086

INFORMATION TECHNOLOGY – 24.8%

COMMUNICATIONS EQUIPMENT – 0.8%

Arista Networks, Inc.*		3,250		520,520

Ciena Corp.*		1,973		90,837

Cisco Systems, Inc.		54,250		2,563,312

F5, Inc.*		763		102,517

Juniper Networks, Inc.		4,240		127,836

Lumentum Holdings, Inc.*		900		43,425

Motorola Solutions, Inc.		2,180		635,252

Ubiquiti, Inc.		50		11,628

Viasat, Inc.*		950		33,278


			$	4,128,605

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6%

Amphenol Corp., Class A		7,650		577,345

Arrow Electronics, Inc.*		785		89,828

Avnet, Inc.		1,150		47,449

CDW Corp.		1,790		303,566

Cognex Corp.		2,250		107,303

Coherent Corp.*		1,418		48,411

Corning, Inc.		9,970		331,203

IPG Photonics Corp.*		400		45,992

Jabil, Inc.		1,758		137,388

Keysight Technologies, Inc.*		2,350		339,904

Littelfuse, Inc.		293		70,976

National Instruments Corp.		1,720		100,156

TD SYNNEX Corp.		543		48,349

Teledyne Technologies, Inc.*		593		245,739

Trimble, Inc.*		3,180		149,778

Vontier Corp.		1,956		53,066



Description	Number of Shares		Value

Zebra Technologies Corp., Class A*		700	$	201,621


			$	2,898,074

IT SERVICES – 1.4%

Accenture PLC, Class A		8,450		2,368,450

Akamai Technologies, Inc.*		2,000		163,940

Amdocs Ltd.		1,620		147,825

Cloudflare, Inc., Class A*		3,650		171,732

Cognizant Technology Solutions Corp., Class A		6,660		397,669

DXC Technology Co.*		2,826		67,400

EPAM Systems, Inc.*		700		197,708

Gartner, Inc.*		1,000		302,460

Globant SA*		550		86,279

GoDaddy, Inc., Class A*		2,050		155,144

International Business Machines Corp.		11,910		1,505,543

Kyndryl Holdings, Inc.*		2,412		34,878

MongoDB, Inc.*		865		207,565

Okta, Inc.*		1,950		133,633

Snowflake, Inc., Class A*		4,030		596,762

Thoughtworks Holding, Inc.*		1,150		7,165

Twilio, Inc., Class A*		2,300		121,003

VeriSign, Inc.*		1,250		277,250

Wix.com Ltd.*		690		60,189


			$	7,002,595

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 5.5%

Advanced Micro Devices, Inc.*		21,318		1,905,190

Allegro MicroSystems, Inc.*		750		26,828

Analog Devices, Inc.		6,742		1,212,751

Applied Materials, Inc.		11,280		1,274,978

Broadcom, Inc.		5,233		3,278,475

Cirrus Logic, Inc.*		700		60,053

Enphase Energy, Inc.*		1,700		279,140

Entegris, Inc.		1,950		146,094

First Solar, Inc.*		1,400		255,612

GLOBALFOUNDRIES, Inc.*^,#		900		52,920

Intel Corp.		54,170		1,682,520

KLA Corp.		1,850		715,099

Lam Research Corp.		1,780		932,862

Lattice Semiconductor Corp.*		1,850		147,445

Marvell Technology, Inc.		11,111		438,662

Microchip Technology, Inc.		6,978		509,324

Micron Technology, Inc.		14,300		920,348

MKS Instruments, Inc.		783		65,670

Monolithic Power Systems, Inc.		580		267,943

NVIDIA Corp.		32,745		9,086,410

ON Semiconductor Corp.*		5,678		408,589

Qorvo, Inc.*		1,400		128,912

QUALCOMM, Inc.		14,780		1,726,304

Skyworks Solutions, Inc.		2,150		227,685

Teradyne, Inc.		2,050		187,329

Texas Instruments, Inc.		12,000		2,006,400

Universal Display Corp.		600		80,076

Wolfspeed, Inc.*		1,575		73,316


			$	28,096,935

SOFTWARE – 9.7%

Adobe, Inc.*		6,160		2,325,770



Description	Number of Shares		Value

Alteryx, Inc., Class A*		850	$	34,961

ANSYS, Inc.*		1,130		354,730

AppLovin Corp., Class A*		2,850		48,450

Aspen Technology, Inc.*		367		64,959

Atlassian Corp., Class A*		1,900		280,554

Autodesk, Inc.*		2,880		560,995

Bentley Systems, Inc., Class B		2,100		89,376

BILL Holdings, Inc.*		1,300		99,853

Black Knight, Inc.*		2,087		114,034

Cadence Design Systems, Inc.*		3,560		745,642

CCC Intelligent Solutions Holdings, Inc.*		2,300		19,964

Confluent, Inc., Class A*		1,750		38,500

Crowdstrike Holdings, Inc., Class A*		2,769		332,418

Datadog, Inc., Class A*		3,498		235,695

DocuSign, Inc.*		2,550		126,072

Dolby Laboratories, Inc., Class A		840		70,300

DoubleVerify Holdings, Inc.*		1,050		30,891

Dropbox, Inc., Class A*		3,700		75,258

Dynatrace, Inc.*		2,723		115,128

Elastic NV*		1,050		60,113

Fair Isaac Corp.*		350		254,782

Five9, Inc.*		893		57,902

Fortinet, Inc.*		8,550		539,077

Gen Digital, Inc.		7,520		132,878

Guidewire Software, Inc.*		1,150		87,619

HubSpot, Inc.*		603		253,833

Informatica, Inc., Class A*		500		7,730

Intuit, Inc.		3,650		1,620,417

Jamf Holding Corp.*		700		13,244

Manhattan Associates, Inc.*		773		128,071

Microsoft Corp.		99,849		30,679,604

N-Able, Inc.*		436		5,559

nCino, Inc.*		800		19,784

NCR Corp.*		1,620		36,110

New Relic, Inc.*		750		53,603

Nutanix, Inc., Class A*		2,950		70,741

Oracle Corp.		20,160		1,909,555

Palantir Technologies, Inc., Class A*		23,770		184,217

Palo Alto Networks, Inc.*		3,870		706,120

Pegasystems, Inc.		620		28,284

Procore Technologies, Inc.*		1,000		53,410

PTC, Inc.*		1,350		169,816

RingCentral, Inc., Class A*		1,050		28,938

Roper Technologies, Inc.		1,400		636,692

Salesforce, Inc.*		12,666		2,512,554

SentinelOne, Inc., Class A*		2,350		37,765

ServiceNow, Inc.*		2,650		1,217,463

Smartsheet, Inc., Class A*		1,705		69,683

Splunk, Inc.*		2,150		185,416

Synopsys, Inc.*		2,000		742,640

Teradata Corp.*		1,370		53,033

Tyler Technologies, Inc.*		550		208,466

UiPath, Inc., Class A*		4,700		66,176

Unity Software, Inc.*^,#		3,310		89,271

VMware, Inc., Class A*		2,719		339,957

Workday, Inc., Class A*		2,600		483,964

Zoom Video Communications, Inc., Class A*		3,278		201,368



Description	Number of Shares		Value

Zscaler, Inc.*		1,100	$	99,110


			$	49,808,515

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.8%

Apple, Inc.		199,290		33,815,527

Dell Technologies, Inc., Class C		3,419		148,692

Hewlett Packard Enterprise Co.		16,790		240,433

HP, Inc.		13,240		393,360

NetApp, Inc.		2,903		182,570

Pure Storage, Inc., Class A*		3,845		87,781

Western Digital Corp.*		4,233		145,785


			$	35,014,148


TOTAL INFORMATION TECHNOLOGY			$	126,948,872

MATERIALS – 2.7%

CHEMICALS – 1.7%

Air Products & Chemicals, Inc.		2,850		838,926

Albemarle Corp.		1,500		278,190

Ashland, Inc.		600		60,966

Axalta Coating Systems Ltd.*		2,710		85,555

Celanese Corp.		1,400		148,736

CF Industries Holdings, Inc.		2,550		182,529

Chemours Co. (The)		1,850		53,780

Corteva, Inc.		9,112		556,925

Dow, Inc.		9,029		491,178

DuPont de Nemours, Inc.		6,412		447,045

Eastman Chemical Co.		1,600		134,832

Ecolab, Inc.		3,150		528,696

Element Solutions, Inc.		3,100		56,265

FMC Corp.		1,600		197,728

Ginkgo Bioworks Holdings, Inc.*^,#		11,000		13,420

Huntsman Corp.		2,600		69,654

International Flavors & Fragrances, Inc.		3,190		309,302

Linde PLC		6,380		2,357,091

LyondellBasell Industries NV, Class A		3,350		316,943

Mosaic Co. (The)		4,465		191,325

NewMarket Corp.		50		19,980

Olin Corp.		1,700		94,180

PPG Industries, Inc.		3,000		420,780

RPM International, Inc.		1,700		139,451

Scotts Miracle-Gro Co. (The)^#		495		33,071

Sherwin-Williams Co. (The)		3,100		736,374

Westlake Corp.		450		51,201


			$	8,814,123

CONSTRUCTION MATERIALS – 0.1%

Eagle Materials, Inc.		500		74,105

Martin Marietta Materials, Inc.		800		290,560

Vulcan Materials Co.		1,700		297,704


			$	662,369

CONTAINERS & PACKAGING – 0.4%

Amcor PLC		19,151		210,087

AptarGroup, Inc.		865		102,511

Ardagh Metal Packaging SA		1,850		7,548

Avery Dennison Corp.		1,050		183,204

Ball Corp.		4,050		215,379

Berry Global Group, Inc.		1,693		97,872



Description	Number of Shares		Value

Crown Holdings, Inc.		1,468	$	125,925

Graphic Packaging Holding Co.		4,055		99,996

International Paper Co.		4,700		155,617

Packaging Corp. of America		1,200		162,312

Sealed Air Corp.		2,000		95,980

Silgan Holdings, Inc.		1,155		56,895

Sonoco Products Co.		1,180		71,532

Westrock Co.		3,400		101,762


			$	1,686,620

METALS & MINING – 0.5%

Alcoa Corp.		2,250		83,565

Cleveland-Cliffs, Inc.*		6,700		103,046

Freeport-McMoRan, Inc.		18,350		695,648

MP Materials Corp.*		1,150		24,921

Newmont Corp.		10,100		478,740

Nucor Corp.		3,300		488,994

Reliance Steel & Aluminum Co.		750		185,850

Royal Gold, Inc.		858		113,634

Southern Copper Corp.		1,150		88,354

SSR Mining, Inc.		2,450		35,084

Steel Dynamics, Inc.		2,100		218,295

United States Steel Corp.		2,850		65,208


			$	2,581,339

PAPER & FOREST PRODUCTS – 0.0%**

Louisiana-Pacific Corp.		950		56,753


TOTAL MATERIALS			$	13,801,204

REAL ESTATE – 2.9%

DIVERSIFIED REITS – 0.1%

WP Carey, Inc.		2,700		200,340

HEALTH CARE REITS – 0.2%

Healthcare Realty Trust, Inc.		5,030		99,493

Healthpeak Properties, Inc.		7,130		156,646

Medical Properties Trust, Inc.^#		8,500		74,545

Omega Healthcare Investors, Inc.		3,200		85,632

Ventas, Inc.		5,286		253,992

Welltower, Inc.		6,270		496,710


			$	1,167,018

HOTEL & RESORT REITS – 0.0%**

Host Hotels & Resorts, Inc.		9,330		150,866

Park Hotels & Resorts, Inc.		3,150		37,958


			$	188,824

INDUSTRIAL REITS – 0.4%

Americold Realty Trust, Inc.		3,440		101,790

EastGroup Properties, Inc.		500		83,280

First Industrial Realty Trust, Inc.		1,750		91,822

Prologis, Inc.		12,228		1,531,557

Rexford Industrial Realty, Inc.		2,400		133,848


			$	1,942,297

OFFICE REITS – 0.1%

Alexandria Real Estate Equities, Inc.		2,165		268,850

Boston Properties, Inc.		2,150		114,724

Cousins Properties, Inc.^#		1,833		39,978

Douglas Emmett, Inc.		2,210		28,465



Description	Number of Shares		Value

Highwoods Properties, Inc.		1,290	$	29,567

Hudson Pacific Properties, Inc.		1,303		7,244

JBG SMITH Properties		1,071		15,283

Kilroy Realty Corp.		1,525		44,591

SL Green Realty Corp.		760		17,989

Vornado Realty Trust		2,526		37,915


			$	604,606

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%

CBRE Group, Inc., Class A*		4,160		318,906

Howard Hughes Corp. (The)*		508		39,304

Jones Lang LaSalle, Inc.*		628		87,317

Opendoor Technologies, Inc.*		5,850		8,073

WeWork, Inc., Class A*		1,650		696

Zillow Group, Inc., Class A*		500		21,390

Zillow Group, Inc., Class C*^,#		2,295		99,924


			$	575,610

RESIDENTIAL REITS – 0.5%

American Homes 4 Rent, Class A		4,040		134,370

Apartment Income REIT Corp.		1,904		70,410

Apartment Investment & Management Co., Class A		2,854		22,347

AvalonBay Communities, Inc.		1,872		337,653

Camden Property Trust		1,320		145,266

Equity LifeStyle Properties, Inc.		2,300		158,470

Equity Residential		4,900		309,925

Essex Property Trust, Inc.		823		180,838

Invitation Homes, Inc.		8,050		268,628

Mid-America Apartment Communities, Inc.		1,471		226,240

Sun Communities, Inc.		1,600		222,288

UDR, Inc.		4,280		176,892


			$	2,253,327

RETAIL REITS – 0.3%

Brixmor Property Group, Inc.		4,200		89,586

Federal Realty Investment Trust		1,048		103,637

Kimco Realty Corp.		8,056		154,595

National Retail Properties, Inc.		2,315		100,702

Realty Income Corp.		8,340		524,086

Regency Centers Corp.		2,233		137,173

Simon Property Group, Inc.		4,343		492,149

Spirit Realty Capital, Inc.		1,850		71,151


			$	1,673,079

SPECIALIZED REITS – 1.2%

American Tower Corp.		6,210		1,269,262

Crown Castle, Inc.		5,690		700,382

CubeSmart		2,933		133,422

Digital Realty Trust, Inc.		3,810		377,762

EPR Properties		1,000		41,960

Equinix, Inc.		1,231		891,342

Extra Space Storage, Inc.		1,750		266,070

Gaming and Leisure Properties, Inc.		3,209		166,868

Iron Mountain, Inc.		3,756		207,481

Lamar Advertising Co., Class A		1,150		121,532

Life Storage, Inc.		1,075		144,459

National Storage Affiliates Trust		1,100		42,405

Public Storage		2,060		607,350



Description	Number of Shares		Value

Rayonier, Inc.		1,965	$	61,622

SBA Communications Corp.		1,400		365,246

VICI Properties, Inc.		12,788		434,025

Weyerhaeuser Co.		9,842		294,374


			$	6,125,562


TOTAL REAL ESTATE			$	14,730,663

UTILITIES – 2.7%

ELECTRIC UTILITIES – 1.7%

Alliant Energy Corp.		3,150		173,691

American Electric Power Co., Inc.		6,650		614,593

Avangrid, Inc.		850		34,221

Constellation Energy Corp.		4,233		327,634

Duke Energy Corp.		10,000		988,800

Edison International		4,950		364,320

Entergy Corp.		2,650		285,087

Evergy, Inc.		2,850		177,013

Eversource Energy		4,500		349,245

Exelon Corp.		13,050		553,842

FirstEnergy Corp.		7,100		282,580

Hawaiian Electric Industries, Inc.		1,450		56,855

IDACORP, Inc.		600		66,672

NextEra Energy, Inc.		26,000		1,992,380

NRG Energy, Inc.		3,150		107,636

OGE Energy Corp.		2,563		96,215

PG&E Corp.*		21,700		371,287

Pinnacle West Capital Corp.		1,400		109,844

PPL Corp.		9,600		275,712

Southern Co. (The)		14,200		1,044,410

Xcel Energy, Inc.		7,100		496,361


			$	8,768,398

GAS UTILITIES – 0.1%

Atmos Energy Corp.		1,800		205,452

National Fuel Gas Co.		1,150		64,285

UGI Corp.		2,700		91,476


			$	361,213

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%

AES Corp. (The)		9,000		212,940

Brookfield Renewable Corp., Class A		1,750		58,467

Vistra Corp.		5,200		124,072


			$	395,479

MULTI-UTILITIES – 0.7%

Ameren Corp.		3,350		298,050

CenterPoint Energy, Inc.		8,350		254,425

CMS Energy Corp.		3,700		230,362

Consolidated Edison, Inc.		4,550		448,038

Dominion Energy, Inc.		10,893		622,426

DTE Energy Co.		2,500		281,025

NiSource, Inc.		5,450		155,107

Public Service Enterprise Group, Inc.		6,400		404,480

Sempra Energy		4,100		637,509

WEC Energy Group, Inc.		4,050		389,488


			$	3,720,910



Description	Number of Shares		Value

WATER UTILITIES – 0.1%

American Water Works Co., Inc.		2,500	$	370,625

Essential Utilities, Inc.		3,000		128,100


			$	498,725


TOTAL UTILITIES			$	13,744,725


TOTAL COMMON STOCKS (COST $167,391,794)			$	506,787,070

PREFERRED STOCKS – 0.0%**

REAL ESTATE – 0.0%**

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%**

Brookfield Property Preferred LP 6.25%*		400		6,008


TOTAL REAL ESTATE			$	6,008

COMMUNICATION SERVICES – 0.0%**

ENTERTAINMENT – 0.0%**

AMC Entertainment Holdings, Inc. Preferred Equity Units 0.00%*		950		1,425


TOTAL COMMUNICATION SERVICES			$	1,425


TOTAL PREFERRED STOCKS (COST $15,283)			$	7,433

RIGHTS – 0.0%**

ABIOMED, Inc. CVR, Expire 12/31/23*^,(1)		150		–

Bristol-Myers Squibb Co. CVR, Expire 12/31/30*		89		10


TOTAL RIGHTS (COST $0)			$	10

WARRANTS – 0.0%**

Occidental Petroleum Corp. CW27, Expire 08/03/27*		1,645		66,129


TOTAL WARRANTS (COST $0)			$	66,129

INVESTMENT COMPANIES – 0.5%

EQUITY FUNDS – 0.5%

iShares Russell 1000 ETF		5,050		1,151,350

iShares Russell 1000 Growth ETF		2,365		583,753

iShares Russell 1000 Value ETF		3,765		582,182


TOTAL EQUITY FUNDS			$	2,317,285


TOTAL INVESTMENT COMPANIES (COST $2,204,266)			$	2,317,285

MONEY MARKET FUND – 0.0%**

Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^{^}		148,705		148,705


TOTAL MONEY MARKET FUND (COST $148,705)			$	148,705


Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.3%

REPURCHASE AGREEMENTS – 0.3%

Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $308,423, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $314,465.	$	308,299	$	308,299

Bank of Montreal, 4.80%, dated 4/28/23, due 5/01/23, repurchase price $89,506, collateralized by U.S. Government Agency Securities, 4.00% to 5.00%, maturing 5/01/52 to 5/01/53; total market value of $91,259.		89,470		89,470

Daiwa Capital Markets America, 4.81%, dated 4/28/23, due 5/01/23, repurchase price $308,423, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.00%, maturing 3/31/24 to 5/01/53; total market value of $314,465.		308,299		308,299

Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $308,423, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $314,465.		308,299		308,299


Description	Par Value		Value

HSBC Securities USA, Inc., 4.80%, dated 4/28/23, due 5/01/23, repurchase price $308,422, collateralized by U.S. Government Agency Securities, 0.00% to 7.00%, maturing 9/15/25 to 1/15/63; total market value of $314,465.	$	308,299	$	308,299

RBC Dominion Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $308,423, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 5/04/23 to 4/20/53; total market value of $314,465.		308,299		308,299


TOTAL REPURCHASE AGREEMENTS (COST $1,630,965)			$	1,630,965


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,630,965)			$	1,630,965


TOTAL INVESTMENTS – 100.0% (COST $171,391,013)			$	510,957,597
COLLATERAL FOR SECURITIES ON LOAN – (0.3%)				(1,630,965	)
OTHER ASSETS LESS LIABILITIES – 0.3%				1,639,983

TOTAL NET ASSETS – 100.0%			$	510,966,615

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets carried at fair value:


	Level 1			Level 2			Level 3				Total

Investments in Securities

Common Stocks		$	506,787,070		$	—		$	—			$	506,787,070

Preferred Stocks			7,433			—			—				7,433

Rights			10			—			—	^(a)			10

Warrants			66,129			—			—				66,129

Investment Companies			2,317,285			—			—				2,317,285

Money Market Fund			148,705			—			—				148,705

Repurchase Agreements			—			1,630,965			—				1,630,965


Total		$	509,326,632		$	1,630,965		$	—			$	510,957,597

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

^*	Non-income producing security.

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

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

^**	Represents less than 0.05%.

^{^}	7-Day net yield.

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

April 30, 2023

Wilmington
Enhanced Dividend
Income Strategy

Fund

Wilmington
Large-Cap Strategy
Fund

ASSETS:

Investments, at identified cost

32,059,907

171,391,013

^(a)

Investments in securities, at value

36,098,066

510,957,597

^(b),(c)

Cash

10,000

42,112

Income receivable

68,066

353,203

Due from advisor

5,840

—

Receivable for shares sold

285

1,541,212

Prepaid assets

9,579

6,217

TOTAL ASSETS

36,191,836

512,900,341

LIABILITIES:

Collateral for securities on loan

—

1,630,965

Payable for shares redeemed

846

69,390

Payable for Trustees’ fees

3,828

Payable for administration fees

863

11,951

Payable for distribution services fees

6,858

—

Payable for investment advisory fees

—

54,847

Other accrued expenses

83,769

162,745

TOTAL LIABILITIES

96,164

1,933,726

NET ASSETS

36,095,672

510,966,615

NET ASSETS CONSIST OF:

Paid-in capital

31,867,712

170,150,638

Distributable earnings (loss)

4,227,960

340,815,977

TOTAL NET ASSETS

36,095,672

510,966,615

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A

Net Assets

33,150,752

—

Shares outstanding (unlimited shares authorized)

2,884,114

—

Net Asset Value per share

11.49

—

Offering Price per share*

12.16

—

Class I

Net Assets

2,944,920

510,966,615

Shares outstanding (unlimited shares authorized)

255,471

20,259,244

Net Asset Value and Offering Price per share

11.53

25.22

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

^(b)	Includes $292,234 of investments in affiliated issuers.

^(c)	Including $1,589,503 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

Year Ended April 30, 2023

Wilmington
Enhanced Dividend
Income Strategy
Fund

Wilmington
Large-Cap Strategy
Fund

INVESTMENT INCOME:

Dividends

1,202,964

^(a)

8,291,876

^(a),(b)

Securities lending income, net

422

54,959

TOTAL INVESTMENT INCOME

1,203,386

8,346,835

EXPENSES:

Investment advisory fees

144,492

1,250,897

Administration fees

10,919

151,346

Portfolio accounting and administration fees

19,964

123,283

Custodian fees

581

32,292

Transfer and dividend disbursing agent fees and expenses

37,095

33,279

Trustees’ fees

65,311

Professional fees

106,543

102,620

Distribution services fee—Class A

85,257

—

Shareholder services fee—Class A

85,257

—

Share registration costs

19,205

20,383

Printing and postage

13,830

17,435

Miscellaneous

38,200

69,427

TOTAL EXPENSES

626,654

1,866,273

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(275,525

)

(615,376

)

Waiver of shareholder services fee—Class A

(85,257

)

—

TOTAL WAIVERS AND REIMBURSEMENTS

(360,782

)

(615,376

)

Net expenses

265,872

1,250,897

Net investment income

937,514

7,095,938

REALIZED AND UNREALIZED GAIN (LOSS):

Net realized gain (loss) on unaffiliated investments

50,001

31,396,351

Net realized gain (loss) on foreign currency transactions

(28

)

—

Net realized gain (loss)

49,973

31,396,351

Net change in unrealized appreciation (depreciation) on unaffiliated investments

(393,924

)

(30,269,566

)

Net change in unrealized appreciation (depreciation) on affiliated investments

—

(94,871

)

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

103

—

Net change in unrealized appreciation (depreciation)

(393,821

)

(30,364,437

)

Net realized and unrealized gain (loss)

(343,848

)

1,031,914

Change in net assets resulting from operations

593,666

8,127,852

^(a)	Net of foreign withholding taxes withheld of $6,198 and $1,272, respectively.

^(b)	Includes $11,383 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

Year Ended
April 30,

2023

Year Ended
April 30,

2022

Year Ended
April 30,

2023

Year Ended

April 30,

2022

OPERATIONS:

Net investment income

937,514

980,587

7,095,938

6,753,988

Net realized gain (loss)

49,973

951,778

31,396,351

40,473,302

Net change in unrealized appreciation (depreciation)

(393,821

)

(401,458

)

(30,364,437

)

(56,305,199

)

Change in net assets resulting from operations

593,666

1,530,907

8,127,852

(9,077,909

)

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(1,080,484

)

(1,062,214

)

—

Class I

(66,758

)

(17,047

)

(54,830,455

)

(35,623,835

)

Total distributions to shareholders

(1,147,242

)

(1,079,261

)

(54,830,455

)

(35,623,835

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

304,275

340,978

—

Class I

2,726,284

102,687

51,269,312

33,603,420

Distributions reinvested

Class A

1,067,482

1,019,563

—

Class I

34,696

15,888

41,005,261

25,436,502

Cost of shares redeemed

Class A

(2,865,099

)

(4,070,108

)

—

Class I

(375,061

)

(121,455

)

(88,254,437

)

(84,227,517

)

Change in net assets resulting from share transactions

892,577

(2,712,447

)

4,020,136

(25,187,595

)

Change in net assets

339,001

(2,260,801

)

(42,682,467

)

(69,889,339

)

NET ASSETS:

Beginning of year

35,756,671

38,017,472

553,649,082

623,538,421

End of year

36,095,672

35,756,671

510,966,615

553,649,082

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

26,182

28,643

—

Class I

230,262

8,620

2,044,488

1,083,160

Distributions reinvested

Class A

94,571

86,229

—

Class I

3,023

1,341

1,689,136

797,216

Shares redeemed

Class A

(247,041

)

(342,889

)

—

Class I

(31,967

)

(10,257

)

(3,361,913

)

(2,723,466

)

Net change resulting from share transactions

75,030

(228,313

)

371,711

(843,090

)

See Notes which are an integral part of the Financial Statements

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



		WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND


CLASS A	Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2019

Net Asset Value, Beginning of Year		$	11.67			$	11.55			$	9.54			$	10.54			$	10.47
Income (Loss) From Operations:
Net Investment Income^(a)			0.30				0.31				0.29				0.40				0.36
Net Realized and Unrealized Gain (Loss)			(0.12	)			0.15				2.04				(1.02	)			0.11

Total Income (Loss) From Operations			0.18				0.46				2.33				(0.62	)			0.47

Less Distributions From:
Net Investment Income			(0.29	)			(0.34	)			(0.32	)			(0.38	)			(0.36	)
Net Realized Gains			(0.07	)			—				—				—				(0.04	)

Total Distributions			(0.36	)			(0.34	)			(0.32	)			(0.38	)			(0.40	)

Net Asset Value, End of Year		$	11.49			$	11.67			$	11.55			$	9.54			$	10.54


Total Return^(b)			1.69	%			3.99	%			24.86	%			(6.17	)%			4.66	%
Net Assets, End of Year (000’s)		$	33,151			$	35,124			$	37,388			$	32,708			$	38,943
Ratios to Average Net Assets
Gross Expense^(c)			1.76	%			1.85	%			1.69	%			1.68	%			1.67	%
Net Expense^(c),(d)			0.75	%			0.67	%			0.60	%			0.60	%			0.60	%
Net Investment Income			2.58	%			2.61	%			2.81	%			3.86	%			3.45	%
Portfolio Turnover Rate			10	%			66	%^(e)			12	%			14	%			14	%

CLASS I	Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2019

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

Total Income (Loss) From Operations			0.22				0.49				2.35				(0.58	)			0.49

Less Distributions From:
Net Investment Income			(0.31	)			(0.36	)			(0.34	)			(0.41	)			(0.39	)
Net Realized Gains			(0.07	)			—				—				—				(0.04	)

Total Distributions			(0.38	)			(0.36	)			(0.34	)			(0.41	)			(0.43	)

Net Asset Value, End of Year		$	11.53			$	11.69			$	11.56			$	9.55			$	10.54


Total Return^(b)			2.03	%			4.25	%			25.09	%			(5.83	)%			4.82	%
Net Assets, End of Year (000’s)		$	2,945			$	633			$	629			$	498			$	637
Ratios to Average Net Assets
Gross Expense^(c)			1.25	%			1.37	%			1.38	%			1.44	%			1.40	%
Net Expense^(c),(d)			0.50	%			0.42	%			0.35	%			0.35	%			0.35	%
Net Investment Income			2.78	%			2.82	%			3.06	%			4.20	%			3.72	%
Portfolio Turnover Rate			10	%			66	%^(e)			12	%			14	%			14	%

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

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

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

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

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

See Notes which are an integral part of the Financial Statements

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



		WILMINGTON LARGE-CAP STRATEGY FUND


CLASS I	Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2019

Net Asset Value, Beginning of Year		$	27.84			$	30.08			$	22.08			$	23.36			$	21.98
Income (Loss) From Operations:
Net Investment Income^(a)			0.36				0.33				0.35				0.39				0.37
Net Realized and Unrealized Gain (Loss)			(0.04	)			(0.80	)			10.11				(0.32	)			2.32

Total Income (Loss) From Operations			0.32				(0.47	)			10.46				0.07				2.69

Less Distributions From:
Net Investment Income			(0.34	)			(0.33	)			(0.37	)			(0.41	)			(0.38	)
Net Realized Gains			(2.60	)			(1.44	)			(2.09	)			(0.94	)			(0.93	)

Total Distributions			(2.94	)			(1.77	)			(2.46	)			(1.35	)			(1.31	)

Net Asset Value, End of Year		$	25.22			$	27.84			$	30.08			$	22.08			$	23.36


Total Return			1.72	%			(2.24	)%			49.12	%			0.09	%			12.93	%
Net Assets, End of Year (000’s)		$	510,967			$	553,649			$	623,538			$	467,392			$	527,818
Ratios to Average Net Assets
Gross Expense^(b)			0.37	%			0.53	%			0.80	%			0.86	%			0.89	%
Net Expense^(b),^(c)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Net Investment Income			1.42	%			1.07	%			1.34	%			1.69	%			1.65	%
Portfolio Turnover Rate			13	%			9	%			14	%			26	%			13	%

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

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

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

See Notes which are an integral part of the Financial Statements

Wilmington Funds

April 30, 2023

1.	ORGANIZATION

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



Fund		Investment Goal

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

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

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

Investment Valuation – The Board of Trustees (“Trustees”) has adopted Valuation Policies and Procedures (“Valuation Procedures”) and has delegated responsibilities to Wilmington Funds Management Corporation (“WFMC” or the “Advisor”), in its role as the Trust’s investment advisor, with respect to the valuation of the Funds’ investments. The Advisor, acting through its Pricing Committee, carries out all of the functions set forth below to determine fair value in good faith with respect to a Fund’s investments. The fair value of the Funds’ portfolio securities are determined as follows:

•

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

•

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

•

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

•

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

•

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

•

for all other securities, at fair value as determined by the Advisor in accordance with the Valuation Procedures.

security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (Systematic International Fair Value Pricing (“SIFVP”)).

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

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

Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with the Valuation Procedures. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

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

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

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

At April 30, 2023, 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.

108

—

Citigroup Global Markets Ltd.

108

—

Deutsche Bank Securities, Inc.

100

—

HSBC Securities USA, Inc.

108

—

RBC Dominion Securities, Inc.

108

—

532

—

Large-Cap Strategy Fund

Bank of America Securities, Inc.

308,299

—

Bank of Montreal

89,470

—

Daiwa Capital Markets America

308,299

—

Deutsche Bank Securities, Inc.

308,299

—

HSBC Securities USA, Inc.

308,299

—

RBC Dominion Securities, Inc.

308,299

—

1,630,965

—

⁽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.

dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Distributions received from real estate investment trusts (“REITS”) are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management’s estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the amounts are determined. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis and includes proceeds from litigation, if any. Withholding taxes and, where appropriate, deferred withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

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

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

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

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

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

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

At April 30, 2023, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund

Value of
Securities

on Loan

Cash
Collateral
Received⁽¹⁾

Net Exposure⁽²⁾

Large-Cap Strategy Fund

$1,589,503

$—

⁽¹⁾

Collateral with a value of $1,630,965 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽²⁾

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

3.	FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2023.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to losses deferred due to wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2023, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:


Fund	Paid-in Capital	Distributable Earnings (Loss)

Enhanced Dividend Income Strategy Fund	$595	$(595)

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


	2023		2022
Fund	Ordinary Income*	Long-Term Capital Gains	Ordinary Income*	Long-Term Capital Gains

Enhanced Dividend Income Strategy Fund	$ 918,836	$ 228,406	$1,079,261	$ —
Large-Cap Strategy Fund	7,025,237	47,805,218	8,971,414	26,652,421

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

As of April 30, 2023, 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	$ 32,058,356	$ 5,269,127	$ (1,229,417)	$ 4,039,710
Large-Cap Strategy Fund	180,963,097	348,210,981	(18,216,481)	329,994,500

As of April 30, 2023, the components of distributable earnings on a tax basis were as follows:

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Other

Timing

Differences

Unrealized

Appreciation/

(Depreciation)

Capital

Loss

Carryforwards

Late Year

Loss

Deferrals

Distributable

Earnings

Enhanced Dividend Income Strategy Fund

$ 139,126

$ 49,168

$ 1

$ 4,039,665

$—

$ 4,227,960

Large-Cap Strategy Fund

970,050

9,851,427

—

329,994,500

—

340,815,977

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

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



Fund		Advisory Fee Annual Rate

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

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 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

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2023, neither WFMC nor BNYM waived any administrative fees.

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

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

For the year ended April 30, 2023, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:



Fund		Distribution Fees from Class A

Enhanced Dividend Income Strategy Fund		$742

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

For the year ended April 30, 2023, M&T did not receive any sales charges on the sale of Class A shares.

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

For the year ended April 30, 2023, 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 year ended April 30, 2023 are as follows:

Fund/

Affiliated Investment

Name

Value

4/30/22

Purchases

Sales

Net

Realized

Gain/(Loss)

Net Change

in Unrealized
Appreciation/

Depreciation

Value

4/30/23

Number of
Shares

4/30/23

Dividend
Income

Capital

Gain
Distributions

Large-Cap Strategy Fund

Common Stock - 0.0%*

M&T Bank Corp.

$387,105

$—

$(94,871)

$292,234

2,323

$11,383

$—

As a percentage of Net Assets as of April 30, 2023.

The Funds may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2023 were as follows:

5.	INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2023 were as follows:



Fund	Purchases		Sales
Enhanced Dividend Income Strategy Fund		$ 4,233,866		$ 3,602,189
Large-Cap Strategy Fund		67,379,345		112,429,298

6.	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.

7.	CONTRACTUAL OBLIGATIONS

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

8.	LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed and became effective March 29, 2023. 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 27, 2024.

The Funds did not utilize the LOC during the year ended April 30, 2023.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Enhanced Dividend Income Strategy Fund and Wilmington Large-Cap Strategy Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023 and each of the financial highlights for each of the four years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended April 30, 2019 and the financial highlights for the year ended April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 27, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 22, 2023

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

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND



		Name Birth Year Position with Trust Date Service Began		Principal Occupations and Other Directorships Held for Past Five Years
		Eric W. Taylor* Birth year: 1981 TRUSTEE Began serving: October 2022 PRESIDENT Began serving: August 2022		Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present). Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co. Other Directorships Held: None

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

INDEPENDENT TRUSTEES BACKGROUND



		Name Birth Year Position with Trust Date Service Began		Principal Occupations and Other Directorships Held for Past Five Years
		Donald E. Foley Birth year: 1951 CHAIRMAN Began serving: January 2023 TRUSTEE Began serving: December 2015		Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (2014 to present); Trustee, 1290 Funds (2017 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present). Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011). Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (2012 to 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).
		Nicholas A. Giordano Birth year: 1943 TRUSTEE Began serving: March 2012		Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross (1981 to 2021); IntriCon Corporation (body-worn products) (2001 to 2022). Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).



		Name Birth Year Position with Trust Date Service Began		Principal Occupations and Other Directorships Held for Past Five Years
		Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017		Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (12/20 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019); Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/2020 to 11/2020); Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).
		Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020		Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS



		Name Birth Year Positions with Trust		Principal Occupations for Past Five Years and Previous Positions
		John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017 VICE PRESIDENT Began serving: June 2012		Principal Occupations: Chief Operations Officer, Wilmington Funds; Senior Vice President, Wilmington Funds Management Corporation (2005 to present); Senior Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).
		Kaushik Goswami Birth year: 1973 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: October 2021		Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Senior Vice President, M&T Bank. Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).
		John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016		Principal Occupations: President of Wilmington Funds Management Corporation; Senior Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).



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

Liquidity Risk Management Program

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

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 22, 2023, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2022. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third-party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third-party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended April 30, 2023. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

Important information about the access and delivery of shareholder reports

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

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

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

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 1, 2023

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.

●

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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.

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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 Notice is March 1, 2023. We reserve the right to modify this Notice at any time. When it is revised, reviewed or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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



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-AR-EQ-0423
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.

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the International Fund, Global Alpha Equities Fund, and Real Asset Fund (the “Funds”), covering the annual fiscal period of May 1, 2022, through April 30, 2023. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

The economy

Perhaps the biggest story of the year began unfolding on March 9^th when a classic bank run took hold of Silicon Valley Bank (SVB), the 16th largest U.S. bank at the time. Shares of SVB plummeted over 60%, with pressure spilling over into the rest of the financial sector. A day later, SVB collapsed into FDIC receivership, sending shockwaves throughout financial markets. Shortly after the collapse of SVB, New York state regulators closed Signature Bank (SBNY) after the bank faced a “torrent of deposit outflows”. The global banking sector remained unnerved by the subsequent failures of Credit Suisse (taken over by UBS) and First Republic Bank (purchased by JP Morgan). Uncertainty regarding the regional banking sector and possible spillover from tightening financial conditions have raised the probability of a recession in the next twelve months.

Bond markets

For the 12-month period May 1, 2022 to April 30, 2023, 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

-0.93%	-0.43%	0.72%	2.87%	1.22%

Past performance is no guarantee of future results.

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

Equity markets

For the 12-month period May 1, 2022 to April 30, 2023, 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, CFA

President

May 12, 2023

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 1/100^thof 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.

10.

11.

WILMINGTON INTERNATIONAL FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2023, Wilmington International Fund (the “Fund”) had a total return of 3.01%* for Class A and 3.23%* for Class I, versus its benchmark, the MSCI – All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US)** which had a total return of 3.05%.

The Fund’s near flat performance versus the benchmark masks activity in a market that was characterized by considerable volatility during the fiscal year. A confluence of events impacted global markets simultaneously beginning with the Federal Reserve’s (the “Fed”) efforts to bring inflation under control by rapidly hiking rates from 0.1% entering 2022 to 4.5% exiting the calendar year. The magnitude and rapid pace of the Fed activity when compared to a more measured pace of rate activity in other economies precipitated a surge in the U.S. dollar versus foreign currencies, providing a headwind for U.S. investors seeking diversification benefits in international markets. Not surprisingly, emerging markets trailed in this environment.

Russia’s invasion of Ukraine in February 2022 was also a major source of volatility, driving a spike in energy prices and disrupting the flow of goods and services across Europe and the world. This situation was exacerbated by the multitude of sanctions that were levied on Russia in the months that followed. Probably the greatest fear was for the energy needs of Europe entering the winter season, with concerns over the adequacy of supply. Fortunately, nature came to the aid of Europe, delivering a mild winter that released the pressure of this concern.

