1

Wilmington Intermediate-Term Bond Fund

PORTFOLIO OF INVESTMENTS

July 31, 2021 (unaudited)

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE – 0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Pool 612514, (12 Month USD LIBOR + 1.72%, Cap 8.96%, Floor 1.72%), 1.97%, 05/01/33D	$	7,727	$	8,111
TOTAL ADJUSTABLE RATE MORTGAGE (COST $7,716)			$	8,111
CORPORATE BONDS – 60.7%
AEROSPACE & DEFENSE – 2.8%
Boeing Co. (The), Sr. Unsecured
1.17%, 02/04/23		250,000		250,617
1.95%, 02/01/24		350,000		359,080
3.20%, 03/01/29		150,000		158,451
TOTAL AEROSPACE & DEFENSE			$	768,148
AUTOMOTIVE – 3.2%
Ford Motor Credit Co. LLC, Sr. Unsecured
5.58%, 03/18/24		250,000		273,031
2.90%, 02/16/28		250,000		252,538
General Motors Financial Co., Inc., Sr. Unsecured
1.05%, 03/08/24		100,000		101,066
2.90%, 02/26/25		230,000		244,516
TOTAL AUTOMOTIVE			$	871,151
BIOTECHNOLOGY – 0.9%
Amgen, Inc., Sr. Unsecured, 2.25%, 08/19/23		225,000		232,813
BUILDING PRODUCTS – 2.5%
Carrier Global Corp., Sr. Unsecured, 2.49%, 02/15/27		250,000		264,414
Johnson Controls International PLC, Sr. Unsecured, 3.63%, 07/02/24ÿ		373,000		401,762
TOTAL BUILDING PRODUCTS			$	666,176
CAPITAL MARKETS – 5.1%
Bank of America Corp., Sr. Unsecured, MTN,
(SOFR + 1.15%), 1.32%, 06/19/26D		250,000		251,804
Goldman Sachs Group, Inc. (The), Sr. Unsecured
0.48%, 01/27/23		170,000		169,869
(3 Month USD LIBOR + 1.20%), 3.27%, 09/29/25D		210,000		225,233
Morgan Stanley, Sr. Unsecured, (SOFR + 0.72%), 0.99%, 12/10/26D		175,000		173,349
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 04/01/22		250,000		253,433
Toronto-Dominion Bank (The), Sr. Unsecured, GMTN, 3.25%, 03/11/24		275,000		294,271
TOTAL CAPITAL MARKETS			$	1,367,959
COMMERCIAL SERVICES & SUPPLIES – 1.1%
Global Payments, Inc., Sr. Unsecured, 2.65%, 02/15/25		275,000		290,274

Description	Par Value		Value
COMPUTERS – 1.0%
Apple, Inc., Sr. Unsecured, 0.70%, 02/08/26		$110,000	$	109,415
Hewlett Packard Enterprise Co., Sr. Unsecured, 1.45%, 04/01/24		150,000		152,594
TOTAL COMPUTERS			$	262,009
DIVERSIFIED FINANCIAL SERVICES – 11.4%
American Express Co., Sr. Unsecured, 3.13%, 05/20/26		150,000		164,678
Capital One Financial Corp., Sr. Unsecured
(3 Month USD LIBOR + 0.95%), 1.07%, 03/09/22D		250,000		251,068
3.90%, 01/29/24		250,000		269,395
Citigroup, Inc., Subordinated, 4.13%, 07/25/28		250,000		283,792
Fifth Third Bancorp, Subordinated, 4.30%, 01/16/24		250,000		270,941
Huntington Bancshares, Inc., Subordinated, 4.35%, 02/04/23		150,000		157,982
JPMorgan Chase & Co., Sr. Unsecured,
(SOFR + 1.59%), 2.01%, 03/13/26D		150,000		155,701
PNC Financial Services Group, Inc. (The), Sr.
Unsecured, 3.45%, 04/23/29		100,000		112,866
PNC Financial Services Group, Inc. (The),
Subordinated, 3.90%, 04/29/24		200,000		217,281
Truist Bank, Sr. Unsecured, BKNT, 3.20%, 04/01/24		175,000		187,373
Truist Bank, Subordinated, BKNT, 3.63%, 09/16/25		250,000		276,726
Truist Financial Corp., Sr. Unsecured, 2.70%, 01/27/22		250,000		252,547
Truist Financial Corp., Sr. Unsecured, MTN,
(3 Month USD LIBOR + 0.65%), 0.80%, 04/01/22D		345,000		345,890
Wells Fargo & Co., Sr. Unsecured, MTN,
(3 Month USD LIBOR + 0.75%), 2.16%, 02/11/26D		140,000		146,108
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	3,092,348
ELECTRIC – 3.4%
American Electric Power Co., Inc., Series M, Sr. Unsecured,
0.75%, 11/01/23#		250,000		250,290
FirstEnergy Corp., Series A, Sr. Unsecured, 1.60%, 01/15/26		250,000		248,898
Southern Co. (The), Series 21-B, Sr. Unsecured, 1.75%, 03/15/28		40,000		40,050
Union Electric Co., 1st Mortgage, 3.50%, 03/15/29		220,000		247,163
WEC Energy Group, Inc., Sr. Unsecured, 1.80%, 10/15/30		150,000		147,182
TOTAL ELECTRIC			$	933,583