China provided a third element of impact by rigidly enforcing their Covid-0 policy for the majority of 2022. While other countries relaxed controls as the virus subsided, China became a victim of their own policy, as progress on population immunity was impeded by this lockdown approach. The Covid-0 policy was a major disruption to supply chains globally, adding to an already mushrooming global inflation problem. In a somewhat surprising move, exiting the 20th Party Congress held in October, the Chinese government decided to move aggressively to end the Covid-0 policy. This about face helped to unclog supply chains, and also reopened a Chinese economy that had been shackled by the policy.

Against this backdrop of macro-driven volatility, the Fund finished the fiscal year approximately even with the benchmark. Performance of the subadvisors that contribute to the Fund was mixed – in general our European advisors underperformed their regional benchmarks, while our Japan and Asia ex-Japan allocations outperformed. Our decision to allocate a sizable portion of our European allocation to a tax-managed strategy early in the fiscal year proved effective. This type of strategy feeds off volatility, and the tax advantages achieved by that allocation over the fiscal year were material.

As we enter the new fiscal year, the environment has settled somewhat. European interest rates have narrowed the gap with Fed rates, leading to an easing of the dollar and, at least in the near-term, a more stable currency environment. Concerns related to supply chain issues in China have abated, but geopolitical tensions remain along with some questions as to the real strength of China’s economic rebound. With rates now elevated, forecasters have turned to handicapping the potential for recessions in various economies. Unfortunately, the tragic war in Ukraine continues, but the economic process of adaptation to this negative conflict seems to be in place.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -2.64%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

The MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 46 country indices comprising 22 developed and 24 emerging market country indices. The developed market country indices included are:Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and it is not possible to invest directly in an index.

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

WILMINGTON INTERNATIONAL FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of Wilmington International Fund from April 30, 2013 to April 30, 2023, compared to the MSCI ACWI ex-US Net Index².

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -2.64%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.



	Average Annual Total Returns for the Periods Ended 4/30/23

	1 Year	5 Years	10 Years

Class A^	-2.64%	-0.18%	2.90%

Class I^	3.23%	1.13%	3.64%

MSCI ACWI ex-US Net Index²	3.05%	2.50%	3.97%

^{^}

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.53% and 1.12%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.03% and 0.87%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

WILMINGTON GLOBAL ALPHA EQUITIES FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2023, the Wilmington Global Alpha Equities Fund (the “Fund”) had a total return of 3.51%* for Class A shares and 3.75%* for Class I shares, versus its benchmark, the HFRX Equity Hedge Fund Index**, which had a total return of 0.22%.

During the fiscal year ended April 30, 2023, the Fund had positive returns and outperformed its benchmark. Additionally, it outperformed the MSCI-All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) *** in an up year, dramatically outperforming what would be expected given the Fund’s target beta of 0.4.

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

For the year, the long only equity strategies outperformed Global Equities as represented by the MSCI ACWI ex-US. From an underlying strategy perspective, seven Portfolio Managers (“PM”) outperformed the MSCI ACWI ex US, while two underperformed. The top performer was the Fund’s international value, while the poorest performer was the China focused manager, which is unsurprising as China dramatically underperformed. The PM is included in the portfolio, not as a bet on China outperformance but rather to ensure that the Fund is not underweight China (which remains an engine of global growth) as well as belief in the ability to generate excess return.

The Fund uses short equity index futures positions to reduce the Fund’s net long exposure to the global equity market as well as manage overweights and underweights that arise from the Fund’s long exposure. Equity index futures performance was beneficial, underperforming long book exposure and the MSCI ACWI improving fund risk/return measures.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -2.18%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

***

The MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 46 country indices comprising 22 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and it is not possible to invest directly in an index.

Beta is a measure of a portfolio’s sensitivity to market movements, or systematic risk. The larger the Beta, the more volatile the historical performance. Beta compares the portfolio’s excess return over the risk free rate, typically represented by the return of 3-month Treasury Bills, to the benchmark’s excess return over the risk free rate. A Beta of 0.85 indicates that the portfolio performed 15% worse than the market’s excess return during up markets and 15% better during down markets.

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

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

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

The Fund, the Sub-Advisers, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisers are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with the

WILMINGTON GLOBAL ALPHA EQUITIES FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Global Alpha Equities Fund from April 30, 2013 to April 30, 2023, compared to the HFRX Equity Hedge Fund Index².

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -2.18%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.



	Average Annual Total Returns for the Periods Ended 4/30/23

	1 Year	5 Years	10 Years

Class A^	-2.18%	1.73%	1.89%

Class I^	3.75%	3.16%	2.74%

HFRX Equity Hedge Fund Index²	0.22%	2.80%	2.85%

^{^}

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

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

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

WILMINGTON REAL ASSET FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2023, Wilmington Real Asset Fund (the “Fund”) had a total return of -14.44%* for Class A shares and -14.21%* for Class I shares, versus its benchmark, the S&P Developed Property Index**, the Bloomberg U.S. Treasury Inflation Protected Securities Index (“Bloomberg U.S. TIPS Index”)***, the Bloomberg Commodity Index (Total Return)****, and the Real Asset Blended Index, which had total returns of -15.53%, -4.00%, -16.60% and -14.07%, respectively.

The Real Asset Blended Index is a mix of 50.0% S&P Developed Property Index and 50.0% Bloomberg Commodity Index (Total Return). This was changed from 37.5% S&P Developed Property Index, 37.5% Bloomberg Commodity Index, and 25% Bloomberg U.S. Treasury Inflation Linked Bond Index due to the belief that strategic long-term investment in inflation-linked bonds (“ILB”) will not be additive to portfolios. Long-term inflation-linked bond returns may be less compelling going forward. During the year, the Fund (Class I shares) slightly underperformed the blended index. Selection added, but was not enough to make up for fees.

U.S. ILB markets posted negative returns during the fiscal year as inflation was offset by dramatically increasing yields. During the year, the Consumer Price Index (“CPI”) hit 9%, a level not seen for 40 years, before rapidly dropping below 5%. Inflation expectations also fell dramatically, with 2-year expectations going from nearly 4.5% in June 2022 down to the feds 2% target by the end of year. Given the muted forward inflation expectations, the Fund reduced its exposure before eliminating it altogether early in 2023.

Global real estate securities, as measured by the S&P Developed Property Index, were down -15.5% for the fiscal year, underperforming broad equities. Higher interest rates were the major headwind, both because higher mortgage rates increase cost of owning real estate as well as some yield focused investors migrating from income paying real estate to fixed income. U.S. and international real estate were both hit in equal measures while Emerging Markets (“EM”) did slightly better. The Fund’s real estate allocation slightly outperformed due to some exposure to EM property.

Commodities lost 16.6% during the fiscal year, after more than doubling during the prior 2 fiscal years. The early part of the year saw some strength in commodities, largely due to the war in Ukraine, but prices

soon fell due to economic slowdown fears as well as warmer than expected weather. The Fund’s commodity allocation outperformed due to exposure to commodity related equities which outperformed commodity futures.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -19.16%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

***

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

****

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

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

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

WILMINGTON REAL ASSET FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Real Asset Fund from April 30, 2013 to April 30, 2023, compared to the S&P Developed Property Index², the Bloomberg Commodity Index², Bloomberg U.S. TIPS Index², and the Real Asset Blended Index³.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -19.16%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.



	Average Annual Total Returns for the Periods Ended 4/30/23

	1 Year	5 Years	10 Years

Class A^	-19.16%	1.83%	1.22%

Class I^	-14.21%	3.25%	2.06%

S&P Developed Property Index²	-15.53%	0.88%	2.22%

Bloomberg Commodity Index²	-16.60%	4.67%	-1.51%

Bloomberg U.S. TIPS Index²	-4.00%	2.98%	1.42%

Real Asset Blended Index³	-14.07%	3.82%	2.61%

^{^}

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.43% and 1.08%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.93% and 0.83%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

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

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2023.

Beginning
Account Value
11/01/22

Ending
Account Value
4/30/23

Expenses
Paid
During Period⁽¹⁾

Annualized
Net
Expense Ratio⁽²⁾

WILMINGTON INTERNATIONAL FUND

Actual

Class A

$1,000.00

$1,210.70

$5.92

1.08%

Class I

$1,000.00

$1,211.90

$4.55

0.83%

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,019.44

$5.41

1.08%

Class I

$1,000.00

$1,020.68

$4.16

0.83%

WILMINGTON GLOBAL ALPHA EQUITIES FUND

Actual

Class A

$1,000.00

$1,056.80

$7.60

1.49%

Class I

$1,000.00

$1,058.90

$6.33

1.24%

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,017.41

$7.45

1.49%

Class I

$1,000.00

$1,018.65

$6.21

1.24%

WILMINGTON REAL ASSET FUND

Actual

Class A

$1,000.00

$1,005.70

$4.08

0.82%

Class I

$1,000.00

$1,007.20

$2.84

0.57%

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,020.73

$4.11

0.82%

Class I

$1,000.00

$1,021.97

$2.86

0.57%

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

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

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At April 30, 2023, the Fund’s sector classifications and country allocations were as follows:


	Percentage of Total Net Assets
Common Stocks
Financials		15.5	%
Industrials		13.4	%
Consumer Discretionary		11.7	%
Information Technology		10.1	%
Health Care		10.0	%
Consumer Staples		7.8	%
Materials		7.2	%
Communication Services		4.4	%
Energy		3.1	%
Real Estate		2.1	%
Utilities		2.1	%
Exchange-Traded Funds		3.4	%
Equity-Linked Warrants		1.4	%
Preferred Stocks		0.4	%
Cash Equivalents⁽¹⁾		5.9	%
Cash Collateral Invested for Securities on Loan⁽²⁾		3.1	%
Other Assets and Liabilities - Net⁽³⁾		(1.6	)%

TOTAL		100.0	%


Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		16.6	%
United Kingdom		9.2	%
France		8.2	%
China		7.6	%
United States		6.2	%
Germany		4.8	%
Switzerland		4.0	%
Netherlands		3.9	%
Hong Kong		3.0	%
Taiwan		3.0	%
Australia		2.8	%
Denmark		2.5	%
Sweden		2.5	%
South Korea		2.4	%
Italy		2.2	%
Spain		1.5	%
Belgium		1.4	%
Singapore		1.2	%
India		1.0	%
All other countries less than 1.0%		3.4	%
Exchange-Traded Funds		3.4	%
Equity-Linked Warrants		1.4	%
Preferred Stocks		0.4	%
Cash Equivalents⁽¹⁾		5.9	%
Cash Collateral Invested for Securities on Loan⁽²⁾		3.1	%
Other Assets and Liabilities - Net⁽³⁾		(1.6	)%

TOTAL		100.0	%

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

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

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

PORTFOLIO OF INVESTMENTS^¢

April 30, 2023



Description	Number of Shares		Value

COMMON STOCKS – 87.4%

AUSTRALIA – 2.8%
ANZ Group Holdings Ltd.		144,733	$	2,350,210
BHP Group Ltd.		118,792		3,525,449
Cochlear Ltd.		10,092		1,654,761
Flutter Entertainment PLC*		2,480		495,548
Glencore PLC		173,201		1,022,342
Incitec Pivot Ltd.		691,295		1,472,884
Rio Tinto Ltd.		23,239		1,743,034
Rio Tinto PLC		17,192		1,092,937



Description	Number of Shares		Value

Woodside Energy Group Ltd.		43,408	$	984,942


TOTAL AUSTRALIA			$	14,342,107

AUSTRIA – 0.1%
Erste Group Bank AG		9,625		349,957
voestalpine AG		9,611		333,230


TOTAL AUSTRIA			$	683,187

BELGIUM – 1.4%
Ageas SA		4,060		180,896
Anheuser-Busch InBev SA		24,971		1,623,601
D’ieteren Group		478		90,002



Description	Number of Shares		Value

Elia Group SA		385	$	52,791
Groupe Bruxelles Lambert NV		4,425		397,150
KBC Group NV		14,186		1,014,135
Lotus Bakeries NV		119		821,694
Montea NV		8,410		736,826
Solvay SA		3,446		413,584
UCB SA^#		12,157		1,130,085
Umicore SA		10,011		328,616
Warehouses De Pauw		2,385		71,315
Xior Student Housing NV		19,287		612,530


TOTAL BELGIUM			$	7,473,225

CHINA – 7.6%
Alibaba Group Holding Ltd.*		205,228		2,170,004
Alibaba Group Holding Ltd., ADR*		17,565		1,487,580
Baozun, Inc., Class A*^,#		463,100		706,531
Budweiser Brewing Co. APAC Ltd.^#		577,900		1,669,675
China Mengniu Dairy Co. Ltd.*		432,000		1,743,800
China Pacific Insurance Group Co. Ltd., Class H		1,055,200		3,151,917
China Petroleum & Chemical Corp., Class H		3,800,000		2,490,580
China Resources Land Ltd.		324,000		1,508,789
China Resources Medical Holdings Co. Ltd.		21,000		19,610
China Tourism Group Duty Free Corp. Ltd., Class H*^,#		27,100		579,706
Great Wall Motor Co. Ltd., Class H^#		708,000		859,212
H World Group Ltd., ADR*		55,826		2,618,239
H World Group Ltd.*		47,300		221,257
Haitian International Holdings Ltd.		696,000		1,808,404
Hollysys Automation Technologies Ltd.*		91,280		1,456,829
Hutchmed China Ltd., ADR*^,#		90,280		1,375,867
JD.com, Inc., Class A		94,391		1,684,676
Meituan, Class B*		83,960		1,434,915
Prosus NV*		22,877		1,711,967
Shenzhou International Group Holdings Ltd.^#		128,800		1,237,145
Tencent Holdings Ltd.		132,200		5,871,810
Wuxi Biologics Cayman, Inc.*		213,500		1,273,066
Yum China Holdings, Inc.		19,183		1,173,616
Yum China Holdings, Inc.		17,800		1,089,333


TOTAL CHINA			$	39,344,528

DENMARK – 2.5%
AP Moller - Maersk A/S, Class B		122		220,521
Carlsberg AS, Class B		6,829		1,130,178
Chr Hansen Holding A/S		5,023		390,938
Coloplast A/S, Class B		3,252		468,551
Danske Bank A/S*		46,700		986,994
Demant A/S*		20,980		899,118
DSV A/S		5,533		1,041,324
Genmab A/S*		1,212		498,089
Netcompany Group A/S*		14,373		556,265
Novo Nordisk A/S, Class B		34,174		5,684,999
ROCKWOOL A/S, Class B		931		225,491
Royal Unibrew A/S		9,309		832,077
Vestas Wind Systems A/S*		3,927		108,662


TOTAL DENMARK			$	13,043,207



Description	Number of Shares		Value

FINLAND – 0.5%
Elisa OYJ		4,732	$	293,863
Fortum OYJ		21,840		326,202
Kesko OYJ, Class B		10,725		223,593
Kone OYJ, Class B		782		44,614
Neste OYJ		9,423		456,680
Nokia OYJ		88,626		374,990
Nordea Bank Abp		49,116		545,643
Orion OYJ, Class B		2,637		123,868
Sampo OYJ, Class A		3,311		167,917
UPM-Kymmene OYJ		9,008		287,269


TOTAL FINLAND			$	2,844,639

FRANCE – 8.2%
Accor SA*		8,048		285,520
Adevinta ASA*		15,666		120,674
Aeroports de Paris*		1,580		251,071
Air Liquide SA		5,948		1,069,987
Airbus SE		9,805		1,373,039
Alstom SA		13,359		335,773
AXA SA^#		67,235		2,194,562
BNP Paribas SA		17,010		1,099,074
Bollore SE		10,661		72,019
Bouygues SA		2,526		92,500
Capgemini SE		873		159,198
Carrefour SA		1,947		40,499
Cie de Saint-Gobain		11,886		688,137
Cie Generale des Etablissements Michelin SCA		18,073		575,582
Danone SA		18,288		1,210,367
Dassault Systemes SE		14,902		604,956
Edenred		21,551		1,400,247
Electricite de France SA		11,318		148,843
Engie SA		42,010		672,340
Esker SA		3,980		605,916
EssilorLuxottica SA		5,566		1,101,957
Eurazeo SE		10,431		744,814
Faurecia SE*		46,699		969,650
Hermes International		616		1,337,383
ID Logistics Group*		2,393		703,386
Ipsen SA		1,018		123,448
IPSOS		8,792		476,707
Kering SA		247		158,171
Legrand SA		6,377		603,608
L’Oreal SA		4,254		2,033,060
LVMH Moet Hennessy Louis Vuitton SE		6,292		6,052,157
Neoen SA^#		26,842		805,891
Orange SA		133,035		1,731,573
Pernod Ricard SA		2,337		539,728
Publicis Groupe SA		2,950		241,183
Remy Cointreau SA		529		91,532
Renault SA*		8,859		329,050
Safran SA		6,825		1,061,422
Sartorius Stedim Biotech		307		82,245
Societe Generale SA		21,316		517,729
Sodexo SA		1,772		189,902
SPIE SA		30,420		949,500
Technip Energies NV		66,438		1,473,981



Description	Number of Shares		Value

Thales SA		6,700	$	1,022,443
TotalEnergies SE		41,531		2,653,829
Veolia Environnement SA		21,025		665,755
Vinci SA^#		13,329		1,648,680
Virbac SA		2,704		923,628
Vivendi SA		9,487		104,209
Worldline SA*		8,631		375,472


TOTAL FRANCE			$	42,712,397

GERMANY – 4.8%
adidas AG		1,566		275,782
Allianz SE		6,711		1,685,178
BASF SE		18,268		944,897
Bayer AG		7,497		494,774
Bayerische Motoren Werke AG		15,068		1,688,888
Beiersdorf AG		1,552		216,705
Commerzbank AG*		27,413		304,644
Continental AG		4,365		306,280
Covestro AG*		5,498		241,200
Deutsche Boerse AG		2,909		554,771
Deutsche Lufthansa AG*		26,698		287,001
Deutsche Post AG		8,870		426,643
Deutsche Telekom AG		102,236		2,465,091
E.ON SE		56,424		746,362
Evotec SE*		30,561		561,295
Fresenius Medical Care AG & Co. KGaA		9,912		480,969
Fresenius SE & Co. KGaA		12,326		357,133
GEA Group AG		3,347		157,419
Hannover Rueck SE		1,004		214,514
HeidelbergCement AG		3,986		301,906
HelloFresh SE*		12,237		328,590
Henkel AG & Co. KGaA		2,366		174,976
Infineon Technologies AG		26,417		962,022
Krones AG		5,682		746,586
Mercedes-Benz Group AG		7,713		601,506
Merck KGaA		3,102		556,402
Muenchener Rueckversicherungs AG		3,950		1,484,519
Nemetschek SE		3,772		294,832
New Work SE		3,074		560,543
Puma SE		614		35,979
Rheinmetall AG		1,040		304,609
RWE AG		14,608		684,915
SAP SE		17,902		2,422,431
Siemens AG		13,183		2,172,983
Symrise AG		1,762		212,889
Telefonica Deutschland Holding AG		76,883		259,786
Vonovia SE		23,571		511,220
Zalando SE*		1,097		45,119


TOTAL GERMANY			$	25,071,359

HONG KONG – 3.0%
AIA Group Ltd.		521,400		5,676,521
ASM Pacific Technology Ltd.		168,200		1,322,415
Hong Kong Exchanges & Clearing Ltd.		40,200		1,668,980
Johnson Electric Holdings Ltd.^#		837,600		936,490
Prudential PLC		57,927		886,343
Swire Properties Ltd.		731,000		1,964,734



Description	Number of Shares		Value

Techtronic Industries Co. Ltd.		271,000	$	2,931,811


TOTAL HONG KONG			$	15,387,294

INDIA – 1.0%
HDFC Bank Ltd., ADR		76,512		5,340,538

INDONESIA – 0.4%
Bank Mandiri Persero Tbk PT		6,348,600		2,244,231

IRELAND – 0.6%
AerCap Holdings NV*		4,905		276,446
Bank of Ireland Group PLC		41,657		430,855
CRH PLC		34,609		1,670,022
Kerry Group PLC, Class A		4,750		500,292
Kingspan Group PLC		5,765		399,513


TOTAL IRELAND			$	3,277,128

ITALY – 2.2%
Amplifon SpA		6,445		236,595
Assicurazioni Generali SpA		12,425		258,789
Coca-Cola HBC AG*		3,316		101,227
Enel SpA		63,047		430,744
Eni SpA		21,268		321,304
ERG SpA		28,563		862,551
Ferrari NV		2,895		806,687
FinecoBank Banca Fineco SpA		62,275		943,945
Infrastrutture Wireless Italiane SpA		106,451		1,477,489
Intesa Sanpaolo SpA		330,856		869,950
Mediobanca Banca di Credito Finanziario SpA		31,442		337,661
Moncler SpA		3,636		269,723
Nexi SpA*		32,422		268,836
Poste Italiane SpA		17,786		185,098
Prysmian SpA		20,239		828,294
Salvatore Ferragamo SpA^#		44,588		783,983
Technoprobe SpA*		87,488		622,464
UniCredit SpA^#		92,951		1,841,869


TOTAL ITALY			$	11,447,209

JAPAN – 16.6%
ADEKA Corp.		65,300		1,102,752
AEON Financial Service Co. Ltd.		76,100		677,870
AGC, Inc.		26,200		976,864
Air Water, Inc.		74,700		943,893
Amano Corp.		71,400		1,453,772
Ariake Japan Co. Ltd.		15,000		608,349
Asahi Group Holdings Ltd.		22,400		865,404
BIPROGY Inc		37,500		904,109
Chubu Electric Power Co., Inc.		111,000		1,237,912
Dai-ichi Life Holdings, Inc.		36,800		684,509
Daikin Industries Ltd.		1,700		308,773
Daiseki Co. Ltd.		26,720		764,469
Daiwa House Industry Co. Ltd.		48,900		1,246,387
Denso Corp.		7,300		440,654
East Japan Railway Co.		22,500		1,287,487
ENEOS Holdings, Inc.		347,000		1,234,461
Fuji Electric Co. Ltd.		20,600		831,530
FUJIFILM Holdings Corp.		23,000		1,198,759
Hisamitsu Pharmaceutical Co., Inc.		9,700		268,298
Hitachi Ltd.		37,600		2,079,830



Description	Number of Shares		Value

Honda Motor Co. Ltd.		86,200	$	2,286,285
Ichikoh Industries Ltd.		151,600		613,588
IHI Corp.		45,100		1,136,435
I-PEX, Inc.		8,100		83,177
ITOCHU Corp.		42,500		1,409,932
Iwatani Corp.		7,500		355,071
J Front Retailing Co. Ltd.		43,300		455,397
JAC Recruitment Co. Ltd.		46,700		872,555
JAFCO Group Co. Ltd.		30,700		391,183
Japan Airlines Co. Ltd.		28,200		537,960
JGC Holdings Corp.		52,600		658,040
JSP Corp.		21,400		246,383
Kamigumi Co. Ltd.		49,000		1,073,877
KH Neochem Co. Ltd.		69,300		1,194,872
Kinden Corp.		33,700		459,489
Komatsu Ltd.		1,500		37,305
Kumagai Gumi Co. Ltd.		47,500		1,009,889
Kureha Corp.		7,500		465,629
Kyocera Corp.		18,600		976,268
Life Corp.		35,400		750,929
Lion Corp.		97,900		1,067,289
Mabuchi Motor Co. Ltd.		22,600		637,822
Makita Corp.		43,100		1,215,882
MISUMI Group, Inc.		21,300		537,340
Mitsubishi Corp.		43,100		1,597,970
Mitsubishi Gas Chemical Co., Inc.		56,300		819,642
Mitsubishi UFJ Financial Group, Inc.		382,900		2,396,776
Mitsui Fudosan Co. Ltd.		25,300		502,509
Murata Manufacturing Co. Ltd.		16,900		958,841
Nabtesco Corp.		41,300		995,475
NEC Networks & System Integration Corp.		118,400		1,475,918
Nippon Telegraph & Telephone Corp.		70,700		2,157,338
Nitto Boseki Co. Ltd.		106,900		1,493,314
Nittoku Co. Ltd.^#		43,100		829,576
NOK Corp.		12,900		173,841
Olympus Corp.		108,900		1,906,449
Pacific Industrial Co. Ltd.		68,500		618,943
Pan Pacific International Holdings Corp.		42,600		796,063
Penta-Ocean Construction Co. Ltd.		121,400		590,208
Recruit Holdings Co. Ltd.		2,000		56,107
Rengo Co. Ltd.		273,700		1,785,011
Resonac Holdings Corp.		15,100		239,112
Santen Pharmaceutical Co. Ltd.		44,900		377,772
SB Technology Corp.		48,700		832,198
SBI Holdings, Inc.		7,200		140,621
SCREEN Holdings Co. Ltd.		7,200		585,643
Seino Holdings Co. Ltd.		39,300		436,309
Septeni Holdings Co. Ltd.^#		397,500		1,094,728
Shibaura Machine Co. Ltd.		35,500		826,453
SoftBank Group Corp.		39,400		1,477,595
Sohgo Security Services Co. Ltd.		17,100		477,590
Sompo Holdings, Inc.		35,600		1,485,574
Sony Group Corp.		30,500		2,759,449
SUMCO Corp.		31,100		428,299
Sumitomo Electric Industries Ltd.		67,000		855,072
Sumitomo Metal Mining Co. Ltd.		17,000		627,448
Sumitomo Mitsui Financial Group, Inc.		63,800		2,607,738



Description	Number of Shares		Value

Tadano Ltd.		68,100	$	533,054
TDK Corp.		45,100		1,550,490
Terumo Corp.		22,500		673,780
Tess Holdings Co. Ltd.^#		88,200		778,074
THK Co. Ltd.		41,800		937,781
Tokyo Century Corp.		17,800		612,359
Tokyu Fudosan Holdings Corp.		214,900		1,090,573
Tomy Co. Ltd.		28,400		320,899
Torii Pharmaceutical Co. Ltd.		16,100		408,744
Towa Corp.		41,600		626,016
Toyo Tanso Co. Ltd.		16,200		470,990
Toyoda Gosei Co. Ltd.		67,500		1,157,617
Toyota Motor Corp.		133,200		1,828,841
Tsumura & Co.		40,700		825,862
Ulvac, Inc.		13,100		520,050
WingArc1st, Inc.		50,200		819,421
Yamato Holdings Co. Ltd.		38,100		654,466


TOTAL JAPAN			$	85,803,278

JORDAN – 0.1%
Hikma Pharmaceuticals PLC		14,123		327,100

LUXEMBOURG – 0.1%
Eurofins Scientific SE		4,619		322,636

MACAO – 0.4%
Galaxy Entertainment Group Ltd.*^,#		293,000		2,085,368

NETHERLANDS – 3.9%
Aalberts NV		16,599		766,635
ABN AMRO Bank NV		18,397		294,853
Aegon NV		65,543		299,055
Akzo Nobel NV		2,531		209,967
Arcadis NV		20,403		842,826
Argenx SE*		2,806		1,082,410
ASM International NV		100		36,305
ASML Holding NV		6,546		4,154,175
ASR Nederland NV		26,979		1,186,608
EXOR NV*		4,080		335,780
Heineken Holding NV		1,960		188,123
Heineken NV^#		12,663		1,454,031
IMCD NV		7,057		1,062,356
ING Groep NV		63,790		791,142
JDE Peet’s NV		4,656		141,624
Koninklijke Ahold Delhaize NV		50,560		1,738,489
Koninklijke Philips NV		23,028		486,167
NN Group NV		10,420		388,566
OCI NV		2,729		71,910
Shell PLC		118,322		3,635,819
Universal Music Group NV		11,460		250,371
Wolters Kluwer NV		4,417		585,225


TOTAL NETHERLANDS			$	20,002,437

NORWAY – 0.4%
Aker BP ASA		2,051		49,031
DNB Bank ASA		17,651		310,482
Equinor ASA		11,150		321,020
NEL ASA*^,#		316,544		435,006
Norsk Hydro ASA		15,183		111,733
Orkla ASA		4,530		32,561



Description	Number of Shares		Value

Salmar ASA		2,739	$	121,690
Telenor ASA		32,988		411,629
TOMRA Systems ASA		27,492		421,570


TOTAL NORWAY			$	2,214,722

PHILIPPINES – 0.3%
Ayala Land, Inc.		2,006,000		969,502
Converge Information and Communications Technology Solutions, Inc.*		2,982,000		636,772


TOTAL PHILIPPINES			$	1,606,274

PORTUGAL – 0.1%
EDP-Energias de Portugal SA		70,399		387,898

SINGAPORE – 1.2%
Oversea-Chinese Banking Corp. Ltd.		368,161		3,483,132
Sea Ltd., ADR*		16,729		1,274,248
STMicroelectronics NV		7,586		324,507
STMicroelectronics NV		20,800		889,117


TOTAL SINGAPORE			$	5,971,004

SOUTH AFRICA – 0.1%
Anglo American PLC		21,860		673,598

SOUTH KOREA – 2.4%
Delivery Hero SE*		940		37,573
LG Chem Ltd.		6,108		3,392,893
Samsung Electronics Co. Ltd.		167,698		8,251,429
SK Hynix, Inc.		9,966		670,547


TOTAL SOUTH KOREA			$	12,352,442

SPAIN – 1.5%
Acciona SA		1,540		285,345
ACS Actividades de Construccion y Servicios SA		10,630		365,491
Aena SME SA*		300		50,525
Amadeus IT Group SA*		750		52,714
Banco Bilbao Vizcaya Argentaria SA		129,307		946,655
Banco Santander SA		329,088		1,156,112
Bankinter SA^#		177,711		1,050,844
Befesa SA		10,593		476,927
CaixaBank SA		51,716		191,432
Cellnex Telecom SA		2,436		102,565
EDP Renovaveis SA		10,525		233,947
Ferrovial SA		15,376		482,090
Grifols SA*		24,567		252,883
Iberdrola SA		66,184		857,619
Industria de Diseno Textil SA		24,953		857,803
Red Electrica Corp. SA		4,982		90,579
Repsol SA		20,679		303,769
Telefonica SA		20,763		94,310


TOTAL SPAIN			$	7,851,610

SWEDEN – 2.5%
Alfa Laval AB		3,564		130,754
Alleima AB*		3,640		18,686
Assa Abloy AB, Class B		23,431		558,267
Atlas Copco AB, Class A		79,427		1,148,842
Avanza Bank Holding AB^#		25,024		532,444
Axfood AB		31,827		789,856



Description	Number of Shares		Value

Boliden AB		4,830	$	172,609
Epiroc AB, Class A		25,577		512,386
EQT AB		7,675		165,305
Essity AB, Class B		38,978		1,181,240
Evolution AB		2,115		282,582
Fastighets AB Balder, Class B*		9,777		45,520
Fortnox AB		89,174		614,671
GARO AB		44,977		357,298
Getinge AB, Class B		5,114		129,798
H & M Hennes & Mauritz AB, Class B		15,844		232,286
Hexagon AB, Class B		45,972		526,366
Holmen AB, Class B		4,433		167,700
Industrivarden AB, Class C		7,754		221,427
Investment AB Latour, Class B		1,529		33,105
Investor AB, Class B		23,976		515,080
L E Lundbergforetagen AB, Class B		5,211		250,030
Nibe Industrier AB, Class B		22,525		252,210
Securitas AB, Class B		15,037		134,781
Skandinaviska Enskilda Banken AB, Class A		32,592		370,596
SKF AB, Class B		5,282		95,666
Svenska Handelsbanken AB, Class A		43,874		387,837
Swedbank AB, Class A^#		83,402		1,449,230
Telefonaktiebolaget LM Ericsson, Class B		15,434		84,975
Telia Co. AB		17,216		47,932
Thule Group AB^#		22,510		651,070
Volvo AB, Class B		22,499		462,595
Volvo Car AB, Class B*		53,064		219,034


TOTAL SWEDEN			$	12,742,178

SWITZERLAND – 4.0%
ABB Ltd.		26,057		939,971
Barry Callebaut AG		32		68,323
Bossard Holding AG, Class A		3,620		887,781
Chocoladefabriken Lindt & Spruengli AG		51		629,703
Cie Financiere Richemont SA, Class A		9,580		1,583,582
Clariant AG*^,#		46,772		780,167
Emmi AG^#		1,040		1,082,332
EMS-Chemie Holding AG		156		128,123
Geberit AG		226		128,721
Givaudan SA		43		150,413
Julius Baer Group Ltd.		3,374		241,768
Lonza Group AG		1,573		980,986
Novartis AG		42,665		4,364,369
Partners Group Holding AG		534		518,372
Schindler Holding AG		815		174,103
SGS SA		1,150		104,070
Siegfried Holding AG*		1,322		1,018,877
SIG Group AG*		3,952		105,778
Sika AG		3,065		846,623
Sonova Holding AG		981		311,101
Swatch Group AG - BR (The)		902		309,442
Swatch Group AG (The)		2,251		142,011
Swiss Life Holding AG		820		541,247
Swiss Prime Site AG		768		69,519
Swisscom AG		786		539,629
UBS Group AG		62,727		1,276,655
VAT Group AG		1,042		367,607



Description	Number of Shares		Value

Zurich Insurance Group AG		4,747	$	2,302,068


TOTAL SWITZERLAND			$	20,593,341

TAIWAN – 3.0%
MediaTek, Inc.		107,000		2,326,592
Merida Industry Co. Ltd.		308,000		1,724,787
Taiwan Semiconductor Manufacturing Co. Ltd.		692,000		11,331,911


TOTAL TAIWAN			$	15,383,290

THAILAND – 0.3%
Kasikornbank PCL		474,100		1,740,600

UNITED KINGDOM – 9.2%
3i Group PLC		63,400		1,410,589
Allfunds Group PLC*		56,394		374,119
Ashtead Group PLC		10,282		592,820
Associated British Foods PLC		16,101		396,706
AstraZeneca PLC		29,853		4,393,257
Aviva PLC		6,772		36,056
BAE Systems PLC		117,360		1,495,164
Barclays PLC		84,828		170,879
Berkeley Group Holdings PLC		6,256		350,100
BP PLC		258,494		1,734,235
British American Tobacco PLC		32,166		1,188,398
British Land Co. PLC (The)		57,527		289,835
BT Group PLC		28,410		56,743
Bunzl PLC		4,830		192,268
Burberry Group PLC		12,036		392,879
CNH Industrial NV		26,797		377,083
Compass Group PLC		36,018		950,189
Croda International PLC		14,901		1,309,194
DCC PLC		5,647		351,339
Diageo PLC		40,427		1,844,122
Future PLC		33,900		481,036
GB Group PLC		155,215		634,594
Great Portland Estates PLC		103,729		695,783
Halma PLC		10,161		295,516
Hargreaves Lansdown PLC		8,587		86,937
Hill & Smith PLC		61,521		1,064,288
Hiscox Ltd.		57,844		860,902
HSBC Holdings PLC		296,527		2,137,174
Imperial Brands PLC		60,603		1,500,173
InterContinental Hotels Group PLC		4,999		343,715
Intertek Group PLC		24,218		1,266,945
J Sainsbury PLC		104,057		361,599
Just Eat Takeaway.com NV*		3,600		63,130
Kingfisher PLC		102,385		331,840
Lloyds Banking Group PLC		269,269		163,587
London Stock Exchange Group PLC		2,312		242,744
Marshalls PLC		112,069		423,114
National Grid PLC		31,932		457,839
Pearson PLC		25,663		285,521
Persimmon PLC		20,147		333,427
Reckitt Benckiser Group PLC		5,111		413,019
RELX PLC		36,756		1,224,662
Rentokil Initial PLC		42,708		340,009
Rolls-Royce Holdings PLC*		518,200		992,700



Description	Number of Shares		Value

Sage Group PLC (The)		17,967	$	185,292
Schroders PLC		30,689		187,967
Segro PLC		13,898		146,317
Severn Trent PLC		11,772		433,605
Smith & Nephew PLC		97,596		1,607,383
Smiths Group PLC		7,456		157,655
Spirax-Sarco Engineering PLC		7,537		1,053,221
SSE PLC		58,353		1,346,389
SSP Group PLC*		341,475		1,106,326
St. James’s Place PLC		19,374		294,642
Standard Chartered PLC		357,100		2,817,531
Tate & Lyle PLC		1		10
Trustpilot Group PLC*		215,702		239,507
Unilever PLC		62,017		3,453,239
UNITE Group PLC (The)		53,950		650,976
Victrex PLC		28,810		608,786
WPP PLC		36,037		419,990


TOTAL UNITED KINGDOM			$	47,615,065

UNITED STATES – 6.2%
CSL Ltd.		16,490		3,292,010
Experian PLC		20,068		710,505
GSK PLC		130,425		2,351,975
Haleon PLC		370,084		1,627,148
Holcim AG*		26,875		1,775,704
James Hardie Industries PLC, CDI		113,780		2,539,014
Nestle SA		44,500		5,708,886
QIAGEN NV*		2,804		125,397
ResMed, Inc., CDI		70,686		1,587,912
Roche Holding AG		12,497		3,913,313
Samsonite International SA*		761,386		2,412,714
Sanofi^#		27,186		2,929,788
Schneider Electric SE		9,740		1,698,577
Stellantis NV		21,208		351,768
Swiss Re AG		6,900		694,857
Tenaris SA		9,413		134,656


TOTAL UNITED STATES			$	31,854,224


TOTAL COMMON STOCKS (Cost $368,975,576)			$	452,738,114

EXCHANGE-TRADED FUNDS – 3.4%
iShares MSCI China ETF		253,000		12,073,160
iShares Core MSCI Europe ETF^#		100,000		5,456,000


TOTAL EXCHANGE-TRADED FUNDS (Cost $19,274,881)			$	17,529,160

PREFERRED STOCKS – 0.4%

GERMANY – 0.4%
Henkel AG & Co. KGaA, 2.53%		17,300		1,398,680
Porsche Automobil Holding SE, 4.97%		3,205		178,510
Sartorius AG, 0.39%		488		189,680
Volkswagen AG, 7.31%		1,181		161,265


TOTAL PREFERRED STOCKS (Cost $1,722,543)			$	1,928,135



Description	Number of Shares		Value

EQUITY-LINKED WARRANTS – 1.4%

CHINA – 1.4%
(Issuer UBS AG) China Tourism Group Duty Free Corp. Ltd. Strike price $0, Expire 10/23/23*		42,000	$	979,895
(Issuer UBS AG) Gongniu Group Co. Ltd., Strike price $0, Expire 06/21/23*		70,100		1,501,374
(Issuer UBS AG) LONGi Green Energy Technology Co. Ltd. Strike price $0, Expire 05/20/24*		226,200		1,139,890
(Issuer UBS AG) Midea Group Co. Ltd., Strike price $0, Expire 06/21/23*		220,845		1,812,645
(Issuer UBS AG) Shanghai Kelai Mechatronics Engineering Co. Ltd. Strike price $0, Expire 03/06/24*		215,186		551,995
(Issuer UBS AG) Zhejiang Sanhua Intelligent Controls Co. Ltd. Strike price $0, Expire 10/23/23*		464,900		1,569,401


TOTAL EQUITY-LINKED WARRANTS (Cost $7,822,357)			$	7,555,200

MONEY MARKET FUND – 5.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^{^}		30,463,060		30,463,060


TOTAL MONEY MARKET FUND (Cost $30,463,060)			$	30,463,060

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.1%


	Par Value

REPURCHASE AGREEMENTS – 3.1%
Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $3,187,526, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $3,249,971.	$	3,186,246		3,186,246



Description	Par Value		Value

Citigroup Global Markets Ltd., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,187,523, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 8/15/23 to 8/20/67; total market value of $3,249,971.	$	3,186,246	$	3,186,246
Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,184,959, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $3,247,357.		3,183,683		3,183,683
HSBC Securities USA, Inc., 4.80%, dated 4/28/23, due 5/01/23, repurchase price $3,187,520, collateralized by U.S. Government Agency Securities, 0.00% to 7.00%, maturing 9/15/25 to 1/15/63; total market value of $3,249,971.		3,186,246		3,186,246
RBC Dominion Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,187,523, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 5/04/23 to 4/20/53; total market value of $3,249,971.		3,186,246		3,186,246


TOTAL REPURCHASE AGREEMENTS (Cost $15,928,667)			$	15,928,667


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (Cost $15,928,667)			$	15,928,667


TOTAL INVESTMENTS – 101.6% (Cost $444,187,084)			$	526,142,336
COLLATERAL FOR SECURITIES ON LOAN – (3.1%)				(15,928,667	)
OTHER ASSETS LESS LIABILITIES – 1.5%				7,654,451


TOTAL NET ASSETS – 100.0%			$	517,868,120

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets carried at fair value:



	Level 1			Level 2			Level 3			Total
Assets

Investments in Securities
Common Stocks
Australia		$	—		$	14,342,107		$	—		$	14,342,107
Austria			—			683,187			—			683,187
Belgium			—			7,473,225			—			7,473,225
China			8,112,131			31,232,397			—			39,344,528
Denmark			—			13,043,207			—			13,043,207
Finland			—			2,844,639			—			2,844,639
France			—			42,712,397			—			42,712,397
Germany			—			25,071,359			—			25,071,359
Hong Kong			—			15,387,294			—			15,387,294
India			5,340,538			—			—			5,340,538



	Level 1			Level 2			Level 3			Total
Indonesia		$	—		$	2,244,231		$	—		$	2,244,231
Ireland			276,446			3,000,682			—			3,277,128
Italy			—			11,447,209			—			11,447,209
Japan			—			85,803,278			—			85,803,278
Jordan			—			327,100			—			327,100
Luxembourg			—			322,636			—			322,636
Macao			—			2,085,368			—			2,085,368
Netherlands			—			20,002,437			—			20,002,437
Norway			—			2,214,722			—			2,214,722
Philippines			—			1,606,274			—			1,606,274
Portugal			—			387,898			—			387,898
Singapore			1,274,248			4,696,756			—			5,971,004
South Africa			—			673,598			—			673,598
South Korea			—			12,352,442			—			12,352,442
Spain			—			7,851,610			—			7,851,610
Sweden			—			12,742,178			—			12,742,178
Switzerland			—			20,593,341			—			20,593,341
Taiwan			—			15,383,290			—			15,383,290
Thailand			—			1,740,600			—			1,740,600
United Kingdom			—			47,615,065			—			47,615,065
United States			—			31,854,224			—			31,854,224
Exchange-Traded Funds			17,529,160			—			—			17,529,160
Preferred Stocks
Germany			—			1,928,135			—			1,928,135
Equity-Linked Warrants
China			—			7,555,200			—			7,555,200
Money Market Fund			30,463,060			—			—			30,463,060
Repurchase Agreements			—			15,928,667			—			15,928,667


Total Investments in Securities		$	62,995,583		$	463,146,753		$	—		$	526,142,336


Other Financial Instruments^!
Financial Futures Contracts		$	476,637		$	—		$	—		$	476,637


Total Assets - Other Financial Instruments		$	476,637		$	—		$	—		$	476,637

^!	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.

*	Non-income producing security.

^#	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:


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 April 30, 2023, the Fund’s portfolio composition was as follows:


Common Stocks	Percentage of Total Net Assets
Insurance		7.6	%
Pharmaceuticals		7.2	%
Banks		5.4	%
Oil, Gas & Consumable Fuels		4.1	%
Software		4.1	%
Health Care Providers & Services		2.7	%
Interactive Media & Services		2.7	%
Aerospace & Defense		2.6	%
Machinery		2.5	%
Health Care Equipment & Supplies		2.5	%
Hotels, Restaurants & Leisure		2.4	%
Semiconductors & Semiconductor Equipment		2.2	%
Professional Services		2.1	%
Financial Services		2.1	%
Capital Markets		2.0	%
IT Services		1.8	%
Food Products		1.7	%
Trading Companies & Distributors		1.7	%
Beverages		1.6	%
Commercial Services & Supplies		1.6	%
Broadline Retail		1.5	%
Specialty Retail		1.5	%
Chemicals		1.4	%
Technology Hardware, Storage & Peripherals		1.4	%
Media		1.4	%
Household Products		1.3	%
Multi-Utilities		1.3	%
Metals & Mining		1.1	%
Ground Transportation		1.1	%
Diversified Telecommunication Services		1.1	%
Electric Utilities		1.1	%
Automobiles		1.1	%
Specialized REITs		1.1	%
Communications Equipment		1.1	%
Consumer Staples Distribution & Retail		1.1	%
Building Products		1.0	%
Textiles, Apparel & Luxury Goods		0.9	%
Wireless Telecommunication Services		0.9	%
Household Durables		0.8	%
Electronic Equipment, Instruments & Components		0.8	%
Tobacco		0.7	%
Consumer Finance		0.7	%
Air Freight & Logistics		0.6	%
Construction & Engineering		0.6	%
Life Sciences Tools & Services		0.6	%
Gas Utilities		0.6	%
Distributors		0.6	%
Automobile Components		0.6	%
Biotechnology		0.5	%
Entertainment		0.4	%
Personal Care Products		0.4	%
Passenger Airlines		0.4	%


Common Stocks	Percentage of Total Net Assets
Energy Equipment & Services		0.3	%
Construction Materials		0.3	%
Real Estate Management & Development		0.3	%
Electrical Equipment		0.2	%
Industrial Conglomerates		0.2	%
Health Care Technology		0.1	%
Diversified REITs		0.1	%
Containers & Packaging		0.1	%
Leisure Products		0.1	%
Paper & Forest Products		0.1	%
Transportation Infrastructure		0.1	%
Industrial REITs		0.1	%
Water Utilities		0.1	%
Office REITs		0.0	%⁽¹⁾
Retail REITs		0.0	%⁽¹⁾
Diversified Consumer Services		0.0	%⁽¹⁾
Marine Transportation		0.0	%⁽¹⁾
Preferred Stock		0.2	%
Exchange-Traded Funds		0.0	%⁽¹⁾
Cash Equivalents⁽²⁾		4.9	%
Other Assets and Liabilities - Net⁽³⁾		2.5	%

TOTAL		100.0	%


Country Allocation	Percentage of Total Net Assets
Common Stocks
United States		46.1	%
Japan		9.8	%
France		6.2	%
United Kingdom		5.9	%
Canada		4.5	%
China		3.9	%
Switzerland		2.7	%
Germany		1.7	%
Hong Kong		1.6	%
Netherlands		1.6	%
Italy		1.3	%
All other countries less than 1.0%		7.1	%
Preferred Stocks		0.2	%
Exchange-Traded Funds		0.0	%⁽¹⁾
Cash Equivalents⁽²⁾		4.9	%
Other Assets and Liabilities - Net⁽³⁾		2.5	%

TOTAL		100.0	%

⁽¹⁾	Represents less than 0.05%.

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2023



Description	Number of Shares		Value

COMMON STOCKS – 92.4%

AEROSPACE & DEFENSE – 2.6%
Airbus SE		3,736	$	523,169
Austal Ltd.		43,562		47,809
Babcock International Group PLC*		23,917		95,606
BAE Systems PLC		125,968		1,604,830
BWX Technologies, Inc.		12,286		793,430
CAE, Inc.*		13,487		303,516
Curtiss-Wright Corp.		2,948		500,659
Dassault Aviation SA		278		54,326
General Dynamics Corp.		418		91,266
Lockheed Martin Corp.		1,171		543,871
Northrop Grumman Corp.		1,110		512,010
Raytheon Technologies Corp.		5,366		536,064


TOTAL AEROSPACE & DEFENSE			$	5,606,556

AIR FREIGHT & LOGISTICS – 0.6%
Bpost SA		6,361		31,296
Expeditors International of Washington, Inc.		4,114		468,338
SG Holdings Co. Ltd.		2,037		29,312
United Parcel Service, Inc., Class B		2,543		457,257
Yamato Holdings Co. Ltd.		9,155		157,261
ZTO Express Cayman, Inc., ADR		4,071		112,685
ZTO Express Cayman, Inc.		4,728		130,174


TOTAL AIR FREIGHT & LOGISTICS			$	1,386,323

AUTOMOBILE COMPONENTS – 0.6%
Continental AG		1,476		103,567



Description	Number of Shares		Value

Hankook Tire & Technology Co. Ltd.		3,677	$	94,965
Hyundai Mobis Co. Ltd.		812		132,243
NOK Corp.		9,053		121,999
Stanley Electric Co. Ltd.		6,637		149,717
Sumitomo Electric Industries Ltd.		12,307		157,065
Sumitomo Rubber Industries Ltd.		9,561		87,693
Tachi-S Co. Ltd.		4,551		40,765
Tokai Rika Co. Ltd.		6,480		89,515
Toyoda Gosei Co. Ltd.		4,098		70,280
Toyota Boshoku Corp.		3,430		54,293
TS Tech Co. Ltd.		7,136		96,225
Unipres Corp.		6,981		48,629


TOTAL AUTOMOBILE COMPONENTS			$	1,246,956

AUTOMOBILES – 1.1%
Dongfeng Motor Group Co. Ltd., Class H		159,344		76,238
Honda Motor Co. Ltd.		22,244		589,978
Isuzu Motors Ltd.		74,026		874,175
Mercedes-Benz Group AG		1,946		151,761
Nissan Motor Co. Ltd.		41,618		151,757
Renault SA*		3,236		120,195
Subaru Corp.		11,484		187,440
Suzuki Motor Corp.		5,228		182,292
Yamaha Motor Co. Ltd.		2,518		65,295


TOTAL AUTOMOBILES			$	2,399,131

BANKS – 5.4%
ABN AMRO Bank NV		13,156		210,855
AIB Group PLC		28,061		120,678



Description	Number of Shares		Value

Banco Bradesco SA, ADR		61,657	$	172,640
Bank Mandiri Persero Tbk PT		246,439		87,116
Bank of America Corp.		19,042		557,550
Bank of Ireland Group PLC		13,476		139,381
Bank of Nova Scotia (The)		13,118		654,811
Bank of Nova Scotia (The)		17,022		849,568
BNP Paribas SA		4,068		262,847
BPER Banca		47,020		132,065
CaixaBank SA		18,927		70,060
Dah Sing Financial Holdings Ltd.		16,488		42,241
DGB Financial Group, Inc.		11,894		60,994
DNB Bank ASA		28,809		506,753
Erste Group Bank AG		5,105		185,614
FinecoBank Banca Fineco SpA		86,602		1,312,687
First Citizens BancShares, Inc., Class A		219		220,572
HSBC Holdings PLC		72,611		523,333
ING Groep NV		17,161		212,836
JPMorgan Chase & Co.		3,189		440,847
Kasikornbank PCL		22,367		82,153
Kasikornbank PCL, NVDR		20,214		74,213
KB Financial Group, Inc., ADR		5,228		194,952
KBC Group NV		3,915		279,877
Mebuki Financial Group, Inc.		23,543		60,309
Mitsubishi UFJ Financial Group, Inc.		117,590		736,059
Mizuho Financial Group, Inc.		7,027		101,862
PNC Financial Services Group, Inc. (The)		2,689		350,242
Resona Holdings, Inc.		30,231		150,670
Royal Bank of Canada		5,775		573,344
San-In Godo Bank Ltd. (The)		15,063		84,643
Sberbank of Russia PJSC, ADR*^,(1)		3,982		—
Security Bank Corp.		37,728		62,936
Shinhan Financial Group Co. Ltd., ADR		6,450		169,377
Societe Generale SA		7,073		171,791
Standard Chartered PLC		32,996		261,432
Sumitomo Mitsui Financial Group, Inc.		4,560		186,384
Sumitomo Mitsui Trust Holdings, Inc.		9,908		357,161
Tochigi Bank Ltd. (The)		9,980		20,378
U.S. Bancorp		3,371		115,558
Unicaja Banco SA		73,950		75,050
UniCredit SpA		29,385		582,278


TOTAL BANKS			$	11,454,117

BEVERAGES – 1.6%
Asahi Group Holdings Ltd.		2,904		112,193
Cia Cervecerias Unidas SA		7,219		58,932
Coca-Cola Co. (The)		8,319		533,664
Coca-Cola Icecek AS		7,419		89,863
Diageo PLC		11,731		535,123
Embotelladora Andina SA, Class B, ADR		7,355		111,208
Heineken NV		5,598		642,791
Kirin Holdings Co. Ltd.		21,982		357,105
PepsiCo., Inc.		3,012		574,961
Pernod Ricard SA		1,056		243,882
Suntory Beverage & Food Ltd.		1,286		48,412
Tsingtao Brewery Co. Ltd., Class H		10,813		115,760


TOTAL BEVERAGES			$	3,423,894



Description	Number of Shares		Value

BIOTECHNOLOGY – 0.5%
Genmab A/S*		710	$	291,785
United Therapeutics Corp.*		1,167		268,562
Vertex Pharmaceuticals, Inc.*		1,329		452,830


TOTAL BIOTECHNOLOGY			$	1,013,177

BROADLINE RETAIL – 1.5%
Alibaba Group Holding Ltd.*		16,745		177,055
Alibaba Group Holding Ltd., ADR*		4,442		376,193
Amazon.com, Inc.*		16,437		1,733,282
ASKUL Corp.		16,571		220,839
Etsy, Inc.*		3,097		312,890
JD.com, Inc., ADR		9,445		337,375
JD.com, Inc., Class A		3,116		55,614
Ryohin Keikaku Co. Ltd.		5,104		53,711


TOTAL BROADLINE RETAIL			$	3,266,959

BUILDING PRODUCTS – 1.0%
AGC, Inc.		944		35,197
Assa Abloy AB, Class B		17,837		424,984
Builders FirstSource, Inc.*		4,976		471,576
Cie de Saint-Gobain		3,943		228,279
Johnson Controls International PLC		11,031		660,095
Lennox International, Inc.		1,144		322,505


TOTAL BUILDING PRODUCTS			$	2,142,636

CAPITAL MARKETS – 2.0%
Ares Management Corp., Class A		10,610		929,330
Cboe Global Markets, Inc.		166		23,190
Charles Schwab Corp. (The)		6,509		340,030
CME Group, Inc.		803		149,173
CSC Financial Co. Ltd., Class H		141,500		144,048
Deutsche Boerse AG		672		128,156
Hong Kong Exchanges & Clearing Ltd.		5,517		229,049
Ichiyoshi Securities Co. Ltd.		5,862		25,475
Intercontinental Exchange, Inc.		1,332		145,095
Japan Exchange Group, Inc.		695		11,285
London Stock Exchange Group PLC		3,392		356,137
MarketAxess Holdings, Inc.		85		27,062
Moody’s Corp.		419		131,197
Morgan Stanley		3,828		344,405
Nomura Holdings, Inc.		13,999		50,185
S&P Global, Inc.		372		134,880
SEI Investments Co.		272		16,024
UBS Group AG		49,829		1,014,148


TOTAL CAPITAL MARKETS			$	4,198,869

CHEMICALS – 1.4%
ADEKA Corp.		7,156		120,847
Air Liquide SA		563		101,278
Celanese Corp.		2,826		300,234
China BlueChemical Ltd., Class H		131,112		34,657
Croda International PLC		706		62,029
Element Solutions, Inc.		10,928		198,343
Evonik Industries AG		4,949		108,019
FMC Corp.		2,220		274,348
Fuso Chemical Co. Ltd.		2,312		64,338
Givaudan SA		24		83,951



Description	Number of Shares		Value

Linde PLC		2,065	$	762,914
Lintec Corp.		4,483		74,970
Mitsubishi Gas Chemical Co., Inc.		10,431		151,860
Nissan Chemical Corp.		274		12,177
Sherwin-Williams Co. (The)		1,125		267,233
Shin-Etsu Chemical Co. Ltd.		9,515		271,518
Sumitomo Bakelite Co. Ltd.		2,030		77,633
Symrise AG		676		81,676
Tosoh Corp.		831		11,102


TOTAL CHEMICALS			$	3,059,127

COMMERCIAL SERVICES & SUPPLIES – 1.6%
Aeon Delight Co. Ltd.		2,994		66,350
Cintas Corp.		856		390,139
Clean Harbors, Inc.*		4,771		692,558
Copart, Inc.*		15,510		1,226,066
Kokuyo Co. Ltd.		3,969		56,720
Prosegur Cia de Seguridad SA		28,150		54,005
Rollins, Inc.		531		22,435
Secom Co. Ltd.		1,012		64,802
Waste Connections, Inc.		5,782		804,565


TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,377,640

COMMUNICATIONS EQUIPMENT – 1.1%
Arista Networks, Inc.*		3,412		546,466
Cisco Systems, Inc.		14,437		682,148
Motorola Solutions, Inc.		2,687		782,992
Nokia OYJ		36,914		156,189
Telefonaktiebolaget LM Ericsson, Class B		29,099		160,210


TOTAL COMMUNICATIONS EQUIPMENT			$	2,328,005

CONSTRUCTION & ENGINEERING – 0.6%
Bouygues SA		1,176		43,064
Chiyoda Corp.*		9,211		27,174
Fugro NV*		4,229		59,964
Implenia AG		813		36,689
JGC Holdings Corp.		15,588		195,010
Obayashi Corp.		609		5,077
Taisei Corp.		1,782		60,608
Vinci SA		7,751		958,730


TOTAL CONSTRUCTION & ENGINEERING			$	1,386,316

CONSTRUCTION MATERIALS – 0.3%
HeidelbergCement AG		3,152		238,738
Holcim AG*		2,765		182,691
Imerys SA		1,943		79,874
Taiheiyo Cement Corp.		5,006		89,763
Vicat SA		1,702		49,654


TOTAL CONSTRUCTION MATERIALS			$	640,720

CONSUMER FINANCE – 0.7%
American Express Co.		5,187		836,871
Credit Acceptance Corp.*		869		425,375
Marui Group Co. Ltd.		7,779		123,940
Vanquis Banking Group PLC		18,114		51,236


TOTAL CONSUMER FINANCE			$	1,437,422



Description	Number of Shares		Value

CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.1%
Alimentation Couche-Tard, Inc.		4,952	$	247,152
Atacadao SA		53,557		114,892
Carrefour SA		7,705		160,269
Costco Wholesale Corp.		149		74,980
Dollar General Corp.		508		112,502
J Sainsbury PLC		31,536		109,588
Jeronimo Martins SGPS SA		1,454		36,692
Koninklijke Ahold Delhaize NV		4,063		139,705
Marks & Spencer Group PLC*		12,627		26,126
Performance Food Group Co.*		12,709		796,727
Sundrug Co. Ltd.		2,569		70,808
Tesco PLC		36,091		127,598
Tsuruha Holdings, Inc.		1,722		112,784
Walmart, Inc.		1,058		159,726


TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL			$	2,289,549

CONTAINERS & PACKAGING – 0.1%
Ball Corp.		3,498		186,023
Nampak Ltd.*		56,917		2,804


TOTAL CONTAINERS & PACKAGING			$	188,827

DISTRIBUTORS – 0.6%
Genuine Parts Co.		334		56,216
LKQ Corp.		20,710		1,195,588


TOTAL DISTRIBUTORS			$	1,251,804

DIVERSIFIED CONSUMER SERVICES – 0.0%**
Benesse Holdings, Inc.		592		8,497

DIVERSIFIED REITS – 0.1%
British Land Co. PLC (The)		14,231		71,699
Daiwa House REIT Investment Corp.		20		42,554
Land Securities Group PLC		9,751		82,745
Nomura Real Estate Master Fund, Inc.		37		43,294


DIVERSIFIED REITS			$	240,292

DIVERSIFIED TELECOMMUNICATION SERVICES – 1.1%
AT&T, Inc.		5,413		95,648
BT Group PLC		70,120		140,050
Deutsche Telekom AG		2,956		71,274
Elisa OYJ		738		45,831
Koninklijke KPN NV		120,918		440,974
KT Corp., ADR		11,882		134,267
Magyar Telekom Telecommunications PLC, ADR		6,004		36,624
Nippon Telegraph & Telephone Corp.		12,294		375,139
Orange Polska SA		48,512		84,522
Orange SA		27,958		363,899
Proximus SADP		11,321		96,507
Swisscom AG		135		92,684
Telefonica Brasil SA		16,978		140,003
Telenor ASA		3,707		46,256
Telia Co. AB		13,680		38,087
Verizon Communications, Inc.		5,438		211,158


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	2,412,923

ELECTRIC UTILITIES – 1.1%
American Electric Power Co., Inc.		2,523		233,176



Description	Number of Shares		Value

Chubu Electric Power Co., Inc.		301	$	3,357
Duke Energy Corp.		5,738		567,373
Edison International		6,921		509,385
Eversource Energy		4,204		326,272
Exelon Corp.		13,205		560,420
Iberdrola SA		12,109		156,910
Kansai Electric Power Co., Inc. (The)		1,180		12,738
Red Electrica Corp. SA		2,088		37,963


TOTAL ELECTRIC UTILITIES			$	2,407,594

ELECTRICAL EQUIPMENT – 0.2%
Cosel Co. Ltd.		5,774		46,197
Nippon Carbon Co. Ltd.		2,094		64,168
Ushio, Inc.		17,458		217,170
Zumtobel Group AG		2,522		19,810


TOTAL ELECTRICAL EQUIPMENT			$	347,345

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.8%
Ai Holdings Corp.		3,571		62,517
Alps Alpine Co. Ltd.		8,175		74,638
Amano Corp.		6,410		130,514
Amphenol Corp., Class A		1,422		107,318
Canon Marketing Japan, Inc.		3,712		92,811
Foxconn Technology Co. Ltd.		37,581		66,081
Halma PLC		1,926		56,015
Hon Hai Precision Industry Co. Ltd.		29,136		99,282
Jabil, Inc.		4,602		359,646
Keyence Corp.		129		58,173
Kyocera Corp.		2,380		124,920
Maruwa Co. Ltd.		400		51,010
Maxell Ltd.		6,351		69,948
Nippon Chemi-Con Corp.*		4,751		70,907
PAX Global Technology Ltd.		23,334		19,221
Shimadzu Corp.		1,675		52,389
Sunny Optical Technology Group Co. Ltd.		17,811		188,214


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	1,683,604

ENERGY EQUIPMENT & SERVICES – 0.3%
China Oilfield Services Ltd., Class H		320,500		376,980
Schlumberger NV		6,838		337,455
Trican Well Service Ltd.		13,737		32,141


TOTAL ENERGY EQUIPMENT & SERVICES			$	746,576

ENTERTAINMENT – 0.4%
Bilibili, Inc., ADR*		8,626		175,625
Capcom Co. Ltd.		513		19,277
DeNA Co. Ltd.*		6,468		90,842
NetEase, Inc., ADR		3,072		273,807
NetEase, Inc.		13,323		237,181
Nexon Co. Ltd.		138		3,118
Nintendo Co. Ltd.		1,565		66,164
Square Enix Holdings Co. Ltd.		1,606		79,030


TOTAL ENTERTAINMENT			$	945,044

FINANCIAL SERVICES – 2.1%
Berkshire Hathaway, Inc., Class B*		2,134		701,126
Block, Inc.*		4,312		262,126



Description	Number of Shares		Value

Edenred		17,742	$	1,152,763
FleetCor Technologies, Inc.*		1,405		300,558
Investor AB, Class B		5,189		111,476
Jack Henry & Associates, Inc.		172		28,094
Mastercard, Inc., Class A		2,113		803,003
Mitsubishi HC Capital, Inc.		6,106		31,695
Visa, Inc., Class A		4,546		1,057,991


TOTAL FINANCIAL SERVICES			$	4,448,832

FOOD PRODUCTS – 1.7%
Astral Foods Ltd.		4,766		43,807
Barry Callebaut AG		18		38,432
Campbell Soup Co.		502		27,259
Chocoladefabriken Lindt & Spruengli AG		5		61,736
Conagra Brands, Inc.		1,100		41,756
General Mills, Inc.		1,419		125,766
Hershey Co. (The)		351		95,844
Hormel Foods Corp.		714		28,874
J.M. Smucker Co. (The)		253		39,066
Kellogg Co.		6,637		463,064
Lamb Weston Holdings, Inc.		3,459		386,751
McCormick & Co., Inc.		591		51,919
MEIJI Holdings Co. Ltd.		1,482		35,760
Nestle SA		5,641		723,682
Nisshin Seifun Group, Inc.		1,804		21,867
Nissin Foods Holdings Co. Ltd.		578		55,726
Nomad Foods Ltd.*		33,987		638,956
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		366,830		25,401
Thai Union Group PCL, Class F		128,133		51,852
Toyo Suisan Kaisha Ltd.		2,364		105,545
Tyson Foods, Inc., Class A		4,503		281,392
Ulker Biskuvi Sanayi AS*		31,482		48,592
WH Group Ltd.		235,038		130,855
Yihai International Holding Ltd.*		39,229		104,117


TOTAL FOOD PRODUCTS			$	3,628,019

GAS UTILITIES – 0.6%
Atmos Energy Corp.		1,682		191,983
China Gas Holdings Ltd.		39,259		50,506
Enagas SA		1,284		25,707
ENN Energy Holdings Ltd.		57,469		787,992
Kunlun Energy Co. Ltd.		122,000		113,095
Osaka Gas Co. Ltd.		1,694		28,021
Snam SpA		10,214		56,766
Tokyo Gas Co. Ltd.		382		7,824


TOTAL GAS UTILITIES			$	1,261,894

GROUND TRANSPORTATION – 1.1%
Canadian National Railway Co.		13,646		1,626,622
Central Japan Railway Co.		278		34,416
East Japan Railway Co.		488		27,924
Tobu Railway Co. Ltd.		158		4,033
Uber Technologies, Inc.*		14,936		463,763
U-Haul Holding Co.		4,713		254,973
West Japan Railway Co.		128		5,548


TOTAL GROUND TRANSPORTATION			$	2,417,279



Description	Number of Shares		Value

HEALTH CARE EQUIPMENT & SUPPLIES – 2.5%
Abbott Laboratories		4,973	$	549,367
Asahi Intecc Co. Ltd.		179		3,239
Becton Dickinson & Co.		141		37,268
Coloplast A/S, Class B		611		88,033
DexCom, Inc.*		2,914		353,585
DiaSorin SpA		129		14,011
Hologic, Inc.*		5,481		471,421
Hoya Corp.		479		50,226
ICU Medical, Inc.*		3,111		588,415
Insulet Corp.*		1,866		593,463
Koninklijke Philips NV		10,679		225,455
Medtronic PLC		11,417		1,038,376
Microport Scientific Corp.*		36,600		81,211
Paramount Bed Holdings Co. Ltd.		1,931		34,242
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		109,191		186,323
Siemens Healthineers AG		1,349		84,077
Stryker Corp.		2,907		871,083
Sysmex Corp.		385		24,764


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	5,294,559

HEALTH CARE PROVIDERS & SERVICES – 2.7%
Alfresa Holdings Corp.		6,385		92,451
BML, Inc.		2,916		65,489
Chemed Corp.		1,131		623,464
Elevance Health, Inc.		957		448,498
Fresenius SE & Co. KGaA		6,209		179,899
HCA Healthcare, Inc.		2,995		860,553
Humana, Inc.		830		440,307
McKesson Corp.		1,082		394,108
Molina Healthcare, Inc.*		1,822		542,755
Netcare Ltd.		77,868		68,004
UnitedHealth Group, Inc.		4,140		2,037,253


TOTAL HEALTH CARE PROVIDERS & SERVICES			$	5,752,781

HEALTH CARE TECHNOLOGY – 0.1%
Veeva Systems, Inc., Class A*		1,714		306,943

HOTELS, RESTAURANTS & LEISURE – 2.4%
Airbnb, Inc., Class A*		3,481		416,571
Aramark		5,100		176,970
Choice Hotels International, Inc.		2,688		342,774
Compass Group PLC		22,202		585,710
Evolution AB		40		5,344
Flutter Entertainment PLC*		2,493		499,592
H World Group Ltd., ADR*		5,562		260,858
La Francaise des Jeux SAEM		538		22,995
McDonald’s Corp.		3,598		1,064,108
McDonald’s Holdings Co. Japan Ltd.		799		33,287
Meituan, Class B*		42,160		720,534
Sands China Ltd.*		264,200		946,211


TOTAL HOTELS, RESTAURANTS & LEISURE			$	5,074,954

HOUSEHOLD DURABLES – 0.8%
Casio Computer Co. Ltd.		9,172		87,270
Coway Co. Ltd.		2,568		94,288
De’ Longhi SpA		3,481		80,884
Garmin Ltd.		367		36,029



Description	Number of Shares		Value

Lennar Corp., Class A		2,763	$	311,694
Nikon Corp.		9,055		93,602
NVR, Inc.*		117		683,280
Persimmon PLC		1,655		27,390
Sekisui Chemical Co. Ltd.		3,073		43,736
Sekisui House Ltd.		7,772		159,782
Sony Group Corp.		2,158		195,242


TOTAL HOUSEHOLD DURABLES			$	1,813,197

HOUSEHOLD PRODUCTS – 1.3%
Church & Dwight Co., Inc.		373		36,226
Clorox Co. (The)		167		27,659
Colgate-Palmolive Co.		10,321		823,616
Henkel AG & Co. KGaA		1,484		109,748
Procter & Gamble Co. (The)		5,866		917,325
Reckitt Benckiser Group PLC		11,183		903,696
Unicharm Corp.		969		39,118


TOTAL HOUSEHOLD PRODUCTS			$	2,857,388

INDUSTRIAL CONGLOMERATES – 0.2%
3M Co.		1,323		140,529
Hikari Tsushin, Inc.		794		108,337
Honeywell International, Inc.		381		76,139


TOTAL INDUSTRIAL CONGLOMERATES			$	325,005

INDUSTRIAL REITS – 0.1%
LaSalle Logiport REIT		103		122,364

INSURANCE – 7.6%
Admiral Group PLC		916		26,623
Ageas SA		3,946		175,816
AIA Group Ltd.		245,674		2,674,671
Arch Capital Group Ltd.*		6,327		474,968
Arthur J. Gallagher & Co.		6,223		1,294,757
Assicurazioni Generali SpA		8,788		183,037
AXA SA		50,891		1,661,091
Baloise Holding AG		205		34,316
Brown & Brown, Inc.		571		36,767
Caixa Seguridade Participacoes S/A		59,909		113,265
China Pacific Insurance Group Co. Ltd., Class H		192,502		575,010
China Reinsurance Group Corp., Class H		966,716		74,061
Chubb Ltd.		5,448		1,098,099
Dai-ichi Life Holdings, Inc.		16,303		303,248
Enstar Group Ltd.*		2,061		495,876
Gjensidige Forsikring ASA		596		10,382
Globe Life, Inc.		6,635		720,030
Intact Financial Corp.		10,962		1,658,156
Markel Corp.*		407		556,992
Marsh & McLennan Cos., Inc.		3,604		649,405
MS&AD Insurance Group Holdings, Inc.		11,651		382,413
Muenchener Rueckversicherungs AG		19		7,141
Old Mutual Ltd.		130,180		82,808
Phoenix Group Holdings PLC		680		5,066
Principal Financial Group, Inc.		3,398		253,797
Progressive Corp. (The)		2,887		393,787
Sampo OYJ, Class A		2,235		113,348
Sompo Holdings, Inc.		2,677		111,710
Swiss Life Holding AG		31		20,462



Description	Number of Shares		Value

T&D Holdings, Inc.		75,487	$	924,440
Tokio Marine Holdings, Inc.		35,382		711,427
Tongyang Life Insurance Co. Ltd.*		7,848		23,205
Travelers Cos., Inc. (The)		439		79,520
Tryg A/S		1,828		43,201
Willis Towers Watson PLC		257		59,521
Zurich Insurance Group AG		279		135,302


TOTAL INSURANCE			$	16,163,718

INTERACTIVE MEDIA & SERVICES – 2.7%
Alphabet, Inc., Class A*		21,739		2,333,464
Alphabet, Inc., Class C*		4,757		514,802
Baidu, Inc., Class A*		1,342		20,200
Kanzhun Ltd., ADR*		10,344		191,261
Meta Platforms, Inc., Class A*		4,201		1,009,584
Tencent Holdings Ltd.		36,297		1,612,172


TOTAL INTERACTIVE MEDIA & SERVICES			$	5,681,483

IT SERVICES – 1.8%
Accenture PLC, Class A		2,533		709,974
BIPROGY Inc		4,342		104,684
Capgemini SE		3,081		561,843
Cognizant Technology Solutions Corp., Class A		9,437		563,483
EPAM Systems, Inc.*		70		19,771
Gartner, Inc.*		1,976		597,661
GoDaddy, Inc., Class A*		12,657		957,882
International Business Machines Corp.		655		82,798
Itochu Techno-Solutions Corp.		185		4,791
Nomura Research Institute Ltd.		454		11,422
NS Solutions Corp.		4,483		122,005
Obic Co. Ltd.		357		55,005
Otsuka Corp.		401		14,596


TOTAL IT SERVICES			$	3,805,915

LEISURE PRODUCTS – 0.1%
Bandai Namco Holdings, Inc.		2,538		57,652
Hasbro, Inc.		311		18,418
Sega Sammy Holdings, Inc.		3,455		64,579
Shimano, Inc.		247		38,199


TOTAL LEISURE PRODUCTS			$	178,848

LIFE SCIENCES TOOLS & SERVICES – 0.6%
Agilent Technologies, Inc.		702		95,072
CMIC Holdings Co. Ltd.		1,630		23,333
Danaher Corp.		2,302		545,367
Hangzhou Tigermed Consulting Co. Ltd.,
Class H		25,895		215,711
ICON PLC*		1,694		326,417
Thermo Fisher Scientific, Inc.		256		142,054


TOTAL LIFE SCIENCES TOOLS & SERVICES			$	1,347,954

MACHINERY – 2.5%
Amada Co. Ltd.		11,350		105,975
Daimler Truck Holding AG*		6,448		213,061
Duerr AG		1,860		64,536
Ebara Corp.		2,171		94,984
Fortive Corp.		11,998		756,954
Fuji Corp.		3,886		65,181



Description	Number of Shares		Value

Graco, Inc.		2,381	$	188,790
Hino Motors Ltd.*		16,572		65,296
Hisaka Works Ltd.		3,030		20,337
IDEX Corp.		1,822		375,915
Kone OYJ, Class B		11,531		657,852
Makino Milling Machine Co. Ltd.		2,529		92,503
Makita Corp.		5,621		158,572
MISUMI Group, Inc.		2,061		51,993
Nordson Corp.		123		26,606
OKUMA Corp.		2,010		89,257
OSG Corp.		10,208		143,399
Otis Worldwide Corp.		5,739		489,537
PACCAR, Inc.		6,773		505,875
Schindler Holding AG		157		35,085
SKF AB, Class B		10,426		188,832
SMC Corp.		176		87,779
Spirax-Sarco Engineering PLC		368		51,424
Sumitomo Heavy Industries Ltd.		5,060		122,260
THK Co. Ltd.		10,328		231,708
Toyota Industries Corp.		662		38,474
Volvo AB, Class B		16,046		329,917
Wartsila OYJ Abp		12,171		141,149


TOTAL MACHINERY			$	5,393,251

MARINE TRANSPORTATION – 0.0%**
Kuehne + Nagel International AG		20		5,925

MEDIA – 1.4%
Cable One, Inc.		287		217,664
Comcast Corp., Class A		11,108		459,538
Criteo SA, ADR*		549		17,266
Fuji Media Holdings, Inc.		4,390		41,155
Hakuhodo DY Holdings, Inc.		7,220		85,076
Megacable Holdings SAB de CV		33,780		91,911
Metropole Television SA		5,265		85,003
Nippon Television Holdings, Inc.		17,268		155,386
Omnicom Group, Inc.		4,942		447,597
Publicis Groupe SA		4,033		329,726
RTL Group SA		2,577		120,795
Television Francaise 1		12,138		97,817
TV Asahi Holdings Corp.		6,519		75,361
WPP PLC		56,481		658,253


TOTAL MEDIA			$	2,882,548

METALS & MINING – 1.1%
Anglo American PLC		8,800		271,165
Asahi Holdings, Inc.		7,386		108,739
Barrick Gold Corp.		9,217		175,245
Centamin PLC		59,062		76,655
Centerra Gold, Inc.		11,571		78,230
Dowa Holdings Co. Ltd.		2,570		83,963
Eldorado Gold Corp.*		6,564		72,532
Endeavour Mining PLC		4,610		118,682
Fresnillo PLC		10,481		93,796
Glencore PLC		45,257		267,136
Kinross Gold Corp.		5,966		30,128
Kyoei Steel Ltd.		4,071		55,043
Maruichi Steel Tube Ltd.		3,577		80,916



Description	Number of Shares		Value

Neturen Co. Ltd.		5,815	$	30,882
Norsk Hydro ASA		4,017		29,561
OceanaGold Corp.		29,938		68,501
Rio Tinto PLC		10,495		667,192
Yamato Kogyo Co. Ltd.		2,351		92,364
Yodogawa Steel Works Ltd.		2,033		42,610


TOTAL METALS & MINING			$	2,443,340

MULTI-UTILITIES – 1.3%
Consolidated Edison, Inc.		170		16,740
Dominion Energy, Inc.		1,692		96,681
Engie SA		111,571		1,785,614
National Grid PLC		57,620		826,151
WEC Energy Group, Inc.		761		73,186


TOTAL MULTI-UTILITIES			$	2,798,372

OFFICE REITS – 0.0%**
Japan Real Estate Investment Corp.		12		47,549
Nippon Building Fund, Inc.		12		50,318


TOTAL OFFICE REITS			$	97,867

OIL, GAS & CONSUMABLE FUELS – 4.1%
ARC Resources Ltd.		5,140		63,849
BP PLC		66,824		448,322
Cameco Corp.		2,837		78,000
Chevron Corp.		3,771		635,715
ConocoPhillips		4,167		428,743
Coterra Energy, Inc.		20,206		517,274
Diamondback Energy, Inc.		2,224		316,253
Enbridge, Inc.		17,011		676,372
Eni SpA		29,124		439,988
Equinor ASA		24,828		714,824
Exxon Mobil Corp.		1,871		221,414
Inpex Corp.		11,129		121,785
Shell PLC		22,036		677,126
TC Energy Corp.		15,192		631,407
TotalEnergies SE		33,331		2,129,849
TotalEnergies SE, ADR		8,721		557,533
Ultrapar Participacoes SA		40,342		116,874


TOTAL OIL, GAS & CONSUMABLE FUELS			$	8,775,328

PAPER & FOREST PRODUCTS – 0.1%
Mondi PLC		8,278		131,913
Oji Holdings Corp.		1,550		6,091
UPM-Kymmene OYJ		1,007		32,113


TOTAL PAPER & FOREST PRODUCTS			$	170,117

PASSENGER AIRLINES – 0.4%
easyJet PLC*		23,389		146,740
Japan Airlines Co. Ltd.		4,917		93,800
Southwest Airlines Co.		17,088		517,595


TOTAL PASSENGER AIRLINES			$	758,135

PERSONAL CARE PRODUCTS – 0.4%
Beiersdorf AG		330		46,078
Kobayashi Pharmaceutical Co. Ltd.		485		30,265
Unilever PLC		12,995		723,589


TOTAL PERSONAL CARE PRODUCTS			$	799,932



Description	Number of Shares		Value

PHARMACEUTICALS – 7.2%
Astellas Pharma, Inc.		12,387	$	186,605
AstraZeneca PLC		10,865		1,598,926
AstraZeneca PLC, ADR		15,487		1,133,958
Bristol-Myers Squibb Co.		2,483		165,790
Chugai Pharmaceutical Co. Ltd.		8,376		216,148
Eisai Co. Ltd.		1,089		62,839
Eli Lilly & Co.		2,335		924,333
Genomma Lab Internacional SAB de CV, Class B		96,006		79,722
GSK PLC		22,149		399,417
Johnson & Johnson		9,378		1,535,179
Kissei Pharmaceutical Co. Ltd.		2,563		51,925
Kyowa Kirin Co. Ltd.		5,999		133,486
Merck & Co., Inc.		12,395		1,431,251
Merck KGaA		3,039		545,102
Nippon Shinyaku Co. Ltd.		3,032		138,649
Novartis AG		31,397		3,211,721
Novo Nordisk A/S, Class B		1,427		237,388
Ono Pharmaceutical Co. Ltd.		6,412		129,106
Otsuka Holdings Co. Ltd.		1,901		64,673
Pfizer, Inc.		40,813		1,587,217
Roche Holding AG		1,962		614,381
Roche Holding AG		176		59,559
Sanofi		1,696		182,775
Takeda Pharmaceutical Co. Ltd.		8,135		269,750
UCB SA		3,974		369,413