July 31, 2021 (unaudited)

2 PORTFOLIO OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
ELECTRONICS – 0.6%
Honeywell International, Inc., Sr. Unsecured, 0.48%, 08/19/22		$175,000	$	175,062
FOOD & STAPLES RETAILING – 1.3%
Conagra Brands, Inc., Sr. Unsecured, 1.38%, 11/01/27		200,000		196,517
McCormick & Co., Inc., Sr. Unsecured, 0.90%, 02/15/26		150,000		148,486
TOTAL FOOD & STAPLES RETAILING			$	345,003
HEALTHCARE-SERVICES – 1.7%
CommonSpirit Health, Sr. Secured, 3.35%, 10/01/29		150,000		164,561
UnitedHealth Group, Inc., Sr. Unsecured, 2.38%, 10/15/22		300,000		307,722
TOTAL HEALTHCARE-SERVICES			$	472,283
HOUSEHOLD PRODUCTS/WARES – 0.8%
Church & Dwight Co., Inc., Sr. Unsecured, 2.45%, 08/01/22		225,000		229,296
INSURANCE – 2.7%
Aon PLC, Company Guaranteed, 4.00%, 11/27/23		250,000		268,040
CNA Financial Corp., Sr. Unsecured, 7.25%, 11/15/23		200,000		229,079
Principal Life Global Funding II, Secured, 1.63%, 11/19/30W		250,000		242,485
TOTAL INSURANCE			$	739,604
MACHINERY – 0.2%
Caterpillar Financial Services Corp., Sr. Unsecured, 0.65%, 07/07/23		50,000		50,348
OIL & GAS – 0.9%
Pioneer Natural Resources Co., Sr. Unsecured, 1.90%, 08/15/30		240,000		233,156
PHARMACEUTICALS – 5.8%
AbbVie, Inc., Sr. Unsecured, 3.75%, 11/14/23		150,000		160,537
AstraZeneca PLC, Sr. Unsecured, 0.70%, 04/08/26		100,000		98,886
Becton Dickinson and Co., Sr. Unsecured, 1.96%, 02/11/31		100,000		99,279
Bristol-Myers Squibb Co., Sr. Unsecured, 2.75%, 02/15/23		260,000		268,978
Cardinal Health, Inc., Sr. Unsecured, 3.20%, 03/15/23		350,000		365,203
Cigna Corp., Sr. Unsecured, 2.38%, 03/15/31		250,000		258,835
CVS Health Corp., Sr. Unsecured
3.70%, 03/09/23		35,000		36,731
1.30%, 08/21/27#		145,000		143,921
Zoetis, Inc., Sr. Unsecured, 3.00%, 09/12/27		125,000		136,153
TOTAL PHARMACEUTICALS			$	1,568,523
PIPELINES – 1.4%
Plains All American Pipeline LP, Sr. Unsecured, 3.85%, 10/15/23		366,000		387,044