TOTAL PHARMACEUTICALS			$	15,329,313

PROFESSIONAL SERVICES – 2.1%
Adecco Group AG		4,740		163,040
Automatic Data Processing, Inc.		2,684		590,480
Bureau Veritas SA		40,582		1,170,186
en Japan, Inc.		4,309		77,348
Experian PLC		15,706		556,069
Hays PLC		71,574		102,684
Nihon M&A Center Holdings, Inc.		703		5,374
Open Up Group, Inc.		5,575		82,589
Pagegroup PLC		14,477		82,619
Paychex, Inc.		775		85,141
Recruit Holdings Co. Ltd.		1,336		37,480
RELX PLC		3,011		100,322
Science Applications International Corp.		6,492		662,379
SGS SA		825		74,659
SThree PLC		7,836		41,578
Wolters Kluwer NV		5,257		696,519


TOTAL PROFESSIONAL SERVICES			$	4,528,467

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3%
CK Asset Holdings Ltd.		24,387		144,203
Daito Trust Construction Co. Ltd.		609		57,720
Daiwa House Industry Co. Ltd.		863		21,997
Mitsubishi Estate Co. Ltd.		24,784		305,445
Swiss Prime Site AG		392		35,484
Wharf Holdings Ltd. (The)		28,387		64,910


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	629,759



Description	Number of Shares		Value

RETAIL REITS – 0.0%**
Japan Metropolitan Fund Invest		16	$	11,715

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.2%
ams-OSRAM AG*		11,700		80,801
Analog Devices, Inc.		1,822		327,741
ASM Pacific Technology Ltd.		14,364		112,932
Broadcom, Inc.		518		324,527
Disco Corp.		801		91,198
Intel Corp.		5,423		168,438
KLA Corp.		910		351,751
Mimasu Semiconductor Industry Co. Ltd.		2,468		47,689
Miraial Co. Ltd.		2,160		24,068
NVIDIA Corp.		2,161		599,656
NXP Semiconductors NV		1,437		235,294
ON Semiconductor Corp.*		2,757		198,394
QUALCOMM, Inc.		2,610		304,848
Rohm Co. Ltd.		1,487		111,954
SolarEdge Technologies, Inc.*		613		175,091
Taiwan Semiconductor Manufacturing Co. Ltd.		27,000		442,141
Texas Instruments, Inc.		6,112		1,021,927
Tokyo Seimitsu Co. Ltd.		1,209		44,603


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	4,663,053

SOFTWARE – 4.1%
ANSYS, Inc.*		209		65,609
Black Knight, Inc.*		12,031		657,374
Cadence Design Systems, Inc.*		186		38,958
Constellation Software, Inc.		902		1,765,466
Dassault Systemes SE		2,644		107,335
Intuit, Inc.		69		30,633
Lumine Group, Inc.*		2,481		33,424
Microsoft Corp.		15,176		4,662,978
Roper Technologies, Inc.		254		115,514
Salesforce, Inc.*		3,006		596,300
ServiceNow, Inc.*		756		347,321
Synopsys, Inc.*		370		137,388
Topicus.com, Inc.*		515		34,305
Trend Micro, Inc.		536		26,191
Tyler Technologies, Inc.*		99		37,524


TOTAL SOFTWARE			$	8,656,320

SPECIALIZED REITS – 1.1%
American Tower Corp.		4,747		970,239
Public Storage		2,365		697,273
VICI Properties, Inc.		21,382		725,705


TOTAL SPECIALIZED REITS			$	2,393,217

SPECIALTY RETAIL – 1.5%
Adastria Co. Ltd.		1,292		24,365
CarMax, Inc.*		2,587		181,168
CECONOMY AG*		14,050		42,874
China Meidong Auto Holdings Ltd.		87,885		136,381
China Tourism Group Duty Free Corp. Ltd., Class H*		519		11,102
Home Depot, Inc. (The)		1,931		580,343
Industria de Diseno Textil SA		20,101		691,007
Kingfisher PLC		30,279		98,137



Description	Number of Shares		Value

K’s Holdings Corp.		6,667	$	59,091
Nitori Holdings Co. Ltd.		341		43,422
Ross Stores, Inc.		1,936		206,629
Shimamura Co. Ltd.		420		38,558
TJX Cos., Inc. (The)		7,971		628,274
Ulta Beauty, Inc.*		786		433,424
USS Co. Ltd.		1,574		26,449
Xebio Holdings Co. Ltd.		7,098		62,994


TOTAL SPECIALTY RETAIL			$	3,264,218

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.4%
Apple, Inc.		15,824		2,685,016
Canon, Inc.		3,346		79,693
Catcher Technology Co. Ltd.		15,497		91,419
Elecom Co. Ltd.		5,794		54,983
Quadient SA		3,911		77,743


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	2,988,854

TEXTILES, APPAREL & LUXURY GOODS – 0.9%
Cie Financiere Richemont SA, Class A		3,577		591,281
Hermes International		72		156,318
Lululemon Athletica, Inc.*		213		80,925
NIKE, Inc., Class B		5,844		740,552
Sanyo Shokai Ltd.		2,000		23,515
Swatch Group AG - BR (The)		532		182,509
Yue Yuen Industrial Holdings Ltd.		36,351		54,706


TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	1,829,806

TOBACCO – 0.7%
British American Tobacco PLC		2,413		89,150
Japan Tobacco, Inc.		2,252		48,456
Philip Morris International, Inc.		14,016		1,401,180


TOTAL TOBACCO			$	1,538,786

TRADING COMPANIES & DISTRIBUTORS – 1.7%
AerCap Holdings NV*		10,339		582,706
Brenntag SE		17,116		1,395,034
Fastenal Co.		4,387		236,196
Inaba Denki Sangyo Co. Ltd.		2,659		59,391
ITOCHU Corp.		7,916		262,612
Marubeni Corp.		2,025		28,741
Mitsubishi Corp.		5,486		203,398
Sumitomo Corp.		4,844		86,819
Triton International Ltd.		8,787		726,421
WW Grainger, Inc.		27		18,781


TOTAL TRADING COMPANIES & DISTRIBUTORS			$	3,600,099

TRANSPORTATION INFRASTRUCTURE – 0.1%
Kamigumi Co. Ltd.		6,317		138,443

WATER UTILITIES – 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP*		8,097		74,382
Severn Trent PLC		1,288		47,442


TOTAL WATER UTILITIES			$	121,824

WIRELESS TELECOMMUNICATION SERVICES – 0.9%
Empresa Nacional de Telecomunicaciones SA		17,644		73,396
KDDI Corp.		36,846		1,150,263

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

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

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets and liabilities carried at fair value:



	Level 1			Level 2			Level 3	Total
Financial Futures Contracts	$	(4,296,929	)	$	—		$—	$	(4,296,929	)


Total Liabilities - Other Financial Instruments	$	(4,296,929	)	$	(751,363	)	$—	$	(5,048,292	)

^(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 April 30, 2023, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

Settlement Date

Counterparty

Contracts to
Deliver/Receive

Contract
Amount

Contract
at Value

Unrealized
Appreciation

Unrealized
(Depreciation)

CONTRACTS SOLD

6/21/2023

Morgan Stanley

938,700,000 JPY

7,017,872

6,947,446

$70,426

$ —

6/21/2023

TD Securities Ltd.

8,975,000 CAD

6,500,867

6,631,770

—

(130,903

)

6/21/2023

Deutsche Bank AG

7,066,000 EUR

7,586,482

7,810,298

—

(223,816

)

6/21/2023

Goldman Sachs & Co.

5,445,000 GBP

6,454,160

6,850,804

—

(396,644

)

UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS

$70,426

$(751,363)

At April 30, 2023, 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		June 2023		67	$	6,174,512	$	5,945,580		$228,932		$ —

E-Mini S&P 500 Index		June 2023		94		18,589,372		19,685,950		—		(1,096,578	)

E-Mini S&P Mid 400 Index		June 2023		37		9,138,305		9,252,220		—		(113,915	)

Euro STOXX 50 Index		June 2023		56		2,482,644		2,665,716		—		(183,072	)

FTSE 100 Index		June 2023		41		3,888,656		4,051,291		—		(162,635	)

HSCE Index		May 2023		147		6,285,045		6,273,528		11,517		—

MSCI EAFE Index		June 2023		324		32,505,407		34,823,520		—		(2,318,113	)

S&P TSX 60 Index		June 2023		28		4,920,813		5,160,424		—		(239,611	)

TOPIX Index		June 2023		57		8,426,926		8,609,931		—		(183,005	)

UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$240,449		$(4,296,929	)

^(a)	The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2023. 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 April 30, 2023, the Fund’s portfolio composition was as follows:


	Percentage of Total Net Assets
Real Estate Related Securities:
Real Estate Investment Trusts		29.7	%
Exchange-Traded Funds		11.7	%
Common Stocks		6.5	%
Investment Companies		1.9	%
Rights		0.0	%⁽¹⁾
Commodity Related Securities:
Investment Companies		46.0	%
Exchange-Traded Funds		1.7	%
Cash Equivalents⁽²⁾		2.3	%
Cash Collateral Invested for Securities on Loan⁽³⁾		0.7	%
Other Assets and Liabilities - Net⁽⁴⁾		(0.5	)%

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 repurchase agreements.

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

PORTFOLIO OF INVESTMENTS

April 30, 2023



Description	Number of Shares		Value

REAL ESTATE RELATED SECURITIES – 49.8%

COMMON STOCKS – 6.5%

CONSTRUCTION & ENGINEERING – 0.0%**
Ashtrom Group Ltd.⁰		—	$	2

DIVERSIFIED – 0.0%**
Argosy Property Ltd.		78,356		54,311
Centuria Capital Group		52,289		59,914
Star Holdings*		1,373		22,160


TOTAL DIVERSIFIED			$	136,385

DIVERSIFIED REAL ESTATE ACTIVITIES – 2.7%
Airport City Ltd.*		6,600		84,527
Allreal Holding AG		1,360		241,344
City Developments Ltd.		45,500		238,024
Daito Trust Construction Co. Ltd.		6,000		568,666
Daiwa House Industry Co. Ltd.		58,000		1,478,332
DIC Asset AG		5,757		43,823
Gemdale Properties & Investment Corp. Ltd.		358,000		23,776
Heiwa Real Estate Co. Ltd.		4,300		123,042
Isras Investment Co. Ltd.		124		21,580
JINUSHI Co. Ltd.		1,900		27,228
Kerry Properties Ltd.		65,000		167,707
Lendlease Corp. Ltd.		58,795		291,999
Mitsubishi Estate Co. Ltd.		119,600		1,473,987
Mitsui Fudosan Co. Ltd.		84,000		1,668,410



Description	Number of Shares		Value

New World Development Co. Ltd.		124,000	$	330,693
Nomura Real Estate Holdings, Inc.		11,500		286,569
Property & Building Corp. Ltd.*		345		15,829
SAMTY Co. Ltd.		3,100		50,599
Shun Tak Holdings Ltd.*		224,000		40,662
SRE Holdings Corp.*		300		6,729
St. Joe Co. (The)		2,746		112,861
Starts Corp., Inc.		3,100		58,583
Sumitomo Realty & Development Co. Ltd.		41,500		968,993
Sun Frontier Fudousan Co. Ltd.		3,900		37,860
Sun Hung Kai Properties Ltd.		133,000		1,851,798
Tokyo Tatemono Co. Ltd.		17,900		226,703
Tokyu Fudosan Holdings Corp.		53,600		272,009
UOL Group Ltd.		40,500		211,283
Wharf Holdings Ltd. (The)		122,000		278,966
YH Dimri Construction & Development Ltd.		637		34,436


TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	11,237,018

INDUSTRIAL – 0.0%**
Nexus Industrial REIT		3,140		22,991

OFFICE – 0.0%**
Precinct Properties New Zealand Ltd.		110,972		85,147

REAL ESTATE DEVELOPMENT – 0.7%
Aedas Homes SA		1,862		28,545
Cedar Woods Properties Ltd.		7,515		24,408



Description	Number of Shares		Value

CK Asset Holdings Ltd.		170,000	$	1,005,232
DREAM Unlimited Corp., Class A		1,602		26,711
Far East Consortium International Ltd.		85,800		21,674
Forestar Group, Inc.*		1,558		30,132
Goldcrest Co. Ltd.		1,500		20,107
Greenland Hong Kong Holdings Ltd.		101,000		7,751
Henderson Land Development Co. Ltd.		114,735		408,540
Howard Hughes Corp. (The)*		3,529		273,039
Immobel SA		315		15,715
Instone Real Estate Group SE		5,505		44,045
K Wah International Holdings Ltd.		135,000		46,651
Katitas Co. Ltd.		4,100		80,068
Lifestyle Communities Ltd.		8,810		99,749
Mirarth Holdings, Inc.		11,700		33,014
Nexity SA		5,723		150,142
Sino Land Co. Ltd.		274,000		369,235
Tosei Corp.		2,300		27,370


TOTAL REAL ESTATE DEVELOPMENT			$	2,712,128

REAL ESTATE OPERATING COMPANIES – 3.1%
ADLER Group SA*		15,042		9,179
Aeon Mall Co. Ltd.		10,600		142,915
AFI Properties Ltd.*		503		13,408
Akelius Residential Property AB, Class D		21,145		42,383
Alony Hetz Properties & Investments Ltd.		15,256		120,466
Amot Investments Ltd.		22,738		120,500
Aroundtown SA		93,245		127,036
Atrium Ljungberg AB, Class B		6,191		115,138
Azrieli Group Ltd.		3,773		220,027
Big Shopping Centers Ltd.*		1,300		110,870
Blue Square Real Estate Ltd.		878		44,035
CA Immobilien Anlagen AG*		4,455		129,247
Capitaland India Trust		77,600		63,546
Capitaland Investment Ltd.		232,400		650,540
Castellum AB		24,414		296,779
Catena AB		3,309		126,934
Cibus Nordic Real Estate AB		6,754		72,241
Citycon OYJ*		7,281		55,017
CTP NV		8,799		115,447
Deutsche Wohnen SE		5,914		133,908
DigitalBridge Group, Inc.		12,599		156,606
Dios Fastigheter AB		11,065		78,965
Electra Real Estate Ltd.		2,021		21,086
Entra ASA		15,547		157,983
Fabege AB		23,153		185,680
Fastighets AB Balder, Class B*		53,856		250,744
FRP Holdings, Inc.*		573		33,234
G City, Ltd.		8,975		28,175
Gav-Yam Lands Corp. Ltd.		5,012		36,172
Grainger PLC		65,116		211,853
Grand City Properties SA		10,219		85,344
Hang Lung Group Ltd.		79,000		138,884
Hang Lung Properties Ltd.		157,000		286,984
Hongkong Land Holdings Ltd.		99,700		443,709
Hufvudstaden AB, Class A		11,486		163,789
Hulic Co. Ltd.		52,200		449,445
Hysan Development Co. Ltd.		56,001		158,261
Ichigo, Inc.		19,800		37,885



Description	Number of Shares		Value

Intershop Holding AG		171	$	120,074
Israel Canada T.R Ltd.		9,850		18,197
Keihanshin Building Co. Ltd.		4,900		46,228
Kennedy-Wilson Holdings, Inc.		10,343		173,555
Kojamo OYJ		12,869		159,789
LEG Immobilien SE		6,371		396,552
Leopalace21 Corp.*		25,000		65,967
Mega Or Holdings Ltd.		1,802		35,599
Melisron Ltd.		2,063		137,916
Mivne Real Estate KD Ltd.		49,729		139,304
Mobimo Holding AG		620		166,277
Neobo Fastigheter AB*		6,805		6,715
Norstar Holdings, Inc.*		2,349		5,731
NP3 Fastigheter AB		3,018		58,093
Nyfosa AB		13,690		93,816
Pandox AB		7,020		83,646
Phoenix Spree Deutschland Ltd.		8,227		20,944
Platzer Fastigheter Holding AB, Class B		4,270		35,975
PSP Swiss Property AG		3,995		470,456
Sagax AB, Class D		19,966		52,742
Sagax AB, Class B		15,745		386,205
Samhallsbyggnadsbolaget i Norden AB, Class D		21,008		31,825
Samhallsbyggnadsbolaget i Norden AB		95,179		111,960
Sirius Real Estate Ltd.		80,598		81,719
Summit Real Estate Holdings Ltd.		2,479		27,503
Swire Properties Ltd.		93,400		251,034
Swiss Prime Site AG		6,660		602,861
TAG Immobilien AG		16,504		141,322
TKP Corp.*		1,700		34,109
TOC Co. Ltd.		5,500		27,088
Tricon Residential, Inc.		22,054		176,777
VGP NV		1,068		111,809
Vonovia SE		67,984		1,474,472
Wallenstam AB, Class B		35,212		139,724
WeWork, Inc., Class A*		29,746		12,538
Wharf Real Estate Investment Co. Ltd.		140,000		807,340
Wihlborgs Fastigheter AB		22,830		184,534


TOTAL REAL ESTATE OPERATING COMPANIES			$	12,524,811

RETAIL – 0.0%**
Kiwi Property Group Ltd.		181,673		103,594

SINGLE-FAMILY RESIDENTIAL – 0.0%**
Bluerock Homes Trust, Inc.*		675		13,338


TOTAL COMMON STOCKS (COST $32,619,716)			$	26,835,414

EXCHANGE-TRADED FUNDS – 11.7%

REAL ESTATE – 11.7%
Balanced Commercial Property Trust Ltd.		64,435		66,724
Schwab U.S. REIT ETF^#		1,423,000		27,805,420
Vanguard Global ex-U.S. Real Estate ETF		480,700		20,299,961


TOTAL REAL ESTATE			$	48,172,105


TOTAL EXCHANGE-TRADED FUNDS (COST $48,797,261)			$	48,172,105



Description	Number of Shares		Value

INVESTMENT COMPANY – 1.9%

EQUITY FUNDS – 1.9%
Tortoise Energy Infrastructure Total Return Fund, Institutional Class		590,124	$	7,795,542


TOTAL INVESTMENT COMPANY (COST $7,149,302)			$	7,795,542

REAL ESTATE INVESTMENT TRUSTS – 29.7%

DATA CENTER – 2.1%
Digital Realty Trust, Inc.		25,173		2,495,903
Equinix, Inc.		8,108		5,870,841
Keppel DC REIT		117,495		189,973


TOTAL DATA CENTER			$	8,556,717

DIVERSIFIED – 2.4%
Abacus Property Group		34,498		61,084
ABRDN PROPERTY INCOME TRUST, LTD.		30,168		20,881
Activia Properties, Inc.		64		186,487
AEW UK REIT PLC		21,753		26,821
Alexander & Baldwin, Inc.		7,229		139,014
American Assets Trust, Inc.		4,901		89,198
Armada Hoffler Properties, Inc.		5,648		66,195
Artis REIT		4,368		22,697
British Land Co. PLC (The)		81,828		412,269
Broadstone Net Lease, Inc.		15,059		243,504
Charter Hall Group		44,505		331,111
Charter Hall Long Wale REIT		56,185		162,643
Cromwell European REIT		21,500		36,522
CTO Realty Growth, Inc.		1,582		26,641
Custodian Property Income REIT PLC		42,620		50,648
Daiwa House REIT Investment Corp.		186		395,746
Empire State Realty Trust, Inc., Class A		16,562		101,194
ESCON Japan REIT Investment Corp.		25		20,617
Essential Properties Realty Trust, Inc.		12,404		306,999
Gladstone Commercial Corp.		2,455		29,313
Global Net Lease, Inc.		11,392		128,274
GPT Group (The)		166,819		490,535
Growthpoint Properties Australia Ltd.		26,398		57,222
H&R REIT		12,857		111,503
Hankyu Hanshin REIT, Inc.		53		56,798
Heiwa REIT, Inc.		110		128,836
Hulic REIT, Inc.		120		138,264
ICADE		3,089		145,078
Land Securities Group PLC		65,429		555,220
Lar Espana Real Estate Socimi SA		4,971		28,089
LXI REIT PLC		162,828		215,973
Merlin Properties Socimi SA		28,879		255,342
Mirvac Group		343,631		551,674
NIPPON REIT Investment Corp.		49		115,023
Nomura Real Estate Master Fund, Inc.		412		482,084
NTT UD REIT Investment Corp.		141		135,889
One Liberty Properties, Inc.		890		19,598
Picton Property Income Ltd.		63,920		61,338
REIT 1 Ltd.		15,048		64,509
Schroder REIT Ltd.		45,679		26,706
Sekisui House REIT, Inc.		383		217,099
Sella Capital Real Estate Ltd.		19,590		40,457



Description	Number of Shares		Value

Star Asia Investment Corp.		162	$	66,312
Stockland		207,890		616,265
Sunlight REIT		139,000		53,902
Suntec REIT		186,000		188,545
Takara Leben Real Estate Investment Corp.		43		28,918
Tokyu REIT, Inc.		96		128,250
Tosei REIT Investment Corp.		34		32,439
UK Commercial Property REIT Ltd.		66,143		44,654
United Urban Investment Corp.		266		295,345
WP Carey, Inc.^#		18,455		1,369,361
Yuexiu REIT		325,000		85,464


TOTAL DIVERSIFIED			$	9,664,550

HEALTH CARE – 2.5%
Aedifica SA		3,480		290,691
Assura PLC		251,668		160,900
CareTrust REIT, Inc.		8,198		159,779
Cofinimmo SA		2,626		250,874
Community Healthcare Trust, Inc.		1,841		65,889
Diversified Healthcare Trust		35,676		32,586
Global Medical REIT, Inc.		5,565		51,643
Health Care & Medical Investment Corp.		33		39,664
Healthcare Realty Trust, Inc.		33,319		659,050
Healthpeak Properties, Inc.		47,908		1,052,539
Impact Healthcare REIT PLC		38,181		46,998
LTC Properties, Inc.		3,817		127,679
Medical Properties Trust, Inc.^#		51,540		452,006
National Health Investors, Inc.		3,914		194,800
NorthWest Healthcare Properties REIT		10,602		63,776
Omega Healthcare Investors, Inc.		20,398		545,850
Parkway Life REIT		42,700		124,361
Physicians Realty Trust		20,022		288,717
Primary Health Properties PLC		117,554		157,692
Sabra Health Care REIT, Inc.		19,520		222,528
Universal Health Realty Income Trust		1,459		63,467
Ventas, Inc.		35,223		1,692,465
Vital Healthcare Property Trust		72,039		103,892
Welltower, Inc.		41,402		3,279,866


TOTAL HEALTH CARE			$	10,127,712

HOTEL & RESORT – 0.9%
Apple Hospitality REIT, Inc.		18,758		279,307
Ashford Hospitality Trust, Inc.*		5,580		18,972
Braemar Hotels & Resorts, Inc.		5,100		19,380
CapitaLand Ascott Trust		186,747		151,620
CDL Hospitality Trusts		59,214		56,168
Chatham Lodging Trust		5,931		60,733
DiamondRock Hospitality Co.		18,163		147,302
Far East Hospitality Trust		94,900		44,197
Hersha Hospitality Trust, Class A		6,231		39,255
Hoshino Resorts REIT, Inc.		27		140,612
Host Hotels & Resorts, Inc.		60,949		985,545
Hotel Property Investments Ltd., REIT		17,262		39,199
Invincible Investment Corp.		520		224,514
Japan Hotel REIT Investment Corp.		382		215,827
Park Hotels & Resorts, Inc.		20,186		243,241
Pebblebrook Hotel Trust		10,735		152,759
RLJ Lodging Trust		14,219		143,612



Description	Number of Shares		Value

Ryman Hospitality Properties, Inc.		4,700	$	421,402
Service Properties Trust		15,958		139,952
Summit Hotel Properties, Inc.		9,200		59,248
Sunstone Hotel Investors, Inc.		18,168		173,141
Xenia Hotels & Resorts, Inc.		9,642		122,068


TOTAL HOTEL & RESORT			$	3,878,054

INDUSTRIAL – 5.6%
Advance Logistics Investment Corp.		45		45,612
AIMS APAC REIT		43,700		45,020
Americold Realty Trust, Inc.		22,771		673,794
CapitaLand Ascendas REIT		300,800		647,299
Centuria Industrial REIT		60,763		126,363
CRE Logistics REIT, Inc.		77		106,025
Dexus Industria REIT		20,663		38,288
Dream Industrial REIT		12,380		135,601
EastGroup Properties, Inc.		3,818		635,926
ESR-LOGOS REIT		212,393		51,848
First Industrial Realty Trust, Inc.		11,569		607,025
Frasers Logistics & Commercial Trust		286,420		290,699
GLP J-REIT		410		468,456
Goodman Group		149,934		1,932,894
Goodman Property Trust		90,440		122,321
Granite REIT		2,802		174,260
Indus Realty Trust, Inc.		409		27,227
Industrial & Infrastructure Fund Investment Corp.		177		202,845
Industrial Logistics Properties Trust		8,189		16,869
Innovative Industrial Properties, Inc.^#		2,424		166,165
Intervest Offices & Warehouses NV		2,092		43,179
Japan Logistics Fund, Inc.		83		197,112
LaSalle Logiport REIT		152		180,576
LondonMetric Property PLC		87,894		213,165
LXP Industrial Trust		24,141		226,925
Mapletree Industrial Trust		188,570		337,091
Mapletree Logistics Trust		273,250		357,594
Mitsubishi Estate Logistics REIT Investment Corp.		46		141,066
Mitsui Fudosan Logistics Park, Inc.		49		184,121
Montea NV		1,482		129,843
Nippon Prologis REIT, Inc.		242		551,294
Plymouth Industrial REIT, Inc.		2,273		46,006
Prologis, Inc.		80,878		10,129,970
Rexford Industrial Realty, Inc.		16,569		924,053
Segro PLC		105,881		1,114,708
SOSiLA Logistics REIT, Inc.		61		60,661
STAG Industrial, Inc.		15,691		531,454
Terreno Realty Corp.		6,445		396,948
Tritax Big Box REIT PLC		164,924		322,221
Urban Logistics REIT PLC		57,207		101,803
Warehouses De Pauw		13,501		403,703


TOTAL INDUSTRIAL			$	23,108,030

MULTI-FAMILY RESIDENTIAL – 3.2%
Advance Residence Investment Corp.		118		306,163
Altarea SCA		322		42,152
Apartment Income REIT Corp.		13,631		504,074
Apartment Investment & Management Co., Class A		16,412		128,506



Description	Number of Shares		Value

AvalonBay Communities, Inc.		12,316	$	2,221,437
Boardwalk REIT		1,785		76,414
BRT Apartments Corp.		1,574		27,277
Camden Property Trust		9,650		1,061,983
Canadian Apartment Properties REIT		7,253		265,687
Care Property Invest NV		2,766		41,537
Centerspace		1,616		91,110
Civitas Social Housing PLC		58,386		39,149
Clipper Realty, Inc.		9,929		52,127
Comforia Residential REIT, Inc.		60		150,109
Daiwa Securities Living Investments Corp.		192		163,249
Elme Communities		7,567		130,379
Empiric Student Property PLC		51,684		59,973
Equity Residential		29,985		1,896,551
Essex Property Trust, Inc.		5,669		1,245,649
Home REIT PLC		42,087		16,080
Independence Realty Trust, Inc.		19,494		324,575
Ingenia Communities Group		45,700		130,253
InterRent REIT		6,334		60,589
Irish Residential Properties REIT PLC		33,709		38,361
Kenedix Residential Next Investment Corp.		94		147,473
Killam Apartment REIT		4,993		62,023
Mid-America Apartment Communities, Inc.		10,118		1,556,148
Minto Apartment REIT		1,676		17,529
Morguard North American Residential REIT		1,808		22,699
NexPoint Residential Trust, Inc.		2,691		115,525
Nippon Accommodations Fund, Inc.		43		209,024
Samty Residential Investment Corp.		61		51,938
Starts Proceed Investment Corp.		19		32,174
Triple Point Social Housing REIT PLC		36,682		21,671
UDR, Inc.		27,096		1,119,878
UNITE Group PLC (The)		34,895		421,053
Veris Residential, Inc.*		9,191		150,273
Xior Student Housing NV		1,779		56,499


TOTAL MULTI-FAMILY RESIDENTIAL			$	13,057,291

OFFICE – 2.4%
Alexandria Real Estate Equities, Inc.		13,801		1,713,808
Allied Properties REIT		6,285		105,674
Boston Properties, Inc.		12,246		653,447
Brandywine Realty Trust		15,708		61,732
Centuria Office REIT		38,286		36,236
Champion REIT		160,000		66,785
City Office REIT, Inc.		2,823		16,430
CLS Holdings PLC		25,558		43,537
Corporate Office Properties Trust		9,587		219,446
Cousins Properties, Inc.^#		13,130		286,365
Covivio SA		4,040		229,710
Cromwell Property Group		136,773		51,828
Daiwa Office Investment Corp.		30		130,404
Derwent London PLC		9,890		298,580
Dexus		93,667		485,475
Douglas Emmett, Inc.		14,979		192,929
Dream Office REIT		3,839		37,771
Easterly Government Properties, Inc.		8,883		124,984
Equity Commonwealth		9,699		200,963
Franklin Street Properties Corp.		9,107		10,564
GDI Property Group Partnership		37,938		18,026



Description	Number of Shares		Value

Gecina SA		4,735	$	527,113
Global One Real Estate Investment Corp.		81		62,676
Great Portland Estates PLC		24,043		161,273
Highwoods Properties, Inc.		8,953		205,203
Hudson Pacific Properties, Inc.		12,391		68,894
Ichigo Office REIT Investment Corp.		168		108,721
Inmobiliaria Colonial Socimi SA		26,612		170,117
Japan Excellent, Inc.		143		122,362
Japan Prime Realty Investment Corp.		85		221,014
Japan Real Estate Investment Corp.		121		479,451
JBG SMITH Properties		9,549		136,264
Kenedix Office Investment Corp.		74		163,601
Keppel Pacific Oak U.S. REIT		91,600		33,026
Keppel REIT		160,800		105,160
Kilroy Realty Corp.		8,967		262,195
Manulife U.S. REIT		149,700		26,886
Mirai Corp.		131		43,749
Mori Hills REIT Investment Corp.		139		157,097
Mori Trust REIT, Inc.		257		135,243
Nippon Building Fund, Inc.		147		616,403
NSI NV		1,341		30,800
Office Properties Income Trust^#		3,636		23,707
One REIT, Inc.		24		42,465
Orion Office REIT, Inc.		6,503		39,928
Orix JREIT, Inc.		244		315,417
Paramount Group, Inc.		17,642		76,390
Piedmont Office Realty Trust, Inc., Class A		11,198		72,899
Prime U.S. REIT		75,100		19,579
Prosperity REIT		87,000		21,103
Regional REIT Ltd.		34,529		24,023
Sankei Real Estate, Inc.		41		25,253
SL Green Realty Corp.		5,210		123,321
True North Commercial REIT		3,946		8,941
Vornado Realty Trust		13,572		203,716
Workspace Group PLC		21,828		130,929


TOTAL OFFICE			$	9,949,613

OTHER SPECIALIZED – 1.6%
Arena REIT		35,122		87,310
Automotive Properties REIT		3,080		26,120
Charter Hall Social Infrastructure REIT		35,768		71,953
EPR Properties		6,385		267,915
Farmland Partners, Inc.^#		2,902		30,297
Four Corners Property Trust, Inc.		7,305		186,351
Gaming and Leisure Properties, Inc.		22,671		1,178,892
Gladstone Land Corp.		3,132		50,456
Iron Mountain, Inc.		24,715		1,365,257
Rural Funds Group		32,605		42,480
Safehold, Inc.		4,116		114,091
VICI Properties, Inc.		87,942		2,984,751


TOTAL OTHER SPECIALIZED			$	6,405,873

REAL ESTATE OPERATING COMPANIES – 0.1%
Helical PLC		12,067		45,393
Seritage Growth Properties, Class A*^,#		5,575		41,757
Shurgard Self Storage Ltd.		2,600		134,437


TOTAL REAL ESTATE OPERATING COMPANIES			$	221,587



Description	Number of Shares		Value

RETAIL – 5.5%
Acadia Realty Trust		8,750	$	118,213
AEON REIT Investment Corp.		147		168,528
Agree Realty Corp.		7,713		524,407
Alexander’s, Inc.		134		24,933
Brixmor Property Group, Inc.		26,404		563,197
BWP Trust		49,254		126,964
CapitaLand China Trust		120,900		100,830
CapitaLand Integrated Commercial Trust		440,747		672,994
Carmila SA		7,784		131,749
CBL & Associates Properties, Inc.		2,691		62,243
Charter Hall Retail REIT		49,743		128,045
Choice Properties REIT		15,157		163,781
Crombie REIT		4,825		54,915
CT REIT		6,101		72,455
Eurocommercial Properties NV		4,984		119,526
Federal Realty Investment Trust		6,399		632,797
First Capital REIT		10,254		120,413
Fortune REIT		131,000		109,590
Frasers Centrepoint Trust		104,623		173,849
Frontier Real Estate Investment Corp.		44		158,971
Fukuoka REIT Corp.		64		76,897
Getty Realty Corp.^#		4,149		138,286
Hamborner REIT AG		9,415		74,271
Hammerson PLC		292,015		103,138
HMC Capital Ltd.		25,444		66,605
HomeCo Daily Needs REIT		152,785		122,134
InvenTrust Properties Corp.		5,741		129,460
Japan Metropolitan Fund Invest		610		446,651
Kenedix Retail REIT Corp.		64		115,150
Kimco Realty Corp.		54,450		1,044,895
Kite Realty Group Trust		19,182		397,451
Klepierre SA		16,650		421,747
Lendlease Global Commercial REIT		145,125		76,352
Link REIT		224,800		1,470,392
Macerich Co. (The)		18,914		188,951
Mapletree Pan Asia Commercial Trust		187,123		247,873
Mercialys SA		4,343		43,671
National Retail Properties, Inc.		15,976		694,956
Necessity Retail REIT, Inc. (The)		15,917		87,703
NETSTREIT Corp.		2,616		47,664
NewRiver REIT PLC		17,295		17,614
Phillips Edison & Co., Inc.		10,352		326,502
Primaris REIT		2,451		24,169
Realty Income Corp.		54,704		3,437,599
Regency Centers Corp.		13,483		828,261
Region RE Ltd.		98,776		161,643
Retail Estates NV		1,199		88,832
Retail Opportunity Investments Corp.		10,776		140,411
RioCan REIT		12,827		198,627
RPT Realty		7,659		71,229
Sasseur REIT		61,100		33,064
Saul Centers, Inc.		944		34,012
Scentre Group		454,429		872,093
Shaftesbury Capital PLC		175,037		258,892
Simon Property Group, Inc.		28,647		3,246,278
SITE Centers Corp.		16,242		200,426



Description	Number of Shares		Value

Slate Grocery REIT, Class U		2,915	$	28,508
SmartCentres REIT		7,835		151,397
Spirit Realty Capital, Inc.		12,228		470,289
Starhill Global REIT		158,600		62,518
Supermarket Income REIT PLC		106,288		116,958
Tanger Factory Outlet Centers, Inc.^#		9,051		177,490
Unibail-Rodamco-Westfield*		12,168		650,820
Urban Edge Properties		10,097		148,123
Urstadt Biddle Properties, Inc., Class A		3,106		53,485
Vastned Retail NV		2,088		47,569
Vicinity Ltd.		330,292		461,738
Waypoint REIT Ltd.		71,780		124,665
Wereldhave NV		2,996		46,011
Whitestone REIT		4,055		36,292


TOTAL RETAIL			$	22,738,162

SELF-STORAGE – 2.1%
Big Yellow Group PLC		15,433		237,559
CubeSmart		19,662		894,424
Extra Space Storage, Inc.		11,607		1,764,728
Life Storage, Inc.		7,402		994,681
National Storage Affiliates Trust		7,434		286,581
National Storage REIT		92,338		153,797
Public Storage		13,851		4,083,690
Safestore Holdings PLC		19,154		238,761


TOTAL SELF-STORAGE			$	8,654,221

SINGLE-FAMILY RESIDENTIAL – 1.3%
American Homes 4 Rent, Class A		26,894		894,495
Equity LifeStyle Properties, Inc.		15,317		1,055,341
Invitation Homes, Inc.		52,446		1,750,123
PRS REIT PLC (The)		46,884		50,824
Sun Communities, Inc.		10,920		1,517,116

UMH Properties, Inc.		3,166		48,123


TOTAL SINGLE-FAMILY RESIDENTIAL			$	5,316,022


TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $128,631,564)			$	121,677,832

RIGHTS – 0.0%**

ESR-REIT*, Expire 05/05/23		13,593		8


TOTAL RIGHTS (COST $0)			$	8


TOTAL REAL ESTATE RELATED SECURITIES (COST $217,197,843)			$	204,480,901

COMMODITY RELATED SECURITIES – 47.7%

EXCHANGE-TRADED FUNDS – 1.7%

COMMODITY – 1.7%

SPDR S&P Global Natural Resources ETF^#		119,300		6,796,521


TOTAL EXCHANGE-TRADED FUNDS (COST $5,102,945)			$	6,796,521

INVESTMENT COMPANIES – 46.0%

COMMODITY – 46.0%

Vanguard Commodity Strategy Fund, Admiral Shares		2,385,740		62,387,107

DFA Commodity Strategy Portfolio, Institutional Class		25,532,863		117,451,172



Description	Number of Shares		Value

Parametric Commodity Strategy Fund, Institutional Class		495,132	$	3,094,574

Credit Suisse Commodity Return Strategy Fund, Class I		248,564		5,801,486


TOTAL COMMODITY			$	188,734,339


TOTAL INVESTMENT COMPANIES (COST $202,736,937)			$	188,734,339


TOTAL COMMODITY RELATED SECURITIES (COST $207,839,882)			$	195,530,860

SHORT-TERM INVESTMENTS – 2.3%

MONEY MARKET FUND – 2.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^{^}		9,615,878		9,615,878


TOTAL SHORT-TERM INVESTMENT (COST $9,615,878)			$	9,615,878

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.7%


	Par Value

REPURCHASE AGREEMENTS – 0.7%

Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $537,533, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $548,063.		$ 537,317		537,317

Citigroup Global Markets Ltd., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $537,532, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 8/15/23 to 8/20/67; total market value of $548,063.		537,317		537,317

Daiwa Capital Markets America, 4.81%, dated 4/28/23, due 5/01/23, repurchase price $155,350, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.00%, maturing 3/31/24 to 5/01/53; total market value of $158,394.		155,288		155,288

Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $537,532, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $548,063.		537,317		537,317

HSBC Securities USA, Inc., 4.80%, dated 4/28/23, due 5/01/23, repurchase price $537,532, collateralized by U.S. Government Agency Securities, 0.00% to 7.00%, maturing 9/15/25 to 1/15/63; total market value of $548,063.		537,317		537,317

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

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

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets carried at fair value:

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

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.

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.

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”)).

At April 30, 2023, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

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.

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

Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities at period end, resulting from changes in the exchange rates.

Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with the Valuation Procedures.

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 April 30, 2023, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

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 year ended April 30, 2023, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities and the fair value of the Funds’ derivative investments categorized by primary risk exposure as of April 30, 2023.

The following is a summary of the location of realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the year ended April 30, 2023.

The average quarterly volume of derivative activities for the year ended April 30, 2023 are as follows.

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 April 30, 2023, 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:

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

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

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

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to foreign currency transactions, mark-to-market of futures contracts, passive foreign investment companies, and losses deferred due to wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2023, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:

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

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

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

As of April 30, 2023, 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:

As of April 30, 2023, the components of distributable earnings on a tax basis were as follows:

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, 2023, character of capital loss carryforwards were as follows:

For the year ended April 30, 2023, the Funds did not utilize any capital loss carryforwards.

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, 2023, late year loss deferrals were as follows:

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.

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.

For the year ended April 30, 2023, 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 year ended April 30, 2023, M&T did not receive any shareholder service fees from the Funds.

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

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2023 were as follows:

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.

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds. The rule and form amendments will require mutual funds to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The compliance date for the amendments is for shareholder reports filed with the SEC on or after July 24, 2024.

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.

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

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington International Fund, Wilmington Global Alpha Equities Fund and Wilmington Real Asset Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023 and each of the financial highlights for each of the four years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

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

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

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2023, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

For the fiscal year ended April 30, 2023, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 20%:

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

International Fund intends to pass through foreign tax credits in the maximum amount of $1,132,523. The gross foreign source income earned during the fiscal year April 30, 2023 by the Fund was $16,312,310.

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

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

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

April 30, 2023 PRESIDENT’S MESSAGE AND Annual Report WILMINGTON FUNDS Money Market Funds Wilmington U.S. Government Money Market Fund Wilmington U.S. Treasury Money Market Fund

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

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

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the U.S. Government Money Market Fund and U.S. Treasury Money Market Fund (the “Funds”), covering the annual fiscal period of May 1, 2022, through April 30, 2023. 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 12-month period May 1, 2022 to April 30, 2023, 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

-0.93%

-0.43%

0.72%

2.87%

1.22%

Past performance is no guarantee of future results.

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

Equity markets

For the 12-month period May 1, 2022 to April 30, 2023, certain stock market indices performed as follows:

S&P 500^®

Index⁸

Russell

2000^®

Index⁹

MSCI EAFE

(Net) Index¹⁰

MSCI Emerging

Markets (Net)

Index¹¹

2.66%

-3.65%

8.42%

-6.51%

Past performance is no guarantee of future results.

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

Sincerely,

LOGO

Eric W. Taylor, CFA

President

May 12, 2023

Must be preceded or accompanied by a prospectus.

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the 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 1/100^thof 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.

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.

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 $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index.

10.

11.

WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

Over the past year, the Federal Reserve (the “Fed”) has engaged in the most aggressive tightening of monetary policy in over 40 years to reduce the highest inflation in 40 years. The Fed has raised the Federal Funds rate from just 0.5% at the start of the fiscal year to 5.0% by fiscal year-end. This is the highest Federal Funds rate in the last 16 years. The Fed has remained committed to achieving a 2.0% inflation rate, as measured by the Core Personal Consumption Expenditure (“PCE”) Price Index. They have also reversed their COVID-19 quantitative easing measures of buying U.S. Treasuries, agency, and agency mortgage-backed securities which expanded its balance sheet to roughly $8.5 trillion. In June 2022, the Fed started shrinking its balance sheet by allowing $30 billion of Treasuries and $17.5 billion of agency mortgage-backed securities to mature and not be reinvested. In September, they doubled the monthly roll off to $60 billion and $35 billion, respectively.

As expected, the U.S. economy slowed over the past year from the prior year’s stronger pace that was fueled by the reopening of the economy. Some sectors of the economy have slowed much more, such as housing. However, the service side of the economy remained elevated as consumers’ demand for travel and leisure remained strong. Inflation has fallen from its 40-year high peak of 9.1% to 4.9% at fiscal year-end, as measured by the Consumer Price Index (“CPI”). Supply bottlenecks during COVID-19 and during the start of the war in Ukraine, which propelled inflation higher, have eased over the course of the year. In addition, the effects of tighter monetary policy have slowed both economic growth and inflationary pressures. Importantly, future expectations of inflation remain anchored as exhibited in the 10-year US Treasury Inflation Protection break-even rate of 2.2% at fiscal year-end. However, the labor market remains robust, with the unemployment rate falling to 3.4%, its lowest level in over 50 years. Wages continued to expand at an elevated pace, with average hourly earnings registering a 4.4% year-over-year increase at fiscal year-end.

Over the course of the fiscal year, as the Fed tightened monetary policy, interest rates have risen sharply. The 2-year Treasury yield rose from 2.71% to 4.01%. The 10-year Treasury yield increased from 2.93% to 3.42%. The 30-year Treasury yield also increased by 68 basis points over the fiscal year resulting in -10.94% return over the year. The Fed’s tightening of monetary policy and the failure of Silicon Valley Bank led to interest rate volatility spiking to levels not seen since the financial crisis in 2008. For the fiscal year, the Bloomberg U.S. Aggregate Bond Index* registered a -0.43% rate of return. However, on a calendar year basis, the 2022 return for the index was a record -13.01%, demonstrating the bouts of interest rate volatility experienced over the fiscal year.

The yield curve inverted in July 2022 as short-term rates moved higher than longer-term rates. In March 2023, the 2-year Treasury yield was 1.08% higher than the yield on the 10-year Treasury, the largest inversion in the yield curve since 1981. The inverted yield curve has been a precursor to an economic recession. One negative byproduct of the Fed’s tightening campaign surfaced in March 2023 as several west coast regional banks, with idiosyncratic banking business models started experiencing severe market stress, resulting in three regional banks going into receivership. In response to the banking crisis, the Fed is

now expected to pause rate increases as it assesses the cumulative effects of tighter monetary policy and potential tighter credit conditions resulting from the regional bank stresses.

Uncertainties surrounding the raising of the Government debt limit, the war in Ukraine, a soft U.S. economic landing, and an upcoming political cycle all suggest market volatility will persist in the year ahead. We view the market’s pricing of over 50 basis points of rate cuts by the Federal Reserve this year and another 100 basis points of cuts by this time next year as aggressive and somewhat premature. Our expectation is for the Fed to keep rates higher for longer than what the market is currently anticipating. The risks to the economy are expected to rise as the Fed remains committed to a 2.0% inflationary environment. As such, we expect to have a more defensive portfolio while at the same time looking for investment opportunities that market volatility will undoubtedly provide.

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



	04/30/22	10/31/22	04/30/23

Federal Fund Target	0.25% - 0.50%	3.00% - 3.25%	4.75% - 5.00%

3-Month LIBOR	1.34%	4.46%	5.30%

2-Year Treasury Note	2.71%	4.49%	4.01%

10-Year Treasury Note	2.93%	4.05%	3.42%

The following is a comparison of the performance of the Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2023:


*Wilmington U.S. Government Money Market Fund – Administrative Class*	*2.59*	%

*Wilmington U.S. Government Money Market Fund – Institutional Class*	*2.90*	%

*Wilmington U.S. Government Money Market Fund – Select Class*	*2.81*	%

*Wilmington U.S. Government Money Market Fund – Service Class*	*2.43*	%

iMoneyNet, Inc. Government & Agency Institutional Average	2.77	%

Lipper Institutional U.S. Government Money Market Funds Average	2.81	%

*Wilmington U.S. Treasury Money Market Fund – Administrative Class*	*2.59*	%

*Wilmington U.S. Treasury Money Market Fund – Institutional Class*	*2.90*	%

*Wilmington U.S. Treasury Money Market Fund – Select Class*	*2.81*	%

*Wilmington U.S. Treasury Money Market Fund – Service Class*	*2.43*	%

iMoneyNet, Inc. Treasury and Repo Institutional Average	2.78	%

Lipper Institutional U.S. Treasury Money Market Funds Average	2.81	%

Source: iMoneyNet, Inc. and Lipper

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

Actual Expenses

Hypothetical Example for

Comparison Purposes

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2023.

Beginning

Ending

Expenses

Annualized

Account Value

Paid

Net

11/01/22

4/30/23

During Period⁽¹⁾

Expense Ratio

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

Actual

Administrative Class

$1,000.00

$1,018.80

$3.00

0.60%

Institutional Class

$1,000.00

$1,020.50

$1.25

0.25%

Select Class

$1,000.00

$1,020.00

$1.75

0.35%

Service Class

$1,000.00

$1,018.00

$3.75

0.75%

Hypothetical (assuming a 5% return before expenses)

Administrative Class

$1,000.00

$1,021.82

$3.01

0.60%

Institutional Class

$1,000.00

$1,023.55

$1.25

0.25%

Select Class

$1,000.00

$1,023.06

$1.76

0.35%

Service Class

$1,000.00

$1,021.08

$3.76

0.75%

WILMINGTON U.S. TREASURY MONEY MARKET FUND

Actual

Administrative Class

$1,000.00

$1,018.70

$3.00

0.60%

Institutional Class

$1,000.00

$1,020.50

$1.25

0.25%

Select Class

$1,000.00

$1,020.00

$1.75

0.35%

Service Class

$1,000.00

$1,018.00

$3.75

0.75%

Hypothetical (assuming a 5% return before expenses)

Administrative Class

$1,000.00

$1,021.82

$3.01

0.60%

Institutional Class

$1,000.00

$1,023.55

$1.25

0.25%

Select Class

$1,000.00

$1,023.06

$1.76

0.35%

Service Class

$1,000.00

$1,021.08

$3.76

0.75%

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

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2023, the Fund’s portfolio composition was as follows:


	Percentage of Total Net Assets
Repurchase Agreements		69.8	%

U.S. Government Agency Obligations		23.1	%

U.S. Treasury Obligations		4.0	%

Money Market Fund		0.3	%

Other Assets and Liabilities - Net⁽¹⁾		2.8	%


TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2023


Description	Par Value		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS – 23.1%

FEDERAL FARM CREDIT BANK (FFCB) – 1.5%
(SOFR + 0.05%), 4.72%, 03/01/24^Δ	$	8,000,000	$	8,000,000
(SOFR + 0.05%), 4.86%, 04/12/24^Δ		15,000,000		15,000,000
(Prime - 3.130%), 4.87%, 05/24/24^Δ		50,000,000		50,000,000
(SOFR + 0.13%), 4.93%, 11/01/24^Δ		80,000,000		80,000,000


TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	153,000,000

FEDERAL HOME LOAN BANK (FHLB) – 21.6%
4.80%, 05/01/23^‡		125,000,000		125,000,000
4.81%, 05/03/23^‡		500,000,000		499,867,361
4.91%, 06/09/23^‡		150,000,000		149,211,875
4.91%, 06/14/23^‡		49,000,000		48,709,539
5.12%, 08/30/23^‡		100,000,000		98,319,445
5.05%, 10/10/23^‡		50,000,000		48,889,625
(SOFR + 0.04%), 4.85%, 05/03/23^Δ		100,000,000		100,000,000
(SOFR + 0.04%), 4.85%, 05/24/23^Δ		25,000,000		25,000,000
(SOFR + 0.04%), 4.85%, 05/26/23^Δ		25,000,000		25,000,000
(SOFR + 0.08%), 4.89%, 06/02/23^Δ		200,000,000		200,000,000
(SOFR + 0.05%), 4.86%, 06/02/23^Δ		100,000,000		100,000,000
(SOFR + 0.09%), 4.90%, 07/03/23^Δ		200,000,000		200,000,000
(SOFR + 0.12%), 4.93%, 09/06/23^Δ		200,000,000		200,000,000
5.00%, 11/01/23		25,000,000		24,997,909
(SOFR + 0.09%), 4.90%, 12/27/23^Δ		75,000,000		75,000,000
5.35%, 05/03/24		50,000,000		50,000,000
5.28%, 05/10/24		50,000,000		50,000,000
5.30%, 05/17/24		50,000,000		50,000,000
5.25%, 05/17/24		50,000,000		50,000,000
5.37%, 05/21/24		25,000,000		25,000,000


TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	2,144,995,754


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $2,297,995,754)			$	2,297,995,754


Description	Par Value		Value

U.S. TREASURY OBLIGATIONS – 4.0%

U.S. TREASURY NOTES – 4.0%

(U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 5.12%, 01/31/24^Δ	$	120,000,000	$	120,000,000

(U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 5.06%, 04/30/24^Δ		75,000,000		74,969,881

(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.17%, 07/31/24^Δ		150,000,000		149,950,587

(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.27%, 10/31/24^Δ		49,950,000		49,950,000


TOTAL U.S. TREASURY NOTES			$	394,870,468


TOTAL U.S. TREASURY OBLIGATIONS (COST $394,870,468)			$	394,870,468

	Number of Shares

MONEY MARKET FUND – 0.3%
Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.76%^		31,980,389		31,980,389


TOTAL MONEY MARKET FUND (COST $31,980,389)			$	31,980,389

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


Description	Par Value		Value

REPURCHASE AGREEMENTS – 69.8%
Federal Reserve Bank of New York, 4.80%, dated 04/28/23, due 05/01/23, repurchase price $6,852,740,000, collateralized by U.S. Treasury Securities, 0.13% to 0.38%, maturing 8/15/23 to 8/15/24; total market value $6,852,740,040.	$	6,850,000,000	$	6,850,000,000

Mizuho Securities USA, 4.80%, dated 4/28/23, due 05/01/23, repurchase price $100,040,000, collateralized by U.S. Treasury Securities, 0.13% to 3.25%, maturing 05/15/23 to 11/15/29; total market value $102,000,004.		100,000,000		100,000,000


TOTAL REPURCHASE AGREEMENTS (COST $6,950,000,000)			$	6,950,000,000


TOTAL INVESTMENTS – 97.2% (COST $9,674,846,611)			$	9,674,846,611

OTHER ASSETS LESS LIABILITIES – 2.8%				276,851,185


TOTAL NET ASSETS – 100.0%			$	9,951,697,796

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2023 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		$	—		$	2,297,995,754		$—		$	2,297,995,754

U.S. Treasury Obligations			—			394,870,468		—			394,870,468

Money Market Fund			31,980,389			—		—			31,980,389

Repurchase Agreements			—			6,950,000,000		—			6,950,000,000


Total		$	31,980,389		$	9,642,866,222		$—		$	9,674,846,611

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 April 30, 2023, the Fund’s portfolio composition was as follows:


	Percentage of Total Net Assets
Repurchase Agreements		86.7	%
U.S. Treasury Obligations		6.3	%
Money Market Fund		1.6	%
Other Assets and Liabilities - Net⁽¹⁾		5.4	%

TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

April 30, 2023


Description	Par Value		Value

U.S. TREASURY OBLIGATIONS – 6.3%

U.S. TREASURY NOTES – 6.3%

(U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 5.12%, 01/31/24^Δ	$	22,975,000	$	22,975,000

(U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 5.06%, 04/30/24^Δ		25,000,000		24,989,960

(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.17%, 07/31/24^Δ		50,000,000		49,983,529

(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.27%, 10/31/24^Δ		20,000,000		20,000,000


TOTAL U.S. TREASURY NOTES			$	117,948,489


TOTAL U.S. TREASURY OBLIGATIONS (COST $117,948,489)			$	117,948,489

	Number of Shares

MONEY MARKET FUND – 1.6%
Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.72%^		29,579,131		29,579,131


TOTAL MONEY MARKET FUND (COST $29,579,131)			$	29,579,131

	Par Value

REPURCHASE AGREEMENTS – 86.7%
CIBC World Market Corp., 4.77%, dated 4/28/23, due 5/1/23, repurchase price $50,019,875, collateralized by U.S. Treasury Securities, 0.13% to 4.38%, maturing 2/15/24 to 8/15/51; total market value $50,000,064.	$	50,000,000		50,000,000

Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $85,033,858, collateralized by U.S. Treasury Securities, 0.75% to 3.88%, maturing 1/15/27 to 2/15/48; total market value $86,700,055.		85,000,000		85,000,000


Description	Par Value		Value

FICC Bank of New York, 4.80%, dated 4/28/23, due 5/1/23, repurchase price $400,160,000, collateralized by U.S. Treasury Security, 1.13%, maturing 2/15/31; total market value $408,000,026.	$	400,000,000	$	400,000,000

Mizuho Securities USA, 4.74%, dated 4/28/23, due 5/1/23, repurchase price $46,688,435, collateralized by U.S. Treasury Security, 1.13%, maturing 1/15/25; total market value $47,603,400.		46,670,000		46,670,000

Mizuho Securities USA, 4.74%, dated 4/28/23, due 5/1/23, repurchase price $47,708,838, collateralized by U.S. Treasury Security, 2.63%, maturing 4/15/25; total market value $48,643,800.		47,690,000		47,690,000

Mizuho Securities USA, 4.74%, dated 4/28/23, due 5/1/23, repurchase price $55,661,978, collateralized by U.S. Treasury Security, 3.25%, maturing 6/30/29; total market value $56,752,800.		55,640,000		55,640,000

RBC Capital Markets, 4.76%, dated 4/28/23, due 5/1/23, repurchase price $500,198,333, collateralized by U.S. Treasury Securities, 0.00% to 4.13%, maturing 6/8/23 to 8/15/46; total market value $510,000,055.		500,000,000		500,000,000

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


Description	Par Value		Value
TD Securities, Inc., 4.77%, dated 4/28/23, due 5/1/23, repurchase price $440,174,900, collateralized by U.S. Treasury Securities, 0.00% to 6.00%, maturing 5/2/23 to 2/15/53; total market value $448,800,085.	$	440,000,000	$	440,000,000


TOTAL REPURCHASE AGREEMENTS (COST $1,625,000,000)			$	1,625,000,000


TOTAL INVESTMENTS – 94.6% (COST $1,772,527,620)			$	1,772,527,620
OTHER ASSETS LESS LIABILITIES – 5.4%				100,513,094


TOTAL NET ASSETS – 100.0%			$	1,873,040,714

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets carried at fair value:


	Level 1			Level 2			Level 3		Total

Investments in Securities

U.S. Treasury Obligations		$	—		$	117,948,489		$—		$	117,948,489

Money Market Fund			29,579,131			—		—			29,579,131

Repurchase Agreements			—			1,625,000,000		—			1,625,000,000


Total		$	29,579,131		$	1,742,948,489		$—		$	1,772,527,620

^	7-Day net yield.

See Notes which are an integral part of the Financial Statements

April 30, 2023

Wilmington
U.S. Government
Money Market

Fund

Wilmington
U.S. Treasury
Money Market

Fund

ASSETS:

Investments, at identified cost

9,674,846,611

1,772,527,620

Investments in securities, at value (including repurchase agreements of $ 6,950,000,000 and $ 1,625,000,000, respectively)

9,674,846,611

1,772,527,620

Income receivable

20,277,892

3,476,100

Receivable for shares sold

167,585

9,555

Receivable for investments matured

296,140,500

105,000,000

Prepaid assets

19,507

21,280

TOTAL ASSETS

9,991,452,095

1,881,034,555

LIABILITIES:

Income distribution payable

35,906,901

7,129,960

Payable for shares redeemed

72,295

49,183

Payable for Trustees’ fees

4,013

Payable for administration fees

230,084

46,324

Payable for distribution services fees

283,999

57,370

Payable for shareholder services fees

677,519

115,306

Payable for investment advisory fees

1,555,935

266,358

Other accrued expenses

1,023,553

325,327

TOTAL LIABILITIES

39,754,299

7,993,841

NET ASSETS

9,951,697,796

1,873,040,714

NET ASSETS CONSIST OF:

Paid-in capital

9,951,866,208

1,872,985,673

Distributable earnings (loss)

(168,412

)

55,041

TOTAL NET ASSETS

9,951,697,796

1,873,040,714

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Administrative Class

Net Assets

773,331,888

238,372,172

Shares outstanding (unlimited shares authorized)

773,600,521

238,401,103

Net Asset Value and Offering Price per share

1.000

Institutional Class

Net Assets

2,469,665,082

511,825,046

Shares outstanding (unlimited shares authorized)

2,469,778,046

511,810,813

Net Asset Value and Offering Price per share

1.000

Select Class

Net Assets

6,062,726,776

1,122,677,605

Shares outstanding (unlimited shares authorized)

6,063,273,638

1,122,662,759

Net Asset Value and Offering Price per share

1.000

Service Class

Net Assets

645,974,050

165,891

Shares outstanding (unlimited shares authorized)

645,946,397

165,880

Net Asset Value and Offering Price per share

1.000

See Notes which are an integral part of the Financial Statements

Year Ended April 30, 2023

Wilmington
U.S. Government
Money Market
Fund

Wilmington
U.S. Treasury
Money Market
Fund

INVESTMENT INCOME:

Dividends

2,748,254

1,403,070

Interest

265,079,647

54,849,226

TOTAL INVESTMENT INCOME

267,827,901

56,252,296

EXPENSES:

Investment advisory fees

20,893,241

4,355,556

Administration fees

2,522,506

525,031

Portfolio accounting and administration fees

1,464,773

306,655

Custodian fees

103,427

78,127

Transfer and dividend disbursing agent fees and expenses

173,828

34,797

Trustees’ fees

65,311

Professional fees

189,032

123,337

Distribution services fee—Administrative Class

2,443,622

788,732

Distribution services fee—Service Class

1,307,275

624

Shareholder services fee—Administrative Class

2,443,622

788,732

Shareholder services fee—Select Class

11,452,746

2,481,733

Shareholder services fee—Service Class

1,307,275

624

Share registration costs

43,845

44,614

Printing and postage

33,693

13,752

Miscellaneous

367,143

127,911

TOTAL EXPENSES

44,811,339

9,735,536

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(4,977,721

)

(1,318,730

)

Waiver of distribution services fee—Administrative Class

(384,198

)

(134,933

)

Waiver of distribution services fee—Service Class

(144,844

)

(97

)

Waiver of shareholder services fee—Administrative Class

(1,611,567

)

(520,041

)

Waiver of shareholder services fee—Select Class

(7,328,569

)

(1,571,350

)

Waiver of shareholder services fee—Service Class

(7,046

)

TOTAL WAIVERS AND REIMBURSEMENTS

(14,453,945

)

(3,545,156

)

Net expenses

30,357,394

6,190,380

Net investment income

237,470,507

50,061,916

REALIZED GAIN (LOSS):

Net realized gain (loss) on investments

(143,767

)

4,134

Net realized gain (loss)

(143,767

)

4,134

Change in net assets resulting from operations

237,326,740

50,066,050

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

Year Ended

April 30,

2023

Year Ended

April 30,

2022

Year Ended

April 30,

2023

Year Ended

April 30,

2022

OPERATIONS:

Net investment income

237,470,507

1,698,067

50,061,916

304,729

Net realized gain (loss)

(143,767

)

6,318

4,134

1,160

Change in net assets resulting from operations

237,326,740

1,704,385

50,066,050

305,889

DISTRIBUTIONS TO SHAREHOLDERS:

Administrative Class

(23,684,619

)

(260,816

)

(7,575,585

)

(87,374

)

Institutional Class

(67,361,005

)

(448,986

)

(13,181,142

)

(78,651

)

Select Class

(133,401,248

)

(915,013

)

(29,245,861

)

(141,228

)

Service Class

(13,029,293

)

(80,375

)

(5,385

)

(35

)

Total distributions to shareholders

(237,476,165

)

(1,705,190

)

(50,007,973

)

(307,288

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Administrative Class

4,327,979,078

4,528,852,127

1,037,004,831

1,105,741,959

Institutional Class

4,860,190,455

5,251,394,571

1,529,792,034

1,425,405,047

Select Class

11,030,810,421

7,706,547,039

3,092,875,204

1,411,785,381

Service Class

1,807,227,793

2,593,425,038

22,000

179,000

Distributions reinvested

Administrative Class

2,486

11,321

Institutional Class

393,739

2,789

—

Select Class

1,275,369

12,445

1,113,247

9,674

Service Class

396,269

6,611

5,095

Cost of shares redeemed

Administrative Class

(4,718,367,228

)

(5,093,195,914

)

(1,134,788,568

)

(1,131,047,677

)

Institutional Class

(4,147,644,156

)

(5,230,085,518

)

(1,360,810,004

)

(1,283,734,679

)

Select Class

(8,966,460,438

)

(7,878,033,178

)

(2,587,200,392

)

(1,612,913,711

)

Service Class

(1,662,638,272

)

(3,283,142,270

)

(151,512

)

—

Change in net assets resulting from share transactions

2,533,165,516

(1,404,216,242

)

577,873,283

(84,574,889

)

Change in net assets

2,533,016,091

(1,404,217,047

)

577,931,360

(84,576,288

)

NET ASSETS:

Beginning of year

7,418,681,705

8,822,898,752

1,295,109,354

1,379,685,642

End of year

9,951,697,796

7,418,681,705

1,873,040,714

1,295,109,354

SHARES OF BENEFICIAL INTEREST:

Shares sold

Administrative Class

4,327,979,078

4,528,852,127

1,037,004,831

1,105,741,959

Institutional Class

4,860,190,455

5,251,394,571

1,529,792,034

1,425,405,047

Select Class

11,030,810,421

7,706,547,039

3,092,875,204

1,411,785,381

Service Class

1,807,227,793

2,593,425,038

22,000

179,000

Distributions reinvested

Administrative Class

2,486

11,321

Institutional Class

393,739

2,789

—

Select Class

1,275,369

12,445

1,113,247

9,674

Service Class

396,269

6,611

5,095

Shares redeemed

Administrative Class

(4,718,367,228

)

(5,093,195,914

)

(1,134,788,568

)

(1,131,047,677

)

Institutional Class

(4,147,644,156

)

(5,230,085,518

)

(1,360,810,004

)

(1,283,734,679

)

Select Class

(8,966,460,438

)

(7,878,033,178

)

(2,587,200,392

)

(1,612,913,711

)

Service Class

(1,662,638,272

)

(3,283,142,270

)

(151,512

)

—

Net change resulting from share transactions

2,533,165,516

(1,404,216,242

)

577,873,283

(84,574,889

)

See Notes which are an integral part of the Financial Statements

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


WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
ADMINISTRATIVE CLASS

Net Asset Value, Beginning of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.026			0.000	^(a)		0.000	^(a)		0.013			0.016
Net Realized Gain (Loss)		(0.000	)^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.026			0.000			0.000			0.013			0.016
Less Distributions From:
Net Investment Income		(0.026	)		(0.000	)^(a)		(0.000	)^(a)		(0.013	)		(0.016	)
Net Asset Value, End of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		2.59	%		0.02	%		0.01	%		1.21	%		1.57	%
Net Assets, End of Year (000’s)	$	773,332		$	1,163,736		$	1,728,081		$	1,509,322		$	1,297,285
Ratios to Average Net Assets
Gross Expense^(b)		0.81	%		0.81	%		0.81	%		0.81	%		0.82	%
Net Expense^(b),(c)		0.54	%		0.08	%		0.15	%		0.61	%		0.62	%

Net Investment Income		2.42	%		0.02	%		0.01	%		1.18	%		1.57	%
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
INSTITUTIONAL CLASS

Net Asset Value, Beginning of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.029			0.000	^(a)		0.000	^(a)		0.016			0.019
Net Realized Gain (Loss)		(0.000	)^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.029			0.000			0.000			0.016			0.019
Less Distributions From:
Net Investment Income		(0.029	)		(0.000	)^(a)		(0.000	)^(a)		(0.016	)		(0.019	)
Net Asset Value, End of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		2.90	%		0.02	%		0.02	%		1.56	%		1.92	%
Net Assets, End of Year (000’s)	$	2,469,665		$	1,756,769		$	1,735,456		$	1,745,742		$	427,114
Ratios to Average Net Assets
Gross Expense^(b)		0.31	%		0.31	%		0.31	%		0.31	%		0.32	%
Net Expense^(b),(c)		0.25	%		0.08	%		0.14	%		0.27	%		0.27	%

Net Investment Income		2.96	%		0.02	%		0.01	%		1.39	%		1.92	%
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
SELECT CLASS

Net Asset Value, Beginning of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.028			0.000	^(a)		0.000	^(a)		0.015			0.018
Net Realized Gain (Loss)		(0.000	)^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.028			0.000			0.000			0.015			0.018
Less Distributions From:
Net Investment Income		(0.028	)		(0.000	)^(a)		(0.000	)^(a)		(0.015	)		(0.018	)
Net Asset Value, End of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		2.81	%		0.02	%		0.02	%		1.46	%		1.82	%
Net Assets, End of Year (000’s)	$	6,062,727		$	3,997,179		$	4,168,651		$	4,912,640		$	4,410,116
Ratios to Average Net Assets
Gross Expense^(b)		0.56	%		0.56	%		0.56	%		0.56	%		0.57	%
Net Expense^(b),(c)		0.34	%		0.08	%		0.15	%		0.37	%		0.37	%

Net Investment Income		2.91	%		0.02	%		0.01	%		1.42	%		1.82	%


	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
SERVICE CLASS

Net Asset Value, Beginning of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.024			0.000	^(a)		0.000	^(a)		0.011			0.014
Net Realized Gain (Loss)		(0.000	)^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)		0.000	^(a)
Total Income (Loss) From Operations		0.024			0.000			0.000			0.011			0.014
Less Distributions From:
Net Investment Income		(0.024	)		(0.000	)^(a)		(0.000	)^(a)		(0.011	)		(0.014	)
Net Asset Value, End of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total Return		2.43	%		0.01	%		0.01	%		1.08	%		1.42	%
Net Assets, End of Year (000’s)	$	645,974		$	500,998		$	1,190,711		$	1,168,185		$	1,191,211
Ratios to Average Net Assets
Gross Expense^(b)		0.81	%		0.81	%		0.81	%		0.81	%		0.82	%
Net Expense^(b),(c)		0.72	%		0.08	%		0.15	%		0.74	%		0.77	%

Net Investment Income		2.49	%		0.01	%		0.01	%		1.07	%		1.41	%

(a)	Represents less than $0.001.

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

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

See Notes which are an integral part of the Financial Statements

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


WILMINGTON U.S. TREASURY MONEY MARKET FUND

	Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2019
ADMINISTRATIVE CLASS

Net Asset Value, Beginning of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.026				0.000	^(a)			0.000	^(a)			0.013				0.016
Net Realized Gain (Loss)			0.000	^(a)			0.000	^(a)			0.000	^(a)			0.000	^(a)			0.000	^(a)
Total Income (Loss) From Operations			0.026				0.000				0.000				0.013				0.016
Less Distributions From:
Net Investment Income			(0.026	)			(0.000	)^(a)			(0.000	)^(a)			(0.013	)			(0.016	)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000

Total Return			2.59	%			0.02	%			0.01	%			1.20	%			1.58	%
Net Assets, End of Year (000’s)		$	238,372			$	336,133			$	361,438			$	360,463			$	283,323
Ratios to Average Net Assets
Gross Expense^(b)			0.83	%			0.82	%			0.82	%			0.83	%			0.83	%
Net Expense^(b),(c)			0.54	%			0.07	%			0.14	%			0.59	%			0.60	%

Net Investment Income			2.40	%			0.02	%			0.01	%			1.15	%			1.54	%
	Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				For the Period October 16, 2019* through April 30, 2020
INSTITUTIONAL CLASS

Net Asset Value, Beginning of Year		$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.029				0.000	^(a)			0.000	^(a)			0.007
Net Realized Gain (Loss)			0.000	^(a)			0.000	^(a)			0.000	^(a)			0.000	^(a)
Total Income (Loss) From Operations			0.029				0.000				0.000				0.007
Less Distributions From:
Net Investment Income			(0.029	)			(0.000	)^(a)			(0.000	)^(a)			(0.007	)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000

Total Return			2.90	%			0.02	%			0.02	%			0.61	%^(d)
Net Assets, End of Year (000’s)		$	511,825			$	342,827			$	201,157			$	50,788
Ratios to Average Net Assets
Gross Expense^(b)			0.33	%			0.32	%			0.32	%			0.32	%^(e)
Net Expense^(b),(c)			0.25	%			0.09	%			0.12	%			0.25	%^(e)

Net Investment Income			3.04	%			0.02	%			0.01	%			1.18	%^(e)
	Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2019
SELECT CLASS

Net Asset Value, Beginning of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.028				0.000	^(a)			0.000	^(a)			0.015				0.018
Net Realized Gain (Loss)			0.000	^(a)			0.000	^(a)			0.000	^(a)			0.000	^(a)			0.000	^(a)
Total Income (Loss) From Operations			0.028				0.000				0.000				0.015				0.018
Less Distributions From:
Net Investment Income			(0.028	)			(0.000	)^(a)			(0.000	)^(a)			(0.015	)			(0.018	)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000

Total Return			2.81	%			0.02	%			0.02	%			1.44	%			1.83	%
Net Assets, End of Year (000’s)		$	1,122,678			$	615,858			$	816,980			$	992,205			$	1,203,639
Ratios to Average Net Assets
Gross Expense^(b)			0.58	%			0.57	%			0.57	%			0.58	%			0.58	%
Net Expense^(b),(c)			0.34	%			0.08	%			0.15	%			0.35	%			0.35	%

Net Investment Income			2.95	%			0.02	%			0.02	%			1.45	%			1.85	%


	Year Ended April 30, 2023				Year Ended April 30, 2022				Year Ended April 30, 2021				Year Ended April 30, 2020				Year Ended April 30, 2019
SERVICE CLASS

Net Asset Value, Beginning of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.024				0.000	^(a)			0.000	^(a)			0.011				0.014
Net Realized Gain (Loss)			0.000	^(a)			0.000	^(a)			0.000	^(a)			0.000	^(a)			0.000	^(a)
Total Income (Loss) From Operations			0.024				0.000				0.000				0.011				0.014
Less Distributions From:
Net Investment Income			(0.024	)			(0.000	)^(a)			(0.000	)^(a)			(0.011	)			(0.014	)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000

Total Return			2.43	%			0.01	%			0.01	%			1.07	%			1.43	%
Net Assets, End of Year (000’s)		$	166			$	290			$	111			$	188			$	85
Ratios to Average Net Assets
Gross Expense^(b)			0.83	%			0.82	%			0.83	%			0.84	%			0.83	%
Net Expense^(b),(c)			0.71	%			0.09	%			0.17	%			0.70	%			0.75	%
Net Investment Income			2.16	%			0.01	%			0.01	%			0.97	%			1.40	%

(a)	Represents less than $0.001.

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

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

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

(e)	Annualized for periods less than one year.

*	Commencement of operations.

See Notes which are an integral part of the Financial Statements

Wilmington Funds

April 30, 2023

1.	ORGANIZATION



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

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.

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.

At April 30, 2023, 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

6,850,000,000

—

Mizuho Securities USA

100,000,000

—

6,950,000,000

—

U.S. Treasury Money Market Fund

CIBC World Market Corp.

50,000,000

—

Deutsche Bank Securities, Inc.

85,000,000

—

FICC Bank of New York

400,000,000

—

Mizuho Securities USA

46,670,000

—

Mizuho Securities USA

47,690,000

—

Mizuho Securities USA

55,640,000

—

RBC Capital Markets

500,000,000

—

TD Securities, Inc.

440,000,000

—

1,625,000,000

—

⁽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.

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

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to dividend redesignation. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2023, there were no such reclassifications.

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

2023

2022

Fund

Ordinary
Income*

Long-Term
Capital Gains

Ordinary
Income*

Long-Term
Capital Gains

U.S. Government Money Market Fund

237,476,165

—

1,705,190

—

U.S. Treasury Money Market Fund

50,007,973

—

307,288

—

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

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

As of April 30, 2023, the components of distributable earnings on a tax basis were as follows:

Fund

Undistributed
Ordinary
Income

Undistributed
Long-Term

Capital

Gains

Other Timing
Differences

Unrealized
Appreciation/
(Depreciation)

Capital Loss
Carryforwards

Late Year
Loss
Deferrals

Distributable
Earnings

U.S. Government Money Market Fund

35,882,256

—

(35,906,901

)

—

(143,767

)

—

$(168,412)

U.S. Treasury Money Market Fund

7,185,001

—

(7,129,960

)

—

55,041

Fund

Short-Term
No Expiration

Total Capital
Loss
Carryforwards

U.S. Government Money Market Fund

(143,767

)

$(143,767)

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

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


Fund		Advisory Fee Annual Rate

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

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 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 Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.


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

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.


	Maximum	Average Aggregate Daily Net
Administrator	Fee	Assets of the Trust

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

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

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


	Distribution
Fund	Fees

U.S. Government Money Market Fund		$	3,175,726
U.S. Treasury Money Market Fund			650,861

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 Shareholder 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 year ended April 30, 2023, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:


		Shareholder
		Services
Fund		Fees

U.S. Government Money Market Fund		$6,116,845
U.S. Treasury Money Market Fund		1,142,266

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.	MARKET RISK IN GENERAL

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

6.	CONTRACTUAL OBLIGATIONS

7.	LINE OF CREDIT

The Funds did not utilize the LOC during the year ended April 30, 2023.

8.	NEW REGULATORY PRONOUNCEMENT

9.	SUBSEQUENT EVENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the periods indicated therein ended on or subsequent to April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023 and each of the financial highlights for each of the periods indicated therein ended on or subsequent to April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 22, 2023

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

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND



Name Birth Year Position with Trust Date Service Began		Principal Occupations and Other Directorships Held for Past Five Years

Eric W. Taylor* Birth year: 1981 TRUSTEE Began serving: October 2022 PRESIDENT Began serving: August 2022		Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present).
		Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co.
		Other Directorships Held: None

INDEPENDENT TRUSTEES BACKGROUND



Name Birth Year Position with Trust Date Service Began		Principal Occupations and Other Directorships Held for Past Five Years

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

Nicholas A. Giordano Birth year: 1943 TRUSTEE Began serving: March 2012		Principal Occupations: Consultant, financial services organizations (1997 to present).
		Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross (1981 to 2021); IntriCon Corporation (body-worn products) (2001 to 2022).
		Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).



Name Birth Year Position with Trust Date Service Began		Principal Occupations and Other Directorships Held for Past Five Years

Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017		Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (12/20 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present).
		Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019);
		Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/2020 to 11/2020); Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).

Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020		Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present).
		Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013).
		Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS



Name Birth Year Positions with Trust		Principal Occupations for Past Five Years and Previous Positions

John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017 VICE PRESIDENT Began serving: June 2012		Principal Occupations: Chief Operations Officer, Wilmington Funds; Senior Vice President, Wilmington Funds Management Corporation (2005 to present); Senior Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present).
		Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).

Kaushik Goswami Birth year: 1973 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: October 2021		Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Senior Vice President, M&T Bank.
		Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016		Principal Occupations: President of Wilmington Funds Management Corporation; Senior Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc.
		Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).



Name Birth Year Positions with Trust		Principal Occupations for Past Five Years and Previous Positions

Robert L. Tuleya Birth year: 1974 VICE PRESIDENT and ASSISTANT SECRETARY Began serving: September 2018		Principal Occupations: Senior Vice President and Assistant Secretary, Wilmington Funds; Wilmington Funds Management Corporation (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Senior Vice President and Assistant General Counsel, M&T Bank (2018 to present).
		Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).

Charles S. Todd Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1971 CHIEF EXECUTIVE OFFICER Began serving: June 2022		Principal Occupation: Managing Director, Fund Officers, ACA Group, previously Foreside Financial Group (2008 to present).
		Previous Positions: Vice President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).

Arthur W. Jasion Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: October 2020		Principal Occupation: Senior Principal Consultant and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present).
		Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).

Lisa R. Grosswirth 240 Greenwich Street, 22nd Floor New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007		Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present).
		Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

Liquidity Risk Management Program

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 1, 2023

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 Notice.

Esteemed Shareholder:

I am pleased to present the Annual Report of the Broad Market Bond Fund, Municipal Bond Fund and New York Municipal Bond Fund (the “Funds”), covering the annual fiscal period of May 1, 2022, through April 30, 2023. 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 12-month period May 1, 2022 to April 30, 2023, 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
-0.93%	-0.43%	0.72%	2.87%	1.22%

Past performance is no guarantee of future results.

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

Equity markets

For the 12-month period May 1, 2022 to April 30, 2023, 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, CFA

President

May 12, 2023

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 1/100^th 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.

10.

11.

WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2023, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of -0.71%* for Class A shares and -0.42%* for Class I shares, versus its benchmark, the Bloomberg U.S. Aggregate Bond Index**, which had a total return of -0.43%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of -1.39%.

Over the past year, the Federal Reserve (the “Fed”) has engaged in the most aggressive tightening of monetary policy in over 40 years to reduce the highest inflation in 40 years. The Fed has raised the Federal Funds rate from just 0.5% at the start of the fiscal year to 5% by fiscal year-end. This is the highest Federal Funds rate in the last 16 years. The Fed has remained committed to achieving a 2% inflation rate, as measured by the Core Personal Consumption Expenditure (“PCE”) Price Index. They have also reversed their COVID-19 quantitative easing measures of buying U.S. Treasuries, agency, and agency mortgage-backed securities which expanded its balance sheet to roughly $8.5 trillion. In June 2022, the Fed started shrinking its balance sheet by allowing $30 billion of Treasuries and $17.5 billion of agency mortgage-backed securities to mature and not be reinvested. In September, they doubled the monthly roll off to $60 billion and $35 billion, respectively.