Description	Par Value		Value
REAL ESTATE INVESTMENT TRUSTS – 6.0%
American Tower Corp., Sr. Unsecured, 5.00%, 02/15/24	$	250,000	$	276,797
Healthcare Realty Trust, Inc., Sr. Unsecured
3.88%, 05/01/25		300,000		328,532
3.63%, 01/15/28#		300,000		334,408
Healthpeak Properties, Inc., Sr. Unsecured, 3.25%, 07/15/26		110,000		120,220
Ventas Realty LP, Company Guaranteed, 4.00%, 03/01/28		250,000		284,673
Welltower, Inc., Sr. Unsecured, 3.63%, 03/15/24		250,000		268,502
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	1,613,132
RETAIL – 1.8%
Amazon.com, Inc., Sr. Unsecured, 1.20%, 06/03/27		100,000		100,847
Lowe’s Cos., Inc., Sr. Unsecured, 3.65%, 04/05/29		200,000		226,304
Walgreens Boots Alliance, Inc., Sr. Unsecured, 3.20%, 04/15/30#		150,000		162,748
TOTAL RETAIL			$	489,899
SEMICONDUCTORS – 0.6%
QUALCOMM, Inc., Sr. Unsecured, 3.25%, 05/20/27		150,000		165,960
SOFTWARE – 0.7%
Oracle Corp., Sr. Unsecured, 2.50%, 04/01/25		50,000		52,653
Roper Technologies, Inc., Sr. Unsecured, 3.13%, 11/15/22		125,000		128,548
TOTAL SOFTWARE			$	181,201
TELECOMMUNICATIONS – 1.8%
AT&T, Inc., Sr. Unsecured, 0.90%, 03/25/24		125,000		125,186
Verizon Communications, Inc., Sr. Unsecured
0.75%, 03/22/24		50,000		50,193
2.63%, 08/15/26		240,000		256,290
2.10%, 03/22/28		50,000		51,425
TOTAL TELECOMMUNICATIONS			$	483,094
TRANSPORTATION – 1.0%
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 09/01/22		265,000		270,617
TRUCKING & LEASING – 2.0%
GATX Corp., Sr. Unsecured, 3.25%, 09/15/26		505,000		548,026
TOTAL CORPORATE BONDS (COST $15,795,094)			$	16,436,709
GOVERNMENT AGENCIES – 3.1%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 2.4%
0.30%, 08/10/23		400,000		400,020
0.38%, 07/21/25#		250,000		248,252
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	648,272

July 31, 2021 (unaudited)

PORTFOLIO OF INVESTMENTS 3

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.7%
0.25%, 05/22/23	$	200,000	$	200,350
TOTAL GOVERNMENT AGENCIES (COST $848,618)			$	848,622
MORTGAGE-BACKED SECURITIES – 1.7%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 0.3%
Pool C90504, 6.50%, 12/01/21		449		453
Pool G01625, 5.00%, 11/01/33		15,423		17,475
Pool A18401, 6.00%, 02/01/34		19,884		22,762
Pool G08097, 6.50%, 11/01/35		13,883		16,320
Pool G02390, 6.00%, 09/01/36		4,869		5,779
Pool G08193, 6.00%, 04/01/37		14,391		16,940
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	79,729
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.9%
Pool AE2520, 3.00%, 01/01/26		153,751		161,318
Pool 256639, 5.00%, 02/01/27		11,636		12,679
Pool 256752, 6.00%, 06/01/27		11,748		13,506
Pool 257007, 6.00%, 12/01/27		18,672		21,455
Pool 254240, 7.00%, 03/01/32		19,259		21,865
Pool 745412, 5.50%, 12/01/35		11,322		13,070
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	243,893
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.5%
Pool 780825, 6.50%, 07/15/28		28,718		32,573
Pool 2616, 7.00%, 07/20/28		17,244		20,169
Pool 2701, 6.50%, 01/20/29		36,674		42,390
Pool 426727, 7.00%, 02/15/29		3,964		4,488
Pool 781231, 7.00%, 12/15/30		16,331		19,347
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	118,967
TOTAL MORTGAGE-BACKED SECURITIES (COST $399,724)			$	442,589
U.S. TREASURY OBLIGATIONS – 31.6%
U.S. TREASURY NOTES – 31.6%
1.88%, 07/31/22		125,000		127,233
1.50%, 08/15/22		150,000		152,211
2.00%, 02/15/23		200,000		205,703
2.50%, 03/31/23		150,000		155,872
2.75%, 05/31/23		200,000		209,425
0.25%, 06/15/23		250,000		250,375
2.50%, 08/15/23		250,000		261,706
1.63%, 10/31/23#		290,000		299,096
2.38%, 08/15/24		500,000		530,547
0.38%, 04/30/25		250,000		248,874
2.13%, 05/15/25		300,000		318,246
2.00%, 08/15/25		650,000		687,658
2.25%, 11/15/25		500,000		535,300
1.63%, 05/15/26		775,000		809,987
2.25%, 02/15/27		30,000		32,396
1.13%, 02/28/27		250,000		254,729
0.50%, 06/30/27		450,000		441,358
2.25%, 11/15/27		300,000		324,985
2.75%, 02/15/28		750,000		836,845
1.25%, 06/30/28		500,000		508,756