Over the course of the fiscal year, as the Fed tightened monetary policy, interest rates have risen sharply. The 2-year Treasury yield rose from 2.71% to 4.01%. The 10-year Treasury yield increased from 2.93% to 3.42%. The 30-year Treasury yield also increased by 68 basis points over the fiscal year resulting in -10.94% return over the year. The Fed’s tightening of monetary policy and the failure of Silicon Valley Bank led to interest rate volatility spiking to levels not seen since the financial crisis in 2008. For the fiscal year, the Bloomberg U.S. Aggregate Bond Index registered a -0.43% rate of return. However, on a calendar year basis, the 2022 return for the index was a record -13.01%, demonstrating the bouts of interest rate volatility experienced over the fiscal year.

precursor to an economic recession. One negative byproduct of the Fed’s tightening campaign surfaced in March 2023 as several west coast regional banks, with idiosyncratic banking business models started experiencing severe market stress, resulting in three regional banks going into receivership. In response to the banking crisis, the Fed is now expected to pause rate increases as it assesses the cumulative effects of tighter monetary policy and potential tighter credit conditions resulting from the regional bank stresses.

The Fund has maintained a shorter overall duration versus the U.S. Aggregate Bond Index which contributed positively to our relative performance as interest rates rose during the fiscal year. The Fund was also overweight the credit sector, which generated an excess return over the fiscal year of 1.86%. Our credit analysis revealed that while the economy was slowing, corporate balance sheets and operating cash flows were well positioned to weather the economic slowdown. We viewed net corporate supply versus the demand for corporates as also favoring the sector. Relative to its index, the Fund was overweight longer maturing corporate bonds which outperformed shorter maturing corporates. Our overweight and positioning in the credit sector contributed positively to our relative performance. The Fund continued to be underweighted the mortgage-backed sector. Our expectations of an inverted yield curve, higher levels of interest rate volatility, and less demand for mortgage-backed securities by the Fed were principal reasons for having a lower allocation to mortgage-backed securities. Having a lower allocation to the sector contributed positively towards our relative performance.

Uncertainties surrounding the raising of the Government debt limit, the war in Ukraine, a soft U.S. economic landing, and an upcoming political cycle all suggest market volatility will persist in the year ahead. We view the market’s pricing of over 50 basis points of rate cuts by the Federal Reserve this year and another 100 basis points of cuts by this time next year as aggressive and somewhat premature. Our expectation is for the Fed to keep rates higher for longer than what the market is currently anticipating. The risks to the economy are expected to rise as the Federal Reserve remains committed to a 2% inflationary environment. As such, we expect to have a more defensive portfolio while at the same time looking for investment opportunities that market volatility will undoubtedly provide.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -5.13%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

**	The Bloomberg U.S. Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment

WILMINGTON BROAD MARKET BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Broad Market Bond Fund; from April 30, 2013 to April 30, 2023, compared to the Bloomberg U.S. Aggregate Bond Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -5.13%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.



	Average Annual Total Returns for the Periods Ended 4/30/23

	1 Year	5 Years	10 Years

Class A^	-5.13%	-0.05%	0.48%

Class I^	-0.42%	1.22%	1.28%

Bloomberg U.S. Aggregate Bond Index²	-0.43%	1.18%	1.32%

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.07% and 0.79%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.57% and 0.44%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2023, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 2.92%* for Class A shares and 3.18%* for Class I shares, versus its benchmark, the S&P Municipal Bond Intermediate Index** and the S&P Municipal Bond Investment Grade Intermediate Index***, which had a total return of 3.59% and 3.67%, respectively, and its peer group, the Lipper Intermediate Municipal Debt Funds Average****, which had a total return of 2.28%.

The fiscal year ended April 30, 2023 was one of the most difficult markets for municipals in more than four decades as the Federal Reserve (the “Fed”) increased the Federal Funds rate from 0.5% to 5.00% during the Fund’s 12-month reporting period. The result was a continued sell-off during the period from April 30, 2022 to the peak in increasing yields at the end of October. The S&P Municipal Bond Investment Grade Intermediate Index returned -2.94% during the period. Fund outflows reached a record $100 billion as investors sold mainly mutual fund holdings as their Net Asset Value (NAV) declined and/or investors were interested in locking in capital losses for various tax reasons. From April to late October when municipal yields peaked, higher quality, shorter duration securities outperformed lower quality, longer duration securities. As November rolled around, bond yields had peaked, mutual fund outflows slowed down and investors moved back into the municipal market as after-tax yields became compelling.

Consequently, yields increased on the short end -- and eventually during the reporting period -- the municipal market curve inverted in lockstep with the inversion of the U.S. Treasury curve (short-term yields higher than longer-term yields). As of April 29, 2023, the 2-year AAA bond yield was 2.22%, the 10-year AAA bond yield was 2.72% and the 30-year AAA bond yield was 3.05%. By the end of April 2023, the 2-year AAA bond yield was 2.69%, the 10-year AAA bond yield ended at 2.36% and the 30-year AAA bond yield ended at 3.33% -- causing bond prices to decrease on the intermediate to longer-end of the curve, but decrease on the short-end (Source: Thomson Reuters).

One of the largest issues facing the municipal market in 2023 is the lack of supply – which is down over 20% year to date. Demand for municipals has traditionally outpaced supply but with the increase in interest rates and above average cash balances on municipal balance sheets, supply is historically below average. Additionally, traditional capital projects such as fixing a roof on a school are suffering from the labor shortage and increase in material costs – causing projects to be delayed and funds unspent.

Cash balances as a percent of expenditures are at record levels for the states at a median of 16% (National Association of State Budget Officers NASBO). General revenues (personal income tax, sales taxes and corporate taxes) have been trending downward since July 2022, according to the Census Bureau and will likely continue to their path downward as the economy slows. Despite the decrease, the fiscal health of municipalities is still strong. Due to the budgeting cycle, the lag to state budgets can be 12-18 months although monthly revenue collections are slowing nationally. With the above average cash levels, state and local governments should be well positioned to manage through a mild recession.

The Fund underperformed the S&P Municipal Intermediate indices due to an overweight in the A-rated and BBB-rated category – as higher quality (AAA and AA-rated securities) and shorter maturities

outperformed during the sell-off for most of 2022. The Fund outperformed the Lipper average manager during the fiscal year due to our duration neutral approach (duration is managed close to the index) and we were slightly shorter than peers.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -1.71%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

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

***

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

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

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

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

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

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

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

Income may be subject to the federal alternative minimum tax.

WILMINGTON MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington Municipal Bond Fund from April 30, 2013 to April 30, 2023 compared to the S&P Municipal Bond Intermediate Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -1.71%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.



	Average Annual Total Returns for the Periods Ended 4/30/23

	1 Year	5 Years	10 Years

Class A^	-1.71%	0.34%	0.84%

Class I^	3.18%	1.52%	1.56%

S&P Municipal Bond Intermediate Index²	3.59%	2.25%	2.21%

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.09% and 0.74%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.59% and 0.49%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

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

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

For the fiscal year ended April 30, 2023, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 2.79%* for Class A shares and 3.04%* for Class I shares, versus its benchmark, the S&P Municipal Bond Intermediate Index** and the S&P Intermediate Term New York AMT-Free Municipal Bond Index***, which had a total return of 3.59% and 3.65%, respectively, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average****, which had a total return of 2.61%.

The fiscal year ended April 30, 2023 was one of the most difficult markets for municipals in more than four decades as the Federal Reserve (the “Fed”) increased the Federal Funds rate from 0.5% to 5.00% during the Fund’s 12 month reporting period. The result was a continued sell-off during the period from April 30, 2022 to the peak in increasing yields at the end of October. The S&P Municipal Bond Investment Grade Intermediate Index returned -2.94% during the period. Fund outflows reached a record $100 billion as investors sold mainly mutual fund holdings as their Net Asset Value (NAV) declined and/or investors were interested in locking in capital losses for various tax reasons. From April to late October when municipal yields peaked, higher quality, shorter duration securities outperformed lower quality, longer duration securities. As November rolled around, bond yields had peaked, mutual fund outflows slowed down and investors moved back into the municipal market as after-tax yields became compelling.

Consequently, yields increased on the short end -- and eventually during the reporting period -- the municipal market curve inverted in lockstep with the inversion of the U.S. Treasury curve (short-term yields higher than longer-term yields). As of April 29, 2023, the 2-year AAA bond yield was 2.22%, the 10-year AAA bond yield was 2.72% and the 30-year AAA bond yield was 3.05%. By the end of April 2023, the 2-year AAA bond yield was 2.69%, the 10-year AAA bond yield ended at 2.36% and the 30-year AAA bond yield ended at 3.33% -- causing bond prices to decrease on the intermediate to longer-end of the curve but decrease on the short-end (Source: Thomson Reuters).

The fiscal health of the State of New York continues to be strong relative to other states. Moody’s rating service maintains a healthy Aa1 credit rating while S&P rates the State as a AA+ stable credit.

Revenues, as with the rest of the country, are declining but at a steady downward trend. The state-wide unemployment rate at 4.2% is slightly above the national average of 3.5%, but well below the pandemic era high of 16.2%. New York’s Gross Domestic Product (“GDP”) is close to $3 trillion which ranks 3rd in the country but in the top 20 when compared to sovereign nations around the world.

The City of New York also continues to perform well. With a Moody’s rating of Aa2 stable while S&P rates the City AA stable. City unemployment is slightly elevated at 5.2% compared to the State and national average cited above. Challenges are a Manhattan primary office vacancy rate of 22.8% and major crimes up 45% over the last 2 years. Commercial properties make up roughly 30% of the total property tax revenues for the city. The city is projecting a slight surplus of $2.2 Billion or close to 2% of general revenues.

The Fund underperformed the indices due to an underweight in duration relative to the indices but outperformed the Lipper New York Intermediate peer group due to overweight to lower quality A and BBB rated municipal securities – especially in the corporate-supported sector. As the municipal market recovers from the rapid rise in rates in 2022, the Fund will continue to be aligned closely to its benchmark duration and will continue to look for high value NY sectors including higher education, health care and multifamily/single family housing.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -1.86%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

***

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

****Lipper

figures represent the average of the total returns reported by all

WILMINGTON NEW YORK MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,000¹ in Class A and $100,000¹ in Class I of the Wilmington New York Municipal Bond Fund from April 30, 2013 to April 30, 2023 compared to the S&P Municipal Bond Intermediate Index.²

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -1.86%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.



	Average Annual Total Returns for the Periods Ended 4/30/23

	1 Year	5 Years	10 Years

Class A^	-1.86%	0.24%	0.67%

Class I^	3.04%	1.42%	1.40%

S&P Municipal Bond Intermediate Index²	3.59%	2.25%	2.21%

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.37% and 0.82%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.87% and 0.57%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

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

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

Actual Expenses

Hypothetical Example for

Comparison Purposes

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2023.

Beginning
Account Value
11/01/22

Ending
Account Value
4/30/23

Expenses

Paid
During Period⁽¹⁾

Annualized
Net
Expense Ratio

WILMINGTON BROAD MARKET BOND FUND

Actual

Class A

$1,000.00

$1,064.30

$3.94

0.77%⁽²⁾

Class I

$1,000.00

$1,065.70

$2.20

0.43%⁽²⁾

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,020.98

$3.86

0.77%⁽²⁾

Class I

$1,000.00

$1,022.66

$2.16

0.43%⁽²⁾

WILMINGTON MUNICIPAL BOND FUND

Actual

Class A

$1,000.00

$1,061.60

$3.78

0.74%

Class I

$1,000.00

$1,063.80

$2.51

0.49%

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,021.12

$3.71

0.74%

Class I

$1,000.00

$1,022.36

$2.46

0.49%

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Actual

Class A

$1,000.00

$1,060.60

$4.19

0.82%

Class I

$1,000.00

$1,061.90

$2.91

0.57%

Hypothetical (assuming a 5% return before expenses)

Class A

$1,000.00

$1,020.73

$4.11

0.82%

Class I

$1,000.00

$1,021.97

$2.86

0.57%

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

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

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2023, the Fund’s portfolio composition was as follows:


	Percentage of Total Net Assets

Corporate Bonds		42.4	%

U.S. Treasury Obligations		29.0	%

Mortgage-Backed Securities		21.4	%

Government Agencies		3.1	%

Municipal Bond		0.4	%

Collateralized Mortgage Obligations		0.0	%⁽¹⁾

Adjustable Rate Mortgage		0.0	%⁽¹⁾

Cash Equivalents⁽²⁾		3.0	%

Cash Collateral Invested for Securities on Loan⁽³⁾		2.9	%

Other Assets and Liabilities - Net⁽⁴⁾		(2.2	)%


TOTAL		100.0	%


Credit Quality Diversification⁽⁵⁾	Percentage of Total Net Assets

U.S. Government Agency Securities		24.5	%

U.S. Treasury		29.0	%

AA / Aa		0.1	%

A / A		8.0	%

BBB / Baa		33.3	%

BB / Ba		1.0	%

B / B		0.4	%

Not Rated		5.9	%

Other Assets and Liabilities - Net⁽⁴⁾		(2.2	)%


TOTAL		100.0	%

⁽¹⁾	Represents less than 0.05%.

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

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

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

⁽⁵⁾

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

PORTFOLIO OF INVESTMENTS

April 30, 2023



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	$	5,512	$	5,695


TOTAL ADJUSTABLE RATE MORTGAGE (COST $5,504)			$	5,695

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%**

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**

Series 2005-29, Class WC, 4.75%, 04/25/35		6,144		6,160

WHOLE LOAN – 0.0%**

Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 4.18%, 02/25/34^Δ		24,512		24,347

CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 06/01/23		4,600		4,582

IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.26%, 11/25/35^Δ		15,002		14,656


TOTAL WHOLE LOAN			$	43,585


TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $49,915)			$	49,745



Description	Par Value		Value

CORPORATE BONDS – 42.4%

AEROSPACE & DEFENSE – 2.2%
Boeing Co. (The), Sr. Unsecured 1.95%, 02/01/24	$	3,050,000	$	2,967,754
1.43%, 02/04/24		2,500,000		2,425,941
2.75%, 02/01/26		2,000,000		1,890,451
3.20%, 03/01/29		150,000		137,552
L3Harris Technologies, Inc., Sr. Unsecured,
2.90%, 12/15/29		835,000		743,646
Northrop Grumman Corp., Sr. Unsecured
2.93%, 01/15/25		1,000,000		970,097
4.03%, 10/15/47		1,765,000		1,528,476
Raytheon Technologies Corp., Sr. Unsecured,
3.50%, 03/15/27		1,600,000		1,552,201


TOTAL AEROSPACE & DEFENSE			$	12,216,118

AUTOMOTIVE – 2.1%
Ford Motor Credit Co. LLC, Sr. Unsecured 3.37%, 11/17/23		1,000,000		984,352
5.58%, 03/18/24		1,250,000		1,244,814
5.13%, 06/16/25		1,500,000		1,458,682
2.90%, 02/16/28		250,000		216,525
General Motors Co., Sr. Unsecured, 6.25%, 10/02/43		1,000,000		968,055



Description	Par Value		Value

General Motors Financial Co., Inc., Sr. Unsecured
1.05%, 03/08/24	$	100,000	$	96,232
2.90%, 02/26/25		230,000		220,355
1.25%, 01/08/26		1,000,000		901,591
1.50%, 06/10/26		3,000,000		2,687,665
Mercedes-Benz Finance North America LLC, Company Guaranteed,
0.75%, 03/01/24^W		3,000,000		2,891,850


TOTAL AUTOMOTIVE			$	11,670,121

BEVERAGES – 0.6%
Anheuser-Busch Cos. LLC, Company Guaranteed,
4.90%, 02/01/46		1,125,000		1,116,439
Keurig Dr. Pepper, Inc., Company Guaranteed
0.75%, 03/15/24		1,490,000		1,434,756
3.20%, 05/01/30		775,000		708,723


TOTAL BEVERAGES			$	3,259,918

BIOTECHNOLOGY – 0.3%
Amgen, Inc., Sr. Unsecured
2.25%, 08/19/23		225,000		223,127
5.65%, 03/02/53		1,280,000		1,333,579


TOTAL BIOTECHNOLOGY			$	1,556,706

BUILDING PRODUCTS – 0.2%
Carrier Global Corp., Sr. Unsecured
2.24%, 02/15/25		418,000		398,484
2.49%, 02/15/27		56,000		51,749
Johnson Controls International PLC, Sr. Unsecured
3.63%, 07/02/24^ÿ		373,000		366,749
4.63%, 07/02/44		100,000		91,366


TOTAL BUILDING PRODUCTS			$	908,348

CAPITAL MARKETS – 2.6%
Bank of New York Mellon Corp. (The), Subordinated, MTN,
3.00%, 10/30/28		775,000		713,093
Goldman Sachs Group, Inc. (The), Sr. Unsecured
(3 Month USD LIBOR + 1.20%), 3.27%, 09/29/25^Δ		1,010,000		976,215
(3 Month USD LIBOR + 1.51%), 3.69%, 06/05/28^Δ		2,080,000		1,980,608
(SOFR + 1.25%), 2.38%, 07/21/32^Δ		1,115,000		912,668
Morgan Stanley, Sr. Unsecured,
(SOFR + 0.72%), 0.99%, 12/10/26^Δ		175,000		156,915
Morgan Stanley, Sr. Unsecured, MTN
(SOFR + 0.46%), 5.29%, 01/25/24^Δ		3,000,000		2,993,217
3.13%, 07/27/26		340,000		323,324
(SOFR + 3.12%), 3.62%, 04/01/31^Δ		890,000		813,271
Morgan Stanley, Subordinated, GMTN,
4.35%, 09/08/26		505,000		492,955

Toronto-Dominion Bank (The), Sr. Unsecured, GMTN,
3.25%, 03/11/24		275,000		269,572



Description	Par Value		Value

U.S. Bancorp, Sr. Unsecured, (SOFR + 2.09%),
5.85%, 10/21/33^Δ	$	4,400,000	$	4,525,369


TOTAL CAPITAL MARKETS			$	14,157,207

CHEMICALS – 0.6%
Nutrien Ltd., Sr. Unsecured,
1.90%, 05/13/23		2,000,000		1,998,208
Sherwin-Williams Co. (The), Sr. Unsecured,
2.20%, 03/15/32^#		1,480,000		1,208,192


TOTAL CHEMICALS			$	3,206,400

COMMERCIAL SERVICES & SUPPLIES – 0.7%
Global Payments, Inc., Sr. Unsecured
3.75%, 06/01/23		2,570,000		2,567,805
2.65%, 02/15/25		275,000		262,418
2.90%, 05/15/30		1,000,000		855,033


TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,685,256

COMPUTERS – 1.0%
Apple, Inc., Sr. Unsecured,
0.70%, 02/08/26		110,000		100,457
Hewlett Packard Enterprise Co., Sr. Unsecured
1.45%, 04/01/24		150,000		144,751
6.10%, 04/01/26		5,000,000		5,053,760


TOTAL COMPUTERS			$	5,298,968

COSMETICS/PERSONAL CARE – 0.2%
Haleon U.S. Capital LLC, Company Guaranteed,
3.02%, 03/24/24		1,000,000		976,460

DIVERSIFIED FINANCIAL SERVICES – 5.9%
American Express Co., Sr. Unsecured,
3.13%, 05/20/26		150,000		143,963
Bank of America Corp., Sr. Unsecured, MTN
(SOFR + 1.15%), 1.32%, 06/19/26^Δ		250,000		229,232
3.25%, 10/21/27		1,095,000		1,032,793
(SOFR + 1.88%), 2.83%, 10/24/51^Δ		250,000		166,685
Bank of America Corp., Subordinated, MTN,
4.25%, 10/22/26		1,000,000		974,580
Capital One Financial Corp., Sr. Unsecured,
3.90%, 01/29/24		250,000		247,908
Charles Schwab Corp. (The), Sr. Unsecured,
3.20%, 03/02/27		2,894,000		2,697,105
Citigroup, Inc., Sr. Unsecured, (SOFR + 0.77%),
1.12%, 01/28/27^Δ		2,750,000		2,462,797
Citigroup, Inc., Subordinated,
4.13%, 07/25/28		1,900,000		1,812,115
Fifth Third Bancorp, Sr. Unsecured,
2.55%, 05/05/27		780,000		691,609
Fifth Third Bancorp, Subordinated,
4.30%, 01/16/24		780,000		762,546
FMR LLC, Sr. Unsecured,
6.45%, 11/15/39^W		1,000,000		1,078,249
Huntington Bancshares, Inc., Sr. Unsecured,
2.63%, 08/06/24		4,325,000		4,132,808
JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month USD LIBOR + 1.00%),
5.86%, 05/15/47^#,Δ		1,000,000		832,326



Description	Par Value		Value

JPMorgan Chase & Co., Sr. Unsecured
(SOFR + 0.92%), 2.60%, 02/24/26^Δ	$	6,000,000	$	5,751,384
(SOFR + 1.59%), 2.01%, 03/13/26^Δ		150,000		141,542
KeyCorp., Sr. Unsecured, MTN, (SOFR + 1.25%),
3.88%, 05/23/25^Δ		1,980,000		1,912,206
PNC Bank NA, Subordinated, BKNT,
2.70%, 10/22/29		1,125,000		972,841
PNC Financial Services Group, Inc. (The), Sr. Unsecured,
3.45%, 04/23/29		100,000		92,120
PNC Financial Services Group, Inc. (The), Subordinated,
3.90%, 04/29/24		1,700,000		1,668,745
Truist Bank, Sr. Unsecured, BKNT,
3.20%, 04/01/24		175,000		171,326
Truist Bank, Subordinated, BKNT
3.63%, 09/16/25		250,000		238,047
3.80%, 10/30/26		1,000,000		931,310
2.25%, 03/11/30		1,850,000		1,521,813
Wells Fargo & Co., Sr. Unsecured, (SOFR + 2.00%),
2.19%, 04/30/26^Δ		1,170,000		1,103,977
Wells Fargo & Co., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.75%),
2.16%, 02/11/26^Δ		140,000		132,641
Wells Fargo & Co., Subordinated, MTN,
4.40%, 06/14/46		1,000,000		838,376


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	32,741,044

ELECTRIC – 1.8%
American Electric Power Co., Inc., Series M, Sr. Unsecured,
0.75%, 11/01/23		1,870,000		1,830,897
Dominion Energy, Inc., Series A, Sr. Unsecured,
1.45%, 04/15/26		1,950,000		1,771,436
Entergy Arkansas LLC, 1st Mortgage,
4.95%, 12/15/44		1,000,000		940,537
Entergy Corp., Sr. Unsecured,
0.90%, 09/15/25		1,000,000		906,503
Exelon Corp., Sr. Unsecured,
4.70%, 04/15/50		2,000,000		1,831,366
FirstEnergy Corp., Series B, Sr. Unsecured,
4.15%, 07/15/27		800,000		780,000

Southern Co. (The), Series 21-B, Sr. Unsecured,
1.75%, 03/15/28		40,000		34,703
Union Electric Co., 1st Mortgage,
3.50%, 03/15/29		220,000		208,212
WEC Energy Group, Inc., Sr. Unsecured
1.38%, 10/15/27		750,000		655,497
1.80%, 10/15/30		1,150,000		936,428


TOTAL ELECTRIC			$	9,895,579

ENTERTAINMENT – 0.7%
Magallanes, Inc., Company Guaranteed,
5.14%, 03/15/52^W		5,000,000		4,009,578

FOOD & STAPLES RETAILING – 1.3%
Campbell Soup Co., Sr. Unsecured,
3.30%, 03/19/25		2,050,000		1,992,158



Description	Par Value		Value

Conagra Brands, Inc., Sr. Unsecured
1.38%, 11/01/27	$	200,000	$	172,427
5.40%, 11/01/48		665,000		646,895
Kroger Co. (The), Sr. Unsecured,
3.95%, 01/15/50		1,000,000		820,643
McCormick & Co., Inc., Sr. Unsecured,
0.90%, 02/15/26		3,050,000		2,751,184
Mondelez International Holdings Netherlands BV, Company Guaranteed,
0.75%, 09/24/24^W		860,000		809,193


TOTAL FOOD & STAPLES RETAILING			$	7,192,500

GAS – 0.2%
Southern Co. Gas Capital Corp., Company Guaranteed,
3.95%, 10/01/46		1,425,000		1,127,025

HEALTHCARE-PRODUCTS – 1.0%
DH Europe Finance II Sarl, Company Guaranteed,
2.20%, 11/15/24		2,330,000		2,241,168
Thermo Fisher Scientific, Inc., Sr. Unsecured,
0.80%, 10/18/23		1,775,000		1,739,607
Zimmer Biomet Holdings, Inc., Sr. Unsecured,
1.45%, 11/22/24		1,480,000		1,401,988


TOTAL HEALTHCARE-PRODUCTS			$	5,382,763

HEALTHCARE-SERVICES – 1.3%
CommonSpirit Health, Sr. Secured
2.76%, 10/01/24		3,140,000		3,049,983
3.35%, 10/01/29		150,000		135,975
Elevance Health, Inc., Sr. Unsecured,
3.65%, 12/01/27		1,650,000		1,601,987
NYU Langone Hospitals, Series 2020, Secured,
3.38%, 07/01/55		1,000,000		734,925
UnitedHealth Group, Inc., Sr. Unsecured
2.95%, 10/15/27		1,350,000		1,281,847
3.95%, 10/15/42		290,000		255,363


TOTAL HEALTHCARE-SERVICES			$	7,060,080

HOME FURNISHINGS – 0.2%
Whirlpool Corp., Sr. Unsecured,
4.60%, 05/15/50^#		1,405,000		1,182,723

INSURANCE – 1.3%
Aon Global Ltd., Company Guaranteed,
4.00%, 11/27/23		1,700,000		1,688,775
Berkshire Hathaway Finance Corp., Company Guaranteed,
4.30%, 05/15/43		425,000		398,367
CNA Financial Corp., Sr. Unsecured
7.25%, 11/15/23		200,000		201,942
3.95%, 05/15/24		950,000		935,531
Lincoln National Corp., Sr. Unsecured,
3.63%, 12/12/26		1,380,000		1,258,405
Principal Life Global Funding II, Secured,
1.63%, 11/19/30^W		250,000		198,581
W.R. Berkley Corp., Sr. Unsecured
4.75%, 08/01/44		1,715,000		1,602,826



Description	Par Value		Value

4.00%, 05/12/50	$	1,425,000	$	1,155,804


TOTAL INSURANCE			$	7,440,231

INTERNET – 0.2%
Amazon.com, Inc., Sr. Unsecured
1.20%, 06/03/27		100,000		89,270
3.25%, 05/12/61		1,000,000		741,613


TOTAL INTERNET			$	830,883

MACHINERY – 0.0%**
Caterpillar Financial Services Corp., Sr. Unsecured,
0.65%, 07/07/23		50,000		49,620

MEDIA – 1.1%
CCO Holdings LLC, Sr. Unsecured,
4.25%, 02/01/31^W		3,000,000		2,460,000
Discovery Communications LLC, Company Guaranteed
3.95%, 03/20/28		1,000,000		937,004
3.63%, 05/15/30		1,000,000		891,853
Paramount Global, Sr. Unsecured
4.60%, 01/15/45		1,100,000		804,189
4.95%, 05/19/50		1,185,000		897,529


TOTAL MEDIA			$	5,990,575

MISCELLANEOUS MANUFACTURING – 0.4%
Textron, Inc., Sr. Unsecured
3.88%, 03/01/25		750,000		733,572
2.45%, 03/15/31		2,000,000		1,695,572


TOTAL MISCELLANEOUS MANUFACTURING			$	2,429,144

OIL & GAS – 1.6%
Marathon Petroleum Corp., Sr. Unsecured,
3.63%, 09/15/24		745,000		730,613
Phillips 66, Company Guaranteed
0.90%, 02/15/24		1,065,000		1,029,538
3.85%, 04/09/25		575,000		563,526
Pioneer Natural Resources Co., Sr. Unsecured
0.55%, 05/15/23		1,035,000		1,033,105
1.13%, 01/15/26		1,000,000		913,595
1.90%, 08/15/30		1,940,000		1,606,988
2.15%, 01/15/31		1,000,000		839,778
Valero Energy Corp., Sr. Unsecured
2.15%, 09/15/27		1,800,000		1,636,238
4.90%, 03/15/45		563,000		513,030


TOTAL OIL & GAS			$	8,866,411

PHARMACEUTICALS – 3.3%
AbbVie, Inc., Sr. Unsecured
3.75%, 11/14/23		150,000		148,876
2.95%, 11/21/26		1,875,000		1,784,016
4.25%, 11/14/28		1,235,000		1,226,550
4.40%, 11/06/42		460,000		419,530
4.88%, 11/14/48		1,000,000		960,975
4.25%, 11/21/49		1,000,000		884,033
AstraZeneca Finance LLC, Company Guaranteed,
1.75%, 05/28/28		500,000		446,452



Description	Par Value		Value

AstraZeneca PLC, Sr. Unsecured,
0.70%, 04/08/26	$	100,000	$	90,770
Becton Dickinson & Co., Sr. Unsecured,
1.96%, 02/11/31		100,000		82,641
Bristol-Myers Squibb Co., Sr. Unsecured,
3.40%, 07/26/29		310,000		296,955
Cardinal Health, Inc., Sr. Unsecured,
4.50%, 11/15/44		650,000		560,381
Cigna Group (The), Company Guaranteed
3.75%, 07/15/23		272,000		271,065
4.80%, 07/15/46		1,000,000		922,478
Cigna Group (The), Sr. Unsecured
5.69%, 03/15/26		2,740,000		2,761,336
2.38%, 03/15/31		250,000		212,371
CVS Health Corp., Sr. Unsecured
1.30%, 08/21/27		145,000		127,439
5.13%, 02/21/30		910,000		928,135
1.88%, 02/28/31^#		2,000,000		1,629,713
McKesson Corp., Sr. Unsecured,
5.25%, 02/15/26		2,745,000		2,757,200
Pfizer, Inc., Sr. Unsecured,
2.63%, 04/01/30		650,000		590,728
Zoetis, Inc., Sr. Unsecured
3.00%, 09/12/27		125,000		118,888
3.95%, 09/12/47		1,005,000		849,721


TOTAL PHARMACEUTICALS			$	18,070,253

PIPELINES – 3.8%
Enbridge, Inc., Company Guaranteed
0.55%, 10/04/23		1,540,000		1,505,271
(SOFR + 0.63%), 5.36%, 02/16/24^Δ		3,000,000		2,985,111
Energy Transfer LP, Sr. Unsecured
3.75%, 05/15/30		715,000		658,760
5.30%, 04/15/47		1,250,000		1,100,601
Enterprise Products Operating LLC, Company Guaranteed
4.20%, 01/31/50		1,120,000		932,817
4.95%, 10/15/54		500,000		454,557
Kinder Morgan Energy Partners LP, Company Guaranteed,
5.40%, 09/01/44		1,000,000		927,932
Kinder Morgan, Inc., Company Guaranteed
5.20%, 03/01/48		2,040,000		1,827,781
3.60%, 02/15/51		1,315,000		928,958
MPLX LP, Sr. Unsecured
4.70%, 04/15/48		1,000,000		841,068
4.95%, 03/14/52		1,000,000		865,463
ONEOK Partners LP, Company Guaranteed,
6.20%, 09/15/43		1,000,000		996,155
ONEOK, Inc., Company Guaranteed,
6.10%, 11/15/32		335,000		350,094
Plains All American Pipeline LP, Sr. Unsecured,
3.85%, 10/15/23		866,000		858,658
Spectra Energy Partners LP, Company Guaranteed,
3.50%, 03/15/25		670,000		649,780
Targa Resources Corp., Company Guaranteed,
6.13%, 03/15/33		2,900,000		3,024,197



Description	Par Value		Value

Targa Resources Partners LP, Company Guaranteed,
4.88%, 02/01/31	$	1,245,000	$	1,174,969
Williams Cos., Inc. (The), Sr. Unsecured,
3.50%, 10/15/51		1,485,000		1,061,722


TOTAL PIPELINES			$	21,143,894

REAL ESTATE INVESTMENT TRUSTS – 2.4%
American Tower Corp., Sr. Unsecured
5.00%, 02/15/24		665,000		663,359
3.13%, 01/15/27		1,000,000		941,856
4.05%, 03/15/32		1,000,000		926,898
3.10%, 06/15/50		1,500,000		995,930
AvalonBay Communities, Inc., Sr. Unsecured, MTN,
3.35%, 05/15/27		1,420,000		1,352,645
Healthcare Realty Holdings LP, Company Guaranteed
3.88%, 05/01/25		1,215,000		1,172,120
3.63%, 01/15/28		1,100,000		1,004,167
Healthpeak OP LLC, Company Guaranteed
3.25%, 07/15/26		110,000		104,506
2.88%, 01/15/31		2,350,000		2,031,152
Ventas Realty LP, Company Guaranteed,
4.00%, 03/01/28		250,000		235,972
Welltower OP LLC, Company Guaranteed
3.63%, 03/15/24		250,000		245,706
4.00%, 06/01/25		3,000,000		2,929,515
4.95%, 09/01/48		1,000,000		889,873


TOTAL REAL ESTATE INVESTMENT TRUSTS			$	13,493,699

RETAIL – 1.0%
Lowe’s Cos., Inc., Sr. Unsecured,
3.65%, 04/05/29		200,000		190,657
Nordstrom, Inc., Sr. Unsecured,
5.00%, 01/15/44		1,000,000		626,250
Walgreens Boots Alliance, Inc., Sr. Unsecured,
0.95%, 11/17/23		4,880,000		4,770,561


TOTAL RETAIL			$	5,587,468

SEMICONDUCTORS – 0.2%
Micron Technology, Inc., Sr. Unsecured,
2.70%, 04/15/32		1,500,000		1,199,444

SOFTWARE – 0.4%
Roper Technologies, Inc., Sr. Unsecured, 2.00%, 06/30/30		1,345,000		1,116,678
Workday, Inc., Sr. Unsecured, 3.50%, 04/01/27		1,385,000		1,331,872


TOTAL SOFTWARE			$	2,448,550

TELECOMMUNICATIONS – 1.3%
AT&T, Inc., Sr. Unsecured 0.90%, 03/25/24		2,125,000		2,046,574
4.50%, 05/15/35		845,000		795,902
3.55%, 09/15/55		1,423,000		1,014,456
Verizon Communications, Inc., Sr. Unsecured 2.10%, 03/22/28		50,000		44,674
1.75%, 01/20/31		2,310,000		1,863,612
2.36%, 03/15/32		305,000		250,188



Description	Par Value		Value

3.40%, 03/22/41	$	1,515,000	$	1,195,021


TOTAL TELECOMMUNICATIONS			$	7,210,427

TRANSPORTATION – 1.7%
FedEx Corp., Company Guaranteed, 2.40%, 05/15/31^#		2,500,000		2,128,335
Ryder System, Inc., Sr. Unsecured, MTN 3.65%, 03/18/24		1,670,000		1,645,161
2.85%, 03/01/27		2,645,000		2,454,839
Union Pacific Corp., Sr. Unsecured 3.15%, 03/01/24		2,565,000		2,527,506
4.30%, 03/01/49		675,000		607,059


TOTAL TRANSPORTATION			$	9,362,900

TRUCKING & LEASING – 0.8%
GATX Corp., Sr. Unsecured 3.25%, 09/15/26		1,570,000		1,486,456
3.85%, 03/30/27		1,500,000		1,438,976
4.00%, 06/30/30		1,000,000		931,619
5.20%, 03/15/44		640,000		582,066

TOTAL TRUCKING & LEASING			$	4,439,117


TOTAL CORPORATE BONDS (COST $253,064,924)			$	234,089,410

GOVERNMENT AGENCIES – 3.1%

FEDERAL HOME LOAN BANK (FHLB) – 1.2%
3.25%, 11/16/28^#		6,960,000		6,823,243

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.6%
0.38%, 07/21/25^#		9,250,000		8,538,587

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3%
0.25%, 05/22/23^#		200,000		199,447
6.25%, 05/15/29^#		750,000		852,334
7.25%, 05/15/30		400,000		487,486

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,539,267

TOTAL GOVERNMENT AGENCIES (COST $18,320,507)			$	16,901,097

MORTGAGE-BACKED SECURITIES – 21.4%

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 5.4%
Pool C00478, 8.50%, 09/01/26		3,208		3,333
Pool E09010, 2.50%, 09/01/27		183,208		176,473
Pool G18497, 3.00%, 01/01/29		27,482		26,572
Pool C01272, 6.00%, 12/01/31		7,377		7,469
Pool A13990, 4.50%, 10/01/33		4,505		4,408
Pool G01625, 5.00%, 11/01/33		21,258		21,478
Pool A18401, 6.00%, 02/01/34		12,047		12,187
Pool QN1900, 3.00%, 04/01/35		739,226		705,846
Pool G08097, 6.50%, 11/01/35		12,405		13,406
Pool G02296, 5.00%, 06/01/36		53,189		53,903
Pool G02390, 6.00%, 09/01/36		4,965		5,273
Pool G05317, 5.00%, 04/01/37		216,332		218,499
Pool G08193, 6.00%, 04/01/37		9,946		10,459
Pool G03703, 5.50%, 12/01/37		5,846		6,074
Pool G04776, 5.50%, 07/01/38		19,525		19,939
Pool G05500, 5.00%, 05/01/39		194,104		199,860
Pool A93415, 4.00%, 08/01/40		245,904		235,844



Description	Par Value		Value

Pool A93505, 4.50%, 08/01/40	$	325,413	$	327,225
Pool A93996, 4.50%, 09/01/40		243,887		245,249
Pool G06222, 4.00%, 01/01/41		383,765		377,165
Pool A97047, 4.50%, 02/01/41		246,962		248,335
Pool G06956, 4.50%, 08/01/41		244,924		246,285
Pool C03750, 3.50%, 02/01/42		105,329		99,875
Pool C03849, 3.50%, 04/01/42		57,202		53,471
Pool Q08305, 3.50%, 05/01/42		431,252		418,244
Pool C04305, 3.00%, 11/01/42		1,171,784		1,097,342
Pool C09020, 3.50%, 11/01/42		833,746		790,588
Pool G07266, 4.00%, 12/01/42		717,525		704,377
Pool C04444, 3.00%, 01/01/43		36,865		33,924
Pool C09029, 3.00%, 03/01/43		157,369		144,795
Pool G08534, 3.00%, 06/01/43		193,811		178,330
Pool Q19476, 3.50%, 06/01/43		317,020		301,947
Pool C09044, 3.50%, 07/01/43		369,621		352,027
Pool G07889, 3.50%, 08/01/43		341,922		324,145
Pool G07624, 4.00%, 12/01/43		335,664		335,020
Pool G60038, 3.50%, 01/01/44		1,817,755		1,723,310
Pool G07680, 4.00%, 04/01/44		607,960		591,532
Pool G07943, 4.50%, 08/01/44		33,085		33,202
Pool G08607, 4.50%, 09/01/44		222,811		223,534
Pool Q33547, 3.50%, 05/01/45		278,939		261,206
Pool Q36970, 4.00%, 10/01/45		138,160		134,661
Pool G60384, 4.50%, 12/01/45		21,690		21,766
Pool Q39644, 3.50%, 03/01/46		883,640		834,769
Pool Q39438, 4.00%, 03/01/46		862,333		837,709
Pool G08705, 3.00%, 05/01/46		79,158		72,279
Pool G08708, 4.50%, 05/01/46		137,326		137,140
Pool ZS4671, 3.00%, 08/01/46		513,309		468,190
Pool Q44452, 3.00%, 11/01/46		744,202		679,508
Pool ZS4693, 3.00%, 12/01/46		1,417,335		1,292,746
Pool SD8037, 2.50%, 01/01/50		2,817,907		2,454,151
Pool RA2341, 2.50%, 04/01/50		2,478,606		2,149,284
Pool SD8104, 1.50%, 11/01/50		2,464,685		1,940,553
Pool RA4349, 2.50%, 01/01/51		1,260,084		1,095,527
Pool SD8141, 2.50%, 04/01/51		1,150,839		996,984
Pool SD8190, 3.00%, 01/01/52		2,240,431		2,021,175
Pool QE2363, 3.50%, 05/01/52		3,885,714		3,613,040

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	29,581,633

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 16.0%
Pool AE2520, 3.00%, 01/01/26		120,943		116,951
Pool 329794, 7.00%, 02/01/26		1,570		1,511
Pool 256639, 5.00%, 02/01/27		9,230		9,231
Pool 256752, 6.00%, 06/01/27		11,387		11,663
Pool 257007, 6.00%, 12/01/27		10,718		10,971
Pool 402255, 6.50%, 12/01/27		276		283
Pool AB8997, 2.50%, 04/01/28		52,909		50,979
Pool AS4480, 2.50%, 02/01/30		287,418		272,054
Pool AS7462, 2.50%, 06/01/31		140,055		131,818
Pool 254007, 6.50%, 10/01/31		4,078		4,303
Pool 254240, 7.00%, 03/01/32		11,294		11,425
Pool 638023, 6.50%, 04/01/32		33,974		36,245
Pool 642345, 6.50%, 05/01/32		19,761		21,084
Pool 651292, 6.50%, 07/01/32		43,820		46,672
Pool 686398, 6.00%, 03/01/33		51,245		55,083



Description	Par Value		Value

Pool BP6496, 2.00%, 07/01/35	$	807,557	$	727,014
Pool MA4095, 2.00%, 08/01/35		1,009,737		908,980
Pool 745412, 5.50%, 12/01/35		15,477		16,065
Pool 888789, 5.00%, 07/01/36		83,153		85,993
Pool 256515, 6.50%, 12/01/36		5,937		6,411
Pool AE0217, 4.50%, 08/01/40		39,488		39,003
Pool AB1796, 3.50%, 11/01/40		241,326		229,844
Pool AH5583, 4.50%, 02/01/41		105,809		106,398
Pool 890551, 4.50%, 08/01/41		25,567		25,704
Pool AL0658, 4.50%, 08/01/41		148,573		149,372
Pool AL1319, 4.50%, 10/01/41		178,468		179,461
Pool AL6302, 4.50%, 10/01/41		258,962		260,406
Pool AX5302, 4.00%, 01/01/42		446,399		438,751
Pool AK4523, 4.00%, 03/01/42		505,354		496,176
Pool AL2034, 4.50%, 04/01/42		72,055		72,444
Pool AB7936, 3.00%, 02/01/43		710,243		653,525
Pool AL3761, 4.50%, 02/01/43		72,797		73,202
Pool MA1458, 3.00%, 06/01/43		155,875		143,428
Pool AT7899, 3.50%, 07/01/43		1,077,492		1,020,589
Pool AS0302, 3.00%, 08/01/43		1,674,911		1,541,058
Pool AU4279, 3.00%, 09/01/43		343,015		315,608
Pool AL5537, 4.50%, 04/01/44		119,605		120,323
Pool AS3155, 4.00%, 08/01/44		16,628		16,259
Pool AX0833, 3.50%, 09/01/44		297,312		278,789
Pool AL6325, 3.00%, 10/01/44		1,076,723		990,542
Pool AS5136, 4.00%, 06/01/45		101,258		98,427
Pool AZ7362, 4.00%, 11/01/45		287,534		280,267
Pool AZ9565, 3.50%, 12/01/45		407,811		386,304
Pool BC0326, 3.50%, 12/01/45		341,871		323,851
Pool BC0245, 3.00%, 02/01/46		218,349		199,372
Pool BC0830, 3.00%, 04/01/46		324,737		296,514
Pool AS7568, 4.50%, 07/01/46		44,267		44,564
Pool BC4764, 3.00%, 10/01/46		437,083		399,096
Pool MA2771, 3.00%, 10/01/46		130,445		119,106
Pool AS8276, 3.00%, 11/01/46		445,407		406,659
Pool BC9003, 3.00%, 11/01/46		456,695		417,005
Pool BE1899, 3.00%, 11/01/46		1,778,686		1,624,311
Pool BE3767, 3.50%, 07/01/47		406,867		383,138
Pool BH2618, 3.50%, 08/01/47		115,680		108,929
Pool MA3088, 4.00%, 08/01/47		352,627		341,634
Pool BH4010, 4.50%, 09/01/47		357,222		355,899
Pool BH9215, 3.50%, 01/01/48		573,591		540,108
Pool BJ0650, 3.50%, 03/01/48		2,369,166		2,227,222
Pool BJ0639, 4.00%, 03/01/48		137,625		133,099
Pool BJ9169, 4.00%, 05/01/48		643,175		622,032
Pool BK4764, 4.00%, 08/01/48		594,044		574,527
Pool BN1628, 4.50%, 11/01/48		299,540		296,704
Pool BM5334, 3.50%, 01/01/49		544,474		515,515
Pool MA3871, 3.00%, 12/01/49		1,448,416		1,312,615
Pool CA5306, 3.00%, 03/01/50		1,242,149		1,116,225
Pool CA5353, 3.50%, 03/01/50		1,095,283		1,029,880
Pool MA4100, 2.00%, 08/01/50		1,332,444		1,110,419
Pool FM3989, 2.50%, 08/01/50		881,588		766,032
Pool CA6983, 2.00%, 09/01/50		2,366,755		1,967,682
Pool CA7106, 2.00%, 09/01/50		1,505,656		1,251,579
Pool MA4119, 2.00%, 09/01/50		999,564		832,995
Pool BQ2999, 2.50%, 10/01/50		2,024,516		1,763,349



Description	Par Value		Value

Pool CA7383, 3.00%, 10/01/50	$	1,366,025	$	1,232,302
Pool CA7734, 2.50%, 11/01/50		1,437,031		1,246,219
Pool FM5297, 3.00%, 11/01/50		1,836,240		1,671,365
Pool MA4208, 2.00%, 12/01/50		1,030,541		858,816
Pool CA8021, 2.50%, 12/01/50		4,045,528		3,532,738
Pool FM5166, 3.00%, 12/01/50		945,979		858,348
Pool BQ4495, 2.00%, 02/01/51		5,631,910		4,683,852
Pool CA8929, 2.00%, 02/01/51		2,674,138		2,231,896
Pool FM6426, 2.00%, 03/01/51		2,350,751		1,982,206
Pool BR7857, 2.50%, 05/01/51		3,607,617		3,125,872
Pool FM7188, 2.50%, 05/01/51		2,581,772		2,270,770
Pool CB0727, 2.50%, 06/01/51		6,383,810		5,571,124
Pool FM8440, 2.50%, 08/01/51		1,442,200		1,258,255
Pool FM9949, 2.00%, 12/01/51		937,690		788,213
Pool FM9871, 2.50%, 12/01/51		6,418,586		5,600,955
Pool BU1416, 3.00%, 01/01/52		2,306,946		2,080,086
Pool FS0982, 3.00%, 03/01/52		1,901,844		1,715,423
Pool FS1571, 2.00%, 04/01/52		3,889,576		3,231,460
Pool CB3334, 3.50%, 04/01/52		5,881,067		5,483,114
Pool BV7245, 4.00%, 05/01/52		6,676,344		6,398,961
Pool MA4644, 4.00%, 05/01/52		1,354,504		1,294,854


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	88,637,506

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**
Pool 354677, 7.50%, 10/15/23		104		104
Pool 354713, 7.50%, 12/15/23		177		176
Pool 354765, 7.00%, 02/15/24		1,424		1,425
Pool 354827, 7.00%, 05/15/24		285		284
Pool 385623, 7.00%, 05/15/24		1,960		1,959
Pool 2077, 7.00%, 09/20/25		1,153		1,171
Pool 780825, 6.50%, 07/15/28		17,487		17,772
Pool 2616, 7.00%, 07/20/28		10,107		10,241
Pool 2701, 6.50%, 01/20/29		21,274		22,043
Pool 426727, 7.00%, 02/15/29		2,644		2,676
Pool 503405, 6.50%, 04/15/29		7,389		7,489
Pool 781231, 7.00%, 12/15/30		10,413		10,763


TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	76,103


TOTAL MORTGAGE-BACKED SECURITIES (COST $134,706,773)			$	118,295,242

MUNICIPAL BOND – 0.4%

GENERAL – 0.4%
New Jersey Transportation Trust Fund Authority, Current Refunding Revenue Bonds, (Series B), 4.13%, 06/15/42		2,500,000		2,196,746


TOTAL MUNICIPAL BOND (COST $2,500,000)			$	2,196,746

U.S. TREASURY OBLIGATIONS – 29.0%

U.S. TREASURY BONDS – 9.5%
6.38%, 08/15/27		450,000		498,619
5.25%, 02/15/29		12,500,000		13,571,512
6.25%, 05/15/30		500,000		585,092
5.38%, 02/15/31^#		600,000		678,313
2.00%, 11/15/41		985,000		746,899
2.38%, 02/15/42		2,000,000		1,616,368
3.00%, 05/15/42		500,000		446,487



Description	Par Value		Value

3.63%, 08/15/43	$	881,000	$	859,767
3.75%, 11/15/43		365,000		362,599
3.63%, 02/15/44		2,106,000		2,048,035
3.13%, 08/15/44		6,637,000		5,954,180
3.00%, 11/15/44		2,000,000		1,755,473
2.50%, 02/15/45		2,135,000		1,712,724
3.00%, 05/15/45		2,000,000		1,749,876
2.88%, 08/15/45		300,000		256,666
3.00%, 11/15/45		765,000		668,743
2.50%, 02/15/46		280,000		223,359
3.00%, 02/15/47		1,098,000		958,344
3.00%, 05/15/47		1,695,000		1,478,895
2.75%, 11/15/47		2,235,000		1,863,401
1.25%, 05/15/50		3,300,000		1,925,811
1.38%, 08/15/50		3,000,000		1,806,099
1.63%, 11/15/50		2,500,000		1,608,291
2.00%, 08/15/51		13,255,000		9,335,645


TOTAL U.S. TREASURY BONDS			$	52,711,198

U.S. TREASURY NOTES – 19.5%
2.50%, 08/15/23		390,000		387,003
1.63%, 10/31/23		290,000		285,388
2.00%, 04/30/24		1,195,000		1,162,046
1.75%, 07/31/24		1,900,000		1,834,651
2.38%, 08/15/24		6,100,000		5,935,062
2.00%, 02/15/25		4,655,000		4,481,653
0.38%, 04/30/25		250,000		232,497
2.13%, 05/15/25		2,800,000		2,694,549
2.00%, 08/15/25		945,000		905,293
2.25%, 11/15/25		730,000		701,849
1.63%, 02/15/26		8,000,000		7,545,374
1.63%, 05/15/26		5,470,000		5,142,259
2.00%, 11/15/26		4,180,000		3,952,571
2.25%, 02/15/27		30,000		28,570
1.13%, 02/28/27		250,000		228,160
0.50%, 06/30/27		450,000		396,792
3.13%, 08/31/27		15,000,000		14,740,752
2.25%, 11/15/27		300,000		283,754
2.75%, 02/15/28		6,750,000		6,519,561
4.00%, 02/29/28		10,000,000		10,222,770
1.25%, 06/30/28		500,000		446,727
2.88%, 08/15/28		5,000,000		4,846,296
3.13%, 11/15/28		350,000		342,911
2.38%, 05/15/29		2,900,000		2,720,411
1.63%, 08/15/29		5,000,000		4,486,477
1.50%, 02/15/30		5,000,000		4,413,901
0.63%, 05/15/30		550,000		453,818
1.63%, 05/15/31		10,000,000		8,768,871
1.38%, 11/15/31		1,880,000		1,599,219
1.88%, 02/15/32		6,000,000		5,305,549
2.75%, 08/15/32		7,000,000		6,624,822


TOTAL U.S. TREASURY NOTES			$	107,689,556


TOTAL U.S. TREASURY OBLIGATIONS (COST $172,995,029)			$	160,400,754



Description	Number of Shares		Value

MONEY MARKET FUND – 3.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^{^}		16,343,823	$	16,343,823


TOTAL MONEY MARKET FUND (COST $16,343,823)			$	16,343,823


	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.9%

REPURCHASE AGREEMENTS – 2.9%
Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $3,255,289, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $3,319,062.	$	3,253,982		3,253,982
Citigroup Global Markets Ltd., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,255,286, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 8/15/23 to 8/20/67; total market value of $3,319,062.		3,253,982		3,253,982
Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,201,230, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $3,263,946.		3,199,947		3,199,947



Description	Par Value		Value

HSBC Securities USA, Inc., 4.80%, dated 4/28/23, due 5/01/23, repurchase price $3,255,284, collateralized by U.S. Government Agency Securities, 0.00% to 7.00%, maturing 9/15/25 to 1/15/63; total market value of $3,319,062.	$	3,253,982	$	3,253,982
RBC Dominion Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,255,286, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 5/04/23 to 4/20/53; total market value of $3,319,062.		3,253,982		3,253,982


TOTAL REPURCHASE AGREEMENTS (COST $16,215,875)			$	16,215,875

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $16,215,875)			$	16,215,875

TOTAL INVESTMENTS – 102.2% (COST $614,202,350)			$	564,498,387

COLLATERAL FOR SECURITIES ON LOAN – (2.9%)				(16,215,875	)
OTHER ASSETS LESS LIABILITIES – 0.7%				3,822,901

TOTAL NET ASSETS – 100.0%			$	552,105,413

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Investments in Securities
Adjustable Rate Mortgage	$	—	$	5,695	$	—	$	5,695
Collateralized Mortgage Obligations		—		49,745		—		49,745
Corporate Bonds		—		234,089,410		—		234,089,410
Government Agencies		—		16,901,097		—		16,901,097
Mortgage-Backed Securities		—		118,295,242		—		118,295,242
Municipal Bond		—		2,196,746		—		2,196,746
U.S. Treasury Obligations		—		160,400,754		—		160,400,754
Money Market Fund		16,343,823		—		—		16,343,823
Repurchase Agreements		—		16,215,875		—		16,215,875

Total	$	16,343,823	$	548,154,564	$	—	$	564,498,387

**	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 April 30, 2023, these liquid restricted securities amounted to $11,447,451, representing 2.07% 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 April 30, 2023, the Fund’s portfolio composition was as follows:


	Percentage of
	Total Net Assets

General		17.4	%

General Obligations		14.1	%

Medical		10.5	%

Higher Education		9.0	%

Airport		6.7	%

Transportation		5.8	%

Water		4.0	%

Power		4.0	%

Development		3.9	%

Education		3.9	%

School District		3.4	%

Multifamily Hsg		3.4	%

Utilities		2.4	%

Housing		2.3	%

Tobacco Settlement		2.1	%

Student Loan		1.3	%

Pollution		0.8	%

Dedicated Tax		0.8	%

Exchange-Traded Funds		1.7	%

Cash Equivalents⁽¹⁾		2.3	%

Other Assets and Liabilities - Net⁽²⁾		0.2	%


TOTAL		100.0	%


	Percentage of
Credit Quality Diversification⁽³⁾	Total Net Assets

AAA / Aaa		13.4	%

AA / Aa		27.4	%

A / A		39.9	%

BBB / Baa		10.4	%

Not Rated		8.7	%

Other Assets and Liabilities - Net⁽²⁾		0.2	%


TOTAL		100.0	%

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

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

⁽³⁾

PORTFOLIO OF INVESTMENTS

April 30, 2023



Description	Number of Shares		Value

EXCHANGE-TRADED FUNDS – 1.7%
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		235,500	$	5,882,790


TOTAL EXCHANGE-TRADED FUNDS (Cost $5,994,679)			$	5,882,790



Description	Par Value		Value

MUNICIPAL BONDS – 95.8%

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	$	1,057,433


TOTAL ALABAMA			$	1,057,433

ALASKA – 0.5%

HIGHER EDUCATION – 0.5%
University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29		1,810,000		1,880,571


TOTAL ALASKA			$	1,880,571



Description	Par Value		Value

ARIZONA – 3.1%

DEVELOPMENT – 0.0%**

Industrial Development Authority of the City of Phoenix Arizona, IDA, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), Prerefunded/ETM, 6.85%, 12/01/25	$	90,000	$	92,214

EDUCATION – 1.3%

Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A) 5.00%, 11/01/26		1,000,000		1,052,697
5.00%, 11/01/30		1,000,000		1,081,984
5.00%, 11/01/32		865,000		931,322

La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions -Harmony Public Schools Project), (Series A), 5.00%, 02/15/28		1,300,000		1,339,889


TOTAL EDUCATION			$	4,405,892

MEDICAL – 0.7%

Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A) 5.00%, 09/01/34		1,000,000		1,096,311
5.00%, 09/01/35		725,000		789,228
5.00%, 09/01/36		500,000		536,491


TOTAL MEDICAL			$	2,422,030

UTILITIES – 1.1%

Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36		3,000,000		3,548,810


TOTAL ARIZONA			$	10,468,946

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		865,774

City of Los Angeles Department of Airports, CA, Revenue Bonds 4.00%, 05/15/35		600,000		617,323
4.00%, 05/15/36		800,000		816,331
4.00%, 05/15/37		500,000		505,510


TOTAL AIRPORT			$	2,804,938

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		1,039,191

GENERAL OBLIGATIONS – 0.4%

State of California, CA, GO Unlimited, Current Refunding, (AGM), 5.25%, 08/01/32		1,000,000		1,218,186


TOTAL CALIFORNIA			$	5,062,315



Description	Par Value		Value

COLORADO – 4.7%

AIRPORT – 0.8%

City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31	$	2,500,000	$	2,700,054

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		2,351,243

MEDICAL – 1.6%

Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62		3,000,000		3,308,322

Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49		2,000,000		2,078,336


TOTAL MEDICAL			$	5,386,658

MULTIFAMILY HSG – 0.3%

Colorado Housing and Finance Authority, CO, Revenue Bonds, (Wintergreen Ridge Apartments Project), 4.00%, 05/01/41		1,000,000		1,008,189

TRANSPORTATION – 0.8%

E-470 Public Highway Authority, CO, Current Refunding Revenue Bonds, (Series A) 5.00%, 09/01/27		1,000,000		1,095,122
5.00%, 09/01/34		1,300,000		1,494,983


TOTAL TRANSPORTATION			$	2,590,105

WATER – 0.5%

City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33		1,750,000		1,900,376


TOTAL COLORADO			$	15,936,625

CONNECTICUT – 2.1%

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		2,814,175

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		1,496,136

University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33		1,000,000		1,079,380


TOTAL HIGHER EDUCATION			$	2,575,516

MEDICAL – 0.5%

Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1) 4.00%, 07/01/28		685,000		695,964
4.00%, 07/01/29		500,000		510,238



Description	Par Value		Value

4.00%, 07/01/30	$	600,000	$	612,586


TOTAL MEDICAL			$	1,818,788


TOTAL CONNECTICUT			$	7,208,479

DISTRICT OF COLUMBIA – 1.2%

GENERAL – 0.7%

Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A)
5.00%, 10/01/30		610,000		701,284
5.00%, 10/01/31		875,000		1,005,547
5.00%, 10/01/32		500,000		574,073


TOTAL GENERAL			$	2,280,904

TRANSPORTATION – 0.5%

Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B),
5.00%, 07/01/30		1,500,000		1,640,295


TOTAL DISTRICT OF COLUMBIA			$	3,921,199

FLORIDA – 4.4%

AIRPORT – 0.3%

Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26		1,000,000		1,056,751

EDUCATION – 0.7%

School District of Broward County, FL, Current Refunding, (Series A), 5.00%, 07/01/28		2,000,000		2,231,895

GENERAL OBLIGATIONS – 0.9%

Miami-Dade County, FL, GO Unlimited, AD Valorem Property Tax, 5.00%, 07/01/33		1,000,000		1,065,440

State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		2,105,617


TOTAL GENERAL OBLIGATIONS			$	3,171,057

HIGHER EDUCATION – 1.4%

Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)
5.00%, 04/01/28		750,000		810,108
5.00%, 04/01/30		750,000		805,842
5.00%, 04/01/31		750,000		804,028
5.00%, 04/01/33		750,000		803,018

Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,669,539


TOTAL HIGHER EDUCATION			$	4,892,535

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		513,645
5.00%, 02/01/26		500,000		522,120


TOTAL HOUSING			$	1,035,765



Description	Par Value		Value

MULTIFAMILY HSG – 0.8%

Miami-Dade County Housing Finance Authority, FL, Revenue Bonds, (HUD SECT 8), 5.00%, 10/01/26	$	2,500,000	$	2,577,228


TOTAL FLORIDA			$	14,965,231

GEORGIA – 2.7%

GENERAL – 2.7%

Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28		1,828,000		1,940,347

Main Street Natural Gas, Inc., GA, Revenue Bonds, (Series B), 5.00%, 07/01/53		1,000,000		1,069,037

Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A) 4.00%, 07/01/52		3,000,000		3,014,456
5.00%, 06/01/53		3,000,000		3,165,501


TOTAL GEORGIA			$	9,189,341

ILLINOIS – 10.0%

AIRPORT – 0.7%

Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/29		2,250,000		2,263,360

GENERAL – 3.4%

Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26		6,295,000		6,672,711

Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31		1,450,000		1,740,999

Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/26		2,000,000		2,094,130

Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28		1,000,000		1,086,283


TOTAL GENERAL			$	11,594,123

GENERAL OBLIGATIONS – 5.1%

Chicago Park District, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series D) 5.00%, 01/01/26		1,250,000		1,261,296
5.00%, 01/01/27		3,455,000		3,489,281

Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A) 5.00%, 01/01/25		3,000,000		3,068,562
5.00%, 01/01/32		3,000,000		3,247,791

State of Illinois, IL, GO Unlimited, Current Refunding, (Series A) 5.00%, 10/01/29		2,000,000		2,172,212
5.00%, 10/01/33		1,000,000		1,077,778

State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28		3,000,000		3,221,899


TOTAL GENERAL OBLIGATIONS			$	17,538,819



Description	Par Value		Value

MULTIFAMILY HSG – 0.3%

Illinois Housing Development Authority, IL, Revenue Bonds, Ogden Commons, 4.00%, 07/01/43	$	1,000,000	$	1,005,291

TRANSPORTATION – 0.5%

Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,612,385


TOTAL ILLINOIS			$	34,013,978

INDIANA – 2.1%

DEVELOPMENT – 2.0%

Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44		6,500,000		6,690,847

HOUSING – 0.1%

Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (Series C-2), 4.00%, 01/01/37		320,000		319,101


TOTAL INDIANA			$	7,009,948

IOWA – 0.9%

EDUCATION – 0.9%

Waterloo Community School District Infrastructure Sales Services & Use Tax, IA, Revenue Bonds, (AGM), 4.00%, 07/01/29		3,000,000		3,180,972


TOTAL IOWA			$	3,180,972

KENTUCKY – 1.5%

GENERAL – 1.5%

Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 08/01/52		3,000,000		2,976,196

Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50		2,000,000		2,002,948


TOTAL KENTUCKY			$	4,979,144

MARYLAND – 1.8%

AIRPORT – 0.8%

Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B) 5.00%, 08/01/28		730,000		790,730
5.00%, 08/01/29		500,000		547,448
5.00%, 08/01/30		515,000		570,860
5.00%, 08/01/31		650,000		726,272


TOTAL AIRPORT			$	2,635,310

GENERAL OBLIGATIONS – 1.0%

State of Maryland, MD, GO Unlimited, School Improvements, AD Valorem Property Tax, (Series A), 5.00%, 06/01/33		3,000,000		3,622,020


TOTAL MARYLAND			$	6,257,330



Description	Par Value		Value

MASSACHUSETTS – 1.0%

HIGHER EDUCATION – 0.7%

Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Simmons University), (Series L) 5.00%, 10/01/30	$	1,180,000	$	1,253,750
5.00%, 10/01/31		1,000,000		1,059,169


TOTAL HIGHER EDUCATION			$	2,312,919

MEDICAL – 0.3%

Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33		1,000,000		1,060,376


TOTAL MASSACHUSETTS			$	3,373,295

MICHIGAN – 3.9%

MULTIFAMILY HSG – 1.3%

Michigan State Housing Development Authority, MI, Revenue Bonds, (Clark Road Senior Apartment Project), 4.50%, 12/01/42		2,150,000		4,410,142

SCHOOL DISTRICT – 1.0%

Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax 4.00%, 05/01/33		1,330,000		1,393,031
4.00%, 05/01/34		1,000,000		1,043,234

Saginaw City School District, MI, GO Unlimited, School Improvements, AD Valorem Property Tax, (Qualified School Bond Loan Fund), 4.00%, 05/01/35		1,000,000		1,045,566


TOTAL SCHOOL DISTRICT			$	3,481,831

WATER – 1.6%

Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC, 5.50%, 07/01/29		150,000		162,280

Great Lakes Water Authority Sewage Disposal System Revenue, MI, Advance Refunding Revenue Bonds, (Senior Lien), (Series B), 5.00%, 07/01/30		3,500,000		3,725,578

Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34		1,450,000		1,492,536


TOTAL WATER			$	5,380,394


TOTAL MICHIGAN			$	13,272,367

MINNESOTA – 1.6%

HOUSING – 0.7%

Coon Rapids, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 08/01/35		2,604,803		2,414,898

MEDICAL – 0.9%

Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39		3,000,000		3,128,029


TOTAL MINNESOTA			$	5,542,927



Description	Par Value		Value

NEBRASKA – 0.5%

HOUSING – 0.5%

Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 09/01/49	$	1,690,000	$	1,667,028


TOTAL NEBRASKA			$	1,667,028

NEVADA – 1.3%

GENERAL OBLIGATIONS – 1.3%

Las Vegas Valley Water District, NV, GO Limited, AD Valorem Property Tax, (Series A), 4.00%, 06/01/46		1,250,000		1,235,666

Las Vegas Valley Water District, NV, GO Limited, Current Refunding, AD Valorem Property Tax, (Series C), 4.00%, 06/01/37		3,000,000		3,118,746


TOTAL NEVADA			$	4,354,412

NEW HAMPSHIRE – 0.8%

POLLUTION – 0.8%

New Hampshire Business Finance Authority, NH, Revenue Bonds, (Waste Management), 3.13%, 08/01/24		2,750,000		2,717,283


TOTAL NEW HAMPSHIRE			$	2,717,283

NEW JERSEY – 5.1%

EDUCATION – 0.4%

New Jersey Economic Development Authority, NJ, Revenue Bonds, School Improvements, (Series DDD), 5.00%, 06/15/33		1,100,000		1,212,014

GENERAL – 2.2%

Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28		950,000		1,044,765

New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24		225,000		228,706

New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System) 5.00%, 12/15/28		2,135,000		2,356,744
5.00%, 12/15/34		3,000,000		3,262,418

New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32		500,000		555,217


TOTAL GENERAL			$	7,447,850

HIGHER EDUCATION – 1.2%

Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Rowan University Project), (Series B)ETM, 5.00%, 07/01/27		2,000,000		2,076,201

New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Montclair State University), (Series B), 5.00%, 07/01/30		1,000,000		1,056,682

New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31		1,000,000		1,060,890


TOTAL HIGHER EDUCATION			$	4,193,773



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	$	401,448

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		274,620
5.00%, 07/15/29		250,000		279,214
5.00%, 07/15/30		250,000		283,307


TOTAL SCHOOL DISTRICT			$	837,141

STUDENT LOAN – 0.9%

New Jersey Higher Education Student Assistance Authority, NJ, Current Refunding Revenue Bonds, (Series B) 5.00%, 12/01/26		2,000,000		2,097,900
4.00%, 12/01/44		1,000,000		985,790


TOTAL STUDENT LOAN			$	3,083,690


TOTAL NEW JERSEY			$	17,175,916

NEW YORK – 7.8%

DEDICATED TAX – 0.8%

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series E-1), 4.00%, 02/01/38		2,500,000		2,535,962

DEVELOPMENT – 1.0%

New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		3,000,000		3,446,820

GENERAL – 2.3%

New York City Transitional Finance Authority Future Tax Secured Revenue, NY, Revenue Bonds, (Series D), 4.00%, 11/01/46		990,000		971,207

New York State Thruway Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 03/15/33		4,000,000		4,810,846

New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38		2,005,000		2,032,639


TOTAL GENERAL			$	7,814,692

GENERAL OBLIGATIONS – 1.0%

New York City, NY, GO Unlimited, AD Valorem Property Tax, (Series A) 5.00%, 09/01/36		1,600,000		1,863,174
4.00%, 08/01/37		1,500,000		1,543,438


TOTAL GENERAL OBLIGATIONS			$	3,406,612

HIGHER EDUCATION – 0.7%

New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Series C), (NATL), 5.25%, 07/01/30		1,040,000		1,153,538

Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30		990,000		1,074,954


TOTAL HIGHER EDUCATION			$	2,228,492



Description	Par Value		Value

HOUSING – 0.5%

Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32	$	1,660,000	$	1,829,820

MEDICAL – 0.0%**

New York State Dormitory Authority, NY, Revenue Bonds, (Memorial Sloan-Kettering Cancer Center), (NATL), 5.50%, 07/01/23		15,000		15,052

MULTIFAMILY HSG – 0.4%

New York State Housing Finance Agency, NY, Revenue Bonds, (Series A), (SONYMA HUD SECT 8), 3.75%, 11/01/62		1,405,000		1,406,988

TRANSPORTATION – 1.1%

Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series) 4.00%, 03/15/30		1,000,000		1,031,050
5.00%, 09/15/31		2,500,000		2,684,987


TOTAL TRANSPORTATION			$	3,716,037


TOTAL NEW YORK			$	26,400,475

NORTH CAROLINA – 1.8%

POWER – 1.4%

North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32		4,250,000		4,791,661

TRANSPORTATION – 0.4%

North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32		1,250,000		1,385,226


TOTAL NORTH CAROLINA			$	6,176,887

OHIO – 4.2%

GENERAL OBLIGATIONS – 0.7%

State of Ohio, OH, GO Unlimited, Public Improvements, (Series A) 5.00%, 03/01/34		1,000,000		1,213,768
5.00%, 03/01/35		1,000,000		1,203,466


TOTAL GENERAL OBLIGATIONS			$	2,417,234

HIGHER EDUCATION – 0.9%

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		1,110,624

Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), 4.00%, 12/01/43		2,000,000		2,010,106


TOTAL HIGHER EDUCATION			$	3,120,730

MEDICAL – 1.4%

Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		3,035,000		3,260,158

Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded - Catholic Health Initiatives), Prerefunded/ETM, 5.25%, 05/01/29		10,000		10,080



Description	Par Value		Value
State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34	$	1,250,000	$	1,298,405


TOTAL MEDICAL			$	4,568,643

POWER – 1.0%

American Municipal Power, Inc., OH, Current Refunding Revenue Bonds, (Prairie State Energy Campus Project), (Series A), 5.00%, 02/15/32		3,000,000		3,392,343

TRANSPORTATION – 0.2%

Ohio Turnpike & Infrastructure Commission, OH, Refunding Revenue Bonds, (Series A), (NATL), 5.50%, 02/15/24		695,000		707,540


TOTAL OHIO			$	14,206,490

OREGON – 0.3%

GENERAL OBLIGATIONS – 0.3%

Lane Community College, OR, GO Unlimited, AD Valorem Property Tax, (Series A), (SCH BD GTY), 5.00%, 06/15/30		1,000,000		1,165,377


TOTAL OREGON			$	1,165,377

PENNSYLVANIA – 10.0%

AIRPORT – 0.9%

Allegheny County Airport Authority, PA, Revenue Bonds, (Series A), 5.00%, 01/01/28		1,500,000		1,603,128

Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,586,182


TOTAL AIRPORT			$	3,189,310

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		2,914,706

GENERAL – 1.9%

Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A), 4.00%, 03/01/35		3,000,000		3,187,947

Sports & Exhibition Authority of Pittsburgh and Allegheny County, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 02/01/26		2,930,000		3,084,851


TOTAL GENERAL			$	6,272,798

HIGHER EDUCATION – 1.8%

Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,079,429

Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35		1,130,000		1,172,588

Pennsylvania Higher Educational Facilities Authority, PA, (AGC), 5.20%, 03/15/25		930,000		951,789

Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A)



Description	Par Value		Value
5.00%, 11/01/25	$	700,000	$	716,188
5.00%, 11/01/26		350,000		362,018
5.00%, 11/01/27		600,000		627,339
5.00%, 11/01/28		1,100,000		1,161,248


TOTAL HIGHER EDUCATION			$	6,070,599

MEDICAL – 0.8%

Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35		2,500,000		2,787,274

TOBACCO SETTLEMENT – 0.3%

Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34		1,000,000		1,080,891

TRANSPORTATION – 1.2%

Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32		2,000,000		2,190,760

Pennsylvania Turnpike Commission, PA, Refunding Revenue Bonds, Public Improvements, (Series B) 5.00%, 12/01/35		500,000		572,232
5.00%, 12/01/36		500,000		570,660
5.00%, 12/01/37		500,000		562,595


TOTAL TRANSPORTATION			$	3,896,247

UTILITIES – 0.3%

Philadelphia Gas Works Co., PA, Revenue Bonds, Natural Gas Utility Improvements, (1998 General Ordinance), (15th Series), 5.00%, 08/01/26		1,100,000		1,166,437

WATER – 1.9%

Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		6,201,970

Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33		340,000		409,958


TOTAL WATER			$	6,611,928


TOTAL PENNSYLVANIA			$	33,990,190

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		1,208,714


TOTAL RHODE ISLAND			$	1,208,714

SOUTH CAROLINA – 1.9%

HOUSING – 0.1%

South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (Series B-2), 4.00%, 07/01/43		570,000		565,918



Description	Par Value		Value

TOBACCO SETTLEMENT – 1.8%

Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30	$	4,975,000	$	6,031,432


TOTAL SOUTH CAROLINA			$	6,597,350

TENNESSEE – 0.4%

AIRPORT – 0.4%

Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32		1,100,000		1,222,801


TOTAL TENNESSEE			$	1,222,801

TEXAS – 8.8%

AIRPORT – 0.3%

Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35		1,000,000		1,037,299

EDUCATION – 0.6%

Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools) 5.00%, 08/15/27		1,000,000		1,083,497
5.00%, 08/15/29		1,000,000		1,102,434


TOTAL EDUCATION			$	2,185,931

GENERAL – 0.6%

Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax 4.00%, 08/15/31		1,000,000		1,018,500
4.00%, 08/15/32		1,000,000		1,016,439


TOTAL GENERAL			$	2,034,939

GENERAL OBLIGATIONS – 2.6%

Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax 4.00%, 04/01/24		100,000		100,389
4.00%, 04/01/25		100,000		101,510
4.00%, 04/01/26		100,000		102,292
4.00%, 04/01/27		100,000		103,368
4.00%, 04/01/28		535,000		557,876
4.00%, 04/01/29		100,000		105,043
4.00%, 04/01/30		100,000		105,776
4.00%, 04/01/31		350,000		369,051
4.00%, 04/01/32		100,000		105,019
4.00%, 04/01/33		100,000		104,496
4.00%, 04/01/34		100,000		103,770
4.00%, 04/01/35		100,000		103,036
4.00%, 04/01/36		380,000		387,041

State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29		2,125,000		2,308,374

State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29		3,735,000		4,192,464


TOTAL GENERAL OBLIGATIONS			$	8,849,505

MEDICAL – 1.2%

Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, School Health Care System (Series B) 5.75%, 07/01/27		1,085,000		1,154,053



Description	Par Value		Value
6.25%, 07/01/27	$	1,150,000	$	1,232,837

Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32		1,465,000		1,604,487


TOTAL MEDICAL			$	3,991,377

MULTIFAMILY HSG – 0.3%

El Paso Housing Finance Corp., TX, Revenue Bonds, (HUD SECT 8), 4.50%, 03/01/26		1,000,000		1,015,402

SCHOOL DISTRICT – 1.1%

Dallas Independent School District, TX, GO Unlimited, AD Valorem Property Tax, 5.00%, 02/15/24		2,500,000		2,537,441

Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37		1,000,000		1,031,133


TOTAL SCHOOL DISTRICT			$	3,568,574

TRANSPORTATION – 1.1%

Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,583,764

Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Series F), 5.00%, 01/01/25		1,000,000		1,016,452

Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32		1,225,000		1,250,754


TOTAL TRANSPORTATION			$	3,850,970

UTILITIES – 1.0%

Austin, TX, Refunding Revenue Bonds, (BHAC-CR NATL-RE), 5.25%, 05/15/25		3,205,000		3,281,088


TOTAL TEXAS			$	29,815,085

UTAH – 4.0%

AIRPORT – 1.7%

Salt Lake City, UT, Revenue Bonds, (Series A) 5.00%, 07/01/32		3,000,000		3,222,424
5.00%, 07/01/33		2,500,000		2,682,397


TOTAL AIRPORT			$	5,904,821

MEDICAL – 2.3%

Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM 5.40%, 02/15/28		2,500,000		2,587,477
5.13%, 02/15/33		4,990,000		5,142,557


TOTAL MEDICAL			$	7,730,034


TOTAL UTAH			$	13,634,855

WASHINGTON – 4.4%

GENERAL – 1.8%

Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28		6,020,000		6,156,613



Description	Par Value		Value

MEDICAL – 0.5%

Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, (Overlake Hospital Medical Center), 5.00%, 07/01/33	$	1,750,000	$	1,794,132

POWER – 1.1%

Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33		3,000,000		3,598,613

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		3,236,391


TOTAL WASHINGTON			$	14,785,749

WISCONSIN – 0.8%

MEDICAL – 0.3%

Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.) 4.00%, 01/01/32		500,000		496,958
4.00%, 01/01/33		500,000		494,859


TOTAL MEDICAL			$	991,817

POWER – 0.5%

Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46		1,750,000		1,755,020


TOTAL WISCONSIN			$	2,746,837


TOTAL MUNICIPAL BONDS (Cost $337,758,845)			$	325,185,550


	Number of Shares

MONEY MARKET FUND – 2.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^{^}		7,646,517		7,646,517


TOTAL MONEY MARKET FUND (Cost $7,646,517)			$	7,646,517

TOTAL INVESTMENTS – 99.8% (Cost $351,400,041)			$	338,714,857
OTHER ASSETS LESS LIABILITIES – 0.2%				835,152


TOTAL NET ASSETS – 100.0%			$	339,550,009

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total
Investments in Securities

Exchange-Traded Funds	$	5,882,790	$	—		$—	$	5,882,790

Municipal Bonds		—		325,185,550		—		325,185,550

Money Market Fund		7,646,517		—		—		7,646,517


Total	$	13,529,307	$	325,185,550		$—	$	338,714,857

**	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

ICC		Insured Custody Certificates

IDA		Industrial Development Authority/Agency

NATL		National Public Finance Guarantee Corporation

RE		Reinsurance

SCH BD GTY		School Bond Guaranty

SPDR		Standard & Poor’s Depositary Receipt

See Notes which are an integral part of the Financial Statements

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2023, the Fund’s portfolio composition was as follows:


	Percentage of Total Net Assets
Higher Education		17.9	%
General Obligations		15.6	%
Housing		15.2	%
Dedicated Tax		13.0	%
Medical		9.2	%
Education		5.3	%
Water		3.9	%
Power		3.7	%
General		3.7	%
Lease		3.3	%
Development		2.8	%
Airport		2.4	%
Transportation		0.2	%
Facilities		0.1	%
Cash Equivalents⁽¹⁾		2.4	%
Other Assets and Liabilities - Net⁽²⁾		1.3	%


TOTAL		100.0	%


Credit Quality Diversification⁽³⁾	Percentage of Total Net Assets
AAA / Aaa		1.5	%
AA / Aa		54.4	%
A / A		25.7	%
BBB / Baa		14.7	%
Not Rated		2.4	%
Other Assets and Liabilities - Net⁽²⁾		1.3	%


TOTAL		100.0	%

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

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

(3)

PORTFOLIO OF INVESTMENTS

April 30, 2023



Description	Par Value		Value

MUNICIPAL BONDS – 96.3%

NEW YORK – 96.3%

AIRPORT – 2.4%
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	$	1,103,983

DEDICATED TAX – 13.0%
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33		1,175,000		1,263,616
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series A-1), 5.00%, 05/01/34		800,000		848,049
New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series E-1), 4.00%, 02/01/38		655,000		664,422



Description	Par Value		Value

New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32	$	2,000,000	$	2,138,786
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37		1,000,000		1,023,966


TOTAL DEDICATED TAX			$	5,938,839

DEVELOPMENT – 2.8%
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		1,095,000		1,258,089

EDUCATION – 5.3%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33		1,200,000		1,278,773
New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29		5,000		5,637



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	$	1,117,794


TOTAL EDUCATION			$	2,402,204

FACILITIES – 0.1%
United Nations Development Corp., NY, Revenue Bonds, Public Improvements, Prerefunded/ETM, 5.90%, 05/01/23		40,000		40,000