Description	Par Value		Value
3.13%, 11/15/28	$	350,000	$	401,691
2.38%, 05/15/29		400,000		438,766
0.63%, 05/15/30		550,000		525,276
TOTAL U.S. TREASURY NOTES			$	8,557,035
TOTAL U.S. TREASURY OBLIGATIONS (COST $8,111,037)			$	8,557,035
	Number of Shares
MONEY MARKET FUND – 2.5%
Dreyfus Government Cash Management Fund,
Institutional Shares, 0.03%^		665,126		665,126
TOTAL MONEY MARKET FUND (COST $665,126)			$	665,126
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 4.4%
REPURCHASE AGREEMENTS – 4.4%
Bank of America Securities, Inc., 0.05%, dated 7/30/21, due 8/02/21, repurchase price $226,747 collateralized by U.S. Government Agency Securities, 1.00% to 5.50%, maturing 11/01/28 to 8/01/51; total market value of $231,281.	$	226,746		226,746
BNP Paribas SA, 0.05%, dated 7/30/21, due 8/02/21, repurchase price $226,747 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 8.13%, maturing 8/15/21 to 5/01/51; total market value of $231,281.		226,746		226,746
Daiwa Capital Markets America, 0.05%, dated 7/30/21, due 8/02/21, repurchase price $226,747 collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 9/16/21 to 8/01/51; total market value of $231,281.		226,746		226,746
Deutsche Bank Securities, Inc., 0.05%, dated 7/30/21, due 8/02/21, repurchase price $226,747 collateralized by U.S. Government Agency Securities, 0.00% to 7.25%, maturing 8/12/21 to 6/21/41; total market value of $231,281.		226,746		226,746
RBC Dominion Securities, Inc., 0.05%, dated 7/30/21, due 8/02/21, repurchase price $226,747 collateralized by U.S. Government Agency & Treasury Securities, 0.25% to 7.50%, maturing 4/15/24 to 4/01/53; total market value of $231,281.		226,746		226,746

July 31, 2021 (unaudited)

4 PORTFOLIO OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
TD Securities, Inc., 0.05%, dated 7/30/21, due 8/02/21, repurchase price $59,666 collateralized by U.S. Government Agency Securities, 2.00% to 4.50%, maturing 7/01/31 to 8/01/51; total market value of $60,859.	$	59,666	$	59,666
TOTAL REPURCHASE AGREEMENTS (COST $1,193,396)			$	1,193,396
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,193,396)			$	1,193,396
TOTAL INVESTMENTS – 104.0% (COST $27,020,711)			$	28,151,588
COLLATERAL FOR SECURITIES ON LOAN – (4.4%)				(1,193,396	)
OTHER ASSETS LESS LIABILITIES – 0.4%				111,342
TOTAL NET ASSETS – 100.0%			$	27,069,534

The Fund follows the authoritative guidance (U.S. generally accepted accounting principles) 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. 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 July 31, 2021 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	8,111		$—	$	8,111
Corporate Bonds		—		16,436,709		—		16,436,709
Government Agencies		—		848,622		—		848,622
Mortgage-Backed Securities		—		442,589		—		442,589
U.S. Treasury Obligations		—		8,557,035		—		8,557,035
Money Market Fund		665,126		—		—		665,126
Repurchase Agreements		—		1,193,396		—		1,193,396
Total	$	665,126	$	27,486,462		$—	$	28,151,588

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

^**  Represents less than 0.05%.

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

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

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

^W  Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At July 31, 2021, these liquid restricted securities amounted to $242,485, representing 0.90% of total net assets.

^{^}  7-Day net yield.

July 31, 2021 (unaudited)

PORTFOLIO OF INVESTMENTS 5

Wilmington Intermediate-Term Bond Fund (concluded)

The following acronyms are used throughout this Fund:
BKNT	Bank Notes
GMTN	Global Medium Term Note
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Corporation
LP	Limited Partnership
MTN	Medium Term Note
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

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

July 31, 2021 (unaudited)