GENERAL – 3.7%
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		1,668,973

GENERAL OBLIGATIONS – 15.6%
Binghamton, NY, GO, Public Facilities, AD Valorem Property Tax, (BAM), 4.00%, 04/15/32		500,000		547,098
Genesee Valley Central School District, NY, GO Unlimited, Current Refunding, AD Valorem Property Tax, 5.00%, 06/15/29		825,000		942,560
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series B), (BAM-TCRS), 5.00%, 04/01/32		415,000		454,803
Nassau County, NY, GO, General Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 10/01/31		545,000		602,784
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 04/01/26		1,000,000		1,069,068
New York City, NY, GO Unlimited, Current Refunding, (Series A-1), 5.00%, 08/01/31		1,000,000		1,167,012
North Hempstead, NY, GO, Public Improvements, AD Valorem Property Tax, (Series A), (BAM), 4.00%, 03/15/42		650,000		664,448
Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM) 5.00%, 05/01/26		500,000		532,103
5.00%, 05/01/30		1,000,000		1,138,557


TOTAL GENERAL OBLIGATIONS			$	7,118,433

HIGHER EDUCATION – 17.9%
Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A)
4.00%, 07/01/26		800,000		802,039
5.00%, 07/01/29		1,195,000		1,264,998
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32		1,040,000		1,097,940
Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33		725,000		823,954
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		1,159,541



Description	Par Value		Value
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27	$	2,050,000	$	2,164,322
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John’s University), (Series A) , 5.00%, 07/01/30		800,000		860,413


TOTAL HIGHER EDUCATION			$	8,173,207

HOUSING – 15.2%
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (UBF Facility Student Housing Corp.), (AGM), (Series A), 5.00%, 10/01/31		1,000,000		1,102,501
New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33		1,890,000		1,863,475
New York City, NY, Housing Development Corp., Revenue Bonds, (Sustainable Neighborhood Bonds), (Series B-1A) 2.45%, 05/01/31		500,000		458,528
3.10%, 11/01/34		890,000		840,555
New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32		1,340,000		1,314,198
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (223th Series), 3.50%, 04/01/49		655,000		647,085
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (226th Series), 3.50%, 10/01/50		740,000		724,555


TOTAL HOUSING			$	6,950,897

LEASE – 3.3%
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		1,522,459

MEDICAL – 9.2%
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29		1,000,000		991,106
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		1,178,381
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (NYU Hospitals Center), 5.00%, 07/01/27		2,000,000		2,048,057


TOTAL MEDICAL			$	4,217,544

POWER – 3.7%
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A)
5.00%, 09/01/33		700,000		817,885
5.00%, 09/01/34		750,000		871,141


TOTAL POWER			$	1,689,026



Description	Par Value		Value

TRANSPORTATION – 0.2%
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K), 5.00%, 01/01/29	$	105,000	$	108,310

WATER – 3.9%
Buffalo Sewer Authority, NY, Sewer Improvements, Revenue Green Bonds, (BAM) 5.00%, 06/15/30		150,000		169,577
5.00%, 06/15/31		165,000		186,591
5.00%, 06/15/32		150,000		169,607
5.00%, 06/15/33		150,000		169,354
4.00%, 06/15/34		155,000		161,843
New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), 5.00%, 06/15/31		750,000		899,365


TOTAL WATER			$	1,756,337


TOTAL NEW YORK			$	43,948,301

TOTAL MUNICIPAL BONDS (Cost $46,062,883)			$	43,948,301



Description	Number of Shares		Value

MONEY MARKET FUND – 2.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^{^}		1,108,485	$	1,108,485

TOTAL MONEY MARKET FUND (Cost $1,108,485)			$	1,108,485

TOTAL INVESTMENTS – 98.7% (Cost $47,171,368)			$	45,056,786
OTHER ASSETS LESS LIABILITIES – 1.3%				574,807

TOTAL NET ASSETS – 100.0%			$	45,631,593

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Investments in Securities
Municipal Bonds	$	—	$	43,948,301	$	—	$	43,948,301
Money Market Fund		1,108,485		—		—		1,108,485

Total	$	1,108,485	$	43,948,301	$	—	$	45,056,786

^	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

April 30, 2023

Wilmington

Broad Market

Bond Fund

Wilmington

Municipal Bond

Fund

Wilmington

New York
Municipal Bond
Fund

ASSETS:

Investments, at identified cost

614,202,350

351,400,041

47,171,368

Investments in securities, at value

564,498,387

^(a)

338,714,857

45,056,786

Cash

91,367

—

Income receivable

3,627,331

4,362,971

557,511

Foreign tax reclaim receivable

1,561

—

Receivable for shares sold

1,155,260

1,880,563

124,285

Prepaid assets

19,271

17,261

7,145

TOTAL ASSETS

569,393,177

344,975,652

45,745,727

LIABILITIES:

Collateral for securities on loan

16,215,875

—

Due to custodian

—

3,457

—

Payable for investments purchased

—

3,129,538

—

Income distribution payable

695,012

481,518

14,491

Payable for shares redeemed

38,757

1,568,264

8,625

Payable for Trustees’ fees

3,727

3,828

Payable for administration fees

13,041

8,077

1,067

Payable for distribution services fees

415

3,459

1,083

Payable for shareholder services fees

166

—

Payable for investment advisory fees

142,832

104,633

5,702

Other accrued expenses

177,939

122,869

79,338

TOTAL LIABILITIES

17,287,764

5,425,643

114,134

NET ASSETS

552,105,413

339,550,009

45,631,593

NET ASSETS CONSIST OF:

Paid-in capital

605,656,552

357,566,378

48,035,926

Distributable earnings (loss)

(53,551,139

)

(18,016,369

)

(2,404,333

)

TOTAL NET ASSETS

552,105,413

339,550,009

45,631,593

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A

Net Assets

2,018,210

16,744,785

5,211,889

Shares outstanding (unlimited shares authorized)

225,191

1,366,927

530,231

Net Asset Value per share

8.96

12.25

9.83

Offering Price per share*

9.38

12.83

10.29

Class I

Net Assets

550,087,203

322,805,224

40,419,704

Shares outstanding (unlimited shares authorized)

62,433,839

26,340,671

4,109,398

Net Asset Value and Offering Price per share

8.81

12.26

9.84

(a)	Including $15,735,021 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

Year Ended April 30, 2023

Wilmington

Broad Market

Bond Fund

Wilmington
Municipal Bond
Fund

Wilmington

New York

Municipal Bond

Fund

INVESTMENT INCOME:

Dividends

356,520

448,693

21,170

Interest

15,295,457

7,595,353

1,093,741

Securities lending income, net

76,553

—

TOTAL INVESTMENT INCOME

15,728,530

8,044,046

1,114,911

EXPENSES:

Investment advisory fees

2,405,098

1,419,646

214,741

Administration fees

161,608

95,364

14,444

Portfolio accounting and administration fees

145,634

89,132

26,165

Custodian fees

14,496

4,096

1,215

Transfer and dividend disbursing agent fees and expenses

35,226

21,322

5,076

Trustees’ fees

65,312

65,311

Professional fees

104,157

114,669

106,368

Distribution services fee—Class A

5,724

42,610

13,338

Shareholder services fee—Class A

5,724

42,610

13,338

Share registration costs

31,178

29,594

12,208

Printing and postage

17,003

12,311

8,288

Miscellaneous

73,389

57,639

37,600

TOTAL EXPENSES

3,064,549

1,994,304

518,092

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor

(755,227

)

(363,247

)

(219,417

)

Waiver of shareholder services fee—Class A

(3,435

)

(42,610

)

(13,338

)

TOTAL WAIVERS AND REIMBURSEMENTS

(758,662

)

(405,857

)

(232,755

)

Net expenses

2,305,887

1,588,447

285,337

Net investment income

13,422,643

6,455,599

829,574

REALIZED AND UNREALIZED GAIN (LOSS):

Net realized gain (loss) on investments

(1,389,476

)

(3,507,838

)

(280,917

)

Net change in unrealized appreciation (depreciation) on investments

(13,711,445

)

6,174,791

786,657

Net realized and unrealized gain (loss)

(15,100,921

)

2,666,953

505,740

Change in net assets resulting from operations

(1,678,278

)

9,122,552

1,335,314

See Notes which are an integral part of the Financial Statements

Wilmington
Broad Market
Bond Fund

Wilmington
Municipal Bond
Fund

Year Ended
April 30,

2023

Year Ended
April 30,

2022

Year Ended
April 30,

2023

Year Ended
April 30,

2022

OPERATIONS:

Net investment income

13,422,643

10,937,052

6,455,599

5,878,184

Net realized gain (loss)

(1,389,476

)

1,094,694

(3,507,838

)

(1,044,058

)

Net change in unrealized appreciation (depreciation)

(13,711,445

)

(61,777,845

)

6,174,791

(33,214,530

)

Change in net assets resulting from operations

(1,678,278

)

(49,746,099

)

9,122,552

(28,380,404

)

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(51,252

)

(48,194

)

(307,455

)

(372,407

)

Class I

(13,800,456

)

(12,665,533

)

(6,148,073

)

(6,463,700

)

Total distributions to shareholders

(13,851,708

)

(12,713,727

)

(6,455,528

)

(6,836,107

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

4,398

43,283

74,402

335,534

Class I

138,135,255

91,298,568

156,929,028

73,900,909

Net assets from reorganization (Note 6)

Class A

—

1,020,482

—

Class I

—

25,685,831

—

Distributions reinvested

Class A

48,598

43,603

259,919

298,591

Class I

6,652,102

6,280,797

1,292,031

1,935,631

Cost of shares redeemed

Class A

(644,010

)

(339,962

)

(1,709,134

)

(4,351,607

)

Class I

(150,077,210

)

(113,846,417

)

(141,612,365

)

(77,921,229

)

Change in net assets resulting from share transactions

(5,880,867

)

10,186,185

15,233,881

(5,802,171

)

Change in net assets

(21,410,853

)

(52,273,641

)

17,900,905

(41,018,682

)

NET ASSETS:

Beginning of year

573,516,266

625,789,907

321,649,104

362,667,786

End of year

552,105,413

573,516,266

339,550,009

321,649,104

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

491

4,460

6,166

25,879

Class I

15,779,027

9,280,136

12,922,540

5,658,585

Shares issued from reorganization (Note 6)

Class A

—

98,320

—

Class I

—

2,517,137

—

Distributions reinvested

Class A

5,450

4,344

21,476

22,739

Class I

759,267

634,376

106,705

146,902

Shares redeemed

Class A

(72,183

)

(33,543

)

(141,071

)

(336,504

)

Class I

(16,980,125

)

(11,408,912

)

(11,735,846

)

(6,019,751

)

Net change resulting from share transactions

(508,073

)

1,096,318

1,179,970

(502,150

)

See Notes which are an integral part of the Financial Statements

Wilmington
New York
Municipal Bond Fund

Year Ended
April 30,
2023

Year Ended
April 30,
2022

OPERATIONS:

Net investment income

829,574

916,989

Net realized gain (loss)

(280,917

)

81,896

Net change in unrealized appreciation (depreciation)

786,657

(5,530,467

)

Change in net assets resulting from operations

1,335,314

(4,531,582

)

DISTRIBUTIONS TO SHAREHOLDERS:

Class A

(81,040

)

(99,720

)

Class I

(748,542

)

(1,015,512

)

Total distributions to shareholders

(829,582

)

(1,115,232

)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Class A

8,739

11,200

Class I

4,392,474

7,521,728

Distributions reinvested

Class A

70,051

78,300

Class I

544,724

736,158

Cost of shares redeemed

Class A

(467,287

)

(766,220

)

Class I

(12,908,995

)

(15,124,450

)

Change in net assets resulting from share transactions

(8,360,294

)

(7,543,284

)

Change in net assets

(7,854,562

)

(13,190,098

)

NET ASSETS:

Beginning of year

53,486,155

66,676,253

End of year

45,631,593

53,486,155

SHARES OF BENEFICIAL INTEREST:

Shares sold

Class A

901

1,065

Class I

448,846

716,412

Distributions reinvested

Class A

7,213

7,479

Class I

56,051

70,145

Shares redeemed

Class A

(48,016

)

(73,456

)

Class I

(1,330,851

)

(1,449,178

)

Net change resulting from share transactions

(865,856

)

(727,533

)

See Notes which are an integral part of the Financial Statements

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


WILMINGTON BROAD MARKET BOND FUND

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS A
Net Asset Value, Beginning of Year		$9.23			$10.25			$10.39			$9.71			$9.51
Income (Loss) From Operations:
Net Investment Income^(a)		0.19			0.15			0.15			0.21			0.21
Net Realized and Unrealized Gain (Loss)		(0.26	)		(0.99	)		(0.10	)		0.69			0.21
Total Income (Loss) From Operations		(0.07	)		(0.84	)		0.05			0.90			0.42
Less Distributions From:
Net Investment Income		(0.20	)		(0.18	)		(0.18	)		(0.22	)		(0.22	)
Net Realized Gains		—			—			(0.01	)		—			—
Total Distributions		(0.20	)		(0.18	)		(0.19	)		(0.22	)		(0.22	)
Net Asset Value, End of Year		$8.96			$9.23			$10.25			$10.39			$9.71

Total Return^(b)		(0.71	)%		(8.37	)%		0.51	%		9.35	%		4.45	%
Net Assets, End of Year (000’s)		$2,018			$2,691			$2,234			$3,242			$3,501
Ratios to Average Net Assets
Gross Expense^(c)		1.07	%		1.06	%		1.06	%		1.07	%		1.08	%
Net Expense^(c),(d)		0.77	%		0.77	%		0.81	%		0.83	%		0.83	%
Net Investment Income		2.16	%		1.45	%		1.46	%		2.06	%		2.18	%
Portfolio Turnover Rate		24	%		26	%		34	%		46	%		36	%

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS I
Net Asset Value, Beginning of Year		$9.08			$10.08			$10.22			$9.55			$9.35
Income (Loss) From Operations:
Net Investment Income^(a)		0.22			0.18			0.18			0.24			0.24
Net Realized and Unrealized Gain (Loss)		(0.26	)		(0.97	)		(0.09	)		0.68			0.21
Total Income (Loss) From Operations		(0.04	)		(0.79	)		0.09			0.92			0.45
Less Distributions From:
Net Investment Income		(0.23	)		(0.21	)		(0.22	)		(0.25	)		(0.25	)
Net Realized Gains		—			—			(0.01	)		—			—
Total Distributions		(0.23	)		(0.21	)		(0.23	)		(0.25	)		(0.25	)
Net Asset Value, End of Year		$8.81			$9.08			$10.08			$10.22			$9.55

Total Return^(b)		(0.42	)%		(8.02	)%		0.83	%		9.74	%		4.84	%
Net Assets, End of Year (000’s)		$550,087			$570,825			$623,556			$535,825			$544,092
Ratios to Average Net Assets
Gross Expense^(c)		0.57	%		0.56	%		0.75	%		0.82	%		0.83	%
Net Expense^(c),(d)		0.43	%		0.43	%		0.47	%		0.49	%		0.49	%
Net Investment Income		2.51	%		1.79	%		1.79	%		2.40	%		2.52	%
Portfolio Turnover Rate		24	%		26	%		34	%		46	%		36	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

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


WILMINGTON MUNICIPAL BOND FUND

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS A

Net Asset Value, Beginning of Year	$	12.12		$	13.41		$	12.72		$	13.22		$	12.78
Income (Loss) From Operations:
Net Investment Income^(a)		0.22			0.19			0.20			0.25			0.26
Net Realized and Unrealized Gain (Loss)		0.13			(1.25	)		0.70			(0.28	)		0.44
Total Income (Loss) From Operations		0.35			(1.06	)		0.90			(0.03	)		0.70
Less Distributions From:
Net Investment Income		(0.22	)		(0.19	)		(0.21	)		(0.25	)		(0.26	)
Net Realized Gains		—			(0.04	)		—			(0.22	)		—
Total Distributions		(0.22	)		(0.23	)		(0.21	)		(0.47	)		(0.26	)
Net Asset Value, End of Year	$	12.25		$	12.12		$	13.41		$	12.72		$	13.22

Total Return^(b)		2.92	%		(8.08	)%		7.05	%		(0.36	)%		5.52	%
Net Assets, End of Year (000’s)		$16,745			$17,942			$23,716			$24,052			$29,050
Ratios to Average Net Assets
Gross Expense^(c)		1.11	%		1.08	%		1.10	%		1.09	%		1.10	%
Net Expense^(c),(d)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net Investment Income		1.81	%		1.42	%		1.53	%		1.90	%		1.99	%
Portfolio Turnover Rate		28	%		23	%		24	%		81	%		83	%
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS I

Net Asset Value, Beginning of Year	$	12.13		$	13.42		$	12.73		$	13.23		$	12.79
Income (Loss) From Operations:
Net Investment Income^(a)		0.25			0.22			0.24			0.29			0.29
Net Realized and Unrealized Gain (Loss)		0.13			(1.25	)		0.69			(0.28	)		0.44
Total Income (Loss) From Operations		0.38			(1.03	)		0.93			0.01			0.73
Less Distributions From:
Net Investment Income		(0.25	)		(0.22	)		(0.24	)		(0.29	)		(0.29	)
Net Realized Gains		—			(0.04	)		—			(0.22	)		—
Total Distributions		(0.25	)		(0.26	)		(0.24	)		(0.51	)		(0.29	)
Net Asset Value, End of Year	$	12.26		$	12.13		$	13.42		$	12.73		$	13.23

Total Return^(b)		3.18	%		(7.83	)%		7.32	%		(0.10	)%		5.78	%
Net Assets, End of Year (000’s)		$322,805			$303,707			$338,952			$316,617			$260,800
Ratios to Average Net Assets
Gross Expense^(c)		0.61	%		0.59	%		0.79	%		0.84	%		0.85	%
Net Expense^(c),(d)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income		2.06	%		1.67	%		1.78	%		2.14	%		2.24	%
Portfolio Turnover Rate		28	%		23	%		24	%		81	%		83	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

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


WILMINGTON NEW YORK MUNICIPAL BOND FUND

	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS A

Net Asset Value, Beginning of Year	$	9.71		$	10.69		$	10.20		$	10.43		$	10.18
Income (Loss) From Operations:
Net Investment Income^(a)		0.15			0.13			0.14			0.15			0.15
Net Realized and Unrealized Gain (Loss)		0.12			(0.95	)		0.51			(0.16	)		0.36
Total Income (Loss) From Operations		0.27			(0.82	)		0.65			(0.01	)		0.51
Less Distributions From:
Net Investment Income		(0.15	)		(0.13	)		(0.14	)		(0.15	)		(0.15	)
Net Realized Gains		—			(0.03	)		(0.02	)		(0.07	)		(0.11	)
Total Distributions		(0.15	)		(0.16	)		(0.16	)		(0.22	)		(0.26	)
Net Asset Value, End of Year	$	9.83		$	9.71		$	10.69		$	10.20		$	10.43

Total Return^(b)		2.79	%		(7.74	)%		6.38	%		(0.12	)%		5.16	%
Net Assets, End of Year (000’s)		$5,212			$5,536			$6,789			$7,251			$8,630
Ratios to Average Net Assets
Gross Expense^(c)		1.53	%		1.37	%		1.34	%		1.34	%		1.33	%
Net Expense^(c),(d)		0.82	%		0.82	%		0.82	%		0.82	%		0.83	%
Net Investment Income		1.52	%		1.24	%		1.31	%		1.43	%		1.50	%
Portfolio Turnover Rate		6	%		7	%		14	%		60	%		45	%
	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019
CLASS I

Net Asset Value, Beginning of Year	$	9.72		$	10.70		$	10.20		$	10.43		$	10.19
Income (Loss) From Operations:
Net Investment Income^(a)		0.17			0.16			0.16			0.18			0.18
Net Realized and Unrealized Gain (Loss)		0.12			(0.95	)		0.53			(0.16	)		0.35
Total Income (Loss) From Operations		0.29			(0.79	)		0.69			0.02			0.53
Less Distributions From:
Net Investment Income		(0.17	)		(0.16	)		(0.17	)		(0.18	)		(0.18	)
Net Realized Gains		—			(0.03	)		(0.02	)		(0.07	)		(0.11	)
Total Distributions		(0.17	)		(0.19	)		(0.19	)		(0.25	)		(0.29	)
Net Asset Value, End of Year	$	9.84		$	9.72		$	10.70		$	10.20		$	10.43

Total Return^(b)		3.04	%		(7.50	)%		6.74	%		0.13	%		5.32	%
Net Assets, End of Year (000’s)		$40,420			$47,950			$59,887			$54,979			$53,379
Ratios to Average Net Assets
Gross Expense^(c)		1.03	%		0.87	%		1.03	%		1.09	%		1.09	%
Net Expense^(c),(d)		0.57	%		0.57	%		0.57	%		0.57	%		0.58	%
Net Investment Income		1.77	%		1.49	%		1.55	%		1.68	%		1.76	%
Portfolio Turnover Rate		6	%		7	%		14	%		60	%		45	%

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

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

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

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

See Notes which are an integral part of the Financial Statements

Wilmington Funds

April 30, 2023

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

•

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

•

for all other securities, at fair value as determined by the Advisor in accordance with the Valuation Procedures.

At April 30, 2023, 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.

3,253,982

—

Citigroup Global Markets Ltd.

3,253,982

—

Deutsche Bank Securities, Inc.

3,199,947

—

HSBC Securities USA, Inc.

3,253,982

—

RBC Dominion Securities, Inc.

3,253,982

—

16,215,875

—

⁽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.

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 April 30, 2023, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

⁽¹⁾

Collateral with a value of $16,215,875 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

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to paydown gains (losses) on mortgage-backed securities, premium amortization on callable debt securities and wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2023, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:



Fund	Paid-in Capital		Distributable Earnings (Loss)
Broad Market Bond Fund		$24		$	(24)

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

Fund

Ordinary
Income*

2023
Tax Exempt
Income

Long-Term
Capital
Gains

Ordinary
Income*

2022
Tax Exempt
Income

Long-Term
Capital Gains

Broad Market Bond Fund

$13,851,708

$ —

$—

$12,713,727

$ —

Municipal Bond Fund

292,933

6,162,595

—

2,730

5,883,155

950,222

New York Municipal Bond Fund

18,276

811,306

—

24,890

916,361

173,981

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

Fund

Tax Cost

Tax Unrealized
Appreciation

Tax Unrealized
Depreciation

Net Tax
Unrealized
Appreciation/
(Depreciation)

Broad Market Bond Fund

$614,200,536

$1,378,634

$(51,080,783

)

$(49,702,149

)

Municipal Bond Fund

351,431,855

1,245,214

(13,962,212

)

(12,716,998

)

New York Municipal Bond Fund

47,171,371

64,970

(2,179,555

)

(2,114,585

)

As of April 30, 2023, the components of distributable earnings on a tax basis were as follows:

Fund

Undistributed
Ordinary

Income

Undistributed
Tax-Exempt
Income

Undistributed
Long-Term
Capital

Gains

Other
Timing
Differences*

Unrealized
Appreciation/
(Depreciation)

Capital

Loss
Carryforwards

Late Year
Loss
Deferrals

Distributable
Earnings

Broad Market Bond Fund

$838,074

$—

$(695,012

)

$(49,702,149

)

$(3,992,052

)

$—

$(53,551,139

)

Municipal Bond Fund

—

470,711

—

(481,518

)

(12,716,998

)

(5,288,564

)

—

(18,016,369

)

New York Municipal Bond Fund

—

14,290

—

(14,491

)

(2,114,585

)

(289,547

)

—

(2,404,333

)

Other timing differences are comprised primarily of dividends payable to Fund shareholders, which for tax reporting purposes are not recognized until paid.

Fund

Short-Term
No Expiration

Long-Term
No Expiration

Total Capital
Loss
Carryforwards

Broad Market Bond Fund

$(1,755,876

)

$(2,236,176

)

$(3,992,052

)

Municipal Bond Fund

(1,053,201

)

(4,235,363

)

(5,288,564

)

New York Municipal Bond Fund

—

(289,547

)

(289,547

)

For the year ended April 30, 2023, the Funds did not utilize any capital loss carryforwards.

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		$ 78
Municipal Bond Fund		3,942
New York Municipal Bond Fund		65

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

For the year ended April 30, 2023, 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 year ended April 30, 2023, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:



Fund		Shareholder Services Fees

Broad Market Bond Fund		$31

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 year ended April 30, 2023 were as follows:



Fund	Purchases		Sales
Broad Market Bond Fund		$ 50,830,244		$86,810,293
Municipal Bond Fund		108,107,868		86,271,670
New York Municipal Bond Fund		2,814,826		10,057,105

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2023 were as follows:



Fund	Purchases		Sales
Broad Market Bond Fund		$75,877,600		$50,423,509

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)	$	11,112,255
Net realized gain (loss) on investments		1,621,347
Net change in unrealized appreciation (depreciation)		(62,204,094	)

Net increase (decrease) in net assets resulting from operations	$	(49,470,492	)

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 year ended April 30, 2023.

10.	NEW REGULATORY PRONOUNCEMENTS

11.	SUBSEQUENT EVENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2023 and each of the financial highlights for each of the four years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 22, 2023

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

BOARD OF TRUSTEES AND TRUST OFFICERS

INTERESTED TRUSTEES BACKGROUND



Name Birth Year Position with Trust Date Service Began		Principal Occupations and Other Directorships Held for Past Five Years
Eric W. Taylor* Birth year: 1981 TRUSTEE Began serving: October 2022 PRESIDENT Began serving: August 2022		Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present). Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co. Other Directorships Held: None

INDEPENDENT TRUSTEES BACKGROUND



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

Nicholas A. Giordano Birth year: 1943 TRUSTEE Began serving: March 2012		Principal Occupations: Consultant, financial services organizations (1997 to present). Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross (1981 to 2021); IntriCon Corporation (body-worn products) (2001 to 2022).
		Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).



Name Birth Year Position with Trust Date Service Began		Principal Occupations and Other Directorships Held for Past Five Years

Gregory P. Chandler Birth year: 1966 TRUSTEE Began serving: July 2017		Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (12/20 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present). Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019); Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/2020 to 11/2020); Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).

Valerie J. Sill Birth year: 1962 TRUSTEE Began serving: April 2020		Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present). Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013). Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

OFFICERS



Name Birth Year Positions with Trust		Principal Occupations for Past Five Years and Previous Positions

John C. McDonnell Birth year: 1966 CHIEF OPERATIONS OFFICER Began serving: June 2017 VICE PRESIDENT Began serving: June 2012		Principal Occupations: Chief Operations Officer, Wilmington Funds; Senior Vice President, Wilmington Funds Management Corporation (2005 to present); Senior Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present). Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).

Kaushik Goswami Birth year: 1973 CHIEF COMPLIANCE OFFICER and AML COMPLIANCE OFFICER Began serving: October 2021		Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Senior Vice President, M&T Bank. Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

John J. Kelley Birth year: 1959 VICE PRESIDENT Began serving: December 2016		Principal Occupations: President of Wilmington Funds Management Corporation; Senior Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc. Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).



Name Birth Year Positions with Trust		Principal Occupations for Past Five Years and Previous Positions

Robert L. Tuleya Birth year: 1974 VICE PRESIDENT and ASSISTANT SECRETARY Began serving: September 2018		Principal Occupations: Senior Vice President and Assistant Secretary, Wilmington Funds; Wilmington Funds Management Corporation (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Senior Vice President and Assistant General Counsel, M&T Bank (2018 to present). Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).

Charles S. Todd Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1971 CHIEF EXECUTIVE OFFICER Began serving: June 2022		Principal Occupation: Managing Director, Fund Officers, ACA Group, previously Foreside Financial Group (2008 to present). Previous Positions: Vice President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).

Arthur W. Jasion Three Canal Plaza, Suite 100 Portland, ME 04101 Birth year: 1965 CHIEF FINANCIAL OFFICER AND TREASURER Began serving: October 2020		Principal Occupation: Senior Principal Consultant and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present). Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).

Lisa R. Grosswirth 240 Greenwich Street, 22nd Floor New York, NY 10286 Birth year: 1963 SECRETARY Began serving: September 2007		Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present). Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

Liquidity Risk Management Program

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

March 1, 2023

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 Notice.



		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-AR-FI-0423

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.

The registrant’s Board has determined that each member of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item. The Audit Committee consists of the following Board members: Gregory P. Chandler, Donald E. Foley, Nicholas A. Giordano and Valerie J. Sill.

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively.

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre- approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be

provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.

The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:

The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

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

TOTAL REPURCHASE AGREEMENTS (COST $532)		$	532


TOTAL INVESTMENTS – 100.0% (COST $32,059,907)		$	36,098,066
OTHER ASSETS LESS LIABILITIES – 0.0%**			(2,394	)


TOTAL NET ASSETS – 100.0%		$	36,095,672


President’s Message			i

Management’s Discussion of Fund Performance			1

Shareholder Expense Example			5

Portfolios of Investments			6

Statements of Assets and Liabilities			23

Statements of Operations			24

Statements of Changes in Net Assets			25

Financial Highlights			26

Notes to Financial Statements			28

Report of Independent Registered Public Accounting Firm			35

Federal Tax Information (unaudited)			36

Board of Trustees and Trust Officers			37

Liquidity Risk Management Program			40

Other Information.			41


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



Fund

Enhanced Dividend Income Strategy Fund		95.71%
Large-Cap Strategy Fund		99.22%



Fund

Enhanced Dividend Income Strategy Fund		98.56%
Large-Cap Strategy Fund		99.55%



Description						Value

TOTAL INVESTMENTS – 100.5% (Cost $437,495,476)						$ 412,469,512

COLLATERAL FOR SECURITIES ON LOAN – (0.7%)						(2,841,873)

OTHER ASSETS LESS LIABILITIES – 0.2%						648,238


TOTAL NET ASSETS – 100.0%						$ 410,275,877


ETF		Exchange-Traded Fund

J-REIT		Japanese Real Estate Investment Trust

OYJ		Public Limited Company

PLC		Public Limited Company

RE		Reinsurance

REIT		Real Estate Investment Trust

SCA		Limited Partnership With Share Capital

SPDR		Standard & Poor’s Depositary Receipt



WILMINGTON INTERNATIONAL FUND


	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019

CLASS A
Net Asset Value, Beginning of Year		$ 8.44			$ 10.47			$ 7.35			$ 8.52			$ 9.11
Income (Loss) From Operations:
Net Investment Income^(a)		0.15			0.10			0.10			0.13			0.14
Net Realized and Unrealized Gain (Loss)		0.08			(1.75	)		3.16			(1.17	)		(0.51	)

Total Income (Loss) From Operations		0.23			(1.65	)		3.26			(1.04	)		(0.37	)

Less Distributions From:
Net Investment Income		(0.13	)		(0.16	)		(0.14	)		(0.13	)		(0.14	)
Net Realized Gains		(0.17	)		(0.22	)		—			—			(0.08	)

Total Distributions		(0.30	)		(0.38	)		(0.14	)		(0.13	)		(0.22	)

Net Asset Value, End of Year		$ 8.37			$ 8.44			$10.47			$ 7.35			$ 8.52

Total Return^(b)		3.01	%		(16.31	)%		44.67	%		(12.35	)%		(4.07	)%
Net Assets, End of Year (000’s)		$2,836			$ 2,957			$4,015			$ 3,036			$4,871
Ratios to Average Net Assets
Gross Expense^(c)		1.48	%		1.48	%		1.48	%		1.50	%		1.50	%
Net Expense^(c),(d)		1.09	%		1.10	%		1.06	%		0.98	%		1.00	%
Net Investment Income		1.87	%		1.00	%		1.10	%		1.57	%		1.69	%
Portfolio Turnover Rate		76	%		71	%		74	%		79	%		70	%


	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019

CLASS I
Net Asset Value, Beginning of Year		$ 8.52			$ 10.56			$ 7.41			$ 8.59			$ 9.18
Income (Loss) From Operations:
Net Investment Income^(a)		0.17			0.13			0.12			0.13			0.17
Net Realized and Unrealized Gain (Loss)		0.08			(1.77	)		3.18			(1.17	)		(0.53	)

Total Income (Loss) From Operations		0.25			(1.64	)		3.30			(1.04	)		(0.36	)

Less Distributions From:
Net Investment Income		(0.14	)		(0.18	)		(0.15	)		(0.14	)		(0.15	)
Net Realized Gains		(0.17	)		(0.22	)		—			—			(0.08	)

Total Distributions		(0.31	)		(0.40	)		(0.15	)		(0.14	)		(0.23	)

Net Asset Value, End of Year		$ 8.46			$ 8.52			$ 10.56			$ 7.41			$ 8.59

Total Return^(b)		3.23	%		(16.10	)%		44.92	%		(12.28	)%		(3.91	)%
Net Assets, End of Year (000’s)		$515,032			$614,339			$713,463			$513,640			$570,749
Ratios to Average Net Assets
Gross Expense^(c)		0.98	%		0.99	%		1.16	%		1.25	%		1.26	%
Net Expense^(c),(d)		0.84	%		0.85	%		0.85	%		0.85	%		0.87	%
Net Investment Income		2.12	%		1.27	%		1.32	%		1.58	%		1.95	%
Portfolio Turnover Rate		76	%		71	%		74	%		79	%		70	%



WILMINGTON GLOBAL ALPHA EQUITIES FUND


	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019

CLASS A
Net Asset Value, Beginning of Year		$11.68			$11.97			$10.87			$11.28			$10.99
Income (Loss) From Operations:
Net Investment Income^(a)		0.10			0.01			0.02			0.07			0.09
Net Realized and Unrealized Gain (Loss)		0.30			(0.24	)		1.31			(0.35	)		0.33

Total Income (Loss) From Operations		0.40			(0.23	)		1.33			(0.28	)		0.42

Less Distributions From:
Net Investment Income		(0.32	)		(0.06	)		(0.06	)		(0.13	)		(0.13	)
Net Realized Gains		—			—			(0.17	)		—			—

Total Distributions		(0.32	)		(0.06	)		(0.23	)		(0.13	)		(0.13	)

Net Asset Value, End of Year		$11.76			$11.68			$11.97			$10.87			$11.28

Total Return^(b)		3.51	%		(1.97	)%		12.27	%		(2.57	)%		3.87	%
Net Assets, End of Year (000’s)		$ 303			$ 295			$ 324			$ 208			$ 125
Ratios to Average Net Assets
Gross Expense^(c)		2.19	%		2.30	%		2.30	%		2.29	%		2.36	%
Net Expense^(c),(d)		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Net Investment Income		0.87	%		0.12	%		0.19	%		0.63	%		0.78	%
Portfolio Turnover Rate		68	%		44	%		58	%		84	%		61	%


	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019

CLASS I
Net Asset Value, Beginning of Year		$ 11.88			$ 12.14			$ 11.01			$ 11.40			$ 11.08
Income (Loss) From Operations:
Net Investment Income^(a)		0.13			0.05			0.05			0.09			0.11
Net Realized and Unrealized Gain (Loss)		0.30			(0.25	)		1.31			(0.34	)		0.34

Total Income (Loss) From Operations		0.43			(0.20	)		1.36			(0.25	)		0.45

Less Distributions From:
Net Investment Income		(0.32	)		(0.06	)		(0.06	)		(0.14	)		(0.13	)
Net Realized Gains		—			—			(0.17	)		—			—

Total Distributions		(0.32	)		(0.06	)		(0.23	)		(0.14	)		(0.13	)

Net Asset Value, End of Year		$ 11.99			$ 11.88			$ 12.14			$ 11.01			$ 11.40

Total Return^(b)		3.75	%		(1.63	)%		12.46	%		(2.31	)%		4.18	%
Net Assets, End of Year (000’s)		$213,027			$211,957			$206,232			$211,911			$168,199
Ratios to Average Net Assets
Gross Expense^(c)		1.69	%		1.80	%		1.99	%		2.04	%		2.11	%
Net Expense^(c),(d)		1.24	%		1.24	%		1.24	%		1.24	%		1.24	%
Net Investment Income		1.12	%		0.38	%		0.44	%		0.82	%		1.02	%
Portfolio Turnover Rate		68	%		44	%		58	%		84	%		61	%



WILMINGTON REAL ASSET FUND


	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019

CLASS A
Net Asset Value, Beginning of Year		$ 16.30			$15.58			$12.33			$ 14.40			$14.48
Income (Loss) From Operations:
Net Investment Income^(a)		0.69			1.64	^(b)		0.17			0.45			0.34
Net Realized and Unrealized Gain (Loss)		(3.04	)		0.82			3.32			(2.03	)		(0.07	)

Total Income (Loss) From Operations		(2.35	)		2.46			3.49			(1.58	)		0.27

Less Distributions From:
Net Investment Income		(0.69	)^(c)		(1.74	)		(0.24	)		(0.49	)		(0.35	)

Total Distributions		(0.69	)		(1.74	)		(0.24	)		(0.49	)		(0.35	)

Net Asset Value, End of Year		$ 13.26			$16.30			$15.58			$ 12.33			$14.40

Total Return^(d)		(14.44	)%		16.34	%		28.65	%		(11.35	)%		2.05	%
Net Assets, End of Year (000’s)		$ 941			$1,169			$ 995			$ 932			$1,173
Ratios to Average Net Assets
Gross Expense^(e)		1.17	%		1.17	%		1.30	%		1.30	%		1.32	%
Net Expense^(e),(f)		0.85	%		0.89	%		0.96	%		0.96	%		0.96	%
Net Investment Income		4.78	%		10.04	%^(b)		1.25	%		3.16	%		2.44	%
Portfolio Turnover Rate		20	%		32	%		40	%^(g)		411	%		347	%


	Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020			Year Ended April 30, 2019

CLASS I
Net Asset Value, Beginning of Year		$ 16.54			$ 15.77			$ 12.47			$ 14.56			$ 14.63
Income (Loss) From Operations:
Net Investment Income^(a)		0.74			1.65	^(b)		0.17			0.49			0.38
Net Realized and Unrealized Gain (Loss)		(3.09	)		0.89			3.40			(2.06	)		(0.07	)

Total Income (Loss) From Operations		(2.35	)		2.54			3.57			(1.57	)		0.31

Less Distributions From:
Net Investment Income		(0.71	)^(c)		(1.77	)		(0.27	)		(0.52	)		(0.38	)

Total Distributions		(0.71	)		(1.77	)		(0.27	)		(0.52	)		(0.38	)

Net Asset Value, End of Year		$ 13.48			$ 16.54			$ 15.77			$ 12.47			$ 14.56

Total Return^(d)		(14.21	)%		16.66	%		29.00	%		(11.13	)%		2.29	%
Net Assets, End of Year (000’s)		$409,335			$486,959			$463,203			$199,115			$309,654
Ratios to Average Net Assets
Gross Expense^(e)		0.67	%		0.67	%		0.93	%		1.05	%		1.07	%
Net Expense^(e),(f)		0.60	%		0.64	%		0.71	%		0.71	%		0.71	%
Net Investment Income		5.10	%		9.98	%^(b)		1.18	%		3.41	%		2.69	%
Portfolio Turnover Rate		20	%		32	%		40	%^(g)		411	%		347	%



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


	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives

Equity contracts	Variation margin receivable for financial futures contracts*	Variation margin payable for financial futures contracts*
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts**	Unrealized depreciation on forward foreign currency contracts**



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.


Fund	Liability Derivative Volume Financial Futures Contracts⁽¹⁾

Global Alpha Equities Fund		$96,067,649


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Other Timing Differences		Unrealized Appreciation/ (Depreciation)		Capital Loss Carryforwards			Late Year Loss Deferrals		Distributable Earnings

International Fund	$	5,817,450	$	—	$	—	$	73,144,880	$	(45,103,020	)	$	—		$33,859,310
Global Alpha Equities Fund		—		—		2		32,395,944		(17,895,070	)		(464,295)		14,036,581
Real Asset Fund		—		—		4		(31,930,541)		(11,923,700	)		—		(43,854,237	)



Fund	Distribution Fees from Class A

International Fund		$857
Global Alpha Equities Fund		—
Real Asset Fund		2



Fund

International Fund			0.28%
Global Alpha Equities Fund			37.47%
Real Asset Fund			0.19%



Fund

International Fund			86.01%
Global Alpha Equities Fund			100.00%
Real Asset Fund			7.84%


(a)(1)		Not applicable

(a)(2)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.


By (Signature and Title)*		/s/ Charles S. Todd
		Charles S. Todd
		(Principal Executive Officer)

Date: June 29, 2023


By (Signature and Title)*		/s/ Arthur W. Jasion
		Arthur W. Jasion
		(Principal Financial Officer)

Date: June 29, 2023